Document

FINAL 4/27/2022

Financial Analysts Briefing Supplement

First Quarter 2022

This document is a statistical supplement to the Financial Analysts Briefing book. Throughout the presentation, amounts presented may not foot due to rounding. As you review the supplement, please note the non-U.S. GAAP financial measures and definitions found at the back of this document.


			Aflac Incorporated															Page
			Share Data															2
			Summary of Adjusted Results by Business Segment															3
			Statements of Earnings															4
			Analysis of Net Earnings and Net Earnings Per Share															5
			Balance Sheets															6
			Quarterly Financial Results															7
			Quarterly Book Value Per Share															8
			Return on Equity															9
			Adjusted Earnings Per Share Excluding Current Period Foreign Currency Impact															10
			Investment Results															11,12,13
			Long-Term Debt Data															14
			Ratings															15

			Aflac U.S.
			Statement of Pretax Adjusted Earnings															16
			Balance Sheets															17
			Quarterly Pretax Adjusted Earnings															18
			Operating Ratios															19
			Sales															20,21

			Aflac Japan
			Statement of Pretax Adjusted Earnings															22,23
			Balance Sheets															24,25
			Quarterly Pretax Adjusted Earnings															26
			Operating Ratios															27
			Sales															28,29,30
			Yen/Dollar Exchange Rates															31

			Corporate and Other
			Statement of Pretax Adjusted Earnings															32

			Non-U.S. GAAP Financial Measures															33

For more information, contact:

David Young

Phone. 706.596.3264

Aflacir@aflac.com

investors.aflac.com


Aflac Incorporated and Subsidiaries

	Share Data
	(In Thousands)


			Beginning	Shares Issued		Shares Purchased		Ending	QTD Weighted Avg. Shares			YTD Weighted Avg. Shares
			Shares	Stk. Bon.	Stk. Opt.	Treas.	Misc.	Shares	Avg.	Dilutive	Avg.	Avg.	Dilutive	Avg.
		Period	Outstanding	& DRP	& Misc.	Shares	Purch.(1)	Outstanding	Shares	Shares	Diluted	Shares	Shares	Diluted

	2020	1	726,793	468	1,613	9,984	508	718,382	724,366	3,146	727,512	724,366	3,146	727,512
		2	718,382	648	100	5,209	13	713,908	717,889	1,875	719,764	721,128	2,510	723,638
		3	713,908	468	134	10,916	20	703,574	711,698	2,095	713,793	717,962	2,372	720,333
		4	703,574	437	235	11,791	1	692,454	701,016	2,843	703,859	713,702	2,490	716,192

	2021	1	692,454	387	1,684	13,440	378	680,707	688,938	3,002	691,940	688,938	3,002	691,940
		2	680,707	330	130	9,174	3	671,990	678,050	2,871	680,921	683,464	2,936	686,400
		3	671,990	250	188	9,572	39	662,817	668,762	3,163	671,925	678,509	3,012	681,521
		4	662,817	249	224	11,140	18	652,132	659,100	3,412	662,512	673,617	3,112	676,729

	2022	1	652,132	259	1,308	8,007	343	645,349	649,753	3,074	652,827	649,753	3,074	652,827

(1) Includes previously owned shares used to purchase options (swapped shares) and/or shares purchased for deferred compensation program


Aflac Incorporated and Subsidiaries

	Summary of Adjusted Results by Business Segment
	(In Millions, except per-share data and where noted)

		Years Ended December 31,															3 Months Ended March 31,
																										%
		2017			2018			2019			2020			2021				2021			2022				Change

	Aflac Japan	$	3,054		$	3,208		$	3,261		$	3,263		$	3,754						$	887		$	862		(2.8)
	Aflac U.S.		1,245			1,285			1,272			1,268			1,478							445			325		(27.0)
	Corporate and other (1)		(214)			(139)			(72)			(115)			(298)							(26)			(44)
	Pretax adjusted earnings		4,086			4,354			4,461			4,416			4,934							1,306			1,143		(12.5)
	Income taxes (1)		1,370			1,129			1,147			864			915							248			216		(12.9)
	Adjusted earnings (2)		2,716			3,226			3,314			3,552			4,019							1,058			927		(12.4)

	Reconciling items:
	Adjusted net investment gains (losses)		—			(297)			(15)			(229)			462							304			134
	Other and non-recurring income (loss) (3)		(69)			(75)			(1)			(28)			(73)							(6)			(1)
	Income tax benefit (expense) on items excluded from adjusted earnings		24			83			3			72			(83)							(62)			(28)
	Tax reform adjustment (4)		1,933			(18)			4			—			—							—			—
	Tax valuation allowance release (5)		—			—			—			1,411			—							—			—
	Net earnings	$	4,604		$	2,920		$	3,304		$	4,778		$	4,325						$	1,293		$	1,032		(20.2)

	Effective Tax rate		(14.6)	%		26.7	%		25.7	%		(14.9)	%		18.7	%			19.4	%		19.1	%

	Earnings per share of common stock:
	Net earnings (basic)	$	5.81		$	3.79		$	4.45		$	6.69		$	6.42						$	1.88		$	1.59		(15.4)
	Net earnings (diluted)		5.77			3.77			4.43			6.67			6.39							1.87			1.58		(15.5)

	Adjusted earnings (basic) (2)	$	3.43		$	4.20		$	4.46		$	4.98		$	5.97						$	1.54		$	1.43		(7.1)
	Adjusted earnings (diluted) (2)		3.40			4.16			4.44			4.96			5.94							1.53			1.42		(7.2)

	(1) The change in value of federal historic rehabilitation and solar investments in partnerships of $12 for the three-month period ended March 31, 2022, is included as a reduction to net investment income. Tax credits on these investments of $16 for the three-month period ended March 31, 2022, have been recorded as an income tax benefit on the consolidated statement of earnings.
	(2) See non-U.S. GAAP financial measures for definition of adjusted earnings.
	(3) Foreign currency gains and losses for all periods have been reclassified from Other and non-recurring income (loss) to Net investment gains and losses.
	(4) The impact of Tax Reform was adjusted in 2018 for return-to-provision adjustments, various amended returns filed by the Company, and final true-ups of deferred tax liabilities. Further impacts were recorded in 2019 as a result of additional guidance released by the IRS.
	(5) Tax benefit recognized in 2020 represents the release of valuation allowances on deferred tax benefits related to foreign tax credits.


Aflac Incorporated and Subsidiaries

	Consolidated Statements of Earnings - U.S. GAAP
	(In Millions, except per-share data)

			Years Ended December 31,										3 Months Ended March 31,
																			%
			2017		2018		2019		2020		2021			2021	2022		Change
	Revenues:
		Net earned premiums
		Gross premiums	$	18,875	$	19,018	$	19,122	$	18,955	$	17,857			$	4,652	$	4,214
		Assumed (ceded)		(345)		(341)		(342)		(333)		(210)				(59)		(36)
		Total net earned premiums		18,531		18,677		18,780		18,622		17,647				4,593		4,178		(9.0)
		Net investment income		3,220		3,442		3,578		3,638		3,818				925		903		(2.4)
		Net investment gains (losses) (1)		(151)		(430)		(135)		(270)		468				307		122
		Other income (1)		67		69		84		157		173				44		69
		Total revenues		21,667		21,758		22,307		22,147		22,106				5,869		5,272		(10.2)

	Benefits and Expenses:
		Benefits and claims, net
		Incurred claims -direct		8,853		9,121		9,279		9,364		8,947				2,395		2,342
		Incurred claims -assumed (ceded)		(446)		(421)		(372)		(296)		(148)				(43)		(24)
		Increase in FPB (2)-direct		3,628		3,167		2,952		2,707		1,759				379		163
		Increase in FPB (2)-assumed (ceded)		146		133		83		21		18				4		5
		Total net benefits and claims		12,181		12,000		11,942		11,796		10,576				2,735		2,487		(9.1)
		Acquisition and operating expenses:
		Amortization of DAC (3)		1,132		1,245		1,282		1,214		1,170				311		322
		Insurance commissions		1,316		1,320		1,321		1,316		1,256				326		300
		Insurance expenses		2,780		2,988		3,089		3,420		3,544				832		831
		Interest expense		240		222		228		242		238				62		56
		Other expenses		—		—		—		—		—				—		—
		Total acquisition and operating expenses		5,468		5,775		5,920		6,192		6,208				1,531		1,509		(1.4)
		Total benefits and expenses		17,649		17,775		17,862		17,988		16,784				4,266		3,996		(6.3)

		Pretax earnings		4,018		3,983		4,445		4,159		5,322				1,603		1,276

		Income tax expense (benefit)		(586)		1,063		1,141		(619)		997				310		244

		Net earnings	$	4,604	$	2,920	$	3,304	$	4,778	$	4,325			$	1,293	$	1,032		(20.2)


		(1) Foreign currency gains and losses for all periods have been reclassified from Other income to Net investment gains and losses for consistency with current period presentation.
		(2) Future policy benefits
		(3) Deferred acquisition costs


Aflac Incorporated and Subsidiaries

Analysis of Net Earnings and Net Earnings Per Diluted Share
(In Millions, except for per-share data)


									Other and	Foreign
				Net	Other and Non-	Foreign	Net	Net	Non-Recurring	Currency
			Net	Investment	Recurring	Currency	Earnings	Investment	Items	Impact
		Period	Earnings	Gains (Losses) (1)	Items (1)(3)(4)	Impact (2)	Per Share	Gains (Losses) (1)	Per Share (1)(3)(4)	Per Share (2)

