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  4. [8-K] AFLAC INC Reports Material Event

Aflac Q3 2026 net earnings fall 81.5% to $303M

Annualized adjusted return on equity excluding foreign currency remeasurement was 23.7% for the third quarter.

Available on EDGAR Accepted by SEC EDGAR
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Form Type
8-K

Rhea-AI Filing Summary

Aflac Incorporated reported third-quarter 2026 net earnings of $303 million, or $0.61 per diluted share, compared with $1.639 billion, or $3.08 per diluted share, a year earlier. Total revenues fell 31.0% to $3.271 billion. The company attributed the earnings decline primarily to realized losses associated with strategic portfolio repositioning; results included $1.072 billion in net investment losses, versus $275 million in net investment gains a year earlier, and a $51 million tax capital loss valuation allowance. Adjusted earnings were $1.214 billion, down 8.5%, and adjusted earnings per diluted share were $2.43, down 2.4%.

Aflac U.S. pretax adjusted earnings increased 31.5% to $493 million, while Aflac Japan pretax adjusted earnings declined 21.0% to $961 million in dollar terms. The board declared a fourth-quarter dividend of $0.61 per share, payable December 1, 2026, to shareholders of record November 18, 2026; the company marked 44 consecutive years of dividend increases.

2 points · 0 major

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0 major · 3 points

How the balance works

Positive

  • Moderate pointU.S. segment pretax adjusted earnings rose 31.5% to $493 million.
  • Minor pointAflac marked 44 consecutive years of dividend increases.

Negative

  • Moderate pointThird-quarter net earnings fell 81.5% to $303 million.
  • Moderate pointAdjusted earnings declined 8.5% to $1.214 billion.
  • Moderate pointJapan segment pretax adjusted earnings fell 21.0% to $961 million.

Filing Explained

Aflac Japan reports that it ceded about ¥500 billion of FSA-basis reserves tied to cancer policies to Aflac Re Bermuda, an internal transaction effective in the third quarter; because Aflac Re Bermuda is consolidated, this shifts reserve allocation within Aflac’s group.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Total revenues $3.271 billion; down 31.0% Third quarter 2026 compared with third quarter 2025
Net earnings $303 million; down 81.5% Third quarter 2026 compared with third quarter 2025
Adjusted earnings $1.214 billion; down 8.5% Third quarter 2026 compared with third quarter 2025
Adjusted earnings per diluted share $2.43; down 2.4% Third quarter 2026 compared with third quarter 2025
Net investment losses $1.072 billion Third quarter 2026; compared with $275 million in net investment gains in third quarter 2025
Aflac U.S. pretax adjusted earnings $493 million; up 31.5% Third quarter 2026 compared with third quarter 2025
Aflac Japan pretax adjusted earnings $961 million; down 21.0% Third quarter 2026 compared with third quarter 2025, in dollar terms
Fourth-quarter dividend $0.61 per share Payable December 1, 2026, to shareholders of record November 18, 2026
Adjusted earnings financial
"Adjusted earnings are adjusted revenues less benefits and adjusted expenses."
Adjusted earnings are a company’s profit figure that has been altered to remove one-time, unusual or non-operational items so it better reflects the business’s regular performance. Think of it like looking at a household budget but ignoring a big, unusual expense or windfall to see what normal monthly cash flow looks like; investors use adjusted earnings to compare companies and trends, but should watch what is excluded because choices can change the picture.
Reserve remeasurement financial
"Adjusted earnings benefited from reserve remeasurement gains of $453 million."
Current expected credit losses (CECL) financial
"$102 million of current expected credit losses (CECL)"
Current Expected Credit Losses (CECL) is an accounting standard that requires lenders and companies with loans or receivables to estimate and record the lifetime expected losses up front, rather than waiting until a loss is probable. Investors care because CECL changes reported profits and the amount of reserves a firm must hold — like a household setting aside a larger rainy‑day fund based on forecasted storms — which affects capital, dividend capacity and the perceived financial strength of a company.
Premium persistency financial
"Premium persistency (12-mo. rolling)"
Total revenues $3.271 billion down 31.0% year over year
Net earnings $303 million down 81.5% year over year
Adjusted earnings $1.214 billion down 8.5% year over year
Adjusted earnings per diluted share $2.43 down 2.4% year over year

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were AFL's Q3 2026 earnings?
Aflac reported net earnings of $303 million, or $0.61 per diluted share, and adjusted earnings of $1.214 billion, or $2.43 per diluted share, for the third quarter.

What drove AFL's investment losses in Q3 2026?
Aflac reported $1.072 billion in net investment losses, including $842 million from sales and redemptions, $146 million on certain derivatives and foreign currency activities, $102 million of current expected credit losses, and $1 million of impairments, offset by a $19 million gain from an increase in the fair value of equity securities.

When is AFL's fourth-quarter dividend payable?
The board declared a $0.61-per-share fourth-quarter dividend, payable December 1, 2026, to shareholders of record at the close of business on November 18, 2026.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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0000004977false00000049772026-11-042026-11-040000004977exch:XNYS2026-11-042026-11-04

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) November 4, 2026
g247539tx_pg36.jpg
Aflac Incorporated
_________________________________________________________________________________________________________________________________________________________
(Exact name of registrant as specified in its charter)
 
Georgia001-07434  58-1167100
(State or other jurisdiction(Commission  (IRS Employer
of incorporation)File Number)  Identification No.)
1932 Wynnton RoadColumbusGeorgia31999
(Address of principal executive offices)  (Zip Code)
706.323.3431
_________________________________________________________________________________________________________________________________________________________
(Registrant’s telephone number, including area code)
 
_________________________________________________________________________________________________________________________________________________________
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $.10 Par ValueAFLNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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. ¨


Item 2.02 Results of Operations and Financial Condition.
On November 4, 2026, Aflac Incorporated (the "Company") issued a press release dated November 4, 2026 in which it reported the Company's 2026 third quarter financial results. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein in its entirety. In addition, a copy of the Company's third quarter supplemental earnings materials is furnished as Exhibit 99.2 to this Current Report on Form 8-K and incorporated by reference herein in its entirety.
Item 7.01 Regulation FD Disclosure.
On November 4, 2026, the Company posted to its investor relations website at investors.aflac.com a video presentation by Max Brodén, the Company's Senior Executive Vice President and Chief Financial Officer, discussing the Company's 2026 third quarter financial results. A copy of the transcript of Mr. Brodén's comments from the Investor Update and a copy of the Investor Presentation are furnished as Exhibit 99.3 and Exhibit 99.4 to this Current Report on Form 8-K, respectively, and are incorporated by reference herein in their entirety. The Investor Update and the Investor Presentation should be read in conjunction with the press release.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit NumberExhibit Title or Description
99.1
Press release of Aflac Incorporated dated November 4, 2026
99.2
Financial Supplement for Third Quarter 2026
99.3
Transcript of comments in video presentation by Max Brodén, Senior Executive Vice President and Chief Financial Officer of Aflac Incorporated.
99.4
Slides referenced in video presentation by Max Brodén, Senior Executive Vice President and Chief Financial Officer of Aflac Incorporated.
104Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document)


1


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Aflac Incorporated
November 4, 2026/s/ Robin L. Blackmon
(Robin L. Blackmon)
Senior Vice President, Financial Services
Chief Accounting Officer

2

aflacincorporated_logo4c.jpg
Aflac Incorporated Announces Third Quarter 2026 Results,
Declares Fourth Quarter Dividend

COLUMBUS, Ga. - November 4, 2026 - Aflac Incorporated (NYSE: AFL) today reported its third quarter results.
For the Quarter
•Net earnings were $303 million, or $0.61 per diluted share, compared with $1.6 billion, or $3.08 per diluted share a year ago.
•Adjusted earnings* were $1.2 billion, compared with $1.3 billion a year ago, reflecting a decrease of 8.5%.
•Adjusted earnings per diluted share* decreased 2.4% to $2.43.
•Adjusted earnings benefited from reserve remeasurement gains of $453 million.
•Annualized return on average shareholders’ equity was 4.1%.
•Annualized adjusted return on equity excluding foreign currency remeasurement* was 23.7%.
•The Company returned $1.1 billion to shareholders, consisting of $804 million in share repurchase and $305 million in dividends.
•Aflac Incorporated reached the milestone of 44 consecutive years of dividend increases with the fourth quarter declaration of $0.61.
•Aflac Japan ceded approximately ¥500 billion of reserves on an FSA basis associated with cancer insurance policies to Aflac Re Bermuda.

Commenting on the company’s results, Aflac Incorporated Chairman and Chief Executive Officer Daniel P. Amos stated: "Aflac delivered solid adjusted earnings for the quarter and for the first nine months. These results demonstrate our drive to execute our strategy and create long-term value for our shareholders. In Japan, we have continued to address our customers' needs at different life stages through products including Anshin Palette (medical insurance), Miraito (cancer insurance) and Tsumitasu (savings-type life insurance). In addition, the Aflac Japan results reflect the impact of our reinsurance strategy on the income statement included within Corporate and Other results, where Aflac Re Bermuda is consolidated. In the U.S., our focus remains on meeting the evolving needs of employers and their employees with supplemental health products and related benefits.
"We remain focused on more profitable growth and the tactical, opportunistic deployment of capital. We treasure our 2026 milestone of 44 consecutive years of dividend increases. We continue to deploy our balanced approach of investing in growth and driving long-term value while being there for our policyholders when they need us most."

1

AFLAC INCORPORATED CONSOLIDATED RESULTS
AFLAC INCORPORATED SELECTED OPERATING RESULTS FOR THE QUARTER
(IN MILLIONS, EXCEPT FOR PER-SHARE AMOUNTS)
3Q263Q25% Change
Total revenues$3,271 $4,740 (31.0)%
Net earnings303 1,639 (81.5)%
Adjusted earnings*
1,214 1,327 (8.5)%
Net earnings per share (diluted)0.61 3.08 (80.2)%
Adjusted earnings per share (diluted)*
2.43 2.49 (2.4)%
Total shareholders' equity29,283 28,688 2.1 %
Total liabilities and shareholders' equity113,511 122,306 (7.2)%
Total revenues were $3.3 billion in the third quarter of 2026, compared with $4.7 billion in the third quarter of 2025. Net earnings were $303 million, or $0.61 per diluted share, compared with $1.6 billion, or $3.08 per diluted share a year ago, primarily due to realized losses associated with the strategic repositioning of the portfolio during the third quarter. In addition, net earnings in the third quarter of 2026 included a $51 million, or $0.10 per diluted share, tax capital loss valuation allowance established against a portion of the Company's deferred tax assets associated with tax capital loss carryforwards. Net earnings in the third quarter of 2026 also included net investment losses of $1.1 billion, or $2.15 per diluted share, compared with net investment gains of $275 million, or $0.52 per diluted share a year ago. These net investment losses include net losses from sales and redemptions of $842 million; net losses of $146 million on certain derivatives and foreign currency activities; $102 million of current expected credit losses (CECL); and impairments of $1 million; offset by a $19 million gain from an increase in the fair value of equity securities.
Adjusted earnings* in the third quarter were $1.2 billion, compared with $1.3 billion in the third quarter of 2025, reflecting a decrease of 8.5%. Adjusted earnings per diluted share* decreased 2.4% to $2.43 in the quarter. The average yen/dollar exchange rate in the third quarter of 2026 was 158.49, or 6.8% weaker than the average rate of 147.68 in the third quarter of 2025. The weaker yen/dollar exchange rate had a negative $0.03 impact on adjusted earnings per share.
Shareholders’ equity was $29.3 billion, or $59.08 per share, at September 30, 2026, compared with $28.7 billion, or $54.57 per share, at September 30, 2025. Shareholders’ equity at the end of the third quarter included a cumulative increase of $12.3 billion for the effect of the change in discount rate assumptions on insurance reserves, compared with a corresponding cumulative increase of $6.8 billion at September 30, 2025 and a net unrealized loss on investment securities and derivatives of $5.0 billion, compared with a net unrealized loss of $1.7 billion at September 30, 2025. Shareholders’ equity at the end of the third quarter also included an unrealized foreign currency translation loss of $4.9 billion, compared with an unrealized foreign currency translation loss of $4.5 billion at September 30, 2025.
For the first nine months of 2026, total revenues were down 4.6% to $11.7 billion, compared with $12.3 billion in the first nine months of 2025. Net earnings were $2.1 billion, or $4.24 per diluted share, compared with $2.3 billion, or $4.21 per diluted share, for the first nine months of 2025. Adjusted earnings for the first nine months of 2026 were $3.0 billion, or $5.92 per diluted share, compared with $3.2 billion, or $5.92 per diluted share, in 2025. For the first nine months, the average exchange rate was 158.28, or 6.5% weaker than the rate of 148.03 a year ago. Excluding the negative impact of $0.10 per share from the weaker yen/dollar exchange rate, adjusted earnings per diluted share increased 1.7% to $6.02 for the first nine months of 2026.
Shareholders’ equity excluding accumulated other comprehensive income (AOCI), or adjusted book value,* was $26.9 billion, or $54.21 per share at September 30, 2026, compared with $28.0 billion, or $53.33 per share, at September 30, 2025. Adjusted book value excluding foreign currency remeasurement* was $20.2 billion, or $40.73 per share at September 30, 2026, compared with $22.9 billion, or $43.52 per share, at September 30, 2025. The annualized adjusted return on equity excluding foreign currency remeasurement* in the third quarter was 23.7%.
2

AFLAC JAPAN
AFLAC JAPAN SELECTED OPERATING RESULTS FOR THE QUARTER
(IN BILLIONS OF YEN AND MILLIONS OF DOLLARS)
3Q263Q25% Change3Q263Q25% Change
Total net earned premiums¥240 ¥245 (2.0)%$1,508 $1,663 (9.3)%
Yen-denominated investment income33 32 2.2 %205 217 (5.5)%
U.S. dollar-denominated investment income71 68 4.0 %445 461 (3.5)%
Adjusted net investment income102 98 3.7 %639 665 (3.9)%
Total adjusted revenues343 344 (0.3)%2,156 2,335 (7.7)%
Total benefits and claims, net118 96 22.5 %737 656 12.3 %
Total adjusted expenses73 68 6.6 %458 463 (1.1)%
Pretax adjusted earnings152 180 (15.2)%961 1,216 (21.0)%
Change in bps
Premium persistency (12-mo. rolling)92.9 %93.3 %(40)
Total benefits and claims, net / Total net earned premiums49.2 %39.3 %990 
Total adjusted expenses / Total adjusted revenues21.2 %19.8 %140 
Pretax adjusted earnings / Total adjusted revenues44.4 %52.2 %(780)

In yen terms, Aflac Japan's net earned premiums were ¥240.3 billion for the quarter, or 2.0% lower than a year ago, mainly due to the combined impact of an external reinsurance transaction effective during the first quarter and an internal reinsurance transaction on blocks of cancer insurance effective during the third quarter, as well as limited pay products reaching paid-up status. Adjusted net investment income increased 3.7% to ¥101.6 billion, primarily due to higher fixed-rate income and higher income on U.S. dollar-denominated assets from the weakening yen; offset by lower floating-rate income and higher expenses. Total adjusted revenues in yen declined 0.3% to ¥343.2 billion. Pretax adjusted earnings in yen for the quarter declined 15.2% on a reported basis to ¥152.3 billion, primarily driven by higher benefits due to lower reserve remeasurement gains as a result of unlocking actuarial assumptions, compared to the previous year. Pretax adjusted earnings decreased 17.9% on a currency-neutral basis. The pretax adjusted profit margin for the Japan segment was 44.4%, compared with 52.2% a year ago.
For the first nine months, net earned premiums in yen were ¥732.1 billion, or 3.2% lower than a year ago. Adjusted net investment income increased 1.5% to ¥292.7 billion. Total adjusted revenues in yen were down 1.9% to ¥1.0 trillion. Pretax adjusted earnings were ¥389.7 billion, or 3.5% lower than a year ago. As a result, the pretax adjusted profit margin for the Japan segment was 37.9%, compared with 38.5% a year ago.
In dollar terms, net earned premiums decreased 9.3% to $1.5 billion in the third quarter. Adjusted net investment income decreased 3.9% to $639 million. Total adjusted revenues declined by 7.7% to $2.2 billion. Pretax adjusted earnings declined 21.0% to $961 million.
For the first nine months, net earned premiums in dollars were $4.6 billion, or 9.5% lower than a year ago. Adjusted net investment income decreased 5.3% to $1.8 billion. Total adjusted revenues were down 8.3% to $6.5 billion. Pretax adjusted earnings were $2.5 billion, or 9.8% lower than a year ago.
For the quarter, total new annualized premium sales (sales) decreased 4.0% to ¥18.8 billion, or $118 million, reflecting high prior-year sales for Miraito cancer insurance following its launch in March 2025, partially offset by solid growth in the Tsumitasu savings-type life insurance refreshed in the second quarter of 2026 and Anshin Palette, the medical insurance product launched in December 2025. For the first nine months, sales increased 3.0% to ¥56.1 billion, or $354 million.
3


AFLAC U.S.
AFLAC U.S. SELECTED OPERATING RESULTS FOR THE QUARTER
(IN MILLIONS OF DOLLARS)
3Q263Q25% Change
Total net earned premiums$1,544 $1,495 3.3 %
Adjusted net investment income212 214 (0.9)%
Total adjusted revenues1,781 1,728 3.1 %
Total benefits and claims, net629 681 (7.6)%
Total adjusted expenses 659 672 (1.9)%
Pretax adjusted earnings493 375 31.5 %
Change in bps
Premium persistency (12-mo. rolling)79.7 %79.0 %70 
Total benefits and claims, net / Total net earned premiums40.7 %45.6 %(490)
Total adjusted expenses / Total adjusted revenues37.0 %38.9 %(190)
Pretax adjusted earnings / Total adjusted revenues27.7 %21.7 %600 

Aflac U.S. net earned premiums increased 3.3% to $1.5 billion in the third quarter compared to the prior year, reflecting improved sales and strong persistency. Adjusted net investment income decreased 0.9% to $212 million. Total adjusted revenues were up 3.1% to $1.8 billion. Pretax adjusted earnings were $493 million, 31.5% higher than a year ago, primarily driven by lower benefits from higher reserve remeasurement gains as a result of unlocking actuarial assumptions and higher premiums as well as lower expenses. The pretax adjusted profit margin for the U.S. segment was 27.7%, compared with 21.7% a year ago.
For the first nine months, net earned premiums increased 3.0% to $4.6 billion. Adjusted net investment income remained relatively flat at $621 million. Total adjusted revenues were up 3.0% to $5.3 billion. Pretax adjusted earnings were $1.2 billion, 9.4% higher than a year ago. As a result, the pretax adjusted profit margin for the U.S. segment was 23.0%, compared with 21.7% a year ago.
Aflac U.S. sales increased 3.5% in the quarter to $403 million, primarily benefiting from sales of network dental as well as group life and disability products. For the first nine months, total new sales increased 3.1% to $1.1 billion.

4

CORPORATE AND OTHER
CORPORATE AND OTHER SELECTED OPERATING RESULTS
(IN MILLIONS OF DOLLARS)
3Q263Q25% Change
Total net earned premiums$252 $214 17.8 %
Adjusted net investment income106 130 (18.5)%
Total adjusted revenues360 343 5.0 %
Total benefits and claims, net73 99 (26.3)%
Interest expense67 55 21.8 %
Other adjusted expenses148 120 23.3 %
Total benefits and adjusted expenses288 274 5.1 %
Pretax adjusted earnings72 69 4.3 %
For the quarter, total adjusted revenues increased 5.0% to $360 million. Pretax adjusted earnings were $72 million, compared with $69 million last year, primarily driven by higher reserve remeasurement gains as a result of unlocking actuarial assumptions and new reinsurance transactions. These earnings results were impacted by higher total adjusted expenses, as well as lower adjusted net investment income from reduced short-term asset balances and a smaller hedge program.

For the first nine months, total adjusted revenues decreased 6.2% to $943 million. Pretax adjusted earnings were $62 million, compared with $132 million a year ago.

SHAREHOLDER DIVIDEND
The board of directors declared the fourth quarter dividend of $0.61 per share, payable on December 1, 2026 to shareholders of record at the close of business on November 18, 2026.

*See Non-U.S. GAAP Financial Measures section for an explanation of foreign exchange and its impact on the financial statements and definitions of the non-U.S. GAAP financial measures used in this earnings release, as well as a reconciliation of such non-U.S. GAAP financial measures to the most comparable U.S. GAAP financial measures.


