# EDGAR Filing Document

**Accession Number:** 0000004977
**File Stem:** 0001628280-26-005458
**Filing Date:** 2026-2
**Character Count:** 247501
**Document Hash:** 1ab9f5413635f82ef5114d55db3dd43d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-26-005458.hdr.sgml**: 20260204

**ACCESSION NUMBER**: 0001628280-26-005458

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 44

**CONFORMED PERIOD OF REPORT**: 20260204

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

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260204

**DATE AS OF CHANGE**: 20260204

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-07434
- **FILM NUMBER:** 26598495

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

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

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

?xml version='1.0' encoding='ASCII'? afl-20260204

**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 4, 2026

![g247539tx_pg36.jpg](afl-20260204_g1.jpg)

**Aflac Incorporated** 

**_________________________________________________________________________________________________________________________________________________________**

(Exact name of registrant as specified in its charter)

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

---

**706.323.3431** 

**_________________________________________________________________________________________________________________________________________________________**

(Registrant's telephone number, including area code)

**_________________________________________________________________________________________________________________________________________________________**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

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

On February 4, 2026, Aflac Incorporated (the "Company") issued a press release dated February 4, 2026 in which it reported the Company's 2025 fourth quarter and full year 2025 financial results. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein in its entirety. In addition, a copy of the Company's fourth quarter supplemental earnings materials is furnished as Exhibit 99.2 to this Current Report on Form 8-K and incorporated by reference herein in its entirety.

**Item 7.01 Regulation FD Disclosure.**

On February 4, 2026, the Company posted to its investor relations website at investors.aflac.com a video presentation by Max Brodén, the Company's Senior Executive Vice President and Chief Financial Officer, discussing the Company's 2025 fourth quarter and full year 2025 financial results. A copy of the transcript of Mr. Brodén's comments from the Investor Update and a copy of the Investor Presentation are furnished as Exhibit 99.3 and Exhibit 99.4 to this Current Report on Form 8-K, respectively, and are incorporated by reference herein in their entirety. The Investor Update and the Investor Presentation should be read in conjunction with the press release.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits.

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| | |
|:---|:---|
| <u>Exhibit Number</u> | <u>Exhibit Title or Description</u> |
| <u>[99.1](aflex991-q42025.htm)</u> | Press release of Aflac Incorporated dated February 4, 2026 |
| <u>[99.2](afl123125-fabdocument.htm)</u> | Financial Supplement for Fourth Quarter 2025 |
| <u>[99.3](aflex993teleconferencespee.htm)</u> | Transcript of comments in video presentation by Max Brodén, Senior Executive Vice President and Chief Financial Officer of Aflac Incorporated. |
| <u>[99.4](maxteleconferencepresent.htm)</u> | Slides referenced in video presentation by Max Brodén, Senior Executive Vice President and Chief Financial Officer of Aflac Incorporated. |
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document) |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| | **Aflac Incorporated** |
| February 4, 2026 | */s/ Robin L. Blackmon* |
| | (Robin L. Blackmon) |
| | 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 $1.4 Billion, Reiterates Increase in First Quarter Dividend of 5.2%**

COLUMBUS, Ga. - February 4, 2026 - Aflac Incorporated (NYSE: AFL) today reported its fourth quarter results.

Total revenues were $4.9 billion in the fourth quarter of 2025, compared with $5.4 billion in the fourth quarter of 2024. Net earnings were $1.4 billion, or $2.64 per diluted share, compared with $1.9 billion, or $3.42 per diluted share a year ago.

Net earnings in the fourth quarter of 2025 included net investment gains of $537 million, or $1.03 per diluted share, compared with net investment gains of $1.0 billion, or $1.86 per diluted share a year ago. These net investment gains were driven by net gains of $588 million on certain derivatives and foreign currency activities; net losses from sales and redemptions of $51 million; a $25 million gain from an increase in the fair value of equity securities; and no impairments; offset by $25 million of current expected credit losses (CECL).

Adjusted earnings\* in the fourth quarter were $818 million, compared with $865 million in the fourth quarter of 2024, reflecting a decrease of 5.4%. Adjusted earnings per diluted share\* increased 0.6% to $1.57 in the quarter. Variable investment income ran $12 million below the company's long-term return expectations. The average yen/dollar exchange rate in the fourth quarter of 2025 was 154.20, or 1.2% weaker than the average rate of 152.35 in the fourth quarter of 2024. The weaker yen/dollar exchange rate did not impact adjusted earnings per share.

Shareholders' equity was $29.5 billion, or $56.85 per share, at December 31, 2025, compared with $26.1 billion, or $47.45 per share, at December 31, 2024. Shareholders' equity at the end of the fourth quarter included a cumulative increase of $8.0 billion for the effect of the change in discount rate assumptions on insurance reserves, compared with a corresponding cumulative increase of $2.0 billion at December 31, 2024 and a net unrealized loss on investment securities and derivatives of $1.8 billion, compared with a net unrealized gain of $4 million at December 31, 2024. Shareholders' equity at the end of the fourth quarter also included an unrealized foreign currency translation loss of $4.8 billion, compared with an unrealized foreign currency translation loss of $5.0 billion at December 31, 2024. The annualized return on average shareholders' equity in the fourth quarter was 19.0%.

For the full year of 2025, total revenues were down 9.3% to $17.2 billion, compared with $18.9 billion in the full year of 2024. Net earnings were $3.6 billion, or $6.82 per diluted share, compared with $5.4 billion, or $9.63 per diluted share, for the full year of 2024. Adjusted earnings for the full year of 2025 were $4.0 billion, or $7.49 per diluted share, compared with $4.1 billion, or $7.21 per diluted share, in 2024. For the full year, the average exchange rate was 149.32, or 1.1% stronger than the rate of 150.97 a year ago. Excluding the positive impact of $0.04 per share from the stronger yen/dollar exchange rate, adjusted earnings per diluted share increased 3.5% to $7.46 for the full year of 2025.

Shareholders' equity excluding AOCI (or adjusted book value\*) was $28.0 billion, or $54.06 per share at December 31, 2025, compared with $29.1 billion, or $52.87 per share, at December 31, 2024. Adjusted book value excluding foreign currency remeasurement\* was $22.1 billion, or $42.66 per share at December 31, 2025, compared with $23.4 billion, or $42.46 per share, at December 31, 2024. The annualized adjusted return on equity excluding foreign currency remeasurement\* in the fourth quarter was 14.5%.

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

**AFLAC JAPAN**

In yen terms, Aflac Japan's net earned premiums were ¥252.6 billion for the quarter, or 1.9% lower than a year ago, mainly due to limited pay products reaching paid-up status. Adjusted net investment income decreased 3.9% to ¥97.4 billion, primarily driven by lower floating rate income on the dollar-denominated portfolio and lower variable net investment income partially offset by higher dollar-denominated fixed income due to higher volume. Total adjusted revenues in yen declined 2.4% to ¥351.2 billion. Pretax adjusted earnings in yen for the quarter declined 3.5% on a reported basis to ¥109.8 billion. Pretax adjusted earnings also decreased 4.4% on a currency-neutral basis. The pretax adjusted profit margin for the Japan segment was 31.3%, compared with 31.6% a year ago.

For the full year, net earned premiums in yen were ¥1.0 trillion, or 3.9% lower than a year ago. Adjusted net investment income decreased 5.9% to ¥385.8 billion. Total adjusted revenues in yen were down 4.4% to ¥1.4 trillion. Pretax adjusted earnings were ¥513.7 billion, or 2.7% lower than a year ago. As a result, the pretax adjusted profit margin for the Japan segment was 36.7%, compared with 36.0% a year ago.

In dollar terms, net earned premiums decreased 3.0% to $1.6 billion in the fourth quarter. Adjusted net investment income decreased 5.1% to $631 million. Total adjusted revenues declined by 3.6% to $2.3 billion. Pretax adjusted earnings declined 4.7% to $712 million.

For the full year, net earned premiums in dollars were $6.7 billion, or 2.7% lower than a year ago. Adjusted net investment income decreased 4.4% to $2.6 billion. Total adjusted revenues were down 3.1% to $9.4 billion. Pretax adjusted earnings were $3.4 billion, or 1.5% lower than a year ago.

For the quarter, total new annualized premium sales (sales) increased 15.7% to ¥19.9 billion, or $129 million, primarily reflecting continued strong sales of *Miraito*, the new cancer insurance product. For the full year, sales increased 16.0% to ¥74.4 billion, or $498 million.

**AFLAC U.S.**

Aflac U.S. net earned premiums increased 4.0% to $1.5 billion in the fourth quarter compared to the prior year, reflecting improved sales. Adjusted net investment income decreased 2.8% to $207 million, primarily due to a reduction in floating rate assets and corresponding rates. Total adjusted revenues were up 3.3% to $1.7 billion. Pretax adjusted earnings were $300 million, 9.1% lower than a year ago, reflecting higher benefits and expenses, partially offset by higher premiums. As a result, the pretax adjusted profit margin for the U.S. segment was 17.4%, compared with 19.7% a year ago.

For the full year, net earned premiums increased 2.9% to $6.0 billion. Adjusted net investment income decreased 2.0% to $830 million. Total adjusted revenues were up 2.4% to $6.9 billion. Pretax adjusted earnings were $1.4 billion, essentially unchanged from a year ago. As a result, the pretax adjusted profit margin for the U.S. segment was 20.6%, compared with 21.1% a year ago.

Aflac U.S. sales increased 3.1% in the quarter to $551 million, primarily benefiting from sales of group voluntary products. For the full year, total new sales increased 3.0% to $1.6 billion.

**CORPORATE AND OTHER** 

For the quarter, total adjusted revenues decreased 4.2% to $272 million compared to the prior year. Total premiums decreased on closed blocks of business. Total benefits and adjusted expenses increased $15 million compared to the prior year primarily due to higher costs pertaining to business operations and higher interest expense, partially offset by lower net benefits and claims. Pretax adjusted earnings were a loss of $31 million, compared with a loss of $4 million a year ago.

For the full year, total adjusted revenues increased 26.8% to $1.3 billion. Pretax adjusted earnings were $101 million, compared with $32 million a year ago.

**DIVIDEND AND CAPITAL RETURNED TO SHAREHOLDERS**

The board of directors declared the first quarter dividend of $0.61 per share, payable on March 2, 2026 to shareholders of record at the close of business on February 18, 2026.

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

In the fourth quarter, Aflac Incorporated deployed $800 million in capital to repurchase 7.2 million of its common shares. At the end of December 2025, the company had 114.3 million remaining shares authorized for repurchase.

**OUTLOOK** 

Commenting on the company's results, Aflac Incorporated Chairman and Chief Executive Officer Daniel P. Amos stated: "Aflac delivered solid earnings for the quarter and the year. These results reflect our focused efforts to execute on our strategy of creating long-term value for shareholders.

"Looking at our operations in Japan, I am pleased with Aflac Japan's quarterly sales increase of 15.7% and annual sales increase of 16.0%. These strong results benefited largely from sales of our cancer insurance product *Miraito*. We continue to promote awareness for third sector protection to new and younger customers through our innovative first sector product *Tsumitasu*, which was repriced for new policies effective in September. Plus, we launched our new medical policy *Anshin* Palette in late December and will be promoting all three products in 2026. Overall, I believe we are advancing the right strategy focused on sales of third sector products to new and younger customers to provide them with integrated financial protection and services throughout their different stages of life.

"In the U.S., I continue to be encouraged by our ability to add $1.6 billion in new sales for the year, but more importantly, maintain strong persistency of 79.2%. As a result, we saw an increase of 4.0% in net earned premiums for the fourth quarter and 2.9% for the year. This is part of our focus on more profitable growth through strong underwriting discipline and improved productivity of agents and brokers. We also expect to continue our prudent approach to expense management and maintaining a strong pretax margin.

"We continue to generate strong capital and cash flows while maintaining our commitment to prudent liquidity and capital management. Our investments continue to produce strong net investment income that fits the needs of our operations in Japan, the U.S. and Bermuda. We treasure our 2025 milestone of 43 consecutive years of dividend increases and remain committed to extending this record, supported by our financial strength. Additionally, I am pleased with the Board's decision to increase the first quarter 2026 dividend by 5.2%. We repurchased $800 million in shares for the quarter and $3.5 billion for the year. We intend to continue our balanced approach of investing in growth and driving long-term operating efficiencies."

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

**ABOUT AFLAC INCORPORATED**

Aflac Incorporated (NYSE: AFL), a Fortune 500 company, has helped provide financial protection and peace of mind for more than seven decades to millions of policyholders and customers through its subsidiaries in the United States and Japan. In the U.S., Aflac is the No. 1 provider of supplemental health insurance products.<sup>1</sup> In Japan, Aflac Life Insurance Japan is the leading provider of cancer and medical insurance in terms of policies in force. The company takes pride in being there for its policyholders when they need us most, as well as being included in the World's Most Ethical Companies by Ethisphere for 19 consecutive years (2025) and Fortune's World's Most Admired Companies for 24 years (2025). In addition, the company became a signatory of the Principles for Responsible Investment (PRI) in 2021 and has been included in the Dow Jones Sustainability North America Index (2024) for 11 years. To find out how to get help with expenses health insurance doesn't cover, get to know us at aflac.com or aflac.com/español. Investors may learn more about Aflac Incorporated and its commitment to corporate social responsibility and sustainability at investors.aflac.com under "Sustainability."

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

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

Aflac Incorporated will webcast its quarterly conference call via the "Investors" page of aflac.com at 8:00 a.m. (ET) on February 5, 2026.

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,** | **2025** | **2024** | **% Change** |
| Total revenues | $4866 | $5403 | (9.9)% |
| Benefits and claims, net | 1902 | 1923 | (1.1) |
| Total acquisition and operating expenses | 1392 | 1345 | 3.5 |
| Earnings before income taxes | 1572 | 2135 | (26.4) |
| Income taxes | 193 | 233 |  |
| Net earnings | $1379 | $1902 | (27.5)% |
| Net earnings per share – basic | $2.65 | $3.44 | (23.0)% |
| Net earnings per share – diluted | 2.64 | 3.42 | (22.8) |
| Shares used to compute earnings per share (000): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 520394 | 552767 | (5.9)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 522493 | 555483 | (5.9) |
| Dividends paid per share | $0.58 | $0.50 | 16.0% |

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

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| | | | |
|:---|:---|:---|:---|
| **<u>AFLAC INCORPORATED AND SUBSIDIARIES CONDENSED INCOME STATEMENT</u>** | **<u>AFLAC INCORPORATED AND SUBSIDIARIES CONDENSED INCOME STATEMENT</u>** | **<u>AFLAC INCORPORATED AND SUBSIDIARIES CONDENSED INCOME STATEMENT</u>** | **<u>AFLAC INCORPORATED AND SUBSIDIARIES CONDENSED INCOME STATEMENT</u>** |
| (UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AND PER-SHARE AMOUNTS) | (UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AND PER-SHARE AMOUNTS) | (UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AND PER-SHARE AMOUNTS) | (UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AND PER-SHARE AMOUNTS) |
| **TWELVE MONTHS ENDED DECEMBER 31,** | **2025** | **2024** | **% Change** |
| Total revenues | $17164 | $18927 | (9.3)% |
| Benefits and claims, net | 7293 | 7450 | (2.1) |
| Total acquisition and operating expenses | 5338 | 5060 | 5.5 |
| Earnings before income taxes | 4533 | 6417 | (29.4) |
| Income taxes | 887 | 974 |  |
| Net earnings | $3646 | $5443 | (33.0)% |
| Net earnings per share – basic | $6.84 | $9.68 | (29.3)% |
| Net earnings per share – diluted | 6.82 | 9.63 | (29.2) |
| Shares used to compute earnings per share (000): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 532885 | 562492 | (5.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 534878 | 565015 | (5.3) |
| Dividends paid per share | $2.32 | $2.00 | 16.0% |

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

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| | | | |
|:---|:---|:---|:---|
| **<u>AFLAC INCORPORATED AND SUBSIDIARIES CONDENSED BALANCE SHEET</u>** | **<u>AFLAC INCORPORATED AND SUBSIDIARIES CONDENSED BALANCE SHEET</u>** | **<u>AFLAC INCORPORATED AND SUBSIDIARIES CONDENSED BALANCE SHEET</u>** | **<u>AFLAC INCORPORATED AND SUBSIDIARIES CONDENSED BALANCE SHEET</u>** |
| (UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AMOUNTS) | (UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AMOUNTS) | (UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AMOUNTS) | (UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AMOUNTS) |
| **DECEMBER 31,** | **2025** | **2024** | **% Change** |
| Assets: |  |  |  |
| Total investments and cash | $103760 | $105087 | (1.3)% |
| Deferred policy acquisition costs | 9034 | 8758 | 3.2 |
| Other assets | 3676 | 3721 | (1.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $116470 | $117566 | (0.9)% |
| Liabilities and shareholders' equity: |  |  |  |
| Policy liabilities | $69583 | $77508 | (10.2)% |
| Notes payable and lease obligations | 8409 | 7498 | 12.1 |
| Other liabilities | 8988 | 6462 | 39.1 |
| Shareholders' equity | 29490 | 26098 | 13.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $116470 | $117566 | (0.9)% |
| Shares outstanding at end of period (000) | 518690 | 549964 | (5.7)% |

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

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

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

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

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

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

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

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

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

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

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

costs/income are estimated at the inception of the derivatives based on the specific terms of each contract and are recognized on a straight-line basis over the contractual term of the derivative. The Company believes that amortized hedge costs/income measure the periodic currency risk management costs/income related to hedging certain foreign currency exchange risks and are an important component of net investment income. There is no comparable U.S. GAAP financial measure for amortized hedge costs/income.

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

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

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

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

------

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

---

| | | | |
|:---|:---|:---|:---|
| **<u>RECONCILIATION OF NET EARNINGS TO ADJUSTED EARNINGS</u>** | **<u>RECONCILIATION OF NET EARNINGS TO ADJUSTED EARNINGS</u>** | **<u>RECONCILIATION OF NET EARNINGS TO ADJUSTED EARNINGS</u>** | **<u>RECONCILIATION OF NET EARNINGS TO ADJUSTED EARNINGS</u>** |
| (UNAUDITED – IN MILLIONS, EXCEPT FOR PER-SHARE AMOUNTS) | (UNAUDITED – IN MILLIONS, EXCEPT FOR PER-SHARE AMOUNTS) | (UNAUDITED – IN MILLIONS, EXCEPT FOR PER-SHARE AMOUNTS) | (UNAUDITED – IN MILLIONS, EXCEPT FOR PER-SHARE AMOUNTS) |
| **THREE MONTHS ENDED DECEMBER 31,** | **2025** | **2024** | **% Change** |
| Net earnings | $1379 | $1902 | (27.5)% |
| Items impacting net earnings: |  |  |  |
| &nbsp;&nbsp;&nbsp;Adjusted net investment (gains) losses | (591) | (1084) |  |
| &nbsp;&nbsp;&nbsp;Other and non-recurring (income) loss  |  | 22 |  |
| &nbsp;&nbsp;&nbsp;Income tax (benefit) expense on items excluded <br>from adjusted earnings | 30 | 25 |  |
| Adjusted earnings | 818 | 865 | (5.4)% |
| Current period foreign currency impact<sup>1</sup> | 1 | N/A |  |
| Adjusted earnings excluding current period foreign <br> currency impact<sup>2</sup> | $819 | $865 | (5.3)% |
| Net earnings per diluted share | $2.64 | $3.42 | (22.8)% |
| Items impacting net earnings: |  |  |  |
| &nbsp;&nbsp;&nbsp;Adjusted net investment (gains) losses | (1.13) | (1.95) |  |
| &nbsp;&nbsp;&nbsp;Other and non-recurring (income) loss  |  | 0.04 |  |
| &nbsp;&nbsp;&nbsp;Income tax (benefit) expense on items excluded <br>from adjusted earnings | 0.06 | 0.05 |  |
| Adjusted earnings per diluted share | 1.57 | 1.56 | 0.6% |
| Current period foreign currency impact<sup>1</sup> |  | N/A |  |
| Adjusted earnings per diluted share excluding <br> current period foreign currency impact<sup>2</sup> | $1.57 | $1.56 | 0.6% |

---

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

<sup>2&nbsp;&nbsp;&nbsp;&nbsp;</sup>Amounts excluding current period foreign currency impact are computed using the average foreign currency exchange rate for the comparable prior-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,** | **2025** | **2024** | **% Change** |
| Net earnings | $3646 | $5443 | (33.0)% |
| Items impacting net earnings: |  |  |  |
| &nbsp;&nbsp;&nbsp;Adjusted net investment (gains) losses | 375 | (1495) |  |
| &nbsp;&nbsp;&nbsp;Other and non-recurring (income) loss  | 54 | 23 |  |
| &nbsp;&nbsp;&nbsp;Income tax (benefit) expense on items excluded <br>from adjusted earnings | (67) | 101 |  |
| Adjusted earnings | 4008 | 4072 | (1.6)% |
| Current period foreign currency impact<sup>1</sup> | (19) | N/A |  |
| Adjusted earnings excluding current period foreign <br> currency impact<sup>2</sup> | $3989 | $4072 | (2.0)% |
| Net earnings per diluted share | $6.82 | $9.63 | (29.2)% |
| Items impacting net earnings: |  |  |  |
| &nbsp;&nbsp;&nbsp;Adjusted net investment (gains) losses | 0.70 | (2.65) |  |
| &nbsp;&nbsp;&nbsp;Other and non-recurring (income) loss  | 0.10 | 0.04 |  |
| &nbsp;&nbsp;&nbsp;Income tax (benefit) expense on items excluded <br>from adjusted earnings | (0.13) | 0.18 |  |
| Adjusted earnings per diluted share | 7.49 | 7.21 | 3.9% |
| Current period foreign currency impact<sup>1</sup> | (0.04) | N/A |  |
| Adjusted earnings per diluted share excluding <br> current period foreign currency impact<sup>2</sup> | $7.46 | $7.21 | 3.5% |

