BUSINESS SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2021

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)	2021		2020
Revenues:
Aflac Japan:
Net earned premiums	$	3,123	$	3,150
Adjusted net investment income (1),(2)	705		642
Other income	13		11
Total adjusted revenue Aflac Japan	3,841		3,803
Aflac U.S.:
Net earned premiums	1,422		1,483
Adjusted net investment income	176		177
Other income	30		27
Total adjusted revenue Aflac U.S.	1,628		1,687
Corporate and other (3)	83		104
Total adjusted revenues	5,552		5,594
Net investment gains (losses) (1),(2),(3)	317		(432)
Total revenues	$	5,869	$	5,162

(1) Amortized hedge costs of $19 and $55 for the three-month periods ended March 31, 2021, and 2020, 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 $(8) and $(6) for the three-month periods ended March 31, 2021 and 2020, respectively, have been reclassified from net investment gains (losses) and included in adjusted earnings as a component of net investment income when analyzing operations.

(3) Amortized hedge income of $17 and $29 for the three-month periods ended March 31, 2021, and 2020, 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)	2021		2020
Pretax earnings:
Aflac Japan (1),(2)	$	887	$	855
Aflac U.S.	445		326
Corporate and other (3),(4)	(26)		2
Pretax adjusted earnings (5)	1,306		1,183
Net investment gains (losses) (1),(2),(3),(4)	304		(448)
Other income (loss)	(7)		(15)
Total earnings before income taxes	$	1,603	$	720
Income taxes applicable to pretax adjusted earnings	$	248	$	301
Effect of foreign currency translation on after-tax adjusted earnings	13		9

(1) Amortized hedge costs of $19 and $55 for the three-month periods ended March 31, 2021, and 2020, 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 $(8) and $(6) for the three-month periods ended March 31, 2021 and 2020, respectively, have been reclassified from net investment gains (losses) and included in adjusted earnings as a component of net investment income when analyzing operations.

(3) Amortized hedge income of $17 and $29 for the three-month periods ended March 31, 2021, and 2020, 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 $14 and $16 for the three-month periods ended March 31, 2021, and 2020, 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 $45 and $33 for the three-month periods ended March 31, 2021, and 2020, respectively, of interest expense on debt.

Reconciliation of Assets from Segment to Consolidated

Assets were as follows:

(In millions)	March 31, 2021			December 31, 2020
Assets:
Aflac Japan		$	130,611		$	137,271
Aflac U.S.		22,278			22,864
Corporate and other		5,268			4,951
Total assets		$	158,157		$	165,086