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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-07434

Aflac Incorporated

_________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

(Exact name of registrant as specified in its charter)

Georgia

58-1167100

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

1932 Wynnton Road

Columbus,

Georgia

31999

(Address of principal executive offices)

(ZIP Code)

706.323.3431

(Registrant's telephone number, including area code)


(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $.10 par value per share

AFL

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. þ Yes ¨ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). þ Yes ¨ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	þ	Accelerated filer	☐
Non-accelerated filer	¨	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes þ No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. 524,113,917 shares of the issuer's common stock were outstanding as of October 27, 2025.

Aflac Incorporated and Subsidiaries

Quarterly Report on Form 10-Q

For the Quarter Ended September 30, 2025

Table of Contents


PART I.		FINANCIAL INFORMATION:	Page

	Item 1.	Financial Statements (Unaudited)

		Consolidated Statements of Earnings Three Months Ended September 30, 2025 and 2024 Nine Months Ended September 30, 2025 and 2024	1

		Consolidated Statements of Comprehensive Income (Loss) Three Months Ended September 30, 2025 and 2024 Nine Months Ended September 30, 2025 and 2024	2

		Consolidated Balance Sheets September 30, 2025, and December 31, 2024	3

		Consolidated Statements of Shareholders' Equity Three Months Ended March 31, 2025 and 2024 Three Months Ended June 30, 2025 and 2024 Three Months Ended September 30, 2025 and 2024	4

		Consolidated Statements of Cash Flows Nine Months Ended September 30, 2025 and 2024	8

		Notes to the Consolidated Financial Statements	9

	Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	79

	Item 3.	Quantitative and Qualitative Disclosures about Market Risk	118

	Item 4.	Controls and Procedures	118

PART II.		OTHER INFORMATION:



	Item 1A.	Risk Factors	119

	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	119

	Item 5.	Other Information	119

	Item 6.	Exhibits	120

Glossary of Selected Terms			121

Items other than those listed above are omitted because they are not required or are not applicable.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

Aflac Incorporated and Subsidiaries

Consolidated Statements of Earnings


	Three Months Ended September 30,						Nine Months Ended September 30,
(In millions, except for share and per-share amounts - Unaudited)	2025			2024			2025			2024
Revenues:
Net earned premiums, principally supplemental health insurance (1)		$	3,372		$	3,328		$	10,223		$	10,109
Net investment income		1,067			1,006			3,103			3,100
Net investment gains (losses)		275			(1,408)			(1,109)			239
Other income (loss)		26			23			81			76
Total revenues		4,740			2,949			12,298			13,524
Benefits and expenses:
Benefits and claims, excluding reserve remeasurement		2,016			2,003			6,049			6,042
Reserve remeasurement (gains) losses		(580)			(408)			(658)			(515)
Total benefits and claims, net		1,436			1,595			5,391			5,527
Acquisition and operating expenses:
Amortization of deferred policy acquisition costs		218			214			655			638
Insurance commissions		254			251			745			751
Insurance and other expenses		781			747			2,387			2,179
Interest expense		57			50			159			147
Total acquisition and operating expenses		1,310			1,262			3,946			3,715
Total benefits and expenses		2,746			2,857			9,337			9,242
Earnings before income taxes		1,994			92			2,961			4,282
Income taxes		355			185			694			741
Net earnings		$	1,639		$	(93)		$	2,267		$	3,541
Net earnings per share:
Basic		$	3.09		$	(.17)		$	4.22		$	6.26
Diluted		3.08			(.17)			4.21			6.23
Weighted-average outstanding common shares used in computing earnings per share (In thousands):
Basic		530,050			557,899			537,095			565,757
Diluted		532,015			560,414			539,052			568,216
Cash dividends per share		$	.58		$	.50		$	1.74		$	1.50

(1) Includes a gain (loss) of $(55) and $(75) for the three-month periods and $(55) and $(80) for the nine-month periods ended September 30, 2025 and 2024, respectively, related to remeasurement of the deferred profit liability for limited-payment contracts.

See the accompanying Notes to the Consolidated Financial Statements.

Aflac Incorporated and Subsidiaries

Consolidated Statements of Comprehensive Income (Loss)


	Three Months Ended September 30,						Nine Months Ended September 30,
(In millions - Unaudited)	2025			2024			2025			2024
Net earnings		$	1,639		$	(93)		$	2,267		$	3,541
Other comprehensive income (loss) before income taxes:
Unrealized foreign currency translation gains (losses) during period		(110)			788			421			(52)
Unrealized gains (losses) on fixed maturity securities:
Unrealized holding gains (losses) on fixed maturity securities during period		188			268			(2,117)			(457)
Reclassification adjustment for (gains) losses on fixed maturity securities included in net earnings		(32)			(53)			(58)			(271)
Unrealized gains (losses) on derivatives during period		1			2			4			3
Effect of changes in discount rate assumptions during period		1,566			(1,889)			6,108			3,157
Pension liability adjustment during period		0			(3)			41			0
Total other comprehensive income (loss) before income taxes		1,613			(887)			4,399			2,380
Income tax expense (benefit) related to items of other comprehensive income (loss)		469			(502)			768			537
Other comprehensive income (loss), net of income taxes		1,144			(385)			3,631			1,843
Total comprehensive income (loss)		$	2,783		$	(478)		$	5,898		$	5,384

See the accompanying Notes to the Consolidated Financial Statements.