---

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

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

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

------

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

---

| | | | |
|:---|:---|:---|:---|
| **<u>RECONCILIATION OF NET INVESTMENT (GAINS) LOSSES TO ADJUSTED NET INVESTMENT (GAINS) LOSSES</u>** | **<u>RECONCILIATION OF NET INVESTMENT (GAINS) LOSSES TO ADJUSTED NET INVESTMENT (GAINS) LOSSES</u>** | **<u>RECONCILIATION OF NET INVESTMENT (GAINS) LOSSES TO ADJUSTED NET INVESTMENT (GAINS) LOSSES</u>** | **<u>RECONCILIATION OF NET INVESTMENT (GAINS) LOSSES TO ADJUSTED NET INVESTMENT (GAINS) LOSSES</u>** |
| (UNAUDITED – IN MILLIONS) | (UNAUDITED – IN MILLIONS) | (UNAUDITED – IN MILLIONS) | (UNAUDITED – IN MILLIONS) |
| **THREE MONTHS ENDED DECEMBER 31,** | **2025** | **2024** | **% Change** |
| Net investment (gains) losses | $(537) | $(1032) | 48.0% |
| Items impacting net investment (gains) losses: |  |  |  |
| &nbsp;&nbsp;&nbsp;Amortized hedge costs | (14) | (7) |  |
| &nbsp;&nbsp;&nbsp;Amortized hedge income | 18 | 26 |  |
| &nbsp;&nbsp;&nbsp;Net interest income (expense) from derivatives associated <br>&nbsp;&nbsp;&nbsp;&nbsp; with certain investment strategies | (57) | (73) |  |
| &nbsp;&nbsp;&nbsp;Impact of interest from derivatives associated with <br>&nbsp;&nbsp;&nbsp;&nbsp; notes payable<sup>1</sup> | (1) | 2 |  |
| Adjusted net investment (gains) losses | $(591) | $(1084) | 45.5% |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **<u>RECONCILIATION OF NET INVESTMENT INCOME TO ADJUSTED NET INVESTMENT INCOME</u>** | **<u>RECONCILIATION OF NET INVESTMENT INCOME TO ADJUSTED NET INVESTMENT INCOME</u>** | **<u>RECONCILIATION OF NET INVESTMENT INCOME TO ADJUSTED NET INVESTMENT INCOME</u>** | **<u>RECONCILIATION OF NET INVESTMENT INCOME TO ADJUSTED NET INVESTMENT INCOME</u>** |
| (UNAUDITED – IN MILLIONS) | (UNAUDITED – IN MILLIONS) | (UNAUDITED – IN MILLIONS) | (UNAUDITED – IN MILLIONS) |
| **THREE MONTHS ENDED DECEMBER 31,** | **2025** | **2024** | **% Change** |
| Net investment income | $973 | $1016 | (4.2)% |
| Items impacting net investment income: |  |  |  |
| &nbsp;&nbsp;&nbsp;Amortized hedge costs | (14) | (7) |  |
| &nbsp;&nbsp;&nbsp;Amortized hedge income | 18 | 26 |  |
| &nbsp;&nbsp;&nbsp;Net interest income (expense) from derivatives associated <br>&nbsp;&nbsp;&nbsp;&nbsp; with certain investment strategies | (57) | (73) |  |
| Adjusted net investment income | $920 | $962 | (4.4)% |

---

------

&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,** | **2025** | **2024** | **% Change** |
| Net investment (gains) losses | $572 | $(1271) | 145.0% |
| Items impacting net investment (gains) losses: |  |  |  |
| &nbsp;&nbsp;&nbsp;Amortized hedge costs | (45) | (26) |  |
| &nbsp;&nbsp;&nbsp;Amortized hedge income | 98 | 113 |  |
| &nbsp;&nbsp;&nbsp;Net interest income (expense) from derivatives associated <br>&nbsp;&nbsp;&nbsp;&nbsp; with certain investment strategies | (252) | (338) |  |
| &nbsp;&nbsp;&nbsp;Impact of interest from derivatives associated with <br>&nbsp;&nbsp;&nbsp;&nbsp; notes payable<sup>1</sup> | 2 | 27 |  |
| Adjusted net investment (gains) losses | $375 | $(1495) | 125.1% |

---

<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,** | **2025** | **2024** | **% Change** |
| Net investment income | $4076 | $4116 | (1.0)% |
| Items impacting net investment income: |  |  |  |
| &nbsp;&nbsp;&nbsp;Amortized hedge costs | (45) | (26) |  |
| &nbsp;&nbsp;&nbsp;Amortized hedge income | 98 | 113 |  |
| &nbsp;&nbsp;&nbsp;Net interest income (expense) from derivatives associated <br>&nbsp;&nbsp;&nbsp;&nbsp; with certain investment strategies | (252) | (338) |  |
| Adjusted net investment income | $3877 | $3865 | 0.3% |

---

------

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

---

| | | | |
|:---|:---|:---|:---|
| **<u>RECONCILIATION OF U.S. GAAP BOOK VALUE TO ADJUSTED BOOK VALUE</u>**  | **<u>RECONCILIATION OF U.S. GAAP BOOK VALUE TO ADJUSTED BOOK VALUE</u>**  | **<u>RECONCILIATION OF U.S. GAAP BOOK VALUE TO ADJUSTED BOOK VALUE</u>**  | **<u>RECONCILIATION OF U.S. GAAP BOOK VALUE TO ADJUSTED BOOK VALUE</u>**  |
| (EXCLUDING FOREIGN CURRENCY REMEASUREMENT) | (EXCLUDING FOREIGN CURRENCY REMEASUREMENT) | (EXCLUDING FOREIGN CURRENCY REMEASUREMENT) | (EXCLUDING FOREIGN CURRENCY REMEASUREMENT) |
| (UNAUDITED - IN MILLIONS, EXCEPT FOR SHARE AND PER-SHARE AMOUNTS) | (UNAUDITED - IN MILLIONS, EXCEPT FOR SHARE AND PER-SHARE AMOUNTS) | (UNAUDITED - IN MILLIONS, EXCEPT FOR SHARE AND PER-SHARE AMOUNTS) | (UNAUDITED - IN MILLIONS, EXCEPT FOR SHARE AND PER-SHARE AMOUNTS) |
| **DECEMBER 31,** | **2025** | **2024** | **% Change** |
| U.S. GAAP book value | $29490 | $26098 |  |
| Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized foreign currency translation gains (losses) | (4847) | (4998) |  |
| &nbsp;&nbsp;&nbsp;Unrealized gains (losses) on securities and derivatives | (1822) | 4 |  |
| &nbsp;&nbsp;&nbsp;Effect of changes in discount rate assumptions | 8035 | 2006 |  |
| &nbsp;&nbsp;&nbsp;Pension liability adjustment | 86 | 10 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total AOCI | 1452 | (2978) |  |
| Adjusted book value | $28038 | $29076 |  |
| Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency remeasurement gains (losses) | 5910 | 5725 |  |
| Adjusted book value excluding foreign currency remeasurement | $22128 | $23351 |  |
| Number of outstanding shares at end of period (000) | 518690 | 549964 |  |
| U.S. GAAP book value per common share | $56.85 | $47.45 | 19.8% |
| Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized foreign currency translation gains (losses) per common share | (9.34) | (9.09) |  |
| &nbsp;&nbsp;&nbsp;Unrealized gains (losses) on securities and derivatives per common share | (3.51) | 0.01 |  |
| &nbsp;&nbsp;&nbsp;Effect of changes in discount rate assumptions <br>&nbsp;&nbsp;&nbsp;&nbsp; per common share | 15.49 | 3.65 |  |
| &nbsp;&nbsp;&nbsp;Pension liability adjustment per common share | 0.17 | 0.02 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total AOCI per common share | 2.80 | (5.41) |  |
| Adjusted book value per common share | $54.06 | $52.87 | 2.3% |
| Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency remeasurement gains (losses) per common share | 11.39 | 10.41 |  |
| Adjusted book value excluding foreign currency remeasurement per common share<sup>1</sup> | $42.66 | $42.46 | 0.5% |

---

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;For the second and third quarter 2025, due to a calculation error, the Company reported adjusted book value excluding foreign currency remeasurement of $23.6 billion, or $44.17 per share, at June 30, 2025, and adjusted book value excluding foreign currency remeasurement of $24.4 billion, or $46.35 per share, at September 30, 2025. The corrected adjusted book value excluding foreign currency remeasurement was $23.0 billion, or $42.97 per share, at June 30, 2025, and the corrected adjusted book value excluding foreign currency remeasurement was $22.9 billion, or $43.52 per share, at September 30, 2025.

------

&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,** | **2025** | **2024** |
| U.S. GAAP ROE - Net earnings<sup>1</sup> | 19.0% | 29.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Impact of excluding unrealized foreign currency translation gains (losses) | (3.1) | (4.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Impact of excluding unrealized gains (losses) on securities and derivatives | (1.2) | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impact of excluding effect of changes in discount rate assumptions | 4.9 | 1.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impact of excluding pension liability adjustment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impact of excluding AOCI | 0.7 | (3.5) |
| U.S. GAAP ROE - less AOCI | 19.7 | 26.4 |
| Differences between adjusted earnings and net earnings<sup>2</sup> | (8.0) | (14.4) |
| Adjusted ROE - reported | 11.7 | 12.0 |
| Impact of excluding gains (losses) associated with foreign currency remeasurement<sup>3</sup> | 2.8 | 2.5 |
| Adjusted ROE, excluding foreign currency remeasurement | 14.5 | 14.5 |

---

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

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

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

------

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

---

| | | |
|:---|:---|:---|
| **<u>RECONCILIATION OF U.S. GAAP RETURN ON EQUITY (ROE) TO ADJUSTED ROE</u>**  | **<u>RECONCILIATION OF U.S. GAAP RETURN ON EQUITY (ROE) TO ADJUSTED ROE</u>**  | **<u>RECONCILIATION OF U.S. GAAP RETURN ON EQUITY (ROE) TO ADJUSTED ROE</u>**  |
| (EXCLUDING IMPACT OF FOREIGN CURRENCY) | (EXCLUDING IMPACT OF FOREIGN CURRENCY) | (EXCLUDING IMPACT OF FOREIGN CURRENCY) |
| **TWELVE MONTHS ENDED DECEMBER 31,** | **2025** | **2024** |
| U.S. GAAP ROE - Net earnings<sup>1</sup> | 13.1% | 22.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Impact of excluding unrealized foreign currency translation gains (losses) | (2.6) | (3.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Impact of excluding unrealized gains (losses) on securities and derivatives | (0.5) | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impact of excluding effect of changes in discount rate assumptions | 2.6 | (0.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Impact of excluding pension liability adjustment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impact of excluding AOCI | (0.4) | (3.4) |
| U.S. GAAP ROE - less AOCI | 12.8 | 19.2 |
| Differences between adjusted earnings and net earnings<sup>2</sup> | 1.3 | (4.8) |
| Adjusted ROE - reported | 14.0 | 14.4 |
| Impact of excluding gains (losses) associated with foreign currency remeasurement<sup>3</sup> | 3.6 | 2.9 |
| Adjusted ROE, excluding foreign currency remeasurement<sup>4</sup> | 17.6 | 17.3 |

---

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

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

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

<sup>4</sup>&nbsp;&nbsp;&nbsp;&nbsp;For the second and third quarter 2025, due to a calculation error, the Company reported adjusted return on equity excluding foreign currency remeasurement in the second quarter of 16.4%, and adjusted return on equity excluding foreign currency remeasurement in the third quarter of 22.1%. The corrected adjusted return on equity excluding foreign currency remeasurement in the second quarter was 16.6%, and the corrected adjusted return on equity excluding foreign currency remeasurement in the third quarter was 23.1%.

------

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

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| | | |
|:---|:---|:---|
| **<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, 2025** | **Including<br>Currency<br>Changes** | **Excluding**<br>**Currency**<br>**Changes**<sup>2</sup> |
| Net earned premiums<sup>3</sup> | (0.2)% | 0.5% |
| Adjusted net investment income<sup>4</sup> | (4.4) | (4.2) |
| Total benefits and expenses | 1.6 | 2.4 |
| Adjusted earnings | (5.4) | (5.3) |
| Adjusted earnings per diluted share | 0.6 | 0.6 |

---

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

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

<sup>3</sup>Net of reinsurance

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

------

&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, 2025** | **Including<br>Currency<br>Changes** | **Excluding**<br>**Currency**<br>**Changes**<sup>2</sup> |
| Net earned premiums<sup>3</sup> | 0.8% | 0.3% |
| Adjusted net investment income<sup>4</sup> | 0.3 | 0.1 |
| Total benefits and expenses | 0.9 | 0.5 |
| Adjusted earnings | (1.6) | (2.0) |
| Adjusted earnings per diluted share | 3.9 | 3.5 |

---

<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.

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

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

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

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

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

------

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

**FORWARD-LOOKING INFORMATION** 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

## Exhibit 99.2

**FINAL&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/04/2026**

![aflaclogoa01a01a01a33a.jpg](aflaclogoa01a01a01a33a.jpg)

**Financial Supplement**

**Fourth Quarter 2025**

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

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

---

| | |
|:---|:---|
| **Aflac Incorporated:** | **Page** |
| <u>[Share Data](#i4d65d47692674c81a3887b7fc9ee715e_4)</u> | <u>[2](#i4d65d47692674c81a3887b7fc9ee715e_4)</u> |
| <u>[Summary of Adjusted Results by Business Segment](#i4d65d47692674c81a3887b7fc9ee715e_7)</u> | <u>[3](#i4d65d47692674c81a3887b7fc9ee715e_7)</u> |
| <u>[Statements of Earnings](#i4d65d47692674c81a3887b7fc9ee715e_10)</u> | <u>[4](#i4d65d47692674c81a3887b7fc9ee715e_10)</u> |
| <u>[Analysis of Net Earnings and Net Earnings Per Share](#i4d65d47692674c81a3887b7fc9ee715e_13)</u> | <u>[5](#i4d65d47692674c81a3887b7fc9ee715e_13)</u> |
| <u>[Balance Sheets](#i4d65d47692674c81a3887b7fc9ee715e_16)</u> | <u>[6](#i4d65d47692674c81a3887b7fc9ee715e_16)</u> |
| <u>[Quarterly Financial Results](#i4d65d47692674c81a3887b7fc9ee715e_19)</u> | <u>[7](#i4d65d47692674c81a3887b7fc9ee715e_19)</u> |
| <u>[Quarterly Book Value Per Share](#i4d65d47692674c81a3887b7fc9ee715e_22)</u> | <u>[8](#i4d65d47692674c81a3887b7fc9ee715e_22)</u> |
| <u>[Return on Equity](#i4d65d47692674c81a3887b7fc9ee715e_25)</u> | <u>[9](#i4d65d47692674c81a3887b7fc9ee715e_25)</u> |
| <u>[Adjusted Earnings Per Share Excluding Current Period Foreign Currency Impact](#i4d65d47692674c81a3887b7fc9ee715e_28)</u> | <u>[10](#i4d65d47692674c81a3887b7fc9ee715e_28)</u> |
| <u>[Investment Results](#i4d65d47692674c81a3887b7fc9ee715e_31)</u> | <u>[11](#i4d65d47692674c81a3887b7fc9ee715e_31)</u>,<u>[12](#i4d65d47692674c81a3887b7fc9ee715e_34)</u>,<u>[13](#i4d65d47692674c81a3887b7fc9ee715e_37)</u> |
| <u>[Long-Term Debt Data](#i4d65d47692674c81a3887b7fc9ee715e_40)</u> | <u>[14](#i4d65d47692674c81a3887b7fc9ee715e_40)</u> |
| <u>[Ratings](#i4d65d47692674c81a3887b7fc9ee715e_43)</u> | <u>[15](#i4d65d47692674c81a3887b7fc9ee715e_43)</u> |
| **Aflac U.S.:** |  |
| <u>[Statement of Pretax Adjusted Earnings](#i4d65d47692674c81a3887b7fc9ee715e_46)</u> | <u>[16](#i4d65d47692674c81a3887b7fc9ee715e_46)</u> |
| <u>[Balance Sheets](#i4d65d47692674c81a3887b7fc9ee715e_49)</u> | <u>[17](#i4d65d47692674c81a3887b7fc9ee715e_49)</u> |
| <u>[Quarterly Pretax Adjusted Earnings](#i4d65d47692674c81a3887b7fc9ee715e_52)</u> | <u>[18](#i4d65d47692674c81a3887b7fc9ee715e_52)</u> |
| <u>[Operating Ratios](#i4d65d47692674c81a3887b7fc9ee715e_55)</u> | <u>[19](#i4d65d47692674c81a3887b7fc9ee715e_55)</u> |
| <u>[Sales](#i4d65d47692674c81a3887b7fc9ee715e_58)</u> | <u>[20](#i4d65d47692674c81a3887b7fc9ee715e_58)</u>,<u>[21](#i4d65d47692674c81a3887b7fc9ee715e_61)</u> |
| **Aflac Japan:** |  |
| <u>[Statement of Pretax Adjusted Earnings](#i4d65d47692674c81a3887b7fc9ee715e_64)</u> | <u>[22](#i4d65d47692674c81a3887b7fc9ee715e_64)</u>,<u>[23](#i4d65d47692674c81a3887b7fc9ee715e_67)</u> |
| <u>[Balance Sheets](#i4d65d47692674c81a3887b7fc9ee715e_70)</u> | <u>[24](#i4d65d47692674c81a3887b7fc9ee715e_70)</u>,<u>[25](#i4d65d47692674c81a3887b7fc9ee715e_73)</u> |
| <u>[Quarterly Pretax Adjusted Earnings](#i4d65d47692674c81a3887b7fc9ee715e_76)</u> | <u>[26](#i4d65d47692674c81a3887b7fc9ee715e_76)</u> |
| <u>[Operating Ratios](#i4d65d47692674c81a3887b7fc9ee715e_79)</u> | <u>[27](#i4d65d47692674c81a3887b7fc9ee715e_79)</u> |
| <u>[Sales](#i4d65d47692674c81a3887b7fc9ee715e_82)</u> | <u>[28](#i4d65d47692674c81a3887b7fc9ee715e_82)</u>,<u>[29](#i4d65d47692674c81a3887b7fc9ee715e_85)</u>,<u>[30](#i4d65d47692674c81a3887b7fc9ee715e_88)</u> |
| <u>[Yen/Dollar Exchange Rates](#i4d65d47692674c81a3887b7fc9ee715e_91)</u> | <u>[31](#i4d65d47692674c81a3887b7fc9ee715e_91)</u> |
| **Corporate and Other:** |  |
| <u>[Statement of Pretax Adjusted Earnings](#i4d65d47692674c81a3887b7fc9ee715e_94)</u> | <u>[32](#i4d65d47692674c81a3887b7fc9ee715e_94)</u> |
| **Non-U.S. GAAP Financial Measures** | <u>[33](#i4d65d47692674c81a3887b7fc9ee715e_97)</u> |

