# EDGAR Filing Document

**Accession Number:** 0000004977
**File Stem:** 0000004977-23-000059
**Filing Date:** 2023-2
**Character Count:** 212468
**Document Hash:** 56747e07a667e347a0225fa9dbfe0135
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000004977-23-000059.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0000004977-23-000059

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20230227

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AFLAC INC
- **CENTRAL INDEX KEY:** 0000004977
- **STANDARD INDUSTRIAL CLASSIFICATION:** ACCIDENT & HEALTH INSURANCE [6321]
- **IRS NUMBER:** 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:** 23674901

**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" ? afl-20230227

**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) February 27, 2023

![afl-20230227_g1.jpg](afl-20230227_g1.jpg)

**Aflac Incorporated** 

**_________________________________________________________________________________________________________________________________________________________**

(Exact name of registrant as specified in its charter)

---

| | | | |
|:---|:---|:---|:---|
| **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:

---

| | | |
|:---|:---|:---|
| 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. ◻

------

**Item 7.01 Regulation FD.**

Aflac Incorporated and its subsidiaries (collectively, "the Company") are updating the Company's Financial Analysts Briefing ("FAB") Supplement for the period ended December 31, 2022, to reflect the impact to certain 2021 and 2022 data contained in the FAB Supplement as a result of the adoption of 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. The impacts to the 2021 and 2022 data in the FAB Supplement are being reflected at this time voluntarily and for comparative purposes only. In conjunction with the adoption of LDTI, the Company will change its practice of recording the change in the deferred profit liability 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 will have no impact on net earnings and will be made for all comparative periods presented in quarterly and annual financial statements. This change has been reflected in the FAB Supplement, as adjusted for the adoption of LDTI.

The Company is furnishing the FAB Supplement, as adjusted for the adoption of LDTI, as Exhibit 99.1. In accordance with General Instruction B.2 of Form 8-K, the information included or incorporated in this report (including Exhibit 99.1) shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act"), nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be set forth by specific reference in such filing.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits.

---

| | |
|:---|:---|
| <u>Exhibit Number</u> | <u>Exhibit Title or Description</u> |
| <u>[99.1](afl123122-fabdocumentxldti.htm)</u> | Financial Analysts Briefing Supplement (Adjusted for January 1, 2023 LDTI Adoption) |
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document) |

---

------

**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** |
| February 27, 2023 | */s/ June Howard* |
| | &nbsp;&nbsp;&nbsp;&nbsp;(June Howard) |
| | Senior Vice President, Financial Services |
| | Chief Accounting Officer |

---

## Exhibit 99.1

**AS ADJUSTED&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FINAL**

![aflaclogoa01a01a01a33.jpg](aflaclogoa01a01a01a33.jpg)

**Financial Analysts Briefing Supplement**

**Fourth Quarter 2022 - As Adjusted**

This document is a statistical supplement to the Financial Analysts Briefing (FAB) book. 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. The impacts to the 2021 and 2022 data in the FAB Supplement are being reflected at this time voluntarily and for comparative purposes only. In conjunction with the adoption of LDTI, the Company will change its practice of recording the change in the deferred profit liability 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 will have no impact on net earnings and will be made for all comparative periods presented in quarterly and annual financial statements. This change has been reflected in the updated FAB Supplement. Updates to the original FAB Supplement for these items are highlighted in yellow herein.

---

| | |
|:---|:---|
| **Aflac Incorporated** | <u>Page</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Share Data](#ic2222660baa742cd822c87201c50faf8_4)</u> | <u>[2](#ic2222660baa742cd822c87201c50faf8_4)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Summary of Adjusted Results by Business Segment](#ic2222660baa742cd822c87201c50faf8_7)</u> | <u>[3](#ic2222660baa742cd822c87201c50faf8_7)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Statements of Earnings](#ic2222660baa742cd822c87201c50faf8_13)</u> | <u>[4](#ic2222660baa742cd822c87201c50faf8_13)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Analysis of Net Earnings and Net Earnings Per Share](#ic2222660baa742cd822c87201c50faf8_16)</u> | <u>[5](#ic2222660baa742cd822c87201c50faf8_16)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Balance Sheets](#ic2222660baa742cd822c87201c50faf8_25)</u> | <u>[6](#ic2222660baa742cd822c87201c50faf8_25)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Quarterly Financial Results](#ic2222660baa742cd822c87201c50faf8_28)</u> | <u>[7](#ic2222660baa742cd822c87201c50faf8_28)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Quarterly Book Value Per Share](#ic2222660baa742cd822c87201c50faf8_31)</u> | <u>[8](#ic2222660baa742cd822c87201c50faf8_31)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Return on Equity](#ic2222660baa742cd822c87201c50faf8_34)</u> | <u>[9](#ic2222660baa742cd822c87201c50faf8_34)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Adjusted Earnings Per Share Excluding Current Period Foreign Currency Impact](#ic2222660baa742cd822c87201c50faf8_37)</u> | <u>[10](#ic2222660baa742cd822c87201c50faf8_37)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Investment Results](#ic2222660baa742cd822c87201c50faf8_40)</u> | <u>[11](#ic2222660baa742cd822c87201c50faf8_40)</u>,<u>[12](#ic2222660baa742cd822c87201c50faf8_43)</u>,<u>[13](#ic2222660baa742cd822c87201c50faf8_46)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Long-Term Debt Data](#ic2222660baa742cd822c87201c50faf8_52)</u> | <u>[14](#ic2222660baa742cd822c87201c50faf8_52)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Ratings](#ic2222660baa742cd822c87201c50faf8_55)</u> | <u>[15](#ic2222660baa742cd822c87201c50faf8_55)</u> |
| **Aflac U.S.** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Statement of Pretax Adjusted Earnings</u> | <u>[16](#ic2222660baa742cd822c87201c50faf8_61)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Balance Sheets](#ic2222660baa742cd822c87201c50faf8_64)</u> | <u>[17](#ic2222660baa742cd822c87201c50faf8_64)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Quarterly Pretax Adjusted Earnings](#ic2222660baa742cd822c87201c50faf8_67)</u> | <u>[18](#ic2222660baa742cd822c87201c50faf8_67)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Operating Ratios](#ic2222660baa742cd822c87201c50faf8_70)</u> | <u>[19](#ic2222660baa742cd822c87201c50faf8_70)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Sales](#ic2222660baa742cd822c87201c50faf8_73)</u> | <u>[20](#ic2222660baa742cd822c87201c50faf8_73)</u>,<u>[21](#ic2222660baa742cd822c87201c50faf8_76)</u> |
| **Aflac Japan** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Statement of Pretax Adjusted Earnings](#ic2222660baa742cd822c87201c50faf8_82)</u> | <u>22</u>,<u>23</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Balance Sheets](#ic2222660baa742cd822c87201c50faf8_91)</u> | <u>[24](#ic2222660baa742cd822c87201c50faf8_91)</u>,<u>[25](#ic2222660baa742cd822c87201c50faf8_94)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Quarterly Pretax Adjusted Earnings](#ic2222660baa742cd822c87201c50faf8_97)</u> | <u>[26](#ic2222660baa742cd822c87201c50faf8_97)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Operating Ratios](#ic2222660baa742cd822c87201c50faf8_100)</u> | <u>[27](#ic2222660baa742cd822c87201c50faf8_100)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Sales](#ic2222660baa742cd822c87201c50faf8_103)</u> | <u>[28](#ic2222660baa742cd822c87201c50faf8_103)</u>,<u>[29](#ic2222660baa742cd822c87201c50faf8_106)</u>,<u>[30](#ic2222660baa742cd822c87201c50faf8_109)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Yen/Dollar Exchange Rates](#ic2222660baa742cd822c87201c50faf8_112)</u> | <u>[31](#ic2222660baa742cd822c87201c50faf8_112)</u> |
| **Corporate and Other** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Statement of Pretax Adjusted Earnings](#ic2222660baa742cd822c87201c50faf8_115)</u> | <u>[32](#ic2222660baa742cd822c87201c50faf8_115)</u> |
| **Non-U.S. GAAP Financial Measures** | <u>[33](#ic2222660baa742cd822c87201c50faf8_118)</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*** | | | | | | | | | |
| **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) |
|  |  | **Beginning** | **Shares Issued** | **Shares Issued** | **Shares Purchased** | **Shares Purchased** | **Ending** | **QTD Weighted Avg. Shares** | **QTD Weighted Avg. Shares** | **QTD Weighted Avg. Shares** | **YTD Weighted Avg. Shares** | **YTD Weighted Avg. Shares** | **YTD Weighted Avg. Shares** |
|  |  | **Shares** | **Stk. Bon.** | **Stk. Opt.** | **Treas.** | **Misc.** | **Shares** | **Avg.** | **Dilutive** | **Avg.** | **Avg.** | **Dilutive** | **Avg.** |
|  | **Period** | **Outstanding** | **& DRP** | **& Misc.** | **Shares** | **Purch.**<sup>(1)</sup> | **Outstanding** | **Shares** | **Shares** | **Diluted** | **Shares** | **Shares** | **Diluted** |
| 2020 | 1 | 726793 | 468 | 1613 | 9984 | 508 | 718382 | 724366 | 3146 | 727512 | 724366 | 3146 | 727512 |
|  | 2 | 718382 | 648 | 100 | 5209 | 13 | 713908 | 717889 | 1875 | 719764 | 721128 | 2510 | 723638 |
|  | 3 | 713908 | 468 | 134 | 10916 | 20 | 703574 | 711698 | 2095 | 713793 | 717962 | 2372 | 720333 |
|  | 4 | 703574 | 437 | 235 | 11791 | 1 | 692454 | 701016 | 2843 | 703859 | 713702 | 2490 | 716192 |
| 2021 | 1 | 692454 | 387 | 1684 | 13440 | 378 | 680707 | 688938 | 3002 | 691940 | 688938 | 3002 | 691940 |
|  | 2 | 680707 | 330 | 130 | 9174 | 3 | 671990 | 678050 | 2871 | 680921 | 683464 | 2936 | 686400 |
|  | 3 | 671990 | 250 | 188 | 9572 | 39 | 662817 | 668762 | 3163 | 671925 | 678509 | 3012 | 681521 |
|  | 4 | 662817 | 249 | 224 | 11140 | 18 | 652132 | 659100 | 3412 | 662512 | 673617 | 3112 | 676729 |
| **2022** | 1 | 652132 | 259 | 1308 | 8007 | 343 | 645349 | 649753 | 3074 | 652827 | 649753 | 3074 | 652827 |
|  | 2 | 645349 | 269 | 101 | 11185 | 8 | 634526 | 640707 | 2536 | 643243 | 645205 | 2805 | 648010 |
|  | 3 | 634526 | 258 | 144 | 11057 | 3 | 623868 | 629350 | 2597 | 631947 | 639862 | 2735 | 642597 |
|  | **4** | **623868** | **222** | **120** | **8938** | **16** | **615256** | **619845** | **3149** | **622994** | **634816** | **2839** | **637655** |

