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Pay vs Performance Disclosure

12 Months Ended

Dec. 31, 2023

USD ($)

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Dec. 31, 2020

USD ($)

Pay vs Performance Disclosure

Pay vs Performance Disclosure, Table

The following table shows the total compensation for the past four fiscal years for our NEOs as set forth in the Summary Compensation Table, the “Compensation Actually Paid” (or “CAP”) to our CEO, and, on an average basis, our other NEOs, our TSR, the TSR of the S&P Life & Health Insurance index over the same period, our net income, and our principal financial measure for compensation purposes, Adjusted Return on Equity. CAP figures do not reflect the actual amount of compensation earned by or paid to our NEOs during the applicable year. For information regarding the decisions made by our Compensation Committee in regard to the NEOs’ compensation for each fiscal year, please see the Compensation Discussion & Analysis section of this Proxy Statement reporting pay for the fiscal years covered in the Pay Versus Performance table.


Year	Summary Compensation Table Total for PEO(1)	Compensation Actually Paid to PEO(2)(7)	Average Summary Compensation Table Total for Non-PEO NEOs(3)	Average Compensation Actually Paid to Non-PEO NEOs(2)(7)	Value of Initial Fixed $100 Investment Based On:		Net Income*(5)	Adjusted Return on Equity(5)(6)
					Total Shareholder Return	Peer Group Total Shareholder Return(4)
2023	$20,703,253	$40,403,440	$6,192,096	$8,502,767	$172.49	$142.87	$4,659	14.2	%
2022	$15,776,291	$32,797,790	$5,168,408	$8,807,465	$146.94	$136.53	$4,418	13.9	%
2021	$15,728,233	$27,847,653	$4,757,806	$7,213,661	$116.29	$123.73	$4,231	15.9	%
2020	$22,613,727	$13,548,137	$4,207,154	$2,770,566	$86.42	$90.52	$4,778	15.0	%

* in Millions

(1)The Principal Executive Officer (“PEO”) in fiscal years 2023, 2022, 2021, and 2020 is Daniel P. Amos.

(2)Adjustments have been made using stock option fair values as of each measurement date using the stock price as of the measurement date and the same assumptions that were used for stock options granted that year. Performance-based restricted share grant date fair values are calculated using ASC 718 at target-level performance. The Company’s valuation assumptions are described in Note 12, “Share-Based Compensation,” in the Notes to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2023. Adjustments have been made using the stock price and performance accrual modifier as of year-end and as of the date of vest, as applicable.

(3)The NEOs included in the calculation of average NEO compensation in fiscal year 2023 are Max K. Brodén, Frederick J. Crawford, Bradley E. Dyslin, and Audrey Boone Tillman. NEOs included in the calculation for fiscal years 2022, 2021, and 2020 are Max K. Brodén, Frederick J. Crawford, Eric M. Kirsch, and Audrey Boone Tillman.

(4)The peer group used for Total Shareholder Return is the S&P Life & Health Insurance index.

(5)Amounts for years 2021 and 2022 have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.

(6)Adjusted Return on Equity (AROE) is defined as Adjusted Earnings, excluding the impact of foreign currency, divided by Adjusted Book Value. AROE, Adjusted Earnings excluding the impact of foreign currency, and Adjusted Book Value are not calculated in accordance with GAAP. See Appendix A to this Proxy Statement for definitions for these non-GAAP financial measures and reconciliations to the most directly comparable GAAP measures.

(7)SEC rules require certain adjustments be made to the Summary Compensation Table totals to determine the Compensation Actually Paid as reported in the Pay vs. Performance Table. CAP does not necessarily represent cash and/or equity value transferred to the applicable NEO without restriction, but rather is a value calculated under applicable SEC rules. In general, CAP is calculated as Summary Compensation Table total compensation adjusted to reflect certain changes in the fair market value of outstanding equity awards as of December 31 of the applicable year or, if earlier, the vesting date (rather than the grant date), and an adjustment for the aggregate value of service costs and prior service costs of pension benefits. No adjustment is made for dividends as dividends are factored into the fair market value of the award. The following table details these adjustments:


