Item 6. SELECTED FINANCIAL DATA

Aflac Incorporated and Subsidiaries

Years Ended December 31,



(In millions, except for share and per-share amounts)	2018			2017			2016			2015		2014
Revenues:
Net premiums, principally supplemental health insurance	$	18,677		$	18,531		$	19,225		$	17,570	$	19,072
Net investment income	3,442			3,220			3,278			3,135		3,319
Realized investment gains (losses)	(430		)	(151		)	(14		)	106		282
Other income	69			67			70			61		55
Total revenues	21,758			21,667			22,559			20,872		22,728
Benefits and expenses:
Benefits and claims, net	12,000			12,181			12,919			11,746		12,937
Expenses	5,775			5,468			5,573			5,264		5,300
Total benefits and expenses	17,775			17,649			18,492			17,010		18,237
Pretax earnings	3,983			4,018			4,067			3,862		4,491
Income taxes	1,063			(586		)	1,408			1,329		1,540
Net earnings	$	2,920		$	4,604		$	2,659		$	2,533	$	2,951
Share and Per-Share Amounts
Net earnings (basic)	$	3.79		$	5.81		$	3.23		$	2.94	$	3.27
Net earnings (diluted)	3.77			5.77			3.21			2.92		3.25
Cash dividends paid	1.04			.87			.83			.79		.75
Cash dividends declared	1.04			.87			.83			.79		.75
Weighted-average common shares used for basic EPS (In thousands)	769,588			792,042			822,942			861,307		902,408
Weighted-average common shares used for diluted EPS (In thousands)	774,650			797,861			827,841			866,344		907,999
Supplemental Data
Yen/dollar exchange rate at year-end (yen)	111.00			113.00			116.49			120.61		120.55
Weighted-average yen/dollar exchange rate (yen)	110.39			112.16			108.70			120.99		105.46

Prior-year amounts have been adjusted for the two*-for-one stock split of the Company’s common stock in March 2018.*

Aflac Incorporated and Subsidiaries

December 31,



(In millions)	2018		2017		2016		2015		2014
Assets:
Investments and cash	$	126,243	$	123,659	$	116,361	$	105,897	$	107,341
Other	14,163		13,558		13,458		12,359		12,386
Total assets	$	140,406	$	137,217	$	129,819	$	118,256	$	119,727
Liabilities and shareholders’ equity:
Policy liabilities	$	103,188	$	99,147	$	93,726	$	87,631	$	83,933
Income taxes	4,020		4,745		5,387		4,340		5,293
Notes payable	5,778		5,289		5,360		4,971		5,242
Other liabilities	3,958		3,438		4,864		3,606		6,912
Shareholders’ equity	23,462		24,598		20,482		17,708		18,347
Total liabilities and shareholders’ equity	$	140,406	$	137,217	$	129,819	$	118,256	$	119,727

Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2016 related to debt issuance costs.