---

<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*** | | | | | | | | | | | | | | | | | |
| **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** | **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 and where noted) | (In Millions, except per-share data and where noted) | (In Millions, except per-share data and where noted) | (In Millions, except per-share data and where noted) | (In Millions, except per-share data and where noted) | (In Millions, except per-share data and where noted) | (In Millions, except per-share data and where noted) | (In Millions, except per-share data and where noted) | (In Millions, except per-share data and where noted) | (In Millions, except per-share data and where noted) | (In Millions, except per-share data and where noted) | (In Millions, except per-share data and where noted) | (In Millions, except per-share data and where noted) | (In Millions, except per-share data and where noted) | (In Millions, except per-share data and where noted) | (In Millions, except per-share data and where noted) | (In Millions, except per-share data and where noted) | (In Millions, except per-share data and where noted) | (In Millions, except per-share data and where noted) |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |  | **3 Months Ended December 31,** | **3 Months Ended December 31,** | **3 Months Ended December 31,** | **3 Months Ended December 31,** | **12 Months Ended December 31,** | **12 Months Ended December 31,** | **12 Months Ended December 31,** | **12 Months Ended December 31,** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | **%** |  |  |  | **%** |
|  | **2017** |  | **2018** |  | **2019** |  | **2020** |  | **2021** |  | **2021** |  | **2022** | **Change** | **2021** |  | **2022** | **Change** |
| Aflac Japan | $3054 |  | $3208 |  | $3261 |  | $3263 |  | $3755 |  | $897 |  | $**720** | (19.7) | $3755 |  | $**3281** | (12.6) |
| Aflac U.S. | 1245 |  | 1285 |  | 1272 |  | 1268 |  | 1356 |  | 282 |  | **339** | 20.2 | 1356 |  | **1359** | .2 |
| Corporate and other <sup>(1)</sup> | (214) |  | (139) |  | (72) |  | (115) |  | (293) |  | (152) |  | **(45)** |  | (293) |  | **(218)** |  |
| Pretax adjusted earnings | 4086 |  | 4354 |  | 4461 |  | 4416 |  | 4819 |  | 1026 |  | **1015** | (1.1) | 4819 |  | **4422** | (8.2) |
| Income taxes <sup>(1)</sup> | 1370 |  | 1129 |  | 1147 |  | 864 |  | 893 |  | 151 |  | **198** | 31.1 | 893 |  | **808** | (9.5) |
| Adjusted earnings <sup>(2)</sup> | 2716 |  | 3226 |  | 3314 |  | 3552 |  | 3925 |  | 875 |  | **817** | (6.6) | 3925 |  | **3614** | (7.9) |
| Reconciling items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Adjusted net investment gains (losses) |  |  | (297) |  | (15) |  | (229) |  | 462 |  | 246 |  | **(477)** |  | 462 |  | **447** |  |
| &nbsp;&nbsp;&nbsp;Other and non-recurring income (loss) <sup>(3)</sup> | (69) |  | (75) |  | (1) |  | (28) |  | (73) |  | (6) |  | **—** |  | (73) |  | **1** |  |
| &nbsp;&nbsp;&nbsp;Income tax benefit (expense) on items excluded from adjusted earnings <sup>(4)</sup> | 24 |  | 83 |  | 3 |  | 72 |  | (83) |  | (50) |  | **(144)** |  | (83) |  | **357** |  |
| &nbsp;&nbsp;&nbsp;Tax reform adjustment <sup>(5)</sup> | 1933 |  | (18) |  | 4 |  |  |  |  |  |  |  | **—** |  |  |  | **—** |  |
| &nbsp;&nbsp;&nbsp;Tax valuation allowance release <sup>(6)</sup> |  |  |  |  |  |  | 1411 |  |  |  |  |  | **—** |  |  |  | **—** |  |
| Net earnings | $4604 |  | $2920 |  | $3304 |  | $4778 |  | $4231 |  | $1065 |  | $**196** | (81.6) | $4231 |  | $**4418** | 4.4 |
| Effective Tax rate | (14.6) | % | 26.7 | % | 25.7 | % | (14.9) | % | 18.7 | % | 15.9 | % | **63.6** |  | 18.7 | % | **9.3** |  |
| Earnings per share of common stock: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net earnings (basic) | $5.81 |  | $3.79 |  | $4.45 |  | $6.69 |  | $6.28 |  | $1.62 |  | $**0.32** | (80.2) | $6.28 |  | $**6.96** | 10.8 |
| Net earnings (diluted) | 5.77 |  | 3.77 |  | 4.43 |  | 6.67 |  | 6.25 |  | 1.61 |  | **0.31** | (80.7) | 6.25 |  | **6.93** | 10.9 |
| Adjusted earnings (basic) <sup>(2)</sup> | $3.43 |  | $4.20 |  | $4.46 |  | $4.98 |  | $5.83 |  | $1.33 |  | $**1.32** | (.8) | $5.83 |  | $**5.69** | (2.4) |
| Adjusted earnings (diluted) <sup>(2)</sup> | 3.40 |  | 4.16 |  | 4.44 |  | 4.96 |  | 5.80 |  | 1.32 |  | **1.31** | (.8) | 5.80 |  | **5.67** | (2.2) |
| <sup>(1)</sup> *The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.*  | <sup>(1)</sup> *The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.*  | <sup>(1)</sup> *The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.*  | <sup>(1)</sup> *The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.*  | <sup>(1)</sup> *The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.*  | <sup>(1)</sup> *The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.*  | <sup>(1)</sup> *The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.*  | <sup>(1)</sup> *The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.*  | <sup>(1)</sup> *The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.*  | <sup>(1)</sup> *The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.*  | <sup>(1)</sup> *The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.*  | <sup>(1)</sup> *The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.*  | <sup>(1)</sup> *The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.*  | <sup>(1)</sup> *The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.*  | <sup>(1)</sup> *The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.*  | <sup>(1)</sup> *The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.*  | <sup>(1)</sup> *The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.*  | <sup>(1)</sup> *The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.*  | <sup>(1)</sup> *The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, 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>(2)</sup> *See non-U.S. GAAP financial measures for definition of adjusted earnings.* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of adjusted earnings.* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of adjusted earnings.* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of adjusted earnings.* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of adjusted earnings.* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of adjusted earnings.* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of adjusted earnings.* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of adjusted earnings.* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of adjusted earnings.* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of adjusted earnings.* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of adjusted earnings.* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of adjusted earnings.* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of adjusted earnings.* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of adjusted earnings.* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of adjusted earnings.* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of adjusted earnings.* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of adjusted earnings.* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of adjusted earnings.* |
| <sup>(3)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other and non-recurring income (loss) to Net investment gains and losses.* | <sup>(3)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other and non-recurring income (loss) to Net investment gains and losses.* | <sup>(3)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other and non-recurring income (loss) to Net investment gains and losses.* | <sup>(3)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other and non-recurring income (loss) to Net investment gains and losses.* | <sup>(3)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other and non-recurring income (loss) to Net investment gains and losses.* | <sup>(3)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other and non-recurring income (loss) to Net investment gains and losses.* | <sup>(3)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other and non-recurring income (loss) to Net investment gains and losses.* | <sup>(3)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other and non-recurring income (loss) to Net investment gains and losses.* | <sup>(3)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other and non-recurring income (loss) to Net investment gains and losses.* | <sup>(3)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other and non-recurring income (loss) to Net investment gains and losses.* | <sup>(3)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other and non-recurring income (loss) to Net investment gains and losses.* | <sup>(3)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other and non-recurring income (loss) to Net investment gains and losses.* | <sup>(3)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other and non-recurring income (loss) to Net investment gains and losses.* | <sup>(3)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other and non-recurring income (loss) to Net investment gains and losses.* | <sup>(3)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other and non-recurring income (loss) to Net investment gains and losses.* | <sup>(3)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other and non-recurring income (loss) to Net investment gains and losses.* | <sup>(3)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other and non-recurring income (loss) to Net investment gains and losses.* | <sup>(3)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other and non-recurring income (loss) to Net investment gains and losses.* | <sup>(3)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other and non-recurring income (loss) to Net investment gains and losses.* |
| <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* | <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* | <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* | <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* | <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* | <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* | <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* | <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* | <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* | <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* | <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* | <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* | <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* | <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* | <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* | <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* | <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* | <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* | <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* |
| <sup>(5)</sup> *The impact of Tax Reform was adjusted in 2018 for return-to-provision adjustments, various amended returns filed by the Company, and final true-ups of deferred tax liabilities. Further impacts were recorded in 2019 as a result of additional guidance released by the IRS.* | <sup>(5)</sup> *The impact of Tax Reform was adjusted in 2018 for return-to-provision adjustments, various amended returns filed by the Company, and final true-ups of deferred tax liabilities. Further impacts were recorded in 2019 as a result of additional guidance released by the IRS.* | <sup>(5)</sup> *The impact of Tax Reform was adjusted in 2018 for return-to-provision adjustments, various amended returns filed by the Company, and final true-ups of deferred tax liabilities. Further impacts were recorded in 2019 as a result of additional guidance released by the IRS.* | <sup>(5)</sup> *The impact of Tax Reform was adjusted in 2018 for return-to-provision adjustments, various amended returns filed by the Company, and final true-ups of deferred tax liabilities. Further impacts were recorded in 2019 as a result of additional guidance released by the IRS.* | <sup>(5)</sup> *The impact of Tax Reform was adjusted in 2018 for return-to-provision adjustments, various amended returns filed by the Company, and final true-ups of deferred tax liabilities. Further impacts were recorded in 2019 as a result of additional guidance released by the IRS.* | <sup>(5)</sup> *The impact of Tax Reform was adjusted in 2018 for return-to-provision adjustments, various amended returns filed by the Company, and final true-ups of deferred tax liabilities. Further impacts were recorded in 2019 as a result of additional guidance released by the IRS.* | <sup>(5)</sup> *The impact of Tax Reform was adjusted in 2018 for return-to-provision adjustments, various amended returns filed by the Company, and final true-ups of deferred tax liabilities. Further impacts were recorded in 2019 as a result of additional guidance released by the IRS.* | <sup>(5)</sup> *The impact of Tax Reform was adjusted in 2018 for return-to-provision adjustments, various amended returns filed by the Company, and final true-ups of deferred tax liabilities. Further impacts were recorded in 2019 as a result of additional guidance released by the IRS.* | <sup>(5)</sup> *The impact of Tax Reform was adjusted in 2018 for return-to-provision adjustments, various amended returns filed by the Company, and final true-ups of deferred tax liabilities. Further impacts were recorded in 2019 as a result of additional guidance released by the IRS.* | <sup>(5)</sup> *The impact of Tax Reform was adjusted in 2018 for return-to-provision adjustments, various amended returns filed by the Company, and final true-ups of deferred tax liabilities. Further impacts were recorded in 2019 as a result of additional guidance released by the IRS.* | <sup>(5)</sup> *The impact of Tax Reform was adjusted in 2018 for return-to-provision adjustments, various amended returns filed by the Company, and final true-ups of deferred tax liabilities. Further impacts were recorded in 2019 as a result of additional guidance released by the IRS.* | <sup>(5)</sup> *The impact of Tax Reform was adjusted in 2018 for return-to-provision adjustments, various amended returns filed by the Company, and final true-ups of deferred tax liabilities. Further impacts were recorded in 2019 as a result of additional guidance released by the IRS.* | <sup>(5)</sup> *The impact of Tax Reform was adjusted in 2018 for return-to-provision adjustments, various amended returns filed by the Company, and final true-ups of deferred tax liabilities. Further impacts were recorded in 2019 as a result of additional guidance released by the IRS.* | <sup>(5)</sup> *The impact of Tax Reform was adjusted in 2018 for return-to-provision adjustments, various amended returns filed by the Company, and final true-ups of deferred tax liabilities. Further impacts were recorded in 2019 as a result of additional guidance released by the IRS.* | <sup>(5)</sup> *The impact of Tax Reform was adjusted in 2018 for return-to-provision adjustments, various amended returns filed by the Company, and final true-ups of deferred tax liabilities. Further impacts were recorded in 2019 as a result of additional guidance released by the IRS.* | <sup>(5)</sup> *The impact of Tax Reform was adjusted in 2018 for return-to-provision adjustments, various amended returns filed by the Company, and final true-ups of deferred tax liabilities. Further impacts were recorded in 2019 as a result of additional guidance released by the IRS.* | <sup>(5)</sup> *The impact of Tax Reform was adjusted in 2018 for return-to-provision adjustments, various amended returns filed by the Company, and final true-ups of deferred tax liabilities. Further impacts were recorded in 2019 as a result of additional guidance released by the IRS.* | <sup>(5)</sup> *The impact of Tax Reform was adjusted in 2018 for return-to-provision adjustments, various amended returns filed by the Company, and final true-ups of deferred tax liabilities. Further impacts were recorded in 2019 as a result of additional guidance released by the IRS.* | <sup>(5)</sup> *The impact of Tax Reform was adjusted in 2018 for return-to-provision adjustments, various amended returns filed by the Company, and final true-ups of deferred tax liabilities. Further impacts were recorded in 2019 as a result of additional guidance released by the IRS.* |
| <sup>(6)</sup> *Tax benefit recognized in 2020 represents the release of valuation allowances on deferred tax benefits related to foreign tax credits.* | <sup>(6)</sup> *Tax benefit recognized in 2020 represents the release of valuation allowances on deferred tax benefits related to foreign tax credits.* | <sup>(6)</sup> *Tax benefit recognized in 2020 represents the release of valuation allowances on deferred tax benefits related to foreign tax credits.* | <sup>(6)</sup> *Tax benefit recognized in 2020 represents the release of valuation allowances on deferred tax benefits related to foreign tax credits.* | <sup>(6)</sup> *Tax benefit recognized in 2020 represents the release of valuation allowances on deferred tax benefits related to foreign tax credits.* | <sup>(6)</sup> *Tax benefit recognized in 2020 represents the release of valuation allowances on deferred tax benefits related to foreign tax credits.* | <sup>(6)</sup> *Tax benefit recognized in 2020 represents the release of valuation allowances on deferred tax benefits related to foreign tax credits.* | <sup>(6)</sup> *Tax benefit recognized in 2020 represents the release of valuation allowances on deferred tax benefits related to foreign tax credits.* | <sup>(6)</sup> *Tax benefit recognized in 2020 represents the release of valuation allowances on deferred tax benefits related to foreign tax credits.* | <sup>(6)</sup> *Tax benefit recognized in 2020 represents the release of valuation allowances on deferred tax benefits related to foreign tax credits.* | <sup>(6)</sup> *Tax benefit recognized in 2020 represents the release of valuation allowances on deferred tax benefits related to foreign tax credits.* | <sup>(6)</sup> *Tax benefit recognized in 2020 represents the release of valuation allowances on deferred tax benefits related to foreign tax credits.* | <sup>(6)</sup> *Tax benefit recognized in 2020 represents the release of valuation allowances on deferred tax benefits related to foreign tax credits.* | <sup>(6)</sup> *Tax benefit recognized in 2020 represents the release of valuation allowances on deferred tax benefits related to foreign tax credits.* | <sup>(6)</sup> *Tax benefit recognized in 2020 represents the release of valuation allowances on deferred tax benefits related to foreign tax credits.* | <sup>(6)</sup> *Tax benefit recognized in 2020 represents the release of valuation allowances on deferred tax benefits related to foreign tax credits.* | <sup>(6)</sup> *Tax benefit recognized in 2020 represents the release of valuation allowances on deferred tax benefits related to foreign tax credits.* | <sup>(6)</sup> *Tax benefit recognized in 2020 represents the release of valuation allowances on deferred tax benefits related to foreign tax credits.* | <sup>(6)</sup> *Tax benefit recognized in 2020 represents the release of valuation allowances on deferred tax benefits related to foreign tax credits.* |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***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 December 31,** | **3 Months Ended December 31,** | **3 Months Ended December 31,** | **12 Months Ended December 31,** | **12 Months Ended December 31,** | **12 Months Ended December 31,** |
|  |  |  |  |  |  |  |  | **%** |  |  | **%** |
|  | **2017** | **2018** | **2019** | **2020** | **2021** | **2021** | **2022** | **Change** | **2021** | **2022** | **Change** |
| **Revenues:** |  |  |  |  |  |  |  |  |  |  |  |
| Net earned premiums |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross premiums | $18875 | $19018 | $19122 | $18955 | $17305 | $4180 | $**3553** |  | $17305 | $**15025** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Assumed (ceded) | (345) | (341) | (342) | (333) | (210) | (48) | **(30)** |  | (210) | **(124)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net earned premiums | 18531 | 18677 | 18780 | 18622 | 17095 | 4132 | **3523** | (14.7) | 17095 | **14901** | (12.8) |
| Net investment income | 3220 | 3442 | 3578 | 3638 | 3818 | 910 | **896** | (1.5) | 3818 | **3656** | (4.2) |
| Net investment gains (losses) <sup>(1)</sup> | (151) | (430) | (135) | (270) | 468 | 243 | **(521)** |  | 468 | **363** |  |
| Other income <sup>(1)</sup> | 67 | 69 | 84 | 157 | 173 | 37 | **50** |  | 173 | **220** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total revenues | 21667 | 21758 | 22307 | 22147 | 21554 | 5322 | **3948** | (25.8) | 21554 | **19140** | (11.2) |
| **Benefits and Claims:** |  |  |  |  |  |  |  |  |  |  |  |
| Benefits and claims, net |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Incurred claims - direct | 8853 | 9121 | 9279 | 9364 | 8949 | 2199 | **1826** |  | 8949 | **8271** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Incurred claims - assumed (ceded) | (446) | (421) | (372) | (296) | (147) | (24) | **(18)** |  | (147) | **(108)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in FPB <sup>(2)</sup>-direct | 3628 | 3167 | 2952 | 2707 | 1819 | 370 | **312** |  | 1819 | **888** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in FPB <sup>(2)</sup>-assumed (ceded) | 146 | 133 | 83 | 21 | 3 | 2 | **(3)** |  | 3 | **51** |  |
| Total net benefits and claims, excluding <br> reserve remeasurement | N/A | N/A | N/A | N/A | 10623 | 2547 | **2117** |  | 10623 | **9102** |  |
| Reserve remeasurement gain (loss) | N/A | N/A | N/A | N/A | (147) | (17) | **(63)** |  | (147) | **(215)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net benefits and claims | 12181 | 12000 | 11942 | 11796 | 10476 | 2529 | **2054** | (18.8) | 10476 | **8887** | (15.2) |
| Acquisition and operating expenses: |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of DAC <sup>(3)</sup> | 1132 | 1245 | 1282 | 1214 | 835 | 208 | **194** |  | 835 | **792** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance commissions | 1316 | 1320 | 1321 | 1316 | 1256 | 304 | **271** |  | 1256 | **1117** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance expenses | 2780 | 2988 | 3089 | 3420 | 3541 | 958 | **836** |  | 3541 | **3249** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 240 | 222 | 228 | 242 | 238 | 57 | **55** |  | 238 | **226** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses |  |  |  |  |  |  | **—** |  |  | **—** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total acquisition and operating expenses | 5468 | 5775 | 5920 | 6192 | 5870 | 1527 | **1356** | (11.2) | 5870 | **5384** | (8.3) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total benefits and claims | 17649 | 17775 | 17862 | 17988 | 16346 | 4056 | **3410** | (15.9) | 16346 | **14271** | (12.7) |
| &nbsp;&nbsp;&nbsp;&nbsp; Pretax earnings | 4018 | 3983 | 4445 | 4159 | 5208 | 1266 | **538** |  | 5208 | **4869** |  |
| Income tax expense (benefit) <sup>(4)</sup> | (586) | 1063 | 1141 | (619) | 977 | 201 | **342** |  | 977 | **451** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net earnings | $4604 | $2920 | $3304 | $4778 | $4231 | $1065 | $**196** | (81.6) | $4231 | $**4418** | 4.4 |
| <sup>(1)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other income to Net investment gains and losses for consistency with current period presentation.* | <sup>(1)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other income to Net investment gains and losses for consistency with current period presentation.* | <sup>(1)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other income to Net investment gains and losses for consistency with current period presentation.* | <sup>(1)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other income to Net investment gains and losses for consistency with current period presentation.* | <sup>(1)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other income to Net investment gains and losses for consistency with current period presentation.* | <sup>(1)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other income to Net investment gains and losses for consistency with current period presentation.* | <sup>(1)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other income to Net investment gains and losses for consistency with current period presentation.* | <sup>(1)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other income to Net investment gains and losses for consistency with current period presentation.* | <sup>(1)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other income to Net investment gains and losses for consistency with current period presentation.* | <sup>(1)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other income to Net investment gains and losses for consistency with current period presentation.* | <sup>(1)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other income to Net investment gains and losses for consistency with current period presentation.* | <sup>(1)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other income to Net investment gains and losses for consistency with current period presentation.* |
| <sup>(2)</sup> *Future policy benefits* | <sup>(2)</sup> *Future policy benefits* | <sup>(2)</sup> *Future policy benefits* | <sup>(2)</sup> *Future policy benefits* | <sup>(2)</sup> *Future policy benefits* | <sup>(2)</sup> *Future policy benefits* | <sup>(2)</sup> *Future policy benefits* | <sup>(2)</sup> *Future policy benefits* | <sup>(2)</sup> *Future policy benefits* | <sup>(2)</sup> *Future policy benefits* | <sup>(2)</sup> *Future policy benefits* | <sup>(2)</sup> *Future policy benefits* |
| <sup>(3)</sup> *Deferred acquisition costs* | <sup>(3)</sup> *Deferred acquisition costs* | <sup>(3)</sup> *Deferred acquisition costs* | <sup>(3)</sup> *Deferred acquisition costs* | <sup>(3)</sup> *Deferred acquisition costs* | <sup>(3)</sup> *Deferred acquisition costs* | <sup>(3)</sup> *Deferred acquisition costs* | <sup>(3)</sup> *Deferred acquisition costs* | <sup>(3)</sup> *Deferred acquisition costs* | <sup>(3)</sup> *Deferred acquisition costs* | <sup>(3)</sup> *Deferred acquisition costs* | <sup>(3)</sup> *Deferred acquisition costs* |
| <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* | <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* | <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* | <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* | <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* | <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* | <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* | <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* | <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* | <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* | <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* | <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***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** |
| (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) |
|  |  |  |  |  |  |  | **Other and** | **Foreign** |
|  |  | **Net** | **Other and Non-** | **Foreign** | **Net** | **Net** | **Non-Recurring** | **Currency** |
|  | **Net** | **Investment** | **Recurring** | **Currency** | **Earnings** | **Investment** | **Items** | **Impact** |
| **Period** | **Earnings** | **Gains (Losses)** <sup>(1)</sup> | **Items** <sup>(1)(3)(4)</sup> | **Impact** <sup>(2)</sup> | **Per Share** | **Gains (Losses)** <sup>(1)</sup> | **Per Share** <sup>(1)(3)(4)</sup> | **Per Share** <sup>(2)</sup> |
| 2017 | 4604 |  | 1888 | (41) | 5.77 |  | 2.37 | (.05) |
| 2018 | 2920 | (230) | (76) | 28 | 3.77 | (.30) | (.09) | .04 |
| 2019 | 3304 | (13) | 3 | 15 | 4.43 | (.02) | .01 | .02 |
| 2020 | 4778 | (181) | 1407 | 31 | 6.67 | (.25) | 1.96 | .04 |
| 2021 | 4231 | 365 | (59) | (42) | 6.25 | .54 | (.09) | (.06) |
| **2022** | **4418** | **803** | **1** | **(262)** | **6.93** | **1.26** | **—** | **(.41)** |
| 1 | 566 | (322) | 5 | 9 | .78 | (.44) | .01 | .01 |
| 2 | 805 | (116) |  | 5 | 1.12 | (.16) |  | .01 |
| 3 | 2456 | 45 | 1418 | 3 | 3.44 | .06 | 1.99 |  |
| 4 | 951 | 212 | (15) | 14 | 1.35 | .30 | (.02) | .02 |
| 1 | 1224 | 240 | (5) | 5 | 1.77 | .35 | (.01) | .01 |
| 2 | 1027 | 67 | (42) | (6) | 1.51 | .10 | (.06) | (.01) |
| 3 | 915 | (136) | (7) | (12) | 1.36 | (.20) | (.01) | (.02) |
| 4 | 1065 | 194 | (5) | (29) | 1.61 | .29 | (.01) | (.04) |
| 1 | 1047 | 106 |  | (35) | 1.60 | .16 |  | (.05) |
| 2 | 1394 | 448 |  | (59) | 2.17 | .70 |  | (.09) |
| 3 | 1781 | 871 | 1 | (97) | 2.82 | 1.38 |  | (.15) |
| **4** | **196** | **(621)** | **—** | **(70)** | **.31** | **(1.00)** | **—** | **(.11)** |
| <sup>(1)</sup> *Items are presented net of tax.* | <sup>(1)</sup> *Items are presented net of tax.* | <sup>(1)</sup> *Items are presented net of tax.* | <sup>(1)</sup> *Items are presented net of tax.* | <sup>(1)</sup> *Items are presented net of tax.* | <sup>(1)</sup> *Items are presented net of tax.* | <sup>(1)</sup> *Items are presented net of tax.* | <sup>(1)</sup> *Items are presented net of tax.* | <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>(2)</sup> *See non-U.S. GAAP financial measures for definition of adjusted earnings excluding current period foreign currency impact* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of adjusted earnings excluding current period foreign currency impact* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of adjusted earnings excluding current period foreign currency impact* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of adjusted earnings excluding current period foreign currency impact* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of adjusted earnings excluding current period foreign currency impact* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of adjusted earnings excluding current period foreign currency impact* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of adjusted earnings excluding current period foreign currency impact* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of adjusted earnings excluding current period foreign currency impact* |
| <sup>(3)</sup> *Foreign currency gains and losses and amortized hedge costs/income for all periods have been reclassified from Other income to Net investment gains and losses for consistency with current period presentation.* | <sup>(3)</sup> *Foreign currency gains and losses and amortized hedge costs/income for all periods have been reclassified from Other income to Net investment gains and losses for consistency with current period presentation.* | <sup>(3)</sup> *Foreign currency gains and losses and amortized hedge costs/income for all periods have been reclassified from Other income to Net investment gains and losses for consistency with current period presentation.* | <sup>(3)</sup> *Foreign currency gains and losses and amortized hedge costs/income for all periods have been reclassified from Other income to Net investment gains and losses for consistency with current period presentation.* | <sup>(3)</sup> *Foreign currency gains and losses and amortized hedge costs/income for all periods have been reclassified from Other income to Net investment gains and losses for consistency with current period presentation.* | <sup>(3)</sup> *Foreign currency gains and losses and amortized hedge costs/income for all periods have been reclassified from Other income to Net investment gains and losses for consistency with current period presentation.* | <sup>(3)</sup> *Foreign currency gains and losses and amortized hedge costs/income for all periods have been reclassified from Other income to Net investment gains and losses for consistency with current period presentation.* | <sup>(3)</sup> *Foreign currency gains and losses and amortized hedge costs/income for all periods have been reclassified from Other income to Net investment gains and losses for consistency with current period presentation.* | <sup>(3)</sup> *Foreign currency gains and losses and amortized hedge costs/income for all periods have been reclassified from Other income to Net investment gains and losses for consistency with current period presentation.* |
| <sup>(4)</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.* | <sup>(4)</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.* | <sup>(4)</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.* | <sup>(4)</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.* | <sup>(4)</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.* | <sup>(4)</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.* | <sup>(4)</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.* | <sup>(4)</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.* | <sup>(4)</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.* |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ***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** |
| (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,** | **December 31,** |
| **Assets:** | **2017** | **2018** | **2019** | **2020** | **2021** | **2022** |
| Investments and cash: |  |  |  |  |  |  |
| Securities available for sale: |  |  |  |  |  |  |
| Fixed maturity securities available for sale, at fair value | $78804 | $78429 | $86950 | $101286 | $94206 | $**71936** |
| Fixed maturity securities available for sale - consolidated variable interest entities, at fair value | 5509 | 4466 | 4312 | 4596 | 4490 | **3805** |
| Fixed maturity securities held to maturity, at amortized cost, net of allowance for credit losses | 31430 | 30318 | 30085 | 24464 | 22000 | **19056** |
| Equity securities, at fair value | 1023 | 987 | 802 | 1283 | 1603 | **1091** |
| Commercial mortgage and other loans, net of allowance for credit losses | 3002 | 6919 | 9569 | 10554 | 11786 | **13496** |
| Other investments | 400 | 787 | 1477 | 2429 | 3842 | **4070** |
| Cash and cash equivalents | 3491 | 4337 | 4896 | 5141 | 5051 | **3943** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investments and cash | 123659 | 126243 | 138091 | 149753 | 142978 | **117397** |
| Receivables, net of allowance for credit losses <sup>(1)</sup> | 820 | 844 | 816 | 778 | 672 | **647** |
| Accrued investment income | 769 | 773 | 772 | 780 | 737 | **745** |
| Deferred policy acquisition costs | 9505 | 9875 | 10128 | 10441 | 9848 | **9239** |
| Property and equipment, net | 434 | 443 | 581 | 601 | 538 | **530** |
| Other assets, net of allowance for credit losses <sup>(1) (2)</sup> | 2030 | 2228 | 2380 | 2733 | 3377 | **3180** |
| Total assets | $137217 | $140406 | $152768 | $165086 | $158150 | $**131738** |
| **Liabilities and Shareholders' Equity:** |  |  |  |  |  |  |
| Liabilities: |  |  |  |  |  |  |
| Total policy liabilities | $99147 | $103188 | $106554 | $114391 | $126331 | $**96910** |
| Notes payable | 5289 | 5778 | 6569 | 7899 | 7956 | **7442** |
| Income taxes, primarily deferred | 4745 | 4020 | 5370 | 4661 | 30 | **698** |
| Other liabilities | 3438 | 3958 | 5316 | 4576 | 6802 | **6548** |
| Total liabilities | 112619 | 116944 | 123809 | 131527 | 141119 | **111598** |
| Shareholders' equity: |  |  |  |  |  |  |
| Common stock | 135 | 135 | 135 | 135 | 135 | **135** |
| Additional paid-in capital | 2052 | 2177 | 2313 | 2410 | 2529 | **2641** |
| Retained earnings | 29895 | 31788 | 34291 | 37984 | 40963 | **44367** |
| Accumulated other comprehensive income (loss): |  |  |  |  |  |  |
| Unrealized foreign currency translation gains (losses) | (1750) | (1847) | (1623) | (1109) | (1985) | **(3564)** |
| Unrealized gains (losses) on fixed maturity securities | 5964 | 4234 | 8548 | 10361 | 9602 | **(702)** |
| Unrealized gains (losses) on derivatives | (23) | (24) | (33) | (34) | (30) | **(27)** |
| Effect on change in discount rate assumption(s) | N/A | N/A | N/A | N/A | (15832) | **(2100)** |
| Pension liability adjustment | (163) | (212) | (277) | (284) | (166) | **(36)** |
| Treasury stock | (11512) | (12789) | (14395) | (15904) | (18185) | **(20574)** |
| Total shareholders' equity | 24598 | 23462 | 28959 | 33559 | 17031 | **20140** |
| Total liabilities & shareholders' equity | $137217 | $140406 | $152768 | $165086 | $158150 | $**131738** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> *Includes goodwill of $265 million in 2022, $268 in 2021, $269 in 2020, $140 million in 2019, $67 million in 2018 and $67 million in 2017*