---

**For more information, contact:**

**David Young**

**Phone. 706.596.3264**

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

**investors.aflac.com**

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | | | | | | | | | |
| | **Share Data** | **Share Data** | **Share Data** | **Share Data** | **Share Data** | **Share Data** | **Share Data** | **Share Data** | **Share Data** | **Share Data** | **Share Data** | **Share Data** | **Share Data** | **Share Data** |
|  | (In Thousands) | (In Thousands) | (In Thousands) | (In Thousands) | (In Thousands) | (In Thousands) | (In Thousands) | (In Thousands) | (In Thousands) | (In Thousands) | (In Thousands) | (In Thousands) | (In Thousands) | (In Thousands) |
| <sup>1</sup> |  |  |  | **Shares Issued** | **Shares Issued** | **Shares Purchased** | **Shares Purchased** |  | **QTD Weighted Avg. Shares** | **QTD Weighted Avg. Shares** | **QTD Weighted Avg. Shares** | **YTD Weighted Avg. Shares** | **YTD Weighted Avg. Shares** | **YTD Weighted Avg. Shares** |
|  |  | **Period** | **Beginning Shares Outstanding** | **Stk. Bon. & DRP** | **Stk. Opt. & Misc.** | **Treas. Shares** | **Misc. Purch.** <sup>(1)</sup> | **Ending Shares Outstanding** | **Avg. Shares** | **Dilutive Shares** | **Avg. Diluted** | **Avg. Shares** | **Dilutive Shares** | **Avg. Diluted** |
|  | 2023 | 1 | 615256 | 239 | 1152 | 10348 | 347 | 605952 | 611205 | 2745 | 613950 | 611205 | 2745 | 613950 |
|  |  | 2 | 605952 | 259 | 225 | 10461 | 6 | 595969 | 600742 | 2187 | 602929 | 605945 | 2466 | 608411 |
|  |  | 3 | 595969 | 210 | 115 | 9390 | 7 | 586897 | 591246 | 2350 | 593596 | 600991 | 2427 | 603419 |
|  |  | 4 | 586897 | 191 | 94 | 8698 | 5 | 578479 | 581876 | 3005 | 584881 | 596173 | 2572 | 598745 |
|  | 2024 | 1 | 578479 | 212 | 1320 | 9276 | 457 | 570278 | 574886 | 2596 | 577482 | 574886 | 2596 | 577482 |
|  |  | 2 | 570278 | 217 | 186 | 9288 | 24 | 561369 | 564573 | 2265 | 566838 | 569730 | 2430 | 572160 |
|  |  | 3 | 561369 | 165 | 75 | 4882 | 10 | 556717 | 557899 | 2515 | 560414 | 565757 | 2459 | 568216 |
|  |  | 4 | 556717 | 156 | 77 | 6982 | 4 | 549964 | 552767 | 2716 | 555483 | 562492 | 2523 | 565015 |
|  | **2025** | 1 | 549964 | 173 | 1251 | 8497 | 398 | 542493 | 544707 | 2171 | 546878 | 544707 | 2171 | 546878 |
|  |  | 2 | 542493 | 193 | 42 | 7916 | 4 | 534809 | 536688 | 1737 | 538425 | 540676 | 1954 | 542630 |
|  |  | 3 | 534809 | 171 | 66 | 9331 | 5 | 525710 | 530050 | 1965 | 532015 | 537095 | 1957 | 539052 |
|  |  | **4** | **525710** | **161** | **72** | **7250** | **3** | **518690** | **520394** | **2099** | **522493** | **532885** | **1993** | **534878** |

---

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

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** |
| | **Summary of Adjusted Results by Business Segment** | **Summary of Adjusted Results by Business Segment** | **Summary of Adjusted Results by Business Segment** | **Summary of Adjusted Results by Business Segment** | **Summary of Adjusted Results by Business Segment** | **Summary of Adjusted Results by Business Segment** | **Summary of Adjusted Results by Business Segment** | **Summary of Adjusted Results by Business Segment** | **Summary of Adjusted Results by Business Segment** | **Summary of Adjusted Results by Business Segment** | **Summary of Adjusted Results by Business Segment** | **Summary of Adjusted Results by Business Segment** |
|  | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) |
|  |  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **3 Months Ended 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,** |
|  |  | **2020** | **2021** | **2022** | **2023** | **2024** | **2024** | **2025** | **% Change** | **2024** | **2025** | **% Change** |
|  | Aflac Japan | $3263 | $3756 | $3281 | $3234 | $3494 | $747 | $**712** | (4.7)% | $3494 | $**3440** | (1.5)% |
|  | Aflac U.S. | 1268 | 1356 | 1359 | 1501 | 1419 | 330 | **300** | (9.1) | 1419 | **1421** | 0.1 |
| <sup>1</sup> | Corporate and other <sup>(1)</sup> | (115) | (293) | (218) | (425) | 32 | (4) | **(31)** |  | 32 | **101** |  |
|  | &nbsp;&nbsp;Pretax adjusted earnings | 4416 | 4819 | 4422 | 4310 | 4945 | 1073 | **981** | (8.6) | 4945 | **4962** | 0.3 |
|  | Income taxes <sup>(1)</sup> | 864 | 893 | 808 | 577 | 873 | 208 | **163** | (21.6) | 873 | **954** | 9.3 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Adjusted earnings <sup>(2)</sup> | 3552 | 3925 | 3614 | 3733 | 4072 | 865 | **818** | (5.4) | 4072 | **4008** | (1.6) |
|  | **Reconciling items:** |  |  |  |  |  |  |  |  |  |  |  |
|  | Adjusted net investment gains (losses) | (229) | 462 | 447 | 914 | 1495 | 1084 | **591** |  | 1495 | **(375)** |  |
|  | Other and non-recurring income (loss)  | (28) | (73) | 1 | 39 | (23) | (22) | **—** |  | (23) | **(54)** |  |
| <sup>3</sup> | Income tax benefit (expense) on items excluded from adjusted earnings <sup>(3)</sup> | 72 | (83) | 357 | (26) | (101) | (25) | **(30)** |  | (101) | **67** |  |
| <sup>4</sup> | Tax valuation allowance release <sup>(4)</sup> | 1411 |  |  |  |  |  | **—** |  |  | **—** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net earnings | $4778 | $4231 | $4418 | $4659 | $5443 | $1902 | $**1379** | (27.5)% | $5443 | $**3646** | (33.0)% |
|  | Effective Tax rate | (14.9)% | 18.7% | 9.3% | 11.5% | 15.2% | 10.9% | **12.3%** |  | 15.2% | **19.6%** |  |
|  | **Earnings per share of common stock:** |  |  |  |  |  |  |  |  |  |  |  |
|  | Net earnings (basic) | $6.69 | $6.28 | $6.96 | $7.81 | $9.68 | $3.44 | $**2.65** | (23.0) | $9.68 | $**6.84** | (29.3)% |
|  | Net earnings (diluted) | 6.67 | 6.25 | 6.93 | 7.78 | 9.63 | 3.42 | **2.64** | (22.8) | 9.63 | **6.82** | (29.2) |
|  | Adjusted earnings (basic) <sup>(2)</sup> | $4.98 | $5.83 | $5.69 | $6.26 | $7.24 | $1.56 | $**1.57** | 0.6% | $7.24 | $**7.52** | 3.9% |
|  | Adjusted earnings (diluted) <sup>(2)</sup> | 4.96 | 5.80 | 5.67 | 6.23 | 7.21 | 1.56 | **1.57** | 0.6 | 7.21 | **7.49** | 3.9 |

---

 <sup>(1)</sup> *The change in value of federal historic rehabilitation and solar investments in partnerships of $43 and $46 for the three-month periods and $65 and $165 for the twelve-month periods ended December 31, 2025, and 2024, respectively, is included as a reduction to net investment income. Tax credits on these investments of $45 and $22 for the three-month periods and $69 and$164 for the twelve-month periods ended December 31, 2025, and 2024, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.*

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

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

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

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** |
| | **Consolidated Statements of Earnings - U.S. GAAP** | **Consolidated Statements of Earnings - U.S. GAAP** | **Consolidated Statements of Earnings - U.S. GAAP** | **Consolidated Statements of Earnings - U.S. GAAP** | **Consolidated Statements of Earnings - U.S. GAAP** | **Consolidated Statements of Earnings - U.S. GAAP** | **Consolidated Statements of Earnings - U.S. GAAP** | **Consolidated Statements of Earnings - U.S. GAAP** | **Consolidated Statements of Earnings - U.S. GAAP** | **Consolidated Statements of Earnings - U.S. GAAP** | **Consolidated Statements of Earnings - U.S. GAAP** | **Consolidated Statements of Earnings - U.S. GAAP** |
|  | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) |
|  |  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **3 Months Ended 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,** |
|  |  | **2020** | **2021** | **2022** | **2023** | **2024** | **2024** | **2025** | **% Change** | **2024** | **2025** | **% Change** |
|  | **Revenues:** |  |  |  |  |  |  |  |  |  |  |  |
|  | Net earned premiums: |  |  |  |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;Gross premiums | $18955 | $17305 | $15025 | $14318 | $13562 | $3369 | $**3389** |  | $13562 | $**13760** |  |
|  | &nbsp;&nbsp;Assumed (ceded) | (333) | (210) | (124) | (195) | (122) | (38) | **(64)** |  | (122) | **(212)** |  |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Total net earned premiums <sup>(1)</sup> | 18622 | 17095 | 14901 | 14123 | 13440 | 3331 | **3325** | (0.2)% | 13440 | **13548** | 0.8% |
|  | Net investment income | 3638 | 3818 | 3656 | 3811 | 4116 | 1016 | **973** | (4.2) | 4116 | **4076** | (1.0) |
|  | Net investment gains (losses)  | (270) | 468 | 363 | 590 | 1271 | 1032 | **537** |  | 1271 | **(572)** |  |
|  | Other income  | 157 | 173 | 220 | 177 | 100 | 24 | **31** |  | 100 | **112** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 22147 | 21554 | 19140 | 18701 | 18927 | 5403 | **4866** | (9.9) | 18927 | **17164** | (9.3) |
|  | **Benefits and Claims:** |  |  |  |  |  |  |  |  |  |  |  |
|  | Benefits and claims, net: |  |  |  |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;Incurred claims - direct | 9364 | 8949 | 8271 | 8005 | 8281 | 2033 | **2162** |  | 8281 | **8901** |  |
|  | &nbsp;&nbsp;Incurred claims - assumed (ceded) | (296) | (147) | (108) | (177) | (95) | (38) | **(54)** |  | (95) | **(189)** |  |
| <sup>2</sup> | &nbsp;&nbsp;Increase in FPB - direct <sup>(2)</sup> | 2707 | 1819 | 888 | 594 | (184) | (37) | **(167)** |  | (184) | **(727)** |  |
|  | &nbsp;&nbsp;Increase in FPB - assumed (ceded) <sup>(2)</sup> | 21 | 3 | 51 | 172 | 5 | 7 | **(3)** |  | 5 | **2** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total net benefits and claims, excluding reserve remeasurement | N/A | 10623 | 9102 | 8594 | 8008 | 1966 | **1938** |  | 8008 | **7987** |  |
|  | Reserve remeasurement (gain) loss | N/A | (147) | (215) | (383) | (558) | (43) | **(36)** |  | (558) | **(694)** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total net benefits and claims | 11796 | 10476 | 8887 | 8211 | 7450 | 1923 | **1902** | (1.1) | 7450 | **7293** | (2.1) |
|  | **Acquisition and operating expenses:** |  |  |  |  |  |  |  |  |  |  |  |
| <sup>3</sup> | Amortization of DAC <sup>(3)</sup> | 1214 | 835 | 792 | 816 | 851 | 213 | **219** |  | 851 | **874** |  |
|  | Insurance commissions | 1316 | 1256 | 1117 | 1052 | 998 | 247 | **246** |  | 998 | **991** |  |
|  | Insurance expenses | 3420 | 3541 | 3249 | 3165 | 3014 | 835 | **866** |  | 3014 | **3253** |  |
|  | Interest expense | 242 | 238 | 226 | 195 | 197 | 50 | **61** |  | 197 | **220** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total acquisition and operating expenses | 6192 | 5870 | 5384 | 5228 | 5060 | 1345 | **1392** | 3.5 | 5060 | **5338** | 5.5 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and expenses | 17988 | 16346 | 14271 | 13439 | 12510 | 3268 | **3294** | 0.8 | 12510 | **12631** | 1.0 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pretax earnings | 4159 | 5208 | 4869 | 5262 | 6417 | 2135 | **1572** |  | 6417 | **4533** |  |
| <sup>4</sup> | Income tax expense (benefit) <sup>(4)</sup> | (619) | 977 | 451 | 603 | 974 | 233 | **193** |  | 974 | **887** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net earnings | $4778 | $4231 | $4418 | $4659 | $5443 | $1902 | $**1379** | (27.5)% | $5443 | $**3646** | (33.0)% |

---

 <sup>(1)</sup> *Includes a gain (loss) of $3 and $(1) for the three-month periods and $(52) and $(81) for the twelve-month periods ended December 31, 2025 and 2024, respectively, related to remeasurement of the deferred profit liability for limited- payment contracts.*

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

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

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

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** |
| | **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) |
|  | **Period** | **Net Earnings** | **Net Investment Gains (Losses)** <sup>(1)</sup> | **Other and Non- Recurring Items** <sup>(1)(3)</sup> | **Foreign Currency Impact** <sup>(2)</sup> | **Net Earnings Per Share** | **Net Investment Gains (Losses)** <sup>(1)</sup> | **Other and Non-Recurring Items Per Share** <sup>(1)(3)</sup> | **Foreign Currency Impact Per Share** <sup>(2)</sup> |
| <sup>1</sup> | 2020 | $4778 | $(181) | $1407 | $31 | $6.67 | $(0.25) | $1.96 | $0.04 |
| <sup>2</sup> | 2021 | 4231 | 365 | (59) | (42) | 6.25 | 0.54 | (0.09) | (0.06) |
|  | 2022 | 4418 | 803 | 1 | (262) | 6.93 | 1.26 |  | (0.41) |
| <sup>3</sup> | 2023 | 4659 | 896 | 31 | (113) | 7.78 | 1.50 | 0.05 | (0.19) |
|  | 2024 | 5443 | 1389 | (18) | (103) | 9.63 | 2.46 | (0.03) | (0.18) |
|  | **2025** | **3646** | **(319)** | **(43)** | **19** | **6.82** | **(0.60)** | **(0.08)** | **0.04** |
|  | 1 | 1188 | 235 |  | (41) | 1.94 | 0.38 |  | (0.07) |
|  | 2 | 1634 | 653 | 28 | (25) | 2.71 | 1.08 | 0.05 | (0.04) |
|  | 3 | 1569 | 472 | 2 | (33) | 2.64 | 0.80 |  | (0.06) |
|  | 4 | 268 | (464) |  | (14) | 0.46 | (0.79) |  | (0.02) |
|  | 1 | 1879 | 920 | (2) | (44) | 3.25 | 1.59 |  | (0.08) |
|  | 2 | 1755 | 720 |  | (37) | 3.10 | 1.27 |  | (0.07) |
|  | 3 | (93) | (1304) |  | (16) | (0.17) | (2.33) |  | (0.03) |
|  | 4 | 1902 | 1054 | (17) | (6) | 3.42 | 1.90 | (0.03) | (0.01) |
|  | 1 | 29 | (835) | (42) | (8) | 0.05 | (1.53) | (0.08) | (0.01) |
|  | 2 | 599 | (358) |  | 23 | 1.11 | (0.66) |  | 0.04 |
|  | 3 | 1639 | 313 | (1) | 1 | 3.08 | 0.59 |  |  |
|  | **4** | **1379** | **561** | **—** | **(1)** | **2.64** | **1.07** | **—** | **—** |

---

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

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

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

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** |
| | **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,** |
|  |  | **2020** | **2021** | **2022** | **2023** | **2024** | **2025** |
|  | **Assets:** |  |  |  |  |  |  |
|  | Investments and cash: |  |  |  |  |  |  |
|  | &nbsp;&nbsp;Securities available for sale: |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Fixed maturity securities available for sale, at fair value | $101286 | $94206 | $71936 | $69578 | $61841 | $**60485** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Fixed maturity securities available for sale - consolidated variable interest entities, at fair value | 4596 | 4490 | 3805 | 3712 | 3428 | **3636** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Fixed maturity securities held to maturity, at amortized cost, net of allowance for credit losses | 24464 | 22000 | 19056 | 17819 | 15966 | **16120** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Equity securities, at fair value | 1283 | 1603 | 1091 | 1088 | 796 | **887** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage and other loans, net of allowance for credit losses | 10554 | 11786 | 13496 | 12527 | 10869 | **9765** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Other investments | 2429 | 3842 | 4070 | 4530 | 5958 | **6622** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 5141 | 5051 | 3943 | 4306 | 6229 | **6245** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments and cash | 149753 | 142978 | 117397 | 113560 | 105087 | **103760** |
| <sup>1</sup> | Receivables, net of allowance for credit losses <sup>(1)</sup> | 778 | 672 | 647 | 848 | 779 | **835** |
|  | Accrued investment income | 780 | 737 | 745 | 731 | 710 | **718** |
|  | Deferred policy acquisition costs | 10441 | 9848 | 9239 | 9132 | 8758 | **9034** |
|  | Property and equipment, net | 601 | 538 | 530 | 445 | 387 | **351** |
| <sup>2</sup> | Other assets, net of allowance for credit losses <sup>(1)(2)</sup> | 2733 | 3377 | 3180 | 2008 | 1845 | **1772** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $165086 | $158150 | $131738 | $126724 | $117566 | $**116470** |
|  | **Liabilities and Shareholders' Equity:** |  |  |  |  |  |  |
|  | Liabilities: |  |  |  |  |  |  |
|  | &nbsp;&nbsp;Total policy liabilities | $114391 | $126331 | $96910 | $91599 | $77508 | $**69583** |
|  | &nbsp;&nbsp;Notes payable | 7899 | 7956 | 7442 | 7364 | 7498 | **8409** |
|  | &nbsp;&nbsp;Income taxes, primarily deferred | 4661 | 30 | 698 | 154 | 573 | **1368** |
|  | &nbsp;&nbsp;Other liabilities | 4576 | 6802 | 6548 | 5622 | 5889 | **7620** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 131527 | 141119 | 111598 | 104739 | 91468 | **86980** |
|  | Shareholders' equity: |  |  |  |  |  |  |
|  | &nbsp;&nbsp;Common stock | 135 | 135 | 135 | 136 | 136 | **136** |
|  | &nbsp;&nbsp;Additional paid-in capital | 2410 | 2529 | 2641 | 2771 | 2894 | **3024** |
|  | &nbsp;&nbsp;Retained earnings | 37984 | 40963 | 44367 | 47993 | 52277 | **54682** |
|  | &nbsp;&nbsp;Accumulated other comprehensive income (loss): |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Unrealized foreign currency translation gains (losses) | (1109) | (1985) | (3564) | (4069) | (4998) | **(4847)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gains (losses) on fixed maturity securities | 10361 | 9602 | (702) | 1139 | 24 | **(1809)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gains (losses) on derivatives | (34) | (30) | (27) | (22) | (20) | **(13)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Effect of change in discount rate assumption(s) | N/A | (15832) | (2100) | (2560) | 2006 | **8035** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pension liability adjustment | (284) | (166) | (36) | (8) | 10 | **86** |
|  | &nbsp;&nbsp;Treasury stock | (15904) | (18185) | (20574) | (23395) | (26231) | **(29804)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 33559 | 17031 | 20140 | 21985 | 26098 | **29490** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities & shareholders' equity | $165086 | $158150 | $131738 | $126724 | $117566 | $**116470** |

---

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

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

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** |
| | **Quarterly Financial Results** | **Quarterly Financial Results** | **Quarterly Financial Results** | **Quarterly Financial Results** | **Quarterly Financial Results** | **Quarterly Financial Results** | **Quarterly Financial Results** | **Quarterly Financial Results** | **Quarterly Financial Results** | **Quarterly Financial Results** | **Quarterly Financial Results** | **Quarterly Financial Results** | **Quarterly Financial Results** |
|  | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) |
| <sup>1</sup> |  |  |  |  |  |  |  |  |  | **Net EPS** | **Net EPS** | **Adj. EPS** <sup>(1)</sup> | **Adj. EPS** <sup>(1)</sup> |
|  | **Period** | **Net Earned Premiums** | **Net Investment Income** | **Total Revenues** | **Benefits & Claims, Net** | **Total Acquisitions & Adj. Exp.** | **Total Pretax Earnings** | **Net Earnings** | **Adjusted Earnings** <sup>(1)</sup> | **Basic** | **Dil.** | **Basic** | **Dil.** |
|  | 2020 | $18622 | $3638 | $22147 | $11796 | $6192 | $4159 | $4778 | $3552 | $6.69 | $6.67 | $4.98 | $4.96 |
|  | 2021 | 17095 | 3818 | 21554 | 10476 | 5870 | 5208 | 4231 | 3925 | 6.28 | 6.25 | 5.83 | 5.80 |
|  | 2022 | 14901 | 3656 | 19140 | 8887 | 5384 | 4869 | 4418 | 3614 | 6.96 | 6.93 | 5.69 | 5.67 |
|  | 2023 | 14123 | 3811 | 18701 | 8211 | 5228 | 5262 | 4659 | 3733 | 7.81 | 7.78 | 6.26 | 6.23 |
|  | 2024 | 13440 | 4116 | 18927 | 7450 | 5060 | 6417 | 5443 | 4072 | 9.68 | 9.63 | 7.24 | 7.21 |
|  | **2025** | **13548** | **4076** | **17164** | **7293** | **5338** | **4533** | **3646** | **4008** | **6.84** | **6.82** | **7.52** | **7.49** |
|  | 1 | 3688 | 943 | 4800 | 2150 | 1308 | 1342 | 1188 | 953 | 1.94 | 1.94 | 1.56 | 1.55 |
|  | 2 | 3573 | 999 | 5172 | 2098 | 1249 | 1825 | 1634 | 954 | 2.72 | 2.71 | 1.59 | 1.58 |
|  | 3 | 3476 | 1004 | 4950 | 1860 | 1285 | 1805 | 1569 | 1095 | 2.65 | 2.64 | 1.85 | 1.84 |
|  | 4 | 3385 | 865 | 3777 | 2103 | 1385 | 289 | 268 | 732 | 0.46 | 0.46 | 1.26 | 1.25 |
|  | 1 | 3456 | 1000 | 5436 | 2010 | 1256 | 2170 | 1879 | 961 | 3.27 | 3.25 | 1.67 | 1.66 |
|  | 2 | 3325 | 1095 | 5138 | 1921 | 1198 | 2019 | 1755 | 1035 | 3.11 | 3.10 | 1.83 | 1.83 |
|  | 3 | 3328 | 1006 | 2949 | 1595 | 1262 | 92 | (93) | 1211 | (0.17) | (0.17) | 2.17 | 2.16 |
|  | 4 | 3331 | 1016 | 5403 | 1923 | 1345 | 2135 | 1902 | 865 | 3.44 | 3.42 | 1.56 | 1.56 |
|  | 1 | 3381 | 955 | 3398 | 1945 | 1308 | 145 | 29 | 906 | 0.05 | 0.05 | 1.66 | 1.66 |
|  | 2 | 3470 | 1081 | 4160 | 2010 | 1328 | 822 | 599 | 957 | 1.12 | 1.11 | 1.78 | 1.78 |
|  | 3 | 3372 | 1067 | 4740 | 1436 | 1310 | 1994 | 1639 | 1327 | 3.09 | 3.08 | 2.50 | 2.49 |
|  | **4** | **3325** | **973** | **4866** | **1902** | **1392** | **1572** | **1379** | **818** | **2.65** | **2.64** | **1.57** | **1.57** |

