XML 118 R101.htm IDEA: XBRL DOCUMENT v3.24.0.1
POLICY LIABILITIES - Schedule of Changes in Present Value of Expected Net Premiums and Expected Future Policy Benefits (Detail) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Present value of expected future policy benefits:      
Beginning balance $ 141,463    
Ending balance 132,131 $ 141,463  
Liability amounts 83,718 88,241  
Aflac Japan | Cancer      
Present value of expected premiums:      
Beginning balance 19,298 25,893  
Beginning balance at original discount rate 18,221 22,470  
Effect of changes in cash flow assumptions   (165) $ (639)
Effect of actual variances from expected experience   (315) (284)
Adjusted beginning of period balance   17,741 21,547
Issuances 1,034 947  
Interest accrual 412 459  
Net premiums collected [1] (1,564) (1,734)  
Foreign currency translation (1,170) (2,997)  
Other (1) (1)  
Ending balance at original discount rate 16,452 18,221 22,470
Effect of changes in discount rate assumptions 1,057 1,077  
Ending balance 17,509 19,298 25,893
Present value of expected future policy benefits:      
Beginning balance 54,766 72,747  
Beginning balance at original discount rate 47,677 56,807  
Effect of changes in cash flow assumptions   (147) (721)
Effect of actual variances from expected experience   (385) (333)
Adjusted beginning of period balance   47,145 55,753
Issuances 1,059 960  
Interest accrual 1,473 1,599  
Benefit payments (2,987) (3,050)  
Foreign currency translation (3,064) (7,585)  
Other 0 0  
Ending balance at original discount rate 43,626 47,677 56,807
Effect of changes in discount rate assumptions 6,535 7,089  
Ending balance 50,161 54,766 72,747
Liability amounts 32,652 35,468  
Less: reinsurance recoverable 4,135 0  
Net liability for future policy benefits after reinsurance recoverable 28,517 35,468  
Aflac Japan | Medical and other health      
Present value of expected premiums:      
Beginning balance 16,714 21,174  
Beginning balance at original discount rate 16,195 18,681  
Effect of changes in cash flow assumptions   (470) 317
Effect of actual variances from expected experience   (137) 61
Adjusted beginning of period balance   15,588 19,059
Issuances 418 639  
Interest accrual 334 364  
Net premiums collected [1] (1,261) (1,376)  
Foreign currency translation (1,038) (2,488)  
Other (1) (3)  
Ending balance at original discount rate 14,040 16,195 18,681
Effect of changes in discount rate assumptions 657 519  
Ending balance 14,697 16,714 21,174
Present value of expected future policy benefits:      
Beginning balance 27,419 36,021  
Beginning balance at original discount rate 27,566 31,398  
Effect of changes in cash flow assumptions   (507) 352
Effect of actual variances from expected experience   (154) 83
Adjusted beginning of period balance   26,905 31,833
Issuances 432 646  
Interest accrual 608 642  
Benefit payments (1,153) (1,375)  
Foreign currency translation (1,769) (4,180)  
Other 0 0  
Ending balance at original discount rate 25,023 27,566 31,398
Effect of changes in discount rate assumptions 234 (147)  
Ending balance 25,257 27,419 36,021
Liability amounts 10,560 10,705  
Less: reinsurance recoverable 1,521 1,579  
Net liability for future policy benefits after reinsurance recoverable 9,039 9,126  
Aflac Japan | Life insurance      
Present value of expected premiums:      
Beginning balance 7,485 10,847  
Beginning balance at original discount rate 7,284 10,064  
Effect of changes in cash flow assumptions   43 (494)
Effect of actual variances from expected experience   (42) (81)
Adjusted beginning of period balance   7,285 9,489
Issuances 335 221  
Interest accrual 124 146  
Net premiums collected [1] (1,017) (1,229)  
Foreign currency translation (469) (1,343)  
Other 0 0  
Ending balance at original discount rate 6,258 7,284 10,064
Effect of changes in discount rate assumptions 230 201  
