# EDGAR Filing Document

**Accession Number:** 0000004977
**File Stem:** 0001628280-26-028396
**Filing Date:** 2026-4
**Character Count:** 223219
**Document Hash:** 6bfa43d4f3d7c765a7ca6766fc4cea8a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-26-028396.hdr.sgml**: 20260429

**ACCESSION NUMBER**: 0001628280-26-028396

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 40

**CONFORMED PERIOD OF REPORT**: 20260429

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

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260429

**DATE AS OF CHANGE**: 20260429

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-07434
- **FILM NUMBER:** 26916412

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

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

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

?xml version='1.0' encoding='ASCII'? afl-20260429

**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) April 29, 2026

![g247539tx_pg36.jpg](afl-20260429_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 2.02 Results of Operations and Financial Condition.**

On April 29, 2026, Aflac Incorporated (the "Company") issued a press release dated April 29, 2026 in which it reported the Company's 2026 first quarter financial results. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein in its entirety. In addition, a copy of the Company's first quarter supplemental earnings materials is furnished as Exhibit 99.2 to this Current Report on Form 8-K and incorporated by reference herein in its entirety.

**Item 7.01 Regulation FD Disclosure.**

On April 29, 2026, the Company posted to its investor relations website at investors.aflac.com a video presentation by Max Brodén, the Company's Senior Executive Vice President and Chief Financial Officer, discussing the Company's 2026 first quarter financial results. A copy of the transcript of Mr. Brodén's comments from the Investor Update and a copy of the Investor Presentation are furnished as Exhibit 99.3 and Exhibit 99.4 to this Current Report on Form 8-K, respectively, and are incorporated by reference herein in their entirety. The Investor Update and the Investor Presentation should be read in conjunction with the press release.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits.

---

| | |
|:---|:---|
| <u>Exhibit Number</u> | <u>Exhibit Title or Description</u> |
| <u>[99.1](aflex991-q12026new.htm)</u> | Press release of Aflac Incorporated dated April 29, 2026 |
| <u>[99.2](afl033126-fabdocument.htm)</u> | Financial Supplement for First Quarter 2026 |
| <u>[99.3](aflex993teleconferencespee.htm)</u> | Transcript of comments in video presentation by Max Brodén, Senior Executive Vice President and Chief Financial Officer of Aflac Incorporated. |
| <u>[99.4](maxteleconferencepresent.htm)</u> | Slides referenced in video presentation by Max Brodén, Senior Executive Vice President and Chief Financial Officer of Aflac Incorporated. |
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document) |

---

------

**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** |
| April 29, 2026 | */s/ Robin L. Blackmon* |
| | (Robin L. Blackmon) |
| | Senior Vice President, Financial Services |
| | Chief Accounting Officer |

---

## Exhibit 99.1

![aflacincorporated_logo4c.jpg](aflacincorporated_logo4c.jpg)

 **Aflac Incorporated Announces First Quarter 2026 Results**

COLUMBUS, Ga. - April 29, 2026 - Aflac Incorporated (NYSE: AFL) today reported its first quarter results.

**For the Quarter**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total revenues were $4.3 billion , which was a 27.9% increase year over year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net earnings were $1.0 billion, or $1.98 per diluted share, compared with $29 million, or $0.05 per diluted share a year ago.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted earnings\* were $901 million, compared with $906 million a year ago, reflecting a decrease of 0.6%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted earnings per diluted share\* increased 5.4% to $1.75.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The annualized return on average shareholders' equity was 13.7%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The annualized adjusted return on equity excluding foreign currency remeasurement\* was 16.4%.

The company returned $1.3 billion to shareholders, consisting of $1.0 billion in share repurchase and $315 million in dividends.

Commenting on the company's results, Aflac Incorporated Chairman and Chief Executive Officer Daniel P. Amos stated: "Aflac delivered solid earnings for the quarter. These results reflect our focused execution of our strategy and thus creating long-term value for shareholders. We have attracted new business through successful product initiatives, including *Anshin* Palette (medical insurance), *Miraito* (cancer insurance), and *Tsumitasu* (life insurance) in Japan and group voluntary benefits, network dental and vision, as well as group life and disability in the U.S.

"We remain focused on more profitable growth and the tactical, opportunistic deployment of capital. We treasure our 2025 milestone of 43 consecutive years of dividend increases, and the Board has set us on a path to extend this record when it increased the first quarter dividend 5.2% and declared the same dividend of $0.61 for the second quarter. We intend to continue our balanced approach of investing in growth and driving long-term value."

**AFLAC INCORPORATED CONSOLIDATED RESULTS**

---

| | | | |
|:---|:---|:---|:---|
| **<u>AFLAC INCORPORATED SELECTED OPERATING RESULTS FOR THE QUARTER</u>** | **<u>AFLAC INCORPORATED SELECTED OPERATING RESULTS FOR THE QUARTER</u>** | **<u>AFLAC INCORPORATED SELECTED OPERATING RESULTS FOR THE QUARTER</u>** | **<u>AFLAC INCORPORATED SELECTED OPERATING RESULTS FOR THE QUARTER</u>** |
| (IN MILLIONS, EXCEPT FOR PER-SHARE AMOUNTS) | (IN MILLIONS, EXCEPT FOR PER-SHARE AMOUNTS) | (IN MILLIONS, EXCEPT FOR PER-SHARE AMOUNTS) | (IN MILLIONS, EXCEPT FOR PER-SHARE AMOUNTS) |
|  | **1Q26** | **1Q25** | **% Change** |
| Total revenues | $**4346** | $3398 | 27.9% |
| Net earnings | **1019** | 29 | 3413.8% |
| Adjusted earnings\* | **901** | 906 | (0.6)% |
| Net earnings per share (diluted) | **1.98** | 0.05 | 3860.0% |
| Adjusted earnings per share (diluted)\* | **1.75** | 1.66 | 5.4% |
| Total shareholders' equity | **29961** | 26338 | 13.8% |
| Total liabilities & shareholders' equity | **116280** | 120258 | (3.3)% |

---

------

Total revenues were $4.3 billion in the first quarter of 2026, compared with $3.4 billion in the first quarter of 2025. Net earnings were $1.0 billion, or $1.98 per diluted share, compared with $29 million, or $0.05 per diluted share a year ago. Net earnings in the first quarter of 2026 included net investment gains of $49 million, or $0.10 per diluted share, compared with net investment losses of $963 million, or $1.76 per diluted share a year ago. These net investment gains were driven by net gains of $164 million on certain derivatives and foreign currency activities offset by $61 million of current expected credit losses (CECL), impairments of $24 million; net losses from sales and redemptions of $16 million; and a $14 million loss from a decrease in the fair value of equity securities.

Adjusted earnings\* in the first quarter were $901 million, compared with $906 million in the first quarter of 2025, reflecting a decrease of 0.6%. Adjusted earnings per diluted share\* increased 5.4% to $1.75 in the quarter. Variable investment income ran $14 million below the company's long-term return expectations. The average yen/dollar exchange rate in the first quarter of 2026 was 156.87, or 2.8% weaker than the average rate of 152.40 in the first quarter of 2025. The weaker yen/dollar exchange rate had a negative $0.02 impact on adjusted earnings per share.

Shareholders' equity was $30.0 billion, or $58.69 per share, at March 31, 2026, compared with $26.3 billion, or $48.55 per share, at March 31, 2025. Shareholders' equity at the end of the first quarter included a cumulative increase of $9.5 billion for the effect of the change in discount rate assumptions on insurance reserves, compared with a corresponding cumulative increase of $3.9 billion at March 31, 2025 and a net unrealized loss on investment securities and derivatives of $2.7 billion, compared with a net unrealized loss of $1.3 billion at March 31, 2025. Shareholders' equity at the end of the first quarter also included an unrealized foreign currency translation loss of $5.0 billion, compared with an unrealized foreign currency translation loss of $4.5 billion at March 31, 2025.

Shareholders' equity excluding AOCI (or adjusted book value\*) was $28.1 billion, or $54.96 per share at March 31, 2026, compared with $28.2 billion, or $51.98 per share, at March 31, 2025. Adjusted book value excluding foreign currency remeasurement\* was $21.8 billion, or $42.71 per share at March 31, 2026, compared with $23.1 billion, or $42.61 per share, at March 31, 2025. The annualized adjusted return on equity excluding foreign currency remeasurement\* in the first quarter was 16.4%.

------

**AFLAC JAPAN**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **<u>AFLAC JAPAN SELECTED OPERATING RESULTS FOR THE QUARTER</u>** | **<u>AFLAC JAPAN SELECTED OPERATING RESULTS FOR THE QUARTER</u>** | **<u>AFLAC JAPAN SELECTED OPERATING RESULTS FOR THE QUARTER</u>** | **<u>AFLAC JAPAN SELECTED OPERATING RESULTS FOR THE QUARTER</u>** | **<u>AFLAC JAPAN SELECTED OPERATING RESULTS FOR THE QUARTER</u>** | **<u>AFLAC JAPAN SELECTED OPERATING RESULTS FOR THE QUARTER</u>** | **<u>AFLAC JAPAN SELECTED OPERATING RESULTS FOR THE QUARTER</u>** |
| (IN BILLIONS OF YEN AND MILLIONS OF DOLLARS) | (IN BILLIONS OF YEN AND MILLIONS OF DOLLARS) | (IN BILLIONS OF YEN AND MILLIONS OF DOLLARS) | (IN BILLIONS OF YEN AND MILLIONS OF DOLLARS) | (IN BILLIONS OF YEN AND MILLIONS OF DOLLARS) | (IN BILLIONS OF YEN AND MILLIONS OF DOLLARS) | (IN BILLIONS OF YEN AND MILLIONS OF DOLLARS) |
|  | **1Q26** | **1Q25** | **% Change** | **1Q26** | **1Q25** | **% Change** |
| Total net earned premiums | ¥**247** | ¥256 | (3.8)% | $**1573** | $1681 | (6.4)% |
| Yen-denominated investment income | **31** | 34 | (9.2)% | **197** | 224 | (12.1)% |
| U.S. dollar-denominated investment income | **64** | 56 | 13.9% | **409** | 369 | 10.8% |
| Adjusted net investment income | **93** | 89 | 4.0% | **591** | 586 | 0.9% |
| Total adjusted revenues | **341** | 346 | (1.7)% | **2172** | 2272 | (4.4)% |
| Total benefits and claims, net | **155** | 169 | (7.9)% | **990** | 1105 | (10.4)% |
| Total adjusted expenses | **66** | 68 | (2.2)% | **423** | 445 | (4.9)% |
| Pretax adjusted earnings | ¥**119** | ¥110 | 8.3% | **759** | 722 | 5.1% |
|  |  |  | **Change in bps** |  |  |  |
| Premium persistency (12-mo. rolling) | **92.8%** | 93.8% | (100) |  |  |  |
| Total benefits and claims (net) / Net earned premiums | **62.9%** | 65.8% | (290) |  |  |  |
| Total adjusted expenses / Total adjusted revenues | **19.5%** | 19.6% | (10) |  |  |  |
| Pretax adjusted earnings / Total adjusted revenues | **35.0%** | 31.8% | 320 |  |  |  |

---

In yen terms, Aflac Japan's net earned premiums were ¥246.7 billion for the quarter, or 3.8% lower than a year ago, mainly due to the impact of a new external reinsurance transaction for WAYS and *Tsumitasu* as well as limited pay products reaching paid-up status. Adjusted net investment income increased 4.0% to ¥92.8 billion, primarily due to higher dollar-denominated fixed-rate income resulting from higher volume and higher variable net investment income. This was partially offset by lower dollar-denominated floating rate income due to lower volume and rates as well as reduced call income. Total adjusted revenues in yen declined 1.7% to ¥340.7 billion. Pretax adjusted earnings in yen for the quarter increased 8.3% on a reported basis to ¥119.1 billion, primarily driven by favorable benefits. Pretax adjusted earnings also increased 6.6% on a currency-neutral basis. The pretax adjusted profit margin for the Japan segment was 35.0%, compared with 31.8% a year ago.

In dollar terms, net earned premiums decreased 6.4% to $1.6 billion in the first quarter. Adjusted net investment income increased 0.9% to $591 million. Total adjusted revenues declined by 4.4% to $2.2 billion. Pretax adjusted earnings increased 5.1% to $759 million.

For the quarter, total new annualized premium sales (sales) increased 25.5% to ¥17.7 billion, or $113 million, primarily reflecting strong sales of *Anshin* Palette, the new medical insurance product launched in December, as well as *Miraito*, the newest cancer insurance product, and *Tsumitasu*.

------

**AFLAC U.S.**

---

| | | | |
|:---|:---|:---|:---|
| **<u>AFLAC U.S. SELECTED OPERATING RESULTS FOR THE QUARTER</u>** | **<u>AFLAC U.S. SELECTED OPERATING RESULTS FOR THE QUARTER</u>** | **<u>AFLAC U.S. SELECTED OPERATING RESULTS FOR THE QUARTER</u>** | **<u>AFLAC U.S. SELECTED OPERATING RESULTS FOR THE QUARTER</u>** |
| (IN MILLIONS OF DOLLARS) | (IN MILLIONS OF DOLLARS) | (IN MILLIONS OF DOLLARS) | (IN MILLIONS OF DOLLARS) |
|  | **1Q26** | **1Q25** | **% Change** |
| Total net earned premiums | $**1555** | $1502 | 3.5% |
| Adjusted net investment income | **201** | 202 | (0.5)% |
| Total adjusted revenues | **1779** | 1721 | 3.4% |
| Total benefits and claims, net | **734** | 716 | 2.5% |
| Total adjusted expenses | **682** | 647 | 5.4% |
| Pretax adjusted earnings | **363** | 358 | 1.4% |
|  |  |  | **Change in bps** |
| Persistency rate (12-mo. rolling) | **79.3%** | 79.3% |  |
| Total benefits and claims, net / Net earned premiums | **47.2%** | 47.7% | (50) |
| Total adjusted expenses / Total adjusted revenues | **38.3%** | 37.6% | 70 |
| Pretax adjusted earnings / Total adjusted revenues | **20.4%** | 20.8% | (40) |

---

Aflac U.S. net earned premiums increased 3.5% to $1.6 billion in the first quarter compared to the prior year, reflecting improved sales and continued strong persistency. Adjusted net investment income decreased 0.5% to $201 million. Total adjusted revenues were up 3.4% to $1.8 billion. Pretax adjusted earnings were $363 million, 1.4% higher than a year ago. The pretax adjusted profit margin for the U.S. segment was 20.4%, compared with 20.8% a year ago.

Aflac U.S. sales increased 2.9% in the quarter to $318 million, primarily benefiting from sales of group products.

**CORPORATE AND OTHER** 

---

| | | | |
|:---|:---|:---|:---|
| **<u>CORPORATE AND OTHER SELECTED OPERATING RESULTS</u>** | **<u>CORPORATE AND OTHER SELECTED OPERATING RESULTS</u>** | **<u>CORPORATE AND OTHER SELECTED OPERATING RESULTS</u>** | **<u>CORPORATE AND OTHER SELECTED OPERATING RESULTS</u>** |
| (IN MILLIONS OF DOLLARS) | (IN MILLIONS OF DOLLARS) | (IN MILLIONS OF DOLLARS) | (IN MILLIONS OF DOLLARS) |
|  | **1Q26** | **1Q25** | **% Change** |
| Total net earned premiums | $**182** | $198 | (8.1)% |
| Adjusted net investment income | **109** | 126 | (13.5)% |
| Total adjusted revenues | **292** | 326 | (10.4)% |
| Total benefits and claims, net | **109** | 124 | (12.1)% |
| Interest expense | **58** | 45 | 28.9% |
| Other adjusted expenses | **125** | 114 | 9.6% |
| Total benefits and adjusted expenses | **292** | 283 | 3.2% |
| Pretax adjusted earnings | **—** | 43 | (100.0)% |

---

For the quarter, corporate and other reported breakeven pretax adjusted earnings, down from a $43 million gain last year, driven by lower net investment income from reduced hedge benefits, higher interest expense and operating costs, and runoff impacts from closed blocks of business.

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

------

**ABOUT AFLAC INCORPORATED** 

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

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

<sup>2</sup> As of March 31, 2025, Aflac estimates based on company data

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

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

April 30, 2026.

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

------

---

| | | | |
|:---|:---|:---|:---|
| **<u>AFLAC INCORPORATED AND SUBSIDIARIES CONDENSED INCOME STATEMENT</u>** | **<u>AFLAC INCORPORATED AND SUBSIDIARIES CONDENSED INCOME STATEMENT</u>** | **<u>AFLAC INCORPORATED AND SUBSIDIARIES CONDENSED INCOME STATEMENT</u>** | **<u>AFLAC INCORPORATED AND SUBSIDIARIES CONDENSED INCOME STATEMENT</u>** |
| (UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AND PER-SHARE AMOUNTS) | (UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AND PER-SHARE AMOUNTS) | (UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AND PER-SHARE AMOUNTS) | (UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AND PER-SHARE AMOUNTS) |
| **THREE MONTHS ENDED MARCH 31,** | **2026** | **2025** | **% Change** |
| Total revenues | $4346 | $3398 | 27.9% |
| Benefits and claims, net | 1832 | 1945 | (5.8) |
| Total acquisition and operating expenses | 1289 | 1308 | (1.5) |
| Earnings before income taxes | 1225 | 145 | 744.8 |
| Income taxes | 206 | 116 |  |
| Net earnings | $1019 | $29 | 3413.8% |
| Net earnings per share – basic | $1.99 | $0.05 | 3880.0% |
| Net earnings per share – diluted | 1.98 | 0.05 | 3860.0 |
| Shares used to compute earnings per share (000): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 513071 | 544707 | (5.8)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 514785 | 546878 | (5.9) |
| Dividends paid per share | $0.61 | $0.58 | 5.2% |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **<u>AFLAC INCORPORATED AND SUBSIDIARIES CONDENSED BALANCE SHEET</u>** | **<u>AFLAC INCORPORATED AND SUBSIDIARIES CONDENSED BALANCE SHEET</u>** | **<u>AFLAC INCORPORATED AND SUBSIDIARIES CONDENSED BALANCE SHEET</u>** | **<u>AFLAC INCORPORATED AND SUBSIDIARIES CONDENSED BALANCE SHEET</u>** |
| (UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AMOUNTS) | (UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AMOUNTS) | (UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AMOUNTS) | (UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AMOUNTS) |
| **MARCH 31,** | **2026** | **2025** | **% Change** |
| Assets: |  |  |  |
| Total investments and cash | $103192 | $107446 | (4.0)% |
| Deferred policy acquisition costs | 8976 | 9083 | (1.2) |
| Other assets | 4112 | 3729 | 10.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $116280 | $120258 | (3.3)% |
| Liabilities and shareholders' equity: |  |  |  |
| Policy liabilities | $66782 | $78828 | (15.3)% |
| Notes payable and lease obligations | 7908 | 7751 | 2.0 |
| Other liabilities | 11629 | 7341 | 58.4 |
| Shareholders' equity | 29961 | 26338 | 13.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $116280 | $120258 | (3.3)% |
| Shares outstanding at end of period (000) | 510530 | 542493 | (5.9)% |

---

------

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

This document includes references to the Company's financial performance measures which are not calculated in accordance with United States generally accepted accounting principles (U.S. GAAP) (non-U.S. GAAP). The financial measures exclude items that the Company believes may obscure the underlying fundamentals and trends in insurance operations because they tend to be driven by general economic conditions and events or related to infrequent activities not directly associated with insurance operations.