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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*** | | | | | | | |
| **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** |
| (Dollars In Millions, except per-share data) | (Dollars In Millions, except per-share data) | (Dollars In Millions, except per-share data) | (Dollars In Millions, except per-share data) | (Dollars In Millions, except per-share data) | (Dollars In Millions, except per-share data) | (Dollars In Millions, except per-share data) | (Dollars In Millions, except per-share data) | (Dollars In Millions, except per-share data) | (Dollars In Millions, except per-share data) | (Dollars In Millions, except per-share data) | (Dollars In Millions, except per-share data) | (Dollars In Millions, except per-share data) |
|  |  |  |  |  | **Total** |  |  |  |  |  |  |  |
|  | **Net** | **Net** |  | **Benefits** | **Acquisitions** | **Total** |  |  | **Net EPS** | **Net EPS** | **Adj. EPS** <sup>(1)</sup> | **Adj. EPS** <sup>(1)</sup> |
|  | **Earned** | **Inv.** | **Total** | **&** | **&** | **Pretax** | **Net** | **Adjusted** |  |  |  |  |
| **Period** | **Premiums** | **Income** | **Revenues** | **Claims, net** | **Adj. Exp.** | **Earn.** | **Earn.** | **Earn.** <sup>(1)</sup> | **Basic** | **Dil.** | **Basic** | **Dil.** |
| 2017 | 18531 | 3220 | 21667 | 12181 | 5468 | 4018 | 4604 | 2716 | 5.81 | 5.77 | 3.43 | 3.40 |
| 2018 | 18677 | 3442 | 21758 | 12000 | 5775 | 3983 | 2920 | 3226 | 3.79 | 3.77 | 4.20 | 4.16 |
| 2019 | 18780 | 3578 | 22307 | 11942 | 5920 | 4445 | 3304 | 3314 | 4.45 | 4.43 | 4.46 | 4.44 |
| 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** |
| 1 | 4681 | 904 | 5162 | 2939 | 1503 | 720 | 566 | 882 | 0.78 | 0.78 | 1.22 | 1.21 |
| 2 | 4664 | 870 | 5407 | 2897 | 1440 | 1070 | 805 | 921 | 1.12 | 1.12 | 1.28 | 1.28 |
| 3 | 4623 | 896 | 5665 | 2985 | 1527 | 1153 | 2456 | 994 | 3.45 | 3.44 | 1.40 | 1.39 |
| 4 | 4653 | 968 | 5913 | 2974 | 1723 | 1216 | 951 | 755 | 1.36 | 1.35 | 1.08 | 1.07 |
| 1 | 4434 | 925 | 5710 | 2771 | 1420 | 1519 | 1224 | 989 | 1.78 | 1.77 | 1.44 | 1.43 |
| 2 | 4301 | 993 | 5424 | 2672 | 1474 | 1277 | 1027 | 1002 | 1.51 | 1.51 | 1.48 | 1.47 |
| 3 | 4229 | 991 | 5098 | 2503 | 1450 | 1146 | 915 | 1058 | 1.37 | 1.36 | 1.58 | 1.57 |
| 4 | 4132 | 910 | 5322 | 2529 | 1527 | 1266 | 1065 | 875 | 1.62 | 1.61 | 1.33 | 1.32 |
| 1 | 4079 | 903 | 5173 | 2483 | 1396 | 1295 | 1047 | 942 | 1.61 | 1.60 | 1.45 | 1.44 |
| 2 | 3764 | 937 | 5315 | 2274 | 1334 | 1708 | 1394 | 945 | 2.18 | 2.17 | 1.47 | 1.47 |
| 3 | 3535 | 920 | 4704 | 2076 | 1299 | 1329 | 1781 | 910 | 2.83 | 2.82 | 1.45 | 1.44 |
| **4** | **3523** | **896** | **3948** | **2054** | **1356** | **538** | **196** | **817** | **0.32** | **0.31** | **1.32** | **1.31** |

---

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ***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** |
| (Dollars In Millions, except per-share data) | (Dollars In Millions, except per-share data) | (Dollars In Millions, except per-share data) | (Dollars In Millions, except per-share data) | (Dollars In Millions, except per-share data) | (Dollars In Millions, except per-share data) | (Dollars In Millions, except per-share data) |
|  |  |  |  |  |  | **Adjusted BV** |
|  |  |  |  |  | **Adjusted BV** | **Per Share Incl** |
|  | **Equity** | **AOCI** |  | **Adjusted BV** | **Per Share Incl** | **Foreign Currency** |
|  | **BV Per** | **BV Per** | **Adjusted BV** | **Per Share** | **Foreign Currency** | **Translation G/(L)** |
| **Period** | **Share** | **Share** | **Per Share** <sup>(1)</sup> | **% Change** | **Translation G/(L)**<sup>(1)</sup> | **% Change** |
| 2017 | 31.50 | 5.16 | 26.34 | 19.7% | 24.10 | 23.3% |
| 2018 | 31.06 | 2.85 | 28.22 | 7.1% | 25.77 | 6.9% |
| 2019 | 39.84 | 9.10 | 30.74 | 8.9% | 28.51 | 10.6% |
| 2020 | 48.46 | 12.90 | 35.56 | 15.7% | 33.96 | 19.1% |
| 2021 | 26.12 | (12.90) | 39.01 | 9.7% | 35.97 | 5.9% |
| **2022** | **32.73** | **(10.45)** | **43.18** | **10.7%** | **37.39** | **3.9%** |
| 1 | 36.75 | 5.83 | 30.92 | 7.0% | 28.77 | 8.9% |
| 2 | 41.21 | 9.45 | 31.75 | 7.5% | 29.70 | 7.7% |
| 3 | 46.16 | 11.25 | 34.91 | 15.7% | 33.08 | 17.4% |
| 4 | 48.46 | 12.90 | 35.56 | 15.7% | 33.96 | 19.1% |
| 1 | 22.98 | (13.60) | 36.59 | 18.3% | 34.15 | 18.7% |
| 2 | 24.39 | (13.18) | 37.57 | 18.3% | 35.12 | 18.2% |
| 3 | 25.19 | (13.20) | 38.39 | 10.0% | 35.77 | 8.1% |
| 4 | 26.12 | (12.90) | 39.01 | 9.7% | 35.97 | 5.9% |
| 1 | 27.21 | (13.09) | 40.30 | 10.1% | 36.53 | 7.0% |
| 2 | 30.82 | (11.00) | 41.82 | 11.3% | 36.75 | 4.6% |
| 3 | 31.97 | (12.03) | 44.00 | 14.6% | 36.99 | 3.4% |
| **4** | **32.73** | **(10.45)** | **43.18** | **10.7%** | **37.39** | **3.9%** |

---

&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;<sup>(1)</sup> *See non-U.S. GAAP financial measures for definition of adjusted book value and adjusted book value including unrealized foreign currency translation gains and losses.* 

