# EDGAR Filing Document

**Accession Number:** 0000004977
**File Stem:** 0000004977-23-000011
**Filing Date:** 2023-2
**Character Count:** 281991
**Document Hash:** 79a5f856320eefd6540f4aaab52bb089
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000004977-23-000011.hdr.sgml**: 20230201

**ACCESSION NUMBER**: 0000004977-23-000011

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 47

**CONFORMED PERIOD OF REPORT**: 20230201

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230201

**DATE AS OF CHANGE**: 20230201

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-07434
- **FILM NUMBER:** 23577655

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

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

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

?xml version="1.0" ? afl-20230201

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) February 1, 2023

![afl-20230201_g1.jpg](afl-20230201_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.**

Aflac Incorporated (the "Company") is furnishing its press release dated February 1, 2023 in which it reported its 2022 fourth quarter results herein as Exhibit 99.1 to this report. The Company is also furnishing its fourth quarter supplemental earnings materials as Exhibit 99.2 to this report.

On February 1, 2023, the Company posted to its investor relations website at investors.aflac.com a video presentation by Max Brodén, the Company's Executive Vice President and Chief Financial Officer, discussing the Company's 2022 fourth quarter earnings. The Company is furnishing a transcript of Mr. Brodén's comments and a copy of the slides referenced in the presentation as Exhibit 99.3 and Exhibit 99.4, respectively, to this report.

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

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits.

---

| | |
|:---|:---|
| <u>Exhibit Number</u> | <u>Exhibit Title or Description</u> |
| <u>[99.1](aflex991-q42022.htm)</u> | Press release of Aflac Incorporated dated February 1, 2023 |
| <u>[99.2](afl123122-fabdocument.htm)</u> | Financial Analyst Briefing Supplement for Fourth Quarter 2022 |
| <u>[99.3](aflex993maxteleconferences.htm)</u> | Transcript of comments in video presentation by Max Brodén, Executive Vice President and Chief Financial Officer of Aflac Incorporated. |
| <u>[99.4](aflex994-q42022.htm)</u> | Slides referenced in video presentation by Max Brodén, 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** |
| February 1, 2023 | */s/ June Howard* |
| | (June Howard) |
| | Senior Vice President, Financial Services |
| | Chief Accounting Officer |

---

## Exhibit 99.1

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

![g247539tx_pg36.jpg](g247539tx_pg36.jpg)

***News Release***

**Aflac Incorporated Announces Fourth Quarter Results, Reports Fourth Quarter Net Earnings of $185 Million, Reiterates Increase in First Quarter Cash Dividend of 5.0%**

COLUMBUS, Ga. - February 1, 2023 - Aflac Incorporated (NYSE: AFL) today reported its fourth quarter results.

Total revenues were $4.0 billion in the fourth quarter of 2022, compared with $5.4 billion in the fourth quarter of 2021. Net earnings were $185 million, or $0.30 per diluted share, compared with $1.0 billion, or $1.57 per diluted share a year ago. The large decline in net earnings for the fourth quarter reflects significant foreign exchange-related net investment losses recognized in the current quarter as compared with significant net realized gains a year ago.

Net earnings in the fourth quarter of 2022 included net investment losses of $521 million, or $0.84 per diluted share, compared with net investment gains of $243 million, or $0.37 per diluted share a year ago. These net investment losses were driven by net losses on certain derivatives and foreign currency activities of $684 million, which was partially offset by $207 million of net gains from sales and redemptions, both of which were largely driven by changes in exchange rates. Net investment losses also included a $28 million loss from a decrease in the fair value of equity securities and a $16 million increase in the company's current expected credit losses (CECL) reserves and impairments.

Adjusted earnings\* in the fourth quarter were $806 million, compared with $850 million in the fourth quarter of 2021, reflecting a decrease of 5.2%. Adjusted earnings per diluted share\* increased 0.8% to $1.29 in the quarter. Adjusted earnings included a variable investment income loss of $21 million from alternative investments, which was $0.09 per share below return expectations. The weaker yen/dollar exchange rate negatively impacted adjusted earnings per share by $0.11.

The average yen/dollar exchange rate in the fourth quarter of 2022 was 141.87, or 19.9% weaker than the average rate of 113.70 in the fourth quarter of 2021. For the full year, the average exchange rate was 130.17, or 15.7% weaker than the rate of 109.79 a year ago.

Total investments and cash at the end of December 2022 were $117.4 billion, compared with $143.0 billion at December 31, 2021. The decline in the portfolio is principally driven by the weaker yen and higher interest rates.

Shareholders' equity was $22.4 billion, or $36.35 per share, at December 31, 2022, compared with $33.3 billion, or $50.99 per share, at December 31, 2021. Shareholders' equity at the end of the fourth quarter included a net unrealized loss on investment securities and derivatives of $0.7 billion, compared with a net unrealized gain of $9.6 billion at December 31, 2021. Shareholders' equity at the end of the fourth quarter also included an unrealized foreign currency translation loss of $3.6 billion, compared with an unrealized foreign currency translation loss of $2.0 billion at December 31, 2021. The annualized return on average shareholders' equity in the fourth quarter was 3.2%.

For the full year of 2022, total revenues were down 11.8% to $19.5 billion, compared with $22.1 billion for the full year of 2021. Net earnings were $4.2 billion, or $6.59 per diluted share, compared with $4.3 billion, or $6.39 per share, for the full year of 2021. Adjusted earnings for the full year of 2022 were $3.4 billion, or $5.33 per diluted share, compared with $4.0 billion, or $5.94 per share, in 2021. Adjusted earnings included variable investment income from alternative investments, which was $0.10 per diluted share below return expectations. Excluding the negative impact of $0.34 per diluted share from the weaker yen/dollar exchange rate, adjusted earnings per share decreased 4.5% to $5.67 for the full year of 2022.

------

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

Shareholders' equity excluding AOCI (or adjusted book value\*) was $26.8 billion, or $43.51 per share at December 31, 2022, compared with $25.9 billion, or $39.65 per share, at December 31, 2021. The annualized adjusted return on equity excluding foreign currency impact\* in the fourth quarter was 12.9%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**AFLAC JAPAN**

In yen terms, Aflac Japan's net earned premiums were ¥306.1 billion for the quarter, or 4.1% lower than a year ago, mainly due to limited pay products reaching paid-up status and slightly declining inforce. Adjusted net investment income decreased 1.7% to ¥86.2 billion, mainly due to lower variable investment income. Total adjusted revenues in yen declined 3.6% to ¥393.3 billion. Pretax adjusted earnings in yen for the quarter declined 0.4% on a reported basis to ¥100.5 billion, primarily due to decreased revenues offset by lower benefits recognized during the quarter. Pretax adjusted earnings decreased 10.8% on a currency-neutral basis. The pretax adjusted profit margin for the Japan segment increased to 25.5%, compared with 24.7% a year ago.

For the full year, net earned premiums in yen were ¥1.2 trillion, or 4.2% lower than a year ago. Adjusted net investment income increased 5.5% to ¥351.5 billion. Total adjusted revenues in yen were down 2.2% to ¥1.6 trillion. Pretax adjusted earnings were ¥399.3 billion, or 3.1% lower than a year ago.

In dollar terms, net earned premiums decreased 22.9% to $2.2 billion in the fourth quarter. Adjusted net investment income decreased 21.7% to $604 million. Total adjusted revenues declined by 22.7% to $2.8 billion. Pretax adjusted earnings declined 20.6% to $704 million.

For the full year, net earned premiums in dollars were $9.5 billion, or 19.4% lower than a year ago. Adjusted net investment income decreased 11.9% to $2.7 billion. Total adjusted revenues were down 17.9% to $12.3 billion. Pretax adjusted earnings were $3.1 billion, or 18.6% lower than a year ago.

For the quarter, total new annualized premium sales (sales) increased 11.4% to ¥16.2 billion, or $115 million, primarily reflecting the continued rollout of the new cancer product. For the full year, total new sales were essentially flat at ¥54.8 billion, or $416 million, reflecting constrained sales in the first half of the year due to ongoing pandemic conditions offset by a new cancer product launch and first sector product updates in the second half of the year.

**AFLAC U.S.**

Aflac U.S. net earned premiums declined 0.2% to $1.4 billion in the fourth quarter, impacted by lower persistency. Adjusted net investment income decreased 2.5% to $192 million, largely due to lower variable investment income. Total adjusted revenues were up 0.1% to $1.6 billion. Pretax adjusted earnings were $340 million, 30.3% higher than a year ago, primarily due to lower benefits recognized during the quarter. The pretax adjusted profit margin for the U.S. segment was 21.0%, compared with 16.1% a year ago.

For the full year, net earned premiums declined 0.8% to $5.6 billion, impacted by lower persistency. Adjusted net investment income increased 0.1% to $755 million. Total adjusted revenues were essentially flat at $6.5 billion. Pretax adjusted earnings were $1.3 billion, or 10.4% lower than a year ago.

Aflac U.S. sales increased 17.4% in the quarter to $545 million, reflecting continued improvement from investment in growth initiatives as well as productivity gains. For the full year, total new sales increased 16.1% to $1.5 billion.

**CORPORATE AND OTHER** 

For the quarter, total adjusted revenues increased 325.7% to $79 million, primarily due to higher adjusted net investment income resulting from lower federal tax credit investments, higher interest rates, and an increase in amortized hedge income, partially offset by a reduction in total premiums as a result of significant yen weakening. Pretax adjusted earnings were a loss of $44 million, compared with a loss of $155 million a year ago, primarily reflecting an increase in adjusted net investment income.

For the full year, total adjusted revenues increased 52.6% to $267 million, primarily due to a $114 million increase in adjusted net investment income, partially offset by a reduction in total premiums as a result of significant yen weakening. Pretax adjusted earnings were a loss of $223 million, compared with a loss of $298 million a year ago.

------

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

**DIVIDEND AND CAPITAL RETURNED TO SHAREHOLDERS**

The board of directors declared the first quarter dividend of $0.42 per share, payable on March 1, 2023 to shareholders of record at the close of business on February 15, 2023.

In the fourth quarter, Aflac Incorporated deployed $600 million in capital to repurchase 8.9 million of its common shares. For the full year, the company deployed $2.4 billion in capital to repurchase 39.2 million of its common shares. At the end of December 2022, the company had 116.6 million remaining shares authorized for repurchase.

**OUTLOOK** 

Commenting on the company's results, Chairman and Chief Executive Officer Daniel P. Amos stated: "When adjusting for a material weakening in the yen, Aflac delivered another quarter of solid earnings results capping off a year of overall strong performance. Pandemic conditions in Japan are gradually improving, but impacted operations throughout the year, while in the U.S. they have largely subsided.

"Looking at our operations in Japan, I am encouraged by the sales increase of 11.4% in the fourth quarter and 10.8% in the second half of the year, which reflected a new cancer product launch and first sector product updates. Persistency remained strong in the fourth quarter. We continue to monitor evolving pandemic conditions, which resulted in a slow start to 2022. The slow start negatively impacted sales for the full year, but we are working to build on the momentum we experienced in the quarter as we look to 2023. As anticipated, our benefit ratio returned to a more normal level in the fourth quarter.

"In the U.S., I am pleased with the 17.4% sales increase in the fourth quarter and 16.1% sales increase for the year. This reflects continued improvement in the productivity of our agents and brokers as well as contribution from the buildout of our acquired platforms, namely network dental and vision and group life and disability. We continue to work toward reinforcing our leading position and building our momentum into 2023.

"As always, we are committed to prudent liquidity and capital management. We continue to generate strong investment results while remaining in a defensive position as we monitor evolving economic conditions. In addition, we have taken proactive steps in recent years to defend cash flow and deployable capital against a weakening yen. With the fourth quarter's declaration, 2022 marked the 40th consecutive year of dividend increases. We treasure our track record of dividend growth and remain committed to extending it, supported by the strength of our capital and cash flows. At the same time, we remain in the market repurchasing shares with a tactical approach, focused on integrating the growth investments we have made in our platform to improve our strength and leadership position."

\*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) is a Fortune 500 company helping provide protection to more than 50 million people through its subsidiaries in Japan and the U.S., paying cash fast when policyholders get sick or injured. For more than six decades, insurance policies of Aflac Incorporated's subsidiaries have given policyholders the opportunity to focus on recovery, not financial stress. In the U.S., Aflac is the number one provider of supplemental health insurance products<sup>1</sup>. Aflac Life Insurance Japan is the leading provider of medical and cancer insurance in Japan, where it insures 1 in 4 households. In 2021, the company became a signatory of the Principles for Responsible Investment (PRI). In 2022, the company was included in the Dow Jones Sustainability North America Index, as one of the World's Most Ethical Companies by Ethisphere for the 16th consecutive year, on Fortune's World's Most Admired Companies for the 21st time and in Bloomberg's Gender-Equality Index for the fourth consecutive year. 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 ESG and social responsibility at investors.aflac.com under "Sustainability."

<sup>1</sup> LIMRA 2021 U.S. Supplemental Health Insurance Total Market Report

A copy of Aflac's Financial Analysts Briefing (FAB) supplement for the quarter can be found on the "Investors" page at aflac.com.

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

Aflac Incorporated will webcast its quarterly conference call via the "Investors" page of aflac.com at 8:00 a.m. (ET) on Thursday, February 2, 2023.

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

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

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| | | | |
|:---|:---|:---|:---|
| **<u>AFLAC INCORPORATED AND SUBSIDIARIES CONDENSED INCOME STATEMENT</u>** | **<u>AFLAC INCORPORATED AND SUBSIDIARIES CONDENSED INCOME STATEMENT</u>** | **<u>AFLAC INCORPORATED AND SUBSIDIARIES CONDENSED INCOME STATEMENT</u>** | **<u>AFLAC INCORPORATED AND SUBSIDIARIES CONDENSED INCOME STATEMENT</u>** |
| (UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AND PER-SHARE AMOUNTS) | (UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AND PER-SHARE AMOUNTS) | (UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AND PER-SHARE AMOUNTS) | (UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AND PER-SHARE AMOUNTS) |
| **THREE MONTHS ENDED DECEMBER 31,** | **2022** | **2021** | **% Change** |
| Total revenues | $4010 | $5433 | (26.2)% |
| Benefits and claims, net | 2028 | 2581 | (21.4) |
| Total acquisition and operating expenses | 1458 | 1619 | (9.9) |
| Earnings before income taxes | 524 | 1233 | (57.5) |
| Income taxes | 339 | 194 |  |
| Net earnings | $185 | $1039 | (82.2)% |
| Net earnings per share – basic | $0.30 | $1.58 | (81.0)% |
| Net earnings per share – diluted | 0.30 | 1.57 | (80.9) |
| Shares used to compute earnings per share (000): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 619845 | 659100 | (6.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 622994 | 662512 | (6.0) |
| Dividends paid per share | $0.40 | $0.33 | 21.2% |

---

------

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

---

| | | | |
|:---|:---|:---|:---|
| **<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) |
| **TWELVE MONTHS ENDED DECEMBER 31,** | **2022** | **2021** | **% Change** |
| Total revenues | $19502 | $22106 | (11.8)% |
| Benefits and claims, net | 9153 | 10576 | (13.5) |
| Total acquisition and operating expenses | 5745 | 6208 | (7.5) |
| Earnings before income taxes | 4604 | 5322 | (13.5) |
| Income taxes | 403 | 997 |  |
| Net earnings | $4201 | $4325 | (2.9)% |
| Net earnings per share – basic | $6.62 | $6.42 | 3.1% |
| Net earnings per share – diluted | 6.59 | 6.39 | 3.1 |
| Shares used to compute earnings per share (000): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 634816 | 673617 | (5.8)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 637655 | 676729 | (5.8) |
| Dividends paid per share | $1.60 | $1.32 | 21.2% |

---

------

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

---

| | | | |
|:---|:---|:---|:---|
| **<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) |
| **DECEMBER 31,** | **2022** | **2021** | **% Change** |
| Assets: |  |  |  |
| Total investments and cash | $117397 | $142978 | (17.9)% |
| Deferred policy acquisition costs | 8593 | 9525 | (9.8) |
| Other assets | 5027 | 5039 | (0.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $131017 | $157542 | (16.8)% |
| Liabilities and shareholders' equity: |  |  |  |
| Policy liabilities | $93258 | $105072 | (11.2)% |
| Notes payable and lease obligations | 7442 | 7956 | (6.5) |
| Other liabilities | 7952 | 11261 | (29.4) |
| Shareholders' equity | 22365 | 33253 | (32.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $131017 | $157542 | (16.8)% |
| Shares outstanding at end of period (000) | 615256 | 652132 | (5.7)% |

---

------

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted return on equity excluding foreign currency impact is adjusted earnings excluding the current period foreign currency impact divided by average shareholders' equity, excluding AOCI. The Company considers adjusted return on equity excluding foreign currency impact important as it excludes changes in foreign currency and components of AOCI, which fluctuate due to market movements that are outside management's control. The most comparable U.S. GAAP financial measure for adjusted return on equity excluding foreign currency impact is ROE as determined using net earnings and average total shareholders' equity.

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

------

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted book value including unrealized foreign currency translation gains and losses is adjusted book value plus unrealized foreign currency translation gains and losses. Adjusted book value including unrealized foreign currency translation gains and losses per common share is adjusted book value plus unrealized foreign currency translation gains and losses at the period end divided by the ending outstanding common shares for the period presented. The Company considers adjusted book value including unrealized foreign currency translation gains and losses, and its related per share financial measure, important as they exclude certain components of AOCI, which fluctuate due to market movements that are outside management's control; however, it includes the impact of foreign currency as a result of the significance of Aflac's Japan operation. The most comparable U.S. GAAP financial measures for adjusted book value including unrealized foreign currency translation gains and losses and adjusted book value including unrealized foreign currency translation gains and losses per common share are total book value and total book value per common share, respectively.

&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 cash flows from foreign currency and interest rate derivatives associated with certain investment strategies, which are reclassified from net investment gains and losses to net investment income. The Company considers adjusted net investment income important because it provides a more comprehensive understanding of the costs and income associated with the Company's investments and related hedging strategies. The most comparable U.S. GAAP financial measure for adjusted net investment income is net investment income.

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

------

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

---

| | | | |
|:---|:---|:---|:---|
| **<u>RECONCILIATION OF NET EARNINGS TO ADJUSTED EARNINGS</u>** | **<u>RECONCILIATION OF NET EARNINGS TO ADJUSTED EARNINGS</u>** | **<u>RECONCILIATION OF NET EARNINGS TO ADJUSTED EARNINGS</u>** | **<u>RECONCILIATION OF NET EARNINGS TO ADJUSTED EARNINGS</u>** |
| (UNAUDITED – IN MILLIONS, EXCEPT FOR PER-SHARE AMOUNTS) | (UNAUDITED – IN MILLIONS, EXCEPT FOR PER-SHARE AMOUNTS) | (UNAUDITED – IN MILLIONS, EXCEPT FOR PER-SHARE AMOUNTS) | (UNAUDITED – IN MILLIONS, EXCEPT FOR PER-SHARE AMOUNTS) |
| **THREE MONTHS ENDED DECEMBER 31,** | **2022** | **2021** | **% Change** |
| Net earnings | $185 | $1039 | (82.2)% |
| Items impacting net earnings: |  |  |  |
| &nbsp;&nbsp;&nbsp;Adjusted net investment (gains) losses | 477 | (246) |  |
| &nbsp;&nbsp;&nbsp;Other and non-recurring (income) loss  |  | 6 |  |
| &nbsp;&nbsp;&nbsp;Income tax (benefit) expense on items excluded <br>from adjusted earnings | 144 | 50 |  |
| Adjusted earnings | 806 | 850 | (5.2)% |
| Current period foreign currency impact <sup>1</sup> | 68 | N/A |  |
| Adjusted earnings excluding current period foreign <br> currency impact <sup>2</sup> | $875 | $850 | 2.9% |
| Net earnings per diluted share | $0.30 | $1.57 | (80.9)% |
| Items impacting net earnings: |  |  |  |
| &nbsp;&nbsp;&nbsp;Adjusted net investment (gains) losses | 0.77 | (0.37) |  |
| &nbsp;&nbsp;&nbsp;Other and non-recurring (income) loss  |  | 0.01 |  |
| &nbsp;&nbsp;&nbsp;Income tax (benefit) expense on items excluded <br>from adjusted earnings | 0.23 | 0.08 |  |
| Adjusted earnings per diluted share | 1.29 | 1.28 | 0.8% |
| Current period foreign currency impact <sup>1</sup> | 0.11 | N/A |  |
| Adjusted earnings per diluted share excluding <br> current period foreign currency impact <sup>2</sup> | $1.40 | $1.28 | 9.4% |

---

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

<sup>2&nbsp;&nbsp;&nbsp;&nbsp;</sup>Amounts excluding current period foreign currency impact are computed using the average foreign currency exchange rate for the comparable prior-year period, which eliminates fluctuations driven solely by foreign currency exchange rate changes.

------

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

---

| | | | |
|:---|:---|:---|:---|
| **<u>RECONCILIATION OF NET EARNINGS TO ADJUSTED EARNINGS</u>** | **<u>RECONCILIATION OF NET EARNINGS TO ADJUSTED EARNINGS</u>** | **<u>RECONCILIATION OF NET EARNINGS TO ADJUSTED EARNINGS</u>** | **<u>RECONCILIATION OF NET EARNINGS TO ADJUSTED EARNINGS</u>** |
| (UNAUDITED – IN MILLIONS, EXCEPT FOR PER-SHARE AMOUNTS) | (UNAUDITED – IN MILLIONS, EXCEPT FOR PER-SHARE AMOUNTS) | (UNAUDITED – IN MILLIONS, EXCEPT FOR PER-SHARE AMOUNTS) | (UNAUDITED – IN MILLIONS, EXCEPT FOR PER-SHARE AMOUNTS) |
| **TWELVE MONTHS ENDED DECEMBER 31,** | **2022** | **2021** | **% Change** |
| Net earnings | $4201 | $4325 | (2.9)% |
| Items impacting net earnings: |  |  |  |
| &nbsp;&nbsp;&nbsp;Adjusted net investment (gains) losses | (447) | (462) |  |
| &nbsp;&nbsp;&nbsp;Other and non-recurring (income) loss  | (1) | 73 |  |
| &nbsp;&nbsp;&nbsp;Income tax (benefit) expense on items excluded <br>from adjusted earnings <sup>1</sup> | (357) | 83 |  |
| Adjusted earnings | 3397 | 4019 | (15.5)% |
| Current period foreign currency impact <sup>2</sup> | 215 | N/A |  |
| Adjusted earnings excluding current period foreign <br> currency impact <sup>3</sup> | $3613 | $4019 | (10.1)% |
| Net earnings per diluted share | $6.59 | $6.39 | 3.1% |
| Items impacting net earnings: |  |  |  |
| &nbsp;&nbsp;&nbsp;Adjusted net investment (gains) losses | (0.7) | (0.68) |  |
| &nbsp;&nbsp;&nbsp;Other and non-recurring (income) loss  |  | 0.11 |  |
| &nbsp;&nbsp;&nbsp;Income tax (benefit) expense on items excluded <br>from adjusted earnings <sup>1</sup> | (0.56) | 0.12 |  |
| Adjusted earnings per diluted share | 5.33 | 5.94 | (10.3)% |
| Current period foreign currency impact <sup>2</sup> | 0.34 | N/A |  |
| Adjusted earnings excluding current period foreign <br> currency impact <sup>3</sup> | $5.67 | $5.94 | (4.5)% |

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<sup>1</sup> Primarily reflects release of $452 million in deferred taxes year to date.

<sup>2</sup> Prior period foreign currency impact reflected as "N/A" to isolate change for current period only.

<sup>3&nbsp;&nbsp;&nbsp;&nbsp;</sup>Amounts excluding current period foreign currency impact are computed using the average foreign currency exchange rate for the comparable prior-year period, which eliminates fluctuations driven solely by foreign currency exchange rate changes.

