Aflac (AFL) 10-K risk factor changes: FY2024 vs FY2023

High rates of inflation globally from 2022 [removed: were] [added: continued to be] reduced due to monetary tightening in many countries and normalization of certain trends after COVID-19, including supply chain recovery and phasing out of extraordinary fiscal support.

[removed: Geopolitical events] [added: Continuing armed conflicts in Ukraine and the Middle East exacerbate uncertainty and] have contributed to volatility in energy and other commodity prices.

[removed: Higher] [added: Continuing higher] interest rates and softer economic conditions could impact the creditworthiness and value of the Company's existing investment portfolio, influence opportunities for new investments and have a negative impact on the Company's results of operations and financial positions.

The Company has evaluated its holdings and identified investments in areas such as commercial real estate and highly leveraged companies as the most exposed to [removed: rising] [added: continued high] interest rates and an economic downturn.

The Company has examined in each case whether a reduction in size of the [removed: holding] [added: holdings] is appropriate.

The Company has identified assets impacted or expected to be impacted by [removed: rising] [added: continued high] interest rates and economic contraction, [added: but] other investments not identified to date may also be impacted.

In addition, the [removed: increase in the] [added: continuing] difference between interest rates in the U.S. and Japan contributed to a weakening of the yen over [removed: 2023,] [added: 2024,] which had the effect of suppressing the Company's current period results in relation to the comparable prior period.

The [removed: increase in the] [added: continuing] difference between U.S. dollar and yen interest rates also contributes to [removed: increasing] costs of hedging currency risk of U.S. dollar-denominated investments held by Aflac Japan.

The Company is not able to predict the ultimate impact of inflation, interest rate [removed: increases,] [added: changes,] interest rate differences and other changing market conditions on the Company’s investments and hedging programs.

Market volatility and recessionary pressures could result in significant realized or unrealized losses due to severe price declines driven by [removed: increases in] [added: high] interest rates or [added: increases in] credit spreads, defaults in payment of principal or interest, or credit rating downgrades.

Risk [removed: Factors](#i8bfdd853539345688aef451669e4c591_16)][added: Factors](#i9a7e000a4ea7435d8c28d96b7700515c_19)]

This can include changes in the global economy, the issuer's assets, strategy, or management, shifts in the dynamics of the industries in which the issuer competes, the issuer's access to additional funding, [added: government trade policies] and the overall health of the credit markets.

These impairment losses could negatively impact Aflac Japan's earnings, and the [removed: corresponding dividends and capital deployment.]

[removed: While] [added: In spite of recent decreases in] interest rates [removed: have increased] in the U.S. and other [removed: regions,] [added: regions and] interest [added: rate increases in Japan, interest] rates in Japan remain lower than in the U.S., and the Company's overall level of investment income will continue to be negatively impacted from Japan’s low interest rates [removed: and] from investments made [added: in] prior [added: periods at lower rates and from decreasing rates in the U.S. While the Company generally seeks] to [added: maintain a diversified portfolio of fixed-income investments that reflects] the [removed: start] [added: cash flow and duration characteristics] of [removed: recent] [added: the liabilities it supports, the Company may not be able to fully mitigate the interest] rate [removed: increases.][added: risk of its assets relative to its liabilities.]

[removed: The continuing] [added: While the Bank of Japan ended its] negative interest rate [removed: imposed by the Bank] [added: policy in March] of [added: 2024, low interest rates in] Japan [removed: (BoJ) on excess bank reserves] could continue to have a negative impact on the distribution and pricing of these products.

In addition to the unrealized losses negatively impacting capital ratios, significant unrealized losses could impact the amount of dividends [removed: that could be paid under local regulations, including in Japan.]

For Aflac Japan, rising interest rates and widening credit spreads, which [removed: go to] reduce the fair value of Aflac Japan’s fixed-maturity investments, when combined with a strengthening yen, and the resulting decrease in the yen value of Aflac Japan’s U.S. dollar-denominated fixed-maturity [added: investments, have a negative impact on Aflac Japan's regulatory capital.]

Aflac Japan's adjusted revenues accounted for [removed: 60%] [added: 55%] of the Company's total adjusted revenues in [removed: 2023,] [added: 2024,] compared with [removed: 64%] [added: 60%] in [removed: 2022] [added: 2023] and [removed: 68%] [added: 64%] in [removed: 2021.][added: 2022.]

The percentage of the Company's total assets attributable to Aflac Japan was [added: 77% at December 31, 2024, compared with] 80% at [removed: both] December 31, [removed: 2023 and 2022.][added: 2023.]

Cumulative net cash settlements on derivatives hedging currency exposure of Aflac Japan's U.S. dollar-denominated investments are associated with existing U.S. dollar-denominated investments that continue to be hedged, previously hedged investments that continue to be held but are no longer hedged, and investments previously [removed: hedged that have since been sold, matured or redeemed and may or may not have not been converted to yen.]

The Company’s foreign exchange derivatives are typically shorter-dated than the underlying U.S. dollar-denominated investments being hedged, which creates roll-over risks within the hedging program that could increase the cost of such [added: derivatives.]

When the yen strengthens in relation to the U.S. dollar, the yen value of Aflac Japan's unhedged U.S. dollar-denominated investments decreases, resulting in a decrease in [removed: SMR.][added: Aflac Japan regulatory capital.]

Further, unhedged U.S. dollar-denominated securities held by Aflac Japan are exposed to foreign exchange fluctuations, which also impact [removed: SMR.][added: Aflac Japan regulatory capital.]

At the same time, the unhedged U.S. dollar-denominated investment portfolio creates an unmatched foreign currency exposure and subjects Aflac Japan to volatility in regulatory [removed: capital, including SMR,] [added: capital] and earnings, which may adversely impact Aflac Japan’s ability to pay dividends to the Parent Company.

[removed: This primarily occurs when Aflac Japan pays dividends in yen to the Parent Company, but it also] has an impact when cash in the form of yen is converted to U.S. dollars for investment into U.S. dollar-denominated assets.