5

ABOUT AFLAC INCORPORATED

Aflac Incorporated (NYSE: AFL), a Fortune 500 company, has helped provide financial protection and peace of mind for more than seven decades to millions of policyholders and customers through its subsidiaries in the U.S. and Japan. In the U.S., Aflac is the No. 1 provider of supplemental health insurance products.1 In Japan, Aflac Life Insurance Japan is the leading provider of cancer and medical insurance in terms of policies in force.2 The company takes pride in being there for its policyholders when they need us most, as well as being included in the World’s Most Ethical Companies by Ethisphere for 20 consecutive years (2026) and Fortune’s World’s Most Admired Companies for 25 years (2026). In addition, the company became a signatory of the Principles for Responsible Investment (PRI) in 2021. To find out how to get help with expenses health insurance doesn't cover, get to know us at aflac.com or aflac.com/espanol.

1 LIMRA 2025 U.S. Supplemental Health Insurance Total Market Report
2 As of March 31, 2025, Aflac estimates based on company data


Aflac Incorporated periodically provides information for investors on its corporate website, investors.aflac.com, including information regarding its commitment to corporate social responsibility and sustainability, press releases, financial information, SEC filings, corporate governance materials, annual meeting information, and other information that may be important to investors.

A copy of Aflac’s financial supplement for the quarter can be found at investors.aflac.com.

Aflac Incorporated will webcast its third quarter 2026 earnings conference call on Thursday, November 5, 2026 at 8:00 a.m. (ET).

Note: Tables within this document may not foot due to rounding.
6

AFLAC INCORPORATED AND SUBSIDIARIES CONDENSED INCOME STATEMENT
(UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AND PER-SHARE AMOUNTS)
THREE MONTHS ENDED SEPTEMBER 30,20262025% Change
Total revenues$3,271 $4,740 (31.0)%
Benefits and claims, net1,439 1,436 0.2 
Total acquisition and operating expenses1,332 1,310 1.7 
Earnings before income taxes500 1,994 (74.9)
Income taxes197 355 
Net earnings$303 $1,639 (81.5)%
Net earnings per share – basic$0.61 $3.09 (80.3)%
Net earnings per share – diluted0.61 3.08 (80.2)
Shares used to compute earnings per share (000):
Basic496,976 530,050 (6.2)%
Diluted498,684 532,015 (6.3)
Dividends paid per share$0.61 $0.58 5.2 %

7

AFLAC INCORPORATED AND SUBSIDIARIES CONDENSED INCOME STATEMENT
(UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AND PER-SHARE AMOUNTS)
NINE MONTHS ENDED SEPTEMBER 30,20262025% Change
Total revenues$11,734 $12,298 (4.6)%
Benefits and claims, net5,123 5,391 (5.0)
Total acquisition and operating expenses3,891 3,946 (1.4)
Earnings before income taxes2,720 2,961 (8.1)
Income taxes573 694 
Net earnings$2,147 $2,267 (5.3)%
Net earnings per share – basic$4.25 $4.22 0.7 %
Net earnings per share – diluted4.24 4.21 0.7 
Shares used to compute earnings per share (000):
Basic504,664 537,095 (6.0)%
Diluted506,285 539,052 (6.1)
Dividends paid per share$1.83 $1.74 5.2 %


8

AFLAC INCORPORATED AND SUBSIDIARIES CONDENSED BALANCE SHEET
(UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AMOUNTS)
SEPTEMBER 30,20262025% Change
Assets:
Total investments and cash$100,433 $109,516 (8.3)%
Deferred policy acquisition costs9,186 9,216 (0.3)
Other assets3,892 3,574 8.9 
Total assets$113,511 $122,306 (7.2)%
Liabilities and shareholders’ equity:
Policy liabilities$63,517 $74,737 (15.0)%
Notes payable and lease obligations8,900 8,685 2.5 
Other liabilities11,811 10,196 15.8 
Shareholders’ equity29,283 28,688 2.1 
Total liabilities and shareholders’ equity$113,511 $122,306 (7.2)%
Shares outstanding at end of period (000)495,651 525,710 (5.7)%


9

NON-U.S. GAAP FINANCIAL MEASURES
This document includes references to the Company’s financial performance measures which are not calculated in accordance with United States generally accepted accounting principles (U.S. GAAP) (non-U.S. GAAP). The financial measures exclude items that the Company believes may obscure the underlying fundamentals and trends in insurance operations because they tend to be driven by general economic conditions and events or related to infrequent activities not directly associated with insurance operations.
Due to the size of Aflac Japan, where the functional currency is the Japanese yen, fluctuations in the yen/dollar exchange rate can have a significant effect on reported results. In periods when the Japanese yen weakens, translating Japanese yen into U.S. dollars results in fewer U.S. dollars being reported. When the Japanese yen strengthens, translating Japanese yen into U.S. dollars results in more U.S. dollars being reported. Consequently, Japanese yen weakening has the effect of suppressing current period results in relation to the comparable prior period, while Japanese yen strengthening has the effect of magnifying current period results in relation to the comparable prior period. A significant portion of the Company’s business is conducted in Japanese yen and never converted into U.S. dollars but translated into U.S. dollars for U.S. GAAP reporting purposes, which results in foreign currency impact to earnings, cash flows and book value on a U.S. GAAP basis. Management evaluates the Company's financial performance both including and excluding the impact of foreign currency translation to monitor, respectively, cumulative currency impacts and the currency-neutral operating performance over time. The average yen/dollar exchange rate is based on the published MUFG Bank, Ltd. telegraphic transfer middle rate (TTM).
The company defines the non-U.S. GAAP financial measures included in this earnings release as follows:
•Adjusted earnings are adjusted revenues less benefits and adjusted expenses. Adjusted earnings per share (basic or diluted) are the adjusted earnings for the period divided by the weighted average outstanding shares (basic or diluted) for the period presented. The adjustments to both revenues and expenses account for certain items that are outside of 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. Adjusted revenues are U.S. GAAP total revenues excluding adjusted net investment gains and losses. 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. Management uses adjusted earnings and adjusted earnings per diluted share to evaluate the financial performance of the Company’s insurance operations on a consolidated basis and believes that a presentation of these financial measures is vitally important to an understanding of the underlying profitability drivers and trends of the Company’s insurance business. The most comparable U.S. GAAP financial measures for adjusted earnings and adjusted earnings per share (basic or diluted) are net earnings and net earnings per share, respectively.
•Adjusted earnings excluding current period foreign currency impact are computed using the average foreign exchange rate for the comparable prior-year period, which eliminates fluctuations driven solely by foreign exchange rate changes. Adjusted earnings per diluted share excluding current period foreign currency impact is adjusted earnings excluding current period foreign currency impact divided by the weighted average outstanding diluted shares for the period presented. The Company considers adjusted earnings excluding current period foreign currency impact and adjusted earnings per diluted share excluding current period foreign currency impact important because a significant portion of the Company's business is conducted in Japan and foreign exchange rates are outside management’s control; therefore, the Company believes it is important to understand the impact of translating foreign currency (primarily Japanese yen) into U.S. dollars. The most comparable U.S. GAAP financial measures for adjusted earnings excluding current period foreign currency impact and adjusted earnings per diluted share excluding current period foreign currency impact are net earnings and net earnings per share, respectively.
•Adjusted return on equity is annualized adjusted earnings divided by average shareholders’ equity, excluding accumulated other comprehensive income. Management uses adjusted return on equity to evaluate the financial performance of the Company’s insurance operations on a consolidated basis and believes that a presentation of this financial measure is vitally important to an understanding of the underlying profitability drivers and trends of the Company’s insurance business. The Company considers adjusted return on equity important as it excludes components of accumulated other comprehensive income, which fluctuate due to market movements that are outside management's control. The most comparable U.S. GAAP financial measure for adjusted return on equity is return on equity as determined using annualized net earnings and average total shareholders’ equity.
•Adjusted return on equity excluding foreign currency remeasurement is annualized adjusted earnings divided by average shareholders’ equity, excluding both accumulated other comprehensive income and the cumulative (beginning January 1, 2021) foreign currency gains/losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. The Company considers adjusted return on equity excluding foreign currency remeasurement important because it excludes both accumulated other comprehensive income and the cumulative foreign currency remeasurement gains/losses, which fluctuate due to market movements that are outside management's control. The most comparable U.S. GAAP financial measure for adjusted return on equity excluding foreign currency remeasurement is return on equity as determined using annualized net earnings and average total shareholders’ equity.
10

•Amortized hedge costs/income represent costs/income incurred or recognized as a result of using foreign currency derivatives to hedge certain foreign currency exchange risks. These amortized hedge costs/income are estimated at the inception of the derivatives based on the specific terms of each contract and are recognized on a straight-line basis over the contractual term of the derivative. The Company believes that amortized hedge costs/income measure the periodic currency risk management costs/income related to hedging certain foreign currency exchange risks and are an important component of net investment income. There is no comparable U.S. GAAP financial measure for amortized hedge costs/income.
•Adjusted book value is the U.S. GAAP book value (representing total shareholders’ equity), less accumulated other comprehensive income as recorded on the U.S. GAAP balance sheet. Adjusted book value per common share is adjusted book value at the period end divided by the ending outstanding common shares for the period presented. The Company considers adjusted book value and adjusted book value per common share important as they exclude accumulated other comprehensive income, which fluctuates due to market movements that are outside management’s control. The most comparable U.S. GAAP financial measures for adjusted book value and adjusted book value per common share are total book value and total book value per common share, respectively.
•Adjusted book value excluding foreign currency remeasurement is the U.S. GAAP book value (representing total shareholders’ equity), less accumulated other comprehensive income as recorded on the U.S. GAAP balance sheet and excluding the cumulative (beginning January 1, 2021) foreign currency gains/losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. Adjusted book value excluding foreign currency remeasurement per common share is adjusted book value excluding foreign currency remeasurement at the period end divided by the ending outstanding common shares for the period presented. The Company considers adjusted book value excluding foreign currency remeasurement and adjusted book value excluding foreign currency remeasurement per common share important as they exclude both accumulated other comprehensive income and the cumulative foreign currency remeasurement gains/losses, which fluctuate due to market movements that are outside management's control. The most comparable U.S. GAAP financial measures for adjusted book value excluding foreign currency remeasurement and adjusted book value excluding foreign currency remeasurement per common share are total book value and total book value per common share, respectively.
•Adjusted net investment income is net investment income adjusted for i) amortized hedge cost/income related to foreign currency exposure management strategies and certain derivative activity, and ii) net interest income/expense from foreign currency and interest rate derivatives associated with certain investment strategies, which are reclassified from net investment gains and losses to net investment income. The Company considers adjusted net investment income important because it provides a more comprehensive understanding of the costs and income associated with the Company’s investments and related hedging strategies. The most comparable U.S. GAAP financial measure for adjusted net investment income is net investment income.
•Adjusted net investment gains and losses are net investment gains and losses adjusted for i) amortized hedge cost/income related to foreign currency exposure management strategies and certain derivative activity, ii) net interest income/expense from foreign currency and interest rate derivatives associated with certain investment strategies, which are both reclassified to net investment income, and iii) the impact of interest from derivatives associated with notes payable, which is reclassified to interest expense as a component of total adjusted expenses. The Company considers adjusted net investment gains and losses important as it represents the remainder amount that is considered outside management’s control, while excluding the components that are within management’s control and are accordingly reclassified to net investment income and interest expense. The most comparable U.S. GAAP financial measure for adjusted net investment gains and losses is net investment gains and losses.

11

RECONCILIATION OF NET EARNINGS TO ADJUSTED EARNINGS
(UNAUDITED – IN MILLIONS, EXCEPT FOR PER-SHARE AMOUNTS)
THREE MONTHS ENDED SEPTEMBER 30,20262025% Change
Net earnings$303 $1,639 (81.5)%
Items impacting net earnings:
Adjusted net investment (gains) losses1,026 (335)
Other and non-recurring (income) loss
— 1 
Income tax (benefit) expense on items excluded
from adjusted earnings 		(166)22 
Tax valuation allowance51 — 
Adjusted earnings 1,214 1,327 (8.5)%
Current period foreign currency impact1
14 N/A
Adjusted earnings excluding current period foreign
currency impact2
$1,228 $1,327 (7.5)%
Net earnings per diluted share$0.61 $3.08 (80.2)%
Items impacting net earnings:
Adjusted net investment (gains) losses2.06 (0.63)
Other and non-recurring (income) loss
— — 
Income tax (benefit) expense on items excluded
from adjusted earnings 		(0.33)0.04 
Tax valuation allowance0.10 — 
Adjusted earnings per diluted share2.43 2.49 (2.4)%
Current period foreign currency impact1
0.03 N/A
Adjusted earnings per diluted share excluding
current period foreign currency impact2
$2.46 $2.49 (1.2)%

1    Prior period foreign currency impact reflected as “N/A” to isolate change for current period only.
2    Amounts excluding current period foreign currency impact are computed using the average foreign currency exchange rate for the comparable prior-year period, which eliminates fluctuations driven solely by foreign currency exchange rate changes.

12

RECONCILIATION OF NET EARNINGS TO ADJUSTED EARNINGS
(UNAUDITED – IN MILLIONS, EXCEPT FOR PER-SHARE AMOUNTS)
NINE MONTHS ENDED SEPTEMBER 30,20262025% Change
Net earnings$2,147 $2,267 (5.3)%
Items impacting net earnings:
Adjusted net investment (gains) losses1,029 966 
Other and non-recurring (income) loss
— 54 
Income tax (benefit) expense on items excluded
from adjusted earnings 		(229)(97)
Tax valuation allowance51 — 
Adjusted earnings 2,998 3,190 (6.0)%
Current period foreign currency impact1
49 N/A
Adjusted earnings excluding current period foreign
currency impact2
$3,047 $3,190 (4.5)%
Net earnings per diluted share$4.24 $4.21 0.7 %
Items impacting net earnings:
Adjusted net investment (gains) losses2.03 1.79 
Other and non-recurring (income) loss
— 0.10 
Income tax (benefit) expense on items excluded
from adjusted earnings 		(0.45)(0.18)
Tax valuation allowance0.10 — 
Adjusted earnings per diluted share5.92 5.92 — %
Current period foreign currency impact1
0.10 N/A
Adjusted earnings per diluted share excluding
current period foreign currency impact2
$6.02 $5.92 1.7 %
    

1    Prior period foreign currency impact reflected as “N/A” to isolate change for current period only.
2    Amounts excluding current period foreign currency impact are computed using the average foreign currency exchange rate for the comparable prior-year period, which eliminates fluctuations driven solely by foreign currency exchange rate changes.
13

RECONCILIATION OF NET INVESTMENT (GAINS) LOSSES TO ADJUSTED NET INVESTMENT (GAINS) LOSSES
(UNAUDITED – IN MILLIONS)
THREE MONTHS ENDED SEPTEMBER 30,20262025% Change
Net investment (gains) losses$1,072 $(275)489.8 %
Items impacting net investment (gains) losses:
Amortized hedge costs(11)(13)
Amortized hedge income14 20 
Net interest income (expense) from derivatives associated
     with certain investment strategies
(49)(66)
Impact of interest from derivatives associated with
     notes payable1
— (1)
Adjusted net investment (gains) losses$1,026 $(335)406.3 %

1    Amounts are included with interest expenses that are a component of adjusted expenses.


RECONCILIATION OF NET INVESTMENT INCOME TO ADJUSTED NET INVESTMENT INCOME
(UNAUDITED – IN MILLIONS)
THREE MONTHS ENDED SEPTEMBER 30,20262025% Change
Net investment income$1,003 $1,067 (6.0)%
Items impacting net investment income:
Amortized hedge costs(11)(13)
Amortized hedge income14 20 
Net interest income (expense) from derivatives associated
     with certain investment strategies
(49)(66)
Adjusted net investment income$957 $1,008 (5.1)%

14

RECONCILIATION OF NET INVESTMENT (GAINS) LOSSES TO ADJUSTED NET INVESTMENT (GAINS) LOSSES
(UNAUDITED – IN MILLIONS)
NINE MONTHS ENDED SEPTEMBER 30,20262025% Change
Net investment (gains) losses$1,176 $1,109 6.0 %
Items impacting net investment (gains) losses:
Amortized hedge costs(38)(31)
Amortized hedge income51 80 
Net interest income (expense) from derivatives associated
     with certain investment strategies
(160)(195)
Impact of interest from derivatives associated with
     notes payable1
— 3 
Adjusted net investment (gains) losses$1,029 $966 6.5 %

1    Amounts are included with interest expenses that are a component of adjusted expenses.


RECONCILIATION OF NET INVESTMENT INCOME TO ADJUSTED NET INVESTMENT INCOME
(UNAUDITED – IN MILLIONS)
NINE MONTHS ENDED SEPTEMBER 30,20262025% Change
Net investment income$2,943 $3,103 (5.2)%
Items impacting net investment income:
Amortized hedge costs(38)(31)
Amortized hedge income51 80 
Net interest income (expense) from derivatives associated
     with certain investment strategies
(160)(195)
Adjusted net investment income$2,796 $2,957 (5.4)%
15

RECONCILIATION OF U.S. GAAP BOOK VALUE TO ADJUSTED BOOK VALUE
(EXCLUDING FOREIGN CURRENCY REMEASUREMENT)
(UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AND PER-SHARE AMOUNTS)
SEPTEMBER 30,20262025% Change
U.S. GAAP book value $29,283 $28,688 
Less:
Unrealized foreign currency translation gains (losses)
(4,925)(4,504)
Unrealized gains (losses) on securities and derivatives
(5,011)(1,717)
Effect of changes in discount rate assumptions12,264 6,832 
Pension liability adjustment
85 42 
Total AOCI
2,413 653 
Adjusted book value$26,870 $28,035 
Less:
Foreign currency remeasurement gains (losses)6,681 5,157 
Adjusted book value excluding foreign currency remeasurement$20,189 $22,878 
Number of outstanding shares at end of period (000)495,651 525,710 
U.S. GAAP book value per common share $59.08 $54.57 8.3 %
Less:
Unrealized foreign currency translation gains (losses) per common share
(9.94)(8.57)
Unrealized gains (losses) on securities and derivatives per common share
(10.11)(3.27)
Effect of changes in discount rate assumptions
     per common share		24.74 13.00 
Pension liability adjustment per common share
0.17 0.08 
Total AOCI per common share
4.87 1.24 
Adjusted book value per common share$54.21 $53.33 1.7 %
Less:
Foreign currency remeasurement gains (losses) per common share13.48 9.81 
Adjusted book value excluding foreign currency remeasurement per common share
$40.73 $43.52 (6.4)%

16

RECONCILIATION OF U.S. GAAP RETURN ON EQUITY (ROE) TO ADJUSTED ROE
(EXCLUDING IMPACT OF FOREIGN CURRENCY)
THREE MONTHS ENDED SEPTEMBER 30,20262025
U.S. GAAP ROE - Net earnings1
4.1 %23.5 %
Impact of excluding unrealized foreign currency translation gains (losses)
(0.8)(5.4)
Impact of excluding unrealized gains (losses) on securities and derivatives
(0.6)(2.2)
Impact of excluding effect of changes in discount rate assumptions1.8 7.7 
Impact of excluding pension liability adjustment
— 0.1 
Impact of excluding AOCI
0.4 0.1 
U.S. GAAP ROE - less AOCI4.4 23.5 
Differences between adjusted earnings and net earnings2
13.4 (4.5)
Adjusted ROE - reported17.8 19.1 
Impact of excluding gains (losses) associated with foreign currency remeasurement3
5.9 4.0
Adjusted ROE, excluding foreign currency remeasurement23.7 23.1 

1    U.S. GAAP ROE is calculated by dividing net earnings (annualized) by average shareholders' equity.
2    See separate reconciliation of net earnings to adjusted earnings.
3    Impact of gains/losses associated with foreign currency remeasurement is calculated by excluding the cumulative (beginning January 1, 2021) foreign currency gains/losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. The impact is the difference of adjusted return on equity - reported compared with adjusted return on equity, excluding from shareholders' equity, gains/losses associated with foreign currency remeasurement.