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

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| | | | |
|:---|:---|:---|:---|
| **<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 DECEMBER 31,** | **2022** | **2021** | **% Change** |
| Net investment (gains) losses | $521 | $(243) | (314.4)% |
| Items impacting net investment (gains) losses: |  |  |  |
| &nbsp;&nbsp;&nbsp;Amortized hedge costs | (28) | (21) |  |
| &nbsp;&nbsp;&nbsp;Amortized hedge income | 25 | 11 |  |
| &nbsp;&nbsp;&nbsp;Net interest cash flows from derivatives associated <br>&nbsp;&nbsp;&nbsp;&nbsp; with certain investment strategies | (53) | (7) |  |
| &nbsp;&nbsp;&nbsp;Interest rate component of the change in fair value of foreign <br>&nbsp;&nbsp;&nbsp;&nbsp; currency swaps on notes payable<sup>1</sup> | 13 | 14 |  |
| Adjusted net investment (gains) losses | $477 | $(246) | (293.9)% |

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

---

| | | | |
|:---|:---|:---|:---|
| **<u>RECONCILIATION OF NET INVESTMENT INCOME TO ADJUSTED NET INVESTMENT INCOME</u>** | **<u>RECONCILIATION OF NET INVESTMENT INCOME TO ADJUSTED NET INVESTMENT INCOME</u>** | **<u>RECONCILIATION OF NET INVESTMENT INCOME TO ADJUSTED NET INVESTMENT INCOME</u>** | **<u>RECONCILIATION OF NET INVESTMENT INCOME TO ADJUSTED NET INVESTMENT INCOME</u>** |
| (UNAUDITED – IN MILLIONS) | (UNAUDITED – IN MILLIONS) | (UNAUDITED – IN MILLIONS) | (UNAUDITED – IN MILLIONS) |
| **THREE MONTHS ENDED DECEMBER 31,** | **2022** | **2021** | **% Change** |
| Net investment income | $896 | $910 | (1.5)% |
| Items impacting net investment income: |  |  |  |
| &nbsp;&nbsp;&nbsp;Amortized hedge costs | (28) | (21) |  |
| &nbsp;&nbsp;&nbsp;Amortized hedge income | 25 | 11 |  |
| &nbsp;&nbsp;&nbsp;Net interest cash flows from derivatives associated <br>&nbsp;&nbsp;&nbsp;&nbsp; with certain investment strategies | (53) | (7) |  |
| Adjusted net investment income | $840 | $893 | (5.9)% |

---

------

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

---

| | | | |
|:---|:---|:---|:---|
| **<u>RECONCILIATION OF NET INVESTMENT (GAINS) LOSSES TO ADJUSTED NET INVESTMENT (GAINS) LOSSES</u>** | **<u>RECONCILIATION OF NET INVESTMENT (GAINS) LOSSES TO ADJUSTED NET INVESTMENT (GAINS) LOSSES</u>** | **<u>RECONCILIATION OF NET INVESTMENT (GAINS) LOSSES TO ADJUSTED NET INVESTMENT (GAINS) LOSSES</u>** | **<u>RECONCILIATION OF NET INVESTMENT (GAINS) LOSSES TO ADJUSTED NET INVESTMENT (GAINS) LOSSES</u>** |
| (UNAUDITED – IN MILLIONS) | (UNAUDITED – IN MILLIONS) | (UNAUDITED – IN MILLIONS) | (UNAUDITED – IN MILLIONS) |
| **TWELVE MONTHS ENDED DECEMBER 31,** | **2022** | **2021** | **% Change** |
| Net investment (gains) losses | $(363) | $(468) | (22.4)% |
| Items impacting net investment (gains) losses: |  |  |  |
| &nbsp;&nbsp;&nbsp;Amortized hedge costs | (112) | (76) |  |
| &nbsp;&nbsp;&nbsp;Amortized hedge income | 68 | 57 |  |
| &nbsp;&nbsp;&nbsp;Net interest cash flows from derivatives associated <br>&nbsp;&nbsp;&nbsp;&nbsp; with certain investment strategies | (90) | (30) |  |
| &nbsp;&nbsp;&nbsp;Interest rate component of the change in fair value of foreign <br>&nbsp;&nbsp;&nbsp;&nbsp; currency swaps on notes payable<sup>1</sup> | 50 | 55 |  |
| Adjusted net investment (gains) losses | $(447) | $(462) | (3.2)% |

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

---

| | | | |
|:---|:---|:---|:---|
| **<u>RECONCILIATION OF NET INVESTMENT INCOME TO ADJUSTED NET INVESTMENT INCOME</u>** | **<u>RECONCILIATION OF NET INVESTMENT INCOME TO ADJUSTED NET INVESTMENT INCOME</u>** | **<u>RECONCILIATION OF NET INVESTMENT INCOME TO ADJUSTED NET INVESTMENT INCOME</u>** | **<u>RECONCILIATION OF NET INVESTMENT INCOME TO ADJUSTED NET INVESTMENT INCOME</u>** |
| (UNAUDITED – IN MILLIONS) | (UNAUDITED – IN MILLIONS) | (UNAUDITED – IN MILLIONS) | (UNAUDITED – IN MILLIONS) |
| **TWELVE MONTHS ENDED DECEMBER 31,** | **2022** | **2021** | **% Change** |
| Net investment income | $3656 | $3818 | (4.2)% |
| Items impacting net investment income: |  |  |  |
| &nbsp;&nbsp;&nbsp;Amortized hedge costs | (112) | (76) |  |
| &nbsp;&nbsp;&nbsp;Amortized hedge income | 68 | 57 |  |
| &nbsp;&nbsp;&nbsp;Net interest cash flows from derivatives associated <br>&nbsp;&nbsp;&nbsp;&nbsp; with certain investment strategies | (90) | (30) |  |
| Adjusted net investment income | $3522 | $3769 | (6.6)% |

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

---

| | | | |
|:---|:---|:---|:---|
| **<u>RECONCILIATION OF U.S. GAAP BOOK VALUE TO ADJUSTED BOOK VALUE</u>**  | **<u>RECONCILIATION OF U.S. GAAP BOOK VALUE TO ADJUSTED BOOK VALUE</u>**  | **<u>RECONCILIATION OF U.S. GAAP BOOK VALUE TO ADJUSTED BOOK VALUE</u>**  | **<u>RECONCILIATION OF U.S. GAAP BOOK VALUE TO ADJUSTED BOOK VALUE</u>**  |
| (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) |
| **DECEMBER 31,** | **2022** | **2021** | **% Change** |
| U.S. GAAP book value | $22365 | $33253 |  |
| Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized foreign currency translation gains (losses) | (3640) | (2013) |  |
| &nbsp;&nbsp;&nbsp;Unrealized gains (losses) on securities and derivatives | (729) | 9572 |  |
| &nbsp;&nbsp;&nbsp;Pension liability adjustment | (36) | (166) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total AOCI | (4405) | 7393 |  |
| Adjusted book value | $26770 | $25860 |  |
| Add: |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized foreign currency translation gains (losses) | (3640) | (2013) |  |
| Adjusted book value including unrealized foreign currency translation gains (losses) | $23130 | $23847 |  |
| Number of outstanding shares at end of period (000) | 615256 | 652132 |  |
| U.S. GAAP book value per common share | $36.35 | $50.99 | (28.7)% |
| Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized foreign currency translation gains (losses) per common share | (5.92) | (3.09) |  |
| &nbsp;&nbsp;&nbsp;Unrealized gains (losses) on securities and derivatives per common share | (1.18) | 14.68 |  |
| &nbsp;&nbsp;&nbsp;Pension liability adjustment per common share | (0.06) | (0.25) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total AOCI per common share | (7.16) | 11.34 |  |
| Adjusted book value per common share | $43.51 | $39.65 | 9.7% |
| Add: |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized foreign currency translation gains (losses) per common share | (5.92) | (3.09) |  |
| Adjusted book value including unrealized foreign currency translation gains (losses) per common share | $37.59 | $36.57 | 2.8% |

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

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| | | |
|:---|:---|:---|
| **<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 DECEMBER 31,** | **2022** | **2021** |
| U.S. GAAP ROE - Net earnings<sup>1</sup> | 3.2% | 12.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Impact of excluding unrealized foreign currency translation gains (losses) | (0.5) | (0.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Impact of excluding unrealized gains (losses) on securities and derivatives |  | 4.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impact of excluding pension liability adjustment |  | (0.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impact of excluding AOCI | (0.5) | 3.6 |
| U.S. GAAP ROE - less AOCI | 2.7 | 16.1 |
| Differences between adjusted earnings and net earnings<sup>2</sup> | 9.1 | (2.9) |
| Adjusted ROE - reported | 11.8 | 13.1 |
| Less: Impact of foreign currency<sup>3</sup> | (1.0) | N/A |
| Adjusted ROE, excluding impact of foreign currency | 12.9 | 13.1 |

---

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

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

<sup>3</sup><sup>&nbsp;&nbsp;&nbsp;&nbsp;</sup>Impact of foreign currency is calculated by restating all foreign currency components of the income statement to the weighted average foreign currency exchange rate for the comparable prior year period. The impact is the difference of the restated adjusted earnings compared to reported adjusted earnings. For comparative purposes, only current period income is restated using the weighted average prior period exchange rate, which eliminates the foreign currency impact for the current period. This allows for equal comparison of this financial measure.

------

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

---

| | | |
|:---|:---|:---|
| **<u>RECONCILIATION OF U.S. GAAP RETURN ON EQUITY (ROE) TO ADJUSTED ROE</u>**  | **<u>RECONCILIATION OF U.S. GAAP RETURN ON EQUITY (ROE) TO ADJUSTED ROE</u>**  | **<u>RECONCILIATION OF U.S. GAAP RETURN ON EQUITY (ROE) TO ADJUSTED ROE</u>**  |
| (EXCLUDING IMPACT OF FOREIGN CURRENCY) | (EXCLUDING IMPACT OF FOREIGN CURRENCY) | (EXCLUDING IMPACT OF FOREIGN CURRENCY) |
| **TWELVE MONTHS ENDED DECEMBER 31,** | **2022** | **2021** |
| U.S. GAAP ROE - Net earnings<sup>1</sup> | 15.1% | 12.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Impact of excluding unrealized foreign currency translation gains (losses) | (1.7) | (0.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Impact of excluding unrealized gains (losses) on securities and derivatives | 2.7 | 5.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impact of excluding pension liability adjustment | (0.1) | (0.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impact of excluding AOCI | 0.9 | 4.2 |
| U.S. GAAP ROE - less AOCI | 16.0 | 17.1 |
| Differences between adjusted earnings and net earnings<sup>2</sup> | (3.1) | (1.2) |
| Adjusted ROE - reported | 12.9 | 15.9 |
| Less: Impact of foreign currency<sup>3</sup> | (0.8) | N/A |
| Adjusted ROE, excluding impact of foreign currency | 13.7 | 15.9 |

---

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

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

<sup>3</sup><sup>&nbsp;&nbsp;&nbsp;&nbsp;</sup>Impact of foreign currency is calculated by restating all foreign currency components of the income statement to the weighted average foreign currency exchange rate for the comparable prior year period. The impact is the difference of the restated adjusted earnings compared to reported adjusted earnings. For comparative purposes, only current period income is restated using the weighted average prior period exchange rate, which eliminates the foreign currency impact for the current period. This allows for equal comparison of this financial measure.

------

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

---

| | | |
|:---|:---|:---|
| **<u>EFFECT OF FOREIGN CURRENCY ON ADJUSTED RESULTS</u>**<sup>1</sup> | **<u>EFFECT OF FOREIGN CURRENCY ON ADJUSTED RESULTS</u>**<sup>1</sup> | **<u>EFFECT OF FOREIGN CURRENCY ON ADJUSTED RESULTS</u>**<sup>1</sup> |
| (SELECTED PERCENTAGE CHANGES, UNAUDITED) | (SELECTED PERCENTAGE CHANGES, UNAUDITED) | (SELECTED PERCENTAGE CHANGES, UNAUDITED) |
| **THREE MONTHS ENDED DECEMBER 31, 2022** | **Including<br>Currency<br>Changes** | **Excluding**<br>**Currency**<br>**Changes**<sup>2</sup> |
| Net earned premiums<sup>3</sup> | (15.5)% | (2.8)% |
| Adjusted net investment income<sup>4</sup> | (5.9)% | 0.4 |
| Total benefits and expenses | (16.9) | (4.6) |
| Adjusted earnings | (5.2) | 2.9 |
| Adjusted earnings per diluted share | 0.8 | 9.4 |

---

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

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

<sup>3</sup>Net of reinsurance

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

------

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

---

| | | |
|:---|:---|:---|
| **<u>EFFECT OF FOREIGN CURRENCY ON ADJUSTED RESULTS</u>**<sup>1</sup> | **<u>EFFECT OF FOREIGN CURRENCY ON ADJUSTED RESULTS</u>**<sup>1</sup> | **<u>EFFECT OF FOREIGN CURRENCY ON ADJUSTED RESULTS</u>**<sup>1</sup> |
| (SELECTED PERCENTAGE CHANGES, UNAUDITED) | (SELECTED PERCENTAGE CHANGES, UNAUDITED) | (SELECTED PERCENTAGE CHANGES, UNAUDITED) |
| **TWELVE MONTHS ENDED DECEMBER 31, 2022** | **Including<br>Currency<br>Changes** | **Excluding**<br>**Currency**<br>**Changes**<sup>2</sup> |
| Net earned premiums<sup>3</sup> | (13.5)% | (3.2)% |
| Adjusted net investment income<sup>4</sup> | (6.6)% | (0.7) |
| Total benefits and expenses | (10.8) | (0.1) |
| Adjusted earnings | (15.5) | (10.1) |
| Adjusted earnings per diluted share | (10.3) | (4.5) |

---

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

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

<sup>3</sup>Net of reinsurance

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

------

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

**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. The company desires to take advantage of these provisions. This document contains cautionary statements identifying important factors that could cause actual results to differ materially from those projected herein, and in any other statements made by company officials in communications with the financial community and contained in documents filed with the Securities and Exchange Commission (SEC). Forward-looking statements are not based on historical information and relate to future operations, strategies, financial results or other developments. Furthermore, forward-looking information is subject to numerous assumptions, risks and uncertainties. In particular, statements containing words such as "expect," "anticipate," "believe," "goal," "objective," "may," "should," "estimate," "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;&nbsp;&nbsp;&nbsp;&nbsp;*• difficult conditions in global capital markets and the economy, including those caused by COVID-19*

&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 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;*• concentration of the Company's investments in any particular single-issuer or sector*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• major public health issues, the effects of COVID-19 and its variants (both known and emerging), and any resulting economic effects and government interventions, on the Company's business and financial results*

&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*

&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 or privacy of sensitive data residing on such systems*

&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, as a result of climate change, epidemics, pandemics (such as COVID-19), tornadoes, hurricanes, earthquakes, tsunamis, war or other military action, 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*

&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 or 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;2/1/2023**

![aflaclogoa01a01a01a33a.jpg](aflaclogoa01a01a01a33a.jpg)

**Financial Analysts Briefing Supplement**

**Fourth Quarter 2022** 

This document is a statistical supplement to the Financial Analysts Briefing book. Throughout the presentation, amounts presented may not foot due to rounding. As you review the supplement, please note the non-U.S. GAAP financial measures and definitions found at the back of this document.

---

| | |
|:---|:---|
| **Aflac Incorporated** | <u>Page</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Share Data](#i8ee4f69846754d5885b06aea808e6fd0_4)</u> | <u>[2](#i8ee4f69846754d5885b06aea808e6fd0_4)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Summary of Adjusted Results by Business Segment](#i8ee4f69846754d5885b06aea808e6fd0_7)</u> | <u>[3](#i8ee4f69846754d5885b06aea808e6fd0_7)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Statements of Earnings](#i8ee4f69846754d5885b06aea808e6fd0_10)</u> | <u>[4](#i8ee4f69846754d5885b06aea808e6fd0_10)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Analysis of Net Earnings and Net Earnings Per Share](#i8ee4f69846754d5885b06aea808e6fd0_16)</u> | <u>[5](#i8ee4f69846754d5885b06aea808e6fd0_16)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Balance Sheets](#i8ee4f69846754d5885b06aea808e6fd0_19)</u> | <u>[6](#i8ee4f69846754d5885b06aea808e6fd0_19)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Quarterly Financial Results](#i8ee4f69846754d5885b06aea808e6fd0_22)</u> | <u>[7](#i8ee4f69846754d5885b06aea808e6fd0_22)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Quarterly Book Value Per Share](#i8ee4f69846754d5885b06aea808e6fd0_31)</u> | <u>[8](#i8ee4f69846754d5885b06aea808e6fd0_31)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Return on Equity](#i8ee4f69846754d5885b06aea808e6fd0_34)</u> | <u>[9](#i8ee4f69846754d5885b06aea808e6fd0_34)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Adjusted Earnings Per Share Excluding Current Period Foreign Currency Impact](#i8ee4f69846754d5885b06aea808e6fd0_37)</u> | <u>[10](#i8ee4f69846754d5885b06aea808e6fd0_37)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Investment Results](#i8ee4f69846754d5885b06aea808e6fd0_40)</u> | <u>[11](#i8ee4f69846754d5885b06aea808e6fd0_40)</u>,<u>[12](#i8ee4f69846754d5885b06aea808e6fd0_43)</u>,<u>[13](#i8ee4f69846754d5885b06aea808e6fd0_46)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Long-Term Debt Data](#i8ee4f69846754d5885b06aea808e6fd0_49)</u> | <u>[14](#i8ee4f69846754d5885b06aea808e6fd0_49)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Ratings](#i8ee4f69846754d5885b06aea808e6fd0_55)</u> | <u>[15](#i8ee4f69846754d5885b06aea808e6fd0_55)</u> |
| **Aflac U.S.** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Statement of Pretax Adjusted Earnings](#i8ee4f69846754d5885b06aea808e6fd0_58)</u> | <u>[16](#i8ee4f69846754d5885b06aea808e6fd0_58)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Balance Sheets](#i8ee4f69846754d5885b06aea808e6fd0_64)</u> | <u>[17](#i8ee4f69846754d5885b06aea808e6fd0_64)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Quarterly Pretax Adjusted Earnings](#i8ee4f69846754d5885b06aea808e6fd0_67)</u> | <u>[18](#i8ee4f69846754d5885b06aea808e6fd0_67)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Operating Ratios](#i8ee4f69846754d5885b06aea808e6fd0_70)</u> | <u>[19](#i8ee4f69846754d5885b06aea808e6fd0_70)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Sales](#i8ee4f69846754d5885b06aea808e6fd0_73)</u> | <u>[20](#i8ee4f69846754d5885b06aea808e6fd0_73)</u>,<u>[21](#i8ee4f69846754d5885b06aea808e6fd0_76)</u> |
| **Aflac Japan** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Statement of Pretax Adjusted Earnings](#i8ee4f69846754d5885b06aea808e6fd0_79)</u> | <u>[22](#i8ee4f69846754d5885b06aea808e6fd0_79)</u>,<u>[23](#i8ee4f69846754d5885b06aea808e6fd0_85)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Balance Sheets](#i8ee4f69846754d5885b06aea808e6fd0_91)</u> | <u>[24](#i8ee4f69846754d5885b06aea808e6fd0_91)</u>,<u>[25](#i8ee4f69846754d5885b06aea808e6fd0_94)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Quarterly Pretax Adjusted Earnings](#i8ee4f69846754d5885b06aea808e6fd0_97)</u> | <u>[26](#i8ee4f69846754d5885b06aea808e6fd0_97)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Operating Ratios](#i8ee4f69846754d5885b06aea808e6fd0_100)</u> | <u>[27](#i8ee4f69846754d5885b06aea808e6fd0_100)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Sales](#i8ee4f69846754d5885b06aea808e6fd0_103)</u> | <u>[28](#i8ee4f69846754d5885b06aea808e6fd0_103)</u>,<u>[29](#i8ee4f69846754d5885b06aea808e6fd0_106)</u>,<u>[30](#i8ee4f69846754d5885b06aea808e6fd0_109)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Yen/Dollar Exchange Rates](#i8ee4f69846754d5885b06aea808e6fd0_112)</u> | <u>[31](#i8ee4f69846754d5885b06aea808e6fd0_112)</u> |
| **Corporate and Other** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Statement of Pretax Adjusted Earnings](#i8ee4f69846754d5885b06aea808e6fd0_115)</u> | <u>[32](#i8ee4f69846754d5885b06aea808e6fd0_115)</u> |
| **Non-U.S. GAAP Financial Measures** | <u>[33](#i8ee4f69846754d5885b06aea808e6fd0_118)</u> |

---

**For more information, contact:**

**David Young**

**Phone. 706.596.3264**

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

**investors.aflac.com**

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | | | | | | | | | |
| **Share Data** | **Share Data** | **Share Data** | **Share Data** | **Share Data** | **Share Data** | **Share Data** | **Share Data** | **Share Data** | **Share Data** | **Share Data** | **Share Data** | **Share Data** | **Share Data** |
| (In Thousands) | (In Thousands) | (In Thousands) | (In Thousands) | (In Thousands) | (In Thousands) | (In Thousands) | (In Thousands) | (In Thousands) | (In Thousands) | (In Thousands) | (In Thousands) | (In Thousands) | (In Thousands) |
|  |  | **Beginning** | **Shares Issued** | **Shares Issued** | **Shares Purchased** | **Shares Purchased** | **Ending** | **QTD Weighted Avg. Shares** | **QTD Weighted Avg. Shares** | **QTD Weighted Avg. Shares** | **YTD Weighted Avg. Shares** | **YTD Weighted Avg. Shares** | **YTD Weighted Avg. Shares** |
|  |  | **Shares** | **Stk. Bon.** | **Stk. Opt.** | **Treas.** | **Misc.** | **Shares** | **Avg.** | **Dilutive** | **Avg.** | **Avg.** | **Dilutive** | **Avg.** |
|  | **Period** | **Outstanding** | **& DRP** | **& Misc.** | **Shares** | **Purch.**<sup>(1)</sup> | **Outstanding** | **Shares** | **Shares** | **Diluted** | **Shares** | **Shares** | **Diluted** |
| 2020 | 1 | 726793 | 468 | 1613 | 9984 | 508 | 718382 | 724366 | 3146 | 727512 | 724366 | 3146 | 727512 |
|  | 2 | 718382 | 648 | 100 | 5209 | 13 | 713908 | 717889 | 1875 | 719764 | 721128 | 2510 | 723638 |
|  | 3 | 713908 | 468 | 134 | 10916 | 20 | 703574 | 711698 | 2095 | 713793 | 717962 | 2372 | 720333 |
|  | 4 | 703574 | 437 | 235 | 11791 | 1 | 692454 | 701016 | 2843 | 703859 | 713702 | 2490 | 716192 |
| 2021 | 1 | 692454 | 387 | 1684 | 13440 | 378 | 680707 | 688938 | 3002 | 691940 | 688938 | 3002 | 691940 |
|  | 2 | 680707 | 330 | 130 | 9174 | 3 | 671990 | 678050 | 2871 | 680921 | 683464 | 2936 | 686400 |
|  | 3 | 671990 | 250 | 188 | 9572 | 39 | 662817 | 668762 | 3163 | 671925 | 678509 | 3012 | 681521 |
|  | 4 | 662817 | 249 | 224 | 11140 | 18 | 652132 | 659100 | 3412 | 662512 | 673617 | 3112 | 676729 |
| **2022** | 1 | 652132 | 259 | 1308 | 8007 | 343 | 645349 | 649753 | 3074 | 652827 | 649753 | 3074 | 652827 |
|  | 2 | 645349 | 269 | 101 | 11185 | 8 | 634526 | 640707 | 2536 | 643243 | 645205 | 2805 | 648010 |
|  | 3 | 634526 | 258 | 144 | 11057 | 3 | 623868 | 629350 | 2597 | 631947 | 639862 | 2735 | 642597 |
|  | **4** | **623868** | **222** | **120** | **8938** | **16** | **615256** | **619845** | **3149** | **622994** | **634816** | **2839** | **637655** |