The Parent Company utilizes forward contracts to accomplish a dual objective of hedging foreign currency exchange rate risk related to dividend payments by Aflac Japan, and reducing enterprise-wide [added: hedge costs.]

These higher losses would also negatively affect the Company's solvency ratios in the [removed: U.S.] [added: U.S., Japan] and [removed: Japan.][added: Bermuda.]

For example, at December 31, [removed: 2023,] [added: 2024,] the Company had agreements with 360 banks to market Aflac's products in Japan.

Sales through these banks represented [removed: 3.3%] [added: 3%] of Aflac Japan's new annualized premium sales in [removed: 2023.][added: 2024.]

The Company has entered into significant reinsurance transactions with large, highly rated [removed: counterparties, including affiliates.][added: counterparties as well as among the Company's subsidiaries.]

In addition, Aflac Japan has entered into reinsurance transactions with Aflac [removed: Re.][added: Re, which has less capital than external counterparties with which the Company has conducted reinsurance transactions in the past.]

In Japan, the Company's sales results are dependent upon its relationship with sales associates and other distribution partners, including Japan Post [removed: Group.][added: Group, which in recent periods has accounted for a significant portion of Aflac Japan's total sales.]

In addition, it remains difficult to predict the timing and effect that future tax law changes could have on the Company's earnings both in the U.S. and in foreign [removed: jurisdictions, including in connection with the current presidential administration's continuing interest in raising revenue from the corporate sector in the U.S. Any of these factors could cause the Company to experience an effective tax rate significantly different from previous periods or the Company's current estimates.][added: jurisdictions.]

Several [removed: states] [added: states,] including California and New York, [removed: in which Aflac U.S. conducts significant portions of its business,] have made changes to their privacy or cybersecurity laws or regulations in recent years.

[removed: Further,] [added: Additionally,] the U.S. Congress and many states are considering new privacy and security requirements that would apply to the Company's business.

[removed: In addition, under] [added: Under] Japanese laws and regulations, including the APPI, if a leak or loss of personal information by Aflac Japan or its business associates should occur, depending on factors such as the volume of personal data involved and the likelihood of other secondary damage, Aflac Japan may be required to file reports to the FSA; issue public releases explaining such incident to the public; or become subject to an FSA business improvement order, which could pose a risk to the Company's reputation.

The [removed: Company's] [added: Company and its] insurance subsidiaries are subject to complex laws and regulations that are administered and enforced by a number of governmental authorities, that exercise a degree of interpretive latitude, including the FSA and Ministry of Finance (MOF) in Japan, state insurance regulators, the BMA in Bermuda, the SEC, the NAIC, the FIO, the U.S. Department of Justice, state attorneys general, the U.S. Commodity Futures Trading Commission, and the U.S. Department of the Treasury, including the Internal Revenue Service (IRS), in the U.S. The Company is subject to the risk that compliance with any particular regulator's or enforcement authority's interpretation of a legal or regulatory issue may result in non-compliance with another regulator's or enforcement authority's interpretation of the same issue, particularly when compliance is judged in hindsight.

These catastrophic events may cause changes to estimates of future earnings, capital deployment and other guidance the Company has provided to the markets in the [removed: 2024] [added: 2025] Outlook section of Item 7.

Changes in accounting standards issued by the Financial Accounting [removed: Standard Boards] [added: Standards Board] (FASB) or other standard-setting bodies may adversely affect the Company's financial statements.

In the U.S. and other regions, inflation rates reduced to a level that supported monetary loosening by central banks, but the risk of a return to increasing inflation remains alongside risks of weakening economic conditions.

The Bank of Japan remains an exception to the major central bank loosening trends, ending a prolonged period of negative interest rates on bank reserves in March 2024.

Economic uncertainty is also driven by potential policy changes from a new presidential administration in the U.S. including proposals to impose trade tariffs and the potential for retaliatory tariffs from other countries, as well as increasing trade restrictions driven by security concerns.

The Bank of Japan ended its policy of negative interest rates in March 2024, and uncertainty about future Japan interest rate changes and the impact of increased rates on the Japanese economy could also contribute to volatility in Japanese markets.

Risk Factors](#i9a7e000a4ea7435d8c28d96b7700515c_19)

corresponding dividends and capital deployment.

The Company’s current interest rate hedging programs are primarily focused on addressing risks of floating rate investments and are not designed to fully protect against the impact of interest rate changes on the Company.

Risk Factors](#i9a7e000a4ea7435d8c28d96b7700515c_19)

that could be paid under local regulations, including in Japan.

Risk Factors](#i9a7e000a4ea7435d8c28d96b7700515c_19)

hedged that have since been sold, matured or redeemed and may or may not have not been converted to yen.

This primarily occurs when Aflac Japan pays dividends in yen to the Parent Company, but it also

Risk Factors](#i9a7e000a4ea7435d8c28d96b7700515c_19)

Risk Factors](#i9a7e000a4ea7435d8c28d96b7700515c_19)

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Risk Factors](#i9a7e000a4ea7435d8c28d96b7700515c_19)

Any of these factors could cause the Company to experience an effective tax rate significantly different from previous periods or the Company's current estimates.

Risk Factors](#i9a7e000a4ea7435d8c28d96b7700515c_19)

Risk Factors](#i9a7e000a4ea7435d8c28d96b7700515c_19)

Risk Factors](#i9a7e000a4ea7435d8c28d96b7700515c_19)

Risk Factors](#i9a7e000a4ea7435d8c28d96b7700515c_19)

Although economies have proved resilient in the face of interest rate increases, tighter financial conditions for a prolonged period may result in continued weakening of economic conditions.

Japan remains an exception to the major central bank tightening trend.

Armed conflicts in Ukraine and the Middle East, as well as political polarization in the U.S., exacerbate uncertainty.

The failure of several large U.S. banks and UBS's acquisition of Credit Suisse in early 2023 did not trigger a wider financial crisis at the time, but sustained high interest rates and economic decline could continue pressuring the financial health of other financial institutions.

