# EDGAR Filing Document

**Accession Number:** 0000004977
**File Stem:** 0000004977-25-000133
**Filing Date:** 2025-8
**Character Count:** 233265
**Document Hash:** 2df7fb6e72efa0fff648b99cfdafc5c5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000004977-25-000133.hdr.sgml**: 20250805

**ACCESSION NUMBER**: 0000004977-25-000133

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 43

**CONFORMED PERIOD OF REPORT**: 20250805

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250805

**DATE AS OF CHANGE**: 20250805

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AFLAC INC
- **CENTRAL INDEX KEY:** 0000004977
- **STANDARD INDUSTRIAL CLASSIFICATION:** ACCIDENT & HEALTH INSURANCE [6321]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 581167100
- **STATE OF INCORPORATION:** GA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-07434
- **FILM NUMBER:** 251185030

**BUSINESS ADDRESS:**
- **STREET 1:** 1932 WYNNTON RD
- **CITY:** COLUMBUS
- **STATE:** GA
- **ZIP:** 31999
- **BUSINESS PHONE:** 7063233431

**MAIL ADDRESS:**
- **STREET 1:** 1932 WYNNTON ROAD
- **CITY:** COLUMBUS
- **STATE:** GA
- **ZIP:** 31999

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMERICAN FAMILY CORP
- **DATE OF NAME CHANGE:** 19920306

?xml version='1.0' encoding='ASCII'? afl-20250805

**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) August 5, 2025

![g247539tx_pg36.jpg](afl-20250805_g1.jpg)

**Aflac Incorporated** 

**_________________________________________________________________________________________________________________________________________________________**

(Exact name of registrant as specified in its charter)

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| | | | |
|:---|:---|:---|:---|
| **Georgia** | **001-07434** | | **58-1167100** |
| (State or other jurisdiction | (Commission |  | (IRS Employer |
| of incorporation) | File Number) |  | Identification No.) |
| **1932 Wynnton Road** | **Columbus** | **Georgia** | **31999** |
| (Address of principal executive offices) |  |  | (Zip Code) |

---

**706.323.3431** 

**_________________________________________________________________________________________________________________________________________________________**

(Registrant's telephone number, including area code)

**_________________________________________________________________________________________________________________________________________________________**

(Former name 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:

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, $.10 Par Value | AFL | New 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. ◻

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**Item 2.02 Results of Operations and Financial Condition.**

On August 5, 2025, Aflac Incorporated (the "Company") issued a press release dated August 5, 2025 in which it reported the Company's 2025 second 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 second 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.

On August 5, 2025, 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 2025 second 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.

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| | |
|:---|:---|
| <u>Exhibit Number</u> | <u>Exhibit Title or Description</u> |
| <u>[99.1](aflex991-q22025.htm)</u> | Press release of Aflac Incorporated dated August 5, 2025 |
| <u>[99.2](afl063025-fabdocument.htm)</u> | Financial Supplement for Second Quarter 2025 |
| <u>[99.3](aflex993teleconferencespee.htm)</u> | Transcript of comments in video presentation by Max Brodén, Senior Executive Vice President and Chief Financial Officer of Aflac Incorporated. |
| <u>[99.4](maxteleconferencepresent.htm)</u> | Slides referenced in video presentation by Max Brodén, Senior Executive Vice President and Chief Financial Officer of Aflac Incorporated. |
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document) |

---

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**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** |
| August 5, 2025 | */s/ Robin L. Blackmon* |
| | (Robin L. Blackmon) |
| | Senior Vice President, Financial Services |
| | Chief Accounting Officer |

---

## Exhibit 99.1

&nbsp;&nbsp;&nbsp;&nbsp;

![g247539tx_pg36a.jpg](g247539tx_pg36a.jpg)

***News Release***

**Aflac Incorporated Announces Second Quarter Results, Reports Second Quarter Net Earnings of $599 Million, Declares Third Quarter Dividend**

COLUMBUS, Ga. - August 5, 2025 - Aflac Incorporated (NYSE: AFL) today reported its second quarter results.

Total revenues were $4.2 billion in the second quarter of 2025, compared with $5.1 billion in the second quarter of 2024, primarily due to net investment losses of $421 million this quarter compared to net investment gains of $696 million in the second quarter of 2024. Net earnings were $599 million, or $1.11 per diluted share, compared with $1.8 billion, or $3.10 per diluted share a year ago.

Net earnings in the second quarter of 2025 included net investment losses of $421 million, or $0.78 per diluted share, compared with net investment gains of $696 million, or $1.23 per diluted share a year ago. These net investment losses were driven by net losses of $452 million on certain derivatives and foreign currency activities; $58 million of current expected credit losses (CECL); impairments of $6 million; and net losses from sales and redemptions of $3 million; offset by a $98 million gain from an increase in the fair value of equity securities.

Adjusted earnings\* in the second quarter were $957 million, compared with $1.0 billion in the second quarter of 2024, reflecting a decrease of 7.5%. Adjusted earnings per diluted share\* decreased 2.7% to $1.78 in the quarter. Variable investment income ran $35 million below the company's long-term return expectations. Net investment income included $35 million, or $0.05 per share, from a make-whole call of a security in the Japan segment. The stronger yen/dollar exchange rate positively impacted adjusted earnings per share by $0.04.

The average yen/dollar exchange rate in the second quarter of 2025 was 144.60, or 7.7% stronger than the average rate of 155.70 in the second quarter of 2024. For the first six months, the average exchange rate was 148.32, or 2.7% stronger than the rate of 152.30 a year ago.

Shareholders' equity was $27.2 billion, or $50.86 per share, at June 30, 2025, compared with $26.0 billion, or $46.40 per share, at June 30, 2024. Shareholders' equity at the end of the second quarter included a cumulative increase of $5.6 billion for the effect of the change in discount rate assumptions on insurance reserves, compared with a corresponding cumulative increase of $1.4 billion at June 30, 2024 and a net unrealized loss on investment securities and derivatives of $1.8 billion, compared with a net unrealized gain of $379 million at June 30, 2024. Shareholders' equity at the end of the second quarter also included an unrealized foreign currency translation loss of $4.3 billion, compared with an unrealized foreign currency translation loss of $5.1 billion at June 30, 2024. The annualized return on average shareholders' equity in the second quarter was 9.0%.

For the first six months of 2025, total revenues were down 28.5% to $7.6 billion, compared with $10.6 billion in the first half of 2024. Net earnings were $628 million, or $1.16 per diluted share, compared with $3.6 billion, or $6.35 per diluted share, for the first six months of 2024. Adjusted earnings for the first half of 2025 were $1.9 billion, or $3.43 per diluted share, compared with $2.0 billion, or $3.49 per diluted share, in 2024. Excluding the positive impact of $0.03 per share from the stronger yen/dollar exchange rate, adjusted earnings per diluted share decreased 2.3% to $3.41 for the first six months of 2025.

Shareholders' equity excluding AOCI (or adjusted book value\*) was $27.7 billion, or $51.78 per share at June 30, 2025, compared with $29.3 billion, or $52.26 per share, at June 30, 2024. Adjusted book value excluding foreign currency remeasurement\* was $23.6 billion, or $44.17 per share at June 30, 2025, compared with $23.6 billion, or $41.98 per share, at June 30, 2024. The annualized adjusted return on equity excluding foreign currency remeasurement\* in the second quarter was 16.4%.

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&nbsp;&nbsp;&nbsp;&nbsp;

**AFLAC JAPAN**

In yen terms, Aflac Japan's net earned premiums were ¥254.6 billion for the quarter, or 4.8% lower than a year ago, mainly due to internal cancer reinsurance transactions, as well as limited-pay policies reaching paid-up status. Adjusted net investment income decreased 10.5% to ¥101.1 billion primarily due to lower floating rate income and the impact from foreign currency on USD investments in yen terms. Total adjusted revenues in yen declined 6.2% to ¥357.5 billion. Pretax adjusted earnings in yen for the quarter declined 15.0% on a reported basis to ¥114.3 billion, primarily due to the decline in revenue and an increase in expenses, partially offset by lower benefits. Pretax adjusted earnings decreased 11.5% on a currency-neutral basis. The pretax adjusted profit margin for the Japan segment was 32.0%, compared with 35.3% a year ago.

For the first six months, net earned premiums in yen were ¥511.0 billion, or 4.9% lower than a year ago. Adjusted net investment income decreased 9.1% to ¥190.4 billion. Total adjusted revenues in yen were down 6.0% to ¥704.0 billion. Pretax adjusted earnings were ¥224.3 billion, or 12.1% lower than a year ago.

In dollar terms, net earned premiums increased 2.7% to $1.8 billion in the second quarter. Adjusted net investment income decreased 3.6% to $699 million. Total adjusted revenues increased by 1.0% to $2.5 billion. Pretax adjusted earnings declined 8.6% to $790 million.

For the first six months, net earned premiums in dollars were $3.4 billion, or 2.5% lower than a year ago. Adjusted net investment income decreased 6.5% to $1.3 billion. Total adjusted revenues were down 3.6% to $4.7 billion. Pretax adjusted earnings were $1.5 billion, or 9.7% lower than a year ago. As a result, the pretax adjusted profit margin for the Japan segment was 31.9%, compared with 34.1% a year ago.

For the quarter, total new annualized premium sales (sales) increased 23.2% to ¥20.7 billion, or $143 million, primarily reflecting strong sales of *Miraito*, the new cancer insurance product. For the first six months, sales increased 18.7% to ¥34.8 billion, or $236 million.

**AFLAC U.S.**

Aflac U.S. net earned premiums increased 3.4% to $1.5 billion in the second quarter compared to the prior year, reflecting improved sales and persistency. Adjusted net investment income decreased 5.0% to $207 million, primarily due to lower floating rate income. Total adjusted revenues were up 2.6% to $1.7 billion. Pretax adjusted earnings were $388 million, 1.3% higher than a year ago, reflecting higher premiums, which were partially offset by increased benefits, lower net investment income and higher expenses. As a result, the pretax adjusted profit margin for the U.S. segment was 22.5%, compared with 22.7% a year ago.

For the first six months, net earned premiums increased 2.6% to $3.0 billion. Adjusted net investment income decreased 3.5% to $409 million. Total adjusted revenues were up 1.9% to $3.4 billion. Pretax adjusted earnings were $746 million, or 0.9% higher than a year ago. As a result, the pretax adjusted profit margin for the U.S. segment was 21.6%, compared with 21.8% a year ago.

Aflac U.S. sales increased 2.7% in the quarter to $340 million, primarily benefiting from sales of group life and disability products. For the first half of the year, total new sales increased 3.1% to $649 million.

**CORPORATE AND OTHER** 

For the quarter, total adjusted revenues increased 34.9% to $336 million compared to the prior year. Internal reinsurance activity in the fourth quarter of 2024 drove an increase in both net earned premiums and adjusted net investment income. A lower volume of tax credit investments also contributed to higher adjusted net investment income. Total benefits and adjusted expenses increased $90 million compared to the prior year primarily due to reinsurance activity, higher costs pertaining to business operations, and higher interest expense. Pretax adjusted earnings were a gain of $20 million, compared with a gain of $23 million a year ago.

For the first six months, total adjusted revenues increased 33.2% to $662 million. Pretax adjusted earnings were a gain of $63 million, compared with a gain of $21 million a year ago.

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&nbsp;&nbsp;&nbsp;&nbsp;

**DIVIDEND AND CAPITAL RETURNED TO SHAREHOLDERS**

The board of directors declared the third quarter dividend of $0.58 per share, payable on September 2, 2025 to shareholders of record at the close of business on August 20, 2025.

In the second quarter, Aflac Incorporated deployed $829 million in capital to repurchase 7.9 million of its common shares. At the end of June 2025, the company had 30.9 million remaining shares authorized for repurchase.

**OUTLOOK** 

Commenting on the company's results, Aflac Incorporated Chairman and Chief Executive Officer Daniel P. Amos stated: "Aflac delivered solid earnings for the quarter and the first six months. We have continued to actively concentrate on generating profitable growth in the U.S. and Japan with distribution strategies and refreshed products. We believe our strategy will continue to create long-term value for shareholders.

"Looking at our operations in Japan, I am pleased with Aflac Japan's 23.2% year-over-year sales increase and ongoing strong premium persistency. The strong sales were driven largely by sales of our newest cancer insurance product *Miraito*. We also continue to introduce the need for third sector protection to new and younger customers through our innovative first sector product *Tsumitasu*. Overall, I believe we have the right strategy to meet our customers' financial protection needs throughout their different life stages.

"In the U.S., I continue to be pleased with our premium persistency of 79.2%, in addition to our 3.4% increase in net earned premiums and 2.7% increase in sales. We are encouraged by the momentum we are seeing within all areas of our group business, especially our group life and disability as well as network dental. We continue to focus on more profitable growth through our stronger underwriting discipline and improving the productivity of agents and brokers. We are seeing improvement in net earned premiums and continue our prudent approach to expense management and maintaining a strong pretax margin.

"We continue to generate strong capital and cash flows while maintaining our commitment to prudent liquidity and capital management. We have been pleased with our investments, which have continued to produce strong net investment income. We treasure our 2024 milestone of 42 consecutive years of dividend increases and remain committed to extending this record, supported by our financial strength. We repurchased $829 million in shares for the quarter. We intend to continue our balanced approach of investing in growth and driving long-term operating efficiencies."

\*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.

**ABOUT AFLAC INCORPORATED**

Aflac Incorporated (NYSE: AFL), a Fortune 500 company, has helped provide financial protection and peace of mind for nearly 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.<sup>1</sup> In Japan, Aflac Life Insurance Japan is the leading provider of cancer and medical insurance in terms of policies in force. 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 19 consecutive years (2025) and Fortune's World's Most Admired Companies for 24 years (2025). In addition, the company became a signatory of the Principles for Responsible Investment (PRI) in 2021 and has been included in the Dow Jones Sustainability North America Index (2024) for 11 years. To find out how to get help with expenses health insurance doesn't cover, get to know us at aflac.com or aflac.com/español. Investors may learn more about Aflac Incorporated and its commitment to corporate social responsibility and sustainability at investors.aflac.com under "Sustainability."

<sup>1</sup> LIMRA 2024 *U.S. Supplemental Health Insurance Total Market Report*

A copy of Aflac's financial supplement for the quarter can be found on the "Investors" page at aflac.com.

Aflac Incorporated will webcast its quarterly conference call via the "Investors" page of aflac.com at 8:00 a.m. (ET) on August 6, 2025.

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

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&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **<u>AFLAC INCORPORATED AND SUBSIDIARIES CONDENSED INCOME STATEMENT</u>** | **<u>AFLAC INCORPORATED AND SUBSIDIARIES CONDENSED INCOME STATEMENT</u>** | **<u>AFLAC INCORPORATED AND SUBSIDIARIES CONDENSED INCOME STATEMENT</u>** | **<u>AFLAC INCORPORATED AND SUBSIDIARIES CONDENSED INCOME STATEMENT</u>** |
| (UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AND PER-SHARE AMOUNTS) | (UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AND PER-SHARE AMOUNTS) | (UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AND PER-SHARE AMOUNTS) | (UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AND PER-SHARE AMOUNTS) |
| **THREE MONTHS ENDED JUNE 30,** | **2025** | **2024** | **% Change** |
| Total revenues | $4160 | $5138 | (19.0)% |
| Benefits and claims, net | 2010 | 1921 | 4.6 |
| Total acquisition and operating expenses | 1328 | 1198 | 10.9 |
| Earnings before income taxes | 822 | 2019 | (59.3) |
| Income taxes | 223 | 264 |  |
| Net earnings | $599 | $1755 | (65.9)% |
| Net earnings per share – basic | $1.12 | $3.11 | (64.0)% |
| Net earnings per share – diluted | 1.11 | 3.10 | (64.2) |
| Shares used to compute earnings per share (000): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 536688 | 564573 | (4.9)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 538425 | 566838 | (5.0) |
| Dividends paid per share | $0.58 | $0.50 | 16.0% |

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&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **<u>AFLAC INCORPORATED AND SUBSIDIARIES CONDENSED INCOME STATEMENT</u>** | **<u>AFLAC INCORPORATED AND SUBSIDIARIES CONDENSED INCOME STATEMENT</u>** | **<u>AFLAC INCORPORATED AND SUBSIDIARIES CONDENSED INCOME STATEMENT</u>** | **<u>AFLAC INCORPORATED AND SUBSIDIARIES CONDENSED INCOME STATEMENT</u>** |
| (UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AND PER-SHARE AMOUNTS) | (UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AND PER-SHARE AMOUNTS) | (UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AND PER-SHARE AMOUNTS) | (UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AND PER-SHARE AMOUNTS) |
| **SIX MONTHS ENDED JUNE 30,** | **2025** | **2024** | **% Change** |
| Total revenues | $7558 | $10575 | (28.5)% |
| Benefits and claims, net | 3955 | 3932 | 0.6 |
| Total acquisition and operating expenses | 2636 | 2453 | 7.5 |
| Earnings before income taxes | 967 | 4190 | (76.9) |
| Income taxes | 339 | 556 |  |
| Net earnings | $628 | $3634 | (82.7)% |
| Net earnings per share – basic | $1.16 | $6.38 | (81.8)% |
| Net earnings per share – diluted | 1.16 | 6.35 | (81.7) |
| Shares used to compute earnings per share (000): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 540676 | 569730 | (5.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 542629 | 572160 | (5.2) |
| Dividends paid per share | $1.16 | $1.00 | 16.0% |

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&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **<u>AFLAC INCORPORATED AND SUBSIDIARIES CONDENSED BALANCE SHEET</u>** | **<u>AFLAC INCORPORATED AND SUBSIDIARIES CONDENSED BALANCE SHEET</u>** | **<u>AFLAC INCORPORATED AND SUBSIDIARIES CONDENSED BALANCE SHEET</u>** | **<u>AFLAC INCORPORATED AND SUBSIDIARIES CONDENSED BALANCE SHEET</u>** |
| (UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AMOUNTS) | (UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AMOUNTS) | (UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AMOUNTS) | (UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AMOUNTS) |
| **JUNE 30,** | **2025** | **2024** | **% Change** |
| Assets: |  |  |  |
| Total investments and cash | $111769 | $107629 | 3.8% |
| Deferred policy acquisition costs | 9296 | 8550 | 8.7 |
| Other assets | 3671 | 3989 | (8.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $124736 | $120168 | 3.8% |
| Liabilities and shareholders' equity: |  |  |  |
| Policy liabilities | $78904 | $77353 | 2.0% |
| Notes payable and lease obligations | 8933 | 7430 | 20.2 |
| Other liabilities | 9699 | 9338 | 3.9 |
| Shareholders' equity | 27200 | 26047 | 4.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $124736 | $120168 | 3.8% |
| Shares outstanding at end of period (000) | 534809 | 561369 | (4.7)% |

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&nbsp;&nbsp;&nbsp;&nbsp;

**<u>NON-U.S. GAAP FINANCIAL MEASURES</u>**

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 yen weakens, translating yen into dollars results in fewer dollars being reported. When the yen strengthens, translating yen into dollars results in more dollars being reported. Consequently, yen weakening has the effect of suppressing current period results in relation to the comparable prior period, while 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 yen and never converted into dollars but translated into 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:

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted earnings 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. 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.

&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted return on equity is annualized adjusted earnings divided by average shareholders' equity, excluding accumulated other comprehensive income (AOCI). 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 AOCI, 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 average equity (ROE) as determined using annualized net earnings and average total shareholders' equity.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 average equity as determined using annualized net earnings and average total shareholders' equity.

&nbsp;&nbsp;&nbsp;&nbsp;• Amortized hedge costs/income represent costs/income incurred or recognized as a result of using foreign currency derivatives to hedge certain foreign exchange risks in the Company's Japan segment or in Corporate and other. 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

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&nbsp;&nbsp;&nbsp;&nbsp;

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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

------

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **<u>RECONCILIATION OF NET EARNINGS TO ADJUSTED EARNINGS</u>** | **<u>RECONCILIATION OF NET EARNINGS TO ADJUSTED EARNINGS</u>** | **<u>RECONCILIATION OF NET EARNINGS TO ADJUSTED EARNINGS</u>** | **<u>RECONCILIATION OF NET EARNINGS TO ADJUSTED EARNINGS</u>** |
| (UNAUDITED – IN MILLIONS, EXCEPT FOR PER-SHARE AMOUNTS) | (UNAUDITED – IN MILLIONS, EXCEPT FOR PER-SHARE AMOUNTS) | (UNAUDITED – IN MILLIONS, EXCEPT FOR PER-SHARE AMOUNTS) | (UNAUDITED – IN MILLIONS, EXCEPT FOR PER-SHARE AMOUNTS) |
| **THREE MONTHS ENDED JUNE 30,** | **2025** | **2024** | **% Change** |
| Net earnings | $599 | $1755 | (65.9)% |
| Items impacting net earnings: |  |  |  |
| &nbsp;&nbsp;&nbsp;Adjusted net investment (gains) losses | 377 | (749) |  |
| &nbsp;&nbsp;&nbsp;Other and non-recurring (income) loss  |  |  |  |
| &nbsp;&nbsp;&nbsp;Income tax (benefit) expense on items excluded <br>from adjusted earnings | (19) | 29 |  |
| Adjusted earnings | 957 | 1035 | (7.5)% |
| Current period foreign currency impact <sup>1</sup> | (23) | N/A |  |
| Adjusted earnings excluding current period foreign <br> currency impact <sup>2</sup> | $934 | $1035 | (9.8)% |
| Net earnings per diluted share | $1.11 | $3.10 | (64.2)% |
| Items impacting net earnings: |  |  |  |
| &nbsp;&nbsp;&nbsp;Adjusted net investment (gains) losses | 0.70 | (1.32) |  |
| &nbsp;&nbsp;&nbsp;Other and non-recurring (income) loss  |  |  |  |
| &nbsp;&nbsp;&nbsp;Income tax (benefit) expense on items excluded <br>from adjusted earnings | (0.04) | 0.05 |  |
| Adjusted earnings per diluted share | 1.78 | 1.83 | (2.7)% |
| Current period foreign currency impact <sup>1</sup> | (0.04) | N/A |  |
| Adjusted earnings per diluted share excluding <br> current period foreign currency impact <sup>2</sup> | $1.73 | $1.83 | (5.5)% |

---

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>Prior period foreign currency impact reflected as "N/A" to isolate change for current period only.

<sup>2&nbsp;&nbsp;&nbsp;&nbsp;</sup>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.