17

RECONCILIATION OF U.S. GAAP RETURN ON EQUITY (ROE) TO ADJUSTED ROE
(EXCLUDING IMPACT OF FOREIGN CURRENCY)
NINE MONTHS ENDED SEPTEMBER 30,20262025
U.S. GAAP ROE - Net earnings1
9.7 %11.0 %
Impact of excluding unrealized foreign currency translation gains (losses)
(1.8)(1.6)
Impact of excluding unrealized gains (losses) on securities and derivatives
(1.2)(0.3)
Impact of excluding effect of changes in discount rate assumptions3.7 1.5 
Impact of excluding pension liability adjustment
— — 
Impact of excluding AOCI
0.7 (0.4)
U.S. GAAP ROE - less AOCI10.4 10.6 
Differences between adjusted earnings and net earnings2
4.1 4.3 
Adjusted ROE - reported14.6 14.9 
Impact of excluding gains (losses) associated with foreign currency remeasurement3
4.3 3.5
Adjusted ROE, excluding foreign currency remeasurement18.9 18.4 

1    U.S. GAAP ROE is calculated by dividing net earnings (annualized) by average shareholders' equity.
2    See separate reconciliation of net earnings to adjusted earnings.
3    Impact of gains/losses associated with foreign currency remeasurement is calculated by excluding the cumulative (beginning January 1, 2021) foreign currency gains/losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. The impact is the difference of adjusted return on equity - reported compared with adjusted return on equity, excluding from shareholders' equity, gains/losses associated with foreign currency remeasurement.
18

EFFECT OF FOREIGN CURRENCY ON ADJUSTED RESULTS1
(SELECTED PERCENTAGE CHANGES, UNAUDITED)
THREE MONTHS ENDED SEPTEMBER 30, 2026Including
Currency
Changes
Excluding
Currency
Changes2
Net earned premiums3
(2.0)%2.1 %
Adjusted net investment income(5.1)(3.3)
Total benefits and expenses0.9 6.0 
Adjusted earnings(8.5)(7.5)
Adjusted earnings per diluted share(2.4)(1.2)

1Refer to previously defined adjusted earnings, adjusted earnings per diluted share, and adjusted net investment income.
2Amounts excluding currency changes were determined using the same foreign currency exchange rate for the current period as the comparable period in the prior year, which eliminates dollar-based fluctuations driven solely from currency rate changes.
3Net of reinsurance


19

EFFECT OF FOREIGN CURRENCY ON ADJUSTED RESULTS1
(SELECTED PERCENTAGE CHANGES, UNAUDITED)
NINE MONTHS ENDED SEPTEMBER 30, 2026Including
Currency
Changes
Excluding
Currency
Changes2
Net earned premiums3
(3.5)%0.1 %
Adjusted net investment income(5.4)(4.0)
Total benefits and expenses(2.9)0.9 
Adjusted earnings(6.0)(4.5)
Adjusted earnings per diluted share0.0 1.7 

1Refer to previously defined adjusted earnings and adjusted earnings per diluted share, and adjusted net investment income.
2Amounts excluding currency changes were determined using the same foreign currency exchange rate for the current period as the comparable period in the prior year, which eliminates dollar-based fluctuations driven solely from currency rate changes.
3Net of reinsurance


GLOSSARY OF OPERATIONAL MEASURES
The Company defines the operational measures included in this document as follows:
•Operating ratios are used to evaluate the Company's financial condition and profitability. Examples include: (1) Ratios to total adjusted revenues, which present expenses as percentage of total revenues and (2) Ratios to total premium, including benefit ratio. Operating ratios include: Benefit Ratio and Expense Ratio.
•New annualized premium sales are sometimes referred to as new sales or sales. An operating measure that is not reflected on the Company's financial statements. New annualized premium sales generally represent annual premiums on policies and riders the Company sold and incremental increases from policy conversions that would be collected over a 12-month period assuming the policies remain in force for that entire period. For Aflac Japan, new annualized premium sales are determined by applications submitted during the reporting period. For Aflac U.S., new annualized premium sales are determined by applications that are issued during the reporting period. Policy conversions are defined as the positive difference in the annualized premium when a policy upgrades in the current reporting period. The Company believes that this metric is a key indicator of the Company's future source of earnings.
•Premium persistency is the percentage of premiums remaining in force at the end of a period, usually one year, and presented on a trailing 12-month average basis. For example, 95% persistency would mean that 95% of the premiums in force at the beginning of a period are still in force at the end of the period. The Company believes that this metric is a key driver of in force levels, which is a key measure of the size of the Company's business and future sources of earnings.

20

FORWARD-LOOKING INFORMATION
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” to encourage companies to provide prospective information, so long as those informational statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those included in the forward-looking statements. Aflac Incorporated (the Parent Company) and its subsidiaries (collectively with the Parent Company, the Company) desire to take advantage of these provisions. This document contains cautionary statements identifying important factors that could cause actual results to differ materially from those projected herein, and in any other statements made by Company officials in communications with the financial community and contained in documents filed with or furnished to the Securities and Exchange Commission (SEC). Forward-looking statements are not based on historical information and relate to future operations, strategies, financial results or other developments. Furthermore, forward-looking information is subject to numerous assumptions, risks and uncertainties. In particular, statements containing words such as “expect,” “anticipate,” “believe,” “goal,” “objective,” "strategy," “may,” “should,” “estimate,” “intend,” “project,” "future," “will,” “assume,” “potential,” “target,” "outlook," "continue" or similar words as well as specific projections of future results, generally qualify as forward-looking. The Company undertakes no obligation to update such forward-looking statements, except as may be required by law.
The Company cautions readers that the following factors, in addition to other factors mentioned from time to time, could cause actual results to differ materially from those contemplated by the forward-looking statements:

•difficult conditions in global capital markets and the economy, including inflation
•defaults and credit downgrades of investments
•global fluctuations in interest rates and exposure to significant interest rate risk
•concentration of business in Japan
•limited availability of acceptable Japanese yen-denominated investments
•foreign currency fluctuations in the yen/dollar exchange rate
•differing interpretations applied to investment valuations
•significant valuation judgments in determination of expected credit losses recorded on the Company's investments
•decreases in the Company's financial strength or debt ratings
•decline in creditworthiness of other financial institutions
•the Company's ability to attract and retain qualified sales associates, brokers, employees, and distribution partners
•deviations in actual experience from pricing and reserving assumptions
•ability to continue to develop and implement improvements in information technology systems and on successful execution of revenue growth and expense management initiatives
•interruption in telecommunication, information technology and other operational systems, or a failure to maintain the security, confidentiality, integrity or privacy of sensitive data residing on such systems, and uncertainty regarding the impact of the
incident involving unauthorized access to the Company’s network in June 2025
•subsidiaries' ability to pay dividends to the Parent Company
•inherent limitations to risk management policies and procedures
•operational risks of third-party vendors
•tax rates applicable to the Company may change
•failure to comply with restrictions on policyholder privacy and information security
•extensive regulation and changes in law or regulation by governmental authorities
•competitive environment and ability to anticipate and respond to market trends
•catastrophic events, including, but not limited to, epidemics, pandemics, tornadoes, hurricanes, earthquakes, tsunamis, war or other military action, major public health issues, terrorism or other acts of violence, and damage incidental to such events
•ability to protect the Aflac brand and the Company's reputation
•ability to effectively manage key executive succession
•changes in accounting standards
•level and outcome of litigation or regulatory inquiries
•allegations or determinations of worker misclassification in the United States



Analyst and investor contact - David A. Young, 706.596.3264; 800.235.2667 or aflacir@aflac.com
Media contact - Ines Gutzmer, 762.207.7601 or igutzmer@aflac.com

21

Final                                                              11/4/2026
aflaclogoa01a01a01a33.jpg

Financial Supplement
Third Quarter 2026

This document is a statistical supplement to Aflac’s quarterly earnings release. Throughout the presentation, amounts presented may not foot due to rounding. As you review the supplement, please note the non-U.S. GAAP financial measures and definitions found at the back of this document.
The Company adopted the Financial Accounting Standards Board’s Accounting Standard Update 2018-12 Financial Services - Insurance: Targeted Improvements to the Accounting for Long-Duration Contracts, as clarified and amended by (i) ASU 2019-09 Financial Services - Insurance: Effective Date, and (ii) ASU 2020-11 Financial Services - Insurance: Effective Date and Early Application (collectively, “LDTI”) as of January 1, 2023. The amended guidance is applied as of the beginning of the earliest period presented in the Company’s quarterly and annual financial statements, which results in a January 1, 2021 Transition Date. In conjunction with the adoption of LDTI, the Company changed its practice of recording the change in the deferred profit liability (DPL) on products with limited-payment features from the benefits and claims, net line item to the net earned premiums line item in the consolidated statement of earnings. This change in presentation has no impact on net earnings. All quarterly and annual amounts for 2021 and 2022 presented herein reflect these changes for LDTI and DPL.        
Aflac Incorporated:Page
Share Data
2
Summary of Adjusted Results by Business Segment
3
Statements of Earnings
4
Analysis of Net Earnings and Net Earnings Per Share
5
Balance Sheets
6
Quarterly Financial Results
7
Quarterly Book Value Per Share
8
Return on Equity
9
Adjusted Earnings Per Share Excluding Current Period Foreign Currency Impact
10
Investment Results
11,12,13
Long-Term Debt Data
14
Ratings
15
Aflac U.S.:
Statement of Pretax Adjusted Earnings
16
Balance Sheets
17
Quarterly Pretax Adjusted Earnings
18
Operating Ratios
19
Sales
20,21
Aflac Japan:
Statement of Pretax Adjusted Earnings
22,23
Balance Sheets
24,25
Quarterly Pretax Adjusted Earnings
26
Operating Ratios
27
Sales
28,29,30
Yen/Dollar Exchange Rates
31
Corporate and Other:
Statement of Pretax Adjusted Earnings
32
Non-U.S. GAAP Financial Measures
33
For more information, contact:
David Young
Phone. 706.596.3264
Aflacir@aflac.com
investors.aflac.com


Aflac Incorporated and Subsidiaries
Share Data
(In Thousands)
1Shares IssuedShares PurchasedQTD Weighted Avg. SharesYTD Weighted Avg. Shares
PeriodBeginning Shares OutstandingStk. Bon. & DRPStk. Opt. & Misc.Treas. Shares
Misc. Purch. (1)
Ending Shares OutstandingAvg. SharesDilutive SharesAvg. DilutedAvg. SharesDilutive SharesAvg. Diluted
20241578,479 212 1,320 9,276 457 570,278 574,886 2,596 577,482 574,886 2,596 577,482 
2570,278 217 186 9,288 24 561,369 564,573 2,265 566,838 569,730 2,430 572,160 
3561,369 165 75 4,882 10 556,717 557,899 2,515 560,414 565,757 2,459 568,216 
4556,717 156 77 6,982 4 549,964 552,767 2,716 555,483 562,492 2,523 565,015 
20251549,964 173 1,251 8,497 398 542,493 544,707 2,171 546,878 544,707 2,171 546,878 
2542,493 193 42 7,916 4 534,809 536,688 1,737 538,425 540,676 1,954 542,630 
3534,809 171 66 9,331 5 525,710 530,050 1,965 532,015 537,095 1,957 539,052 
4525,710 161 72 7,250 3 518,690 520,394 2,099 522,493 532,885 1,993 534,878 
20261518,690 160 1,046 9,013 353 510,530 513,071 1,715 514,785 513,071 1,715 514,785 
2510,530 168 84 8,521 4 502,257 504,123 1,455 505,578 508,572 1,578 510,150 
3502,257 143 29 6,776 2 495,651 496,976 1,708 498,684 504,664 1,621 506,285 

(1) Includes previously owned shares used to purchase options (swapped shares) and/or shares purchased for deferred compensation program


2

Aflac Incorporated and Subsidiaries
Summary of Adjusted Results by Business Segment
(In Millions, except per-share data)
Years Ended December 31,3 Months Ended September 30,9 Months Ended September 30,
2021202220232024202520252026% Change20252026% Change
Aflac Japan$3,756 $3,281 $3,234 $3,494 $3,440 $1,216 $961 (21.0)%$2,728 $2,461 (9.8)%
Aflac U.S.1,356 1,359 1,501 1,419 1,421 375 493 31.5 1,121 1,226 9.4 
1
Corporate and other (1)
(293)(218)(425)32 101 69 72 132 62 
Pretax adjusted earnings4,819 4,422 4,310 4,945 4,962 1,660 1,526 (8.1)3,981 3,749 (5.8)
Income taxes (1)
893 808 577 873 954 333 312 (6.3)791 751 (5.1)
2
Adjusted earnings (2)
3,925 3,614 3,733 4,072 4,008 1,327 1,214 (8.5)3,190 2,998 (6.0)
Reconciling items:
Adjusted net investment gains (losses)462 447 914 1,495 (375)335 (1,026)(966)(1,029)
Other and non-recurring income (loss)
(73)1 39 (23)(54)(1)— (54)— 
3
Income tax benefit (expense) on items excluded from adjusted earnings (3)
(83)357 (26)(101)67 (22)166 97 229 
Tax valuation allowance expense— — — — — — (51)— (51)
Net earnings$4,231 $4,418 $4,659 $5,443 $3,646 $1,639 $303 (81.5)%$2,267 $2,147 (5.3)%
Effective Tax rate18.7 %9.3 %11.5 %15.2 %19.6 %17.8 %39.6 %23.4 %21.1 %
Earnings per share of common stock:
Net earnings (basic)$6.28 $6.96 $7.81 $9.68 $6.84 $3.09 $0.61 (80.3)$4.22 $4.25 0.7 %
Net earnings (diluted)6.25 6.93 7.78 9.63 6.82 3.08 0.61 (80.2)4.21 4.24 0.7 
Adjusted earnings (basic) (2)
$5.83 $5.69 $6.26 $7.24 $7.52 $2.50 $2.44 (2.4)%$5.94 $5.94 — %
Adjusted earnings (diluted) (2)
5.80 5.67 6.23 7.21 7.49 2.49 2.43 (2.4)5.92 5.92 — 
(1) The change in value of federal historic rehabilitation and solar investments in partnerships of $4 and $6 for the three-month periods and $15 and $22 for the nine-month periods ended September 30, 2026, and 2025, respectively, is included as a reduction to net investment income. Tax credits on these investments of $5 and $7 for the three-month periods and $16 and $24 for the nine-month periods ended September 30, 2026, and 2025, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.
(2) See non-U.S. GAAP financial measures for definition of adjusted earnings.
(3) Primarily reflects release of $452 in deferred taxes in 2022.
3

Aflac Incorporated and Subsidiaries
Consolidated Statements of Earnings - U.S. GAAP
(In Millions, except per-share data)
Years Ended December 31,3 Months Ended September 30,9 Months Ended September 30,
2021202220232024202520252026% Change20252026% Change
Revenues:
Net earned premiums:
Gross premiums$17,305 $15,025 $14,318 $13,562 $13,760 $3,413 $3,421 $10,371 $10,206 
Assumed (ceded)(210)(124)(195)(122)(212)(41)(117)(148)(340)
1
Total net earned premiums (1)
17,095 14,901 14,123 13,440 13,548 3,372 3,304 (2.0)%10,223 9,866 (3.5)%
Net investment income3,818 3,656 3,811 4,116 4,076 1,067 1,003 (6.0)3,103 2,943 (5.2)
Net investment gains (losses)
468 363 590 1,271 (572)275 (1,072)(1,109)(1,176)
Other income
173 220 177 100 112 26 36 81 101 
Total revenues21,554 19,140 18,701 18,927 17,164 4,740 3,271 (31.0)12,298 11,734 (4.6)
Benefits and Claims:
Benefits and claims, net:
Incurred claims -direct8,949 8,271 8,005 8,281 8,901 2,216 2,259 6,739 6,833 
Incurred claims -assumed (ceded)(147)(108)(177)(95)(189)(40)(74)(135)(198)
2
Increase in FPB -direct (2)
1,819 888 594 (184)(727)(165)(281)(560)(883)
Increase in FPB -assumed (ceded) (2)
3 51 172 5 2 5 (12)5 (48)
Total net benefits and claims, excluding reserve remeasurement10,623 9,102 8,594 8,008 7,987 2,016 1,892 6,049 5,704 
Reserve remeasurement (gain) loss(147)(215)(383)(558)(694)(580)(453)(658)(581)
Total net benefits and claims10,476 8,887 8,211 7,450 7,293 1,436 1,439 0.2 5,391 5,123 (5.0)
Acquisition and operating expenses:
3
Amortization of DAC (3)
835 792 816 851 874 218 220 655 659 
Insurance commissions1,256 1,117 1,052 998 991 254 237 745 713 
Insurance expenses3,541 3,249 3,165 3,014 3,253 781 805 2,387 2,325 
Interest expense238 226 195 197 220 57 70 159 194 
Total acquisition and operating expenses5,870 5,384 5,228 5,060 5,338 1,310 1,332 1.7 3,946 3,891 (1.4)
Total benefits and expenses16,346 14,271 13,439 12,510 12,631 2,746 2,771 0.9 9,337 9,014 (3.5)
Pretax earnings5,208 4,869 5,262 6,417 4,533 1,994 500 2,961 2,720 
4
Income tax expense (benefit) (4)
977 451 603 974 887 355 197 694 573 
Net earnings$4,231 $4,418 $4,659 $5,443 $3,646 $1,639 $303 (81.5)%$2,267 $2,147 (5.3)%
(1) Includes a gain (loss) of $52 and $(55) for the three-month periods ended September 30, 2026 and 2025, respectively, related to remeasurement of the deferred profit liability for limited- payment contracts.
(2) Future policy benefits
(3) Deferred acquisition costs
(4) Primarily reflects release of $452 in deferred taxes in 2022.
4

Aflac Incorporated and Subsidiaries
Analysis of Net Earnings and Net Earnings Per Diluted Share
(In Millions, except for per-share data)
PeriodNet Earnings
Net Investment Gains (Losses) (1)
Other and Non- Recurring Items (1)
Foreign Currency Impact (2)
Net Earnings Per Share
Net Investment Gains (Losses) (1)
Other and Non-Recurring Items Per Share (1)
Foreign Currency Impact Per Share (2)
12021$4,231 $365 $(59)$(42)$6.25 $0.54 $(0.09)$(0.06)
220224,418 803 1 (262)6.93 1.26 — (0.41)
20234,659 896 31 (113)7.78 1.50 0.05 (0.19)
20245,443 1,389 (18)(103)9.63 2.46 (0.03)(0.18)
20253,646 (319)(43)19 6.82 (0.60)(0.08)0.04 
202411,879 920 (2)(44)3.25 1.59 — (0.08)
21,755 720 — (37)3.10 1.27 — (0.07)
3(93)(1,304)— (16)(0.17)(2.33)— (0.03)
41,902 1,054 (17)(6)3.42 1.90 (0.03)(0.01)
2025129 (835)(42)(8)0.05 (1.53)(0.08)(0.01)
2599 (358)— 23 1.11 (0.66)— 0.04 
31,639 313 (1)1 3.08 0.59 — — 
41,379 561 — (1)2.64 1.07 — — 
202611,019 118 — (8)1.98 0.23 — (0.02)
2825 (58)— (27)1.63 (0.11)— (0.05)
3303 (860)— (14)0.61 (1.72)— (0.03)
(1) Items are presented net of tax.
(2) See non-U.S. GAAP financial measures for definition of adjusted earnings excluding current period foreign currency impact
5