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

The company defines the non-U.S. GAAP financial measures included in this earnings release as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted earnings are adjusted revenues less benefits and adjusted expenses. Adjusted earnings per share (basic or diluted) are the adjusted earnings for the period divided by the weighted average outstanding shares (basic or diluted) for the period presented. The adjustments to both revenues and expenses account for certain items that are outside of management's control because they tend to be driven by general economic conditions and events or are related to infrequent activities not directly associated with insurance operations. Adjusted revenues are U.S. GAAP total revenues excluding adjusted net investment gains and losses. Adjusted expenses are U.S. GAAP total acquisition and operating expenses including the impact of interest from derivatives associated with notes payable but excluding any non-recurring or other items not associated with the normal course of the Company's insurance operations and that do not reflect the Company's underlying business performance. Management uses adjusted earnings and adjusted earnings per diluted share to evaluate the financial performance of the Company's insurance operations on a consolidated basis and believes that a presentation of these financial measures is vitally important to an understanding of the underlying profitability drivers and trends of the Company's insurance business. The most comparable U.S. GAAP financial measures for adjusted earnings and adjusted earnings per share (basic or diluted) are net earnings and net earnings per share, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted earnings excluding current period foreign currency impact are computed using the average foreign exchange rate for the comparable prior-year period, which eliminates fluctuations driven solely by foreign exchange rate changes. Adjusted earnings per diluted share excluding current period foreign currency impact is adjusted earnings excluding current period foreign currency impact divided by the weighted average outstanding diluted shares for the period presented. The Company considers adjusted earnings excluding current period foreign currency impact and adjusted earnings per diluted share excluding current period foreign currency impact important because a significant portion of the Company's business is conducted in Japan and foreign exchange rates are outside management's control; therefore, the Company believes it is important to understand the impact of translating foreign currency (primarily Japanese yen) into U.S. dollars. The most comparable U.S. GAAP financial measures for adjusted earnings excluding current period foreign currency impact and adjusted earnings per diluted share excluding current period foreign currency impact are net earnings and net earnings per share, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted return on equity is annualized adjusted earnings divided by average shareholders' equity, excluding accumulated other comprehensive income. Management uses adjusted return on equity to evaluate the financial performance of the Company's insurance operations on a consolidated basis and believes that a presentation of this financial measure is vitally important to an understanding of the underlying profitability drivers and trends of the Company's insurance business. The Company considers adjusted return on equity important as it excludes components of accumulated other comprehensive income, which fluctuate due to market movements that are

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outside management's control. The most comparable U.S. GAAP financial measure for adjusted return on equity is return on equity as determined using annualized net earnings and average total shareholders' equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted return on equity excluding foreign currency remeasurement is annualized adjusted earnings divided by average shareholders' equity, excluding both accumulated other comprehensive income and the cumulative (beginning January 1, 2021) foreign currency gains/losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. The Company considers adjusted return on equity excluding foreign currency remeasurement important because it excludes both accumulated other comprehensive income and the cumulative foreign currency remeasurement gains/losses, which fluctuate due to market movements that are outside management's control. The most comparable U.S. GAAP financial measure for adjusted return on equity excluding foreign currency remeasurement is return on equity as determined using annualized net earnings and average total shareholders' equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amortized hedge costs/income represent costs/income incurred or recognized as a result of using foreign currency derivatives to hedge certain foreign currency exchange risks in the Company's Japan segment or in Corporate and other. These amortized hedge costs/income are estimated at the inception of the derivatives based on the specific terms of each contract and are recognized on a straight-line basis over the contractual term of the derivative. The Company believes that amortized hedge costs/income measure the periodic currency risk management costs/income related to hedging certain foreign currency exchange risks and are an important component of net investment income. There is no comparable U.S. GAAP financial measure for amortized hedge costs/income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted book value is the U.S. GAAP book value (representing total shareholders' equity), less accumulated other comprehensive income as recorded on the U.S. GAAP balance sheet. Adjusted book value per common share is adjusted book value at the period end divided by the ending outstanding common shares for the period presented. The Company considers adjusted book value and adjusted book value per common share important as they exclude accumulated other comprehensive income, which fluctuates due to market movements that are outside management's control. The most comparable U.S. GAAP financial measures for adjusted book value and adjusted book value per common share are total book value and total book value per common share, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted book value excluding foreign currency remeasurement is the U.S. GAAP book value (representing total shareholders' equity), less accumulated other comprehensive income as recorded on the U.S. GAAP balance sheet and excluding the cumulative (beginning January 1, 2021) foreign currency gains/losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. Adjusted book value excluding foreign currency remeasurement per common share is adjusted book value excluding foreign currency remeasurement at the period end divided by the ending outstanding common shares for the period presented. The Company considers adjusted book value excluding foreign currency remeasurement and adjusted book value excluding foreign currency remeasurement per common share important as they exclude both accumulated other comprehensive income and the cumulative foreign currency remeasurement gains/losses, which fluctuate due to market movements that are outside management's control. The most comparable U.S. GAAP financial measures for adjusted book value excluding foreign currency remeasurement and adjusted book value excluding foreign currency remeasurement per common share are total book value and total book value per common share, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted net investment income is net investment income adjusted for i) amortized hedge cost/income related to foreign currency exposure management strategies and certain derivative activity, and ii) net interest income/expense from foreign currency and interest rate derivatives associated with certain investment strategies, which are reclassified from net investment gains and losses to net investment income. The Company considers adjusted net investment income important because it provides a more comprehensive understanding of the costs and income associated with the Company's investments and related hedging strategies. The most comparable U.S. GAAP financial measure for adjusted net investment income is net investment income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted net investment gains and losses are net investment gains and losses adjusted for i) amortized hedge cost/income related to foreign currency exposure management strategies and certain derivative activity, ii) net interest income/expense from foreign currency and interest rate derivatives associated with certain investment strategies, which are both reclassified to net investment income, and iii) the impact of interest from derivatives associated with notes payable, which is reclassified to interest expense as a component of total adjusted expenses. The Company considers adjusted net investment gains and losses important as it represents the remainder amount that is considered outside management's control, while excluding the components that are

------

within management's control and are accordingly reclassified to net investment income and interest expense. The most comparable U.S. GAAP financial measure for adjusted net investment gains and losses is net investment gains and losses.

------

---

| | | | |
|:---|:---|:---|:---|
| **<u>RECONCILIATION OF NET EARNINGS TO ADJUSTED EARNINGS</u>** | **<u>RECONCILIATION OF NET EARNINGS TO ADJUSTED EARNINGS</u>** | **<u>RECONCILIATION OF NET EARNINGS TO ADJUSTED EARNINGS</u>** | **<u>RECONCILIATION OF NET EARNINGS TO ADJUSTED EARNINGS</u>** |
| (UNAUDITED – IN MILLIONS, EXCEPT FOR PER-SHARE AMOUNTS) | (UNAUDITED – IN MILLIONS, EXCEPT FOR PER-SHARE AMOUNTS) | (UNAUDITED – IN MILLIONS, EXCEPT FOR PER-SHARE AMOUNTS) | (UNAUDITED – IN MILLIONS, EXCEPT FOR PER-SHARE AMOUNTS) |
| **THREE MONTHS ENDED MARCH 31,** | **2026** | **2025** | **% Change** |
| Net earnings | $1019 | $29 | 3413.8% |
| Items impacting net earnings: |  |  |  |
| &nbsp;&nbsp;&nbsp;Adjusted net investment (gains) losses | (103) | 924 |  |
| &nbsp;&nbsp;&nbsp;Other and non-recurring (income) loss  |  | 53 |  |
| &nbsp;&nbsp;&nbsp;Income tax (benefit) expense on items excluded <br>from adjusted earnings | (15) | (100) |  |
| Adjusted earnings | 901 | 906 | (0.6)% |
| Current period foreign currency impact<sup>1</sup> | 8 | N/A |  |
| Adjusted earnings excluding current period foreign <br> currency impact<sup>2</sup> | $909 | $906 | 0.3% |
| Net earnings per diluted share | $1.98 | $0.05 | 3860.0% |
| Items impacting net earnings: |  |  |  |
| &nbsp;&nbsp;&nbsp;Adjusted net investment (gains) losses | (0.20) | 1.69 |  |
| &nbsp;&nbsp;&nbsp;Other and non-recurring (income) loss  |  | 0.10 |  |
| &nbsp;&nbsp;&nbsp;Income tax (benefit) expense on items excluded <br>from adjusted earnings | (0.03) | (0.18) |  |
| Adjusted earnings per diluted share | 1.75 | 1.66 | 5.4% |
| Current period foreign currency impact<sup>1</sup> | 0.02 | N/A |  |
| Adjusted earnings per diluted share excluding <br> current period foreign currency impact<sup>2</sup> | $1.77 | $1.66 | 6.6% |

---

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

<sup>2&nbsp;&nbsp;&nbsp;&nbsp;</sup>Amounts excluding current period foreign currency impact are computed using the average foreign currency exchange rate for the comparable prior-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;year period, which eliminates fluctuations driven solely by foreign currency exchange rate changes.

------

---

| | | | |
|:---|:---|:---|:---|
| **<u>RECONCILIATION OF NET INVESTMENT (GAINS) LOSSES TO ADJUSTED NET INVESTMENT (GAINS) LOSSES</u>** | **<u>RECONCILIATION OF NET INVESTMENT (GAINS) LOSSES TO ADJUSTED NET INVESTMENT (GAINS) LOSSES</u>** | **<u>RECONCILIATION OF NET INVESTMENT (GAINS) LOSSES TO ADJUSTED NET INVESTMENT (GAINS) LOSSES</u>** | **<u>RECONCILIATION OF NET INVESTMENT (GAINS) LOSSES TO ADJUSTED NET INVESTMENT (GAINS) LOSSES</u>** |
| (UNAUDITED – IN MILLIONS) | (UNAUDITED – IN MILLIONS) | (UNAUDITED – IN MILLIONS) | (UNAUDITED – IN MILLIONS) |
| **THREE MONTHS ENDED MARCH 31,** | **2026** | **2025** | **% Change** |
| Net investment (gains) losses | $(49) | $963 | (105.1)% |
| Items impacting net investment (gains) losses: |  |  |  |
| &nbsp;&nbsp;&nbsp;Amortized hedge costs | (15) | (7) |  |
| &nbsp;&nbsp;&nbsp;Amortized hedge income | 18 | 30 |  |
| &nbsp;&nbsp;&nbsp;Net interest income (expense) from derivatives associated <br>&nbsp;&nbsp;&nbsp;&nbsp; with certain investment strategies | (57) | (65) |  |
| &nbsp;&nbsp;&nbsp;Impact of interest from derivatives associated with <br>&nbsp;&nbsp;&nbsp;&nbsp; notes payable<sup>1</sup> |  | 4 |  |
| Adjusted net investment (gains) losses | $(103) | $924 | (111.1)% |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **<u>RECONCILIATION OF NET INVESTMENT INCOME TO ADJUSTED NET INVESTMENT INCOME</u>** | **<u>RECONCILIATION OF NET INVESTMENT INCOME TO ADJUSTED NET INVESTMENT INCOME</u>** | **<u>RECONCILIATION OF NET INVESTMENT INCOME TO ADJUSTED NET INVESTMENT INCOME</u>** | **<u>RECONCILIATION OF NET INVESTMENT INCOME TO ADJUSTED NET INVESTMENT INCOME</u>** |
| (UNAUDITED – IN MILLIONS) | (UNAUDITED – IN MILLIONS) | (UNAUDITED – IN MILLIONS) | (UNAUDITED – IN MILLIONS) |
| **THREE MONTHS ENDED MARCH 31,** | **2026** | **2025** | **% Change** |
| Net investment income | $956 | $955 | 0.1% |
| Items impacting net investment income: |  |  |  |
| &nbsp;&nbsp;&nbsp;Amortized hedge costs | (15) | (7) |  |
| &nbsp;&nbsp;&nbsp;Amortized hedge income | 18 | 30 |  |
| &nbsp;&nbsp;&nbsp;Net interest income (expense) from derivatives associated <br>&nbsp;&nbsp;&nbsp;&nbsp; with certain investment strategies | (57) | (65) |  |
| Adjusted net investment income | $902 | $913 | (1.2)% |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **<u>RECONCILIATION OF U.S. GAAP BOOK VALUE TO ADJUSTED BOOK VALUE</u>**  | **<u>RECONCILIATION OF U.S. GAAP BOOK VALUE TO ADJUSTED BOOK VALUE</u>**  | **<u>RECONCILIATION OF U.S. GAAP BOOK VALUE TO ADJUSTED BOOK VALUE</u>**  | **<u>RECONCILIATION OF U.S. GAAP BOOK VALUE TO ADJUSTED BOOK VALUE</u>**  |
| (EXCLUDING FOREIGN CURRENCY REMEASUREMENT) | (EXCLUDING FOREIGN CURRENCY REMEASUREMENT) | (EXCLUDING FOREIGN CURRENCY REMEASUREMENT) | (EXCLUDING FOREIGN CURRENCY REMEASUREMENT) |
| (UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AND PER-SHARE AMOUNTS) | (UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AND PER-SHARE AMOUNTS) | (UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AND PER-SHARE AMOUNTS) | (UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AND PER-SHARE AMOUNTS) |
| **MARCH 31,** | **2026** | **2025** | **% Change** |
| U.S. GAAP book value | $29961 | $26338 |  |
| Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized foreign currency translation gains (losses) | (4961) | (4549) |  |
| &nbsp;&nbsp;&nbsp;Unrealized gains (losses) on securities and derivatives | (2681) | (1251) |  |
| &nbsp;&nbsp;&nbsp;Effect of changes in discount rate assumptions | 9458 | 3899 |  |
| &nbsp;&nbsp;&nbsp;Pension liability adjustment | 85 | 42 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total AOCI | 1901 | (1859) |  |
| Adjusted book value | $28060 | $28197 |  |
| Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency remeasurement gains (losses) | 6253 | 5083 |  |
| Adjusted book value excluding foreign currency remeasurement | $21807 | $23114 |  |
| Number of outstanding shares at end of period (000) | 510530 | 542493 |  |
| U.S. GAAP book value per common share | $58.69 | $48.55 | 20.9% |
| Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized foreign currency translation gains (losses) per common share | (9.72) | (8.39) |  |
| &nbsp;&nbsp;&nbsp;Unrealized gains (losses) on securities and derivatives per common share | (5.25) | (2.31) |  |
| &nbsp;&nbsp;&nbsp;Effect of changes in discount rate assumptions <br>&nbsp;&nbsp;&nbsp;&nbsp; per common share | 18.53 | 7.19 |  |
| &nbsp;&nbsp;&nbsp;Pension liability adjustment per common share | 0.17 | 0.08 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total AOCI per common share | 3.72 | (3.43) |  |
| Adjusted book value per common share | $54.96 | $51.98 | 5.7% |
| Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency remeasurement gains (losses) per common share | 12.25 | 9.37 |  |
| Adjusted book value excluding foreign currency remeasurement per common share | $42.71 | $42.61 | 0.2% |

---

------

---

| | | |
|:---|:---|:---|
| **<u>RECONCILIATION OF U.S. GAAP RETURN ON EQUITY (ROE) TO ADJUSTED ROE</u>** | **<u>RECONCILIATION OF U.S. GAAP RETURN ON EQUITY (ROE) TO ADJUSTED ROE</u>** | **<u>RECONCILIATION OF U.S. GAAP RETURN ON EQUITY (ROE) TO ADJUSTED ROE</u>** |
| (EXCLUDING IMPACT OF FOREIGN CURRENCY) | (EXCLUDING IMPACT OF FOREIGN CURRENCY) | (EXCLUDING IMPACT OF FOREIGN CURRENCY) |
| **THREE MONTHS ENDED MARCH 31,** | **2026** | **2025** |
| U.S. GAAP ROE - Net earnings<sup>1</sup> | 13.7% | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Impact of excluding unrealized foreign currency translation gains (losses) | (2.3) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Impact of excluding unrealized gains (losses) on securities and derivatives | (1.1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Impact of excluding effect of changes in discount rate assumptions | 4.2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Impact of excluding pension liability adjustment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impact of excluding AOCI | 0.8 |  |
| U.S. GAAP ROE - less AOCI | 14.5 | 0.4 |
| Differences between adjusted earnings and net earnings<sup>2</sup> | (1.7) | 12.2 |
| Adjusted ROE - reported | 12.8 | 12.7 |
| Impact of excluding gains (losses) associated with foreign currency remeasurement<sup>3</sup> | 3.6 | 2.9 |
| Adjusted ROE, excluding foreign currency remeasurement | 16.4 | 15.6 |

---

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

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

<sup>3</sup> Impact of gains/losses associated with foreign currency remeasurement is calculated by excluding the cumulative (beginning January 1, 2021) foreign currency gains/losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. The impact is the difference of adjusted return on equity - reported compared with adjusted return on equity, excluding from shareholders' equity, gains/losses associated with foreign currency remeasurement.

------

---

| | | |
|:---|:---|:---|
| **<u>EFFECT OF FOREIGN CURRENCY ON ADJUSTED RESULTS</u>**<sup>1</sup> | **<u>EFFECT OF FOREIGN CURRENCY ON ADJUSTED RESULTS</u>**<sup>1</sup> | **<u>EFFECT OF FOREIGN CURRENCY ON ADJUSTED RESULTS</u>**<sup>1</sup> |
| (SELECTED PERCENTAGE CHANGES, UNAUDITED) | (SELECTED PERCENTAGE CHANGES, UNAUDITED) | (SELECTED PERCENTAGE CHANGES, UNAUDITED) |
| **THREE MONTHS ENDED MARCH 31,** | **Including<br>Currency<br>Changes** | **Excluding**<br>**Currency**<br>**Changes**<sup>2</sup> |
| Net earned premiums<sup>3</sup> | (2.1)% | (0.6)% |
| Adjusted net investment income<sup>4</sup> | (1.2) | (0.7) |
| Total benefits and expenses | (2.3) | (0.9) |
| Adjusted earnings | (0.6) | 0.3 |
| Adjusted earnings per diluted share | 5.4 | 6.6 |

---

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

<sup>2</sup>Amounts excluding currency changes were determined using the same foreign currency exchange rate for the current period as the comparable period in the prior year, which eliminates dollar-based fluctuations driven solely from currency rate changes.

<sup>3</sup>Net of reinsurance

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

**<u>GLOSSARY OF OPERATIONAL MEASURES</u>**

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

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

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

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

------

**FORWARD-LOOKING INFORMATION** 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• interruption in telecommunication, information technology and other operational systems, or a failure to maintain the security, confidentiality, integrity or privacy of sensitive data residing on such systems, and uncertainty regarding the impact of the* 

*incident involving unauthorized access to the Company's network in June 2025*

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• catastrophic events, including, but not limited to, epidemics, pandemics, tornadoes, hurricanes, earthquakes, tsunamis, war or other military action, major public health issues, terrorism or other acts of violence, and damage incidental to such events*

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

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

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

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

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

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

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

## Exhibit 99.2

**FINAL&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; 04/29/2026**

![aflaclogoa01a01a01a33a.jpg](aflaclogoa01a01a01a33a.jpg)

**Financial Supplement**

**First Quarter 2026**

This document is a statistical supplement to Aflac's quarterly earnings release. Throughout the presentation, amounts presented may not foot due to rounding. As you review the supplement, please note the non-U.S. GAAP financial measures and definitions found at the back of this document.