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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*** |
| **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,** | **Year Ended December 31,** |
|  |  | **2017** | **2018** | **2019** | **2020** | **2021**<sup>(4)</sup> | **2022** |
| U.S. GAAP ROE <sup>(1)</sup> - Net earnings  | U.S. GAAP ROE <sup>(1)</sup> - Net earnings  | 20.4% | 12.2% | 12.6% | 15.3% | 26.7% | **23.8%** |
| Impact of excluding unrealized foreign currency translation gains (losses) | Impact of excluding unrealized foreign currency translation gains (losses) | (2.0) | (1.0) | (1.0) | (0.9) | (1.7) | **(2.5)** |
| Impact of excluding unrealized gains (losses) on securities and derivatives | Impact of excluding unrealized gains (losses) on securities and derivatives | 5.8 | 3.0 | 3.6 | 6.2 | 10.7 | **4.1** |
| Impact of excluding effect on change in discount rate assumptions | Impact of excluding effect on change in discount rate assumptions | N/A | N/A | N/A | N/A | (18.5) | **(8.2)** |
| Impact of excluding pension liability adjustment | Impact of excluding pension liability adjustment | (0.2) | (0.1) | (0.1) | (0.2) | (0.2) | **(0.1)** |
|  | Impact of excluding AOCI | 3.6 | 1.8 | 2.5 | 5.1 | (9.7) | **(6.8)** |
| U.S. GAAP ROE - less AOCI | U.S. GAAP ROE - less AOCI | 24.0 | 13.9 | 15.1 | 20.3 | 17.0 | **17.0** |
| Differences between adjusted earnings and net earnings <sup>(2)</sup> | Differences between adjusted earnings and net earnings <sup>(2)</sup> | (9.8) | 1.5 | 0.0 | (5.2) | (1.2) | **(3.1)** |
| Adjusted ROE - reported <sup>(3)</sup> | Adjusted ROE - reported <sup>(3)</sup> | 14.2 | 15.4 | 15.2 | 15.1 | 15.8 | **13.9** |
| <sup>(1)</sup> | *U.S. GAAP ROE is calculated by dividing net earnings (annualized) by average shareholders' equity.* | *U.S. GAAP ROE is calculated by dividing net earnings (annualized) by average shareholders' equity.* | *U.S. GAAP ROE is calculated by dividing net earnings (annualized) by average shareholders' equity.* | *U.S. GAAP ROE is calculated by dividing net earnings (annualized) by average shareholders' equity.* | *U.S. GAAP ROE is calculated by dividing net earnings (annualized) by average shareholders' equity.* | *U.S. GAAP ROE is calculated by dividing net earnings (annualized) by average shareholders' equity.* | *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.* | *See separate reconciliation of net income to adjusted earnings.* | *See separate reconciliation of net income to adjusted earnings.* | *See separate reconciliation of net income to adjusted earnings.* | *See separate reconciliation of net income to adjusted earnings.* | *See separate reconciliation of net income to adjusted earnings.* | *See separate reconciliation of net income to adjusted earnings.* |
| <sup>(3)</sup> | *Impact of foreign currency is calculated by restating all foreign currency components of the income statement to the weighted average foreign currency exchange rate for the comparable prior year period.* | *Impact of foreign currency is calculated by restating all foreign currency components of the income statement to the weighted average foreign currency exchange rate for the comparable prior year period.* | *Impact of foreign currency is calculated by restating all foreign currency components of the income statement to the weighted average foreign currency exchange rate for the comparable prior year period.* | *Impact of foreign currency is calculated by restating all foreign currency components of the income statement to the weighted average foreign currency exchange rate for the comparable prior year period.* | *Impact of foreign currency is calculated by restating all foreign currency components of the income statement to the weighted average foreign currency exchange rate for the comparable prior year period.* | *Impact of foreign currency is calculated by restating all foreign currency components of the income statement to the weighted average foreign currency exchange rate for the comparable prior year period.* | *Impact of foreign currency is calculated by restating all foreign currency components of the income statement to the weighted average foreign currency exchange rate for the comparable prior year period.* |
| <sup>(4)</sup> | *Return on equity calculations for 2021 use beginning retained earnings and accumulated other comprehensive income adjusted for the adoption of LDTI.* | *Return on equity calculations for 2021 use beginning retained earnings and accumulated other comprehensive income adjusted for the adoption of LDTI.* | *Return on equity calculations for 2021 use beginning retained earnings and accumulated other comprehensive income adjusted for the adoption of LDTI.* | *Return on equity calculations for 2021 use beginning retained earnings and accumulated other comprehensive income adjusted for the adoption of LDTI.* | *Return on equity calculations for 2021 use beginning retained earnings and accumulated other comprehensive income adjusted for the adoption of LDTI.* | *Return on equity calculations for 2021 use beginning retained earnings and accumulated other comprehensive income adjusted for the adoption of LDTI.* | *Return on equity calculations for 2021 use beginning retained earnings and accumulated other comprehensive income adjusted for the adoption of LDTI.* |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ***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> |
| (Diluted Basis) | (Diluted Basis) | (Diluted Basis) | (Diluted Basis) | (Diluted Basis) | (Diluted Basis) | (Diluted Basis) |
|  |  |  |  |  |  | **Change** |
|  |  |  | **QTD** | **YTD** | **Excluding** | **Excluding** |
|  |  |  | **Foreign** | **Foreign** | **Foreign** | **Foreign** |
|  | **Adjusted** |  | **Currency** | **Currency** | **Currency** | **Currency** |
| **Period** | **EPS**<sup>(1)</sup> | **Growth** | **Impact**<sup>(1)</sup> | **Impact**<sup>(1)</sup> | **Impact**<sup>(1)</sup> | **Impact** |
| 2017 | $3.40 | 4.6% | N/A | (.05) | $3.45 | 6.2% |
| 2018 | $4.16 | 22.4% | N/A | .04 | $4.13 | 21.5% |
| 2019 | $4.44 | 6.7% | N/A | .02 | $4.42 | 6.3% |
| 2020 | $4.96 | 11.7% | N/A | .04 | $4.92 | 10.8% |
| 2021 | $5.80 | 16.9% | N/A | (.06) | $5.86 | 18.1% |
| **2022** | $**5.67** | **(2.2)%** | **N/A** | **(.41)** | $**6.08** | **4.8%** |
| 1 | $1.21 | 8.0% | .01 | .01 | $1.20 | 7.1% |
| 2 | 1.28 | 13.3 | .01 | .02 | 1.27 | 12.4 |
| 3 | 1.39 | 19.8 |  | .02 | 1.39 | 19.8 |
| 4 | 1.07 | 3.9 | .02 | .04 | 1.05 | 1.9 |
|  | $4.96 | 11.7% |  |  | $4.92 | 10.8% |
| 1 | $1.43 | 18.2% | .01 | .01 | $1.42 | 17.4% |
| 2 | 1.47 | 14.8 | (.01) |  | 1.48 | 15.6 |
| 3 | 1.57 | 12.9 | (.02) | (.02) | 1.59 | 14.4 |
| 4 | 1.32 | 23.4 | (.04) | (.06) | 1.36 | 27.1 |
|  | $5.80 | 16.9% |  |  | $5.86 | 18.1% |
| 1 | $1.44 | .7% | (.05) | (.05) | $1.50 | 4.9% |
| 2 | 1.47 |  | (.09) | (.15) | 1.56 | 6.1 |
| 3 | 1.44 | (8.3) | (.15) | (.30) | 1.59 | 1.3 |
| **4** | **1.31** | **(.8)** | **(.11)** | **(.41)** | **1.43** | **8.3** |
|  | $**5.67** | **(2.2)%** |  |  | $**6.08** | **4.8%** |
| <sup>(1)</sup> *See non-U.S.GAAP financial measures for definition of adjusted earnings and adjusted earnings excluding current period foreign currency impact* | <sup>(1)</sup> *See non-U.S.GAAP financial measures for definition of adjusted earnings and adjusted earnings excluding current period foreign currency impact* | <sup>(1)</sup> *See non-U.S.GAAP financial measures for definition of adjusted earnings and adjusted earnings excluding current period foreign currency impact* | <sup>(1)</sup> *See non-U.S.GAAP financial measures for definition of adjusted earnings and adjusted earnings excluding current period foreign currency impact* | <sup>(1)</sup> *See non-U.S.GAAP financial measures for definition of adjusted earnings and adjusted earnings excluding current period foreign currency impact* | <sup>(1)</sup> *See non-U.S.GAAP financial measures for definition of adjusted earnings and adjusted earnings excluding current period foreign currency impact* | <sup>(1)</sup> *See non-U.S.GAAP financial measures for definition of adjusted earnings and adjusted earnings excluding current period foreign currency impact* |

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***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** | **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) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2017** | **2017** | **2018** | **2018** | **2019** | **2019** | **2020** | **2020** | **2021** | **2021** | **2022** | **2022** |
| Fixed Maturity Securities<sup>(1)</sup> | $106562 |  | $107174 |  | $109456 |  | $116056 |  | $107369 |  | $**94525** |  |
| Commercial mortgage and other loans, net of allowance for credit losses <sup>(1)</sup> |  |  |  |  |  |  |  |  |  |  |  |  |
| Transitional Real Estate (floating rate) | 1235 |  | 4378 |  | 5450 |  | 5231 |  | 5246 |  | **6455** |  |
| Middle Market Loans (floating rate) | 859 |  | 1478 |  | 2412 |  | 3635 |  | 4601 |  | **5028** |  |
| Commercial Mortgage Loans | 908 |  | 1063 |  | 1707 |  | 1688 |  | 1874 |  | **2013** |  |
| Total Commercial mortgage and other loans, net of allowance for credit losses<sup>(1)</sup> | 3002 |  | 6919 |  | 9569 |  | 10554 |  | 11721 |  | **13496** |  |
| Equity Securities, at FV through net earnings | 846 |  | 987 |  | 802 |  | 1283 |  | 1603 |  | **1091** |  |
| Alternatives<sup>(2)</sup> | 113 |  | 370 |  | 551 |  | 919 |  | 1703 |  | **2107** |  |
| Total Portfolio | $110523 |  | $115450 |  | $120378 |  | $128812 |  | $122396 |  | $**111219** |  |
| **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** | **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) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |  |
|  | **2017** | **2017** | **2018** | **2018** | **2019** | **2019** | **2020** | **2020** | **2021** | **2021** | **2022** |  |
| Fixed Maturity Securities |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Available For Sale - Gross Gains | $9985 |  | $7733 |  | $12266 |  | $14771 |  | $13566 |  | $**4800** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Available For Sale - Gross Losses | (804) |  | (1694) |  | (375) |  | (481) |  | (239) |  | **(4528)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Available For Sale | 9181 |  | 6039 |  | 11891 |  | 14290 |  | 13327 |  | **272** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Held to Maturity - Gross Gains | 6651 |  | 6470 |  | 7519 |  | 5935 |  | 4869 |  | **2154** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Held to Maturity - Gross Losses | (9) |  | (66) |  | (10) |  |  |  |  |  | **—** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Held to Maturity | $6642 |  | $6404 |  | $7509 |  | $5935 |  | $4869 |  | $**2154** |  |
| **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** | **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) | (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,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| **<u>Credit Rating</u>** | **2017** | **2017** | **2018** | **2018** | **2019** | **2019** | **2020** | **2020** | **2021** | **2021** | **2022** | **2022** |
| &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;AAA | 1.0 | % | 1.0 | % | 1.1 | % | 1.0 | % | 1.0 | % | 1.6 | % |
| &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;AA | 3.9 |  | 3.9 |  | 4.3 |  | 4.5 |  | 5.1 |  | 5.2 |  |
| &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;A | 65.8 |  | 67.9 |  | 68.6 |  | 69.3 |  | 68.9 |  | 68.0 |  |
| &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;BBB | 24.0 |  | 23.2 |  | 23.1 |  | 21.9 |  | 22.5 |  | 23.0 |  |
| &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;BB or Lower | 5.3 |  | 4.0 |  | 2.9 |  | 3.3 |  | 2.5 |  | 2.2 |  |
|  | 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>(1)</sup> *Presented at amortized cost, net of reserves beginning in 2020* | <sup>(1)</sup> *Presented at amortized cost, net of reserves beginning in 2020* | <sup>(1)</sup> *Presented at amortized cost, net of reserves beginning in 2020* | <sup>(1)</sup> *Presented at amortized cost, net of reserves beginning in 2020* | <sup>(1)</sup> *Presented at amortized cost, net of reserves beginning in 2020* | <sup>(1)</sup> *Presented at amortized cost, net of reserves beginning in 2020* | <sup>(1)</sup> *Presented at amortized cost, net of reserves beginning in 2020* | <sup>(1)</sup> *Presented at amortized cost, net of reserves beginning in 2020* | <sup>(1)</sup> *Presented at amortized cost, net of reserves beginning in 2020* | <sup>(1)</sup> *Presented at amortized cost, net of reserves beginning in 2020* | <sup>(1)</sup> *Presented at amortized cost, net of reserves beginning in 2020* | <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 managed by Global Investments; excludes Corporate driven activity* | <sup>(2)</sup> *Presented at carrying value; includes asset classes such as private equity and real estate managed by Global Investments; excludes Corporate driven activity* | <sup>(2)</sup> *Presented at carrying value; includes asset classes such as private equity and real estate managed by Global Investments; excludes Corporate driven activity* | <sup>(2)</sup> *Presented at carrying value; includes asset classes such as private equity and real estate managed by Global Investments; excludes Corporate driven activity* | <sup>(2)</sup> *Presented at carrying value; includes asset classes such as private equity and real estate managed by Global Investments; excludes Corporate driven activity* | <sup>(2)</sup> *Presented at carrying value; includes asset classes such as private equity and real estate managed by Global Investments; excludes Corporate driven activity* | <sup>(2)</sup> *Presented at carrying value; includes asset classes such as private equity and real estate managed by Global Investments; excludes Corporate driven activity* | <sup>(2)</sup> *Presented at carrying value; includes asset classes such as private equity and real estate managed by Global Investments; excludes Corporate driven activity* | <sup>(2)</sup> *Presented at carrying value; includes asset classes such as private equity and real estate managed by Global Investments; excludes Corporate driven activity* | <sup>(2)</sup> *Presented at carrying value; includes asset classes such as private equity and real estate managed by Global Investments; excludes Corporate driven activity* | <sup>(2)</sup> *Presented at carrying value; includes asset classes such as private equity and real estate managed by Global Investments; excludes Corporate driven activity* | <sup>(2)</sup> *Presented at carrying value; includes asset classes such as private equity and real estate managed by Global Investments; excludes Corporate driven activity* | <sup>(2)</sup> *Presented at carrying value; includes asset classes such as private equity and real estate managed by Global Investments; excludes Corporate driven activity* |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***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** |
| | | | | | | | **3 Months Ended** | **3 Months Ended** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2017** | **2018** | **2019** | **2020** | **2021** | **2022** | **2021** | **2022** |
| **Aflac Japan:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Invested assets (in millions)<sup>(1)</sup> | ¥11017560 | ¥11442444 | ¥11784586 | ¥11936087 | ¥12405531 | ¥**12617181** | ¥12405531 | ¥**12617181** |
| &nbsp;&nbsp;&nbsp;&nbsp;Return on average invested assets<sup>(2)</sup> | 2.31% | 2.33% | 2.33% | 2.38% | 2.72% | **2.78%** | 2.83% | **2.70%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio book yield at end of period<sup>(3)</sup> | 2.56% | 2.61% | 2.64% | 2.59% | 2.60% | **3.06%** | 2.60% | **3.06%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total purchases for period (in millions)<sup>(3)</sup> | ¥1078586 | ¥1298376 | ¥1003885 | ¥714124 | ¥952038 | ¥**716964** | ¥262311 | ¥**82065** |
| &nbsp;&nbsp;&nbsp;&nbsp;New money yield<sup>(3)(4)</sup> | 1.98% | 3.06% | 3.83% | 3.75% | 3.50% | **4.48%** | 3.82% | **6.81%** |
| **Aflac U.S.:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Invested assets (in millions)<sup>(1)</sup> | $13764 | $13798 | $14036 | $14848 | $15841 | $**16772** | $15841 | $**16772** |
| &nbsp;&nbsp;&nbsp;&nbsp;Return on average invested assets<sup>(2)</sup> | 5.07% | 5.16% | 5.70% | 4.90% | 4.87% | **4.72%** | 4.98% | **4.65%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio book yield at end of period<sup>(3)</sup> | 5.52% | 5.55% | 5.40% | 5.18% | 4.94% | **5.39%** | 4.94% | **5.39%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total purchases for period (in millions)<sup>(3)</sup> | $1434 | $2155 | $1835 | $1050 | $2130 | $**1701** | $778 | $**307** |
| &nbsp;&nbsp;&nbsp;&nbsp;New money yield<sup>(3)(4)</sup> | 4.49% | 4.55% | 4.51% | 3.04% | 3.41% | **5.16%** | 3.10% | **6.30%** |
| **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> |
|  |  |  |  |  |  |  | **3 Months Ended** | **3 Months Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2017** | **2018** | **2019** | **2020** | **2021** | **2022** | **2021** | **2022** |
| **Aflac Japan:** |  |  |  |  |  |  |  |  |
| FX hedged notional at end of period (in billions)<sup>(7)</sup> | $9.3 | $9.9 | $8.8 | $6 | $6.4 | $**4.1** | $6.4 | $**4.1** |
| Weighted average remaining tenor (in months)<sup>(8)</sup> | 27.7 | 21.4 | 8.5 | 13.0 | 2.6 | **0.7** | 2.6 | **0.7** |
| Amortized hedge costs for period (in millions) | $(228) | $(236) | $(257) | $(206) | $(76) | $**(112)** | $(21) | $**(28)** |
| **Corporate and Other (Parent Company):** |  |  |  |  |  |  |  |  |
| FX hedged notional at end of period (in billions)<sup>(7)</sup> | $— | $2.5 | $4.9 | $5 | $5 | $**5.0** | $5 | $**5.0** |
| Weighted average remaining tenor (in months)<sup>(8)</sup> |  | 16.1 | 13.7 | 12.1 | 11.5 | **10.8** | 11.5 | **10.8** |
| Amortized hedge income (costs) for period (in millions) | $— | $36 | $89 | $97 | $57 | $**68** | $12 | $**25** |
| <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>(1)</sup> *Invested assets, including cash and short term investments, are stated at amortized cost; except for equities, which are at fair value.* | <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>(1)</sup> *Invested assets, including cash and short term investments, are stated at amortized cost; except for equities, which are at fair value.* | <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>(1)</sup> *Invested assets, including cash and short term investments, are stated at amortized cost; except for equities, which are at fair value.* | <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>(1)</sup> *Invested assets, including cash and short term investments, are stated at amortized cost; except for equities, which are at fair value.* | <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>(2)</sup> *Net of investment expenses and amortized hedge costs, year-to-date number reflected on a quarterly average basis* | <sup>(2)</sup> *Net of investment expenses and amortized hedge costs, year-to-date number reflected on a quarterly average basis* | <sup>(2)</sup> *Net of investment expenses and amortized hedge costs, year-to-date number reflected on a quarterly average basis* | <sup>(2)</sup> *Net of investment expenses and amortized hedge costs, year-to-date number reflected on a quarterly average basis* | <sup>(2)</sup> *Net of investment expenses and amortized hedge costs, year-to-date number reflected on a quarterly average basis* | <sup>(2)</sup> *Net of investment expenses and amortized hedge costs, year-to-date number reflected on a quarterly average basis* | <sup>(2)</sup> *Net of investment expenses and amortized hedge costs, year-to-date number reflected on a quarterly average basis* | <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* <br>*&nbsp;&nbsp;&nbsp;&nbsp; activities* | <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* <br>*&nbsp;&nbsp;&nbsp;&nbsp; activities* | <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* <br>*&nbsp;&nbsp;&nbsp;&nbsp; activities* | <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* <br>*&nbsp;&nbsp;&nbsp;&nbsp; activities* | <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* <br>*&nbsp;&nbsp;&nbsp;&nbsp; activities* | <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* <br>*&nbsp;&nbsp;&nbsp;&nbsp; activities* | <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* <br>*&nbsp;&nbsp;&nbsp;&nbsp; activities* | <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* <br>*&nbsp;&nbsp;&nbsp;&nbsp; activities* | <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* <br>*&nbsp;&nbsp;&nbsp;&nbsp; activities* |
| <sup>(4)</sup> *Reported on a gross yield basis; excludes investment expenses, external management fees, and amortized hedge costs* | <sup>(4)</sup> *Reported on a gross yield basis; excludes investment expenses, external management fees, and amortized hedge costs* | <sup>(4)</sup> *Reported on a gross yield basis; excludes investment expenses, external management fees, and amortized hedge costs* | <sup>(4)</sup> *Reported on a gross yield basis; excludes investment expenses, external management fees, and amortized hedge costs* | <sup>(4)</sup> *Reported on a gross yield basis; excludes investment expenses, external management fees, and amortized hedge costs* | <sup>(4)</sup> *Reported on a gross yield basis; excludes investment expenses, external management fees, and amortized hedge costs* | <sup>(4)</sup> *Reported on a gross yield basis; excludes investment expenses, external management fees, and amortized hedge costs* | <sup>(4)</sup> *Reported on a gross yield basis; excludes investment expenses, external management fees, and amortized hedge costs* | <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 Inc.* | <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 Inc.* | <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 Inc.* | <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 Inc.* | <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 Inc.* | <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 Inc.* | <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 Inc.* | <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 Inc.* | <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 Inc.* |
| <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. The table does not include the notional amount and weighted average remaining tenor for these options. At December 31, 2022, Aflac Japan caps and put options notional amount was $13.5 billion with a weighted average remaining tenor of 6.4 months. At December 31, 2022, the Parent Company caps notional amount was $2.6 billion with a weighted average remaining tenor of 9.0 months.*  | <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. The table does not include the notional amount and weighted average remaining tenor for these options. At December 31, 2022, Aflac Japan caps and put options notional amount was $13.5 billion with a weighted average remaining tenor of 6.4 months. At December 31, 2022, the Parent Company caps notional amount was $2.6 billion with a weighted average remaining tenor of 9.0 months.*  | <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. The table does not include the notional amount and weighted average remaining tenor for these options. At December 31, 2022, Aflac Japan caps and put options notional amount was $13.5 billion with a weighted average remaining tenor of 6.4 months. At December 31, 2022, the Parent Company caps notional amount was $2.6 billion with a weighted average remaining tenor of 9.0 months.*  | <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. The table does not include the notional amount and weighted average remaining tenor for these options. At December 31, 2022, Aflac Japan caps and put options notional amount was $13.5 billion with a weighted average remaining tenor of 6.4 months. At December 31, 2022, the Parent Company caps notional amount was $2.6 billion with a weighted average remaining tenor of 9.0 months.*  | <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. The table does not include the notional amount and weighted average remaining tenor for these options. At December 31, 2022, Aflac Japan caps and put options notional amount was $13.5 billion with a weighted average remaining tenor of 6.4 months. At December 31, 2022, the Parent Company caps notional amount was $2.6 billion with a weighted average remaining tenor of 9.0 months.*  | <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. The table does not include the notional amount and weighted average remaining tenor for these options. At December 31, 2022, Aflac Japan caps and put options notional amount was $13.5 billion with a weighted average remaining tenor of 6.4 months. At December 31, 2022, the Parent Company caps notional amount was $2.6 billion with a weighted average remaining tenor of 9.0 months.*  | <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. The table does not include the notional amount and weighted average remaining tenor for these options. At December 31, 2022, Aflac Japan caps and put options notional amount was $13.5 billion with a weighted average remaining tenor of 6.4 months. At December 31, 2022, the Parent Company caps notional amount was $2.6 billion with a weighted average remaining tenor of 9.0 months.*  | <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. The table does not include the notional amount and weighted average remaining tenor for these options. At December 31, 2022, Aflac Japan caps and put options notional amount was $13.5 billion with a weighted average remaining tenor of 6.4 months. At December 31, 2022, the Parent Company caps notional amount was $2.6 billion with a weighted average remaining tenor of 9.0 months.*  | <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. The table does not include the notional amount and weighted average remaining tenor for these options. At December 31, 2022, Aflac Japan caps and put options notional amount was $13.5 billion with a weighted average remaining tenor of 6.4 months. At December 31, 2022, the Parent Company caps notional amount was $2.6 billion with a weighted average remaining tenor of 9.0 months.*  |
| <sup>(7)</sup> *Notional is reported net of any offsetting positions within Aflac Japan or the Parent Company, respectively.* | <sup>(7)</sup> *Notional is reported net of any offsetting positions within Aflac Japan or the Parent Company, respectively.* | <sup>(7)</sup> *Notional is reported net of any offsetting positions within Aflac Japan or the Parent Company, respectively.* | <sup>(7)</sup> *Notional is reported net of any offsetting positions within Aflac Japan or the Parent Company, respectively.* | <sup>(7)</sup> *Notional is reported net of any offsetting positions within Aflac Japan or the Parent Company, respectively.* | <sup>(7)</sup> *Notional is reported net of any offsetting positions within Aflac Japan or the Parent Company, respectively.* | <sup>(7)</sup> *Notional is reported net of any offsetting positions within Aflac Japan or the Parent Company, respectively.* | <sup>(7)</sup> *Notional is reported net of any offsetting positions within Aflac Japan or the Parent Company, respectively.* | <sup>(7)</sup> *Notional is reported net of any offsetting positions within Aflac Japan or the Parent Company, respectively.* |
| <sup>(8)</sup> *Tenor based on period reporting date to settlement date* | <sup>(8)</sup> *Tenor based on period reporting date to settlement date* | <sup>(8)</sup> *Tenor based on period reporting date to settlement date* | <sup>(8)</sup> *Tenor based on period reporting date to settlement date* | <sup>(8)</sup> *Tenor based on period reporting date to settlement date* | <sup>(8)</sup> *Tenor based on period reporting date to settlement date* | <sup>(8)</sup> *Tenor based on period reporting date to settlement date* | <sup>(8)</sup> *Tenor based on period reporting date to settlement date* | <sup>(8)</sup> *Tenor based on period reporting date to settlement date* |

