BUSINESS SEGMENT INFORMATION (Tables)

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2026		2025		2026		2025
Revenues:
Aflac Japan:
Net earned premiums (1)	$	1,508	$	1,663	$	4,618	$	5,105
Adjusted net investment income	639		665		1,846		1,950
Other income	9		7		25		24
Total adjusted revenue Aflac Japan	2,156		2,335		6,489		7,079
Aflac U.S.:
Net earned premiums	1,544		1,495		4,638		4,501
Adjusted net investment income	212		214		621		623
Other income	25		19		72		53
Total adjusted revenue Aflac U.S.	1,781		1,728		5,331		5,177
Corporate and other (2)	360		343		943		1,005
Total adjusted revenues	4,297		4,406		12,763		13,261
Net investment gains (losses)	(1,072)		275		(1,176)		(1,109)
Reconciling items:
Amortized hedge costs	11		13		38		31
Amortized hedge income	(14)		(20)		(51)		(80)
Net interest (income) expense from derivatives associated with certain investment strategies	49		66		160		195
Total revenues	$	3,271	$	4,740	$	11,734	$	12,298

(1) Includes a gain (loss) of $52 and $(55) for the three-month periods and $52 and $(55) for the nine-month periods ended September 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 $4 and $6 for the three-month periods and $15 and $22 for the nine-month periods ended September 30, 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 and $16 and $24 for the nine-month periods ended September 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 September 30,				Nine Months Ended September 30,
(In millions)	2026		2025		2026		2025
Adjusted revenues:
Aflac Japan (1)	$	2,156	$	2,335	$	6,489	$	7,079
Aflac U.S.	1,781		1,728		5,331		5,177
Corporate and other (2)	360		343		943		1,005
Total adjusted revenues	4,297		4,406		12,763		13,261
Benefits and adjusted expenses:
Aflac Japan:
Benefits and claims, excluding reserve remeasurement	938		1,130		2,979		3,446
Reserve remeasurement (gains) losses	(201)		(474)		(269)		(513)
Total benefits and claims, net	737		656		2,710		2,933
Adjusted expenses:
Amortization of deferred policy acquisition costs	79		81		233		245
Insurance commissions	93		111		282		328
Insurance and other expenses	286		271		803		845
Total benefits and adjusted expenses Aflac Japan	1,195		1,119		4,028		4,351
Aflac U.S.:
Benefits and claims, excluding reserve remeasurement	790		752		2,342		2,219
Reserve remeasurement (gains) losses	(161)		(71)		(217)		(110)
Total benefits and claims, net	629		681		2,125		2,109
Adjusted expenses:
Amortization of deferred policy acquisition costs	141		137		426		410
Insurance commissions	144		143		431		417
Insurance and other expenses	374		392		1,123		1,120
Total benefits and adjusted expenses Aflac U.S.	1,288		1,353		4,105		4,056
Corporate and other	288		274		881		873
Total adjusted expenses	$	2,771	$	2,746	$	9,014	$	9,280
Pretax earnings:
Aflac Japan (1)	$	961	$	1,216	$	2,461	$	2,728
Aflac U.S.	493		375		1,226		1,121
Corporate and other (2)	72		69		62		132
Pretax adjusted earnings	1,526		1,660		3,749		3,981
Other income (loss)	0		(1)		0		(54)
Net investment gains (losses)	(1,072)		275		(1,176)		(1,109)
Reconciling items:
Amortized hedge costs	11		13		38		31
Amortized hedge income	(14)		(20)		(51)		(80)
Net interest (income) expense from derivatives associated with certain investment strategies	49		66		160		195
Impact of interest from derivatives associated with notes payable	0		1		0		(3)
Total earnings before income taxes	$	500	$	1,994	$	2,720	$	2,961
Income taxes applicable to pretax adjusted earnings	$	312	$	333	$	751	$	791
Effect of foreign currency translation on after-tax adjusted earnings	(14)		1		(49)		16

(1) Includes a gain (loss) of $52 and $(55) for the three-month periods and $52 and $(55) nine-month periods ended September 30, 2026 and 2025, respectively, related to remeasurement of the deferred profit liability for limited-payment contracts.


(In millions)	September 30, 2026			December 31, 2025
Assets:
Aflac Japan		$	87,598		$	88,537
Aflac U.S.		21,927			22,317
Corporate and other		3,986			5,616
Total assets		$	113,511		$	116,470