The Company adopted the Financial Accounting Standards Board's Accounting Standard Update 2018-12 Financial Services - Insurance: Targeted Improvements to the Accounting for Long-Duration Contracts, as clarified and amended by (i) ASU 2019-09 Financial Services - Insurance: Effective Date, and (ii) ASU 2020-11 Financial Services - Insurance: Effective Date and Early Application (collectively, "LDTI") as of January 1, 2023. The amended guidance is applied as of the beginning of the earliest period presented in the Company's quarterly and annual financial statements, which results in a January 1, 2021 Transition Date. In conjunction with the adoption of LDTI, the Company changed its practice of recording the change in the deferred profit liability (DPL) on products with limited-payment features from the benefits and claims, net line item to the net earned premiums line item in the consolidated statement of earnings. This change in presentation has no impact on net earnings. All quarterly and annual amounts for 2021 and 2022 presented herein reflect these changes for LDTI and DPL.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **Aflac Incorporated:** | **Page** |
| <u>[Share Data](#i7bc4946858bb4ab29a2a8dd7cf507198_4)</u> | <u>[2](#i7bc4946858bb4ab29a2a8dd7cf507198_4)</u> |
| <u>[Summary of Adjusted Results by Business Segment](#i7bc4946858bb4ab29a2a8dd7cf507198_7)</u> | <u>[3](#i7bc4946858bb4ab29a2a8dd7cf507198_7)</u> |
| <u>[Statements of Earnings](#i7bc4946858bb4ab29a2a8dd7cf507198_10)</u> | <u>[4](#i7bc4946858bb4ab29a2a8dd7cf507198_10)</u> |
| <u>[Analysis of Net Earnings and Net Earnings Per Share](#i7bc4946858bb4ab29a2a8dd7cf507198_13)</u> | <u>[5](#i7bc4946858bb4ab29a2a8dd7cf507198_13)</u> |
| <u>[Balance Sheets](#i7bc4946858bb4ab29a2a8dd7cf507198_16)</u> | <u>[6](#i7bc4946858bb4ab29a2a8dd7cf507198_16)</u> |
| <u>[Quarterly Financial Results](#i7bc4946858bb4ab29a2a8dd7cf507198_19)</u> | <u>[7](#i7bc4946858bb4ab29a2a8dd7cf507198_19)</u> |
| <u>[Quarterly Book Value Per Share](#i7bc4946858bb4ab29a2a8dd7cf507198_22)</u> | <u>[8](#i7bc4946858bb4ab29a2a8dd7cf507198_22)</u> |
| <u>[Return on Equity](#i7bc4946858bb4ab29a2a8dd7cf507198_25)</u> | <u>[9](#i7bc4946858bb4ab29a2a8dd7cf507198_25)</u> |
| <u>[Adjusted Earnings Per Share Excluding Current Period Foreign Currency Impact](#i7bc4946858bb4ab29a2a8dd7cf507198_28)</u> | <u>[10](#i7bc4946858bb4ab29a2a8dd7cf507198_28)</u> |
| <u>[Investment Results](#i7bc4946858bb4ab29a2a8dd7cf507198_31)</u> | <u>[11](#i7bc4946858bb4ab29a2a8dd7cf507198_31)</u>,<u>[12](#i7bc4946858bb4ab29a2a8dd7cf507198_34)</u>,<u>[13](#i7bc4946858bb4ab29a2a8dd7cf507198_37)</u> |
| <u>[Long-Term Debt Data](#i7bc4946858bb4ab29a2a8dd7cf507198_40)</u> | <u>[14](#i7bc4946858bb4ab29a2a8dd7cf507198_40)</u> |
| <u>[Ratings](#i7bc4946858bb4ab29a2a8dd7cf507198_43)</u> | <u>[15](#i7bc4946858bb4ab29a2a8dd7cf507198_43)</u> |
| **Aflac U.S.:** |  |
| <u>[Statement of Pretax Adjusted Earnings](#i7bc4946858bb4ab29a2a8dd7cf507198_46)</u> | <u>[16](#i7bc4946858bb4ab29a2a8dd7cf507198_46)</u> |
| <u>[Balance Sheets](#i7bc4946858bb4ab29a2a8dd7cf507198_49)</u> | <u>[17](#i7bc4946858bb4ab29a2a8dd7cf507198_49)</u> |
| <u>[Quarterly Pretax Adjusted Earnings](#i7bc4946858bb4ab29a2a8dd7cf507198_52)</u> | <u>[18](#i7bc4946858bb4ab29a2a8dd7cf507198_52)</u> |
| <u>[Operating Ratios](#i7bc4946858bb4ab29a2a8dd7cf507198_55)</u> | <u>[19](#i7bc4946858bb4ab29a2a8dd7cf507198_55)</u> |
| <u>[Sales](#i7bc4946858bb4ab29a2a8dd7cf507198_58)</u> | <u>[20](#i7bc4946858bb4ab29a2a8dd7cf507198_58)</u>,<u>[21](#i7bc4946858bb4ab29a2a8dd7cf507198_61)</u> |
| **Aflac Japan:** |  |
| <u>[Statement of Pretax Adjusted Earnings](#i7bc4946858bb4ab29a2a8dd7cf507198_64)</u> | <u>[22](#i7bc4946858bb4ab29a2a8dd7cf507198_64)</u>,<u>[23](#i7bc4946858bb4ab29a2a8dd7cf507198_67)</u> |
| <u>[Balance Sheets](#i7bc4946858bb4ab29a2a8dd7cf507198_70)</u> | <u>[24](#i7bc4946858bb4ab29a2a8dd7cf507198_70)</u>,<u>[25](#i7bc4946858bb4ab29a2a8dd7cf507198_73)</u> |
| <u>[Quarterly Pretax Adjusted Earnings](#i7bc4946858bb4ab29a2a8dd7cf507198_76)</u> | <u>[26](#i7bc4946858bb4ab29a2a8dd7cf507198_76)</u> |
| <u>[Operating Ratios](#i7bc4946858bb4ab29a2a8dd7cf507198_79)</u> | <u>[27](#i7bc4946858bb4ab29a2a8dd7cf507198_79)</u> |
| <u>[Sales](#i7bc4946858bb4ab29a2a8dd7cf507198_82)</u> | <u>[28](#i7bc4946858bb4ab29a2a8dd7cf507198_82)</u>,<u>[29](#i7bc4946858bb4ab29a2a8dd7cf507198_85)</u>,<u>[30](#i7bc4946858bb4ab29a2a8dd7cf507198_88)</u> |
| <u>[Yen/Dollar Exchange Rates](#i7bc4946858bb4ab29a2a8dd7cf507198_91)</u> | <u>[31](#i7bc4946858bb4ab29a2a8dd7cf507198_91)</u> |
| **Corporate and Other:** |  |
| <u>[Statement of Pretax Adjusted Earnings](#i7bc4946858bb4ab29a2a8dd7cf507198_94)</u> | <u>[32](#i7bc4946858bb4ab29a2a8dd7cf507198_94)</u> |
| **Non-U.S. GAAP Financial Measures** | <u>[33](#i7bc4946858bb4ab29a2a8dd7cf507198_97)</u> |

---

**For more information, contact:**

**David Young**

**Phone. 706.596.3264**

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

**investors.aflac.com**

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | | | | | | | | | |
| | **Share Data** | **Share Data** | **Share Data** | **Share Data** | **Share Data** | **Share Data** | **Share Data** | **Share Data** | **Share Data** | **Share Data** | **Share Data** | **Share Data** | **Share Data** | **Share Data** |
|  | (In Thousands) | (In Thousands) | (In Thousands) | (In Thousands) | (In Thousands) | (In Thousands) | (In Thousands) | (In Thousands) | (In Thousands) | (In Thousands) | (In Thousands) | (In Thousands) | (In Thousands) | (In Thousands) |
| <sup>1</sup> |  |  |  | **Shares Issued** | **Shares Issued** | **Shares Purchased** | **Shares Purchased** |  | **QTD Weighted Avg. Shares** | **QTD Weighted Avg. Shares** | **QTD Weighted Avg. Shares** | **YTD Weighted Avg. Shares** | **YTD Weighted Avg. Shares** | **YTD Weighted Avg. Shares** |
|  |  | **Period** | **Beginning Shares Outstanding** | **Stk. Bon. & DRP** | **Stk. Opt. & Misc.** | **Treas. Shares** | **Misc. Purch.** <sup>(1)</sup> | **Ending Shares Outstanding** | **Avg. Shares** | **Dilutive Shares** | **Avg. Diluted** | **Avg. Shares** | **Dilutive Shares** | **Avg. Diluted** |
|  | 2024 | 1 | 578479 | 212 | 1320 | 9276 | 457 | 570278 | 574886 | 2596 | 577482 | 574886 | 2596 | 577482 |
|  |  | 2 | 570278 | 217 | 186 | 9288 | 24 | 561369 | 564573 | 2265 | 566838 | 569730 | 2430 | 572160 |
|  |  | 3 | 561369 | 165 | 75 | 4882 | 10 | 556717 | 557899 | 2515 | 560414 | 565757 | 2459 | 568216 |
|  |  | 4 | 556717 | 156 | 77 | 6982 | 4 | 549964 | 552767 | 2716 | 555483 | 562492 | 2523 | 565015 |
|  | 2025 | 1 | 549964 | 173 | 1251 | 8497 | 398 | 542493 | 544707 | 2171 | 546878 | 544707 | 2171 | 546878 |
|  |  | 2 | 542493 | 193 | 42 | 7916 | 4 | 534809 | 536688 | 1737 | 538425 | 540676 | 1954 | 542630 |
|  |  | 3 | 534809 | 171 | 66 | 9331 | 5 | 525710 | 530050 | 1965 | 532015 | 537095 | 1957 | 539052 |
|  |  | 4 | 525710 | 161 | 72 | 7250 | 3 | 518690 | 520394 | 2099 | 522493 | 532885 | 1993 | 534878 |
|  | **2026** | 1 | **518690** | **160** | **1046** | **9013** | **353** | **510530** | **513071** | **1715** | **514785** | **513071** | **1715** | **514785** |

---

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

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** |
| | **Summary of Adjusted Results by Business Segment** | **Summary of Adjusted Results by Business Segment** | **Summary of Adjusted Results by Business Segment** | **Summary of Adjusted Results by Business Segment** | **Summary of Adjusted Results by Business Segment** | **Summary of Adjusted Results by Business Segment** | **Summary of Adjusted Results by Business Segment** | **Summary of Adjusted Results by Business Segment** | **Summary of Adjusted Results by Business Segment** |
|  | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) |
|  |  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **3 Months Ended March 31,** | **3 Months Ended March 31,** | **3 Months Ended March 31,** |
|  |  | **2021** | **2022** | **2023** | **2024** | **2025** | **2025** | **2026** | **% Change** |
|  | Aflac Japan | $3756 | $3281 | $3234 | $3494 | $3440 | $722 | $**759** | 5.1% |
|  | Aflac U.S. | 1356 | 1359 | 1501 | 1419 | 1421 | 358 | **363** | 1.4 |
| <sup>1</sup> | Corporate and other <sup>(1)</sup> | (293) | (218) | (425) | 32 | 101 | 43 | **—** |  |
|  | &nbsp;&nbsp;Pretax adjusted earnings | 4819 | 4422 | 4310 | 4945 | 4962 | 1123 | **1122** | (0.1) |
|  | Income taxes <sup>(1)</sup> | 893 | 808 | 577 | 873 | 954 | 217 | **221** | 1.8 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Adjusted earnings <sup>(2)</sup> | 3925 | 3614 | 3733 | 4072 | 4008 | 906 | **901** | (0.6) |
|  | **Reconciling items:** |  |  |  |  |  |  |  |  |
|  | Adjusted net investment gains (losses) | 462 | 447 | 914 | 1495 | (375) | (924) | **103** |  |
|  | Other and non-recurring income (loss)  | (73) | 1 | 39 | (23) | (54) | (53) | **—** |  |
| <sup>3</sup> | Income tax benefit (expense) on items excluded from adjusted earnings <sup>(3)</sup> | (83) | 357 | (26) | (101) | 67 | 100 | **15** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net earnings | $4231 | $4418 | $4659 | $5443 | $3646 | $29 | $**1019** | 3413.8% |
|  | Effective Tax rate | 18.7% | 9.3% | 11.5% | 15.2% | 19.6% | 80.3% | **16.8%** |  |
|  | **Earnings per share of common stock:** |  |  |  |  |  |  |  |  |
|  | Net earnings (basic) | $6.28 | $6.96 | $7.81 | $9.68 | $6.84 | $0.05 | $**1.99** | 3880.0 |
|  | Net earnings (diluted) | 6.25 | 6.93 | 7.78 | 9.63 | 6.82 | 0.05 | **1.98** | 3860.0 |
|  | Adjusted earnings (basic) <sup>(2)</sup> | $5.83 | $5.69 | $6.26 | $7.24 | $7.52 | $1.66 | $**1.76** | 6.0% |
|  | Adjusted earnings (diluted) <sup>(2)</sup> | 5.80 | 5.67 | 6.23 | 7.21 | 7.49 | 1.66 | **1.75** | 5.4 |

---

 <sup>(1)</sup> *The change in value of federal historic rehabilitation and solar investments in partnerships of $5 and $8 for the three-month periods ended March 31, 2026, and 2025, respectively, is included as a reduction to net investment income. Tax credits on these investments of $5 and $7 for the three-month periods ended March 31, 2026, and 2025, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.*

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

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

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** |
| | **Consolidated Statements of Earnings - U.S. GAAP** | **Consolidated Statements of Earnings - U.S. GAAP** | **Consolidated Statements of Earnings - U.S. GAAP** | **Consolidated Statements of Earnings - U.S. GAAP** | **Consolidated Statements of Earnings - U.S. GAAP** | **Consolidated Statements of Earnings - U.S. GAAP** | **Consolidated Statements of Earnings - U.S. GAAP** | **Consolidated Statements of Earnings - U.S. GAAP** | **Consolidated Statements of Earnings - U.S. GAAP** |
|  | (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 March 31,** | **3 Months Ended March 31,** | **3 Months Ended March 31,** |
|  |  | **2021** | **2022** | **2023** | **2024** | **2025** | **2025** | **2026** | **% Change** |
|  | **Revenues:** |  |  |  |  |  |  |  |  |
|  | Net earned premiums: |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;Gross premiums | $17305 | $15025 | $14318 | $13562 | $13760 | $3433 | $**3421** |  |
|  | &nbsp;&nbsp;Assumed (ceded) | (210) | (124) | (195) | (122) | (212) | (52) | **(111)** |  |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Total net earned premiums <sup>(1)</sup> | 17095 | 14901 | 14123 | 13440 | 13548 | 3381 | **3310** | (2.1)% |
|  | Net investment income | 3818 | 3656 | 3811 | 4116 | 4076 | 955 | **956** | 0.1 |
|  | Net investment gains (losses)  | 468 | 363 | 590 | 1271 | (572) | (963) | **49** |  |
|  | Other income  | 173 | 220 | 177 | 100 | 112 | 25 | **31** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 21554 | 19140 | 18701 | 18927 | 17164 | 3398 | **4346** | 27.9 |
|  | **Benefits and Claims:** |  |  |  |  |  |  |  |  |
|  | Benefits and claims, net: |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;Incurred claims - direct | 8949 | 8271 | 8005 | 8281 | 8901 | 2388 | **2414** |  |
|  | &nbsp;&nbsp;Incurred claims - assumed (ceded) | (147) | (108) | (177) | (95) | (189) | (44) | **(63)** |  |
| <sup>2</sup> | &nbsp;&nbsp;Increase in FPB - direct <sup>(2)</sup> | 1819 | 888 | 594 | (184) | (727) | (357) | **(419)** |  |
|  | &nbsp;&nbsp;Increase in FPB - assumed (ceded) <sup>(2)</sup> | 3 | 51 | 172 | 5 | 2 | (1) | **(18)** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total net benefits and claims, excluding reserve remeasurement | 10623 | 9102 | 8594 | 8008 | 7987 | 1986 | **1914** |  |
|  | Reserve remeasurement (gain) loss | (147) | (215) | (383) | (558) | (694) | (41) | **(82)** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total net benefits and claims | 10476 | 8887 | 8211 | 7450 | 7293 | 1945 | **1832** | (5.8) |
|  | **Acquisition and operating expenses:** |  |  |  |  |  |  |  |  |
| <sup>3</sup> | Amortization of DAC <sup>(3)</sup> | 835 | 792 | 816 | 851 | 874 | 216 | **221** |  |
|  | Insurance commissions | 1256 | 1117 | 1052 | 998 | 991 | 240 | **237** |  |
|  | Insurance expenses | 3541 | 3249 | 3165 | 3014 | 3253 | 802 | **771** |  |
|  | Interest expense | 238 | 226 | 195 | 197 | 220 | 50 | **60** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total acquisition and operating expenses | 5870 | 5384 | 5228 | 5060 | 5338 | 1308 | **1289** | (1.5) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and expenses | 16346 | 14271 | 13439 | 12510 | 12631 | 3253 | **3121** | (4.1) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pretax earnings | 5208 | 4869 | 5262 | 6417 | 4533 | 145 | **1225** |  |
| <sup>4</sup> | Income tax expense (benefit) <sup>(4)</sup> | 977 | 451 | 603 | 974 | 887 | 116 | **206** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net earnings | $4231 | $4418 | $4659 | $5443 | $3646 | $29 | $**1019** | 3413.8% |

---

 <sup>(1)</sup> *Includes a gain (loss) of an immaterial amount for the three-month periods ended March 31, 2026 and 2025, respectively, related to remeasurement of the deferred profit liability for limited- payment contracts.*

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

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

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

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** |
| | **Analysis of Net Earnings and Net Earnings Per Diluted Share** | **Analysis of Net Earnings and Net Earnings Per Diluted Share** | **Analysis of Net Earnings and Net Earnings Per Diluted Share** | **Analysis of Net Earnings and Net Earnings Per Diluted Share** | **Analysis of Net Earnings and Net Earnings Per Diluted Share** | **Analysis of Net Earnings and Net Earnings Per Diluted Share** | **Analysis of Net Earnings and Net Earnings Per Diluted Share** | **Analysis of Net Earnings and Net Earnings Per Diluted Share** | **Analysis of Net Earnings and Net Earnings Per Diluted Share** | **Analysis of Net Earnings and Net Earnings Per Diluted Share** |
|  | (In Millions, except for per-share data) | (In Millions, except for per-share data) | (In Millions, except for per-share data) | (In Millions, except for per-share data) | (In Millions, except for per-share data) | (In Millions, except for per-share data) | (In Millions, except for per-share data) | (In Millions, except for per-share data) | (In Millions, except for per-share data) | (In Millions, except for per-share data) |
|  |  | **Period** | **Net Earnings** | **Net Investment Gains (Losses)** <sup>(1)</sup> | **Other and Non- Recurring Items** <sup>(1)</sup> | **Foreign Currency Impact** <sup>(2)</sup> | **Net Earnings Per Share** | **Net Investment Gains (Losses)** <sup>(1)</sup> | **Other and Non-Recurring Items Per Share** <sup>(1)</sup> | **Foreign Currency Impact Per Share** <sup>(2)</sup> |
| <sup>1</sup> |  | 2021 | $4231 | $365 | $(59) | $(42) | $6.25 | $0.54 | $(0.09) | $(0.06) |
| <sup>2</sup> |  | 2022 | 4418 | 803 | 1 | (262) | 6.93 | 1.26 |  | (0.41) |
|  |  | 2023 | 4659 | 896 | 31 | (113) | 7.78 | 1.50 | 0.05 | (0.19) |
|  |  | 2024 | 5443 | 1389 | (18) | (103) | 9.63 | 2.46 | (0.03) | (0.18) |
|  |  | 2025 | 3646 | (319) | (43) | 19 | 6.82 | (0.60) | (0.08) | 0.04 |
|  | 2024 | 1 | 1879 | 920 | (2) | (44) | 3.25 | 1.59 |  | (0.08) |
|  |  | 2 | 1755 | 720 |  | (37) | 3.10 | 1.27 |  | (0.07) |
|  |  | 3 | (93) | (1304) |  | (16) | (0.17) | (2.33) |  | (0.03) |
|  |  | 4 | 1902 | 1054 | (17) | (6) | 3.42 | 1.90 | (0.03) | (0.01) |
|  | 2025 | 1 | 29 | (835) | (42) | (8) | 0.05 | (1.53) | (0.08) | (0.01) |
|  |  | 2 | 599 | (358) |  | 23 | 1.11 | (0.66) |  | 0.04 |
|  |  | 3 | 1639 | 313 | (1) | 1 | 3.08 | 0.59 |  |  |
|  |  | 4 | 1379 | 561 |  | (1) | 2.64 | 1.07 |  |  |
|  | **2026** | 1 | **1019** | **118** | **—** | **(8)** | **1.98** | **0.23** | **—** | **(0.02)** |

---

 <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*

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** |
| | **Consolidated Balance Sheets** | **Consolidated Balance Sheets** | **Consolidated Balance Sheets** | **Consolidated Balance Sheets** | **Consolidated Balance Sheets** | **Consolidated Balance Sheets** | **Consolidated Balance Sheets** | **Consolidated Balance Sheets** |
|  | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) |
|  |  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **March 31,** | **March 31,** |
|  |  | **2021** | **2022** | **2023** | **2024** | **2025** | **2025** | **2026** |
|  | **Assets:** |  |  |  |  |  |  |  |
|  | Investments and cash: |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;Securities available for sale: |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Fixed maturity securities available for sale, at fair value | $94206 | $71936 | $69578 | $61841 | $60485 | $63547 | $**59683** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Fixed maturity securities available for sale - consolidated variable interest entities, at fair value | 4490 | 3805 | 3712 | 3428 | 3636 | 3597 | **3545** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Fixed maturity securities held to maturity, at amortized cost, net of allowance for credit losses | 22000 | 19056 | 17819 | 15966 | 16120 | 16888 | **15752** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Equity securities, at fair value | 1603 | 1091 | 1088 | 796 | 887 | 764 | **851** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage and other loans, net of allowance for credit losses | 11786 | 13496 | 12527 | 10869 | 9765 | 10656 | **9770** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Other investments | 3842 | 4070 | 4530 | 5958 | 6622 | 6763 | **7937** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 5051 | 3943 | 4306 | 6229 | 6245 | 5231 | **5654** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments and cash | 142978 | 117397 | 113560 | 105087 | 103760 | 107446 | **103192** |
| <sup>1</sup> | Receivables, net of allowance for credit losses <sup>(1)</sup> | 672 | 647 | 848 | 779 | 835 | 894 | **947** |
|  | Accrued investment income | 737 | 745 | 731 | 710 | 718 | 682 | **695** |
|  | Deferred policy acquisition costs | 9848 | 9239 | 9132 | 8758 | 9034 | 9083 | **8976** |
|  | Property and equipment, net | 538 | 530 | 445 | 387 | 351 | 391 | **354** |
| <sup>2</sup> | Other assets, net of allowance for credit losses <sup>(1)(2)</sup> | 3377 | 3180 | 2008 | 1845 | 1772 | 1762 | **2116** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $158150 | $131738 | $126724 | $117566 | $116470 | $120258 | $**116280** |
|  | **Liabilities and Shareholders' Equity:** |  |  |  |  |  |  |  |
|  | Liabilities: |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;Total policy liabilities | $126331 | $96910 | $91599 | $77508 | $69583 | $78828 | $**66782** |
|  | &nbsp;&nbsp;Notes payable | 7956 | 7442 | 7364 | 7498 | 8409 | 7751 | **7908** |
|  | &nbsp;&nbsp;Income taxes, primarily deferred | 30 | 698 | 154 | 573 | 1368 | 815 | **1753** |
|  | &nbsp;&nbsp;Other liabilities | 6802 | 6548 | 5622 | 5889 | 7620 | 6526 | **9876** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 141119 | 111598 | 104739 | 91468 | 86980 | 93920 | **86319** |
|  | Shareholders' equity: |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;Common stock | 135 | 135 | 136 | 136 | 136 | 136 | **136** |
|  | &nbsp;&nbsp;Additional paid-in capital | 2529 | 2641 | 2771 | 2894 | 3024 | 2919 | **3064** |
|  | &nbsp;&nbsp;Retained earnings | 40963 | 44367 | 47993 | 52277 | 54682 | 52308 | **55702** |
|  | &nbsp;&nbsp;Accumulated other comprehensive income (loss): |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Unrealized foreign currency translation gains (losses) | (1985) | (3564) | (4069) | (4998) | (4847) | (4549) | **(4961)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gains (losses) on fixed maturity securities | 9602 | (702) | 1139 | 24 | (1809) | (1233) | **(2665)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gains (losses) on derivatives | (30) | (27) | (22) | (20) | (13) | (18) | **(16)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Effect of change in discount rate assumption(s) | (15832) | (2100) | (2560) | 2006 | 8035 | 3899 | **9458** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pension liability adjustment | (166) | (36) | (8) | 10 | 86 | 42 | **85** |
|  | &nbsp;&nbsp;Treasury stock | (18185) | (20574) | (23395) | (26231) | (29804) | (27166) | **(30842)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 17031 | 20140 | 21985 | 26098 | 29490 | 26338 | **29961** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities & shareholders' equity | $158150 | $131738 | $126724 | $117566 | $116470 | $120258 | $**116280** |

