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BUSINESS SEGMENT INFORMATION
 3 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
BUSINESS SEGMENT INFORMATION BUSINESS SEGMENT INFORMATION
The Company consists of two reportable insurance business segments: Aflac Japan and Aflac U.S., both of which sell supplemental health and life insurance. In addition, the Parent Company, other operating business units that are not individually reportable and business activities, including reinsurance activities, not included in Aflac Japan or Aflac U.S. are included in Corporate and other.

The Company does not allocate corporate overhead expenses to business segments. Consistent with U.S. GAAP accounting guidance for segment reporting, the Company evaluates and manages its business segments using a financial performance measure called pretax adjusted earnings. Adjusted earnings are adjusted revenues less benefits and adjusted expenses. 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 net investment gains and losses, except for amortized hedge costs/income related to foreign currency exposure management strategies and net interest cash flows from derivatives associated with certain investment strategies. 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 non-recurring 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. The Company excludes income taxes related to operations to arrive at pretax adjusted earnings. Information regarding operations by reportable segment and Corporate and other, follows:
  
Three Months Ended September 30,Nine Months Ended September 30,
(In millions)2023202220232022
Revenues:
Aflac Japan:
   Net earned premiums (1)
$1,973 $2,125 $6,207 $7,084 
   Adjusted net investment income (2),(3)
679 663 1,927 2,066 
   Other income8 9 26 26 
               Total adjusted revenue Aflac Japan2,660 2,797 8,160 9,176 
Aflac U.S.:
   Net earned premiums1,419 1,375 4,272 4,182 
   Adjusted net investment income (4)
209 185 609 563 
   Other income33 38 102 120 
           Total adjusted revenue Aflac U.S.1,661 1,598 4,983 4,865 
Corporate and other (5),(6)
115 73 384 189 
           Total adjusted revenues4,436 4,468 13,527 14,230 
Net investment gains (losses) (2),(3),(4),(5)
514 236 1,396 962 
           Total revenues$4,950 $4,704 $14,923 $15,192 
(1) Includes a gain (loss) of $22 and $(41) for the three-month periods and $22 and $(42) for the nine-month periods ended September 30, 2023 and 2022, respectively, related to remeasurement of the deferred profit liability for limited-payment contracts.
(2) Amortized hedge costs of $26 and $28 for the three-month periods and $148 and $84 for the nine-month periods ended September 30, 2023, and 2022, 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.
(3) Net interest cash flows from derivatives associated with certain investment strategies of $(79) and $(25) for the three-month periods and $(214) and $(37) for the nine-month periods ended September 30, 2023, and 2022, respectively, have been reclassified from net investment gains (losses) and included in adjusted earnings as a component of net investment income when analyzing operations.
(4) Net interest cash flows from derivatives associated with certain investment strategies of $(9) and $(1) for the three-month periods and $(24) and $1 for the nine-month periods ended September 30, 2023, and 2022, have been reclassified from net investment gains (losses) and included in adjusted earnings as a component of net investment income when analyzing operations.
(5) Amortized hedge income of $25 and $19 for the three-month periods and $92 and $44 for the nine-month periods ended September 30, 2023, and 2022, 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.
(6) The change in value of federal historic rehabilitation and solar investments in partnerships of $64 and $19 for the three-month periods and $169 and $61 for the nine-month periods ended September 30, 2023, and 2022, respectively, is included as a reduction to net investment income. Tax credits on these investments of $63 and $19 for the three-month periods and $171 and $63 for the nine-month periods ended September 30, 2023, and 2022, respectively, have been recorded as an income tax benefit in the consolidated statements of earnings. See Note 3 for additional information on these investments.
Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.
  
Three Months Ended September 30,Nine Months Ended September 30,
(In millions)2023202220232022
Pretax earnings:
Aflac Japan (1),(2),(3)
$869 $817 $2,479 $2,560 
Aflac U.S. (4)
478 345 1,199 1,020 
Corporate and other (5),(6),(7)
(49)(56)(107)(173)
    Pretax adjusted earnings (8)
1,298 1,106 3,571 3,407 
Net investment gains (losses) (2),(3),(4),(5),(6)
504 222 1,363 923 
Other income (loss)3 1 38 1 
    Total earnings before income taxes$1,805 $1,329 $4,972 $4,331 
Income taxes applicable to pretax adjusted earnings$203 $196 $570 $610 
Effect of foreign currency translation on after-tax
  adjusted earnings		(33)(97)(100)(192)
(1) Includes a gain (loss) of $22 and $(41) for the three-month periods and $22 and $(42) for the nine-month periods ended September 30, 2023 and 2022, respectively, related to remeasurement of the deferred profit liability for limited-payment contracts.
(2) Amortized hedge costs of $26 and $28 for the three-month periods and $148 and $84 for the nine-month periods ended September 30, 2023, and 2022, 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.
(3) Net interest cash flows from derivatives associated with certain investment strategies of $(79) and $(25) for the three-month periods and $(214) and $(37) for the nine-month periods ended September 30, 2023, and 2022, respectively, have been reclassified from net investment gains (losses) and included in adjusted earnings as a component of net investment income when analyzing operations.
(4) Net interest cash flows from derivatives associated with certain investment strategies of $(9) and $(1) for the three-month periods and $(24) and $1 for the nine-month periods ended September 30, 2023, and 2022, have been reclassified from net investment gains (losses) and included in adjusted earnings as a component of net investment income when analyzing operations.
(5) Amortized hedge income of $25 and $19 for the three-month periods and $92 and $44 for the nine-month periods ended September 30, 2023, and 2022, 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.
(6) A gain of $8 and $13 for the three-month periods and $32 and $38 for the nine-month periods ended September 30, 2023, and 2022, 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.
(7) The change in value of federal historic rehabilitation and solar investments in partnerships of $64 and $19 for the three-month periods and $169 and $61 for the nine-month periods ended September 30, 2023, and 2022, respectively, is included as a reduction to net investment income. Tax credits on these investments of $63 and $19 for the three-month periods and $171 and $63 for the nine-month periods ended September 30, 2023, and 2022, respectively, have been recorded as an income tax benefit in the consolidated statements of earnings. See Note 3 for additional information on these investments.
(8) Includes $39 and $45 for the three-month periods and $109 and $127 for the nine-month periods ended September 30, 2023, and 2022, respectively, of interest expense on debt.
Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.

Assets were as follows:
(In millions)September 30,
2023		December 31,
2022
Assets:
Aflac Japan$99,407 $105,734 
Aflac U.S.20,751 21,002 
Corporate and other4,953 5,002 
    Total assets$125,111 $131,738 
Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.