---

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

------

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | | | | | | | | | | | | | | | | | |
| **Summary of Adjusted Results by Business Segment** | **Summary of Adjusted Results by Business Segment** | **Summary of Adjusted Results by Business Segment** | **Summary of Adjusted Results by Business Segment** | **Summary of Adjusted Results by Business Segment** | **Summary of Adjusted Results by Business Segment** | **Summary of Adjusted Results by Business Segment** | **Summary of Adjusted Results by Business Segment** | **Summary of Adjusted Results by Business Segment** | **Summary of Adjusted Results by Business Segment** | **Summary of Adjusted Results by Business Segment** | **Summary of Adjusted Results by Business Segment** | **Summary of Adjusted Results by Business Segment** | **Summary of Adjusted Results by Business Segment** | **Summary of Adjusted Results by Business Segment** | **Summary of Adjusted Results by Business Segment** | **Summary of Adjusted Results by Business Segment** | **Summary of Adjusted Results by Business Segment** | **Summary of Adjusted Results by Business Segment** |
| (In Millions, except per-share data and where noted) | (In Millions, except per-share data and where noted) | (In Millions, except per-share data and where noted) | (In Millions, except per-share data and where noted) | (In Millions, except per-share data and where noted) | (In Millions, except per-share data and where noted) | (In Millions, except per-share data and where noted) | (In Millions, except per-share data and where noted) | (In Millions, except per-share data and where noted) | (In Millions, except per-share data and where noted) | (In Millions, except per-share data and where noted) | (In Millions, except per-share data and where noted) | (In Millions, except per-share data and where noted) | (In Millions, except per-share data and where noted) | (In Millions, except per-share data and where noted) | (In Millions, except per-share data and where noted) | (In Millions, except per-share data and where noted) | (In Millions, except per-share data and where noted) | (In Millions, except per-share data and where noted) |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |  | **3 Months Ended December 31,** | **3 Months Ended December 31,** | **3 Months Ended December 31,** | **3 Months Ended December 31,** | **12 Months Ended December 31,** | **12 Months Ended December 31,** | **12 Months Ended December 31,** | **12 Months Ended December 31,** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | **%** |  |  |  | **%** |
|  | **2017** |  | **2018** |  | **2019** |  | **2020** |  | **2021** |  | **2021** |  | **2022** | **Change** | **2021** |  | **2022** | **Change** |
| Aflac Japan | $3054 |  | $3208 |  | $3261 |  | $3263 |  | $3754 |  | $887 |  | $**704** | (20.6) | $3754 |  | $**3056** | (18.6) |
| Aflac U.S. | 1245 |  | 1285 |  | 1272 |  | 1268 |  | 1478 |  | 261 |  | **340** | 30.3 | 1478 |  | **1324** | (10.4) |
| Corporate and other <sup>(1)</sup> | (214) |  | (139) |  | (72) |  | (115) |  | (298) |  | (155) |  | **(44)** |  | (298) |  | **(223)** |  |
| Pretax adjusted earnings | 4086 |  | 4354 |  | 4461 |  | 4416 |  | 4934 |  | 993 |  | **1001** | .8 | 4934 |  | **4157** | (15.7) |
| Income taxes <sup>(1)</sup> | 1370 |  | 1129 |  | 1147 |  | 864 |  | 915 |  | 143 |  | **194** | 35.7 | 915 |  | **760** | (16.9) |
| Adjusted earnings <sup>(2)</sup> | 2716 |  | 3226 |  | 3314 |  | 3552 |  | 4019 |  | 850 |  | **806** | (5.2) | 4019 |  | **3397** | (15.5) |
| Reconciling items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Adjusted net investment gains (losses) |  |  | (297) |  | (15) |  | (229) |  | 462 |  | 246 |  | **(477)** |  | 462 |  | **447** |  |
| &nbsp;&nbsp;&nbsp;Other and non-recurring income (loss) <sup>(3)</sup> | (69) |  | (75) |  | (1) |  | (28) |  | (73) |  | (6) |  | **—** |  | (73) |  | **1** |  |
| &nbsp;&nbsp;&nbsp;Income tax benefit (expense) on items excluded from adjusted earnings <sup>(4)</sup> | 24 |  | 83 |  | 3 |  | 72 |  | (83) |  | (50) |  | **(144)** |  | (83) |  | **357** |  |
| &nbsp;&nbsp;&nbsp;Tax reform adjustment <sup>(5)</sup> | 1933 |  | (18) |  | 4 |  |  |  |  |  |  |  | **—** |  |  |  | **—** |  |
| &nbsp;&nbsp;&nbsp;Tax valuation allowance release <sup>(6)</sup> |  |  |  |  |  |  | 1411 |  |  |  |  |  | **—** |  |  |  | **—** |  |
| Net earnings | $4604 |  | $2920 |  | $3304 |  | $4778 |  | $4325 |  | $1039 |  | $**185** | (82.2) | $4325 |  | $**4201** | (2.9) |
| Effective Tax rate | (14.6) | % | 26.7 | % | 25.7 | % | (14.9) | % | 18.7 | % | 15.7 | % | **64.6** |  | 18.7 | % | **8.8** |  |
| Earnings per share of common stock: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net earnings (basic) | $5.81 |  | $3.79 |  | $4.45 |  | $6.69 |  | $6.42 |  | $1.58 |  | $**0.30** | (81.0) | $6.42 |  | $**6.62** | 3.1 |
| Net earnings (diluted) | 5.77 |  | 3.77 |  | 4.43 |  | 6.67 |  | 6.39 |  | 1.57 |  | **0.30** | (80.9) | 6.39 |  | **6.59** | 3.1 |
| Adjusted earnings (basic) <sup>(2)</sup> | $3.43 |  | $4.20 |  | $4.46 |  | $4.98 |  | $5.97 |  | $1.29 |  | $**1.30** | .8 | $5.97 |  | $**5.35** | (10.4) |
| Adjusted earnings (diluted) <sup>(2)</sup> | 3.40 |  | 4.16 |  | 4.44 |  | 4.96 |  | 5.94 |  | 1.28 |  | **1.29** | .8 | 5.94 |  | **5.33** | (10.3) |
| <sup>(1)</sup> *The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.*  | <sup>(1)</sup> *The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.*  | <sup>(1)</sup> *The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.*  | <sup>(1)</sup> *The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.*  | <sup>(1)</sup> *The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.*  | <sup>(1)</sup> *The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.*  | <sup>(1)</sup> *The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.*  | <sup>(1)</sup> *The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.*  | <sup>(1)</sup> *The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.*  | <sup>(1)</sup> *The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.*  | <sup>(1)</sup> *The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.*  | <sup>(1)</sup> *The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.*  | <sup>(1)</sup> *The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.*  | <sup>(1)</sup> *The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.*  | <sup>(1)</sup> *The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.*  | <sup>(1)</sup> *The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.*  | <sup>(1)</sup> *The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.*  | <sup>(1)</sup> *The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.*  | <sup>(1)</sup> *The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.*  |
| <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of adjusted earnings.* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of adjusted earnings.* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of adjusted earnings.* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of adjusted earnings.* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of adjusted earnings.* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of adjusted earnings.* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of adjusted earnings.* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of adjusted earnings.* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of adjusted earnings.* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of adjusted earnings.* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of adjusted earnings.* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of adjusted earnings.* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of adjusted earnings.* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of adjusted earnings.* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of adjusted earnings.* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of adjusted earnings.* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of adjusted earnings.* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of adjusted earnings.* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of adjusted earnings.* |
| <sup>(3)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other and non-recurring income (loss) to Net investment gains and losses.* | <sup>(3)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other and non-recurring income (loss) to Net investment gains and losses.* | <sup>(3)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other and non-recurring income (loss) to Net investment gains and losses.* | <sup>(3)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other and non-recurring income (loss) to Net investment gains and losses.* | <sup>(3)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other and non-recurring income (loss) to Net investment gains and losses.* | <sup>(3)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other and non-recurring income (loss) to Net investment gains and losses.* | <sup>(3)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other and non-recurring income (loss) to Net investment gains and losses.* | <sup>(3)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other and non-recurring income (loss) to Net investment gains and losses.* | <sup>(3)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other and non-recurring income (loss) to Net investment gains and losses.* | <sup>(3)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other and non-recurring income (loss) to Net investment gains and losses.* | <sup>(3)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other and non-recurring income (loss) to Net investment gains and losses.* | <sup>(3)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other and non-recurring income (loss) to Net investment gains and losses.* | <sup>(3)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other and non-recurring income (loss) to Net investment gains and losses.* | <sup>(3)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other and non-recurring income (loss) to Net investment gains and losses.* | <sup>(3)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other and non-recurring income (loss) to Net investment gains and losses.* | <sup>(3)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other and non-recurring income (loss) to Net investment gains and losses.* | <sup>(3)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other and non-recurring income (loss) to Net investment gains and losses.* | <sup>(3)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other and non-recurring income (loss) to Net investment gains and losses.* | <sup>(3)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other and non-recurring income (loss) to Net investment gains and losses.* |
| <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* | <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* | <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* | <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* | <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* | <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* | <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* | <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* | <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* | <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* | <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* | <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* | <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* | <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* | <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* | <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* | <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* | <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* | <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* |
| <sup>(5)</sup> *The impact of Tax Reform was adjusted in 2018 for return-to-provision adjustments, various amended returns filed by the Company, and final true-ups of deferred tax liabilities. Further impacts were recorded in 2019 as a result of additional guidance released by the IRS.* | <sup>(5)</sup> *The impact of Tax Reform was adjusted in 2018 for return-to-provision adjustments, various amended returns filed by the Company, and final true-ups of deferred tax liabilities. Further impacts were recorded in 2019 as a result of additional guidance released by the IRS.* | <sup>(5)</sup> *The impact of Tax Reform was adjusted in 2018 for return-to-provision adjustments, various amended returns filed by the Company, and final true-ups of deferred tax liabilities. Further impacts were recorded in 2019 as a result of additional guidance released by the IRS.* | <sup>(5)</sup> *The impact of Tax Reform was adjusted in 2018 for return-to-provision adjustments, various amended returns filed by the Company, and final true-ups of deferred tax liabilities. Further impacts were recorded in 2019 as a result of additional guidance released by the IRS.* | <sup>(5)</sup> *The impact of Tax Reform was adjusted in 2018 for return-to-provision adjustments, various amended returns filed by the Company, and final true-ups of deferred tax liabilities. Further impacts were recorded in 2019 as a result of additional guidance released by the IRS.* | <sup>(5)</sup> *The impact of Tax Reform was adjusted in 2018 for return-to-provision adjustments, various amended returns filed by the Company, and final true-ups of deferred tax liabilities. Further impacts were recorded in 2019 as a result of additional guidance released by the IRS.* | <sup>(5)</sup> *The impact of Tax Reform was adjusted in 2018 for return-to-provision adjustments, various amended returns filed by the Company, and final true-ups of deferred tax liabilities. Further impacts were recorded in 2019 as a result of additional guidance released by the IRS.* | <sup>(5)</sup> *The impact of Tax Reform was adjusted in 2018 for return-to-provision adjustments, various amended returns filed by the Company, and final true-ups of deferred tax liabilities. Further impacts were recorded in 2019 as a result of additional guidance released by the IRS.* | <sup>(5)</sup> *The impact of Tax Reform was adjusted in 2018 for return-to-provision adjustments, various amended returns filed by the Company, and final true-ups of deferred tax liabilities. Further impacts were recorded in 2019 as a result of additional guidance released by the IRS.* | <sup>(5)</sup> *The impact of Tax Reform was adjusted in 2018 for return-to-provision adjustments, various amended returns filed by the Company, and final true-ups of deferred tax liabilities. Further impacts were recorded in 2019 as a result of additional guidance released by the IRS.* | <sup>(5)</sup> *The impact of Tax Reform was adjusted in 2018 for return-to-provision adjustments, various amended returns filed by the Company, and final true-ups of deferred tax liabilities. Further impacts were recorded in 2019 as a result of additional guidance released by the IRS.* | <sup>(5)</sup> *The impact of Tax Reform was adjusted in 2018 for return-to-provision adjustments, various amended returns filed by the Company, and final true-ups of deferred tax liabilities. Further impacts were recorded in 2019 as a result of additional guidance released by the IRS.* | <sup>(5)</sup> *The impact of Tax Reform was adjusted in 2018 for return-to-provision adjustments, various amended returns filed by the Company, and final true-ups of deferred tax liabilities. Further impacts were recorded in 2019 as a result of additional guidance released by the IRS.* | <sup>(5)</sup> *The impact of Tax Reform was adjusted in 2018 for return-to-provision adjustments, various amended returns filed by the Company, and final true-ups of deferred tax liabilities. Further impacts were recorded in 2019 as a result of additional guidance released by the IRS.* | <sup>(5)</sup> *The impact of Tax Reform was adjusted in 2018 for return-to-provision adjustments, various amended returns filed by the Company, and final true-ups of deferred tax liabilities. Further impacts were recorded in 2019 as a result of additional guidance released by the IRS.* | <sup>(5)</sup> *The impact of Tax Reform was adjusted in 2018 for return-to-provision adjustments, various amended returns filed by the Company, and final true-ups of deferred tax liabilities. Further impacts were recorded in 2019 as a result of additional guidance released by the IRS.* | <sup>(5)</sup> *The impact of Tax Reform was adjusted in 2018 for return-to-provision adjustments, various amended returns filed by the Company, and final true-ups of deferred tax liabilities. Further impacts were recorded in 2019 as a result of additional guidance released by the IRS.* | <sup>(5)</sup> *The impact of Tax Reform was adjusted in 2018 for return-to-provision adjustments, various amended returns filed by the Company, and final true-ups of deferred tax liabilities. Further impacts were recorded in 2019 as a result of additional guidance released by the IRS.* | <sup>(5)</sup> *The impact of Tax Reform was adjusted in 2018 for return-to-provision adjustments, various amended returns filed by the Company, and final true-ups of deferred tax liabilities. Further impacts were recorded in 2019 as a result of additional guidance released by the IRS.* |
| <sup>(6)</sup> *Tax benefit recognized in 2020 represents the release of valuation allowances on deferred tax benefits related to foreign tax credits.* | <sup>(6)</sup> *Tax benefit recognized in 2020 represents the release of valuation allowances on deferred tax benefits related to foreign tax credits.* | <sup>(6)</sup> *Tax benefit recognized in 2020 represents the release of valuation allowances on deferred tax benefits related to foreign tax credits.* | <sup>(6)</sup> *Tax benefit recognized in 2020 represents the release of valuation allowances on deferred tax benefits related to foreign tax credits.* | <sup>(6)</sup> *Tax benefit recognized in 2020 represents the release of valuation allowances on deferred tax benefits related to foreign tax credits.* | <sup>(6)</sup> *Tax benefit recognized in 2020 represents the release of valuation allowances on deferred tax benefits related to foreign tax credits.* | <sup>(6)</sup> *Tax benefit recognized in 2020 represents the release of valuation allowances on deferred tax benefits related to foreign tax credits.* | <sup>(6)</sup> *Tax benefit recognized in 2020 represents the release of valuation allowances on deferred tax benefits related to foreign tax credits.* | <sup>(6)</sup> *Tax benefit recognized in 2020 represents the release of valuation allowances on deferred tax benefits related to foreign tax credits.* | <sup>(6)</sup> *Tax benefit recognized in 2020 represents the release of valuation allowances on deferred tax benefits related to foreign tax credits.* | <sup>(6)</sup> *Tax benefit recognized in 2020 represents the release of valuation allowances on deferred tax benefits related to foreign tax credits.* | <sup>(6)</sup> *Tax benefit recognized in 2020 represents the release of valuation allowances on deferred tax benefits related to foreign tax credits.* | <sup>(6)</sup> *Tax benefit recognized in 2020 represents the release of valuation allowances on deferred tax benefits related to foreign tax credits.* | <sup>(6)</sup> *Tax benefit recognized in 2020 represents the release of valuation allowances on deferred tax benefits related to foreign tax credits.* | <sup>(6)</sup> *Tax benefit recognized in 2020 represents the release of valuation allowances on deferred tax benefits related to foreign tax credits.* | <sup>(6)</sup> *Tax benefit recognized in 2020 represents the release of valuation allowances on deferred tax benefits related to foreign tax credits.* | <sup>(6)</sup> *Tax benefit recognized in 2020 represents the release of valuation allowances on deferred tax benefits related to foreign tax credits.* | <sup>(6)</sup> *Tax benefit recognized in 2020 represents the release of valuation allowances on deferred tax benefits related to foreign tax credits.* | <sup>(6)</sup> *Tax benefit recognized in 2020 represents the release of valuation allowances on deferred tax benefits related to foreign tax credits.* |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | | | | | | | | | |
| **Consolidated Statements of Earnings - U.S. GAAP** | **Consolidated Statements of Earnings - U.S. GAAP** | **Consolidated Statements of Earnings - U.S. GAAP** | **Consolidated Statements of Earnings - U.S. GAAP** | **Consolidated Statements of Earnings - U.S. GAAP** | **Consolidated Statements of Earnings - U.S. GAAP** | **Consolidated Statements of Earnings - U.S. GAAP** | **Consolidated Statements of Earnings - U.S. GAAP** | **Consolidated Statements of Earnings - U.S. GAAP** | **Consolidated Statements of Earnings - U.S. GAAP** | **Consolidated Statements of Earnings - U.S. GAAP** | **Consolidated Statements of Earnings - U.S. GAAP** |
| (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **3 Months Ended December 31,** | **3 Months Ended December 31,** | **3 Months Ended December 31,** | **12 Months Ended December 31,** | **12 Months Ended December 31,** | **12 Months Ended December 31,** |
|  |  |  |  |  |  |  |  | **%** |  |  | **%** |
|  | **2017** | **2018** | **2019** | **2020** | **2021** | **2021** | **2022** | **Change** | **2021** | **2022** | **Change** |
| **Revenues:** |  |  |  |  |  |  |  |  |  |  |  |
| Net earned premiums |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross premiums | $18875 | $19018 | $19122 | $18955 | $17857 | $4290 | $**3615** |  | $17857 | $**15387** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Assumed (ceded) | (345) | (341) | (342) | (333) | (210) | (48) | **(30)** |  | (210) | **(124)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net earned premiums | 18531 | 18677 | 18780 | 18622 | 17647 | 4242 | **3585** | (15.5) | 17647 | **15263** | (13.5) |
| Net investment income | 3220 | 3442 | 3578 | 3638 | 3818 | 910 | **896** | (1.5) | 3818 | **3656** | (4.2) |
| Net investment gains (losses) <sup>(1)</sup> | (151) | (430) | (135) | (270) | 468 | 243 | **(521)** |  | 468 | **363** |  |
| Other income <sup>(1)</sup> | 67 | 69 | 84 | 157 | 173 | 38 | **50** |  | 173 | **220** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total revenues | 21667 | 21758 | 22307 | 22147 | 22106 | 5433 | **4010** | (26.2) | 22106 | **19502** | (11.8) |
| **Benefits and Expenses:** |  |  |  |  |  |  |  |  |  |  |  |
| Benefits and claims, net |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Incurred claims - direct | 8853 | 9121 | 9279 | 9364 | 8947 | 2200 | **1826** |  | 8947 | **8270** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Incurred claims - assumed (ceded) | (446) | (421) | (372) | (296) | (148) | (24) | **(18)** |  | (148) | **(107)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in FPB <sup>(2)</sup>-direct | 3628 | 3167 | 2952 | 2707 | 1759 | 401 | **215** |  | 1759 | **972** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in FPB <sup>(2)</sup>-assumed (ceded) | 146 | 133 | 83 | 21 | 18 | 4 | **4** |  | 18 | **18** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net benefits and claims | 12181 | 12000 | 11942 | 11796 | 10576 | 2581 | **2028** | (21.4) | 10576 | **9153** | (13.5) |
| Acquisition and operating expenses: |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of DAC <sup>(3)</sup> | 1132 | 1245 | 1282 | 1214 | 1170 | 300 | **295** |  | 1170 | **1152** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance commissions | 1316 | 1320 | 1321 | 1316 | 1256 | 304 | **271** |  | 1256 | **1117** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance expenses | 2780 | 2988 | 3089 | 3420 | 3544 | 958 | **837** |  | 3544 | **3250** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 240 | 222 | 228 | 242 | 238 | 57 | **55** |  | 238 | **226** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses |  |  |  |  |  |  | **—** |  |  | **—** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total acquisition and operating expenses | 5468 | 5775 | 5920 | 6192 | 6208 | 1619 | **1458** | (9.9) | 6208 | **5745** | (7.5) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total benefits and expenses | 17649 | 17775 | 17862 | 17988 | 16784 | 4200 | **3486** | (17.0) | 16784 | **14898** | (11.2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Pretax earnings | 4018 | 3983 | 4445 | 4159 | 5322 | 1233 | **524** |  | 5322 | **4604** |  |
| Income tax expense (benefit) <sup>(4)</sup> | (586) | 1063 | 1141 | (619) | 997 | 194 | **339** |  | 997 | **403** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net earnings | $4604 | $2920 | $3304 | $4778 | $4325 | $1039 | $**185** | (82.2) | $4325 | $**4201** | (2.9) |
| <sup>(1)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other income to Net investment gains and losses for consistency with current period presentation.* | <sup>(1)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other income to Net investment gains and losses for consistency with current period presentation.* | <sup>(1)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other income to Net investment gains and losses for consistency with current period presentation.* | <sup>(1)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other income to Net investment gains and losses for consistency with current period presentation.* | <sup>(1)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other income to Net investment gains and losses for consistency with current period presentation.* | <sup>(1)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other income to Net investment gains and losses for consistency with current period presentation.* | <sup>(1)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other income to Net investment gains and losses for consistency with current period presentation.* | <sup>(1)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other income to Net investment gains and losses for consistency with current period presentation.* | <sup>(1)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other income to Net investment gains and losses for consistency with current period presentation.* | <sup>(1)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other income to Net investment gains and losses for consistency with current period presentation.* | <sup>(1)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other income to Net investment gains and losses for consistency with current period presentation.* | <sup>(1)</sup> *Foreign currency gains and losses for all periods have been reclassified from Other income to Net investment gains and losses for consistency with current period presentation.* |
| <sup>(2)</sup> *Future policy benefits* | <sup>(2)</sup> *Future policy benefits* | <sup>(2)</sup> *Future policy benefits* | <sup>(2)</sup> *Future policy benefits* | <sup>(2)</sup> *Future policy benefits* | <sup>(2)</sup> *Future policy benefits* | <sup>(2)</sup> *Future policy benefits* | <sup>(2)</sup> *Future policy benefits* | <sup>(2)</sup> *Future policy benefits* | <sup>(2)</sup> *Future policy benefits* | <sup>(2)</sup> *Future policy benefits* | <sup>(2)</sup> *Future policy benefits* |
| <sup>(3)</sup> *Deferred acquisition costs* | <sup>(3)</sup> *Deferred acquisition costs* | <sup>(3)</sup> *Deferred acquisition costs* | <sup>(3)</sup> *Deferred acquisition costs* | <sup>(3)</sup> *Deferred acquisition costs* | <sup>(3)</sup> *Deferred acquisition costs* | <sup>(3)</sup> *Deferred acquisition costs* | <sup>(3)</sup> *Deferred acquisition costs* | <sup>(3)</sup> *Deferred acquisition costs* | <sup>(3)</sup> *Deferred acquisition costs* | <sup>(3)</sup> *Deferred acquisition costs* | <sup>(3)</sup> *Deferred acquisition costs* |
| <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* | <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* | <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* | <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* | <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* | <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* | <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* | <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* | <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* | <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* | <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* | <sup>(4)</sup> *Primarily reflects release of $452 in deferred taxes in 2022* |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | | | | | |
| **Analysis of Net Earnings and Net Earnings Per Diluted Share** | **Analysis of Net Earnings and Net Earnings Per Diluted Share** | **Analysis of Net Earnings and Net Earnings Per Diluted Share** | **Analysis of Net Earnings and Net Earnings Per Diluted Share** | **Analysis of Net Earnings and Net Earnings Per Diluted Share** | **Analysis of Net Earnings and Net Earnings Per Diluted Share** | **Analysis of Net Earnings and Net Earnings Per Diluted Share** | **Analysis of Net Earnings and Net Earnings Per Diluted Share** | **Analysis of Net Earnings and Net Earnings Per Diluted Share** |
| (In Millions, except for per-share data) | (In Millions, except for per-share data) | (In Millions, except for per-share data) | (In Millions, except for per-share data) | (In Millions, except for per-share data) | (In Millions, except for per-share data) | (In Millions, except for per-share data) | (In Millions, except for per-share data) | (In Millions, except for per-share data) |
|  |  |  |  |  |  |  | **Other and** | **Foreign** |
|  |  | **Net** | **Other and Non-** | **Foreign** | **Net** | **Net** | **Non-Recurring** | **Currency** |
|  | **Net** | **Investment** | **Recurring** | **Currency** | **Earnings** | **Investment** | **Items** | **Impact** |
| **Period** | **Earnings** | **Gains (Losses)** <sup>(1)</sup> | **Items** <sup>(1)(3)(4)</sup> | **Impact** <sup>(2)</sup> | **Per Share** | **Gains (Losses)** <sup>(1)</sup> | **Per Share** <sup>(1)(3)(4)</sup> | **Per Share** <sup>(2)</sup> |
| 2017 | 4604 |  | 1888 | (41) | 5.77 |  | 2.37 | (.05) |
| 2018 | 2920 | (230) | (76) | 28 | 3.77 | (.30) | (.09) | .04 |
| 2019 | 3304 | (13) | 3 | 15 | 4.43 | (.02) | .01 | .02 |
| 2020 | 4778 | (181) | 1407 | 31 | 6.67 | (.25) | 1.96 | .04 |
| 2021 | 4325 | 365 | (59) | (38) | 6.39 | .54 | (.09) | (.06) |
| **2022** | **4201** | **803** | **1** | **(215)** | **6.59** | **1.26** | **—** | **(.34)** |
| 1 | 566 | (322) | 5 | 9 | .78 | (.44) | .01 | .01 |
| 2 | 805 | (116) |  | 5 | 1.12 | (.16) |  | .01 |
| 3 | 2456 | 45 | 1418 | 3 | 3.44 | .06 | 1.99 |  |
| 4 | 951 | 212 | (15) | 14 | 1.35 | .30 | (.02) | .02 |
| 1 | 1293 | 240 | (5) | 13 | 1.87 | .35 | (.01) | .02 |
| 2 | 1105 | 67 | (42) | (6) | 1.62 | .10 | (.06) | (.01) |
| 3 | 888 | (136) | (7) | (14) | 1.32 | (.20) | (.01) | (.02) |
| 4 | 1039 | 194 | (5) | (30) | 1.57 | .29 | (.01) | (.05) |
| 1 | 1032 | 106 | (1) | (37) | 1.58 | .16 |  | (.06) |
| 2 | 1388 | 448 |  | (57) | 2.16 | .70 |  | (.09) |
| 3 | 1596 | 871 | 1 | (53) | 2.53 | 1.38 |  | (.08) |
| **4** | **185** | **(621)** | **—** | **(68)** | **.30** | **(1.00)** | **—** | **(.11)** |
| <sup>(1)</sup> *Items are presented net of tax.* | <sup>(1)</sup> *Items are presented net of tax.* | <sup>(1)</sup> *Items are presented net of tax.* | <sup>(1)</sup> *Items are presented net of tax.* | <sup>(1)</sup> *Items are presented net of tax.* | <sup>(1)</sup> *Items are presented net of tax.* | <sup>(1)</sup> *Items are presented net of tax.* | <sup>(1)</sup> *Items are presented net of tax.* | <sup>(1)</sup> *Items are presented net of tax.* |
| <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of adjusted earnings excluding current period foreign currency impact* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of adjusted earnings excluding current period foreign currency impact* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of adjusted earnings excluding current period foreign currency impact* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of adjusted earnings excluding current period foreign currency impact* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of adjusted earnings excluding current period foreign currency impact* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of adjusted earnings excluding current period foreign currency impact* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of adjusted earnings excluding current period foreign currency impact* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of adjusted earnings excluding current period foreign currency impact* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of adjusted earnings excluding current period foreign currency impact* |
| <sup>(3)</sup> *Foreign currency gains and losses and amortized hedge costs/income for all periods have been reclassified from Other income to Net investment gains and losses for consistency with current period presentation.* | <sup>(3)</sup> *Foreign currency gains and losses and amortized hedge costs/income for all periods have been reclassified from Other income to Net investment gains and losses for consistency with current period presentation.* | <sup>(3)</sup> *Foreign currency gains and losses and amortized hedge costs/income for all periods have been reclassified from Other income to Net investment gains and losses for consistency with current period presentation.* | <sup>(3)</sup> *Foreign currency gains and losses and amortized hedge costs/income for all periods have been reclassified from Other income to Net investment gains and losses for consistency with current period presentation.* | <sup>(3)</sup> *Foreign currency gains and losses and amortized hedge costs/income for all periods have been reclassified from Other income to Net investment gains and losses for consistency with current period presentation.* | <sup>(3)</sup> *Foreign currency gains and losses and amortized hedge costs/income for all periods have been reclassified from Other income to Net investment gains and losses for consistency with current period presentation.* | <sup>(3)</sup> *Foreign currency gains and losses and amortized hedge costs/income for all periods have been reclassified from Other income to Net investment gains and losses for consistency with current period presentation.* | <sup>(3)</sup> *Foreign currency gains and losses and amortized hedge costs/income for all periods have been reclassified from Other income to Net investment gains and losses for consistency with current period presentation.* | <sup>(3)</sup> *Foreign currency gains and losses and amortized hedge costs/income for all periods have been reclassified from Other income to Net investment gains and losses for consistency with current period presentation.* |
| <sup>(4)</sup>*Tax benefit recognized in the third quarter of 2020 represents the release of valuation allowances on deferred tax benefits related to foreign tax credits.* | <sup>(4)</sup>*Tax benefit recognized in the third quarter of 2020 represents the release of valuation allowances on deferred tax benefits related to foreign tax credits.* | <sup>(4)</sup>*Tax benefit recognized in the third quarter of 2020 represents the release of valuation allowances on deferred tax benefits related to foreign tax credits.* | <sup>(4)</sup>*Tax benefit recognized in the third quarter of 2020 represents the release of valuation allowances on deferred tax benefits related to foreign tax credits.* | <sup>(4)</sup>*Tax benefit recognized in the third quarter of 2020 represents the release of valuation allowances on deferred tax benefits related to foreign tax credits.* | <sup>(4)</sup>*Tax benefit recognized in the third quarter of 2020 represents the release of valuation allowances on deferred tax benefits related to foreign tax credits.* | <sup>(4)</sup>*Tax benefit recognized in the third quarter of 2020 represents the release of valuation allowances on deferred tax benefits related to foreign tax credits.* | <sup>(4)</sup>*Tax benefit recognized in the third quarter of 2020 represents the release of valuation allowances on deferred tax benefits related to foreign tax credits.* | <sup>(4)</sup>*Tax benefit recognized in the third quarter of 2020 represents the release of valuation allowances on deferred tax benefits related to foreign tax credits.* |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Incorporated and Subsidiaries*** | | | | | | |
| **Consolidated Balance Sheets** | **Consolidated Balance Sheets** | **Consolidated Balance Sheets** | **Consolidated Balance Sheets** | **Consolidated Balance Sheets** | **Consolidated Balance Sheets** | **Consolidated Balance Sheets** |
| (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| **Assets:** | **2017** | **2018** | **2019** | **2020** | **2021** | **2022** |
| Investments and cash: |  |  |  |  |  |  |
| Securities available for sale: |  |  |  |  |  |  |
| Fixed maturity securities available for sale, at fair value | $78804 | $78429 | $86950 | $101286 | $94206 | $**71936** |
| Fixed maturity securities available for sale - consolidated variable interest entities, at fair value | 5509 | 4466 | 4312 | 4596 | 4490 | **3805** |
| Fixed maturity securities held to maturity, at amortized cost, net of allowance for credit losses | 31430 | 30318 | 30085 | 24464 | 22000 | **19056** |
| Equity securities, at fair value | 1023 | 987 | 802 | 1283 | 1603 | **1091** |
| Commercial mortgage and other loans, net of allowance for credit losses | 3002 | 6919 | 9569 | 10554 | 11786 | **13496** |
| Other investments | 400 | 787 | 1477 | 2429 | 3842 | **4070** |
| Cash and cash equivalents | 3491 | 4337 | 4896 | 5141 | 5051 | **3943** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investments and cash | 123659 | 126243 | 138091 | 149753 | 142978 | **117397** |
| Receivables, net of allowance for credit losses | 827 | 851 | 828 | 796 | 693 | **672** |
| Accrued investment income | 769 | 773 | 772 | 780 | 737 | **745** |
| Deferred policy acquisition costs | 9505 | 9875 | 10128 | 10441 | 9525 | **8593** |
| Property and equipment, net | 434 | 443 | 581 | 601 | 538 | **530** |
| Other assets, net of allowance for credit losses <sup>(1)</sup> | 2023 | 2221 | 2368 | 2715 | 3071 | **3080** |
| Total assets | $137217 | $140406 | $152768 | $165086 | $157542 | $**131017** |
| **Liabilities and Shareholders' Equity:** |  |  |  |  |  |  |
| Liabilities: |  |  |  |  |  |  |
| Total policy liabilities | $99147 | $103188 | $106554 | $114391 | $105072 | $**93258** |
| Notes payable | 5289 | 5778 | 6569 | 7899 | 7956 | **7442** |
| Income taxes, primarily deferred | 4745 | 4020 | 5370 | 4661 | 4339 | **1296** |
| Other liabilities | 3438 | 3958 | 5316 | 4576 | 6922 | **6656** |
| Total liabilities | 112619 | 116944 | 123809 | 131527 | 124289 | **108652** |
| Shareholders' equity: |  |  |  |  |  |  |
| Common stock | 135 | 135 | 135 | 135 | 135 | **135** |
| Additional paid-in capital | 2052 | 2177 | 2313 | 2410 | 2529 | **2641** |
| Retained earnings | 29895 | 31788 | 34291 | 37984 | 41381 | **44568** |
| Accumulated other comprehensive income (loss): |  |  |  |  |  |  |
| Unrealized foreign currency translation gains (losses) | (1750) | (1847) | (1623) | (1109) | (2013) | **(3640)** |
| Unrealized gains (losses) on fixed maturity securities | 5964 | 4234 | 8548 | 10361 | 9602 | **(702)** |
| Unrealized gains (losses) on derivatives | (23) | (24) | (33) | (34) | (30) | **(27)** |
| Pension liability adjustment | (163) | (212) | (277) | (284) | (166) | **(36)** |
| Treasury stock | (11512) | (12789) | (14395) | (15904) | (18185) | **(20574)** |
| Total shareholders' equity | 24598 | 23462 | 28959 | 33559 | 33253 | **22365** |
| Total liabilities & shareholders' equity | $137217 | $140406 | $152768 | $165086 | $157542 | $**131017** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> *Includes goodwill of $265 million in 2022, $268 in 2021, $269 in 2020, $140 million in 2019, $67 million in 2018 and $67 million in 2017*

