REINSURANCE (Tables)

12 Months Ended

Dec. 31, 2023

Reinsurance Disclosures [Abstract]

Effects of Reinsurance

The following table reconciles direct premiums and direct benefits and claims to net amounts after the effect of reinsurance which also includes the elimination of inter-segment amounts associated with affiliated reinsurance for the years ended December 31.

(In millions)	2023			2022			2021
Direct earned premiums		$	14,318		$	15,025		$	17,305
Ceded to other companies:
Ceded Aflac Japan closed blocks		(313)			(343)			(431)
Other		(91)			(76)			(73)
Assumed from other companies:
Retrocession activities		126			144			180
Other		83			151			114
Net earned premiums		$	14,123		$	14,901		$	17,095
Direct benefits and claims, excluding reserve remeasurement		$	8,599		$	9,171		$	10,778
Reserve remeasurement (gains) losses		(394)			(196)			(149)
Total direct benefits and claims		8,205			8,975			10,629
Ceded benefits and change in reserves for future benefits:
Ceded Aflac Japan closed blocks		(283)			(308)			(381)
Reserve remeasurement (gains) losses		11			(19)			2
Eliminations		200			18			27
Other		(64)			(32)			(44)
Assumed from other companies:
Retrocession activities		118			146			165
Eliminations		(196)			(24)			(31)
Other		220			131			109
Total benefits and claims, net		$	8,211		$	8,887		$	10,476

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