BUSINESS SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

Reconciliation of Revenue from Segments to Consolidated

Information regarding operations by reportable segment and Corporate and other, follows:

	Three Months Ended March 31,
(In millions)	2020			2019
Revenues:
Aflac Japan:
Net earned premiums	$	3,150		$	3,180
Adjusted net investment income (1),(2)	642			610
Other income	11			12
Total adjusted revenue Aflac Japan	3,803			3,802
Aflac U.S.:
Net earned premiums	1,483			1,461
Net investment income	177			177
Other income	27			2
Total adjusted revenue Aflac U.S.	1,687			1,640
Corporate and other (3)	104			95
Total adjusted revenues	5,594			5,537
Net investment gains (losses) (1),(2),(3)	(432		)	120
Total revenues	$	5,162		$	5,657

⁽¹⁾ Amortized hedge costs of $55 and $62 for the three-month periods ended March 31, 2020, and 2019, respectively, related to certain foreign currency exposure management strategies have been reclassified from net investment gains (losses) and reported as a deduction from net investment income when analyzing operations.

⁽²⁾ Net interest cash flows from derivatives associated with certain investment strategies of $(6) and $(7) for the three-month periods ended March 31, 2020 and 2019, respectively, have been reclassified from net investment gains (losses) and included in adjusted earnings as a component of net investment income.

⁽³⁾ Amortized hedge income of $29 and $20 for the three-month periods ended March 31, 2020, and 2019, respectively, related to certain foreign currency exposure management strategies has been reclassified from net investment gains (losses) and reported as an increase to net investment income when analyzing operations.

Reconciliation of Adjusted Profit (Loss) from Segments to Consolidated

	Three Months Ended March 31,
(In millions)	2020			2019
Pretax adjusted earnings:
Aflac Japan (1),(2)	$	855		$	834
Aflac U.S.	326			323
Corporate and other (3),(4)	2			(18		)
Pretax adjusted earnings (5)	1,183			1,139
Net investment gains (losses) (1),(2),(3),(4)	(448		)	103
Other income (loss)	(15		)	0
Total earnings before income taxes	$	720		$	1,242
Income taxes applicable to pretax adjusted earnings	$	301		$	291
Effect of foreign currency translation on after-tax adjusted earnings	9			(8		)

⁽¹⁾ Amortized hedge costs of $55 and $62 for the three-month periods ended March 31, 2020, and 2019, respectively, related to certain foreign currency exposure management strategies have been reclassified from net investment gains (losses) and reported as a deduction from net investment income when analyzing operations.

⁽²⁾ Net interest cash flows from derivatives associated with certain investment strategies of $(6) and $(7) for the three-month periods ended March 31, 2020 and 2019, respectively, have been reclassified from net investment gains (losses) and included in adjusted earnings as a component of net investment income.

⁽³⁾ Amortized hedge income of $29 and $20 for the three-month periods ended March 31, 2020, and 2019, respectively, related to certain foreign currency exposure management strategies has been reclassified from net investment gains (losses) and reported as an increase in net investment income when analyzing operations.

⁽⁴⁾ A gain of $16 and $17 for the three-month periods ended March 31, 2020, and 2019, respectively, related to the interest rate component of the change in fair value of foreign currency swaps on notes payable has been reclassified from net investment gains (losses) and included in adjusted earnings when analyzing operations.

⁽⁵⁾ Includes $33 for the three-month periods ended March 31, 2020, and 2019, respectively, of interest expense on debt.

Reconciliation of Assets from Segment to Consolidated

Assets were as follows:

(In millions)	March 31, 2020			December 31, 2019
Assets:
Aflac Japan		$	126,955		$	127,523
Aflac U.S.		20,526			20,945
Corporate and other		4,135			4,300
Total assets		$	151,616		$	152,768