Ending balance 6,488 7,485 10,847
Present value of expected future policy benefits:      
Beginning balance 31,954 42,720  
Beginning balance at original discount rate 32,800 39,002  
Effect of changes in cash flow assumptions   65 (550)
Effect of actual variances from expected experience   (51) (91)
Adjusted beginning of period balance   32,814 38,361
Issuances 341 222  
Interest accrual 625 670  
Benefit payments (1,415) (1,248)  
Foreign currency translation (2,109) (5,205)  
Other 0 0  
Ending balance at original discount rate 30,256 32,800 39,002
Effect of changes in discount rate assumptions (525) (846)  
Ending balance 29,731 31,954 42,720
Liability amounts 23,243 24,469  
Less: reinsurance recoverable 0 0  
Net liability for future policy benefits after reinsurance recoverable 23,243 24,469  
Aflac Japan | Other      
Present value of expected premiums:      
Beginning balance 1,256 1,586  
Beginning balance at original discount rate 1,242 1,461  
Effect of changes in cash flow assumptions   (12) 25
Effect of actual variances from expected experience   (15) (10)
Adjusted beginning of period balance   1,215 1,476
Issuances 26 62  
Interest accrual 20 22  
Net premiums collected [1] (112) (123)  
Foreign currency translation (80) (195)  
Other 0 0  
Ending balance at original discount rate 1,069 1,242 1,461
Effect of changes in discount rate assumptions 19 14  
Ending balance 1,088 1,256 1,586
Present value of expected future policy benefits:      
Beginning balance 5,582 7,322  
Beginning balance at original discount rate 5,940 6,787  
Effect of changes in cash flow assumptions   (27) 96
Effect of actual variances from expected experience   (15) (10)
Adjusted beginning of period balance   5,898 6,873
Issuances 32 68  
Interest accrual 100 106  
Benefit payments (206) (202)  
Foreign currency translation (380) (905)  
Other 0 0  
Ending balance at original discount rate 5,444 5,940 6,787
Effect of changes in discount rate assumptions (266) (358)  
Ending balance 5,178 5,582 7,322
Liability amounts 4,090 4,326  
Less: reinsurance recoverable 0 0  
Net liability for future policy benefits after reinsurance recoverable 4,090 4,326  
Aflac U.S. | Life insurance      
Present value of expected premiums:      
Beginning balance 724 834  
Beginning balance at original discount rate 799 780  
Effect of changes in cash flow assumptions   61 (1)
Effect of actual variances from expected experience   (25) (16)
Adjusted beginning of period balance   835 763
Issuances 181 146  
Interest accrual 31 27  
Net premiums collected [1] (137) (131)  
Foreign currency translation 0 0  
Other (1) (6)  
Ending balance at original discount rate 909 799 780
Effect of changes in discount rate assumptions (56) (75)  
Ending balance 853 724 834
Present value of expected future policy benefits:      
Beginning balance 1,526 1,843  
Beginning balance at original discount rate 1,778 1,694  
Effect of changes in cash flow assumptions   72 (1)
Effect of actual variances from expected experience   (32) (21)
Adjusted beginning of period balance   1,818 1,672
Issuances 185 149  
Interest accrual 68 62  
Benefit payments (105) (103)  
Foreign currency translation 0 0  
Other 5 (2)  
Ending balance at original discount rate 1,971 1,778 1,694
Effect of changes in discount rate assumptions (207) (252)  
Ending balance 1,764 1,526 1,843
Liability amounts 911 802  
Less: reinsurance recoverable 15 9  
Net liability for future policy benefits after reinsurance recoverable 896 793  
Aflac U.S. | Accident      
Present value of expected premiums:      
Beginning balance 2,534 3,283  
Beginning balance at original discount rate 2,760 2,999  
Effect of changes in cash flow assumptions   (16) (52)
Effect of actual variances from expected experience   (58) (152)
Adjusted beginning of period balance   2,686 2,795
Issuances 323 355  
Interest accrual 102 105  