------

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **<u>RECONCILIATION OF NET EARNINGS TO ADJUSTED EARNINGS</u>** | **<u>RECONCILIATION OF NET EARNINGS TO ADJUSTED EARNINGS</u>** | **<u>RECONCILIATION OF NET EARNINGS TO ADJUSTED EARNINGS</u>** | **<u>RECONCILIATION OF NET EARNINGS TO ADJUSTED EARNINGS</u>** |
| (UNAUDITED – IN MILLIONS, EXCEPT FOR PER-SHARE AMOUNTS) | (UNAUDITED – IN MILLIONS, EXCEPT FOR PER-SHARE AMOUNTS) | (UNAUDITED – IN MILLIONS, EXCEPT FOR PER-SHARE AMOUNTS) | (UNAUDITED – IN MILLIONS, EXCEPT FOR PER-SHARE AMOUNTS) |
| **SIX MONTHS ENDED JUNE 30,** | **2025** | **2024** | **% Change** |
| Net earnings | $628 | $3634 | (82.7)% |
| Items impacting net earnings: |  |  |  |
| &nbsp;&nbsp;&nbsp;Adjusted net investment (gains) losses | 1301 | (1758) |  |
| &nbsp;&nbsp;&nbsp;Other and non-recurring (income) loss  | 53 | 2 |  |
| &nbsp;&nbsp;&nbsp;Income tax (benefit) expense on items excluded <br>from adjusted earnings | (119) | 118 |  |
| Adjusted earnings | 1863 | 1996 | (6.7)% |
| Current period foreign currency impact <sup>1</sup> | (15) | N/A |  |
| Adjusted earnings excluding current period foreign <br> currency impact <sup>2</sup> | $1848 | $1996 | (7.4)% |
| Net earnings per diluted share | $1.16 | $6.35 | (81.7)% |
| Items impacting net earnings: |  |  |  |
| &nbsp;&nbsp;&nbsp;Adjusted net investment (gains) losses | 2.40 | (3.07) |  |
| &nbsp;&nbsp;&nbsp;Other and non-recurring (income) loss  | 0.10 |  |  |
| &nbsp;&nbsp;&nbsp;Income tax (benefit) expense on items excluded <br>from adjusted earnings | (0.22) | 0.21 |  |
| Adjusted earnings per diluted share | 3.43 | 3.49 | (1.7)% |
| Current period foreign currency impact <sup>1</sup> | (0.03) | N/A |  |
| Adjusted earnings excluding current period foreign <br> currency impact <sup>2</sup> | $3.41 | $3.49 | (2.3)% |

---

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>Prior period foreign currency impact reflected as "N/A" to isolate change for current period only.

<sup>2&nbsp;&nbsp;&nbsp;&nbsp;</sup>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.

------

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **<u>RECONCILIATION OF NET INVESTMENT (GAINS) LOSSES TO ADJUSTED NET INVESTMENT (GAINS) LOSSES</u>** | **<u>RECONCILIATION OF NET INVESTMENT (GAINS) LOSSES TO ADJUSTED NET INVESTMENT (GAINS) LOSSES</u>** | **<u>RECONCILIATION OF NET INVESTMENT (GAINS) LOSSES TO ADJUSTED NET INVESTMENT (GAINS) LOSSES</u>** | **<u>RECONCILIATION OF NET INVESTMENT (GAINS) LOSSES TO ADJUSTED NET INVESTMENT (GAINS) LOSSES</u>** |
| (UNAUDITED – IN MILLIONS) | (UNAUDITED – IN MILLIONS) | (UNAUDITED – IN MILLIONS) | (UNAUDITED – IN MILLIONS) |
| **THREE MONTHS ENDED JUNE 30,** | **2025** | **2024** | **% Change** |
| Net investment (gains) losses | $421 | $(696) | (160.5)% |
| Items impacting net investment (gains) losses: |  |  |  |
| &nbsp;&nbsp;&nbsp;Amortized hedge costs | (11) | (7) |  |
| &nbsp;&nbsp;&nbsp;Amortized hedge income | 30 | 34 |  |
| &nbsp;&nbsp;&nbsp;Net interest income (expense) from derivatives associated <br>&nbsp;&nbsp;&nbsp;&nbsp; with certain investment strategies | (64) | (89) |  |
| &nbsp;&nbsp;&nbsp;Impact of interest from derivatives associated with <br>&nbsp;&nbsp;&nbsp;&nbsp; notes payable<sup>1</sup> |  | 9 |  |
| Adjusted net investment (gains) losses | $377 | $(749) | (150.3)% |

---

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>Amounts are included with interest expenses that are a component of adjusted expenses.

---

| | | | |
|:---|:---|:---|:---|
| **<u>RECONCILIATION OF NET INVESTMENT INCOME TO ADJUSTED NET INVESTMENT INCOME</u>** | **<u>RECONCILIATION OF NET INVESTMENT INCOME TO ADJUSTED NET INVESTMENT INCOME</u>** | **<u>RECONCILIATION OF NET INVESTMENT INCOME TO ADJUSTED NET INVESTMENT INCOME</u>** | **<u>RECONCILIATION OF NET INVESTMENT INCOME TO ADJUSTED NET INVESTMENT INCOME</u>** |
| (UNAUDITED – IN MILLIONS) | (UNAUDITED – IN MILLIONS) | (UNAUDITED – IN MILLIONS) | (UNAUDITED – IN MILLIONS) |
| **THREE MONTHS ENDED JUNE 30,** | **2025** | **2024** | **% Change** |
| Net investment income | $1081 | $1095 | (1.3)% |
| Items impacting net investment income: |  |  |  |
| &nbsp;&nbsp;&nbsp;Amortized hedge costs | (11) | (7) |  |
| &nbsp;&nbsp;&nbsp;Amortized hedge income | 30 | 34 |  |
| &nbsp;&nbsp;&nbsp;Net interest income (expense) from derivatives associated <br>&nbsp;&nbsp;&nbsp;&nbsp; with certain investment strategies | (64) | (89) |  |
| Adjusted net investment income | $1036 | $1033 | 0.3% |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **<u>RECONCILIATION OF NET INVESTMENT (GAINS) LOSSES TO ADJUSTED NET INVESTMENT (GAINS) LOSSES</u>** | **<u>RECONCILIATION OF NET INVESTMENT (GAINS) LOSSES TO ADJUSTED NET INVESTMENT (GAINS) LOSSES</u>** | **<u>RECONCILIATION OF NET INVESTMENT (GAINS) LOSSES TO ADJUSTED NET INVESTMENT (GAINS) LOSSES</u>** | **<u>RECONCILIATION OF NET INVESTMENT (GAINS) LOSSES TO ADJUSTED NET INVESTMENT (GAINS) LOSSES</u>** |
| (UNAUDITED – IN MILLIONS) | (UNAUDITED – IN MILLIONS) | (UNAUDITED – IN MILLIONS) | (UNAUDITED – IN MILLIONS) |
| **SIX MONTHS ENDED JUNE 30,** | **2025** | **2024** | **% Change** |
| Net investment (gains) losses | $1384 | $(1647) | (184.0)% |
| Items impacting net investment (gains) losses: |  |  |  |
| &nbsp;&nbsp;&nbsp;Amortized hedge costs | (18) | (13) |  |
| &nbsp;&nbsp;&nbsp;Amortized hedge income | 60 | 62 |  |
| &nbsp;&nbsp;&nbsp;Net interest income (expense) from derivatives associated <br>&nbsp;&nbsp;&nbsp;&nbsp; with certain investment strategies | (129) | (177) |  |
| &nbsp;&nbsp;&nbsp;Impact of interest from derivatives associated with <br>&nbsp;&nbsp;&nbsp;&nbsp; notes payable<sup>1</sup> | 4 | 17 |  |
| Adjusted net investment (gains) losses | $1301 | $(1758) | (174.0)% |

---

<sup>1</sup><sup>&nbsp;&nbsp;&nbsp;&nbsp;</sup>Amounts are included with interest expenses that are a component of adjusted expenses.

---

| | | | |
|:---|:---|:---|:---|
| **<u>RECONCILIATION OF NET INVESTMENT INCOME TO ADJUSTED NET INVESTMENT INCOME</u>** | **<u>RECONCILIATION OF NET INVESTMENT INCOME TO ADJUSTED NET INVESTMENT INCOME</u>** | **<u>RECONCILIATION OF NET INVESTMENT INCOME TO ADJUSTED NET INVESTMENT INCOME</u>** | **<u>RECONCILIATION OF NET INVESTMENT INCOME TO ADJUSTED NET INVESTMENT INCOME</u>** |
| (UNAUDITED – IN MILLIONS) | (UNAUDITED – IN MILLIONS) | (UNAUDITED – IN MILLIONS) | (UNAUDITED – IN MILLIONS) |
| **SIX MONTHS ENDED JUNE 30,** | **2025** | **2024** | **% Change** |
| Net investment income | $2036 | $2095 | (2.8)% |
| Items impacting net investment income: |  |  |  |
| &nbsp;&nbsp;&nbsp;Amortized hedge costs | (18) | (13) |  |
| &nbsp;&nbsp;&nbsp;Amortized hedge income | 60 | 62 |  |
| &nbsp;&nbsp;&nbsp;Net interest income (expense) from derivatives associated <br>&nbsp;&nbsp;&nbsp;&nbsp; with certain investment strategies | (129) | (177) |  |
| Adjusted net investment income | $1949 | $1967 | (0.9)% |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **<u>RECONCILIATION OF U.S. GAAP BOOK VALUE TO ADJUSTED BOOK VALUE</u>**  | **<u>RECONCILIATION OF U.S. GAAP BOOK VALUE TO ADJUSTED BOOK VALUE</u>**  | **<u>RECONCILIATION OF U.S. GAAP BOOK VALUE TO ADJUSTED BOOK VALUE</u>**  | **<u>RECONCILIATION OF U.S. GAAP BOOK VALUE TO ADJUSTED BOOK VALUE</u>**  |
| (EXCLUDING FOREIGN CURRENCY REMEASUREMENT) | (EXCLUDING FOREIGN CURRENCY REMEASUREMENT) | (EXCLUDING FOREIGN CURRENCY REMEASUREMENT) | (EXCLUDING FOREIGN CURRENCY REMEASUREMENT) |
| (UNAUDITED - IN MILLIONS, EXCEPT FOR SHARE AND PER-SHARE AMOUNTS) | (UNAUDITED - IN MILLIONS, EXCEPT FOR SHARE AND PER-SHARE AMOUNTS) | (UNAUDITED - IN MILLIONS, EXCEPT FOR SHARE AND PER-SHARE AMOUNTS) | (UNAUDITED - IN MILLIONS, EXCEPT FOR SHARE AND PER-SHARE AMOUNTS) |
| **JUNE 30,** | **2025** | **2024** | **% Change** |
| U.S. GAAP book value | $27200 | $26047 |  |
| Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized foreign currency translation gains (losses) | (4282) | (5091) |  |
| &nbsp;&nbsp;&nbsp;Unrealized gains (losses) on securities and derivatives | (1845) | 379 |  |
| &nbsp;&nbsp;&nbsp;Effect of changes in discount rate assumptions | 5594 | 1425 |  |
| &nbsp;&nbsp;&nbsp;Pension liability adjustment | 42 | (5) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total AOCI | (491) | (3292) |  |
| Adjusted book value | $27691 | $29339 |  |
| Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency remeasurement gains (losses) | 4069 | 5770 |  |
| Adjusted book value excluding foreign currency remeasurement | $23622 | $23569 |  |
| Number of outstanding shares at end of period (000) | 534809 | 561369 |  |
| U.S. GAAP book value per common share | $50.86 | $46.40 | 9.6% |
| Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized foreign currency translation gains (losses) per common share | (8.01) | (9.07) |  |
| &nbsp;&nbsp;&nbsp;Unrealized gains (losses) on securities and derivatives per common share | (3.45) | 0.68 |  |
| &nbsp;&nbsp;&nbsp;Effect of changes in discount rate assumptions <br>&nbsp;&nbsp;&nbsp;&nbsp; per common share | 10.46 | 2.54 |  |
| &nbsp;&nbsp;&nbsp;Pension liability adjustment per common share | 0.08 | (0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total AOCI per common share | (0.92) | (5.86) |  |
| Adjusted book value per common share | $51.78 | $52.26 | (0.9)% |
| Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency remeasurement gains (losses) per common share | 7.61 | 10.28 |  |
| Adjusted book value excluding foreign currency remeasurement per common share | $44.17 | $41.98 | 5.2% |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<u>RECONCILIATION OF U.S. GAAP RETURN ON EQUITY (ROE) TO ADJUSTED ROE</u>**  | **<u>RECONCILIATION OF U.S. GAAP RETURN ON EQUITY (ROE) TO ADJUSTED ROE</u>**  | **<u>RECONCILIATION OF U.S. GAAP RETURN ON EQUITY (ROE) TO ADJUSTED ROE</u>**  |
| (EXCLUDING IMPACT OF FOREIGN CURRENCY) | (EXCLUDING IMPACT OF FOREIGN CURRENCY) | (EXCLUDING IMPACT OF FOREIGN CURRENCY) |
| **THREE MONTHS ENDED JUNE 30,** | **2025** | **2024** |
| U.S. GAAP ROE - Net earnings<sup>1</sup> | 9.0% | 28.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Impact of excluding unrealized foreign currency translation gains (losses) | (1.5) | (4.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Impact of excluding unrealized gains (losses) on securities and derivatives | (0.5) | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impact of excluding effect of changes in discount rate assumptions | 1.6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Impact of excluding pension liability adjustment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impact of excluding AOCI | (0.4) | (4.1) |
| U.S. GAAP ROE - less AOCI | 8.6 | 24.2 |
| Differences between adjusted earnings and net earnings<sup>2</sup> | 5.1 | (9.9) |
| Adjusted ROE - reported | 13.7 | 14.3 |
| Impact of excluding gains (losses) associated with foreign currency remeasurement<sup>3</sup> | 2.7 | 3.2 |
| Adjusted ROE, excluding foreign currency remeasurement | 16.4 | 17.5 |

---

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>U.S. GAAP ROE is calculated by dividing net earnings (annualized) by average shareholders' equity.

<sup>2&nbsp;&nbsp;&nbsp;&nbsp;</sup>See separate reconciliation of net income to adjusted earnings.

<sup>3&nbsp;&nbsp;&nbsp;&nbsp;</sup>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.

------

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<u>RECONCILIATION OF U.S. GAAP RETURN ON EQUITY (ROE) TO ADJUSTED ROE</u>**  | **<u>RECONCILIATION OF U.S. GAAP RETURN ON EQUITY (ROE) TO ADJUSTED ROE</u>**  | **<u>RECONCILIATION OF U.S. GAAP RETURN ON EQUITY (ROE) TO ADJUSTED ROE</u>**  |
| (EXCLUDING IMPACT OF FOREIGN CURRENCY) | (EXCLUDING IMPACT OF FOREIGN CURRENCY) | (EXCLUDING IMPACT OF FOREIGN CURRENCY) |
| **SIX MONTHS ENDED JUNE 30,** | **2025** | **2024** |
| U.S. GAAP ROE - Net earnings<sup>1</sup> | 4.7% | 30.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Impact of excluding unrealized foreign currency translation gains (losses) | (0.8) | (4.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Impact of excluding unrealized gains (losses) on securities and derivatives | (0.2) | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impact of excluding effect of changes in discount rate assumptions | 0.7 | (0.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Impact of excluding pension liability adjustment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impact of excluding AOCI | (0.3) | (4.7) |
| U.S. GAAP ROE - less AOCI | 4.4 | 25.6 |
| Differences between adjusted earnings and net earnings<sup>2</sup> | 8.7 | (11.5) |
| Adjusted ROE - reported | 13.1 | 14.0 |
| Impact of excluding gains (losses) associated with foreign currency remeasurement<sup>3</sup> | 2.8 | 2.9 |
| Adjusted ROE, excluding foreign currency remeasurement | 15.9 | 16.9 |

---

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>U.S. GAAP ROE is calculated by dividing net earnings (annualized) by average shareholders' equity.

<sup>2</sup><sup>&nbsp;&nbsp;&nbsp;&nbsp;</sup>See separate reconciliation of net income to adjusted earnings.

<sup>3</sup><sup>&nbsp;&nbsp;&nbsp;&nbsp;</sup>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.

------

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<u>EFFECT OF FOREIGN CURRENCY ON ADJUSTED RESULTS</u>**<sup>1</sup> | **<u>EFFECT OF FOREIGN CURRENCY ON ADJUSTED RESULTS</u>**<sup>1</sup> | **<u>EFFECT OF FOREIGN CURRENCY ON ADJUSTED RESULTS</u>**<sup>1</sup> |
| (SELECTED PERCENTAGE CHANGES, UNAUDITED) | (SELECTED PERCENTAGE CHANGES, UNAUDITED) | (SELECTED PERCENTAGE CHANGES, UNAUDITED) |
| **THREE MONTHS ENDED JUNE 30, 2025** | **Including<br>Currency<br>Changes** | **Excluding**<br>**Currency**<br>**Changes**<sup>2</sup> |
| Net earned premiums<sup>3</sup> | 4.4% | 0.0% |
| Adjusted net investment income<sup>4</sup> | 0.3 | (1.5) |
| Total benefits and expenses | 7.3 | 3.0 |
| Adjusted earnings | (7.5) | (9.8) |
| Adjusted earnings per diluted share | (2.7) | (5.5) |

---

<sup>1</sup>Refer to previously defined adjusted earnings and adjusted earnings per diluted share.

<sup>2</sup>Amounts 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.

<sup>3</sup>Net of reinsurance

<sup>4</sup>Refer to previously defined adjusted net investment income.

------

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<u>EFFECT OF FOREIGN CURRENCY ON ADJUSTED RESULTS</u>**<sup>1</sup> | **<u>EFFECT OF FOREIGN CURRENCY ON ADJUSTED RESULTS</u>**<sup>1</sup> | **<u>EFFECT OF FOREIGN CURRENCY ON ADJUSTED RESULTS</u>**<sup>1</sup> |
| (SELECTED PERCENTAGE CHANGES, UNAUDITED) | (SELECTED PERCENTAGE CHANGES, UNAUDITED) | (SELECTED PERCENTAGE CHANGES, UNAUDITED) |
| **SIX MONTHS ENDED JUNE 30, 2025** | **Including<br>Currency<br>Changes** | **Excluding**<br>**Currency**<br>**Changes**<sup>2</sup> |
| Net earned premiums<sup>3</sup> | 1.0% | (0.4)% |
| Adjusted net investment income<sup>4</sup> | (0.9) | (1.6) |
| Total benefits and expenses | 2.6 | 1.3 |
| Adjusted earnings | (6.7) | (7.4) |
| Adjusted earnings per diluted share | (1.7) | (2.3) |

---

<sup>1</sup>Refer to previously defined adjusted earnings and adjusted earnings per diluted share.

<sup>2</sup>Amounts 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.

<sup>3</sup>Net of reinsurance

<sup>4</sup>Refer to previously defined adjusted net investment income.

------

&nbsp;&nbsp;&nbsp;&nbsp;

**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 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:* 

&nbsp;&nbsp;&nbsp;&nbsp;*• difficult conditions in global capital markets and the economy, including inflation*

&nbsp;&nbsp;&nbsp;&nbsp;*• defaults and credit downgrades of investments*

&nbsp;&nbsp;&nbsp;&nbsp;*• global fluctuations in interest rates and exposure to significant interest rate risk*

&nbsp;&nbsp;&nbsp;&nbsp;*• concentration of business in Japan* 

&nbsp;&nbsp;&nbsp;&nbsp;*• limited availability of acceptable yen-denominated investments*

&nbsp;&nbsp;&nbsp;&nbsp;*• foreign currency fluctuations in the yen/dollar exchange rate*

&nbsp;&nbsp;&nbsp;&nbsp;*• differing interpretations applied to investment valuations*

&nbsp;&nbsp;&nbsp;&nbsp;*• significant valuation judgments in determination of expected credit losses recorded on the Company's investments*

&nbsp;&nbsp;&nbsp;&nbsp;*• decreases in the Company's financial strength or debt ratings*

&nbsp;&nbsp;&nbsp;&nbsp;*• decline in creditworthiness of other financial institutions*

&nbsp;&nbsp;&nbsp;&nbsp;*• the Company's ability to attract and retain qualified sales associates, brokers, employees, and distribution partners*

&nbsp;&nbsp;&nbsp;&nbsp;*• deviations in actual experience from pricing and reserving assumptions*

&nbsp;&nbsp;&nbsp;&nbsp;*• ability to continue to develop and implement improvements in information technology systems and on successful execution of revenue growth and expense management initiatives*

&nbsp;&nbsp;&nbsp;&nbsp;*• 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*

&nbsp;&nbsp;&nbsp;&nbsp;*• subsidiaries' ability to pay dividends to the Parent Company*

&nbsp;&nbsp;&nbsp;&nbsp;*• inherent limitations to risk management policies and procedures*

&nbsp;&nbsp;&nbsp;&nbsp;*• operational risks of third-party vendors*

&nbsp;&nbsp;&nbsp;&nbsp;*• tax rates applicable to the Company may change*

&nbsp;&nbsp;&nbsp;&nbsp;*• failure to comply with restrictions on policyholder privacy and information security*

&nbsp;&nbsp;&nbsp;&nbsp;*• extensive regulation and changes in law or regulation by governmental authorities*

&nbsp;&nbsp;&nbsp;&nbsp;*• competitive environment and ability to anticipate and respond to market trends*

&nbsp;&nbsp;&nbsp;&nbsp;*• 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*

&nbsp;&nbsp;&nbsp;&nbsp;*• ability to protect the Aflac brand and the Company's reputation*

&nbsp;&nbsp;&nbsp;&nbsp;*• ability to effectively manage key executive succession*

&nbsp;&nbsp;&nbsp;&nbsp;*• changes in accounting standards*

&nbsp;&nbsp;&nbsp;&nbsp;*• level and outcome of litigation or regulatory inquiries*

&nbsp;&nbsp;&nbsp;&nbsp;*• allegations or determinations of worker misclassification in the United States*

Analyst and investor contact - David A. Young, 706.596.3264; 800.235.2667 or dyoung@aflac.com

Media contact - Ines Gutzmer, 762.207.7601 or igutzmer@aflac.com

## Exhibit 99.2

**Final&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8/5/2025**

![aflaclogoa01a01a01a33a.jpg](aflaclogoa01a01a01a33a.jpg)