Aflac Incorporated and Subsidiaries
Consolidated Balance Sheets
(In Millions, except per-share data)
December 31,September 30,
2021202220232024202520252026
Assets:
Investments and cash:
Securities available for sale:
Fixed maturity securities available for sale, at fair value$94,206 $71,936 $69,578 $61,841 $60,485 $63,584 $56,949 
Fixed maturity securities available for sale - consolidated variable interest entities, at fair value4,490 3,805 3,712 3,428 3,636 3,692 3,966 
Fixed maturity securities held to maturity, at amortized cost, net of allowance for credit losses22,000 19,056 17,819 15,966 16,120 16,955 15,999 
Equity securities, at fair value1,603 1,091 1,088 796 887 885 986 
Commercial mortgage and other loans, net of allowance for credit losses11,786 13,496 12,527 10,869 9,765 10,137 8,857 
Other investments3,842 4,070 4,530 5,958 6,622 7,495 8,053 
Cash and cash equivalents5,051 3,943 4,306 6,229 6,245 6,768 5,623 
Total investments and cash142,978 117,397 113,560 105,087 103,760 109,516 100,433 
1
Receivables, net of allowance for credit losses (1)
672 647 848 779 835 852 833 
Accrued investment income737 745 731 710 718 702 706 
Deferred policy acquisition costs9,848 9,239 9,132 8,758 9,034 9,216 9,186 
Property and equipment, net538 530 445 387 351 367 356 
2
Other assets, net of allowance for credit losses (1)(2)
3,377 3,180 2,008 1,845 1,772 1,653 1,997 
Total assets$158,150 $131,738 $126,724 $117,566 $116,470 $122,306 $113,511 
Liabilities and Shareholders' Equity:
Liabilities:
Total policy liabilities$126,331 $96,910 $91,599 $77,508 $69,583 $74,737 $63,517 
Notes payable7,956 7,442 7,364 7,498 8,409 8,685 8,900 
Income taxes, primarily deferred30 698 154 573 1,368 1,477 1,783 
Other liabilities6,802 6,548 5,622 5,889 7,620 8,719 10,028 
Total liabilities141,119 111,598 104,739 91,468 86,980 93,618 84,228 
Shareholders' equity:
Common stock135 135 136 136 136 136 136 
Additional paid-in capital2,529 2,641 2,771 2,894 3,024 2,977 3,153 
Retained earnings40,963 44,367 47,993 52,277 54,682 53,923 56,215 
Accumulated other comprehensive income (loss):
Unrealized foreign currency translation gains (losses)(1,985)(3,564)(4,069)(4,998)(4,847)(4,504)(4,925)
Unrealized gains (losses) on fixed maturity securities9,602 (702)1,139 24 (1,809)(1,701)(4,995)
Unrealized gains (losses) on derivatives(30)(27)(22)(20)(13)(16)(16)
Effect of change in discount rate assumption(s)(15,832)(2,100)(2,560)2,006 8,035 6,832 12,264 
Pension liability adjustment(166)(36)(8)10 86 42 85 
Treasury stock(18,185)(20,574)(23,395)(26,231)(29,804)(29,001)(32,634)
Total shareholders' equity17,031 20,140 21,985 26,098 29,490 28,688 29,283 
Total liabilities and shareholders' equity$158,150 $131,738 $126,724 $117,566 $116,470 $122,306 $113,511 
(1) 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.
(2) Includes goodwill of $261 million in September 2026, $260 million in September 2025, $260 million in 2025, $263 million in 2024, $265 million in 2023, $265 million in 2022 and $268 million in 2021
6

Aflac Incorporated and Subsidiaries
Quarterly Financial Results
(In Millions, except per-share data)
1Net EPS
Adj. EPS (1)
PeriodNet Earned PremiumsNet Investment IncomeTotal RevenuesBenefits & Claims, NetTotal Acquisitions & Adj. Exp.Total Pretax EarningsNet Earnings
Adjusted Earnings (1)
BasicDil.BasicDil.
2021$17,095 $3,818 $21,554 $10,476 $5,870 $5,208 $4,231 $3,925 $6.28 $6.25 $5.83 $5.80 
202214,901 3,656 19,140 8,887 5,384 4,869 4,418 3,614 6.96 6.93 5.69 5.67 
202314,123 3,811 18,701 8,211 5,228 5,262 4,659 3,733 7.81 7.78 6.26 6.23 
202413,440 4,116 18,927 7,450 5,060 6,417 5,443 4,072 9.68 9.63 7.24 7.21 
202513,548 4,076 17,164 7,293 5,338 4,533 3,646 4,008 6.84 6.82 7.52 7.49 
202413,456 1,000 5,436 2,010 1,256 2,170 1,879 961 3.27 3.25 1.67 1.66 
23,325 1,095 5,138 1,921 1,198 2,019 1,755 1,035 3.11 3.10 1.83 1.83 
33,328 1,006 2,949 1,595 1,262 92 (93)1,211 (0.17)(0.17)2.17 2.16 
43,331 1,016 5,403 1,923 1,345 2,135 1,902 865 3.44 3.42 1.56 1.56 
202513,381 955 3,398 1,945 1,308 145 29 906 0.05 0.05 1.66 1.66 
23,470 1,081 4,160 2,010 1,328 822 599 957 1.12 1.11 1.78 1.78 
33,372 1,067 4,740 1,436 1,310 1,994 1,639 1,327 3.09 3.08 2.50 2.49 
43,325 973 4,866 1,902 1,392 1,572 1,379 818 2.65 2.64 1.57 1.57 
202613,310 956 4,346 1,832 1,289 1,225 1,019 901 1.99 1.98 1.76 1.75 
23,252 984 4,117 1,852 1,270 995 825 883 1.64 1.63 1.75 1.75 
33,304 1,003 3,271 1,439 1,332 500 303 1,214 0.61 0.61 2.44 2.43 

(1) See non-U.S. GAAP financial measures for definition of adjusted earnings.
7

Aflac Incorporated and Subsidiaries
Quarterly Book Value Per Share
(In Millions, except per-share data)
1
PeriodEquity BV Per ShareAOCI BV Per Share
Adjusted BV Per Share (1)
Adjusted BV Per Share
% Change
Adjusted BV Per Share Excluding Foreign Currency Remeasurement
G/(L) (1)(2)
Adjusted BV Per Share Excluding Foreign Currency Remeasurement
G/(L) % Change (2)
2021$26.12 $(12.90)$39.01 9.7 %$37.71 6.0 %
202232.73 (10.45)43.18 10.7 38.94 3.3 
202338.00 (9.54)47.55 10.1 41.15 5.7 
202447.45 (5.41)52.87 11.2 42.46 3.2 
202556.85 2.80 54.06 2.3 42.66 0.5 
2024141.27 (8.95)50.22 12.4 41.68 4.1 
246.40 (5.86)52.26 12.1 41.98 4.6 
344.60 (6.60)51.21 5.7 43.61 6.1 
447.45 (5.41)52.87 11.2 42.46 3.2 
2025148.55 (3.43)51.98 3.5 42.61 2.2 
250.86 (0.92)51.78 (0.9)42.97 2.4 
354.57 1.24 53.33 4.1 43.52 (0.2)
456.85 2.80 54.06 2.3 42.66 0.5 
2026158.69 3.72 54.96 5.7 42.71 0.2 
260.35 5.34 55.01 6.2 41.22 (4.1)
359.08 4.87 54.21 1.7 40.73 (6.4)

(1) See non-U.S. GAAP financial measures for definition of adjusted book value and adjusted book value excluding foreign currency remeasurement
(2) Due to a calculation error, we have corrected the Adjusted BV Per Share Excluding Foreign Currency Remeasurement G/(L) and percentage changes for Q2 and Q3 2025.
8

Aflac Incorporated and Subsidiaries
Return on Equity
Year ended December 31,3 Months Ended September 30,9 Months Ended September 30,
1
2021 (4)
2022
2023
2024
20252025202620252026
2
U.S. GAAP ROE - Net earnings (1)
26.7 %23.8 %22.1 %22.6 %13.1 %23.5 %4.1 %11.0 %9.7 %
Impact of excluding unrealized foreign currency translation gains (losses)(1.7)(2.5)(3.1)(3.6)(2.6)(5.4)(0.8)(1.6)(1.8)
Impact of excluding unrealized gains (losses) on securities and derivatives10.7 4.1 0.2 0.4 (0.5)(2.2)(0.6)(0.3)(1.2)
Impact of excluding effect on change in discount rate assumptions(18.5)(8.2)(1.9)(0.2)2.6 7.7 1.8 1.5 3.7 
Impact of excluding pension liability adjustment(0.2)(0.1)— — — 0.1 — — — 
Impact of excluding AOCI(9.7)(6.8)(4.9)(3.4)(0.4)0.1 0.4 (0.4)0.7 
U.S. GAAP ROE - less AOCI17.0 17.0 17.2 19.2 12.8 23.5 4.4 10.6 10.4 
3
Differences between adjusted earnings and net earnings (2)
(1.2)(3.1)(3.4)(4.8)1.3 (4.5)13.4 4.3 4.1 
4
Adjusted ROE - reported (3)
15.8 13.9 13.8 14.4 14.0 19.1 17.8 14.9 14.6 
5
Less: Impact of excluding gains (losses) associated with foreign currency remeasurement (5)
—1.0 1.8 2.9 3.6 4.0 5.9 3.5 4.3 
Adjusted ROE, excluding foreign currency remeasurement (5)(6)
16.014.9 15.6 17.3 17.6 23.1 23.7 18.4 18.9 
(1) U.S. GAAP ROE is calculated by dividing net earnings (annualized) by average shareholders' equity.
(2) See separate reconciliation of net income to adjusted earnings.
(3) See non-U.S. GAAP financial measures for definition of adjusted return on equity
(4) Return on equity calculations for 2021 use beginning retained earnings and accumulated other comprehensive income adjusted for the adoption of LDTI.
(5) Impact of gains/losses associated with foreign currency remeasurement is calculated by excluding the cumulative (beginning January 1, 2021) foreign currency gains/losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. The impact is the difference of adjusted return on equity - reported compared with adjusted return on equity, excluding from shareholders' equity, gains/losses associated with foreign currency remeasurement
(6) Due to a calculation error, we have corrected the adjusted return on equity excluding foreign currency remeasurement for Q2 and Q3 2025.
9

Aflac Incorporated and Subsidiaries
Adjusted Earnings Per Share Excluding Current Period Foreign Currency Impact (1)
(Diluted Basis)
1Period
Adjusted EPS (1)
Growth
QTD Foreign Currency Impact (1)
YTD Foreign Currency Impact (1)
Excluding Foreign Currency Impact (1)
Change Excluding Foreign Currency Impact
2021$5.80 16.9 %N/A(0.06)$5.86 18.1 %
20225.67 (2.2)N/A(0.41)6.08 4.8 
20236.23 9.9 N/A(0.19)6.43 13.4 
20247.21 15.7 N/A(0.18)7.39 18.6 
20257.49 3.9 N/A0.04 7.46 3.5 
20241$1.66 7.1 %(0.08)(0.08)$1.74 12.3 %
21.83 15.8 (0.07)(0.14)1.89 19.6 
32.16 17.4 (0.03)(0.17)2.19 19.0 
41.56 24.8 (0.01)(0.18)1.57 25.6 
$7.21 15.7 %$7.39 18.6 %
20251$1.66 — %(0.01)(0.01)$1.67 0.6 %
21.78 (2.7)0.04 0.03 1.73 (5.5)
32.49 15.3 — 0.03 2.49 15.3 
41.57 0.6 — 0.04 1.57 0.6 
$7.49 3.9 %$7.46 3.5 %
202611.75 5.4 (0.02)(0.02)1.77 6.6 
21.75 (1.7)(0.05)(0.07)1.80 1.1 
32.43 (2.4)(0.03)(0.10)2.46 (1.2)
$5.92 — %$6.02 1.7 %
(1) See non-U.S.GAAP financial measures for definition of adjusted earnings and adjusted earnings excluding current period foreign currency impact
10

Aflac Incorporated and Subsidiaries
Composition of Invested Assets
(In Millions)
December 31,September 30,
2021202220232024202520252026
1
Fixed Maturity Securities (1)
$107,369 $94,525 $88,508 $80,055 $81,383 $85,226 $81,880 
Commercial mortgage and other loans, net of allowance for credit losses:
Transitional Real Estate (floating rate)5,246 6,455 5,998 4,703 3,611 4,046 2,819 
Middle Market Loans (floating rate)4,601 5,028 4,531 4,283 4,266 4,248 4,267 
Commercial Mortgage Loans1,854 1,775 1,697 1,523 1,443 1,432 1,272 
Other Loans20 238 301 360 445 411 499 
Total Commercial mortgage and other loans, net of allowance for credit losses
11,721 13,496 12,527 10,869 9,765 10,137 8,857 
Equity Securities, at FV through net earnings1,603 1,091 1,088 796 887 885 986 
2
Alternatives (2)
1,703 2,107 2,619 3,167 3,809 3,667 4,157 
Total Portfolio$122,396 $111,219 $104,742 $94,887 $95,844 $99,915 $95,880 
Unrealized Gains (Losses) on Invested Assets
(In Millions)
December 31,September 30,
2021202220232024202520252026
Fixed Maturity Securities:
Available For Sale - Gross Gains$13,566 $4,800 $6,050 $5,308 $4,782 $4,390 $2,614 
Available For Sale - Gross Losses(239)(4,528)(3,449)(4,128)(5,924)(5,385)(7,580)
Total Available For Sale13,327 272 2,601 1,180 (1,142)(995)(4,966)
Held to Maturity - Gross Gains4,869 2,154 1,838 815 87 260 — 
Held to Maturity - Gross Losses— — — (9)(731)(445)(1,670)
Total Held to Maturity$4,869 $2,154 $1,838 $806 $(644)$(185)$(1,670)
Credit Ratings on Fixed Maturities
(At Amortized Cost)
December 31, September 30,
Credit Rating:2021202220232024202520252026
AAA1.0 %1.6 %1.6 %1.5 %1.1 %1.2 %1.4 %
AA5.1 5.2 5.7 6.0 6.6 6.4 7.1 
A68.9 68.0 68.1 68.0 69.0 68.8 68.6 
BBB22.5 23.0 22.9 22.9 21.9 22.0 21.6 
BB or Lower2.5 2.2 1.7 1.6 1.4 1.6 1.3 
100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %
(1) Presented at amortized cost, net of allowance for credit losses.
(2) Presented at carrying value; includes asset classes such as private equity and real estate funds managed by Global Investments; excludes Corporate driven activity, policy loans, short-term investments, real estate owned assets and FHLB equity balances
11

Aflac Incorporated and Subsidiaries
Supplemental Investment Data by Segment
December 31,3 Months Ended September 30,9 Months Ended September 30,
202120222023202420252025202620252026
Aflac Japan:
1
Invested assets (in millions) (1)
¥12,405,531 ¥12,617,181 ¥12,127,531 ¥11,881,515 ¥11,994,018 ¥12,137,749 ¥11,828,589 ¥12,137,749 ¥11,828,589 
2
Return on average invested assets (2)
2.72 %2.78 %2.90 %3.33 %3.22 %3.24 %3.36 %3.20 %3.28 %
3
Portfolio book yield at end of period (3)
2.60 %3.06 %3.18 %3.22 %3.26 %3.28 %3.51 %3.28 %3.51 %
Total purchases for period (in millions) (3)
¥952,038 ¥716,964 ¥378,541 ¥735,141 ¥1,744,625 ¥213,397 ¥324,170 ¥1,566,406 ¥1,365,421 
4
New money yield (3)(4)
3.50 %4.48 %5.18 %6.11 %4.17 %4.66 %4.47 %3.96 %4.45 %
Aflac U.S.:
Invested assets (in millions) (1)
$15,841 $16,772 $17,075 $17,341 $17,373 $17,648 $17,770 $17,648 $17,770 
Return on average invested assets (2)
4.87 %4.72 %4.88 %5.00 %4.94 %5.07 %5.09 %4.96 %5.06 %
Portfolio book yield at end of period (3)
4.94 %5.39 %5.53 %5.58 %5.47 %5.55 %5.51 %5.55 %5.51 %
Total purchases for period (in millions) (3)
$2,130 $1,701 $907 $934 $1,156 $155 $527 $974 $1,898 
New money yield (3)(4)
3.41 %5.16 %7.56 %6.90 %6.73 %6.62 %6.28 %6.73 %6.29 %
(1) Invested assets, including cash and short term investments, are stated at amortized cost; except for equities, which are at fair value.
(2) Net of investment expenses and amortized hedge costs, year-to-date number reflected on a quarterly average basis.
(3) Includes fixed maturity securities, commercial mortgage and other loans, equity securities, and excludes alternative investments in limited partnerships, and any impacts from hedging activities.
(4) Reported on a gross yield basis; excludes investment expenses, external management fees, and amortized hedge costs.
12

Aflac Incorporated and Subsidiaries
1
Japan Segment Portfolio Allocation by Currency (1)
(U.S. GAAP Basis)
(In Millions)
December 31, 2025September 30, 2026
Amortized Cost (2)
Fair Value
Amortized Cost (2)
Fair Value
JGB$30,698 $27,313 $26,798 $23,392 
Other16,870 16,036 16,949 14,943 
Total yen denominated47,568 43,349 43,747 38,335 
USD Program23,503 25,855 25,561 26,465 
Other1,632 2,398 1,663 2,246 
Total US dollar denominated25,135 28,253 27,224 28,711 
Total$72,703 $71,602 $70,971 $67,046 
Distribution of Consolidated Fixed Maturities by Sector
(In millions)
September 30, 2026
2
Amortized Cost (2)
% of Total
Government and agencies$32,348 39.5 %
Municipalities2,169 2.6 
Mortgage- and asset-backed securities6,221 7.6 
Public utilities:6,865 8.4 
Electric5,383 6.6 
Natural Gas925 1.1 
Other557 0.7 
Sovereign and supranational727 0.9 
Banks/financial institutions:9,459 11.5 
Banking5,318 6.5 
Insurance1,842 2.2 
Other2,299 2.8 
Other corporate:24,091 29.5 
Basic Industry2,016 2.5 
Capital Goods2,962 3.6 
Communications2,498 3.1 
Consumer Cyclical1,985 2.4 
Consumer Non-Cyclical5,394 6.6 
Energy2,556 3.1 
Other980 1.2 
Technology3,078 3.8 
Transportation2,622 3.2 
Total fixed maturity securities$81,880 100.0 %
(1) Non-U.S.dollar-denominated investments in the U.S. segment are immaterial.
(2) Net of reserves
13

Aflac Incorporated and Subsidiaries
Long-Term Debt Data
Adjusted Leverage Ratios
(In Millions)
December 31,September 30,
2021202220232024202520252026
Notes payable$7,956 $7,442 $7,364 $7,498 $8,409 $8,685 $8,900 
50% of subordinated debentures and perpetual bonds(389)(337)(315)(282)(285)(300)(285)
Pre-funding of debt maturities— — (211)— (399)(399)(680)
1
Adjusted debt (1)
7,568 7,105 6,839 7,216 7,725 7,986 7,935 
Total Shareholders' Equity17,031 20,140 21,985 26,098 29,490 28,688 29,283 
Accumulated other comprehensive (income) loss:
Unrealized foreign currency translation (gains) losses1,985 3,564 4,069 4,998 4,847 4,504 4,925 
Unrealized (gains) losses on fixed maturity securities(9,602)702 (1,139)(24)1,809 1,701 4,995 
Unrealized (gains) losses on derivatives30 27 22 20 13 16 16 
Effect on change in discount rate assumptions 15,832 2,100 2,560 (2,006)(8,035)(6,832)(12,264)
Pension liability adjustment166 36 8 (10)(86)(42)(85)
Adjusted book value (1)
$25,442 $26,569 $27,505 $29,076 $28,038 $28,035 $26,870 
Total capitalization (5)
$24,987 $27,582 $29,349 $33,596 $37,899 $37,373 $38,183 
Debt to capitalization31.8 %27.0 %25.1 %22.3 %22.2 %23.2 %23.3 %
2
Adjusted capitalization ex-AOCI (1)(2)
$33,398 $34,011 $34,658 $36,574 $36,048 $36,321 $35,090 
Adjusted debt to adjusted capitalization ex-AOCI22.7 %20.9 %19.7 %19.7 %21.4 %22.0 %22.6 %
3
Adjusted capitalization (1)(3)
$31,247 $30,411 $30,581 $31,586 $31,287 $31,859 $30,250 
Adjusted debt to adjusted capitalization24.2 %23.4 %22.4 %22.8 %24.7 %25.1 %26.2 %

4
Debt Maturities Remaining (4)
(In Millions)
September 30, 2026
20262027-20312032-20362037-20462047+Total
Senior Notes$300 $3,191 $2,537 $1,386 $877 $8,291 
Subordinated debt572 572 
Total$300 $3,191 $2,537 $1,386 $1,449 $8,863 
(1) See non-U.S. GAAP financial measures for definition of: adjusted debt; adjusted book value; adjusted debt, including 50% of subordinated debentures and perpetual bonds; and adjusted book value, including unrealized foreign currency translation gains and losses and pension liability adjustment
(2) Adjusted capitalization ex-AOCI is the sum of adjusted debt, including 50% of subordinated debentures and perpetual bonds, plus adjusted book value
(3) Adjusted capitalization is sum of adjusted debt, including 50% of subordinated debentures and perpetual bonds, plus adjusted book value, including unrealized foreign currency translation gains and losses and pension liability adjustment
(4) Debt maturity amounts do not include discounts, premiums, deferred charges, or capital lease obligations.
(5) Total capitalization is sum of notes payable and shareholders' equity.
14

Aflac Incorporated and Subsidiaries
Insurer Financial Strength Ratings
AM BestMoody'sS&PJCRR&I
U.S. Operating Companies:
Aflac of ColumbusA+Aa3A+AA+AA
Aflac of New YorkA+_A+__
Continental American Insurance CompanyA+____
Japan Operating Company:
Aflac Life Insurance Japan Ltd.A+Aa3A+AA+AA
Bermuda Operating Company:
Aflac Re Bermuda Ltd.___AA+_
Issuer Credit Ratings
AM BestMoody'sS&PJCRR&I
Aflac Incorporated:
Long-term Senior DebtaA3A-AA-A+
Junior Subordinated Debta-Baa1BBB_A-
Aflac of Columbus:
Long-term Senior Debtaa_A+AA+_
Aflac Life Insurance Japan, Ltd.:
Long-term Senior Debtaa_A+AA+_
The outlook for all ratings is stable.