While interest rates have increased in the U.S. and other regions, interest rates in Japan remain low, and the difference between U.S. and Japan rates has increased.

While the Company generally seeks to maintain a diversified portfolio of fixed-income investments that reflects the cash flow and duration characteristics of the liabilities it supports, the Company may not be able to fully mitigate the interest rate risk of its assets relative to its liabilities.

As discussed in Item 1.

Business, beginning in November 2022, Aflac Japan refreshed its first sector savings-type products WAYS and Child Endowment and began to actively promote sales of those products, which had been curtailed since 2013 due to persistent low interest rates in Japan.

investments, have a negative impact to SMR.

derivatives.

hedge costs.

Aflac Re is a newly formed entity with less capital than external counterparties with which the Company has conducted reinsurance transactions in the past.

Sales of Aflac Japan cancer products in the Japan Post Group channel experienced a material decline beginning in August 2019.

While Japan Post Group resumed proactive sales of cancer insurance policies in April 2021, the Company can provide no assurance regarding the ultimate timing or extent of any recovery in such sales.

It is uncertain what long-term effect these developments will have on the Company’s results of operations or financial condition, but any such effects could be material.

See the Aflac Japan Segment section of Item 7.

MD&A for additional information.

In July 2023, new regulations were proposed by the U.S. Departments of Labor, Treasury and Health and Human Services related to (i) short-term, limited-duration insurance, (ii) fixed indemnity and hospital indemnity excepted benefits, (iii) specified disease or illness excepted benefits, and (iv) tax treatments of fixed amounts received through employment-based accident or health insurance.

The timing and substance of the final regulations, if any, is not known, but if passed in the proposed form, these regulations could materially affect sales of Aflac U.S.

| [Executive [removed: Summary](#i8bfdd853539345688aef451669e4c591_58)] [added: Summary](#i9a7e000a4ea7435d8c28d96b7700515c_64)] | | | [removed: [33](#i8bfdd853539345688aef451669e4c591_58)] [added: [33](#i9a7e000a4ea7435d8c28d96b7700515c_64)] | | |

| [Industry [removed: Trends](#i8bfdd853539345688aef451669e4c591_61)] [added: Trends](#i9a7e000a4ea7435d8c28d96b7700515c_67)] | | | [removed: [33](#i8bfdd853539345688aef451669e4c591_61)] [added: [33](#i9a7e000a4ea7435d8c28d96b7700515c_67)] | | |

| [Results of [removed: Operations](#i8bfdd853539345688aef451669e4c591_67)] [added: Operations](#i9a7e000a4ea7435d8c28d96b7700515c_73)] | | | [removed: [35](#i8bfdd853539345688aef451669e4c591_67)] [added: [35](#i9a7e000a4ea7435d8c28d96b7700515c_73)] | | |

| [Hedging [removed: Activities](#i8bfdd853539345688aef451669e4c591_85)] [added: Activities](#i9a7e000a4ea7435d8c28d96b7700515c_91)] | | | [removed: [59](#i8bfdd853539345688aef451669e4c591_85)] [added: [58](#i9a7e000a4ea7435d8c28d96b7700515c_91)] | | |

| [Policy [removed: Liabilities](#i8bfdd853539345688aef451669e4c591_88)] [added: Liabilities](#i9a7e000a4ea7435d8c28d96b7700515c_94)] | | | [removed: [62](#i8bfdd853539345688aef451669e4c591_88)] [added: [61](#i9a7e000a4ea7435d8c28d96b7700515c_94)] | | |

| [Benefit [removed: Plans](#i8bfdd853539345688aef451669e4c591_91)] [added: Plans](#i9a7e000a4ea7435d8c28d96b7700515c_97)] | | | [removed: [63](#i8bfdd853539345688aef451669e4c591_91)] [added: [61](#i9a7e000a4ea7435d8c28d96b7700515c_97)] | | |

| [Policyholder [removed: Protection](#i8bfdd853539345688aef451669e4c591_94)] [added: Protection](#i9a7e000a4ea7435d8c28d96b7700515c_100)] | | | [removed: [63](#i8bfdd853539345688aef451669e4c591_94)] [added: [62](#i9a7e000a4ea7435d8c28d96b7700515c_100)] | | |

| [Liquidity and Capital [removed: Resources](#i8bfdd853539345688aef451669e4c591_97)] [added: Resources](#i9a7e000a4ea7435d8c28d96b7700515c_103)] | | | [removed: [63](#i8bfdd853539345688aef451669e4c591_97)] [added: [62](#i9a7e000a4ea7435d8c28d96b7700515c_103)] | | |

| [Critical Accounting [removed: Estimates](#i8bfdd853539345688aef451669e4c591_100)] [added: Estimates](#i9a7e000a4ea7435d8c28d96b7700515c_106)] | | | [removed: [71](#i8bfdd853539345688aef451669e4c591_100)] [added: [69](#i9a7e000a4ea7435d8c28d96b7700515c_106)] | | |

Management's Discussion and Analysis of Financial Condition and Results of Operations located in the Company's [Annual Report on Form 10-K for the year ended December 31, [removed: 2022](http://www.sec.gov/ix?doc=/Archives/edgar/data/4977/000000497723000055/afl-20221231.htm),] [added: 2023](https://www.sec.gov/ix?doc=/Archives/edgar/data/4977/000000497724000053/afl-20231231.htm),] filed on February [removed: 24, 2023,] [added: 22, 2024,] for reference to discussions of the year ended December 31, [removed: 2021,] [added: 2022,] the earliest of the three years [removed: presented, that have not been adjusted for the adoption of LDTI.][added: presented.]

Management's Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i8bfdd853539345688aef451669e4c591_55)][added: Operations](#i9a7e000a4ea7435d8c28d96b7700515c_61)]

For the full year of [removed: 2023,] [added: 2024,] total revenues were [removed: down 2.3%] [added: up 1.2%] to [removed: $18.7] [added: $18.9] billion, compared with [removed: $19.1] [added: $18.7] billion for the full year of [removed: 2022.][added: 2023.]