Aflac Incorporated and Subsidiaries

Consolidated Balance Sheets


(In millions, except for share and per-share amounts)	September 30, 2025 (Unaudited)			December 31, 2024
Assets:
Investments and cash:
Fixed maturity securities available-for-sale, at fair value (no allowance for credit losses in 2025 and 2024, amortized cost $65,305 in 2025 and $61,455 in 2024)		$	63,584		$	61,841
Fixed maturity securities available-for-sale - consolidated variable interest entities, at fair value (amortized cost $2,966 in 2025 and $2,634 in 2024)		3,692			3,428
Fixed maturity securities held-to-maturity, at amortized cost, net of allowance for credit losses of $5 in 2025 and $5 in 2024 (fair value $16,770 in 2025 and $16,772 in 2024)		16,955			15,966
Equity securities, at fair value		885			796
Commercial mortgage and other loans, net of allowance for credit losses of $422 in 2025 and $355 in 2024 (includes $8,183 in 2025 and $8,693 in 2024 of consolidated variable interest entities)		10,137			10,869
Other investments (includes $2,305 in 2025 and $2,176 in 2024 of consolidated variable interest entities)		7,495			5,958
Cash and cash equivalents		6,768			6,229
Total investments and cash		109,516			105,087
Receivables		852			779
Accrued investment income		702			710
Deferred policy acquisition costs		9,216			8,758
Property and equipment, at cost less accumulated depreciation		367			387
Other		1,653			1,845
Total assets		$	122,306		$	117,566
Liabilities and shareholders’ equity:
Liabilities:
Policy liabilities:
Future policy benefits		$	67,143		$	70,381
Unpaid policy claims		460			381
Unearned premiums		1,349			1,286
Other policyholders’ funds		5,785			5,460
Total policy liabilities		74,737			77,508
Income taxes		1,477			573
Payables for return of cash collateral on loaned securities		5,429			2,037
Notes payable and lease obligations		8,685			7,498
Other		3,290			3,852
Total liabilities		93,618			91,468
Commitments and contingent liabilities (Note 13)
Shareholders’ equity:
Common stock of $.10 par value. In thousands: authorized 1,900,000 shares in 2025 and 2024; issued 1,357,841 shares in 2025 and 1,356,763 shares in 2024		136			136
Additional paid-in capital		2,977			2,894
Retained earnings		53,923			52,277
Accumulated other comprehensive income (loss):
Unrealized foreign currency translation gains (losses)		(4,504)			(4,998)
Unrealized gains (losses) on fixed maturity securities		(1,701)			24
Unrealized gains (losses) on derivatives		(16)			(20)
Effect of changes in discount rate assumptions		6,832			2,006
Pension liability adjustment		42			10
Treasury stock, at average cost		(29,001)			(26,231)
Total shareholders’ equity		28,688			26,098
Total liabilities and shareholders’ equity		$	122,306		$	117,566

See the accompanying Notes to the Consolidated Financial Statements.

Aflac Incorporated and Subsidiaries

Consolidated Statements of Shareholders’ Equity


(In millions, except for per share amounts - Unaudited)	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Treasury Stock		Total Shareholders' Equity
Balance at December 31, 2024	$	136	$	2,894	$	52,277	$	(2,978)	$	(26,231)	$	26,098
Net earnings	0		0		29		0		0		29
Unrealized foreign currency translation gains (losses) during period, net of income taxes	0		0		0		449		0		449
Unrealized gains (losses) on fixed maturity securities during period, net of income taxes and reclassification adjustments	0		0		0		(1,257)		0		(1,257)
Unrealized gains (losses) on derivatives during period, net of income taxes	0		0		0		2		0		2
Effect of changes in discount rate assumptions during period, net of income taxes	0		0		0		1,893		0		1,893
Pension liability adjustment during period, net of income taxes	0		0		0		32		0		32
Dividends to shareholders (1) ($.00 per share)	0		0		2		0		0		2
Exercise of stock options	0		4		0		0		0		4
Share-based compensation	0		8		0		0		0		8
Purchases of treasury stock	0		0		0		0		(949)		(949)
Treasury stock reissued	0		13		0		0		14		27
Balance at March 31, 2025	$	136	$	2,919	$	52,308	$	(1,859)	$	(27,166)	$	26,338
Net earnings	0		0		599		0		0		599
Unrealized foreign currency translation gains (losses) during period, net of income taxes	0		0		0		267		0		267
Unrealized gains (losses) on fixed maturity securities during period, net of income taxes and reclassification adjustments	0		0		0		(595)		0		(595)
Unrealized gains (losses) on derivatives during period, net of income taxes	0		0		0		1		0		1
Effect of changes in discount rate assumptions during period, net of income taxes	0		0		0		1,695		0		1,695
Pension liability adjustment during period, net of income taxes	0		0		0		0		0		0
Dividends to shareholders (1) ($.58 per share)	0		0		(312)		0		0		(312)
Exercise of stock options	0		0		0		0		0		0
Share-based compensation	0		30		0		0		0		30
Purchases of treasury stock	0		0		0		0		(839)		(839)
Treasury stock reissued	0		9		0		0		7		16
Balance at June 30, 2025	$	136	$	2,958	$	52,595	$	(491)	$	(27,998)	$	27,200

(1) Dividends to shareholders are recorded in the period in which they are declared.

See the accompanying Notes to the Consolidated Financial Statements.

(continued)

Aflac Incorporated and Subsidiaries

Consolidated Statements of Shareholders’ Equity (continued)


(In millions, except for per share amounts - Unaudited)	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Treasury Stock		Total Shareholders' Equity
Balance at June 30, 2025	$	136	$	2,958	$	52,595	$	(491)	$	(27,998)	$	27,200
Net earnings	0		0		1,639		0		0		1,639
Unrealized foreign currency translation gains (losses) during period, net of income taxes	0		0		0		(222)		0		(222)
Unrealized gains (losses) on fixed maturity securities during period, net of income taxes and reclassification adjustments	0		0		0		127		0		127
Unrealized gains (losses) on derivatives during period, net of income taxes	0		0		0		1		0		1
Effect of changes in discount rate assumptions during period, net of income taxes	0		0		0		1,238		0		1,238
Pension liability adjustment during period, net of income taxes	0		0		0		0		0		0
Dividends to shareholders (1) ($.58 per share)	0		0		(311)		0		0		(311)
Exercise of stock options	0		1		0		0		0		1
Share-based compensation	0		5		0		0		0		5
Purchases of treasury stock	0		0		0		0		(1,009)		(1,009)
Treasury stock reissued	0		13		0		0		6		19
Balance at September 30, 2025	$	136	$	2,977	$	53,923	$	653	$	(29,001)	$	28,688

(1) Dividends to shareholders are recorded in the period in which they are declared.

See the accompanying Notes to the Consolidated Financial Statements.

(continued)

Aflac Incorporated and Subsidiaries

Consolidated Statements of Shareholders’ Equity (continued)