		2017	4,604	—	1,888	(41)	5.77	—	2.37	(.05)
		2018	2,920	(230)	(76)	28	3.77	(.30)	(.09)	.04
		2019	3,304	(13)	3	15	4.43	(.02)	.01	.02
		2020	4,778	(181)	1,407	31	6.67	(.25)	1.96	.04
		2021	4,325	365	(59)	(38)	6.39	.54	(.09)	(.06)


	2020	1	566	(322)	5	9	.78	(.44)	.01	.01
		2	805	(116)	—	5	1.12	(.16)	—	.01
		3	2,456	45	1,418	3	3.44	.06	1.99	—
		4	951	212	(15)	14	1.35	.30	(.02)	.02

	2021	1	1,293	240	(5)	13	1.87	.35	(.01)	.02
		2	1,105	67	(42)	(6)	1.62	.10	(.06)	(.01)
		3	888	(136)	(7)	(14)	1.32	(.20)	(.01)	(.02)
		4	1,039	194	(5)	(30)	1.57	.29	(.01)	(.05)

	2022	1	1,032	106	(1)	(37)	1.58	.16	—	(.06)







	(1) Items are presented net of tax.
	(2) See non-U.S. GAAP financial measures for definition of adjusted earnings excluding current period foreign currency impact
	(3) Foreign currency gains and losses and amortized hedge costs/income for all periods have been reclassified from Other income to Net investment gains and losses for consistency with current period presentation.
	(4 )Tax benefit recognized in the third quarter of 2020 represents the release of valuation allowances on deferred tax benefits related to foreign tax credits.


Aflac Incorporated and Subsidiaries
	Consolidated Balance Sheets
	(In Millions, except per-share data)

				December 31,										March 31,
	Assets:			2017		2018		2019		2020		2021			2021			2022

	Investments and cash:
		Securities available for sale:
		Fixed maturity securities available for sale, at fair value		$	78,804	$	78,429	$	86,950	$	101,286	$	94,206			$	96,391		$	85,795
		Fixed maturity securities available for sale - consolidated variable interest entities, at fair value			5,509		4,466		4,312		4,596		4,490				4,353			4,170




		Fixed maturity securities held to maturity, at amortized cost, net of allowance for credit losses			31,430		30,318		30,085		24,464		22,000				22,868			20,672


		Equity securities, at fair value			1,023		987		802		1,283		1,603				1,174			1,415
		Commercial mortgage and other loans, net of allowance for credit losses			3,002		6,919		9,569		10,554		11,786				10,847			12,312
		Other investments			400		787		1,477		2,429		3,842				2,666			3,960
		Cash and cash equivalents			3,491		4,337		4,896		5,141		5,051				4,990			4,275
			Total investments and cash		123,659		126,243		138,091		149,753		142,978				143,289			132,599

	Receivables, net of allowance for credit losses				827		851		828		796		693				777			730
	Accrued investment income				769		773		772		780		737				706			683
	Deferred policy acquisition costs				9,505		9,875		10,128		10,441		9,525				9,835			9,082
	Property and equipment, net				434		443		581		601		538				578			538
	Other assets, net of allowance for credit losses (1)				2,023		2,221		2,368		2,715		3,071				2,972			3,414
			Total assets	$	137,217	$	140,406	$	152,768	$	165,086	$	157,542			$	158,157		$	147,046

	Liabilities and Shareholders' Equity:
	Liabilities:
		Total policy liabilities		$	99,147	$	103,188	$	106,554	$	114,391	$	105,072			$	107,905		$	99,643
		Notes payable			5,289		5,778		6,569		7,899		7,956				8,088			7,768
		Income taxes, primarily deferred			4,745		4,020		5,370		4,661		4,339				4,350			3,503
		Other liabilities			3,438		3,958		5,316		4,576		6,922				5,711			6,605
			Total liabilities		112,619		116,944		123,809		131,527		124,289				126,054			117,519
	Shareholders' equity:
		Common stock			135		135		135		135		135				135			135
		Additional paid-in capital			2,052		2,177		2,313		2,410		2,529				2,438			2,560
		Retained earnings			29,895		31,788		34,291		37,984		41,381				39,277			42,413
		Accumulated other comprehensive income (loss):
			Unrealized foreign currency translation gains (losses)		(1,750)		(1,847)		(1,623)		(1,109)		(2,013)				(1,674)			(2,482)
			Unrealized gains (losses) on fixed maturity securities		5,964		4,234		8,548		10,361		9,602				8,794			5,787
			Unrealized gains (losses) on derivatives		(23)		(24)		(33)		(34)		(30)				(33)			(29)
			Pension liability adjustment		(163)		(212)		(277)		(284)		(166)				(280)			(163)
		Treasury stock			(11,512)		(12,789)		(14,395)		(15,904)		(18,185)				(16,554)			(18,694)
			Total shareholders' equity		24,598		23,462		28,959		33,559		33,253				32,103			29,527
			Total liabilities & shareholders' equity	$	137,217	$	140,406	$	152,768	$	165,086	$	157,542			$	158,157		$	147,046

(1) Includes goodwill of $268 million in 2022, $268 in 2021, $269 in 2020, $140 million in 2019, $67 million in 2018 and $67 million in 2017


Aflac Incorporated and Subsidiaries

Quarterly Financial Results
(Dollars In Millions, except per-share data)

							Total
			Net	Net		Benefits	Acquisitions	Total			Net EPS		Adj. EPS (1)
			Earned	Inv.	Total	&	&	Pretax	Net	Adjusted
		Period	Premiums	Income	Revenues	Claims	Adj. Exp.	Earn.	Earn.	Earn. (1)	Basic	Dil.	Basic	Dil.

		2017	18,531	3,220	21,667	12,181	5,468	4,018	4,604	2,716	5.81	5.77	3.43	3.40
		2018	18,677	3,442	21,758	12,000	5,775	3,983	2,920	3,226	3.79	3.77	4.20	4.16
		2019	18,780	3,578	22,307	11,942	5,920	4,445	3,304	3,314	4.45	4.43	4.46	4.44
		2020	18,622	3,638	22,147	11,796	6,192	4,159	4,778	3,552	6.69	6.67	4.98	4.96
		2021	17,647	3,818	22,106	10,576	6,208	5,322	4,325	4,019	6.42	6.39	5.97	5.94


	2020	1	4,681	904	5,162	2,939	1,503	720	566	882	.78	.78	1.22	1.21
		2	4,664	870	5,407	2,897	1,440	1,070	805	921	1.12	1.12	1.28	1.28
		3	4,623	896	5,665	2,985	1,527	1,153	2,456	994	3.45	3.44	1.40	1.39
		4	4,653	968	5,913	2,974	1,723	1,216	951	755	1.36	1.35	1.08	1.07

	2021	1	4,593	925	5,869	2,735	1,531	1,603	1,293	1,058	1.88	1.87	1.54	1.53
		2	4,441	993	5,564	2,653	1,538	1,373	1,105	1,080	1.63	1.62	1.59	1.59
		3	4,372	991	5,237	2,609	1,515	1,113	888	1,031	1.33	1.32	1.54	1.53
		4	4,242	910	5,433	2,581	1,619	1,233	1,039	850	1.58	1.57	1.29	1.28

	2022	1	4,178	903	5,272	2,487	1,509	1,276	1,032	927	1.59	1.58	1.43	1.42

(1) See non-U.S. GAAP financial measures for definition of adjusted earnings.


Aflac Incorporated and Subsidiaries

Quarterly Book Value Per Share
(Dollars In Millions, except per-share data)

								Adjusted BV
							Adjusted BV	Per Share Incl
			Equity	AOCI		Adjusted BV	Per Share Incl	Foreign Currency
			BV Per	BV Per	Adjusted BV	Per Share	Foreign Currency	Translation G/(L)
		Period	Share	Share	Per Share (1)	% Change	Translation G/(L)(1)	% Change

		2017	31.50	5.16	26.34	19.7%	24.10	23.3%
		2018	31.06	2.85	28.22	7.1%	25.77	6.9%
		2019	39.84	9.10	30.74	8.9%	28.51	10.6%
		2020	48.46	12.90	35.56	15.7%	33.96	19.1%
		2021	50.99	11.34	39.65	11.5%	36.57	7.7%


	2020	1	36.75	5.83	30.92	7.0%	28.77	8.9%
		2	41.21	9.45	31.75	7.5%	29.70	7.7%
		3	46.16	11.25	34.91	15.7%	33.08	17.4%
		4	48.46	12.90	35.56	15.7%	33.96	19.1%

	2021	1	47.16	10.00	37.16	20.2%	34.70	20.6%
		2	50.20	11.93	38.27	20.5%	35.80	20.5%
		3	50.62	11.56	39.06	11.9%	36.41	10.1%
		4	50.99	11.34	39.65	11.5%	36.57	7.7%

	2022	1	45.75	4.82	40.93	10.1%	37.08	6.9%

(1) See non-U.S. GAAP financial measures for definition of adjusted book value and adjusted book value including unrealized foreign currency translation gains and losses.


