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SCHEDULE II CONDENSED FINANCIAL INFORMATION OF REGISTRANT
 12 Months Ended
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]  
SCHEDULE II CONDENSED FINANCIAL INFORMATION OF REGISTRANT
CONDENSED FINANCIAL INFORMATION OF REGISTRANT

Aflac Incorporated (Parent Only)
Condensed Statements of Earnings
 Years ended December 31,
(In millions)202320222021
Revenues:
   Management and service fees from subsidiaries(1)
$151 $136 $130 
   Net investment income(174)3 (93)
   Interest from subsidiaries(1)
1 2 2 
   Net investment gains (losses)301 (228)206 
     Total revenues279 (87)245 
Operating expenses:
   Interest expense187 215 222 
   Other operating expenses(2)
295 275 300 
     Total operating expenses482 490 522 
   Earnings before income taxes and equity in earnings of
     subsidiaries		(203)(577)(277)
Income tax expense (benefit)(444)(208)(144)
   Earnings before equity in earnings of subsidiaries241 (369)(133)
Equity in earnings of subsidiaries(1)
4,418 4,787 4,364 
     Net earnings$4,659 $4,418 $4,231 
(1)Eliminated in consolidation
(2)Includes expense of $48 in 2021 for the early extinguishment of 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.
See the accompanying Notes to Condensed Financial Statements.
See the accompanying Report of Independent Registered Public Accounting Firm.
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
Aflac Incorporated (Parent Only)
Condensed Statements of Comprehensive Income (Loss)
  Years ended December 31,
(In millions)202320222021
Net earnings$4,659 $4,418 $4,231 
Other comprehensive income (loss) before income taxes:
Unrealized foreign currency translation gains (losses) during period(366)(1,034)(861)
Unrealized gains (losses) on fixed maturity securities during period2,327 (13,056)(960)
Unrealized gains (losses) on derivatives during period6 4 5 
Effect of changes in discount rate assumptions during period(582)17,384 3,466 
Pension liability adjustment during period35 165 148 
Total other comprehensive income (loss) before income taxes1,420 3,463 1,798 
Income tax expense (benefit) related to items of other comprehensive
   income (loss)		511 1,481 573 
Other comprehensive income (loss), net of income taxes909 1,982 1,225 
Total comprehensive income (loss)$5,568 $6,400 $5,456 
Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.
See the accompanying Notes to Condensed Financial Statements.
See the accompanying Report of Independent Registered Public Accounting Firm.
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
Aflac Incorporated (Parent Only)
Condensed Balance Sheets
  December 31,
(In millions, except for share and per-share amounts)20232022
Assets:
Investments and cash:
Fixed maturity securities available-for-sale, at fair value (no allowance
  for credit losses in 2023 and 2022, amortized cost $1,447 in 2023 and
  $1,649 in 2022)
$1,582 $1,744 
Investments in subsidiaries(1)
24,508 22,972 
Other investments1,126 1,461 
Cash and cash equivalents1,007 1,143 
Total investments and cash28,223 27,320 
Due from subsidiaries(1)
270 267 
Income taxes receivable251 0 
Other assets1,202 964 
Total assets$29,946 $28,551 
Liabilities and shareholders' equity:
Liabilities:
Employee benefit plans$329 $291 
Notes payable6,819 7,069 
Other liabilities813 1,051 
Total liabilities7,961 8,411 
Shareholders' equity:
Common stock of $.10 par value. In thousands: authorized 1,900,000
  shares in 2023 and 2022; issued 1,355,398 shares in 2023 and 1,354,079
  shares in 2022
136 135 
Additional paid-in capital2,771 2,641 
Retained earnings47,993 44,367 
Accumulated other comprehensive income (loss):
Unrealized foreign currency translation gains (losses)(4,069)(3,564)
Unrealized gains (losses) on fixed maturity securities1,139 (702)
Unrealized gains (losses) on derivatives(22)(27)
Effect of changes in discount rate assumptions(2,560)(2,100)
Pension liability adjustment(8)(36)
Treasury stock, at average cost(23,395)(20,574)
Total shareholders' equity21,985 20,140 
Total liabilities and shareholders' equity$29,946 $28,551 
(1)Eliminated in consolidation
Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.
See the accompanying Notes to Condensed Financial Statements.
See the accompanying Report of Independent Registered Public Accounting Firm.
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
Aflac Incorporated (Parent Only)
Condensed Statements of Cash Flows
  Years ended December 31,
(In millions)202320222021
Cash flows from operating activities:
Net earnings$4,659 $4,418 $4,231 
Adjustments to reconcile net earnings to net cash provided from
  operating activities:
Equity in earnings of subsidiaries(1)
(4,418)(4,787)(4,364)
Cash dividends received from subsidiaries 3,410 2,705 2,791 
Other, net(686)18 408 
Net cash provided (used) by operating activities2,965 2,354 3,066 
Cash flows from investing activities:
Fixed maturity securities sold547 392 483 
Fixed maturity securities purchased(345)(438)(489)
Other investments sold (purchased)(34)(206)(421)
Settlement of derivatives693 718 135 
Additional capitalization of subsidiaries(1)
(203)(294)(161)
Other, net1 1 1 
Net cash provided (used) by investing activities659 173 (452)
Cash flows from financing activities:
Purchases of treasury stock(2,801)(2,401)(2,301)
Proceeds from borrowings0 1,277 1,153 
Principal payments under debt obligations0 (1,416)(700)
Dividends paid to shareholders(966)(979)(855)
Treasury stock reissued17 17 26 
Proceeds from exercise of stock options13 12 17 
Net change in amount due to/from subsidiaries(1)
(6)16 43 
Other, net(17)(7)(26)
Net cash provided (used) by financing activities(3,760)(3,481)(2,643)
Net change in cash and cash equivalents(136)(954)(29)
Cash and cash equivalents, beginning of period1,143 2,097 2,126 
Cash and cash equivalents, end of period$1,007 $1,143 $2,097 
(1) Eliminated in consolidation
Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.
See the accompanying Notes to Condensed Financial Statements.
See the accompanying Report of Independent Registered Public Accounting Firm.
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
Aflac Incorporated (Parent Only)
Notes to Condensed Financial Statements
The accompanying condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto of Aflac Incorporated and Subsidiaries included in Part II, Item 8. of this report.
(A) Notes Payable
A summary of notes payable as of December 31 follows:
(In millions)20232022
1.125% senior sustainability notes due March 2026
$398 $397 
2.875% senior notes due October 2026
299 298 
3.60% senior notes due April 2030
993 992 
6.90% senior notes due December 2039
221 221 
6.45% senior notes due August 2040
254 254 
4.00% senior notes due October 2046
394 394 
4.750% senior notes due January 2049
542 541 
Yen-denominated senior notes and subordinated debentures:
.300% senior notes due September 2025 (principal amount ¥12.4 billion)
87 93 
.932% senior notes due January 2027 (principal amount ¥60.0 billion)
422 450 
1.075% senior notes due September 2029 (principal amount ¥33.4 billion)
234 250 
.500% senior notes due December 2029 (principal amount ¥12.6 billion)
88 95 
.550% senior notes due March 2030 (principal amount ¥13.3 billion)
93 99 
1.159% senior notes due October 2030 (principal amount ¥29.3 billion)
206 220 
.633% senior notes due April 2031 (principal amount ¥30.0 billion)
211 225 
.843% senior notes due December 2031 (principal amount ¥9.3 billion)
65 70 
.750% senior notes due March 2032 (principal amount ¥20.7 billion)
145 155 
1.320% senior notes due December 2032 (principal amount ¥21.1 billion)
148 158 
.844% senior notes due April 2033 (principal amount ¥12.0 billion)
84 90 
1.488% senior notes due October 2033 (principal amount ¥15.2 billion)
106 114 
.934% senior notes due December 2034 (principal amount ¥9.8 billion)
69 73 
.830% senior notes due March 2035 (principal amount ¥10.6 billion)
74 79 
1.039% senior notes due April 2036 (principal amount ¥10.0 billion)
70 75 
1.594% senior notes due September 2037 (principal amount ¥6.5 billion)
45 49 
1.750% senior notes due October 2038 (principal amount ¥8.9 billion)
62 66 
1.122% senior notes due December 2039 (principal amount ¥6.3 billion)
44 47 
1.264% senior notes due April 2041 (principal amount ¥10.0 billion)
70 75 
2.108% subordinated debentures due October 2047 (principal amount ¥60.0 billion)
419 448 
1.560% senior notes due April 2051 (principal amount ¥20.0 billion)
140 149 
2.144% senior notes due September 2052 (principal amount ¥12.0 billion)
84 90 
Yen-denominated loans:
Variable interest rate loan due August 2027 (.35% in 2023 and .33% in 2022,
  principal amount ¥11.7 billion)
82 88 
Variable interest rate loan due August 2029 (.45% in 2023 and .43% in 2022,
  principal amount ¥25.3 billion)
178 190 
Variable interest rate loan due August 2032 (.60% in 2023 and .58% in 2022,
  principal amount ¥70.0 billion)
492 524 
Total notes payable$6,819 $7,069 
Amounts in the table above are reported net of debt issuance costs and issuance premiums or discounts, if applicable, that are being amortized over the life of the notes.
The aggregate contractual maturities of notes payable during each of the years after December 31, 2023, are as follows:
(In millions)
2024$0 
202587 
2026700 
2027506 
20280 
Thereafter5,577 
Total$6,870 