(In millions, except for per share amounts - Unaudited)	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Treasury Stock		Total Shareholders' Equity
Balance at December 31, 2023	$	136	$	2,771	$	47,993	$	(5,520)	$	(23,395)	$	21,985
Net earnings	0		0		1,879		0		0		1,879
Unrealized foreign currency translation gains (losses) during period, net of income taxes	0		0		0		(597)		0		(597)
Unrealized gains (losses) on fixed maturity securities during period, net of income taxes and reclassification adjustments	0		0		0		(47)		0		(47)
Unrealized gains (losses) on derivatives during period, net of income taxes	0		0		0		(4)		0		(4)
Effect of changes in discount rate assumptions during period, net of income taxes	0		0		0		1,065		0		1,065
Pension liability adjustment during period, net of income taxes	0		0		0		1		0		1
Dividends to shareholders (1) ($.00 per share)	0		0		0		0		0		0
Exercise of stock options	0		4		0		0		0		4
Share-based compensation	0		18		0		0		0		18
Purchases of treasury stock	0		0		0		0		(793)		(793)
Treasury stock reissued	0		13		0		0		13		26
Balance at March 31, 2024	$	136	$	2,806	$	49,872	$	(5,102)	$	(24,175)	$	23,537
Net earnings	0		0		1,755		0		0		1,755
Unrealized foreign currency translation gains (losses) during period, net of income taxes	0		0		0		(425)		0		(425)
Unrealized gains (losses) on fixed maturity securities during period, net of income taxes and reclassification adjustments	0		0		0		(691)		0		(691)
Unrealized gains (losses) on derivatives during period, net of income taxes	0		0		0		4		0		4
Effect of changes in discount rate assumptions during period, net of income taxes	0		0		0		2,920		0		2,920
Pension liability adjustment during period, net of income taxes	0		0		0		2		0		2
Dividends to shareholders (1) ($.50 per share)	0		0		(282)		0		0		(282)
Exercise of stock options	0		2		0		0		0		2
Share-based compensation	0		12		0		0		0		12
Purchases of treasury stock	0		0		0		0		(810)		(810)
Treasury stock reissued	0		15		0		0		8		23
Balance at June 30, 2024	$	136	$	2,835	$	51,345	$	(3,292)	$	(24,977)	$	26,047

(1) Dividends to shareholders are recorded in the period in which they are declared.

See the accompanying Notes to the Consolidated Financial Statements.

(continued)

Aflac Incorporated and Subsidiaries

Consolidated Statements of Shareholders’ Equity (continued)


(In millions, except for per share amounts - Unaudited)	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Treasury Stock		Total Shareholders' Equity
Balance at June 30, 2024	$	136	$	2,835	$	51,345	$	(3,292)	$	(24,977)	$	26,047
Net earnings	0		0		(93)		0		0		(93)
Unrealized foreign currency translation gains (losses) during period, net of income taxes	0		0		0		952		0		952
Unrealized gains (losses) on fixed maturity securities during period, net of income taxes and reclassification adjustments	0		0		0		156		0		156
Unrealized gains (losses) on derivatives during period, net of income taxes	0		0		0		2		0		2
Effect of changes in discount rate assumptions during period, net of income taxes	0		0		0		(1,492)		0		(1,492)
Pension liability adjustment during period, net of income taxes	0		0		0		(3)		0		(3)
Dividends to shareholders (1) ($.50 per share)	0		0		(280)		0		0		(280)
Exercise of stock options	0		1		0		0		0		1
Share-based compensation	0		21		0		0		0		21
Purchases of treasury stock	0		0		0		0		(505)		(505)
Treasury stock reissued	0		19		0		0		5		24
Balance at September 30, 2024	$	136	$	2,876	$	50,972	$	(3,677)	$	(25,477)	$	24,830

(1) Dividends to shareholders are recorded in the period in which they are declared.

See the accompanying Notes to the Consolidated Financial Statements.

Aflac Incorporated and Subsidiaries

Consolidated Statements of Cash Flows


	Nine Months Ended September 30,
(In millions - Unaudited)	2025			2024
Cash flows from operating activities:
Net earnings		$	2,267		$	3,541
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:
Change in receivables and advance premiums		(28)			28
Capitalization of deferred policy acquisition costs		(796)			(767)
Amortization of deferred policy acquisition costs		655			638
Increase in policy liabilities		(732)			(259)
Change in income tax liabilities		92			(64)
Net investment (gains) losses		1,109			(239)
Other, net		(327)			(504)
Net cash provided (used) by operating activities		2,240			2,374
Cash flows from investing activities:
Proceeds from investments sold or matured:
Available-for-sale fixed maturity securities		9,566			4,832
Equity securities		355			702
Held-to-maturity fixed maturity securities		2			2
Commercial mortgage and other loans		1,421			1,482
Costs of investments acquired:
Available-for-sale fixed maturity securities		(10,760)			(4,589)
Equity securities		(369)			(333)
Commercial mortgage and other loans		(1,068)			(937)
Other investments, net		(1,109)			(2,682)
Settlement of derivatives, net		13			(92)
Cash received (pledged or returned) as collateral, net		3,375			2,781
Other, net		(224)			98
Net cash provided (used) by investing activities		1,202			1,264
Cash flows from financing activities:
Purchases of treasury stock		(2,729)			(2,050)
Proceeds from borrowings		1,039			823
Principal payments under debt obligations		(84)			(194)
Dividends paid to shareholders		(906)			(820)
Change in investment-type contracts, net		(198)			(162)
Treasury stock reissued		5			21
Other, net		(12)			(20)
Net cash provided (used) by financing activities		(2,885)			(2,402)
Effect of exchange rate changes on cash and cash equivalents		(18)			70
Net change in cash and cash equivalents		539			1,306
Cash and cash equivalents, beginning of period		6,229			4,306
Cash and cash equivalents, end of period		$	6,768		$	5,612
Supplemental disclosures of cash flow information:
Income taxes paid		$	602		$	805
Interest paid		133			127
Noncash interest		25			21
Noncash real estate acquired in satisfaction of debt		247			380
Noncash financing activities:
Lease obligations		25			25
Treasury stock issued for:
Associate stock bonus		17			15
Shareholder dividend reinvestment		33			31
Share-based compensation grants		7			6

See the accompanying Notes to the Consolidated Financial Statements.

Aflac Incorporated and Subsidiaries

Notes to the Consolidated Financial Statements

(Interim period data - Unaudited)

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Description of Business

Aflac Incorporated (the Parent Company) and its subsidiaries (collectively, the Company) primarily sell supplemental health and life insurance in Japan and the United States (U.S.). The Company's insurance business is marketed and administered through Aflac Life Insurance Japan Ltd. (ALIJ) in Japan and through American Family Life Assurance Company of Columbus (Aflac), American Family Life Assurance Company of New York (Aflac New York), Continental American Insurance Company (CAIC), Tier One Insurance Company (TOIC) and Aflac Benefits Solutions, Inc. (ABS) in the U.S. The Company’s operations consist of two reportable business segments: Aflac Japan, which includes ALIJ, and Aflac U.S., which includes Aflac, Aflac New York, CAIC, TOIC, and ABS. Aflac New York is a wholly owned subsidiary of Aflac. Most of the Aflac U.S. policies are individually underwritten and marketed through independent agents. With the exception of dental and vision products administered by ABS, and certain group life insurance products, Aflac U.S. markets and administers group products through CAIC, branded as Aflac Group Insurance. Additionally, Aflac U.S. markets its consumer markets products through TOIC. The Company's insurance operations in the U.S. and Japan service the two markets for the Company's insurance business. The Parent Company, other operating business units that are not individually reportable, reinsurance activities, including internal reinsurance activity with Aflac Re Bermuda Ltd.(Aflac Re), and other business activities not included in Aflac Japan or Aflac U.S., as well as intercompany eliminations, are included in Corporate and other.