**Financial Supplement**

**Second Quarter 2025**

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** |
| <u>[Share Data](#ib280735eba144cdbae169dc9600e0cc8_4)</u> | <u>[2](#ib280735eba144cdbae169dc9600e0cc8_4)</u> |
| <u>[Summary of Adjusted Results by Business Segment](#ib280735eba144cdbae169dc9600e0cc8_7)</u> | <u>[3](#ib280735eba144cdbae169dc9600e0cc8_7)</u> |
| <u>[Statements of Earnings](#ib280735eba144cdbae169dc9600e0cc8_10)</u> | <u>[4](#ib280735eba144cdbae169dc9600e0cc8_10)</u> |
| <u>[Analysis of Net Earnings and Net Earnings Per Share](#ib280735eba144cdbae169dc9600e0cc8_13)</u> | <u>[5](#ib280735eba144cdbae169dc9600e0cc8_13)</u> |
| <u>[Balance Sheets](#ib280735eba144cdbae169dc9600e0cc8_16)</u> | <u>[6](#ib280735eba144cdbae169dc9600e0cc8_16)</u> |
| <u>[Quarterly Financial Results](#ib280735eba144cdbae169dc9600e0cc8_19)</u> | <u>[7](#ib280735eba144cdbae169dc9600e0cc8_19)</u> |
| <u>[Quarterly Book Value Per Share](#ib280735eba144cdbae169dc9600e0cc8_22)</u> | <u>[8](#ib280735eba144cdbae169dc9600e0cc8_22)</u> |
| <u>[Return on Equity](#ib280735eba144cdbae169dc9600e0cc8_25)</u> | <u>[9](#ib280735eba144cdbae169dc9600e0cc8_25)</u> |
| <u>[Adjusted Earnings Per Share Excluding Current Period Foreign Currency Impact](#ib280735eba144cdbae169dc9600e0cc8_28)</u> | <u>[10](#ib280735eba144cdbae169dc9600e0cc8_28)</u> |
| <u>[Investment Results](#ib280735eba144cdbae169dc9600e0cc8_31)</u> | <u>[11](#ib280735eba144cdbae169dc9600e0cc8_31)</u>,<u>[12](#ib280735eba144cdbae169dc9600e0cc8_34)</u>,<u>[13](#ib280735eba144cdbae169dc9600e0cc8_37)</u> |
| <u>[Long-Term Debt Data](#ib280735eba144cdbae169dc9600e0cc8_40)</u> | <u>[14](#ib280735eba144cdbae169dc9600e0cc8_40)</u> |
| <u>[Ratings](#ib280735eba144cdbae169dc9600e0cc8_43)</u> | <u>[15](#ib280735eba144cdbae169dc9600e0cc8_43)</u> |
| **Aflac U.S.:** |  |
| <u>[Statement of Pretax Adjusted Earnings](#ib280735eba144cdbae169dc9600e0cc8_46)</u> | <u>[16](#ib280735eba144cdbae169dc9600e0cc8_46)</u> |
| <u>[Balance Sheets](#ib280735eba144cdbae169dc9600e0cc8_49)</u> | <u>[17](#ib280735eba144cdbae169dc9600e0cc8_49)</u> |
| <u>[Quarterly Pretax Adjusted Earnings](#ib280735eba144cdbae169dc9600e0cc8_52)</u> | <u>[18](#ib280735eba144cdbae169dc9600e0cc8_52)</u> |
| <u>[Operating Ratios](#ib280735eba144cdbae169dc9600e0cc8_55)</u> | <u>[19](#ib280735eba144cdbae169dc9600e0cc8_55)</u> |
| <u>[Sales](#ib280735eba144cdbae169dc9600e0cc8_58)</u> | <u>[20](#ib280735eba144cdbae169dc9600e0cc8_58)</u>,<u>[21](#ib280735eba144cdbae169dc9600e0cc8_61)</u> |
| **Aflac Japan:** |  |
| <u>[Statement of Pretax Adjusted Earnings](#ib280735eba144cdbae169dc9600e0cc8_64)</u> | <u>[22](#ib280735eba144cdbae169dc9600e0cc8_64)</u>,<u>[23](#ib280735eba144cdbae169dc9600e0cc8_67)</u> |
| <u>[Balance Sheets](#ib280735eba144cdbae169dc9600e0cc8_70)</u> | <u>[24](#ib280735eba144cdbae169dc9600e0cc8_70)</u>,<u>[25](#ib280735eba144cdbae169dc9600e0cc8_73)</u> |
| <u>[Quarterly Pretax Adjusted Earnings](#ib280735eba144cdbae169dc9600e0cc8_76)</u> | <u>[26](#ib280735eba144cdbae169dc9600e0cc8_76)</u> |
| <u>[Operating Ratios](#ib280735eba144cdbae169dc9600e0cc8_79)</u> | <u>[27](#ib280735eba144cdbae169dc9600e0cc8_79)</u> |
| <u>[Sales](#ib280735eba144cdbae169dc9600e0cc8_82)</u> | <u>[28](#ib280735eba144cdbae169dc9600e0cc8_82)</u>,<u>[29](#ib280735eba144cdbae169dc9600e0cc8_85)</u>,<u>[30](#ib280735eba144cdbae169dc9600e0cc8_88)</u> |
| <u>[Yen/Dollar Exchange Rates](#ib280735eba144cdbae169dc9600e0cc8_91)</u> | <u>[31](#ib280735eba144cdbae169dc9600e0cc8_91)</u> |
| **Corporate and Other:** |  |
| <u>[Statement of Pretax Adjusted Earnings](#ib280735eba144cdbae169dc9600e0cc8_94)</u> | <u>[32](#ib280735eba144cdbae169dc9600e0cc8_94)</u> |
| **Non-U.S. GAAP Financial Measures** | <u>[33](#ib280735eba144cdbae169dc9600e0cc8_97)</u> |

---

**For more information, contact:**

**David Young**

**Phone. 706.596.3264**

**<u>Aflacir@aflac.com</u>**

**investors.aflac.com**

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | | | | | | | | | |
| | **Share Data** | **Share Data** | **Share Data** | **Share Data** | **Share Data** | **Share Data** | **Share Data** | **Share Data** | **Share Data** | **Share Data** | **Share Data** | **Share Data** | **Share Data** | **Share Data** |
|  | (In Thousands) | (In Thousands) | (In Thousands) | (In Thousands) | (In Thousands) | (In Thousands) | (In Thousands) | (In Thousands) | (In Thousands) | (In Thousands) | (In Thousands) | (In Thousands) | (In Thousands) | (In Thousands) |
| <sup>1</sup> |  |  |  | **Shares Issued** | **Shares Issued** | **Shares Purchased** | **Shares Purchased** |  | **QTD Weighted Avg. Shares** | **QTD Weighted Avg. Shares** | **QTD Weighted Avg. Shares** | **YTD Weighted Avg. Shares** | **YTD Weighted Avg. Shares** | **YTD Weighted Avg. Shares** |
|  |  | **Period** | **Beginning Shares Outstanding** | **Stk. Bon. & DRP** | **Stk. Opt. & Misc.** | **Treas. Shares** | **Misc. Purch.** <sup>(1)</sup> | **Ending Shares Outstanding** | **Avg. Shares** | **Dilutive Shares** | **Avg. Diluted** | **Avg. Shares** | **Dilutive Shares** | **Avg. Diluted** |
|  | 2023 | 1 | 615256 | 239 | 1152 | 10348 | 347 | 605952 | 611205 | 2745 | 613950 | 611205 | 2745 | 613950 |
|  |  | 2 | 605952 | 259 | 225 | 10461 | 6 | 595969 | 600742 | 2187 | 602929 | 605945 | 2466 | 608411 |
|  |  | 3 | 595969 | 210 | 115 | 9390 | 7 | 586897 | 591246 | 2350 | 593596 | 600991 | 2427 | 603419 |
|  |  | 4 | 586897 | 191 | 94 | 8698 | 5 | 578479 | 581876 | 3005 | 584881 | 596173 | 2572 | 598745 |
|  | 2024 | 1 | 578479 | 212 | 1320 | 9276 | 457 | 570278 | 574886 | 2596 | 577482 | 574886 | 2596 | 577482 |
|  |  | 2 | 570278 | 217 | 186 | 9288 | 24 | 561369 | 564573 | 2265 | 566838 | 569730 | 2430 | 572160 |
|  |  | 3 | 561369 | 165 | 75 | 4882 | 10 | 556717 | 557899 | 2515 | 560414 | 565757 | 2459 | 568216 |
|  |  | 4 | 556717 | 156 | 77 | 6982 | 4 | 549964 | 552767 | 2716 | 555483 | 562492 | 2523 | 565015 |
|  | **2025** | 1 | 549964 | 173 | 1251 | 8497 | 398 | 542493 | 544707 | 2171 | 546878 | 544707 | 2171 | 546878 |
|  |  | **2** | **542493** | **193** | **42** | **7916** | **4** | **534809** | **536688** | **1737** | **538425** | **540676** | **1954** | **542630** |

---

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

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** |
| | **Summary of Adjusted Results by Business Segment** | **Summary of Adjusted Results by Business Segment** | **Summary of Adjusted Results by Business Segment** | **Summary of Adjusted Results by Business Segment** | **Summary of Adjusted Results by Business Segment** | **Summary of Adjusted Results by Business Segment** | **Summary of Adjusted Results by Business Segment** | **Summary of Adjusted Results by Business Segment** | **Summary of Adjusted Results by Business Segment** | **Summary of Adjusted Results by Business Segment** | **Summary of Adjusted Results by Business Segment** | **Summary of Adjusted Results by Business Segment** |
|  | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) |
|  |  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **3 Months Ended June 30,** | **3 Months Ended June 30,** | **3 Months Ended June 30,** | **6 Months Ended June 30,** | **6 Months Ended June 30,** | **6 Months Ended June 30,** |
|  |  | **2020** | **2021** | **2022** | **2023** | **2024** | **2024** | **2025** | **% Change** | **2024** | **2025** | **% Change** |
|  | Aflac Japan | $3263 | $3755 | $3281 | $3234 | $3494 | $864 | $**790** | (8.6)% | $1674 | $**1512** | (9.7)% |
|  | Aflac U.S. | 1268 | 1356 | 1359 | 1501 | 1419 | 383 | **388** | 1.3 | 739 | **746** | 0.9 |
| <sup>1</sup> | Corporate and other <sup>(1)</sup> | (115) | (293) | (218) | (425) | 32 | 23 | **20** |  | 21 | **63** |  |
|  | &nbsp;&nbsp;Pretax adjusted earnings | 4416 | 4819 | 4422 | 4310 | 4945 | 1270 | **1198** | (5.7) | 2434 | **2321** | (4.6) |
|  | Income taxes <sup>(1)</sup> | 864 | 893 | 808 | 577 | 873 | 235 | **241** | 2.6 | 438 | **458** | 4.6 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Adjusted earnings <sup>(2)</sup> | 3552 | 3925 | 3614 | 3733 | 4072 | 1035 | **957** | (7.5) | 1996 | **1863** | (6.7) |
|  | **Reconciling items:** |  |  |  |  |  |  |  |  |  |  |  |
|  | Adjusted net investment gains (losses) | (229) | 462 | 447 | 914 | 1495 | 749 | **(377)** |  | 1758 | **(1301)** |  |
|  | Other and non-recurring income (loss)  | (28) | (73) | 1 | 39 | (23) |  | **—** |  | (2) | **(53)** |  |
| <sup>3</sup> | Income tax benefit (expense) on items excluded from adjusted earnings <sup>(3)</sup> | 72 | (83) | 357 | (26) | (101) | (29) | **19** |  | (118) | **119** |  |
| <sup>4</sup> | Tax valuation allowance release <sup>(4)</sup> | 1411 |  |  |  |  |  | **—** |  |  | **—** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net earnings | $4778 | $4231 | $4418 | $4659 | $5443 | $1755 | $**599** | (65.9)% | $3634 | $**628** | (82.7)% |
|  | Effective Tax rate | (14.9)% | 18.7% | 9.3% | 11.5% | 15.2% | 13.1% | **27.0%** |  | 13.3% | **35.0%** |  |
|  | **Earnings per share of common stock:** |  |  |  |  |  |  |  |  |  |  |  |
|  | Net earnings (basic) | $6.69 | $6.28 | $6.96 | $7.81 | $9.68 | $3.11 | $**1.12** | (64.0)% | $6.38 | $**1.16** | (81.8)% |
|  | Net earnings (diluted) | 6.67 | 6.25 | 6.93 | 7.78 | 9.63 | 3.10 | **1.11** | (64.2) | 6.35 | **1.16** | (81.7) |
|  | Adjusted earnings (basic) <sup>(2)</sup> | $4.98 | $5.83 | $5.69 | $6.26 | $7.24 | $1.83 | $**1.78** | (2.7)% | $3.50 | $**3.45** | (1.4)% |
|  | Adjusted earnings (diluted) <sup>(2)</sup> | 4.96 | 5.80 | 5.67 | 6.23 | 7.21 | 1.83 | **1.78** | (2.7) | 3.49 | **3.43** | (1.7) |

---

 <sup>(1)</sup> *The change in value of federal historic rehabilitation and solar investments in partnerships of $8 and $30 for the three-month periods and $16 and $62 for the six-month periods ended June 30, 2025, and 2024, respectively, is included as a reduction to net investment income. Tax credits on these investments of $9 and $31 for the three-month periods and $16 and$64 for the six-month periods ended June 30, 2025, and 2024, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.*

 <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of adjusted earnings.*

 <sup>(3)</sup> *Primarily reflects release of $452 in deferred taxes in 2022.*

 <sup>(4)</sup> *Tax benefit recognized in 2020 represents the release of valuation allowances on deferred tax benefits related to foreign tax credits.*

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** |
| | **Consolidated Statements of Earnings - U.S. GAAP** | **Consolidated Statements of Earnings - U.S. GAAP** | **Consolidated Statements of Earnings - U.S. GAAP** | **Consolidated Statements of Earnings - U.S. GAAP** | **Consolidated Statements of Earnings - U.S. GAAP** | **Consolidated Statements of Earnings - U.S. GAAP** | **Consolidated Statements of Earnings - U.S. GAAP** | **Consolidated Statements of Earnings - U.S. GAAP** | **Consolidated Statements of Earnings - U.S. GAAP** | **Consolidated Statements of Earnings - U.S. GAAP** | **Consolidated Statements of Earnings - U.S. GAAP** | **Consolidated Statements of Earnings - U.S. GAAP** |
|  | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) |
|  |  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **3 Months Ended June 30,** | **3 Months Ended June 30,** | **3 Months Ended June 30,** | **6 Months Ended June 30,** | **6 Months Ended June 30,** | **6 Months Ended June 30,** |
|  |  | **2020** | **2021** | **2022** | **2023** | **2024** | **2024** | **2025** | **% Change** | **2024** | **2025** | **% Change** |
|  | **Revenues:** |  |  |  |  |  |  |  |  |  |  |  |
|  | Net earned premiums: |  |  |  |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;Gross premiums | $18955 | $17305 | $15025 | $14318 | $13562 | $3352 | $**3525** |  | $6833 | $**6958** |  |
|  | &nbsp;&nbsp;Assumed (ceded) | (333) | (210) | (124) | (195) | (122) | (26) | **(55)** |  | (52) | **(107)** |  |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Total net earned premiums <sup>(1)</sup> | 18622 | 17095 | 14901 | 14123 | 13440 | 3325 | **3470** | 4.4% | 6781 | **6851** | 1.0% |
|  | Net investment income | 3638 | 3818 | 3656 | 3811 | 4116 | 1095 | **1081** | (1.3) | 2095 | **2036** | (2.8) |
|  | Net investment gains (losses)  | (270) | 468 | 363 | 590 | 1271 | 696 | **(421)** |  | 1647 | **(1384)** |  |
|  | Other income  | 157 | 173 | 220 | 177 | 100 | 22 | **30** |  | 52 | **55** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 22147 | 21554 | 19140 | 18701 | 18927 | 5138 | **4160** | (19.0) | 10575 | **7558** | (28.5) |
|  | **Benefits and Claims:** |  |  |  |  |  |  |  |  |  |  |  |
|  | Benefits and claims, net: |  |  |  |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;Incurred claims - direct | 9364 | 8949 | 8271 | 8005 | 8281 | 1907 | **2135** |  | 4185 | **4523** |  |
|  | &nbsp;&nbsp;Incurred claims - assumed (ceded) | (296) | (147) | (108) | (177) | (95) | (19) | **(51)** |  | (35) | **(95)** |  |
| <sup>2</sup> | &nbsp;&nbsp;Increase in FPB - direct <sup>(2)</sup> | 2707 | 1819 | 888 | 594 | (184) | 87 | **(38)** |  | (108) | **(395)** |  |
|  | &nbsp;&nbsp;Increase in FPB - assumed (ceded) <sup>(2)</sup> | 21 | 3 | 51 | 172 | 5 | (3) | **1** |  | (3) | **—** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total net benefits and claims, excluding reserve remeasurement | N/A | 10623 | 9102 | 8594 | 8008 | 1972 | **2047** |  | 4039 | **4033** |  |
|  | Reserve remeasurement (gain) loss | N/A | (147) | (215) | (383) | (558) | (51) | **(37)** |  | (107) | **(78)** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total net benefits and claims | 11796 | 10476 | 8887 | 8211 | 7450 | 1921 | **2010** | 4.6 | 3932 | **3955** | 0.6 |
|  | **Acquisition and operating expenses:** |  |  |  |  |  |  |  |  |  |  |  |
| <sup>3</sup> | Amortization of DAC <sup>(3)</sup> | 1214 | 835 | 792 | 816 | 851 | 208 | **221** |  | 424 | **437** |  |
|  | Insurance commissions | 1316 | 1256 | 1117 | 1052 | 998 | 246 | **251** |  | 501 | **491** |  |
|  | Insurance expenses | 3420 | 3541 | 3249 | 3165 | 3014 | 694 | **804** |  | 1431 | **1606** |  |
|  | Interest expense | 242 | 238 | 226 | 195 | 197 | 50 | **52** |  | 97 | **102** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total acquisition and operating expenses | 6192 | 5870 | 5384 | 5228 | 5060 | 1198 | **1328** | 10.9 | 2453 | **2636** | 7.5 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and expenses | 17988 | 16346 | 14271 | 13439 | 12510 | 3119 | **3338** | 7.0 | 6385 | **6591** | 3.2 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pretax earnings | 4159 | 5208 | 4869 | 5262 | 6417 | 2019 | **822** |  | 4190 | **967** |  |
| <sup>4</sup> | Income tax expense (benefit) <sup>(4)</sup> | (619) | 977 | 451 | 603 | 974 | 264 | **223** |  | 556 | **339** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net earnings | $4778 | $4231 | $4418 | $4659 | $5443 | $1755 | $**599** | (65.9)% | $3634 | $**628** | (82.7)% |

---

 <sup>(1)</sup> *Includes a gain (loss) of $0 and $(2) for the three-month periods and $0 and $(5) for the six-month periods ended June 30, 2025 and 2024, respectively, related to remeasurement of the deferred profit liability for limited-payment* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*contracts.*

 <sup>(2)</sup> *Future policy benefits*

 <sup>(3)</sup> *Deferred acquisition costs*

 <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022.*

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** |
| | **Analysis of Net Earnings and Net Earnings Per Diluted Share** | **Analysis of Net Earnings and Net Earnings Per Diluted Share** | **Analysis of Net Earnings and Net Earnings Per Diluted Share** | **Analysis of Net Earnings and Net Earnings Per Diluted Share** | **Analysis of Net Earnings and Net Earnings Per Diluted Share** | **Analysis of Net Earnings and Net Earnings Per Diluted Share** | **Analysis of Net Earnings and Net Earnings Per Diluted Share** | **Analysis of Net Earnings and Net Earnings Per Diluted Share** | **Analysis of Net Earnings and Net Earnings Per Diluted Share** | **Analysis of Net Earnings and Net Earnings Per Diluted Share** |
|  | (In Millions, except for per-share data) | (In Millions, except for per-share data) | (In Millions, except for per-share data) | (In Millions, except for per-share data) | (In Millions, except for per-share data) | (In Millions, except for per-share data) | (In Millions, except for per-share data) | (In Millions, except for per-share data) | (In Millions, except for per-share data) | (In Millions, except for per-share data) |
|  |  | **Period** | **Net Earnings** | **Net Investment Gains (Losses)** <sup>(1)</sup> | **Other and Non- Recurring Items** <sup>(1)(3)</sup> | **Foreign Currency Impact** <sup>(2)</sup> | **Net Earnings Per Share** | **Net Investment Gains (Losses)** <sup>(1)</sup> | **Other and Non-Recurring Items Per Share** <sup>(1)(3)</sup> | **Foreign Currency Impact Per Share** <sup>(2)</sup> |
| <sup>1</sup> |  | 2020 | $4778 | $(181) | $1407 | $31 | $6.67 | $(0.25) | $1.96 | $0.04 |
| <sup>2</sup> |  | 2021 | 4231 | 365 | (59) | (42) | 6.25 | 0.54 | (0.09) | (0.06) |
|  |  | 2022 | 4418 | 803 | 1 | (262) | 6.93 | 1.26 |  | (0.41) |
| <sup>3</sup> |  | 2023 | 4659 | 896 | 31 | (113) | 7.78 | 1.50 | 0.05 | (0.19) |
|  |  | 2024 | 5443 | 1389 | (18) | (103) | 9.63 | 2.46 | (0.03) | (0.18) |
|  | 2023 | 1 | 1188 | 235 |  | (41) | 1.94 | 0.38 |  | (0.07) |
|  |  | 2 | 1634 | 653 | 28 | (25) | 2.71 | 1.08 | 0.05 | (0.04) |
|  |  | 3 | 1569 | 472 | 2 | (33) | 2.64 | 0.80 |  | (0.06) |
|  |  | 4 | 268 | (464) |  | (14) | 0.46 | (0.79) |  | (0.02) |
|  | 2024 | 1 | 1879 | 920 | (2) | (44) | 3.25 | 1.59 |  | (0.08) |
|  |  | 2 | 1755 | 720 |  | (37) | 3.10 | 1.27 |  | (0.07) |
|  |  | 3 | (93) | (1304) |  | (16) | (0.17) | (2.33) |  | (0.03) |
|  |  | 4 | 1902 | 1054 | (17) | (6) | 3.42 | 1.90 | (0.03) | (0.01) |
|  | **2025** | 1 | 29 | (835) | (42) | (8) | 0.05 | (1.53) | (0.08) | (0.01) |
|  |  | **2** | **599** | **(358)** | **—** | **23** | **1.11** | **(0.66)** | **—** | **0.04** |

---

 <sup>(1)</sup> *Items are presented net of tax.*

 <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of adjusted earnings excluding current period foreign currency impact*

 <sup>(3)</sup> *Tax benefit recognized in the third quarter of 2020 represents the release of valuation allowances on deferred tax benefits related to foreign tax credits.*

