SHAREHOLDERS' EQUITY (Tables)

6 Months Ended

Jun. 30, 2026

Stockholders' Equity Note [Abstract]

Schedule of Common Stock Outstanding Roll Forward

The following table is a reconciliation of the number of shares of the Company's common stock for the six-month periods ended June 30.


(In thousands of shares)	2026	2025
Common stock - issued:
Balance, beginning of period	1,357,909	1,356,763
Exercise of stock options and issuance of restricted shares	921	1,027
Balance, end of period	1,358,830	1,357,790
Treasury stock:
Balance, beginning of period	839,219	806,799
Purchases of treasury stock:
Share repurchase program	17,534	16,413
Other	357	402
Dispositions of treasury stock:
Shares issued to AFL Stock Plan	(328)	(366)
Exercise of stock options	(42)	(41)
Other	(167)	(226)
Balance, end of period	856,573	822,981
Shares outstanding, end of period	502,257	534,809

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table presents the approximate number of share-based awards to purchase shares, on a weighted-average basis, that were considered to be anti-dilutive and were excluded from the calculation of diluted EPS for the following periods.


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2026		2025		2026		2025
Anti-dilutive share-based awards		26		2		148		1

Changes in Accumulated Other Comprehensive Income (Loss)

The tables below are reconciliations of accumulated other comprehensive income by component for the following periods.

Changes in Accumulated Other Comprehensive Income


Three Months Ended June 30, 2026
(In millions)	Unrealized Foreign Currency Translation Gains (Losses)			Unrealized Gains (Losses) on Fixed Maturity Securities			Unrealized Gains (Losses) on Derivatives			Effect of Changes in Discount Rate Assumptions			Pension Liability Adjustment			Total
Balance at March 31, 2026		$	(4,961)		$	(2,665)		$	(16)		$	9,458		$	85		$	1,901
Other comprehensive income (loss) before reclassification		(87)			(281)			0			957			(1)			588
Amounts reclassified from accumulated other comprehensive income (loss)		0			193			0			0			(1)			192
Net current-period other comprehensive income (loss)		(87)			(88)			0			957			(2)			780
Balance at June 30, 2026		$	(5,048)		$	(2,753)		$	(16)		$	10,415		$	83		$	2,681

All amounts in the table above are net of tax.


Three Months Ended June 30, 2025
(In millions)	Unrealized Foreign Currency Translation Gains (Losses)			Unrealized Gains (Losses) on Fixed Maturity Securities			Unrealized Gains (Losses) on Derivatives			Effect of Changes in Discount Rate Assumptions			Pension Liability Adjustment			Total
Balance at March 31, 2025		$	(4,549)		$	(1,233)		$	(18)		$	3,899		$	42		$	(1,859)
Other comprehensive income (loss) before reclassification		267			(606)			0			1,695			(1)			1,355
Amounts reclassified from accumulated other comprehensive income (loss)		0			11			1			0			1			13
Net current-period other comprehensive income (loss)		267			(595)			1			1,695			0			1,368
Balance at June 30, 2025		$	(4,282)		$	(1,828)		$	(17)		$	5,594		$	42		$	(491)

All amounts in the table above are net of tax.


Six Months Ended June 30, 2026
(In millions)	Unrealized Foreign Currency Translation Gains (Losses)			Unrealized Gains (Losses) on Fixed Maturity Securities			Unrealized Gains (Losses) on Derivatives			Effect of Changes in Discount Rate Assumptions			Pension Liability Adjustment			Total
Balance at December 31, 2025		$	(4,847)		$	(1,809)		$	(13)		$	8,035		$	86		$	1,452
Other comprehensive income (loss) before reclassification		(201)			(1,148)			0			2,380			(2)			1,029
Amounts reclassified from accumulated other comprehensive income (loss)		0			204			(3)			0			(1)			200
Net current-period other comprehensive income (loss)		(201)			(944)			(3)			2,380			(3)			1,229
Balance at June 30, 2026		$	(5,048)		$	(2,753)		$	(16)		$	10,415		$	83		$	2,681

All amounts in the table above are net of tax.