---

 <sup>(1)</sup> *Certain reclassifications have been made to prior-year amounts to conform to current-year reporting classifications. These reclassifications had no impact on net earnings or total shareholders' equity.*

 <sup>(2)</sup> *Includes goodwill of $260 million in March 2026, $260 million in March 2025*, *$260 million in 2025, $263 million in 2024, $265 million in 2023, $265 million in 2022 and $268 million in 2021*

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** |
| | **Quarterly Financial Results** | **Quarterly Financial Results** | **Quarterly Financial Results** | **Quarterly Financial Results** | **Quarterly Financial Results** | **Quarterly Financial Results** | **Quarterly Financial Results** | **Quarterly Financial Results** | **Quarterly Financial Results** | **Quarterly Financial Results** | **Quarterly Financial Results** | **Quarterly Financial Results** | **Quarterly Financial Results** | **Quarterly Financial Results** |
|  | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) |
| <sup>1</sup> |  |  |  |  |  |  |  |  |  |  | **Net EPS** | **Net EPS** | **Adj. EPS** <sup>(1)</sup> | **Adj. EPS** <sup>(1)</sup> |
|  |  | **Period** | **Net Earned Premiums** | **Net Investment Income** | **Total Revenues** | **Benefits & Claims, Net** | **Total Acquisitions & Adj. Exp.** | **Total Pretax Earnings** | **Net Earnings** | **Adjusted Earnings** <sup>(1)</sup> | **Basic** | **Dil.** | **Basic** | **Dil.** |
|  |  | 2021 | $17095 | $3818 | $21554 | $10476 | $5870 | $5208 | $4231 | $3925 | $6.28 | $6.25 | $5.83 | $5.80 |
|  |  | 2022 | 14901 | 3656 | 19140 | 8887 | 5384 | 4869 | 4418 | 3614 | 6.96 | 6.93 | 5.69 | 5.67 |
|  |  | 2023 | 14123 | 3811 | 18701 | 8211 | 5228 | 5262 | 4659 | 3733 | 7.81 | 7.78 | 6.26 | 6.23 |
|  |  | 2024 | 13440 | 4116 | 18927 | 7450 | 5060 | 6417 | 5443 | 4072 | 9.68 | 9.63 | 7.24 | 7.21 |
|  |  | 2025 | 13548 | 4076 | 17164 | 7293 | 5338 | 4533 | 3646 | 4008 | 6.84 | 6.82 | 7.52 | 7.49 |
|  | 2024 | 1 | 3456 | 1000 | 5436 | 2010 | 1256 | 2170 | 1879 | 961 | 3.27 | 3.25 | 1.67 | 1.66 |
|  |  | 2 | 3325 | 1095 | 5138 | 1921 | 1198 | 2019 | 1755 | 1035 | 3.11 | 3.10 | 1.83 | 1.83 |
|  |  | 3 | 3328 | 1006 | 2949 | 1595 | 1262 | 92 | (93) | 1211 | (0.17) | (0.17) | 2.17 | 2.16 |
|  |  | 4 | 3331 | 1016 | 5403 | 1923 | 1345 | 2135 | 1902 | 865 | 3.44 | 3.42 | 1.56 | 1.56 |
|  | 2025 | 1 | 3381 | 955 | 3398 | 1945 | 1308 | 145 | 29 | 906 | 0.05 | 0.05 | 1.66 | 1.66 |
|  |  | 2 | 3470 | 1081 | 4160 | 2010 | 1328 | 822 | 599 | 957 | 1.12 | 1.11 | 1.78 | 1.78 |
|  |  | 3 | 3372 | 1067 | 4740 | 1436 | 1310 | 1994 | 1639 | 1327 | 3.09 | 3.08 | 2.50 | 2.49 |
|  |  | 4 | 3325 | 973 | 4866 | 1902 | 1392 | 1572 | 1379 | 818 | 2.65 | 2.64 | 1.57 | 1.57 |
|  | 2026 | **1** | **3310** | **956** | **4346** | **1832** | **1289** | **1225** | **1019** | **901** | **1.99** | **1.98** | **1.76** | **1.75** |

---

 <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*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** |
| | **Quarterly Book Value Per Share** | **Quarterly Book Value Per Share** | **Quarterly Book Value Per Share** | **Quarterly Book Value Per Share** | **Quarterly Book Value Per Share** | **Quarterly Book Value Per Share** | **Quarterly Book Value Per Share** | **Quarterly Book Value Per Share** |
|  | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) |
| <sup>1</sup> |  |  |  |  |  |  |  |  |
|  |  | **Period** | **Equity BV Per Share** | **AOCI BV Per Share** | **Adjusted BV Per Share** <sup>(1)</sup> | **Adjusted BV Per Share % Change** | **Adjusted BV Per Share Excluding Foreign Currency Remeasurement<br>G/(L)** <sup>(1) (2)</sup> | **Adjusted BV Per Share Excluding Foreign Currency Remeasurement<br>G/(L) % Change** <sup>(2)</sup> |
|  |  | 2021 | $26.12 | $(12.90) | $39.01 | 9.7% | $37.71 | 6.0% |
|  |  | 2022 | 32.73 | (10.45) | 43.18 | 10.7 | 38.94 | 3.3 |
|  |  | 2023 | 38.00 | (9.54) | 47.55 | 10.1 | 41.15 | 5.7 |
|  |  | 2024 | 47.45 | (5.41) | 52.87 | 11.2 | 42.46 | 3.2 |
|  |  | 2025 | 56.85 | 2.80 | 54.06 | 2.3 | 42.66 | 0.5 |
|  | 2024 | 1 | 41.27 | (8.95) | 50.22 | 12.4 | 41.68 | 4.1 |
|  |  | 2 | 46.40 | (5.86) | 52.26 | 12.1 | 41.98 | 4.6 |
|  |  | 3 | 44.60 | (6.60) | 51.21 | 5.7 | 43.61 | 6.1 |
|  |  | 4 | 47.45 | (5.41) | 52.87 | 11.2 | 42.46 | 3.2 |
|  | 2025 | 1 | 48.55 | (3.43) | 51.98 | 3.5 | 42.61 | 2.2 |
|  |  | 2 | 50.86 | (0.92) | 51.78 | (0.9) | 42.97 | 2.4 |
|  |  | 3 | 54.57 | 1.24 | 53.33 | 4.1 | 43.52 | (0.2) |
|  |  | 4 | 56.85 | 2.80 | 54.06 | 2.3 | 42.66 | 0.5 |
|  | **2026** | **1** | **58.69** | **3.72** | **54.96** | **5.7** | **42.71** | **0.2** |

---

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

<sup>(2)</sup> *Adjusted BV Per Share Excluding Foreign Currency Remeasurement G/(L) at June 30, 2025, and September 30, 2025 are corrected, due to a calculation error, (previously reported amounts were $44.17 and $46.35, respectively). The percentage change figures for the corresponding periods in Adjusted BV Per Share Excluding Foreign Currency Remeasurement G(L) % Change have been corrected accordingly (previously reported % changes were 5.2% at June 30, 2025 and 6.3% at September 30, 2025).*

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** |
| | **Return on Equity** | **Return on Equity** | **Return on Equity** | **Return on Equity** | **Return on Equity** | **Return on Equity** | **Return on Equity** | **Return on Equity** |
| | | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **3 Months Ended March 31,** | **3 Months Ended March 31,** |
| <sup>1</sup> |  | **2021** <sup>(4)</sup> | **2022** | **2023** | **2024** | **2025** | **2025** | **2026** |
| <sup>2</sup> | U.S. GAAP ROE - Net earnings <sup>(1)</sup> | 26.7% | 23.8% | 22.1% | 22.6% | 13.1% | 0.4% | **13.7%** |
|  | &nbsp;&nbsp;Impact of excluding unrealized foreign currency translation gains (losses) | (1.7) | (2.5) | (3.1) | (3.6) | (2.6) |  | **(2.3)** |
|  | &nbsp;&nbsp;Impact of excluding unrealized gains (losses) on securities and derivatives | 10.7 | 4.1 | 0.2 | 0.4 | (0.5) |  | **(1.1)** |
|  | &nbsp;&nbsp;Impact of excluding effect on change in discount rate assumptions | (18.5) | (8.2) | (1.9) | (0.2) | 2.6 |  | **4.2** |
|  | &nbsp;&nbsp;Impact of excluding pension liability adjustment | (0.2) | (0.1) |  |  |  |  | **—** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Impact of excluding AOCI | (9.7) | (6.8) | (4.9) | (3.4) | (0.4) |  | **0.8** |
|  | U.S. GAAP ROE - less AOCI | 17.0 | 17.0 | 17.2 | 19.2 | 12.8 | 0.4 | **14.5** |
| <sup>3</sup> | Differences between adjusted earnings and net earnings <sup>(2)</sup> | (1.2) | (3.1) | (3.4) | (4.8) | 1.3 | 12.2 | **(1.7)** |
| <sup>4</sup> | Adjusted ROE - reported <sup>(3)</sup> | 15.8 | 13.9 | 13.8 | 14.4 | 14.0 | 12.7 | **12.8** |
| <sup>5</sup> | &nbsp;&nbsp;Less: Impact of excluding gains (losses) associated with foreign currency remeasurement <sup>(5)</sup> |  | 1.0 | 1.8 | 2.9 | 3.6 | 2.9 | **3.6** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Adjusted ROE, excluding foreign currency remeasurement <sup>(5) (6)</sup> | 16.0 | 14.9 | 15.6 | 17.3 | 17.6 | 15.6 | **16.4** |

---

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

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

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

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

 <sup>(5)</sup> *Impact of gains/losses associated with foreign currency remeasurement is calculated by excluding the cumulative (beginning January 1, 2021) foreign currency gains/losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. The impact is the difference of adjusted return on equity - reported compared with adjusted return on equity, excluding from shareholders' equity, gains/losses associated with foreign currency remeasurement*

 <sup>(6)</sup> *For the second and third quarter 2025, due to a calculation error, the Company reported adjusted return on equity excluding foreign currency remeasurement in the second quarter of 16.4%, and adjusted return on equity excluding foreign currency remeasurement in the third quarter of 22.1%. The corrected adjusted return on equity excluding foreign currency remeasurement in the second quarter was 16.6%, and the corrected adjusted return on equity excluding foreign currency remeasurement in the third quarter was 23.1%.* 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** |
| | **Adjusted Earnings Per Share Excluding Current Period Foreign Currency Impact** <sup>(1)</sup> | **Adjusted Earnings Per Share Excluding Current Period Foreign Currency Impact** <sup>(1)</sup> | **Adjusted Earnings Per Share Excluding Current Period Foreign Currency Impact** <sup>(1)</sup> | **Adjusted Earnings Per Share Excluding Current Period Foreign Currency Impact** <sup>(1)</sup> | **Adjusted Earnings Per Share Excluding Current Period Foreign Currency Impact** <sup>(1)</sup> | **Adjusted Earnings Per Share Excluding Current Period Foreign Currency Impact** <sup>(1)</sup> | **Adjusted Earnings Per Share Excluding Current Period Foreign Currency Impact** <sup>(1)</sup> | **Adjusted Earnings Per Share Excluding Current Period Foreign Currency Impact** <sup>(1)</sup> |
|  | (Diluted Basis) | (Diluted Basis) | (Diluted Basis) | (Diluted Basis) | (Diluted Basis) | (Diluted Basis) | (Diluted Basis) | (Diluted Basis) |
| <sup>1</sup> |  | **Period** | **Adjusted EPS** <sup>(1)</sup> | **Growth** | **QTD Foreign Currency Impact** <sup>(1)</sup> | **YTD Foreign Currency Impact** <sup>(1)</sup> | **Excluding Foreign Currency Impact** <sup>(1)</sup> | **Change Excluding Foreign Currency Impact** |
|  |  | 2021 | $5.80 | 16.9% | N/A | (0.06) | $5.86 | 18.1% |
|  |  | 2022 | 5.67 | (2.2) | N/A | (0.41) | 6.08 | 4.8 |
|  |  | 2023 | 6.23 | 9.9 | N/A | (0.19) | 6.43 | 13.4 |
|  |  | 2024 | 7.21 | 15.7 | N/A | (0.18) | 7.39 | 18.6 |
|  |  | 2025 | 7.49 | 3.9 | N/A | 0.04 | 7.46 | 3.5 |
|  | 2024 | 1 | $1.66 | 7.1% | (0.08) | (0.08) | $1.74 | 12.3% |
|  |  | 2 | 1.83 | 15.8 | (0.07) | (0.14) | 1.89 | 19.6 |
|  |  | 3 | 2.16 | 17.4 | (0.03) | (0.17) | 2.19 | 19.0 |
|  |  | 4 | 1.56 | 24.8 | (0.01) | (0.18) | 1.57 | 25.6 |
|  |  |  | $7.21 | 15.7% |  |  | $7.39 | 18.6% |
|  | 2025 | 1 | $1.66 | —% | (0.01) | (0.01) | $1.67 | 0.6% |
|  |  | 2 | 1.78 | (2.7) | 0.04 | 0.03 | 1.73 | (5.5) |
|  |  | 3 | 2.49 | 15.3 |  | 0.03 | 2.49 | 15.3 |
|  |  | 4 | 1.57 | 0.6 |  | 0.04 | 1.57 | 0.6 |
|  |  |  | $7.49 | 3.9% |  |  | $7.46 | 3.5% |
|  | **2026** | **1** | **1.75** | **5.4** | **(0.02)** | **(0.02)** | **1.77** | **6.6** |
|  |  |  | $1.75 | 5.4% |  |  | $1.77 | 6.6% |

---

 <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*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** |
| | **Composition of Invested Assets** | **Composition of Invested Assets** | **Composition of Invested Assets** | **Composition of Invested Assets** | **Composition of Invested Assets** | **Composition of Invested Assets** | **Composition of Invested Assets** | **Composition of Invested Assets** |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
|  |  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **March 31,** | **March 31,** |
|  |  | **2021** | **2022** | **2023** | **2024** | **2025** | **2025** | **2026** |
|  | Fixed Maturity Securities  | $107369 | $94525 | $88508 | $80055 | $81383 | $84433 | $**81208** |
|  | **Commercial mortgage and other loans, net of allowance for credit losses:**  |  |  |  |  |  |  |  |
|  | Transitional Real Estate (floating rate) | 5246 | 6455 | 5998 | 4703 | 3611 | 4475 | **3453** |
|  | Middle Market Loans (floating rate) | 4601 | 5028 | 4531 | 4283 | 4266 | 4301 | **4335** |
|  | Commercial Mortgage Loans | 1854 | 1775 | 1697 | 1523 | 1443 | 1511 | **1436** |
|  | Other Loans | 20 | 238 | 301 | 360 | 445 | 369 | **546** |
|  | &nbsp;&nbsp;Total Commercial mortgage and other loans, net of allowance for credit losses  | 11721 | 13496 | 12527 | 10869 | 9765 | 10656 | **9770** |
|  | Equity Securities, at FV through net earnings | 1603 | 1091 | 1088 | 796 | 887 | 764 | **851** |
| <sup>1</sup> | Alternatives <sup>(1)</sup> | 1703 | 2107 | 2619 | 3167 | 3809 | 3217 | **3924** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total Portfolio | $122396 | $111219 | $104742 | $94887 | $95844 | $99070 | $**95753** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Unrealized Gains (Losses) on Invested Assets** | **Unrealized Gains (Losses) on Invested Assets** | **Unrealized Gains (Losses) on Invested Assets** | **Unrealized Gains (Losses) on Invested Assets** | **Unrealized Gains (Losses) on Invested Assets** | **Unrealized Gains (Losses) on Invested Assets** | **Unrealized Gains (Losses) on Invested Assets** | **Unrealized Gains (Losses) on Invested Assets** |
| (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **March 31,** | **March 31,** |
| | **2021** | **2022** | **2023** | **2024** | **2025** | **2025** | **2026** |
| **Fixed Maturity Securities:** |  |  |  |  |  |  |  |
| Available For Sale - Gross Gains | $13566 | $4800 | $6050 | $5308 | $4782 | $4345 | $**4430** |
| Available For Sale - Gross Losses | (239) | (4528) | (3449) | (4128) | (5924) | (4746) | **(6658)** |
| &nbsp;&nbsp;Total Available For Sale | 13327 | 272 | 2601 | 1180 | (1142) | (401) | **(2228)** |
| Held to Maturity - Gross Gains | 4869 | 2154 | 1838 | 815 | 87 | 402 | **14** |
| Held to Maturity - Gross Losses |  |  |  | (9) | (731) | (155) | **(997)** |
| &nbsp;&nbsp;Total Held to Maturity | $4869 | $2154 | $1838 | $806 | $(644) | $247 | $**(983)** |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Ratings on Fixed Maturities** | **Credit Ratings on Fixed Maturities** | **Credit Ratings on Fixed Maturities** | **Credit Ratings on Fixed Maturities** | **Credit Ratings on Fixed Maturities** | **Credit Ratings on Fixed Maturities** | **Credit Ratings on Fixed Maturities** | **Credit Ratings on Fixed Maturities** |
| (At Amortized Cost) | (At Amortized Cost) | (At Amortized Cost) | (At Amortized Cost) | (At Amortized Cost) | (At Amortized Cost) | (At Amortized Cost) | (At Amortized Cost) |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **March 31,** | **March 31,** |
| **Credit Rating:** | **2021** | **2022** | **2023** | **2024** | **2025** | **2025** | **2026** |
| AAA | 1.0% | 1.6% | 1.6% | 1.5% | 1.1% | 1.3% | **1.4%** |
| AA | 5.1 | 5.2 | 5.7 | 6.0 | 6.6 | 6.0 | **6.6** |
| A | 68.9 | 68.0 | 68.1 | 68.0 | 69.0 | 68.2 | **68.7** |
| BBB | 22.5 | 23.0 | 22.9 | 22.9 | 21.9 | 22.9 | **21.8** |
| BB or Lower | 2.5 | 2.2 | 1.7 | 1.6 | 1.4 | 1.6 | **1.5** |
|  | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | **100.0%** |

---

 <sup>(1)</sup> *Presented at carrying value; includes asset classes such as private equity and real estate funds managed by Global Investments; excludes Corporate driven activity, policy loans, short-term investments, real estate owned assets and FHLB equity balances*

------

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** |
| | **Supplemental Investment Data by Segment** | **Supplemental Investment Data by Segment** | **Supplemental Investment Data by Segment** | **Supplemental Investment Data by Segment** | **Supplemental Investment Data by Segment** | **Supplemental Investment Data by Segment** | **Supplemental Investment Data by Segment** | **Supplemental Investment Data by Segment** |
| | | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **3 Months Ended March 31,** | **3 Months Ended March 31,** |
|  |  | **2021** | **2022** | **2023** | **2024** | **2025** | **2025** | **2026** |
|  | **Aflac Japan:** |  |  |  |  |  |  |  |
| <sup>1</sup> | Invested assets (in millions) <sup>(1)</sup> | ¥12405531 | ¥12617181 | ¥12127531 | ¥11881515 | ¥11994018 | ¥11909722 | ¥**12348225** |
| <sup>2</sup> | Return on average invested assets <sup>(2)</sup> | 2.72% | 2.78% | 2.90% | 3.33% | 3.22% | 3.00% | **3.05%** |
| <sup>3</sup> | Portfolio book yield at end of period <sup>(3)</sup> | 2.60% | 3.06% | 3.18% | 3.22% | 3.26% | 3.22% | **3.30%** |
|  | Total purchases for period (in millions) <sup>(3)</sup> | ¥952038 | ¥716964 | ¥378541 | ¥735141 | ¥1744625 | ¥969847 | ¥**348793** |
| <sup>4</sup> | New money yield <sup>(3)(4)</sup> | 3.50% | 4.48% | 5.18% | 6.11% | 4.17% | 3.30% | **4.97%** |
|  | **Aflac U.S.:** |  |  |  |  |  |  |  |
|  | Invested assets (in millions) <sup>(1)</sup> | $15841 | $16772 | $17075 | $17341 | $17373 | $17131 | $**17759** |
|  | Return on average invested assets <sup>(2)</sup> | 4.87% | 4.72% | 4.88% | 5.00% | 4.94% | 4.80% | **4.74%** |
|  | Portfolio book yield at end of period <sup>(3)</sup> | 4.94% | 5.39% | 5.53% | 5.58% | 5.47% | 5.56% | **5.46%** |
|  | Total purchases for period (in millions) <sup>(3)</sup> | $2130 | $1701 | $907 | $934 | $1156 | $493 | $**680** |
|  | New money yield <sup>(3)(4)</sup> | 3.41% | 5.16% | 7.56% | 6.90% | 6.73% | 6.61% | **6.23%** |

