Document

FINAL 4/30/2025

Financial Supplement

First Quarter 2025

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

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


			Aflac Incorporated:															Page
			Share Data															2
			Summary of Adjusted Results by Business Segment															3
			Statements of Earnings															4
			Analysis of Net Earnings and Net Earnings Per Share															5
			Balance Sheets															6
			Quarterly Financial Results															7
			Quarterly Book Value Per Share															8
			Return on Equity															9
			Adjusted Earnings Per Share Excluding Current Period Foreign Currency Impact															10
			Investment Results															11,12,13
			Long-Term Debt Data															14
			Ratings															15

			Aflac U.S.:
			Statement of Pretax Adjusted Earnings															16
			Balance Sheets															17
			Quarterly Pretax Adjusted Earnings															18
			Operating Ratios															19
			Sales															20,21

			Aflac Japan:
			Statement of Pretax Adjusted Earnings															22,23
			Balance Sheets															24,25
			Quarterly Pretax Adjusted Earnings															26
			Operating Ratios															27
			Sales															28,29,30
			Yen/Dollar Exchange Rates															31

			Corporate and Other:
			Statement of Pretax Adjusted Earnings															32

			Non-U.S. GAAP Financial Measures															33

For more information, contact:

David Young

Phone. 706.596.3264

Aflacir@aflac.com

investors.aflac.com


Aflac Incorporated and Subsidiaries

	Share Data
	(In Thousands)

1				Shares Issued		Shares Purchased			QTD Weighted Avg. Shares			YTD Weighted Avg. Shares
		Period	Beginning Shares Outstanding	Stk. Bon. & DRP	Stk. Opt. & Misc.	Treas. Shares	Misc. Purch. (1)	Ending Shares Outstanding	Avg. Shares	Dilutive Shares	Avg. Diluted	Avg. Shares	Dilutive Shares	Avg. Diluted

	2023	1	615,256	239	1,152	10,348	347	605,952	611,205	2,745	613,950	611,205	2,745	613,950
		2	605,952	259	225	10,461	6	595,969	600,742	2,187	602,929	605,945	2,466	608,411
		3	595,969	210	115	9,390	7	586,897	591,246	2,350	593,596	600,991	2,427	603,419
		4	586,897	191	94	8,698	5	578,479	581,876	3,005	584,881	596,173	2,572	598,745

	2024	1	578,479	212	1,320	9,276	457	570,278	574,886	2,596	577,482	574,886	2,596	577,482
		2	570,278	217	186	9,288	24	561,369	564,573	2,265	566,838	569,730	2,430	572,160
		3	561,369	165	75	4,882	10	556,717	557,899	2,515	560,414	565,757	2,459	568,216
		4	556,717	156	77	6,982	4	549,964	552,767	2,716	555,483	562,492	2,523	565,015

	2025	1	549,964	173	1,251	8,497	398	542,493	544,707	2,171	546,878	544,707	2,171	546,878

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


Aflac Incorporated and Subsidiaries

	Summary of Adjusted Results by Business Segment
	(In Millions, except per-share data)

		Years Ended December 31,															3 Months Ended March 31,
		2020			2021			2022			2023			2024				2024			2025			% Change

	Aflac Japan	$	3,263		$	3,755		$	3,281		$	3,234		$	3,494			$	810		$	722		(10.9)	%
	Aflac U.S.	1,268			1,356			1,359			1,501			1,419				356			358			0.6
1	Corporate and other (1)	(115)			(293)			(218)			(425)			32				(3)			43
	Pretax adjusted earnings	4,416			4,819			4,422			4,310			4,945				1,163			1,123			(3.4)
	Income taxes (1)	864			893			808			577			873				202			217			7.4
2	Adjusted earnings (2)	3,552			3,925			3,614			3,733			4,072				961			906			(5.7)

	Reconciling items:
	Adjusted net investment gains (losses)	(229)			462			447			914			1,495				1,009			(924)
	Other and non-recurring income (loss)	(28)			(73)			1			39			(23)				(2)			(53)
3	Income tax benefit (expense) on items excluded from adjusted earnings (3)	72			(83)			357			(26)			(101)				(89)			100
4	Tax valuation allowance release (4)	1,411			—			—			—			—				—			—
	Net earnings	$	4,778		$	4,231		$	4,418		$	4,659		$	5,443			$	1,879		$	29		(98.5)	%

	Effective Tax rate	(14.9)		%	18.7		%	9.3		%	11.5		%	15.2		%		13.4		%	80.3		%

	Earnings per share of common stock:
	Net earnings (basic)	$	6.69		$	6.28		$	6.96		$	7.81		$	9.68			$	3.27		$	0.05		(98.5)	%
	Net earnings (diluted)	6.67			6.25			6.93			7.78			9.63				3.25			0.05			(98.5)

	Adjusted earnings (basic) (2)	$	4.98		$	5.83		$	5.69		$	6.26		$	7.24			$	1.67		$	1.66		(0.6)	%
	Adjusted earnings (diluted) (2)	4.96			5.80			5.67			6.23			7.21				1.66			1.66			—

(1) The change in value of federal historic rehabilitation and solar investments in partnerships of $8 and $32 for the three-month periods ended March 31, 2025, and 2024, respectively, is included as a reduction to net investment income. Tax credits on these investments of $7 and $33 for the three-month periods ended March 31, 2025, and 2024, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.

(2) See non-U.S. GAAP financial measures for definition of adjusted earnings.

(3) Primarily reflects release of $452 in deferred taxes in 2022.

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


Aflac Incorporated and Subsidiaries

	Consolidated Statements of Earnings - U.S. GAAP
	(In Millions, except per-share data)

		Years Ended December 31,										3 Months Ended March 31,
		2020		2021		2022		2023		2024			2024		2025		% Change
	Revenues:
	Net earned premiums:
	Gross premiums	$	18,955	$	17,305	$	15,025	$	14,318	$	13,562		$	3,482	$	3,433
	Assumed (ceded)	(333)		(210)		(124)		(195)		(122)			(26)		(52)
1	Total net earned premiums (1)	18,622		17,095		14,901		14,123		13,440			3,456		3,381		(2.2)	%
	Net investment income	3,638		3,818		3,656		3,811		4,116			1,000		955		(4.5)
	Net investment gains (losses)	(270)		468		363		590		1,271			951		(963)
	Other income	157		173		220		177		100			29		25
	Total revenues	22,147		21,554		19,140		18,701		18,927			5,436		3,398		(37.5)

	Benefits and Claims:
	Benefits and claims, net:
	Incurred claims -direct	9,364		8,949		8,271		8,005		8,281			2,277		2,388
	Incurred claims -assumed (ceded)	(296)		(147)		(108)		(177)		(95)			(16)		(44)
2	Increase in FPB -direct (2)	2,707		1,819		888		594		(184)			(195)		(357)
	Increase in FPB -assumed (ceded) (2)	21		3		51		172		5			—		(1)
	Total net benefits and claims, excluding reserve remeasurement	N/A		10,623		9,102		8,594		8,008			2,066		1,986
	Reserve remeasurement (gain) loss	N/A		(147)		(215)		(383)		(558)			(56)		(41)
	Total net benefits and claims	11,796		10,476		8,887		8,211		7,450			2,010		1,945		(3.2)

	Acquisition and operating expenses:
3	Amortization of DAC (3)	1,214		835		792		816		851			215		216
	Insurance commissions	1,316		1,256		1,117		1,052		998			255		240
	Insurance expenses	3,420		3,541		3,249		3,165		3,014			739		802
	Interest expense	242		238		226		195		197			47		50

	Total acquisition and operating expenses	6,192		5,870		5,384		5,228		5,060			1,256		1,308		4.1
	Total benefits and expenses	17,988		16,346		14,271		13,439		12,510			3,266		3,253		(0.4)

	Pretax earnings	4,159		5,208		4,869		5,262		6,417			2,170		145

4	Income tax expense (benefit) (4)	(619)		977		451		603		974			291		116

	Net earnings	$	4,778	$	4,231	$	4,418	$	4,659	$	5,443		$	1,879	$	29	(98.5)	%

(1) Includes a gain (loss) of an immaterial amount and $(3) for the three-month periods ended March 31, 2025 and 2024, respectively, related to remeasurement of the deferred profit liability for limited-payment contracts.

(2) Future policy benefits

(3) Deferred acquisition costs

(4) Primarily reflects release of $452 in deferred taxes in 2022.