Six Months Ended June 30, 2025
(In millions)	Unrealized Foreign Currency Translation Gains (Losses)			Unrealized Gains (Losses) on Fixed Maturity Securities			Unrealized Gains (Losses) on Derivatives			Effect of Changes in Discount Rate Assumptions			Pension Liability Adjustment			Total
Balance at December 31, 2024		$	(4,998)		$	24		$	(20)		$	2,006		$	10		$	(2,978)
Other comprehensive income (loss) before reclassification		716			(1,831)			1			3,588			32			2,506
Amounts reclassified from accumulated other comprehensive income (loss)		0			(21)			2			0			0			(19)
Net current-period other comprehensive income (loss)		716			(1,852)			3			3,588			32			2,487
Balance at June 30, 2025		$	(4,282)		$	(1,828)		$	(17)		$	5,594		$	42		$	(491)

All amounts in the table above are net of tax.

Reclassification Out Of Accumulated Other Comprehensive Income

The tables below summarize the amounts reclassified from each component of accumulated other comprehensive income into net earnings for the following periods.

Reclassifications Out of Accumulated Other Comprehensive Income


(In millions)	Three Months Ended June 30, 2026
Details about Accumulated Other Comprehensive Income Components	Amount Reclassified from Accumulated Other Comprehensive Income			Affected Line Item in the Statements of Earnings
Unrealized gains (losses) on available-for-sale securities		$	(244)	Net investment gains (losses)
		51		Tax (expense) or benefit(1)
		$	(193)	Net of tax
Unrealized gains (losses) on derivatives		$	0	Net investment gains (losses)
		0		Tax (expense) or benefit(1)
		$	0	Net of tax
Amortization of defined benefit pension items:
Actuarial gains (losses)		$	1	Acquisition and operating expenses(2)
Prior service (cost) credit		0		Acquisition and operating expenses(2)
		0		Tax (expense) or benefit(1)
		$	1	Net of tax
Total reclassifications for the period		$	(192)	Net of tax

(1) Based on 21% tax rate

(2) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost (see Note 12 for additional details).


(In millions)	Three Months Ended June 30, 2025
Details about Accumulated Other Comprehensive Income Components	Amount Reclassified from Accumulated Other Comprehensive Income			Affected Line Item in the Statements of Earnings
Unrealized gains (losses) on available-for-sale securities		$	(14)	Net investment gains (losses)
		3		Tax (expense) or benefit(1)
		$	(11)	Net of tax
Unrealized gains (losses) on derivatives		$	(1)	Net investment gains (losses)
		0		Tax (expense) or benefit(1)
		$	(1)	Net of tax
Amortization of defined benefit pension items:
Actuarial gains (losses)		$	(1)	Acquisition and operating expenses(2)
Prior service (cost) credit		0		Acquisition and operating expenses(2)
		0		Tax (expense) or benefit(1)
		$	(1)	Net of tax
Total reclassifications for the period		$	(13)	Net of tax

(1) Based on 21% tax rate

(2) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost (see Note 12 for additional details).


(In millions)	Six Months Ended June 30, 2026
Details about Accumulated Other Comprehensive Income Components	Amount Reclassified from Accumulated Other Comprehensive Income			Affected Line Item in the Statements of Earnings
Unrealized gains (losses) on available-for-sale securities		$	(258)	Net investment gains (losses)
		54		Tax (expense) or benefit(1)
		$	(204)	Net of tax
Unrealized gains (losses) on derivatives		$	4	Net investment gains (losses)


		(1)		Tax (expense) or benefit(1)
		$	3	Net of tax
Amortization of defined benefit pension items:
Actuarial gains (losses)		$	1	Acquisition and operating expenses(2)
Prior service (cost) credit		0		Acquisition and operating expenses(2)
		0		Tax (expense) or benefit(1)
		$	1	Net of tax
Total reclassifications for the period		$	(200)	Net of tax

(1) Based on 21% tax rate

(2) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost (see Note 12 for additional details).


(In millions)	Six Months Ended June 30, 2025
Details about Accumulated Other Comprehensive Income Components	Amount Reclassified from Accumulated Other Comprehensive Income			Affected Line Item in the Statements of Earnings
Unrealized gains (losses) on available-for-sale securities		$	26	Net investment gains (losses)
		(5)		Tax (expense) or benefit(1)
		$	21	Net of tax
Unrealized gains (losses) on derivatives		$	(2)	Net investment gains (losses)
		0		Tax (expense) or benefit(1)
		$	(2)	Net of tax
Amortization of defined benefit pension items:
Actuarial gains (losses)		$	0	Acquisition and operating expenses(2)
Prior service (cost) credit		0		Acquisition and operating expenses(2)
		0		Tax (expense) or benefit(1)
		$	0	Net of tax
Total reclassifications for the period		$	19	Net of tax

(1) Based on 21% tax rate

(2) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost (see Note 12 for additional details).