---

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

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** |
| | **Quarterly Book Value Per Share** | **Quarterly Book Value Per Share** | **Quarterly Book Value Per Share** | **Quarterly Book Value Per Share** | **Quarterly Book Value Per Share** | **Quarterly Book Value Per Share** | **Quarterly Book Value Per Share** |
|  | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) | (In Millions, except per-share data) |
| <sup>1</sup> |  |  |  |  |  |  |  |
|  | **Period** | **Equity BV Per Share** | **AOCI BV Per Share** | **Adjusted BV Per Share** <sup>(1)</sup> | **Adjusted BV Per Share % Change** | **Adjusted BV Per Share Excluding Foreign Currency Remeasurement<br>G/(L)** <sup>(1) (2)</sup> | **Adjusted BV Per Share Excluding Foreign Currency Remeasurement<br>G/(L) % Change** <sup>(2)</sup> |
|  | 2020 | $48.46 | $12.90 | $35.56 | 15.7% | $35.56 | 15.7% |
|  | 2021 | 26.12 | (12.90) | 39.01 | 9.7 | 37.71 | 6.0 |
|  | 2022 | 32.73 | (10.45) | 43.18 | 10.7 | 38.94 | 3.3 |
|  | 2023 | 38.00 | (9.54) | 47.55 | 10.1 | 41.15 | 5.7 |
|  | 2024 | 47.45 | (5.41) | 52.87 | 11.2 | 42.46 | 3.2 |
|  | **2025** | **56.85** | **2.80** | **54.06** | **2.3** | **42.66** | **0.5** |
|  | 1 | 32.65 | (12.01) | 44.66 | 10.8 | 40.05 | 4.8 |
|  | 2 | 34.30 | (12.31) | 46.61 | 11.5 | 40.15 | 5.5 |
|  | 3 | 38.63 | (9.81) | 48.44 | 10.1 | 41.10 | 7.7 |
|  | 4 | 38.00 | (9.54) | 47.55 | 10.1 | 41.15 | 5.7 |
|  | 1 | 41.27 | (8.95) | 50.22 | 12.4 | 41.68 | 4.1 |
|  | 2 | 46.40 | (5.86) | 52.26 | 12.1 | 41.98 | 4.6 |
|  | 3 | 44.60 | (6.60) | 51.21 | 5.7 | 43.61 | 6.1 |
|  | 4 | 47.45 | (5.41) | 52.87 | 11.2 | 42.46 | 3.2 |
|  | 1 | 48.55 | (3.43) | 51.98 | 3.5 | 42.61 | 2.2 |
|  | 2 | 50.86 | (0.92) | 51.78 | (0.9) | 42.97 | 2.4 |
|  | 3 | 54.57 | 1.24 | 53.33 | 4.1 | 43.52 | (0.2) |
|  | **4** | **56.85** | **2.80** | **54.06** | **2.3** | **42.66** | **0.5** |

---

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

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

------

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** |
| | **Return on Equity** | **Return on Equity** | **Return on Equity** | **Return on Equity** | **Return on Equity** | **Return on Equity** | **Return on Equity** | **Return on Equity** | **Return on Equity** | **Return on Equity** |
| | | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **3 Months Ended December 31,** | **3 Months Ended December 31,** | **12 Months Ended December 31,** | **12 Months Ended December 31,** |
| <sup>1</sup> |  | **2020** | **2021** <sup>(4)</sup> | **2022** | **2023** | **2024** | **2024** | **2025** | **2024** | **2025** |
| <sup>2</sup> | U.S. GAAP ROE - Net earnings <sup>(1)</sup> | 15.3% | 26.7% | 23.8% | 22.1% | 22.6% | 29.9% | **19.0%** | 22.6% | **13.1%** |
|  | &nbsp;&nbsp;Impact of excluding unrealized foreign currency translation gains (losses) | (0.9) | (1.7) | (2.5) | (3.1) | (3.6) | (4.8) | **(3.1)** | (3.6) | **(2.6)** |
|  | &nbsp;&nbsp;Impact of excluding unrealized gains (losses) on securities and derivatives | 6.2 | 10.7 | 4.1 | 0.2 | 0.4 | 0.3 | **(1.2)** | 0.4 | **(0.5)** |
|  | &nbsp;&nbsp;Impact of excluding effect on change in discount rate assumptions | N/A | (18.5) | (8.2) | (1.9) | (0.2) | 1.0 | **4.9** | (0.2) | **2.6** |
|  | &nbsp;&nbsp;Impact of excluding pension liability adjustment | (0.2) | (0.2) | (0.1) |  |  |  | **—** |  | **—** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Impact of excluding AOCI | 5.1 | (9.7) | (6.8) | (4.9) | (3.4) | (3.5) | **0.7** | (3.4) | **(0.4)** |
|  | U.S. GAAP ROE - less AOCI | 20.3 | 17.0 | 17.0 | 17.2 | 19.2 | 26.4 | **19.7** | 19.2 | **12.8** |
| <sup>3</sup> | Differences between adjusted earnings and net earnings <sup>(2)</sup> | (5.2) | (1.2) | (3.1) | (3.4) | (4.8) | (14.4) | **(8.0)** | (4.8) | **1.3** |
| <sup>4</sup> | Adjusted ROE - reported <sup>(3)</sup> | 15.1 | 15.8 | 13.9 | 13.8 | 14.4 | 12.0 | **11.7** | 14.4 | **14.0** |
| <sup>5</sup> | &nbsp;&nbsp;Less: Impact of excluding gains (losses) associated with foreign currency remeasurement <sup>(5)</sup> | N/A | 0.1 | 1.0 | 1.8 | 2.9 | 2.5 | **2.8** | 2.9 | **3.6** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Adjusted ROE, excluding foreign currency remeasurement <sup>(5) (6)</sup> | N/A | 15.9 | 14.9 | 15.6 | 17.3 | 14.5 | **14.5** | 17.3 | **17.6** |

---

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

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

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

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

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

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

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** |
| | **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) |
| <sup>1</sup> | **Period** | **Adjusted EPS** <sup>(1)</sup> | **Growth** | **QTD Foreign Currency Impact** <sup>(1)</sup> | **YTD Foreign Currency Impact** <sup>(1)</sup> | **Excluding Foreign Currency Impact** <sup>(1)</sup> | **Change Excluding Foreign Currency Impact** |
|  | 2020 | $4.96 | 11.7% | N/A | 0.04 | $4.92 | 10.8% |
|  | 2021 | 5.80 | 16.9 | N/A | (0.06) | 5.86 | 18.1 |
|  | 2022 | 5.67 | (2.2) | N/A | (0.41) | 6.08 | 4.8 |
|  | 2023 | 6.23 | 9.9 | N/A | (0.19) | 6.43 | 13.4 |
|  | 2024 | 7.21 | 15.7 | N/A | (0.18) | 7.39 | 18.6 |
|  | **2025** | **7.49** | **3.9** | **N/A** | **0.04** | **7.46** | **3.5** |
|  | 1 | $1.55 | 7.6% | (0.07) | (0.07) | $1.62 | 12.5% |
|  | 2 | 1.58 | 7.5 | (0.04) | (0.11) | 1.62 | 10.2 |
|  | 3 | 1.84 | 27.8 | (0.06) | (0.17) | 1.90 | 31.9 |
|  | 4 | 1.25 | (4.6) | (0.02) | (0.19) | 1.28 | (2.3) |
|  |  | $6.23 | 9.9% |  |  | $6.43 | 13.4% |
|  | 1 | $1.66 | 7.1% | (0.08) | (0.08) | $1.74 | 12.3% |
|  | 2 | 1.83 | 15.8 | (0.07) | (0.14) | 1.89 | 19.6 |
|  | 3 | 2.16 | 17.4 | (0.03) | (0.17) | 2.19 | 19.0 |
|  | 4 | 1.56 | 24.8 | (0.01) | (0.18) | 1.57 | 25.6 |
|  |  | $7.21 | 15.7% |  |  | $7.39 | 18.6% |
|  | 1 | $1.66 | —% | (0.01) | (0.01) | $1.67 | 0.6% |
|  | 2 | 1.78 | (2.7) | 0.04 | 0.03 | 1.73 | (5.5) |
|  | 3 | 2.49 | 15.3 |  | 0.03 | 2.49 | 15.3 |
|  | **4** | **1.57** | **0.6** | **—** | **0.04** | **1.57** | **0.6** |
|  |  | $7.49 | 3.9% |  |  | $7.46 | 3.5% |

---

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

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** |
| | **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) |
|  |  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  |  | **2020** | **2021** | **2022** | **2023** | **2024** | **2025** |
| <sup>1</sup> | Fixed Maturity Securities <sup>(1)</sup> | $116056 | $107369 | $94525 | $88508 | $80055 | $**81383** |
|  | **Commercial mortgage and other loans, net of allowance for credit losses:** <sup>(1)</sup> |  |  |  |  |  |  |
|  | Transitional Real Estate (floating rate) | 5231 | 5246 | 6455 | 5998 | 4703 | **3611** |
|  | Middle Market Loans (floating rate) | 3635 | 4601 | 5028 | 4531 | 4283 | **4266** |
|  | Commercial Mortgage Loans | 1688 | 1854 | 1775 | 1697 | 1523 | **1443** |
|  | Other Loans |  | 20 | 238 | 301 | 360 | **445** |
|  | &nbsp;&nbsp;Total Commercial mortgage and other loans, net of allowance for credit losses <sup>(1)</sup> | 10554 | 11721 | 13496 | 12527 | 10869 | **9765** |
|  | Equity Securities, at FV through net earnings | 1283 | 1603 | 1091 | 1088 | 796 | **887** |
| <sup>2</sup> | Alternatives <sup>(2)</sup> | 919 | 1703 | 2107 | 2619 | 3167 | **3809** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total Portfolio | $128812 | $122396 | $111219 | $104742 | $94887 | $**95844** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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) |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| | **2020** | **2021** | **2022** | **2023** | **2024** | **2025** |
| **Fixed Maturity Securities:** |  |  |  |  |  |  |
| Available For Sale - Gross Gains | $14771 | $13566 | $4800 | $6050 | $5308 | $**4782** |
| Available For Sale - Gross Losses | (481) | (239) | (4528) | (3449) | (4128) | **(5924)** |
| &nbsp;&nbsp;Total Available For Sale | 14290 | 13327 | 272 | 2601 | 1180 | **(1142)** |
| Held to Maturity - Gross Gains | 5935 | 4869 | 2154 | 1838 | 815 | **87** |
| Held to Maturity - Gross Losses |  |  |  |  | (9) | **(731)** |
| &nbsp;&nbsp;Total Held to Maturity | $5935 | $4869 | $2154 | $1838 | $806 | $**(644)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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) |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| **Credit Rating:** | **2020** | **2021** | **2022** | **2023** | **2024** | **2025** |
| AAA | 1.0% | 1.0% | 1.6% | 1.6% | 1.5% | **1.1%** |
| AA | 4.5 | 5.1 | 5.2 | 5.7 | 6.0 | **6.6** |
| A | 69.3 | 68.9 | 68.0 | 68.1 | 68.0 | **69.0** |
| BBB | 21.9 | 22.5 | 23.0 | 22.9 | 22.9 | **21.9** |
| BB or Lower | 3.3 | 2.5 | 2.2 | 1.7 | 1.6 | **1.4** |
|  | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | **100.0%** |

---

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

 <sup>(2)</sup> *Presented at carrying value; includes asset classes such as private equity and real estate funds managed by Global Investments; excludes Corporate driven activity, policy loans, short-term investments, real estate owned assets and FHLB equity balances*

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** |
| | **Supplemental Investment Data by Segment** | **Supplemental Investment Data by Segment** | **Supplemental Investment Data by Segment** | **Supplemental Investment Data by Segment** | **Supplemental Investment Data by Segment** | **Supplemental Investment Data by Segment** | **Supplemental Investment Data by Segment** | **Supplemental Investment Data by Segment** | **Supplemental Investment Data by Segment** |
| | | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **3 Months Ended December 31,** | **3 Months Ended December 31,** |
|  |  | **2020** | **2021** | **2022** | **2023** | **2024** | **2025** | **2024** | **2025** |
|  | **Aflac Japan:** |  |  |  |  |  |  |  |  |
| <sup>1</sup> | Invested assets (in millions) <sup>(1)</sup> | ¥11936087 | ¥12405531 | ¥12617181 | ¥12127531 | ¥11881515 | ¥**11994018** | ¥11881515 | ¥**11994018** |
| <sup>2</sup> | Return on average invested assets <sup>(2)</sup> | 2.38% | 2.72% | 2.78% | 2.90% | 3.33% | **3.22%** | 3.35% | **3.23%** |
| <sup>3</sup> | Portfolio book yield at end of period <sup>(3)</sup> | 2.59% | 2.60% | 3.06% | 3.18% | 3.22% | **3.26%** | 3.22% | **3.26%** |
|  | Total purchases for period (in millions) <sup>(3)</sup> | ¥714124 | ¥952038 | ¥716964 | ¥378541 | ¥735141 | ¥**1744625** | ¥88037 | ¥**178219** |
| <sup>4</sup> | New money yield <sup>(3)(4)</sup> | 3.75% | 3.50% | 4.48% | 5.18% | 6.11% | **4.17%** | 8.01% | **5.96%** |
|  | **Aflac U.S.:** |  |  |  |  |  |  |  |  |
|  | Invested assets (in millions) <sup>(1)</sup> | $14848 | $15841 | $16772 | $17075 | $17341 | $**17373** | $17341 | $**17373** |
|  | Return on average invested assets <sup>(2)</sup> | 4.90% | 4.87% | 4.72% | 4.88% | 5.00% | **4.94%** | 5.01% | **4.88%** |
|  | Portfolio book yield at end of period <sup>(3)</sup> | 5.18% | 4.94% | 5.39% | 5.53% | 5.58% | **5.47%** | 5.58% | **5.47%** |
|  | Total purchases for period (in millions) <sup>(3)</sup> | $1050 | $2130 | $1701 | $907 | $934 | $**1156** | $48 | $**183** |
|  | New money yield <sup>(3)(4)</sup> | 3.04% | 3.41% | 5.16% | 7.56% | 6.90% | **6.73%** | 9.41% | **6.77%** |
| <sup>5</sup> | **Hedge Costs/Income Metrics** <sup>(5)(6)</sup> | **Hedge Costs/Income Metrics** <sup>(5)(6)</sup> | **Hedge Costs/Income Metrics** <sup>(5)(6)</sup> | **Hedge Costs/Income Metrics** <sup>(5)(6)</sup> | **Hedge Costs/Income Metrics** <sup>(5)(6)</sup> | **Hedge Costs/Income Metrics** <sup>(5)(6)</sup> | **Hedge Costs/Income Metrics** <sup>(5)(6)</sup> | **Hedge Costs/Income Metrics** <sup>(5)(6)</sup> | **Hedge Costs/Income Metrics** <sup>(5)(6)</sup> |
| <sup>6</sup> |  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **3 Months Ended December 31,** | **3 Months Ended December 31,** |
|  |  | **2020** | **2021** | **2022** | **2023** | **2024** | **2025** | **2024** | **2025** |
|  | **Aflac Japan:** |  |  |  |  |  |  |  |  |
| <sup>7</sup> | FX hedged notional at end of period (in billions) - forwards <sup>(7)</sup> | $6.0 | $6.4 | $4.1 | $— | $— | $**0.9** | $— | $**0.9** |
|  | FX hedged notional at end of period (in billions) - put options | 13.1 | 11.6 | 13.5 | 24.7 | 24.2 | **25.0** | 24.2 | **25.0** |
|  | Amortized hedge costs for period (in millions) | (206) | (76) | (112) | (157) | (26) | **(45)** | (7) | **(14)** |
|  | **Corporate and Other (Parent Company):** |  |  |  |  |  |  |  |  |
|  | FX hedged notional at end of period (in billions) - forwards <sup>(7)</sup> | $5.0 | $5.0 | $5.0 | $2.6 | $1.8 | $**1.8** | $1.8 | $**1.8** |
|  | FX hedged notional at end of period (in billions) - put options | 2.0 | 1.9 | 2.6 | 0.5 |  | **—** |  | **—** |
|  | Amortized hedge income (costs) for period (in millions) | 97 | 57 | 68 | 122 | 113 | **98** | 25 | **18** |

---

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

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

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

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

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

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

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** |
| <sup>1</sup> | **Japan Segment Portfolio Allocation by Currency** <sup>(1)</sup> | **Japan Segment Portfolio Allocation by Currency** <sup>(1)</sup> | **Japan Segment Portfolio Allocation by Currency** <sup>(1)</sup> | **Japan Segment Portfolio Allocation by Currency** <sup>(1)</sup> | **Japan Segment Portfolio Allocation by Currency** <sup>(1)</sup> |
|  | (U.S. GAAP Basis) | (U.S. GAAP Basis) | (U.S. GAAP Basis) | (U.S. GAAP Basis) | (U.S. GAAP Basis) |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
|  |  | **December 31, 2024** | **December 31, 2024** | **December 31, 2025** | **December 31, 2025** |
|  |  | **Amortized Cost** <sup>(3)</sup> | **Fair Value** | **Amortized Cost** <sup>(3)</sup> | **Fair Value** |
|  | JGB | $31951 | $32844 | $30698 | 27313 |
|  | Other | 16867 | 17145 | 16870 | 16036 |
|  | &nbsp;&nbsp;Total yen denominated | 48818 | 49989 | 47568 | 43349 |
|  | USD Program | 21303 | 23501 | 23503 | 25855 |
|  | Other | 1645 | 2406 | 1632 | 2398 |
|  | &nbsp;&nbsp;Total US dollar denominated | 22948 | 25907 | 25135 | 28253 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total | $71766 | $75896 | $**72703** | **71602** |
| <sup>2</sup> | **Distribution of Consolidated Fixed Maturities by Sector** <sup>(2)</sup> | **Distribution of Consolidated Fixed Maturities by Sector** <sup>(2)</sup> | **Distribution of Consolidated Fixed Maturities by Sector** <sup>(2)</sup> | **Distribution of Consolidated Fixed Maturities by Sector** <sup>(2)</sup> | **Distribution of Consolidated Fixed Maturities by Sector** <sup>(2)</sup> |
|  | (In millions) | (In millions) | (In millions) | (In millions) | (In millions) |
|  |  |  |  | **December 31, 2025** | **December 31, 2025** |
| <sup>3</sup> |  |  |  | **Amortized Cost** <sup>(3)</sup> | **% of Total** |
|  | **Government and agencies** |  |  | $**33752** | **41.5%** |
|  | **Municipalities** |  |  | **2276** | **2.8** |
|  | **Mortgage- and asset-backed securities** |  |  | **4195** | **5.2** |
|  | **Public utilities:** |  |  | **6895** | **8.5** |
|  | &nbsp;&nbsp;Electric |  |  | 5457 | 6.7 |
|  | &nbsp;&nbsp;Natural Gas |  |  | 892 | 1.1 |
|  | &nbsp;&nbsp;Other |  |  | 546 | 0.7 |
|  | **Sovereign and supranational** |  |  | **765** | **0.9** |
|  | **Banks/financial institutions:** |  |  | **9054** | **11.1** |
|  | &nbsp;&nbsp;Banking |  |  | 5105 | 6.2 |
|  | &nbsp;&nbsp;Insurance |  |  | 1866 | 2.3 |
|  | &nbsp;&nbsp;Other |  |  | 2083 | 2.6 |
|  | **Other corporate:** |  |  | **24446** | **30.0** |
|  | &nbsp;&nbsp;Basic Industry |  |  | 2031 | 2.4 |
|  | &nbsp;&nbsp;Capital Goods |  |  | 2748 | 3.4 |
|  | &nbsp;&nbsp;Communications |  |  | 2630 | 3.2 |
|  | &nbsp;&nbsp;Consumer Cyclical |  |  | 1875 | 2.3 |
|  | &nbsp;&nbsp;Consumer Non-Cyclical |  |  | 5794 | 7.1 |
|  | &nbsp;&nbsp;Energy |  |  | 2327 | 2.9 |
|  | &nbsp;&nbsp;Other |  |  | 982 | 1.2 |
|  | &nbsp;&nbsp;Technology |  |  | 3229 | 4.0 |
|  | &nbsp;&nbsp;Transportation |  |  | 2830 | 3.5 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total fixed maturity securities |  |  | $81383 | 100.0% |