Basis of Presentation

The Company prepares its financial statements in accordance with U.S. generally accepted accounting principles (U.S. GAAP). These principles are established primarily by the Financial Accounting Standards Board (FASB). In these Notes to the Consolidated Financial Statements, references to U.S. GAAP issued by the FASB are derived from the FASB Accounting Standards CodificationTM (ASC). The preparation of financial statements in conformity with U.S. GAAP requires the Company to make estimates based on currently available information when recording transactions resulting from business operations. The most significant items on the Company's balance sheet that involve a greater degree of accounting estimates and actuarial determinations subject to changes in the future are the valuation of investments and derivatives, deferred policy acquisition costs (DAC), liabilities for future policy benefits and income taxes. These accounting estimates and actuarial determinations are sensitive to market conditions, investment yields, interest rates, mortality, morbidity, commission and other acquisition expenses and terminations by policyholders. As additional information becomes available, or actual amounts are determinable, the recorded estimates are revised and reflected in the consolidated financial statements. Although some variability is inherent in these estimates, the Company believes the amounts provided are reasonable and reflective of the best estimates of management.

The unaudited consolidated financial statements include the accounts of the Parent Company, its subsidiaries and those entities required to be consolidated under applicable accounting standards. All material intercompany accounts and transactions have been eliminated.

In the opinion of management, the accompanying unaudited consolidated financial statements of the Company contain all adjustments, consisting of normal recurring accruals, which are necessary to fairly present the consolidated balance sheets as of September 30, 2025 and December 31, 2024, the consolidated statements of earnings and comprehensive income (loss) for the three- and nine-month periods ended September 30, 2025 and 2024, the consolidated statements of shareholders' equity for the three-month periods ended March 31, 2025 and 2024, June 30, 2025 and 2024, and September 30, 2025 and 2024, and the consolidated statements of cash flows for the nine-month periods ended September 30, 2025 and 2024. Results of operations for interim periods are not necessarily indicative of results for the entire year. As a result, these financial statements should be read in conjunction with the financial statements and notes thereto included in the Company's annual report on Form 10-K for the year ended December 31, 2024 (2024 Annual Report).

Reclassifications: Certain reclassifications have been made to prior-year amounts to conform to current-year reporting classifications. These reclassifications had no impact on net earnings or total shareholders' equity.

New Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures

In November 2023, the FASB issued amendments that add certain segment disclosures related to significant segment expenses and require that a public entity disclose the title and position of the Chief Operating Decision Maker (CODM) and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources.

The Company adopted this guidance for the annual period beginning January 1, 2024, and interim periods beginning January 1, 2025. The adoption of this guidance did not have an impact on the Company’s financial position or results of operations. See Note 2 for expanded disclosures required as a result of the amended guidance.

Accounting Pronouncements Pending Adoption

ASU 2024-03 Income Statement (Topic 220) - Disaggregation of Income Statement Expenses

In November 2024, the FASB issued amendments that require disaggregated disclosure, in the notes to the financial statements, of specified information about certain costs and expenses including (1) the amounts of employee compensation, depreciation, and intangible asset amortization; (2) certain expense, gain, or loss amounts that are already required to be disclosed under current U.S. GAAP in the same disclosure as the other disaggregation requirements; (3) qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, and (4) the total amount of selling expenses and, in annual reporting periods, the Company’s definition of selling expenses.

The amendments are effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. The adoption of this guidance has no impact on the Company’s financial position or results of operations. The Company is evaluating the impact of adoption on its disclosures.

ASU 2023-09 Income Taxes (Topic 740) - Improvements to Income Tax Disclosures

In December 2023, the FASB issued amendments that require enhanced income tax disclosures including (1) disclosure of specific categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures.

The amendments are effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The adoption of this guidance has no impact on the Company’s financial position or results of operations. The Company has developed the required disclosures in accordance with the new guidance, which will be reflected in the notes contained in the Company's 2025 Form 10-K..

Recent accounting guidance not discussed above is not applicable, did not have, or is not expected to have a material impact to the Company's business.

For additional information on new accounting pronouncements and recent accounting guidance and their impact, if any, on the Company's financial position, results of operations or disclosures, see Note 1 of the Notes to the Consolidated Financial Statements in the 2024 Annual Report.

2. BUSINESS SEGMENT INFORMATION

The Company consists of two reportable insurance business segments: Aflac Japan and Aflac U.S., both of which sell supplemental health and life insurance. In addition, the Parent Company, other operating business units that are not individually reportable, reinsurance activities, including internal reinsurance activity with Aflac Re, and other business activities not included in Aflac Japan or Aflac U.S., as well as intercompany eliminations, are included in Corporate and other. The Company does not allocate corporate overhead expenses to business segments.

The Company’s reportable segments are regularly reviewed by the Company's CODM, Senior Executive Vice President and Chief Financial Officer, in deciding how to allocate resources and in assessing performance. The Company's CODM reviews and approves the annual budget and operating forecast, which allocates resources to segments and serves as a key benchmark for tracking performance and accountability of each segment's operating results. The Company’s CODM evaluates the performance of the segments using, in comparison to the annual budget, operating forecast and historical results, a financial performance measure called pretax adjusted earnings and believes this financial performance measure to be vitally important for understanding the underlying profitability drivers and trends of the Company’s insurance business.

•Pretax adjusted earnings are adjusted revenues less benefits and adjusted expenses. The adjustments to both revenues and expenses account for certain items that are outside management’s control because they tend to be driven by general economic conditions and events or are related to infrequent activities not directly associated with insurance operations. The Company excludes income taxes related to operations to arrive at pretax adjusted earnings.

◦Adjusted revenues are U.S. GAAP total revenues excluding net investment gains and losses, except for amortized hedge costs/income related to foreign currency exposure management strategies and net interest income/expense from derivatives associated with certain investment strategies, which are reclassified from net investment gains (losses) and included in adjusted earnings as a component of adjusted net investment income when analyzing operations.

◦Adjusted expenses are U.S. GAAP total acquisition and operating expenses including the impact of interest from derivatives associated with notes payable but excluding any non-recurring or other items not associated with the normal course of the Company’s insurance operations and that do not reflect the Company’s underlying business performance.

Aflac Japan's adjusted revenues as a percentage of the Company's total adjusted revenues were 53% and 55% in the three-month periods and 53% and 56% in the nine-month periods ended September 30, 2025 and 2024, respectively. The percentage of the Company's total assets attributable to Aflac Japan was 77% at both September 30, 2025 and December 31, 2024.