Net premiums collected [1] (473) (496)  
Foreign currency translation 0 0  
Other (8) 1  
Ending balance at original discount rate 2,630 2,760 2,999
Effect of changes in discount rate assumptions (142) (226)  
Ending balance 2,488 2,534 3,283
Present value of expected future policy benefits:      
Beginning balance 3,098 3,949  
Beginning balance at original discount rate 3,391 3,594  
Effect of changes in cash flow assumptions   (11) (70)
Effect of actual variances from expected experience   (75) (177)
Adjusted beginning of period balance   3,305 3,347
Issuances 331 364  
Interest accrual 127 128  
Benefit payments (464) (456)  
Foreign currency translation 0 0  
Other 3 8  
Ending balance at original discount rate 3,302 3,391 3,594
Effect of changes in discount rate assumptions (193) (293)  
Ending balance 3,109 3,098 3,949
Liability amounts 621 564  
Less: reinsurance recoverable 0 0  
Net liability for future policy benefits after reinsurance recoverable 621 564  
Aflac U.S. | Disability      
Present value of expected premiums:      
Beginning balance 1,635 1,862  
Beginning balance at original discount rate 1,775 1,760  
Effect of changes in cash flow assumptions   (51) 5
Effect of actual variances from expected experience   (29) (43)
Adjusted beginning of period balance   1,695 1,722
Issuances 376 384  
Interest accrual 62 57  
Net premiums collected [1] (390) (382)  
Foreign currency translation 0 0  
Other (5) (6)  
Ending balance at original discount rate 1,738 1,775 1,760
Effect of changes in discount rate assumptions (86) (140)  
Ending balance 1,652 1,635 1,862
Present value of expected future policy benefits:      
Beginning balance 2,445 2,871  
Beginning balance at original discount rate 2,636 2,670  
Effect of changes in cash flow assumptions   (59) 5
Effect of actual variances from expected experience   (59) (48)
Adjusted beginning of period balance   2,518 2,627
Issuances 392 397  
Interest accrual 96 94  
Benefit payments (465) (483)  
Foreign currency translation 0 0  
Other 0 1  
Ending balance at original discount rate 2,541 2,636 2,670
Effect of changes in discount rate assumptions (119) (191)  
Ending balance 2,422 2,445 2,871
Liability amounts 770 810  
Less: reinsurance recoverable 0 0  
Net liability for future policy benefits after reinsurance recoverable 770 810  
Aflac U.S. | Critical care      
Present value of expected premiums:      
Beginning balance 4,486 6,023  
Beginning balance at original discount rate 5,050 5,391  
Effect of changes in cash flow assumptions   (494) (38)
Effect of actual variances from expected experience   (223) (421)
Adjusted beginning of period balance   4,333 4,932
Issuances 493 537  
Interest accrual 179 193  
Net premiums collected [1] (580) (612)  
Foreign currency translation 0 0  
Other (9) 0  
Ending balance at original discount rate 4,416 5,050 5,391
Effect of changes in discount rate assumptions (342) (564)  
Ending balance 4,074 4,486 6,023
Present value of expected future policy benefits:      
Beginning balance 11,489 15,388  
Beginning balance at original discount rate 12,846 13,079  
Effect of changes in cash flow assumptions   (592) (43)
Effect of actual variances from expected experience   (271) (465)
Adjusted beginning of period balance   11,983 12,571
Issuances 505 550  
Interest accrual 524 539  
Benefit payments (893) (823)  
Foreign currency translation 0 0  
Other 1 9  
Ending balance at original discount rate 12,120 12,846 13,079
Effect of changes in discount rate assumptions (830) (1,357)  
Ending balance 11,290 11,489 15,388
Liability amounts 7,216 7,003  
Less: reinsurance recoverable 0 0  
Net liability for future policy benefits after reinsurance recoverable 7,216 7,003  
Aflac U.S. | Hospital indemnity      
Present value of expected premiums:      
Beginning balance 1,220 1,467  
Beginning balance at original discount rate 1,365 1,380  