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| | | | | |
|:---|:---|:---|:---|:---|
| ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** |
| | **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> |
|  | (Dollars In Millions, U.S. GAAP Basis) | (Dollars In Millions, U.S. GAAP Basis) | (Dollars In Millions, U.S. GAAP Basis) | (Dollars In Millions, U.S. GAAP Basis) |
|  | **December 31, 2021** | **December 31, 2021** | **December 31, 2022** | **December 31, 2022** |
|  | **Amortized<br>Cost** <sup>(2)</sup> | **Fair <br>Value** | **Amortized<br>Cost** <sup>(2)</sup> | **Fair <br>Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JGB | $50186 | $57862 | $42618 | 44178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 23661 | 27684 | 20930 | 21277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total yen denominated | 73847 | 85546 | 63548 | 65455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD Program | 28913 | 31946 | 27212 | 27885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 2236 | 3328 | 2209 | 2795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US dollar denominated | 31149 | 35274 | 29421 | 30680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $104996 | $120820 | $**92969** | **96135** |
|  | **Distribution of Consolidated Fixed Maturities by Sector** | **Distribution of Consolidated Fixed Maturities by Sector** | **Distribution of Consolidated Fixed Maturities by Sector** | **Distribution of Consolidated Fixed Maturities by Sector** |
|  |  |  | **December 31, 2022** | **December 31, 2022** |
| (In millions) |  |  | **Amortized Cost** <sup>(2)</sup> | **% of <br>Total** |
| **Government and agencies** |  |  | $**43854** | **46.4%** |
| **Municipalities** |  |  | **2590** | **2.7** |
| **Mortgage- and asset-backed securities** |  |  | **2167** | **2.3** |
| **Public utilities** |  |  | **7450** | **7.9** |
| Electric |  |  | 6036 | 6.4 |
| Natural Gas |  |  | 249 | .3 |
| Other |  |  | 565 | .6 |
| Utility/Energy |  |  | 600 | .6 |
| **Sovereign and supranational** |  |  | **1238** | **1.3** |
| **Banks/financial institutions** |  |  | **9340** | **9.9** |
| Banking |  |  | 5633 | 6.0 |
| Insurance |  |  | 1703 | 1.8 |
| Other |  |  | 2004 | 2.1 |
| **Other corporate** |  |  | **27886** | **29.5** |
| Basic Industry |  |  | 2452 | 2.6 |
| Capital Goods |  |  | 3394 | 3.6 |
| Communications |  |  | 2866 | 3.0 |
| Consumer Cyclical |  |  | 2206 | 2.3 |
| Consumer Non-Cyclical |  |  | 6238 | 6.7 |
| Energy |  |  | 2664 | 2.8 |
| Other |  |  | 1371 | 1.5 |
| Technology |  |  | 3534 | 3.7 |
| Transportation |  |  | 3161 | 3.3 |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total fixed maturity securities** |  |  | $**94525** | **100.0%** |
| <sup>(1)</sup> *The entire U.S. segment investment portfolio is U.S. dollar denominated.* | <sup>(1)</sup> *The entire U.S. segment investment portfolio is U.S. dollar denominated.* | <sup>(1)</sup> *The entire U.S. segment investment portfolio is U.S. dollar denominated.* | <sup>(1)</sup> *The entire U.S. segment investment portfolio is U.S. dollar denominated.* | <sup>(1)</sup> *The entire U.S. segment investment portfolio is U.S. dollar denominated.* |
| <sup>(2)</sup> *Net of reserves*  | <sup>(2)</sup> *Net of reserves*  | <sup>(2)</sup> *Net of reserves*  | <sup>(2)</sup> *Net of reserves*  | <sup>(2)</sup> *Net of reserves*  |

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***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** | **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** | **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) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2017** |  | **2018** |  | **2019** |  | **2020** |  | **2021** |  | **2022** |  |
| Notes payable | $5289 |  | $5778 |  | $6569 |  | $7899 |  | $7956 |  | $**7442** |  |
| &nbsp;&nbsp;&nbsp;50% of subordinated debentures and perpetual bonds | (263) |  | (268) |  | (407.5) |  | (432) |  | (389) |  | **(337)** |  |
| &nbsp;&nbsp;&nbsp;Pre-funding of debt maturities |  |  |  |  | (348) |  |  |  |  |  | **—** |  |
| Adjusted debt <sup>(1)</sup> | 5026 |  | 5510 |  | 5814 |  | 7467 |  | 7568 |  | **7105** |  |
| Total Shareholders' Equity | 24598 |  | 23462 |  | 28959 |  | 33559 |  | 17031 |  | **20140** |  |
| Accumulated other comprehensive (income) loss: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized foreign currency translation (gains) losses | 1750 |  | 1847 |  | 1623 |  | 1109 |  | 1985 |  | **3564** |  |
| &nbsp;&nbsp;&nbsp;Unrealized (gains) losses on fixed maturity securities | (5964) |  | (4234) |  | (8548) |  | (10361) |  | (9602) |  | **702** |  |
| &nbsp;&nbsp;&nbsp;Unrealized (gains) losses on derivatives | 23 |  | 24 |  | 33 |  | 34 |  | 30 |  | **27** |  |
| &nbsp;&nbsp;&nbsp;Effect on change in discount rate assumptions | N/A |  | N/A |  | N/A |  | N/A |  | 15832 |  | **2100** |  |
| &nbsp;&nbsp;&nbsp;Pension liability adjustment | 163 |  | 212 |  | 277 |  | 284 |  | 166 |  | **36** |  |
| Adjusted book value <sup>(1)</sup> | 20570 |  | 21311 |  | 22344 |  | 24625 |  | 25442 |  | **26569** |  |
| Adjusted capitalization ex-AOCI <sup>(1) (2)</sup> | $25859 |  | $27089 |  | $28565 |  | $32524 |  | $33398 |  | $**34011** |  |
| Adjusted debt to adjusted capitalization ex-AOCI | 19.4 | % | 20.3 | % | 20.4 | % | 23.0 | % | 22.7 | % | **20.9** | % |
| Adjusted capitalization <sup>(1) (3)</sup> | $23946 |  | $25030 |  | $26665 |  | $31131 |  | $31247 |  | $**30411** |  |
| Adjusted debt to adjusted capitalization | 21.0 | % | 22.0 | % | 21.8 | % | 24.0 | % | 24.2 | % | **23.4** | % |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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) |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
|  | **≤ 1 year** | **1 > 5 years** | **5 > 10 years** | **10 > 20 years** | **20 years +** | **Total** |
| Senior Notes | $— | $1334 | $2997 | $1153 | $1191 | $**6675** |
| Subordinated debt |  |  |  |  | 678 | **678** |
| Total | $— | $1334 | $2997 | $1153 | $1869 | $**7353** |

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<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***

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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>U.S. Operating Companies</u>** | | | | | |
| Aflac of Columbus | A+ | Aa3 | A+ | AA | AA |
| Aflac of New York | A+ | _ | A+ | _ | _ |
| Continental American Insurance Company | A+ | _ | _ | _ | _ |
| **<u>Japan Operating Company</u>** | | | | | |
| Aflac Life Insurance Japan Ltd. | A+ | Aa3 | A+ | AA | AA |
| **<u>Bermuda Operating Company</u>** | | | | | |
| 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** |
| **<u>Aflac Incorporated</u>** | **<u>Aflac Incorporated</u>** |  |  |  |  |
| Long-term Senior Debt | a | A3 | A- | A+ | A+ |
| Junior Subordinated Debt | a- | Baa1 | BBB | _ | A- |
| **<u>Aflac of Columbus</u>** | **<u>Aflac of Columbus</u>** |  |  |  |  |
| Long-term Senior Debt | aa | _ | A+ | AA | _ |
| **<u>Aflac Life Insurance Japan, Ltd.</u>** | **<u>Aflac Life Insurance Japan, Ltd.</u>** |  |  |  |  |
| Long-term Senior Debt | aa | _ | A+ | AA | _ |
| Subordinated Bonds | _ | _ | _ | AA- | _ |
| *The outlook for all ratings assigned by A.M. Best, S&P, Moody's, JCR and R&I is stable.* | *The outlook for all ratings assigned by A.M. Best, S&P, Moody's, JCR and R&I is stable.* | *The outlook for all ratings assigned by A.M. Best, S&P, Moody's, JCR and R&I is stable.* | *The outlook for all ratings assigned by A.M. Best, S&P, Moody's, JCR and R&I is stable.* |  |  |

---

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---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***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 December 31,** | **3 Months Ended December 31,** | **3 Months Ended December 31,** | **12 Months Ended December 31,** | **12 Months Ended December 31,** | **12 Months Ended December 31,** |
|  |  |  |  |  |  |  |  | **%** |  |  | **%** |
|  | **2017** | **2018** | **2019** | **2020** | **2021** | **2021** | **2022** | **Change** | **2021** | **2022** | **Change** |
| **Revenues:** |  |  |  |  |  |  |  |  |  |  |  |
| Net earned premiums |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross premiums | $5563 | $5711 | $5818 | $5762 | $5540 | $1371 | $**1366** |  | $5540 | $**5467** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Assumed (ceded) |  | (3) | (11) | (4) | 73 | 19 | **22** |  | 73 | **103** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net earned premiums | 5563 | 5708 | 5808 | 5758 | 5613 | 1391 | **1388** | (.2) | 5613 | **5570** | (.8) |
| Adjusted net investment income | 721 | 727 | 720 | 705 | 754 | 197 | **192** | (2.5) | 754 | **755** | .1 |
| Other income excl. realized foreign |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; exchange gains (losses) | 5 | 8 | 22 | 102 | 121 | 31 | **41** |  | 121 | **161** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total adjusted revenues | 6289 | 6443 | 6550 | 6565 | 6489 | 1619 | **1621** | .1 | 6489 | **6486** |  |
| **Benefits and claims:** |  |  |  |  |  |  |  |  |  |  |  |
| Benefits and claims, net |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Incurred claims - direct | 2526 | 2560 | 2611 | 2498 | 2183 | 598 | **526** |  | 2183 | **2245** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Incurred claims - assumed (ceded) | (4) | (4) | (5) | (1) | 89 | 33 | **19** |  | 89 | **104** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in FPB - direct | 363 | 331 | 268 | 271 | 463 | 42 | **111** |  | 463 | **326** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in FPB - assumed (ceded) |  | (1) | (2) | (3) | (11) | (2) | **(2)** |  | (11) | **4** |  |
| Total benefits and claims, net, excluding <br> reserve remeasurement | N/A | N/A | N/A | N/A | 2724 | 672 | **655** |  | 2724 | **2679** |  |
| Reserve remeasurement gain (loss) | N/A | N/A | N/A | N/A | (85) | (11) | **(41)** |  | (85) | **(124)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and claims, net | 2885 | 2887 | 2871 | 2765 | 2639 | 660 | **614** | (7.0) | 2639 | **2555** | (3.2) |
| **Adjusted expenses:** |  |  |  |  |  |  |  |  |  |  |  |
| Amortization of deferred policy |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; acquisition costs | 502 | 534 | 573 | 570 | 442 | 110 | **115** | 4.5 | 442 | **455** | 2.9 |
| Insurance commissions | 580 | 585 | 590 | 576 | 550 | 138 | **142** | 2.9 | 550 | **553** | .5 |
| Insurance and other expenses | 1077 | 1152 | 1244 | 1386 | 1502 | 428 | **411** | (4.0) | 1502 | **1564** | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted expenses | 2159 | 2271 | 2407 | 2532 | 2494 | 676 | **667** |  | 2494 | **2573** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total benefits and adjusted expenses | 5044 | 5158 | 5279 | 5297 | 5132 | 1337 | **1282** | (4.1) | 5132 | **5127** | (.1) |
| &nbsp;&nbsp;&nbsp;&nbsp; Pretax adjusted earnings | $1245 | $1285 | $1272 | $1268 | $1356 | $282 | $**339** | 20.2 | $1356 | $**1359** | .2 |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| ***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,** | **December 31,** |
|  |  | **2017** | **2018** | **2019** | **2020** | **2021** | **2022** |
| **Assets:** | **Assets:** |  |  |  |  |  |  |
| Investments and cash | Investments and cash | $15488 | $14518 | $16141 | $17949 | $18324 | $**15987** |
| Receivables, net of allowance for credit losses <sup>(1)</sup> | Receivables, net of allowance for credit losses <sup>(1)</sup> | 498 | 561 | 650 | 667 | 574 | **584** |
| Accrued investment income | Accrued investment income | 184 | 178 | 174 | 172 | 169 | **184** |
| Deferred policy acquisition costs | Deferred policy acquisition costs | 3355 | 3491 | 3544 | 3450 | 3366 | **3463** |
| Other assets <sup>(1)</sup> | Other assets <sup>(1)</sup> | 368 | 352 | 436 | 626 | 758 | **784** |
|  | Total assets | $19893 | $19100 | $20945 | $22864 | $23191 | $**21002** |
| **Liabilities and Shareholders' Equity:** | **Liabilities and Shareholders' Equity:** |  |  |  |  |  |  |
| Future policy benefits | Future policy benefits | $8806 | $9137 | $9404 | $9674 | $14212 | $**10870** |
| Policy and contract claims | Policy and contract claims | 1700 | 1727 | 1779 | 2010 | 151 | **200** |
| Other policy liabilities | Other policy liabilities | 119 | 116 | 111 | 126 | 119 | **117** |
| Deferred income taxes | Deferred income taxes | 982 | (397) | 51 | 235 | (328) | **(243)** |
| Other liabilities | Other liabilities | 1625 | 1577 | 1803 | 2016 | 2010 | **2080** |
| Shareholders' equity | Shareholders' equity | 6661 | 6939 | 7796 | 8803 | 7027 | **7978** |
|  | Total liabilities & shareholders' equity | $19893 | $19100 | $20945 | $22864 | $23191 | $**21002** |