---

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

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

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

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

------

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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*** |
| <sup>1</sup> | **Japan Segment Portfolio Allocation by Currency** <sup>(1)</sup> | **Japan Segment Portfolio Allocation by Currency** <sup>(1)</sup> | **Japan Segment Portfolio Allocation by Currency** <sup>(1)</sup> | **Japan Segment Portfolio Allocation by Currency** <sup>(1)</sup> | **Japan Segment Portfolio Allocation by Currency** <sup>(1)</sup> |
|  | (U.S. GAAP Basis) | (U.S. GAAP Basis) | (U.S. GAAP Basis) | (U.S. GAAP Basis) | (U.S. GAAP Basis) |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
|  |  | **December 31, 2025** | **December 31, 2025** | **March 31, 2026** | **March 31, 2026** |
|  |  | **Amortized Cost** <sup>(2)</sup> | **Fair Value** | **Amortized Cost** <sup>(2)</sup> | **Fair Value** |
|  | JGB | $30698 | $27313 | $29817 | 25838 |
|  | Other | 16870 | 16036 | 16612 | 15363 |
|  | &nbsp;&nbsp;Total yen denominated | 47568 | 43349 | 46429 | 41201 |
|  | USD Program | 23503 | 25855 | 25125 | 27413 |
|  | Other | 1632 | 2398 | 1596 | 2356 |
|  | &nbsp;&nbsp;Total US dollar denominated | 25135 | 28253 | 26721 | 29769 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total | $72703 | $71602 | $**73150** | **70970** |
|  | **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** | **Distribution of Consolidated Fixed Maturities by Sector** |
|  | (In millions) | (In millions) | (In millions) | (In millions) | (In millions) |
|  |  |  |  | **March 31, 2026** | **March 31, 2026** |
| <sup>2</sup> |  |  |  | **Amortized Cost** <sup>(2)</sup> | **% of Total** |
|  | **Government and agencies** |  |  | $**32782** | **40.4%** |
|  | **Municipalities** |  |  | **2248** | **2.8** |
|  | **Mortgage- and asset-backed securities** |  |  | **4870** | **6.0** |
|  | **Public utilities:** |  |  | **6790** | **8.4** |
|  | &nbsp;&nbsp;Electric |  |  | 5349 | 6.6 |
|  | &nbsp;&nbsp;Natural Gas |  |  | 894 | 1.1 |
|  | &nbsp;&nbsp;Other |  |  | 547 | 0.7 |
|  | **Sovereign and supranational** |  |  | **720** | **0.9** |
|  | **Banks/financial institutions:** |  |  | **9162** | **11.2** |
|  | &nbsp;&nbsp;Banking |  |  | 5142 | 6.3 |
|  | &nbsp;&nbsp;Insurance |  |  | 1870 | 2.3 |
|  | &nbsp;&nbsp;Other |  |  | 2150 | 2.6 |
|  | **Other corporate:** |  |  | **24636** | **30.3** |
|  | &nbsp;&nbsp;Basic Industry |  |  | 2023 | 2.5 |
|  | &nbsp;&nbsp;Capital Goods |  |  | 2926 | 3.6 |
|  | &nbsp;&nbsp;Communications |  |  | 2612 | 3.2 |
|  | &nbsp;&nbsp;Consumer Cyclical |  |  | 1892 | 2.3 |
|  | &nbsp;&nbsp;Consumer Non-Cyclical |  |  | 5768 | 7.1 |
|  | &nbsp;&nbsp;Energy |  |  | 2383 | 2.9 |
|  | &nbsp;&nbsp;Other |  |  | 980 | 1.2 |
|  | &nbsp;&nbsp;Technology |  |  | 3238 | 4.0 |
|  | &nbsp;&nbsp;Transportation |  |  | 2814 | 3.5 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total fixed maturity securities |  |  | $81208 | 100.0% |

---

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

 <sup>(2)</sup> *Net of reserves*

------

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** |
| | **Long-Term Debt Data** | **Long-Term Debt Data** | **Long-Term Debt Data** | **Long-Term Debt Data** | **Long-Term Debt Data** | **Long-Term Debt Data** | **Long-Term Debt Data** | **Long-Term Debt Data** |
| | **Adjusted Leverage Ratios** | **Adjusted Leverage Ratios** | **Adjusted Leverage Ratios** | **Adjusted Leverage Ratios** | **Adjusted Leverage Ratios** | **Adjusted Leverage Ratios** | **Adjusted Leverage Ratios** | **Adjusted Leverage Ratios** |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
|  |  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **March 31,** | **March 31,** |
|  |  | **2021** | **2022** | **2023** | **2024** | **2025** | **2025** | **2026** |
|  | Notes payable | $7956 | $7442 | $7364 | $7498 | $8409 | $7751 | $**7908** |
|  | &nbsp;&nbsp;50% of subordinated debentures and perpetual bonds | (389) | (337) | (315) | (282) | (285) | (299) | **(279)** |
|  | &nbsp;&nbsp;Pre-funding of debt maturities |  |  | (211) |  | (399) |  | **—** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Adjusted debt <sup>(1)</sup> | 7568 | 7105 | 6839 | 7216 | 7725 | 7453 | **7629** |
|  | Total Shareholders' Equity | 17031 | 20140 | 21985 | 26098 | 29490 | 26338 | **29961** |
|  | Accumulated other comprehensive (income) loss: |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;Unrealized foreign currency translation (gains) losses | 1985 | 3564 | 4069 | 4998 | 4847 | 4549 | **4961** |
|  | &nbsp;&nbsp;Unrealized (gains) losses on fixed maturity securities | (9602) | 702 | (1139) | (24) | 1809 | 1233 | **2665** |
|  | &nbsp;&nbsp;Unrealized (gains) losses on derivatives | 30 | 27 | 22 | 20 | 13 | 18 | **16** |
|  | &nbsp;&nbsp;Effect on change in discount rate assumptions | 15832 | 2100 | 2560 | (2006) | (8035) | (3899) | **(9458)** |
|  | &nbsp;&nbsp;Pension liability adjustment | 166 | 36 | 8 | (10) | (86) | (42) | **(85)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Adjusted book value <sup>(1)</sup> | $25442 | $26569 | $27505 | $29076 | $28038 | $28197 | $**28060** |
|  | Total capitalization <sup>(5)</sup> | $24987 | $27582 | $29349 | $33596 | $37899 | $34089 | $**37869** |
|  | Debt to capitalization | 31.8% | 27.0% | 25.1% | 22.3% | 22.2% | 22.7% | **20.9%** |
| <sup>2</sup> | Adjusted capitalization ex-AOCI <sup>(1)(2)</sup> | $33398 | $34011 | $34658 | $36574 | $36048 | $35948 | $**35968** |
|  | Adjusted debt to adjusted capitalization ex-AOCI | 22.7% | 20.9% | 19.7% | 19.7% | 21.4% | 20.7% | **21.2%** |
| <sup>3</sup> | Adjusted capitalization <sup>(1)(3)</sup> | $31247 | $30411 | $30581 | $31586 | $31287 | $31441 | $**31092** |
|  | Adjusted debt to adjusted capitalization | 24.2% | 23.4% | 22.4% | 22.8% | 24.7% | 23.7% | **24.5%** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <sup>4</sup> | **Debt Maturities Remaining** <sup>(4)</sup> | **Debt Maturities Remaining** <sup>(4)</sup> | **Debt Maturities Remaining** <sup>(4)</sup> | **Debt Maturities Remaining** <sup>(4)</sup> | **Debt Maturities Remaining** <sup>(4)</sup> | **Debt Maturities Remaining** <sup>(4)</sup> | **Debt Maturities Remaining** <sup>(4)</sup> |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
|  |  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  |  | **2026** | **2027-2031** | **2032-2036** | **2037-2046** | **2047+** | **Total** |
|  | Senior Notes | $300 | $2882 | $1875 | $1377 | $872 | $**7306** |
|  | Subordinated debt |  |  |  |  | 563 | **563** |
|  | &nbsp;&nbsp;Total | $300 | $2882 | $1875 | $1377 | $1435 | $**7869** |

---

 <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.* 

 <sup>(5)</sup> *Total capitalization is sum of notes payable and shareholders' equity.* 

------

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

---

------

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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.*** |
| **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) |
| (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 March 31,** | **3 Months Ended March 31,** | **3 Months Ended March 31,** |
|  | **2021** | **2022** | **2023** | **2024** | **2025** | **2025** | **2026** | **% Change** |
| **Revenues:** |  |  |  |  |  |  |  |  |
| Net earned premiums: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Gross premiums | $5540 | $5467 | $5669 | $5907 | $6182 | $1543 | $**1624** |  |
| &nbsp;&nbsp;Assumed (ceded) | 73 | 103 | 6 | (78) | (183) | (41) | **(69)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net earned premiums | 5614 | 5570 | 5675 | 5829 | 5999 | 1502 | **1555** | 3.5% |
| Adjusted net investment income | 754 | 755 | 820 | 847 | 830 | 202 | **201** | (0.5) |
| Other income excl. realized foreign exchange gains (losses) | 121 | 161 | 128 | 63 | 74 | 17 | **23** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjusted revenues | 6489 | 6486 | 6623 | 6739 | 6903 | 1721 | **1779** | 3.4 |
| **Benefits and claims:** |  |  |  |  |  |  |  |  |
| Benefits and claims, net: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Incurred claims - direct | 2183 | 2245 | 2423 | 2892 | 3193 | 816 | **820** |  |
| &nbsp;&nbsp;Incurred claims - assumed (ceded) | 89 | 104 | 17 | (75) | (177) | (39) | **(56)** |  |
| &nbsp;&nbsp;Increase in FPB - direct | 463 | 326 | 280 |  | (55) | (47) | **10** |  |
| &nbsp;&nbsp;Increase in FPB - assumed (ceded) | (11) | 4 | (5) | 4 | 8 | 1 | **(4)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total benefits and claims, net, excluding reserve remeasurement | 2724 | 2679 | 2715 | 2821 | 2969 | 731 | **770** |  |
| Reserve remeasurement (gain) loss | (85) | (124) | (284) | (95) | (132) | (15) | **(36)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and claims, net | 2639 | 2555 | 2431 | 2726 | 2837 | 716 | **734** | 2.5 |
| **Adjusted expenses:** |  |  |  |  |  |  |  |  |
| Amortization of deferred policy acquisition costs | 442 | 455 | 490 | 530 | 551 | 137 | **143** | 4.4 |
| Insurance commissions | 550 | 553 | 561 | 563 | 564 | 135 | **142** | 5.2 |
| Insurance and other expenses | 1502 | 1564 | 1640 | 1501 | 1530 | 375 | **397** | 5.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjusted expenses | 2494 | 2573 | 2691 | 2594 | 2645 | 647 | **682** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and adjusted expenses | 5132 | 5127 | 5122 | 5320 | 5482 | 1363 | **1416** | 3.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pretax adjusted earnings | $1356 | $1359 | $1501 | $1419 | $1421 | $358 | $**363** | 1.4% |

---

------

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** |
| | **Balance Sheets** | **Balance Sheets** | **Balance Sheets** | **Balance Sheets** | **Balance Sheets** | **Balance Sheets** | **Balance Sheets** | **Balance Sheets** |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
|  |  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **March 31,** | **March 31,** |
|  |  | **2021** | **2022** | **2023** | **2024** | **2025** | **2025** | **2026** |
|  | **Assets:** |  |  |  |  |  |  |  |
|  | Investments and cash | $18324 | $15987 | $16718 | $16775 | $17090 | $16706 | $**17281** |
| <sup>1</sup> | Receivables, net of allowance for credit losses <sup>(1)</sup> | 574 | 584 | 688 | 671 | 707 | 707 | **766** |
|  | Accrued investment income | 169 | 184 | 183 | 178 | 171 | 176 | **172** |
|  | Deferred policy acquisition costs | 3366 | 3463 | 3573 | 3656 | 3732 | 3667 | **3741** |
|  | Other assets <sup>(1)</sup> | 758 | 784 | 698 | 650 | 618 | 625 | **627** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $23191 | $21002 | $21861 | $21930 | $22317 | $21881 | $**22587** |
|  | **Liabilities and Shareholders' Equity:** |  |  |  |  |  |  |  |
|  | Future policy benefits | $14212 | $10870 | $11234 | $10584 | $10798 | $10678 | $**10567** |
|  | Policy and contract claims | 151 | 200 | 258 | 376 | 483 | 405 | **508** |
|  | Other policy liabilities | 119 | 117 | 107 | 103 | 97 | 111 | **106** |
|  | Deferred income taxes | (328) | (243) | (311) | (231) | (178) | (161) | **(101)** |
|  | Other liabilities | 2010 | 2080 | 2062 | 2055 | 1621 | 1760 | **1820** |
|  | Shareholders' equity | 7027 | 7978 | 8510 | 9043 | 9496 | 9088 | **9687** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities & shareholders' equity | $23191 | $21002 | $21861 | $21930 | $22317 | $21881 | $**22587** |

---

 <sup>(1)</sup> *Certain reclassifications have been made to prior-year amounts to conform to current-year reporting classifications. These reclassifications had no impact on net earnings or total shareholders' equity.*

------

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** |
| **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** |
| (Restated to conform to current classifications) | (Restated to conform to current classifications) | (Restated to conform to current classifications) | (Restated to conform to current classifications) | (Restated to conform to current classifications) | (Restated to conform to current classifications) | (Restated to conform to current classifications) | (Restated to conform to current classifications) | (Restated to conform to current classifications) | (Restated to conform to current classifications) | (Restated to conform to current classifications) | (Restated to conform to current classifications) | (Restated to conform to current classifications) | (Restated to conform to current classifications) | (Restated to conform to current classifications) | (Restated to conform to current classifications) |
| (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
|  | **Period** | **Net Earned Premiums** | **% Change** | **Adjusted NII** | **% Change** | **Total Adjusted Revenues** | **% Change** | **Benefits & Claims, Net** | **% Change** | **Amort.** | **% Change** | **Total Adjusted Expenses** | **% Change** | **Pretax Adjusted Earn.** | **% Change** |
|  | 2021 | $5614 | (2.5)% | $754 | 7.0% | $6489 | (1.2)% | $2639 | (4.6)% | $442 | (22.5)% | $2494 | (1.5)% | $1356 | 6.9% |
|  | 2022 | 5570 | (0.8) | 755 | 0.1 | 6486 |  | 2555 | (3.2) | 455 | 2.9 | 2573 | 3.2 | 1359 | 0.2 |
|  | 2023 | 5675 | 1.9 | 820 | 8.6 | 6623 | 2.1 | 2431 | (4.9) | 490 | 7.7 | 2691 | 4.6 | 1501 | 10.4 |
|  | 2024 | 5829 | 2.7 | 847 | 3.3 | 6739 | 1.8 | 2726 | 12.1 | 530 | 8.2 | 2594 | (3.6) | 1419 | (5.5) |
|  | 2025 | 5999 | 2.9 | 830 | (2.0) | 6903 | 2.4 | 2837 | 4.1 | 551 | 4.0 | 2645 | 2.0 | 1421 | 0.1 |
| 2024 | 1 | 1475 | 3.3 | 206 | 4.6 | 1699 | 2.3 | 686 | 5.4 | 132 | 10.9 | 658 | 0.2 | 356 | 1.1 |
|  | 2 | 1455 | 2.1 | 218 | 7.4 | 1684 | 1.3 | 680 | 5.4 | 132 | 10.0 | 621 | (4.2) | 383 | 3.8 |
|  | 3 | 1459 | 2.8 | 210 | 0.5 | 1684 | 1.4 | 694 | 36.1 | 132 | 8.2 | 640 | (5.0) | 350 | (26.8) |
|  | 4 | 1441 | 2.7 | 213 | 0.9 | 1671 | 2.0 | 667 | 6.5 | 134 | 3.9 | 674 | (5.3) | 330 | 9.3 |
| 2025 | 1 | 1502 | 1.8 | 202 | (1.9) | 1721 | 1.3 | 716 | 4.4 | 137 | 3.8 | 647 | (1.7) | 358 | 0.6 |
|  | 2 | 1504 | 3.4 | 207 | (5.0) | 1728 | 2.6 | 712 | 4.7 | 136 | 3.0 | 628 | 1.1 | 388 | 1.3 |
|  | 3 | 1495 | 2.5 | 214 | 1.9 | 1728 | 2.6 | 681 | (1.9) | 137 | 3.8 | 672 | 5.0 | 375 | 7.1 |
|  | 4 | 1498 | 4.0 | 207 | (2.8) | 1726 | 3.3 | 728 | 9.1 | 141 | 5.2 | 698 | 3.6 | 300 | (9.1) |
| **2026** | **1** | **1555** | **3.5** | **201** | **(0.5)** | **1779** | **3.4** | **734** | **2.5** | **143** | **4.4** | **682** | **5.4** | **363** | **1.4** |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** |
| **Operating Ratios** | **Operating Ratios** | **Operating Ratios** | **Operating Ratios** | **Operating Ratios** | **Operating Ratios** | **Operating Ratios** | **Operating Ratios** |
| (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) |
|  | **Period** | **12-Mo. Rolling Premium Persistency**  | **Total Benefit/ Premium** | **Amortization/ Premium** | **Total Adjusted Expenses/ Total Adjusted Revenue** | **Combined Ratio/ Total Adjusted Revenue** | **Pretax Profit Margin** |
|  | 2021 | 79.7% | 47.0% | 7.9% | 38.4% | 79.1% | 20.9% |
|  | 2022 | 77.3 | 45.9 | 8.2 | 39.7 | 79.0 | 21.0 |
|  | 2023 | 78.6 | 42.8 | 8.6 | 40.6 | 77.3 | 22.7 |
|  | 2024 | 79.3 | 46.8 | 9.1 | 38.5 | 78.9 | 21.1 |
|  | 2025 | 79.2 | 47.3 | 9.2 | 38.3 | 79.4 | 20.6 |
| 2024 | 1 | 78.7 | 46.5 | 8.9 | 38.7 | 79.0 | 21.0 |
|  | 2 | 78.7 | 46.7 | 9.1 | 36.9 | 77.3 | 22.7 |
|  | 3 | 78.9 | 47.6 | 9.0 | 38.0 | 79.2 | 20.8 |
|  | 4 | 79.3 | 46.3 | 9.3 | 40.3 | 80.3 | 19.7 |
| 2025 | 1 | 79.3 | 47.7 | 9.1 | 37.6 | 79.2 | 20.8 |
|  | 2 | 79.2 | 47.3 | 9.0 | 36.3 | 77.5 | 22.5 |
|  | 3 | 79.0 | 45.6 | 9.2 | 38.9 | 78.3 | 21.7 |
|  | 4 | 79.2 | 48.6 | 9.4 | 40.4 | 82.6 | 17.4 |
| **2026** | **1** | **79.3** | **47.2** | **9.2** | **38.3** | **79.6** | **20.4** |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** |
| **Aflac U.S. Sales Results** | **Aflac U.S. Sales Results** | **Aflac U.S. Sales Results** | **Aflac U.S. Sales Results** | **Aflac U.S. Sales Results** | **Aflac U.S. Sales Results** |
| (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
|  | **Period** | **Annualized Premiums In Force** | **% Change** | **New Annualized Premiums Sales** | **% Change** |
|  | 2021 | $6003 | (1.6)% | $1278 | 16.9% |
|  | 2022 | 5967 | (0.6) | 1483 | 16.1 |
|  | 2023 | 6161 | 3.3 | 1558 | 5.0 |
|  | 2024 | 6383 | 3.6 | 1543 | (1.0) |
|  | 2025 | 6694 | 4.9 | 1589 | 3.0 |
| 2024 | 1 | 6211 | 3.1 | 298 | (5.2) |
|  | 2 | 6239 | 2.9 | 331 | 2.0 |
|  | 3 | 6265 | 3.3 | 379 | 5.5 |
|  | 4 | 6383 | 3.6 | 534 | (4.5) |
| 2025 | 1 | 6505 | 4.7 | 309 | 3.5 |
|  | 2 | 6506 | 4.3 | 340 | 2.7 |
|  | 3 | 6500 | 3.8 | 390 | 2.8 |
|  | 4 | 6694 | 4.9 | 551 | 3.1 |
| **2026** | **1** | **6801** | **4.6** | **318** | **2.9** |