Information regarding operations by reportable segment and Corporate and other is presented in the following tables.


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2025		2024		2025		2024
Revenues:
Aflac Japan:
Net earned premiums (1)	$	1,663	$	1,709	$	5,105	$	5,241
Adjusted net investment income	665		662		1,950		2,036
Other income	7		7		24		20
Total adjusted revenue Aflac Japan	2,335		2,378		7,079		7,297
Aflac U.S.:
Net earned premiums	1,495		1,459		4,501		4,388
Adjusted net investment income	214		210		623		634
Other income	19		15		53		46
Total adjusted revenue Aflac U.S.	1,728		1,684		5,177		5,068
Corporate and other (2)	343		225		1,005		723
Total adjusted revenues	4,406		4,287		13,261		13,088
Net investment gains (losses)	275		(1,408)		(1,109)		239
Reconciling items:
Amortized hedge costs	13		7		31		19
Amortized hedge income	(20)		(25)		(80)		(87)
Net interest (income) expense from derivatives associated with certain investment strategies	66		88		195		265
Total revenues	$	4,740	$	2,949	$	12,298	$	13,524

(2) The change in value of federal historic rehabilitation and solar investments in partnerships of $6 and $57 for the three-month periods and $22 and $119 for the nine-month periods ended September 30, 2025, and 2024, respectively, is included as a reduction to net investment income. Tax credits on these investments of $7 and $78 for the three-month periods and $24 and $142 for the nine-month periods ended September 30, 2025, and 2024, respectively, have been recorded as an income tax benefit in the consolidated statements of earnings. See Note 3 for additional information on these investments.


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2025		2024		2025		2024
Adjusted revenues:
Aflac Japan (1)	$	2,335	$	2,378	$	7,079	$	7,297
Aflac U.S.	1,728		1,684		5,177		5,068
Corporate and other (2)	343		225		1,005		723
Total adjusted revenues	4,406		4,287		13,261		13,088
Benefits and adjusted expenses:
Aflac Japan:
Benefits and claims, excluding reserve remeasurement	1,130		1,197		3,446		3,614
Reserve remeasurement (gains) losses	(474)		(369)		(513)		(421)
Total benefits and claims, net	656		828		2,933		3,193
Adjusted expenses:
Amortization of deferred policy acquisition costs	81		82		245		242
Insurance commissions	111		110		328		330
Insurance and other expenses	271		285		845		785
Total benefits and adjusted expenses Aflac Japan	1,119		1,305		4,351		4,550
Aflac U.S.:
Benefits and claims, excluding reserve remeasurement	752		711		2,219		2,130
Reserve remeasurement (gains) losses	(71)		(17)		(110)		(71)
Total benefits and claims, net	681		694		2,109		2,059
Adjusted expenses:
Amortization of deferred policy acquisition costs	137		132		410		396
Insurance commissions	143		141		417		422
Insurance and other expenses	392		367		1,120		1,102
Total benefits and adjusted expenses Aflac U.S.	1,353		1,334		4,056		3,979
Corporate and other	274		210		873		687
Total adjusted expenses	$	2,746	$	2,849	$	9,280	$	9,216
Pretax earnings:
Aflac Japan (1)	$	1,216	$	1,073	$	2,728	$	2,747
Aflac U.S.	375		350		1,121		1,089
Corporate and other (2)	69		15		132		36
Pretax adjusted earnings	1,660		1,438		3,981		3,872
Other income (loss)	(1)		0		(54)		(1)
Net investment gains (losses)	275		(1,408)		(1,109)		239
Reconciling items:
Amortized hedge costs	13		7		31		19
Amortized hedge income	(20)		(25)		(80)		(87)
Net interest (income) expense from derivatives associated with certain investment strategies	66		88		195		265
Impact of interest from derivatives associated with notes payable	1		(8)		(3)		(25)
Total earnings before income taxes	$	1,994	$	92	$	2,961	$	4,282
Income taxes applicable to pretax adjusted earnings	$	333	$	227	$	791	$	665
Effect of foreign currency translation on after-tax adjusted earnings	1		(16)		16		(97)

Internal Reinsurance: Aflac Re is a Bermuda domiciled insurer that reinsures certain policies issued by Aflac Japan and is reported as a part of Corporate and other. Under these internal reinsurance transactions, Aflac Japan's net earned premiums are reduced by the amount of premiums ceded to Aflac Re. Aflac Re recorded net earned premiums of $173 million and $132 million for the three-month periods and $529 million and $396 million for the nine-month periods ended September 30, 2025 and 2024, respectively, related to these reinsurance transactions with Aflac Japan. These internal reinsurance transactions have no financial statement impact on a consolidated basis, except for the effect of foreign currency accounting. For additional information on these internal reinsurance transactions, see the accompanying Note 8 and Note 8 of the Notes to the Consolidated Financial Statements in the 2024 Annual Report.

Total Assets: The Company's total assets were as follows:


(In millions)	September 30, 2025			December 31, 2024
Assets:
Aflac Japan		$	94,131		$	90,210
Aflac U.S.		22,569			21,930
Corporate and other		5,606			5,426
Total assets		$	122,306		$	117,566

3. INVESTMENTS

Investment Holdings

The amortized cost and allowance for credit losses for the Company's investments in fixed maturity securities and the fair values of these investments as well as the fair value of the Company's investments in equity securities are shown in the following tables.


	September 30, 2025
(In millions)	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities available-for-sale, carried at fair value through other comprehensive income:
Fixed maturity securities:
Yen-denominated:
Japan government and agencies	$	19,541	$	0	$	83	$	3,260	$	16,364
Municipalities	900		0		13		130		783
Mortgage- and asset-backed securities	322		0		2		34		290
Public utilities	2,783		0		138		199		2,722
Sovereign and supranational	349		0		9		12		346
Banks/financial institutions	5,715		0		201		441		5,475
Other corporate	5,733		0		383		486		5,630
Total yen-denominated	35,343		0		829		4,562		31,610
U.S. dollar-denominated:
U.S. government and agencies	230		0		1		12		219
Municipalities	1,187		0		76		60		1,203
Mortgage- and asset-backed securities	3,903		0		166		45		4,024
Public utilities	4,333		0		428		111		4,650
Sovereign and supranational	58		0		21		0		79
Banks/financial institutions	3,814		0		450		20		4,244
Other corporate	19,275		0		2,415		575		21,115
Total U.S. dollar-denominated	32,800		0		3,557		823		35,534
Other currencies:
Mortgage- and asset-backed securities	46		0		2		0		48
Public utilities	56		0		2		0		58
Other corporate	26		0		0		0		26
Total other currencies	128		0		4		0		132
Total securities available-for-sale	$	68,271	$	0	$	4,390	$	5,385	$	67,276


