BUSINESS SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2024

Reconciliation of Revenue from Segments to Consolidated

Information regarding operations by reportable segment and Corporate and other, follows:


	Three Months Ended March 31,
(In millions)		2024		2023
Revenues:
Aflac Japan:
Net earned premiums		$	1,816	$	2,170
Adjusted net investment income		648		611
Other income		9		9
Total adjusted revenue Aflac Japan		2,473		2,790
Aflac U.S.:
Net earned premiums		1,475		1,428
Adjusted net investment income		206		197
Other income		18		35
Total adjusted revenue Aflac U.S.		1,699		1,660
Corporate and other (1)		247		129
Total adjusted revenues		4,419		4,579
Net investment gains (losses)		951		123
Reconciling items:
Amortized hedge costs		6		58
Amortized hedge income		(28)		(29)
Net interest (income) expense from derivatives associated with certain investment strategies		88		69
Total revenues		$	5,436	$	4,800

(1) The change in value of federal historic rehabilitation and solar investments in partnerships of $32 and $51 for the three-month periods ended March 31, 2024, and 2023, respectively, is included as a reduction to net investment income. Tax credits on these investments of $33 and $52 for the three-month periods ended March 31, 2024, and 2023, respectively, have been recorded as an income tax benefit in the consolidated statements of earnings. See Note 3 for additional information on these investments.

Reconciliation of Adjusted Profit (Loss) from Segments to Consolidated


	Three Months Ended March 31,
(In millions)		2024		2023
Pretax earnings:
Aflac Japan		$	810	$	788
Aflac U.S.		356		352
Corporate and other (1)		(3)		(7)
Pretax adjusted earnings		1,163		1,133
Other income (loss)		(2)		0
Net investment gains (losses)		951		123
Reconciling items:
Amortized hedge costs		6		58
Amortized hedge income		(28)		(29)
Net interest (income) expense from derivatives associated with certain investment strategies		88		69
Impact of interest from derivatives associated with notes payable		(8)		(12)
Total earnings before income taxes		$	2,170	$	1,342
Income taxes applicable to pretax adjusted earnings		$	202	$	180
Effect of foreign currency translation on after-tax adjusted earnings		(44)		(41)

(1)The change in value of federal historic rehabilitation and solar investments in partnerships of $32 and $51 for the three-month periods ended March 31, 2024, and 2023, respectively, is included as a reduction to net investment income. Tax credits on these investments of $33 and $52 for the three-month periods ended March 31, 2024, and 2023, respectively, have been recorded as an income tax benefit in the consolidated statements of earnings. See Note 3 for additional information on these investments.

Reconciliation of Assets from Segment to Consolidated

Assets were as follows:


(In millions)	March 31, 2024			December 31, 2023
Assets:
Aflac Japan		$	98,189		$	101,541
Aflac U.S.		21,850			21,861
Corporate and other		4,703			3,322
Total assets		$	124,742		$	126,724