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | | | | | | | |
| **Quarterly Financial Results** | **Quarterly Financial Results** | **Quarterly Financial Results** | **Quarterly Financial Results** | **Quarterly Financial Results** | **Quarterly Financial Results** | **Quarterly Financial Results** | **Quarterly Financial Results** | **Quarterly Financial Results** | **Quarterly Financial Results** | **Quarterly Financial Results** | **Quarterly Financial Results** | **Quarterly Financial Results** |
| (Dollars In Millions, except per-share data) | (Dollars In Millions, except per-share data) | (Dollars In Millions, except per-share data) | (Dollars In Millions, except per-share data) | (Dollars In Millions, except per-share data) | (Dollars In Millions, except per-share data) | (Dollars In Millions, except per-share data) | (Dollars In Millions, except per-share data) | (Dollars In Millions, except per-share data) | (Dollars In Millions, except per-share data) | (Dollars In Millions, except per-share data) | (Dollars In Millions, except per-share data) | (Dollars In Millions, except per-share data) |
|  |  |  |  |  | **Total** |  |  |  |  |  |  |  |
|  | **Net** | **Net** |  | **Benefits** | **Acquisitions** | **Total** |  |  | **Net EPS** | **Net EPS** | **Adj. EPS** <sup>(1)</sup> | **Adj. EPS** <sup>(1)</sup> |
|  | **Earned** | **Inv.** | **Total** | **&** | **&** | **Pretax** | **Net** | **Adjusted** |  |  |  |  |
| **Period** | **Premiums** | **Income** | **Revenues** | **Claims** | **Adj. Exp.** | **Earn.** | **Earn.** | **Earn.** <sup>(1)</sup> | **Basic** | **Dil.** | **Basic** | **Dil.** |
| 2017 | 18531 | 3220 | 21667 | 12181 | 5468 | 4018 | 4604 | 2716 | 5.81 | 5.77 | 3.43 | 3.40 |
| 2018 | 18677 | 3442 | 21758 | 12000 | 5775 | 3983 | 2920 | 3226 | 3.79 | 3.77 | 4.20 | 4.16 |
| 2019 | 18780 | 3578 | 22307 | 11942 | 5920 | 4445 | 3304 | 3314 | 4.45 | 4.43 | 4.46 | 4.44 |
| 2020 | 18622 | 3638 | 22147 | 11796 | 6192 | 4159 | 4778 | 3552 | 6.69 | 6.67 | 4.98 | 4.96 |
| 2021 | 17647 | 3818 | 22106 | 10576 | 6208 | 5322 | 4325 | 4019 | 6.42 | 6.39 | 5.97 | 5.94 |
| **2022** | **15263** | **3656** | **19502** | **9153** | **5745** | **4604** | **4201** | **3397** | **6.62** | **6.59** | **5.35** | **5.33** |
| 1 | 4681 | 904 | 5162 | 2939 | 1503 | 720 | 566 | 882 | .78 | .78 | 1.22 | 1.21 |
| 2 | 4664 | 870 | 5407 | 2897 | 1440 | 1070 | 805 | 921 | 1.12 | 1.12 | 1.28 | 1.28 |
| 3 | 4623 | 896 | 5665 | 2985 | 1527 | 1153 | 2456 | 994 | 3.45 | 3.44 | 1.40 | 1.39 |
| 4 | 4653 | 968 | 5913 | 2974 | 1723 | 1216 | 951 | 755 | 1.36 | 1.35 | 1.08 | 1.07 |
| 1 | 4593 | 925 | 5869 | 2735 | 1531 | 1603 | 1293 | 1058 | 1.88 | 1.87 | 1.54 | 1.53 |
| 2 | 4441 | 993 | 5564 | 2653 | 1538 | 1373 | 1105 | 1080 | 1.63 | 1.62 | 1.59 | 1.59 |
| 3 | 4372 | 991 | 5237 | 2609 | 1515 | 1113 | 888 | 1031 | 1.33 | 1.32 | 1.54 | 1.53 |
| 4 | 4242 | 910 | 5433 | 2581 | 1619 | 1233 | 1039 | 850 | 1.58 | 1.57 | 1.29 | 1.28 |
| 1 | 4178 | 903 | 5272 | 2487 | 1509 | 1276 | 1032 | 927 | 1.59 | 1.58 | 1.43 | 1.42 |
| 2 | 3849 | 937 | 5400 | 2298 | 1401 | 1701 | 1388 | 939 | 2.17 | 2.16 | 1.47 | 1.46 |
| 3 | 3651 | 920 | 4820 | 2340 | 1377 | 1103 | 1596 | 725 | 2.54 | 2.53 | 1.15 | 1.15 |
| **4** | **3585** | **896** | **4010** | **2028** | **1458** | **524** | **185** | **806** | **0.30** | **0.30** | **1.30** | **1.29** |

---

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | | |
| **Quarterly Book Value Per Share** | **Quarterly Book Value Per Share** | **Quarterly Book Value Per Share** | **Quarterly Book Value Per Share** | **Quarterly Book Value Per Share** | **Quarterly Book Value Per Share** | **Quarterly Book Value Per Share** |
| (Dollars In Millions, except per-share data) | (Dollars In Millions, except per-share data) | (Dollars In Millions, except per-share data) | (Dollars In Millions, except per-share data) | (Dollars In Millions, except per-share data) | (Dollars In Millions, except per-share data) | (Dollars In Millions, except per-share data) |
|  |  |  |  |  |  | **Adjusted BV** |
|  |  |  |  |  | **Adjusted BV** | **Per Share Incl** |
|  | **Equity** | **AOCI** |  | **Adjusted BV** | **Per Share Incl** | **Foreign Currency** |
|  | **BV Per** | **BV Per** | **Adjusted BV** | **Per Share** | **Foreign Currency** | **Translation G/(L)** |
| **Period** | **Share** | **Share** | **Per Share** <sup>(1)</sup> | **% Change** | **Translation G/(L)**<sup>(1)</sup> | **% Change** |
| 2017 | 31.50 | 5.16 | 26.34 | 19.7% | 24.10 | 23.3% |
| 2018 | 31.06 | 2.85 | 28.22 | 7.1% | 25.77 | 6.9% |
| 2019 | 39.84 | 9.10 | 30.74 | 8.9% | 28.51 | 10.6% |
| 2020 | 48.46 | 12.90 | 35.56 | 15.7% | 33.96 | 19.1% |
| 2021 | 50.99 | 11.34 | 39.65 | 11.5% | 36.57 | 7.7% |
| **2022** | **36.35** | **(7.16)** | **43.51** | **9.7%** | **37.59** | **2.8%** |
| 1 | 36.75 | 5.83 | 30.92 | 7.0% | 28.77 | 8.9% |
| 2 | 41.21 | 9.45 | 31.75 | 7.5% | 29.70 | 7.7% |
| 3 | 46.16 | 11.25 | 34.91 | 15.7% | 33.08 | 17.4% |
| 4 | 48.46 | 12.90 | 35.56 | 15.7% | 33.96 | 19.1% |
| 1 | 47.16 | 10.00 | 37.16 | 20.2% | 34.70 | 20.6% |
| 2 | 50.20 | 11.93 | 38.27 | 20.5% | 35.80 | 20.5% |
| 3 | 50.62 | 11.56 | 39.06 | 11.9% | 36.41 | 10.1% |
| 4 | 50.99 | 11.34 | 39.65 | 11.5% | 36.57 | 7.7% |
| 1 | 45.75 | 4.82 | 40.93 | 10.1% | 37.08 | 6.9% |
| 2 | 41.59 | (0.86) | 42.45 | 10.9% | 37.27 | 4.1% |
| 3 | 38.71 | (5.63) | 44.34 | 13.5% | 37.20 | 2.2% |
| **4** | **36.35** | **(7.16)** | **43.51** | **9.7%** | **37.59** | **2.8%** |

---

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

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** |
| **Return on Equity** | **Return on Equity** | **Return on Equity** | **Return on Equity** | **Return on Equity** | **Return on Equity** | **Return on Equity** | **Return on Equity** |
| | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  |  | **2017** | **2018** | **2019** | **2020** | **2021** | **2022** |
| U.S. GAAP ROE <sup>(1)</sup> - Net earnings  | U.S. GAAP ROE <sup>(1)</sup> - Net earnings  | 20.4% | 12.2% | 12.6% | 15.3% | 12.9% | **15.1%** |
| Impact of excluding unrealized foreign currency translation gains (losses) | Impact of excluding unrealized foreign currency translation gains (losses) | (2.0) | (1.0) | (1.0) | (0.9) | (0.8) | **(1.7)** |
| Impact of excluding unrealized gains (losses) on securities and derivatives | Impact of excluding unrealized gains (losses) on securities and derivatives | 5.8 | 3.0 | 3.6 | 6.2 | 5.1 | **2.7** |
| Impact of excluding pension liability adjustment | Impact of excluding pension liability adjustment | (0.2) | (0.1) | (0.1) | (0.2) | (0.1) | **(0.1)** |
|  | Impact of excluding AOCI | 3.6 | 1.8 | 2.5 | 5.1 | 4.2 | **0.9** |
| U.S. GAAP ROE - less AOCI | U.S. GAAP ROE - less AOCI | 24.0 | 13.9 | 15.1 | 20.3 | 17.1 | **16.0** |
| Differences between adjusted earnings and net earnings <sup>(2)</sup> | Differences between adjusted earnings and net earnings <sup>(2)</sup> | (9.8) | 1.5 | 0.0 | (5.2) | (1.2) | **(3.1)** |
| Adjusted ROE - reported <sup>(3)</sup> | Adjusted ROE - reported <sup>(3)</sup> | 14.2 | 15.4 | 15.2 | 15.1 | 15.9 | **12.9** |
| <sup>(1)</sup> | *U.S. GAAP ROE is calculated by dividing net earnings (annualized) by average shareholders' equity.* | *U.S. GAAP ROE is calculated by dividing net earnings (annualized) by average shareholders' equity.* | *U.S. GAAP ROE is calculated by dividing net earnings (annualized) by average shareholders' equity.* | *U.S. GAAP ROE is calculated by dividing net earnings (annualized) by average shareholders' equity.* | *U.S. GAAP ROE is calculated by dividing net earnings (annualized) by average shareholders' equity.* | *U.S. GAAP ROE is calculated by dividing net earnings (annualized) by average shareholders' equity.* | *U.S. GAAP ROE is calculated by dividing net earnings (annualized) by average shareholders' equity.* |
| <sup>(2)</sup> | *See separate reconciliation of net income to adjusted earnings.* | *See separate reconciliation of net income to adjusted earnings.* | *See separate reconciliation of net income to adjusted earnings.* | *See separate reconciliation of net income to adjusted earnings.* | *See separate reconciliation of net income to adjusted earnings.* | *See separate reconciliation of net income to adjusted earnings.* | *See separate reconciliation of net income to adjusted earnings.* |
| <sup>(3)</sup> | *See non-U.S. GAAP financial measures for definition of adjusted return on equity* | *See non-U.S. GAAP financial measures for definition of adjusted return on equity* | *See non-U.S. GAAP financial measures for definition of adjusted return on equity* | *See non-U.S. GAAP financial measures for definition of adjusted return on equity* | *See non-U.S. GAAP financial measures for definition of adjusted return on equity* | *See non-U.S. GAAP financial measures for definition of adjusted return on equity* | *See non-U.S. GAAP financial measures for definition of adjusted return on equity* |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | | | |
| **Adjusted Earnings Per Share Excluding Current Period Foreign Currency Impact** <sup>(1)</sup> | **Adjusted Earnings Per Share Excluding Current Period Foreign Currency Impact** <sup>(1)</sup> | **Adjusted Earnings Per Share Excluding Current Period Foreign Currency Impact** <sup>(1)</sup> | **Adjusted Earnings Per Share Excluding Current Period Foreign Currency Impact** <sup>(1)</sup> | **Adjusted Earnings Per Share Excluding Current Period Foreign Currency Impact** <sup>(1)</sup> | **Adjusted Earnings Per Share Excluding Current Period Foreign Currency Impact** <sup>(1)</sup> | **Adjusted Earnings Per Share Excluding Current Period Foreign Currency Impact** <sup>(1)</sup> |
| (Diluted Basis) | (Diluted Basis) | (Diluted Basis) | (Diluted Basis) | (Diluted Basis) | (Diluted Basis) | (Diluted Basis) |
|  |  |  |  |  |  | **Change** |
|  |  |  | **QTD** | **YTD** | **Excluding** | **Excluding** |
|  |  |  | **Foreign** | **Foreign** | **Foreign** | **Foreign** |
|  | **Adjusted** |  | **Currency** | **Currency** | **Currency** | **Currency** |
| **Period** | **EPS**<sup>(1)</sup> | **Growth** | **Impact**<sup>(1)</sup> | **Impact**<sup>(1)</sup> | **Impact**<sup>(1)</sup> | **Impact** |
| 2017 | $3.40 | 4.6% | N/A | (.05) | $3.45 | 6.2% |
| 2018 | $4.16 | 22.4% | N/A | .04 | $4.13 | 21.5% |
| 2019 | $4.44 | 6.7% | N/A | .02 | $4.42 | 6.3% |
| 2020 | $4.96 | 11.7% | N/A | .04 | $4.92 | 10.8% |
| 2021 | $5.94 | 19.8% | N/A | (.06) | $6.00 | 21.0% |
| **2022** | $**5.33** | **(10.3)%** | **N/A** | **(.34)** | $**5.67** | **(4.5)%** |
| 1 | $1.21 | 8.0% | .01 | .01 | $1.20 | 7.1% |
| 2 | 1.28 | 13.3 | .01 | .02 | 1.27 | 12.4 |
| 3 | 1.39 | 19.8 |  | .02 | 1.39 | 19.8 |
| 4 | 1.07 | 3.9 | .02 | .04 | 1.05 | 1.9 |
|  | $4.96 | 11.7% |  |  | $4.92 | 10.8% |
| 1 | $1.53 | 26.4% | .02 | .02 | $1.51 | 24.8% |
| 2 | 1.59 | 24.2 | (.01) | .01 | 1.59 | 24.2 |
| 3 | 1.53 | 10.1 | (.02) | (.01) | 1.56 | 12.2 |
| 4 | 1.28 | 19.6 | (.05) | (.06) | 1.33 | 24.3 |
|  | $5.94 | 19.8% |  |  | $6.00 | 21.0% |
| 1 | $1.42 | (7.2)% | (.06) | (.06) | $1.48 | (3.3)% |
| 2 | 1.46 | (8.2) | (.09) |  | 1.55 | (2.5) |
| 3 | 1.15 | (24.8) | (.08) | (.23) | 1.23 | (19.6) |
| **4** | **1.29** | **.8** | **(.11)** | **(.34)** | **1.40** | **9.4** |
|  | $**5.33** | **(10.3)%** |  |  | $**5.67** | **(4.5)%** |
| <sup>(1)</sup> *See non-U.S.GAAP financial measures for definition of adjusted earnings and adjusted earnings excluding current period foreign currency impact* | <sup>(1)</sup> *See non-U.S.GAAP financial measures for definition of adjusted earnings and adjusted earnings excluding current period foreign currency impact* | <sup>(1)</sup> *See non-U.S.GAAP financial measures for definition of adjusted earnings and adjusted earnings excluding current period foreign currency impact* | <sup>(1)</sup> *See non-U.S.GAAP financial measures for definition of adjusted earnings and adjusted earnings excluding current period foreign currency impact* | <sup>(1)</sup> *See non-U.S.GAAP financial measures for definition of adjusted earnings and adjusted earnings excluding current period foreign currency impact* | <sup>(1)</sup> *See non-U.S.GAAP financial measures for definition of adjusted earnings and adjusted earnings excluding current period foreign currency impact* | <sup>(1)</sup> *See non-U.S.GAAP financial measures for definition of adjusted earnings and adjusted earnings excluding current period foreign currency impact* |