Net earnings were [removed: $4.7] [added: $5.4] billion, or [removed: $7.78] [added: $9.63] per diluted share, for the full year of [removed: 2023,] [added: 2024,] compared with [removed: $4.4] [added: $4.7] billion, or [removed: $6.93] [added: $7.78] per diluted share, for the full year of [removed: 2022.][added: 2023.]

Net earnings in [removed: 2023] [added: 2024] included net investment gains of [removed: $590 million,] [added: $1.3 billion,] compared with net investment gains of [removed: $363] [added: $590] million in [removed: 2022.][added: 2023.]

Net investment gains in [removed: 2023] [added: 2024] included an increase in credit loss allowances of [removed: $139] [added: $256] million; [removed: $441 million] [added: $1.1 billion] of net gains from certain derivative and foreign currency gains or losses; [removed: $88] [added: $140] million of net gains on equity securities; and [removed: $200] [added: $259] million of net gains from sales and redemptions.

The average yen/dollar exchange rate*(1)* in [removed: 2023] [added: 2024] was [removed: 140.57,] [added: 150.97,] or [removed: 7.4%] [added: 6.9%] weaker than the rate of [removed: 130.17] [added: 140.57] in [removed: 2022.][added: 2023.]

Adjusted earnings*(2)* for the full year of [removed: 2023] [added: 2024] were [removed: $3.7] [added: $4.1] billion, or [removed: $6.23] [added: $7.21] per diluted share, compared with [removed: $3.6] [added: $3.7] billion, or [removed: $5.67] [added: $6.23] per diluted share, in [removed: 2022.][added: 2023.]

The weaker yen/dollar exchange rate negatively impacted adjusted earnings per diluted share by [removed: $.19.][added: $.18.]

In [removed: 2023,] [added: 2024,] Aflac Incorporated repurchased $2.8 billion, or [removed: 38.9] [added: 30.4] million of its common shares.

At December 31, [removed: 2023,] [added: 2024,] the Company had [removed: 77.7] [added: 47.3] million remaining shares authorized for repurchase.

Shareholders’ equity was [removed: $22.0] [added: $26.1] billion, or [removed: $38.00] [added: $47.45] per share, at December 31, [removed: 2023,] [added: 2024,] compared with [removed: $20.1] [added: $22.0] billion, or [removed: $32.73] [added: $38.00] per share, at December 31, [removed: 2022.][added: 2023.]

Shareholders’ equity at December 31, [removed: 2023] [added: 2024] included a cumulative [removed: decrease] [added: increase] of [removed: $2.6] [added: $2.0] billion from the effect of changes in discount rate assumptions on insurance contracts, compared with a corresponding cumulative decrease of [removed: $2.1] [added: $2.6] billion at December 31, [removed: 2022,] [added: 2023,] and a net unrealized gain on investment securities and derivatives of [removed: $1.1 billion,] [added: $4 million,] compared with a net unrealized [removed: loss] [added: gain] of [removed: $729 million] [added: $1.1 billion] at December 31, [removed: 2022.][added: 2023.]

Shareholders’ equity at December 31, [removed: 2023] [added: 2024] also included an unrealized foreign currency translation loss of [removed: $4.1] [added: $5.0] billion, compared with an unrealized foreign currency translation loss of [removed: $3.6] [added: $4.1] billion at December 31, [removed: 2022.][added: 2023.]

The annualized return on average shareholders’ equity in [removed: 2023] [added: 2024] was [removed: 22.1%.][added: 22.6%.]

Shareholders’ equity excluding accumulated other comprehensive income (AOCI)*(2)* (adjusted book value) was [removed: $27.5] [added: $29.1] billion, or [removed: $47.55] [added: $52.87] per [removed: share] [added: share,] at December 31, [removed: 2023,] [added: 2024,] compared with [removed: $26.6] [added: $27.5] billion, or [removed: $43.18] [added: $47.55] per share, at December 31, [removed: 2022.][added: 2023.]

The annualized adjusted return on equity excluding foreign currency [removed: impact*(2)*] [added: remeasurement*(2)*] in [removed: 2023] [added: 2024] was [removed: 14.2%.][added: 17.3%.]

The [removed: Company’s strategy to drive long-term shareholder value is] [added: Company's approach] to pursue growth [added: is] through product development and distribution expansion and to achieve efficiencies by modernizing its technology and streamlining its operations.

[removed: The Company's objectives in 2024 are to maintain strong pretax margins with increased sales production through product refreshment in its] [added: For] Aflac [removed: Japan segment and] [added: U.S., this includes continuing] to [removed: begin] [added: focus on] realizing benefits from its buy to build initiatives and other platform investments, [removed: manage expenses] [added: maintaining strong expense management discipline] and [removed: strengthen] [added: strengthening] the number of career agents for Aflac U.S. The Company believes that its strategy of positioning itself for future growth and efficiency while defending and leveraging its market-leading position, powerful brand recognition and [removed: diverse] [added: varied] distribution in Japan and the U.S. will provide support toward these objectives.

In [removed: November 2023,] [added: December 2024,] the board of directors announced a [removed: 19.0%] [added: 16.0%] increase in the quarterly cash dividend, effective with the first quarter of [removed: 2024.][added: 2025.]

The [removed: Company intends] [added: Company's economic solvency ratio (ESR) target range is 170%] to [removed: maintain a minimum SMR of 500%] [added: 230%] for Aflac Japan and a target combined RBC [removed: over time] [added: range] of [removed: approximately 400%] [added: 350% to 450%, over time,] for Aflac U.S., [added: which is] consistent with the Company's risk management practices.

For Aflac Japan, the Company anticipates that favorable morbidity experience and the shift in premiums over the last several years from first sector savings products to third sector cancer and medical products and first sector protection products will result in stable benefit ratios in the Aflac Japan [removed: segment, while expense reduction efforts are expected to reduce] [added: segment with a slightly higher] expense [removed: ratios.][added: ratio reflecting growth and strategic initiatives.]