---

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

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

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

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** | ***Aflac Incorporated and Subsidiaries*** |
| | **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** |
|  | (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,** |
|  |  | **2020** | **2021** | **2022** | **2023** | **2024** | **2025** |
|  | Notes payable | $7899 | $7956 | $7442 | $7364 | $7498 | $**8409** |
|  | &nbsp;&nbsp;50% of subordinated debentures and perpetual bonds | (432) | (389) | (337) | (315) | (282) | **(285)** |
|  | &nbsp;&nbsp;Pre-funding of debt maturities |  |  |  | (211) |  | **(399)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Adjusted debt <sup>(1)</sup> | 7467 | 7568 | 7105 | 6839 | 7216 | **7725** |
|  | Total Shareholders' Equity | 33559 | 17031 | 20140 | 21985 | 26098 | **29490** |
|  | Accumulated other comprehensive (income) loss: |  |  |  |  |  |  |
|  | &nbsp;&nbsp;Unrealized foreign currency translation (gains) losses | 1109 | 1985 | 3564 | 4069 | 4998 | **4847** |
|  | &nbsp;&nbsp;Unrealized (gains) losses on fixed maturity securities | (10361) | (9602) | 702 | (1139) | (24) | **1809** |
|  | &nbsp;&nbsp;Unrealized (gains) losses on derivatives | 34 | 30 | 27 | 22 | 20 | **13** |
|  | &nbsp;&nbsp;Effect on change in discount rate assumptions | N/A | 15832 | 2100 | 2560 | (2006) | **(8035)** |
|  | &nbsp;&nbsp;Pension liability adjustment | 284 | 166 | 36 | 8 | (10) | **(86)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Adjusted book value <sup>(1)</sup> | $24625 | $25442 | $26569 | $27505 | $29076 | $**28038** |
|  | Total capitalization <sup>(5)</sup> | $41458 | $24987 | $27582 | $29349 | $33596 | $**37899** |
|  | Debt to capitalization | 19.1% | 31.8% | 27.0% | 25.1% | 22.3% | **22.2%** |
| <sup>2</sup> | Adjusted capitalization ex-AOCI <sup>(1)(2)</sup> | $32524 | $33398 | $34011 | $34658 | $36574 | $**36048** |
|  | Adjusted debt to adjusted capitalization ex-AOCI | 23.0% | 22.7% | 20.9% | 19.7% | 19.7% | **21.4%** |
| <sup>3</sup> | Adjusted capitalization <sup>(1)(3)</sup> | $31131 | $31247 | $30411 | $30581 | $31586 | $**31287** |
|  | Adjusted debt to adjusted capitalization | 24.0% | 24.2% | 23.4% | 22.4% | 22.8% | **24.7%** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <sup>4</sup> | **Debt Maturities** <sup>(4)</sup> | **Debt Maturities** <sup>(4)</sup> | **Debt Maturities** <sup>(4)</sup> | **Debt Maturities** <sup>(4)</sup> | **Debt Maturities** <sup>(4)</sup> | **Debt Maturities** <sup>(4)</sup> | **Debt Maturities** <sup>(4)</sup> |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
|  |  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  |  | **≤ 1 year** | **1 > 5 years** | **5 > 10 years** | **10 > 20 years** | **20 years +** | **Total** |
|  | Senior Notes |  | $3193 | $2185 | $1147 | $1278 | $**7803** |
|  | Subordinated debt |  |  |  |  | 575 | **575** |
|  | &nbsp;&nbsp;Total | $— | $3193 | $2185 | $1147 | $1853 | $**8378** |

---

 <sup>(1)</sup> *See non-U.S. GAAP financial measures for definition of: adjusted debt; adjusted book value; adjusted debt, including 50% of subordinated debentures and perpetual bonds; and adjusted book value, including unrealized foreign currency translation gains and losses and pension liability adjustment*

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

 <sup>(3)</sup> *Adjusted capitalization is sum of adjusted debt, including 50% of subordinated debentures and perpetual bonds, plus adjusted book value, including unrealized foreign currency translation gains and losses and pension liability adjustment*

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

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

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

---

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---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** |
| **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** |
| (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) |
| (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **3 Months Ended 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,** |
|  | **2020** | **2021** | **2022** | **2023** | **2024** | **2024** | **2025** | **% Change** | **2024** | **2025** | **% Change** |
| **Revenues:** |  |  |  |  |  |  |  |  |  |  |  |
| Net earned premiums: |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Gross premiums | $5762 | $5540 | $5467 | $5669 | $5907 | $1467 | $**1551** |  | $5907 | $**6182** |  |
| &nbsp;&nbsp;Assumed (ceded) | (4) | 73 | 103 | 6 | (78) | (27) | **(53)** |  | (78) | **(183)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net earned premiums | 5758 | 5614 | 5570 | 5675 | 5829 | 1441 | **1498** | 4.0% | 5829 | **5999** | 2.9% |
| Adjusted net investment income | 705 | 754 | 755 | 820 | 847 | 213 | **207** | (2.8) | 847 | **830** | (2.0) |
| Other income excl. realized foreign exchange gains (losses) | 102 | 121 | 161 | 128 | 63 | 17 | **21** |  | 63 | **74** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjusted revenues | 6565 | 6489 | 6486 | 6623 | 6739 | 1671 | **1726** | 3.3 | 6739 | **6903** | 2.4 |
| **Benefits and claims:** |  |  |  |  |  |  |  |  |  |  |  |
| Benefits and claims, net: |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Incurred claims - direct | 2498 | 2183 | 2245 | 2423 | 2892 | 728 | **805** |  | 2892 | **3193** |  |
| &nbsp;&nbsp;Incurred claims - assumed (ceded) | (1) | 89 | 104 | 17 | (75) | (33) | **(49)** |  | (75) | **(177)** |  |
| &nbsp;&nbsp;Increase in FPB - direct | 271 | 463 | 326 | 280 |  | (6) | **(11)** |  |  | **(55)** |  |
| &nbsp;&nbsp;Increase in FPB - assumed (ceded) | (3) | (11) | 4 | (5) | 4 | 1 | **4** |  | 4 | **8** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total benefits and claims, net, excluding reserve remeasurement | N/A | 2724 | 2679 | 2715 | 2821 | 691 | **750** |  | 2821 | **2969** |  |
| Reserve remeasurement (gain) loss | N/A | (85) | (124) | (284) | (95) | (24) | **(22)** |  | (95) | **(132)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and claims, net | 2765 | 2639 | 2555 | 2431 | 2726 | 667 | **728** | 9.1 | 2726 | **2837** | 4.1 |
| **Adjusted expenses:** |  |  |  |  |  |  |  |  |  |  |  |
| Amortization of deferred policy acquisition costs | 570 | 442 | 455 | 490 | 530 | 134 | **141** | 5.2 | 530 | **551** | 4.0 |
| Insurance commissions | 576 | 550 | 553 | 561 | 563 | 141 | **147** | 4.3 | 563 | **564** | 0.2 |
| Insurance and other expenses | 1386 | 1502 | 1564 | 1640 | 1501 | 399 | **410** | 2.8 | 1501 | **1530** | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjusted expenses | 2532 | 2494 | 2573 | 2691 | 2594 | 674 | **698** |  | 2594 | **2645** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and adjusted expenses | 5297 | 5132 | 5127 | 5122 | 5320 | 1341 | **1426** | 6.3 | 5320 | **5482** | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pretax adjusted earnings | $1268 | $1356 | $1359 | $1501 | $1419 | $330 | $**300** | (9.1)% | $1419 | $**1421** | 0.1% |

---

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** |
| | **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,** |
|  |  | **2020** | **2021** | **2022** | **2023** | **2024** | **2025** |
|  | **Assets:** |  |  |  |  |  |  |
|  | Investments and cash | $17949 | $18324 | $15987 | $16718 | $16775 | $**17090** |
| <sup>1</sup> | Receivables, net of allowance for credit losses <sup>(1)</sup> | 667 | 574 | 584 | 688 | 671 | **707** |
|  | Accrued investment income | 172 | 169 | 184 | 183 | 178 | **171** |
|  | Deferred policy acquisition costs | 3450 | 3366 | 3463 | 3573 | 3656 | **3732** |
|  | Other assets <sup>(1)</sup> | 626 | 758 | 784 | 698 | 650 | **618** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $22864 | $23191 | $21002 | $21861 | $21930 | $**22317** |
|  | **Liabilities and Shareholders' Equity:** |  |  |  |  |  |  |
|  | Future policy benefits | $9674 | $14212 | $10870 | $11234 | $10584 | $**10798** |
|  | Policy and contract claims | 2010 | 151 | 200 | 258 | 376 | **483** |
|  | Other policy liabilities | 126 | 119 | 117 | 107 | 103 | **97** |
|  | Deferred income taxes | 235 | (328) | (243) | (311) | (231) | **(178)** |
|  | Other liabilities | 2016 | 2010 | 2080 | 2062 | 2055 | **1621** |
|  | Shareholders' equity | 8803 | 7027 | 7978 | 8510 | 9043 | **9496** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities & shareholders' equity | $22864 | $23191 | $21002 | $21861 | $21930 | $**22317** |

---

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

------

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** |
| **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** |
| (Restated to conform to current classifications) | (Restated to conform to current classifications) | (Restated to conform to current classifications) | (Restated to conform to current classifications) | (Restated to conform to current classifications) | (Restated to conform to current classifications) | (Restated to conform to current classifications) | (Restated to conform to current classifications) | (Restated to conform to current classifications) | (Restated to conform to current classifications) | (Restated to conform to current classifications) | (Restated to conform to current classifications) | (Restated to conform to current classifications) | (Restated to conform to current classifications) | (Restated to conform to current classifications) |
| (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| **Period** | **Net Earned Premiums** | **% Change** | **Adjusted NII** | **% Change** | **Total Adjusted Revenues** | **% Change** | **Benefits & Claims, Net** | **% Change** | **Amort.** | **% Change** | **Total Adjusted Expenses** | **% Change** | **Pretax Adjusted Earn.** | **% Change** |
| 2020 | $5758 | (0.9)% | $705 | (2.1)% | $6565 | 0.2% | $2765 | (3.7)% | $570 | (0.5)% | $2532 | 5.2% | $1268 | (0.3)% |
| 2021 | 5614 | (2.5) | 754 | 7.0 | 6489 | (1.2) | 2639 | (4.6) | 442 | (22.5) | 2494 | (1.5) | 1356 | 6.9 |
| 2022 | 5570 | (0.8) | 755 | 0.1 | 6486 |  | 2555 | (3.2) | 455 | 2.9 | 2573 | 3.2 | 1359 | 0.2 |
| 2023 | 5675 | 1.9 | 820 | 8.6 | 6623 | 2.1 | 2431 | (4.9) | 490 | 7.7 | 2691 | 4.6 | 1501 | 10.4 |
| 2024 | 5829 | 2.7 | 847 | 3.3 | 6739 | 1.8 | 2726 | 12.1 | 530 | 8.2 | 2594 | (3.6) | 1419 | (5.5) |
| **2025** | **5999** | **2.9** | **830** | **(2.0)** | **6903** | **2.4** | **2837** | **4.1** | **551** | **4.0** | **2645** | **2.0** | **1421** | **0.1** |
| 1 | 1428 | 1.1 | 197 | 7.1 | 1660 | 1.3 | 651 | (2.3) | 119 | 4.4 | 657 | 2.7 | 352 | 5.7 |
| 2 | 1425 | 2.2 | 203 | 5.2 | 1663 | 2.1 | 645 | (2.0) | 120 | 6.2 | 648 | 3.3 | 369 | 7.6 |
| 3 | 1419 | 3.2 | 209 | 13.0 | 1661 | 3.9 | 510 | (17.2) | 122 | 7.0 | 674 | 5.6 | 478 | 38.6 |
| 4 | 1403 | 1.1 | 211 | 9.9 | 1639 | 1.1 | 626 | 2.0 | 129 | 12.2 | 712 | 6.7 | 302 | (10.9) |
| 1 | 1475 | 3.3 | 206 | 4.6 | 1699 | 2.3 | 686 | 5.4 | 132 | 10.9 | 658 | 0.2 | 356 | 1.1 |
| 2 | 1455 | 2.1 | 218 | 7.4 | 1684 | 1.3 | 680 | 5.4 | 132 | 10.0 | 621 | (4.2) | 383 | 3.8 |
| 3 | 1459 | 2.8 | 210 | 0.5 | 1684 | 1.4 | 694 | 36.1 | 132 | 8.2 | 640 | (5.0) | 350 | (26.8) |
| 4 | 1441 | 2.7 | 213 | 0.9 | 1671 | 2.0 | 667 | 6.5 | 134 | 3.9 | 674 | (5.3) | 330 | 9.3 |
| 1 | 1502 | 1.8 | 202 | (1.9) | 1721 | 1.3 | 716 | 4.4 | 137 | 3.8 | 647 | (1.7) | 358 | 0.6 |
| 2 | 1504 | 3.4 | 207 | (5.0) | 1728 | 2.6 | 712 | 4.7 | 136 | 3.0 | 628 | 1.1 | 388 | 1.3 |
| 3 | 1495 | 2.5 | 214 | 1.9 | 1728 | 2.6 | 681 | (1.9) | 137 | 3.8 | 672 | 5.0 | 375 | 7.1 |
| **4** | **1498** | **4.0** | **207** | **(2.8)** | **1726** | **3.3** | **728** | **9.1** | **141** | **5.2** | **698** | **3.6** | **300** | **(9.1)** |

---

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** |
| | **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) |
| <sup>1</sup> | **Period** | **12-Mo. Rolling Premium Persistency** <sup>(1)</sup> | **Total Benefit/ Premium** | **Amortization/ Premium** | **Total Adjusted Expenses/ Total Adjusted Revenue** | **Combined Ratio/ Total Adjusted Revenue** | **Pretax Profit Margin** |
|  | 2020 | 79.3% | 48.0% | 9.9% | 38.6% | 80.7% | 19.3% |
|  | 2021 | 79.7 | 47.0 | 7.9 | 38.4 | 79.1 | 20.9 |
|  | 2022 | 77.3 | 45.9 | 8.2 | 39.7 | 79.0 | 21.0 |
|  | 2023 | 78.6 | 42.8 | 8.6 | 40.6 | 77.3 | 22.7 |
|  | 2024 | 79.3 | 46.8 | 9.1 | 38.5 | 78.9 | 21.1 |
|  | **2025** | **79.2** | **47.3** | **9.2** | **38.3** | **79.4** | **20.6** |
|  | 1 | 77.9 | 45.6 | 8.3 | 39.6 | 78.8 | 21.2 |
|  | 2 | 78.2 | 45.3 | 8.4 | 39.0 | 77.8 | 22.2 |
|  | 3 | 78.7 | 35.9 | 8.6 | 40.6 | 71.2 | 28.8 |
|  | 4 | 78.6 | 44.6 | 9.2 | 43.4 | 81.6 | 18.4 |
|  | 1 | 78.7 | 46.5 | 8.9 | 38.7 | 79.0 | 21.0 |
|  | 2 | 78.7 | 46.7 | 9.1 | 36.9 | 77.3 | 22.7 |
|  | 3 | 78.9 | 47.6 | 9.0 | 38.0 | 79.2 | 20.8 |
|  | 4 | 79.3 | 46.3 | 9.3 | 40.3 | 80.3 | 19.7 |
|  | 1 | 79.3 | 47.7 | 9.1 | 37.6 | 79.2 | 20.8 |
|  | 2 | 79.2 | 47.3 | 9.0 | 36.3 | 77.5 | 22.5 |
|  | 3 | 79.0 | 45.6 | 9.2 | 38.9 | 78.3 | 21.7 |
|  | **4** | **79.2** | **48.6** | **9.4** | **40.4** | **82.6** | **17.4** |

---

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

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| | | | | |
|:---|:---|:---|:---|:---|
| ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** |
| **Aflac U.S. Sales Results** | **Aflac U.S. Sales Results** | **Aflac U.S. Sales Results** | **Aflac U.S. Sales Results** | **Aflac U.S. Sales Results** |
| (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| **Period** | **Annualized Premiums In Force** | **% Change** | **New Annualized Premiums Sales** | **% Change** |
| 2020 | $6099 | (3.2)% | $1093 | (30.8)% |
| 2021 | 6003 | (1.6) | 1278 | 16.9 |
| 2022 | 5967 | (0.6) | 1483 | 16.1 |
| 2023 | 6161 | 3.3 | 1558 | 5.0 |
| 2024 | 6383 | 3.6 | 1543 | (1.0) |
| **2025** | **6694** | **4.9** | **1589** | **3.0** |
| 1 | 6023 | 1.4 | 315 | 5.3 |
| 2 | 6064 | 2.3 | 324 | 6.4 |
| 3 | 6062 | 2.9 | 359 | 7.5 |
| 4 | 6161 | 3.3 | 559 | 2.6 |
| 1 | 6211 | 3.1 | 298 | (5.2) |
| 2 | 6239 | 2.9 | 331 | 2.0 |
| 3 | 6265 | 3.3 | 379 | 5.5 |
| 4 | 6383 | 3.6 | 534 | (4.5) |
| 1 | 6505 | 4.7 | 309 | 3.5 |
| 2 | 6506 | 4.3 | 340 | 2.7 |
| 3 | 6500 | 3.8 | 390 | 2.8 |
| **4** | **6694** | **4.9** | **551** | **3.1** |

---

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** | ***Aflac U.S.*** |
| | **Aflac U.S. Product Mix** | **Aflac U.S. Product Mix** | **Aflac U.S. Product Mix** | **Aflac U.S. Product Mix** | **Aflac U.S. Product Mix** | **Aflac U.S. Product Mix** | **Aflac U.S. Product Mix** | **Aflac U.S. Product Mix** | **Aflac U.S. Product Mix** | **Aflac U.S. Product Mix** | **Aflac U.S. Product Mix** | **Aflac U.S. Product Mix** | **Aflac U.S. Product Mix** | **Aflac U.S. Product Mix** |
|  | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| <sup>1</sup> | **Period** | **Disability** | **% of Total** | **Life** | **% of Total** | **Accident** | **% of Total** | **Critical Care** <sup>(1)</sup> | **% of Total** | **Hospital Indemnity** | **% of Total** | **Dental/ Vision** | **% of Total** | **Total** |
|  | 2020 | $243 | 22.3% | $80 | 7.3% | $285 | 26.1% | $242 | 22.2% | $197 | 18.0% | $45 | 4.1% | $1093 |
|  | 2021 | 296 | 23.1 | 114 | 9.0 | 321 | 25.1 | 273 | 21.3 | 209 | 16.4 | 65 | 5.1 | 1278 |
|  | 2022 | 378 | 25.5 | 156 | 10.5 | 338 | 22.8 | 299 | 20.1 | 226 | 15.3 | 85 | 5.8 | 1483 |
|  | 2023 | 399 | 25.6 | 188 | 12.0 | 326 | 20.9 | 322 | 20.7 | 225 | 14.5 | 98 | 6.3 | 1558 |
|  | 2024 | 406 | 26.3 | 219 | 14.2 | 302 | 19.6 | 322 | 20.9 | 212 | 13.7 | 82 | 5.3 | 1543 |
|  | **2025** | **420** | **26.4** | **246** | **15.5** | **300** | **18.9** | **315** | **19.8** | **209** | **13.2** | **98** | **6.2** | **1589** |
|  | 1 | 79 | 25.2 | 26 | 8.3 | 74 | 23.5 | 64 | 20.5 | 50 | 15.9 | 21 | 6.6 | 315 |
|  | 2 | 80 | 24.8 | 35 | 10.7 | 73 | 22.4 | 66 | 20.4 | 46 | 14.3 | 24 | 7.4 | 324 |
|  | 3 | 101 | 28.2 | 54 | 15.0 | 72 | 19.9 | 67 | 18.6 | 45 | 12.6 | 20 | 5.7 | 359 |
|  | 4 | 139 | 24.8 | 73 | 13.0 | 107 | 19.2 | 124 | 22.2 | 83 | 14.9 | 33 | 5.9 | 559 |
|  | 1 | 69 | 23.0 | 32 | 10.8 | 67 | 22.5 | 66 | 22.1 | 45 | 15.1 | 19 | 6.5 | 298 |
|  | 2 | 85 | 25.7 | 41 | 12.4 | 70 | 21.2 | 70 | 21.1 | 45 | 13.7 | 19 | 5.9 | 331 |
|  | 3 | 109 | 28.8 | 69 | 18.3 | 67 | 17.7 | 70 | 18.6 | 45 | 11.9 | 18 | 4.7 | 379 |
|  | 4 | 143 | 26.8 | 77 | 14.4 | 97 | 18.2 | 115 | 21.6 | 76 | 14.3 | 25 | 4.7 | 534 |
|  | 1 | 70 | 22.8 | 39 | 12.5 | 65 | 21.1 | 67 | 21.8 | 46 | 15.0 | 21 | 6.8 | 309 |
|  | 2 | 94 | 27.7 | 45 | 13.1 | 65 | 19.0 | 74 | 21.8 | 40 | 11.9 | 22 | 6.5 | 340 |
|  | 3 | 130 | 31.8 | 76 | 19.3 | 66 | 16.9 | 55 | 15.9 | 41 | 10.5 | 22 | 5.6 | 390 |
|  | **4** | **126** | **22.7** | **86** | **15.7** | **105** | **19.0** | **119** | **21.7** | **82** | **14.8** | **33** | **6.1** | **551** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Aflac U.S. Sales Force Data** | **Aflac U.S. Sales Force Data** | **Aflac U.S. Sales Force Data** | **Aflac U.S. Sales Force Data** | **Aflac U.S. Sales Force Data** | **Aflac U.S. Sales Force Data** |
| | **Recruited Agents** | **Recruited Agents** | **Recruited Agents** | **Average Weekly Producer Equivalents** | **Productivity (Production/ Avg. Weekly Producers)** |
| **Period** | **Career** | **Broker** | **Total** | **Average Weekly Producer Equivalents** | **Productivity (Production/ Avg. Weekly Producers)** |
| 2020 | 11826 | 1861 | 13687 | 5918 | 184706 |
| 2021 | 10641 | 5445 | 16086 | 5993 | 213235 |
| 2022 | 9550 | 1500 | 11050 | 6186 | 239786 |
| 2023 | 10103 | 1463 | 11566 | 6239 | 249663 |
| 2024 | 9994 | 1366 | 11360 | 6271 | 256210 |
| **2025** | **10048** | **1248** | **11296** | **5341** | **297543** |
| 1 | 2676 | 348 | 3024 | 6108 | 51525 |
| 2 | 2801 | 399 | 3200 | 6196 | 52361 |
| 3 | 2407 | 431 | 2838 | 6044 | 59425 |
| 4 | 2219 | 285 | 2504 | 6608 | 84645 |
| 1 | 2330 | 346 | 2676 | 5800 | 51432 |
| 2 | 3113 | 422 | 3535 | 6098 | 54262 |
| 3 | 2553 | 335 | 2888 | 5890 | 64336 |
| 4 | 1998 | 263 | 2261 | 6271 | 85225 |
| 1 | 2405 | 340 | 2745 | 5146 | 59985 |
| 2 | 3069 | 352 | 3421 | 5354 | 63505 |
| 3 | 2549 | 302 | 2851 | 5233 | 74459 |
| **4** | **2025** | **254** | **2279** | **5632** | **97806** |