Aflac Incorporated and Subsidiaries

	Analysis of Net Earnings and Net Earnings Per Diluted Share
	(In Millions, except for per-share data)

		Period	Net Earnings		Net Investment Gains (Losses) (1)		Other and Non- Recurring Items (1)(3)		Foreign Currency Impact (2)		Net Earnings Per Share		Net Investment Gains (Losses) (1)		Other and Non-Recurring Items Per Share (1)(3)		Foreign Currency Impact Per Share (2)

1		2020	$	4,778	$	(181)	$	1,407	$	31	$	6.67	$	(0.25)	$	1.96	$	0.04
2		2021	4,231		365		(59)		(42)		6.25		0.54		(0.09)		(0.06)
		2022	4,418		803		1		(262)		6.93		1.26		—		(0.41)
3		2023	4,659		896		31		(113)		7.78		1.50		0.05		(0.19)
		2024	5,443		1,389		(18)		(103)		9.63		2.46		(0.03)		(0.18)


	2023	1	1,188		235		—		(41)		1.94		0.38		—		(0.07)
		2	1,634		653		28		(25)		2.71		1.08		0.05		(0.04)
		3	1,569		472		2		(33)		2.64		0.80		—		(0.06)
		4	268		(464)		—		(14)		0.46		(0.79)		—		(0.02)

	2024	1	1,879		920		(2)		(44)		3.25		1.59		—		(0.08)
		2	1,755		720		—		(37)		3.10		1.27		—		(0.07)
		3	(93)		(1,304)		—		(16)		(0.17)		(2.33)		—		(0.03)
		4	1,902		1,054		(17)		(6)		3.42		1.90		(0.03)		(0.01)

	2025	1	29		(835)		(42)		(8)		0.05		(1.53)		(0.08)		(0.01)

(1) Items are presented net of tax.

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

(3) 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

	Consolidated Balance Sheets
	(In Millions, except per-share data)

		December 31,										March 31,
		2020		2021		2022		2023		2024			2024		2025
	Assets:
	Investments and cash:
	Securities available for sale:
	Fixed maturity securities available for sale, at fair value	$	101,286	$	94,206	$	71,936	$	69,578	$	61,841		$	66,452	$	63,547
	Fixed maturity securities available for sale - consolidated variable interest entities, at fair value	4,596		4,490		3,805		3,712		3,428			3,678		3,597
	Fixed maturity securities held to maturity, at amortized cost, net of allowance for credit losses	24,464		22,000		19,056		17,819		15,966			16,689		16,888
	Equity securities, at fair value	1,283		1,603		1,091		1,088		796			762		764
	Commercial mortgage and other loans, net of allowance for credit losses	10,554		11,786		13,496		12,527		10,869			12,360		10,656
	Other investments	2,429		3,842		4,070		4,530		5,958			6,677		6,763
	Cash and cash equivalents	5,141		5,051		3,943		4,306		6,229			5,098		5,231
	Total investments and cash	149,753		142,978		117,397		113,560		105,087			111,716		107,446

1	Receivables, net of allowance for credit losses (1)	778		672		647		848		779			1,038		894
	Accrued investment income	780		737		745		731		710			693		682
	Deferred policy acquisition costs	10,441		9,848		9,239		9,132		8,758			8,819		9,083
	Property and equipment, net	601		538		530		445		387			418		391
2	Other assets, net of allowance for credit losses (1)(2)	2,733		3,377		3,180		2,008		1,845			2,058		1,762
	Total assets	$	165,086	$	158,150	$	131,738	$	126,724	$	117,566		$	124,742	$	120,258

	Liabilities and Shareholders' Equity:
	Liabilities:
	Total policy liabilities	$	114,391	$	126,331	$	96,910	$	91,599	$	77,508		$	85,364	$	78,828
	Notes payable	7,899		7,956		7,442		7,364		7,498			7,912		7,751
	Income taxes, primarily deferred	4,661		30		698		154		573			777		815
	Other liabilities	4,576		6,802		6,548		5,622		5,889			7,152		6,526
	Total liabilities	131,527		141,119		111,598		104,739		91,468			101,205		93,920
	Shareholders' equity:
	Common stock	135		135		135		136		136			136		136
	Additional paid-in capital	2,410		2,529		2,641		2,771		2,894			2,806		2,919
	Retained earnings	37,984		40,963		44,367		47,993		52,277			49,872		52,308
	Accumulated other comprehensive income (loss):
	Unrealized foreign currency translation gains (losses)	(1,109)		(1,985)		(3,564)		(4,069)		(4,998)			(4,666)		(4,549)
	Unrealized gains (losses) on fixed maturity securities	10,361		9,602		(702)		1,139		24			1,092		(1,233)
	Unrealized gains (losses) on derivatives	(34)		(30)		(27)		(22)		(20)			(26)		(18)
	Effect of change in discount rate assumption(s)	N/A		(15,832)		(2,100)		(2,560)		2,006			(1,495)		3,899
	Pension liability adjustment	(284)		(166)		(36)		(8)		10			(7)		42
	Treasury stock	(15,904)		(18,185)		(20,574)		(23,395)		(26,231)			(24,175)		(27,166)
	Total shareholders' equity	33,559		17,031		20,140		21,985		26,098			23,537		26,338
	Total liabilities & shareholders' equity	$	165,086	$	158,150	$	131,738	$	126,724	$	117,566		$	124,742	$	120,258

(1) 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.

(2) Includes goodwill of $260 million in 2025, $263 million in 2024, $265 million in 2023, $265 million in 2022, $268 million in 2021 and $269 million in 2020


Aflac Incorporated and Subsidiaries

	Quarterly Financial Results
	(In Millions, except per-share data)

1																			Net EPS				Adj. EPS (1)
		Period	Net Earned Premiums		Net Investment Income		Total Revenues		Benefits & Claims, Net		Total Acquisitions & Adj. Exp.		Total Pretax Earnings		Net Earnings		Adjusted Earnings (1)		Basic		Dil.		Basic		Dil.

		2020	$	18,622	$	3,638	$	22,147	$	11,796	$	6,192	$	4,159	$	4,778	$	3,552	$	6.69	$	6.67	$	4.98	$	4.96
		2021	17,095		3,818		21,554		10,476		5,870		5,208		4,231		3,925		6.28		6.25		5.83		5.80
		2022	14,901		3,656		19,140		8,887		5,384		4,869		4,418		3,614		6.96		6.93		5.69		5.67
		2023	14,123		3,811		18,701		8,211		5,228		5,262		4,659		3,733		7.81		7.78		6.26		6.23
		2024	13,440		4,116		18,927		7,450		5,060		6,417		5,443		4,072		9.68		9.63		7.24		7.21


	2023	1	3,688		943		4,800		2,150		1,308		1,342		1,188		953		1.94		1.94		1.56		1.55
		2	3,573		999		5,172		2,098		1,249		1,825		1,634		954		2.72		2.71		1.59		1.58
		3	3,476		1,004		4,950		1,860		1,285		1,805		1,569		1,095		2.65		2.64		1.85		1.84
		4	3,385		865		3,777		2,103		1,385		289		268		732		0.46		0.46		1.26		1.25

	2024	1	3,456		1,000		5,436		2,010		1,256		2,170		1,879		961		3.27		3.25		1.67		1.66
		2	3,325		1,095		5,138		1,921		1,198		2,019		1,755		1,035		3.11		3.10		1.83		1.83
		3	3,328		1,006		2,949		1,595		1,262		92		(93)		1,211		(0.17)		(0.17)		2.17		2.16
		4	3,331		1,016		5,403		1,923		1,345		2,135		1,902		865		3.44		3.42		1.56		1.56

	2025	1	3,381		955		3,398		1,945		1,308		145		29		906		0.05		0.05		1.66		1.66

(1) See non-U.S. GAAP financial measures for definition of adjusted earnings.