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** |
| | **Consolidated Balance Sheets** | **Consolidated Balance Sheets** | **Consolidated Balance Sheets** | **Consolidated Balance Sheets** | **Consolidated Balance Sheets** | **Consolidated Balance Sheets** | **Consolidated Balance Sheets** | **Consolidated Balance Sheets** |
|  | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) |
|  |  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **June 30,** | **June 30,** |
|  |  | **2020** | **2021** | **2022** | **2023** | **2024** | **2024** | **2025** |
|  | **Assets:** |  |  |  |  |  |  |  |
|  | Investments and cash: |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;Securities available for sale: |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Fixed maturity securities available for sale, at fair value | $101286 | $94206 | $71936 | $69578 | $61841 | $62582 | $**65204** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Fixed maturity securities available for sale - consolidated variable interest entities, at fair value | 4596 | 4490 | 3805 | 3712 | 3428 | 3677 | **3675** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Fixed maturity securities held to maturity, at amortized cost, net of allowance for credit losses | 24464 | 22000 | 19056 | 17819 | 15966 | 15685 | **17434** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Equity securities, at fair value | 1283 | 1603 | 1091 | 1088 | 796 | 728 | **882** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage and other loans, net of allowance for credit losses | 10554 | 11786 | 13496 | 12527 | 10869 | 11795 | **10264** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Other investments | 2429 | 3842 | 4070 | 4530 | 5958 | 7102 | **7345** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 5141 | 5051 | 3943 | 4306 | 6229 | 6060 | **6965** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments and cash | 149753 | 142978 | 117397 | 113560 | 105087 | 107629 | **111769** |
| <sup>1</sup> | Receivables, net of allowance for credit losses <sup>(1)</sup> | 778 | 672 | 647 | 848 | 779 | 880 | **873** |
|  | Accrued investment income | 780 | 737 | 745 | 731 | 710 | 726 | **753** |
|  | Deferred policy acquisition costs | 10441 | 9848 | 9239 | 9132 | 8758 | 8550 | **9296** |
|  | Property and equipment, net | 601 | 538 | 530 | 445 | 387 | 398 | **390** |
| <sup>2</sup> | Other assets, net of allowance for credit losses <sup>(1)(2)</sup> | 2733 | 3377 | 3180 | 2008 | 1845 | 1985 | **1655** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $165086 | $158150 | $131738 | $126724 | $117566 | $120168 | $**124736** |
|  | **Liabilities and Shareholders' Equity:** |  |  |  |  |  |  |  |
|  | Liabilities: |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;Total policy liabilities | $114391 | $126331 | $96910 | $91599 | $77508 | $77353 | $**78904** |
|  | &nbsp;&nbsp;Notes payable | 7899 | 7956 | 7442 | 7364 | 7498 | 7430 | **8933** |
|  | &nbsp;&nbsp;Income taxes, primarily deferred | 4661 | 30 | 698 | 154 | 573 | 752 | **685** |
|  | &nbsp;&nbsp;Other liabilities | 4576 | 6802 | 6548 | 5622 | 5889 | 8586 | **9014** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 131527 | 141119 | 111598 | 104739 | 91468 | 94121 | **97536** |
|  | Shareholders' equity: |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;Common stock | 135 | 135 | 135 | 136 | 136 | 136 | **136** |
|  | &nbsp;&nbsp;Additional paid-in capital | 2410 | 2529 | 2641 | 2771 | 2894 | 2835 | **2958** |
|  | &nbsp;&nbsp;Retained earnings | 37984 | 40963 | 44367 | 47993 | 52277 | 51345 | **52595** |
|  | &nbsp;&nbsp;Accumulated other comprehensive income (loss): |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Unrealized foreign currency translation gains (losses) | (1109) | (1985) | (3564) | (4069) | (4998) | (5091) | **(4282)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gains (losses) on fixed maturity securities | 10361 | 9602 | (702) | 1139 | 24 | 401 | **(1828)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gains (losses) on derivatives | (34) | (30) | (27) | (22) | (20) | (22) | **(17)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Effect of change in discount rate assumption(s) | N/A | (15832) | (2100) | (2560) | 2006 | 1425 | **5594** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pension liability adjustment | (284) | (166) | (36) | (8) | 10 | (5) | **42** |
|  | &nbsp;&nbsp;Treasury stock | (15904) | (18185) | (20574) | (23395) | (26231) | (24977) | **(27998)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 33559 | 17031 | 20140 | 21985 | 26098 | 26047 | **27200** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities & shareholders' equity | $165086 | $158150 | $131738 | $126724 | $117566 | $120168 | $**124736** |

---

 <sup>(1)</sup> *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.*

 <sup>(2)</sup> *Includes goodwill of $260 million in June 2025, $264 million in June 2024*, *$263 million in 2024, $265 million in 2023, $265 million in 2022, $268 million in 2021 and $269 million in 2020*

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** |
| | **Quarterly Financial Results** | **Quarterly Financial Results** | **Quarterly Financial Results** | **Quarterly Financial Results** | **Quarterly Financial Results** | **Quarterly Financial Results** | **Quarterly Financial Results** | **Quarterly Financial Results** | **Quarterly Financial Results** | **Quarterly Financial Results** | **Quarterly Financial Results** | **Quarterly Financial Results** | **Quarterly Financial Results** | **Quarterly Financial Results** |
|  | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) |
| <sup>1</sup> |  |  |  |  |  |  |  |  |  |  | **Net EPS** | **Net EPS** | **Adj. EPS** <sup>(1)</sup> | **Adj. EPS** <sup>(1)</sup> |
|  |  | **Period** | **Net Earned Premiums** | **Net Investment Income** | **Total Revenues** | **Benefits & Claims, Net** | **Total Acquisitions & Adj. Exp.** | **Total Pretax Earnings** | **Net Earnings** | **Adjusted Earnings** <sup>(1)</sup> | **Basic** | **Dil.** | **Basic** | **Dil.** |
|  |  | 2020 | $18622 | $3638 | $22147 | $11796 | $6192 | $4159 | $4778 | $3552 | $6.69 | $6.67 | $4.98 | $4.96 |
|  |  | 2021 | 17095 | 3818 | 21554 | 10476 | 5870 | 5208 | 4231 | 3925 | 6.28 | 6.25 | 5.83 | 5.80 |
|  |  | 2022 | 14901 | 3656 | 19140 | 8887 | 5384 | 4869 | 4418 | 3614 | 6.96 | 6.93 | 5.69 | 5.67 |
|  |  | 2023 | 14123 | 3811 | 18701 | 8211 | 5228 | 5262 | 4659 | 3733 | 7.81 | 7.78 | 6.26 | 6.23 |
|  |  | 2024 | 13440 | 4116 | 18927 | 7450 | 5060 | 6417 | 5443 | 4072 | 9.68 | 9.63 | 7.24 | 7.21 |
|  | 2023 | 1 | 3688 | 943 | 4800 | 2150 | 1308 | 1342 | 1188 | 953 | 1.94 | 1.94 | 1.56 | 1.55 |
|  |  | 2 | 3573 | 999 | 5172 | 2098 | 1249 | 1825 | 1634 | 954 | 2.72 | 2.71 | 1.59 | 1.58 |
|  |  | 3 | 3476 | 1004 | 4950 | 1860 | 1285 | 1805 | 1569 | 1095 | 2.65 | 2.64 | 1.85 | 1.84 |
|  |  | 4 | 3385 | 865 | 3777 | 2103 | 1385 | 289 | 268 | 732 | 0.46 | 0.46 | 1.26 | 1.25 |
|  | 2024 | 1 | 3456 | 1000 | 5436 | 2010 | 1256 | 2170 | 1879 | 961 | 3.27 | 3.25 | 1.67 | 1.66 |
|  |  | 2 | 3325 | 1095 | 5138 | 1921 | 1198 | 2019 | 1755 | 1035 | 3.11 | 3.10 | 1.83 | 1.83 |
|  |  | 3 | 3328 | 1006 | 2949 | 1595 | 1262 | 92 | (93) | 1211 | (0.17) | (0.17) | 2.17 | 2.16 |
|  |  | 4 | 3331 | 1016 | 5403 | 1923 | 1345 | 2135 | 1902 | 865 | 3.44 | 3.42 | 1.56 | 1.56 |
|  | **2025** | 1 | 3381 | 955 | 3398 | 1945 | 1308 | 145 | 29 | 906 | 0.05 | 0.05 | 1.66 | 1.66 |
|  |  | **2** | **3470** | **1081** | **4160** | **2010** | **1328** | **822** | **599** | **957** | **1.12** | **1.11** | **1.78** | **1.78** |

---

 <sup>(1)</sup> *See non-U.S. GAAP financial measures for definition of adjusted earnings.*

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** |
| | **Quarterly Book Value Per Share** | **Quarterly Book Value Per Share** | **Quarterly Book Value Per Share** | **Quarterly Book Value Per Share** | **Quarterly Book Value Per Share** | **Quarterly Book Value Per Share** | **Quarterly Book Value Per Share** | **Quarterly Book Value Per Share** |
|  | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) |
| <sup>1</sup> |  |  |  |  |  |  |  |  |
|  |  | **Period** | **Equity BV Per Share** | **AOCI BV Per Share** | **Adjusted BV Per Share** <sup>(1)</sup> | **Adjusted BV Per Share % Change** | **Adjusted BV Per Share Excluding Foreign Currency Remeasurement<br>G/(L)** <sup>(1)</sup> | **Adjusted BV Per Share Excluding Foreign Currency Remeasurement<br>G/(L) % Change** |
|  |  | 2020 | $48.46 | $12.90 | $35.56 | 15.7% | $35.56 | 15.7% |
|  |  | 2021 | 26.12 | (12.90) | 39.01 | 9.7 | 37.71 | 6.0 |
|  |  | 2022 | 32.73 | (10.45) | 43.18 | 10.7 | 38.94 | 3.3 |
|  |  | 2023 | 38.00 | (9.54) | 47.55 | 10.1 | 41.15 | 5.7 |
|  |  | 2024 | 47.45 | (5.41) | 52.87 | 11.2 | 42.46 | 3.2 |
|  | 2023 | 1 | 32.65 | (12.01) | 44.66 | 10.8 | 40.05 | 4.8 |
|  |  | 2 | 34.30 | (12.31) | 46.61 | 11.5 | 40.15 | 5.5 |
|  |  | 3 | 38.63 | (9.81) | 48.44 | 10.1 | 41.10 | 7.7 |
|  |  | 4 | 38.00 | (9.54) | 47.55 | 10.1 | 41.15 | 5.7 |
|  | 2024 | 1 | 41.27 | (8.95) | 50.22 | 12.4 | 41.68 | 4.1 |
|  |  | 2 | 46.40 | (5.86) | 52.26 | 12.1 | 41.98 | 4.6 |
|  |  | 3 | 44.60 | (6.60) | 51.21 | 5.7 | 43.61 | 6.1 |
|  |  | 4 | 47.45 | (5.41) | 52.87 | 11.2 | 42.46 | 3.2 |
|  | **2025** | 1 | 48.55 | (3.43) | 51.98 | 3.5 | 42.61 | 2.2 |
|  |  | **2** | **50.86** | **(0.92)** | **51.78** | **(0.9)** | **44.17** | **5.2** |

---

 <sup>(1)</sup> *See non-U.S. GAAP financial measures for definition of adjusted book value and adjusted book value excluding foreign currency remeasurement* 

------

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** |
| | **Return on Equity** | **Return on Equity** | **Return on Equity** | **Return on Equity** | **Return on Equity** | **Return on Equity** | **Return on Equity** | **Return on Equity** | **Return on Equity** | **Return on Equity** |
| | | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **3 Months Ended June 30,** | **3 Months Ended June 30,** | **6 Months Ended June 30,** | **6 Months Ended June 30,** |
| <sup>1</sup> |  | **2020** | **2021** <sup>(4)</sup> | **2022** | **2023** | **2024** | **2024** | **2025** | **2024** | **2025** |
| <sup>2</sup> | U.S. GAAP ROE - Net earnings <sup>(1)</sup> | 15.3% | 26.7% | 23.8% | 22.1% | 22.6% | 28.3% | **9.0%** | 30.3% | **4.7%** |
|  | &nbsp;&nbsp;Impact of excluding unrealized foreign currency translation gains (losses) | (0.9) | (1.7) | (2.5) | (3.1) | (3.6) | (4.8) | **(1.5)** | (4.9) | **(0.8)** |
|  | &nbsp;&nbsp;Impact of excluding unrealized gains (losses) on securities and derivatives | 6.2 | 10.7 | 4.1 | 0.2 | 0.4 | 0.7 | **(0.5)** | 0.8 | **(0.2)** |
|  | &nbsp;&nbsp;Impact of excluding effect on change in discount rate assumptions | N/A | (18.5) | (8.2) | (1.9) | (0.2) |  | **1.6** | (0.6) | **0.7** |
|  | &nbsp;&nbsp;Impact of excluding pension liability adjustment | (0.2) | (0.2) | (0.1) |  |  |  | **—** |  | **—** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Impact of excluding AOCI | 5.1 | (9.7) | (6.8) | (4.9) | (3.4) | (4.1) | **(0.4)** | (4.7) | **(0.3)** |
|  | U.S. GAAP ROE - less AOCI | 20.3 | 17.0 | 17.0 | 17.2 | 19.2 | 24.2 | **8.6** | 25.6 | **4.4** |
| <sup>3</sup> | Differences between adjusted earnings and net earnings <sup>(2)</sup> | (5.2) | (1.2) | (3.1) | (3.4) | (4.8) | (9.9) | **5.1** | (11.5) | **8.7** |
| <sup>4</sup> | Adjusted ROE - reported <sup>(3)</sup> | 15.1 | 15.8 | 13.9 | 13.8 | 14.4 | 14.3 | **13.7** | 14.0 | **13.1** |
| <sup>5</sup> | &nbsp;&nbsp;Less: Impact of excluding gains (losses) associated with foreign currency remeasurement <sup>(5)</sup> | N/A | 0.1 | 1.0 | 1.8 | 2.9 | 3.2 | **2.7** | 2.9 | **2.8** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Adjusted ROE, excluding foreign currency remeasurement <sup>(5)</sup> | N/A | 15.9 | 14.9 | 15.6 | 17.3 | 17.5 | **16.4** | 16.9 | **15.9** |

---

 <sup>(1)</sup> *U.S. GAAP ROE is calculated by dividing net earnings (annualized) by average shareholders' equity.*

 <sup>(2)</sup> *See separate reconciliation of net income to adjusted earnings.*

 <sup>(3)</sup> *See non-U.S. GAAP financial measures for definition of adjusted return on equity*

 <sup>(4)</sup> *Return on equity calculations for 2021 use beginning retained earnings and accumulated other comprehensive income adjusted for the adoption of LDTI.*

 <sup>(5)</sup> *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*

------

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** |
| | **Adjusted Earnings Per Share Excluding Current Period Foreign Currency Impact** <sup>(1)</sup> | **Adjusted Earnings Per Share Excluding Current Period Foreign Currency Impact** <sup>(1)</sup> | **Adjusted Earnings Per Share Excluding Current Period Foreign Currency Impact** <sup>(1)</sup> | **Adjusted Earnings Per Share Excluding Current Period Foreign Currency Impact** <sup>(1)</sup> | **Adjusted Earnings Per Share Excluding Current Period Foreign Currency Impact** <sup>(1)</sup> | **Adjusted Earnings Per Share Excluding Current Period Foreign Currency Impact** <sup>(1)</sup> | **Adjusted Earnings Per Share Excluding Current Period Foreign Currency Impact** <sup>(1)</sup> | **Adjusted Earnings Per Share Excluding Current Period Foreign Currency Impact** <sup>(1)</sup> |
|  | (Diluted Basis) | (Diluted Basis) | (Diluted Basis) | (Diluted Basis) | (Diluted Basis) | (Diluted Basis) | (Diluted Basis) | (Diluted Basis) |
| <sup>1</sup> |  | **Period** | **Adjusted EPS** <sup>(1)</sup> | **Growth** | **QTD Foreign Currency Impact** <sup>(1)</sup> | **YTD Foreign Currency Impact** <sup>(1)</sup> | **Excluding Foreign Currency Impact** <sup>(1)</sup> | **Change Excluding Foreign Currency Impact** |
|  |  | 2020 | $4.96 | 11.7% | N/A | 0.04 | $4.92 | 10.8% |
|  |  | 2021 | 5.80 | 16.9 | N/A | (0.06) | 5.86 | 18.1 |
|  |  | 2022 | 5.67 | (2.2) | N/A | (0.41) | 6.08 | 4.8 |
|  |  | 2023 | 6.23 | 9.9 | N/A | (0.19) | 6.43 | 13.4 |
|  |  | 2024 | 7.21 | 15.7 | N/A | (0.18) | 7.39 | 18.6 |
|  | 2023 | 1 | $1.55 | 7.6% | (0.07) | (0.07) | $1.62 | 12.5% |
|  |  | 2 | 1.58 | 7.5 | (0.04) | (0.11) | 1.62 | 10.2 |
|  |  | 3 | 1.84 | 27.8 | (0.06) | (0.17) | 1.90 | 31.9 |
|  |  | 4 | 1.25 | (4.6) | (0.02) | (0.19) | 1.28 | (2.3) |
|  |  |  | $6.23 | 9.9% |  |  | $6.43 | 13.4% |
|  | 2024 | 1 | $1.66 | 7.1% | (0.08) | (0.08) | $1.74 | 12.3% |
|  |  | 2 | 1.83 | 15.8 | (0.07) | (0.14) | 1.89 | 19.6 |
|  |  | 3 | 2.16 | 17.4 | (0.03) | (0.17) | 2.19 | 19.0 |
|  |  | 4 | 1.56 | 24.8 | (0.01) | (0.18) | 1.57 | 25.6 |
|  |  |  | $7.21 | 15.7% |  |  | $7.39 | 18.6% |
|  | **2025** | 1 | $1.66 | —% | (0.01) | (0.01) | $1.67 | 0.6% |
|  |  | **2** | **1.78** | **(2.7)** | **0.04** | **0.03** | **1.73** | **(5.5)** |
|  |  |  | $3.43 | (1.7)% |  |  | $3.41 | (2.3)% |

---

 <sup>(1)</sup> *See non-U.S.GAAP financial measures for definition of adjusted earnings and adjusted earnings excluding current period foreign currency impact*

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** |
| | **Composition of Invested Assets** | **Composition of Invested Assets** | **Composition of Invested Assets** | **Composition of Invested Assets** | **Composition of Invested Assets** | **Composition of Invested Assets** | **Composition of Invested Assets** | **Composition of Invested Assets** |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
|  |  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **June 30,** | **June 30,** |
|  |  | **2020** | **2021** | **2022** | **2023** | **2024** | **2024** | **2025** |
| <sup>1</sup> | Fixed Maturity Securities <sup>(1)</sup> | $116056 | $107369 | $94525 | $88508 | $80055 | $80288 | $**87464** |
|  | **Commercial mortgage and other loans, net of allowance for credit losses:** <sup>(1)</sup> |  |  |  |  |  |  |  |
|  | Transitional Real Estate (floating rate) | 5231 | 5246 | 6455 | 5998 | 4703 | 5546 | **4115** |
|  | Middle Market Loans (floating rate) | 3635 | 4601 | 5028 | 4531 | 4283 | 4391 | **4228** |
|  | Commercial Mortgage Loans | 1688 | 1854 | 1775 | 1697 | 1523 | 1591 | **1478** |
|  | Other Loans |  | 20 | 238 | 301 | 360 | 267 | **443** |
|  | &nbsp;&nbsp;Total Commercial mortgage and other loans, net of allowance for credit losses <sup>(1)</sup> | 10554 | 11721 | 13496 | 12527 | 10869 | 11795 | **10264** |
|  | Equity Securities, at FV through net earnings | 1283 | 1603 | 1091 | 1088 | 796 | 728 | **882** |
| <sup>2</sup> | Alternatives <sup>(2)</sup> | 919 | 1703 | 2107 | 2619 | 3167 | 2828 | **3464** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total Portfolio | $128812 | $122396 | $111219 | $104742 | $94887 | $95639 | $**102074** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Unrealized Gains (Losses) on Invested Assets** | **Unrealized Gains (Losses) on Invested Assets** | **Unrealized Gains (Losses) on Invested Assets** | **Unrealized Gains (Losses) on Invested Assets** | **Unrealized Gains (Losses) on Invested Assets** | **Unrealized Gains (Losses) on Invested Assets** | **Unrealized Gains (Losses) on Invested Assets** | **Unrealized Gains (Losses) on Invested Assets** |
| (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **June 30,** | **June 30,** |
| | **2020** | **2021** | **2022** | **2023** | **2024** | **2024** | **2025** |
| **Fixed Maturity Securities:** |  |  |  |  |  |  |  |
| Available For Sale - Gross Gains | $14771 | $13566 | $4800 | $6050 | $5308 | $5971 | $**4072** |
| Available For Sale - Gross Losses | (481) | (239) | (4528) | (3449) | (4128) | (4315) | **(5223)** |
| &nbsp;&nbsp;Total Available For Sale | 14290 | 13327 | 272 | 2601 | 1180 | 1656 | **(1151)** |
| Held to Maturity - Gross Gains | 5935 | 4869 | 2154 | 1838 | 815 | 890 | **446** |
| Held to Maturity - Gross Losses |  |  |  |  | (9) | (5) | **(273)** |
| &nbsp;&nbsp;Total Held to Maturity | $5935 | $4869 | $2154 | $1838 | $806 | $885 | $**173** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Ratings on Fixed Maturities** | **Credit Ratings on Fixed Maturities** | **Credit Ratings on Fixed Maturities** | **Credit Ratings on Fixed Maturities** | **Credit Ratings on Fixed Maturities** | **Credit Ratings on Fixed Maturities** | **Credit Ratings on Fixed Maturities** | **Credit Ratings on Fixed Maturities** |
| (At Amortized Cost) | (At Amortized Cost) | (At Amortized Cost) | (At Amortized Cost) | (At Amortized Cost) | (At Amortized Cost) | (At Amortized Cost) | (At Amortized Cost) |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **June 30,** | **June 30,** |
| **Credit Rating:** | **2020** | **2021** | **2022** | **2023** | **2024** | **2024** | **2025** |
| AAA | 1.0% | 1.0% | 1.6% | 1.6% | 1.5% | 1.6% | **1.4%** |
| AA | 4.5 | 5.1 | 5.2 | 5.7 | 6.0 | 6.2 | **6.3** |
| A | 69.3 | 68.9 | 68.0 | 68.1 | 68.0 | 67.6 | **68.5** |
| BBB | 21.9 | 22.5 | 23.0 | 22.9 | 22.9 | 23.1 | **22.2** |
| BB or Lower | 3.3 | 2.5 | 2.2 | 1.7 | 1.6 | 1.5 | **1.6** |
|  | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | **100.0%** |