Effect of changes in cash flow assumptions   (142) 42
Effect of actual variances from expected experience   (73) (111)
Adjusted beginning of period balance   1,150 1,311
Issuances 249 273  
Interest accrual 45 45  
Net premiums collected [1] (247) (261)  
Foreign currency translation 0 0  
Other (4) (3)  
Ending balance at original discount rate 1,193 1,365 1,380
Effect of changes in discount rate assumptions (86) (145)  
Ending balance 1,107 1,220 1,467
Present value of expected future policy benefits:      
Beginning balance 2,074 2,552  
Beginning balance at original discount rate 2,300 2,300  
Effect of changes in cash flow assumptions   (194) 40
Effect of actual variances from expected experience   (99) (130)
Adjusted beginning of period balance   2,007 2,210
Issuances 258 282  
Interest accrual 84 85  
Benefit payments (274) (277)  
Foreign currency translation 0 0  
Other 1 0  
Ending balance at original discount rate 2,076 2,300 2,300
Effect of changes in discount rate assumptions (133) (226)  
Ending balance 1,943 2,074 2,552
Liability amounts 836 854  
Less: reinsurance recoverable 0 0  
Net liability for future policy benefits after reinsurance recoverable 836 854  
Aflac U.S. | Dental/vision      
Present value of expected premiums:      
Beginning balance 211 264  
Beginning balance at original discount rate 231 241  
Effect of changes in cash flow assumptions   (9) 10
Effect of actual variances from expected experience   (17) (20)
Adjusted beginning of period balance   205 231
Issuances 44 33  
Interest accrual 8 9  
Net premiums collected [1] (39) (42)  
Foreign currency translation 0 0  
Other (1) 0  
Ending balance at original discount rate 217 231 241
Effect of changes in discount rate assumptions (11) (20)  
Ending balance 206 211 264
Present value of expected future policy benefits:      
Beginning balance 488 616  
Beginning balance at original discount rate 532 549  
Effect of changes in cash flow assumptions   (14) 13
Effect of actual variances from expected experience   (22) (23)
Adjusted beginning of period balance   496 539
Issuances 46 34  
Interest accrual 21 21  
Benefit payments (59) (62)  
Foreign currency translation 0 0  
Other 2 0  
Ending balance at original discount rate 506 532 549
Effect of changes in discount rate assumptions (28) (44)  
Ending balance 478 488 616
Liability amounts 272 277  
Less: reinsurance recoverable 0 0  
Net liability for future policy benefits after reinsurance recoverable 272 277  
Aflac U.S. | Other      
Present value of expected premiums:      
Beginning balance 110 153  
Beginning balance at original discount rate 118 135  
Effect of changes in cash flow assumptions   (9) (12)
Effect of actual variances from expected experience   (2) 6
Adjusted beginning of period balance   107 129
Issuances 169 0  
Interest accrual 6 5  
Net premiums collected [1] (17) (17)  
Foreign currency translation 0 0  
Other 7 1  
Ending balance at original discount rate 272 118 135
Effect of changes in discount rate assumptions 5 (8)  
Ending balance 277 110 153
Present value of expected future policy benefits:      
Beginning balance 622 837  
Beginning balance at original discount rate 624 645  
Effect of changes in cash flow assumptions   (13) (15)
Effect of actual variances from expected experience   (4) 7
Adjusted beginning of period balance   607 637
Issuances 169 0  
Interest accrual 33 32  
Benefit payments (48) (45)  
Foreign currency translation 0 0  
Other 8 0  
Ending balance at original discount rate 769 624 645
Effect of changes in discount rate assumptions 29 (2)  
Ending balance 798 622 $ 837
Liability amounts 521 512  
Less: reinsurance recoverable 0 0  
Net liability for future policy benefits after reinsurance recoverable $ 521 $ 512  
[1] Net premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected future benefit payments.