Aflac Incorporated and Subsidiaries

	Quarterly Book Value Per Share
	(In Millions, except per-share data)
1
		Period	Equity BV Per Share		AOCI BV Per Share		Adjusted BV Per Share (1)		Adjusted BV Per Share % Change		Adjusted BV Per Share Excluding Foreign Currency Remeasurement G/(L) (1)		Adjusted BV Per Share Excluding Foreign Currency Remeasurement G/(L) % Change

		2020	$	48.46	$	12.90	$	35.56	15.7	%	$	35.56	15.7	%
		2021	26.12		(12.90)		39.01		9.7		37.71		6.0
		2022	32.73		(10.45)		43.18		10.7		38.94		3.3
		2023	38.00		(9.54)		47.55		10.1		41.15		5.7
		2024	47.45		(5.41)		52.87		11.2		42.46		3.2


	2023	1	32.65		(12.01)		44.66		10.8		40.05		4.8
		2	34.30		(12.31)		46.61		11.5		40.15		5.5
		3	38.63		(9.81)		48.44		10.1		41.10		7.7
		4	38.00		(9.54)		47.55		10.1		41.15		5.7

	2024	1	41.27		(8.95)		50.22		12.4		41.68		4.1
		2	46.40		(5.86)		52.26		12.1		41.98		4.6
		3	44.60		(6.60)		51.21		5.7		43.61		6.1
		4	47.45		(5.41)		52.87		11.2		42.46		3.2

	2025	1	48.55		(3.43)		51.98		3.5		42.61		2.2

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


Aflac Incorporated and Subsidiaries

	Return on Equity

		Year ended December 31,										3 Months Ended March 31,
1		2020		2021 (4)		2022		2023		2024			2024		2025

2	U.S. GAAP ROE - Net earnings (1)	15.3	%	26.7	%	23.8	%	22.1	%	22.6	%		33.0	%	0.4	%

	Impact of excluding unrealized foreign currency translation gains (losses)	(0.9)		(1.7)		(2.5)		(3.1)		(3.6)			(5.1)		—
	Impact of excluding unrealized gains (losses) on securities and derivatives	6.2		10.7		4.1		0.2		0.4			1.3		—
	Impact of excluding effect on change in discount rate assumptions	N/A		(18.5)		(8.2)		(1.9)		(0.2)			(2.4)		—
	Impact of excluding pension liability adjustment	(0.2)		(0.2)		(0.1)		—		—			—		—

	Impact of excluding AOCI	5.1		(9.7)		(6.8)		(4.9)		(3.4)			(6.2)		—

	U.S. GAAP ROE - less AOCI	20.3		17.0		17.0		17.2		19.2			26.8		0.4

3	Differences between adjusted earnings and net earnings (2)	(5.2)		(1.2)		(3.1)		(3.4)		(4.8)			(13.1)		12.2

4	Adjusted ROE - reported (3)	15.1		15.8		13.9		13.8		14.4			13.7		12.7

5	Less: Impact of excluding gains (losses) associated with foreign currency remeasurement (5)	N/A		0.1		1.0		1.8		2.9			2.5		2.9

	Adjusted ROE, excluding foreign currency remeasurement (5)	N/A		15.9		14.9		15.6		17.3			16.2		15.6

(1) U.S. GAAP ROE is calculated by dividing net earnings (annualized) by average shareholders' equity.

(2) See separate reconciliation of net income to adjusted earnings.

(3) See non-U.S. GAAP financial measures for definition of adjusted return on equity

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

(5) 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


Aflac Incorporated and Subsidiaries

	Adjusted Earnings Per Share Excluding Current Period Foreign Currency Impact (1)
	(Diluted Basis)

1		Period	Adjusted EPS (1)		Growth		QTD Foreign Currency Impact (1)	YTD Foreign Currency Impact (1)	Excluding Foreign Currency Impact (1)		Change Excluding Foreign Currency Impact

		2020	$	4.96	11.7	%	N/A	0.04	$	4.92	10.8	%
		2021	5.80		16.9		N/A	(0.06)	5.86		18.1
		2022	5.67		(2.2)		N/A	(0.41)	6.08		4.8
		2023	6.23		9.9		N/A	(0.19)	6.43		13.4
		2024	7.21		15.7		N/A	(0.18)	7.39		18.6


	2023	1	$	1.55	7.6	%	(0.07)	(0.07)	$	1.62	12.5	%
		2	1.58		7.5		(0.04)	(0.11)	1.62		10.2
		3	1.84		27.8		(0.06)	(0.17)	1.90		31.9
		4	1.25		(4.6)		(0.02)	(0.19)	1.28		(2.3)
			$	6.23	9.9	%			$	6.43	13.4	%

	2024	1	$	1.66	7.1	%	(0.08)	(0.08)	$	1.74	12.3	%
		2	1.83		15.8		(0.07)	(0.14)	1.89		19.6
		3	2.16		17.4		(0.03)	(0.17)	2.19		19.0
		4	1.56		24.8		(0.01)	(0.18)	1.57		25.6
			$	7.21	15.7	%			$	7.39	18.6	%

	2025	1	$	1.66	—	%	(0.01)	(0.01)	$	1.67	0.6	%



			$	1.66	—	%			$	1.67	0.6	%

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


Aflac Incorporated and Subsidiaries

	Composition of Invested Assets
	(In Millions)

		December 31,										March 31,
		2020		2021		2022		2023		2024			2024		2025

1	Fixed Maturity Securities (1)	$	116,056	$	107,369	$	94,525	$	88,508	$	80,055		$	84,283	$	84,433

	Commercial mortgage and other loans, net of allowance for credit losses: (1)
	Transitional Real Estate (floating rate)	5,231		5,246		6,455		5,998		4,703			5,964		4,475
	Middle Market Loans (floating rate)	3,635		4,601		5,028		4,531		4,283			4,487		4,301
	Commercial Mortgage Loans	1,688		1,854		1,775		1,697		1,523			1,634		1,511
	Other Loans	—		20		238		301		360			275		369
	Total Commercial mortgage and other loans, net of allowance for credit losses (1)	10,554		11,721		13,496		12,527		10,869			12,360		10,656

	Equity Securities, at FV through net earnings	1,283		1,603		1,091		1,088		796			762		764

2	Alternatives (2)	919		1,703		2,107		2,619		3,167			2,686		3,217

	Total Portfolio	$	128,812	$	122,396	$	111,219	$	104,742	$	94,887		$	100,091	$	99,070


	Unrealized Gains (Losses) on Invested Assets
	(In Millions)

		December 31,										March 31,
		2020		2021		2022		2023		2024			2024		2025
Fixed Maturity Securities:
	Available For Sale - Gross Gains	$	14,771	$	13,566	$	4,800	$	6,050	$	5,308		$	6,038	$	4,345
	Available For Sale - Gross Losses	(481)		(239)		(4,528)		(3,449)		(4,128)			(3,502)		(4,746)
	Total Available For Sale	14,290		13,327		272		2,601		1,180			2,536		(401)

	Held to Maturity - Gross Gains	5,935		4,869		2,154		1,838		815			1,556		402
	Held to Maturity - Gross Losses	—		—		—		—		(9)			—		(155)
	Total Held to Maturity	$	5,935	$	4,869	$	2,154	$	1,838	$	806		$	1,556	$	247


	Credit Ratings on Fixed Maturities
	(At Amortized Cost)

		December 31,										March 31,
Credit Rating:		2020		2021		2022		2023		2024			2024		2025

	AAA	1.0	%	1.0	%	1.6	%	1.6	%	1.5	%		1.6	%	1.3	%
	AA	4.5		5.1		5.2		5.7		6.0			6.1		6.0
	A	69.3		68.9		68.0		68.1		68.0			67.7		68.2
	BBB	21.9		22.5		23.0		22.9		22.9			23.1		22.9
	BB or Lower	3.3		2.5		2.2		1.7		1.6			1.5		1.6
		100.0	%	100.0	%	100.0	%	100.0	%	100.0	%		100.0	%	100.0	%

(1) Presented at amortized cost, net of reserves beginning in 2020

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


Aflac Incorporated and Subsidiaries

	Supplemental Investment Data by Segment

		December 31,															3 Months Ended March 31,
		2020			2021			2022			2023			2024				2024			2025
	Aflac Japan:
1	Invested assets (in millions) (1)	¥	11,936,087		¥	12,405,531		¥	12,617,181		¥	12,127,531		¥	11,881,515			¥	12,486,906		¥	11,909,722
2	Return on average invested assets (2)	2.38		%	2.72		%	2.78		%	2.90		%	3.33		%		3.14		%	3.00		%
3	Portfolio book yield at end of period (3)	2.59		%	2.60		%	3.06		%	3.18		%	3.22		%		3.24		%	3.22		%
	Total purchases for period (in millions) (3)	¥	714,124		¥	952,038		¥	716,964		¥	378,541		¥	735,141			¥	300,570		¥	969,847
4	New money yield (3)(4)	3.75		%	3.50		%	4.48		%	5.18		%	6.11		%		5.57		%	3.30		%

	Aflac U.S.:
	Invested assets (in millions) (1)	$	14,848		$	15,841		$	16,772		$	17,075		$	17,341			$	17,171		$	17,131
	Return on average invested assets (2)	4.90		%	4.87		%	4.72		%	4.88		%	5.00		%		4.87		%	4.80		%
	Portfolio book yield at end of period (3)	5.18		%	4.94		%	5.39		%	5.53		%	5.58		%		5.57		%	5.56		%
	Total purchases for period (in millions) (3)	$	1,050		$	2,130		$	1,701		$	907		$	934			$	519		$	493
	New money yield (3)(4)	3.04		%	3.41		%	5.16		%	7.56		%	6.90		%		6.66		%	6.61		%

5	Hedge Costs/Income Metrics (5)(6)

6		December 31,															3 Months Ended March 31,
		2020			2021			2022			2023			2024				2024			2025
	Aflac Japan:
7	FX hedged notional at end of period (in billions) - forwards (7)	$	6.0		$	6.4		$	4.1		$	—		$	—			$	—		$	0.2
	FX hedged notional at end of period (in billions) - put options	13.1			11.6			13.5			24.7			24.2				24.7			24.2
	Amortized hedge costs for period (in millions)	(206)			(76)			(112)			(157)			(26)				(6)			(7)

	Corporate and Other (Parent Company):
	FX hedged notional at end of period (in billions) - forwards (7)	$	5.0		$	5.0		$	5.0		$	2.6		$	1.8			$	2.3		$	2.7
	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				28			30

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

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

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

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

(5) 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.