---

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

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** |
| | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** |
|  | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
|  |  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **3 Months Ended 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,** |
|  |  | **2020** | **2021** | **2022** | **2023** | **2024** | **2024** | **2025** | **% Change** | **2024** | **2025** | **% Change** |
|  | **Revenues:** |  |  |  |  |  |  |  |  |  |  |  |
|  | Net earned premiums: |  |  |  |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;Gross premiums | ¥1409134 | ¥1290527 | ¥1246657 | ¥1212654 | ¥1159719 | ¥289757 | ¥**283232** |  | ¥1159719 | ¥**1133651** |  |
|  | &nbsp;&nbsp;Assumed (ceded) | (55926) | (50864) | (48578) | (84838) | (109719) | (32332) | **(30601)** |  | (109719) | **(124776)** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total net earned premiums | 1353208 | 1239663 | 1198079 | 1127816 | 1050000 | 257425 | **252631** | (1.9)% | 1050000 | **1008875** | (3.9)% |
| <sup>1</sup> | Net investment income: <sup>(1)</sup> |  |  |  |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;Yen denominated | 138397 | 138513 | 149449 | 138073 | 133059 | 31270 | **31982** | 2.3 | 133059 | **133651** | 0.4 |
|  | &nbsp;&nbsp;US$ denominated | 167541 | 202905 | 215171 | 247277 | 280628 | 71159 | **67588** | (5.0) | 280628 | **258933** | (7.7) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 305938 | 341419 | 364621 | 385352 | 413687 | 102429 | **99569** | (2.8) | 413687 | **392584** | (5.1) |
| <sup>2</sup> | &nbsp;&nbsp;Amortized hedge costs on foreign investments <sup>(2)</sup> | (22816) | (8391) | (13155) | (19773) | (3755) | (1004) | **(2138)** | 112.9 | (3755) | **(6754)** | 79.9 |
|  | &nbsp;&nbsp;Adjusted net investment income | 283122 | 333028 | 351466 | 365579 | 409932 | 101425 | **97431** | (3.9) | 409932 | **385830** | (5.9) |
|  | Other income excl. realized foreign currency gains (losses) | 4497 | 4512 | 4442 | 4720 | 4109 | 1085 | **1170** |  | 4109 | **4739** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjusted revenues | 1640827 | 1577203 | 1553988 | 1498115 | 1464041 | 359935 | **351231** | (2.4) | 1464041 | **1399444** | (4.4) |
|  | **Benefits and claims:** |  |  |  |  |  |  |  |  |  |  |  |
|  | Benefits and claims, net: |  |  |  |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;Incurred claims - direct | 734471 | 743247 | 788572 | 781774 | 815894 | 198831 | **208831** |  | 815894 | **854566** |  |
|  | &nbsp;&nbsp;Incurred claims - assumed (ceded) | (37806) | (31798) | (36141) | (70748) | (82320) | (25566) | **(25097)** |  | (82320) | **(102280)** |  |
|  | &nbsp;&nbsp;Increase in FPB - direct | 260200 | 149084 | 73592 | 44121 | (26672) | (4588) | **(23594)** |  | (26672) | **(100493)** |  |
|  | &nbsp;&nbsp;Increase in FPB - assumed (ceded) | (11377) | (11425) | (5618) | 2226 | 13877 | 5304 | **6803** |  | 13877 | **26091** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total benefits and claims, net, excluding reserve remeasurement | N/A | 849108 | 820405 | 757373 | 720780 | 173982 | **166943** |  | 720780 | **677884** |  |
|  | Reserve remeasurement (gain) loss | N/A | (6879) | (13337) | (13072) | (64197) | (2723) | **(2685)** |  | (64197) | **(79134)** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and claims, net | 945487 | 842229 | 807068 | 744301 | 656583 | 171258 | **164258** | (4.1) | 656583 | **598750** | (8.8) |
|  | **Adjusted expenses:** |  |  |  |  |  |  |  |  |  |  |  |
|  | Amortization of deferred policy acquisition costs | 68818 | 43131 | 44123 | 45840 | 48581 | 12040 | **12140** | 0.8 | 48581 | **48397** | (0.4) |
|  | Insurance commissions | 79036 | 77449 | 73482 | 68751 | 65889 | 16105 | **15272** | (5.2) | 65889 | **63897** | (3.0) |
|  | Insurance and other expenses | 199606 | 202586 | 198493 | 182364 | 165314 | 46688 | **49734** | 6.5 | 165314 | **174718** | 5.7 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted expenses | 347460 | 323166 | 316097 | 296955 | 279784 | 74834 | **77146** |  | 279784 | **287012** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and adjusted expenses | 1292947 | 1165395 | 1123165 | 1041256 | 936367 | 246093 | **241404** | (1.9) | 936367 | **885762** | (5.4) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pretax adjusted earnings | ¥347881 | ¥411808 | ¥430823 | ¥456859 | ¥527675 | ¥113843 | ¥**109829** | (3.5)% | ¥527675 | ¥**513683** | (2.7)% |

---

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

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

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** |
| | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** |
|  | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
|  |  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **3 Months Ended 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,** |
|  |  | **2020** | **2021** | **2022** | **2023** | **2024** | **2024** | **2025** | **% Change** | **2024** | **2025** | **% Change** |
|  | **Revenues:** |  |  |  |  |  |  |  |  |  |  |  |
|  | Net earned premiums |  |  |  |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;Gross premiums | $13193 | $11765 | $9558 | $8649 | $7654 | $1901 | $**1837** |  | $7654 | $**7578** |  |
|  | &nbsp;&nbsp;Assumed (ceded) | (524) | (463) | (372) | (602) | (724) | (212) | **(198)** |  | (724) | **(834)** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total net earned premiums | 12670 | 11301 | 9186 | 8047 | 6930 | 1689 | **1639** | (3.0)% | 6930 | **6744** | (2.7)% |
| <sup>1</sup> | Net investment income <sup>(1)</sup> |  |  |  |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;Yen denominated | 1296 | 1262 | 1140 | 985 | 879 | 206 | **207** | 0.5 | 879 | **894** | 1.7 |
|  | &nbsp;&nbsp;US$ denominated | 1569 | 1845 | 1641 | 1755 | 1849 | 467 | **438** | (6.2) | 1849 | **1732** | (6.3) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 2865 | 3107 | 2782 | 2739 | 2727 | 672 | **645** | (4.0) | 2727 | **2626** | (3.7) |
| <sup>2</sup> | Amortized hedge costs on foreign investments <sup>(2)</sup> | (206) | (76) | (112) | (157) | (26) | (7) | **(14)** | 100.0 | (26) | **(45)** | 73.1 |
|  | &nbsp;&nbsp;Adjusted net investment income | 2659 | 3031 | 2669 | 2582 | 2701 | 665 | **631** | (5.1) | 2701 | **2581** | (4.4) |
|  | Other income excl. realized foreign currency gains (losses) | 42 | 41 | 35 | 35 | 28 | 8 | **8** |  | 28 | **32** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjusted revenues | 15371 | 14373 | 11890 | 10664 | 9659 | 2362 | **2278** | (3.6) | 9659 | **9357** | (3.1) |
|  | **Benefits and claims:** |  |  |  |  |  |  |  |  |  |  |  |
|  | Benefits and claims, net |  |  |  |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;Incurred claims - direct | 6875 | 6776 | 6038 | 5582 | 5390 | 1305 | **1355** |  | 5390 | **5707** |  |
|  | &nbsp;&nbsp;Incurred claims - assumed (ceded) | (354) | (290) | (275) | (502) | (543) | (167) | **(163)** |  | (543) | **(684)** |  |
|  | &nbsp;&nbsp;Increase in FPB - direct | 2437 | 1356 | 562 | 314 | (184) | (31) | **(155)** |  | (184) | **(671)** |  |
|  | &nbsp;&nbsp;Increase in FPB - assumed (ceded) | (107) | (104) | (43) | 15 | 99 | 41 | **45** |  | 99 | **175** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total benefits and claims, net, excluding reserve remeasurement | N/A | 7738 | 6282 | 5409 | 4761 | 1147 | **1082** |  | 4761 | **4528** |  |
|  | &nbsp;&nbsp;Reserve remeasurement (gain) loss | N/A | (62) | (91) | (96) | (444) | (23) | **(16)** |  | (444) | **(529)** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and claims, net | 8851 | 7675 | 6191 | 5313 | 4317 | 1124 | **1066** | (5.2) | 4317 | **3999** | (7.4) |
|  | **Adjusted expenses:** |  |  |  |  |  |  |  |  |  |  |  |
|  | Amortization of deferred policy acquisition costs | 644 | 393 | 338 | 326 | 321 | 79 | **78** | (1.3) | 321 | **323** | 0.6 |
|  | Insurance commissions | 740 | 706 | 563 | 491 | 435 | 105 | **99** | (5.7) | 435 | **427** | (1.8) |
|  | Insurance and other expenses | 1873 | 1843 | 1517 | 1300 | 1092 | 307 | **323** | 5.2 | 1092 | **1168** | 7.0 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted expenses | 3257 | 2942 | 2417 | 2117 | 1848 | 491 | **500** |  | 1848 | **1918** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and adjusted expenses | 12108 | 10618 | 8609 | 7430 | 6165 | 1615 | **1566** | (3.0) | 6165 | **5917** | (4.0) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pretax adjusted earnings | $3263 | $3756 | $3281 | $3234 | $3494 | $747 | $**712** | (4.7)% | $3494 | $**3440** | (1.5)% |

---

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

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** |
| **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,** |
|  | **2020** | **2021** | **2022** | **2023** | **2024** | **2025** |
| **Assets:** |  |  |  |  |  |  |
| Investments and cash | ¥13080154 | ¥13645902 | ¥12777746 | ¥12566939 | ¥12216793 | ¥**11941237** |
| Receivables, net of allowance for credit losses | 20782 | 22439 | 23138 | 24848 | 31172 | **26100** |
| Accrued investment income | 62722 | 67493 | 76489 | 74666 | 77899 | **82868** |
| Deferred policy acquisition costs | 723579 | 745510 | 766506 | 788394 | 806920 | **830075** |
| Other assets | 320351 | 386832 | 387065 | 946644 | 1136609 | **981002** |
| &nbsp;&nbsp;Total assets | ¥14207588 | ¥14868176 | ¥14030944 | ¥14401491 | ¥14269393 | ¥**13861283** |
| **Liabilities and Shareholders' Equity:** |  |  |  |  |  |  |
| Future policy benefits | ¥9175501 | ¥11755704 | ¥10315140 | ¥10444044 | ¥9630864 | ¥**8234312** |
| Policy and contract claims | 328778 |  | 28 | 465 | 754 | **1029** |
| Unearned premiums | 361010 | 284045 | 227732 | 192595 | 189583 | **195068** |
| Other policyholders' funds | 808429 | 877690 | 880989 | 874854 | 863699 | **852379** |
| Income taxes (prim. deferred) | 478969 | 36166 | 114688 | 95297 | 136262 | **236939** |
| Other liabilities | 253219 | 502633 | 575554 | 576879 | 526477 | **850287** |
| Shareholders' equity | 2801682 | 1411938 | 1916812 | 2217357 | 2921754 | **3491267** |
| &nbsp;&nbsp;Total liabilities & shareholders' equity | ¥14207588 | ¥14868176 | ¥14030944 | ¥14401491 | ¥14269393 | ¥**13861283** |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** |
| **Balance Sheets** | **Balance Sheets** | **Balance Sheets** | **Balance Sheets** | **Balance Sheets** | **Balance Sheets** | **Balance Sheets** |
| (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,** |
|  | **2020** | **2021** | **2022** | **2023** | **2024** | **2025** |
| **Assets:** |  |  |  |  |  |  |
| Investments and cash | $126378 | $118639 | $96290 | $88606 | $77233 | $**76273** |
| Receivables, net of allowance for credit losses | 201 | 195 | 174 | 175 | 197 | **167** |
| Accrued investment income | 606 | 587 | 576 | 526 | 492 | **529** |
| Deferred policy acquisition costs | 6991 | 6482 | 5776 | 5559 | 5102 | **5302** |
| Other assets | 3095 | 3363 | 2917 | 6675 | 7186 | **6266** |
| &nbsp;&nbsp;Total assets | $137271 | $129266 | $105734 | $101541 | $90210 | $**88537** |
| **Liabilities and Shareholders' Equity:** |  |  |  |  |  |  |
| Future policy benefits | $88652 | $102206 | $77733 | $73638 | $60885 | $**52595** |
| Policy and contract claims | 3177 |  |  | 3 | 5 | **7** |
| Unearned premiums | 3488 | 2470 | 1716 | 1358 | 1199 | **1245** |
| Other policyholders' funds | 7811 | 7631 | 6639 | 6169 | 5460 | **5445** |
| Income taxes (prim. deferred) | 4630 | 314 | 781 | 619 | 884 | **1541** |
| Other liabilities | 2447 | 4369 | 4337 | 4067 | 3328 | **5431** |
| Shareholders' equity | 27068 | 12276 | 14528 | 15687 | 18449 | **22272** |
| &nbsp;&nbsp;Total liabilities & shareholders' equity | $137271 | $129266 | $105734 | $101541 | $90210 | $**88537** |

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** |
| **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** | **Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes** |
| (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| **Period** | **Net Earned Premiums** | **% Change** | **Adjusted NII** | **% Change** | **Total Adjusted Revenues** | **% Change** | **Benefits & Claims, Net** | **% Change** | **Amort.** | **% Change** | **Total Adjusted Expense** | **% Change** | **Pretax Adjusted Earn.** | **% Change** |
| 2020 | ¥1353208 | (2.8)% | ¥283122 | 4.4% | ¥1640827 | (1.7)% | ¥945487 | (2.3)% | ¥68818 | (11.0)% | ¥347459 | 0.4% | ¥347881 | (2.0)% |
| 2021 | 1239663 | (8.4) | 333028 | 17.6 | 1577203 | (3.9) | 842229 | (10.9) | 43131 | (37.3) | 323166 | (7.0) | 411808 | 18.4 |
| 2022 | 1198079 | (3.4) | 351466 | 5.5 | 1553988 | (1.5) | 807068 | (4.2) | 44123 | 2.3 | 316097 | (2.2) | 430823 | 4.6 |
| 2023 | 1127816 | (5.9) | 365579 | 4.0 | 1498115 | (3.6) | 744301 | (7.8) | 45840 | 3.9 | 296955 | (6.1) | 456859 | 6.0 |
| 2024 | 1050000 | (6.9) | 409932 | 12.1 | 1464041 | (2.3) | 656583 | (11.8) | 48581 | 6.0 | 279784 | (5.8) | 527675 | 15.5 |
| **2025** | **1008875** | **(3.9)** | **385830** | **(5.9)** | **1399444** | **(4.4)** | **598750** | **(8.8)** | **48397** | **(0.4)** | **287012** | **2.6** | **513683** | **(2.7)** |
| 1 | 287048 | (5.9) | 80931 | 2.4 | 369145 | (4.1) | 192270 | (7.1) | 11281 | 3.6 | 72625 | (5.8) | 104251 | 3.2 |
| 2 | 283377 | (6.2) | 87963 | (6.4) | 372544 | (6.2) | 186310 | (9.0) | 11359 | 3.6 | 72808 | (7.9) | 113426 | (0.1) |
| 3 | 285305 | (2.8) | 98866 | 7.2 | 385363 | (0.5) | 185855 | (5.2) | 11435 | 3.3 | 73068 | (5.7) | 126440 | 11.4 |
| 4 | 272085 | (8.5) | 97819 | 13.5 | 371063 | (3.5) | 179866 | (9.7) | 11766 | 5.0 | 78454 | (4.9) | 112742 | 9.7 |
| 1 | 269859 | (6.0) | 96551 | 19.3 | 367593 | (0.4) | 180873 | (5.9) | 12289 | 8.9 | 66157 | (8.9) | 120564 | 15.6 |
| 2 | 267319 | (5.7) | 112987 | 28.4 | 381181 | 2.3 | 178904 | (4.0) | 11995 | 5.6 | 67754 | (6.9) | 134523 | 18.6 |
| 3 | 255397 | (10.5) | 98969 | 0.1 | 355332 | (7.8) | 125548 | (32.4) | 12257 | 7.2 | 71039 | (2.8) | 158745 | 25.5 |
| 4 | 257425 | (5.4) | 101425 | 3.7 | 359935 | (3.0) | 171258 | (4.8) | 12040 | 2.3 | 74834 | (4.6) | 113843 | 1.0 |
| 1 | 256464 | (5.0) | 89222 | (7.6) | 346482 | (5.7) | 168645 | (6.8) | 12097 | (1.6) | 67821 | 2.5 | 110017 | (8.7) |
| 2 | 254574 | (4.8) | 101145 | (10.5) | 357488 | (6.2) | 169409 | (5.3) | 12132 | 1.1 | 73768 | 8.9 | 114310 | (15.0) |
| 3 | 245206 | (4.0) | 98032 | (0.9) | 344243 | (3.1) | 96438 | (23.2) | 12028 | (1.9) | 68277 | (3.9) | 179527 | 13.1 |
| **4** | **252631** | **(1.9)** | **97431** | **(3.9)** | **351231** | **(2.4)** | **164258** | **(4.1)** | **12140** | **0.8** | **77146** | **3.1** | **109829** | **(3.5)** |

---

------

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** |
| | **Operating Ratios** | **Operating Ratios** | **Operating Ratios** | **Operating Ratios** | **Operating Ratios** | **Operating Ratios** | **Operating Ratios** | **Operating Ratios** |
|  | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) |
| <sup>1</sup> | **Period** | **12-Month Rolling Premium Persistency** <sup>(1)</sup> | **Total Benefit/ Premium** | **Total Benefit/ Premiums<br>(3rd sector)** | **Amortization/<br>Premium** | **Total Adjusted Expenses/<br>Total Adjusted Revenue** | **Combined Ratio/ Total Adjusted Revenue** | **Pretax Profit Margin** |
|  | 2020 | 95.1% | 69.9% | 59.7% | 5.1% | 21.2% | 78.8% | 21.2% |
|  | 2021 | 94.3 | 67.9 | 58.7 | 3.5 | 20.5 | 73.9 | 26.1 |
|  | 2022 | 94.1 | 67.4 | 58.5 | 3.7 | 20.3 | 72.3 | 27.7 |
|  | 2023 | 93.4 | 66.0 | 56.2 | 4.1 | 19.8 | 69.5 | 30.5 |
|  | 2024 | 93.4 | 62.5 | 53.5 | 4.6 | 19.1 | 64.0 | 36.0 |
|  | **2025** | **93.1** | **59.3** | **49.3** | **4.8** | **20.5** | **63.3** | **36.7** |
|  | 1 | 93.9 | 67.0 | 57.7 | 3.9 | 19.7 | 71.8 | 28.2 |
|  | 2 | 93.8 | 65.7 | 56.2 | 4.0 | 19.5 | 69.6 | 30.4 |
|  | 3 | 93.5 | 65.1 | 54.8 | 4.0 | 19.0 | 67.2 | 32.8 |
|  | 4 | 93.4 | 66.1 | 56.2 | 4.3 | 21.1 | 69.6 | 30.4 |
|  | 1 | 93.4 | 67.0 | 57.5 | 4.6 | 18.0 | 67.2 | 32.8 |
|  | 2 | 93.3 | 66.9 | 57.8 | 4.5 | 17.8 | 64.7 | 35.3 |
|  | 3 | 93.3 | 49.2 | 41.8 | 4.8 | 20.0 | 55.3 | 44.7 |
|  | 4 | 93.4 | 66.5 | 56.9 | 4.7 | 20.8 | 68.4 | 31.6 |
|  | 1 | 93.8 | 65.8 | 56.3 | 4.7 | 19.6 | 68.2 | 31.8 |
|  | 2 | 93.7 | 66.5 | 57.4 | 4.8 | 20.6 | 68.0 | 32.0 |
|  | 3 | 93.3 | 39.3 | 27.8 | 4.9 | 19.8 | 47.8 | 52.2 |
|  | **4** | **93.1** | **65.0** | **55.6** | **4.8** | **22.0** | **68.7** | **31.3** |