---

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) Certain reclassifications have been made to prior-year amounts to conform to current-year reporting classifications. These reclassifications had no impact on*

&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;&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;*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.*** | ***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** |
| (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) |  |
| (Dollars In Millions) | (Dollars In Millions) | (Dollars In Millions) | (Dollars In Millions) | (Dollars In Millions) | (Dollars In Millions) | (Dollars In Millions) | (Dollars In Millions) | (Dollars In Millions) | (Dollars In Millions) | (Dollars In Millions) | (Dollars In Millions) | (Dollars In Millions) | (Dollars In Millions) | (Dollars In Millions) |  |
|  | **Net** |  |  |  | **Total** |  | **Benefits** |  |  |  | **Total** |  | **Pretax** |  |  |
|  | **Earned** | **%** | **Adjusted** | **%** | **Adjusted** | **%** | **&** | **%** |  | **%** | **Adjusted** | **%** | **Adjusted** | **%** |  |
| **Period** | **Premiums** | **Change** | **NII** | **Change** | **Revenues** | **Change** | **Claims, Net** | **Change** | **Amort.** | **Change** | **Expenses** | **Change** | **Earn.** | **Change** |  |
| 2017 | 5563 | 2.0 | 721 | 2.6 | 6289 | 2.0 | 2885 | .6 | 502 | 1.0 | 2159 | 3.3 | 1245 | 3.1 |  |
| 2018 | 5708 | 2.6 | 727 | .8 | 6443 | 2.4 | 2887 | .1 | 534 | 6.4 | 2271 | 5.2 | 1285 | 3.2 |  |
| 2019 | 5808 | 1.8 | 720 | (1.0) | 6550 | 1.7 | 2871 | (.6) | 573 | 7.3 | 2407 | 6.0 | 1272 | (1.0) |  |
| 2020 | 5758 | (.9) | 705 | (2.1) | 6565 | .2 | 2765 | (3.7) | 570 | (.5) | 2532 | 5.2 | 1268 | (.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** | **(.8)** | **755** | **.1** | **6486** | **—** | **2555** | **(3.2)** | **455** | **2.9** | **2573** | **3.2** | **1359** | **.2** |  |
| 1 | 1483 | 1.5 | 177 |  | 1687 | 2.9 | 713 | (1.1) | 160 | .6 | 648 | 8.7 | 326 | .9 |  |
| 2 | 1458 | (.1) | 172 | (4.4) | 1656 | .9 | 646 | (11.7) | 134 | 2.3 | 584 | 2.3 | 426 | 26.0 |  |
| 3 | 1407 | (2.6) | 175 | (4.4) | 1606 | (1.5) | 679 | (4.4) | 141 | 1.4 | 597 | 2.1 | 329 | (1.8) |  |
| 4 | 1410 | (2.3) | 182 | 1.1 | 1617 | (1.3) | 727 | 2.5 | 135 | (6.3) | 703 | 7.5 | 187 | (32.0) |  |
| 1 | 1422 | (4.1) | 176 | (.6) | 1628 | (3.5) | 696 | (2.4) | 111 | (30.6) | 600 | (7.4) | 331 | 1.5 |  |
| 2 | 1408 | (3.4) | 189 | 9.9 | 1627 | (1.8) | 690 | 6.8 | 111 | (17.2) | 599 | 2.6 | 338 | (20.7) |  |
| 3 | 1393 | (1.0) | 191 | 9.1 | 1616 | .6 | 592 | (12.8) | 110 | (22.0) | 618 | 3.5 | 405 | 23.1 |  |
| 4 | 1391 | (1.3) | 197 | 8.2 | 1619 | .1 | 660 | (9.2) | 110 | (18.5) | 676 | (3.8) | 282 | 50.8 |  |
| 1 | 1413 | (.6) | 184 | 4.5 | 1639 | .7 | 666 | (4.3) | 114 | 2.7 | 640 | 6.7 | 333 | .6 |  |
| 2 | 1394 | (1.0) | 193 | 2.1 | 1628 | .1 | 658 | (4.6) | 113 | 1.8 | 627 | 4.7 | 343 | 1.5 |  |
| 3 | 1375 | (1.3) | 185 | (3.1) | 1599 | (1.1) | 616 | 4.1 | 114 | 3.6 | 638 | 3.2 | 345 | (14.8) |  |
| **4** | **1388** | **(0.2)** | **192** | **(2.5)** | **1621** | **0.1** | **614** | **(7.0)** | **115** | **4.5** | **667** | **(1.3)** | **339** | **20.2** |  |

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***Aflac U.S.***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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) |
|  | **12-Mo. Rolling** |  |  | **Total Adjusted** | **Combined** | **Pretax** |
|  | **Premium** | **Tot. Ben./** | **Amort./** | **Expenses/** | **Ratio/** | **Profit** |
| **Period** | **Persistency** <sup>(1)</sup> | **Premium** | **Premium** | **Total Adj. Rev.** | **Total Adj. Rev.** | **Margin** |
| 2017 | 78.4 | 51.9 | 9.0 | 34.3 | 80.2 | 19.8 |
| 2018 | 78.7 | 50.6 | 9.4 | 35.2 | 80.1 | 19.9 |
| 2019 | 77.7 | 49.4 | 9.9 | 36.7 | 80.6 | 19.4 |
| 2020 | 79.3 | 48.0 | 9.9 | 38.6 | 80.7 | 19.3 |
| 2021 | 79.6 | 47.0 | 7.9 | 38.4 | 79.1 | 20.9 |
| **2022** | **77.0** | **45.9** | **8.2** | **39.7** | **79.0** | **21.0** |
| 1 | 77.6 | 48.1 | 10.8 | 38.4 | 80.7 | 19.3 |
| 2 | 78.3 | 44.3 | 9.2 | 35.3 | 74.3 | 25.7 |
| 3 | 78.8 | 48.3 | 10.0 | 37.2 | 79.5 | 20.5 |
| 4 | 79.3 | 51.6 | 9.6 | 43.5 | 88.4 | 11.6 |
| 1 | 80.0 | 48.9 | 7.8 | 36.9 | 79.6 | 20.3 |
| 2 | 80.1 | 49.0 | 7.9 | 36.8 | 79.2 | 20.8 |
| 3 | 79.9 | 42.5 | 7.9 | 38.2 | 74.9 | 25.1 |
| 4 | 79.6 | 47.4 | 7.9 | 41.8 | 82.6 | 17.4 |
| 1 | 78.5 | 47.1 | 8.1 | 39.0 | 79.7 | 20.3 |
| 2 | 77.9 | 47.2 | 8.1 | 38.5 | 78.9 | 21.1 |
| 3 | 77.6 | 44.8 | 8.3 | 39.9 | 78.4 | 21.6 |
| **4** | **77.0** | **44.2** | **8.3** | **41.1** | **79.1** | **20.9** |
| <sup>(1)</sup> *Excludes Network Dental & Vision, Consumer Markets, and Group Premier Life, Absence Management, and Disability Solutions products* | <sup>(1)</sup> *Excludes Network Dental & Vision, Consumer Markets, and Group Premier Life, Absence Management, and Disability Solutions products* | <sup>(1)</sup> *Excludes Network Dental & Vision, Consumer Markets, and Group Premier Life, Absence Management, and Disability Solutions products* | <sup>(1)</sup> *Excludes Network Dental & Vision, Consumer Markets, and Group Premier Life, Absence Management, and Disability Solutions products* | <sup>(1)</sup> *Excludes Network Dental & Vision, Consumer Markets, and Group Premier Life, Absence Management, and Disability Solutions products* | <sup>(1)</sup> *Excludes Network Dental & Vision, Consumer Markets, and Group Premier Life, Absence Management, and Disability Solutions products* | <sup>(1)</sup> *Excludes Network Dental & Vision, Consumer Markets, and Group Premier Life, Absence Management, and Disability Solutions products* |

---

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***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** |
| (Dollars In Millions) | (Dollars In Millions) | (Dollars In Millions) | (Dollars In Millions) | (Dollars In Millions) |
|  | **Annl.** |  | **New Annl.** |  |
|  | **Prem.** | **%** | **Prem.** | **%** |
| **Period** | **In Force** | **Change** | **Sales** | **Change** |
| 2017 | 6052 | 2.6 | 1552 | 4.7 |
| 2018 | 6231 | 3.0 | 1601 | 3.2 |
| 2019 | 6301 | 1.1 | 1580 | (1.3) |
| 2020 | 6099 | (3.2) | 1093 | (30.8) |
| 2021 | 6003 | (1.6) | 1278 | 16.9 |
| **2022** | **5967** | **(.6)** | **1483** | **16.1** |
| 1 | 6224 | .7 | 323 | (5.2) |
| 2 | 6079 | (1.7) | 161 | (55.6) |
| 3 | 5969 | (2.9) | 221 | (35.7) |
| 4 | 6099 | (3.2) | 388 | (27.2) |
| 1 | 6027 | (3.2) | 251 | (22.1) |
| 2 | 5988 | (1.5) | 264 | 64.1 |
| 3 | 5929 | (.7) | 299 | 35.0 |
| 4 | 6003 | (1.6) | 464 | 19.6 |
| 1 | 5942 | (1.4) | 299 | 19.0 |
| 2 | 5926 | (1.0) | 305 | 15.6 |
| 3 | 5889 | (.7) | 334 | 11.8 |
| **4** | **5967** | **(.6)** | **545** | **17.4** |

---

------

***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** |
| (New Annualized Premium Sales, Dollars in Millions) | (New Annualized Premium Sales, Dollars in Millions) | (New Annualized Premium Sales, Dollars in Millions) | (New Annualized Premium Sales, Dollars in Millions) | (New Annualized Premium Sales, Dollars in Millions) | (New Annualized Premium Sales, Dollars in Millions) | (New Annualized Premium Sales, Dollars in Millions) | (New Annualized Premium Sales, Dollars in Millions) | (New Annualized Premium Sales, Dollars in Millions) | (New Annualized Premium Sales, Dollars in Millions) | (New Annualized Premium Sales, Dollars in Millions) | (New Annualized Premium Sales, Dollars in Millions) | (New Annualized Premium Sales, Dollars in Millions) | (New Annualized Premium Sales, Dollars in Millions) |
|  |  | **% of** |  | **% of** |  | **% of** | **Critical** | **% of** | **Hospital** | **% of** | **Dental/** | **% of** |  |
| **Period** | **Disability** | **Total** | **Life** | **Total** | **Accident** | **Total** | **Care**<sup>(1)</sup> | **Total** | **Indemnity** | **Total** | **Vision** | **Total** | **Total** |
| 2017 | 356 | 22.9 | 78 | 5.0 | 456 | 29.4 | 354 | 22.8 | 229 | 14.8 | 79 | 5.1 | 1552 |
| 2018 | 363 | 22.7 | 88 | 5.5 | 468 | 29.2 | 354 | 22.1 | 253 | 15.8 | 75 | 4.7 | 1601 |
| 2019 | 355 | 22.5 | 97 | 6.1 | 450 | 28.5 | 346 | 21.9 | 263 | 16.6 | 69 | 4.4 | 1580 |
| 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** |
| 1 | 73 | 22.6 | 25 | 7.7 | 88 | 27.3 | 68 | 21.1 | 55 | 16.9 | 14 | 4.4 | 323 |
| 2 | 38 | 23.9 | 14 | 8.6 | 41 | 25.7 | 33 | 20.6 | 28 | 17.1 | 7 | 4.1 | 161 |
| 3 | 54 | 24.2 | 16 | 7.1 | 58 | 26.4 | 45 | 20.5 | 37 | 16.8 | 11 | 5.0 | 221 |
| 4 | 79 | 20.4 | 26 | 6.6 | 98 | 25.2 | 95 | 24.5 | 77 | 20.0 | 13 | 3.3 | 388 |
| 1 | 58 | 23.1 | 17 | 6.7 | 66 | 26.3 | 57 | 22.6 | 42 | 16.7 | 11 | 4.6 | 251 |
| 2 | 60 | 22.7 | 19 | 7.3 | 72 | 27.2 | 56 | 21.0 | 43 | 16.4 | 14 | 5.4 | 264 |
| 3 | 79 | 26.2 | 27 | 9.2 | 76 | 25.5 | 57 | 19.1 | 45 | 15.1 | 15 | 4.9 | 299 |
| 4 | 100 | 21.4 | 51 | 11.0 | 107 | 23.1 | 104 | 22.3 | 79 | 17.0 | 24 | 5.2 | 464 |
| 1 | 70 | 23.3 | 24 | 7.9 | 75 | 25.3 | 63 | 21.2 | 50 | 16.7 | 17 | 5.6 | 299 |
| 2 | 77 | 25.2 | 26 | 8.3 | 75 | 24.6 | 63 | 20.6 | 45 | 14.9 | 19 | 6.4 | 305 |
| 3 | 97 | 28.9 | 33 | 10.0 | 76 | 22.6 | 60 | 18.1 | 47 | 14.1 | 21 | 6.3 | 334 |
| **4** | **135** | **24.9** | **73** | **13.4** | **112** | **20.5** | **112** | **20.6** | **84** | **15.4** | **28** | **5.2** | **545** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
| | | | | **Average** | **Productivity** |
| | | | | **Weekly** | **(Production/** |
| | **Recruited Agents** | **Recruited Agents** | **Recruited Agents** | **Producer** | **Avg. Weekly** |
| **Period** | **Career** | **Broker** | **Total** | **Equivalents** | **Producers)** |
| 2017 | 16817 | 3073 | 19890 | 8808 | 176183 |
| 2018 | 15774 | 3380 | 19154 | 8531 | 187720 |
| 2019 | 15227 | 3603 | 18830 | 8184 | 193120 |
| 2020 | 11826 | 1861 | 13687 | 5918 | 184706 |
| 2021 | 10641 | 5445 | 16086 | 5993 | 213235 |
| **2022** | **9550** | **1500** | **11050** | **6186** | **239786** |
| 1 | 3436 | 494 | 3930 | 7411 | 43517 |
| 2 | 2190 | 381 | 2571 | 4252 | 37814 |
| 3 | 3136 | 486 | 3622 | 5485 | 40367 |
| 4 | 3064 | 500 | 3564 | 6523 | 59533 |
| 1 | 2890 | 1063 | 3953 | 5643 | 44530 |
| 2 | 2754 | 1355 | 4109 | 5925 | 44540 |
| 3 | 2502 | 1615 | 4117 | 5926 | 50448 |
| 4 | 2495 | 1412 | 3907 | 6477 | 71723 |
| 1 | 1987 | 455 | 2442 | 6061 | 49322 |
| 2 | 2937 | 391 | 3328 | 6067 | 50264 |
| 3 | 2358 | 339 | 2697 | 6010 | 55599 |
| **4** | **2268** | **315** | **2583** | **6607** | **82538** |