---

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** |
| | **Aflac U.S. Product Mix** | **Aflac U.S. Product Mix** | **Aflac U.S. Product Mix** | **Aflac U.S. Product Mix** | **Aflac U.S. Product Mix** | **Aflac U.S. Product Mix** | **Aflac U.S. Product Mix** | **Aflac U.S. Product Mix** | **Aflac U.S. Product Mix** | **Aflac U.S. Product Mix** | **Aflac U.S. Product Mix** | **Aflac U.S. Product Mix** | **Aflac U.S. Product Mix** | **Aflac U.S. Product Mix** | **Aflac U.S. Product Mix** |
|  | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| <sup>1</sup> |  | **Period** | **Disability** | **% of Total** | **Life** | **% of Total** | **Accident** | **% of Total** | **Critical Care** <sup>(1)</sup> | **% of Total** | **Hospital Indemnity** | **% of Total** | **Dental/ Vision** | **% of Total** | **Total** |
|  |  | 2021 | $296 | 23.1% | $114 | 9.0% | $321 | 25.1% | $273 | 21.3% | $209 | 16.4% | $65 | 5.1% | $1278 |
|  |  | 2022 | 378 | 25.5 | 156 | 10.5 | 338 | 22.8 | 299 | 20.1 | 226 | 15.3 | 85 | 5.8 | 1483 |
|  |  | 2023 | 399 | 25.6 | 188 | 12.0 | 326 | 20.9 | 322 | 20.7 | 225 | 14.5 | 98 | 6.3 | 1558 |
|  |  | 2024 | 406 | 26.3 | 219 | 14.2 | 302 | 19.6 | 322 | 20.9 | 212 | 13.7 | 82 | 5.3 | 1543 |
|  |  | 2025 | 420 | 26.4 | 246 | 15.5 | 300 | 18.9 | 315 | 19.8 | 209 | 13.2 | 98 | 6.2 | 1589 |
|  | 2024 | 1 | 69 | 23.0 | 32 | 10.8 | 67 | 22.5 | 66 | 22.1 | 45 | 15.1 | 19 | 6.5 | 298 |
|  |  | 2 | 85 | 25.7 | 41 | 12.4 | 70 | 21.2 | 70 | 21.1 | 45 | 13.7 | 19 | 5.9 | 331 |
|  |  | 3 | 109 | 28.8 | 69 | 18.3 | 67 | 17.7 | 70 | 18.6 | 45 | 11.9 | 18 | 4.7 | 379 |
|  |  | 4 | 143 | 26.8 | 77 | 14.4 | 97 | 18.2 | 115 | 21.6 | 76 | 14.3 | 25 | 4.7 | 534 |
|  | 2025 | 1 | 70 | 22.8 | 39 | 12.5 | 65 | 21.1 | 67 | 21.8 | 46 | 15.0 | 21 | 6.8 | 309 |
|  |  | 2 | 94 | 27.7 | 45 | 13.1 | 65 | 19.0 | 74 | 21.8 | 40 | 11.9 | 22 | 6.5 | 340 |
|  |  | 3 | 130 | 31.8 | 76 | 19.3 | 66 | 16.9 | 55 | 15.9 | 41 | 10.5 | 22 | 5.6 | 390 |
|  |  | 4 | 126 | 22.7 | 86 | 15.7 | 105 | 19.0 | 119 | 21.7 | 82 | 14.8 | 33 | 6.1 | 551 |
|  | **2026** | **1** | **70** | **22.0** | **53** | **16.7** | **63** | **19.8** | **64** | **20.3** | **43** | **13.5** | **24** | **7.7** | **318** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Aflac U.S. Sales Force Data** | **Aflac U.S. Sales Force Data** | **Aflac U.S. Sales Force Data** | **Aflac U.S. Sales Force Data** | **Aflac U.S. Sales Force Data** | **Aflac U.S. Sales Force Data** | **Aflac U.S. Sales Force Data** |
| | | **Recruited Agents** | **Recruited Agents** | **Recruited Agents** | **Average Weekly Producer Equivalents** | **Productivity (Production/ Avg. Weekly Producers)** |
| | **Period** | **Career** | **Broker** | **Total** | **Average Weekly Producer Equivalents** | **Productivity (Production/ Avg. Weekly Producers)** |
|  | 2021 | 10641 | 5445 | 16086 | 5993 | 213235 |
|  | 2022 | 9550 | 1500 | 11050 | 6186 | 239786 |
|  | 2023 | 10103 | 1463 | 11566 | 6239 | 249663 |
|  | 2024 | 9994 | 1366 | 11360 | 6271 | 256210 |
|  | 2025 | 10048 | 1248 | 11296 | 5341 | 297543 |
| 2024 | 1 | 2330 | 346 | 2676 | 5800 | 51432 |
|  | 2 | 3113 | 422 | 3535 | 6098 | 54262 |
|  | 3 | 2553 | 335 | 2888 | 5890 | 64336 |
|  | 4 | 1998 | 263 | 2261 | 6271 | 85225 |
| 2025 | 1 | 2405 | 340 | 2745 | 5146 | 59985 |
|  | 2 | 3069 | 352 | 3421 | 5354 | 63505 |
|  | 3 | 2549 | 302 | 2851 | 5233 | 74459 |
|  | 4 | 2025 | 254 | 2279 | 5632 | 97806 |
| **2026** | **1** | **2194** | **332** | **2526** | **4982** | **63778** |

---

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

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** |
| | **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) |
|  | (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 March 31,** | **3 Months Ended March 31,** | **3 Months Ended March 31,** |
|  |  | **2021** | **2022** | **2023** | **2024** | **2025** | **2025** | **2026** | **% Change** |
|  | **Revenues:** |  |  |  |  |  |  |  |  |
|  | Net earned premiums: |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;Gross premiums | ¥1290527 | ¥1246657 | ¥1212654 | ¥1159719 | ¥1133651 | ¥288319 | ¥**281872** |  |
|  | &nbsp;&nbsp;Assumed (ceded) | (50864) | (48578) | (84838) | (109719) | (124776) | (31855) | **(35211)** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total net earned premiums | 1239663 | 1198079 | 1127816 | 1050000 | 1008875 | 256464 | **246661** | (3.8)% |
| <sup>1</sup> | Net investment income: <sup>(1)</sup> |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;Yen denominated | 138513 | 149449 | 138073 | 133059 | 133651 | 33983 | **30845** | (9.2) |
|  | &nbsp;&nbsp;US$ denominated | 202905 | 215171 | 247277 | 280628 | 258933 | 56310 | **64161** | 13.9 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 341419 | 364621 | 385352 | 413687 | 392584 | 90293 | **95005** | 5.2 |
| <sup>2</sup> | &nbsp;&nbsp;Amortized hedge costs on foreign investments <sup>(2)</sup> | (8391) | (13155) | (19773) | (3755) | (6754) | (1071) | **(2216)** | 106.9 |
|  | &nbsp;&nbsp;Adjusted net investment income | 333028 | 351466 | 365579 | 409932 | 385830 | 89222 | **92789** | 4.0 |
|  | Other income excl. realized foreign currency gains (losses) | 4512 | 4442 | 4720 | 4109 | 4739 | 796 | **1271** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjusted revenues | 1577203 | 1553988 | 1498115 | 1464041 | 1399444 | 346482 | **340720** | (1.7) |
|  | **Benefits and claims:** |  |  |  |  |  |  |  |  |
|  | Benefits and claims, net: |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;Incurred claims - direct | 743247 | 788572 | 781774 | 815894 | 854566 | 239635 | **249644** |  |
|  | &nbsp;&nbsp;Incurred claims - assumed (ceded) | (31798) | (36141) | (70748) | (82320) | (102280) | (26056) | **(25050)** |  |
|  | &nbsp;&nbsp;Increase in FPB - direct | 149084 | 73592 | 44121 | (26672) | (100493) | (47233) | **(66870)** |  |
|  | &nbsp;&nbsp;Increase in FPB - assumed (ceded) | (11425) | (5618) | 2226 | 13877 | 26091 | 6036 | **4437** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total benefits and claims, net, excluding reserve remeasurement | 849108 | 820405 | 757373 | 720780 | 677884 | 172383 | **162160** |  |
|  | Reserve remeasurement (gain) loss | (6879) | (13337) | (13072) | (64197) | (79134) | (3738) | **(6904)** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and claims, net | 842229 | 807068 | 744301 | 656583 | 598750 | 168645 | **155256** | (7.9) |
|  | **Adjusted expenses:** |  |  |  |  |  |  |  |  |
|  | Amortization of deferred policy acquisition costs | 43131 | 44123 | 45840 | 48581 | 48397 | 12097 | **12203** | 0.9 |
|  | Insurance commissions | 77449 | 73482 | 68751 | 65889 | 63897 | 15992 | **14962** | (6.4) |
|  | Insurance and other expenses | 202586 | 198493 | 182364 | 165314 | 174718 | 39731 | **39183** | (1.4) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted expenses | 323166 | 316097 | 296955 | 279784 | 287012 | 67821 | **66347** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and adjusted expenses | 1165395 | 1123165 | 1041256 | 936367 | 885762 | 236465 | **221603** | (6.3) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pretax adjusted earnings | ¥411808 | ¥430823 | ¥456859 | ¥527675 | ¥513683 | ¥110017 | ¥**119117** | 8.3% |

---

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

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

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** |
| | **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) |
|  | (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 March 31,** | **3 Months Ended March 31,** | **3 Months Ended March 31,** |
|  |  | **2021** | **2022** | **2023** | **2024** | **2025** | **2025** | **2026** | **% Change** |
|  | **Revenues:** |  |  |  |  |  |  |  |  |
|  | Net earned premiums |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;Gross premiums | $11765 | $9558 | $8649 | $7654 | $7578 | $1890 | $**1797** |  |
|  | &nbsp;&nbsp;Assumed (ceded) | (463) | (372) | (602) | (724) | (834) | (209) | **(224)** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total net earned premiums | 11301 | 9186 | 8047 | 6930 | 6744 | 1681 | **1573** | (6.4)% |
| <sup>1</sup> | Net investment income <sup>(1)</sup> |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;Yen denominated | 1262 | 1140 | 985 | 879 | 894 | 224 | **197** | (12.1) |
|  | &nbsp;&nbsp;US$ denominated | 1845 | 1641 | 1755 | 1849 | 1732 | 369 | **409** | 10.8 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 3107 | 2782 | 2739 | 2727 | 2626 | 593 | **606** | 2.2 |
| <sup>2</sup> | Amortized hedge costs on foreign investments <sup>(2)</sup> | (76) | (112) | (157) | (26) | (45) | (7) | **(15)** | 114.3 |
|  | &nbsp;&nbsp;Adjusted net investment income | 3031 | 2669 | 2582 | 2701 | 2581 | 586 | **591** | 0.9 |
|  | Other income excl. realized foreign currency gains (losses) | 41 | 35 | 35 | 28 | 32 | 5 | **8** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjusted revenues | 14373 | 11890 | 10664 | 9659 | 9357 | 2272 | **2172** | (4.4) |
|  | **Benefits and claims:** |  |  |  |  |  |  |  |  |
|  | Benefits and claims, net |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;Incurred claims - direct | 6776 | 6038 | 5582 | 5390 | 5707 | 1572 | **1594** |  |
|  | &nbsp;&nbsp;Incurred claims - assumed (ceded) | (290) | (275) | (502) | (543) | (684) | (171) | **(160)** |  |
|  | &nbsp;&nbsp;Increase in FPB - direct | 1356 | 562 | 314 | (184) | (671) | (310) | **(428)** |  |
|  | &nbsp;&nbsp;Increase in FPB - assumed (ceded) | (104) | (43) | 15 | 99 | 175 | 40 | **28** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total benefits and claims, net, excluding reserve remeasurement | 7738 | 6282 | 5409 | 4761 | 4528 | 1130 | **1035** |  |
|  | &nbsp;&nbsp;Reserve remeasurement (gain) loss | (62) | (91) | (96) | (444) | (529) | (25) | **(45)** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and claims, net | 7675 | 6191 | 5313 | 4317 | 3999 | 1105 | **990** | (10.4) |
|  | **Adjusted expenses:** |  |  |  |  |  |  |  |  |
|  | Amortization of deferred policy acquisition costs | 393 | 338 | 326 | 321 | 323 | 79 | **78** | (1.3) |
|  | Insurance commissions | 706 | 563 | 491 | 435 | 427 | 105 | **95** | (9.5) |
|  | Insurance and other expenses | 1843 | 1517 | 1300 | 1092 | 1168 | 261 | **250** | (4.2) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted expenses | 2942 | 2417 | 2117 | 1848 | 1918 | 445 | **423** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and adjusted expenses | 10618 | 8609 | 7430 | 6165 | 5917 | 1550 | **1413** | (8.8) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pretax adjusted earnings | $3756 | $3281 | $3234 | $3494 | $3440 | $722 | $**759** | 5.1% |

---

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

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

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** |
| **Balance Sheets** | **Balance Sheets** | **Balance Sheets** | **Balance Sheets** | **Balance Sheets** | **Balance Sheets** | **Balance Sheets** | **Balance Sheets** |
| (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **March 31,** | **March 31,** |
|  | **2021** | **2022** | **2023** | **2024** | **2025** | **2025** | **2026** |
| **Assets:** |  |  |  |  |  |  |  |
| Investments and cash | ¥13645902 | ¥12777746 | ¥12566939 | ¥12216793 | ¥11941237 | ¥11955918 | ¥**12182649** |
| Receivables, net of allowance for credit losses | 22439 | 23138 | 24848 | 31172 | 26100 | 38813 | **37367** |
| Accrued investment income | 67493 | 76489 | 74666 | 77899 | 82868 | 73268 | **78928** |
| Deferred policy acquisition costs | 745510 | 766506 | 788394 | 806920 | 830075 | 809782 | **836908** |
| Other assets | 386832 | 387065 | 946644 | 1136609 | 981002 | 1091922 | **1004958** |
| &nbsp;&nbsp;Total assets | ¥14868176 | ¥14030944 | ¥14401491 | ¥14269393 | ¥13861283 | ¥13969701 | ¥**14140809** |
| **Liabilities and Shareholders' Equity:** |  |  |  |  |  |  |  |
| Future policy benefits | ¥11755704 | ¥10315140 | ¥10444044 | ¥9630864 | ¥8234312 | ¥9219327 | ¥**7892088** |
| Policy and contract claims |  | 28 | 465 | 754 | 1029 | 833 | **1115** |
| Unearned premiums | 284045 | 227732 | 192595 | 189583 | 195068 | 189129 | **197070** |
| Other policyholders' funds | 877690 | 880989 | 874854 | 863699 | 852379 | 876538 | **866976** |
| Income taxes (prim. deferred) | 36166 | 114688 | 95297 | 136262 | 236939 | 173374 | **281125** |
| Other liabilities | 502633 | 575554 | 576879 | 526477 | 850287 | 699643 | **1253193** |
| Shareholders' equity | 1411938 | 1916812 | 2217357 | 2921754 | 3491267 | 2810856 | **3649242** |
| &nbsp;&nbsp;Total liabilities & shareholders' equity | ¥14868176 | ¥14030944 | ¥14401491 | ¥14269393 | ¥13861283 | ¥13969701 | ¥**14140809** |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** |
| **Balance Sheets** | **Balance Sheets** | **Balance Sheets** | **Balance Sheets** | **Balance Sheets** | **Balance Sheets** | **Balance Sheets** | **Balance Sheets** |
| (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **March 31,** | **March 31,** |
|  | **2021** | **2022** | **2023** | **2024** | **2025** | **2025** | **2026** |
| **Assets:** |  |  |  |  |  |  |  |
| Investments and cash | $118639 | $96290 | $88606 | $77233 | $76273 | $79962 | $**76199** |
| Receivables, net of allowance for credit losses | 195 | 174 | 175 | 197 | 167 | 260 | **234** |
| Accrued investment income | 587 | 576 | 526 | 492 | 529 | 490 | **494** |
| Deferred policy acquisition costs | 6482 | 5776 | 5559 | 5102 | 5302 | 5416 | **5235** |
| Other assets | 3363 | 2917 | 6675 | 7186 | 6266 | 7303 | **6286** |
| &nbsp;&nbsp;Total assets | $129266 | $105734 | $101541 | $90210 | $88537 | $93430 | $**88446** |
| **Liabilities and Shareholders' Equity:** |  |  |  |  |  |  |  |
| Future policy benefits | $102206 | $77733 | $73638 | $60885 | $52595 | $61659 | $**49363** |
| Policy and contract claims |  |  | 3 | 5 | 7 | 6 | **7** |
| Unearned premiums | 2470 | 1716 | 1358 | 1199 | 1245 | 1265 | **1233** |
| Other policyholders' funds | 7631 | 6639 | 6169 | 5460 | 5445 | 5862 | **5422** |
| Income taxes (prim. deferred) | 314 | 781 | 619 | 884 | 1541 | 1153 | **1799** |
| Other liabilities | 4369 | 4337 | 4067 | 3328 | 5431 | 4679 | **7838** |
| Shareholders' equity | 12276 | 14528 | 15687 | 18449 | 22272 | 18806 | **22784** |
| &nbsp;&nbsp;Total liabilities & shareholders' equity | $129266 | $105734 | $101541 | $90210 | $88537 | $93430 | $**88446** |

---

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** |
| **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** |
| (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
|  | **Period** | **Net Earned Premiums** | **% Change** | **Adjusted NII** | **% Change** | **Total Adjusted Revenues** | **% Change** | **Benefits & Claims, Net** | **% Change** | **Amort.** | **% Change** | **Total Adjusted Expense** | **% Change** | **Pretax Adjusted Earn.** | **% Change** |
|  | 2021 | ¥1239663 | (8.4)% | ¥333028 | 17.6% | ¥1577203 | (3.9)% | ¥842229 | (10.9)% | ¥43131 | (37.3)% | ¥323166 | (7.0)% | ¥411808 | 18.4% |
|  | 2022 | 1198079 | (3.4) | 351466 | 5.5 | 1553988 | (1.5) | 807068 | (4.2) | 44123 | 2.3 | 316097 | (2.2) | 430823 | 4.6 |
|  | 2023 | 1127816 | (5.9) | 365579 | 4.0 | 1498115 | (3.6) | 744301 | (7.8) | 45840 | 3.9 | 296955 | (6.1) | 456859 | 6.0 |
|  | 2024 | 1050000 | (6.9) | 409932 | 12.1 | 1464041 | (2.3) | 656583 | (11.8) | 48581 | 6.0 | 279784 | (5.8) | 527675 | 15.5 |
|  | 2025 | 1008875 | (3.9) | 385830 | (5.9) | 1399444 | (4.4) | 598750 | (8.8) | 48397 | (0.4) | 287012 | 2.6 | 513683 | (2.7) |
| 2024 | 1 | 269859 | (6.0) | 96551 | 19.3 | 367593 | (0.4) | 180873 | (5.9) | 12289 | 8.9 | 66157 | (8.9) | 120564 | 15.6 |
|  | 2 | 267319 | (5.7) | 112987 | 28.4 | 381181 | 2.3 | 178904 | (4.0) | 11995 | 5.6 | 67754 | (6.9) | 134523 | 18.6 |
|  | 3 | 255397 | (10.5) | 98969 | 0.1 | 355332 | (7.8) | 125548 | (32.4) | 12257 | 7.2 | 71039 | (2.8) | 158745 | 25.5 |
|  | 4 | 257425 | (5.4) | 101425 | 3.7 | 359935 | (3.0) | 171258 | (4.8) | 12040 | 2.3 | 74834 | (4.6) | 113843 | 1.0 |
| 2025 | 1 | 256464 | (5.0) | 89222 | (7.6) | 346482 | (5.7) | 168645 | (6.8) | 12097 | (1.6) | 67821 | 2.5 | 110017 | (8.7) |
|  | 2 | 254574 | (4.8) | 101145 | (10.5) | 357488 | (6.2) | 169409 | (5.3) | 12132 | 1.1 | 73768 | 8.9 | 114310 | (15.0) |
|  | 3 | 245206 | (4.0) | 98032 | (0.9) | 344243 | (3.1) | 96438 | (23.2) | 12028 | (1.9) | 68277 | (3.9) | 179527 | 13.1 |
|  | 4 | 252631 | (1.9) | 97431 | (3.9) | 351231 | (2.4) | 164258 | (4.1) | 12140 | 0.8 | 77146 | 3.1 | 109829 | (3.5) |
| **2026** | **1** | **246661** | **(3.8)** | **92789** | **4.0** | **340720** | **(1.7)** | **155256** | **(7.9)** | **12203** | **0.9** | **66347** | **(2.2)** | **119117** | **8.3** |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** |
| | **Operating Ratios** | **Operating Ratios** | **Operating Ratios** | **Operating Ratios** | **Operating Ratios** | **Operating Ratios** | **Operating Ratios** | **Operating Ratios** | **Operating Ratios** |
|  | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) |
| <sup>1</sup> |  | **Period** | **12-Month Rolling Premium Persistency** <sup>(1)</sup> | **Total Benefit/ Premium** | **Total Benefit/ Premiums<br>(3rd sector)** | **Amortization/<br>Premium** | **Total Adjusted Expenses/<br>Total Adjusted Revenue** | **Combined Ratio/ Total Adjusted Revenue** | **Pretax Profit Margin** |
|  |  | 2021 | 94.3% | 67.9% | 58.7% | 3.5% | 20.5% | 73.9% | 26.1% |
|  |  | 2022 | 94.1 | 67.4 | 58.5 | 3.7 | 20.3 | 72.3 | 27.7 |
|  |  | 2023 | 93.4 | 66.0 | 56.2 | 4.1 | 19.8 | 69.5 | 30.5 |
|  |  | 2024 | 93.4 | 62.5 | 53.5 | 4.6 | 19.1 | 64.0 | 36.0 |
|  |  | 2025 | 93.1 | 59.3 | 49.3 | 4.8 | 20.5 | 63.3 | 36.7 |
|  | 2024 | 1 | 93.4 | 67.0 | 57.5 | 4.6 | 18.0 | 67.2 | 32.8 |
|  |  | 2 | 93.3 | 66.9 | 57.8 | 4.5 | 17.8 | 64.7 | 35.3 |
|  |  | 3 | 93.3 | 49.2 | 41.8 | 4.8 | 20.0 | 55.3 | 44.7 |
|  |  | 4 | 93.4 | 66.5 | 56.9 | 4.7 | 20.8 | 68.4 | 31.6 |
|  | 2025 | 1 | 93.8 | 65.8 | 56.3 | 4.7 | 19.6 | 68.2 | 31.8 |
|  |  | 2 | 93.7 | 66.5 | 57.4 | 4.8 | 20.6 | 68.0 | 32.0 |
|  |  | 3 | 93.3 | 39.3 | 27.8 | 4.9 | 19.8 | 47.8 | 52.2 |
|  |  | 4 | 93.1 | 65.0 | 55.6 | 4.8 | 22.0 | 68.7 | 31.3 |
|  | **2026** | **1** | **92.8** | **62.9** | **53.9** | **4.9** | **19.5** | **65.0** | **35.0** |

