Aflac Incorporated 2023 Form 10-K

EXHIBIT 21

Aflac Incorporated

SUBSIDIARIES

The following list sets forth the subsidiaries of Aflac Incorporated:

Company	Jurisdiction
American Family Life Assurance Company of Columbus (Aflac)	Nebraska
American Family Life Assurance Company of New York(1)	New York
Aflac Re Bermuda Ltd.(1)	Bermuda
Aflac InfoSec Services LLC(1)	Delaware
Empoweredbenefits, LLC(1)	North Carolina
Phoenicia Real Estate Holdings I LLC(1)	Delaware
Aflac Asset Management LLC	Delaware
Aflac Asset Management Japan Ltd.(2)	Japan
Global Alternatives Fund SPC(2)	Cayman Islands
Global Alternatives Real Estate Portfolio SP(2)	Cayman Islands
Global Alternatives Private Equity Portfolio SP(2)	Cayman Islands
Aflac International, Inc.	Georgia
Aflac Information Technology, Inc.	Georgia
Simple Technology, LLC(3)	Delaware
Aflac Global Ventures LLC	Delaware
Aflac Ventures Labs LLC(4)	Delaware
Aflac Ventures Seed Fund LLC(4)	Delaware
Aflac Ventures India Fund LLC(4)	Delaware
Aflac Ventures LLC(4)	Delaware
Lapetus Solutions, Inc.(5)	Delaware
Medical Note, Inc.(5)	Japan
Sensely Corporation(5)	California
Aflac Ventures Japan KK(4)	Japan
Hatch Healthcare KK(6)	Japan
Aflac Benefits Advisors, Inc.	Georgia
Communicorp, Inc.	Georgia
Continental American Insurance Company	Nebraska
Continental American Group, LLC(7)	Georgia
Aflac Holdings LLC	Nebraska
Aflac Life Insurance Japan Ltd.(8)	Japan
Tsusan Co., Ltd.(9)	Japan
Aflac Insurance Services Co., Ltd.(9)	Japan
Aflac Payment Services Co., Ltd.(9)	Japan
SUDACHI Small-amount Short-term Insurance Co., Ltd.(9)	Japan
Aflac Digital Services Co., Ltd.(9)	Japan
Aflac Pet Small-amount-and-Short-term Insurance Co., Ltd.(9)	Japan
Global Investment Fund I(9)	Delaware
Oconee Real Estate Holdings I LLC(10)	Delaware
Oconee Real Estate Holdings II LLC(11)	Delaware
Oconee Real Estate Holdings III LLC(10)	Delaware
Taghkanic Real Estate Holdings I LLC(12)	Delaware
Aflac Heartful Services Co., Ltd.(13)	Japan
Global Alternatives Private Equity Sub-Trust A(14)	Cayman Islands
Global Alternatives Real Estate Equity Sub-Trust B(14)	Cayman Islands
Tier One Insurance Company	Nebraska
Aflac Northern Ireland, Ltd.	Northern Ireland, U.K.
	(continued)

Company	Jurisdiction
Argus Holdings, LLC	Florida
Aflac Benefits Solutions, Inc.(15)	Florida
Empowered.Insure LLC	North Carolina
Aflac GI Holdings LLC	Delaware
Wildlife Direct Lending Management MGP, LLC(16)	Delaware
Denham Sustainable Infra GP LLC(16)	Delaware
Denham Sustainable Infra Management LP(16)	Delaware
Sound Point Commercial Real Estate Finance LLC(16)	Delaware

(1) Subsidiary of Aflac

(2) Subsidiary of Aflac Asset Management LLC

(3) Subsidiary of Aflac Information Technology, Inc.

(4) Subsidiary of Aflac Global Ventures LLC

(5) Investment of Aflac Ventures LLC

(6) Subsidiary of Aflac Ventures Japan KK

(7) Subsidiary of Continental American Insurance Company

(8) Subsidiary of Aflac Holdings LLC

(9) Subsidiary of Aflac Life Insurance Japan Ltd.

(10) Subsidiary of Global Investment Fund I

(11) 86% owned by Global Investment Fund I and

14% owned by Aflac

(12) 81% owned by Global Investment Fund I and

19% owned by Aflac

(13) 79% owned by Aflac Life Insurance Japan Ltd.,

10% owned by Aflac Insurance Services Co., Ltd.,

10% owned by Aflac Payment Services Co., Ltd., and

1% owned by Tsusan Co. Ltd.

(14) 90% owned by Aflac Life Insurance Japan Ltd. and

10% owned by Aflac

(15) Subsidiary of Argus Holdings, LLC

(16) Investment of Aflac GI Holdings LLC