	December 31, 2024
(In millions)	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities available-for-sale, carried at fair value through other comprehensive income:
Fixed maturity securities:
Yen-denominated:
Japan government and agencies	$	19,409	$	0	$	465	$	2,234	$	17,640
Municipalities	869		0		65		79		855
Mortgage- and asset-backed securities	327		0		4		23		308
Public utilities	2,746		0		202		108		2,840
Sovereign and supranational	330		0		16		8		338
Banks/financial institutions	5,376		0		267		342		5,301
Other corporate	5,329		0		568		305		5,592
Total yen-denominated	34,386		0		1,587		3,099		32,874
U.S. dollar-denominated:
U.S. government and agencies	208		0		1		3		206
Municipalities	1,167		0		65		53		1,179
Mortgage- and asset-backed securities	2,987		0		302		34		3,255
Public utilities	3,938		0		418		151		4,205
Sovereign and supranational	57		0		21		0		78
Banks/financial institutions	3,271		0		420		36		3,655
Other corporate	18,050		0		2,493		752		19,791
Total U.S. dollar-denominated	29,678		0		3,720		1,029		32,369
Other currencies:
Other corporate	25		0		1		0		26
Total other currencies	25		0		1		0		26
Total securities available-for-sale	$	64,089	$	0	$	5,308	$	4,128	$	65,269


	September 30, 2025
(In millions)	Amortized Cost		Allowance for Credit Losses		Net Carrying Amount		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities held-to-maturity, carried at amortized cost:
Fixed maturity securities:
Yen-denominated:
Japan government and agencies	$	16,260	$	2	$	16,258	$	248	$	438	$	16,068
Municipalities	248		0		248		5		1		252

Public utilities	34		0		34		0		2		32
Sovereign and supranational	401		3		398		6		4		400

Other corporate	17		0		17		1		0		18
Total yen-denominated	16,960		5		16,955		260		445		16,770
Total securities held-to-maturity	$	16,960	$	5	$	16,955	$	260	$	445	$	16,770


	December 31, 2024
(In millions)	Amortized Cost		Allowance for Credit Losses		Net Carrying Amount		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities held-to-maturity, carried at amortized cost:
Fixed maturity securities:
Yen-denominated:
Japan government and agencies	$	15,311	$	2	$	15,309	$	759	$	9	$	16,059
Municipalities	235		0		235		22		0		257
Public utilities	32		0		32		1		0		33
Sovereign and supranational	377		3		374		31		0		405
Other corporate	16		0		16		2		0		18
Total yen-denominated	15,971		5		15,966		815		9		16,772
Total securities held-to-maturity	$	15,971	$	5	$	15,966	$	815	$	9	$	16,772


	September 30, 2025			December 31, 2024
(In millions)	Fair Value			Fair Value
Equity securities, carried at fair value through net earnings:
Equity securities:
Yen-denominated		$	584		$	484
U.S. dollar-denominated		301			312

Total equity securities		$	885		$	796

The methods of determining the fair values of the Company's investments in fixed maturity securities and equity securities are described in Note 5.

During the first nine months of 2025 and 2024, respectively, the Company did not reclassify any investments from the held-to-maturity category to the available-for-sale category.

Contractual and Economic Maturities

The contractual and economic maturities of the Company's investments in fixed maturity securities at September 30, 2025, were as follows:


(In millions)	Amortized Cost (1)			Fair Value
Available-for-sale:
Due in one year or less		$	1,596		$	1,702
Due after one year through five years		8,083			8,902
Due after five years through 10 years		16,873			17,769
Due after 10 years		37,448			34,541
Mortgage- and asset-backed securities		4,271			4,362
Total fixed maturity securities available-for-sale		$	68,271		$	67,276
Held-to-maturity:
Due in one year or less		$	34		$	34
Due after one year through five years		144			148
Due after five years through 10 years		8,901			9,133
Due after 10 years		7,876			7,455

Total fixed maturity securities held-to-maturity		$	16,955		$	16,770

(1) Net of allowance for credit losses

Economic maturities are used for certain debt instruments with no stated maturity where the expected maturity date is based on the combination of features in the financial instrument such as the right to call or prepay obligations or changes in coupon rates.

Investment Concentrations

The Company's process for investing in credit-related investments begins with an independent approach to underwriting each issuer's fundamental credit quality. The Company evaluates independently those factors that it believes could influence an issuer's ability to make payments under the contractual terms of the Company's instruments. This includes a thorough analysis of a variety of items including the issuer's country of domicile (including political, legal, and financial considerations); the industry in which the issuer competes (with an analysis of industry structure, end-market dynamics, and regulation); company specific issues (such as management, assets, earnings, cash generation, and capital needs); and contractual provisions of the instrument (such as financial covenants and position in the capital structure). The Company further evaluates the investment considering broad business and portfolio management objectives, including asset/liability needs, portfolio diversification, and expected income.

Investment exposures that individually exceeded 10% of shareholders' equity were as follows:

September 30, 2025

December 31, 2024

(In millions)

Credit
Rating

Amortized
Cost

Fair
Value

Credit
Rating

Amortized
Cost

Fair
Value

Japan National Government(1)

A+

$34,849

$31,596

A+

$33,822

$32,844

(1) Japan Government Bonds (JGBs) or JGB-backed securities

Net Investment Gains and Losses

Information regarding pretax net gains and losses from investments is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2025		2024		2025		2024
Net investment gains (losses):
Sales and redemptions:
Fixed maturity securities available-for-sale:
Gross gains from sales	$	29	$	1	$	148	$	41
Gross losses from sales	(96)		(66)		(429)		(375)
Foreign currency gains (losses)	99		173		339		660
Other investments:
Gross gains (losses) from sales and redemptions	1		(3)		13		7


Total sales and redemptions	33		105		71		333
Equity securities	10		13		47		100


Real estate owned impairments	0		0		(6)		0
Credit losses:


Commercial mortgage and other loans	(51)		(85)		(165)		(113)
Impairment losses	0		(55)		0		(55)
Loan commitments	(2)		(1)		(2)		2
Reinsurance recoverables and other	0		0		1		5
Total credit losses	(53)		(141)		(166)		(161)
Derivatives and other:
Derivative gains (losses)	(123)		436		(145)		(54)
Foreign currency gains (losses)	408		(1,821)		(910)		21
Total derivatives and other	285		(1,385)		(1,055)		(33)
Total net investment gains (losses)	$	275	$	(1,408)	$	(1,109)	$	239

For the nine-month period ended September 30, 2025, the Company recognized an impairment loss of $6 million on an office-type real estate owned (REO) property classified as held-and-used for the production of income. The impairment was based on the Company's evaluation of a material adverse change in occupancy and resulted in an estimated fair value of the REO property of $12 million. The fair value was based on expected future cash flows utilizing inputs classified as Level 3 under the fair value guidance in ASC 820.