---

 <sup>(1)</sup> *Premium persistency presented on a 12-month rolling basis for all periods. Beginning January 2025, the Company implemented a new methodology of calculating persistency rate which excludes annuitizations, premium halving and waiver premium from the terminations; prior periods have not been retroactively adjusted.*

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** |
| **Aflac Japan Sales Results** | **Aflac Japan Sales Results** | **Aflac Japan Sales Results** | **Aflac Japan Sales Results** | **Aflac Japan Sales Results** | **Aflac Japan Sales Results** | **Aflac Japan Sales Results** | **Aflac Japan Sales Results** |
| (In Millions, unless otherwise noted) | (In Millions, unless otherwise noted) | (In Millions, unless otherwise noted) | (In Millions, unless otherwise noted) | (In Millions, unless otherwise noted) | (In Millions, unless otherwise noted) | (In Millions, unless otherwise noted) | (In Millions, unless otherwise noted) |
|  | **Period** | **Annualized Premium In Force<br>(Billions)** | **% Change** | **Third Sector New Annualized Premium Sales** | **% Change** | **Total New Annualized Premium Sales** | **% Change** |
|  | 2021 | ¥1360.6 | (4.7)% | ¥48977 | 8.6% | ¥54764 | 7.7% |
|  | 2022 | 1301.0 | (4.4) | 47998 | (2.0) | 54765 |  |
|  | 2023 | 1246.4 | (4.2) | 52234 | 8.8 | 60730 | 10.9 |
|  | 2024 | 1209.0 | (3.0) | 47651 | (8.8) | 64111 | 5.6 |
|  | 2025 | 1179.1 | (2.5) | 59121 | 24.1 | 74351 | 16.0 |
| 2024 | 1 | 1232.6 | (3.8) | 10767 | (1.7) | 12534 | (5.1) |
|  | 2 | 1222.5 | (3.6) | 12712 | (9.0) | 16833 | 4.5 |
|  | 3 | 1216.7 | (3.2) | 11925 | (12.4) | 17522 | 12.3 |
|  | 4 | 1209.0 | (3.0) | 12246 | (10.7) | 17222 | 9.0 |
| 2025 | 1 | 1199.1 | (2.7) | 10655 | (1.0) | 14112 | 12.6 |
|  | 2 | 1194.1 | (2.3) | 17463 | 37.4 | 20736 | 23.2 |
|  | 3 | 1185.7 | (2.5) | 15871 | 33.1 | 19586 | 11.8 |
|  | 4 | 1179.1 | (2.5) | 15132 | 23.6 | 19918 | 15.7 |
| **2026** | **1** | **1168.9** | **(2.5)** | **13780** | **29.3** | **17712** | **25.5** |

---

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** |
| **Aflac Japan Product Mix** | **Aflac Japan Product Mix** | **Aflac Japan Product Mix** | **Aflac Japan Product Mix** | **Aflac Japan Product Mix** | **Aflac Japan Product Mix** | **Aflac Japan Product Mix** | **Aflac Japan Product Mix** | **Aflac Japan Product Mix** | **Aflac Japan Product Mix** | **Aflac Japan Product Mix** | **Aflac Japan Product Mix** | **Aflac Japan Product Mix** | **Aflac Japan Product Mix** | **Aflac Japan Product Mix** |
| (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) |
| (In Billions) | (In Billions) | (In Billions) | (In Billions) | (In Billions) | (In Billions) | (In Billions) | (In Billions) | (In Billions) | (In Billions) | (In Billions) | (In Billions) | (In Billions) | (In Billions) | (In Billions) |
|  | **Period** | **Cancer** | **% of Total** | **Medical and Other Health**<sup>1</sup> | **% of Total** | **Tsumitasu** | **% of Total** | **WAYS** | **% of Total** | **Ordinary Life Other<sup>2</sup>** | **% of Total** | **Other** | **% of Total** | **Total** |
|  | 2021 | ¥27 | 49.2% | ¥20.7 | 37.8% | ¥— | —% | ¥0.4 | 0.8% | ¥5.1 | 9.3% | ¥1.6 | 2.9% | ¥54.8 |
|  | 2022 | 30.9 | 56.5 | 15.3 | 27.9 |  |  | 1.9 | 3.5 | 4.7 | 8.4 | 2.0 | 3.7 | 54.8 |
|  | 2023 | 38.9 | 64.1 | 12.6 | 20.8 |  |  | 4.1 | 6.8 | 4.1 | 6.8 | 1.0 | 1.6 | 60.7 |
|  | 2024 | 36.9 | 57.5 | 10.3 | 16.1 | 11.2 | 17.4 | 1.4 | 2.2 | 3.7 | 5.8 | 0.6 | 1.0 | 64.1 |
|  | 2025 | 50.0 | 67.2 | 8.8 | 11.9 | 11.5 | 15.5 | 0.8 | 1.1 | 2.7 | 3.7 | 0.5 | 0.6 | 74.4 |
| 2024 | 1 | 7.9 | 63.2 | 2.7 | 21.5 |  |  | 0.7 | 5.3 | 1.0 | 8.1 | 0.2 | 1.7 | 12.5 |
|  | 2 | 9.9 | 58.8 | 2.7 | 16.1 | 2.7 | 16.2 | 0.4 | 2.3 | 1.0 | 5.8 | 0.1 | 0.6 | 16.8 |
|  | 3 | 9.7 | 55.1 | 2.2 | 12.6 | 4.6 | 26.5 | 0.1 | 0.8 | 0.8 | 4.3 | 0.1 | 0.6 | 17.5 |
|  | 4 | 9.4 | 54.5 | 2.8 | 16.1 | 3.8 | 22.1 | 0.2 | 1.3 | 0.9 | 5.2 | 0.1 | 0.8 | 17.2 |
| 2025 | 1 | 8.4 | 59.7 | 2.2 | 15.3 | 2.4 | 17.2 | 0.2 | 1.8 | 0.7 | 5.2 | 0.1 | 0.8 | 14.1 |
|  | 2 | 15.1 | 73.0 | 2.3 | 10.9 | 2.3 | 11.1 | 0.2 | 1.1 | 0.7 | 3.4 | 0.1 | 0.5 | 20.7 |
|  | 3 | 13.7 | 70.0 | 2.1 | 10.7 | 2.9 | 14.6 | 0.2 | 1.0 | 0.6 | 3.2 | 0.1 | 0.5 | 19.6 |
|  | 4 | 12.7 | 63.9 | 2.3 | 11.4 | 3.9 | 19.8 | 0.1 | 0.7 | 0.7 | 3.3 | 0.2 | 0.9 | 19.9 |
| **2026** | **1** | **9.6** | **54.1** | **4.2** | **23.5** | **2.9** | **16.1** | **0.1** | **0.7** | **0.8** | **4.7** | **0.1** | **0.9** | **17.7** |

---

 <sup>(1)</sup> *Effective March 31, 2026, Income Support is now included with Medical and Other Health for all periods presented*

 <sup>(2)</sup> *Effective March 31, 2026, Child Endowment is now included with Ordinary Life Other for all periods presented*

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** |
| | **Aflac Japan Sales Force Data** | **Aflac Japan Sales Force Data** | **Aflac Japan Sales Force Data** | **Aflac Japan Sales Force Data** | **Aflac Japan Sales Force Data** | **Aflac Japan Sales Force Data** | **Aflac Japan Sales Force Data** | **Aflac Japan Sales Force Data** | **Aflac Japan Sales Force Data** | **Aflac Japan Sales Force Data** | **Aflac Japan Sales Force Data** |
| | | | **Number of Agencies by Type** | **Number of Agencies by Type** | **Number of Agencies by Type** | **Number of Agencies by Type** | **Sales Contribution by Agency Type** | **Sales Contribution by Agency Type** | **Sales Contribution by Agency Type** | | |
| <sup>1</sup> |  | **Period** | **Individual/ Independent Corporate** | **Affiliated<br>Corporate** | **Bank** | **Total** | **Individual/ Independent Corporate** | **Affiliated<br>Corporate** | **Bank** | **Licensed Sales<br>Associates** <sup>(1)</sup> | **Recruited<br>Agencies** |
|  |  | 2021 | 6779 | 1283 | 360 | 8422 | 51.1% | 43.7% | 5.2% | 111854 | 62 |
|  |  | 2022 | 6159 | 1239 | 359 | 7757 | 49.5 | 46.5 | 4.0 | 110259 | 38 |
|  |  | 2023 | 5751 | 1203 | 360 | 7314 | 46.7 | 50.0 | 3.3 | 113010 | 24 |
|  |  | 2024 | 5384 | 1166 | 360 | 6910 | 48.2 | 48.6 | 3.2 | 113836 | 50 |
|  |  | 2025 | 5155 | 1125 | 358 | 6638 | 47.5 | 49.2 | 3.3 | 111915 | 236 |
|  | 2024 | 1 | 5659 | 1191 | 360 | 7210 | 48.9 | 48.0 | 3.1 | 112645 | 12 |
|  |  | 2 | 5542 | 1180 | 360 | 7082 | 49.5 | 48.4 | 2.1 | 114424 | 12 |
|  |  | 3 | 5464 | 1176 | 360 | 7000 | 46.2 | 50.2 | 3.6 | 114473 | 19 |
|  |  | 4 | 5384 | 1166 | 360 | 6910 | 48.5 | 47.7 | 3.8 | 113836 | 7 |
|  | 2025 | 1 | 5300 | 1155 | 358 | 6813 | 52.8 | 43.8 | 3.4 | 112996 | 18 |
|  |  | 2 | 5225 | 1141 | 358 | 6724 | 46.8 | 50.4 | 2.8 | 111387 | 76 |
|  |  | 3 | 5213 | 1136 | 358 | 6707 | 45.1 | 51.4 | 3.5 | 111736 | 73 |
|  |  | 4 | 5155 | 1125 | 358 | 6638 | 47.0 | 49.5 | 3.5 | 111915 | 69 |
|  | **2026** | **1** | **5110** | **1116** | **357** | **6583** | **52.4** | **44.6** | **3.0** | **111084** | **82** |

---

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

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** |
| | **Yen/Dollar Exchange Rates** | **Yen/Dollar Exchange Rates** | **Yen/Dollar Exchange Rates** | **Yen/Dollar Exchange Rates** | **Yen/Dollar Exchange Rates** | **Yen/Dollar Exchange Rates** |
| <sup>1</sup> |  | **Period** | **Closing Rate**<sup>(1)</sup> | **Quarterly Average** | **Yearly Cumulative Average** | **% Change** |
|  |  | 2021 | 115.02 | N/A | 109.79 | (2.7)% |
|  |  | 2022 | 132.70 | N/A | 130.17 | (15.7) |
|  |  | 2023 | 141.83 | N/A | 140.57 | (7.4) |
|  |  | 2024 | 158.18 | N/A | 150.97 | (6.9) |
|  |  | 2025 | 156.56 | N/A | 149.32 | 1.1 |
|  | 2024 | 1 | 151.41 | 148.67 | 148.67 | (11.0) |
|  |  | 2 | 161.07 | 155.70 | 152.30 | (11.4) |
|  |  | 3 | 142.73 | 147.95 | 150.60 | (8.1) |
|  |  | 4 | 158.18 | 152.35 | 150.97 | (6.9) |
|  | 2025 | 1 | 149.52 | 152.40 | 152.40 | (2.4) |
|  |  | 2 | 144.81 | 144.60 | 148.32 | 2.7 |
|  |  | 3 | 148.88 | 147.68 | 148.03 | 1.7 |
|  |  | 4 | 156.56 | 154.20 | 149.32 | 1.1 |
|  | **2026** | **1** | **159.88** | **156.87** | **156.87** | **(2.8)** |

---

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

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Corporate and Other*** | ***Corporate and Other*** | ***Corporate and Other*** | ***Corporate and Other*** | ***Corporate and Other*** | ***Corporate and Other*** | ***Corporate and Other*** | ***Corporate and Other*** | ***Corporate and Other*** | ***Corporate and Other*** |
| | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** |
|  | (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) |
|  |  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **3 Months Ended March 31,** | **3 Months Ended March 31,** | **3 Months Ended March 31,** |
|  |  | **2021** | **2022** | **2023** | **2024** | **2025** | **2025** | **2026** | **% Change** |
|  | **Revenues:** |  |  |  |  |  |  |  |  |
|  | Total net earned premiums | $180 | $145 | $400 | $680 | $806 | $198 | $**182** | (8.1)% |
| <sup>1</sup> | Net investment income <sup>(1)</sup> | (73) | 30 | (77) | 201 | 368 | 96 | **91** | (5.2) |
| <sup>2</sup> | &nbsp;&nbsp;Amortized hedge income <sup>(2)</sup> | 57 | 68 | 121 | 113 | 98 | 30 | **18** | (40.0) |
|  | Adjusted net investment income | (16) | 98 | 44 | 314 | 466 | 126 | **109** | (13.5) |
|  | Other income | 11 | 24 | 15 | 13 | 5 | 2 | **1** | (50.0) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted revenues | 175 | 267 | 460 | 1007 | 1277 | 326 | **292** | (10.4) |
|  | Benefits and expenses: |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;Total benefits and claims, net, excluding reserve remeasurement | 161 | 141 | 470 | 426 | 491 | 125 | **110** | (12.0) |
|  | &nbsp;&nbsp;Reserve remeasurement (gain) loss |  |  | (3) | (19) | (33) | (1) | **(1)** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total benefits and claims, net | 161 | 141 | 467 | 407 | 458 | 124 | **109** | (12.1) |
|  | &nbsp;&nbsp;Interest expense | 165 | 162 | 144 | 156 | 210 | 45 | **58** | 28.9 |
|  | &nbsp;&nbsp;Other adjusted expenses | 142 | 181 | 273 | 412 | 508 | 114 | **125** | 9.6 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total benefits and adjusted expenses | 469 | 485 | 885 | 975 | 1176 | 283 | **292** | 3.2 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pretax adjusted earnings | $(293) | $(218) | $(425) | $32 | $101 | $43 | $**—** | (100.0)% |

---

 <sup>(1)</sup> *The change in value of federal historic rehabilitation and solar investments in partnerships of $5 and $8 for the three-month periods ended March 31, 2026, and 2025, respectively, is included as a reduction to net investment income. Tax credits on these investments of $5 and $7 for the three-month periods ended March 31, 2026, and 2025, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.*

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

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***Non-U.S. GAAP Financial Measures***

This document includes references to the Company's financial performance measures which are not calculated in accordance with United States generally accepted accounting principles (U.S. GAAP) (non-U.S. GAAP). The financial measures exclude items that the Company believes may obscure the underlying fundamentals and trends in insurance operations because they tend to be driven by general economic conditions and events or related to infrequent activities not directly associated with insurance operations.

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

The Company defines the non-U.S. GAAP financial measures included in this document as follows:

---

| | |
|:---|:---|
| • | **Adjusted book value** is the U.S. GAAP book value (representing total shareholders' equity), less accumulated other comprehensive income as recorded on the U.S. GAAP balance sheet. Adjusted book value per common share is adjusted book value at the period end divided by the ending outstanding common shares for the period presented. The Company considers adjusted book value and adjusted book value per common share important as they exclude accumulated other comprehensive income, which fluctuates due to market movements that are outside management's control. The most comparable U.S. GAAP financial measures for adjusted book value and adjusted book value per common share are total book value and total book value per common share, respectively. |
|  | **Adjusted book value excluding foreign currency remeasurement** is the U.S. GAAP book value (representing total shareholders' equity), less accumulated other comprehensive income as recorded on the U.S. GAAP balance sheet and excluding the cumulative (beginning January 1, 2021) foreign currency gains/losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. Adjusted book value excluding foreign currency remeasurement per common share is adjusted book value excluding foreign currency remeasurement at the period end divided by the ending outstanding common shares for the period presented. The Company considers adjusted book value excluding foreign currency remeasurement and adjusted book value excluding foreign currency remeasurement per common share important as they exclude both accumulated other comprehensive income and the cumulative foreign currency remeasurement gains/losses, which fluctuate due to market movements that are outside management's control. The most comparable U.S. GAAP financial measures for adjusted book value excluding foreign currency remeasurement and adjusted book value excluding foreign currency remeasurement per common share are total book value and total book value per common share, respectively. |
| • | **Adjusted book value including unrealized foreign currency translation gains and losses and pension liability adjustment** is adjusted book value plus unrealized foreign currency translation gains and losses and pension liability adjustment. The Company considers adjusted book value including unrealized foreign currency translation gains and losses and pension liability adjustment important as it excludes certain components of accumulated other comprehensive income, which fluctuates due to market movements that are outside management's control; however, it includes the impact of foreign currency as a result of the significance of Aflac's Japan operation. The most comparable U.S. GAAP financial measure for adjusted book value including unrealized foreign currency translation gains and losses and pension liability adjustment is total book value.  |
| • | **Adjusted debt** is the sum of notes payable, as recorded on the U.S. GAAP balance sheet, excluding 50% of subordinated debentures and perpetual bonds and all pre-funding of debt maturities. The Company considers adjusted debt important as it measures outstanding debt consistently with expectations of the Company's rating agency stakeholders. The most comparable U.S. GAAP financial measure for adjusted debt is notes payable. |
| • | **Adjusted debt including 50% of subordinated debentures and perpetual bonds** is the sum of notes payable, as recorded on the U.S. GAAP balance sheet, excluding pre-funding of debt maturities. The Company considers adjusted debt including 50% of subordinated debentures and perpetual bonds important as it measures outstanding debt consistently with expectations of the Company's rating agency stakeholders. The most comparable U.S. GAAP financial measure for adjusted debt including 50% of subordinated debentures and perpetual bonds is notes payable.  |

---

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•  **Adjusted earnings** are adjusted revenues less benefits and adjusted expenses. Adjusted earnings per share (basic or diluted) are the adjusted earnings for the period divided by the weighted average outstanding shares (basic or diluted) for the period presented. The adjustments to both revenues and expenses account for certain items that are outside of management's control because they tend to be driven by general economic conditions and events or are related to infrequent activities not directly associated with insurance operations. Adjusted revenues are U.S. GAAP total revenues excluding adjusted net investment gains and losses. Adjusted expenses are U.S. GAAP total acquisition and operating expenses including the impact of interest from derivatives associated with notes payable but excluding any non-recurring or other items not associated with the normal course of the Company's insurance operations and that do not reflect the Company's underlying business performance. Management uses adjusted earnings and adjusted earnings per diluted share to evaluate the financial performance of the Company's insurance operations on a consolidated basis and believes that a presentation of these financial measures is vitally important to an understanding of the underlying profitability drivers and trends of the Company's insurance business. The most comparable U.S. GAAP financial measures for adjusted earnings and adjusted earnings per share (basic or diluted) are net earnings and net earnings per share, respectively.

•  **Adjusted earnings excluding current period foreign currency impact** are computed using the average foreign exchange rate for the comparable prior-year period, which eliminates fluctuations driven solely by foreign exchange rate changes. Adjusted earnings per diluted share excluding current period foreign currency impact is adjusted earnings excluding current period foreign currency impact divided by the weighted average outstanding diluted shares for the period presented. The Company considers adjusted earnings excluding current period foreign currency impact and adjusted earnings per diluted share excluding current period foreign currency impact important because a significant portion of the Company's business is conducted in Japan and foreign exchange rates are outside management's control; therefore, the Company believes it is important to understand the impact of translating foreign currency (primarily Japanese yen) into U.S. dollars. The most comparable U.S. GAAP financial measures for adjusted earnings excluding current period foreign currency impact and adjusted earnings per diluted share excluding current period foreign currency impact are net earnings and net earnings per share, respectively.

