Item 6. SELECTED FINANCIAL DATA

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Item 6. SELECTED FINANCIAL DATA

Aflac Incorporated and Subsidiaries

Years Ended December 31,


(In millions, except for share and per-share amounts)	2020		2019		2018		2017		2016
Revenues:
Net premiums, principally supplemental health insurance	$	18,622	$	18,780	$	18,677	$	18,531	$	19,225
Net investment income	3,638		3,578		3,442		3,220		3,278
Net investment gains (losses)	(270)		(135)		(430)		(151)		(14)
Other income	157		84		69		67		70
Total revenues	22,147		22,307		21,758		21,667		22,559
Benefits and expenses:
Benefits and claims, net	11,796		11,942		12,000		12,181		12,919
Expenses	6,192		5,920		5,775		5,468		5,573
Total benefits and expenses	17,988		17,862		17,775		17,649		18,492
Pretax earnings	4,159		4,445		3,983		4,018		4,067
Income taxes	(619)		1,141		1,063		(586)		1,408
Net earnings	$	4,778	$	3,304	$	2,920	$	4,604	$	2,659
Share and Per-Share Amounts
Net earnings (basic)	$	6.69	$	4.45	$	3.79	$	5.81	$	3.23
Net earnings (diluted)	6.67		4.43		3.77		5.77		3.21
Cash dividends paid	1.12		1.08		1.04		.87		.83
Cash dividends declared	1.45		1.08		1.04		.87		.83
Weighted-average common shares used for basic EPS (In thousands)	713,702		742,414		769,588		792,042		822,942
Weighted-average common shares used for diluted EPS (In thousands)	716,192		746,430		774,650		797,861		827,841
Supplemental Data
Yen/dollar exchange rate at year-end (yen)	103.50		109.56		111.00		113.00		116.49
Weighted-average yen/dollar exchange rate (yen)	106.86		109.07		110.39		112.16		108.70

Item 6. Selected Financial Data

Aflac Incorporated and Subsidiaries

December 31,


(In millions)	2020		2019		2018		2017		2016
Assets:
Investments and cash	$	149,753	$	138,091	$	126,243	$	123,659	$	116,361
Other	15,333		14,677		14,163		13,558		13,458
Total assets	$	165,086	$	152,768	$	140,406	$	137,217	$	129,819
Liabilities and shareholders’ equity:
Policy liabilities	$	114,391	$	106,554	$	103,188	$	99,147	$	93,726
Income taxes	4,661		5,370		4,020		4,745		5,387
Notes payable and lease obligations (1)	7,899		6,569		5,778		5,289		5,360
Other liabilities	4,576		5,316		3,958		3,438		4,864
Shareholders’ equity	33,559		28,959		23,462		24,598		20,482
Total liabilities and shareholders’ equity	$	165,086	$	152,768	$	140,406	$	137,217	$	129,819

(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.

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

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