---

 <sup>(1)</sup> *Presented at amortized cost, net of reserves beginning in 2020*

 <sup>(2)</sup> *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*

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** |
| | **Supplemental Investment Data by Segment** | **Supplemental Investment Data by Segment** | **Supplemental Investment Data by Segment** | **Supplemental Investment Data by Segment** | **Supplemental Investment Data by Segment** | **Supplemental Investment Data by Segment** | **Supplemental Investment Data by Segment** | **Supplemental Investment Data by Segment** | **Supplemental Investment Data by Segment** | **Supplemental Investment Data by Segment** |
| | | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **3 Months Ended June 30,** | **3 Months Ended June 30,** | **6 Months Ended June 30,** | **6 Months Ended June 30,** |
|  |  | **2020** | **2021** | **2022** | **2023** | **2024** | **2024** | **2025** | **2024** | **2025** |
|  | **Aflac Japan:** |  |  |  |  |  |  |  |  |  |
| <sup>1</sup> | Invested assets (in millions) <sup>(1)</sup> | ¥11936087 | ¥12405531 | ¥12617181 | ¥12127531 | ¥11881515 | ¥12661415 | ¥**12064994** | ¥12661415 | ¥**12064994** |
| <sup>2</sup> | Return on average invested assets <sup>(2)</sup> | 2.38% | 2.72% | 2.78% | 2.90% | 3.33% | 3.59% | **3.38%** | 3.37% | **3.19%** |
| <sup>3</sup> | Portfolio book yield at end of period <sup>(3)</sup> | 2.59% | 2.60% | 3.06% | 3.18% | 3.22% | 3.32% | **3.26%** | 3.32% | **3.26%** |
|  | Total purchases for period (in millions) <sup>(3)</sup> | ¥714124 | ¥952038 | ¥716964 | ¥378541 | ¥735141 | ¥156496 | ¥**383204** | ¥457066 | ¥**1353009** |
| <sup>4</sup> | New money yield <sup>(3)(4)</sup> | 3.75% | 3.50% | 4.48% | 5.18% | 6.11% | 5.96% | **5.26%** | 5.71% | **3.85%** |
|  | **Aflac U.S.:** |  |  |  |  |  |  |  |  |  |
|  | Invested assets (in millions) <sup>(1)</sup> | $14848 | $15841 | $16772 | $17075 | $17341 | $17242 | $**17279** | $17242 | $**17279** |
|  | Return on average invested assets <sup>(2)</sup> | 4.90% | 4.87% | 4.72% | 4.88% | 5.00% | 5.13% | **4.94%** | 5.01% | **4.92%** |
|  | Portfolio book yield at end of period <sup>(3)</sup> | 5.18% | 4.94% | 5.39% | 5.53% | 5.58% | 5.63% | **5.57%** | 5.63% | **5.57%** |
|  | Total purchases for period (in millions) <sup>(3)</sup> | $1050 | $2130 | $1701 | $907 | $934 | $209 | $**327** | $727 | $**819** |
|  | New money yield <sup>(3)(4)</sup> | 3.04% | 3.41% | 5.16% | 7.56% | 6.90% | 7.60% | **6.97%** | 6.96% | **6.75%** |
| <sup>5</sup> | **Hedge Costs/Income Metrics** <sup>(5)(6)</sup> | **Hedge Costs/Income Metrics** <sup>(5)(6)</sup> | **Hedge Costs/Income Metrics** <sup>(5)(6)</sup> | **Hedge Costs/Income Metrics** <sup>(5)(6)</sup> | **Hedge Costs/Income Metrics** <sup>(5)(6)</sup> | **Hedge Costs/Income Metrics** <sup>(5)(6)</sup> | **Hedge Costs/Income Metrics** <sup>(5)(6)</sup> | **Hedge Costs/Income Metrics** <sup>(5)(6)</sup> | **Hedge Costs/Income Metrics** <sup>(5)(6)</sup> | **Hedge Costs/Income Metrics** <sup>(5)(6)</sup> |
| <sup>6</sup> |  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **3 Months Ended June 30,** | **3 Months Ended June 30,** | **6 Months Ended June 30,** | **6 Months Ended June 30,** |
|  |  | **2020** | **2021** | **2022** | **2023** | **2024** | **2024** | **2025** | **2024** | **2025** |
|  | **Aflac Japan:** |  |  |  |  |  |  |  |  |  |
| <sup>7</sup> | FX hedged notional at end of period (in billions) - forwards <sup>(7)</sup> | $6.0 | $6.4 | $4.1 | $— | $— | $— | $**0.6** | $— | $**0.6** |
|  | FX hedged notional at end of period (in billions) - put options | 13.1 | 11.6 | 13.5 | 24.7 | 24.2 | 24.7 | **25.0** | 24.7 | **25.0** |
|  | Amortized hedge costs for period (in millions) | (206) | (76) | (112) | (157) | (26) | (7) | **(11)** | (13) | **(18)** |
|  | **Corporate and Other (Parent Company):** |  |  |  |  |  |  |  |  |  |
|  | FX hedged notional at end of period (in billions) - forwards <sup>(7)</sup> | $5.0 | $5.0 | $5.0 | $2.6 | $1.8 | $2.0 | $**1.9** | $2.0 | $**1.9** |
|  | FX hedged notional at end of period (in billions) - put options | 2.0 | 1.9 | 2.6 | 0.5 |  |  | **—** |  | **—** |
|  | Amortized hedge income (costs) for period (in millions) | 97 | 57 | 68 | 122 | 113 | 34 | **30** | 62 | **60** |

---

 <sup>(1)</sup> *Invested assets, including cash and short term investments, are stated at amortized cost; except for equities, which are at fair value.*

 <sup>(2)</sup> *Net of investment expenses and amortized hedge costs, year-to-date number reflected on a quarterly average basis.*

 <sup>(3)</sup> *Includes fixed maturity securities, commercial mortgage and other loans, equity securities, and excludes alternative investments in limited partnerships, and any impacts from hedging activities.*

 <sup>(4)</sup> *Reported on a gross yield basis; excludes investment expenses, external management fees, and amortized hedge costs.*

 <sup>(5)</sup> *See non-U.S. GAAP financial measures for definition of amortized hedge costs/income. Further, the metrics in this table are split to show the hedging of the market value of a portion of the USD investments in Japan Segment's "USD Program" in the "Japan Segment Portfolio Allocation by Currency" table on page 13 of this supplement as well as the corporate hedging activities at Aflac Incorporated.*

 <sup>(6)</sup> *Aflac Japan and the Parent Company utilize foreign currency forwards and options to hedge foreign currency exchange rate risk. The hedge cost/income on the table above reflects our FX forward protection of the hedged USD portfolio, and hedge costs on one sided options used as caps, and on tail-risk put options.*

 <sup>(7)</sup> *Notional is reported net of any offsetting positions within Aflac Japan or the Parent Company, respectively.*

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** |
| <sup>1</sup> | **Japan Segment Portfolio Allocation by Currency** <sup>(1)</sup> | **Japan Segment Portfolio Allocation by Currency** <sup>(1)</sup> | **Japan Segment Portfolio Allocation by Currency** <sup>(1)</sup> | **Japan Segment Portfolio Allocation by Currency** <sup>(1)</sup> | **Japan Segment Portfolio Allocation by Currency** <sup>(1)</sup> |
|  | (U.S. GAAP Basis) | (U.S. GAAP Basis) | (U.S. GAAP Basis) | (U.S. GAAP Basis) | (U.S. GAAP Basis) |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
|  |  | **December 31, 2024** | **December 31, 2024** | **June 30, 2025** | **June 30, 2025** |
|  |  | **Amortized Cost** <sup>(3)</sup> | **Fair Value** | **Amortized Cost** <sup>(3)</sup> | **Fair Value** |
|  | JGB | $31951 | $32844 | $34136 | 32177 |
|  | Other | 16867 | 17145 | 18107 | 17731 |
|  | &nbsp;&nbsp;Total yen denominated | 48818 | 49989 | 52243 | 49908 |
|  | USD Program | 21303 | 23501 | 25286 | 26625 |
|  | Other | 1645 | 2406 | 1825 | 2463 |
|  | &nbsp;&nbsp;Total US dollar denominated | 22948 | 25907 | 27111 | 29088 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total | $71766 | $75896 | $**79354** | **78996** |
| <sup>2</sup> | **Distribution of Consolidated Fixed Maturities by Sector** <sup>(2)</sup> | **Distribution of Consolidated Fixed Maturities by Sector** <sup>(2)</sup> | **Distribution of Consolidated Fixed Maturities by Sector** <sup>(2)</sup> | **Distribution of Consolidated Fixed Maturities by Sector** <sup>(2)</sup> | **Distribution of Consolidated Fixed Maturities by Sector** <sup>(2)</sup> |
|  | (In millions) | (In millions) | (In millions) | (In millions) | (In millions) |
|  |  |  |  | **June 30, 2025** | **June 30, 2025** |
| <sup>3</sup> |  |  |  | **Amortized Cost** <sup>(3)</sup> | **% of Total** |
|  | **Government and agencies** |  |  | $**37233** | **42.6%** |
|  | **Municipalities** |  |  | **2417** | **2.8** |
|  | **Mortgage- and asset-backed securities** |  |  | **4450** | **5.1** |
|  | **Public utilities:** |  |  | **7331** | **8.2** |
|  | &nbsp;&nbsp;Electric |  |  | 5686 | 6.4 |
|  | &nbsp;&nbsp;Natural Gas |  |  | 935 | 1.0 |
|  | &nbsp;&nbsp;Other |  |  | 710 | 0.8 |
|  | **Sovereign and supranational** |  |  | **826** | **0.9** |
|  | **Banks/financial institutions:** |  |  | **9701** | **11.2** |
|  | &nbsp;&nbsp;Banking |  |  | 5479 | 6.3 |
|  | &nbsp;&nbsp;Insurance |  |  | 2058 | 2.4 |
|  | &nbsp;&nbsp;Other |  |  | 2164 | 2.5 |
|  | **Other corporate:** |  |  | **25506** | **29.2** |
|  | &nbsp;&nbsp;Basic Industry |  |  | 2102 | 2.4 |
|  | &nbsp;&nbsp;Capital Goods |  |  | 2747 | 3.1 |
|  | &nbsp;&nbsp;Communications |  |  | 2770 | 3.2 |
|  | &nbsp;&nbsp;Consumer Cyclical |  |  | 1975 | 2.3 |
|  | &nbsp;&nbsp;Consumer Non-Cyclical |  |  | 5982 | 6.8 |
|  | &nbsp;&nbsp;Energy |  |  | 2435 | 2.8 |
|  | &nbsp;&nbsp;Other |  |  | 1188 | 1.4 |
|  | &nbsp;&nbsp;Technology |  |  | 3416 | 3.9 |
|  | &nbsp;&nbsp;Transportation |  |  | 2891 | 3.3 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total fixed maturity securities |  |  | $87464 | 100.0% |

---

 <sup>(1)</sup> *Non-U.S.dollar-denominated investments in the U.S. segment are immaterial.* 

 <sup>(2)</sup> *In the first quarter of 2023, the Utility/Energy subsector was combined with the Natural Gas subsector to better reflect the risk characteristics of those issuers and align more closely with industry benchmarks.*

 <sup>(3)</sup> *Net of reserves*

------

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** |
| | **Long-Term Debt Data** | **Long-Term Debt Data** | **Long-Term Debt Data** | **Long-Term Debt Data** | **Long-Term Debt Data** | **Long-Term Debt Data** | **Long-Term Debt Data** | **Long-Term Debt Data** |
| | **Adjusted Leverage Ratios** | **Adjusted Leverage Ratios** | **Adjusted Leverage Ratios** | **Adjusted Leverage Ratios** | **Adjusted Leverage Ratios** | **Adjusted Leverage Ratios** | **Adjusted Leverage Ratios** | **Adjusted Leverage Ratios** |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
|  |  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **June 30,** | **June 30,** |
|  |  | **2020** | **2021** | **2022** | **2023** | **2024** | **2024** | **2025** |
|  | Notes payable | $7899 | $7956 | $7442 | $7364 | $7498 | $7430 | $**8933** |
|  | &nbsp;&nbsp;50% of subordinated debentures and perpetual bonds | (432) | (389) | (337) | (315) | (282) | (277) | **(308)** |
|  | &nbsp;&nbsp;Pre-funding of debt maturities |  |  |  | (211) |  |  | **(486)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Adjusted debt <sup>(1)</sup> | 7467 | 7568 | 7105 | 6839 | 7216 | 7154 | **8139** |
|  | Total Shareholders' Equity | 33559 | 17031 | 20140 | 21985 | 26098 | 26047 | **27200** |
|  | Accumulated other comprehensive (income) loss: |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;Unrealized foreign currency translation (gains) losses | 1109 | 1985 | 3564 | 4069 | 4998 | 5091 | **4282** |
|  | &nbsp;&nbsp;Unrealized (gains) losses on fixed maturity securities | (10361) | (9602) | 702 | (1139) | (24) | (401) | **1828** |
|  | &nbsp;&nbsp;Unrealized (gains) losses on derivatives | 34 | 30 | 27 | 22 | 20 | 22 | **17** |
|  | &nbsp;&nbsp;Effect on change in discount rate assumptions | N/A | 15832 | 2100 | 2560 | (2006) | (1425) | **(5594)** |
|  | &nbsp;&nbsp;Pension liability adjustment | 284 | 166 | 36 | 8 | (10) | 5 | **(42)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Adjusted book value <sup>(1)</sup> | $24625 | $25442 | $26569 | $27505 | $29076 | $29339 | $**27691** |
| <sup>2</sup> | Adjusted capitalization ex-AOCI <sup>(1)(2)</sup> | $32524 | $33398 | $34011 | $34658 | $36574 | $36769 | $**36138** |
|  | Adjusted debt to adjusted capitalization ex-AOCI | 23.0% | 22.7% | 20.9% | 19.7% | 19.7% | 19.5% | **22.5%** |
| <sup>3</sup> | Adjusted capitalization <sup>(1)(3)</sup> | $31131 | $31247 | $30411 | $30581 | $31586 | $31673 | $**31898** |
|  | Adjusted debt to adjusted capitalization | 24.0% | 24.2% | 23.4% | 22.4% | 22.8% | 22.6% | **25.5%** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <sup>4</sup> | **Debt Maturities** <sup>(4)</sup> | **Debt Maturities** <sup>(4)</sup> | **Debt Maturities** <sup>(4)</sup> | **Debt Maturities** <sup>(4)</sup> | **Debt Maturities** <sup>(4)</sup> | **Debt Maturities** <sup>(4)</sup> | **Debt Maturities** <sup>(4)</sup> |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
|  |  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  |  | **≤ 1 year** | **1 > 5 years** | **5 > 10 years** | **10 > 20 years** | **20 years +** | **Total** |
|  | Senior Notes | $86 | $3314 | $2362 | $1201 | $1305 | $**8268** |
|  | Subordinated debt |  |  |  |  | 622 | **622** |
|  | &nbsp;&nbsp;Total | $86 | $3314 | $2362 | $1201 | $1927 | $**8890** |

---

 <sup>(1)</sup> *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*

 <sup>(2)</sup> *Adjusted capitalization ex-AOCI is the sum of adjusted debt, including 50% of subordinated debentures and perpetual bonds, plus adjusted book value*

 <sup>(3)</sup> *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*

 <sup>(4)</sup> *Debt maturity amounts do not include discounts, premiums, deferred charges, or capital lease obligations.* 

------

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** |
| **Insurer Financial Strength Ratings** | **Insurer Financial Strength Ratings** | **Insurer Financial Strength Ratings** | **Insurer Financial Strength Ratings** | **Insurer Financial Strength Ratings** | **Insurer Financial Strength Ratings** |
| | **AM Best** | **Moody's** | **S&P** | **JCR** | **R&I** |
| **U.S. Operating Companies:** | | | | | |
| Aflac of Columbus | A+ | Aa3 | A+ | AA+ | AA |
| Aflac of New York | A+ | _ | A+ | _ | _ |
| Continental American Insurance Company | A+ | _ | _ | _ | _ |
| **Japan Operating Company:** |  |  |  |  |  |
| Aflac Life Insurance Japan Ltd. | A+ | Aa3 | A+ | AA+ | AA |
| **Bermuda Operating Company:** |  |  |  |  |  |
| Aflac Re Bermuda Ltd. | _ | _ | _ | AA+ | _ |
| **Issuer Credit Ratings** | **Issuer Credit Ratings** | **Issuer Credit Ratings** | **Issuer Credit Ratings** | **Issuer Credit Ratings** | **Issuer Credit Ratings** |
|  | **AM Best** | **Moody's** | **S&P** | **JCR** | **R&I** |
| **Aflac Incorporated:** |  |  |  |  |  |
| Long-term Senior Debt | a | A3 | A- | AA- | A+ |
| Junior Subordinated Debt | a- | Baa1 | BBB | _ | A- |
| **Aflac of Columbus:** |  |  |  |  |  |
| Long-term Senior Debt | aa | _ | A+ | AA+ | _ |
| **Aflac Life Insurance Japan, Ltd.:** |  |  |  |  |  |
| Long-term Senior Debt | aa | _ | A+ | AA+ | _ |
| *The outlook for all ratings is stable.* | *The outlook for all ratings is stable.* | *The outlook for all ratings is stable.* | *The outlook for all ratings is stable.* | *The outlook for all ratings is stable.* | *The outlook for all ratings is stable.* |

---

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** |
| **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** |
| (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) |
| (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **3 Months Ended June 30,** | **3 Months Ended June 30,** | **3 Months Ended June 30,** | **6 Months Ended June 30,** | **6 Months Ended June 30,** | **6 Months Ended June 30,** |
|  | **2020** | **2021** | **2022** | **2023** | **2024** | **2024** | **2025** | **% Change** | **2024** | **2025** | **% Change** |
| **Revenues:** |  |  |  |  |  |  |  |  |  |  |  |
| Net earned premiums: |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Gross premiums | $5762 | $5540 | $5467 | $5669 | $5907 | $1471 | $**1548** |  | $2960 | $**3091** |  |
| &nbsp;&nbsp;Assumed (ceded) | (4) | 73 | 103 | 6 | (78) | (16) | **(44)** |  | (30) | **(85)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net earned premiums | 5758 | 5614 | 5570 | 5675 | 5829 | 1455 | **1504** | 3.4% | 2930 | **3006** | 2.6% |
| Adjusted net investment income | 705 | 754 | 755 | 820 | 847 | 218 | **207** | (5.0) | 424 | **409** | (3.5) |
| Other income excl. realized foreign exchange gains (losses) | 102 | 121 | 161 | 128 | 63 | 11 | **17** |  | 30 | **34** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjusted revenues | 6565 | 6489 | 6486 | 6623 | 6739 | 1684 | **1728** | 2.6 | 3384 | **3449** | 1.9 |
| **Benefits and claims:** |  |  |  |  |  |  |  |  |  |  |  |
| Benefits and claims, net: |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Incurred claims - direct | 2498 | 2183 | 2245 | 2423 | 2892 | 654 | **765** |  | 1419 | **1581** |  |
| &nbsp;&nbsp;Incurred claims - assumed (ceded) | (1) | 89 | 104 | 17 | (75) | (14) | **(47)** |  | (25) | **(86)** |  |
| &nbsp;&nbsp;Increase in FPB - direct | 271 | 463 | 326 | 280 |  | 64 | **15** |  | 24 | **(32)** |  |
| &nbsp;&nbsp;Increase in FPB - assumed (ceded) | (3) | (11) | 4 | (5) | 4 | (1) | **3** |  | 1 | **4** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total benefits and claims, net, excluding reserve remeasurement | N/A | 2724 | 2679 | 2715 | 2821 | 704 | **736** |  | 1419 | **1467** |  |
| Reserve remeasurement (gain) loss | N/A | (85) | (124) | (284) | (95) | (24) | **(24)** |  | (54) | **(39)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and claims, net | 2765 | 2639 | 2555 | 2431 | 2726 | 680 | **712** | 4.7 | 1365 | **1428** | 4.6 |
| **Adjusted expenses:** |  |  |  |  |  |  |  |  |  |  |  |
| Amortization of deferred policy acquisition costs | 570 | 442 | 455 | 490 | 530 | 132 | **136** | 3.0 | 264 | **273** | 3.4 |
| Insurance commissions | 576 | 550 | 553 | 561 | 563 | 140 | **139** | (0.7) | 281 | **274** | (2.5) |
| Insurance and other expenses | 1386 | 1502 | 1564 | 1640 | 1501 | 349 | **353** | 1.1 | 735 | **728** | (1.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjusted expenses | 2532 | 2494 | 2573 | 2691 | 2594 | 621 | **628** |  | 1279 | **1275** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and adjusted expenses | 5297 | 5132 | 5127 | 5122 | 5320 | 1301 | **1340** | 3.0 | 2645 | **2703** | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pretax adjusted earnings | $1268 | $1356 | $1359 | $1501 | $1419 | $383 | $**388** | 1.3% | $739 | $**746** | 0.9% |

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** |
| | **Balance Sheets** | **Balance Sheets** | **Balance Sheets** | **Balance Sheets** | **Balance Sheets** | **Balance Sheets** | **Balance Sheets** | **Balance Sheets** |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
|  |  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **June 30,** | **June 30,** |
|  |  | **2020** | **2021** | **2022** | **2023** | **2024** | **2024** | **2025** |
|  | **Assets:** |  |  |  |  |  |  |  |
|  | Investments and cash | $17949 | $18324 | $15987 | $16718 | $16775 | $16588 | $**16864** |
| <sup>1</sup> | Receivables, net of allowance for credit losses <sup>(1)</sup> | 667 | 574 | 584 | 688 | 671 | 710 | **711** |
|  | Accrued investment income | 172 | 169 | 184 | 183 | 178 | 186 | **180** |
|  | Deferred policy acquisition costs | 3450 | 3366 | 3463 | 3573 | 3656 | 3599 | **3682** |
|  | Other assets <sup>(1)</sup> | 626 | 758 | 784 | 698 | 650 | 672 | **601** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $22864 | $23191 | $21002 | $21861 | $21930 | $21755 | $**22038** |
|  | **Liabilities and Shareholders' Equity:** |  |  |  |  |  |  |  |
|  | Future policy benefits | $9674 | $14212 | $10870 | $11234 | $10584 | $10657 | $**10712** |
|  | Policy and contract claims | 2010 | 151 | 200 | 258 | 376 | 356 | **420** |
|  | Other policy liabilities | 126 | 119 | 117 | 107 | 103 | 112 | **105** |
|  | Deferred income taxes | 235 | (328) | (243) | (311) | (231) | (307) | **(162)** |
|  | Other liabilities | 2016 | 2010 | 2080 | 2062 | 2055 | 2145 | **1697** |
|  | Shareholders' equity | 8803 | 7027 | 7978 | 8510 | 9043 | 8793 | **9266** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities & shareholders' equity | $22864 | $23191 | $21002 | $21861 | $21930 | $21755 | $**22038** |