15

Aflac U.S.
Statements of Pretax Adjusted Earnings
(Before Management Fee)
(In Millions)
Years Ended December 31,3 Months Ended September 30,9 Months Ended September 30,
2021202220232024202520252026% Change20252026% Change
Revenues:
Net earned premiums:
Gross premiums$5,540 $5,467 $5,669 $5,907 $6,182 $1,540 $1,620 $4,631 $4,853 
Assumed (ceded)73 103 6 (78)(183)(45)(76)(130)(215)
Total net earned premiums5,614 5,570 5,675 5,829 5,999 1,495 1,544 3.3 %4,501 4,638 3.0 %
Adjusted net investment income754 755 820 847 830 214 212 (0.9)623 621 (0.3)
Other income excl. realized foreign exchange gains (losses)121 161 128 63 74 19 25 53 72 
Total adjusted revenues6,489 6,486 6,623 6,739 6,903 1,728 1,781 3.1 5,177 5,331 3.0 
Benefits and claims:
Benefits and claims, net:
Incurred claims -direct2,183 2,245 2,423 2,892 3,193 807 861 2,388 2,517 
Incurred claims -assumed (ceded)89 104 17 (75)(177)(42)(74)(128)(193)
Increase in FPB -direct463 326 280 — (55)(12)1 (44)17 
Increase in FPB -assumed (ceded)(11)4 (5)4 8 — 2 4 1 
Total benefits and claims, net, excluding reserve remeasurement2,724 2,679 2,715 2,821 2,969 752 790 2,219 2,342 
Reserve remeasurement (gain) loss(85)(124)(284)(95)(132)(71)(161)(110)(217)
Total benefits and claims, net2,639 2,555 2,431 2,726 2,837 681 629 (7.6)2,109 2,125 0.8 
Adjusted expenses:
Amortization of deferred policy acquisition costs442 455 490 530 551 137 141 2.9 410 426 3.9 
Insurance commissions550 553 561 563 564 143 144 0.7 417 431 3.4 
Insurance and other expenses1,502 1,564 1,640 1,501 1,530 392 374 (4.6)1,120 1,123 0.3 
Total adjusted expenses 2,494 2,573 2,691 2,594 2,645 672 659 1,947 1,980 
Total benefits and adjusted expenses5,132 5,127 5,122 5,320 5,482 1,353 1,288 (4.8)4,056 4,105 1.2 
Pretax adjusted earnings$1,356 $1,359 $1,501 $1,419 $1,421 $375 $493 31.5 %$1,121 $1,226 9.4 %
16

Aflac U.S.
Balance Sheets
(In Millions)
December 31,September 30,
2021202220232024202520252026
Assets:
Investments and cash$18,324 $15,987 $16,718 $16,775 $17,090 $17,409 $16,685 
1
Receivables, net of allowance for credit losses (1)
574 584 688 671 707 683 690 
Accrued investment income169 184 183 178 171 174 171 
Deferred policy acquisition costs3,366 3,463 3,573 3,656 3,732 3,693 3,781 
Other assets (1)
758 784 698 650 618 609 599 
Total assets$23,191 $21,002 $21,861 $21,930 $22,317 $22,569 $21,927 
Liabilities and Shareholders' Equity:
Future policy benefits$14,212 $10,870 $11,234 $10,584 $10,798 $10,865 $9,758 
Policy and contract claims151 200 258 376 483 453 577 
Other policy liabilities119 117 107 103 97 101 94 
Deferred income taxes(328)(243)(311)(231)(178)(134)(71)
Other liabilities2,010 2,080 2,062 2,055 1,621 1,685 1,504 
Shareholders' equity7,027 7,978 8,510 9,043 9,496 9,599 10,065 
Total liabilities & shareholders' equity$23,191 $21,002 $21,861 $21,930 $22,317 $22,569 $21,927 
(1) 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.
17

Aflac U.S.
Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes
(Restated to conform to current classifications)
(In Millions)
PeriodNet Earned Premiums% ChangeAdjusted NII% ChangeTotal Adjusted Revenues% ChangeBenefits & Claims, Net% ChangeAmort.% ChangeTotal Adjusted Expenses% ChangePretax Adjusted Earn.% Change
2021$5,614 (2.5)%$754 7.0 %$6,489 (1.2)%$2,639 (4.6)%$442 (22.5)%$2,494 (1.5)%$1,356 6.9 %
20225,570 (0.8)755 0.1 6,486 — 2,555 (3.2)455 2.9 2,573 3.2 1,359 0.2 
20235,675 1.9 820 8.6 6,623 2.1 2,431 (4.9)490 7.7 2,691 4.6 1,501 10.4 
20245,829 2.7 847 3.3 6,739 1.8 2,726 12.1 530 8.2 2,594 (3.6)1,419 (5.5)
20255,999 2.9 830 (2.0)6,903 2.4 2,837 4.1 551 4.0 2,645 2.0 1,421 0.1 
202411,475 3.3 206 4.6 1,699 2.3 686 5.4 132 10.9 658 0.2 356 1.1 
21,455 2.1 218 7.4 1,684 1.3 680 5.4 132 10.0 621 (4.2)383 3.8 
31,459 2.8 210 0.5 1,684 1.4 694 36.1 132 8.2 640 (5.0)350 (26.8)
41,441 2.7 213 0.9 1,671 2.0 667 6.5 134 3.9 674 (5.3)330 9.3 
202511,502 1.8 202 (1.9)1,721 1.3 716 4.4 137 3.8 647 (1.7)358 0.6 
21,504 3.4 207 (5.0)1,728 2.6 712 4.7 136 3.0 628 1.1 388 1.3 
31,495 2.5 214 1.9 1,728 2.6 681 (1.9)137 3.8 672 5.0 375 7.1 
41,498 4.0 207 (2.8)1,726 3.3 728 9.1 141 5.2 698 3.6 300 (9.1)
202611,555 3.5 201 (0.5)1,779 3.4 734 2.5 143 4.4 682 5.4 363 1.4 
21,539 2.3 208 0.5 1,771 2.5 762 7.0 142 4.4 639 1.8 370 (4.6)
31,544 3.3 212 (0.9)1,781 3.1 629 (7.6)141 2.9 659 (1.9)493 31.5 
18

Aflac U.S.
Operating Ratios
(Before Management Fee)
Period
12-Mo. Rolling Premium Persistency
Total Benefit/ PremiumAmortization/ PremiumTotal Adjusted Expenses/ Total Adjusted RevenueCombined Ratio/ Total Adjusted RevenuePretax Profit Margin
202179.7 %47.0 %7.9 %38.4 %79.1 %20.9 %
202277.3 45.9 8.2 39.7 79.0 21.0 
202378.6 42.8 8.6 40.6 77.3 22.7 
202479.3 46.8 9.1 38.5 78.9 21.1 
202579.2 47.3 9.2 38.3 79.4 20.6 
2026 YTD79.7 45.8 9.2 37.1 77.0 23.0 
2024178.7 46.5 8.9 38.7 79.0 21.0 
278.7 46.7 9.1 36.9 77.3 22.7 
378.9 47.6 9.0 38.0 79.2 20.8 
479.3 46.3 9.3 40.3 80.3 19.7 
2025179.3 47.7 9.1 37.6 79.2 20.8 
279.2 47.3 9.0 36.3 77.5 22.5 
379.0 45.6 9.2 38.9 78.3 21.7 
479.2 48.6 9.4 40.4 82.6 17.4 
2026179.3 47.2 9.2 38.3 79.6 20.4 
279.4 49.5 9.2 36.1 79.1 20.9 
379.7 40.7 9.1 37.0 72.3 27.7 
19

Aflac U.S.
Aflac U.S. Sales Results
(In Millions)
PeriodAnnualized Premiums In Force% ChangeNew Annualized Premiums Sales% Change
2021$6,003 (1.6)%$1,278 16.9 %
20225,967 (0.6)1,483 16.1 
20236,161 3.3 1,558 5.0 
20246,383 3.6 1,543 (1.0)
20256,694 4.9 1,589 3.0 
202416,211 3.1 298 (5.2)
26,239 2.9 331 2.0 
36,265 3.3 379 5.5 
46,383 3.6 534 (4.5)
202516,505 4.7 309 3.5 
26,506 4.3 340 2.7 
36,500 3.8 390 2.8 
46,694 4.9 551 3.1 
202616,801 4.6 318 2.9 
26,799 4.5 349 2.6 
36,788 4.4 403 3.5 
20

Aflac U.S.
Aflac U.S. Product Mix
(New Annualized Premium Sales)
(In Millions)
1PeriodDisability% of TotalLife% of TotalAccident% of Total
Critical Care (1)
% of TotalHospital Indemnity% of TotalDental/ Vision% of TotalTotal
2021$296 23.1 %$114 9.0 %$321 25.1 %$273 21.3 %$209 16.4 %$65 5.1 %$1,278 
2022378 25.5 156 10.5 338 22.8 299 20.1 226 15.3 85 5.8 1,483 
2023399 25.6 188 12.0 326 20.9 322 20.7 225 14.5 98 6.3 1,558 
2024406 26.3 219 14.2 302 19.6 322 20.9 212 13.7 82 5.3 1,543 
2025420 26.4 246 15.5 300 18.9 315 19.8 209 13.2 98 6.2 1,589 
2024169 23.0 32 10.8 67 22.5 66 22.1 45 15.1 19 6.5 298 
285 25.7 41 12.4 70 21.2 70 21.1 45 13.7 19 5.9 331 
3109 28.8 69 18.3 67 17.7 70 18.6 45 11.9 18 4.7 379 
4143 26.8 77 14.4 97 18.2 115 21.6 76 14.3 25 4.7 534 
2025170 22.8 39 12.5 65 21.1 67 21.8 46 15.0 21 6.8 309 
294 27.7 45 13.1 65 19.0 74 21.8 40 11.9 22 6.5 340 
3130 31.8 76 19.3 66 16.9 55 15.9 41 10.5 22 5.6 390 
4126 22.7 86 15.7 105 19.0 119 21.7 82 14.8 33 6.1 551 
2026170 22.0 53 16.7 63 19.8 64 20.3 43 13.5 24 7.7 318 
292 26.3 66 19.0 64 18.2 60 17.2 41 11.8 26 7.5 349 
3120 29.7 93 23.2 62 15.4 58 14.3 41 10.1 29 7.3 403 

Aflac U.S. Sales Force Data
Recruited AgentsAverage Weekly Producer EquivalentsProductivity (Production/ Avg. Weekly Producers)
PeriodCareerBrokerTotal
202110,641 5,445 16,086 5,993 213,235 
20229,550 1,500 11,050 6,186 239,786 
202310,103 1,463 11,566 6,239 249,663 
20249,994 1,366 11,360 6,271 256,210 
202510,048 1,248 11,296 5,341 297,543 
202412,330 346 2,676 5,800 51,432 
23,113 422 3,535 6,098 54,262 
32,553 335 2,888 5,890 64,336 
41,998 263 2,261 6,271 85,225 
202512,405 340 2,745 5,146 59,985 
23,069 352 3,421 5,354 63,505 
32,549 302 2,851 5,233 74,459 
42,025 254 2,279 5,632 97,806 
202612,194 332 2,526 4,982 63,778 
22,502 349 2,851 5,089 68,574 
32,314 323 2,637 5,004 80,627 
(1) Includes cancer, critical illness, and hospital intensive care products
21

Aflac Japan
Statements of Pretax Adjusted Earnings
(Before Management Fee)
(In Millions)
Years Ended December 31,3 Months Ended September 30,9 Months Ended September 30,
2021202220232024202520252026% Change20252026% Change
Revenues:
Net earned premiums:
Gross premiums¥1,290,527 ¥1,246,657 ¥1,212,654 ¥1,159,719 ¥1,133,651 ¥276,169 ¥286,843 ¥850,419 ¥848,559 
Assumed (ceded)(50,864)(48,578)(84,838)(109,719)(124,776)(30,963)(46,572)(94,175)(116,505)
Total net earned premiums1,239,663 1,198,079 1,127,816 1,050,000 1,008,875 245,206 240,271 (2.0)%756,244 732,054 (3.2)%
1
Net investment income: (1)
Yen denominated138,513 149,449 138,073 133,059 133,651 32,064 32,785 2.2 101,669 93,930 (7.6)
US$ denominated202,905 215,171 247,277 280,628 258,933 67,947 70,641 4.0 191,345 204,706 7.0 
Net investment income341,419 364,621 385,352 413,687 392,584 100,013 103,426 3.4 293,015 298,636 1.9 
2
Amortized hedge costs on foreign investments (2)
(8,391)(13,155)(19,773)(3,755)(6,754)(1,981)(1,781)(10.1)(4,616)(5,950)28.9 
Adjusted net investment income333,028 351,466 365,579 409,932 385,830 98,032 101,645 3.7 288,399 292,686 1.5 
Other income excl. realized foreign currency gains (losses)4,512 4,442 4,720 4,109 4,739 1,004 1,281 3,569 3,815 
Total adjusted revenues1,577,203 1,553,988 1,498,115 1,464,041 1,399,444 344,243 343,198 (0.3)1,048,213 1,028,555 (1.9)
Benefits and claims:
Benefits and claims, net:
Incurred claims -direct743,247 788,572 781,774 815,894 854,566 207,911 222,704 645,735 683,518 
Incurred claims -assumed (ceded)(31,798)(36,141)(70,748)(82,320)(102,280)(25,806)(34,853)(77,183)(84,740)
Increase in FPB -direct149,084 73,592 44,121 (26,672)(100,493)(22,195)(44,699)(76,899)(142,037)
Increase in FPB -assumed (ceded)(11,425)(5,618)2,226 13,877 26,091 7,067 6,405 19,288 15,522 
Total benefits and claims, net, excluding reserve remeasurement849,108 820,405 757,373 720,780 677,884 166,977 149,556 510,941 472,263 
Reserve remeasurement (gain) loss(6,879)(13,337)(13,072)(64,197)(79,134)(70,539)(31,451)(76,449)(42,137)
Total benefits and claims, net842,229 807,068 744,301 656,583 598,750 96,438 118,106 22.5 434,492 430,126 (1.0)
Adjusted expenses:
Amortization of deferred policy acquisition costs43,131 44,123 45,840 48,581 48,397 12,028 12,476 3.7 36,257 36,962 1.9 
Insurance commissions77,449 73,482 68,751 65,889 63,897 16,419 14,810 (9.8)48,625 44,734 (8.0)
Insurance and other expenses202,586 198,493 182,364 165,314 174,718 39,830 45,496 14.2 124,984 127,080 1.7 
Total adjusted expenses323,166 316,097 296,955 279,784 287,012 68,277 72,781 209,866 208,776 
Total benefits and adjusted expenses1,165,395 1,123,165 1,041,256 936,367 885,762 164,715 190,887 15.9 644,358 638,902 (0.8)
Pretax adjusted earnings¥411,808 ¥430,823 ¥456,859 ¥527,675 ¥513,683 ¥179,527 ¥152,311 (15.2)%¥403,854 ¥389,653 (3.5)%
(1) Includes the net interest cash flows from derivatives associated with certain investment strategies
(2) See non-U.S. GAAP financial measures for the definition of amortized hedge costs/income
22

Aflac Japan
Statements of Pretax Adjusted Earnings
(Before Management Fee)
(In Millions)
Years Ended December 31,3 Months Ended September 30,9 Months Ended September 30,
2021202220232024202520252026% Change20252026% Change
Revenues:
Net earned premiums
Gross premiums$11,765 $9,558 $8,649 $7,654 $7,578 $1,873 $1,802 $5,741 $5,354 
Assumed (ceded)(463)(372)(602)(724)(834)(210)(294)(636)(736)
Total net earned premiums11,301 9,186 8,047 6,930 6,744 1,663 1,508 (9.3)%5,105 4,618 (9.5)%
1
Net investment income (1)
Yen denominated1,262 1,140 985 879 894 217 205 (5.5)687 592 (13.8)
US$ denominated1,845 1,641 1,755 1,849 1,732 461 445 (3.5)1,294 1,292 (0.2)
Net investment income3,107 2,782 2,739 2,727 2,626 678 650 (4.1)1,981 1,884 (4.9)
2
Amortized hedge costs on foreign investments (2)
(76)(112)(157)(26)(45)(13)(11)(15.4)(31)(38)22.6 
Adjusted net investment income3,031 2,669 2,582 2,701 2,581 665 639 (3.9)1,950 1,846 (5.3)
Other income excl. realized foreign currency gains (losses)41 35 35 28 32 7 9 24 25 
Total adjusted revenues14,373 11,890 10,664 9,659 9,357 2,335 2,156 (7.7)7,079 6,489 (8.3)
Benefits and claims:
Benefits and claims, net
Incurred claims -direct6,776 6,038 5,582 5,390 5,707 1,410 1,398 4,352 4,316 
Incurred claims -assumed (ceded)(290)(275)(502)(543)(684)(175)(220)(521)(535)
Increase in FPB -direct1,356 562 314 (184)(671)(153)(282)(516)(901)
Increase in FPB -assumed (ceded)(104)(43)15 99 175 48 41 130 99 
Total benefits and claims, net, excluding reserve remeasurement7,738 6,282 5,409 4,761 4,528 1,130 938 3,446 2,979 
Reserve remeasurement (gain) loss(62)(91)(96)(444)(529)(474)(201)(513)(269)
Total benefits and claims, net7,675 6,191 5,313 4,317 3,999 656 737 12.3 2,933 2,710 (7.6)
Adjusted expenses:
Amortization of deferred policy acquisition costs393 338 326 321 323 81 79 (2.5)245 233 (4.9)
Insurance commissions 706 563 491 435 427 111 93 (16.2)328 282 (14.0)
Insurance and other expenses1,843 1,517 1,300 1,092 1,168 271 286 5.5 845 803 (5.0)
Total adjusted expenses2,942 2,417 2,117 1,848 1,918 463 458 1,418 1,318 
Total benefits and adjusted expenses10,618 8,609 7,430 6,165 5,917 1,119 1,195 6.8 4,351 4,028 (7.4)
Pretax adjusted earnings$3,756 $3,281 $3,234 $3,494 $3,440 $1,216 $961 (21.0)%$2,728 $2,461 (9.8)%
(1) Includes the net interest cash flows from derivatives associated with certain investment strategies.
(2) See non-U.S. GAAP financial measures for definition of amortized hedge costs/income.
23

Aflac Japan
Balance Sheets
(In Millions)
December 31,September 30,
2021202220232024202520252026
Assets:
Investments and cash¥13,645,902 ¥12,777,746 ¥12,566,939 ¥12,216,793 ¥11,941,237 ¥12,077,217 ¥11,493,781 
Receivables, net of allowance for credit losses22,439 23,138 24,848 31,172 26,100 25,995 27,181 
Accrued investment income67,493 76,489 74,666 77,899 82,868 76,333 79,158 
Deferred policy acquisition costs745,510 766,506 788,394 806,920 830,075 822,220 850,413 
Other assets386,832 387,065 946,644 1,136,609 981,002 1,012,447 1,332,993 
Total assets¥14,868,176 ¥14,030,944 ¥14,401,491 ¥14,269,393 ¥13,861,283 ¥14,014,213 ¥13,783,526 
Liabilities and Shareholders' Equity:
Future policy benefits¥11,755,704 ¥10,315,140 ¥10,444,044 ¥9,630,864 ¥8,234,312 ¥8,546,217 ¥7,524,307 
Policy and contract claims— 28 465 754 1,029 963 1,254 
Unearned premiums284,045 227,732 192,595 189,583 195,068 188,772 224,168 
Other policyholders' funds877,690 880,989 874,854 863,699 852,379 861,174 856,914 
Income taxes (prim. deferred)36,166 114,688 95,297 136,262 236,939 252,115 310,163 
Other liabilities502,633 575,554 576,879 526,477 850,287 1,022,520 1,308,102 
Shareholders' equity1,411,938 1,916,812 2,217,357 2,921,754 3,491,267 3,142,452 3,558,617 
Total liabilities & shareholders' equity¥14,868,176 ¥14,030,944 ¥14,401,491 ¥14,269,393 ¥13,861,283 ¥14,014,213 ¥13,783,526 
24