The unrealized holding gains, net of losses, recorded as a component of net investment gains and losses for the three-month period ended September 30, 2025 that relate to equity securities held at the September 30, 2025 reporting date were $11 million. The unrealized holding gains, net of losses, recorded as a component of net investment gains and losses for the three-month period ended September 30, 2024 that relate to equity securities held at the September 30, 2024 reporting date were $34 million.

The unrealized holding gains, net of losses, recorded as a component of net investment gains and losses for the nine-month period ended September 30, 2025 that relate to equity securities held at the September 30, 2025 reporting date were $46 million. The unrealized holding gains, net of losses, recorded as a component of net investment gains and losses for the nine-month period ended September 30, 2024 that relate to equity securities held at the September 30, 2024 reporting date were $79 million.

Unrealized Investment Gains and Losses

Effect on Shareholders’ Equity

The net effect on shareholders’ equity of unrealized gains and losses from fixed maturity securities was as follows:


(In millions)	September 30, 2025			December 31, 2024
Unrealized gains (losses) on securities available-for-sale		$	(995)		$	1,180
Deferred income taxes		(706)			(1,156)
Shareholders’ equity, unrealized gains (losses) on fixed maturity securities		$	(1,701)		$	24

Gross Unrealized Loss Aging

The following tables show the fair values and gross unrealized losses of the Company's available-for-sale investments for the periods ended September 30, 2025 and December 31, 2024, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.


	September 30, 2025
	Total						Less than 12 months						12 months or longer
(In millions)	Fair Value			Unrealized Losses			Fair Value			Unrealized Losses			Fair Value			Unrealized Losses
Fixed maturity securities available- for-sale:
U.S. government and agencies:
U.S. dollar-denominated		$	65		$	12		$	20		$	6		$	45		$	6
Japan government and agencies:
Yen-denominated		12,544			3,260			7,003			447			5,541			2,813
Municipalities:
U.S. dollar-denominated		632			60			22			2			610			58
Yen-denominated		418			130			118			3			300			127
Mortgage- and asset- backed securities:
U.S. dollar-denominated		1,028			45			659			19			369			26
Yen-denominated		199			34			22			1			177			33
Public utilities:
U.S. dollar-denominated		1,195			111			231			4			964			107
Yen-denominated		999			199			76			4			923			195

Sovereign and supranational:

Yen-denominated		45			12			0			0			45			12
Banks/financial institutions:
U.S. dollar-denominated		229			20			27			0			202			20
Yen-denominated		3,419			441			585			18			2,834			423
Other corporate:
U.S. dollar-denominated		4,843			575			614			12			4,229			563
Yen-denominated		2,455			486			778			41			1,677			445
Total		$	28,071		$	5,385		$	10,155		$	557		$	17,916		$	4,828


	December 31, 2024
	Total						Less than 12 months						12 months or longer
(In millions)	Fair Value			Unrealized Losses			Fair Value			Unrealized Losses			Fair Value			Unrealized Losses
Fixed maturity securities available- for-sale:
U.S. government and agencies:
U.S. dollar-denominated		$	106		$	3		$	59		$	1		$	47		$	2
Japan government and agencies:
Yen-denominated		8,136			2,234			2,070			57			6,066			2,177
Municipalities:
U.S. dollar-denominated		666			53			67			3			599			50
Yen-denominated		341			79			96			2			245			77
Mortgage- and asset- backed securities:
U.S. dollar-denominated		567			34			173			2			394			32
Yen-denominated		196			23			12			0			184			23
Public utilities:
U.S. dollar-denominated		1,570			151			699			19			871			132
Yen-denominated		1,020			108			368			11			652			97
Sovereign and supranational:

Yen-denominated		47			8			0			0			47			8
Banks/financial institutions:
U.S. dollar-denominated		625			36			376			7			249			29
Yen-denominated		3,197			342			471			22			2,726			320
Other corporate:
U.S. dollar-denominated		6,097			752			2,036			59			4,061			693
Yen-denominated		1,733			305			289			14			1,444			291
Total		$	24,301		$	4,128		$	6,716		$	197		$	17,585		$	3,931

Analysis of Securities in Unrealized Loss Positions

The unrealized losses on the Company's available-for-sale securities have been primarily related to general market factors such as changes in interest rates, foreign exchange rates, and/or the levels of credit spreads rather than specific concerns with the issuer's ability to pay interest and repay principal.

For available-for-sale securities in an unrealized loss position, the Company performs detailed analyses to identify whether the drivers of the decline in fair value are due to general market factors, such as the recent rise in interest rates, or due to credit-related factors. Identifying the drivers of the declines in fair value helps to align and allocate the Company‘s resources to the review and monitoring of securities with real credit-related concerns that could impact ultimate collection of principal and interest. For any significant declines in fair value determined to be non-interest rate or market-related, the Company performs a more focused review of the related issuers' specific credit profile.

For corporate issuers, the Company evaluates their assets and business profile, including industry dynamics and competitive positioning, financial statements and other available financial data. For non-corporate issuers, the Company analyzes all sources of credit support, including issuer-specific factors. The Company utilizes information available in the public domain and, for certain private placement issuers, from consultations with the issuers directly. The Company also considers ratings from Nationally Recognized Statistical Rating Organizations (NRSROs), as well as the specific characteristics of the security it owns including seniority in the issuer's capital structure, covenant protections, or other relevant features. From these reviews, the Company evaluates the issuers' continued ability to service the Company's investment through payment of interest and principal.

Assuming no credit-related factors develop, unrealized gains and losses on available-for-sale securities are expected to diminish as investments near maturity. Based on its credit analysis, the Company believes that the issuers of its available-for-sale investments in the sectors shown in the table above have the ability to service their obligations to the Company. Further, the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be at maturity.

However, if the Company identifies certain available-for-sale securities where the amortized cost basis exceeds the present value of the cash flows expected to be collected due to credit-related factors, an allowance for credit losses is recognized. Based on an evaluation of its securities currently in an unrealized loss position, the Company has determined that those securities should not have an allowance for credit losses as of September 30, 2025. Refer to the Allowance for Credit Losses section below for additional information.

As of September 30, 2025 and December 31, 2024, the Company had an immaterial amount of fixed maturity securities on nonaccrual status.

Commercial Mortgage and Other Loans

The Company classifies its transitional real estate loans (TREs), commercial mortgage loans (CMLs), middle market loans (MMLs), and other loans as held-for-investment and includes them in the commercial mortgage and other loans line on the consolidated balance sheets. The Company carries them on the balance sheet at amortized cost less an estimated allowance for credit losses.