Aflac Incorporated and Subsidiaries

	Return on Equity


				Year ended December 31,										3 months ended March 31,

				2017		2018		2019		2020		2021			2021	2022
	U.S. GAAP ROE (1) - Net earnings			20.4	%	12.2	%	12.6	%	15.3	%	12.9	%			15.8	%	13.2	%

		Impact of excluding unrealized foreign currency translation gains (losses)		(2.0)		(1.0)		(1.0)		(0.9)		(0.8)				(0.9)		(1.1)
		Impact of excluding unrealized gains (losses) on securities and derivatives		5.8		3.0		3.6		6.2		5.1				6.1		3.8
		Impact of excluding pension liability adjustment		(0.2)		(0.1)		(0.1)		(0.2)		(0.1)				(0.2)		(0.1)

			Impact of excluding AOCI	3.6		1.8		2.5		5.1		4.2				5.0		2.6

	U.S. GAAP ROE - less AOCI			24.0		13.9		15.1		20.3		17.1				20.7		15.8

	Differences between adjusted earnings and net earnings (2)			(9.8)		1.5		0.0		(5.2)		(1.2)				(3.8)		(1.6)

	Adjusted ROE - reported (3)			14.2		15.4		15.2		15.1		15.9				17.0		14.2






















		(1)	U.S. GAAP ROE is calculated by dividing net earnings (annualized) by average shareholders' equity.
		(2)	See separate reconciliation of net income to adjusted earnings.




		(3)	See non-U.S. GAAP financial measures for definition of adjusted return on equity


Aflac Incorporated and Subsidiaries

	Adjusted Earnings Per Share Excluding Current Period Foreign Currency Impact (1)
		(Diluted Basis)

												Change
								QTD	YTD	Excluding		Excluding
								Foreign	Foreign	Foreign		Foreign
				Adjusted				Currency	Currency	Currency		Currency
			Period	EPS(1)		Growth		Impact(1)	Impact(1)	Impact(1)		Impact

			2017	$	3.40	4.6	%	N/A	(.05)	$	3.45	6.2	%
			2018	$	4.16	22.4	%	N/A	.04	$	4.13	21.5	%
			2019	$	4.44	6.7	%	N/A	.02	$	4.42	6.3	%
			2020	$	4.96	11.7	%	N/A	.04	$	4.92	10.8	%
			2021	$	5.94	19.8	%	N/A	(.06)	$	6.00	21.0	%


		2020	1	$	1.21	8.0	%	.01	.01	$	1.20	7.1	%
			2	1.28		13.3		.01	.02	1.27		12.4
			3	1.39		19.8		—	.02	1.39		19.8
			4	1.07		3.9		.02	.04	1.05		1.9
				$	4.96	11.7	%			$	4.92	10.8	%

		2021	1	$	1.53	26.4	%	.02	.02	$	1.51	24.8	%
			2	1.59		24.2		(.01)	.01	1.59		24.2
			3	1.53		10.1		(.02)	(.01)	1.56		12.2
			4	1.28		19.6		(.05)	(.06)	1.33		24.3
				$	5.94	19.8	%			$	6.00	21.0	%

		2022	1	$	1.42	(7.2)	%	(.06)	(.06)	$	1.48	(3.3)	%



				$	1.42	(7.2)	%			$	1.48	(3.3)	%


		(1) See non-U.S.GAAP financial measures for definition of adjusted earnings and adjusted earnings excluding current period foreign currency impact


Aflac Incorporated and Subsidiaries

	Composition of Invested Assets
	(In Millions)

			December 31,																	March 31,
			2017			2018			2019			2020			2021			2021				2022

	Fixed Maturity Securities(1)		$	106,562		$	107,174		$	109,456		$	116,056		$	107,369				$	111,306			$	102,136

	Commercial mortgage and other loans, net of allowance for credit losses (1)
	Transitional Real Estate (floating rate)			1,235			4,378			5,450			5,231			5,246					4,960				5,430
	Middle Market Loans (floating rate)			859			1,478			2,412			3,635			4,601					4,171				4,902
	Commercial Mortgage Loans			908			1,063			1,707			1,688			1,874					1,711				1,853
		Total Commercial mortgage and other loans, net of allowance for credit losses(1)		3,002			6,919			9,569			10,554			11,721					10,842				12,185

	Equity Securities, at FV through net earnings			846			987			802			1,283			1,603					1,174				1,415

	Alternatives(2)			113			370			551			919			1,703					1,005				1,801

	Total Portfolio		$	110,523		$	115,450		$	120,378		$	128,812		$	122,396				$	124,327			$	117,537

	Unrealized Gains (Losses) on Invested Assets
	(In Millions)

			December 31,																	March 31,
			2017			2018			2019			2020			2021				2021				2022
	Fixed Maturity Securities
	Available For Sale - Gross Gains		$	9,985		$	7,733		$	12,266		$	14,771		$	13,566				$	12,715			$	9,438
	Available For Sale - Gross Losses			(804)			(1,694)			(375)			(481)			(239)					(409)				(937)
	Total Available For Sale			9,181			6,039			11,891			14,290			13,327					12,306				8,501

	Held to Maturity - Gross Gains			6,651			6,470			7,519			5,935			4,869					5,188				3,913
	Held to Maturity - Gross Losses			(9)			(66)			(10)			—			—					—				—
	Total Held to Maturity		$	6,642		$	6,404		$	7,509		$	5,935		$	4,869				$	5,188			$	3,913

		Credit Ratings on Fixed Maturities
		(At Amortized Cost)
			December 31,
																				March 31,
		Credit Rating	2017			2018			2019			2020			2021			2021				2022
		AAA		1.0	%		1.0	%		1.1	%		1.0	%		1.0	%				1.0	%			1.0	%
		AA		3.9			3.9			4.3			4.5			5.1					4.7				5.2
		A		65.8			67.9			68.6			69.3			68.9					68.9				68.5
		BBB		24.0			23.2			23.1			21.9			22.5					22.2				22.9
		BB or Lower		5.3			4.0			2.9			3.3			2.5					3.2				2.4
				100.0	%		100.0	%		100.0	%		100.0	%		100.0	%				100.0	%			100.0	%

	(1) Presented at amortized cost, net of reserves beginning in 2020
	(2) Presented at carrying value; includes asset classes such as private equity and real estate managed by Global Investments; excludes Corporate driven activity


Aflac Incorporated and Subsidiaries
			Supplemental Investment Data by Segment

																				3 Months Ended

				December 31,															March 31,
				2017			2018			2019			2020			2021				2021			2022

	Aflac Japan:
		Invested assets (in millions)(1)		¥	11,017,560		¥	11,442,444		¥	11,784,586		¥	11,936,087		¥	12,405,531			¥	12,220,642		¥	12,510,655
		Return on average invested assets(2)		2.31		%	2.33		%	2.33		%	2.38		%	2.72		%		2.47		%	2.54		%
		Portfolio book yield at end of period(3)		2.56		%	2.61		%	2.64		%	2.59		%	2.60		%		2.58		%	2.62		%
		Total purchases for period (in millions)(3)		¥	1,078,586		¥	1,298,376		¥	1,003,885		¥	714,124		¥	952,038			¥	339,598		¥	156,697
		New money yield(3)(4)		1.98		%	3.06		%	3.83		%	3.75		%	3.50		%		2.72		%	3.90		%

	Aflac U.S.:
		Invested assets (in millions)(1)		$	13,764		$	13,798		$	14,036		$	14,848		$	15,841			$	15,203		$	16,098
		Return on average invested assets(2)		5.07		%	5.16		%	5.70		%	4.90		%	4.87		%		4.69		%	4.61		%
		Portfolio book yield at end of period(3)		5.52		%	5.55		%	5.40		%	5.18		%	4.94		%		5.12		%	4.95		%
		Total purchases for period (in millions)(3)		$	1,434		$	2,155		$	1,835		$	1,050		$	2,130			$	373		$	523
		New money yield(3)(4)		4.49		%	4.55		%	4.51		%	3.04		%	3.41		%		3.22		%	4.60		%

	Hedge Costs/Income Metrics (5)(6)

																				3 Months Ended
				December 31,															March 31,
				2017			2018			2019			2020			2021				2021			2022
	Aflac Japan:
			FX hedged notional at end of period (in billions)(7)	$	9.3		$	9.9		$	8.8		$	6.0		$	6.4			$	6.4		$	4.5
			Weighted average remaining tenor (in months)(8)	27.7			21.4			8.5			13.0			2.6				9.7			9.9
			Amortized hedge costs for period (in millions)	$	(228)		$	(236)		$	(257)		$	(206)		$	(76)			$	(19)		$	(26)
	Corporate and Other (Parent Company):
			FX hedged notional at end of period (in billions)(7)	$	—		$	2.5		$	4.9		$	5.0		$	5.0			$	5.0		$	5.0
			Weighted average remaining tenor (in months)(8)	—			16.1			13.7			12.1			11.5				11.5			10.9
			Amortized hedge income (costs) for period (in millions)	$	—		$	36		$	89		$	97		$	57			$	17		$	11

	(1) Invested assets, including cash and short term investments, are stated at amortized cost; except for equities, which are at fair value.
	(2) Net of investment expenses and amortized hedge costs, year-to-date number reflected on a quarterly average basis
	(3) Includes fixed maturity securities, commercial mortgage and other loans, equity securities, and excludes alternative investments in limited partnerships
	(4) Reported on a gross yield basis; excludes investment expenses, external management fees, and amortized hedge costs
	(5) See non-U.S. GAAP financial measures for definition of amortized hedge costs/income. Further, the metrics in this table are split to show the hedging of the market value of a portion of the USD investments in Japan Segment’s "USD Program" in the "Japan Segment Portfolio Allocation by Currency" table on page 13 of this supplement as well as the corporate hedging activities at Aflac Inc.
	(6) Aflac Japan and the Parent Company utilize foreign currency forwards and options to hedge foreign currency exchange rate risk. The hedge cost/income on the table above reflects our FX forward protection of the hedged USD portfolio, and hedge costs on one sided options used as caps, and on tail-risk put options. The table does not include the notional amount and weighted average remaining tenor for these options. At March 31, 2022, Aflac Japan caps and put options notional amount was $13.5 billion with a weighted average remaining tenor of 6.6 months. At March 31, 2022, the Parent Company caps notional amount was $1.9 billion with a weighted average remaining tenor of 7.6 months.
	(7) Notional is reported net of any offsetting positions within Aflac Japan or the Parent Company, respectively.
	(8) Tenor based on period reporting date to settlement date