The Company [added: also] expects that benefit and expense ratios will continue to experience some level of revenue pressure due to the impact of paid up policies and internal reinsurance transactions.

For [removed: 2024,] the [added: 2025 through 2027 period, the] Company expects Aflac Japan to generate a benefit ratio in the range of [removed: 66%] [added: 64%] to [removed: 68%] [added: 66%] and an expense ratio in the range of [removed: 19%] [added: 20%] to [removed: 21%.][added: 23%.]

For Aflac U.S., the Company expects growth in life and disability [removed: as well as dental and vision] to increase benefit [removed: ratios and decrease expense ratios over time.][added: ratios.]

For [removed: 2024,] the [added: 2025 through 2027 period, the] Company expects Aflac U.S. to generate a benefit ratio in the range of [removed: 45%] [added: 48%] to [removed: 47%] [added: 52%] and an expense ratio in the range of [removed: 38%] [added: 36%] to [removed: 40%.][added: 39%.]

The [removed: Company expects] [added: Company's objectives for] Corporate and other [removed: results to reflect stable net investment income] in [removed: 2024,] [added: 2025 include maintaining strong pretax adjusted earnings] as compared with [removed: 2023,] [added: 2024,] assuming that U.S. interest rates remain stable and excluding the impact of tax credit investments, as tax benefits are recognized in a corresponding lower income tax expense.

For important disclosures applicable to statements made in this [removed: 2024] [added: 2025] Outlook, please see the statement on Forward-Looking Information at the beginning of Item 1.

The adjustments to both revenues and expenses account for certain items that [removed: cannot be predicted or that] are outside [added: of] management’s [removed: control.][added: control because they tend to be driven by general economic conditions and events or are related to infrequent activities not directly associated with insurance operations.]

Adjusted expenses are U.S. GAAP total acquisition and operating expenses including the impact of interest [removed: cash flows] from derivatives associated with notes payable but excluding any [removed: nonrecurring] [added: non-recurring] or other items not associated with the normal course of the Company’s insurance operations and that do not reflect the Company's underlying business performance.

- Adjusted net investment gains and losses are net investment gains and losses adjusted for i) amortized hedge cost/income related to foreign currency exposure management strategies and certain derivative activity, ii) net interest [removed: cash flows] [added: income/expense] from foreign currency and interest rate derivatives associated with certain investment strategies, which are both reclassified to net investment income, and iii) the impact of interest [removed: cash flows] from [added: derivatives associated with notes payable, which is reclassified to interest expense as a component of total adjusted expenses.]

| [Outlook](#i9a7e000a4ea7435d8c28d96b7700515c_70) | | | [34](#i9a7e000a4ea7435d8c28d96b7700515c_70) | | |

| [Investments](#i9a7e000a4ea7435d8c28d96b7700515c_88) | | | [52](#i9a7e000a4ea7435d8c28d96b7700515c_88) | | |

The Company has elected to omit discussion on the earliest of the three years covered by the consolidated financial statements presented in Item 8.

Financial Statements and Supplementary Data.

Adjusted book value excluding foreign currency remeasurement*(2)* was $23.4 billion, or $42.46 per share, at December 31, 2024, compared with $23.8 billion, or $41.15 per share, at December 31, 2023.

Management's Discussion and Analysis of Financial Condition and Results of Operations](#i9a7e000a4ea7435d8c28d96b7700515c_61)

Additionally, as Japan enters an era of 100-year lifespans, customers' needs for asset formation and retirement coverage, including nursing care, are increasing.

2025 OUTLOOK

The Company’s strategy to drive long-term shareholder value is to pursue growth and strong profit margins and to exercise tactical capital deployment.

The Company's objectives in 2025 include maintaining strong pretax margins with increased sales production through product refreshments and growth initiatives in both its Aflac Japan and Aflac U.S. segments.

For Aflac Japan, this includes continuing to focus on third sector products as well as introducing policies to new and younger customers.

For 2025, the Company expects the benefit ratio to be toward the higher end of the 64% to 66% range and the expense ratio to be on the lower end of the 20% to 23% range.

Management's Discussion and Analysis of Financial Condition and Results of Operations](#i9a7e000a4ea7435d8c28d96b7700515c_61)

This growth as well as realized benefits from the buy to build initiatives are expected to decrease expense ratios over time.

For 2025, the Company expects the benefit ratio to be at the lower end of the 48% to 52% range and the expense ratio to be at the higher end of the 36% to 39% range.

Management's Discussion and Analysis of Financial Condition and Results of Operations](#i9a7e000a4ea7435d8c28d96b7700515c_61)

Management's Discussion and Analysis of Financial Condition and Results of Operations](#i9a7e000a4ea7435d8c28d96b7700515c_61)

- Adjusted book value excluding foreign currency remeasurement is the U.S. GAAP book value (representing total shareholders’ equity), less AOCI as recorded on the U.S. GAAP balance sheet and excluding the cumulative \[beginning January 1, 2021\] foreign currency gains/losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets.

Adjusted book value excluding foreign currency remeasurement per common share is adjusted book value excluding foreign currency remeasurement at the period end divided by the ending outstanding common shares for the period presented.

The Company considers adjusted book value excluding foreign currency remeasurement and adjusted book value excluding foreign currency remeasurement per common share important as they exclude both AOCI and the cumulative foreign currency remeasurement gains/losses, which fluctuate due to market movements that are outside management's control.

The most comparable U.S. GAAP financial measures for adjusted book value excluding foreign currency remeasurement and adjusted book value excluding foreign currency remeasurement per common share are total book value and total book value per common share, respectively.

Management uses adjusted return on equity to evaluate the financial performance of the Company’s insurance operations on a consolidated basis and believes that a presentation of this financial measure is vitally important to an understanding of the underlying profitability drivers and trends of the Company’s insurance business.

The most comparable U.S. GAAP financial measure for adjusted return on equity is return on average equity (ROE) as determined using annualized net earnings and average total shareholders’ equity.