Aflac Japan
Balance Sheets
(In Millions)
December 31,September 30,
2021202220232024202520252026
Assets:
Investments and cash$118,639 $96,290 $88,606 $77,233 $76,273 $81,120 $73,046 
Receivables, net of allowance for credit losses195 174 175 197 167 175 173 
Accrued investment income587 576 526 492 529 513 503 
Deferred policy acquisition costs6,482 5,776 5,559 5,102 5,302 5,523 5,405 
Other assets3,363 2,917 6,675 7,186 6,266 6,800 8,471 
Total assets$129,266 $105,734 $101,541 $90,210 $88,537 $94,131 $87,598 
Liabilities and Shareholders' Equity:
Future policy benefits$102,206 $77,733 $73,638 $60,885 $52,595 $57,403 $47,819 
Policy and contract claims— — 3 5 7 6 7 
Unearned premiums2,470 1,716 1,358 1,199 1,245 1,268 1,425 
Other policyholders' funds7,631 6,639 6,169 5,460 5,445 5,785 5,446 
Income taxes (prim. deferred)314 781 619 884 1,541 1,685 2,002 
Other liabilities4,369 4,337 4,067 3,328 5,431 6,868 8,314 
Shareholders' equity12,276 14,528 15,687 18,449 22,272 21,116 22,585 
Total liabilities & shareholders' equity$129,266 $105,734 $101,541 $90,210 $88,537 $94,131 $87,598 
25

Aflac Japan
Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes
(In Millions)
PeriodNet Earned Premiums% ChangeAdjusted NII% ChangeTotal Adjusted Revenues% ChangeBenefits & Claims, Net% ChangeAmort.% ChangeTotal Adjusted Expense% ChangePretax Adjusted Earn.% Change
2021¥1,239,663 (8.4)%¥333,028 17.6 %¥1,577,203 (3.9)%¥842,229 (10.9)%¥43,131 (37.3)%¥323,166 (7.0)%¥411,808 18.4 %
20221,198,079 (3.4)351,466 5.5 1,553,988 (1.5)807,068 (4.2)44,123 2.3 316,097 (2.2)430,823 4.6 
20231,127,816 (5.9)365,579 4.0 1,498,115 (3.6)744,301 (7.8)45,840 3.9 296,955 (6.1)456,859 6.0 
20241,050,000 (6.9)409,932 12.1 1,464,041 (2.3)656,583 (11.8)48,581 6.0 279,784 (5.8)527,675 15.5 
20251,008,875 (3.9)385,830 (5.9)1,399,444 (4.4)598,750 (8.8)48,397 (0.4)287,012 2.6 513,683 (2.7)
20241269,859 (6.0)96,551 19.3 367,593 (0.4)180,873 (5.9)12,289 8.9 66,157 (8.9)120,564 15.6 
2267,319 (5.7)112,987 28.4 381,181 2.3 178,904 (4.0)11,995 5.6 67,754 (6.9)134,523 18.6 
3255,397 (10.5)98,969 0.1 355,332 (7.8)125,548 (32.4)12,257 7.2 71,039 (2.8)158,745 25.5 
4257,425 (5.4)101,425 3.7 359,935 (3.0)171,258 (4.8)12,040 2.3 74,834 (4.6)113,843 1.0 
20251256,464 (5.0)89,222 (7.6)346,482 (5.7)168,645 (6.8)12,097 (1.6)67,821 2.5 110,017 (8.7)
2254,574 (4.8)101,145 (10.5)357,488 (6.2)169,409 (5.3)12,132 1.1 73,768 8.9 114,310 (15.0)
3245,206 (4.0)98,032 (0.9)344,243 (3.1)96,438 (23.2)12,028 (1.9)68,277 (3.9)179,527 13.1 
4252,631 (1.9)97,431 (3.9)351,231 (2.4)164,258 (4.1)12,140 0.8 77,146 3.1 109,829 (3.5)
20261246,661 (3.8)92,789 4.0 340,720 (1.7)155,256 (7.9)12,203 0.9 66,347 (2.2)119,117 8.3 
2245,122 (3.7)98,252 (2.9)344,637 (3.6)156,764 (7.5)12,283 1.2 69,648 (5.6)118,225 3.4 
3240,271 (2.0)101,645 3.7 343,198 (0.3)118,106 22.5 12,476 3.7 72,781 6.6 152,311 (15.2)
26

Aflac Japan
Operating Ratios
(Before Management Fee)
1Period
12-Month Rolling Premium Persistency (1)
Total Benefit/ PremiumTotal Benefit/ Premiums
(3rd sector)		Amortization/
Premium		Total Adjusted Expenses/
Total Adjusted Revenue		Combined Ratio/ Total Adjusted RevenuePretax Profit Margin
202194.3 %67.9 %58.7 %3.5 %20.5 %73.9 %26.1 %
202294.1 67.4 58.5 3.7 20.3 72.3 27.7 
202393.4 66.0 56.2 4.1 19.8 69.5 30.5 
202493.4 62.5 53.5 4.6 19.1 64.0 36.0 
202593.1 59.3 49.3 4.8 20.5 63.3 36.7 
2026 YTD92.9 58.8 46.6 5.0 20.3 62.1 37.9 
2024193.4 67.0 57.5 4.6 18.0 67.2 32.8 
293.3 66.9 57.8 4.5 17.8 64.7 35.3 
393.3 49.2 41.8 4.8 20.0 55.3 44.7 
493.4 66.5 56.9 4.7 20.8 68.4 31.6 
2025193.8 65.8 56.3 4.7 19.6 68.2 31.8 
293.7 66.5 57.4 4.8 20.6 68.0 32.0 
393.3 39.3 27.8 4.9 19.8 47.8 52.2 
493.1 65.0 55.6 4.8 22.0 68.7 31.3 
2026192.8 62.9 53.9 4.9 19.5 65.0 35.0 
292.7 64.0 55.0 5.0 20.2 65.7 34.3 
392.9 49.2 29.8 5.2 21.2 55.6 44.4 
(1) Premium persistency presented on a 12-month rolling basis for all periods. Beginning January 2025, the Company implemented a new methodology of calculating persistency rate which excludes annuitizations, premium halving and waiver premium from the terminations; prior periods have not been retroactively adjusted.
27

Aflac Japan
Aflac Japan Sales Results
(In Millions, unless otherwise noted)
PeriodAnnualized Premium In Force
(Billions)		% ChangeThird Sector New Annualized Premium Sales% ChangeTotal New Annualized Premium Sales% Change
2021¥1,360.6 (4.7)%¥48,977 8.6 %¥54,764 7.7 %
20221,301.0 (4.4)47,998 (2.0)54,765 — 
20231,246.4 (4.2)52,234 8.8 60,730 10.9 
20241,209.0 (3.0)47,651 (8.8)64,111 5.6 
20251,179.1 (2.5)59,121 24.1 74,351 16.0 
202411,232.6 (3.8)10,767 (1.7)12,534 (5.1)
21,222.5 (3.6)12,712 (9.0)16,833 4.5 
31,216.7 (3.2)11,925 (12.4)17,522 12.3 
41,209.0 (3.0)12,246 (10.7)17,222 9.0 
202511,199.1 (2.7)10,655 (1.0)14,112 12.6 
21,194.1 (2.3)17,463 37.4 20,736 23.2 
31,185.7 (2.5)15,871 33.1 19,586 11.8 
41,179.1 (2.5)15,132 23.6 19,918 15.7 
202611,168.9 (2.5)13,780 29.3 17,712 25.5 
21,162.1 (2.7)14,326 (18.0)19,565 (5.6)
31,159.5 (2.2)13,278 (16.3)18,807 (4.0)
28

Aflac Japan
Aflac Japan Product Mix
(New Annualized Premium Sales)
(In Billions)
1PeriodCancer% of Total
Medical and Other Health (1)
% of TotalTsumitasu% of TotalWAYS% of Total
Ordinary Life Other (2)
% of TotalOther% of TotalTotal
22021¥27.0 49.2 %¥20.7 37.8 %¥— — %¥0.4 0.8 %¥5.1 9.3 %¥1.6 2.9 %¥54.8 
202230.9 56.5 15.3 27.9 — — 1.9 3.5 4.7 8.4 2.0 3.7 54.8 
202338.9 64.1 12.6 20.8 — — 4.1 6.8 4.1 6.8 1.0 1.6 60.7 
202436.9 57.5 10.3 16.1 11.2 17.4 1.4 2.2 3.7 5.8 0.6 1.0 64.1 
202550.0 67.2 8.8 11.9 11.5 15.5 0.8 1.1 2.7 3.7 0.5 0.6 74.4 
202417.9 63.2 2.7 21.5 — — 0.7 5.3 1.0 8.1 0.2 1.7 12.5 
29.9 58.8 2.7 16.1 2.7 16.2 0.4 2.3 1.0 5.8 0.1 0.6 16.8 
39.7 55.1 2.2 12.6 4.6 26.5 0.1 0.8 0.8 4.3 0.1 0.6 17.5 
49.4 54.5 2.8 16.1 3.8 22.1 0.2 1.3 0.9 5.2 0.1 0.8 17.2 
202518.4 59.7 2.2 15.3 2.4 17.2 0.2 1.8 0.7 5.2 0.1 0.8 14.1 
215.1 73.0 2.3 10.9 2.3 11.1 0.2 1.1 0.7 3.4 0.1 0.5 20.7 
313.7 70.0 2.1 10.7 2.9 14.6 0.2 1.0 0.6 3.2 0.1 0.5 19.6 
412.7 63.9 2.3 11.4 3.9 19.8 0.1 0.7 0.7 3.3 0.2 0.9 19.9 
202619.6 54.1 4.2 23.5 2.9 16.1 0.1 0.7 0.8 4.7 0.1 0.9 17.7 
210.8 55.2 3.5 17.8 4.3 22.0 0.1 0.5 0.7 3.8 0.1 0.7 19.6 
310.4 55.5 2.8 14.9 4.7 25.2 0.1 0.5 0.6 3.3 0.1 0.6 18.8 





















(1) Effective March 31, 2026, Income Support is now included with Medical and Other Health for all periods presented
(2) Effective March 31, 2026, Child Endowment is now included with Ordinary Life Other for all periods presented
29

Aflac Japan
Aflac Japan Sales Force Data
Number of Agencies by TypeSales Contribution by Agency Type
1PeriodIndividual/ Independent CorporateAffiliated
Corporate		BankTotalIndividual/ Independent CorporateAffiliated
Corporate		Bank
Licensed Sales
Associates (1)
Recruited
Agencies
20216,779 1,283 360 8,422 51.1 %43.7 %5.2 %111,854 62 
20226,159 1,239 359 7,757 49.5 46.5 4.0 110,259 38 
20235,751 1,203 360 7,314 46.7 50.0 3.3 113,010 24 
20245,384 1,166 360 6,910 48.2 48.6 3.2 113,836 50 
20255,155 1,125 358 6,638 47.5 49.2 3.3 111,915 236 
202415,659 1,191 360 7,210 48.9 48.0 3.1 112,645 12 
25,542 1,180 360 7,082 49.5 48.4 2.1 114,424 12 
35,464 1,176 360 7,000 46.2 50.2 3.6 114,473 19 
45,384 1,166 360 6,910 48.5 47.7 3.8 113,836 7 
202515,300 1,155 358 6,813 52.8 43.8 3.4 112,996 18 
25,225 1,141 358 6,724 46.8 50.4 2.8 111,387 76 
35,213 1,136 358 6,707 45.1 51.4 3.5 111,736 73 
45,155 1,125 358 6,638 47.0 49.5 3.5 111,915 69 
202615,110 1,116 357 6,583 52.4 44.6 3.0 111,084 82 
25,091 1,103 356 6,550 50.0 47.3 2.7 110,750 139 
35,088 1,087 356 6,531 47.0 48.5 4.5 111,228 132 
(1) Excludes Dai-ichi Life, banks, Japan Post Group and Daido Life
30


Aflac Japan
Yen/Dollar Exchange Rates
1Period
Closing Rate (1)
Quarterly AverageYearly Cumulative Average% Change
2021115.02 N/A109.79 (2.7)%
2022132.70 N/A130.17 (15.7)
2023141.83 N/A140.57 (7.4)
2024158.18 N/A150.97 (6.9)
2025156.56 N/A149.32 1.1 
20241151.41 148.67 148.67 (11.0)
2161.07 155.70 152.30 (11.4)
3142.73 147.95 150.60 (8.1)
4158.18 152.35 150.97 (6.9)
20251149.52 152.40 152.40 (2.4)
2144.81 144.60 148.32 2.7 
3148.88 147.68 148.03 1.7 
4156.56 154.20 149.32 1.1 
20261159.88 156.87 156.87 (2.8)
2162.39 159.45 158.14 (6.2)
3157.35 158.49 158.28 (6.5)
(1) Closing rate is based on the latest available and published MUFG Bank Ltd. TTM mid-day exchange rate.
31

Corporate and Other
Statements of Pretax Adjusted Earnings
(Before Management Fee)
(In Millions)
Years Ended December 31,3 Months Ended September 30,9 Months Ended September 30,
2021202220232024202520252026% Change20252026% Change
Revenues:
Total net earned premiums$180 $145 $400 $680 $806 $214 $252 17.8 %$618 $610 (1.3)%
1
Net investment income (1)
(73)30 (77)201 368 110 92 (16.4)304 278 (8.6)
2
Amortized hedge income (2)
57 68 121 113 98 20 14 (30.0)80 51 (36.3)
Adjusted net investment income(16)98 44 314 466 130 106 (18.5)384 329 (14.3)
Other income11 24 15 13 5 (1)2 300.0 3 4 33.3 
Total adjusted revenues175 267 460 1,007 1,277 343 360 5.0 1,005 943 (6.2)
Benefits and expenses:
Total benefits and claims, net, excluding reserve remeasurement161 141 470 426 491 133 165 24.1 384 383 (0.3)
Reserve remeasurement (gain) loss— — (3)(19)(33)(34)(92)(170.6)(35)(95)(171.4)
Total benefits and claims, net161 141 467 407 458 99 73 (26.3)349 288 (17.5)
Interest expense165 162 144 156 210 55 67 21.8 151 187 23.8 
Other adjusted expenses142 181 273 412 508 120 148 23.3 373 406 8.8 
Total benefits and adjusted expenses469 485 885 975 1,176 274 288 5.1 873 881 0.9 
Pretax adjusted earnings$(293)$(218)$(425)$32 $101 $69 $72 4.3 %$132 $62 (53.0)%
(1) The change in value of federal historic rehabilitation and solar investments in partnerships of $4 and $6 for the three-month periods and $15 and $22 for the nine-month periods ended September 30, 2026, and 2025, respectively, is included as a reduction to net investment income. Tax credits on these investments of $5 and $7 for the three-month periods and $16 and $24 for the nine-month periods ended September 30, 2026, and 2025, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.
(2) See non-U.S. GAAP financial measures for the definition of amortized hedge cost/income
32

Non-U.S. GAAP Financial Measures

This document includes references to the Company’s financial performance measures which are not calculated in accordance with United States generally accepted accounting principles (U.S. GAAP) (non-U.S. GAAP). The financial measures exclude items that the Company believes may obscure the underlying fundamentals and trends in insurance operations because they tend to be driven by general economic conditions and events or related to infrequent activities not directly associated with insurance operations.
Due to the size of Aflac Japan, where the functional currency is the Japanese yen, fluctuations in the yen/dollar exchange rate can have a significant effect on reported results. In periods when the Japanese yen weakens, translating Japanese yen into U.S. dollars results in fewer U.S. dollars being reported. When the Japanese yen strengthens, translating Japanese yen into U.S. dollars results in more U.S. dollars being reported. Consequently, Japanese yen weakening has the effect of suppressing current period results in relation to the comparable prior period, while Japanese yen strengthening has the effect of magnifying current period results in relation to the comparable prior period. A significant portion of the Company’s business is conducted in Japanese yen and never converted into U.S. dollars but translated into U.S. dollars for U.S. GAAP reporting purposes, which results in foreign currency impact to earnings, cash flows and book value on a U.S. GAAP basis. Management evaluates the Company's financial performance both including and excluding the impact of foreign currency translation to monitor, respectively, cumulative currency impacts and the currency-neutral operating performance over time. The average yen/dollar exchange rate is based on the published MUFG Bank, Ltd. telegraphic transfer middle rate (TTM).
The Company defines the non-U.S. GAAP financial measures included in this document as follows:
•
Adjusted book value is the U.S. GAAP book value (representing total shareholders’ equity), less accumulated other comprehensive income as recorded on the U.S. GAAP balance sheet. Adjusted book value per common share is adjusted book value at the period end divided by the ending outstanding common shares for the period presented. The Company considers adjusted book value and adjusted book value per common share important as they exclude accumulated other comprehensive income, which fluctuates due to market movements that are outside management’s control. The most comparable U.S. GAAP financial measures for adjusted book value and adjusted book value per common share are total book value and total book value per common share, respectively.
Adjusted book value excluding foreign currency remeasurement is the U.S. GAAP book value (representing total shareholders’ equity), less accumulated other comprehensive income as recorded on the U.S. GAAP balance sheet and excluding the cumulative (beginning January 1, 2021) foreign currency gains/losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. Adjusted book value excluding foreign currency remeasurement per common share is adjusted book value excluding foreign currency remeasurement at the period end divided by the ending outstanding common shares for the period presented. The Company considers adjusted book value excluding foreign currency remeasurement and adjusted book value excluding foreign currency remeasurement per common share important as they exclude both accumulated other comprehensive income and the cumulative foreign currency remeasurement gains/losses, which fluctuate due to market movements that are outside management's control. The most comparable U.S. GAAP financial measures for adjusted book value excluding foreign currency remeasurement and adjusted book value excluding foreign currency remeasurement per common share are total book value and total book value per common share, respectively.
•
Adjusted book value including unrealized foreign currency translation gains and losses and pension liability adjustment is adjusted book value plus unrealized foreign currency translation gains and losses and pension liability adjustment. The Company considers adjusted book value including unrealized foreign currency translation gains and losses and pension liability adjustment important as it excludes certain components of accumulated other comprehensive income, which fluctuates due to market movements that are outside management's control; however, it includes the impact of foreign currency as a result of the significance of Aflac’s Japan operation. The most comparable U.S. GAAP financial measure for adjusted book value including unrealized foreign currency translation gains and losses and pension liability adjustment is total book value.