---

 <sup>(1)</sup> *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.*

------

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** |
| **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** |
| (Restated to conform to current classifications) | (Restated to conform to current classifications) | (Restated to conform to current classifications) | (Restated to conform to current classifications) | (Restated to conform to current classifications) | (Restated to conform to current classifications) | (Restated to conform to current classifications) | (Restated to conform to current classifications) | (Restated to conform to current classifications) | (Restated to conform to current classifications) | (Restated to conform to current classifications) | (Restated to conform to current classifications) | (Restated to conform to current classifications) | (Restated to conform to current classifications) | (Restated to conform to current classifications) | (Restated to conform to current classifications) |
| (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
|  | **Period** | **Net Earned Premiums** | **% Change** | **Adjusted NII** | **% Change** | **Total Adjusted Revenues** | **% Change** | **Benefits & Claims, Net** | **% Change** | **Amort.** | **% Change** | **Total Adjusted Expenses** | **% Change** | **Pretax Adjusted Earn.** | **% Change** |
|  | 2020 | $5758 | (0.9)% | $705 | (2.1)% | $6565 | 0.2% | $2765 | (3.7)% | $570 | (0.5)% | $2532 | 5.2% | $1268 | (0.3)% |
|  | 2021 | 5614 | (2.5) | 754 | 7.0 | 6489 | (1.2) | 2639 | (4.6) | 442 | (22.5) | 2494 | (1.5) | 1356 | 6.9 |
|  | 2022 | 5570 | (0.8) | 755 | 0.1 | 6486 |  | 2555 | (3.2) | 455 | 2.9 | 2573 | 3.2 | 1359 | 0.2 |
|  | 2023 | 5675 | 1.9 | 820 | 8.6 | 6623 | 2.1 | 2431 | (4.9) | 490 | 7.7 | 2691 | 4.6 | 1501 | 10.4 |
|  | 2024 | 5829 | 2.7 | 847 | 3.3 | 6739 | 1.8 | 2726 | 12.1 | 530 | 8.2 | 2594 | (3.6) | 1419 | (5.5) |
| 2023 | 1 | 1428 | 1.1 | 197 | 7.1 | 1660 | 1.3 | 651 | (2.3) | 119 | 4.4 | 657 | 2.7 | 352 | 5.7 |
|  | 2 | 1425 | 2.2 | 203 | 5.2 | 1663 | 2.1 | 645 | (2.0) | 120 | 6.2 | 648 | 3.3 | 369 | 7.6 |
|  | 3 | 1419 | 3.2 | 209 | 13.0 | 1661 | 3.9 | 510 | (17.2) | 122 | 7.0 | 674 | 5.6 | 478 | 38.6 |
|  | 4 | 1403 | 1.1 | 211 | 9.9 | 1639 | 1.1 | 626 | 2.0 | 129 | 12.2 | 712 | 6.7 | 302 | (10.9) |
| 2024 | 1 | 1475 | 3.3 | 206 | 4.6 | 1699 | 2.3 | 686 | 5.4 | 132 | 10.9 | 658 | 0.2 | 356 | 1.1 |
|  | 2 | 1455 | 2.1 | 218 | 7.4 | 1684 | 1.3 | 680 | 5.4 | 132 | 10.0 | 621 | (4.2) | 383 | 3.8 |
|  | 3 | 1459 | 2.8 | 210 | 0.5 | 1684 | 1.4 | 694 | 36.1 | 132 | 8.2 | 640 | (5.0) | 350 | (26.8) |
|  | 4 | 1441 | 2.7 | 213 | 0.9 | 1671 | 2.0 | 667 | 6.5 | 134 | 3.9 | 674 | (5.3) | 330 | 9.3 |
| **2025** | 1 | 1502 | 1.8 | 202 | (1.9) | 1721 | 1.3 | 716 | 4.4 | 137 | 3.8 | 647 | (1.7) | 358 | 0.6 |
|  | **2** | **1504** | **3.4** | **207** | **(5.0)** | **1728** | **2.6** | **712** | **4.7** | **136** | **3.0** | **628** | **1.1** | **388** | **1.3** |

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** |
| | **Operating Ratios** | **Operating Ratios** | **Operating Ratios** | **Operating Ratios** | **Operating Ratios** | **Operating Ratios** | **Operating Ratios** | **Operating Ratios** |
|  | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) |
| <sup>1</sup> |  | **Period** | **12-Mo. Rolling Premium Persistency** <sup>(1)</sup> | **Total Benefit/ Premium** | **Amortization/ Premium** | **Total Adjusted Expenses/ Total Adjusted Revenue** | **Combined Ratio/ Total Adjusted Revenue** | **Pretax Profit Margin** |
|  |  | 2020 | 79.3% | 48.0% | 9.9% | 38.6% | 80.7% | 19.3% |
|  |  | 2021 | 79.7 | 47.0 | 7.9 | 38.4 | 79.1 | 20.9 |
|  |  | 2022 | 77.3 | 45.9 | 8.2 | 39.7 | 79.0 | 21.0 |
|  |  | 2023 | 78.6 | 42.8 | 8.6 | 40.6 | 77.3 | 22.7 |
|  |  | 2024 | 79.3 | 46.8 | 9.1 | 38.5 | 78.9 | 21.1 |
|  |  | **2025 YTD** | **79.2** | **47.5** | **9.1** | **37.0** | **78.4** | **21.6** |
|  | 2023 | 1 | 77.9 | 45.6 | 8.3 | 39.6 | 78.8 | 21.2 |
|  |  | 2 | 78.2 | 45.3 | 8.4 | 39.0 | 77.8 | 22.2 |
|  |  | 3 | 78.7 | 35.9 | 8.6 | 40.6 | 71.2 | 28.8 |
|  |  | 4 | 78.6 | 44.6 | 9.2 | 43.4 | 81.6 | 18.4 |
|  | 2024 | 1 | 78.7 | 46.5 | 8.9 | 38.7 | 79.0 | 21.0 |
|  |  | 2 | 78.7 | 46.7 | 9.1 | 36.9 | 77.3 | 22.7 |
|  |  | 3 | 78.9 | 47.6 | 9.0 | 38.0 | 79.2 | 20.8 |
|  |  | 4 | 79.3 | 46.3 | 9.3 | 40.3 | 80.3 | 19.7 |
|  | **2025** | 1 | 79.3 | 47.7 | 9.1 | 37.6 | 79.2 | 20.8 |
|  |  | **2** | **79.2** | **47.3** | **9.0** | **36.3** | **77.5** | **22.5** |

---

 <sup>(1)</sup> *Includes Network Dental & Vision, Consumer Markets, and Group Premier Life, Absence Management, and Disability Solutions products beginning in 2021*

------

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** |
| **Aflac U.S. Sales Results** | **Aflac U.S. Sales Results** | **Aflac U.S. Sales Results** | **Aflac U.S. Sales Results** | **Aflac U.S. Sales Results** | **Aflac U.S. Sales Results** |
| (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
|  | **Period** | **Annualized Premiums In Force** | **% Change** | **New Annualized Premiums Sales** | **% Change** |
|  | 2020 | $6099 | (3.2)% | $1093 | (30.8)% |
|  | 2021 | 6003 | (1.6) | 1278 | 16.9 |
|  | 2022 | 5967 | (0.6) | 1483 | 16.1 |
|  | 2023 | 6161 | 3.3 | 1558 | 5.0 |
|  | 2024 | 6383 | 3.6 | 1543 | (1.0) |
| 2023 | 1 | 6023 | 1.4 | 315 | 5.3 |
|  | 2 | 6064 | 2.3 | 324 | 6.4 |
|  | 3 | 6062 | 2.9 | 359 | 7.5 |
|  | 4 | 6161 | 3.3 | 559 | 2.6 |
| 2024 | 1 | 6211 | 3.1 | 298 | (5.2) |
|  | 2 | 6239 | 2.9 | 331 | 2.0 |
|  | 3 | 6265 | 3.3 | 379 | 5.5 |
|  | 4 | 6383 | 3.6 | 534 | (4.5) |
| **2025** | 1 | 6505 | 4.7 | 309 | 3.5 |
|  | **2** | **6506** | **4.3** | **340** | **2.7** |

---

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** |
| | **Aflac U.S. Product Mix** | **Aflac U.S. Product Mix** | **Aflac U.S. Product Mix** | **Aflac U.S. Product Mix** | **Aflac U.S. Product Mix** | **Aflac U.S. Product Mix** | **Aflac U.S. Product Mix** | **Aflac U.S. Product Mix** | **Aflac U.S. Product Mix** | **Aflac U.S. Product Mix** | **Aflac U.S. Product Mix** | **Aflac U.S. Product Mix** | **Aflac U.S. Product Mix** | **Aflac U.S. Product Mix** | **Aflac U.S. Product Mix** |
|  | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| <sup>1</sup> |  | **Period** | **Disability** | **% of Total** | **Life** | **% of Total** | **Accident** | **% of Total** | **Critical Care** <sup>(1)</sup> | **% of Total** | **Hospital Indemnity** | **% of Total** | **Dental/ Vision** | **% of Total** | **Total** |
|  |  | 2020 | $243 | 22.3% | $80 | 7.3% | $285 | 26.1% | $242 | 22.2% | $197 | 18.0% | $45 | 4.1% | $1093 |
|  |  | 2021 | 296 | 23.1 | 114 | 9.0 | 321 | 25.1 | 273 | 21.3 | 209 | 16.4 | 65 | 5.1 | 1278 |
|  |  | 2022 | 378 | 25.5 | 156 | 10.5 | 338 | 22.8 | 299 | 20.1 | 226 | 15.3 | 85 | 5.8 | 1483 |
|  |  | 2023 | 399 | 25.6 | 188 | 12.0 | 326 | 20.9 | 322 | 20.7 | 225 | 14.5 | 98 | 6.3 | 1558 |
|  |  | 2024 | 406 | 26.3 | 219 | 14.2 | 302 | 19.6 | 322 | 20.9 | 212 | 13.7 | 82 | 5.3 | 1543 |
|  | 2023 | 1 | 79 | 25.2 | 26 | 8.3 | 74 | 23.5 | 64 | 20.5 | 50 | 15.9 | 21 | 6.6 | 315 |
|  |  | 2 | 80 | 24.8 | 35 | 10.7 | 73 | 22.4 | 66 | 20.4 | 46 | 14.3 | 24 | 7.4 | 324 |
|  |  | 3 | 101 | 28.2 | 54 | 15.0 | 72 | 19.9 | 67 | 18.6 | 45 | 12.6 | 20 | 5.7 | 359 |
|  |  | 4 | 139 | 24.8 | 73 | 13.0 | 107 | 19.2 | 124 | 22.2 | 83 | 14.9 | 33 | 5.9 | 559 |
|  | 2024 | 1 | 69 | 23.0 | 32 | 10.8 | 67 | 22.5 | 66 | 22.1 | 45 | 15.1 | 19 | 6.5 | 298 |
|  |  | 2 | 85 | 25.7 | 41 | 12.4 | 70 | 21.2 | 70 | 21.1 | 45 | 13.7 | 19 | 5.9 | 331 |
|  |  | 3 | 109 | 28.8 | 69 | 18.3 | 67 | 17.7 | 70 | 18.6 | 45 | 11.9 | 18 | 4.7 | 379 |
|  |  | 4 | 143 | 26.8 | 77 | 14.4 | 97 | 18.2 | 115 | 21.6 | 76 | 14.3 | 25 | 4.7 | 534 |
|  | **2025** | 1 | 70 | 22.8 | 39 | 12.5 | 65 | 21.1 | 67 | 21.8 | 46 | 15.0 | 21 | 6.8 | 309 |
|  |  | **2** | **94** | **27.7** | **45** | **13.1** | **65** | **19.0** | **74** | **21.8** | **40** | **11.9** | **22** | **6.5** | **340** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Aflac U.S. Sales Force Data** | **Aflac U.S. Sales Force Data** | **Aflac U.S. Sales Force Data** | **Aflac U.S. Sales Force Data** | **Aflac U.S. Sales Force Data** | **Aflac U.S. Sales Force Data** | **Aflac U.S. Sales Force Data** |
| | | **Recruited Agents** | **Recruited Agents** | **Recruited Agents** | | |
| | **Period** | **Career** | **Broker** | **Total** | **Average Weekly Producer Equivalents** | **Productivity (Production/ Avg. Weekly Producers)** |
|  | 2020 | 11826 | 1861 | 13687 | 5918 | 184706 |
|  | 2021 | 10641 | 5445 | 16086 | 5993 | 213235 |
|  | 2022 | 9550 | 1500 | 11050 | 6186 | 239786 |
|  | 2023 | 10103 | 1463 | 11566 | 6239 | 249663 |
|  | 2024 | 9994 | 1366 | 11360 | 6271 | 256210 |
| 2023 | 1 | 2676 | 348 | 3024 | 6108 | 51525 |
|  | 2 | 2801 | 399 | 3200 | 6196 | 52361 |
|  | 3 | 2407 | 431 | 2838 | 6044 | 59425 |
|  | 4 | 2219 | 285 | 2504 | 6608 | 84645 |
| 2024 | 1 | 2330 | 346 | 2676 | 5800 | 51432 |
|  | 2 | 3113 | 422 | 3535 | 6098 | 54262 |
|  | 3 | 2553 | 335 | 2888 | 5890 | 64336 |
|  | 4 | 1998 | 263 | 2261 | 6271 | 85225 |
| **2025** | 1 | 2405 | 340 | 2745 | 5146 | 59985 |
|  | **2** | **3069** | **352** | **3421** | **5354** | **63505** |

---

 <sup>(1)</sup> *Includes cancer, critical illness, and hospital intensive care products*

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** |
| | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** |
|  | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
|  |  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **3 Months Ended June 30,** | **3 Months Ended June 30,** | **3 Months Ended June 30,** | **6 Months Ended June 30,** | **6 Months Ended June 30,** | **6 Months Ended June 30,** |
|  |  | **2020** | **2021** | **2022** | **2023** | **2024** | **2024** | **2025** | **% Change** | **2024** | **2025** | **% Change** |
|  | **Revenues:** |  |  |  |  |  |  |  |  |  |  |  |
|  | Net earned premiums: |  |  |  |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;Gross premiums | ¥1409134 | ¥1290527 | ¥1246657 | ¥1212654 | ¥1159719 | ¥293110 | ¥**285931** |  | ¥589167 | ¥**574250** |  |
|  | &nbsp;&nbsp;Assumed (ceded) | (55926) | (50864) | (48578) | (84838) | (109719) | (25792) | **(31357)** |  | (51989) | **(63212)** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total net earned premiums | 1353208 | 1239663 | 1198079 | 1127816 | 1050000 | 267319 | **254574** | (4.8)% | 537178 | **511038** | (4.9)% |
| <sup>1</sup> | Net investment income: <sup>(1)</sup> |  |  |  |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;Yen denominated | 138397 | 138513 | 149449 | 138073 | 133059 | 35327 | **35622** | 0.8 | 69679 | **69605** | (0.1) |
|  | &nbsp;&nbsp;US$ denominated | 167541 | 202905 | 215171 | 247277 | 280628 | 78629 | **67088** | (14.7) | 141626 | **123398** | (12.9) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 305938 | 341419 | 364621 | 385352 | 413687 | 113957 | **102709** | (9.9) | 211305 | **193002** | (8.7) |
| <sup>2</sup> | &nbsp;&nbsp;Amortized hedge costs on foreign investments <sup>(2)</sup> | (22816) | (8391) | (13155) | (19773) | (3755) | (970) | **(1564)** | 61.2 | (1767) | **(2635)** | 49.1 |
|  | &nbsp;&nbsp;Adjusted net investment income | 283122 | 333028 | 351466 | 365579 | 409932 | 112987 | **101145** | (10.5) | 209538 | **190367** | (9.1) |
|  | Other income excl. realized foreign currency gains (losses) | 4497 | 4512 | 4442 | 4720 | 4109 | 875 | **1769** |  | 2058 | **2565** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjusted revenues | 1640827 | 1577203 | 1553988 | 1498115 | 1464041 | 381181 | **357488** | (6.2) | 748774 | **703970** | (6.0) |
|  | **Benefits and claims:** |  |  |  |  |  |  |  |  |  |  |  |
|  | Benefits and claims, net: |  |  |  |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;Incurred claims - direct | 734471 | 743247 | 788572 | 781774 | 815894 | 195320 | **198189** |  | 420177 | **437824** |  |
|  | &nbsp;&nbsp;Incurred claims - assumed (ceded) | (37806) | (31798) | (36141) | (70748) | (82320) | (18777) | **(25321)** |  | (38184) | **(51377)** |  |
|  | &nbsp;&nbsp;Increase in FPB - direct | 260200 | 149084 | 73592 | 44121 | (26672) | 3386 | **(7471)** |  | (19639) | **(54704)** |  |
|  | &nbsp;&nbsp;Increase in FPB - assumed (ceded) | (11377) | (11425) | (5618) | 2226 | 13877 | 2853 | **6185** |  | 5184 | **12221** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total benefits and claims, net, excluding reserve remeasurement | N/A | 849108 | 820405 | 757373 | 720780 | 182782 | **171581** |  | 367538 | **343964** |  |
|  | Reserve remeasurement (gain) loss | N/A | (6879) | (13337) | (13072) | (64197) | (3878) | **(2172)** |  | (7762) | **(5910)** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and claims, net | 945487 | 842229 | 807068 | 744301 | 656583 | 178904 | **169409** | (5.3) | 359776 | **338054** | (6.0) |
|  | **Adjusted expenses:** |  |  |  |  |  |  |  |  |  |  |  |
|  | Amortization of deferred policy acquisition costs | 68818 | 43131 | 44123 | 45840 | 48581 | 11995 | **12132** | 1.1 | 24284 | **24229** | (0.2) |
|  | Insurance commissions | 79036 | 77449 | 73482 | 68751 | 65889 | 16424 | **16214** | (1.3) | 33412 | **32206** | (3.6) |
|  | Insurance and other expenses | 199606 | 202586 | 198493 | 182364 | 165314 | 39335 | **45423** | 15.5 | 76215 | **85154** | 11.7 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted expenses | 347460 | 323166 | 316097 | 296955 | 279784 | 67754 | **73768** |  | 133911 | **141589** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and adjusted expenses | 1292947 | 1165395 | 1123165 | 1041256 | 936367 | 246658 | **243178** | (1.4) | 493687 | **479643** | (2.8) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pretax adjusted earnings | ¥347881 | ¥411808 | ¥430823 | ¥456859 | ¥527675 | ¥134523 | ¥**114310** | (15.0)% | ¥255087 | ¥**224327** | (12.1)% |

---

 <sup>(1)</sup> *Includes the net interest cash flows from derivatives associated with certain investment strategies*

 <sup>(2)</sup> *See non-U.S. GAAP financial measures for the definition of amortized hedge costs/income* 

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** |
| | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** |
|  | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
|  |  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **3 Months Ended June 30,** | **3 Months Ended June 30,** | **3 Months Ended June 30,** | **6 Months Ended June 30,** | **6 Months Ended June 30,** | **6 Months Ended June 30,** |
|  |  | **2020** | **2021** | **2022** | **2023** | **2024** | **2024** | **2025** | **% Change** | **2024** | **2025** | **% Change** |
|  | **Revenues:** |  |  |  |  |  |  |  |  |  |  |  |
|  | Net earned premiums |  |  |  |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;Gross premiums | $13193 | $11765 | $9558 | $8649 | $7654 | $1881 | $**1978** |  | $3873 | $**3868** |  |
|  | &nbsp;&nbsp;Assumed (ceded) | (524) | (463) | (372) | (602) | (724) | (165) | **(217)** |  | (342) | **(426)** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total net earned premiums | 12670 | 11301 | 9186 | 8047 | 6930 | 1715 | **1761** | 2.7% | 3531 | **3442** | (2.5)% |
| <sup>1</sup> | Net investment income <sup>(1)</sup> |  |  |  |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;Yen denominated | 1296 | 1262 | 1140 | 985 | 879 | 227 | **246** | 8.4 | 458 | **470** | 2.6 |
|  | &nbsp;&nbsp;US$ denominated | 1569 | 1845 | 1641 | 1755 | 1849 | 505 | **464** | (8.1) | 929 | **833** | (10.3) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 2865 | 3107 | 2782 | 2739 | 2727 | 732 | **710** | (3.0) | 1387 | **1303** | (6.1) |
| <sup>2</sup> | Amortized hedge costs on foreign investments <sup>(2)</sup> | (206) | (76) | (112) | (157) | (26) | (7) | **(11)** | 57.1 | (13) | **(18)** | 38.5 |
|  | &nbsp;&nbsp;Adjusted net investment income | 2659 | 3031 | 2669 | 2582 | 2701 | 725 | **699** | (3.6) | 1374 | **1285** | (6.5) |
|  | Other income excl. realized foreign currency gains (losses) | 42 | 41 | 35 | 35 | 28 | 7 | **12** |  | 14 | **17** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjusted revenues | 15371 | 14373 | 11890 | 10664 | 9659 | 2447 | **2472** | 1.0 | 4919 | **4744** | (3.6) |
|  | **Benefits and claims:** |  |  |  |  |  |  |  |  |  |  |  |
|  | Benefits and claims, net |  |  |  |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;Incurred claims - direct | 6875 | 6776 | 6038 | 5582 | 5390 | 1253 | **1370** |  | 2765 | **2942** |  |
|  | &nbsp;&nbsp;Incurred claims - assumed (ceded) | (354) | (290) | (275) | (502) | (543) | (120) | **(175)** |  | (251) | **(346)** |  |
|  | &nbsp;&nbsp;Increase in FPB - direct | 2437 | 1356 | 562 | 314 | (184) | 23 | **(53)** |  | (131) | **(363)** |  |
|  | &nbsp;&nbsp;Increase in FPB - assumed (ceded) | (107) | (104) | (43) | 15 | 99 | 18 | **42** |  | 34 | **82** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total benefits and claims, net, excluding reserve remeasurement | N/A | 7738 | 6282 | 5409 | 4761 | 1174 | **1186** |  | 2417 | **2316** |  |
|  | &nbsp;&nbsp;Reserve remeasurement (gain) loss | N/A | (62) | (91) | (96) | (444) | (26) | **(14)** |  | (52) | **(39)** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and claims, net | 8851 | 7675 | 6191 | 5313 | 4317 | 1148 | **1172** | 2.1 | 2365 | **2277** | (3.7) |
|  | **Adjusted expenses:** |  |  |  |  |  |  |  |  |  |  |  |
|  | Amortization of deferred policy acquisition costs | 644 | 393 | 338 | 326 | 321 | 77 | **85** | 10.4 | 160 | **164** | 2.5 |
|  | Insurance commissions | 740 | 706 | 563 | 491 | 435 | 105 | **112** | 6.7 | 220 | **217** | (1.4) |
|  | Insurance and other expenses | 1873 | 1843 | 1517 | 1300 | 1092 | 253 | **313** | 23.7 | 500 | **574** | 14.8 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted expenses | 3257 | 2942 | 2417 | 2117 | 1848 | 435 | **509** |  | 880 | **954** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and adjusted expenses | 12108 | 10618 | 8609 | 7430 | 6165 | 1583 | **1682** | 6.3 | 3245 | **3232** | (0.4) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pretax adjusted earnings | $3263 | $3756 | $3281 | $3234 | $3494 | $864 | $**790** | (8.6)% | $1674 | $**1512** | (9.7)% |