- Adjusted return on equity excluding foreign currency remeasurement is annualized adjusted earnings divided by average shareholders’ equity, excluding both AOCI and the cumulative \[beginning January 1, 2021\] foreign currency gains/losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets.

The Company considers adjusted return on equity excluding foreign currency remeasurement important because it excludes both AOCI and the cumulative foreign currency remeasurement gains/losses, which fluctuate due to market movements that are outside management's control.

Management's Discussion and Analysis of Financial Condition and Results of Operations](#i9a7e000a4ea7435d8c28d96b7700515c_61)

Management's Discussion and Analysis of Financial Condition and Results of Operations](#i9a7e000a4ea7435d8c28d96b7700515c_61)

Management's Discussion and Analysis of Financial Condition and Results of Operations](#i9a7e000a4ea7435d8c28d96b7700515c_61)

In 2024, as part of the U.S. defined benefit plan freeze, the Company offered lump sum payments to certain participants.

The lump sum payments were distributed in the fourth quarter of 2024 and resulted in a settlement charge of $18 million in 2024 due to the payments being greater than the settlement threshold.

The settlement charge was both unusual and non-recurring and unrelated to other recurring benefit costs associated with the plan; therefore, the Company excluded the settlement charge from adjusted earnings.

In recent periods, the Japanese yen has weakened against the U.S. dollar.

Although the Company is unable to predict the timing or extent of future movements of the Japanese yen/U.S. dollar foreign exchange rate, the Company maintains hedging strategies (see the Hedging Activities section of this MD&A) that are intended to mitigate the impacts of yen fluctuation on the Company’s financial position and results of operations.

See the risk factor entitled “The Company is exposed to foreign currency fluctuations in the yen/dollar exchange rate” in Part I, Item 1A.

Risk Factors for more information.

Management's Discussion and Analysis of Financial Condition and Results of Operations](#i9a7e000a4ea7435d8c28d96b7700515c_61)

| Foreign currency remeasurement gains (losses) | | | | | | 5,725 | | | | | | | | | | | | 3,700 | | | | | |

| Adjusted book value excluding foreign currency remeasurement | | | | | | 23,351 | | | | | | | | | | | | 23,805 | | | | | |

| Foreign currency remeasurement gains (losses) per common share | | | | | | 10.41 | | | | | | | | | | | | 6.40 | | | | | |

| Adjusted book value excluding foreign currency remeasurement per common share | | | | | | 42.46 | | | | | | | | | | | | 41.15 | | | | | |

| [Outlook](#i8bfdd853539345688aef451669e4c591_64) | | | [34](#i8bfdd853539345688aef451669e4c591_64) | | |

| [Investments](#i8bfdd853539345688aef451669e4c591_82) | | | [54](#i8bfdd853539345688aef451669e4c591_82) | | |

All relevant prior-year amounts have been adjusted for the adoption of Accounting Standards Update (ASU) 2018-12 Financial Services - Insurance: Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI) on January 1, 2023.

See Note 1 of the Notes to the Consolidated Financial Statements for additional information.

The Company has elected to omit certain elements of discussion of the year ended December 31, 2021 in this MD&A.

[Item 7.

Net earnings for 2023 included an after-tax loss of $119 million, or $.20 per diluted share, related to novation of a reinsurance treaty with a third party that had been ceded back to the Company as of year end.

Adjusted earnings for 2023 included an after-tax loss of $119 million, or $.20 per diluted share, related to novation of a reinsurance treaty with a third party that had been ceded back to the Company as of year end.

However, due to the aging population and decline in birthrate, new opportunities for customer demographics are not as readily available.

2024 OUTLOOK

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | 2023 | | | | | | 2022 | | | | | | 2021 | | | | | | 2023 | | | | | | 2022 | | | | | | 2021 | | |

*(2)* *Includes release of $452 in deferred taxes in 2022.*

*Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.*

| | | | | | | | | | | | | | | | | | |

| Interest rate component of the change in fair value of foreign currency swaps on notes payable | | | 41 | | | | | | 50 | | | | | | 55 | | |

In May 2021, the Parent Company used a portion of the net proceeds from its April 2021 issuance of various series of senior notes to redeem $700 million of its 3.625% senior notes due June 2023.

The pretax expense due to the early redemption of these notes was $48 million.

In 2021, other items excluded from adjusted earnings included integration costs related to the Company's acquisition of Zurich North America's U.S. Corporate Life and Pensions business; these costs primarily consisted of expenditures for legal, accounting, consulting, integration of systems and processes and other similar services.

These integration costs were excluded from adjusted earnings for one year following the acquisition and amounted to $26 million for the year ended December 31, 2021.

In 2022, the combined effective tax rate differed from the U.S. statutory rate primarily due to the impact of the tax accounting method change discussed below, as well as historic and solar tax credits.

In 2021, the combined effective tax rate differed from the U.S. statutory rate primarily due to historic and solar tax credits.

Aflac Japan holds certain U.S. dollar-denominated assets in a Delaware Statutory Trust (DST).

These assets are mostly comprised of various U.S. dollar-denominated commercial mortgage loans.

The functional currency of the DST for U.S. tax purposes was historically the Japanese yen.

In 2022, the Company requested a change in tax accounting method through the Internal Revenue Service's automatic consent procedures to change the functional currency of the DST for U.S. tax purposes to the U.S. dollar.

As a result, foreign currency translation gains or losses on assets held in the DST are no longer recognized for U.S. tax purposes.

The Company historically recorded a deferred tax liability for foreign currency translation gains on the DST assets, which was released in the third quarter of 2022 as a result of the functional currency change.

The release of the deferred tax liability resulted in the Company recognizing an income tax benefit of $174 million in 2023 and $452 million in 2022.

In August 2022, the Inflation Reduction Act of 2022 (IRA) was signed into U.S. law, which among other things, imposed a 1% excise tax on the Company’s repurchases of its common stock.