(6) 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.

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


Aflac Incorporated and Subsidiaries

1	Japan Segment Portfolio Allocation by Currency (1)
	(U.S. GAAP Basis)
	(In Millions)

		December 31, 2024				March 31, 2025
		Amortized Cost (3)		Fair Value		Amortized Cost (3)		Fair Value

	JGB	$	31,951	$	32,844	$	33,369	$	33,082
	Other	16,867		17,145		17,578		17,287
	Total yen denominated	48,818		49,989		50,947		50,369

	USD Program	21,303		23,501		23,892		25,545
	Other	1,645		2,406		1,769		2,465
	Total US dollar denominated	22,948		25,907		25,661		28,010

	Total	$	71,766	$	75,896	$	76,608	$	78,379

2	Distribution of Consolidated Fixed Maturities by Sector (2)
	(In millions)

						March 31, 2025
3						Amortized Cost (3)		% of Total

	Government and agencies					$	36,473	43.2		%
	Municipalities					2,358		2.8
	Mortgage- and asset-backed securities					3,916		4.6
	Public utilities:					7,021		8.3
	Electric					5,492		6.5
	Natural Gas					882		1.0
	Other					647		0.8
	Sovereign and supranational					803		1.0
	Banks/financial institutions:					9,226		10.9
	Banking					5,322		6.3
	Insurance					1,925		2.3
	Other					1,979		2.3
	Other corporate:					24,636		29.2
	Basic Industry					2,073		2.5
	Capital Goods					2,623		3.1
	Communications					2,610		3.1
	Consumer Cyclical					1,962		2.3
	Consumer Non-Cyclical					5,776		6.8
	Energy					2,277		2.7
	Other					1,126		1.3
	Technology					3,258		3.9
	Transportation					2,931		3.5
	Total fixed maturity securities					$	84,433	100.0		%

(1) The entire U.S. segment investment portfolio is U.S. dollar denominated.

(2) 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.

(3) Net of reserves


Aflac Incorporated and Subsidiaries

	Long-Term Debt Data
	Adjusted Leverage Ratios
	(In Millions)

		December 31,															March 31,
		2020			2021			2022			2023			2024				2024			2025

	Notes payable	$	7,899		$	7,956		$	7,442		$	7,364		$	7,498			$	7,912		$	7,751
	50% of subordinated debentures and perpetual bonds	(432)			(389)			(337)			(315)			(282)				(295)			(299)
	Pre-funding of debt maturities	—			—			—			(211)			—				(198)			—
1	Adjusted debt (1)	7,467			7,568			7,105			6,839			7,216				7,420			7,453

	Total Shareholders' Equity	33,559			17,031			20,140			21,985			26,098				23,537			26,338
	Accumulated other comprehensive (income) loss:
	Unrealized foreign currency translation (gains) losses	1,109			1,985			3,564			4,069			4,998				4,666			4,549
	Unrealized (gains) losses on fixed maturity securities	(10,361)			(9,602)			702			(1,139)			(24)				(1,092)			1,233
	Unrealized (gains) losses on derivatives	34			30			27			22			20				26			18
	Effect on change in discount rate assumptions	N/A			15,832			2,100			2,560			(2,006)				1,495			(3,899)
	Pension liability adjustment	284			166			36			8			(10)				7			(42)
	Adjusted book value (1)	$	24,625		$	25,442		$	26,569		$	27,505		$	29,076			$	28,639		$	28,197

2	Adjusted capitalization ex-AOCI (1)(2)	$	32,524		$	33,398		$	34,011		$	34,658		$	36,574			$	36,353		$	35,948
	Adjusted debt to adjusted capitalization ex-AOCI	23.0		%	22.7		%	20.9		%	19.7		%	19.7		%		20.4		%	20.7		%

3	Adjusted capitalization (1)(3)	$	31,131		$	31,247		$	30,411		$	30,581		$	31,586			$	31,680		$	31,441
	Adjusted debt to adjusted capitalization	24.0		%	24.2		%	23.4		%	22.4		%	22.8		%		23.4		%	23.7		%


4	Debt Maturities (4)
	(In Millions)

		March 31, 2025
		≤ 1 year		1 > 5 years		5 > 10 years		10 > 20 years		20 years +		Total

	Senior Notes	$	83	$	3,029	$	1,690	$	1,008	$	1,294	$	7,104
	Subordinated debt	—		—		—		—		602		602

	Total	$	83	$	3,029	$	1,690	$	1,008	$	1,896	$	7,706

(1) 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

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

(3) 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

(4) Debt maturity amounts do not include discounts, premiums, deferred charges, or capital lease obligations.

Aflac Incorporated and Subsidiaries

Insurer Financial Strength Ratings

AM Best

Moody's

S&P

JCR

R&I

U.S. Operating Companies:

Aflac of Columbus

A+

Aa3

A+

AA+

Aflac of New York

A+

Continental American Insurance Company

A+

Japan Operating Company:

Aflac Life Insurance Japan Ltd.

A+

Aa3

A+

AA+

Bermuda Operating Company:

Aflac Re Bermuda Ltd.

AA+

Issuer Credit Ratings

AM Best

Moody's

S&P

JCR

R&I

Aflac Incorporated:

Long-term Senior Debt

A-

AA-

A+

Junior Subordinated Debt

Baa1

BBB

A-

Aflac of Columbus:

Long-term Senior Debt

A+

AA+

Aflac Life Insurance Japan, Ltd.:

Long-term Senior Debt

A+

AA+

The outlook for all ratings is stable.


Aflac U.S.

	Statements of Pretax Adjusted Earnings
	(Before Management Fee)
	(In Millions)

		Years Ended December 31,										3 Months Ended March 31,
		2020		2021		2022		2023		2024			2024		2025		% Change
	Revenues:
	Net earned premiums:
	Gross premiums	$	5,762	$	5,540	$	5,467	$	5,669	$	5,907		$	1,489	$	1,543
	Assumed (ceded)	(4)		73		103		6		(78)			(14)		(41)
	Total net earned premiums	5,758		5,614		5,570		5,675		5,829			1,475		1,502		1.8	%
	Adjusted net investment income	705		754		755		820		847			206		202		(1.9)
	Other income excl. realized foreign exchange gains (losses)	102		121		161		128		63			18		17
	Total adjusted revenues	6,565		6,489		6,486		6,623		6,739			1,699		1,721		1.3

	Benefits and claims:
	Benefits and claims, net:
	Incurred claims -direct	2,498		2,183		2,245		2,423		2,892			765		816
	Incurred claims -assumed (ceded)	(1)		89		104		17		(75)			(12)		(39)
	Increase in FPB -direct	271		463		326		280		—			(41)		(47)
	Increase in FPB -assumed (ceded)	(3)		(11)		4		(5)		4			2		1
	Total benefits and claims, net, excluding reserve remeasurement	N/A		2,724		2,679		2,715		2,821			715		731
	Reserve remeasurement (gain) loss	N/A		(85)		(124)		(284)		(95)			(29)		(15)
	Total benefits and claims, net	2,765		2,639		2,555		2,431		2,726			686		716		4.4

	Adjusted expenses:
	Amortization of deferred policy acquisition costs	570		442		455		490		530			132		137		3.8
	Insurance commissions	576		550		553		561		563			141		135		(4.3)
	Insurance and other expenses	1,386		1,502		1,564		1,640		1,501			384		375		(2.3)
	Total adjusted expenses	2,532		2,494		2,573		2,691		2,594			658		647

	Total benefits and adjusted expenses	5,297		5,132		5,127		5,122		5,320			1,343		1,363		1.5

	Pretax adjusted earnings	$	1,268	$	1,356	$	1,359	$	1,501	$	1,419		$	356	$	358	0.6	%


Aflac U.S.