The following table reflects the composition of the carrying value for commercial mortgage and other loans by property type as of the periods presented.


	September 30, 2025				December 31, 2024
(In millions)	Amortized Cost		% of Total		Amortized Cost		% of Total
Commercial Mortgage and other loans:
Transitional real estate loans:
Office	$	1,226	11.6	%	$	1,361	12.1	%
Retail	314		3.0		349		3.1
Apartments/Multi-Family	1,861		17.6		2,201		19.6
Industrial	101		1.0		117		1.1
Hospitality	523		5.0		556		5.0
Other	292		2.8		318		2.8
Total transitional real estate loans	4,317		41.0		4,902		43.7
Commercial mortgage loans:
Office	266		2.5		300		2.7
Retail	208		2.0		214		1.9
Apartments/Multi-Family	544		5.1		572		5.1
Industrial	410		3.9		436		3.9

Other	14		.1		15		.1
Total commercial mortgage loans	1,442		13.6		1,537		13.7
Middle market loans	4,387		41.5		4,423		39.4
Other loans	413		3.9		362		3.2
Total commercial mortgage and other loans	$	10,559	100.0	%	$	11,224	100.0	%
Allowance for credit losses	(422)				(355)
Total net commercial mortgage and other loans	$	10,137			$	10,869

CMLs and TREs are secured by properties entirely within the U.S. (with the largest concentrations in California (22%), Texas (13%) and Florida (8%)). MMLs are issued only to companies domiciled within the U.S. and Canada.

Transitional Real Estate Loans

TREs are relatively short-term floating rate commercial mortgage loans that are secured by a first lien on the property. These loans provide funding for properties undergoing a change in their physical characteristics and/or economic profile and do not typically require any principal repayment prior to the maturity date.

As of September 30, 2025, the Company had $165 million in outstanding commitments to fund TREs. These commitments are contingent on the final underwriting and due diligence to be performed.

Commercial Mortgage Loans

CMLs are typically fixed rate loans on commercial real estate with partial repayment of principal over the life of the loan with the remaining outstanding principal being repaid upon maturity. This loan portfolio is generally considered higher quality investment grade loans.

Middle Market Loans

MMLs are typically first lien senior secured cash flow loans to small to mid-size companies for working capital, refinancing, acquisition, and recapitalization. These loans are generally considered to be below investment grade.

As of September 30, 2025, the Company had commitments of approximately $732 million to fund future MMLs. These commitments are contingent upon the availability of MMLs that meet the Company's underwriting criteria.

Other Loans

Other loans are primarily infrastructure loans. Infrastructure loans are typically senior secured, financing operating portfolios of renewable and conventional energy generation assets characterized by predictable, often contractual cash flows for loan repayment. The infrastructure loan portfolio weighted average rating is investment grade.

As of September 30, 2025, the Company had commitments of approximately $1 million to fund future other loans. These commitments are contingent upon the availability of other loans that meet the Company's underwriting criteria.

Credit Quality Indicators

For TREs, the Company’s key credit quality indicators include performance of the loan and loan-to-value (LTV), which is calculated by dividing the current outstanding loan balance by the estimated property value, primarily using values at origination. Given that TREs involve properties undergoing a repositioning of their commercial profile, LTV provides the most insight into the credit risk of the loan. The Company monitors the performance of the loans periodically, but not less frequently than quarterly. The monitoring process also focuses on higher risk loans, which include those that are delinquent or for which foreclosure or deed in lieu of foreclosure is anticipated.

For CMLs, the Company’s key credit quality indicators include LTV and debt service coverage ratios (DSCR). DSCR is the most recently available net operating income of the underlying property compared to the required debt service of the loan.

For MMLs and held-to-maturity fixed maturity securities, the Company’s key credit quality indicator is credit ratings. The Company’s held-to-maturity portfolio is composed of investment grade securities that are senior unsecured instruments, while its MMLs generally have below-investment-grade ratings but are typically senior secured instruments. The Company monitors the credit ratings periodically, but not less frequently than quarterly.

For other loans, the Company’s key credit quality indicator is credit ratings. The Company monitors these credit ratings periodically, but not less frequently than quarterly.

The following tables present as of September 30, 2025 the amortized cost basis of TREs, CMLs, MMLs, and other loans by year of origination and credit quality indicator.


Transitional Real Estate Loans
(In millions)	2025		2024		2023		2022		2021		Prior		Total
Loan-to-Value Ratio:
0%-59.99%	$	0	$	0	$	0	$	371	$	391	$	10	$	772
60%-69.99%	0		0		77		400		418		402		1,297
70%-79.99%	0		0		14		776		621		43		1,454
80% or greater	0		0		0		187		297		310		794
Total	$	0	$	0	$	91	$	1,734	$	1,727	$	765	$	4,317
Current-period gross writeoffs:	$	0	$	0	$	0	$	5	$	0	$	24	$	29


Commercial Mortgage Loans
(In millions)	2025		2024		2023		2022		2021		Prior		Total		Weighted-Average DSCR
Loan-to-Value Ratio:
0%-59.99%	$	0	$	0	$	32	$	0	$	245	$	949	$	1,226	2.75
60%-69.99%	0		0		0		0		25		69		94		2.13
70%-79.99%	0		0		0		0		0		8		8		1.50
80% or greater	0		12		0		0		0		102		114		0.85
Total	$	0	$	12	$	32	$	0	$	270	$	1,128	$	1,442	2.55
Weighted Average DSCR	0.00		1.10		2.55		0.00		3.05		2.45
Current-period gross writeoffs:	$	0	$	0	$	0	$	0	$	0	$	0	$	0


Middle Market Loans
(In millions)	2025		2024		2023		2022		2021		Prior		Revolving Loans		Total
Credit Ratings:
BBB	$	39	$	47	$	32	$	0	$	58	$	107	$	9	$	292
BB	322		428		37		349		326		619		61		2,142
B	112		204		47		286		405		412		26		1,492
CCC	26		2		0		9		75		195		14		321
CC	0		0		0		14		0		16		5		35
C and lower	0		0		0		0		17		83		5		105
Total	$	499	$	681	$	116	$	658	$	881	$	1,432	$	120	$	4,387
Current-period gross writeoffs:	$	0	$	0	$	0	$	2	$	23	$	44	$	0	$	69


Other Loans
(In millions)	2025		2024		2023		2022		2021		Prior		Revolving Loans		Total
Credit Ratings:
A	$	0	$	0	$	0	$	70	$	0	$	0	$	0	$	70
AA	0		0		0		8		3

AFLAC INC 10-Q