•  **Amortized hedge costs/income** represent costs/income incurred or recognized as a result of using foreign currency derivatives to hedge certain foreign currency exchange risks in the Company's Japan segment or in Corporate and other. These amortized hedge costs/income are estimated at the inception of the derivatives based on the specific terms of each contract and are recognized on a straight-line basis over the contractual term of the derivative. The Company believes that amortized hedge costs/income measure the periodic currency risk management costs/income related to hedging certain foreign currency exchange risks and are an important component of net investment income. There is no comparable U.S. GAAP financial measure for amortized hedge costs/income.

•  **Adjusted net investment gains and losses** are net investment gains and losses adjusted for i) amortized hedge cost/income related to foreign currency exposure management strategies and certain derivative activity, ii) net interest income/expense from foreign currency and interest rate derivatives associated with certain investment strategies, which are both reclassified to net investment income, and iii) the impact of interest from derivatives associated with notes payable, which is reclassified to interest expense as a component of total adjusted expenses. The Company considers adjusted net investment gains and losses important as it represents the remainder amount that is considered outside management's control, while excluding the components that are within management's control and are accordingly reclassified to net investment income and interest expense. The most comparable U.S. GAAP financial measure for adjusted net investment gains and losses is net investment gains and losses.

•  **Adjusted net investment income** is net investment income adjusted for i) amortized hedge cost/income related to foreign currency exposure management strategies and certain derivative activity, and ii) net interest income/expense from foreign currency and interest rate derivatives associated with certain investment strategies, which are reclassified from net investment gains and losses to net investment income. The Company considers adjusted net investment income important because it provides a more comprehensive understanding of the costs and income associated with the Company's investments and related hedging strategies. The most comparable U.S. GAAP financial measure for adjusted net investment income is net investment income.

•  **Adjusted return on equity** is annualized adjusted earnings divided by average shareholders' equity, excluding accumulated other comprehensive income. Management uses adjusted return on equity to evaluate the financial performance of the Company's insurance operations on a consolidated basis and believes that a presentation of this financial measure is vitally important to an understanding of the underlying profitability drivers and trends of the Company's insurance business. The Company considers adjusted return on equity important as it excludes components of accumulated other comprehensive income, which fluctuate due to market movements that are outside management's control. The most comparable U.S. GAAP financial measure for adjusted return on equity is return on equity as determined using annualized net earnings and average total shareholders' equity.

•  **Adjusted return on equity excluding foreign currency remeasurement** is annualized adjusted earnings divided by average shareholders' equity, excluding both accumulated other comprehensive income and the cumulative (beginning January 1, 2021) foreign currency gains/losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. The Company considers adjusted return on equity excluding foreign currency remeasurement important because it excludes both accumulated other comprehensive income and the cumulative foreign currency remeasurement gains/losses, which fluctuate due to market movements that are outside management's control. The most comparable U.S. GAAP financial measure for adjusted return on equity excluding foreign currency remeasurement is return on equity as determined using annualized net earnings and average total shareholders' equity.

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***Operational Measures***

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

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

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

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

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

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

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

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

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

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

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

## Exhibit 99.3

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

 **First Quarter 2026**

**Earnings Call**

**Video Update**

**Max K. Brodén**

**April 29, 2026**

**For more information contact:**

**Investor and Rating Agency Relations**

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

**Aflac Worldwide Headquarters**

**1932 Wynnton Road**

**Columbus, GA 31999**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• interruption in telecommunication, information technology and other operational systems, or a failure to maintain the security, confidentiality, integrity or privacy of sensitive data residing on such systems, and uncertainty regarding the impact of the incident involving unauthorized access to the Company's network in June 2025

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• catastrophic events, including, but not limited to, epidemics, pandemics, tornadoes, hurricanes, earthquakes, tsunamis, war or other military action, major public health issues, terrorism or other acts of violence, and damage incidental to such events

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

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

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

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

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

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

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

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

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

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

------

**Max K. Brodén**

**Q1 2026 CFO Video Update**

**April 29, 2026**

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

For the first quarter of 2026, adjusted earnings per diluted share increased 6.6% year over year to $1.77, excluding effect of foreign currency in the quarter. In this quarter, remeasurement gains on reserves totaled $82 million, reducing benefits, with $23 million, or $0.04 per diluted share, above plan. Variable investment income ran $14 million, or $0.02 per diluted share, below our long-term return expectations.

Adjusted book value per share excluding foreign currency remeasurement increased 0.2%. The adjusted ROE was 12.8%, and 16.4% excluding foreign currency remeasurement, a solid spread to our cost of capital. Overall, we view these results in the quarter as solid.

Starting with our Japan segment, net earned premiums in yen terms for the quarter declined 3.8%. Aflac Japan's underlying earned premiums<sup>1</sup> – which excludes the impact of reinsurance, paid-up policies and deferred profit liability – declined 1.3%. We believe this metric provides a clearer insight into long-term premium trends.

Japan's total benefit ratio came in at 62.9% for the quarter, down 290 basis points year over year. We estimate the impact from reserve remeasurement gains exceeding plan to be approximately 70 basis points. We continue to have favorable trends in cancer and hospitalization.

While persistency was down, it remained strong and in line with our expectations at 92.8%. We continue to see an uptick in lapse and reissue on our cancer insurance product. Lapses on our first sector savings block remain low and in line with previous periods, despite the increase in yen interest rates.

Our expense ratio in Japan was 19.5% for the quarter, down 10 basis points year over year.

For the quarter, adjusted net investment income in yen terms was up 4.0%, primarily driven by higher USD fixed rate income on higher volume and higher variable net investment income compared to last year partially offset by lower dollar-denominated floating rate income due to lower volume and rates, as well as reduced call income.

The pretax margin for Japan in the quarter was 35.0%, up 320 basis points year over year – a very good result.

Turning to U.S. results, net earned premiums were up 3.5%. Premium persistency remained solid at 79.3%.

Our total benefit ratio came in at 47.2%, 50 basis points lower than Q1 2025, driven by favorable incurred claims for individual voluntary benefits products and group disability. We estimate that reserve remeasurement gains impacted the benefit ratio by approximately 230 basis points in the quarter, which is about 80 basis points above plan.

Our expense ratio in the U.S. was 38.3%, up 70 basis points year over year, primarily driven by higher DAC amortization and commissions along with timing of advertising and investment spend.

Adjusted net investment income in the U.S. was down 0.5% for the quarter, primarily driven by lower short-term rates offset by higher variable net investment income.

Profitability in the U.S. segment was solid, with a pretax margin of 20.4%, a 40 basis points decrease compared with a strong quarter a year ago.

<sup>1</sup>*Aflac Japan's underlying earned premiums* is a measure that is calculated in Japanese yen and adjusts Aflac Japan's net earned premiums for significant variables including the increase in paid-up policies between beginning of the comparable period and the end of the period presented, the change in deferred profit liability on limited payment contracts, and all Aflac Japan ceded premiums through both internal and external reinsurance. The change in Aflac Japan's underlying earned premiums is reflected as a percentage change. The Company believes this measure is useful for investors to understand the impacts these items have on Aflac Japan's net earned premiums.

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Corporate and other reported breakeven pretax adjusted earnings, down from a $43 million gain last year, driven by lower adjusted net investment income, higher interest expense and operating costs, and runoff impacts from closed blocks of business. Adjusted net investment income was $17 million lower than last year due to a combination of lower hedge benefits partially offset by lower volume of tax credit investments. Our tax credit investments impacted the net investment income line for U.S. GAAP purposes negatively by $5 million in the quarter with an associated credit to the tax line. There was no benefit in first quarter earnings from tax credit investments.

We are pleased with the overall performance of our investment portfolio. During the quarter, we recorded $19 million of charge-offs on our loan portfolio. Additionally, we did not foreclose on any properties in the period. We recorded $24 million of impairments on our real estate owned portfolio to reflect the continued depressed valuations in the commercial real estate markets. However, we continue to believe that the current distressed market does not reflect the true intrinsic value of our portfolio, which is why we will continue to manage them through this cycle and maximize our recoveries.

For U.S. statutory, we recorded $12 million of impairments on invested assets and a $1 million valuation allowance on mortgage loans as an unrealized loss during the quarter. On a Japan FSA basis, securities impairment reversals led to net realized gains of ¥66 million in Q1, and we booked a valuation allowance of ¥201 million related to transitional real estate loans. This is well within our expectations and has a limited impact on regulatory earnings and capital.

Effective March 31, Aflac Re Bermuda entered into a transaction in which it assumed a block of whole life annuities from Japan Post Insurance. This transaction itself is immaterial to Aflac Inc.'s financials, but it marks a strategic milestone as we expand our reinsurance franchise targeting the Japan market.

Aflac Inc. unencumbered liquidity stood at $3.4 billion, which was $2.4 billion above our minimum balance of $1 billion at the end of the quarter.

Our adjusted leverage was 21.2% for the quarter, which is within our target range of 20% to 25%. As we hold approximately 65% of our debt in yen, this leverage ratio is impacted by moves in the yen/dollar exchange rate. This is intentional and part of our enterprise hedging program – protecting the economic value of Aflac Japan in U.S. dollar terms.

Our capital position remains strong. We ended the quarter with an estimated regulatory ESR of 227%. If including the undertaking-specific parameter, or USP, this would add 16 points to the regulatory ratio and results in an ESR, with USP, of 243%. We estimate our combined RBC to be approximately 560%. These are strong capital ratios, which we actively monitor, stress and manage to withstand market volatility and credit cycles as well as external shocks.

Given the strength of our capital and liquidity, we repurchased $1.0 billion of our own stock and paid dividends of $315 million in Q1, offering good relative IRR on these capital deployments. We will continue to be flexible and tactical in the way we manage the balance sheet and deploy capital in order to drive strong risk-adjusted ROE with a meaningful spread to our cost of capital.

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

## Exhibit 99.4

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

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

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$1.66 $1.77 1Q25 1Q26 Earnings Per Share $0.05 $1.98 1Q25 1Q26 Net EPS (diluted) 3,860.0% $1.66 $1.75 1Q25 1Q26 Adjusted EPS (diluted)1 5.4% Adjusted EPS ex-FX1 6.6% 1Non-U.S. GAAP Financial Measure; see "Glossary of Non-U.S. GAAP Financial Measures" in Appendix for information about this measure. 3

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Return on Equity 0.4% 13.7% 12.7% 12.8% 15.6% 16.4% ROE (%) Adjusted ROE (%) Adjusted ROE ex Foreign Currency Remeasurement (%) 1Q25 1Q26 1Non-U.S. GAAP Financial Measure; see "Glossary of Non-U.S. GAAP Financial Measures" in Appendix for information about this measure. 4 11

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5 2026 Outlook 1Q26 Actual Benefit Ratio 60% - 63% 62.9% Expense Ratio 20% - 23% 19.5% Pretax Profit Margin 33% - 36% 35.0% Aflac Japan For three months ended March 31

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6 2026 Outlook 1Q26 Actual Benefit Ratio 48% - 52% 47.2% Expense Ratio 36% - 39% 38.3% Pretax Profit Margin 17% - 20% 20.4% Aflac U.S. For three months ended March 31

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Adjusted Leverage Ratio1 Target range of 20-25% 22.7% 24.7% 23.2% 22.2% 20.9%20.7% 22.5% 22.0% 21.4% 21.2% GAAP Leverage Ratio Adjusted Leverage Ratio 1Q25 2Q25 3Q25 4Q25 1Q26 1Adjusted Leverage ratio is computed as: Adjusted debt to Adjusted capitalization ex-AOCI. See "Adjusted Leverage Ratios" in Appendix for more information about this measure and its calculation. 7

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227% Regulatory ESR with USP (Japan) Combined RBC Ratio (U.S.) Strong Capital Ratios1 Estimates as of March 31, 2026 243% 170% 1The target minimum and maximum are based on our internal operating ranges 2Estimated regulatory ESR with undertaking-specific parameter (USP); USP adds an estimated 16 points to regulatory ESR 3Estimated Combined RBC ratio is the aggregated ratio of four subsidiaries: American Family Life Assurance Company of Columbus, Continental American Insurance Company, American Family Life Assurance Company of New York and Tier One Insurance Company. 560% 8 230% Target maximum Target minimum 450% 350% 2 3 USP

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Capital Deployment Dividends and Share Repurchase (In Millions) $1,217 $1,141 $1,309 $1,103 $1,315 317 312 309 303 315 900 829 1,000 800 1,000 Dividends Share Repurchase 1Q25 2Q25 3Q25 4Q25 1Q26 9

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Thank You Investors.Aflac.com

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Appendix

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Glossary of Non-U.S. GAAP Financial Measures The Company defines these non-U.S. GAAP financial measures as follows: • Adjusted earnings are adjusted revenues less benefits and adjusted expenses. Adjusted earnings per share (basic or diluted) are the adjusted earnings for the period divided by the weighted average outstanding shares (basic or diluted) for the period presented. The adjustments to both revenues and expenses account for certain items that are outside of management's control because they tend to be driven by general economic conditions and events or are related to infrequent activities not directly associated with insurance operations. Adjusted revenues are U.S. GAAP total revenues excluding adjusted net investment gains and losses. Adjusted expenses are U.S. GAAP total acquisition and operating expenses including the impact of interest from derivatives associated with notes payable but excluding any non-recurring or other items not associated with the normal course of the Company's insurance operations and that do not reflect the Company's underlying business performance. Management uses adjusted earnings and adjusted earnings per diluted share to evaluate the financial performance of the Company's insurance operations on a consolidated basis and believes that a presentation of these financial measures is vitally important to an understanding of the underlying profitability drivers and trends of the Company's insurance business. The most comparable U.S. GAAP financial measures for adjusted earnings and adjusted earnings per share (basic or diluted) are net earnings and net earnings per share, respectively. • Adjusted net investment gains and losses are net investment gains and losses adjusted for i) amortized hedge cost/income related to foreign currency exposure management strategies and certain derivative activity, ii) net interest income/expense from foreign currency and interest rate derivatives associated with certain investment strategies, which are both reclassified to net investment income, and iii) the impact of interest from derivatives associated with notes payable, which is reclassified to interest expense as a component of total adjusted expenses. The Company considers adjusted net investment gains and losses important as it represents the remainder amount that is considered outside management's control, while excluding the components that are within management's control and are accordingly reclassified to net investment income and interest expense. The most comparable U.S. GAAP financial measure for adjusted net investment gains and losses is net investment gains and losses. • Adjusted earnings excluding current period foreign currency impact are computed using the average foreign exchange rate for the comparable prior-year period, which eliminates fluctuations driven solely by foreign exchange rate changes. Adjusted earnings per diluted share excluding current period foreign currency impact is adjusted earnings excluding current period foreign currency impact divided by the weighted average outstanding diluted shares for the period presented. The Company considers adjusted earnings excluding current period foreign currency impact and adjusted earnings per diluted share excluding current period foreign currency impact important because a significant portion of the Company's business is conducted in Japan and foreign exchange rates are outside management's control; therefore, the Company believes it is important to understand the impact of translating foreign currency (primarily Japanese yen) into U.S. dollars. The most comparable U.S. GAAP financial measures for adjusted earnings excluding current period foreign currency impact and adjusted earnings per diluted share excluding current period foreign currency impact are net earnings and net earnings per share, respectively. • Adjusted return on equity is annualized adjusted earnings divided by average shareholders' equity, excluding accumulated other comprehensive income. Management uses adjusted return on equity to evaluate the financial performance of the Company's insurance operations on a consolidated basis and believes that a presentation of this financial measure is vitally important to an understanding of the underlying profitability drivers and trends of the Company's insurance business. The Company considers adjusted return on equity important as it excludes components of accumulated other comprehensive income, which fluctuate due to market movements that are outside management's control. The most comparable U.S. GAAP financial measure for adjusted return on equity is return on equity as determined using annualized net earnings and average total shareholders' equity. 12

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

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

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Reconciliation of Net Earnings Per Diluted Share to Adjusted Earnings Per Diluted Share Three Months Ended March 31 2026 2025 % Change Net earnings per diluted share $1.98 $0.05 3,860.0% Items impacting net earnings Adjusted net investment (gains) losses (0.20) 1.69 Other and non-recurring (income) loss — 0.10 Income tax (benefit) expense on items excluded from adjusted earnings (0.03) (0.18) Adjusted earnings per diluted share 1.75 1.66 5.4% Current period foreign currency impact1 0.02 N/A Adjusted earnings per diluted share excluding current period foreign currency impact2 $1.77 $1.66 6.6% 1Prior period foreign currency impact reflected as "N/A" to isolate change for current period only 2 Amounts excluding current period foreign currency impacts are computed using the average foreign currency exchange rate for the comparable prior year period, which eliminates fluctuations driven solely by foreign currency exchange rate changes. 15

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Reconciliation of Net Earnings to Adjusted Earnings Three Months Ended March 31 (In Millions) 2026 2025 % Change Net earnings $1,019 $29 3,413.8% Items impacting net earnings Adjusted net investment (gains) losses (103) 924 Other and non-recurring (income) loss — 53 Income tax (benefit) expense on items excluded from adjusted earnings (15) (100) Adjusted earnings 901 906 (0.6)% Current period foreign currency impact1 8 N/A Adjusted earnings excluding current period foreign currency impact2 $909 $906 0.3% 1Prior period foreign currency impact reflected as "N/A" to isolate change for current period only 2Amounts excluding current period foreign currency impacts are computed using the average foreign currency exchange rate for the comparable prior year period, which eliminates fluctuations driven solely by foreign currency exchange rate changes. 16

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Reconciliation of Net Investment (Gains) Losses to Adjusted Net Investment (Gains) Losses Three Months Ended March 31 (In Millions) 2026 2025 % Change Net investment (gains) losses $(49) $963 (105.1)% Items impacting net investment (gains) losses: Amortized hedge costs (15) (7) Amortized hedge income 18 30 Net interest income (expense) from derivatives associated with certain investment strategies (57) (65) Impact of interest from derivatives associated with notes payable1 — 4 Adjusted net investment (gains) losses $(103) $924 (111.1)% 1Amounts are included with interest expenses that are a component of adjusted expenses. 17

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Reconciliation of U.S. GAAP Return on Equity (ROE) to Adjusted ROE Three Months Ended March 31 2026 2025 U.S. GAAP ROE - Net earnings1 13.7% 0.4% Impact of excluding unrealized foreign currency translation gains (losses) (2.3) — Impact of excluding unrealized gains (losses) on securities and derivatives (1.1) — Impact of excluding effect of changes in discount rate assumptions 4.2 — Impact of excluding pension liability adjustment — — Impact of excluding AOCI 0.8 — U.S. GAAP ROE - less AOCI 14.5 0.4 Differences between adjusted earnings and net earnings2 (1.7) 12.2 Adjusted ROE - reported 12.8 12.7 Impact of excluding gains (losses) associated with foreign currency remeasurement3 3.6% 2.9% Adjusted ROE, excluding impact of foreign currency remeasurement 16.4% 15.6% 1 U.S. GAAP ROE is calculated by dividing net earnings (annualized) by average shareholders' equity. 2 See separate reconciliation of net earnings to adjusted earnings. 3 Impact of gains/losses associated with foreign currency remeasurement is calculated by excluding the cumulative (beginning January 1, 2021) foreign currency gains/ losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. The impact is the difference of adjusted return on equity - reported compared with adjusted return on equity, excluding from shareholders' equity, gains/losses associated with foreign currency remeasurement. 18

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Reconciliation of U.S. GAAP Book Value Per Share to Adjusted Book Value Per Share At March 31 2026 2025 % Change U.S. GAAP book value per common share $58.69 $48.55 20.9% Less: Unrealized foreign currency translation gains (losses) per common share (9.72) (8.39) Unrealized gains (losses) on securities and derivatives per common share (5.25) (2.31) Effect of changes in discount rate assumptions per common share 18.53 7.19 Pension liability adjustment per common share 0.17 0.08 Total AOCI per common share 3.72 (3.43) Adjusted book value per common share $54.96 $51.98 5.7% Less: Foreign currency remeasurement gains (losses) per common share 12.25 9.37 Adjusted book value excluding foreign currency remeasurement per common share $42.71 $42.61 0.2% 19

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Adjusted Leverage Ratios At March 31 (In Millions) 2026 2025 Notes payable $7,908 $7,751 50% of subordinated debentures and perpetual bonds (279) (299) Pre-funding of debt maturities — — Adjusted debt1 7,629 7,453 Total Shareholders' Equity 29,961 26,338 Accumulated other comprehensive (income) loss: Unrealized foreign currency translation (gains) losses 4,961 4,549 Unrealized (gains) losses on fixed maturity securities 2,665 1,233 Unrealized (gains) losses on derivatives 16 18 Effect on change in discount rate assumptions (9,458) (3,899) Pension liability adjustment (85) (42) Adjusted book value1 28,060 28,197 GAAP capitalization $37,869 $34,089 GAAP debt to capitalization 20.9% 22.7% Adjusted capitalization ex-AOCI 1,2 $35,968 $35,948 Adjusted debt to adjusted capitalization ex-AOCI 21.2% 20.7% 1 Non-U.S. GAAP Financial Measure; see "Glossary of Non-U.S. GAAP Financial Measures" in Appendix for information about adjusted debt; adjusted book value; adjusted debt, including 50% of subordinated debentures and perpetual bonds. 2 Adjusted capitalization ex-AOCI is the sum of adjusted debt, including 50% of subordinated debentures and perpetual bonds, plus adjusted book value. 20

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