	Balance Sheets
	(In Millions)

		December 31,										March 31,
		2020		2021		2022		2023		2024			2024		2025
	Assets:
	Investments and cash	$	17,949	$	18,324	$	15,987	$	16,718	$	16,775		$	16,667	$	16,706
1	Receivables, net of allowance for credit losses (1)	667		574		584		688		671			710		707
	Accrued investment income	172		169		184		183		178			186		176
	Deferred policy acquisition costs	3,450		3,366		3,463		3,573		3,656			3,585		3,667
	Other assets (1)	626		758		784		698		650			703		625
	Total assets	$	22,864	$	23,191	$	21,002	$	21,861	$	21,930		$	21,850	$	21,881

	Liabilities and Shareholders' Equity:
	Future policy benefits	$	9,674	$	14,212	$	10,870	$	11,234	$	10,584		$	10,913	$	10,678
	Policy and contract claims	2,010		151		200		258		376			340		405
	Other policy liabilities	126		119		117		107		103			113		111

	Deferred income taxes	235		(328)		(243)		(311)		(231)			(223)		(161)
	Other liabilities	2,016		2,010		2,080		2,062		2,055			2,091		1,760
	Shareholders' equity	8,803		7,027		7,978		8,510		9,043			8,617		9,088
	Total liabilities & shareholders' equity	$	22,864	$	23,191	$	21,002	$	21,861	$	21,930		$	21,850	$	21,881


Aflac U.S.

	Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes
	(Restated to conform to current classifications)
	(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	$	5,758	(0.9)	%	$	705	(2.1)	%	$	6,565	0.2	%	$	2,765	(3.7)	%	$	570	(0.5)	%	$	2,532	5.2	%	$	1,268	(0.3)	%
		2021	5,614		(2.5)		754		7.0		6,489		(1.2)		2,639		(4.6)		442		(22.5)		2,494		(1.5)		1,356		6.9
		2022	5,570		(0.8)		755		0.1		6,486		—		2,555		(3.2)		455		2.9		2,573		3.2		1,359		0.2
		2023	5,675		1.9		820		8.6		6,623		2.1		2,431		(4.9)		490		7.7		2,691		4.6		1,501		10.4
		2024	5,829		2.7		847		3.3		6,739		1.8		2,726		12.1		530		8.2		2,594		(3.6)		1,419		(5.5)


	2023	1	1,428		1.1		197		7.1		1,660		1.3		651		(2.3)		119		4.4		657		2.7		352		5.7
		2	1,425		2.2		203		5.2		1,663		2.1		645		(2.0)		120		6.2		648		3.3		369		7.6
		3	1,419		3.2		209		13.0		1,661		3.9		510		(17.2)		122		7.0		674		5.6		478		38.6
		4	1,403		1.1		211		9.9		1,639		1.1		626		2.0		129		12.2		712		6.7		302		(10.9)

	2024	1	1,475		3.3		206		4.6		1,699		2.3		686		5.4		132		10.9		658		0.2		356		1.1
		2	1,455		2.1		218		7.4		1,684		1.3		680		5.4		132		10.0		621		(4.2)		383		3.8
		3	1,459		2.8		210		0.5		1,684		1.4		694		36.1		132		8.2		640		(5.0)		350		(26.8)
		4	1,441		2.7		213		0.9		1,671		2.0		667		6.5		134		3.9		674		(5.3)		330		9.3

	2025	1	1,502		1.8		202		(1.9)		1,721		1.3		716		4.4		137		3.8		647		(1.7)		358		0.6


Aflac U.S.

	Operating Ratios
	(Before Management Fee)

1		Period	12-Mo. Rolling Premium Persistency (1)		Total Benefit/ Premium		Amortization/ Premium		Total Adjusted Expenses/ Total Adjusted Revenue		Combined Ratio/ Total Adjusted Revenue		Pretax Profit Margin

		2020	79.3	%	48.0	%	9.9	%	38.6	%	80.7	%	19.3	%
		2021	79.7		47.0		7.9		38.4		79.1		20.9
		2022	77.3		45.9		8.2		39.7		79.0		21.0
		2023	78.6		42.8		8.6		40.6		77.3		22.7
		2024	79.3		46.8		9.1		38.5		78.9		21.1
		2025 YTD	79.3		47.7		9.1		37.6		79.2		20.8

	2023	1	77.9		45.6		8.3		39.6		78.8		21.2
		2	78.2		45.3		8.4		39.0		77.8		22.2
		3	78.7		35.9		8.6		40.6		71.2		28.8
		4	78.6		44.6		9.2		43.4		81.6		18.4

	2024	1	78.7		46.5		8.9		38.7		79.0		21.0
		2	78.7		46.7		9.1		36.9		77.3		22.7
		3	78.9		47.6		9.0		38.0		79.2		20.8
		4	79.3		46.3		9.3		40.3		80.3		19.7

	2025	1	79.3		47.7		9.1		37.6		79.2		20.8

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


Aflac U.S.

	Aflac U.S. Sales Results
	(In Millions)

		Period	Annualized Premiums In Force		% Change		New Annualized Premiums Sales		% Change

		2020	$	6,099	(3.2)	%	$	1,093	(30.8)	%
		2021	6,003		(1.6)		1,278		16.9
		2022	5,967		(0.6)		1,483		16.1
		2023	6,161		3.3		1,558		5.0
		2024	6,383		3.6		1,543		(1.0)


	2023	1	6,023		1.4		315		5.3
		2	6,064		2.3		324		6.4
		3	6,062		2.9		359		7.5
		4	6,161		3.3		559		2.6

	2024	1	6,211		3.1		298		(5.2)
		2	6,239		2.9		331		2.0
		3	6,265		3.3		379		5.5
		4	6,383		3.6		534		(4.5)

	2025	1	6,505		4.7		309		3.5


Aflac U.S.

	Aflac U.S. Product Mix
	(New Annualized Premium Sales)
	(In Millions)

1		Period	Disability		% of Total		Life		% of Total		Accident		% of Total		Critical Care (1)		% 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	%	$	1,093
		2021	296		23.1		114		9.0		321		25.1		273		21.3		209		16.4		65		5.1		1,278
		2022	378		25.5		156		10.5		338		22.8		299		20.1		226		15.3		85		5.8		1,483
		2023	399		25.6		188		12.0		326		20.9		322		20.7		225		14.5		98		6.3		1,558
		2024	406		26.3		219		14.2		302		19.6		322		20.9		212		13.7		82		5.3		1,543


	2023	1	79		25.2		26		8.3		74		23.5		64		20.5		50		15.9		21		6.6		315
		2	80		24.8		35		10.7		73		22.4		66		20.4		46		14.3		24		7.4		324
		3	101		28.2		54		15.0		72		19.9		67		18.6		45		12.6		20		5.7		359
		4	139		24.8		73		13.0		107		19.2		124		22.2		83		14.9		33		5.9		559

	2024	1	69		23.0		32		10.8		67		22.5		66		22.1		45		15.1		19		6.5		298
		2	85		25.7		41		12.4		70		21.2		70		21.1		45		13.7		19		5.9		331
		3	109		28.8		69		18.3		67		17.7		70		18.6		45		11.9		18		4.7		379
		4	143		26.8		77		14.4		97		18.2		115		21.6		76		14.3		25		4.7		534

	2025	1	70		22.8		39		12.5		65		21.1		68		21.8		46		15.0		21		6.8		309


Aflac U.S. Sales Force Data

		Recruited Agents
	Period	Career	Broker	Total	Average Weekly Producer Equivalents	Productivity (Production/ Avg. Weekly Producers)

	2020	11,826	1,861	13,687	5,918	184,706
	2021	10,641	5,445	16,086	5,993	213,235
	2022	9,550	1,500	11,050	6,186	239,786
	2023	10,103	1,463	11,566	6,239	249,663
	2024	9,994	1,366	11,360	6,271	256,210


2023	1	2,676	348	3,024	6,108	51,525
	2	2,801	399	3,200	6,196	52,361
	3	2,407	431	2,838	6,044	59,425
	4	2,219	285	2,504	6,608	84,645

2024	1	2,330	346	2,676	5,800	51,432
	2	3,113	422	3,535	6,098	54,262
	3	2,553	335	2,888	5,890	64,336
	4	1,998	263	2,261	6,271	85,225

2025	1	2,405	340	2,745	5,146	59,985

(1) Includes cancer, critical illness, and hospital intensive care products


Aflac Japan

	Statements of Pretax Adjusted Earnings
	(Before Management Fee)
	(In Millions)