Aflac Incorporated and Subsidiaries


		Japan Segment Portfolio Allocation by Currency (1)
		(Dollars In Millions, U.S. GAAP Basis)

			December 31, 2021				March 31, 2022
			Amortized Cost (2)		Fair Value		Amortized Cost (2)		Fair Value
	JGB		$	50,186	$	57,862	$	47,146	$	52,760
	Other		23,661		27,684		22,222		24,885
	Total yen denominated		73,847		85,546		69,368		77,645

	USD Program		28,913		31,946		28,214		30,441
	Other		2,236		3,328		2,340		3,231
	US dollar denominated		31,149		35,274		30,554		33,672

	Total		$	104,996	$	120,820	$	99,922	$	111,317


		Distribution of Consolidated Fixed Maturities by Sector
							March 31, 2022
	(In millions)						Amortized Cost (2)		% of Total
	Government and agencies						$	48,466	47.4		%
	Municipalities						2,751		2.7
	Mortgage- and asset-backed securities						1,335		1.3
	Public utilities						8,063		7.9
	Electric						6,571		6.4
	Natural Gas						270		.3
	Other						580		.6
	Utility/Energy						642		.6
	Sovereign and Supranational						1,410		1.4
	Banks/financial institutions						9,824		9.6
	Banking						5,693		5.6
	Insurance						1,853		1.8
	Other						2,278		2.2
	Other corporate						30,287		29.7
	Basic Industry						2,714		2.7
	Capital Goods						3,317		3.2
	Communications						3,057		3.0
	Consumer Cyclical						2,594		2.5
	Consumer Non-Cyclical						6,730		6.6
	Energy						3,137		3.1
	Other						1,220		1.2
	Technology						4,066		4.0
	Transportation						3,452		3.4
	Total fixed maturity securities						$	102,136	100.0		%

	(1) The entire U.S. segment investment portfolio is U.S. dollar denominated.
	(2) Net of reserves


Aflac Incorporated and Subsidiaries

Long-Term Debt Data

Adjusted Leverage Ratios
(In Millions)

		December 31,															March 31,
			2017			2018			2019			2020			2021				2021		2022

	Notes payable	$	5,289		$	5,778		$	6,569		$	7,899		$	7,956			$	8,088	$	7,768
	50% of subordinated debentures and perpetual bonds		(263)			(268)			(407.5)			(432)			(389)				(404)		(365)
	Pre-funding of debt maturities		—			—			(348)			—			—				—		—
	Adjusted debt (1)		5,026			5,510			5,814			7,467			7,568				7,685		7,403

	Total Shareholders' Equity		24,598			23,462			28,959			33,559			33,253				32,103		29,527
	Accumulated other comprehensive (income) loss:
	Unrealized foreign currency translation (gains) losses		1,750			1,847			1,623			1,109			2,013				1,674		2,482
	Unrealized (gains) losses on fixed maturity securities		(5,964)			(4,234)			(8,548)			(10,361)			(9,602)				(8,794)		(5,787)
	Unrealized (gains) losses on derivatives		23			24			33			34			30				33		29
	Pension liability adjustment		163			212			277			284			166				280		163
	Adjusted book value (1)		20,570			21,311			22,344			24,625			25,860				25,296		26,414

	Adjusted capitalization ex-AOCI (1) (2)	$	25,859		$	27,089		$	28,565		$	32,524		$	33,816			$	33,384	$	34,182
	Adjusted debt to adjusted capitalization ex-AOCI		19.4	%		20.3	%		20.4	%		23.0	%		22.4	%		23.0	%	21.7	%

	Adjusted capitalization (1) (3)	$	23,946		$	25,030		$	26,665		$	31,131		$	31,637			$	31,430	$	31,537
	Adjusted debt to adjusted capitalization		21.0	%		22.0	%		21.8	%		24.0	%		23.9	%		24.4	%	23.5	%


Debt Maturities(4)
(In Millions)
March 31, 2022

		≤ 1 year		1 > 5 years		5 > 10 years		10 > 20 years		20 years +		Total

	Senior Notes	$	—	$	2,532	$	2,146	$	1,157	$	1,113	$	6,948
	Subordinated debt		—		—		—		—		735		735


	Total	$	—	$	2,532	$	2,146	$	1,157	$	1,848	$	7,683

(1) See non-U.S. GAAP financial measures for definition of: adjusted debt; adjusted book value; adjusted debt, including 50% of subordinated debentures and perpetual bonds; and adjusted book value, including unrealized foreign currency translation gains and losses and pension liability adjustment

(2) Adjusted capitalization ex-AOCI is the sum of adjusted debt, including 50% of subordinated debentures and perpetual bonds, plus adjusted book value

(3)Adjusted capitalization is sum of adjusted debt, including 50% of subordinated debentures and perpetual bonds, plus adjusted book value, including unrealized foreign currency translation gains and losses and pension liability adjustment

(4) Debt maturity amounts do not include discounts, premiums, deferred charges, or capital lease obligations.

Aflac Incorporated and Subsidiaries

Insurer Financial Strength Ratings

AM Best

Moody's

S&P

JCR

R&I

U.S. Operating Companies

Aflac of Columbus

A+

Aa3

A+

AA-

Aflac of New York

A+

Continental American Insurance Company

A+

Japan Operating Company

Aflac Life Insurance Japan Ltd.

A+

Aa3

A+

AA-

Issuer Credit Ratings

AM Best

Moody's

S&P

JCR

R&I

Aflac Incorporated

Long-term Senior Debt

A-

A+

Junior Subordinated Debt

bbb+

Baa1

BBB

BBB+

Aflac of Columbus

Long-term Senior Debt

aa-

A+

Aflac Life Insurance Japan, Ltd.

Long-term Senior Debt

aa-

A+

Subordinated Bonds

AA-

The outlook for all ratings assigned by S&P, Moody's and JCR is stable.

The outlook for all Financial Strength Ratings assigned by AM Best is stable. The Long-Term Issuer Credit Rating assigned by AM Best is positive.
The outlook for all ratings assigned by R&I is positive.


Aflac U.S.

	Statements of Pretax Adjusted Earnings
	(Before Management Fee)
	(In Millions)



			Years Ended December 31,										3 Months Ended March 31,
																		%
			2017		2018		2019		2020			2021		2021		2022		Change

	Revenues:
		Net earned premiums
		Gross premiums	$	5,563	$	5,711	$	5,818	$	5,762	$	5,540		$	1,405	$	1,384
		Assumed (ceded)		—		(3)		(11)		(4)		73			17		29
		Total net earned premiums		5,563		5,708		5,808		5,758		5,614			1,422		1,413		(.6)
		Adjusted net investment income		721		727		720		705		754			176		184		4.5
		Other income excl. realized foreign
		exchange gains (losses)		5		8		22		102		121			30		42

		Total adjusted revenues		6,289		6,443		6,550		6,565		6,489			1,628		1,639		.7

	Benefits and claims:
		Benefits and claims, net
		Incurred claims -direct		2,526		2,560		2,611		2,498		2,174			493		591
		Incurred claims -assumed (ceded)		(4)		(4)		(5)		(1)		89			19		37
		Increase in FPB -direct		363		331		268		271		187			46		(6)
		Increase in FPB -assumed (ceded)		—		(1)		(2)		(3)		(3)			(1)		—
		Total net benefits and claims		2,885		2,887		2,871		2,765		2,447			556		622		11.9

	Adjusted expenses:
		Amortization of deferred policy
		acquisition costs		502		534		573		570		517			139		168		20.9
		Insurance commissions		580		585		590		576		550			139		140		.7
		Insurance and other expenses		1,077		1,152		1,244		1,386		1,498			347		384		10.7
		Total adjusted expenses		2,159		2,271		2,407		2,532		2,564			626		692

		Total benefits and adjusted expenses		5,044		5,158		5,279		5,297		5,011			1,182		1,314		11.2

		Pretax adjusted earnings	$	1,245	$	1,285	$	1,272	$	1,268	$	1,478		$	445	$	325		(27.0)


Aflac U.S.

	Balance Sheets
	(In Millions)



			December 31,										March 31,

			2017		2018		2019		2020		2021			2021			2022
	Assets:

	Investments and cash		$	15,488	$	14,518	$	16,141	$	17,949	$	18,324			$	17,417		$	17,204
	Receivables, net of allowance for credit losses			505		568		662		685		595				656			593
	Accrued investment income			184		178		174		172		169				167			166
	Deferred policy acquisition costs			3,355		3,491		3,544		3,450		3,292				3,320			3,240
	Other assets			361		345		424		608		726				717			741

		Total assets	$	19,893	$	19,100	$	20,945	$	22,864	$	23,106			$	22,278		$	21,944


	Liabilities and Shareholders' Equity:

	Future policy benefits		$	8,806	$	9,137	$	9,404	$	9,674	$	9,865			$	9,725		$	9,859
	Policy and contract claims			1,700		1,727		1,779		2,010		1,933				1,938			1,977
	Other policy liabilities			119		116		111		126		119				145			140

	Deferred income taxes			982		(397)		51		235		187				81			(44)
	Other liabilities			1,625		1,577		1,803		2,016		2,034				1,929			2,072
	Shareholders' equity			6,661		6,939		7,796		8,803		8,968				8,460			7,940

		Total liabilities & shareholders' equity	$	19,893	$	19,100	$	20,945	$	22,864	$	23,106			$	22,278		$	21,944


Aflac U.S.

Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes
(Restated to conform to current classifications)
(Dollars In Millions)
		Net				Total							Total				Pretax
		Earned	%	Adjusted	%	Adjusted	%	Total	%		%	Adjusted			%	Adjusted		%
	Period	Premiums	Change	NII	Change	Revenues	Change	Benefits	Change	Amort.	Change	Expenses			Change	Earn.		Change

	2017	5,563	2.0	721	2.6	6,289	2.0	2,885	.6	502	1.0			2,159		3.3		1,245	3.1
	2018	5,708	2.6	727	.8	6,443	2.4	2,887	.1	534	6.4			2,271		5.2		1,285	3.2
	2019	5,808	1.8	720	(1.0)	6,550	1.7	2,871	(.6)	573	7.3			2,407		6.0		1,272	(1.0)
	2020	5,758	(.9)	705	(2.1)	6,565	.2	2,765	(3.7)	570	(.5)			2,532		5.2		1,268	(.3)
	2021	5,614	(2.5)	754	7.0	6,489	(1.2)	2,447	(11.5)	517	(9.3)			2,564		1.3		1,478	16.6


2020	1	1,483	1.5	177	—	1,687	2.9	713	(1.1)	160	.6			648		8.7		326	.9
	2	1,458	(.1)	172	(4.4)	1,656	.9	646	(11.7)	134	2.3			584		2.3		426	26.0
	3	1,407	(2.6)	175	(4.4)	1,606	(1.5)	679	(4.4)	141	1.4			597		2.1		329	(1.8)
	4	1,410	(2.3)	182	1.1	1,617	(1.3)	727	2.5	135	(6.3)			703		7.5		187	(32.0)

2021	1	1,422	(4.1)	176	(.6)	1,628	(3.5)	556	(22.0)	139	(13.1)			626		(3.4)		445	36.5
	2	1,408	(3.4)	189	9.9	1,627	(1.8)	613	(5.1)	111	(17.2)			601		2.9		413	(3.1)
	3	1,393	(1.0)	191	9.1	1,616	.6	628	(7.5)	123	(12.8)			629		5.4		358	8.8
	4	1,391	(1.3)	197	8.2	1,619	.1	649	(10.7)	143	5.9			709		.9		261	39.6

2022	1	1,413	(.6)	184	4.5	1,639	.7	622	11.9	168	20.9			692		10.5		325	(27.0)

Aflac U.S.


Operating Ratios
(Before Management Fee)




		12-Mo. Rolling			Total Adjusted	Combined	Pretax
		Premium	Tot. Ben./	Amort./	Expenses/	Ratio/	Profit
	Period	Persistency	Premium	Premium	Total Adj. Rev.	Total Adj. Rev.	Margin

	2017	78.4		51.9	9.0	34.3	80.2	19.8
	2018	78.7		50.6	9.4	35.2	80.1	19.9
	2019	77.7		49.4	9.9	36.7	80.6	19.4
	2020	79.3		48.0	9.9	38.6	80.7	19.3
	2021	79.6		43.6	9.2	39.5	77.2	22.8
	2022 YTD	78.5		44.0	11.9	42.2	80.2	19.8

2020	1	77.6		48.1	10.8	38.4	80.7	19.3
	2	78.3		44.3	9.2	35.3	74.3	25.7
	3	78.8		48.3	10.0	37.2	79.5	20.5
	4	79.3		51.6	9.6	43.5	88.4	11.6

2021	1	80.0		39.1	9.8	38.5	72.6	27.3
	2	80.1		43.5	7.9	36.9	74.6	25.4
	3	79.9		45.1	8.8	38.9	77.8	22.2
	4	79.6		46.7	10.3	43.8	83.9	16.1

2022	1	78.5		44.0	11.9	42.2	80.2	19.8

Aflac U.S.


Aflac U.S. Sales Results
(Dollars In Millions)

		Annl.			New Annl.
		Prem.		%	Prem.		%
	Period	In Force		Change	Sales		Change

	2017		6,052	2.6		1,552	4.7
	2018		6,231	3.0		1,601	3.2
	2019		6,301	1.1		1,580	(1.3)
	2020		6,099	(3.2)		1,093	(30.8)
	2021		6,003	(1.6)		1,278	16.9


2020	1		6,224	.7		323	(5.2)
	2		6,079	(1.7)		161	(55.6)
	3		5,969	(2.9)		221	(35.7)
	4		6,099	(3.2)		388	(27.2)

2021	1		6,027	(3.2)		251	(22.1)
	2		5,988	(1.5)		264	64.1
	3		5,929	(.7)		299	35.0
	4		6,003	(1.6)		464	19.6

2022	1		5,942	(1.4)		299	19.0

Aflac U.S.


Aflac U.S. Product Mix
(New Annualized Premium Sales, Dollars in Millions)

				% of		% of		% of	Critical	% of	Hospital	% of	Dental/	% of
		Period	Disability	Total	Life	Total	Accident	Total	Care(1)	Total	Indemnity	Total	Vision	Total	Total
		2017	356	22.9	78	5.0	456	29.4	354	22.8	229	14.8	79	5.1	1,552
		2018	363	22.7	88	5.5	468	29.2	354	22.1	253	15.8	75	4.7	1,601
		2019	355	22.5	97	6.1	450	28.5	346	21.9	263	16.6	69	4.4	1,580
		2020	243	22.3	80	7.3	285	26.1	242	22.2	197	18.0	45	4.1	1,093
		2021	296	23.1	114	9.0	321	25.1	273	21.3	209	16.4	65	5.1	1,278


	2020	1	73	22.6	25	7.7	88	27.3	68	21.1	55	16.9	14	4.4	323
		2	38	23.9	14	8.6	41	25.7	33	20.6	28	17.1	7	4.1	161
		3	54	24.2	16	7.1	58	26.4	45	20.5	37	16.8	11	5.0	221
		4	79	20.4	26	6.6	98	25.2	95	24.5	77	20.0	13	3.3	388

	2021	1	58	23.1	17	6.7	66	26.3	57	22.6	42	16.7	11	4.6	251
		2	60	22.7	19	7.3	72	27.2	56	21.0	43	16.4	14	5.4	264
		3	79	26.2	27	9.2	76	25.5	57	19.1	45	15.1	15	4.9	299
		4	100	21.4	51	11.0	107	23.1	104	22.3	79	17.0	24	5.2	464

	2022	1	70	23.3	24	7.9	75	25.3	63	21.2	50	16.7	17	5.6	299


Aflac U.S. Sales Force Data

					Average	Productivity
					Weekly	(Production/
		Recruited Agents			Producer	Avg. Weekly
	Period	Career	Broker	Total	Equivalents	Producers)
	2017	16,817	3,073	19,890	8,808	176,183
	2018	15,774	3,380	19,154	8,531	187,720
	2019	15,227	3,603	18,830	8,184	193,120
	2020	11,826	1,861	13,687	5,918	184,706
	2021	10,641	5,445	16,086	5,993	213,235


2020	1	3,436	494	3,930	7,411	43,517
	2	2,190	381	2,571	4,252	37,814
	3	3,136	486	3,622	5,485	40,367
	4	3,064	500	3,564	6,523	59,533

2021	1	2,890	1,063	3,953	5,643	44,530
	2	2,754	1,355	4,109	5,925	44,540
	3	2,502	1,615	4,117	5,926	50,448
	4	2,495	1,412	3,907	6,477	71,723

2022	1	1,987	455	2,442	6,061	49,322

(1) Includes cancer, critical illness, and hospital intensive care products

Aflac Japan


Statements of Pretax Adjusted Earnings
(Before Management Fee)
(In Millions)

		Years Ended December 31,										3 Months Ended March 31,
																		%
		2017		2018		2019		2020		2021			2021	2022		Change
Revenues:
	Net earned premiums
	Gross premiums	¥	1,493,299	¥	1,468,894	¥	1,450,586	¥	1,409,134	¥	1,350,945			¥	343,705	¥	328,794
	Assumed (ceded)		(62,873)		(60,198)		(57,974)		(55,926)		(50,864)				(13,110)		(12,365)
	Total net earned premiums		1,430,426		1,408,697		1,392,612		1,353,208		1,300,082				330,595		316,429		(4.3)
	Net investment income (1)
	Yen denominated		145,114		141,575		142,473		138,397		138,513				34,730		34,818		.3
	US$ denominated		131,168		149,801		157,717		167,541		202,905				42,023		47,170		12.2
	Net investment income		276,282		291,377		300,191		305,938		341,419				76,753		81,988		6.8
	Amortized hedge costs on foreign investments (2)		(24,528)		(25,858)		(28,938)		(22,816)		(8,391)				(2,132)		(2,946)		38.2
	Adjusted net investment income		251,754		265,519		271,253		283,122		333,028				74,621		79,042		5.9
	Other income excl. realized foreign
	currency gains (losses)		4,640		4,636		4,869		4,497		4,512				1,289		1,074

	Total adjusted revenues		1,686,820		1,678,852		1,668,734		1,640,827		1,637,621				406,505		396,545		(2.5)