---

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

------

***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 December 31,** | **3 Months Ended December 31,** | **3 Months Ended December 31,** | **12 Months Ended December 31,** | **12 Months Ended December 31,** | **12 Months Ended December 31,** |
|  |  |  |  |  |  |  |  | **%** |  |  | **%** |
|  | **2017** | **2018** | **2019** | **2020** | **2021** | **2021** | **2022** | **Change** | **2021** | **2022** | **Change** |
| **Revenues:** |  |  |  |  |  |  |  |  |  |  |  |
| Net earned premiums |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross premiums | ¥1493299 | ¥1468894 | ¥1450586 | ¥1409134 | ¥1290527 | ¥319367 | ¥**309305** |  | ¥1290527 | ¥**1246657** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Assumed (ceded) | (62873) | (60198) | (57974) | (55926) | (50864) | (12555) | **(11990)** |  | (50864) | **(48578)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net earned premiums | 1430426 | 1408697 | 1392612 | 1353208 | 1239663 | 306812 | **297315** | (3.1) | 1239663 | **1198079** | (3.4) |
| Net investment income <sup>(1)</sup> |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Yen denominated | 145114 | 141575 | 142473 | 138397 | 138513 | 34321 | **34272** | (.1) | 138513 | **149449** | 7.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;US$ denominated | 131168 | 149801 | 157717 | 167541 | 202905 | 55667 | **55386** | (.5) | 202905 | **215171** | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 276282 | 291377 | 300191 | 305938 | 341419 | 89988 | **89658** | (.4) | 341419 | **364621** | 6.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortized hedge costs on foreign investments <sup>(2)</sup> | (24528) | (25858) | (28938) | (22816) | (8391) | (2297) | **(3478)** | 51.4 | (8391) | **(13155)** | 56.8 |
| &nbsp;&nbsp;&nbsp;Adjusted net investment income | 251754 | 265519 | 271253 | 283122 | 333028 | 87690 | **86180** | (1.7) | 333028 | **351466** | 5.5 |
| Other income excl. realized foreign |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;currency gains (losses) | 4640 | 4636 | 4869 | 4497 | 4512 | 1071 | **1023** |  | 4512 | **4442** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total adjusted revenues | 1686820 | 1678852 | 1668734 | 1640827 | 1577203 | 395573 | **384517** | (2.8) | 1577203 | **1553988** | (1.5) |
| **Benefits and claims:** |  |  |  |  |  |  |  |  |  |  |  |
| Benefits and claims, net |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Incurred claims - direct | 710251 | 724556 | 727491 | 734471 | 743247 | 182324 | **184223** |  | 743247 | **788572** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Incurred claims - assumed (ceded) | (55691) | (51892) | (45657) | (37806) | (31798) | (8112) | **(7091)** |  | (31798) | **(36141)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in FPB - direct | 366376 | 313343 | 292444 | 260200 | 149084 | 37389 | **28524** |  | 149084 | **73592** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in FPB - assumed (ceded) | (1557) | (2000) | (6497) | (11377) | (11425) | (2559) | **(3343)** |  | (11425) | **(5618)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total benefits and claims, net, excluding reserve <br>&nbsp;&nbsp;&nbsp;&nbsp; remeasurement | N/A | N/A | N/A | N/A | 849108 | 209041 | **202312** |  | 849108 | **820405** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reserve remeasurement gain (loss) | N/A | N/A | N/A | N/A | (6879) | (898) | **(3062)** |  | (6879) | (13337) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and claims, net | 1019378 | 984007 | 967782 | 945487 | 842229 | 208143 | **199250** | (2.8) | 842229 | **807068** | (2.6) |
| **Adjusted expenses:** |  |  |  |  |  |  |  |  |  |  |  |
| Amortization of deferred policy |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;acquisition costs | 70670 | 78459 | 77286 | 68818 | 43131 | 11134 | **11201** | .6 | 43131 | **44123** | 2.3 |
| Insurance commissions | 82495 | 81045 | 79661 | 79036 | 77449 | 18796 | **18155** | (3.4) | 77449 | **73482** | (5.1) |
| Insurance and other expenses | 170636 | 181139 | 189203 | 199606 | 202586 | 55527 | **53126** | (4.3) | 202586 | **198493** | (2.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjusted expenses | 323801 | 340643 | 346150 | 347460 | 323166 | 85457 | **82482** |  | 323166 | **316097** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total benefits and adjusted expenses | 1343180 | 1324651 | 1313932 | 1292947 | 1165395 | 293601 | **281732** | (4.0) | 1165395 | **1123165** | (3.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pretax adjusted earnings | ¥343640 | ¥354201 | ¥354802 | ¥347881 | ¥411808 | ¥101973 | ¥**102785** | .8 | ¥411808 | ¥**430823** | 4.6 |
| <sup>(1)</sup> *Includes the net interest cash flows from derivatives associated with certain investment strategies* | <sup>(1)</sup> *Includes the net interest cash flows from derivatives associated with certain investment strategies* | <sup>(1)</sup> *Includes the net interest cash flows from derivatives associated with certain investment strategies* | <sup>(1)</sup> *Includes the net interest cash flows from derivatives associated with certain investment strategies* | <sup>(1)</sup> *Includes the net interest cash flows from derivatives associated with certain investment strategies* | <sup>(1)</sup> *Includes the net interest cash flows from derivatives associated with certain investment strategies* | <sup>(1)</sup> *Includes the net interest cash flows from derivatives associated with certain investment strategies* | <sup>(1)</sup> *Includes the net interest cash flows from derivatives associated with certain investment strategies* | <sup>(1)</sup> *Includes the net interest cash flows from derivatives associated with certain investment strategies* | <sup>(1)</sup> *Includes the net interest cash flows from derivatives associated with certain investment strategies* | <sup>(1)</sup> *Includes the net interest cash flows from derivatives associated with certain investment strategies* | <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* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for the definition of amortized hedge costs/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for the definition of amortized hedge costs/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for the definition of amortized hedge costs/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for the definition of amortized hedge costs/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for the definition of amortized hedge costs/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for the definition of amortized hedge costs/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for the definition of amortized hedge costs/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for the definition of amortized hedge costs/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for the definition of amortized hedge costs/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for the definition of amortized hedge costs/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for the definition of amortized hedge costs/income* |

---

------

***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** | **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) | (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) | (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 December 31,** | **3 Months Ended December 31,** | **3 Months Ended December 31,** | **3 Months Ended December 31,** | **12 Months Ended December 31,** | **12 Months Ended December 31,** | **12 Months Ended December 31,** |
|  |  |  |  |  |  |  |  |  | **%** |  |  | **%** |
|  | **2017** | **2018** | **2019** | **2020** | **2021** | **2021** |  | **2022** | **Change** | **2021** | **2022** | **Change** |
| **Revenues:** |  |  |  |  |  |  |  |  |  |  |  |  |
| Net earned premiums |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross premiums | $13312 | $13307 | $13304 | $13193 | $11765 | $2809 |  | $**2187** |  | $11765 | $**9558** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Assumed (ceded) | (561) | (546) | (532) | (524) | (463) | (110) |  | **(85)** |  | (463) | **(372)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net earned premiums | 12752 | 12762 | 12772 | 12670 | 11301 | 2698 |  | **2102** | (22.1) | 11301 | **9186** | (18.7) |
| Net investment income <sup>(1)</sup> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Yen denominated | 1294 | 1283 | 1307 | 1296 | 1262 | 302 |  | **242** | (19.9) | 1262 | **1140** | (9.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;US$ denominated | 1169 | 1356 | 1446 | 1569 | 1845 | 490 |  | **390** | (20.4) | 1845 | **1641** | (11.1) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 2463 | 2639 | 2753 | 2865 | 3107 | 792 |  | **632** | (20.2) | 3107 | **2782** | (10.5) |
| Amortized hedge costs on foreign investments <sup>(2)</sup> | (228) | (236) | (257) | (206) | (76) | (21) |  | **(28)** | 33.3 | (76) | **(112)** | 47.4 |
| &nbsp;&nbsp;&nbsp;Adjusted net investment income | 2235 | 2403 | 2496 | 2659 | 3031 | 771 |  | **604** | (21.7) | 3031 | **2669** | (11.9) |
| Other income excl. realized foreign |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;currency gains (losses) | 41 | 41 | 45 | 42 | 41 | 10 |  | **7** |  | 41 | **35** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total adjusted revenues | 15028 | 15206 | 15313 | 15371 | 14373 | 3478 |  | **2713** | (22.0) | 14373 | **11889** | (17.3) |
| **Benefits and claims** |  |  |  |  |  |  |  |  |  |  |  |  |
| Benefits and claims, net |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Incurred claims - direct | 6332 | 6566 | 6671 | 6875 | 6776 | 1603 |  | **1303** |  | 6776 | **6038** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Incurred claims - assumed (ceded) | (497) | (471) | (419) | (354) | (290) | (71) |  | **(50)** |  | (290) | **(275)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in FPB - direct | 3265 | 2836 | 2684 | 2437 | 1356 | 327 |  | **201** |  | 1356 | **562** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in FPB - assumed (ceded) | (14) | (18) | (60) | (107) | (104) | (22) |  | **(23)** |  | (104) | **(43)** |  |
| Total benefits and claims, net, excluding reserve <br>&nbsp;&nbsp;&nbsp;&nbsp; remeasurement | N/A | N/A | N/A | N/A | 7738 | 1837 |  | **1431** |  | 7738 | **6282** |  |
| Reserve remeasurement gain (loss) | N/A | N/A | N/A | N/A | (62) | (6) |  | **(22)** |  | (62) | **(91)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and claims, net | 9087 | 8913 | 8877 | 8851 | 7675 | 1830 |  | **1408** | (21.8) | 7675 | **6191** | (18.1) |
| **Adjusted expenses:** |  |  |  |  |  |  |  |  |  |  |  |  |
| Amortization of deferred policy |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;acquisition costs | 630 | 710 | 709 | 644 | 393 | 98 | 55 | **79** | (19.4) | 393 | **338** | (14.0) |
| Insurance commissions | 736 | 735 | 731 | 740 | 706 | 165 |  | **128** | (22.4) | 706 | **563** | (20.3) |
| Insurance and other expenses | 1521 | 1640 | 1734 | 1873 | 1843 | 488 |  | **377** | (22.7) | 1843 | **1517** | (17.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjusted expenses | 2887 | 3085 | 3174 | 3257 | 2942 | 751 |  | **584** |  | 2942 | **2417** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total benefits and adjusted expenses | 11974 | 11998 | 12051 | 12108 | 10618 | 2582 |  | **1993** | (22.8) | 10618 | **8609** | (18.9) |
| &nbsp;&nbsp;&nbsp;&nbsp; Pretax adjusted earnings | $3054 | $3208 | $3261 | $3263 | $3755 | $897 |  | $**720** | (19.7) | $3755 | $**3281** | (12.6) |
| <sup>(1)</sup> *Includes the net interest cash flows from derivatives associated with certain investment strategies* | <sup>(1)</sup> *Includes the net interest cash flows from derivatives associated with certain investment strategies* | <sup>(1)</sup> *Includes the net interest cash flows from derivatives associated with certain investment strategies* | <sup>(1)</sup> *Includes the net interest cash flows from derivatives associated with certain investment strategies* | <sup>(1)</sup> *Includes the net interest cash flows from derivatives associated with certain investment strategies* | <sup>(1)</sup> *Includes the net interest cash flows from derivatives associated with certain investment strategies* | <sup>(1)</sup> *Includes the net interest cash flows from derivatives associated with certain investment strategies* | <sup>(1)</sup> *Includes the net interest cash flows from derivatives associated with certain investment strategies* | <sup>(1)</sup> *Includes the net interest cash flows from derivatives associated with certain investment strategies* | <sup>(1)</sup> *Includes the net interest cash flows from derivatives associated with certain investment strategies* | <sup>(1)</sup> *Includes the net interest cash flows from derivatives associated with certain investment strategies* | <sup>(1)</sup> *Includes the net interest cash flows from derivatives associated with certain investment strategies* | <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* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of amortized hedge costs/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of amortized hedge costs/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of amortized hedge costs/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of amortized hedge costs/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of amortized hedge costs/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of amortized hedge costs/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of amortized hedge costs/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of amortized hedge costs/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of amortized hedge costs/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of amortized hedge costs/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of amortized hedge costs/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of amortized hedge costs/income* |

---

------

***Aflac Japan***&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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) |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2017** | **2018** | **2019** | **2020** | **2021** | **2022** |
| **Assets:** |  |  |  |  |  |  |
| Investments and cash | ¥11854224 | ¥12031549 | ¥12847994 | ¥13080154 | ¥13645902 | ¥**12777746** |
| Receivables, net of allowance for credit losses | 37692 | 37083 | 28219 | 20782 | 22439 | **23138** |
| Accrued investment income | 64439 | 66350 | 65485 | 62722 | 67493 | **76489** |
| Deferred policy acquisition costs | 695025 | 708638 | 721341 | 723579 | 745510 | **766506** |
| Other assets | 276050 | 292335 | 308411 | 320351 | 386832 | **387065** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | ¥12927431 | ¥13135956 | ¥13971450 | ¥14207588 | ¥14868176 | ¥**14030944** |
| **Liabilities and Shareholders' Equity:** |  |  |  |  |  |  |
| Future policy benefits | ¥8323560 | ¥8637152 | ¥8924868 | ¥9175501 | ¥11755704 | ¥**10315140** |
| Policy and contract claims | 304248 | 317043 | 315477 | 328778 |  | **28** |
| Unearned premiums | 659977 | 552419 | 453133 | 361010 | 284045 | **227732** |
| Other policyholders' funds | 784117 | 793148 | 801588 | 808429 | 877690 | **880989** |
| Income taxes (prim. deferred) | 431949 | 510528 | 618901 | 478969 | 36166 | **114688** |
| Other liabilities | 150143 | 194949 | 357135 | 253219 | 502633 | **575554** |
| Shareholders' equity | 2273438 | 2130718 | 2500349 | 2801682 | 1411938 | **1916812** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities & shareholders' equity | ¥12927431 | ¥13135956 | ¥13971450 | ¥14207588 | ¥14868176 | ¥**14030944** |

---

------

***Aflac Japan***

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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) |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2017** | **2018** | **2019** | **2020** | **2021** | **2022** |
| **Assets:** |  |  |  |  |  |  |
| Investments and cash | $104905 | $108392 | $117269 | $126378 | $118639 | $**96290** |
| Receivables, net of allowance for credit losses | 334 | 334 | 258 | 201 | 195 | **174** |
| Accrued investment income | 570 | 598 | 598 | 606 | 587 | **576** |
| Deferred policy acquisition costs | 6150 | 6384 | 6584 | 6991 | 6482 | **5776** |
| Other assets | 2443 | 2634 | 2815 | 3095 | 3363 | **2917** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $114402 | $118342 | $127523 | $137271 | $129266 | $**105734** |
| **Liabilities and Shareholders' Equity:** |  |  |  |  |  |  |
| Future policy benefits | $73661 | $77812 | $81461 | $88652 | $102206 | $**77733** |
| Policy and contract claims | 2692 | 2856 | 2879 | 3177 |  | **—** |
| Unearned premiums | 5840 | 4977 | 4136 | 3488 | 2470 | **1716** |
| Other policyholders' funds | 6939 | 7145 | 7316 | 7811 | 7631 | **6639** |
| Income taxes (prim. deferred) | 3823 | 4601 | 5650 | 4630 | 314 | **781** |
| Other liabilities | 1328 | 1756 | 3260 | 2447 | 4369 | **4337** |
| Shareholders' equity | 20119 | 19194 | 22820 | 27068 | 12276 | **14528** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities & shareholders' equity | $114402 | $118342 | $127523 | $137271 | $129266 | $**105734** |

---

------

***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** |
| (Yen In Millions) | (Yen In Millions) | (Yen In Millions) | (Yen In Millions) | (Yen In Millions) | (Yen In Millions) | (Yen In Millions) | (Yen In Millions) | (Yen In Millions) | (Yen In Millions) | (Yen In Millions) | (Yen In Millions) | (Yen In Millions) | (Yen In Millions) | (Yen In Millions) |
|  | **Net** |  |  |  | **Total** |  | **Benefits** |  |  |  | **Total** |  | **Pretax** |  |
|  | **Earned** | **%** | **Adjusted** | **%** | **Adjusted** | **%** | **&** | **%** |  | **%** | **Adjusted** | **%** | **Adjusted** | **%** |
| **Period** | **Premiums** | **Change** | **NII** | **Change** | **Revenues** | **Change** | **Claims, Net** | **Change** | **Amort.** | **Change** | **Expense** | **Change** | **Earn.** | **Change** |
| 2017 | 1430426 | (2.7) | 251754 | (2.0) | 1686820 | (2.5) | 1019378 | (4.5) | 70670 | 1.2 | 323801 | .5 | 343640 | .6 |
| 2018 | 1408697 | (1.5) | 265519 | 5.5 | 1678852 | (.5) | 984007 | (3.5) | 78460 | 11.0 | 340642 | 5.2 | 354201 | 3.1 |
| 2019 | 1392612 | (1.1) | 271253 | 2.2 | 1668734 | (.6) | 967782 | (1.6) | 77286 | (1.5) | 346150 | 1.6 | 354802 | .2 |
| 2020 | 1353208 | (2.8) | 283122 | 4.4 | 1640827 | (1.7) | 945487 | (2.3) | 68818 | (11.0) | 347459 | .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** |
| 1 | 343054 | (2.1) | 69812 | 4.0 | 414045 | (1.1) | 238148 | (1.7) | 18842 | (5.9) | 82939 | (2.0) | 92958 | 1.2 |
| 2 | 339891 | (2.5) | 68036 | 2.0 | 409126 | (1.8) | 237328 | (1.2) | 16697 | (14.3) | 81648 | (4.1) | 90150 | (1.2) |
| 3 | 336488 | (3.3) | 70219 | (.2) | 407874 | (2.8) | 240025 | (1.4) | 16001 | (16.5) | 88661 | 2.5 | 79188 | (11.6) |
| 4 | 333775 | (3.5) | 75054 | 11.9 | 409782 | (1.0) | 229986 | (4.9) | 17277 | (7.2) | 94211 | 4.9 | 85585 | 4.2 |
| 1 | 313769 | (8.5) | 74621 | 6.9 | 389679 | (5.9) | 215445 | (9.5) | 10534 | (44.1) | 77715 | (6.3) | 96519 | 3.8 |
| 2 | 311733 | (8.3) | 86681 | 27.4 | 399488 | (2.4) | 212617 | (10.4) | 10700 | (35.9) | 79234 | (3.0) | 107637 | 19.4 |
| 3 | 307350 | (8.7) | 84035 | 19.7 | 392463 | (3.8) | 206023 | (14.2) | 10762 | (32.7) | 80760 | (8.9) | 105680 | 33.5 |
| 4 | 306812 | (8.1) | 87690 | 16.8 | 395573 | (3.5) | 208143 | (9.5) | 11134 | (35.6) | 85457 | (9.3) | 101973 | 19.1 |
| 1 | 304884 | (2.8) | 79042 | 5.9 | 385000 | (1.2) | 206890 | (4.0) | 10886 | 3.3 | 77095 | (.8) | 101015 | 4.7 |
| 2 | 302213 | (3.1) | 94004 | 8.4 | 397358 | (.5) | 204807 | (3.7) | 10964 | 2.5 | 79022 | (.3) | 113529 | 5.5 |
| 3 | 293667 | (4.5) | 92241 | 9.8 | 387113 | (1.4) | 196121 | (4.8) | 11073 | 2.9 | 77498 | (4.0) | 113494 | 7.4 |
| **4** | **297315** | **(3.1)** | **86180** | **(1.7)** | **384517** | **(2.8)** | **199250** | **(4.3)** | **11201** | **.6** | **82482** | **(3.5)** | **102785** | **.8** |