---

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | | | | | | | | | | | |
| **Composition of Invested Assets** | **Composition of Invested Assets** | **Composition of Invested Assets** | **Composition of Invested Assets** | **Composition of Invested Assets** | **Composition of Invested Assets** | **Composition of Invested Assets** | **Composition of Invested Assets** | **Composition of Invested Assets** | **Composition of Invested Assets** | **Composition of Invested Assets** | **Composition of Invested Assets** | **Composition of Invested Assets** |
| (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2017** | **2017** | **2018** | **2018** | **2019** | **2019** | **2020** | **2020** | **2021** | **2021** | **2022** | **2022** |
| Fixed Maturity Securities<sup>(1)</sup> | $106562 |  | $107174 |  | $109456 |  | $116056 |  | $107369 |  | $**94525** |  |
| Commercial mortgage and other loans, net of allowance for credit losses <sup>(1)</sup> |  |  |  |  |  |  |  |  |  |  |  |  |
| Transitional Real Estate (floating rate) | 1235 |  | 4378 |  | 5450 |  | 5231 |  | 5246 |  | **6455** |  |
| Middle Market Loans (floating rate) | 859 |  | 1478 |  | 2412 |  | 3635 |  | 4601 |  | **5028** |  |
| Commercial Mortgage Loans | 908 |  | 1063 |  | 1707 |  | 1688 |  | 1874 |  | **2013** |  |
| Total Commercial mortgage and other loans, net of allowance for credit losses<sup>(1)</sup> | 3002 |  | 6919 |  | 9569 |  | 10554 |  | 11721 |  | **13496** |  |
| Equity Securities, at FV through net earnings | 846 |  | 987 |  | 802 |  | 1283 |  | 1603 |  | **1091** |  |
| Alternatives<sup>(2)</sup> | 113 |  | 370 |  | 551 |  | 919 |  | 1703 |  | **2107** |  |
| Total Portfolio | $110523 |  | $115450 |  | $120378 |  | $128812 |  | $122396 |  | $**111219** |  |
| **Unrealized Gains (Losses) on Invested Assets** | **Unrealized Gains (Losses) on Invested Assets** | **Unrealized Gains (Losses) on Invested Assets** | **Unrealized Gains (Losses) on Invested Assets** | **Unrealized Gains (Losses) on Invested Assets** | **Unrealized Gains (Losses) on Invested Assets** | **Unrealized Gains (Losses) on Invested Assets** | **Unrealized Gains (Losses) on Invested Assets** | **Unrealized Gains (Losses) on Invested Assets** | **Unrealized Gains (Losses) on Invested Assets** | **Unrealized Gains (Losses) on Invested Assets** | **Unrealized Gains (Losses) on Invested Assets** | **Unrealized Gains (Losses) on Invested Assets** |
| (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |  |
|  | **2017** | **2017** | **2018** | **2018** | **2019** | **2019** | **2020** | **2020** | **2021** | **2021** | **2022** |  |
| Fixed Maturity Securities |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Available For Sale - Gross Gains | $9985 |  | $7733 |  | $12266 |  | $14771 |  | $13566 |  | $**4800** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Available For Sale - Gross Losses | (804) |  | (1694) |  | (375) |  | (481) |  | (239) |  | **(4528)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Available For Sale | 9181 |  | 6039 |  | 11891 |  | 14290 |  | 13327 |  | **272** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Held to Maturity - Gross Gains | 6651 |  | 6470 |  | 7519 |  | 5935 |  | 4869 |  | **2154** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Held to Maturity - Gross Losses | (9) |  | (66) |  | (10) |  |  |  |  |  | **—** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Held to Maturity | $6642 |  | $6404 |  | $7509 |  | $5935 |  | $4869 |  | $**2154** |  |
| **Credit Ratings on Fixed Maturities** | **Credit Ratings on Fixed Maturities** | **Credit Ratings on Fixed Maturities** | **Credit Ratings on Fixed Maturities** | **Credit Ratings on Fixed Maturities** | **Credit Ratings on Fixed Maturities** | **Credit Ratings on Fixed Maturities** | **Credit Ratings on Fixed Maturities** | **Credit Ratings on Fixed Maturities** | **Credit Ratings on Fixed Maturities** | **Credit Ratings on Fixed Maturities** | **Credit Ratings on Fixed Maturities** | **Credit Ratings on Fixed Maturities** |
| (At Amortized Cost) | (At Amortized Cost) | (At Amortized Cost) | (At Amortized Cost) | (At Amortized Cost) | (At Amortized Cost) | (At Amortized Cost) | (At Amortized Cost) | (At Amortized Cost) | (At Amortized Cost) | (At Amortized Cost) | (At Amortized Cost) | (At Amortized Cost) |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| **<u>Credit Rating</u>** | **2017** | **2017** | **2018** | **2018** | **2019** | **2019** | **2020** | **2020** | **2021** | **2021** | **2022** | **2022** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAA | 1.0 | % | 1.0 | % | 1.1 | % | 1.0 | % | 1.0 | % | 1.6 | % |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AA | 3.9 |  | 3.9 |  | 4.3 |  | 4.5 |  | 5.1 |  | 5.2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A | 65.8 |  | 67.9 |  | 68.6 |  | 69.3 |  | 68.9 |  | 68.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBB | 24.0 |  | 23.2 |  | 23.1 |  | 21.9 |  | 22.5 |  | 23.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BB or Lower | 5.3 |  | 4.0 |  | 2.9 |  | 3.3 |  | 2.5 |  | 2.2 |  |
|  | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
| <sup>(1)</sup> *Presented at amortized cost, net of reserves beginning in 2020* | <sup>(1)</sup> *Presented at amortized cost, net of reserves beginning in 2020* | <sup>(1)</sup> *Presented at amortized cost, net of reserves beginning in 2020* | <sup>(1)</sup> *Presented at amortized cost, net of reserves beginning in 2020* | <sup>(1)</sup> *Presented at amortized cost, net of reserves beginning in 2020* | <sup>(1)</sup> *Presented at amortized cost, net of reserves beginning in 2020* | <sup>(1)</sup> *Presented at amortized cost, net of reserves beginning in 2020* | <sup>(1)</sup> *Presented at amortized cost, net of reserves beginning in 2020* | <sup>(1)</sup> *Presented at amortized cost, net of reserves beginning in 2020* | <sup>(1)</sup> *Presented at amortized cost, net of reserves beginning in 2020* | <sup>(1)</sup> *Presented at amortized cost, net of reserves beginning in 2020* | <sup>(1)</sup> *Presented at amortized cost, net of reserves beginning in 2020* | <sup>(1)</sup> *Presented at amortized cost, net of reserves beginning in 2020* |
| <sup>(2)</sup> *Presented at carrying value; includes asset classes such as private equity and real estate managed by Global Investments; excludes Corporate driven activity* | <sup>(2)</sup> *Presented at carrying value; includes asset classes such as private equity and real estate managed by Global Investments; excludes Corporate driven activity* | <sup>(2)</sup> *Presented at carrying value; includes asset classes such as private equity and real estate managed by Global Investments; excludes Corporate driven activity* | <sup>(2)</sup> *Presented at carrying value; includes asset classes such as private equity and real estate managed by Global Investments; excludes Corporate driven activity* | <sup>(2)</sup> *Presented at carrying value; includes asset classes such as private equity and real estate managed by Global Investments; excludes Corporate driven activity* | <sup>(2)</sup> *Presented at carrying value; includes asset classes such as private equity and real estate managed by Global Investments; excludes Corporate driven activity* | <sup>(2)</sup> *Presented at carrying value; includes asset classes such as private equity and real estate managed by Global Investments; excludes Corporate driven activity* | <sup>(2)</sup> *Presented at carrying value; includes asset classes such as private equity and real estate managed by Global Investments; excludes Corporate driven activity* | <sup>(2)</sup> *Presented at carrying value; includes asset classes such as private equity and real estate managed by Global Investments; excludes Corporate driven activity* | <sup>(2)</sup> *Presented at carrying value; includes asset classes such as private equity and real estate managed by Global Investments; excludes Corporate driven activity* | <sup>(2)</sup> *Presented at carrying value; includes asset classes such as private equity and real estate managed by Global Investments; excludes Corporate driven activity* | <sup>(2)</sup> *Presented at carrying value; includes asset classes such as private equity and real estate managed by Global Investments; excludes Corporate driven activity* | <sup>(2)</sup> *Presented at carrying value; includes asset classes such as private equity and real estate managed by Global Investments; excludes Corporate driven activity* |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | | | | | | | |
| **Supplemental Investment Data by Segment** | **Supplemental Investment Data by Segment** | **Supplemental Investment Data by Segment** | **Supplemental Investment Data by Segment** | **Supplemental Investment Data by Segment** | **Supplemental Investment Data by Segment** | **Supplemental Investment Data by Segment** | **Supplemental Investment Data by Segment** | **Supplemental Investment Data by Segment** |
| | | | | | | | **3 Months Ended** | **3 Months Ended** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2017** | **2018** | **2019** | **2020** | **2021** | **2022** | **2021** | **2022** |
| **Aflac Japan:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Invested assets (in millions)<sup>(1)</sup> | ¥11017560 | ¥11442444 | ¥11784586 | ¥11936087 | ¥12405531 | ¥**12617181** | ¥12405531 | ¥**12617181** |
| &nbsp;&nbsp;&nbsp;&nbsp;Return on average invested assets<sup>(2)</sup> | 2.31% | 2.33% | 2.33% | 2.38% | 2.72% | **2.78%** | 2.83% | **2.70%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio book yield at end of period<sup>(3)</sup> | 2.56% | 2.61% | 2.64% | 2.59% | 2.60% | **3.06%** | 2.60% | **3.06%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total purchases for period (in millions)<sup>(3)</sup> | ¥1078586 | ¥1298376 | ¥1003885 | ¥714124 | ¥952038 | ¥**716964** | ¥262311 | ¥**82065** |
| &nbsp;&nbsp;&nbsp;&nbsp;New money yield<sup>(3)(4)</sup> | 1.98% | 3.06% | 3.83% | 3.75% | 3.50% | **4.48%** | 3.82% | **6.81%** |
| **Aflac U.S.:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Invested assets (in millions)<sup>(1)</sup> | $13764 | $13798 | $14036 | $14848 | $15841 | $**16772** | $15841 | $**16772** |
| &nbsp;&nbsp;&nbsp;&nbsp;Return on average invested assets<sup>(2)</sup> | 5.07% | 5.16% | 5.70% | 4.90% | 4.87% | **4.72%** | 4.98% | **4.65%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio book yield at end of period<sup>(3)</sup> | 5.52% | 5.55% | 5.40% | 5.18% | 4.94% | **5.39%** | 4.94% | **5.39%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total purchases for period (in millions)<sup>(3)</sup> | $1434 | $2155 | $1835 | $1050 | $2130 | $**1701** | $778 | $**307** |
| &nbsp;&nbsp;&nbsp;&nbsp;New money yield<sup>(3)(4)</sup> | 4.49% | 4.55% | 4.51% | 3.04% | 3.41% | **5.16%** | 3.10% | **6.30%** |
| **Hedge Costs/Income Metrics** <sup>(5)(6)</sup> | **Hedge Costs/Income Metrics** <sup>(5)(6)</sup> | **Hedge Costs/Income Metrics** <sup>(5)(6)</sup> | **Hedge Costs/Income Metrics** <sup>(5)(6)</sup> | **Hedge Costs/Income Metrics** <sup>(5)(6)</sup> | **Hedge Costs/Income Metrics** <sup>(5)(6)</sup> | **Hedge Costs/Income Metrics** <sup>(5)(6)</sup> | **Hedge Costs/Income Metrics** <sup>(5)(6)</sup> | **Hedge Costs/Income Metrics** <sup>(5)(6)</sup> |
|  |  |  |  |  |  |  | **3 Months Ended** | **3 Months Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2017** | **2018** | **2019** | **2020** | **2021** | **2022** | **2021** | **2022** |
| **Aflac Japan:** |  |  |  |  |  |  |  |  |
| FX hedged notional at end of period (in billions)<sup>(7)</sup> | $9.3 | $9.9 | $8.8 | $6 | $6.4 | $**4.1** | $6.4 | $**4.1** |
| Weighted average remaining tenor (in months)<sup>(8)</sup> | 27.7 | 21.4 | 8.5 | 13.0 | 2.6 | **0.7** | 2.6 | **0.7** |
| Amortized hedge costs for period (in millions) | $(228) | $(236) | $(257) | $(206) | $(76) | $**(112)** | $(21) | $**(28)** |
| **Corporate and Other (Parent Company):** |  |  |  |  |  |  |  |  |
| FX hedged notional at end of period (in billions)<sup>(7)</sup> | $— | $2.5 | $4.9 | $5 | $5 | $**5.0** | $5 | $**5.0** |
| Weighted average remaining tenor (in months)<sup>(8)</sup> |  | 16.1 | 13.7 | 12.1 | 11.5 | **10.8** | 11.5 | **10.8** |
| Amortized hedge income (costs) for period (in millions) | $— | $36 | $89 | $97 | $57 | $**68** | $12 | $**25** |
| <sup>(1)</sup> *Invested assets, including cash and short term investments, are stated at amortized cost; except for equities, which are at fair value.* | <sup>(1)</sup> *Invested assets, including cash and short term investments, are stated at amortized cost; except for equities, which are at fair value.* | <sup>(1)</sup> *Invested assets, including cash and short term investments, are stated at amortized cost; except for equities, which are at fair value.* | <sup>(1)</sup> *Invested assets, including cash and short term investments, are stated at amortized cost; except for equities, which are at fair value.* | <sup>(1)</sup> *Invested assets, including cash and short term investments, are stated at amortized cost; except for equities, which are at fair value.* | <sup>(1)</sup> *Invested assets, including cash and short term investments, are stated at amortized cost; except for equities, which are at fair value.* | <sup>(1)</sup> *Invested assets, including cash and short term investments, are stated at amortized cost; except for equities, which are at fair value.* | <sup>(1)</sup> *Invested assets, including cash and short term investments, are stated at amortized cost; except for equities, which are at fair value.* | <sup>(1)</sup> *Invested assets, including cash and short term investments, are stated at amortized cost; except for equities, which are at fair value.* |
| <sup>(2)</sup> *Net of investment expenses and amortized hedge costs, year-to-date number reflected on a quarterly average basis* | <sup>(2)</sup> *Net of investment expenses and amortized hedge costs, year-to-date number reflected on a quarterly average basis* | <sup>(2)</sup> *Net of investment expenses and amortized hedge costs, year-to-date number reflected on a quarterly average basis* | <sup>(2)</sup> *Net of investment expenses and amortized hedge costs, year-to-date number reflected on a quarterly average basis* | <sup>(2)</sup> *Net of investment expenses and amortized hedge costs, year-to-date number reflected on a quarterly average basis* | <sup>(2)</sup> *Net of investment expenses and amortized hedge costs, year-to-date number reflected on a quarterly average basis* | <sup>(2)</sup> *Net of investment expenses and amortized hedge costs, year-to-date number reflected on a quarterly average basis* | <sup>(2)</sup> *Net of investment expenses and amortized hedge costs, year-to-date number reflected on a quarterly average basis* | <sup>(2)</sup> *Net of investment expenses and amortized hedge costs, year-to-date number reflected on a quarterly average basis* |
| <sup>(3)</sup> *Includes fixed maturity securities, commercial mortgage and other loans, equity securities, and excludes alternative investments in limited partnerships, and any impacts from hedging* <br>*&nbsp;&nbsp;&nbsp;&nbsp; activities* | <sup>(3)</sup> *Includes fixed maturity securities, commercial mortgage and other loans, equity securities, and excludes alternative investments in limited partnerships, and any impacts from hedging* <br>*&nbsp;&nbsp;&nbsp;&nbsp; activities* | <sup>(3)</sup> *Includes fixed maturity securities, commercial mortgage and other loans, equity securities, and excludes alternative investments in limited partnerships, and any impacts from hedging* <br>*&nbsp;&nbsp;&nbsp;&nbsp; activities* | <sup>(3)</sup> *Includes fixed maturity securities, commercial mortgage and other loans, equity securities, and excludes alternative investments in limited partnerships, and any impacts from hedging* <br>*&nbsp;&nbsp;&nbsp;&nbsp; activities* | <sup>(3)</sup> *Includes fixed maturity securities, commercial mortgage and other loans, equity securities, and excludes alternative investments in limited partnerships, and any impacts from hedging* <br>*&nbsp;&nbsp;&nbsp;&nbsp; activities* | <sup>(3)</sup> *Includes fixed maturity securities, commercial mortgage and other loans, equity securities, and excludes alternative investments in limited partnerships, and any impacts from hedging* <br>*&nbsp;&nbsp;&nbsp;&nbsp; activities* | <sup>(3)</sup> *Includes fixed maturity securities, commercial mortgage and other loans, equity securities, and excludes alternative investments in limited partnerships, and any impacts from hedging* <br>*&nbsp;&nbsp;&nbsp;&nbsp; activities* | <sup>(3)</sup> *Includes fixed maturity securities, commercial mortgage and other loans, equity securities, and excludes alternative investments in limited partnerships, and any impacts from hedging* <br>*&nbsp;&nbsp;&nbsp;&nbsp; activities* | <sup>(3)</sup> *Includes fixed maturity securities, commercial mortgage and other loans, equity securities, and excludes alternative investments in limited partnerships, and any impacts from hedging* <br>*&nbsp;&nbsp;&nbsp;&nbsp; activities* |
| <sup>(4)</sup> *Reported on a gross yield basis; excludes investment expenses, external management fees, and amortized hedge costs* | <sup>(4)</sup> *Reported on a gross yield basis; excludes investment expenses, external management fees, and amortized hedge costs* | <sup>(4)</sup> *Reported on a gross yield basis; excludes investment expenses, external management fees, and amortized hedge costs* | <sup>(4)</sup> *Reported on a gross yield basis; excludes investment expenses, external management fees, and amortized hedge costs* | <sup>(4)</sup> *Reported on a gross yield basis; excludes investment expenses, external management fees, and amortized hedge costs* | <sup>(4)</sup> *Reported on a gross yield basis; excludes investment expenses, external management fees, and amortized hedge costs* | <sup>(4)</sup> *Reported on a gross yield basis; excludes investment expenses, external management fees, and amortized hedge costs* | <sup>(4)</sup> *Reported on a gross yield basis; excludes investment expenses, external management fees, and amortized hedge costs* | <sup>(4)</sup> *Reported on a gross yield basis; excludes investment expenses, external management fees, and amortized hedge costs* |
| <sup>(5)</sup> *See non-U.S. GAAP financial measures for definition of amortized hedge costs/income. Further, the metrics in this table are split to show the hedging of the market value of a portion of the USD investments in Japan Segment's "USD Program" in the "Japan Segment Portfolio Allocation by Currency" table on page 13 of this supplement as well as the corporate hedging activities at Aflac Inc.* | <sup>(5)</sup> *See non-U.S. GAAP financial measures for definition of amortized hedge costs/income. Further, the metrics in this table are split to show the hedging of the market value of a portion of the USD investments in Japan Segment's "USD Program" in the "Japan Segment Portfolio Allocation by Currency" table on page 13 of this supplement as well as the corporate hedging activities at Aflac Inc.* | <sup>(5)</sup> *See non-U.S. GAAP financial measures for definition of amortized hedge costs/income. Further, the metrics in this table are split to show the hedging of the market value of a portion of the USD investments in Japan Segment's "USD Program" in the "Japan Segment Portfolio Allocation by Currency" table on page 13 of this supplement as well as the corporate hedging activities at Aflac Inc.* | <sup>(5)</sup> *See non-U.S. GAAP financial measures for definition of amortized hedge costs/income. Further, the metrics in this table are split to show the hedging of the market value of a portion of the USD investments in Japan Segment's "USD Program" in the "Japan Segment Portfolio Allocation by Currency" table on page 13 of this supplement as well as the corporate hedging activities at Aflac Inc.* | <sup>(5)</sup> *See non-U.S. GAAP financial measures for definition of amortized hedge costs/income. Further, the metrics in this table are split to show the hedging of the market value of a portion of the USD investments in Japan Segment's "USD Program" in the "Japan Segment Portfolio Allocation by Currency" table on page 13 of this supplement as well as the corporate hedging activities at Aflac Inc.* | <sup>(5)</sup> *See non-U.S. GAAP financial measures for definition of amortized hedge costs/income. Further, the metrics in this table are split to show the hedging of the market value of a portion of the USD investments in Japan Segment's "USD Program" in the "Japan Segment Portfolio Allocation by Currency" table on page 13 of this supplement as well as the corporate hedging activities at Aflac Inc.* | <sup>(5)</sup> *See non-U.S. GAAP financial measures for definition of amortized hedge costs/income. Further, the metrics in this table are split to show the hedging of the market value of a portion of the USD investments in Japan Segment's "USD Program" in the "Japan Segment Portfolio Allocation by Currency" table on page 13 of this supplement as well as the corporate hedging activities at Aflac Inc.* | <sup>(5)</sup> *See non-U.S. GAAP financial measures for definition of amortized hedge costs/income. Further, the metrics in this table are split to show the hedging of the market value of a portion of the USD investments in Japan Segment's "USD Program" in the "Japan Segment Portfolio Allocation by Currency" table on page 13 of this supplement as well as the corporate hedging activities at Aflac Inc.* | <sup>(5)</sup> *See non-U.S. GAAP financial measures for definition of amortized hedge costs/income. Further, the metrics in this table are split to show the hedging of the market value of a portion of the USD investments in Japan Segment's "USD Program" in the "Japan Segment Portfolio Allocation by Currency" table on page 13 of this supplement as well as the corporate hedging activities at Aflac Inc.* |
| <sup>(6)</sup> *Aflac Japan and the Parent Company utilize foreign currency forwards and options to hedge foreign currency exchange rate risk. The hedge cost/income on the table above reflects our FX forward protection of the hedged USD portfolio, and hedge costs on one sided options used as caps, and on tail-risk put options. The table does not include the notional amount and weighted average remaining tenor for these options. At December 31, 2022, Aflac Japan caps and put options notional amount was $13.5 billion with a weighted average remaining tenor of 6.4 months. At December 31, 2022, the Parent Company caps notional amount was $2.6 billion with a weighted average remaining tenor of 9.0 months.*  | <sup>(6)</sup> *Aflac Japan and the Parent Company utilize foreign currency forwards and options to hedge foreign currency exchange rate risk. The hedge cost/income on the table above reflects our FX forward protection of the hedged USD portfolio, and hedge costs on one sided options used as caps, and on tail-risk put options. The table does not include the notional amount and weighted average remaining tenor for these options. At December 31, 2022, Aflac Japan caps and put options notional amount was $13.5 billion with a weighted average remaining tenor of 6.4 months. At December 31, 2022, the Parent Company caps notional amount was $2.6 billion with a weighted average remaining tenor of 9.0 months.*  | <sup>(6)</sup> *Aflac Japan and the Parent Company utilize foreign currency forwards and options to hedge foreign currency exchange rate risk. The hedge cost/income on the table above reflects our FX forward protection of the hedged USD portfolio, and hedge costs on one sided options used as caps, and on tail-risk put options. The table does not include the notional amount and weighted average remaining tenor for these options. At December 31, 2022, Aflac Japan caps and put options notional amount was $13.5 billion with a weighted average remaining tenor of 6.4 months. At December 31, 2022, the Parent Company caps notional amount was $2.6 billion with a weighted average remaining tenor of 9.0 months.*  | <sup>(6)</sup> *Aflac Japan and the Parent Company utilize foreign currency forwards and options to hedge foreign currency exchange rate risk. The hedge cost/income on the table above reflects our FX forward protection of the hedged USD portfolio, and hedge costs on one sided options used as caps, and on tail-risk put options. The table does not include the notional amount and weighted average remaining tenor for these options. At December 31, 2022, Aflac Japan caps and put options notional amount was $13.5 billion with a weighted average remaining tenor of 6.4 months. At December 31, 2022, the Parent Company caps notional amount was $2.6 billion with a weighted average remaining tenor of 9.0 months.*  | <sup>(6)</sup> *Aflac Japan and the Parent Company utilize foreign currency forwards and options to hedge foreign currency exchange rate risk. The hedge cost/income on the table above reflects our FX forward protection of the hedged USD portfolio, and hedge costs on one sided options used as caps, and on tail-risk put options. The table does not include the notional amount and weighted average remaining tenor for these options. At December 31, 2022, Aflac Japan caps and put options notional amount was $13.5 billion with a weighted average remaining tenor of 6.4 months. At December 31, 2022, the Parent Company caps notional amount was $2.6 billion with a weighted average remaining tenor of 9.0 months.*  | <sup>(6)</sup> *Aflac Japan and the Parent Company utilize foreign currency forwards and options to hedge foreign currency exchange rate risk. The hedge cost/income on the table above reflects our FX forward protection of the hedged USD portfolio, and hedge costs on one sided options used as caps, and on tail-risk put options. The table does not include the notional amount and weighted average remaining tenor for these options. At December 31, 2022, Aflac Japan caps and put options notional amount was $13.5 billion with a weighted average remaining tenor of 6.4 months. At December 31, 2022, the Parent Company caps notional amount was $2.6 billion with a weighted average remaining tenor of 9.0 months.*  | <sup>(6)</sup> *Aflac Japan and the Parent Company utilize foreign currency forwards and options to hedge foreign currency exchange rate risk. The hedge cost/income on the table above reflects our FX forward protection of the hedged USD portfolio, and hedge costs on one sided options used as caps, and on tail-risk put options. The table does not include the notional amount and weighted average remaining tenor for these options. At December 31, 2022, Aflac Japan caps and put options notional amount was $13.5 billion with a weighted average remaining tenor of 6.4 months. At December 31, 2022, the Parent Company caps notional amount was $2.6 billion with a weighted average remaining tenor of 9.0 months.*  | <sup>(6)</sup> *Aflac Japan and the Parent Company utilize foreign currency forwards and options to hedge foreign currency exchange rate risk. The hedge cost/income on the table above reflects our FX forward protection of the hedged USD portfolio, and hedge costs on one sided options used as caps, and on tail-risk put options. The table does not include the notional amount and weighted average remaining tenor for these options. At December 31, 2022, Aflac Japan caps and put options notional amount was $13.5 billion with a weighted average remaining tenor of 6.4 months. At December 31, 2022, the Parent Company caps notional amount was $2.6 billion with a weighted average remaining tenor of 9.0 months.*  | <sup>(6)</sup> *Aflac Japan and the Parent Company utilize foreign currency forwards and options to hedge foreign currency exchange rate risk. The hedge cost/income on the table above reflects our FX forward protection of the hedged USD portfolio, and hedge costs on one sided options used as caps, and on tail-risk put options. The table does not include the notional amount and weighted average remaining tenor for these options. At December 31, 2022, Aflac Japan caps and put options notional amount was $13.5 billion with a weighted average remaining tenor of 6.4 months. At December 31, 2022, the Parent Company caps notional amount was $2.6 billion with a weighted average remaining tenor of 9.0 months.*  |
| <sup>(7)</sup> *Notional is reported net of any offsetting positions within Aflac Japan or the Parent Company, respectively.* | <sup>(7)</sup> *Notional is reported net of any offsetting positions within Aflac Japan or the Parent Company, respectively.* | <sup>(7)</sup> *Notional is reported net of any offsetting positions within Aflac Japan or the Parent Company, respectively.* | <sup>(7)</sup> *Notional is reported net of any offsetting positions within Aflac Japan or the Parent Company, respectively.* | <sup>(7)</sup> *Notional is reported net of any offsetting positions within Aflac Japan or the Parent Company, respectively.* | <sup>(7)</sup> *Notional is reported net of any offsetting positions within Aflac Japan or the Parent Company, respectively.* | <sup>(7)</sup> *Notional is reported net of any offsetting positions within Aflac Japan or the Parent Company, respectively.* | <sup>(7)</sup> *Notional is reported net of any offsetting positions within Aflac Japan or the Parent Company, respectively.* | <sup>(7)</sup> *Notional is reported net of any offsetting positions within Aflac Japan or the Parent Company, respectively.* |
| <sup>(8)</sup> *Tenor based on period reporting date to settlement date* | <sup>(8)</sup> *Tenor based on period reporting date to settlement date* | <sup>(8)</sup> *Tenor based on period reporting date to settlement date* | <sup>(8)</sup> *Tenor based on period reporting date to settlement date* | <sup>(8)</sup> *Tenor based on period reporting date to settlement date* | <sup>(8)</sup> *Tenor based on period reporting date to settlement date* | <sup>(8)</sup> *Tenor based on period reporting date to settlement date* | <sup>(8)</sup> *Tenor based on period reporting date to settlement date* | <sup>(8)</sup> *Tenor based on period reporting date to settlement date* |