Benefits and claims:
	Benefits and claims, net
	Incurred claims -direct		710,251		724,556		727,491		734,471		743,610				201,734		203,353
	Incurred claims -assumed (ceded)		(55,691)		(51,892)		(45,657)		(37,806)		(31,801)				(7,926)		(8,277)
	Increase in FPB -direct		366,376		313,343		292,444		260,200		172,525				35,072		19,668
	Increase in FPB -assumed (ceded)		(1,557)		(2,000)		(6,497)		(11,377)		(11,132)				(2,915)		(2,562)
	Total net benefits and claims		1,019,378		984,007		967,782		945,487		873,202				225,965		212,182		(6.1)

Adjusted expenses:
	Amortization of deferred policy
	acquisition costs		70,670		78,459		77,286		68,818		71,657				18,225		17,882		(1.9)
	Insurance commissions		82,495		81,045		79,661		79,036		77,449				19,758		18,650		(5.6)
	Insurance and other expenses		170,636		181,139		189,203		199,606		203,169				48,750		47,676		(2.2)
	Total adjusted expenses		323,801		340,643		346,150		347,460		352,275				86,732		84,208


	Total benefits and adjusted expenses		1,343,180		1,324,651		1,313,932		1,292,947		1,225,477				312,697		296,391		(5.2)

	Pretax adjusted earnings	¥	343,640	¥	354,201	¥	354,802	¥	347,881	¥	412,144			¥	93,808	¥	100,154		6.8


	(1) Includes the net interest cash flows from derivatives associated with certain investment strategies
	(2) See non-U.S. GAAP financial measures for the definition of amortized hedge costs/income

Aflac Japan


Statements of Pretax Adjusted Earnings
(Before Management Fee)
(In Millions)

		Years Ended December 31,										3 Months Ended March 31,
																		%
		2017		2018		2019		2020		2021			2021	2022		Change
Revenues:
	Net earned premiums
	Gross premiums	$	13,312	$	13,307	$	13,304	$	13,193	$	12,317			$	3,247	$	2,830
	Assumed (ceded)		(561)		(546)		(532)		(524)		(463)				(124)		(106)
	Total net earned premiums		12,752		12,762		12,772		12,670		11,853				3,123		2,724		(12.8)
	Net investment income (1)
	Yen denominated		1,294		1,283		1,307		1,296		1,262				328		299		(8.8)
	US$ denominated		1,169		1,356		1,446		1,569		1,845				397		406		2.3
	Net investment income		2,463		2,639		2,753		2,865		3,107				724		705		(2.6)
	Amortized hedge costs on foreign investments (2)		(228)		(236)		(257)		(206)		(76)				(19)		(26)		36.8
	Adjusted net investment income		2,235		2,403		2,496		2,659		3,031				705		680		(3.5)
	Other income excl. realized foreign
	currency gains (losses)		41		41		45		42		41				13		9

	Total adjusted revenues		15,028		15,206		15,313		15,371		14,925				3,841		3,413		(11.1)

Benefits and claims
	Benefits and claims, net
	Incurred claims -direct		6,332		6,566		6,671		6,875		6,783				1,905		1,750
	Incurred claims -assumed (ceded)		(497)		(471)		(419)		(354)		(290)				(75)		(71)
	Increase in FPB -direct		3,265		2,836		2,684		2,437		1,572				333		170
	Increase in FPB -assumed (ceded)		(14)		(18)		(60)		(107)		(102)				(28)		(22)
	Total net benefits and claims		9,087		8,913		8,877		8,851		7,963				2,135		1,827		(14.4)

Adjusted expenses:
	Amortization of deferred policy
	acquisition costs		630		710		709		644		653				172		154		(10.5)
	Insurance commissions		736		735		731		740		706				187		161		(13.9)
	Insurance and other expenses		1,521		1,640		1,734		1,873		1,849				460		410		(10.9)
	Total adjusted expenses		2,887		3,085		3,174		3,257		3,208				818		725

	Total benefits and adjusted expenses		11,974		11,998		12,051		12,108		11,171				2,954		2,551		(13.6)

	Pretax adjusted earnings	$	3,054	$	3,208	$	3,261	$	3,263	$	3,754			$	887	$	862		(2.8)

	(1) Includes the net interest cash flows from derivatives associated with certain investment strategies
	(2) See non-U.S. GAAP financial measures for definition of amortized hedge costs/income

Aflac Japan


Balance Sheets
(In Millions)


	December 31,										March 31,
	2017		2018		2019		2020		2021			2021			2022

Assets:

Investments and cash	¥	11,854,224	¥	12,031,549	¥	12,847,994	¥	13,080,154	¥	13,645,902			¥	13,328,567		¥	13,419,598
Receivables, net of allowance for credit losses		37,692		37,083		28,219		20,782		22,439				23,612			27,184
Accrued investment income		64,439		66,350		65,485		62,722		67,493				58,246			64,048
Deferred policy acquisition costs		695,025		708,638		721,341		723,579		716,984				721,217			715,032
Other assets		276,050		292,335		308,411		320,351		331,449				328,347			371,538

Total assets	¥	12,927,431	¥	13,135,956	¥	13,971,450	¥	14,207,588	¥	14,784,268			¥	14,459,990		¥	14,597,400


Liabilities and Shareholders' Equity:

Future policy benefits	¥	8,323,560	¥	8,637,152	¥	8,924,868	¥	9,175,501	¥	9,336,894			¥	9,207,671		¥	9,353,727
Policy and contract claims		304,248		317,043		315,477		328,778		333,900				333,289			339,842
Unearned premiums		659,977		552,419		453,133		361,010		284,045				339,250			268,004
Other policyholders' funds		784,117		793,148		801,588		808,429		812,512				814,272			819,600
Income taxes (prim. deferred)		431,949		510,528		618,901		478,969		467,877				484,722			413,657
Other liabilities		150,143		194,949		357,135		253,219		513,580				421,441			525,048
Shareholders' equity		2,273,438		2,130,718		2,500,349		2,801,682		3,035,460				2,859,345			2,877,521

Total liabilities & shareholders' equity	¥	12,927,431	¥	13,135,956	¥	13,971,450	¥	14,207,588	¥	14,784,268			¥	14,459,990		¥	14,597,400

Aflac Japan


Balance Sheets
(In Millions)


	December 31,										March 31,
	2017		2018		2019		2020		2021			2021			2022

Assets:

Investments and cash	$	104,905	$	108,392	$	117,269	$	126,378	$	118,639			$	120,392		$	109,646
Receivables, net of allowance for credit losses		334		334		258		201		195				213			222
Accrued investment income		570		598		598		606		587				526			523
Deferred policy acquisition costs		6,150		6,384		6,584		6,991		6,233				6,514			5,842
Other assets		2,443		2,634		2,815		3,095		2,882				2,966			3,036

Total assets	$	114,402	$	118,342	$	127,523	$	137,271	$	128,536			$	130,611		$	119,270


Liabilities and Shareholders' Equity:

Future policy benefits	$	73,661	$	77,812	$	81,461	$	88,652	$	81,176			$	83,169		$	76,426
Policy and contract claims		2,692		2,856		2,879		3,177		2,903				3,010			2,777
Unearned premiums		5,840		4,977		4,136		3,488		2,469				3,064			2,190
Other policyholders' funds		6,939		7,145		7,316		7,811		7,064				7,355			6,697
Income taxes (prim. deferred)		3,823		4,601		5,650		4,630		4,067				4,383			3,369
Other liabilities		1,328		1,756		3,260		2,447		4,465				3,807			4,290
Shareholders' equity		20,119		19,194		22,820		27,068		26,391				25,822			23,522

Total liabilities & shareholders' equity	$	114,402	$	118,342	$	127,523	$	137,271	$	128,536			$	130,611		$	119,270

Aflac Japan


Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes
(Yen In Millions)


		Net						Total									Total				Pretax
		Earned		%	Adjusted		%	Adjusted		%	Total		%			%	Adjusted		%		Adjusted		%
	Period	Premiums		Change	NII		Change	Revenues		Change	Benefits		Change	Amort.		Change	Expense		Change		Earn.		Change

	2017		1,430,426	(2.7)		251,754	(2.0)		1,686,820	(2.5)		1,019,378	(4.5)		70,670	1.2		323,801		.5		343,640		.6
	2018		1,408,697	(1.5)		265,519	5.5		1,678,852	(.5)		984,007	(3.5)		78,460	11.0		340,642		5.2		354,201		3.1
	2019		1,392,612	(1.1)		271,253	2.2		1,668,734	(.6)		967,782	(1.6)		77,286	(1.5)		346,150		1.6		354,802		.2
	2020		1,353,208	(2.8)		283,122	4.4		1,640,827	(1.7)		945,487	(2.3)		68,818	(11.0)		347,459		.4		347,881		(2.0)
	2021		1,300,082	(3.9)		333,028	17.6		1,637,621	(.2)		873,202	(7.6)		71,657	4.1		352,275		1.4		412,144		18.5


2020	1		343,054	(2.1)		69,812	4.0		414,045	(1.1)		238,148	(1.7)		18,842	(5.9)		82,939		(2.0)		92,958		1.2
	2		339,891	(2.5)		68,036	2.0		409,126	(1.8)		237,328	(1.2)		16,697	(14.3)		81,648		(4.1)		90,150		(1.2)
	3		336,488	(3.3)		70,219	(.2)		407,874	(2.8)		240,025	(1.4)		16,001	(16.5)		88,661		2.5		79,188		(11.6)
	4		333,775	(3.5)		75,054	11.9		409,782	(1.0)		229,986	(4.9)		17,277	(7.2)		94,211		4.9		85,585		4.2