		Years Ended December 31,										3 Months Ended March 31,
		2020		2021		2022		2023		2024			2024		2025		% Change
	Revenues:
	Net earned premiums:
	Gross premiums	¥	1,409,134	¥	1,290,527	¥	1,246,657	¥	1,212,654	¥	1,159,719		¥	296,056	¥	288,319
	Assumed (ceded)	(55,926)		(50,864)		(48,578)		(84,838)		(109,719)			(26,197)		(31,855)
	Total net earned premiums	1,353,208		1,239,663		1,198,079		1,127,816		1,050,000			269,859		256,464		(5.0)	%
1	Net investment income: (1)
	Yen denominated	138,397		138,513		149,449		138,073		133,059			34,351		33,983		(1.1)
	US$ denominated	167,541		202,905		215,171		247,277		280,628			62,996		56,310		(10.6)
	Net investment income	305,938		341,419		364,621		385,352		413,687			97,348		90,293		(7.2)
2	Amortized hedge costs on foreign investments (2)	(22,816)		(8,391)		(13,155)		(19,773)		(3,755)			(796)		(1,071)		34.5
	Adjusted net investment income	283,122		333,028		351,466		365,579		409,932			96,551		89,222		(7.6)
	Other income excl. realized foreign currency gains (losses)	4,497		4,512		4,442		4,720		4,109			1,183		796
	Total adjusted revenues	1,640,827		1,577,203		1,553,988		1,498,115		1,464,041			367,593		346,482		(5.7)

	Benefits and claims:
	Benefits and claims, net:
	Incurred claims -direct	734,471		743,247		788,572		781,774		815,894			224,857		239,635
	Incurred claims -assumed (ceded)	(37,806)		(31,798)		(36,141)		(70,748)		(82,320)			(19,407)		(26,056)
	Increase in FPB -direct	260,200		149,084		73,592		44,121		(26,672)			(23,025)		(47,233)
	Increase in FPB -assumed (ceded)	(11,377)		(11,425)		(5,618)		2,226		13,877			2,331		6,036
	Total benefits and claims, net, excluding reserve remeasurement	N/A		849,108		820,405		757,373		720,780			184,756		172,383
	Reserve remeasurement (gain) loss	N/A		(6,879)		(13,337)		(13,072)		(64,197)			(3,883)		(3,738)
	Total benefits and claims, net	945,487		842,229		807,068		744,301		656,583			180,873		168,645		(6.8)

	Adjusted expenses:
	Amortization of deferred policy acquisition costs	68,818		43,131		44,123		45,840		48,581			12,289		12,097		(1.6)
	Insurance commissions	79,036		77,449		73,482		68,751		65,889			16,988		15,992		(5.9)
	Insurance and other expenses	199,606		202,586		198,493		182,364		165,314			36,880		39,731		7.7
	Total adjusted expenses	347,460		323,166		316,097		296,955		279,784			66,157		67,821

	Total benefits and adjusted expenses	1,292,947		1,165,395		1,123,165		1,041,256		936,367			247,029		236,465		(4.3)

	Pretax adjusted earnings	¥	347,881	¥	411,808	¥	430,823	¥	456,859	¥	527,675		¥	120,564	¥	110,017	(8.7)	%

(1) Includes the net interest cash flows from derivatives associated with certain investment strategies

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


Aflac Japan

	Statements of Pretax Adjusted Earnings
	(Before Management Fee)
	(In Millions)

		Years Ended December 31,										3 Months Ended March 31,
		2020		2021		2022		2023		2024			2024		2025		% Change
	Revenues:
	Net earned premiums
	Gross premiums	$	13,193	$	11,765	$	9,558	$	8,649	$	7,654		$	1,992	$	1,890
	Assumed (ceded)	(524)		(463)		(372)		(602)		(724)			(176)		(209)
	Total net earned premiums	12,670		11,301		9,186		8,047		6,930			1,816		1,681		(7.4)	%
1	Net investment income (1)
	Yen denominated	1,296		1,262		1,140		985		879			231		224		(3.0)
	US$ denominated	1,569		1,845		1,641		1,755		1,849			424		369		(13.0)
	Net investment income	2,865		3,107		2,782		2,739		2,727			655		593		(9.5)
2	Amortized hedge costs on foreign investments (2)	(206)		(76)		(112)		(157)		(26)			(6)		(7)		16.7
	Adjusted net investment income	2,659		3,031		2,669		2,582		2,701			648		586		(9.6)
	Other income excl. realized foreign currency gains (losses)	42		41		35		35		28			9		5
	Total adjusted revenues	15,371		14,373		11,890		10,664		9,659			2,473		2,272		(8.1)

	Benefits and claims:
	Benefits and claims, net
	Incurred claims -direct	6,875		6,776		6,038		5,582		5,390			1,512		1,572
	Incurred claims -assumed (ceded)	(354)		(290)		(275)		(502)		(543)			(131)		(171)
	Increase in FPB -direct	2,437		1,356		562		314		(184)			(154)		(310)
	Increase in FPB -assumed (ceded)	(107)		(104)		(43)		15		99			16		40
	Total benefits and claims, net, excluding reserve remeasurement	N/A		7,738		6,282		5,409		4,761			1,243		1,130
	Reserve remeasurement (gain) loss	N/A		(62)		(91)		(96)		(444)			(26)		(25)
	Total benefits and claims, net	8,851		7,675		6,191		5,313		4,317			1,217		1,105		(9.2)

	Adjusted expenses:
	Amortization of deferred policy acquisition costs	644		393		338		326		321			83		79		(4.8)
	Insurance commissions	740		706		563		491		435			114		105		(7.9)
	Insurance and other expenses	1,873		1,843		1,517		1,300		1,092			249		261		4.8
	Total adjusted expenses	3,257		2,942		2,417		2,117		1,848			445		445

	Total benefits and adjusted expenses	12,108		10,618		8,609		7,430		6,165			1,663		1,550		(6.8)

	Pretax adjusted earnings	$	3,263	$	3,756	$	3,281	$	3,234	$	3,494		$	810	$	722	(10.9)	%

(1) Includes the net interest cash flows from derivatives associated with certain investment strategies.

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


Aflac Japan

	Balance Sheets
	(In Millions)

		December 31,										March 31,
		2020		2021		2022		2023		2024			2024		2025
	Assets:
	Investments and cash	¥	13,080,154	¥	13,645,902	¥	12,777,746	¥	12,566,939	¥	12,216,793		¥	12,993,051	¥	11,955,918
	Receivables, net of allowance for credit losses	20,782		22,439		23,138		24,848		31,172			60,415		38,813
	Accrued investment income	62,722		67,493		76,489		74,666		77,899			72,487		73,268
	Deferred policy acquisition costs	723,579		745,510		766,506		788,394		806,920			792,504		809,782
	Other assets	320,351		386,832		387,065		946,644		1,136,609			948,349		1,091,922
	Total assets	¥	14,207,588	¥	14,868,176	¥	14,030,944	¥	14,401,491	¥	14,269,393		¥	14,866,806	¥	13,969,701

	Liabilities and Shareholders' Equity:
	Future policy benefits	¥	9,175,501	¥	11,755,704	¥	10,315,140	¥	10,444,044	¥	9,630,864		¥	10,299,213	¥	9,219,327
	Policy and contract claims	328,778		—		28		465		754			653		833
	Unearned premiums	361,010		284,045		227,732		192,595		189,583			185,338		189,129
	Other policyholders' funds	808,429		877,690		880,989		874,854		863,699			882,723		876,538
	Income taxes (prim. deferred)	478,969		36,166		114,688		95,297		136,262			167,677		173,374
	Other liabilities	253,219		502,633		575,554		576,879		526,477			796,972		699,643
	Shareholders' equity	2,801,682		1,411,938		1,916,812		2,217,357		2,921,754			2,534,230		2,810,856
	Total liabilities & shareholders' equity	¥	14,207,588	¥	14,868,176	¥	14,030,944	¥	14,401,491	¥	14,269,393		¥	14,866,806	¥	13,969,701


Aflac Japan

	Balance Sheets
	(In Millions)

		December 31,										March 31,
		2020		2021		2022		2023		2024			2024		2025
	Assets:
	Investments and cash	$	126,378	$	118,639	$	96,290	$	88,606	$	77,233		$	85,814	$	79,962
	Receivables, net of allowance for credit losses	201		195		174		175		197			399		260
	Accrued investment income	606		587		576		526		492			479		490
	Deferred policy acquisition costs	6,991		6,482		5,776		5,559		5,102			5,234		5,416
	Other assets	3,095		3,363		2,917		6,675		7,186			6,263		7,303
	Total assets	$	137,271	$	129,266	$	105,734	$	101,541	$	90,210		$	98,189	$	93,430

	Liabilities and Shareholders' Equity:
	Future policy benefits	$	88,652	$	102,206	$	77,733	$	73,638	$	60,885		$	68,022	$	61,659
	Policy and contract claims	3,177		—		—		3		5			4		6
	Unearned premiums	3,488		2,470		1,716		1,358		1,199			1,224		1,265
	Other policyholders' funds	7,811		7,631		6,639		6,169		5,460			5,830		5,862
	Income taxes (prim. deferred)	4,630		314		781		619		884			1,088		1,153
	Other liabilities	2,447		4,369		4,337		4,067		3,328			5,264		4,679
	Shareholders' equity	27,068		12,276		14,528		15,687		18,449			16,757		18,806
	Total liabilities & shareholders' equity	$	137,271	$	129,266	$	105,734	$	101,541	$	90,210		$	98,189	$	93,430


