BUSINESS SEGMENT INFORMATION (Tables)

Information regarding operations by reportable segment and Corporate and other is presented in the following tables.


	Three Months Ended March 31,
(In millions)		2026		2025
Revenues:
Aflac Japan:
Net earned premiums (1)		$	1,573	$	1,681
Adjusted net investment income		591		586
Other income		8		5
Total adjusted revenue Aflac Japan		2,172		2,272
Aflac U.S.:
Net earned premiums		1,555		1,502
Adjusted net investment income		201		202
Other income		23		17
Total adjusted revenue Aflac U.S.		1,779		1,721
Corporate and other (2)		292		326
Total adjusted revenues		4,243		4,319
Net investment gains (losses)		49		(963)
Reconciling items:
Amortized hedge costs		15		7
Amortized hedge income		(18)		(30)
Net interest (income) expense from derivatives associated with certain investment strategies		57		65
Total revenues		$	4,346	$	3,398

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

(2) The change in value of federal historic rehabilitation and solar investments in partnerships of $5 and $8 for the three-month periods ended March 31, 2026 and 2025, respectively, is included as a reduction to net investment income. Tax credits on these investments of $5 and $7 for the three-month periods ended March 31, 2026 and 2025, respectively, have been reported as an income tax benefit in the consolidated statements of earnings. See Note 1 of the Notes to the Consolidated Financial Statements in the 2025 Annual Report for additional information on these investments.


	Three Months Ended March 31,
(In millions)		2026		2025
Adjusted revenues:
Aflac Japan (1)		$	2,172	$	2,272
Aflac U.S.		1,779		1,721
Corporate and other (2)		292		326
Total adjusted revenues		4,243		4,319
Benefits and adjusted expenses:
Aflac Japan:
Benefits and claims, excluding reserve remeasurement		1,035		1,130
Reserve remeasurement (gains) losses		(45)		(25)
Total benefits and claims, net		990		1,105
Adjusted expenses:
Amortization of deferred policy acquisition costs		78		79
Insurance commissions		95		105
Insurance and other expenses		250		261
Total benefits and adjusted expenses Aflac Japan		1,413		1,550
Aflac U.S.:
Benefits and claims, excluding reserve remeasurement		770		731
Reserve remeasurement (gains) losses		(36)		(15)
Total benefits and claims, net		734		716
Adjusted expenses:
Amortization of deferred policy acquisition costs		143		137
Insurance commissions		142		135
Insurance and other expenses		397		375
Total benefits and adjusted expenses Aflac U.S.		1,416		1,363
Corporate and other		292		283
Total adjusted expenses		$	3,121	$	3,196
Pretax earnings:
Aflac Japan (1)		$	759	$	722
Aflac U.S.		363		358
Corporate and other (2)		0		43
Pretax adjusted earnings		1,122		1,123
Other income (loss)		0		(53)
Net investment gains (losses)		49		(963)
Reconciling items:
Amortized hedge costs		15		7
Amortized hedge income		(18)		(30)
Net interest (income) expense from derivatives associated with certain investment strategies		57		65
Impact of interest from derivatives associated with notes payable		0		(4)
Total earnings before income taxes		$	1,225	$	145
Income taxes applicable to pretax adjusted earnings		$	221	$	217
Effect of foreign currency translation on after-tax adjusted earnings		(8)		(8)

(2) The change in value of federal historic rehabilitation and solar investments in partnerships of $5 and $8 for the three-month periods ended March 31, 2026, and 2025, respectively, is included as a reduction to net investment income. Tax credits on these investments of $5 and $7 for the three-month periods ended March 31, 2026, and 2025, respectively, have been reported as an income tax benefit in the consolidated statements of earnings. See Note 1 of the Notes to the Consolidated Financial Statements in the 2025 Annual Report for additional information on these investments.


(In millions)	March 31, 2026			December 31, 2025
Assets:
Aflac Japan		$	88,446		$	88,537
Aflac U.S.		22,587			22,317
Corporate and other		5,247			5,616
Total assets		$	116,280		$	116,470