---

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** |
| **Aflac Japan Sales Results** | **Aflac Japan Sales Results** | **Aflac Japan Sales Results** | **Aflac Japan Sales Results** | **Aflac Japan Sales Results** | **Aflac Japan Sales Results** | **Aflac Japan Sales Results** |
| (In Millions, unless otherwise noted) | (In Millions, unless otherwise noted) | (In Millions, unless otherwise noted) | (In Millions, unless otherwise noted) | (In Millions, unless otherwise noted) | (In Millions, unless otherwise noted) | (In Millions, unless otherwise noted) |
| **Period** | **Annualized Premium In Force<br>(Billions)** | **% Change** | **Third Sector New Annualized Premium Sales** | **% Change** | **Total New Annualized Premium Sales** | **% Change** |
| 2020 | ¥1426.5 | (4.2)% | ¥45110 | (38.1)% | ¥50852 | (36.2)% |
| 2021 | 1360.6 | (4.7) | 48977 | 8.6 | 54764 | 7.7 |
| 2022 | 1301.0 | (4.4) | 47998 | (2.0) | 54765 |  |
| 2023 | 1246.4 | (4.2) | 52234 | 8.8 | 60730 | 10.9 |
| 2024 | 1209.0 | (3.0) | 47651 | (8.8) | 64111 | 5.6 |
| **2025** | **1179.1** | **(2.5)** | **59121** | **24.1** | **74351** | **16.0** |
| 1 | 1281.4 | (4.8) | 10952 | 2.6 | 13213 | 10.8 |
| 2 | 1268.4 | (4.8) | 13964 | 22.8 | 16112 | 26.6 |
| 3 | 1257.4 | (4.4) | 13606 | 7.7 | 15600 | 12.4 |
| 4 | 1246.4 | (4.2) | 13711 | 3.0 | 15805 | (2.6) |
| 1 | 1232.6 | (3.8) | 10767 | (1.7) | 12534 | (5.1) |
| 2 | 1222.5 | (3.6) | 12712 | (9.0) | 16833 | 4.5 |
| 3 | 1216.7 | (3.2) | 11925 | (12.4) | 17522 | 12.3 |
| 4 | 1209.0 | (3.0) | 12246 | (10.7) | 17222 | 9.0 |
| 1 | 1199.1 | (2.7) | 10655 | (1.0) | 14112 | 12.6 |
| 2 | 1194.1 | (2.3) | 17463 | 37.4 | 20736 | 23.2 |
| 3 | 1185.7 | (2.5) | 15871 | 33.1 | 19586 | 11.8 |
| **4** | **1179.1** | **(2.5)** | **15132** | **23.6** | **19918** | **15.7** |

---

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** |
| **Aflac Japan Product Mix** | **Aflac Japan Product Mix** | **Aflac Japan Product Mix** | **Aflac Japan Product Mix** | **Aflac Japan Product Mix** | **Aflac Japan Product Mix** | **Aflac Japan Product Mix** | **Aflac Japan Product Mix** | **Aflac Japan Product Mix** | **Aflac Japan Product Mix** | **Aflac Japan Product Mix** | **Aflac Japan Product Mix** | **Aflac Japan Product Mix** | **Aflac Japan Product Mix** |
| (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) | (New Annualized Premium Sales) |
| (In Billions) | (In Billions) | (In Billions) | (In Billions) | (In Billions) | (In Billions) | (In Billions) | (In Billions) | (In Billions) | (In Billions) | (In Billions) | (In Billions) | (In Billions) | (In Billions) |
| **Period** | **Cancer** | **% of Total** | **Medical and Other Health** | **% of Total** | **Child Endowment** | **% of Total** | **WAYS** | **% of Total** | **Ordinary Life Other** | **% of Total** | **Other** | **% of Total** | **Total** |
| 2020 | ¥28.8 | 56.6% | ¥16.4 | 32.2% | ¥0.2 | 0.4% | ¥0.4 | 0.7% | ¥4.8 | 9.5% | ¥0.3 | 0.6% | ¥50.9 |
| 2021 | 27.0 | 49.2 | 20.7 | 37.7 | 0.2 | 0.3 | 0.4 | 0.8 | 4.9 | 9.0 | 1.6 | 3.0 | 54.8 |
| 2022 | 30.9 | 56.5 | 15.3 | 27.9 | 0.2 | 0.3 | 1.9 | 3.5 | 4.5 | 8.1 | 2.0 | 3.7 | 54.8 |
| 2023 | 38.9 | 64.1 | 12.6 | 20.6 | 0.2 | 0.4 | 4.1 | 6.8 | 3.9 | 6.5 | 1.0 | 1.6 | 60.7 |
| 2024 | 36.9 | 57.5 | 10.4 | 16.1 | 0.1 | 0.2 | 1.4 | 2.2 | 14.8 | 23.0 | 0.6 | 1.0 | 64.1 |
| **2025** | **50.0** | **67.2** | **8.8** | **11.9** | **0.1** | **0.1** | **0.8** | **1.1** | **14.2** | **19.1** | **0.5** | **0.6** | **74.4** |
| 1 | 7.9 | 59.9 | 2.8 | 21.4 | 0.1 | 0.6 | 1.2 | 8.9 | 1.0 | 7.3 | 0.2 | 1.9 | 13.2 |
| 2 | 10.9 | 67.7 | 2.9 | 17.9 | 0.1 | 0.4 | 1.0 | 6.6 | 1.0 | 6.1 | 0.2 | 1.3 | 16.1 |
| 3 | 10.3 | 65.6 | 3.2 | 20.4 | 0.1 | 0.4 | 0.9 | 6.0 | 0.9 | 6.1 | 0.2 | 1.5 | 15.6 |
| 4 | 9.9 | 62.5 | 3.7 | 23.2 |  | 0.3 | 0.9 | 6.0 | 1.1 | 6.6 | 0.2 | 1.4 | 15.8 |
| 1 | 7.9 | 63.2 | 2.7 | 21.4 |  | 0.3 | 0.7 | 5.3 | 1.0 | 8.1 | 0.2 | 1.7 | 12.5 |
| 2 | 9.9 | 58.8 | 2.7 | 16.0 |  | 0.2 | 0.4 | 2.3 | 3.7 | 21.8 | 0.1 | 0.9 | 16.8 |
| 3 | 9.7 | 55.1 | 2.2 | 12.4 |  | 0.1 | 0.1 | 0.8 | 5.4 | 30.8 | 0.1 | 0.8 | 17.5 |
| 4 | 9.4 | 54.5 | 2.7 | 16.1 |  | 0.1 | 0.2 | 1.3 | 4.7 | 27.1 | 0.1 | 0.9 | 17.2 |
| 1 | 8.4 | 59.7 | 2.1 | 15.3 |  | 0.1 | 0.2 | 1.8 | 3.2 | 22.3 | 0.1 | 0.8 | 14.1 |
| 2 | 15.1 | 73.0 | 2.2 | 10.9 |  | 0.1 | 0.2 | 1.1 | 3.0 | 14.4 | 0.1 | 0.5 | 20.7 |
| 3 | 13.7 | 70.0 | 2.1 | 10.7 |  | 0.1 | 0.2 | 1.0 | 3.5 | 17.7 | 0.1 | 0.5 | 19.6 |
| **4** | **12.7** | **63.9** | **2.3** | **11.5** | **—** | **0.1** | **0.1** | **0.7** | **4.6** | **23.1** | **0.2** | **0.7** | **19.9** |

---

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** |
| | **Aflac Japan Sales Force Data** | **Aflac Japan Sales Force Data** | **Aflac Japan Sales Force Data** | **Aflac Japan Sales Force Data** | **Aflac Japan Sales Force Data** | **Aflac Japan Sales Force Data** | **Aflac Japan Sales Force Data** | **Aflac Japan Sales Force Data** | **Aflac Japan Sales Force Data** | **Aflac Japan Sales Force Data** |
| | | **Number of Agencies by Type** | **Number of Agencies by Type** | **Number of Agencies by Type** | **Number of Agencies by Type** | **Sales Contribution by Agency Type** | **Sales Contribution by Agency Type** | **Sales Contribution by Agency Type** | | |
| <sup>1</sup> | **Period** | **Individual/ Independent Corporate** | **Affiliated<br>Corporate** | **Bank** | **Total** | **Individual/ Independent Corporate** | **Affiliated<br>Corporate** | **Bank** | **Licensed Sales<br>Associates** <sup>(1)</sup> | **Recruited<br>Agencies** |
|  | 2020 | 7231 | 1312 | 361 | 8904 | 52.3% | 42.6% | 5.1% | 111886 | 48 |
|  | 2021 | 6779 | 1283 | 360 | 8422 | 51.1 | 43.7 | 5.2 | 111854 | 62 |
|  | 2022 | 6159 | 1239 | 359 | 7757 | 49.5 | 46.5 | 4.0 | 110259 | 38 |
|  | 2023 | 5751 | 1203 | 360 | 7314 | 46.7 | 50.0 | 3.3 | 113010 | 24 |
|  | 2024 | 5384 | 1166 | 360 | 6910 | 48.2 | 48.6 | 3.2 | 113836 | 50 |
|  | **2025** | **5155** | **1125** | **358** | **6638** | **47.5** | **49.2** | **3.3** | **111915** | **236** |
|  | 1 | 6056 | 1232 | 359 | 7647 | 50.9 | 45.4 | 3.7 | 109769 | 4 |
|  | 2 | 5947 | 1219 | 360 | 7526 | 44.8 | 52.5 | 2.7 | 112593 | 5 |
|  | 3 | 5843 | 1211 | 360 | 7414 | 44.4 | 51.9 | 3.7 | 112795 | 6 |
|  | 4 | 5751 | 1203 | 360 | 7314 | 47.7 | 49.2 | 3.1 | 113010 | 9 |
|  | 1 | 5659 | 1191 | 360 | 7210 | 48.9 | 48.0 | 3.1 | 112645 | 12 |
|  | 2 | 5542 | 1180 | 360 | 7082 | 49.5 | 48.4 | 2.1 | 114424 | 12 |
|  | 3 | 5464 | 1176 | 360 | 7000 | 46.2 | 50.2 | 3.6 | 114473 | 19 |
|  | 4 | 5384 | 1166 | 360 | 6910 | 48.5 | 47.7 | 3.8 | 113836 | 7 |
|  | 1 | 5300 | 1155 | 358 | 6813 | 52.8 | 43.8 | 3.4 | 112996 | 18 |
|  | 2 | 5225 | 1141 | 358 | 6724 | 46.8 | 50.4 | 2.8 | 111387 | 76 |
|  | 3 | 5213 | 1136 | 358 | 6707 | 45.1 | 51.4 | 3.5 | 111736 | 73 |
|  | **4** | **5155** | **1125** | **358** | **6638** | **47.0** | **49.5** | **3.5** | **111915** | **69** |

---

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** | ***Aflac Japan*** |
| | **Yen/Dollar Exchange Rates** | **Yen/Dollar Exchange Rates** | **Yen/Dollar Exchange Rates** | **Yen/Dollar Exchange Rates** | **Yen/Dollar Exchange Rates** |
| <sup>1</sup> | **Period** | **Closing Rate**<sup>(1)</sup> | **Quarterly Average** | **Yearly Cumulative Average** | **% Change** |
|  | 2020 | 103.50 | N/A | 106.86 | 2.1% |
|  | 2021 | 115.02 | N/A | 109.79 | (2.7) |
|  | 2022 | 132.70 | N/A | 130.17 | (15.7) |
|  | 2023 | 141.83 | N/A | 140.57 | (7.4) |
|  | 2024 | 158.18 | N/A | 150.97 | (6.9) |
|  | **2025** | **156.56** | **N/A** | **149.32** | **1.1** |
|  | 1 | 133.53 | 132.30 | 132.30 | (12.2) |
|  | 2 | 144.99 | 137.53 | 134.97 | (9.0) |
|  | 3 | 149.58 | 144.97 | 138.38 | (8.5) |
|  | 4 | 141.83 | 148.11 | 140.57 | (7.4) |
|  | 1 | 151.41 | 148.67 | 148.67 | (11.0) |
|  | 2 | 161.07 | 155.70 | 152.30 | (11.4) |
|  | 3 | 142.73 | 147.95 | 150.60 | (8.1) |
|  | 4 | 158.18 | 152.35 | 150.97 | (6.9) |
|  | 1 | 149.52 | 152.40 | 152.40 | (2.4) |
|  | 2 | 144.81 | 144.60 | 148.32 | 2.7 |
|  | 3 | 148.88 | 147.68 | 148.03 | 1.7 |
|  | **4** | **156.56** | **154.20** | **149.32** | **1.1** |

---

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

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Corporate and Other*** | ***Corporate and Other*** | ***Corporate and Other*** | ***Corporate and Other*** | ***Corporate and Other*** | ***Corporate and Other*** | ***Corporate and Other*** | ***Corporate and Other*** | ***Corporate and Other*** | ***Corporate and Other*** | ***Corporate and Other*** | ***Corporate and Other*** | ***Corporate and Other*** |
| | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** | **Statements of Pretax Adjusted Earnings** |
|  | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) | (Before Management Fee) |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
|  |  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **3 Months Ended 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,** |
|  |  | **2020** | **2021** | **2022** | **2023** | **2024** | **2024** | **2025** | **% Change** | **2024** | **2025** | **% Change** |
|  | **Revenues:** |  |  |  |  |  |  |  |  |  |  |  |
|  | Total net earned premiums | $194 | $180 | $145 | $400 | $680 | $201 | $**188** | (6.5)% | $680 | $**806** | 18.5% |
| <sup>1</sup> | Net investment income <sup>(1)</sup> | 80 | (73) | 30 | (77) | 201 | 55 | **64** | 16.4 | 201 | **368** | 83.1 |
| <sup>2</sup> | &nbsp;&nbsp;Amortized hedge income <sup>(2)</sup> | 97 | 57 | 68 | 121 | 113 | 26 | **18** | (30.8) | 113 | **98** | (13.3) |
|  | Adjusted net investment income | 177 | (16) | 98 | 44 | 314 | 81 | **82** | 1.2 | 314 | **466** | 48.4 |
|  | Other income | 13 | 11 | 24 | 15 | 13 | 2 | **2** |  | 13 | **5** | (61.5) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted revenues | 384 | 175 | 267 | 460 | 1007 | 284 | **272** | (4.2) | 1007 | **1277** | 26.8 |
|  | Benefits and expenses: |  |  |  |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;Total benefits and claims, net, excluding reserve remeasurement | 180 | 161 | 141 | 470 | 426 | 128 | **107** | (16.4) | 426 | **491** | 15.3 |
|  | &nbsp;&nbsp;Reserve remeasurement (gain) loss |  |  |  | (3) | (19) | 4 | **2** | (50.0) | (19) | **(33)** | (73.7) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total benefits and claims, net | 180 | 161 | 141 | 467 | 407 | 132 | **109** | (17.4) | 407 | **458** | 12.5 |
|  | &nbsp;&nbsp;Interest expense | 164 | 165 | 162 | 144 | 156 | 43 | **59** | 37.2 | 156 | **210** | 34.6 |
|  | &nbsp;&nbsp;Other adjusted expenses | 155 | 142 | 181 | 273 | 412 | 113 | **135** | 19.5 | 412 | **508** | 23.3 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total benefits and adjusted expenses | 499 | 469 | 485 | 885 | 975 | 288 | **303** | 5.2 | 975 | **1176** | 20.6 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pretax adjusted earnings | $(115) | $(293) | $(218) | $(425) | $32 | $(4) | $**(31)** | (675.0)% | $32 | $**101** | 215.6% |

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 <sup>(1)</sup> *The change in value of federal historic rehabilitation and solar investments in partnerships of $43 and $46 for the three-month periods and $65 and $165 for the twelve-month periods ended December 31, 2025, and 2024, respectively, is included as a reduction to net investment income. Tax credits on these investments of $45 and $22 for the three-month periods and $69 and $164 for the twelve-month periods ended December 31, 2025, and 2024, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.*

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

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

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

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

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

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

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

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

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

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

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

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

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

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***Operational Measures***

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

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

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

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

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

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

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

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

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

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

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

## Exhibit 99.3

![aflac-incorporatedx4xproa.jpg](aflac-incorporatedx4xproa.jpg)

 **Fourth Quarter 2025**

**Earnings Call**

**Video Update**

**Max K. Brodén**

**February 4, 2026**

**For more information contact:**

**Investor and Rating Agency Relations**

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

**Aflac Worldwide Headquarters**

**1932 Wynnton Road**

**Columbus, GA 31999**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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**Max K. Brodén**

**Q4 2025 CFO Video Update**

**February 4, 2026**

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

For the fourth quarter of 2025, adjusted earnings per diluted share increased 0.6% year over year to $1.57, excluding effect of foreign currency in the quarter. In this quarter, remeasurement gains on reserves totaled $36 million, reducing benefits. Variable investment income ran $12 million below our long-term return expectations.

Adjusted book value per share excluding foreign currency remeasurement increased 0.5%. The adjusted ROE was 11.7%, and 14.5% excluding foreign currency remeasurement, a solid spread to our cost of capital. Overall, we view these results in the quarter as solid.

Starting with our Japan segment, net earned premiums in yen terms for the quarter declined 1.9%. Aflac Japan's underlying earned premiums<sup>1</sup> – which excludes the impact of deferred profit liability, paid-up policies and reinsurance – declined 1.2%. We believe this metric provides clearer insight into long-term premium trends.

Japan's total benefit ratio came in at 65.0% for the quarter, down 150 basis points year over year. We estimate the impact from reserve remeasurement gains to be approximately 110 basis points favorable to the benefit ratio in Q4 2025. Long-term experience trends, as they relate to treatments of cancer and hospitalization, continue to be in place, leading to continued favorable underwriting experience.

Persistency remained solid year over year and in line with our expectations at 93.1%. With refreshed product introductions, we generally see an uptick in lapse and reissue activity, causing reported lapsation to increase. We did experience this uptick with our recently launched cancer insurance product, but overall lapses remain within our expectations. Lapses on our first sector savings block remain low and in line with previous periods, despite the increase in yen interest rates.

Our expense ratio in Japan was 22.0% for the quarter, up 120 basis points year over year, driven primarily by sales promotion expenses associated with higher sales.

For the quarter, adjusted net investment income in yen terms was down 3.9%, primarily driven by lower floating rate income on our USD book and lower variable net investment income partially offset by higher USD fixed income due to higher volume.

The pretax margin for Japan in the quarter was 31.3%, down 30 basis points year over year, a very good result.

Turning to U.S. results, net earned premiums were up 4.0%. While premium persistency declined slightly by 10 basis points year over year, it remains strong at 79.2%.

Our total benefit ratio came in at 48.6%, 230 basis points higher than Q4 2024, driven by prior year endorsements and higher claims activity on our individual voluntary block as well has a higher benefit ratio on group life and disability. We estimate that reserve remeasurement gains impacted the benefit ratio by approximately 140 basis points in the quarter.

Our expense ratio in the U.S. was 40.4%, up 10 basis points year over year, primarily driven by timing of spend from previous quarters.

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

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Our growth initiatives – group life & disability, network dental and vision and direct to consumer – increased the expense ratio by 60 basis points in the quarter. This is in line with our expectations, as these businesses continue to scale.

Adjusted net investment income in the U.S. was down 2.8% for the quarter, primarily driven by a reduction in floating rate assets and corresponding rates.

Profitability in the U.S. segment was solid, with a pretax margin of 17.4%, a 230 basis points decrease compared with a strong quarter a year ago.

In Corporate and other, we recorded pretax adjusted loss of $31 million in the quarter. Total premiums decreased on closed blocks of business. Adjusted net investment income was $1 million higher than last year due to a combination of lower volume of tax credit investments and higher asset balances. Our tax credit investments impacted the net investment income line for U.S. GAAP purposes negatively by $43 million in the quarter with an associated credit to the tax line. The total fourth quarter earnings benefit from tax credit investments was $13 million. Adjusted earnings declined due to lower revenues and higher adjusted expenses driven primarily by higher costs pertaining to business operations and higher interest expense partially offset by lower net benefits and claims.

We continue to be pleased with the performance of our investment portfolio. During the quarter, we did not record any charge-offs for the commercial real estate portfolio. Additionally, we did not foreclose on any properties in the period.