Aflac Japan

	Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes
	(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	¥	1,353,208	(2.8)	%	¥	283,122	4.4	%	¥	1,640,827	(1.7)	%	¥	945,487	(2.3)	%	¥	68,818	(11.0)	%	¥	347,459	0.4	%	¥	347,881	(2.0)	%
		2021	1,239,663		(8.4)		333,028		17.6		1,577,203		(3.9)		842,229		(10.9)		43,131		(37.3)		323,166		(7.0)		411,808		18.4
		2022	1,198,079		(3.4)		351,466		5.5		1,553,988		(1.5)		807,068		(4.2)		44,123		2.3		316,097		(2.2)		430,823		4.6
		2023	1,127,816		(5.9)		365,579		4.0		1,498,115		(3.6)		744,301		(7.8)		45,840		3.9		296,955		(6.1)		456,859		6.0
		2024	1,050,000		(6.9)		409,932		12.1		1,464,041		(2.3)		656,583		(11.8)		48,581		6.0		279,784		(5.8)		527,675		15.5


	2023	1	287,048		(5.9)		80,931		2.4		369,145		(4.1)		192,270		(7.1)		11,281		3.6		72,625		(5.8)		104,251		3.2
		2	283,377		(6.2)		87,963		(6.4)		372,544		(6.2)		186,310		(9.0)		11,359		3.6		72,808		(7.9)		113,426		(0.1)
		3	285,305		(2.8)		98,866		7.2		385,363		(0.5)		185,855		(5.2)		11,435		3.3		73,068		(5.7)		126,440		11.4
		4	272,085		(8.5)		97,819		13.5		371,063		(3.5)		179,866		(9.7)		11,766		5.0		78,454		(4.9)		112,742		9.7

	2024	1	269,859		(6.0)		96,551		19.3		367,593		(0.4)		180,873		(5.9)		12,289		8.9		66,157		(8.9)		120,564		15.6
		2	267,319		(5.7)		112,987		28.4		381,181		2.3		178,904		(4.0)		11,995		5.6		67,754		(6.9)		134,523		18.6
		3	255,397		(10.5)		98,969		0.1		355,332		(7.8)		125,548		(32.4)		12,257		7.2		71,039		(2.8)		158,745		25.5
		4	257,425		(5.4)		101,425		3.7		359,935		(3.0)		171,258		(4.8)		12,040		2.3		74,834		(4.6)		113,843		1.0

	2025	1	256,464		(5.0)		89,222		(7.6)		346,482		(5.7)		168,645		(6.8)		12,097		(1.6)		67,821		2.5		110,017		(8.7)


Aflac Japan

	Operating Ratios
	(Before Management Fee)

1		Period	12-Month Rolling Premium Persistency (1)		Total Benefit/ Premium		Total Benefit/ Premiums (3rd sector)		Amortization/ Premium		Total Adjusted Expenses/ Total Adjusted Revenue		Combined Ratio/ Total Adjusted Revenue		Pretax Profit Margin

		2020	95.1	%	69.9	%	59.7	%	5.1	%	21.2	%	78.8	%	21.2	%
		2021	94.3		67.9		58.7		3.5		20.5		73.9		26.1
		2022	94.1		67.4		58.5		3.7		20.3		72.3		27.7
		2023	93.4		66.0		56.2		4.1		19.8		69.5		30.5
		2024	93.4		62.5		53.5		4.6		19.1		64.0		36.0
		2025 YTD	93.8		65.8		56.3		4.7		19.6		68.2		31.8

	2023	1	93.9		67.0		57.7		3.9		19.7		71.8		28.2
		2	93.8		65.7		56.2		4.0		19.5		69.6		30.4
		3	93.5		65.1		54.8		4.0		19.0		67.2		32.8
		4	93.4		66.1		56.2		4.3		21.1		69.6		30.4

	2024	1	93.4		67.0		57.5		4.6		18.0		67.2		32.8
		2	93.3		66.9		57.8		4.5		17.8		64.7		35.3
		3	93.3		49.2		41.8		4.8		20.0		55.3		44.7
		4	93.4		66.5		56.9		4.7		20.8		68.4		31.6

	2025	1	93.8		65.8		56.3		4.7		19.6		68.2		31.8

(1) Premium persistency presented on a 12-month rolling basis for all periods, rather than year to date. Beginning January 2025, the Company implemented a new methodology of calculating persistency rate which excludes starting annuity payment transfers, premium halving and waiver premium from the terminations; prior periods have not been retroactively adjusted.


Aflac Japan

	Aflac Japan Sales Results
	(In Millions, unless otherwise noted)

		Period	Annualized Premium In Force (Billions)		% Change		Third Sector New Annualized Premium Sales		% Change		Total New Annualized Premium Sales		% Change

		2020	¥	1,426.5	(4.2)	%	¥	45,110	(38.1)	%	¥	50,852	(36.2)	%
		2021	1,360.6		(4.7)		48,977		8.6		54,764		7.7
		2022	1,301.0		(4.4)		47,998		(2.0)		54,765		—
		2023	1,246.4		(4.2)		52,234		8.8		60,730		10.9
		2024	1,209.0		(3.0)		47,651		(8.8)		64,111		5.6


	2023	1	1,281.4		(4.8)		10,952		2.6		13,213		10.8
		2	1,268.4		(4.8)		13,964		22.8		16,112		26.6
		3	1,257.4		(4.4)		13,606		7.7		15,600		12.4
		4	1,246.4		(4.2)		13,711		3.0		15,805		(2.6)

	2024	1	1,232.6		(3.8)		10,767		(1.7)		12,534		(5.1)
		2	1,222.5		(3.6)		12,712		(9.0)		16,833		4.5
		3	1,216.7		(3.2)		11,925		(12.4)		17,522		12.3
		4	1,209.0		(3.0)		12,246		(10.7)		17,222		9.0

	2025	1	1,199.1		(2.7)		10,655		(1.0)		14,112		12.6


Aflac Japan

	Aflac Japan Product Mix
	(New Annualized Premium Sales)
	(In Billions)

		Period	Cancer		% of Total		Medical and Other Health		% of Total		Child Endowment		% of Total		WAYS		% of Total		Ordinary Life Other		% of Total		Other		% of Total		Total

		2020	¥	28.8	56.6	%	¥	16.4	32.2	%	¥	0.2	0.4	%	¥	0.4	0.7	%	¥	4.8	9.5	%	¥	0.3	0.6	%	¥	50.9
		2021	27.0		49.2		20.7		37.7		0.2		0.3		0.4		0.8		4.9		9.0		1.6		3.0		54.8
		2022	30.9		56.5		15.3		27.9		0.2		0.3		1.9		3.5		4.5		8.1		2.0		3.7		54.8
		2023	38.9		64.1		12.6		20.6		0.2		0.4		4.1		6.8		3.9		6.5		1.0		1.6		60.7
		2024	36.9		57.5		10.4		16.1		0.1		0.2		1.4		2.2		14.8		23.0		0.6		1.0		64.1


	2023	1	7.9		59.9		2.8		21.4		0.1		0.6		1.2		8.9		1.0		7.3		0.2		1.9		13.2
		2	10.9		67.7		2.9		17.9		0.1		0.4		1.0		6.6		1.0		6.1		0.2		1.3		16.1
		3	10.3		65.6		3.2		20.4		0.1		0.4		0.9		6.0		0.9		6.1		0.2		1.5		15.6
		4	9.9		62.5		3.7		23.2		—		0.3		0.9		6.0		1.1		6.6		0.2		1.4		15.8

	2024	1	7.9		63.2		2.7		21.4		—		0.3		0.7		5.3		1.0		8.1		0.2		1.7		12.5
		2	9.9		58.8		2.7		16.0		—		0.2		0.4		2.3		3.7		21.8		0.1		0.9		16.8
		3	9.7		55.1		2.2		12.4		—		0.1		0.1		0.8		5.4		30.8		0.1		0.8		17.5
		4	9.4		54.5		2.7		16.1		—		0.1		0.2		1.3		4.7		27.1		0.1		0.9		17.2

	2025	1	8.4		59.7		2.1		15.3		—		0.1		0.2		1.8		3.2		22.3		0.1		0.8		14.1


Aflac Japan

	Aflac Japan Sales Force Data

			Number of Agencies by Type				Sales Contribution by Agency Type
1		Period	Individual/ Independent Corporate	Affiliated Corporate	Bank	Total	Individual/ Independent Corporate		Affiliated Corporate		Bank		Licensed Sales Associates (1)	Recruited Agencies