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

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | | | | | | | | | | | |
| **Long-Term Debt Data** | **Long-Term Debt Data** | **Long-Term Debt Data** | **Long-Term Debt Data** | **Long-Term Debt Data** | **Long-Term Debt Data** | **Long-Term Debt Data** | **Long-Term Debt Data** | **Long-Term Debt Data** | **Long-Term Debt Data** | **Long-Term Debt Data** | **Long-Term Debt Data** | **Long-Term Debt Data** |
| **Adjusted Leverage Ratios** | **Adjusted Leverage Ratios** | **Adjusted Leverage Ratios** | **Adjusted Leverage Ratios** | **Adjusted Leverage Ratios** | **Adjusted Leverage Ratios** | **Adjusted Leverage Ratios** | **Adjusted Leverage Ratios** | **Adjusted Leverage Ratios** | **Adjusted Leverage Ratios** | **Adjusted Leverage Ratios** | **Adjusted Leverage Ratios** | **Adjusted Leverage Ratios** |
| (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2017** |  | **2018** |  | **2019** |  | **2020** |  | **2021** |  | **2022** |  |
| Notes payable | $5289 |  | $5778 |  | $6569 |  | $7899 |  | $7956 |  | $**7442** |  |
| &nbsp;&nbsp;&nbsp;50% of subordinated debentures and perpetual bonds | (263) |  | (268) |  | (408) |  | (432) |  | (389) |  | **(337)** |  |
| &nbsp;&nbsp;&nbsp;Pre-funding of debt maturities |  |  |  |  | (348) |  |  |  |  |  | **—** |  |
| Adjusted debt <sup>(1)</sup> | 5026 |  | 5510 |  | 5814 |  | 7467 |  | 7568 |  | **7105** |  |
| Total Shareholders' Equity | 24598 |  | 23462 |  | 28959 |  | 33559 |  | 33253 |  | **22365** |  |
| Accumulated other comprehensive (income) loss: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized foreign currency translation (gains) losses | 1750 |  | 1847 |  | 1623 |  | 1109 |  | 2013 |  | **3640** |  |
| &nbsp;&nbsp;&nbsp;Unrealized (gains) losses on fixed maturity securities | (5964) |  | (4234) |  | (8548) |  | (10361) |  | (9602) |  | **702** |  |
| &nbsp;&nbsp;&nbsp;Unrealized (gains) losses on derivatives | 23 |  | 24 |  | 33 |  | 34 |  | 30 |  | **27** |  |
| &nbsp;&nbsp;&nbsp;Pension liability adjustment | 163 |  | 212 |  | 277 |  | 284 |  | 166 |  | **36** |  |
| Adjusted book value <sup>(1)</sup> | 20570 |  | 21311 |  | 22344 |  | 24625 |  | 25860 |  | **26770** |  |
| Adjusted capitalization ex-AOCI <sup>(1) (2)</sup> | $25859 |  | $27089 |  | $28565 |  | $32524 |  | $33816 |  | $**34212** |  |
| Adjusted debt to adjusted capitalization ex-AOCI | 19.4 | % | 20.3 | % | 20.4 | % | 23.0 | % | 22.4 | % | **20.8** | % |
| Adjusted capitalization <sup>(1) (3)</sup> | $23946 |  | $25030 |  | $26665 |  | $31131 |  | $31637 |  | $**30536** |  |
| Adjusted debt to adjusted capitalization | 21.0 | % | 22.0 | % | 21.8 | % | 24.0 | % | 23.9 | % | **23.3** | % |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Debt Maturities**<sup>(4)</sup> | **Debt Maturities**<sup>(4)</sup> | **Debt Maturities**<sup>(4)</sup> | **Debt Maturities**<sup>(4)</sup> | **Debt Maturities**<sup>(4)</sup> | **Debt Maturities**<sup>(4)</sup> | **Debt Maturities**<sup>(4)</sup> |
| (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
|  | **≤ 1 year** | **1 > 5 years** | **5 > 10 years** | **10 > 20 years** | **20 years +** | **Total** |
| Senior Notes | $— | $1334 | $2997 | $1153 | $1191 | $**6675** |
| Subordinated debt |  |  |  |  | 678 | **678** |
| Total | $— | $1334 | $2997 | $1153 | $1869 | $**7353** |

---

<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.* 

------

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

---

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac U.S.*** | | | | | | | | | | | |
| **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** |
| (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) |
| (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **3 Months Ended December 31,** | **3 Months Ended December 31,** | **3 Months Ended December 31,** | **12 Months Ended December 31,** | **12 Months Ended December 31,** | **12 Months Ended December 31,** |
|  |  |  |  |  |  |  |  | **%** |  |  | **%** |
|  | **2017** | **2018** | **2019** | **2020** | **2021** | **2021** | **2022** | **Change** | **2021** | **2022** | **Change** |
| **Revenues:** |  |  |  |  |  |  |  |  |  |  |  |
| Net earned premiums |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross premiums | $5563 | $5711 | $5818 | $5762 | $5540 | $1371 | $**1366** |  | $5540 | $**5467** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Assumed (ceded) |  | (3) | (11) | (4) | 73 | 19 | **22** |  | 73 | **103** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net earned premiums | 5563 | 5708 | 5808 | 5758 | 5614 | 1391 | **1388** | (.2) | 5614 | **5570** | (.8) |
| Adjusted net investment income  | 721 | 727 | 720 | 705 | 754 | 197 | **192** | (2.5) | 754 | **755** | .1 |
| Other income excl. realized foreign |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; exchange gains (losses) | 5 | 8 | 22 | 102 | 121 | 31 | **41** |  | 121 | **161** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total adjusted revenues | 6289 | 6443 | 6550 | 6565 | 6489 | 1619 | **1621** | .1 | 6489 | **6486** |  |
| **Benefits and claims:** |  |  |  |  |  |  |  |  |  |  |  |
| Benefits and claims, net |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Incurred claims - direct | 2526 | 2560 | 2611 | 2498 | 2174 | 598 | **525** |  | 2174 | **2246** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Incurred claims - assumed (ceded) | (4) | (4) | (5) | (1) | 89 | 33 | **19** |  | 89 | **104** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in FPB - direct | 363 | 331 | 268 | 271 | 187 | 20 | **22** |  | 187 | **94** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in FPB - assumed (ceded) |  | (1) | (2) | (3) | (3) | (1) | **—** |  | (3) | **(2)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net benefits and claims | 2885 | 2887 | 2871 | 2765 | 2447 | 649 | **566** | (12.8) | 2447 | **2442** | (.2) |
| **Adjusted expenses:** |  |  |  |  |  |  |  |  |  |  |  |
| Amortization of deferred policy |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; acquisition costs | 502 | 534 | 573 | 570 | 517 | 143 | **162** | 13.3 | 517 | **605** | 17.0 |
| Insurance commissions | 580 | 585 | 590 | 576 | 550 | 138 | **142** | 2.9 | 550 | **553** | .5 |
| Insurance and other expenses | 1077 | 1152 | 1244 | 1386 | 1498 | 427 | **410** | (4.0) | 1498 | **1562** | 4.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted expenses | 2159 | 2271 | 2407 | 2532 | 2564 | 709 | **714** |  | 2564 | **2720** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total benefits and adjusted expenses | 5044 | 5158 | 5279 | 5297 | 5011 | 1358 | **1280** | (5.7) | 5011 | **5162** | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pretax adjusted earnings | $1245 | $1285 | $1272 | $1268 | $1478 | $261 | $**340** | 30.3 | $1478 | $**1324** | (10.4) |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac U.S.*** | | | | | | | |
| **Balance Sheets** | **Balance Sheets** | **Balance Sheets** | **Balance Sheets** | **Balance Sheets** | **Balance Sheets** | **Balance Sheets** | **Balance Sheets** |
| (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
|  |  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  |  | **2017** | **2018** | **2019** | **2020** | **2021** | **2022** |
| **Assets:** | **Assets:** |  |  |  |  |  |  |
| Investments and cash | Investments and cash | $15488 | $14518 | $16141 | $17949 | $18324 | $**15987** |
| Receivables, net of allowance for credit losses | Receivables, net of allowance for credit losses | 505 | 568 | 662 | 685 | 595 | **609** |
| Accrued investment income | Accrued investment income | 184 | 178 | 174 | 172 | 169 | **184** |
| Deferred policy acquisition costs | Deferred policy acquisition costs | 3355 | 3491 | 3544 | 3450 | 3292 | **3238** |
| Other assets | Other assets | 361 | 345 | 424 | 608 | 726 | **761** |
|  | Total assets | $19893 | $19100 | $20945 | $22864 | $23106 | $**20779** |
| **Liabilities and Shareholders' Equity:** | **Liabilities and Shareholders' Equity:** |  |  |  |  |  |  |
| Future policy benefits | Future policy benefits | $8806 | $9137 | $9404 | $9674 | $9865 | $**9960** |
| Policy and contract claims | Policy and contract claims | 1700 | 1727 | 1779 | 2010 | 1933 | **1952** |
| Other policy liabilities | Other policy liabilities | 119 | 116 | 111 | 126 | 119 | **117** |
| Deferred income taxes | Deferred income taxes | 982 | (397) | 51 | 235 | 187 | **(472)** |
| Other liabilities | Other liabilities | 1625 | 1577 | 1803 | 2016 | 2034 | **2102** |
| Shareholders' equity | Shareholders' equity | 6661 | 6939 | 7796 | 8803 | 8968 | **7120** |
|  | Total liabilities & shareholders' equity | $19893 | $19100 | $20945 | $22864 | $23106 | $**20779** |

---

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** |  |
| ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** |
| (Restated to conform to current classifications) | (Restated to conform to current classifications) | (Restated to conform to current classifications) | (Restated to conform to current classifications) | (Restated to conform to current classifications) | (Restated to conform to current classifications) | (Restated to conform to current classifications) | (Restated to conform to current classifications) | (Restated to conform to current classifications) | (Restated to conform to current classifications) | (Restated to conform to current classifications) | (Restated to conform to current classifications) | (Restated to conform to current classifications) | (Restated to conform to current classifications) | (Restated to conform to current classifications) |  |
| (Dollars In Millions) | (Dollars In Millions) | (Dollars In Millions) | (Dollars In Millions) | (Dollars In Millions) | (Dollars In Millions) | (Dollars In Millions) | (Dollars In Millions) | (Dollars In Millions) | (Dollars In Millions) | (Dollars In Millions) | (Dollars In Millions) | (Dollars In Millions) | (Dollars In Millions) | (Dollars In Millions) |  |
|  | **Net** |  |  |  | **Total** |  |  |  |  |  | **Total** |  | **Pretax** |  |  |
|  | **Earned** | **%** | **Adjusted** | **%** | **Adjusted** | **%** | **Total** | **%** |  | **%** | **Adjusted** | **%** | **Adjusted** | **%** |  |
| **Period** | **Premiums** | **Change** | **NII** | **Change** | **Revenues** | **Change** | **Benefits** | **Change** | **Amort.** | **Change** | **Expenses** | **Change** | **Earn.** | **Change** |  |
| 2017 | 5563 | 2.0 | 721 | 2.6 | 6289 | 2.0 | 2885 | .6 | 502 | 1.0 | 2159 | 3.3 | 1245 | 3.1 |  |
| 2018 | 5708 | 2.6 | 727 | .8 | 6443 | 2.4 | 2887 | .1 | 534 | 6.4 | 2271 | 5.2 | 1285 | 3.2 |  |
| 2019 | 5808 | 1.8 | 720 | (1.0) | 6550 | 1.7 | 2871 | (.6) | 573 | 7.3 | 2407 | 6.0 | 1272 | (1.0) |  |
| 2020 | 5758 | (.9) | 705 | (2.1) | 6565 | .2 | 2765 | (3.7) | 570 | (.5) | 2532 | 5.2 | 1268 | (.3) |  |
| 2021 | 5614 | (2.5) | 754 | 7.0 | 6489 | (1.2) | 2447 | (11.5) | 517 | (9.3) | 2564 | 1.3 | 1478 | 16.6 |  |
| **2022** | **5570** | **(.8)** | **755** | **.1** | **6486** | **—** | **2442** | **(.2)** | **605** | **17.0** | **2720** | **6.1** | **1324** | **(10.4)** |  |
| 1 | 1483 | 1.5 | 177 |  | 1687 | 2.9 | 713 | (1.1) | 160 | .6 | 648 | 8.7 | 326 | .9 |  |
| 2 | 1458 | (.1) | 172 | (4.4) | 1656 | .9 | 646 | (11.7) | 134 | 2.3 | 584 | 2.3 | 426 | 26.0 |  |
| 3 | 1407 | (2.6) | 175 | (4.4) | 1606 | (1.5) | 679 | (4.4) | 141 | 1.4 | 597 | 2.1 | 329 | (1.8) |  |
| 4 | 1410 | (2.3) | 182 | 1.1 | 1617 | (1.3) | 727 | 2.5 | 135 | (6.3) | 703 | 7.5 | 187 | (32.0) |  |
| 1 | 1422 | (4.1) | 176 | (.6) | 1628 | (3.5) | 556 | (22.0) | 139 | (13.1) | 626 | (3.4) | 445 | 36.5 |  |
| 2 | 1408 | (3.4) | 189 | 9.9 | 1627 | (1.8) | 613 | (5.1) | 111 | (17.2) | 601 | 2.9 | 413 | (3.1) |  |
| 3 | 1393 | (1.0) | 191 | 9.1 | 1616 | .6 | 628 | (7.5) | 123 | (12.8) | 629 | 5.4 | 358 | 8.8 |  |
| 4 | 1391 | (1.3) | 197 | 8.2 | 1619 | .1 | 649 | (10.7) | 143 | 5.9 | 709 | .9 | 261 | 39.6 |  |
| 1 | 1413 | (.6) | 184 | 4.5 | 1639 | .7 | 622 | 11.9 | 168 | 20.9 | 692 | 10.5 | 325 | (27.0) |  |
| 2 | 1394 | (1.0) | 193 | 2.1 | 1628 | .1 | 633 | 3.3 | 131 | 18.0 | 645 | 7.3 | 349 | (15.5) |  |
| 3 | 1375 | (1.3) | 185 | (3.1) | 1598 | (1.1) | 621 | (1.1) | 144 | 17.1 | 668 | 6.2 | 309 | (13.7) |  |
| **4** | **1388** | **(0.2)** | **192** | **(2.5)** | **1621** | **0.1** | **566** | **(12.8)** | **162** | **13.3** | **714** | **0.7** | **340** | **30.3** |  |

---

------

***Aflac U.S.***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Operating Ratios** | **Operating Ratios** | **Operating Ratios** | **Operating Ratios** | **Operating Ratios** | **Operating Ratios** | **Operating Ratios** |
| (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) |
|  | **12-Mo. Rolling** |  |  | **Total Adjusted** | **Combined** | **Pretax** |
|  | **Premium** | **Tot. Ben./** | **Amort./** | **Expenses/** | **Ratio/** | **Profit** |
| **Period** | **Persistency** <sup>(1)</sup> | **Premium** | **Premium** | **Total Adj. Rev.** | **Total Adj. Rev.** | **Margin** |
| 2017 | 78.4 | 51.9 | 9.0 | 34.3 | 80.2 | 19.8 |
| 2018 | 78.7 | 50.6 | 9.4 | 35.2 | 80.1 | 19.9 |
| 2019 | 77.7 | 49.4 | 9.9 | 36.7 | 80.6 | 19.4 |
| 2020 | 79.3 | 48.0 | 9.9 | 38.6 | 80.7 | 19.3 |
| 2021 | 79.6 | 43.6 | 9.2 | 39.5 | 77.2 | 22.8 |
| **2022** | **77.0** | **43.8** | **10.9** | **41.9** | **79.6** | **20.4** |
| 1 | 77.6 | 48.1 | 10.8 | 38.4 | 80.7 | 19.3 |
| 2 | 78.3 | 44.3 | 9.2 | 35.3 | 74.3 | 25.7 |
| 3 | 78.8 | 48.3 | 10.0 | 37.2 | 79.5 | 20.5 |
| 4 | 79.3 | 51.6 | 9.6 | 43.5 | 88.4 | 11.6 |
| 1 | 80.0 | 39.1 | 9.8 | 38.5 | 72.6 | 27.3 |
| 2 | 80.1 | 43.5 | 7.9 | 36.9 | 74.6 | 25.4 |
| 3 | 79.9 | 45.1 | 8.8 | 38.9 | 77.8 | 22.2 |
| 4 | 79.6 | 46.7 | 10.3 | 43.8 | 83.9 | 16.1 |
| 1 | 78.5 | 44.0 | 11.9 | 42.2 | 80.2 | 19.8 |
| 2 | 77.9 | 45.4 | 9.4 | 39.6 | 78.5 | 21.4 |
| 3 | 77.6 | 45.2 | 10.5 | 41.8 | 80.7 | 19.3 |
| **4** | **77.0** | **40.8** | **11.7** | **44.0** | **79.0** | **21.0** |
| <sup>(1)</sup> *Excludes Network Dental & Vision, Consumer Markets, and Group Premier Life, Absence Management, and Disability Solutions products* | <sup>(1)</sup> *Excludes Network Dental & Vision, Consumer Markets, and Group Premier Life, Absence Management, and Disability Solutions products* | <sup>(1)</sup> *Excludes Network Dental & Vision, Consumer Markets, and Group Premier Life, Absence Management, and Disability Solutions products* | <sup>(1)</sup> *Excludes Network Dental & Vision, Consumer Markets, and Group Premier Life, Absence Management, and Disability Solutions products* | <sup>(1)</sup> *Excludes Network Dental & Vision, Consumer Markets, and Group Premier Life, Absence Management, and Disability Solutions products* | <sup>(1)</sup> *Excludes Network Dental & Vision, Consumer Markets, and Group Premier Life, Absence Management, and Disability Solutions products* | <sup>(1)</sup> *Excludes Network Dental & Vision, Consumer Markets, and Group Premier Life, Absence Management, and Disability Solutions products* |

