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BUSINESS SEGMENT INFORMATION - Operations by Segment - Revenues (Details)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2023
USD ($)
Sep. 30, 2022
USD ($)
Sep. 30, 2023
USD ($)
segment
Sep. 30, 2022
USD ($)
Segment Reporting, Revenue Reconciling Item [Line Items]        
Number of reportable insurance business segments | segment     2  
Net earned premiums [1] $ 3,476 $ 3,535 $ 10,737 $ 11,379
Other income 47 50 139 168
Total revenues 4,950 4,704 14,923 15,192
Total adjusted revenues 4,436 4,468 13,527 14,230
Net investment gains (losses) [2],[3],[4],[5] 514 236 1,396 962
Remeasurement gain (loss), deferred profit liability for limited-payment contracts 22 (41) 22 (42)
Aflac Japan        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Net earned premiums [1] 1,973 2,125 6,207 7,084
Adjusted net investment income [2],[4] 679 663 1,927 2,066
Other income 8 9 26 26
Total revenues 2,660 2,797 8,160 9,176
Remeasurement gain (loss), deferred profit liability for limited-payment contracts 22 (41) 22 (42)
Hedge costs 26 28 148 84
Net interest cash flows from derivatives (79) (25) (214) (37)
Aflac U.S.        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Net earned premiums 1,419 1,375 4,272 4,182
Adjusted net investment income [5] 209 185 609 563
Other income 33 38 102 120
Total revenues 1,661 1,598 4,983 4,865
Net interest cash flows from derivatives (9) (1) (24) 1
Corporate and other        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Net earned premiums 83 35 258 112
Total revenues [3],[6] 115 73 384 189
Hedge income 25 19 92 44
Change in value of federal historic rehabilitation and solar tax credit investments (64) (19) (169) (61)
Federal historic rehabilitation and solar tax credits, amount $ 63 $ 19 $ 171 $ 63
[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] 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.
[4] 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.
[5] 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.
[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.