		2020	7,231	1,312	361	8,904	52.3	%	42.6	%	5.1	%	111,886	48
		2021	6,779	1,283	360	8,422	51.1		43.7		5.2		111,854	62
		2022	6,159	1,239	359	7,757	49.5		46.5		4.0		110,259	38
		2023	5,751	1,203	360	7,314	46.7		50.0		3.3		113,010	24
		2024	5,384	1,166	360	6,910	48.2		48.6		3.2		113,836	50


	2023	1	6,056	1,232	359	7,647	50.9		45.4		3.7		109,769	4
		2	5,947	1,219	360	7,526	44.8		52.5		2.7		112,593	5
		3	5,843	1,211	360	7,414	44.4		51.9		3.7		112,795	6
		4	5,751	1,203	360	7,314	47.7		49.2		3.1		113,010	9

	2024	1	5,659	1,191	360	7,210	48.9		48.0		3.1		112,645	12
		2	5,542	1,180	360	7,082	49.5		48.4		2.1		114,424	12
		3	5,464	1,176	360	7,000	46.2		50.2		3.6		114,473	19
		4	5,384	1,166	360	6,910	48.5		47.7		3.8		113,836	7

	2025	1	5,300	1,155	358	6,813	52.8		43.8		3.4		112,996	18

(1) Excludes Dai-ichi Life, banks, Japan Post Group and Daido Life


Aflac Japan

	Yen/Dollar Exchange Rates

1		Period	Closing Rate(1)	Quarterly Average	Yearly Cumulative Average	% Change

		2020	103.50	N/A	106.86	2.1	%
		2021	115.02	N/A	109.79	(2.7)
		2022	132.70	N/A	130.17	(15.7)
		2023	141.83	N/A	140.57	(7.4)
		2024	158.18	N/A	150.97	(6.9)


	2023	1	133.53	132.30	132.30	(12.2)
		2	144.99	137.53	134.97	(9.0)
		3	149.58	144.97	138.38	(8.5)
		4	141.83	148.11	140.57	(7.4)

	2024	1	151.41	148.67	148.67	(11.0)
		2	161.07	155.70	152.30	(11.4)
		3	142.73	147.95	150.60	(8.1)
		4	158.18	152.35	150.97	(6.9)

	2025	1	149.52	152.40	152.40	(2.4)

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


Corporate and Other

	Statements of Pretax Adjusted Earnings
	(Before Management Fee)
	(In Millions)

		Years Ended December 31,										3 Months Ended March 31,
		2020		2021		2022		2023		2024			2024		2025		% Change
	Revenues:
	Total net earned premiums	$	194	$	180	$	145	$	400	$	680		$	165	$	198	20.0	%
1	Net investment income (1)	80		(73)		30		(77)		201			51		96		88.2
2	Amortized hedge income (2)	97		57		68		121		113			28		30		7.1
	Adjusted net investment income	177		(16)		98		44		314			79		126		59.5
	Other income	13		11		24		15		13			3		2		(33.3)
	Total adjusted revenues	384		175		267		460		1,007			247		326		32.0

	Benefits and expenses:
	Total benefits and claims, net, excluding reserve remeasurement	180		161		141		470		426			108		125		15.7
	Reserve remeasurement (gain) loss	—		—		—		(3)		(19)			(1)		(1)		—
	Total benefits and claims, net	180		161		141		467		407			107		124		15.9
	Interest expense	164		165		162		144		156			36		45		25.0
	Other adjusted expenses	155		142		181		273		412			107		114		6.5
	Total benefits and adjusted expenses	499		469		485		885		975			250		283		13.2

	Pretax adjusted earnings	$	(115)	$	(293)	$	(218)	$	(425)	$	32		$	(3)	$	43	1,533.3	%

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

Non-U.S. GAAP Financial Measures

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

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

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


•			Adjusted book value is the U.S. GAAP book value (representing total shareholders’ equity), less 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.


•			Adjusted earnings are adjusted revenues less benefits and adjusted expenses. Adjusted earnings per share (basic or diluted) are the adjusted earnings for the period divided by the weighted average outstanding shares (basic or diluted) for the period presented. The adjustments to both revenues and expenses account for certain items that are outside of management’s control because they tend to be driven by general economic conditions and events or are related to infrequent activities not directly associated with insurance operations. Adjusted revenues are U.S. GAAP total revenues excluding adjusted net investment gains and losses. Adjusted expenses are U.S. GAAP total acquisition and operating expenses including the impact of interest from derivatives associated with notes payable but excluding any non-recurring or other items not associated with the normal course of the Company’s insurance operations and that do not reflect the Company's underlying business performance. Management uses adjusted earnings and adjusted earnings per diluted share to evaluate the financial performance of the Company’s insurance operations on a consolidated basis and believes that a presentation of these financial measures is vitally important to an understanding of the underlying profitability drivers and trends of the Company’s insurance business. The most comparable U.S. GAAP financial measures for adjusted earnings and adjusted earnings per share (basic or diluted) are net earnings and net earnings per share, respectively.
•			Adjusted earnings excluding current period foreign currency impact are computed using the average foreign currency exchange rate for the comparable prior-year period, which eliminates fluctuations driven solely by foreign currency exchange rate changes. Adjusted earnings per diluted share excluding current period foreign currency impact is adjusted earnings excluding current period foreign currency impact divided by the weighted average outstanding diluted shares for the period presented. The Company considers adjusted earnings excluding current period foreign currency impact and adjusted earnings per diluted share excluding current period foreign currency impact important because a significant portion of the Company's business is conducted in Japan and foreign exchange rates are outside management’s control; therefore, the Company believes it is important to understand the impact of translating foreign currency (primarily Japanese yen) into U.S. dollars. The most comparable U.S. GAAP financial measures for adjusted earnings excluding current period foreign currency impact and adjusted earnings per diluted share excluding current period foreign currency impact are net earnings and net earnings per share, respectively.
•			Amortized hedge costs/income represent costs/income incurred or recognized as a result of using foreign currency derivatives to hedge certain foreign exchange risks in the Company's Japan segment or in Corporate and other. These amortized hedge costs/income are estimated at the inception of the derivatives based on the specific terms of each contract and are recognized on a straight-line basis over the contractual term of the derivative. The Company believes that amortized hedge costs/income measure the periodic currency risk management costs/income related to hedging certain foreign currency exchange risks and are an important component of net investment income. There is no comparable U.S. GAAP financial measure for amortized hedge costs/income.
•			Adjusted net investment gains and losses are net investment gains and losses adjusted for i) amortized hedge cost/income related to foreign currency exposure management strategies and certain derivative activity, ii) net interest income/expense from foreign currency and interest rate derivatives associated with certain investment strategies, which are both reclassified to net investment income, and iii) the impact of interest from derivatives associated with notes payable, which is reclassified to interest expense as a component of total adjusted expenses. The Company considers adjusted net investment gains and losses important as it represents the remainder amount that is considered outside management’s control, while excluding the components that are within management’s control and are accordingly reclassified to net investment income and interest expense. The most comparable U.S. GAAP financial measure for adjusted net investment gains and losses is net investment gains and losses.
•			Adjusted net investment income is net investment income adjusted for i) amortized hedge cost/income related to foreign currency exposure management strategies and certain derivative activity, and ii) net interest income/expense from foreign currency and interest rate derivatives associated with certain investment strategies, which are reclassified from net investment gains and losses to net investment income. The Company considers adjusted net investment income important because it provides a more comprehensive understanding of the costs and income associated with the Company’s investments and related hedging strategies. The most comparable U.S. GAAP financial measure for adjusted net investment income is net investment income.
•			Adjusted return on equity is annualized adjusted earnings divided by average shareholders’ equity, excluding accumulated other comprehensive income (AOCI). Management uses adjusted return on equity to evaluate the financial performance of the Company’s insurance operations on a consolidated basis and believes that a presentation of this financial measure is vitally important to an understanding of the underlying profitability drivers and trends of the Company’s insurance business. The Company considers adjusted return on equity important as it excludes components of AOCI, which fluctuate due to market movements that are outside management's control. The most comparable U.S. GAAP financial measure for adjusted return on equity is return on average equity (ROE) as determined using annualized net earnings and average total shareholders’ equity.
•			Adjusted return on equity excluding foreign currency remeasurement is annualized adjusted earnings divided by average shareholders’ equity, excluding both accumulated other comprehensive income and the cumulative [beginning January 1, 2021] foreign currency gains/losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. The Company considers adjusted return on equity excluding foreign currency remeasurement important because it excludes both accumulated other comprehensive income and the cumulative foreign currency remeasurement gains/losses, which fluctuate due to market movements that are outside management's control. The most comparable U.S. GAAP financial measure for adjusted return on equity excluding foreign currency remeasurement is return on average equity as determined using annualized net earnings and average total shareholders’ equity.