---

------

***Aflac U.S.***

---

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

---

------

***Aflac U.S.***

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Aflac U.S. Product Mix** | **Aflac U.S. Product Mix** | **Aflac U.S. Product Mix** | **Aflac U.S. Product Mix** | **Aflac U.S. Product Mix** | **Aflac U.S. Product Mix** | **Aflac U.S. Product Mix** | **Aflac U.S. Product Mix** | **Aflac U.S. Product Mix** | **Aflac U.S. Product Mix** | **Aflac U.S. Product Mix** | **Aflac U.S. Product Mix** | **Aflac U.S. Product Mix** | **Aflac U.S. Product Mix** |
| (New Annualized Premium Sales, Dollars in Millions) | (New Annualized Premium Sales, Dollars in Millions) | (New Annualized Premium Sales, Dollars in Millions) | (New Annualized Premium Sales, Dollars in Millions) | (New Annualized Premium Sales, Dollars in Millions) | (New Annualized Premium Sales, Dollars in Millions) | (New Annualized Premium Sales, Dollars in Millions) | (New Annualized Premium Sales, Dollars in Millions) | (New Annualized Premium Sales, Dollars in Millions) | (New Annualized Premium Sales, Dollars in Millions) | (New Annualized Premium Sales, Dollars in Millions) | (New Annualized Premium Sales, Dollars in Millions) | (New Annualized Premium Sales, Dollars in Millions) | (New Annualized Premium Sales, Dollars in Millions) |
|  |  | **% of** |  | **% of** |  | **% of** | **Critical** | **% of** | **Hospital** | **% of** | **Dental/** | **% of** |  |
| **Period** | **Disability** | **Total** | **Life** | **Total** | **Accident** | **Total** | **Care**<sup>(1)</sup> | **Total** | **Indemnity** | **Total** | **Vision** | **Total** | **Total** |
| 2017 | 356 | 22.9 | 78 | 5.0 | 456 | 29.4 | 354 | 22.8 | 229 | 14.8 | 79 | 5.1 | 1552 |
| 2018 | 363 | 22.7 | 88 | 5.5 | 468 | 29.2 | 354 | 22.1 | 253 | 15.8 | 75 | 4.7 | 1601 |
| 2019 | 355 | 22.5 | 97 | 6.1 | 450 | 28.5 | 346 | 21.9 | 263 | 16.6 | 69 | 4.4 | 1580 |
| 2020 | 243 | 22.3 | 80 | 7.3 | 285 | 26.1 | 242 | 22.2 | 197 | 18.0 | 45 | 4.1 | 1093 |
| 2021 | 296 | 23.1 | 114 | 9.0 | 321 | 25.1 | 273 | 21.3 | 209 | 16.4 | 65 | 5.1 | 1278 |
| **2022** | **378** | **25.5** | **156** | **10.5** | **338** | **22.8** | **299** | **20.1** | **226** | **15.3** | **85** | **5.8** | **1483** |
| 1 | 73 | 22.6 | 25 | 7.7 | 88 | 27.3 | 68 | 21.1 | 55 | 16.9 | 14 | 4.4 | 323 |
| 2 | 38 | 23.9 | 14 | 8.6 | 41 | 25.7 | 33 | 20.6 | 28 | 17.1 | 7 | 4.1 | 161 |
| 3 | 54 | 24.2 | 16 | 7.1 | 58 | 26.4 | 45 | 20.5 | 37 | 16.8 | 11 | 5.0 | 221 |
| 4 | 79 | 20.4 | 26 | 6.6 | 98 | 25.2 | 95 | 24.5 | 77 | 20.0 | 13 | 3.3 | 388 |
| 1 | 58 | 23.1 | 17 | 6.7 | 66 | 26.3 | 57 | 22.6 | 42 | 16.7 | 11 | 4.6 | 251 |
| 2 | 60 | 22.7 | 19 | 7.3 | 72 | 27.2 | 56 | 21.0 | 43 | 16.4 | 14 | 5.4 | 264 |
| 3 | 79 | 26.2 | 27 | 9.2 | 76 | 25.5 | 57 | 19.1 | 45 | 15.1 | 15 | 4.9 | 299 |
| 4 | 100 | 21.4 | 51 | 11.0 | 107 | 23.1 | 104 | 22.3 | 79 | 17.0 | 24 | 5.2 | 464 |
| 1 | 70 | 23.3 | 24 | 7.9 | 75 | 25.3 | 63 | 21.2 | 50 | 16.7 | 17 | 5.6 | 299 |
| 2 | 77 | 25.2 | 26 | 8.3 | 75 | 24.6 | 63 | 20.6 | 45 | 14.9 | 19 | 6.4 | 305 |
| 3 | 97 | 28.9 | 33 | 10.0 | 76 | 22.6 | 60 | 18.1 | 47 | 14.1 | 21 | 6.3 | 334 |
| **4** | **135** | **24.9** | **73** | **13.4** | **112** | **20.5** | **112** | **20.6** | **84** | **15.4** | **28** | **5.2** | **545** |

---

---

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

---

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

------

***Aflac Japan***

***Aflac Japan***

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** |
| (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) |
| (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **3 Months Ended December 31,** | **3 Months Ended December 31,** | **3 Months Ended December 31,** | **12 Months Ended December 31,** | **12 Months Ended December 31,** | **12 Months Ended December 31,** |
|  |  |  |  |  |  |  |  | **%** |  |  | **%** |
|  | **2017** | **2018** | **2019** | **2020** | **2021** | **2021** | **2022** | **Change** | **2021** | **2022** | **Change** |
| **Revenues:** |  |  |  |  |  |  |  |  |  |  |  |
| Net earned premiums |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross premiums | ¥1493299 | ¥1468894 | ¥1450586 | ¥1409134 | ¥1350945 | ¥331899 | ¥**318086** |  | ¥1350945 | ¥**1294166** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Assumed (ceded) | (62873) | (60198) | (57974) | (55926) | (50864) | (12555) | **(11990)** |  | (50864) | **(48578)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net earned premiums | 1430426 | 1408697 | 1392612 | 1353208 | 1300082 | 319344 | **306095** | (4.1) | 1300082 | **1245588** | (4.2) |
| Net investment income <sup>(1)</sup> |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Yen denominated | 145114 | 141575 | 142473 | 138397 | 138513 | 34321 | **34272** | (.1) | 138513 | **149449** | 7.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;US$ denominated | 131168 | 149801 | 157717 | 167541 | 202905 | 55667 | **55386** | (.5) | 202905 | **215171** | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 276282 | 291377 | 300191 | 305938 | 341419 | 89988 | **89658** | (.4) | 341419 | **364621** | 6.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortized hedge costs on foreign investments <sup>(2)</sup> | (24528) | (25858) | (28938) | (22816) | (8391) | (2297) | **(3478)** | 51.4 | (8391) | **(13155)** | 56.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted net investment income | 251754 | 265519 | 271253 | 283122 | 333028 | 87690 | **86180** | (1.7) | 333028 | **351466** | 5.5 |
| Other income excl. realized foreign |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;currency gains (losses) | 4640 | 4636 | 4869 | 4497 | 4512 | 1071 | **1023** |  | 4512 | **4442** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total adjusted revenues | 1686820 | 1678852 | 1668734 | 1640827 | 1637621 | 408105 | **393298** | (3.6) | 1637621 | **1601496** | (2.2) |
| **Benefits and claims:** |  |  |  |  |  |  |  |  |  |  |  |
| Benefits and claims, net |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Incurred claims - direct | 710251 | 724556 | 727491 | 734471 | 743610 | 182488 | **184576** |  | 743610 | **788323** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Incurred claims - assumed (ceded) | (55691) | (51892) | (45657) | (37806) | (31801) | (8112) | **(7146)** |  | (31801) | **(36110)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in FPB - direct | 366376 | 313343 | 292444 | 260200 | 172525 | 43291 | **27491** |  | 172525 | **115863** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in FPB - assumed (ceded) | (1557) | (2000) | (6497) | (11377) | (11132) | (2651) | **(2309)** |  | (11132) | **(9787)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net benefits and claims | 1019378 | 984007 | 967782 | 945487 | 873202 | 215016 | **202613** | (5.8) | 873202 | **858288** | (1.7) |
| **Adjusted expenses:** |  |  |  |  |  |  |  |  |  |  |  |
| Amortization of deferred policy |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;acquisition costs | 70670 | 78459 | 77286 | 68818 | 71657 | 17880 | **18633** | 4.2 | 71657 | **71454** | (.3) |
| Insurance commissions | 82495 | 81045 | 79661 | 79036 | 77449 | 18796 | **18155** | (3.4) | 77449 | **73482** | (5.1) |
| Insurance and other expenses | 170636 | 181139 | 189203 | 199606 | 203169 | 55545 | **53416** | (3.8) | 203169 | **199000** | (2.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjusted expenses | 323801 | 340643 | 346150 | 347460 | 352275 | 92221 | **90204** |  | 352275 | **343936** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total benefits and adjusted expenses | 1343180 | 1324651 | 1313932 | 1292947 | 1225477 | 307237 | **292817** | (4.7) | 1225477 | **1202224** | (1.9) |
| Pretax adjusted earnings | ¥343640 | ¥354201 | ¥354802 | ¥347881 | ¥412144 | ¥100868 | ¥**100481** | (.4) | ¥412144 | ¥**399272** | (3.1) |
| <sup>(1)</sup> *Includes the net interest cash flows from derivatives associated with certain investment strategies* | <sup>(1)</sup> *Includes the net interest cash flows from derivatives associated with certain investment strategies* | <sup>(1)</sup> *Includes the net interest cash flows from derivatives associated with certain investment strategies* | <sup>(1)</sup> *Includes the net interest cash flows from derivatives associated with certain investment strategies* | <sup>(1)</sup> *Includes the net interest cash flows from derivatives associated with certain investment strategies* | <sup>(1)</sup> *Includes the net interest cash flows from derivatives associated with certain investment strategies* | <sup>(1)</sup> *Includes the net interest cash flows from derivatives associated with certain investment strategies* | <sup>(1)</sup> *Includes the net interest cash flows from derivatives associated with certain investment strategies* | <sup>(1)</sup> *Includes the net interest cash flows from derivatives associated with certain investment strategies* | <sup>(1)</sup> *Includes the net interest cash flows from derivatives associated with certain investment strategies* | <sup>(1)</sup> *Includes the net interest cash flows from derivatives associated with certain investment strategies* | <sup>(1)</sup> *Includes the net interest cash flows from derivatives associated with certain investment strategies* |
| <sup>(2)</sup> *See non-U.S. GAAP financial measures for the definition of amortized hedge costs/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for the definition of amortized hedge costs/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for the definition of amortized hedge costs/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for the definition of amortized hedge costs/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for the definition of amortized hedge costs/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for the definition of amortized hedge costs/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for the definition of amortized hedge costs/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for the definition of amortized hedge costs/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for the definition of amortized hedge costs/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for the definition of amortized hedge costs/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for the definition of amortized hedge costs/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for the definition of amortized hedge costs/income* |

---

------

***Aflac Japan***

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** |
| (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) |
| (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **3 Months Ended December 31,** | **3 Months Ended December 31,** | **3 Months Ended December 31,** | **12 Months Ended December 31,** | **12 Months Ended December 31,** | **12 Months Ended December 31,** |
|  |  |  |  |  |  |  |  | **%** |  |  | **%** |
|  | **2017** | **2018** | **2019** | **2020** | **2021** | **2021** | **2022** | **Change** | **2021** | **2022** | **Change** |
| **Revenues:** |  |  |  |  |  |  |  |  |  |  |  |
| Net earned premiums |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross premiums | $13312 | $13307 | $13304 | $13193 | $12317 | $2919 | $**2249** |  | $12317 | $**9920** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Assumed (ceded) | (561) | (546) | (532) | (524) | (463) | (110) | **(85)** |  | (463) | **(372)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net earned premiums | 12752 | 12762 | 12772 | 12670 | 11853 | 2808 | **2164** | (22.9) | 11853 | **9548** | (19.4) |
| Net investment income <sup>(1)</sup> |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Yen denominated | 1294 | 1283 | 1307 | 1296 | 1262 | 302 | **242** | (19.9) | 1262 | **1140** | (9.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;US$ denominated | 1169 | 1356 | 1446 | 1569 | 1845 | 490 | **390** | (20.4) | 1845 | **1641** | (11.1) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 2463 | 2639 | 2753 | 2865 | 3107 | 792 | **632** | (20.2) | 3107 | **2782** | (10.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortized hedge costs on foreign investments <sup>(2)</sup> | (228) | (236) | (257) | (206) | (76) | (21) | **(28)** | 33.3 | (76) | **(112)** | 47.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted net investment income | 2235 | 2403 | 2496 | 2659 | 3031 | 771 | **604** | (21.7) | 3031 | **2669** | (11.9) |
| Other income excl. realized foreign |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;currency gains (losses) | 41 | 41 | 45 | 42 | 41 | 10 | **7** |  | 41 | **35** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total adjusted revenues | 15028 | 15206 | 15313 | 15371 | 14925 | 3589 | **2775** | (22.7) | 14925 | **12252** | (17.9) |
| **Benefits and claims** |  |  |  |  |  |  |  |  |  |  |  |
| Benefits and claims, net |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Incurred claims - direct | 6332 | 6566 | 6671 | 6875 | 6783 | 1605 | **1306** |  | 6783 | **6036** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Incurred claims - assumed (ceded) | (497) | (471) | (419) | (354) | (290) | (71) | **(51)** |  | (290) | **(275)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in FPB - direct | 3265 | 2836 | 2684 | 2437 | 1572 | 381 | **193** |  | 1572 | **879** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in FPB - assumed (ceded) | (14) | (18) | (60) | (107) | (102) | (23) | **(16)** |  | (102) | **(75)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net benefits and claims | 9087 | 8913 | 8877 | 8851 | 7963 | 1891 | **1432** | (24.3) | 7963 | **6565** | (17.6) |
| **Adjusted expenses:** |  |  |  |  |  |  |  |  |  |  |  |
| Amortization of deferred policy |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;acquisition costs | 630 | 710 | 709 | 644 | 653 | 157 | **132** | (15.9) | 653 | **547** | (16.2) |
| Insurance commissions | 736 | 735 | 731 | 740 | 706 | 165 | **128** | (22.4) | 706 | **563** | (20.3) |
| Insurance and other expenses | 1521 | 1640 | 1734 | 1873 | 1849 | 488 | **379** | (22.3) | 1849 | **1520** | (17.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjusted expenses | 2887 | 3085 | 3174 | 3257 | 3208 | 811 | **639** |  | 3208 | **2630** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total benefits and adjusted expenses | 11974 | 11998 | 12051 | 12108 | 11171 | 2702 | **2071** | (23.4) | 11171 | **9195** | (17.7) |
| &nbsp;&nbsp;&nbsp;&nbsp; Pretax adjusted earnings | $3054 | $3208 | $3261 | $3263 | $3754 | $887 | $**704** | (20.6) | $3754 | $**3056** | (18.6) |
| <sup>(1)</sup> *Includes the net interest cash flows from derivatives associated with certain investment strategies* | <sup>(1)</sup> *Includes the net interest cash flows from derivatives associated with certain investment strategies* | <sup>(1)</sup> *Includes the net interest cash flows from derivatives associated with certain investment strategies* | <sup>(1)</sup> *Includes the net interest cash flows from derivatives associated with certain investment strategies* | <sup>(1)</sup> *Includes the net interest cash flows from derivatives associated with certain investment strategies* | <sup>(1)</sup> *Includes the net interest cash flows from derivatives associated with certain investment strategies* | <sup>(1)</sup> *Includes the net interest cash flows from derivatives associated with certain investment strategies* | <sup>(1)</sup> *Includes the net interest cash flows from derivatives associated with certain investment strategies* | <sup>(1)</sup> *Includes the net interest cash flows from derivatives associated with certain investment strategies* | <sup>(1)</sup> *Includes the net interest cash flows from derivatives associated with certain investment strategies* | <sup>(1)</sup> *Includes the net interest cash flows from derivatives associated with certain investment strategies* | <sup>(1)</sup> *Includes the net interest cash flows from derivatives associated with certain investment strategies* |
| <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of amortized hedge costs/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of amortized hedge costs/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of amortized hedge costs/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of amortized hedge costs/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of amortized hedge costs/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of amortized hedge costs/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of amortized hedge costs/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of amortized hedge costs/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of amortized hedge costs/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of amortized hedge costs/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of amortized hedge costs/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for definition of amortized hedge costs/income* |

---

------

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Balance Sheets** | **Balance Sheets** | **Balance Sheets** | **Balance Sheets** | **Balance Sheets** | **Balance Sheets** | **Balance Sheets** |
| (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2017** | **2018** | **2019** | **2020** | **2021** | **2022** |
| **Assets:** |  |  |  |  |  |  |
| Investments and cash | ¥11854224 | ¥12031549 | ¥12847994 | ¥13080154 | ¥13645902 | ¥**12777746** |
| Receivables, net of allowance for credit losses | 37692 | 37083 | 28219 | 20782 | 22439 | **23138** |
| Accrued investment income | 64439 | 66350 | 65485 | 62722 | 67493 | **76489** |
| Deferred policy acquisition costs | 695025 | 708638 | 721341 | 723579 | 716984 | **710648** |
| Other assets | 276050 | 292335 | 308411 | 320351 | 331449 | **368386** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | ¥12927431 | ¥13135956 | ¥13971450 | ¥14207588 | ¥14784268 | ¥**13956407** |
| **Liabilities and Shareholders' Equity:** |  |  |  |  |  |  |
| Future policy benefits | ¥8323560 | ¥8637152 | ¥8924868 | ¥9175501 | ¥9336894 | ¥**9441541** |
| Policy and contract claims | 304248 | 317043 | 315477 | 328778 | 333900 | **346283** |
| Unearned premiums | 659977 | 552419 | 453133 | 361010 | 284045 | **227732** |
| Other policyholders' funds | 784117 | 793148 | 801588 | 808429 | 812512 | **811950** |
| Income taxes (prim. deferred) | 431949 | 510528 | 618901 | 478969 | 467877 | **224415** |
| Other liabilities | 150143 | 194949 | 357135 | 253219 | 513580 | **587009** |
| Shareholders' equity | 2273438 | 2130718 | 2500349 | 2801682 | 3035460 | **2317477** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities & shareholders' equity | ¥12927431 | ¥13135956 | ¥13971450 | ¥14207588 | ¥14784268 | ¥**13956407** |

---

------

***Aflac Japan***

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Balance Sheets** | **Balance Sheets** | **Balance Sheets** | **Balance Sheets** | **Balance Sheets** | **Balance Sheets** | **Balance Sheets** |
| (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2017** | **2018** | **2019** | **2020** | **2021** | **2022** |
| **Assets:** |  |  |  |  |  |  |
| Investments and cash | $104905 | $108392 | $117269 | $126378 | $118639 | $**96290** |
| Receivables, net of allowance for credit losses | 334 | 334 | 258 | 201 | 195 | **174** |
| Accrued investment income | 570 | 598 | 598 | 606 | 587 | **576** |
| Deferred policy acquisition costs | 6150 | 6384 | 6584 | 6991 | 6233 | **5355** |
| Other assets | 2443 | 2634 | 2815 | 3095 | 2882 | **2776** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $114402 | $118342 | $127523 | $137271 | $128536 | $**105173** |
| **Liabilities and Shareholders' Equity:** |  |  |  |  |  |  |
| Future policy benefits | $73661 | $77812 | $81461 | $88652 | $81176 | $**71150** |
| Policy and contract claims | 2692 | 2856 | 2879 | 3177 | 2903 | **2610** |
| Unearned premiums | 5840 | 4977 | 4136 | 3488 | 2469 | **1716** |
| Other policyholders' funds | 6939 | 7145 | 7316 | 7811 | 7064 | **6119** |
| Income taxes (prim. deferred) | 3823 | 4601 | 5650 | 4630 | 4067 | **1608** |
| Other liabilities | 1328 | 1756 | 3260 | 2447 | 4465 | **4424** |
| Shareholders' equity | 20119 | 19194 | 22820 | 27068 | 26391 | **17547** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities & shareholders' equity | $114402 | $118342 | $127523 | $137271 | $128536 | $**105173** |

---

------

***Aflac Japan***

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** |
| (Yen In Millions) | (Yen In Millions) | (Yen In Millions) | (Yen In Millions) | (Yen In Millions) | (Yen In Millions) | (Yen In Millions) | (Yen In Millions) | (Yen In Millions) | (Yen In Millions) | (Yen In Millions) | (Yen In Millions) | (Yen In Millions) | (Yen In Millions) | (Yen In Millions) |
|  | **Net** |  |  |  | **Total** |  |  |  |  |  | **Total** |  | **Pretax** |  |
|  | **Earned** | **%** | **Adjusted** | **%** | **Adjusted** | **%** | **Total** | **%** |  | **%** | **Adjusted** | **%** | **Adjusted** | **%** |
| **Period** | **Premiums** | **Change** | **NII** | **Change** | **Revenues** | **Change** | **Benefits** | **Change** | **Amort.** | **Change** | **Expense** | **Change** | **Earn.** | **Change** |
| 2017 | 1430426 | (2.7) | 251754 | (2.0) | 1686820 | (2.5) | 1019378 | (4.5) | 70670 | 1.2 | 323801 | .5 | 343640 | .6 |
| 2018 | 1408697 | (1.5) | 265519 | 5.5 | 1678852 | (.5) | 984007 | (3.5) | 78460 | 11.0 | 340642 | 5.2 | 354201 | 3.1 |
| 2019 | 1392612 | (1.1) | 271253 | 2.2 | 1668734 | (.6) | 967782 | (1.6) | 77286 | (1.5) | 346150 | 1.6 | 354802 | .2 |
| 2020 | 1353208 | (2.8) | 283122 | 4.4 | 1640827 | (1.7) | 945487 | (2.3) | 68818 | (11.0) | 347459 | .4 | 347881 | (2.0) |
| 2021 | 1300082 | (3.9) | 333028 | 17.6 | 1637621 | (.2) | 873202 | (7.6) | 71657 | 4.1 | 352275 | 1.4 | 412144 | 18.5 |
| **2022** | **1245588** | **(4.2)** | **351466** | **5.5** | **1601496** | **(2.2)** | **858288** | **(1.7)** | **71454** | **(.3)** | **343935** | **(2.4)** | **399272** | **(3.1)** |
| 1 | 343054 | (2.1) | 69812 | 4.0 | 414045 | (1.1) | 238148 | (1.7) | 18842 | (5.9) | 82939 | (2.0) | 92958 | 1.2 |
| 2 | 339891 | (2.5) | 68036 | 2.0 | 409126 | (1.8) | 237328 | (1.2) | 16697 | (14.3) | 81648 | (4.1) | 90150 | (1.2) |
| 3 | 336488 | (3.3) | 70219 | (.2) | 407874 | (2.8) | 240025 | (1.4) | 16001 | (16.5) | 88661 | 2.5 | 79188 | (11.6) |
| 4 | 333775 | (3.5) | 75054 | 11.9 | 409782 | (1.0) | 229986 | (4.9) | 17277 | (7.2) | 94211 | 4.9 | 85585 | 4.2 |
| 1 | 330595 | (3.6) | 74621 | 6.9 | 406505 | (1.8) | 225965 | (5.1) | 18225 | (3.3) | 86732 | 4.6 | 93808 | .9 |
| 2 | 327071 | (3.8) | 86681 | 27.4 | 414825 | 1.4 | 218791 | (7.8) | 18541 | 11.0 | 86088 | 5.4 | 109947 | 22.0 |
| 3 | 323072 | (4.0) | 84035 | 19.7 | 408185 | .1 | 213430 | (11.1) | 17011 | 6.3 | 87234 | (1.6) | 107521 | 35.8 |
| 4 | 319344 | (4.3) | 87690 | 16.8 | 408105 | (.4) | 215016 | (6.5) | 17880 | 3.5 | 92221 | (2.1) | 100868 | 17.9 |
| 1 | 316429 | (4.3) | 79042 | 5.9 | 396545 | (2.5) | 212182 | (6.1) | 17882 | (1.9) | 84208 | (2.9) | 100154 | 6.8 |
| 2 | 313186 | (4.2) | 94004 | 8.4 | 408331 | (1.6) | 211115 | (3.5) | 17747 | (4.3) | 85502 | (.7) | 111714 | 1.6 |
| 3 | 309877 | (4.1) | 92241 | 9.8 | 403323 | (1.2) | 232378 | 8.9 | 17192 | 1.1 | 84021 | (3.7) | 86924 | (19.2) |
| **4** | **306095** | **(4.1)** | **86180** | **(1.7)** | **393298** | **(3.6)** | **202613** | **(5.8)** | **18633** | **4.2** | **90204** | **(2.2)** | **100481** | **(.4)** |