---

 <sup>(1)</sup> *Includes the net interest cash flows from derivatives associated with certain investment strategies.*

 <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of amortized hedge costs/income.*

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** |
| **Balance Sheets** | **Balance Sheets** | **Balance Sheets** | **Balance Sheets** | **Balance Sheets** | **Balance Sheets** | **Balance Sheets** | **Balance Sheets** |
| (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **June 30,** | **June 30,** |
|  | **2020** | **2021** | **2022** | **2023** | **2024** | **2024** | **2025** |
| **Assets:** |  |  |  |  |  |  |  |
| Investments and cash | ¥13080154 | ¥13645902 | ¥12777746 | ¥12566939 | ¥12216793 | ¥13115407 | ¥**12005337** |
| Receivables, net of allowance for credit losses | 20782 | 22439 | 23138 | 24848 | 31172 | 32133 | **33409** |
| Accrued investment income | 62722 | 67493 | 76489 | 74666 | 77899 | 83439 | **80758** |
| Deferred policy acquisition costs | 723579 | 745510 | 766506 | 788394 | 806920 | 797500 | **812901** |
| Other assets | 320351 | 386832 | 387065 | 946644 | 1136609 | 904100 | **1055055** |
| &nbsp;&nbsp;Total assets | ¥14207588 | ¥14868176 | ¥14030944 | ¥14401491 | ¥14269393 | ¥14932579 | ¥**13987461** |
| **Liabilities and Shareholders' Equity:** |  |  |  |  |  |  |  |
| Future policy benefits | ¥9175501 | ¥11755704 | ¥10315140 | ¥10444044 | ¥9630864 | ¥9772638 | ¥**8913737** |
| Policy and contract claims | 328778 |  | 28 | 465 | 754 | 605 | **871** |
| Unearned premiums | 361010 | 284045 | 227732 | 192595 | 189583 | 180459 | **187379** |
| Other policyholders' funds | 808429 | 877690 | 880989 | 874854 | 863699 | 875931 | **869166** |
| Income taxes (prim. deferred) | 478969 | 36166 | 114688 | 95297 | 136262 | 165623 | **155422** |
| Other liabilities | 253219 | 502633 | 575554 | 576879 | 526477 | 1012671 | **1060420** |
| Shareholders' equity | 2801682 | 1411938 | 1916812 | 2217357 | 2921754 | 2924652 | **2800466** |
| &nbsp;&nbsp;Total liabilities & shareholders' equity | ¥14207588 | ¥14868176 | ¥14030944 | ¥14401491 | ¥14269393 | ¥14932579 | ¥**13987461** |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** |
| **Balance Sheets** | **Balance Sheets** | **Balance Sheets** | **Balance Sheets** | **Balance Sheets** | **Balance Sheets** | **Balance Sheets** | **Balance Sheets** |
| (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **June 30,** | **June 30,** |
|  | **2020** | **2021** | **2022** | **2023** | **2024** | **2024** | **2025** |
| **Assets:** |  |  |  |  |  |  |  |
| Investments and cash | $126378 | $118639 | $96290 | $88606 | $77233 | $81427 | $**82904** |
| Receivables, net of allowance for credit losses | 201 | 195 | 174 | 175 | 197 | 199 | **231** |
| Accrued investment income | 606 | 587 | 576 | 526 | 492 | 518 | **558** |
| Deferred policy acquisition costs | 6991 | 6482 | 5776 | 5559 | 5102 | 4951 | **5614** |
| Other assets | 3095 | 3363 | 2917 | 6675 | 7186 | 5613 | **7286** |
| &nbsp;&nbsp;Total assets | $137271 | $129266 | $105734 | $101541 | $90210 | $92708 | $**96592** |
| **Liabilities and Shareholders' Equity:** |  |  |  |  |  |  |  |
| Future policy benefits | $88652 | $102206 | $77733 | $73638 | $60885 | $60673 | $**61555** |
| Policy and contract claims | 3177 |  |  | 3 | 5 | 4 | **6** |
| Unearned premiums | 3488 | 2470 | 1716 | 1358 | 1199 | 1120 | **1294** |
| Other policyholders' funds | 7811 | 7631 | 6639 | 6169 | 5460 | 5438 | **6002** |
| Income taxes (prim. deferred) | 4630 | 314 | 781 | 619 | 884 | 1040 | **1046** |
| Other liabilities | 2447 | 4369 | 4337 | 4067 | 3328 | 6287 | **7323** |
| Shareholders' equity | 27068 | 12276 | 14528 | 15687 | 18449 | 18146 | **19366** |
| &nbsp;&nbsp;Total liabilities & shareholders' equity | $137271 | $129266 | $105734 | $101541 | $90210 | $92708 | $**96592** |

---

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** |
| **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** |
| (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
|  | **Period** | **Net Earned Premiums** | **% Change** | **Adjusted NII** | **% Change** | **Total Adjusted Revenues** | **% Change** | **Benefits & Claims, Net** | **% Change** | **Amort.** | **% Change** | **Total Adjusted Expense** | **% Change** | **Pretax Adjusted Earn.** | **% Change** |
|  | 2020 | ¥1353208 | (2.8)% | ¥283122 | 4.4% | ¥1640827 | (1.7)% | ¥945487 | (2.3)% | ¥68818 | (11.0)% | ¥347459 | 0.4% | ¥347881 | (2.0)% |
|  | 2021 | 1239663 | (8.4) | 333028 | 17.6 | 1577203 | (3.9) | 842229 | (10.9) | 43131 | (37.3) | 323166 | (7.0) | 411808 | 18.4 |
|  | 2022 | 1198079 | (3.4) | 351466 | 5.5 | 1553988 | (1.5) | 807068 | (4.2) | 44123 | 2.3 | 316097 | (2.2) | 430823 | 4.6 |
|  | 2023 | 1127816 | (5.9) | 365579 | 4.0 | 1498115 | (3.6) | 744301 | (7.8) | 45840 | 3.9 | 296955 | (6.1) | 456859 | 6.0 |
|  | 2024 | 1050000 | (6.9) | 409932 | 12.1 | 1464041 | (2.3) | 656583 | (11.8) | 48581 | 6.0 | 279784 | (5.8) | 527675 | 15.5 |
| 2023 | 1 | 287048 | (5.9) | 80931 | 2.4 | 369145 | (4.1) | 192270 | (7.1) | 11281 | 3.6 | 72625 | (5.8) | 104251 | 3.2 |
|  | 2 | 283377 | (6.2) | 87963 | (6.4) | 372544 | (6.2) | 186310 | (9.0) | 11359 | 3.6 | 72808 | (7.9) | 113426 | (0.1) |
|  | 3 | 285305 | (2.8) | 98866 | 7.2 | 385363 | (0.5) | 185855 | (5.2) | 11435 | 3.3 | 73068 | (5.7) | 126440 | 11.4 |
|  | 4 | 272085 | (8.5) | 97819 | 13.5 | 371063 | (3.5) | 179866 | (9.7) | 11766 | 5.0 | 78454 | (4.9) | 112742 | 9.7 |
| 2024 | 1 | 269859 | (6.0) | 96551 | 19.3 | 367593 | (0.4) | 180873 | (5.9) | 12289 | 8.9 | 66157 | (8.9) | 120564 | 15.6 |
|  | 2 | 267319 | (5.7) | 112987 | 28.4 | 381181 | 2.3 | 178904 | (4.0) | 11995 | 5.6 | 67754 | (6.9) | 134523 | 18.6 |
|  | 3 | 255397 | (10.5) | 98969 | 0.1 | 355332 | (7.8) | 125548 | (32.4) | 12257 | 7.2 | 71039 | (2.8) | 158745 | 25.5 |
|  | 4 | 257425 | (5.4) | 101425 | 3.7 | 359935 | (3.0) | 171258 | (4.8) | 12040 | 2.3 | 74834 | (4.6) | 113843 | 1.0 |
| **2025** | 1 | 256464 | (5.0) | 89222 | (7.6) | 346482 | (5.7) | 168645 | (6.8) | 12097 | (1.6) | 67821 | 2.5 | 110017 | (8.7) |
|  | **2** | **254574** | **(4.8)** | **101145** | **(10.5)** | **357488** | **(6.2)** | **169409** | **(5.3)** | **12132** | **1.1** | **73768** | **8.9** | **114310** | **(15.0)** |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** |
| | **Operating Ratios** | **Operating Ratios** | **Operating Ratios** | **Operating Ratios** | **Operating Ratios** | **Operating Ratios** | **Operating Ratios** | **Operating Ratios** | **Operating Ratios** |
|  | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) |
| <sup>1</sup> |  | **Period** | **12-Month Rolling Premium Persistency** <sup>(1)</sup> | **Total Benefit/ Premium** | **Total Benefit/ Premiums<br>(3rd sector)** | **Amortization/<br>Premium** | **Total Adjusted Expenses/<br>Total Adjusted Revenue** | **Combined Ratio/ Total Adjusted Revenue** | **Pretax Profit Margin** |
|  |  | 2020 | 95.1% | 69.9% | 59.7% | 5.1% | 21.2% | 78.8% | 21.2% |
|  |  | 2021 | 94.3 | 67.9 | 58.7 | 3.5 | 20.5 | 73.9 | 26.1 |
|  |  | 2022 | 94.1 | 67.4 | 58.5 | 3.7 | 20.3 | 72.3 | 27.7 |
|  |  | 2023 | 93.4 | 66.0 | 56.2 | 4.1 | 19.8 | 69.5 | 30.5 |
|  |  | 2024 | 93.4 | 62.5 | 53.5 | 4.6 | 19.1 | 64.0 | 36.0 |
|  |  | **2025 YTD** | **93.7** | **66.2** | **56.9** | **4.7** | **20.1** | **68.1** | **31.9** |
|  | 2023 | 1 | 93.9 | 67.0 | 57.7 | 3.9 | 19.7 | 71.8 | 28.2 |
|  |  | 2 | 93.8 | 65.7 | 56.2 | 4.0 | 19.5 | 69.6 | 30.4 |
|  |  | 3 | 93.5 | 65.1 | 54.8 | 4.0 | 19.0 | 67.2 | 32.8 |
|  |  | 4 | 93.4 | 66.1 | 56.2 | 4.3 | 21.1 | 69.6 | 30.4 |
|  | 2024 | 1 | 93.4 | 67.0 | 57.5 | 4.6 | 18.0 | 67.2 | 32.8 |
|  |  | 2 | 93.3 | 66.9 | 57.8 | 4.5 | 17.8 | 64.7 | 35.3 |
|  |  | 3 | 93.3 | 49.2 | 41.8 | 4.8 | 20.0 | 55.3 | 44.7 |
|  |  | 4 | 93.4 | 66.5 | 56.9 | 4.7 | 20.8 | 68.4 | 31.6 |
|  | **2025** | 1 | 93.8 | 65.8 | 56.3 | 4.7 | 19.6 | 68.2 | 31.8 |
|  |  | **2** | **93.7** | **66.5** | **57.4** | **4.8** | **20.6** | **68.0** | **32.0** |

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,

 <sup>(1)</sup> *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.*

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** |
| **Aflac Japan Sales Results** | **Aflac Japan Sales Results** | **Aflac Japan Sales Results** | **Aflac Japan Sales Results** | **Aflac Japan Sales Results** | **Aflac Japan Sales Results** | **Aflac Japan Sales Results** | **Aflac Japan Sales Results** |
| (In Millions, unless otherwise noted) | (In Millions, unless otherwise noted) | (In Millions, unless otherwise noted) | (In Millions, unless otherwise noted) | (In Millions, unless otherwise noted) | (In Millions, unless otherwise noted) | (In Millions, unless otherwise noted) | (In Millions, unless otherwise noted) |
|  | **Period** | **Annualized Premium In Force<br>(Billions)** | **% Change** | **Third Sector New Annualized Premium Sales** | **% Change** | **Total New Annualized Premium Sales** | **% Change** |
|  | 2020 | ¥1426.5 | (4.2)% | ¥45110 | (38.1)% | ¥50852 | (36.2)% |
|  | 2021 | 1360.6 | (4.7) | 48977 | 8.6 | 54764 | 7.7 |
|  | 2022 | 1301.0 | (4.4) | 47998 | (2.0) | 54765 |  |
|  | 2023 | 1246.4 | (4.2) | 52234 | 8.8 | 60730 | 10.9 |
|  | 2024 | 1209.0 | (3.0) | 47651 | (8.8) | 64111 | 5.6 |
| 2023 | 1 | 1281.4 | (4.8) | 10952 | 2.6 | 13213 | 10.8 |
|  | 2 | 1268.4 | (4.8) | 13964 | 22.8 | 16112 | 26.6 |
|  | 3 | 1257.4 | (4.4) | 13606 | 7.7 | 15600 | 12.4 |
|  | 4 | 1246.4 | (4.2) | 13711 | 3.0 | 15805 | (2.6) |
| 2024 | 1 | 1232.6 | (3.8) | 10767 | (1.7) | 12534 | (5.1) |
|  | 2 | 1222.5 | (3.6) | 12712 | (9.0) | 16833 | 4.5 |
|  | 3 | 1216.7 | (3.2) | 11925 | (12.4) | 17522 | 12.3 |
|  | 4 | 1209.0 | (3.0) | 12246 | (10.7) | 17222 | 9.0 |
| **2025** | 1 | 1199.1 | (2.7) | 10655 | (1.0) | 14112 | 12.6 |
|  | **2** | **1194.1** | **(2.3)** | **17463** | **37.4** | **20736** | **23.2** |

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** |
| **Aflac Japan Product Mix** | **Aflac Japan Product Mix** | **Aflac Japan Product Mix** | **Aflac Japan Product Mix** | **Aflac Japan Product Mix** | **Aflac Japan Product Mix** | **Aflac Japan Product Mix** | **Aflac Japan Product Mix** | **Aflac Japan Product Mix** | **Aflac Japan Product Mix** | **Aflac Japan Product Mix** | **Aflac Japan Product Mix** | **Aflac Japan Product Mix** | **Aflac Japan Product Mix** | **Aflac Japan Product Mix** |
| (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) |
| (In Billions) | (In Billions) | (In Billions) | (In Billions) | (In Billions) | (In Billions) | (In Billions) | (In Billions) | (In Billions) | (In Billions) | (In Billions) | (In Billions) | (In Billions) | (In Billions) | (In Billions) |
|  | **Period** | **Cancer** | **% of Total** | **Medical and Other Health** | **% of Total** | **Child Endowment** | **% of Total** | **WAYS** | **% of Total** | **Ordinary Life Other** | **% of Total** | **Other** | **% of Total** | **Total** |
|  | 2020 | ¥28.8 | 56.6% | ¥16.4 | 32.2% | ¥0.2 | 0.4% | ¥0.4 | 0.7% | ¥4.8 | 9.5% | ¥0.3 | 0.6% | ¥50.9 |
|  | 2021 | 27.0 | 49.2 | 20.7 | 37.7 | 0.2 | 0.3 | 0.4 | 0.8 | 4.9 | 9.0 | 1.6 | 3.0 | 54.8 |
|  | 2022 | 30.9 | 56.5 | 15.3 | 27.9 | 0.2 | 0.3 | 1.9 | 3.5 | 4.5 | 8.1 | 2.0 | 3.7 | 54.8 |
|  | 2023 | 38.9 | 64.1 | 12.6 | 20.6 | 0.2 | 0.4 | 4.1 | 6.8 | 3.9 | 6.5 | 1.0 | 1.6 | 60.7 |
|  | 2024 | 36.9 | 57.5 | 10.4 | 16.1 | 0.1 | 0.2 | 1.4 | 2.2 | 14.8 | 23.0 | 0.6 | 1.0 | 64.1 |
| 2023 | 1 | 7.9 | 59.9 | 2.8 | 21.4 | 0.1 | 0.6 | 1.2 | 8.9 | 1.0 | 7.3 | 0.2 | 1.9 | 13.2 |
|  | 2 | 10.9 | 67.7 | 2.9 | 17.9 | 0.1 | 0.4 | 1.0 | 6.6 | 1.0 | 6.1 | 0.2 | 1.3 | 16.1 |
|  | 3 | 10.3 | 65.6 | 3.2 | 20.4 | 0.1 | 0.4 | 0.9 | 6.0 | 0.9 | 6.1 | 0.2 | 1.5 | 15.6 |
|  | 4 | 9.9 | 62.5 | 3.7 | 23.2 |  | 0.3 | 0.9 | 6.0 | 1.1 | 6.6 | 0.2 | 1.4 | 15.8 |
| 2024 | 1 | 7.9 | 63.2 | 2.7 | 21.4 |  | 0.3 | 0.7 | 5.3 | 1.0 | 8.1 | 0.2 | 1.7 | 12.5 |
|  | 2 | 9.9 | 58.8 | 2.7 | 16.0 |  | 0.2 | 0.4 | 2.3 | 3.7 | 21.8 | 0.1 | 0.9 | 16.8 |
|  | 3 | 9.7 | 55.1 | 2.2 | 12.4 |  | 0.1 | 0.1 | 0.8 | 5.4 | 30.8 | 0.1 | 0.8 | 17.5 |
|  | 4 | 9.4 | 54.5 | 2.7 | 16.1 |  | 0.1 | 0.2 | 1.3 | 4.7 | 27.1 | 0.1 | 0.9 | 17.2 |
| **2025** | 1 | 8.4 | 59.7 | 2.1 | 15.3 |  | 0.1 | 0.2 | 1.8 | 3.2 | 22.3 | 0.1 | 0.8 | 14.1 |
|  | **2** | **15.1** | **73.0** | **2.2** | **10.9** | **—** | **0.1** | **0.2** | **1.1** | **3.0** | **14.4** | **0.1** | **0.5** | **20.7** |

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** |
| | **Aflac Japan Sales Force Data** | **Aflac Japan Sales Force Data** | **Aflac Japan Sales Force Data** | **Aflac Japan Sales Force Data** | **Aflac Japan Sales Force Data** | **Aflac Japan Sales Force Data** | **Aflac Japan Sales Force Data** | **Aflac Japan Sales Force Data** | **Aflac Japan Sales Force Data** | **Aflac Japan Sales Force Data** | **Aflac Japan Sales Force Data** |
| | | | **Number of Agencies by Type** | **Number of Agencies by Type** | **Number of Agencies by Type** | **Number of Agencies by Type** | **Sales Contribution by Agency Type** | **Sales Contribution by Agency Type** | **Sales Contribution by Agency Type** | | |
| <sup>1</sup> |  | **Period** | **Individual/ Independent Corporate** | **Affiliated<br>Corporate** | **Bank** | **Total** | **Individual/ Independent Corporate** | **Affiliated<br>Corporate** | **Bank** | **Licensed Sales<br>Associates** <sup>(1)</sup> | **Recruited<br>Agencies** |
|  |  | 2020 | 7231 | 1312 | 361 | 8904 | 52.3% | 42.6% | 5.1% | 111886 | 48 |
|  |  | 2021 | 6779 | 1283 | 360 | 8422 | 51.1 | 43.7 | 5.2 | 111854 | 62 |
|  |  | 2022 | 6159 | 1239 | 359 | 7757 | 49.5 | 46.5 | 4.0 | 110259 | 38 |
|  |  | 2023 | 5751 | 1203 | 360 | 7314 | 46.7 | 50.0 | 3.3 | 113010 | 24 |
|  |  | 2024 | 5384 | 1166 | 360 | 6910 | 48.2 | 48.6 | 3.2 | 113836 | 50 |
|  | 2023 | 1 | 6056 | 1232 | 359 | 7647 | 50.9 | 45.4 | 3.7 | 109769 | 4 |
|  |  | 2 | 5947 | 1219 | 360 | 7526 | 44.8 | 52.5 | 2.7 | 112593 | 5 |
|  |  | 3 | 5843 | 1211 | 360 | 7414 | 44.4 | 51.9 | 3.7 | 112795 | 6 |
|  |  | 4 | 5751 | 1203 | 360 | 7314 | 47.7 | 49.2 | 3.1 | 113010 | 9 |
|  | 2024 | 1 | 5659 | 1191 | 360 | 7210 | 48.9 | 48.0 | 3.1 | 112645 | 12 |
|  |  | 2 | 5542 | 1180 | 360 | 7082 | 49.5 | 48.4 | 2.1 | 114424 | 12 |
|  |  | 3 | 5464 | 1176 | 360 | 7000 | 46.2 | 50.2 | 3.6 | 114473 | 19 |
|  |  | 4 | 5384 | 1166 | 360 | 6910 | 48.5 | 47.7 | 3.8 | 113836 | 7 |
|  | **2025** | 1 | 5300 | 1155 | 358 | 6813 | 52.8 | 43.8 | 3.4 | 112996 | 18 |
|  |  | **2** | **5225** | **1141** | **358** | **6724** | **46.8** | **50.4** | **2.8** | **111387** | **76** |