---

------

***Aflac Japan***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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) |
|  | **12-Mo. Rolling** |  | **Tot. Ben./** |  | **Tot. Adj.** | **Combined** | **Pretax** |
|  | **Premium** | **Tot. Ben./** | **Premiums** | **Amort./** | **Expenses/** | **Ratio/** | **Profit** |
| **Period** | **Persistency**<sup>(1)</sup> | **Premium** | **(3rd sector)** | **Premium** | **Total Adj. Rev.** | **Total Adj. Rev.** | **Margin** |
| 2017 | 94.9 | 71.3 | 60.5 | 4.9 | 19.2 | 79.6 | 20.4 |
| 2018 | 94.1 | 69.9 | 59.2 | 5.6 | 20.3 | 78.9 | 21.1 |
| 2019 | 94.4 | 69.5 | 59.3 | 5.5 | 20.7 | 78.7 | 21.3 |
| 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** |
| 1 | 94.5 | 69.4 | 59.0 | 5.5 | 20.0 | 77.5 | 22.5 |
| 2 | 94.8 | 69.8 | 59.6 | 4.9 | 20.0 | 78.0 | 22.0 |
| 3 | 95.0 | 71.3 | 61.7 | 4.8 | 21.7 | 80.6 | 19.4 |
| 4 | 95.1 | 68.9 | 58.6 | 5.2 | 23.0 | 79.1 | 20.9 |
| 1 | 95.0 | 68.7 | 59.6 | 3.4 | 19.9 | 75.2 | 24.8 |
| 2 | 94.7 | 68.2 | 59.0 | 3.4 | 19.8 | 73.1 | 26.9 |
| 3 | 94.5 | 67.0 | 57.8 | 3.5 | 20.6 | 73.1 | 26.9 |
| 4 | 94.3 | 67.8 | 58.4 | 3.6 | 21.6 | 74.2 | 25.8 |
| 1 | 94.3 | 67.9 | 58.5 | 3.6 | 20.0 | 73.8 | 26.2 |
| 2 | 94.3 | 67.8 | 58.5 | 3.6 | 19.9 | 71.4 | 28.6 |
| 3 | 94.3 | 66.8 | 59.4 | 3.8 | 20.0 | 70.7 | 29.3 |
| **4** | **94.1** | **67.0** | **57.7** | **3.8** | **21.5** | **73.3** | **26.7** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> *Premium persistency presented on a 12-month rolling basis for all periods, rather than year to date*

------

***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** |
| (Yen In Millions, unless otherwise noted) | (Yen In Millions, unless otherwise noted) | (Yen In Millions, unless otherwise noted) | (Yen In Millions, unless otherwise noted) | (Yen In Millions, unless otherwise noted) | (Yen In Millions, unless otherwise noted) | (Yen In Millions, unless otherwise noted) |
|  | **Annl.** |  | **Third Sector** |  |  |  |
|  | **Prem.** |  | **New Annl.** |  | **Total** |  |
|  | **In Force** | **%** | **Prem.** | **%** | **New Annual.** | **%** |
| **Period** | **(Billions)** | **Change** | **Sales** | **Change** | **Premium Sales** | **Change** |
| 2017 | 1552.2 | (3.4) | 87417 | 4.1 | 94851 | (16.6) |
| 2018 | 1527.1 | (1.6) | 88813 | 1.6 | 95894 | 1.1 |
| 2019 | 1489.3 | (2.5) | 72836 | (18.0) | 79697 | (16.9) |
| 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** | **—** |
| 1 | 1474.3 | (2.8) | 12486 | (26.7) | 14021 | (25.4) |
| 2 | 1457.7 | (3.4) | 8656 | (60.9) | 9827 | (58.8) |
| 3 | 1441.9 | (.5) | 11167 | (33.7) | 12601 | (32.0) |
| 4 | 1426.5 | (4.2) | 12801 | (23.8) | 14404 | (22.2) |
| 1 | 1410.0 | (4.4) | 12492 |  | 13998 | (.2) |
| 2 | 1391.7 | (4.5) | 12125 | 40.1 | 13602 | 38.4 |
| 3 | 1375.0 | (4.6) | 11275 | 1.0 | 12605 |  |
| 4 | 1360.6 | (4.7) | 13084 | 2.2 | 14559 | 1.1 |
| 1 | 1345.6 | (4.6) | 10679 | (19.0) | 11925 | (14.8) |
| 2 | 1332.0 | (4.3) | 11372 | (6.2) | 12731 | (6.4) |
| 3 | 1315.7 | (4.3) | 12639 | 12.1 | 13884 | 10.2 |
| **4** | **1301.0** | **(4.4)** | **13308** | **1.7** | **16224** | **11.4** |

---

------

***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** | **Aflac Japan Product Mix** |
| (New Annualized Premium Sales, Yen In Billions) | (New Annualized Premium Sales, Yen In Billions) | (New Annualized Premium Sales, Yen In Billions) | (New Annualized Premium Sales, Yen In Billions) | (New Annualized Premium Sales, Yen In Billions) | (New Annualized Premium Sales, Yen In Billions) | (New Annualized Premium Sales, Yen In Billions) | (New Annualized Premium Sales, Yen In Billions) | (New Annualized Premium Sales, Yen In Billions) | (New Annualized Premium Sales, Yen In Billions) | (New Annualized Premium Sales, Yen In Billions) | (New Annualized Premium Sales, Yen In Billions) | (New Annualized Premium Sales, Yen In Billions) | (New Annualized Premium Sales, Yen In Billions) | (New Annualized Premium Sales, Yen In Billions) | (New Annualized Premium Sales, Yen In Billions) |
|  |  | **% of** |  | **% of** | **Income** | **% of** | **Child** | **% of** |  | **% of** | **Ordinary** | **% of** |  | **% of** |  |
| **Period** | **Cancer** | **Total** | **Medical** | **Total** | **Support** | **Total** | **Endowment** | **Total** | **WAYS** | **Total** | **Life Other** | **Total** | **Other** | **Total** | **Total** |
| 2017 | 53.0 | 55.8 | 32.4 | 34.1 | 2.2 | 2.3 | .5 | .5 | .6 | .6 | 5.6 | 6.0 | .6 | .7 | 94.9 |
| 2018 | 63.1 | 65.8 | 23.9 | 25.0 | 1.7 | 1.8 | .3 | .3 | .5 | .5 | 5.9 | 6.1 | .5 | .5 | 95.9 |
| 2019 | 47.2 | 59.2 | 24.6 | 31.0 | 1.0 | 1.2 | .2 | .2 | .4 | .5 | 5.9 | 7.4 | .4 | .5 | 79.7 |
| 2020 | 28.8 | 56.6 | 15.9 | 31.2 | .5 | 1.0 | .2 | .4 | .4 | .7 | 4.8 | 9.5 | .3 | .6 | 50.9 |
| 2021 | 27.0 | 49.2 | 20.4 | 37.2 | .3 | .5 | .2 | .3 | .4 | .8 | 4.9 | 9.0 | 1.6 | 3.0 | 54.8 |
| **2022** | **30.9** | **56.5** | **14.6** | **26.6** | **.7** | **1.3** | **.2** | **.3** | **1.9** | **3.5** | **4.5** | **8.1** | **2.0** | **3.7** | **54.8** |
| 1 | 7.8 | 55.5 | 4.5 | 32.4 | .2 | 1.2 |  | .3 | .1 | .6 | 1.3 | 9.3 | .1 | .7 | 14.0 |
| 2 | 5.4 | 54.7 | 3.2 | 32.5 | .1 | .9 |  | .4 | .1 | .8 | 1.0 | 10.0 |  | .7 | 9.8 |
| 3 | 7.0 | 55.7 | 4.0 | 32.0 | .1 | .9 | .1 | .4 | .1 | .8 | 1.2 | 9.6 | .1 | .6 | 12.6 |
| 4 | 8.6 | 59.7 | 4.1 | 28.4 | .1 | .8 | .1 | .3 | .1 | .8 | 1.3 | 9.3 | .1 | .7 | 14.4 |
| 1 | 6.4 | 45.4 | 6.1 | 43.3 | .1 | .6 |  | .3 | .1 | .7 | 1.2 | 8.9 | .1 | .8 | 14.0 |
| 2 | 6.7 | 48.9 | 5.4 | 39.7 | .1 | .6 |  | .4 | .1 | .8 | 1.2 | 8.9 | .1 | .7 | 13.6 |
| 3 | 6.3 | 49.9 | 4.6 | 36.3 | .1 | .5 |  | .3 | .1 | .7 | 1.1 | 9.0 | .4 | 3.3 | 12.6 |
| 4 | 7.7 | 52.7 | 4.4 | 29.9 | .1 | .4 |  | .3 | .1 | .8 | 1.2 | 8.6 | 1.1 | 7.3 | 14.6 |
| 1 | 6.4 | 53.0 | 3.8 | 31.4 | .1 | 1.1 | .1 | .3 | .1 | .7 | 1.1 | 9.0 | .5 | 4.5 | 11.9 |
| 2 | 6.8 | 53.4 | 3.8 | 29.9 | .3 | 2.2 |  | .2 | .1 | .8 | 1.2 | 9.2 | .6 | 4.3 | 12.7 |
| 3 | 8.4 | 60.1 | 3.7 | 26.4 | .2 | 1.2 |  | .2 | .1 | .6 | 1.0 | 7.7 | .5 | 3.8 | 13.9 |
| **4** | **9.5** | **58.2** | **3.4** | **20.8** | **.1** | **.8** | **.1** | **.4** | **1.6** | **10.1** | **1.1** | **7.2** | **.4** | **2.5** | **16.2** |

---

------

***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** |
| | **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** | **Sales Contribution by Agency Type** | **Sales Contribution by Agency Type** |
| **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** |
| 2017 | 9492 | 1455 | 374 | 11321 | 42.8 | 52.0 | 5.2 | 109197 | 174 |
| 2018 | 8453 | 1392 | 371 | 10216 | 40.1 | 55.3 | 4.6 | 109482 | 85 |
| 2019 | 7683 | 1343 | 367 | 9393 | 45.7 | 50.0 | 4.3 | 109265 | 77 |
| 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** |
| 1 | 7537 | 1332 | 364 | 9233 | 52.8 | 42.7 | 4.5 | 110129 | 17 |
| 2 | 7426 | 1329 | 364 | 9119 | 53.8 | 42.8 | 3.4 | 109850 | 5 |
| 3 | 7312 | 1317 | 364 | 8993 | 51.7 | 41.4 | 6.9 | 111016 | 19 |
| 4 | 7231 | 1312 | 361 | 8904 | 51.3 | 43.4 | 5.3 | 111886 | 7 |
| 1 | 7142 | 1308 | 360 | 8810 | 54.3 | 40.6 | 5.1 | 112252 | 13 |
| 2 | 7055 | 1305 | 359 | 8719 | 51.1 | 44.0 | 4.9 | 113259 | 22 |
| 3 | 6898 | 1299 | 360 | 8557 | 49.9 | 43.8 | 6.3 | 112100 | 13 |
| 4 | 6779 | 1283 | 360 | 8422 | 49.2 | 46.3 | 4.5 | 111854 | 14 |
| 1 | 6447 | 1266 | 360 | 8073 | 48.9 | 46.5 | 4.6 | 109873 | 6 |
| 2 | 6335 | 1255 | 359 | 7949 | 48.4 | 48.1 | 3.5 | 110096 | 12 |
| 3 | 6260 | 1246 | 359 | 7865 | 49.3 | 46.2 | 4.5 | 110400 | 12 |
| **4** | **6159** | **1239** | **359** | **7757** | **51.2** | **45.4** | **3.4** | **110259** | **8** |

---

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

------

***Aflac Japan***

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Yen/Dollar Exchange Rates** | **Yen/Dollar Exchange Rates** | **Yen/Dollar Exchange Rates** | **Yen/Dollar Exchange Rates** | **Yen/Dollar Exchange Rates** |
| | | | **Yearly** | |
| | **Closing** | **Qtr** | **Cum** | **%** |
| **Period** | **Rate**<sup>(1)</sup> | **Avg** | **Avg** | **Change** |
| 2017 | 113.00 | N/A | 112.16 | (3.1) |
| 2018 | 111.00 | N/A | 110.39 | 1.6 |
| 2019 | 109.56 | N/A | 109.07 | 1.2 |
| 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)** |
| 1 | 108.83 | 108.84 | 108.84 | 1.3 |
| 2 | 107.74 | 107.65 | 108.25 | 1.7 |
| 3 | 105.80 | 106.23 | 107.63 | 1.4 |
| 4 | 103.50 | 104.57 | 106.86 | 2.1 |
| 1 | 110.71 | 105.88 | 105.88 | 2.8 |
| 2 | 110.58 | 109.48 | 107.79 | .4 |
| 3 | 111.92 | 110.11 | 108.58 | (.9) |
| 4 | 115.02 | 113.70 | 109.79 | (2.7) |
| 1 | 122.39 | 116.18 | 116.18 | (8.9) |
| 2 | 136.68 | 129.39 | 122.79 | (12.2) |
| 3 | 144.81 | 137.08 | 126.65 | (14.3) |
| **4** | **132.70** | **141.87** | **130.17** | **(15.7)** |
| <sup>(1)</sup> *Closing rate is based on the latest available and published MUFG Bank Ltd. TTM mid-day exchange rate.* | <sup>(1)</sup> *Closing rate is based on the latest available and published MUFG Bank Ltd. TTM mid-day exchange rate.* | <sup>(1)</sup> *Closing rate is based on the latest available and published MUFG Bank Ltd. TTM mid-day exchange rate.* | <sup>(1)</sup> *Closing rate is based on the latest available and published MUFG Bank Ltd. TTM mid-day exchange rate.* | <sup>(1)</sup> *Closing rate is based on the latest available and published MUFG Bank Ltd. TTM mid-day exchange rate.* |

---

------

***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 December 31,** | **3 Months Ended December 31,** | **3 Months Ended December 31,** | **12 Months Ended December 31,** | **12 Months Ended December 31,** | **12 Months Ended December 31,** |
|  |  |  |  |  |  |  |  | **%** |  |  | **%** |
|  | **2017** | **2018** | **2019** | **2020** | **2021** | **2021** | **2022** | **Change** | **2021** | **2022** | **Change** |
| **Revenues:** |  |  |  |  |  |  |  |  |  |  |  |
| Total net earned premiums | $216 | $208 | $200 | $194 | $180 | $42 | $**33** | (21.4) | $180 | $**145** | (19.4) |
| Net investment income <sup>(1)</sup> | 35 | 77 | 88 | 80 | (73) | (88) | **19** | 121.6 | (73) | **30** | 141.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortized hedge income <sup>(2)</sup> |  | 36 | 89 | 97 | 57 | 11 | **25** | 127.3 | 57 | **68** | 19.3 |
| Adjusted net investment income | 35 | 113 | 177 | 177 | (16) | (77) | **44** | 157.1 | (16) | **98** | 712.5 |
| Other income | 21 | 18 | 15 | 13 | 11 |  | **2** |  | 11 | **24** | 118.2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total adjusted revenues | 272 | 339 | 393 | 384 | 175 | (35) | **79** | 325.7 | 175 | **267** | 52.6 |
| **Benefits and expenses:** |  |  |  |  |  |  |  |  |  |  |  |
| Total net benefits and claims | 209 | 199 | 194 | 180 | 161 | 38 | **31** | (18.4) | 161 | **141** | (12.4) |
| Interest expense | 122 | 120 | 133 | 164 | 165 | 39 | **39** |  | 165 | **162** | (1.8) |
| Other adjusted expenses | 154 | 159 | 137 | 155 | 142 | 40 | **53** | 32.5 | 142 | **181** | 27.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total benefits and adjusted expenses | 486 | 478 | 464 | 499 | 469 | 118 | **123** | 4.2 | 469 | **485** | 3.4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pretax adjusted earnings | $(214) | $(139) | $(72) | $(115) | $(293) | $(152) | $**(45)** | 70.4 | $(293) | $**(218)** | 25.6 |
| *(1) The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.* | *(1) The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.* | *(1) The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.* | *(1) The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.* | *(1) The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.* | *(1) The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.* | *(1) The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.* | *(1) The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.* | *(1) The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.* | *(1) The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.* | *(1) The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.* | *(1) The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, 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* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for the definition of amortized hedge cost/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for the definition of amortized hedge cost/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for the definition of amortized hedge cost/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for the definition of amortized hedge cost/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for the definition of amortized hedge cost/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for the definition of amortized hedge cost/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for the definition of amortized hedge cost/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for the definition of amortized hedge cost/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for the definition of amortized hedge cost/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for the definition of amortized hedge cost/income* | <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:

•  **Adjusted book value** is the U.S. GAAP book value (representing total shareholders' equity), less AOCI 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 AOCI, 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 including unrealized foreign currency translation gains and losses** is adjusted book value plus unrealized foreign currency translation gains and losses. Adjusted book value including unrealized foreign currency translation gains and losses per common share is adjusted book value plus unrealized foreign currency translation gains and losses at the period end divided by the ending outstanding common shares for the period presented. The Company considers adjusted book value including unrealized foreign currency translation gains and losses, and its related per share financial measure, important as they exclude certain components of AOCI, which fluctuate 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 measures for adjusted book value including unrealized foreign currency translation gains and losses and adjusted book value including unrealized foreign currency translation gains and losses 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 AOCI, 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 cannot be predicted or that are outside management's control. 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 cash flows from derivatives associated with notes payable but excluding any nonrecurring 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 term of the hedge. 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 cash flows 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 cash flows 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 cash flows 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 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 net earnings and average total shareholders' equity.

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