BUSINESS SEGMENT INFORMATION (Tables)

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


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2026		2025		2026		2025
Revenues:
Aflac Japan:
Net earned premiums (1)	$	1,537	$	1,761	$	3,110	$	3,442
Adjusted net investment income	616		699		1,207		1,285
Other income	8		12		16		17
Total adjusted revenue Aflac Japan	2,161		2,472		4,333		4,744
Aflac U.S.:
Net earned premiums	1,539		1,504		3,094		3,006
Adjusted net investment income	208		207		409		409
Other income	24		17		47		34
Total adjusted revenue Aflac U.S.	1,771		1,728		3,550		3,449
Corporate and other (2)	291		336		583		662
Total adjusted revenues	4,223		4,536		8,466		8,855
Net investment gains (losses)	(153)		(421)		(104)		(1,384)
Reconciling items:
Amortized hedge costs	12		11		27		18
Amortized hedge income	(19)		(30)		(37)		(60)
Net interest (income) expense from derivatives associated with certain investment strategies	54		64		111		129
Total revenues	$	4,117	$	4,160	$	8,463	$	7,558

(1) Includes a gain (loss) of an immaterial amount for the three- and six-month periods ended June 30, 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 $6 and $8 for the three-month periods and $11 and $16 for the six-month periods ended June 30, 2026 and 2025, respectively, is included as a reduction to net investment income. Tax credits on these investments of $5 and $9 for the three-month periods and $10 and $16 for the six-month periods ended June 30, 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 June 30,				Six Months Ended June 30,
(In millions)	2026		2025		2026		2025
Adjusted revenues:
Aflac Japan (1)	$	2,161	$	2,472	$	4,333	$	4,744
Aflac U.S.	1,771		1,728		3,550		3,449
Corporate and other (2)	291		336		583		662
Total adjusted revenues	4,223		4,536		8,466		8,855
Benefits and adjusted expenses:
Aflac Japan:
Benefits and claims, excluding reserve remeasurement	1,006		1,186		2,041		2,316
Reserve remeasurement (gains) losses	(23)		(14)		(68)		(39)
Total benefits and claims, net	983		1,172		1,973		2,277
Adjusted expenses:
Amortization of deferred policy acquisition costs	76		85		154		164
Insurance commissions	94		112		189		217
Insurance and other expenses	267		313		517		574
Total benefits and adjusted expenses Aflac Japan	1,420		1,682		2,833		3,232
Aflac U.S.:
Benefits and claims, excluding reserve remeasurement	782		736		1,552		1,467
Reserve remeasurement (gains) losses	(20)		(24)		(56)		(39)
Total benefits and claims, net	762		712		1,496		1,428
Adjusted expenses:
Amortization of deferred policy acquisition costs	142		136		285		273
Insurance commissions	145		139		287		274
Insurance and other expenses	352		353		749		728
Total benefits and adjusted expenses Aflac U.S.	1,401		1,340		2,817		2,703
Corporate and other	301		316		593		599
Total adjusted expenses	$	3,122	$	3,338	$	6,243	$	6,534
Pretax earnings:
Aflac Japan (1)	$	741	$	790	$	1,500	$	1,512
Aflac U.S.	370		388		733		746
Corporate and other (2)	(10)		20		(10)		63
Pretax adjusted earnings	1,101		1,198		2,223		2,321
Other income (loss)	0		0		0		(53)
Net investment gains (losses)	(153)		(421)		(104)		(1,384)
Reconciling items:
Amortized hedge costs	12		11		27		18
Amortized hedge income	(19)		(30)		(37)		(60)
Net interest (income) expense from derivatives associated with certain investment strategies	54		64		111		129
Impact of interest from derivatives associated with notes payable	0		0		0		(4)
Total earnings before income taxes	$	995	$	822	$	2,220	$	967
Income taxes applicable to pretax adjusted earnings	$	218	$	241	$	439	$	458
Effect of foreign currency translation on after-tax adjusted earnings	(27)		23		(35)		15


(In millions)	June 30, 2026			December 31, 2025
Assets:
Aflac Japan		$	87,121		$	88,537
Aflac U.S.		22,968			22,317
Corporate and other		5,872			5,616
Total assets		$	115,961		$	116,470