Year	Executive(s)	Summary Compensation Table Total	Subtract change in actuarial present value of pension	Subtract grant date fair value of stock awards granted during the fiscal year	Add aggregate value of service costs and prior service costs of pension benefits	Add year-end value of stock awards granted during the fiscal year	Add change in value of stock awards granted in prior years	Add change in value of vested stock awards granted in prior years	Compensation Actually Paid
2023	CEO	$20,703,253	($2,720,265)	($10,270,666)	$0	$12,953,190	$19,993,385	($255,457)	$40,403,440
	Other NEOs	$6,192,096	($1,279,786)	($2,152,762)	$15,143	$2,708,968	$3,055,883	($36,775)	$8,502,767
2022	CEO	$15,776,291	$0	($9,495,081)	$0	$11,062,631	$14,073,792	$1,380,157	$32,797,790
	Other NEOs	$5,168,408	$0	($2,212,712)	$16,124	$2,578,010	$2,958,342	$299,293	$8,807,465
2021	CEO	$15,728,233	$0	($9,122,925)	$0	$11,817,648	$8,615,430	$809,267	$27,847,653
	Other NEOs	$4,757,806	($20,722)	($1,905,211)	$16,359	$2,418,346	$1,507,483	$439,600	$7,213,661
2020	CEO	$22,613,727	($8,514,587)	($8,471,063)	$0	$7,297,544	$683,122	($60,606)	$13,548,137
	Other NEOs	$4,207,154	($987,130)	($1,520,233)	$18,459	$1,309,629	($116,934)	($140,379)	$2,770,566

Company Selected Measure Name

Adjusted Return on Equity

Named Executive Officers, Footnote

The NEOs included in the calculation of average NEO compensation in fiscal year 2023 are Max K. Brodén, Frederick J. Crawford, Bradley E. Dyslin, and Audrey Boone Tillman. NEOs included in the calculation for fiscal years 2022, 2021, and 2020 are Max K. Brodén, Frederick J. Crawford, Eric M. Kirsch, and Audrey Boone Tillman.

Peer Group Issuers, Footnote

The peer group used for Total Shareholder Return is the S&P Life & Health Insurance index.

PEO Total Compensation Amount

$ 20,703,253

$ 15,776,291

$ 15,728,233

$ 22,613,727

PEO Actually Paid Compensation Amount

$ 40,403,440

32,797,790

27,847,653

13,548,137

Adjustment To PEO Compensation, Footnote

SEC rules require certain adjustments be made to the Summary Compensation Table totals to determine the Compensation Actually Paid as reported in the Pay vs. Performance Table. CAP does not necessarily represent cash and/or equity value transferred to the applicable NEO without restriction, but rather is a value calculated under applicable SEC rules. In general, CAP is calculated as Summary Compensation Table total compensation adjusted to reflect certain changes in the fair market value of outstanding equity awards as of December 31 of the applicable year or, if earlier, the vesting date (rather than the grant date), and an adjustment for the aggregate value of service costs and prior service costs of pension benefits. No adjustment is made for dividends as dividends are factored into the fair market value of the award. The following table details these adjustments:


Year	Executive(s)	Summary Compensation Table Total	Subtract change in actuarial present value of pension	Subtract grant date fair value of stock awards granted during the fiscal year	Add aggregate value of service costs and prior service costs of pension benefits	Add year-end value of stock awards granted during the fiscal year	Add change in value of stock awards granted in prior years	Add change in value of vested stock awards granted in prior years	Compensation Actually Paid
2023	CEO	$20,703,253	($2,720,265)	($10,270,666)	$0	$12,953,190	$19,993,385	($255,457)	$40,403,440
	Other NEOs	$6,192,096	($1,279,786)	($2,152,762)	$15,143	$2,708,968	$3,055,883	($36,775)	$8,502,767
2022	CEO	$15,776,291	$0	($9,495,081)	$0	$11,062,631	$14,073,792	$1,380,157	$32,797,790
	Other NEOs	$5,168,408	$0	($2,212,712)	$16,124	$2,578,010	$2,958,342	$299,293	$8,807,465
2021	CEO	$15,728,233	$0	($9,122,925)	$0	$11,817,648	$8,615,430	$809,267	$27,847,653
	Other NEOs	$4,757,806	($20,722)	($1,905,211)	$16,359	$2,418,346	$1,507,483	$439,600	$7,213,661
2020	CEO	$22,613,727	($8,514,587)	($8,471,063)	$0	$7,297,544	$683,122	($60,606)	$13,548,137
	Other NEOs	$4,207,154	($987,130)	($1,520,233)	$18,459	$1,309,629	($116,934)	($140,379)	$2,770,566