Effective January 1, 2023, charges associated with the excise tax are recognized in equity consistent with other costs related to treasury stock.

The Company expects that its effective tax rate on adjusted earnings for future periods will be approximately 20%.

See the

| | | | | | | | | | | | | | | | | | | | | | | | |

*(3)* *Impact of foreign currency is calculated by restating all foreign currency components of the income statement to the weighted average foreign currency exchange rate for the comparable prior year period.

The impact is the difference of the restated adjusted earnings compared to reported adjusted earnings.

For comparative purposes, only current period income is restated using the weighted average prior period exchange rate, which eliminates the foreign currency impact for the current period.

This allows for equal comparison of this financial measure.*

| Amortized hedge costs related to certain foreign currency exposure management strategies | | | 157 | | | | | | 112 | | | | | | 76 | | | | | | 20 | | | | | | 13 | | | | | | 8 | | |

| Insurance and other expenses | | | 1,299 | | | | | | 1,517 | | | | | | 1,843 | | | | | | 182 | | | | | | 198 | | | | | | 203 | | |

Additionally, as discussed in detail in the Risk Factors section titled “Lack of availability of acceptable yen-denominated investments could adversely affect the Company's results of operations, financial position or liquidity,” there is a risk that losses realized on derivative settlements during periods of yen weakening may not be recouped through realization of the corresponding holding currency gains on the hedged U.S. dollar-denominated investments if these investments are not ultimately sold and [added: the U.S. dollar proceeds] converted to yen.

The Company is exposed to currency risk [removed: as an economic event] when yen funds are [removed: actually] converted into U.S. dollars.

In addition to yen payments and internal [removed: reinsurance,] [added: reinsurance transactions,] certain investment activities for Aflac Japan expose the Company to economic currency risk when yen are converted into U.S. dollars.

If the markets experience a significant strengthening of yen, this could cause cash strain at the Parent Company as a result of cash collateral and potentially cash settlement [added: requirements.]

Quantitative and Qualitative Disclosures About Market [removed: Risk](#i8bfdd853539345688aef451669e4c591_16)][added: Risk](#i9a7e000a4ea7435d8c28d96b7700515c_19)]

The Company reports unrealized foreign currency translation gains [removed: and losses in AOCI.]

| (In millions) | | | [removed: 2023] [added: 2024] | | | | | | | | | | | | | | | | | | [removed: 2022] [added: 2023] | | | | | | | | | | | | | | | | | |

| Yen/dollar exchange rates | | | [removed: 126.83] [added: 143.18] | | | | | | [removed: 141.83] [added: 158.18] (1) | | | | | | [removed: 156.83] [added: 173.18] | | | | | | [removed: 117.70] [added: 126.83] | | | | | | [removed: 132.70] [added: 141.83] *(1)* | | | | | | [removed: 147.70] [added: 156.83] | | | | | |

| Fixed maturity securities *(3)* | | | $ | [removed: 44,357] [added: 35,805] | | | | | $ | [removed: 39,665] [added: 32,409] | | | | | $ | [removed: 35,872] [added: 29,603] | | | | | $ | [removed: 48,591] [added: 44,357] | | | | | $ | [removed: 43,102] [added: 39,665] | | | | | $ | [removed: 38,730] [added: 35,872] | | | | |

| Fixed maturity securities - consolidated variable interest entities *(4)* | | | [removed: 587] [added: 514] | | | | | | [removed: 525] [added: 465] | | | | | | [removed: 475] [added: 425] | | | | | | [removed: 636] [added: 587] | | | | | | [removed: 564] [added: 525] | | | | | | [removed: 506] [added: 475] | | | | | |

| Fixed maturity securities | | | [removed: 19,926] [added: 17,638] | | | | | | [removed: 17,819] [added: 15,966] | | | | | | [removed: 16,115] [added: 14,583] | | | | | | [removed: 21,485] [added: 19,926] | | | | | | [removed: 19,056] [added: 17,819] | | | | | | [removed: 17,121] [added: 16,115] | | | | | |

| Equity securities | | | [removed: 840] [added: 534] | | | | | | [removed: 751] [added: 484] | | | | | | [removed: 679] [added: 442] | | | | | | [removed: 755] [added: 840] | | | | | | [removed: 670] [added: 751] | | | | | | [removed: 602] [added: 679] | | | | | |

| Cash and cash equivalents | | | [removed: 1,131] [added: 894] | | | | | | [removed: 1,011] [added: 809] | | | | | | [removed: 915] [added: 739] | | | | | | [removed: 1,077] [added: 1,131] | | | | | | [removed: 955] [added: 1,011] | | | | | | [removed: 858] [added: 915] | | | | | |

| Derivatives | | | [removed: 223] [added: 111] | | | | | | [removed: 337] [added: 240] | | | | | | [removed: 893] [added: 384] | | | | | | [removed: 731] [added: 223] | | | | | | [removed: 617] [added: 337] | | | | | | [removed: 977] [added: 893] | | | | | |

| Other financial instruments | | | [removed: 415] [added: 382] | | | | | | [removed: 371] [added: 346] | | | | | | [removed: 335] [added: 315] | | | | | | [removed: 247] [added: 415] | | | | | | [removed: 219] [added: 371] | | | | | | [removed: 196] [added: 335] | | | | | |

| Notes payable | | | [removed: 4,709] [added: 4,808] | | | | | | [removed: 4,211] [added: 4,351] | | | | | | [removed: 3,807] [added: 3,973] | | | | | | [removed: 4,838] [added: 4,709] | | | | | | [removed: 4,290] [added: 4,211] | | | | | | [removed: 3,854] [added: 3,807] | | | | | |

| Derivatives | | | [removed: 1,374] [added: 811] | | | | | | [removed: 1,430] [added: 933] | | | | | | [removed: 1,894] [added: 1,065] | | | | | | [removed: 1,386] [added: 1,374] | | | | | | [removed: 1,698] [added: 1,430] | | | | | | [removed: 2,205] [added: 1,894] | | | | | |