•
Adjusted debt is the sum of notes payable, as recorded on the U.S. GAAP balance sheet, excluding 50% of subordinated debentures and perpetual bonds and all pre-funding of debt maturities. The Company considers adjusted debt important as it measures outstanding debt consistently with expectations of the Company’s rating agency stakeholders. The most comparable U.S. GAAP financial measure for adjusted debt is notes payable.
•
Adjusted debt including 50% of subordinated debentures and perpetual bonds is the sum of notes payable, as recorded on the U.S. GAAP balance sheet, excluding pre-funding of debt maturities. The Company considers adjusted debt including 50% of subordinated debentures and perpetual bonds important as it measures outstanding debt consistently with expectations of the Company’s rating agency stakeholders. The most comparable U.S. GAAP financial measure for adjusted debt including 50% of subordinated debentures and perpetual bonds is notes payable.
33

•
Adjusted earnings are adjusted revenues less benefits and adjusted expenses. Adjusted earnings per share (basic or diluted) are the adjusted earnings for the period divided by the weighted average outstanding shares (basic or diluted) for the period presented. The adjustments to both revenues and expenses account for certain items that are outside of 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. Adjusted revenues are U.S. GAAP total revenues excluding adjusted net investment gains and losses. 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. Management uses adjusted earnings and adjusted earnings per diluted share to evaluate the financial performance of the Company’s insurance operations on a consolidated basis and believes that a presentation of these financial measures is vitally important to an understanding of the underlying profitability drivers and trends of the Company’s insurance business. The most comparable U.S. GAAP financial measures for adjusted earnings and adjusted earnings per share (basic or diluted) are net earnings and net earnings per share, respectively.
•
Adjusted earnings excluding current period foreign currency impact are computed using the average foreign exchange rate for the comparable prior-year period, which eliminates fluctuations driven solely by foreign exchange rate changes. Adjusted earnings per diluted share excluding current period foreign currency impact is adjusted earnings excluding current period foreign currency impact divided by the weighted average outstanding diluted shares for the period presented. The Company considers adjusted earnings excluding current period foreign currency impact and adjusted earnings per diluted share excluding current period foreign currency impact important because a significant portion of the Company's business is conducted in Japan and foreign exchange rates are outside management’s control; therefore, the Company believes it is important to understand the impact of translating foreign currency (primarily Japanese yen) into U.S. dollars. The most comparable U.S. GAAP financial measures for adjusted earnings excluding current period foreign currency impact and adjusted earnings per diluted share excluding current period foreign currency impact are net earnings and net earnings per share, respectively.
•
Amortized hedge costs/income represent costs/income incurred or recognized as a result of using foreign currency derivatives to hedge certain foreign currency exchange risks. These amortized hedge costs/income are estimated at the inception of the derivatives based on the specific terms of each contract and are recognized on a straight-line basis over the contractual term of the derivative. The Company believes that amortized hedge costs/income measure the periodic currency risk management costs/income related to hedging certain foreign currency exchange risks and are an important component of net investment income. There is no comparable U.S. GAAP financial measure for amortized hedge costs/income.
•
Adjusted net investment gains and losses are net investment gains and losses adjusted for i) amortized hedge cost/income related to foreign currency exposure management strategies and certain derivative activity, ii) net interest income/expense from foreign currency and interest rate derivatives associated with certain investment strategies, which are both reclassified to net investment income, and iii) the impact of interest from derivatives associated with notes payable, which is reclassified to interest expense as a component of total adjusted expenses. The Company considers adjusted net investment gains and losses important as it represents the remainder amount that is considered outside management’s control, while excluding the components that are within management’s control and are accordingly reclassified to net investment income and interest expense. The most comparable U.S. GAAP financial measure for adjusted net investment gains and losses is net investment gains and losses.
•
Adjusted net investment income is net investment income adjusted for i) amortized hedge cost/income related to foreign currency exposure management strategies and certain derivative activity, and ii) net interest income/expense from foreign currency and interest rate derivatives associated with certain investment strategies, which are reclassified from net investment gains and losses to net investment income. The Company considers adjusted net investment income important because it provides a more comprehensive understanding of the costs and income associated with the Company’s investments and related hedging strategies. The most comparable U.S. GAAP financial measure for adjusted net investment income is net investment income.
•
Adjusted return on equity is annualized adjusted earnings divided by average shareholders’ equity, excluding accumulated other comprehensive income. Management uses adjusted return on equity to evaluate the financial performance of the Company’s insurance operations on a consolidated basis and believes that a presentation of this financial measure is vitally important to an understanding of the underlying profitability drivers and trends of the Company’s insurance business. The Company considers adjusted return on equity important as it excludes components of accumulated other comprehensive income, which fluctuate due to market movements that are outside management's control. The most comparable U.S. GAAP financial measure for adjusted return on equity is return on equity as determined using annualized net earnings and average total shareholders’ equity.
•
Adjusted return on equity excluding foreign currency remeasurement is annualized adjusted earnings divided by average shareholders’ equity, excluding both accumulated other comprehensive income and the cumulative (beginning January 1, 2021) foreign currency gains/losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. The Company considers adjusted return on equity excluding foreign currency remeasurement important because it excludes both accumulated other comprehensive income and the cumulative foreign currency remeasurement gains/losses, which fluctuate due to market movements that are outside management's control. The most comparable U.S. GAAP financial measure for adjusted return on equity excluding foreign currency remeasurement is return on equity as determined using annualized net earnings and average total shareholders’ equity.

34

Operational Measures

The Company defines the operational measures included in this document as follows:

Operating ratios are used to evaluate the Company's financial condition and profitability. Examples include: (1) Ratios to total adjusted revenues, which present expenses as percentage of total revenues and (2) Ratios to total premium, including benefit ratio. Operating ratios include: Benefit Ratio and Expense Ratio.

New annualized premium sales are sometimes referred to as new sales or sales. An operating measure that is not reflected on the Company's financial statements. New annualized premium sales generally represent annual premiums on policies and riders the Company sold and incremental increases from policy conversions that would be collected over a 12-month period assuming the policies remain in force for that entire period. For Aflac Japan, new annualized premium sales are determined by applications submitted during the reporting period. For Aflac U.S., new annualized premium sales are determined by applications that are issued during the reporting period. Policy conversions are defined as the positive difference in the annualized premium when a policy upgrades in the current reporting period. The Company believes that this metric is a key indicator of the Company's future source of earnings.

Annualized premiums in force is the amount of gross premium that a policyholder must pay over a full year in order to keep coverage. The growth of net earned premiums is directly affected by the change in premiums in force and by the change in weighted-average yen/dollar exchange rates. Management uses this measure as a key indicator of source of earnings.

Premium persistency is the percentage of premiums remaining in force at the end of a period, usually one year, and presented on a trailing 12-month average basis. For example, 95% persistency would mean that 95% of the premiums in force at the beginning of a period are still in force at the end of the period. The Company believes that this metric is a key driver of in force levels, which is a key measure of the size of the Company's business and future sources of earnings.

New money yield is gross yields earned on purchases of fixed maturities, loan receivables, and equities. Purchases exclude capitalized interest, securities lending/repurchase agreements, short-term/cash activity, and alternatives. New money yield for equities is based on the assumed dividend yield at the time of purchase. The new money yield for Aflac Japan excludes the impact of any derivatives and associated amortized hedge costs associated with USD-denominated investments. Management uses this metric as a leading indicator of future investment earning potential.

Return on average invested assets is net investment income as a percentage of average invested assets during the period. Management uses this metric to demonstrate how the Company's actual net investment income results represent an overall return on the portfolio to provide a more comparative metric as the size of the Company's investment portfolio changes over time.

Portfolio book yield expressed as a percentage of the investments' book value, represents the gross return expected to be realized on a security at a point in time and is calculated for fixed maturity securities, commercial mortgage and other loans and equity securities. It excludes amortized hedge costs, investments in limited partnerships and short-term securities. The yield assumes any early redemption options will be exercised. Management uses this metric to measure the future total return on the portfolio.

Average weekly producer is the total number of writing agents, including brokers, in the U.S. who have produced greater than $0.00 during the production week - excluding any manual adjustments - divided by the number of weeks in the time period. The Company believes this metric allows sales management to monitor progress and needs, as well as serve as a leading indicator of future production capacity.

Aflac U.S. productivity is total new annualized sales divided by average weekly producer and is calculated on a quarterly and annual basis. The Company believes this metric allows sales management to monitor agent progress and needs, as well as serve as a leading indicator of future production capacity.

Aflac U.S. recruited agents/brokers represent a newly contracted agent or broker who has never held a contract with the Company before or previously held a contract but has been separated from the Company for more than 365 days. The distinction between a career recruit and a broker recruit is determined by the type of contract the individual signs. The Company believes this metric is an important indicator of future production potential.


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aflac-incorporatedx4xproa.jpg






Third Quarter 2026
Earnings Call
Video Update
Max K. Brodén







November 4, 2026



For more information contact:
Investor and Rating Agency Relations
800.235.2667
aflacir@aflac.com
Aflac Worldwide Headquarters
1932 Wynnton Road
Columbus, GA 31999
1

Forward-Looking Information and Non-U.S. GAAP Financial Measures

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” to encourage companies to provide prospective information, so long as those informational statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those included in the forward-looking statements. Aflac Incorporated (the Parent Company) and its subsidiaries (collectively with the Parent Company, the Company) desire to take advantage of these provisions. This transcript contains cautionary statements identifying important factors that could cause actual results to differ materially from those projected herein, and in any other statements made by company officials in communications with the financial community and contained in documents filed with the Securities and Exchange Commission (SEC). Forward-looking statements are not based on historical information and relate to future operations, strategies, financial results or other developments. Furthermore, forward-looking information is subject to numerous assumptions, risks and uncertainties. In particular, statements containing words such as “expect,” “anticipate,” “believe,” “goal,” “objective,” “may,” “should,” “estimate,” “intends,” “projects,” “will,” “assumes,” “potential,” “target,” "outlook" or similar words as well as specific projections of future results, generally qualify as forward-looking. Aflac undertakes no obligation to update such forward-looking statements.

The company cautions readers that the following factors, in addition to other factors mentioned from time to time, could cause actual results to differ materially from those contemplated by the forward-looking statements:

•difficult conditions in global capital markets and the economy, including inflation
•defaults and credit downgrades of investments
•global fluctuations in interest rates and exposure to significant interest rate risk
•concentration of business in Japan
•limited availability of acceptable Japanese yen-denominated investments
•foreign currency fluctuations in the yen/dollar exchange rate
•differing interpretations applied to investment valuations
•significant valuation judgments in determination of expected credit losses recorded on the Company's investments
•decreases in the Company's financial strength or debt ratings
•decline in creditworthiness of other financial institutions
•the Company's ability to attract and retain qualified sales associates, brokers, employees, and distribution partners
•deviations in actual experience from pricing and reserving assumptions
•ability to continue to develop and implement improvements in information technology systems and on successful execution of revenue growth and expense management initiatives
•interruption in telecommunication, information technology and other operational systems, or a failure to maintain the security, confidentiality, integrity or privacy of sensitive data residing on such systems, and uncertainty regarding the impact of the incident involving unauthorized access to the Company’s network in June 2025
•subsidiaries' ability to pay dividends to the Parent Company
•inherent limitations to risk management policies and procedures
•operational risks of third-party vendors
•tax rates applicable to the Company may change
•failure to comply with restrictions on policyholder privacy and information security
•extensive regulation and changes in law or regulation by governmental authorities
•competitive environment and ability to anticipate and respond to market trends
•catastrophic events, including, but not limited to, epidemics, pandemics, tornadoes, hurricanes, earthquakes, tsunamis, war or other military action, major public health issues, terrorism or other acts of violence, and damage incidental to such events
•ability to protect the Aflac brand and the Company's reputation
•ability to effectively manage key executive succession
•changes in accounting standards
•level and outcome of litigation or regulatory inquiries
•allegations or determinations of worker misclassification in the United States

Non-U.S. GAAP Financial Measures and Reconciliations

This document includes references to the Company’s financial performance measures which are not calculated in accordance with United States generally accepted accounting principles (U.S. GAAP) (non-U.S. GAAP). The financial


measures exclude items that the Company believes may obscure the underlying fundamentals and trends in insurance operations because they tend to be driven by general economic conditions and events or related to infrequent activities not directly associated with insurance operations.

Definitions of the Company’s non-U.S. GAAP financial measures and applicable reconciliations to the most comparable U.S. GAAP measures are provided in the presentation slides that accompany this transcript.

Due to the size of Aflac Japan, where the functional currency is the Japanese yen, fluctuations in the yen/dollar exchange rate can have a significant effect on reported results. In periods when the Japanese yen weakens, translating Japanese yen into U.S. dollars results in fewer U.S. dollars being reported. When the Japanese yen strengthens, translating Japanese yen into U.S. dollars results in more U.S. dollars being reported. Consequently, Japanese yen weakening has the effect of suppressing current period results in relation to the comparable prior period, while Japanese yen strengthening has the effect of magnifying current period results in relation to the comparable prior period. A significant portion of the Company’s business is conducted in Japanese yen and never converted into U.S. dollars but translated into U.S. dollars for U.S. GAAP reporting purposes, which results in foreign currency impact to earnings, cash flows and book value on a U.S. GAAP basis. Management evaluates the Company's financial performance both including and excluding the impact of foreign currency translation to monitor, respectively, cumulative currency impacts and the currency-neutral operating performance over time. The average yen/dollar exchange rate is based on the published MUFG Bank, Ltd. telegraphic transfer middle rate (TTM).




Max K. Brodén
Q3 2026 CFO Video Update
November 4, 2026

Thank you for joining me as I provide a financial update on Aflac Incorporated's results.

For the third quarter of 2026, adjusted earnings per diluted share decreased 1.2% year over year to $2.46, excluding the effect of foreign currency in the quarter. In this quarter, remeasurement gains on reserves from the actuarial assumption unlock, including deferred profit liability, totaled $447 million on a pretax basis. Remeasurement gains also included $55 million of experience remeasurement on reserves, which was $2 million below plan, with no impact on earnings per share. The total net impact from the Q3 assumption update increased earnings per share by $0.71. In addition, third quarter results included $40 million, or $0.06 per diluted share, of cybersecurity expenses and enhancements in Japan. Variable investment income ran $22 million, or $0.03 per diluted share, below our long-term return expectations.

Adjusted book value per share excluding foreign currency remeasurement decreased 6.4%. The adjusted ROE was 17.8%, and 23.7% excluding foreign currency remeasurement, a very significant spread to our cost of capital. Overall, we view these results in the quarter as solid.

Starting with our Japan segment, net earned premiums in yen terms for the quarter declined 2.0%. Aflac Japan's underlying earned premiums1 – which excludes the impact of reinsurance, paid-up policies and deferred profit liability – declined 1.2%, roughly in line with where we expect to be for the full year.

Japan’s total benefit ratio came in at 49.2% for the quarter, up 990 basis points year over year, reflecting a larger actuarial assumption unlock in the prior year. We estimate that the impact from reserve remeasurement gains excluding the unlock was under plan by approximately 40 basis points in Q3 2026. Adjusting for both the experience in the quarter and the unlock of future assumptions – we estimate the benefit ratio to be 61.7% in the quarter. We continue to experience favorable trends in cancer related to hospitalization and mortality, leading to favorable actual to expected experience.

Persistency remained solid and in line with our expectations at 92.9%. We have continued to experience somewhat elevated lapse and reissue activity on recently launched products as we have expanded coverage options and competitiveness on new products. This activity in the quarter slightly declined though, helping to improve persistency. Lapses on our first sector savings block remain low and in line with previous periods, despite the increase in yen interest rates.

Our expense ratio in Japan was 21.2% for the quarter, up 140 basis points year over year. Third quarter cybersecurity expenses and enhancements increased the expense ratio by approximately 180 basis points.

For the quarter, adjusted net investment income in yen terms increased 3.7%, primarily driven by higher fixed-rate income and higher income on U.S. dollar-denominated assets from the weakening yen; offset by lower floating-rate income and higher expenses.

The pretax margin for Japan in the quarter was 44.4%, down 780 basis points year over year, reflecting the very significant actuarial assumption unlock in the prior year – a very good result when even adjusting for the unlock.

As we've previously discussed, Aflac Japan increased the internal reinsurance target from up to 10% of U.S. GAAP assets to 30% of FSA reserves. This will allow us to continue to reduce risk, improve balance sheet efficiency, and ultimately generate a higher ROE for Aflac Japan and the Group. During the third quarter, Aflac Japan ceded
1Aflac Japan's underlying earned premiums is a measure that is calculated in Japanese yen and adjusts Aflac Japan’s net earned premiums for significant variables including the increase in paid-up policies between beginning of the comparable period and the end of the period presented, the change in deferred profit liability on limited payment contracts, and all Aflac Japan ceded premiums through both internal and external reinsurance. The change in Aflac Japan’s underlying earned premiums is reflected as a percentage change. The Company believes this measure is useful for investors to understand the impacts these items have on Aflac Japan's net earned premiums.


approximately ¥500 billion of reserves on an FSA basis associated with cancer insurance policies to Aflac Re Bermuda. We estimate that this transaction will release approximately $1 billion of capital that will, over time, be available for redeployment.

Recognizing that the year-to-date benefit ratio is 58.8%, we now expect for 2026 that the benefit ratio in Japan will be slightly below the 60% to 63% range, and we expect the expense ratio to be on the lower end of the 20% to 23% range. As a result, we have raised the 2026 expected pretax profit margin range for Aflac Japan to 35% to 38%.

Turning to U.S. results, net earned premiums were up 3.3%. Premium persistency remained solid at 79.7%, up 70 basis points year over year.

Our total benefit ratio came in at 40.7%, 490 basis points lower than Q3 2025, driven by the unlocking of actuarial assumptions. We estimate that the impact from reserve remeasurement gains excluding the unlock was above plan by approximately 50 basis points. We estimate that the benefit ratio adjusting for the remeasurement gains from both truing up for the experience in the quarter and unlocking our forward-looking assumptions was 50.2%.

Our expense ratio in the U.S. was 37.0%, down 190 basis points year over year, primarily driven by a one-time early contract termination fee of $21 million in the prior year. As our group life and disability block of business approaches scale and therefore experiences improved profitability, we are deferring acquisition expenses. This has helped the expense ratio in the quarter by 80 basis points, with a more modest impact expected in future periods.

Adjusted net investment income in the U.S. was essentially flat, down 0.9% for the quarter.
Profitability in the U.S. segment was solid, with a pretax margin of 27.7%, a 600 basis points increase primarily due to the actuarial assumption unlock.

In the U.S., we expect the benefit ratio for 2026 to be below the 48% to 52% range and the expense ratio to be in the middle of the 36% to 39% range as we continue to scale network dental and group life and disability. At the same time, we expect pretax profit margin for 2026 in the U.S. to be above the 17% to 20% range.

For the Corporate and other segment, total adjusted revenues increased 5.0% to $360 million. Pretax adjusted earnings were $72 million, compared to $69 million last year, primarily driven by $91 million remeasurement gains as a result of unlocking actuarial assumptions and new reinsurance transactions. These earnings results were impacted by higher total adjusted expenses, as well as lower adjusted net investment income from reduced short-term asset balances and lower amortized hedge income.

We are pleased with the overall performance of our investment portfolio. Our private credit portfolios are delivering strong risk-adjusted net yields while we continue to boost our loan reserves, reflecting continued pressure on commercial real estate property valuations and long-run expectations for middle market loan performance.

Our third quarter results include the benefits from the very significant repositioning of our portfolio that began in the second quarter. Again this quarter, our Global Investment teams executed on another large switch trade, repositioning $2.3 billion of JGBs in our Aflac Japan portfolio to take advantage of what are the highest interest rates in a generation. These switch trades highlight our strong financial position and allow us to manage losses from lower yielding assets and improve our run-rate stable net investment income. This quarter's activity improves future NII by over $30 million. Year-to-date, our approach to actively managing the portfolio has added over $80 million of annual NII and strengthened the overall quality of our consolidated portfolio by reducing the risk of future FSA impairments and improving our ALM in a very tax efficient way. We will continue pursuing opportunities that improve the overall health and performance of the portfolio.

For U.S. statutory, we recorded $6 million of impairments on invested assets and a $6 million valuation allowance on our mortgage loans as an unrealized loss during the quarter. On an FSA basis, securities impairment reversals led to net realized gains of ¥15.2 billion in the third quarter, and we booked an additional valuation allowance of ¥5.2 billion related to transitional real estate loans. This is well within our expectations and has a limited impact on regulatory earnings and capital.



Aflac Inc. unencumbered liquidity stood at $2.7 billion, which was $1.7 billion above our minimum balance of $1 billion at the end of the quarter.

Our adjusted leverage was 22.6% for the quarter, which is within our target range of 20% to 25%. As we hold approximately 64% of our debt in yen, this leverage ratio is impacted by moves in the yen/dollar exchange rate. This is intentional and part of our enterprise hedging program – protecting the economic value of Aflac Japan in U.S. dollar terms.

Our capital position remains strong. We ended the quarter with an estimated regulatory ESR of 225%. If including the undertaking-specific parameter, or USP, this would add 13 points to the regulatory ratio and result in an ESR, with USP, of 238%. We estimate our combined RBC to be slightly above 575%. These are strong capital ratios, which we actively monitor, stress and manage to withstand both market volatility and credit cycles as well as external shocks.

Given the strength of our capital and liquidity, we repurchased $804 million of our own stock and paid dividends of $305 million in Q3, offering good relative IRR on these capital deployments. We will continue to be flexible and tactical in the way we manage the balance sheet and deploy capital in order to drive strong risk-adjusted ROE with a meaningful spread to our cost of capital.

Thank you. I look forward to discussing our results in further detail on tomorrow's earnings call.