Non-PEO NEO Average Total Compensation Amount

$ 6,192,096

5,168,408

4,757,806

4,207,154

Non-PEO NEO Average Compensation Actually Paid Amount

$ 8,502,767

8,807,465

7,213,661

2,770,566

Adjustment to Non-PEO NEO Compensation Footnote


Year	Executive(s)	Summary Compensation Table Total	Subtract change in actuarial present value of pension	Subtract grant date fair value of stock awards granted during the fiscal year	Add aggregate value of service costs and prior service costs of pension benefits	Add year-end value of stock awards granted during the fiscal year	Add change in value of stock awards granted in prior years	Add change in value of vested stock awards granted in prior years	Compensation Actually Paid
2023	CEO	$20,703,253	($2,720,265)	($10,270,666)	$0	$12,953,190	$19,993,385	($255,457)	$40,403,440
	Other NEOs	$6,192,096	($1,279,786)	($2,152,762)	$15,143	$2,708,968	$3,055,883	($36,775)	$8,502,767
2022	CEO	$15,776,291	$0	($9,495,081)	$0	$11,062,631	$14,073,792	$1,380,157	$32,797,790
	Other NEOs	$5,168,408	$0	($2,212,712)	$16,124	$2,578,010	$2,958,342	$299,293	$8,807,465
2021	CEO	$15,728,233	$0	($9,122,925)	$0	$11,817,648	$8,615,430	$809,267	$27,847,653
	Other NEOs	$4,757,806	($20,722)	($1,905,211)	$16,359	$2,418,346	$1,507,483	$439,600	$7,213,661
2020	CEO	$22,613,727	($8,514,587)	($8,471,063)	$0	$7,297,544	$683,122	($60,606)	$13,548,137
	Other NEOs	$4,207,154	($987,130)	($1,520,233)	$18,459	$1,309,629	($116,934)	($140,379)	$2,770,566

Compensation Actually Paid vs. Total Shareholder Return


CAP vs. Company and Peer Group TSR

Compensation Actually Paid vs. Net Income


CAP vs. Company Net Income

Compensation Actually Paid vs. Company Selected Measure


CAP vs. Adjusted Return on Equity

Tabular List, Table



Seven Most Important Company Performance Measures for Determining NEO Compensation:
•Adjusted Return on Shareholders’ Equity	•U.S. Segment Net Earned Premium	•Japan Segment Net Earned Premium
•Adjusted Earnings per diluted Share (excluding foreign currency effect)	•Japan Segment New Annualized Premium	•Net Investment Income - Aflac Global Investments
•U.S. Segment New Annualized Premium

Total Shareholder Return Amount

$ 172.49

146.94

116.29

86.42

Peer Group Total Shareholder Return Amount

142.87

136.53

123.73

90.52

Net Income (Loss)

$ 4,659,000,000

$ 4,418,000,000

$ 4,231,000,000

$ 4,778,000,000

Company Selected Measure Amount

0.142

0.139

0.159

0.150

PEO Name

Daniel P. Amos

Measure:: 1

Pay vs Performance Disclosure

Name

•Adjusted Return on Shareholders’ Equity

Non-GAAP Measure Description

Adjusted Return on Equity (AROE) is defined as Adjusted Earnings, excluding the impact of foreign currency, divided by Adjusted Book Value. AROE, Adjusted Earnings excluding the impact of foreign currency, and Adjusted Book Value are not calculated in accordance with GAAP. See Appendix A to this Proxy Statement for definitions for these non-GAAP financial measures and reconciliations to the most directly comparable GAAP measures.

Measure:: 2

Pay vs Performance Disclosure

Name

•Adjusted Earnings per diluted Share (excluding foreign currency effect)

Measure:: 3

Pay vs Performance Disclosure

Name

•U.S. Segment New Annualized Premium

Measure:: 4

Pay vs Performance Disclosure

Name

•U.S. Segment Net Earned Premium