---

 <sup>(1)</sup> *Excludes Dai-ichi Life, banks, Japan Post Group and Daido Life*

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** |
| | **Yen/Dollar Exchange Rates** | **Yen/Dollar Exchange Rates** | **Yen/Dollar Exchange Rates** | **Yen/Dollar Exchange Rates** | **Yen/Dollar Exchange Rates** | **Yen/Dollar Exchange Rates** |
| <sup>1</sup> |  | **Period** | **Closing Rate**<sup>(1)</sup> | **Quarterly Average** | **Yearly Cumulative Average** | **% Change** |
|  |  | 2020 | 103.50 | N/A | 106.86 | 2.1% |
|  |  | 2021 | 115.02 | N/A | 109.79 | (2.7) |
|  |  | 2022 | 132.70 | N/A | 130.17 | (15.7) |
|  |  | 2023 | 141.83 | N/A | 140.57 | (7.4) |
|  |  | 2024 | 158.18 | N/A | 150.97 | (6.9) |
|  | 2023 | 1 | 133.53 | 132.30 | 132.30 | (12.2) |
|  |  | 2 | 144.99 | 137.53 | 134.97 | (9.0) |
|  |  | 3 | 149.58 | 144.97 | 138.38 | (8.5) |
|  |  | 4 | 141.83 | 148.11 | 140.57 | (7.4) |
|  | 2024 | 1 | 151.41 | 148.67 | 148.67 | (11.0) |
|  |  | 2 | 161.07 | 155.70 | 152.30 | (11.4) |
|  |  | 3 | 142.73 | 147.95 | 150.60 | (8.1) |
|  |  | 4 | 158.18 | 152.35 | 150.97 | (6.9) |
|  | **2025** | 1 | 149.52 | 152.40 | 152.40 | (2.4) |
|  |  | **2** | **144.81** | **144.60** | **148.32** | **2.7** |

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 <sup>(1)</sup> *Closing rate is based on the latest available and published MUFG Bank Ltd. TTM mid-day exchange rate.*

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Corporate and Other*** | ***Corporate and Other*** | ***Corporate and Other*** | ***Corporate and Other*** | ***Corporate and Other*** | ***Corporate and Other*** | ***Corporate and Other*** | ***Corporate and Other*** | ***Corporate and Other*** | ***Corporate and Other*** | ***Corporate and Other*** | ***Corporate and Other*** | ***Corporate and Other*** |
| | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** |
|  | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
|  |  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **3 Months Ended June 30,** | **3 Months Ended June 30,** | **3 Months Ended June 30,** | **6 Months Ended June 30,** | **6 Months Ended June 30,** | **6 Months Ended June 30,** |
|  |  | **2020** | **2021** | **2022** | **2023** | **2024** | **2024** | **2025** | **% Change** | **2024** | **2025** | **% Change** |
|  | **Revenues:** |  |  |  |  |  |  |  |  |  |  |  |
|  | Total net earned premiums | $194 | $180 | $145 | $400 | $680 | $155 | $**206** | 32.9% | $320 | $**404** | 26.3% |
| <sup>1</sup> | Net investment income <sup>(1)</sup> | 80 | (73) | 30 | (77) | 201 | 57 | **98** | 71.9 | 107 | **194** | 81.3 |
| <sup>2</sup> | &nbsp;&nbsp;Amortized hedge income <sup>(2)</sup> | 97 | 57 | 68 | 121 | 113 | 34 | **30** | (11.8) | 62 | **60** | (3.2) |
|  | Adjusted net investment income | 177 | (16) | 98 | 44 | 314 | 91 | **128** | 40.7 | 169 | **254** | 50.3 |
|  | Other income | 13 | 11 | 24 | 15 | 13 | 5 | **2** | (60.0) | 8 | **4** | (50.0) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted revenues | 384 | 175 | 267 | 460 | 1007 | 249 | **336** | 34.9 | 497 | **662** | 33.2 |
|  | Benefits and expenses: |  |  |  |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;Total benefits and claims, net, excluding reserve remeasurement | 180 | 161 | 141 | 470 | 426 | 94 | **126** | 34.0 | 203 | **251** | 23.6 |
|  | &nbsp;&nbsp;Reserve remeasurement (gain) loss |  |  |  | (3) | (19) | (1) | **—** |  | (2) | **(1)** | 50.0 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total benefits and claims, net | 180 | 161 | 141 | 467 | 407 | 94 | **126** | 34.0 | 201 | **250** | 24.4 |
|  | &nbsp;&nbsp;Interest expense | 164 | 165 | 162 | 144 | 156 | 38 | **51** | 34.2 | 74 | **96** | 29.7 |
|  | &nbsp;&nbsp;Other adjusted expenses | 155 | 142 | 181 | 273 | 412 | 94 | **139** | 47.9 | 201 | **253** | 25.9 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total benefits and adjusted expenses | 499 | 469 | 485 | 885 | 975 | 226 | **316** | 39.8 | 476 | **599** | 25.8 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pretax adjusted earnings | $(115) | $(293) | $(218) | $(425) | $32 | $23 | $**20** | (13.0)% | $21 | $**63** | 200.0% |

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 <sup>(1)</sup> *The change in value of federal historic rehabilitation and solar investments in partnerships of $8 and $30 for the three-month periods and $16 and $62 for the six-month periods ended June 30, 2025, and 2024, respectively, is included as a reduction to net investment income. Tax credits on these investments of $9 and $31 for the three-month periods and $16 and$64 for the six-month periods ended June 30, 2025, and 2024, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.*

 <sup>(2)</sup> *See non-U.S. GAAP financial measures for the definition of amortized hedge cost/income*

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***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 yen weakens, translating yen into dollars results in fewer dollars being reported. When the yen strengthens, translating yen into dollars results in more dollars being reported. Consequently, yen weakening has the effect of suppressing current period results in relation to the comparable prior period, while 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 yen and never converted into dollars but translated into 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:

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| | |
|:---|:---|
| • | **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.  |

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•  **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 currency exchange rate for the comparable prior-year period, which eliminates fluctuations driven solely by foreign currency 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 exchange risks in the Company's Japan segment or in Corporate and other. 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 (AOCI). 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 AOCI, 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 average equity (ROE) 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 average equity as determined using annualized net earnings and average total shareholders' equity.

## Exhibit 99.3

![aflac-incorporatedx4xpro.jpg](aflac-incorporatedx4xpro.jpg)

 **Second Quarter 2025**

**Earnings Call**

**Video Update**

**Max K. Brodén**

**August 5, 2025**

**For more information contact:**

**Investor and Rating Agency Relations**

**800.235.2667** **aflacir@aflac.com**

**Aflac Worldwide Headquarters**

**1932 Wynnton Road**

**Columbus, GA 31999**

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<u>Forward-Looking Information and Non-U.S. GAAP Financial Measures</u>

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:

&nbsp;&nbsp;&nbsp;&nbsp;• difficult conditions in global capital markets and the economy, including inflation

&nbsp;&nbsp;&nbsp;&nbsp;• defaults and credit downgrades of investments

&nbsp;&nbsp;&nbsp;&nbsp;• global fluctuations in interest rates and exposure to significant interest rate risk

&nbsp;&nbsp;&nbsp;&nbsp;• concentration of business in Japan

&nbsp;&nbsp;&nbsp;&nbsp;• limited availability of acceptable yen-denominated investments

&nbsp;&nbsp;&nbsp;&nbsp;• foreign currency fluctuations in the yen/dollar exchange rate

&nbsp;&nbsp;&nbsp;&nbsp;• differing interpretations applied to investment valuations

&nbsp;&nbsp;&nbsp;&nbsp;• significant valuation judgments in determination of expected credit losses recorded on the Company's investments

&nbsp;&nbsp;&nbsp;&nbsp;• decreases in the Company's financial strength or debt ratings

&nbsp;&nbsp;&nbsp;&nbsp;• decline in creditworthiness of other financial institutions

&nbsp;&nbsp;&nbsp;&nbsp;• the Company's ability to attract and retain qualified sales associates, brokers, employees, and distribution partners

&nbsp;&nbsp;&nbsp;&nbsp;• deviations in actual experience from pricing and reserving assumptions

&nbsp;&nbsp;&nbsp;&nbsp;• ability to continue to develop and implement improvements in information technology systems and on successful execution of revenue growth and expense management initiatives

&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;• subsidiaries' ability to pay dividends to the Parent Company

&nbsp;&nbsp;&nbsp;&nbsp;• inherent limitations to risk management policies and procedures

&nbsp;&nbsp;&nbsp;&nbsp;• operational risks of third-party vendors

&nbsp;&nbsp;&nbsp;&nbsp;• tax rates applicable to the Company may change

&nbsp;&nbsp;&nbsp;&nbsp;• failure to comply with restrictions on policyholder privacy and information security

&nbsp;&nbsp;&nbsp;&nbsp;• extensive regulation and changes in law or regulation by governmental authorities

&nbsp;&nbsp;&nbsp;&nbsp;• competitive environment and ability to anticipate and respond to market trends

&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;• ability to protect the Aflac brand and the Company's reputation

&nbsp;&nbsp;&nbsp;&nbsp;• ability to effectively manage key executive succession

&nbsp;&nbsp;&nbsp;&nbsp;• changes in accounting standards

&nbsp;&nbsp;&nbsp;&nbsp;• level and outcome of litigation or regulatory inquiries

&nbsp;&nbsp;&nbsp;&nbsp;• allegations or determinations of worker misclassification in the United States

<u>Non-U.S. GAAP Financial Measures and Reconciliations</u>

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

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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 yen weakens, translating yen into dollars results in fewer dollars being reported. When the yen strengthens, translating yen into dollars results in more dollars being reported. Consequently, yen weakening has the effect of suppressing current period results in relation to the comparable prior period, while 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 yen and never converted into dollars but translated into 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).

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**Max K. Brodén**

**Q2 2025 CFO Video Update**

**August 5, 2025**

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

For the second quarter of 2025, adjusted earnings per diluted share decreased 2.7% year over year to $1.78, with a $0.04 positive impact from FX in the quarter. In this quarter, remeasurement gains on reserves totaled $37 million, reducing benefits. Variable investment income ran $35 million below our long-term return expectations, while one make-whole call generated income of $35 million.

Adjusted book value per share excluding foreign currency remeasurement increased 5.2%. The adjusted ROE was 13.7%, and 16.4% excluding foreign currency remeasurement, an acceptable spread to our cost of capital. Overall, we view these results in the quarter as solid.

Starting with our Japan segment, net earned premiums for the quarter declined 4.8%. Aflac Japan's underlying earned premiums,<sup>1</sup> which excludes the impact of deferred profit liability, paid-up policies and reinsurance, declined 1.1%. We believe this metric better provides insight into long-term premium trends.

Japan's total benefit ratio came in at 66.5% for the quarter, down 40 basis points year over year. The third sector benefit ratio was 57.4% for the quarter, also down approximately 40 basis points year over year. We estimate the impact from remeasurement gains to be 83 basis points favorable to the benefit ratio in Q2 2025. Long-term experience trends, as they relate to treatments of cancer and hospitalization, continue to be in place, leading to continued favorable underwriting experience.

Persistency remained solid at 93.7%, which was up approximately 40 basis points year over year and in line with our expectations.

Our expense ratio in Japan was 20.6% for the quarter, up 280 basis points year over year, driven primarily by an increase in technology expenses.

For the quarter, adjusted net investment income in yen terms was down 10.5%, primarily driven by lower floating rate income, the impact of foreign currency on USD investments in yen terms and lower variable investment income, somewhat offset by higher call income, and higher returns from USD fixed rate portfolios.

The pretax margin for Japan in the quarter was 32.0%, down 330 basis points year over year, but a very good result.

Turning to U.S. results, net earned premium was up 3.4%. Persistency increased 50 basis points year over year to 79.2%.

Our total benefit ratio came in at 47.3%, 60 basis points higher than Q2 2024, driven by business mix. We estimate that remeasurement gains were in line with a year ago and favorably impacted the benefit ratio by 160 basis points in the quarter, as claims have remained below our long-term expectations. In the quarter, we benefited from favorable underwriting on our small but growing long-term disability block.

Our expense ratio in the U.S. was 36.3%, down 60 basis points year over year, primarily driven by platforms improving scale and continual focus on expense efficiency.

<sup>1</sup>*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.

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Our growth initiatives – group life & disability, network dental and vision and direct to consumer – increased our total expense ratio by 70 basis points for the quarter. This is in line with our expectations, and we would expect this impact to decrease as we continue to approach scale.

Adjusted net investment income in the U.S. was down 5.0% for the quarter primarily driven by lower floating rate income.

Profitability in the U.S. segment was very strong, with a pretax margin of 22.5%, a 20 basis points decline compared with a strong quarter a year ago.

In our corporate segment, we recorded a pretax gain of $20 million. Adjusted net investment income was $37 million higher than last year due to a combination of lower volume of tax credit investments and higher asset balances, which included the impact of the internal reinsurance transaction in Q4 2024. Our tax credit investments impacted the corporate net investment income line for U.S. GAAP purposes negatively by $8 million in the quarter with an associated credit to the tax line. The net impact to our bottom line was a positive $1 million in the quarter. To date, these investments are performing well and in line with our expectations. Higher total adjusted revenues were offset by higher total benefits and adjusted expenses of $90 million driven primarily by internal reinsurance activity, higher costs pertaining to business operations, and higher interest expense.

During the quarter, we raised debt of ¥150 billion, which translates into slightly over $1.0 billion to prefund our 2026 maturities and to create liquidity and capital flexibility at the Parent Company. This debt issuance combined with a significant dividend from Aflac Japan increased our unencumbered holding company liquidity to $5.1 billion, which was $3.4 billion above our minimum balance.

Our capital position remains strong. We ended the quarter with an SMR above 900% and estimated regulatory ESR above 240% following the previously mentioned dividend. While not finalized, we estimate our combined RBC to be greater than 600%. These are strong capital ratios, which we actively monitor, stress and manage to withstand credit cycles as well as external shocks.

We repurchased $829 million of our own stock and paid dividends of $312 million in Q2, offering good relative IRR on these capital deployments. We will continue to be flexible and tactical in how 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.

During the quarter, we increased our CECL reserves associated with our commercial real estate portfolio by $33 million net of charge offs as property values remain at distressed valuations. We also foreclosed on three loans, adding them to our real estate owned portfolio consistent with our strategy for maximizing recovery values.

Our portfolio of first lien senior secured middle market loans continued to perform well with decreased CECL reserves of $23 million in the quarter net of charge offs.

For U.S. statutory, we recorded a $7 million valuation allowance on mortgage loans as an unrealized loss during the quarter. On a Japan FSA basis, there were no securities impairments in Q2, but we did book a net realized gain of ¥17 million related to transitional real estate loans. This is well within our expectations and has a limited impact on regulatory earnings and capital.

Our leverage was 22.5% for the quarter, which is within our target range of 20% to 25%. As we hold approximately 65% 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.

I would like to reiterate our approach to managing foreign currency exposure. Fundamentally, we size our unhedged U.S. dollar exposure to the estimated economic surplus associated with our Japanese business. At the end of Q2, we held $27.1 billion of USD assets in our Japan general account – forward contracts at Inc. with a notional balance of $1.9 billion and $5.7 billion of yen-denominated debt. We also hold $25.0 billion of notional of out of the money put options, which provide tail protection against a large appreciation in the yen. Adding this up, we feel that we are very well-positioned on an economic basis.

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

## Exhibit 99.4

![](maxteleconferencepresent001.jpg)

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![](maxteleconferencepresent002.jpg)

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. The company desires 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," "e," "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: 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 yen weakens, translating yen into dollars results in fewer dollars being reported. When the yen strengthens, translating yen into dollars results in more dollars being reported. Consequently, yen weakening has the effect of suppressing current period results in relation to the comparable prior period, while 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 yen and never converted into dollars but translated into 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). • 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

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Max K. Brodén Senior Executive Vice President CFO, Aflac Incorporated

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Earnings Per Share 3.10 1.11 2Q24 2Q25 Net EPS (diluted) (64.2)% 1.83 1.78 2Q24 2Q25 Adjusted EPS (diluted)\* (2.7)% 1.83 1.73 2Q24 2Q25 Adjusted EPS ex-FX\* (5.5)% \*Non-U.S. GAAP Financial Measure; please see "Glossary of Non-U.S. GAAP Financial Measures" in Appendix for information about this measure. 4

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Return on Equity 28.3 9.0 14.3 13.7 17.5 16.4 ROE (%) Adjusted ROE\* (%) Adjusted ROE ex Foreign Currency Remeasurement\* (%) 2Q24 2Q25 \*Non-U.S. GAAP Financial Measure; please see "Glossary of Non-U.S. GAAP Financial Measures" in Appendix for information about this measure. 5

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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. Aflac Japan Maintains Solid Persistency1 93.3% 93.3% 93.4% 93.8% 93.7% 2Q24 3Q24 4Q24 1Q25 2Q25 6

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Aflac Japan 2Q25: Benefit Ratio % 66 64 Expense Ratio % 23 20 Pretax Profit Margin % 33 30 66.5% 20.6% 32.0% 2025 Outlook Ranges QTD Actual Operating Ratios 7

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Aflac U.S. Maintains Solid Persistency 78.7% 78.9% 79.3% 79.3% 79.2% 2Q24 3Q24 4Q24 1Q25 2Q25 8

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Aflac U.S. 2Q25: Benefit Ratio % 52 48 Expense Ratio % 39 36 Pretax Profit Margin % 20 17 47.3% 36.3% 2025 Outlook Ranges QTD Actual Operating Ratios 9 22.5%

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Strong Capital Ratios As of June 30, 2025 10 ESR1 (Japan) 230% 170% >240% Combined RBC Ratio2 (U.S.) 450% 350% >600% Japan U.S. 1Estimated regulatory ESR with undertaking-specific parameter (USP) 2Estimated 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

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Capital Deployment Dividends and Share Repurchase in $ millions $1,083 $780 $1,027 $1,217 $1,141 283 280 277 317 312 800 500 750 900 829 Dividends Repurchase 2Q24 3Q24 4Q24 1Q25 2Q25 11

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Adjusted Leverage Ratio1 In the range of 20-25% 19.5% 21.0% 19.7% 20.7% 22.5% 2Q24 3Q24 4Q24 1Q25 2Q25 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. 12

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Appendix

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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 currency exchange rate for the comparable prior-year period, which eliminates fluctuations driven solely by foreign currency 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 (AOCI). 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 AOCI, 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 average equity (ROE) as determined using annualized net earnings and average total shareholders' equity. 15

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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 average 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. 16

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Reconciliation of Net Earnings Per Diluted Share to Adjusted Earnings Per Diluted Share Three Months Ended June 30 2025 2024 % Change Net earnings per diluted share $1.11 $3.10 (64.2)% Items impacting net earnings Adjusted net investment (gains) losses 0.70 (1.32) Other and non-recurring (income) loss — — Income tax (benefit) expense on items excluded from adjusted earnings (0.04) 0.05 Adjusted earnings per diluted share 1.78 1.83 (2.7)% Current period foreign currency impact1 (0.04) N/A Adjusted earnings per diluted share excluding current period foreign currency impact2 $1.73 $1.83 (5.5)% 1Prior period foreign currency impact reflected as "N/A" to isolate change for current period only 2 Amounts 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. 17

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Reconciliation of Net Earnings to Adjusted Earnings Three Months Ended June 30, in millions of Dollars 2025 2024 % Change Net earnings $599 $1,755 (65.9)% Items impacting net earnings Adjusted net investment (gains) losses 377 (749) Other and non-recurring (income) loss — — Income tax (benefit) expense on items excluded from adjusted earnings (19) 29 Adjusted earnings 957 1,035 (7.5)% Current period foreign currency impact1 (23) N/A Adjusted earnings excluding current period foreign currency impact2 $934 $1,035 (9.8)% 1Prior period foreign currency impact reflected as "N/A" to isolate change for current period only 2 Amounts 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. 18

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Reconciliation of Net Investment (Gains) Losses to Adjusted Net Investment (Gains) Losses Three Months Ended June 30, in millions of Dollars 2025 2024 % Change Net investment (gains) losses $421 $(696) (160.5)% Items impacting net investment (gains) losses: Amortized hedge costs (11) (7) Amortized hedge income 30 34 Net interest income (expense) from derivatives associated with certain investment strategies (64) (89) Impact of interest from derivatives associated with notes payable1 — 9 Adjusted net investment (gains) losses $377 $(749) (150.3)% 1Amounts are included with interest expenses that are a component of adjusted expenses. 19

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Reconciliation of U.S. GAAP Return on Equity (ROE) to Adjusted ROE Three Months Ended June 30, in millions of Dollars 2025 2024 U.S. GAAP ROE - Net earnings1 9.0% 28.3% Impact of excluding unrealized foreign currency translation gains (losses) (1.5) (4.8) Impact of excluding unrealized gains (losses) on securities and derivatives (0.5) 0.7 Impact of excluding effect of changes in discount rate assumptions 1.6 — Impact of excluding pension liability adjustment — — Impact of excluding AOCI (0.4) (4.1) U.S. GAAP ROE - less AOCI 8.6 24.2 Differences between adjusted earnings and net earnings2 5.1 (9.9) Adjusted ROE - reported 13.7 14.3 Impact of excluding gains (losses) associated with foreign currency remeasurement3 2.7% 3.2% Adjusted ROE, excluding impact of foreign currency remeasurement 16.4% 17.5% 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. 20

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Reconciliation of U.S. GAAP Book Value Per Share to Adjusted Book Value Per Share At June 30, in millions of Dollars 2025 2024 % Change U.S. GAAP book value per common share $50.86 $46.40 9.6% Less: Unrealized foreign currency translation gains (losses) per common share (8.01) (9.07) Unrealized gains (losses) on securities and derivatives per common share (3.45) 0.68 Effect of changes in discount rate assumptions per common share 10.46 2.54 Pension liability adjustment per common share 0.08 (0.01) Total AOCI per common share (0.92) (5.86) Adjusted book value per common share $51.78 $52.26 (0.9)% Less: Foreign currency remeasurement gains (losses) per common share 7.61 10.28 Adjusted book value excluding foreign currency remeasurement per common share $44.17 $41.98 5.2% 21

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Adjusted Leverage Ratios At June 30, in millions of Dollars 2025 2024 Notes payable $8,933 $7,430 50% of subordinated debentures and perpetual bonds (308) (277) Pre-funding of debt maturities (486) — Adjusted debt1 8,139 7,154 Total Shareholders' Equity 27,200 26,047 Accumulated other comprehensive (income)loss: Unrealized foreign currency translation (gains) losses 4,282 5,091 Unrealized (gains) losses on fixed maturity securities 1,828 (401) Unrealized (gains) losses on derivatives 17 22 Effect on change in discount rate assumptions (5,594) (1,425) Pension liability adjustment (42) 5 Adjusted book value1 27,691 29,339 Adjusted capitalization ex-AOCI 1,2 $36,138 $36,769 Adjusted debt to adjusted capitalization ex-AOCI 22.5% 19.5% 1 \*Non-U.S. GAAP Financial Measure; please 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 22

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