2021	1		330,595	(3.6)		74,621	6.9		406,505	(1.8)		225,965	(5.1)		18,225	(3.3)		86,732		4.6		93,808		.9
	2		327,071	(3.8)		86,681	27.4		414,825	1.4		218,791	(7.8)		18,541	11.0		86,088		5.4		109,947		22.0
	3		323,072	(4.0)		84,035	19.7		408,185	.1		213,430	(11.1)		17,011	6.3		87,234		(1.6)		107,521		35.8
	4		319,344	(4.3)		87,690	16.8		408,105	(.4)		215,016	(6.5)		17,880	3.5		92,221		(2.1)		100,868		17.9

2022	1		316,429	(4.3)		79,042	5.9		396,545	(2.5)		212,182	(6.1)		17,882	(1.9)		84,208		(2.9)		100,154		6.8

Aflac Japan


Operating Ratios
(Before Management Fee)

		12-Mo. Rolling		Tot. Ben./		Tot. Adj.	Combined	Pretax
		Premium	Tot. Ben./	Premiums	Amort./	Expenses/	Ratio/	Profit
	Period	Persistency(1)	Premium	(3rd sector)	Premium	Total Adj. Rev.	Total Adj. Rev.	Margin

	2017	94.9	71.3	60.5	4.9	19.2	79.6	20.4
	2018	94.1	69.9	59.2	5.6	20.3	78.9	21.1
	2019	94.4	69.5	59.3	5.5	20.7	78.7	21.3
	2020	95.1	69.9	59.7	5.1	21.2	78.8	21.2
	2021	94.3	67.2	56.6	5.5	21.5	74.8	25.2
	2022 YTD	94.3	67.1	56.4	5.7	21.2	74.7	25.3

2020	1	94.5	69.4	59.0	5.5	20.0	77.5	22.5
	2	94.8	69.8	59.6	4.9	20.0	78.0	22.0
	3	95.0	71.3	61.7	4.8	21.7	80.6	19.4
	4	95.1	68.9	58.6	5.2	23.0	79.1	20.9

2021	1	95.0	68.4	58.0	5.5	21.3	76.9	23.1
	2	94.7	66.9	56.5	5.7	20.8	73.5	26.5
	3	94.5	66.1	55.0	5.3	21.4	73.7	26.3
	4	94.3	67.3	57.0	5.6	22.6	75.3	24.7

2022	1	94.3	67.1	56.4	5.7	21.2	74.7	25.3

(1) Premium persistency presented on a 12-month rolling basis for all periods, rather than year to date

Aflac Japan


Aflac Japan Sales Results
(Yen In Millions, unless otherwise noted)



		Annl.			Third Sector
		Prem.			New Annl.			Total
		In Force		%	Prem.		%	New Annual.		%
	Period	(Billions)		Change	Sales		Change	Premium Sales		Change

	2017		1,552.2	(3.4)		87,417	4.1		94,851	(16.6)
	2018		1,527.1	(1.6)		88,813	1.6		95,894	1.1
	2019		1,489.3	(2.5)		72,836	(18.0)		79,697	(16.9)
	2020		1,426.5	(4.2)		45,110	(38.1)		50,852	(36.2)
	2021		1,360.0	(4.7)		48,977	8.6		54,764	7.7



2020	1		1,474.3	(2.8)		12,486	(26.7)		14,021	(25.4)
	2		1,457.7	(3.4)		8,656	(60.9)		9,827	(58.8)
	3		1,441.9	(.5)		11,167	(33.7)		12,601	(32.0)
	4		1,426.5	(4.2)		12,801	(23.8)		14,404	(22.2)

2021	1		1,410.0	(4.4)		12,492	—		13,998	(.2)
	2		1,391.7	(4.5)		12,125	40.1		13,602	38.4
	3		1,375.0	(4.6)		11,275	1.0		12,605	—
	4		1,360.0	(4.7)		13,084	2.2		14,559	1.1

2022	1		1,345.6	(4.6)		10,679	(19.0)		11,925	(14.8)

Aflac Japan


Aflac Japan Product Mix
(New Annualized Premium Sales, Yen In Billions)

			% of		% of	Income	% of	Child	% of		% of	Ordinary	% of		% of
	Period	Cancer	Total	Medical	Total	Support	Total	Endowment	Total	WAYS	Total	Life Other	Total	Other	Total	Total
	2017	53.0	55.8	32.4	34.1	2.2	2.3	.5	.5	.6	.6	5.6	6.0	.6	.7	94.9
	2018	63.1	65.8	23.9	25.0	1.7	1.8	.3	.3	.5	.5	5.9	6.1	.5	.5	95.9
	2019	47.2	59.2	24.6	31.0	1.0	1.2	.2	.2	.4	.5	5.9	7.4	.4	.5	79.7
	2020	28.8	56.6	15.9	31.2	.5	1.0	.2	.4	.4	.7	4.8	9.5	.3	.6	50.9
	2021	27.0	49.2	20.4	37.2	.3	.5	.2	.3	.4	.8	4.9	9.0	1.6	3.0	54.8


2020	1	7.8	55.5	4.5	32.4	.2	1.2	—	.3	.1	.6	1.3	9.3	.1	.7	14.0
	2	5.4	54.7	3.2	32.5	.1	.9	—	.4	.1	.8	1.0	10.0	—	.7	9.8
	3	7.0	55.7	4.0	32.0	.1	.9	.1	.4	.1	.8	1.2	9.6	.1	.6	12.6
	4	8.6	59.7	4.1	28.4	.1	.8	.1	.3	.1	.8	1.3	9.3	.1	.7	14.4

2021	1	6.4	45.4	6.1	43.3	.1	.6	—	.3	.1	.7	1.2	8.9	.1	.8	14.0
	2	6.7	48.9	5.4	39.7	.1	.6	—	.4	.1	.8	1.2	8.9	.1	.7	13.6
	3	6.3	49.9	4.6	36.3	.1	.5	—	.3	.1	.7	1.1	9.0	.4	3.3	12.6
	4	7.7	52.7	4.4	29.9	.1	.4	—	.3	.1	.8	1.2	8.6	1.1	7.3	14.6

2022	1	6.4	53.0	3.8	31.4	.1	1.1	—	.3	.1	.7	1.1	9.0	.5	4.5	11.9

Aflac Japan


Aflac Japan Sales Force Data

			Number of Agencies by Type				Sales Contribution by Agency Type

		Period	Individual/ Independent Corporate	Affiliated Corporate	Bank	Total	Individual/ Independent Corporate	Affiliated Corporate	Bank	Licensed Sales Associates(1)	Recruited Agencies
		2017	9,492	1,455	374	11,321	42.8	52.0	5.2	109,197	174
		2018	8,453	1,392	371	10,216	40.1	55.3	4.6	109,482	85
		2019	7,683	1,343	367	9,393	45.7	50.0	4.3	109,265	77
		2020	7,231	1,312	361	8,904	52.3	42.6	5.1	111,886	48
		2021	6,779	1,283	360	8,422	51.1	43.7	5.2	111,854	62


	2020	1	7,537	1,332	364	9,233	52.8	42.7	4.5	110,129	17
		2	7,426	1,329	364	9,119	53.8	42.8	3.4	109,850	5
		3	7,312	1,317	364	8,993	51.7	41.4	6.9	111,016	19
		4	7,231	1,312	361	8,904	51.3	43.4	5.3	111,886	7

	2021	1	7,142	1,308	360	8,810	54.3	40.6	5.1	112,252	13
		2	7,055	1,305	359	8,719	51.1	44.0	4.9	113,259	22
		3	6,898	1,299	360	8,557	49.9	43.8	6.3	112,100	13
		4	6,779	1,283	360	8,422	49.2	46.3	4.5	111,854	14

	2022	1	6,447	1,266	360	8,073	48.9	46.5	4.6	109,873	6

(1) Excludes Dai-ichi Life, banks, Japan Post Group and Daido Life

Aflac Japan


Yen/Dollar Exchange Rates

				Yearly
		Closing	Qtr	Cum	%
	Period	Rate(1)	Avg	Avg	Change

	2017	113.00	N/A	112.16	(3.1)
	2018	111.00	N/A	110.39	1.6
	2019	109.56	N/A	109.07	1.2
	2020	103.50	N/A	106.86	2.1
	2021	115.02	N/A	109.79	(2.7)


2020	1	108.83	108.84	108.84	1.3
	2	107.74	107.65	108.25	1.7
	3	105.80	106.23	107.63	1.4
	4	103.50	104.57	106.86	2.1

2021	1	110.71	105.88	105.88	2.8
	2	110.58	109.48	107.79	.4
	3	111.92	110.11	108.58	(.9)
	4	115.02	113.70	109.79	(2.7)

2022	1	122.39	116.18	116.18	(8.9)









	(1) Closing rate is based on the latest available and published MUFG Bank Ltd. TTM mid-day exchange rate.