Third Quarter 2026 Update Max K. Brodén Senior Executive Vice President CFO, Aflac Incorporated

 

Forward-Looking Information and Non-U.S. GAAP Financial Measures The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” to encourage companies to provide prospective information, so long as those informational statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those included in the forward-looking statements. Aflac Incorporated (the Parent Company) and its subsidiaries (collectively with the Parent Company, the Company) desire to take advantage of these provisions. This document contains cautionary statements identifying important factors that could cause actual results to differ materially from those projected herein, and in any other statements made by Company officials in communications with the financial community and contained in documents filed with the Securities and Exchange Commission (SEC). Forward-looking statements are not based on historical information and relate to future operations, strategies, financial results or other developments. Furthermore, forward-looking information is subject to numerous assumptions, risks and uncertainties. In particular, statements containing words such as “expect,” “anticipate,” “believe,” “goal,” “objective,” “may,” “should,” “estimate,” “intends,” “projects,” “will,” “assumes,” “potential,” “target,” "outlook" or similar words as well as specific projections of future results, generally qualify as forward-looking. The Company undertakes no obligation to update such forward-looking statements. The Company cautions readers that the following factors, in addition to other factors mentioned from time to time, could cause actual results to differ materially from those contemplated by the forward-looking statements: Non-U.S. GAAP Financial Measures and Reconciliations This document includes references to the Company’s financial performance measures which are not calculated in accordance with United States generally accepted accounting principles (U.S. GAAP) (non-U.S. GAAP). The financial measures exclude items that the Company believes may obscure the underlying fundamentals and trends in insurance operations because they tend to be driven by general economic conditions and events or related to infrequent activities not directly associated with insurance operations. Definitions of the Company’s non-U.S. GAAP financial measures and applicable reconciliations to the most comparable U.S. GAAP measures are provided as appropriate. Due to the size of Aflac Japan, where the functional currency is the Japanese yen, fluctuations in the yen/dollar exchange rate can have a significant effect on reported results. In periods when the Japanese yen weakens, translating Japanese yen into U.S. dollars results in fewer U.S. dollars being reported. When the Japanese yen strengthens, translating Japanese yen into U.S. dollars results in more U.S. dollars being reported. Consequently, Japanese yen weakening has the effect of suppressing current period results in relation to the comparable prior period, while Japanese yen strengthening has the effect of magnifying current period results in relation to the comparable prior period. A significant portion of the Company’s business is conducted in Japanese yen and never converted into U.S. dollars but translated into U.S. dollars for U.S. GAAP reporting purposes, which results in foreign currency impact to earnings, cash flows and book value on a U.S. GAAP basis. Management evaluates the Company's financial performance both including and excluding the impact of foreign currency translation to monitor, respectively, cumulative currency impacts and the currency-neutral operating performance over time. The average yen/dollar exchange rate is based on the published MUFG Bank, Ltd. telegraphic transfer middle rate (TTM). 2 • difficult conditions in global capital markets and the economy, including inflation • defaults and credit downgrades of investments • global fluctuations in interest rates and exposure to significant interest rate risk • concentration of business in Japan • limited availability of acceptable yen-denominated investments • foreign currency fluctuations in the yen/dollar exchange rate • differing interpretations applied to investment valuations • significant valuation judgments in determination of expected credit losses recorded on the Company's investments • decreases in the Company's financial strength or debt ratings • decline in creditworthiness of other financial institutions • the Company's ability to attract and retain qualified sales associates, brokers, employees, and distribution partners • deviations in actual experience from pricing and reserving assumptions • ability to continue to develop and implement improvements in information technology systems and on successful execution of revenue growth and expense management initiatives • interruption in telecommunication, information technology and other operational systems, or a failure to maintain the security, confidentiality, integrity or privacy of sensitive data residing on such systems, and uncertainty regarding the impact of the incident involving unauthorized access to the Company’s network in June 2025 • subsidiaries' ability to pay dividends to the Parent Company • inherent limitations to risk management policies and procedures • operational risks of third-party vendors • tax rates applicable to the Company may change • failure to comply with restrictions on policyholder privacy and information security • extensive regulation and changes in law or regulation by governmental authorities • competitive environment and ability to anticipate and respond to market trends • catastrophic events, including, but not limited to, as a result of climate change, epidemics, pandemics, tornadoes, hurricanes, earthquakes, tsunamis, war or other military action, major public health issues, terrorism or other acts of violence, and damage incidental to such events • ability to protect the Aflac brand and the Company's reputation • ability to effectively manage key executive succession • changes in accounting standards • level and outcome of litigation or regulatory inquiries • allegations or determinations of worker misclassification in the United States

 

$2.49 $2.46 3Q25 3Q26 Earnings Per Share $3.08 $0.61 3Q25 3Q26 Net EPS (diluted) (80.2)% $2.49 $2.43 3Q25 3Q26 Adjusted EPS (diluted)1 (2.4)% Adjusted EPS ex-FX1 (1.2)% 1Non-U.S. GAAP Financial Measure; see “Glossary of Non-U.S. GAAP Financial Measures” in Appendix for information about this measure. 3

 

Return on Equity 23.5% 4.1% 19.1% 17.8% 23.1% 23.7% ROE (%) Adjusted ROE (%) Adjusted ROE ex Foreign Currency Remeasurement (%) 3Q25 3Q26 1Non-U.S. GAAP Financial Measure; see “Glossary of Non-U.S. GAAP Financial Measures” in Appendix for information about this measure. 4 11

 

5 2026 Outlook 2026 Range 3Q26 Actual Benefit Ratio Slightly Below 60% - 63% 49.2% Expense Ratio Lower End 20% - 23% 21.2% Pretax Profit Margin Upwardly Revised 35% - 38% 44.4% Aflac Japan For three months ended September 30

 

6 2026 Outlook 2026 Range 3Q26 Actual Benefit Ratio Below 48% - 52% 40.7% Expense Ratio Middle 36% - 39% 37.0% Pretax Profit Margin Above 17% - 20% 27.7% Aflac U.S. For three months ended September 30

 

Adjusted Leverage Ratio1 Target range of 20-25% 23.2% 22.2% 20.9% 22.4% 23.3% 22.0% 21.4% 21.2% 21.8% 22.6% GAAP Leverage Ratio Adjusted Leverage Ratio 3Q25 4Q25 1Q26 2Q26 3Q26 1Adjusted Leverage ratio is computed as: Adjusted debt to Adjusted capitalization ex-AOCI. See “Adjusted Leverage Ratios” in Appendix for more information about this measure and its calculation. 7

 

225% Regulatory ESR with USP (Japan) Combined RBC Ratio (U.S.) Strong Capital Ratios1 Estimates as of September 30, 2026 238% 170% 1The target minimum and maximum are based on our internal operating ranges 2Estimated regulatory ESR with undertaking-specific parameter (USP); USP adds an estimated 13 points to regulatory ESR 3Estimated Combined RBC ratio is the aggregated ratio of four subsidiaries: American Family Life Assurance Company of Columbus, Continental American Insurance Company, American Family Life Assurance Company of New York and Tier One Insurance Company. >575% 8 230% Target maximum Target minimum 450% 350% 2 3 USP

 

Capital Deployment Dividends and Share Repurchase (In Millions) $1,309 $1,103 $1,315 $1,292 $1,109 309 303 315 309 305 1,000 800 1,000 983 804 Dividends Share Repurchase 3Q25 4Q25 1Q26 2Q26 3Q26 9

 

Thank You Investors.Aflac.com

 

Appendix

 

Glossary of Non-U.S. GAAP Financial Measures The Company defines these non-U.S. GAAP financial measures as follows: • Adjusted earnings are adjusted revenues less benefits and adjusted expenses. Adjusted earnings per share (basic or diluted) are the adjusted earnings for the period divided by the weighted average outstanding shares (basic or diluted) for the period presented. The adjustments to both revenues and expenses account for certain items that are outside of 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. Adjusted revenues are U.S. GAAP total revenues excluding adjusted net investment gains and losses. 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. Management uses adjusted earnings and adjusted earnings per diluted share to evaluate the financial performance of the Company’s insurance operations on a consolidated basis and believes that a presentation of these financial measures is vitally important to an understanding of the underlying profitability drivers and trends of the Company’s insurance business. The most comparable U.S. GAAP financial measures for adjusted earnings and adjusted earnings per share (basic or diluted) are net earnings and net earnings per share, respectively. • Adjusted net investment gains and losses are net investment gains and losses adjusted for i) amortized hedge cost/income related to foreign currency exposure management strategies and certain derivative activity, ii) net interest income/expense from foreign currency and interest rate derivatives associated with certain investment strategies, which are both reclassified to net investment income, and iii) the impact of interest from derivatives associated with notes payable, which is reclassified to interest expense as a component of total adjusted expenses. The Company considers adjusted net investment gains and losses important as it represents the remainder amount that is considered outside management’s control, while excluding the components that are within management’s control and are accordingly reclassified to net investment income and interest expense. The most comparable U.S. GAAP financial measure for adjusted net investment gains and losses is net investment gains and losses. • Adjusted earnings excluding current period foreign currency impact are computed using the average foreign exchange rate for the comparable prior-year period, which eliminates fluctuations driven solely by foreign exchange rate changes. Adjusted earnings per diluted share excluding current period foreign currency impact is adjusted earnings excluding current period foreign currency impact divided by the weighted average outstanding diluted shares for the period presented. The Company considers adjusted earnings excluding current period foreign currency impact and adjusted earnings per diluted share excluding current period foreign currency impact important because a significant portion of the Company's business is conducted in Japan and foreign exchange rates are outside management’s control; therefore, the Company believes it is important to understand the impact of translating foreign currency (primarily Japanese yen) into U.S. dollars. The most comparable U.S. GAAP financial measures for adjusted earnings excluding current period foreign currency impact and adjusted earnings per diluted share excluding current period foreign currency impact are net earnings and net earnings per share, respectively. • Adjusted return on equity is annualized adjusted earnings divided by average shareholders’ equity, excluding accumulated other comprehensive income. Management uses adjusted return on equity to evaluate the financial performance of the Company’s insurance operations on a consolidated basis and believes that a presentation of this financial measure is vitally important to an understanding of the underlying profitability drivers and trends of the Company’s insurance business. The Company considers adjusted return on equity important as it excludes components of accumulated other comprehensive income, which fluctuate due to market movements that are outside management's control. The most comparable U.S. GAAP financial measure for adjusted return on equity is return on equity as determined using annualized net earnings and average total shareholders’ equity. 12

 

Glossary of Non-U.S. GAAP Financial Measures (cont’d) The Company defines these non-U.S. GAAP financial measures as follows: • Adjusted return on equity excluding foreign currency remeasurement is annualized adjusted earnings divided by average shareholders’ equity, excluding both accumulated other comprehensive income and the cumulative (beginning January 1, 2021) foreign currency gains/losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. The Company considers adjusted return on equity excluding foreign currency remeasurement important because it excludes both accumulated other comprehensive income and the cumulative foreign currency remeasurement gains/losses, which fluctuate due to market movements that are outside management's control. The most comparable U.S. GAAP financial measure for adjusted return on equity excluding foreign currency remeasurement is return on equity as determined using annualized net earnings and average total shareholders’ equity. • Adjusted debt is the sum of notes payable, as recorded on the U.S. GAAP balance sheet, excluding 50% of subordinated debentures and perpetual bonds and all pre-funding of debt maturities. The Company considers adjusted debt important as it measures outstanding debt consistently with expectations of the Company’s rating agency stakeholders. The most comparable U.S. GAAP financial measure for adjusted debt is notes payable. • Adjusted debt including 50% of subordinated debentures and perpetual bonds is the sum of notes payable, as recorded on the U.S. GAAP balance sheet, excluding pre-funding of debt maturities. The Company considers adjusted debt including 50% of subordinated debentures and perpetual bonds important as it measures outstanding debt consistently with expectations of the Company’s rating agency stakeholders. The most comparable U.S. GAAP financial measure for adjusted debt including 50% of subordinated debentures and perpetual bonds is notes payable. • Adjusted book value is the U.S. GAAP book value (representing total shareholders’ equity), less accumulated other comprehensive income as recorded on the U.S. GAAP balance sheet. Adjusted book value per common share is adjusted book value at the period end divided by the ending outstanding common shares for the period presented. The Company considers adjusted book value and adjusted book value per common share important as they exclude accumulated other comprehensive income, which fluctuates due to market movements that are outside management’s control. The most comparable U.S. GAAP financial measures for adjusted book value and adjusted book value per common share are total book value and total book value per common share, respectively. • Adjusted book value excluding foreign currency remeasurement is the U.S. GAAP book value (representing total shareholders’ equity), less accumulated other comprehensive income as recorded on the U.S. GAAP balance sheet and excluding the cumulative (beginning January 1, 2021) foreign currency gains/losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. Adjusted book value excluding foreign currency remeasurement per common share is adjusted book value excluding foreign currency remeasurement at the period end divided by the ending outstanding common shares for the period presented. The Company considers adjusted book value excluding foreign currency remeasurement and adjusted book value excluding foreign currency remeasurement per common share important as they exclude both accumulated other comprehensive income and the cumulative foreign currency remeasurement gains/losses, which fluctuate due to market movements that are outside management's control. The most comparable U.S. GAAP financial measures for adjusted book value excluding foreign currency remeasurement and adjusted book value excluding foreign currency remeasurement per common share are total book value and total book value per common share, respectively. 13

 

Glossary of Operational Measures The Company defines the operational measures included in this document as follows: • Operating ratios are used to evaluate the Company's financial condition and profitability. Examples include: (1) Ratios to total adjusted revenues, which present expenses as percentage of total revenues and (2) Ratios to total premium, including benefit ratio. Operating ratios include: Benefit Ratio and Expense Ratio. • Premium persistency is the percentage of premiums remaining in force at the end of a period, usually one year, and presented on a trailing 12-month average basis. For example, 95% persistency would mean that 95% of the premiums in force at the beginning of a period are still in force at the end of the period. The Company believes that this metric is a key driver of in force levels, which is a key measure of the size of the Company's business and future sources of earnings. • Aflac Inc. unencumbered liquidity predominately includes assets that are comprised of cash and cash equivalents, short-term investments, and certain marketable fixed-maturity securities, excluding assets that are pledged or otherwise committed. The Company believes this measure is important in understanding holding company liquidity. • Aflac Japan's underlying earned premiums is a measure that is calculated in Japanese yen and adjusts Aflac Japan’s net earned premiums for significant variables including the increase in paid-up policies between beginning of the comparable period and the end of the period presented, the change in deferred profit liability on limited payment contracts, and all Aflac Japan ceded premiums through both internal and external reinsurance. The change in Aflac Japan’s underlying earned premiums is reflected as a percentage change. The Company believes this measure is useful for investors to understand the impacts these items have on Aflac Japan's net earned premiums. 14

 

Reconciliation of Net Earnings Per Diluted Share to Adjusted Earnings Per Diluted Share Three Months Ended September 30 2026 2025 % Change Net earnings per diluted share $0.61 $3.08 (80.2)% Items impacting net earnings Adjusted net investment (gains) losses 2.06 (0.63) Other and non-recurring (income) loss — — Income tax (benefit) expense on items excluded from adjusted earnings (0.33) 0.04 Tax valuation allowance 0.10 — Adjusted earnings per diluted share 2.43 2.49 (2.4)% Current period foreign currency impact1 0.03 N/A Adjusted earnings per diluted share excluding current period foreign currency impact2 $2.46 $2.49 (1.2)% 1Prior period foreign currency impact reflected as “N/A” to isolate change for current period only 2Amounts excluding current period foreign currency impacts are computed using the average foreign currency exchange rate for the comparable prior year period, which eliminates fluctuations driven solely by foreign currency exchange rate changes. 15

 

Reconciliation of Net Earnings to Adjusted Earnings Three Months Ended September 30 (In Millions) 2026 2025 % Change Net earnings $303 $1,639 (81.5)% Items impacting net earnings Adjusted net investment (gains) losses 1,026 (335) Other and non-recurring (income) loss — 1 Income tax (benefit) expense on items excluded from adjusted earnings (166) 22 Tax valuation allowance 51 — Adjusted earnings 1,214 1,327 (8.5)% Current period foreign currency impact1 14 N/A Adjusted earnings excluding current period foreign currency impact2 $1,228 $1,327 (7.5)% 1Prior period foreign currency impact reflected as “N/A” to isolate change for current period only 2Amounts excluding current period foreign currency impacts are computed using the average foreign currency exchange rate for the comparable prior year period, which eliminates fluctuations driven solely by foreign currency exchange rate changes. 16

 

Reconciliation of Net Investment (Gains) Losses to Adjusted Net Investment (Gains) Losses Three Months Ended September 30 (In Millions) 2026 2025 % Change Net investment (gains) losses $1,072 $(275) 489.8% Items impacting net investment (gains) losses: Amortized hedge costs (11) (13) Amortized hedge income 14 20 Net interest income (expense) from derivatives associated with certain investment strategies (49) (66) Impact of interest from derivatives associated with notes payable1 — (1) Adjusted net investment (gains) losses $1,026 $(335) 406.3% 1Amounts are included with interest expenses that are a component of adjusted expenses. 17

 

Reconciliation of U.S. GAAP Return on Equity (ROE) to Adjusted ROE Three Months Ended September 30 2026 2025 U.S. GAAP ROE - Net earnings1 4.1% 23.5% Impact of excluding unrealized foreign currency translation gains (losses) (0.8) (5.4) Impact of excluding unrealized gains (losses) on securities and derivatives (0.6) (2.2) Impact of excluding effect of changes in discount rate assumptions 1.8 7.7 Impact of excluding pension liability adjustment — 0.1 Impact of excluding AOCI 0.4 0.1 U.S. GAAP ROE - less AOCI 4.4 23.5 Differences between adjusted earnings and net earnings2 13.4 (4.5) Adjusted ROE - reported 17.8 19.1 Impact of excluding gains (losses) associated with foreign currency remeasurement3 5.9% 4.0% Adjusted ROE, excluding impact of foreign currency remeasurement 23.7% 23.1% 1 U.S. GAAP ROE is calculated by dividing net earnings (annualized) by average shareholders’ equity. 2 See separate reconciliation of net earnings to adjusted earnings. 3 Impact of gains/losses associated with foreign currency remeasurement is calculated by excluding the cumulative (beginning January 1, 2021) foreign currency gains/ losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. The impact is the difference of adjusted return on equity - reported compared with adjusted return on equity, excluding from shareholders' equity, gains/losses associated with foreign currency remeasurement. 18

 

Reconciliation of U.S. GAAP Book Value Per Share to Adjusted Book Value Per Share At September 30 2026 2025 % Change U.S. GAAP book value per common share $59.08 $54.57 8.3% Less: Unrealized foreign currency translation gains (losses) per common share (9.94) (8.57) Unrealized gains (losses) on securities and derivatives per common share (10.11) (3.27) Effect of changes in discount rate assumptions per common share 24.74 13.00 Pension liability adjustment per common share 0.17 0.08 Total AOCI per common share 4.87 1.24 Adjusted book value per common share $54.21 $53.33 1.7% Less: Foreign currency remeasurement gains (losses) per common share 13.48 9.81 Adjusted book value excluding foreign currency remeasurement per common share $40.73 $43.52 (6.4)% 19

 

Adjusted Leverage Ratios At September 30 (In Millions) 2026 2025 Notes payable $8,900 $8,685 50% of subordinated debentures and perpetual bonds (285) (300) Pre-funding of debt maturities (680) (399) Adjusted debt1 7,935 7,986 Total Shareholders’ Equity 29,283 28,688 Accumulated other comprehensive (income) loss: Unrealized foreign currency translation (gains) losses 4,925 4,504 Unrealized (gains) losses on fixed maturity securities 4,995 1,701 Unrealized (gains) losses on derivatives 16 16 Effect on change in discount rate assumptions (12,264) (6,832) Pension liability adjustment (85) (42) Adjusted book value1 26,870 28,035 GAAP capitalization $38,183 $37,373 GAAP debt to capitalization 23.3% 23.2% Adjusted capitalization ex-AOCI 1,2 $35,090 $36,321 Adjusted debt to adjusted capitalization ex-AOCI 22.6% 22.0% 1 Non-U.S. GAAP Financial Measure; see “Glossary of Non-U.S. GAAP Financial Measures” in Appendix for information about adjusted debt; adjusted book value; adjusted debt, including 50% of subordinated debentures and perpetual bonds. 2 Adjusted capitalization ex-AOCI is the sum of adjusted debt, including 50% of subordinated debentures and perpetual bonds, plus adjusted book value. 20

 

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