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BUSINESS SEGMENT AND SELECTED FOREIGN CURRENCY TRANSLATION ITEMS
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
BUSINESS SEGMENT INFORMATION BUSINESS SEGMENT AND SELECTED FOREIGN CURRENCY TRANSLATION ITEMS
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, business activities, including reinsurance activities, not included in Aflac Japan or Aflac U.S. and intercompany eliminations 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.
•Pretax 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. The Company excludes income taxes related to operations to arrive at pretax adjusted earnings.
◦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, which are reclassified from net investment gains (losses) and included in adjusted earnings as a component of adjusted net investment income when analyzing operations. 
◦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.

Aflac Japan's adjusted revenues accounted for 60% of the Company's total adjusted revenues in 2023, compared with 64% in 2022 and 68% in 2021. The percentage of the Company's total assets attributable to Aflac Japan was 80% at both December 31, 2023 and 2022.
Information regarding operations by reportable segment and Corporate and other for the years ended December 31 follows:
(In millions)202320222021
Revenues:
Aflac Japan:
   Net earned premiums: (1)
Cancer$4,054 $4,702 $5,718 
Medical and other health2,451 2,706 3,287 
Life insurance1,542 1,778 2,296 
   Adjusted net investment income2,582 2,669 3,031 
   Other income35 35 41 
               Total adjusted revenue Aflac Japan10,664 11,890 14,373 
Aflac U.S.:
   Net earned premiums:
Accident1,284 1,314 1,362 
Disability1,249 1,171 1,162 
Critical care1,743 1,753 1,797 
Hospital indemnity720 722 730 
Dental/vision214 199 188 
Life insurance432 372 332 
Other33 39 43 
   Adjusted net investment income820 755 754 
   Other income128 161 121 
           Total adjusted revenue Aflac U.S.6,623 6,486 6,489 
Corporate and other (2)
460 267 175 
           Total adjusted revenues17,747 18,643 21,037 
Net investment gains (losses)590 363 468 
Reconciling items:
Amortized hedge costs157 112 76 
Amortized hedge income(121)(68)(57)
Net interest cash flows from derivatives328 90 30 
           Total revenues$18,701 $19,140 $21,554 
(1) Includes a gain (loss) of $20, $(42) and $(11) in 2023, 2022 and 2021, respectively, related to remeasurement of the deferred profit liability for limited-payment contracts.
(2) The change in value of federal historic rehabilitation and solar investments in partnerships of $343, $91 and $138 in 2023, 2022 and 2021, respectively, is included as a reduction to net investment income. Tax credits on these investments of $334, $83 and $115 in 2023, 2022 and 2021, 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.
(In millions)202320222021
Pretax earnings:
Aflac Japan (1)
$3,234 $3,281 $3,756 
Aflac U.S.1,501 1,359 1,356 
Corporate and other (2)
(425)(218)(293)
    Pretax adjusted earnings4,310 4,422 4,819 
Other income (loss)39 

0 (73)

Net investment gains (losses)590 363 468 
Reconciling items:
Amortized hedge costs157 112 76 
Amortized hedge income(121)(68)(57)
Net interest cash flows from derivatives328 90 30 
Interest rate component of the change in fair value of foreign currency(41)(50)(55)
    Total earnings before income taxes$5,262 $4,869 $5,208 
Income taxes applicable to pretax adjusted earnings$577 $808 $893 
Effect of foreign currency translation on after-tax
  adjusted earnings		(113)(262)(35)
(1) Includes a gain (loss) of $20, $(42) and $(11) for 2023, 2022 and 2021, respectively, related to remeasurement of the deferred profit liability for limited-payment contracts.
(2) The change in value of federal historic rehabilitation and solar investments in partnerships of $343, $91 and $138 in 2023, 2022 and 2021, respectively, is included as a reduction to net investment income. Tax credits on these investments of $334, $83 and $115 in 2023, 2022 and 2021, 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.

Yen-Translation Effects: The following table shows the yen/dollar exchange rates used for or during the periods ended December 31. Exchange effects were calculated using the same yen/dollar exchange rate for the current year as for each respective prior year.
202320222021
Statements of Earnings:
Weighted-average yen/dollar exchange rate (1)
140.57 130.17 109.79 
Yen percent strengthening (weakening)(7.4)%(15.7)%(2.7)%
Exchange effect on pretax adjusted earnings (in millions)$(131)$(318)$(43)
20232022
Balance Sheets:
Yen/dollar exchange rate at December 31(1)
141.83 132.70 
Yen percent strengthening (weakening)(6.4)%(13.3)%
Exchange effect on total assets (in millions)$(3,984)$(11,099)
Exchange effect on total liabilities (in millions)(6,936)(9,513)
(1) Rates are based on the published MUFG Bank, Ltd. telegraphic transfer middle rate (TTM)
Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.
Transfers of funds from Aflac Japan: Aflac Japan makes payments to the Parent Company for management fees and remittances of earnings. Information on transfers for each of the years ended December 31 is shown below. See Note 13 for information concerning restrictions on transfers from Aflac Japan.
(In millions)202320222021
Management fees$67 $61 $59 
Profit remittances2,623 2,412 2,138 
Total transfers from Aflac Japan$2,690 $2,473 $2,197 

Total Assets: The Company's total assets as of December 31 were as follows:
(In millions)20232022
Assets:
Aflac Japan$101,541 $105,734 
Aflac U.S.21,861 21,002 
Corporate and other3,322 5,002 
    Total assets$126,724 $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.

Property and Equipment: The costs of buildings, furniture and equipment are depreciated principally on a straight-line basis over their estimated useful lives (maximum of 50 years for buildings and 20 years for furniture and equipment). Expenditures for maintenance and repairs are expensed as incurred; expenditures for betterments are capitalized and depreciated. Classes of property and equipment as of December 31 were as follows:
(In millions)20232022
Property and equipment:
Land$168 $168 
Buildings421 437 
Equipment and furniture510 587 
Total property and equipment1,099 1,192 
Less accumulated depreciation654 662 
Net property and equipment$445 $530 

Receivables: Receivables consist primarily of monthly insurance premiums due from individual policyholders or their employers for payroll deduction of premiums, net of allowance for credit losses. Total receivables were $848 million and $647 million as of December 31, 2023 and 2022, respectively. The allowance for credit losses related to premiums receivable was $92 million and $79 million as of December 31, 2023 and 2022, respectively. At December 31, 2023, $175 million, or 20.7% of total receivables, were related to Aflac Japan's operations, compared with $174 million, or 27.0%, at December 31, 2022.