Corporate and Other


Statements of Pretax Adjusted Earnings
(Before Management Fee)
(In Millions)

		Years Ended December 31,															3 Months Ended March 31,
																									%
		2017			2018			2019			2020			2021				2021	2022			Change
Revenues:
	Total net earned premiums		$	216		$	208		$	200		$	194		$	180				$	48		$	41		(14.6)
	Net investment income (1)		35			77			88			80			(73)					16			4			(75.0)
	Amortized hedge income (2)		—			36			89			97			57					17			11			(35.3)
	Adjusted net investment income		35			113			177			177			(16)					33			15			(54.5)
	Other income		21			18			15			13			11					2			18			800.0

	Total adjusted revenues		272			339			393			384			175					83			74			(10.8)

Benefits and expenses:
	Total net benefits and claims		209			199			194			180			166					43			39			(9.3)
	Interest expense		122			120			133			164			165					44			40			(9.1)
	Other adjusted expenses		154			159			137			155			142					22			39			77.3

	Total benefits and adjusted expenses		486			478			464			499			473					109			118			8.3

	Pretax adjusted earnings		$	(214)		$	(139)		$	(72)		$	(115)		$	(298)				$	(26)		$	(44)		(69.2)


	(1) The change in value of federal historic rehabilitation and solar investments in partnerships of $12 for the three-month period ended March 31, 2022, is included as a reduction to net investment income. Tax credits on these investments of $16 for the three-month period ended March 31, 2022, have been recorded as an income tax benefit on the consolidated statement of earnings.
	(2) See non-U.S. GAAP financial measures for the definition of amortized hedge cost/income

Non-U.S. GAAP Financial Measures

This document includes references to the Company’s financial performance measures which are not calculated in accordance with United States generally accepted accounting principles (U.S. GAAP) (non-U.S. GAAP). The financial measures exclude items that the Company believes may obscure the underlying fundamentals and trends in insurance operations because they tend to be driven by general economic conditions and events or related to infrequent activities not directly associated with insurance operations.

Due to the size of Aflac Japan, where the functional currency is the Japanese yen, fluctuations in the yen/dollar exchange rate can have a significant effect on reported results. In periods when the yen weakens, translating yen into dollars results in fewer dollars being reported. When the yen strengthens, translating yen into dollars results in more dollars being reported. Consequently, yen weakening has the effect of suppressing current period results in relation to the comparable prior period, while yen strengthening has the effect of magnifying current period results in relation to the comparable prior period. A significant portion of the Company’s business is conducted in yen and never converted into dollars but translated into dollars for U.S. GAAP reporting purposes, which results in foreign currency impact to earnings, cash flows and book value on a U.S. GAAP basis. Management evaluates the Company's financial performance both including and excluding the impact of foreign currency translation to monitor, respectively, cumulative currency impacts and the currency-neutral operating performance over time. The average yen/dollar exchange rate is based on the published MUFG Bank, Ltd. telegraphic transfer middle rate (TTM).

The Company defines the non-U.S. GAAP financial measures included in this document as follows:


•			Adjusted book value is the U.S. GAAP book value (representing total shareholders’ equity), less AOCI as recorded on the U.S. GAAP balance sheet. Adjusted book value per common share is adjusted book value at the period end divided by the ending outstanding common shares for the period presented. The Company considers adjusted book value and adjusted book value per common share important as they exclude AOCI, which fluctuates due to market movements that are outside management’s control. The most comparable U.S. GAAP financial measures for adjusted book value and adjusted book value per common share are total book value and total book value per common share, respectively.
•			Adjusted book value including unrealized foreign currency translation gains and losses is adjusted book value plus unrealized foreign currency translation gains and losses. Adjusted book value including unrealized foreign currency translation gains and losses per common share is adjusted book value plus unrealized foreign currency translation gains and losses at the period end divided by the ending outstanding common shares for the period presented. The Company considers adjusted book value including unrealized foreign currency translation gains and losses, and its related per share financial measure, important as they exclude certain components of AOCI, which fluctuate due to market movements that are outside management's control; however, it includes the impact of foreign currency as a result of the significance of Aflac’s Japan operation. The most comparable U.S. GAAP financial measures for adjusted book value including unrealized foreign currency translation gains and losses and adjusted book value including unrealized foreign currency translation gains and losses per common share are total book value and total book value per common share, respectively.
•			Adjusted book value including unrealized foreign currency translation gains and losses and pension liability adjustment is adjusted book value plus unrealized foreign currency translation gains and losses and pension liability adjustment. The Company considers adjusted book value including unrealized foreign currency translation gains and losses and pension liability adjustment important as it excludes certain components of AOCI, which fluctuates due to market movements that are outside management's control; however, it includes the impact of foreign currency as a result of the significance of Aflac’s Japan operation. The most comparable U.S. GAAP financial measure for adjusted book value including unrealized foreign currency translation gains and losses and pension liability adjustment is total book value.
•			Adjusted debt is the sum of notes payable, as recorded on the U.S. GAAP balance sheet, excluding 50% of subordinated debentures and perpetual bonds and all pre-funding of debt maturities. The Company considers adjusted debt important as it measures outstanding debt consistently with expectations of the Company’s rating agency stakeholders. The most comparable U.S. GAAP financial measure for adjusted debt is notes payable.
•			Adjusted debt including 50% of subordinated debentures and perpetual bonds is the sum of notes payable, as recorded on the U.S. GAAP balance sheet, excluding pre-funding of debt maturities. The Company considers adjusted debt including 50% of subordinated debentures and perpetual bonds important as it measures outstanding debt consistently with expectations of the Company’s rating agency stakeholders. The most comparable U.S. GAAP financial measure for adjusted debt including 50% of subordinated debentures and perpetual bonds is notes payable.


•			Adjusted earnings are adjusted revenues less benefits and adjusted expenses. Adjusted earnings per share (basic or diluted) are the adjusted earnings for the period divided by the weighted average outstanding shares (basic or diluted) for the period presented. The adjustments to both revenues and expenses account for certain items that cannot be predicted or that are outside management’s control. Adjusted revenues are U.S. GAAP total revenues excluding adjusted net investment gains and losses. Adjusted expenses are U.S. GAAP total acquisition and operating expenses including the impact of interest cash flows from derivatives associated with notes payable but excluding any nonrecurring or other items not associated with the normal course of the Company’s insurance operations and that do not reflect the Company's underlying business performance. Management uses adjusted earnings and adjusted earnings per diluted share to evaluate the financial performance of the Company’s insurance operations on a consolidated basis and believes that a presentation of these financial measures is vitally important to an understanding of the underlying profitability drivers and trends of the Company’s insurance business. The most comparable U.S. GAAP financial measures for adjusted earnings and adjusted earnings per share (basic or diluted) are net earnings and net earnings per share, respectively.
•			Adjusted earnings excluding current period foreign currency impact are computed using the average foreign currency exchange rate for the comparable prior-year period, which eliminates fluctuations driven solely by foreign currency exchange rate changes. Adjusted earnings per diluted share excluding current period foreign currency impact is adjusted earnings excluding current period foreign currency impact divided by the weighted average outstanding diluted shares for the period presented. The Company considers adjusted earnings excluding current period foreign currency impact and adjusted earnings per diluted share excluding current period foreign currency impact important because a significant portion of the Company's business is conducted in Japan and foreign exchange rates are outside management’s control; therefore, the Company believes it is important to understand the impact of translating foreign currency (primarily Japanese yen) into U.S. dollars. The most comparable U.S. GAAP financial measures for adjusted earnings excluding current period foreign currency impact and adjusted earnings per diluted share excluding current period foreign currency impact are net earnings and net earnings per share, respectively.
•			Amortized hedge costs/income represent costs/income incurred or recognized as a result of using foreign currency derivatives to hedge certain foreign exchange risks in the Company's Japan segment or in Corporate and other. These amortized hedge costs/ income are estimated at the inception of the derivatives based on the specific terms of each contract and are recognized on a straight-line basis over the term of the hedge. The Company believes that amortized hedge costs/income measure the periodic currency risk management costs/income related to hedging certain foreign currency exchange risks and are an important component of net investment income. There is no comparable U.S. GAAP financial measure for amortized hedge costs/ income.
•			Adjusted net investment gains and losses are net investment gains and losses adjusted for i) amortized hedge cost/income related to foreign currency exposure management strategies and certain derivative activity, ii) net interest cash flows from foreign currency and interest rate derivatives associated with certain investment strategies, which are both reclassified to net investment income, and iii) the impact of interest cash flows from derivatives associated with notes payable, which is reclassified to interest expense as a component of total adjusted expenses. The Company considers adjusted net investment gains and losses important as it represents the remainder amount that is considered outside management’s control, while excluding the components that are within management’s control and are accordingly reclassified to net investment income and interest expense. The most comparable U.S. GAAP financial measure for adjusted net investment gains and losses is net investment gains and losses.
•			Adjusted net investment income is net investment income adjusted for i) amortized hedge cost/income related to foreign currency exposure management strategies and certain derivative activity, and ii) net interest cash flows from foreign currency and interest rate derivatives associated with certain investment strategies, which are reclassified from net investment gains and losses to net investment income. The Company considers adjusted net investment income important because it provides a more comprehensive understanding of the costs and income associated with the Company’s investments and related hedging strategies. The most comparable U.S. GAAP financial measure for adjusted net investment income is net investment income.
•			Adjusted return on equity is adjusted earnings divided by average shareholders’ equity, excluding accumulated other comprehensive income (AOCI). Management uses adjusted return on equity to evaluate the financial performance of the Company’s insurance operations on a consolidated basis and believes that a presentation of this financial measure is vitally important to an understanding of the underlying profitability drivers and trends of the Company’s insurance business. The Company considers adjusted return on equity important as it excludes components of AOCI, which fluctuate due to market movements that are outside management's control. The most comparable U.S. GAAP financial measure for adjusted return on equity is return on average equity (ROE) as determined using net earnings and average total shareholders’ equity.