On our portfolio of first lien senior secured middle market loans, we recorded charge-offs of $22 million in the quarter.

For U.S. statutory, we recorded a $3 million valuation allowance on mortgage loans as an unrealized loss during the quarter. On a Japan FSA basis, there were net realized gains of ¥380 million for securities impairment in Q4, and we booked a valuation allowance of ¥87 million related to transitional real estate loans. This is well within our expectations and has a limited impact on regulatory earnings and capital.

In the third quarter of 2025, we enhanced our liquidity and capital flexibility by $2 billion with the creation of two off-balance sheet, pre-capitalized trusts that issued securities commonly referred to as P-Caps. With increased off-balance sheet capital resources and improved liquidity flexibility – we have lowered our minimum liquidity balance at the holding company by $750 million to $1 billion. This means that Aflac Inc. unencumbered liquidity stood at $4.1 billion, which was $3.1 billion above our minimum balance at the end of the quarter. The full P-Cap facility remains undrawn.

Our adjusted leverage was 21.4% for the quarter, which is within our target range of 20% to 25%. As we hold approximately 63% of our debt in yen, this leverage ratio is impacted by moves in the yen/dollar exchange rate. This is intentional and part of our enterprise hedging program – protecting the economic value of Aflac Japan in U.S. dollar terms.

Our capital position remains strong. We ended the quarter with an SMR above 970% and estimated regulatory ESR with the undertaking-specific parameter, or USP, of 253%. We estimate that the USP benefits the regulatory ESR by 18 points. We estimate our combined RBC to be 575%. These are strong capital ratios, which we actively monitor, stress and manage to withstand market volatility and credit cycles as well as external shocks.

We last updated our ESR sensitivities at our Financial Analysts Briefing in December 2024. Since then, we have seen significant movements in both the dollar/yen and yen interest rates, so we wanted to provide updated estimates before the ESR comes into effect on March 31. We have deliberately improved our ALM during this time, which has led to reduced exposure to interest rate risk. We generally have lowered our sensitivities to market risk factors.

We have also refreshed the sensitivity analysis related to our Combined RBC ratio in the U.S. I would characterize these refreshed estimates also as being in line with what we shared at our FAB in December 2024.

Given the strength of our capital and liquidity, we repurchased $800 million of our own stock and paid dividends of $303 million in Q4, offering good relative IRR on these capital deployments. We will continue to be flexible and tactical in

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the way we manage the balance sheet and deploy capital in order to drive strong risk-adjusted ROE with a meaningful spread to our cost of capital.

Before concluding, I would like to address our 2026 outlook. At our 2024 Financial Analysts Briefing, I provided ranges for net earned premiums, benefit and expense ratios and pretax profit margin for each segment for 2025 through 2027. These ranges remain substantially intact for 2026, but with a couple of exceptions.

For Aflac Japan, we expect underlying earned premiums to decline 1% to 2% in 2026, and we also expect the expense ratio to be in the 20% to 23% range. However, we expect the benefit ratio in Japan will be in the 60% to 63% range and the pretax profit margin to be in the 33% to 36% range.

In the U.S., we continue to expect net earned premium growth to be at the lower end of the 3% to 6% range. We also expect the benefit ratio for 2026 to be in the 48% to 52% range and the expense ratio to be in the 36% to 39% range as we continue to scale new business lines. At the same time, we expect pretax profit margin for 2026 to be in the range of 17% to 20%.

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

## Exhibit 99.4

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Fourth Quarter 2025 Update Max K. Brodén Senior Executive Vice President CFO, Aflac Incorporated

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

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$1.56 $1.57 4Q24 4Q25 Earnings Per Share $3.42 $2.64 4Q24 4Q25 Net EPS (diluted) (22.8)% $1.56 $1.57 4Q24 4Q25 Adjusted EPS (diluted)1 0.6% Adjusted EPS ex-FX1 0.6% 1Non-U.S. GAAP Financial Measure; see "Glossary of Non-U.S. GAAP Financial Measures" in Appendix for information about this measure. 3

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Return on Equity 29.9% 19.0% 12.0% 11.7% 14.5% 14.5% ROE (%) Adjusted ROE (%) Adjusted ROE ex Foreign Currency Remeasurement (%) 4Q24 4Q25 1Non-U.S. GAAP Financial Measure; see "Glossary of Non-U.S. GAAP Financial Measures" in Appendix for information about this measure. 4 11

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1 Premium persistency presented on a 12-month rolling basis for all periods. Beginning January 2025, the Company implemented a new methodology of calculating persistency rate which excludes annuitizations, premium halving and waiver premium from the terminations; prior periods have not been retroactively adjusted. Aflac Japan Premium Persistency Remains Solid1 93.4% 93.8% 93.7% 93.3% 93.1% 4Q24 1Q25 2Q25 3Q25 4Q25 5

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Aflac U.S. Premium Persistency Remains Solid 79.3% 79.3% 79.2% 79.0% 79.2% 4Q24 1Q25 2Q25 3Q25 4Q25 6

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Adjusted Leverage Ratio1 Target range of 20-25% 22.3% 22.7% 24.7% 23.2% 22.2% 19.7% 20.7% 22.5% 22.0% 21.4% GAAP Leverage Ratio Adjusted Leverage Ratio 4Q24 1Q25 2Q25 3Q25 4Q25 1Adjusted Leverage ratio is computed as: Adjusted debt to Adjusted capitalization ex-AOCI. See "Adjusted Leverage Ratios" in Appendix for more information about this measure and its calculation. 7

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Regulatory ESR with USP (Japan) Combined RBC Ratio (U.S.) Strong Capital Ratios1 Estimates as of December 31, 2025 230% 253% 170% 1The target minimum and maximum are based on our internal operating ranges. 2Estimated regulatory ESR with undertaking-specific parameter (USP); USP accounts for an estimated 18 points of regulatory ESR. 3Estimated Combined RBC ratio is the aggregated ratio of four subsidiaries: American Family Life Assurance Company of Columbus, Continental American Insurance Company, American Family Life Assurance Company of New York and Tier One Insurance Company. 575% 8 Target maximum Target minimum 450% 350% 2 3 USP

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Aflac ESR and Combined RBC Ratio Sensitivities Estimates as of December 31, 2025 1 Represents stress of migrating 20% of the investment portfolio downward approximately 2 notches on average. 2 Represents credit default equivalent to 0.5% of the bond portfolio with recovery adjustment. 3 Represents a 10% decline in the market value of equity investments – unaffiliated common stocks and private equity – in the portfolio, which reduces both equity risk (denominator) and surplus (numerator) of the ratio. 9

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Capital Deployment Dividends and Share Repurchase (In Millions) $1,027 $1,217 $1,141 $1,309 $1,103 277 317 312 309 303 750 900 829 1,000 800 Dividends Share Repurchase 4Q24 1Q25 2Q25 3Q25 4Q25 10

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11 2026 Estimated Ranges Underlying earned premiums1 • -1% to -2% Benefit ratio reflects: • Lower benefit ratio of new business compared to inforce block Benefit Ratio 60% - 63% Expense Ratio 20% - 23% Pretax Profit Margin 33% - 36% 1Aflac Japan's underlying earned premiums is a measure that is calculated in Japanese yen and adjusts Aflac Japan's net earned premiums for significant variables including the increase in paid-up policies between beginning of the comparable period and the end of the period presented, the change in deferred profit liability on limited payment contracts, and all Aflac Japan ceded premiums through both internal and external reinsurance. The change in Aflac Japan's underlying earned premiums is reflected as a percentage change. The Company believes this measure is useful for investors to understand the impacts these items have on Aflac Japan's net earned premiums. Aflac Japan Stronger than expected pretax profit margin for 2026

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12 2026 Estimated Ranges Net earned premiums: • lower end of 3% to 6% Expense ratio • scaling new business lines Benefit Ratio 48% - 52% Expense Ratio 36% - 39% Pretax Profit Margin 17% - 20% Aflac U.S. 2026 Ranges intact as new businesses continue to scale

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Thank You Investors.Aflac.com

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Appendix

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Glossary of Non-U.S. GAAP Financial Measures The Company defines these non-U.S. GAAP financial measures as follows: • Adjusted earnings are adjusted revenues less benefits and adjusted expenses. Adjusted earnings per share (basic or diluted) are the adjusted earnings for the period divided by the weighted average outstanding shares (basic or diluted) for the period presented. The adjustments to both revenues and expenses account for certain items that are outside of management's control because they tend to be driven by general economic conditions and events or are related to infrequent activities not directly associated with insurance operations. Adjusted revenues are U.S. GAAP total revenues excluding adjusted net investment gains and losses. Adjusted expenses are U.S. GAAP total acquisition and operating expenses including the impact of interest from derivatives associated with notes payable but excluding any non-recurring or other items not associated with the normal course of the Company's insurance operations and that do not reflect the Company's underlying business performance. Management uses adjusted earnings and adjusted earnings per diluted share to evaluate the financial performance of the Company's insurance operations on a consolidated basis and believes that a presentation of these financial measures is vitally important to an understanding of the underlying profitability drivers and trends of the Company's insurance business. The most comparable U.S. GAAP financial measures for adjusted earnings and adjusted earnings per share (basic or diluted) are net earnings and net earnings per share, respectively. • Adjusted net investment gains and losses are net investment gains and losses adjusted for i) amortized hedge cost/income related to foreign currency exposure management strategies and certain derivative activity, ii) net interest income/expense from foreign currency and interest rate derivatives associated with certain investment strategies, which are both reclassified to net investment income, and iii) the impact of interest from derivatives associated with notes payable, which is reclassified to interest expense as a component of total adjusted expenses. The Company considers adjusted net investment gains and losses important as it represents the remainder amount that is considered outside management's control, while excluding the components that are within management's control and are accordingly reclassified to net investment income and interest expense. The most comparable U.S. GAAP financial measure for adjusted net investment gains and losses is net investment gains and losses. • Adjusted earnings excluding current period foreign currency impact are computed using the average foreign exchange rate for the comparable prior-year period, which eliminates fluctuations driven solely by foreign exchange rate changes. Adjusted earnings per diluted share excluding current period foreign currency impact is adjusted earnings excluding current period foreign currency impact divided by the weighted average outstanding diluted shares for the period presented. The Company considers adjusted earnings excluding current period foreign currency impact and adjusted earnings per diluted share excluding current period foreign currency impact important because a significant portion of the Company's business is conducted in Japan and foreign exchange rates are outside management's control; therefore, the Company believes it is important to understand the impact of translating foreign currency (primarily Japanese yen) into U.S. dollars. The most comparable U.S. GAAP financial measures for adjusted earnings excluding current period foreign currency impact and adjusted earnings per diluted share excluding current period foreign currency impact are net earnings and net earnings per share, respectively. • Adjusted return on equity is annualized adjusted earnings divided by average shareholders' equity, excluding accumulated other comprehensive income. Management uses adjusted return on equity to evaluate the financial performance of the Company's insurance operations on a consolidated basis and believes that a presentation of this financial measure is vitally important to an understanding of the underlying profitability drivers and trends of the Company's insurance business. The Company considers adjusted return on equity important as it excludes components of accumulated other comprehensive income, which fluctuate due to market movements that are outside management's control. The most comparable U.S. GAAP financial measure for adjusted return on equity is return on equity as determined using annualized net earnings and average total shareholders' equity. 15

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Glossary of Non-U.S. GAAP Financial Measures (cont'd) The Company defines these non-U.S. GAAP financial measures as follows: • Adjusted return on equity excluding foreign currency remeasurement is annualized adjusted earnings divided by average shareholders' equity, excluding both accumulated other comprehensive income and the cumulative (beginning January 1, 2021) foreign currency gains/losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. The Company considers adjusted return on equity excluding foreign currency remeasurement important because it excludes both accumulated other comprehensive income and the cumulative foreign currency remeasurement gains/losses, which fluctuate due to market movements that are outside management's control. The most comparable U.S. GAAP financial measure for adjusted return on equity excluding foreign currency remeasurement is return on equity as determined using annualized net earnings and average total shareholders' equity. • Adjusted debt is the sum of notes payable, as recorded on the U.S. GAAP balance sheet, excluding 50% of subordinated debentures and perpetual bonds and all pre-funding of debt maturities. The Company considers adjusted debt important as it measures outstanding debt consistently with expectations of the Company's rating agency stakeholders. The most comparable U.S. GAAP financial measure for adjusted debt is notes payable. • Adjusted debt including 50% of subordinated debentures and perpetual bonds is the sum of notes payable, as recorded on the U.S. GAAP balance sheet, excluding pre-funding of debt maturities. The Company considers adjusted debt including 50% of subordinated debentures and perpetual bonds important as it measures outstanding debt consistently with expectations of the Company's rating agency stakeholders. The most comparable U.S. GAAP financial measure for adjusted debt including 50% of subordinated debentures and perpetual bonds is notes payable. • Adjusted book value is the U.S. GAAP book value (representing total shareholders' equity), less accumulated other comprehensive income as recorded on the U.S. GAAP balance sheet. Adjusted book value per common share is adjusted book value at the period end divided by the ending outstanding common shares for the period presented. The Company considers adjusted book value and adjusted book value per common share important as they exclude accumulated other comprehensive income, which fluctuates due to market movements that are outside management's control. The most comparable U.S. GAAP financial measures for adjusted book value and adjusted book value per common share are total book value and total book value per common share, respectively. • Adjusted book value excluding foreign currency remeasurement is the U.S. GAAP book value (representing total shareholders' equity), less accumulated other comprehensive income as recorded on the U.S. GAAP balance sheet and excluding the cumulative (beginning January 1, 2021) foreign currency gains/losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. Adjusted book value excluding foreign currency remeasurement per common share is adjusted book value excluding foreign currency remeasurement at the period end divided by the ending outstanding common shares for the period presented. The Company considers adjusted book value excluding foreign currency remeasurement and adjusted book value excluding foreign currency remeasurement per common share important as they exclude both accumulated other comprehensive income and the cumulative foreign currency remeasurement gains/losses, which fluctuate due to market movements that are outside management's control. The most comparable U.S. GAAP financial measures for adjusted book value excluding foreign currency remeasurement and adjusted book value excluding foreign currency remeasurement per common share are total book value and total book value per common share, respectively. 16

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Glossary of Operational Measures The Company defines the operational measures included in this document as follows: • Operating ratios are used to evaluate the Company's financial condition and profitability. Examples include: (1) Ratios to total adjusted revenues, which present expenses as percentage of total revenues and (2) Ratios to total premium, including benefit ratio. Operating ratios include: Benefit Ratio and Expense Ratio. • Premium persistency is the percentage of premiums remaining in force at the end of a period, usually one year, and presented on a trailing 12-month average basis. For example, 95% persistency would mean that 95% of the premiums in force at the beginning of a period are still in force at the end of the period. The Company believes that this metric is a key driver of in force levels, which is a key measure of the size of the Company's business and future sources of earnings. • Aflac Inc. unencumbered liquidity predominately includes assets that are comprised of cash and cash equivalents, short-term investments, and certain marketable fixed-maturity securities, excluding assets that are pledged or otherwise committed. The Company believes this measure is important in understanding holding company liquidity. • Aflac Japan's underlying earned premiums is a measure that is calculated in Japanese yen and adjusts Aflac Japan's net earned premiums for significant variables including the increase in paid-up policies between beginning of the comparable period and the end of the period presented, the change in deferred profit liability on limited payment contracts, and all Aflac Japan ceded premiums through both internal and external reinsurance. The change in Aflac Japan's underlying earned premiums is reflected as a percentage change. The Company believes this measure is useful for investors to understand the impacts these items have on Aflac Japan's net earned premiums. 17

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Reconciliation of Net Earnings Per Diluted Share to Adjusted Earnings Per Diluted Share Three Months Ended December 31 2025 2024 % Change Net earnings per diluted share $2.64 $3.42 (22.8)% Items impacting net earnings Adjusted net investment (gains) losses (1.13) (1.95) Other and non-recurring (income) loss — 0.04 Income tax (benefit) expense on items excluded from adjusted earnings 0.06 0.05 Adjusted earnings per diluted share 1.57 1.56 0.6% Current period foreign currency impact1 — N/A Adjusted earnings per diluted share excluding current period foreign currency impact2 $1.57 $1.56 0.6% 1Prior period foreign currency impact reflected as "N/A" to isolate change for current period only 2 Amounts excluding current period foreign currency impacts are computed using the average foreign currency exchange rate for the comparable prior year period, which eliminates fluctuations driven solely by foreign currency exchange rate changes. 18

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Reconciliation of Net Earnings to Adjusted Earnings Three Months Ended December 31 (In Millions) 2025 2024 % Change Net earnings $1,379 $1,902 (27.5)% Items impacting net earnings Adjusted net investment (gains) losses (591) (1,084) Other and non-recurring (income) loss — 22 Income tax (benefit) expense on items excluded from adjusted earnings 30 25 Adjusted earnings 818 865 (5.4)% Current period foreign currency impact1 1 N/A Adjusted earnings excluding current period foreign currency impact2 $819 $865 (5.3)% 1Prior period foreign currency impact reflected as "N/A" to isolate change for current period only 2Amounts excluding current period foreign currency impacts are computed using the average foreign currency exchange rate for the comparable prior year period, which eliminates fluctuations driven solely by foreign currency exchange rate changes. 19

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Reconciliation of Net Investment (Gains) Losses to Adjusted Net Investment (Gains) Losses Three Months Ended December 31 (In Millions) 2025 2024 % Change Net investment (gains) losses $(537) $(1,032) 48.0% Items impacting net investment (gains) losses: Amortized hedge costs (14) (7) Amortized hedge income 18 26 Net interest income (expense) from derivatives associated with certain investment strategies (57) (73) Impact of interest from derivatives associated with notes payable1 (1) 2 Adjusted net investment (gains) losses $(591) $(1,084) 45.5% 1Amounts are included with interest expenses that are a component of adjusted expenses. 20

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Reconciliation of U.S. GAAP Return on Equity (ROE) to Adjusted ROE Three Months Ended December 31 2025 2024 U.S. GAAP ROE - Net earnings1 19.0% 29.9% Impact of excluding unrealized foreign currency translation gains (losses) (3.1) (4.8) Impact of excluding unrealized gains (losses) on securities and derivatives (1.2) 0.3 Impact of excluding effect of changes in discount rate assumptions 4.9 1.0 Impact of excluding pension liability adjustment — — Impact of excluding AOCI 0.7 (3.5) U.S. GAAP ROE - less AOCI 19.7 26.4 Differences between adjusted earnings and net earnings2 (8.0) (14.4) Adjusted ROE - reported 11.7 12.0 Impact of excluding gains (losses) associated with foreign currency remeasurement3 2.8% 2.5% Adjusted ROE, excluding impact of foreign currency remeasurement 14.5% 14.5% 1 U.S. GAAP ROE is calculated by dividing net earnings (annualized) by average shareholders' equity. 2 See separate reconciliation of net earnings to adjusted earnings. 3 Impact of gains/losses associated with foreign currency remeasurement is calculated by excluding the cumulative (beginning January 1, 2021) foreign currency gains/ losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. The impact is the difference of adjusted return on equity - reported compared with adjusted return on equity, excluding from shareholders' equity, gains/losses associated with foreign currency remeasurement. 21

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Reconciliation of U.S. GAAP Book Value Per Share to Adjusted Book Value Per Share At December 31 2025 2024 % Change U.S. GAAP book value per common share $56.85 $47.45 19.8% Less: Unrealized foreign currency translation gains (losses) per common share (9.34) (9.09) Unrealized gains (losses) on securities and derivatives per common share (3.51) 0.01 Effect of changes in discount rate assumptions per common share 15.49 3.65 Pension liability adjustment per common share 0.17 0.02 Total AOCI per common share 2.80 (5.41) Adjusted book value per common share $54.06 $52.87 2.3% Less: Foreign currency remeasurement gains (losses) per common share 11.39 10.41 Adjusted book value excluding foreign currency remeasurement per common share $42.66 $42.46 0.5% 22

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Adjusted Leverage Ratios At December 31 (In Millions) 2025 2024 Notes payable $8,409 $7,498 50% of subordinated debentures and perpetual bonds (285) (282) Pre-funding of debt maturities (399) — Adjusted debt1 7,725 7,216 Total Shareholders' Equity 29,490 26,098 Accumulated other comprehensive (income) loss: Unrealized foreign currency translation (gains) losses 4,847 4,998 Unrealized (gains) losses on fixed maturity securities 1,809 (24) Unrealized (gains) losses on derivatives 13 20 Effect on change in discount rate assumptions (8,035) (2,006) Pension liability adjustment (86) (10) Adjusted book value1 28,038 29,076 GAAP capitalization $37,899 $33,596 GAAP debt to capitalization 22.2% 22.3% Adjusted capitalization ex-AOCI 1,2 $36,048 $36,574 Adjusted debt to adjusted capitalization ex-AOCI 21.4% 19.7% 1 Non-U.S. GAAP Financial Measure; see "Glossary of Non-U.S. GAAP Financial Measures" in Appendix for information about adjusted debt; adjusted book value; adjusted debt, including 50% of subordinated debentures and perpetual bonds. 2 Adjusted capitalization ex-AOCI is the sum of adjusted debt, including 50% of subordinated debentures and perpetual bonds, plus adjusted book value. 23

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