REINSURANCE (Tables)

9 Months Ended

Sep. 30, 2023

The following table reconciles direct premiums and direct benefits and claims to net amounts after the effect of reinsurance and the elimination of inter-segment amounts associated with affiliated reinsurance.


	Three Months Ended September 30,						Nine Months Ended September 30,
(In millions)	2023			2022			2023			2022
Direct earned premiums		$	3,524		$	3,565		$	10,885		$	11,472
Ceded to other companies:
Ceded Aflac Japan closed blocks		(75)			(80)			(240)			(266)
Other		(24)			(19)			(69)			(55)
Assumed from other companies:
Retrocession activities		33			35			96			112
Other		18			34			65			116
Net earned premiums		$	3,476		$	3,535		$	10,737		$	11,379

Direct benefits and claims, excluding reserve remeasurement		$	2,106		$	2,178		$	6,545		$	7,029
Reserve remeasurement (gains) losses		(219)			(73)			(327)			(132)
Total direct benefits and claims		1,887			2,105			6,218			6,897
Ceded benefits and change in reserves for future benefits:
Ceded Aflac Japan closed blocks		(71)			(72)			(222)			(237)
Reserve remeasurement (gains) losses		14			(20)			15			(20)
Eliminations		42			2			125			11
Other		(49)			(2)			(154)			(21)
Assumed from other companies:
Retrocession activities		29			41			90			119
Eliminations		(44)			(3)			(120)			(20)
Other		52			25			156			104
Total benefits and claims, net		$	1,860		$	2,076		$	6,108		$	6,833

Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.