---

------

***Aflac Japan***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Operating Ratios** | **Operating Ratios** | **Operating Ratios** | **Operating Ratios** | **Operating Ratios** | **Operating Ratios** | **Operating Ratios** | **Operating Ratios** |
| (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) |
|  | **12-Mo. Rolling** |  | **Tot. Ben./** |  | **Tot. Adj.** | **Combined** | **Pretax** |
|  | **Premium** | **Tot. Ben./** | **Premiums** | **Amort./** | **Expenses/** | **Ratio/** | **Profit** |
| **Period** | **Persistency**<sup>(1)</sup> | **Premium** | **(3rd sector)** | **Premium** | **Total Adj. Rev.** | **Total Adj. Rev.** | **Margin** |
| 2017 | 94.9 | 71.3 | 60.5 | 4.9 | 19.2 | 79.6 | 20.4 |
| 2018 | 94.1 | 69.9 | 59.2 | 5.6 | 20.3 | 78.9 | 21.1 |
| 2019 | 94.4 | 69.5 | 59.3 | 5.5 | 20.7 | 78.7 | 21.3 |
| 2020 | 95.1 | 69.9 | 59.7 | 5.1 | 21.2 | 78.8 | 21.2 |
| 2021 | 94.3 | 67.2 | 56.6 | 5.5 | 21.5 | 74.8 | 25.2 |
| **2022** | **94.1** | **68.9** | **59.2** | **5.7** | **21.5** | **75.1** | **24.9** |
| 1 | 94.5 | 69.4 | 59.0 | 5.5 | 20.0 | 77.5 | 22.5 |
| 2 | 94.8 | 69.8 | 59.6 | 4.9 | 20.0 | 78.0 | 22.0 |
| 3 | 95.0 | 71.3 | 61.7 | 4.8 | 21.7 | 80.6 | 19.4 |
| 4 | 95.1 | 68.9 | 58.6 | 5.2 | 23.0 | 79.1 | 20.9 |
| 1 | 95.0 | 68.4 | 58.0 | 5.5 | 21.3 | 76.9 | 23.1 |
| 2 | 94.7 | 66.9 | 56.5 | 5.7 | 20.8 | 73.5 | 26.5 |
| 3 | 94.5 | 66.1 | 55.0 | 5.3 | 21.4 | 73.7 | 26.3 |
| 4 | 94.3 | 67.3 | 57.0 | 5.6 | 22.6 | 75.3 | 24.7 |
| 1 | 94.3 | 67.1 | 56.4 | 5.7 | 21.2 | 74.7 | 25.3 |
| 2 | 94.3 | 67.4 | 57.5 | 5.7 | 20.9 | 72.6 | 27.4 |
| 3 | 94.3 | 75.0 | 67.2 | 5.5 | 20.8 | 78.4 | 21.6 |
| **4** | **94.1** | **66.2** | **55.9** | **6.1** | **22.9** | **74.5** | **25.5** |

---

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

------

***Aflac Japan***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Aflac Japan Sales Results** | **Aflac Japan Sales Results** | **Aflac Japan Sales Results** | **Aflac Japan Sales Results** | **Aflac Japan Sales Results** | **Aflac Japan Sales Results** | **Aflac Japan Sales Results** |
| (Yen In Millions, unless otherwise noted) | (Yen In Millions, unless otherwise noted) | (Yen In Millions, unless otherwise noted) | (Yen In Millions, unless otherwise noted) | (Yen In Millions, unless otherwise noted) | (Yen In Millions, unless otherwise noted) | (Yen In Millions, unless otherwise noted) |
|  | **Annl.** |  | **Third Sector** |  |  |  |
|  | **Prem.** |  | **New Annl.** |  | **Total** |  |
|  | **In Force** | **%** | **Prem.** | **%** | **New Annual.** | **%** |
| **Period** | **(Billions)** | **Change** | **Sales** | **Change** | **Premium Sales** | **Change** |
| 2017 | 1552.2 | (3.4) | 87417 | 4.1 | 94851 | (16.6) |
| 2018 | 1527.1 | (1.6) | 88813 | 1.6 | 95894 | 1.1 |
| 2019 | 1489.3 | (2.5) | 72836 | (18.0) | 79697 | (16.9) |
| 2020 | 1426.5 | (4.2) | 45110 | (38.1) | 50852 | (36.2) |
| 2021 | 1360.6 | (4.7) | 48977 | 8.6 | 54764 | 7.7 |
| **2022** | **1301.0** | **(4.4)** | **47998** | **(2.0)** | **54765** | **—** |
| 1 | 1474.3 | (2.8) | 12486 | (26.7) | 14021 | (25.4) |
| 2 | 1457.7 | (3.4) | 8656 | (60.9) | 9827 | (58.8) |
| 3 | 1441.9 | (.5) | 11167 | (33.7) | 12601 | (32.0) |
| 4 | 1426.5 | (4.2) | 12801 | (23.8) | 14404 | (22.2) |
| 1 | 1410.0 | (4.4) | 12492 |  | 13998 | (.2) |
| 2 | 1391.7 | (4.5) | 12125 | 40.1 | 13602 | 38.4 |
| 3 | 1375.0 | (4.6) | 11275 | 1.0 | 12605 |  |
| 4 | 1360.6 | (4.7) | 13084 | 2.2 | 14559 | 1.1 |
| 1 | 1345.6 | (4.6) | 10679 | (19.0) | 11925 | (14.8) |
| 2 | 1332.0 | (4.3) | 11372 | (6.2) | 12731 | (6.4) |
| 3 | 1315.7 | (4.3) | 12639 | 12.1 | 13884 | 10.2 |
| **4** | **1301.0** | **(4.4)** | **13308** | **1.7** | **16224** | **11.4** |

---

------

***Aflac Japan***

---

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

---

------

***Aflac Japan***

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Aflac Japan Sales Force Data** | **Aflac Japan Sales Force Data** | **Aflac Japan Sales Force Data** | **Aflac Japan Sales Force Data** | **Aflac Japan Sales Force Data** | **Aflac Japan Sales Force Data** | **Aflac Japan Sales Force Data** | **Aflac Japan Sales Force Data** | **Aflac Japan Sales Force Data** | **Aflac Japan Sales Force Data** |
| | **Number of Agencies by Type** | **Number of Agencies by Type** | **Number of Agencies by Type** | **Number of Agencies by Type** | **Sales Contribution by Agency Type** | **Sales Contribution by Agency Type** | **Sales Contribution by Agency Type** | **Sales Contribution by Agency Type** | **Sales Contribution by Agency Type** |
| **Period** | **Individual/ Independent Corporate** | **Affiliated<br>Corporate** | **Bank** | **Total** | **Individual/ Independent Corporate** | **Affiliated<br>Corporate** | **Bank** | **Licensed Sales<br>Associates**<sup>(1)</sup> | **Recruited<br>Agencies** |
| 2017 | 9492 | 1455 | 374 | 11321 | 42.8 | 52.0 | 5.2 | 109197 | 174 |
| 2018 | 8453 | 1392 | 371 | 10216 | 40.1 | 55.3 | 4.6 | 109482 | 85 |
| 2019 | 7683 | 1343 | 367 | 9393 | 45.7 | 50.0 | 4.3 | 109265 | 77 |
| 2020 | 7231 | 1312 | 361 | 8904 | 52.3 | 42.6 | 5.1 | 111886 | 48 |
| 2021 | 6779 | 1283 | 360 | 8422 | 51.1 | 43.7 | 5.2 | 111854 | 62 |
| **2022** | **6159** | **1239** | **359** | **7757** | **49.5** | **46.5** | **4.0** | **110259** | **38** |
| 1 | 7537 | 1332 | 364 | 9233 | 52.8 | 42.7 | 4.5 | 110129 | 17 |
| 2 | 7426 | 1329 | 364 | 9119 | 53.8 | 42.8 | 3.4 | 109850 | 5 |
| 3 | 7312 | 1317 | 364 | 8993 | 51.7 | 41.4 | 6.9 | 111016 | 19 |
| 4 | 7231 | 1312 | 361 | 8904 | 51.3 | 43.4 | 5.3 | 111886 | 7 |
| 1 | 7142 | 1308 | 360 | 8810 | 54.3 | 40.6 | 5.1 | 112252 | 13 |
| 2 | 7055 | 1305 | 359 | 8719 | 51.1 | 44.0 | 4.9 | 113259 | 22 |
| 3 | 6898 | 1299 | 360 | 8557 | 49.9 | 43.8 | 6.3 | 112100 | 13 |
| 4 | 6779 | 1283 | 360 | 8422 | 49.2 | 46.3 | 4.5 | 111854 | 14 |
| 1 | 6447 | 1266 | 360 | 8073 | 48.9 | 46.5 | 4.6 | 109873 | 6 |
| 2 | 6335 | 1255 | 359 | 7949 | 48.4 | 48.1 | 3.5 | 110096 | 12 |
| 3 | 6260 | 1246 | 359 | 7865 | 49.3 | 46.2 | 4.5 | 110400 | 12 |
| **4** | **6159** | **1239** | **359** | **7757** | **51.2** | **45.4** | **3.4** | **110259** | **8** |

---

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

------

***Aflac Japan***

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Yen/Dollar Exchange Rates** | **Yen/Dollar Exchange Rates** | **Yen/Dollar Exchange Rates** | **Yen/Dollar Exchange Rates** | **Yen/Dollar Exchange Rates** |
| | | | **Yearly** | |
| | **Closing** | **Qtr** | **Cum** | **%** |
| **Period** | **Rate**<sup>(1)</sup> | **Avg** | **Avg** | **Change** |
| 2017 | 113.00 | N/A | 112.16 | (3.1) |
| 2018 | 111.00 | N/A | 110.39 | 1.6 |
| 2019 | 109.56 | N/A | 109.07 | 1.2 |
| 2020 | 103.50 | N/A | 106.86 | 2.1 |
| 2021 | 115.02 | N/A | 109.79 | (2.7) |
| **2022** | **132.70** | **N/A** | **130.17** | **(15.7)** |
| 1 | 108.83 | 108.84 | 108.84 | 1.3 |
| 2 | 107.74 | 107.65 | 108.25 | 1.7 |
| 3 | 105.80 | 106.23 | 107.63 | 1.4 |
| 4 | 103.50 | 104.57 | 106.86 | 2.1 |
| 1 | 110.71 | 105.88 | 105.88 | 2.8 |
| 2 | 110.58 | 109.48 | 107.79 | .4 |
| 3 | 111.92 | 110.11 | 108.58 | (.9) |
| 4 | 115.02 | 113.70 | 109.79 | (2.7) |
| 1 | 122.39 | 116.18 | 116.18 | (8.9) |
| 2 | 136.68 | 129.39 | 122.79 | (12.2) |
| 3 | 144.81 | 137.08 | 126.65 | (14.3) |
| **4** | **132.70** | **141.87** | **130.17** | **(15.7)** |
| <sup>(1)</sup> *Closing rate is based on the latest available and published MUFG Bank Ltd. TTM mid-day exchange rate.* | <sup>(1)</sup> *Closing rate is based on the latest available and published MUFG Bank Ltd. TTM mid-day exchange rate.* | <sup>(1)</sup> *Closing rate is based on the latest available and published MUFG Bank Ltd. TTM mid-day exchange rate.* | <sup>(1)</sup> *Closing rate is based on the latest available and published MUFG Bank Ltd. TTM mid-day exchange rate.* | <sup>(1)</sup> *Closing rate is based on the latest available and published MUFG Bank Ltd. TTM mid-day exchange rate.* |

---

------

***Corporate and Other***

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** |
| (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) |
| (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **3 Months Ended December 31,** | **3 Months Ended December 31,** | **3 Months Ended December 31,** | **12 Months Ended December 31,** | **12 Months Ended December 31,** | **12 Months Ended December 31,** |
|  |  |  |  |  |  |  |  | **%** |  |  | **%** |
|  | **2017** | **2018** | **2019** | **2020** | **2021** | **2021** | **2022** | **Change** | **2021** | **2022** | **Change** |
| **Revenues:** |  |  |  |  |  |  |  |  |  |  |  |
| Total net earned premiums | $216 | $208 | $200 | $194 | $180 | $42 | $**33** | (21.4) | $180 | $**145** | (19.4) |
| Net investment income <sup>(1)</sup> | 35 | 77 | 88 | 80 | (73) | (88) | **19** | 121.6 | (73) | **30** | 141.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortized hedge income <sup>(2)</sup> |  | 36 | 89 | 97 | 57 | 11 | **25** | 127.3 | 57 | **68** | 19.3 |
| Adjusted net investment income | 35 | 113 | 177 | 177 | (16) | (77) | **44** | 157.1 | (16) | **98** | 712.5 |
| Other income | 21 | 18 | 15 | 13 | 11 |  | **2** |  | 11 | **24** | 118.2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total adjusted revenues | 272 | 339 | 393 | 384 | 175 | (35) | **79** | 325.7 | 175 | **267** | 52.6 |
| **Benefits and expenses:** |  |  |  |  |  |  |  |  |  |  |  |
| Total net benefits and claims | 209 | 199 | 194 | 180 | 166 | 40 | **30** | (25.0) | 166 | **146** | (12.0) |
| Interest expense | 122 | 120 | 133 | 164 | 165 | 39 | **39** |  | 165 | **162** | (1.8) |
| Other adjusted expenses | 154 | 159 | 137 | 155 | 142 | 41 | **54** | 31.7 | 142 | **182** | 28.2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total benefits and adjusted expenses | 486 | 478 | 464 | 499 | 473 | 120 | **123** | 2.5 | 473 | **490** | 3.6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pretax adjusted earnings | $(214) | $(139) | $(72) | $(115) | $(298) | $(155) | $**(44)** | 71.6 | $(298) | $**(223)** | 25.2 |
| *(1) The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.* | *(1) The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.* | *(1) The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.* | *(1) The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.* | *(1) The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.* | *(1) The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.* | *(1) The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.* | *(1) The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.* | *(1) The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.* | *(1) The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.* | *(1) The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.* | *(1) The change in value of federal historic rehabilitation and solar investments in partnerships of $11 and $104 for the three-month periods and $91 and $138 for the twelve-month periods ended December 31, 2022, and 2021, respectively is included as a reduction to net investment income. Tax credits on these investments of $20 and $80 for the three-month period and $83 and $115 for the twelve-month periods ended December 31, 2022, and 2021, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.* |
| <sup>(2)</sup> *See non-U.S. GAAP financial measures for the definition of amortized hedge cost/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for the definition of amortized hedge cost/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for the definition of amortized hedge cost/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for the definition of amortized hedge cost/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for the definition of amortized hedge cost/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for the definition of amortized hedge cost/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for the definition of amortized hedge cost/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for the definition of amortized hedge cost/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for the definition of amortized hedge cost/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for the definition of amortized hedge cost/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for the definition of amortized hedge cost/income* | <sup>(2)</sup> *See non-U.S. GAAP financial measures for the definition of amortized hedge cost/income* |

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

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

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

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

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

•  **Adjusted book value including unrealized foreign currency translation gains and losses** is adjusted book value plus unrealized foreign currency translation gains and losses. Adjusted book value including unrealized foreign currency translation gains and losses per common share is adjusted book value plus unrealized foreign currency translation gains and losses at the period end divided by the ending outstanding common shares for the period presented. The Company considers adjusted book value including unrealized foreign currency translation gains and losses, and its related per share financial measure, important as they exclude certain components of AOCI, which fluctuate due to market movements that are outside management's control; however, it includes the impact of foreign currency as a result of the significance of Aflac's Japan operation. The most comparable U.S. GAAP financial measures for adjusted book value including unrealized foreign currency translation gains and losses and adjusted book value including unrealized foreign currency translation gains and losses per common share are total book value and total book value per common share, respectively.

•  **Adjusted book value including unrealized foreign currency translation gains and losses and pension liability adjustment** is adjusted book value plus unrealized foreign currency translation gains and losses and pension liability adjustment. The Company considers adjusted book value including unrealized foreign currency translation gains and losses and pension liability adjustment important as it excludes certain components of AOCI, which fluctuates due to market movements that are outside management's control; however, it includes the impact of foreign currency as a result of the significance of Aflac's Japan operation. The most comparable U.S. GAAP financial measure for adjusted book value including unrealized foreign currency translation gains and losses and pension liability adjustment is total book value.

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

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

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

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

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

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

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

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

## Exhibit 99.3

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

 **Fourth Quarter 2022**

**Earnings Call**

**Video Update**

**Max K. Brodén**

**February 1, 2023**

**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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**Preliminary note: Forward-Looking Information and Non-U.S. GAAP Financial Measures**

<u>Forward-Looking Information</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. The company desires 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;&nbsp;&nbsp;&nbsp;&nbsp;• difficult conditions in global capital markets and the economy, including those caused by COVID-19

&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 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;• concentration of the Company's investments in any particular single-issuer or sector

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• major public health issues, the effects of COVID-19 and its variants (both known and emerging), and any resulting economic effects and government interventions, on the Company's business and financial results

&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

&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 or privacy of sensitive data residing on such systems

&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, as a result of climate change, epidemics, pandemics (such as COVID-19), tornadoes, hurricanes, earthquakes, tsunamis, war or other military action, 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

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

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

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

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

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**Max K. Brodén**

**4Q22 CFO Video Update**

**February 1, 2023**

Hello, and thank you for joining me as I provide a financial update on Aflac Incorporated's results for the fourth quarter of 2022.

For the fourth quarter, adjusted earnings per diluted share increased 0.8% year over year to $1.29, with an $0.11 negative impact from FX in the quarter. We benefited from low benefit ratios in both Japan and the U.S., as claims utilization remained below our long term expectations. Variable investment income ran $66 million, or $0.09 per share, below our long-term return expectations.

Adjusted book value per share including foreign currency translation gains and losses grew 2.8%, and the adjusted ROE was 11.8%, or 12.9% excluding the impact of foreign currency, a significant spread to our cost of capital. Overall, we view our results in the quarter as solid.

Starting with our Japan segment, net earned premium for the quarter declined 4.1%, and policies in-force declined 1.7%. Both of these numbers are key metrics for us when analyzing the underlying business.

Japan's total benefit ratio came in at 66.2% for the quarter, down 110 basis points year over year, and the third sector benefit ratio was 55.9%, also down 110 basis points year over year. We continue to experience favorable actual to expected on our well-priced, large and mature in-force block. We estimate our normalized benefit ratio to be 67.1% in Q4. The changes to deemed hospitalization on September 26th have played out in line with our expectations, and we feel good about our current IBNR for COVID claims.

Persistency remained strong with a rate of 94.1%, but was down 20 basis points year over year. With product refreshments we tend to experience some elevation in lapses as customers update and refresh their coverage, which was the case with the recently refreshed cancer product.

Our expense ratio in Japan was 22.9%, up 30 basis points year over year. Despite lower absolute expenses, the lower revenue base means that holding our expense ratio flat is becoming increasingly challenging with a shrinking in force.

Adjusted Net investment income in yen terms stayed relatively flat year over year, as negative marks on our alternative assets portfolio were substantially offset by increasing returns from our USD floating rate portfolio net of amortized hedge costs, leading to a total 1.7% decline in total adjusted net investment income.

The pretax margin for Japan in the quarter was 25.5%, up 80 basis points year over year; a very good result for the quarter.

Turning to U.S. results, net earned premium was down 0.2%, as higher lapses beginning in the first quarter of the year offset the impact of new business written in the fourth quarter. Persistency declined 260 basis points year over year to 77.0%. We have continued to experience relatively high lapses of policy and certificate holders as the U.S. labor force has been in a higher velocity period in 2022.

Our total benefit ratio came in lower than expected at 40.8%, a full 590.0 basis points lower than Q4 2021. We peg the underlying benefit ratio to 47.8%, with the main driver being significantly higher than normal IBNR releases. Claims utilization remained subdued in the quarter, and as we incorporate more recent experience into our reserve models, we have released some IBNR.

Our expense ratio in the U.S. was 44.0%, up 20 basis points year over year. About 130 basis points can be explained by higher lapsation discussed earlier, which directly hits expenses by greater DAC amortization. As policies lapse, the DAC balance associated with those policies will be written off and flow through our P&L. The expense ratio is also impacted by a lower denominator as increased lapses lead to lower net earned premiums.

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Our continued build-out of growth initiatives – group life & disability, network dental and vision and direct to consumer – increased our total U.S. expense ratio by 420 basis points. We would expect this impact to decrease over time as these businesses grow to scale and improve their profitability.

Adjusted net investment income in the U.S. was down 2.5%, mainly driven by unfavorable variable investment income in the quarter somewhat offset by higher yields on our floating rate portfolio.

Profitability in the U.S. segment was solid, with a pretax margin of 21.0%, driven primarily by the abnormally low benefit ratio.

In our Corporate segment, we recorded a pretax loss of $44 million. Adjusted net investment income was $121 million higher than last year as fewer tax credit investments were recognized, higher rates began to earn in and amortized hedge income increased. These tax credit investments negatively impact the Corporate net investment income line for U.S. GAAP purposes with an associated credit to the tax line. The net impact to our bottom line was a positive $6.8 million in the quarter. To date, these investments are performing well and in line with expectations.

Our capital position remains strong, and we ended the quarter with an SMR north of 850% in Japan and a combined RBC greater than 650% in the U.S. Unencumbered holding company liquidity stood at $3.1 billion, $1.0 billion above our minimum balance. Seasonality tends to push down holding company cash levels in the fourth quarter, so we would expect higher subsidiary dividends in the next two quarters to add to this cash metric.

Leverage, which includes the sustainability bond, remains at a comfortable 20.8%, towards the lower end of our leverage corridor of 20% to 25%.

We repurchased $600 million of our own stock and paid dividends of $248 million in Q4, offering good relative IRR on these capital deployments. We will continue to be flexible and tactical in how we manage the balance sheet and deploy capital in order to drive strong risk-adjusted ROE with a meaningful spread to our cost of capital.

At the enterprise level, we continue to be pleased with our ability to hedge economic exposure to the yen by holding unhedged U.S. dollar assets in the Japan general account, entering FX forwards at the holding company and borrowing in yen. In doing so, we reduce the volatility and cost of capital, while protecting the long-term value of Aflac Japan and dividends to the holding company.

As it relates to our recently established reinsurance platform, our first transaction is in place and proceeding.

Thank you for your time and attention. I look forward to discussing our results in further detail on tomorrow's earnings call. Thank you.

## Exhibit 99.4

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