For further information regarding notes payable, see Note 9 of the Notes to the Consolidated Financial Statements.
(B) Derivatives
At December 31, 2023, the Parent Company's outstanding freestanding derivative contracts were swaps, foreign currency forwards and options. The swaps are associated with its notes payable, consisting of cross-currency interest rate swaps, also referred to as foreign currency swaps, associated with certain of the Parent Company's senior notes. The foreign currency forwards and options are designated as derivative hedges of the foreign currency exposure of the Company's net investment in Aflac Japan. The Parent Company also enters into foreign currency forward contracts with Aflac Re to economically manage the currency mismatch between Aflac Re's assets which are mostly denominated in U.S. dollars and its liabilities which are mostly denominated in yen. The Parent Company does not use derivative financial instruments for trading purposes, nor does it engage in leveraged derivative transactions. For further information regarding these derivatives, see Notes 1 and 4 of the Notes to the Consolidated Financial Statements.
(C) Income Taxes
The Parent Company and its eligible U.S. subsidiaries file a consolidated U.S. federal income tax return. Income tax liabilities or benefits are recorded by each principal subsidiary based upon separate return calculations, and any difference between the consolidated provision and the aggregate amounts recorded by the subsidiaries is reflected in the Parent Company financial statements. For further information on income taxes, see Note 10 of the Notes to the Consolidated Financial Statements.
(D) Dividend Restrictions

See Note 13 of the Notes to the Consolidated Financial Statements for information regarding dividend restrictions.
(E) Supplemental Disclosures of Cash Flow Information
(In millions)202320222021
Interest paid$184 $211 $213 
Noncash financing activities:
Treasury stock issued for shareholder dividend reinvestment37 37 32