Item 6. SELECTED FINANCIAL DATA

Aflac Incorporated and Subsidiaries

Years Ended December 31,



(In millions, except for share and per-share amounts)	2019			2018			2017			2016			2015
Revenues:
Net premiums, principally supplemental health insurance	$	18,780		$	18,677		$	18,531		$	19,225		$	17,570
Net investment income	3,578			3,442			3,220			3,278			3,135
Realized investment gains (losses)	(135		)	(430		)	(151		)	(14		)	106
Other income	84			69			67			70			61
Total revenues	22,307			21,758			21,667			22,559			20,872
Benefits and expenses:
Benefits and claims, net	11,942			12,000			12,181			12,919			11,746
Expenses	5,920			5,775			5,468			5,573			5,264
Total benefits and expenses	17,862			17,775			17,649			18,492			17,010
Pretax earnings	4,445			3,983			4,018			4,067			3,862
Income taxes	1,141			1,063			(586		)	1,408			1,329
Net earnings	$	3,304		$	2,920		$	4,604		$	2,659		$	2,533
Share and Per-Share Amounts
Net earnings (basic)	$	4.45		$	3.79		$	5.81		$	3.23		$	2.94
Net earnings (diluted)	4.43			3.77			5.77			3.21			2.92
Cash dividends paid	1.08			1.04			.87			.83			.79
Cash dividends declared	1.08			1.04			.87			.83			.79
Weighted-average common shares used for basic EPS (In thousands)	742,414			769,588			792,042			822,942			861,307
Weighted-average common shares used for diluted EPS (In thousands)	746,430			774,650			797,861			827,841			866,344
Supplemental Data
Yen/dollar exchange rate at year-end (yen)	109.56			111.00			113.00			116.49			120.61
Weighted-average yen/dollar exchange rate (yen)	109.07			110.39			112.16			108.70			120.99

Item 6. Selected Financial Data

Aflac Incorporated and Subsidiaries

December 31,



(In millions)	2019		2018		2017		2016		2015
Assets:
Investments and cash	$	138,091	$	126,243	$	123,659	$	116,361	$	105,897
Other	14,677		14,163		13,558		13,458		12,359
Total assets	$	152,768	$	140,406	$	137,217	$	129,819	$	118,256
Liabilities and shareholders’ equity:
Policy liabilities	$	106,554	$	103,188	$	99,147	$	93,726	$	87,631
Income taxes	5,370		4,020		4,745		5,387		4,340
Notes payable and lease obligations (1)	6,569		5,778		5,289		5,360		4,971
Other liabilities	5,316		3,958		3,438		4,864		3,606
Shareholders’ equity	28,959		23,462		24,598		20,482		17,708
Total liabilities and shareholders’ equity	$	152,768	$	140,406	$	137,217	$	129,819	$	118,256

(1) See Note 1 of the Notes to the Consolidated Financial Statements for the adoption of accounting guidance on January 1, 2019 related to leases.

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

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

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