| Subtotal | | | [removed: 6,083] [added: 5,619] | | | | | | [removed: 5,641] [added: 5,284] | | | | | | [removed: 5,701] [added: 5,038] | | | | | | [removed: 6,224] [added: 6,083] | | | | | | [removed: 5,988] [added: 5,641] | | | | | | [removed: 6,059] [added: 5,701] | | | | | |

| Net yen-denominated financial instruments | | | [removed: 61,396] [added: 50,259] | | | | | | [removed: 54,838] [added: 45,435] | | | | | | [removed: 49,583] [added: 41,453] | | | | | | [removed: 67,298] [added: 61,396] | | | | | | [removed: 59,195] [added: 54,838] | | | | | | [removed: 52,931] [added: 49,583] | | | | | |

| Other yen-denominated assets | | | [removed: 12,262] [added: 12,040] | | | | | | [removed: 10,965] [added: 10,898] | | | | | | [removed: 9,916] [added: 9,954] | | | | | | [removed: 8,524] [added: 12,262] | | | | | | [removed: 7,560] [added: 10,965] | | | | | | [removed: 6,793] [added: 9,916] | | | | | |

| Other yen-denominated liabilities | | | [removed: 95,457] [added: 80,551] | | | | | | [removed: 85,361] [added: 72,913] | | | | | | [removed: 77,197] [added: 66,599] | | | | | | [removed: 98,377] [added: 95,457] | | | | | | [removed: 87,261] [added: 85,361] | | | | | | [removed: 78,403] [added: 77,197] | | | | | |

| Consolidated yen-denominated net assets (liabilities) subject to foreign currency fluctuation*(2)* | | | $ | [removed: (21,799)] [added: (18,252)] | | | | | $ | [removed: (19,558)] [added: (16,580)] | | | | | $ | [removed: (17,698)] [added: (15,192)] | | | | | $ | [removed: (22,555)] [added: (21,799)] | | | | | $ | [removed: (20,506)] [added: (19,558)] | | | | | $ | [removed: (18,679)] [added: (17,698)] | | | | |

Some of the consolidated VIEs in Aflac Japan's portfolio use foreign currency swaps to convert foreign denominated cash flows to yen, the functional currency of Aflac Japan, in order to [added: minimize cash flow fluctuations.]

| Yen-denominated | | | | | | $ | [removed: 59,847] [added: 49,646] | | | | | | | | $ | [removed: 51,412] [added: 44,699] | | | | | | | | | | | $ | [removed: 64,876] [added: 59,847] | | | | | | | | $ | [removed: 57,535] [added: 51,412] | | | | |

| U.S. dollar-denominated | | | | | | [removed: 33,100] [added: 32,369] | | | | | | | | | [removed: 31,099] [added: 30,677] | | | | | | | | | | | | [removed: 32,075] [added: 33,100] | | | | | | | | | [removed: 29,551] [added: 31,099] | | | | | |

| Total debt securities | | | | | | $ | [removed: 92,947] [added: 82,041] | | | | | | | | $ | [removed: 82,511] [added: 75,399] | | | | | | | | | | | $ | [removed: 96,951] [added: 92,947] | | | | | | | | $ | [removed: 87,086] [added: 82,511] | | | | |

| Commercial mortgage and other loans | | | | | | $ | [removed: 12,217] [added: 10,653] | | | | | | | | $ | [removed: 12,150] [added: 10,598] | | | | | | | | | | | $ | [removed: 13,212] [added: 12,217] | | | | | | | | $ | [removed: 13,136] [added: 12,150] | | | | |

| Derivatives | | | | | | $ | [removed: 337] [added: 240] | | | | | | | | $ | [removed: 352] [added: 225] | | | | | | | | | | | $ | [removed: 617] [added: 337] | | | | | | | | $ | [removed: 669] [added: 352] | | | | |

| Notes payable *(1)* | | | | | | $ | [removed: 6,930] [added: 7,027] | | | | | | | | $ | [removed: 6,502] [added: 6,601] | | | | | | | | | | | $ | [removed: 6,826] [added: 6,930] | | | | | | | | $ | [removed: 6,368] [added: 6,502] | | | | |

| Derivatives | | | | | | [removed: 1,430] [added: 933] | | | | | | | | | [removed: 1,506] [added: 957] | | | | | | | | | | | | [removed: 1,698] [added: 1,430] | | | | | | | | | [removed: 1,542] [added: 1,506] | | | | | |

There are various factors that affect the fair value of the Company's [removed: investment] [added: investments] in debt securities.

Decreases in market yields generally improve the fair value of debt securities, while increases in market yields generally have a negative impact on the fair value of the Company's debt [added: securities.]

| (In years) | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | |

| Yen-denominated debt securities | | | [removed: 12] [added: 11] | | | | | | [removed: 13] [added: 12] | | | | | |

| Premiums to be received in future years on policies in force | | | 6 | | | | | | [removed: 7] [added: 6] | | | | | |

| | | | U.S. | | | | | | | | | Japan | | | | | | | | | U.S. | | | | | | | | | Japan | | | | | | | | | [removed: U.S.] | | | | | | | | | [removed: Japan] | | | | | | | | |

| Required interest on policy reserves | | | | | | [removed: 5.38] [added: 5.28] | | % | | | | | | | [removed: 2.90] [added: 3.32] | | % | *(1)* | | | | | | [removed: 4.21] [added: 5.38] | | % | | | | | | | [removed: 2.49] [added: 2.90] | | % | *(1)* | | | | | | [removed: 2.82] | | [removed: %] | | | | | | | [removed: 2.17] | | [removed: %] | [removed: *(1)*] | | |

| New money yield on investments | | | | | | [removed: 7.34] [added: 6.68] | | | | | | | | | [removed: 4.99] [added: 5.92] | | | | | | | | | [removed: 4.92] [added: 7.34] | | | | | | | | | [removed: 4.29] [added: 4.99] | | | | | | | | | [removed: 3.19] | | | | | | | | | [removed: 3.34] | | | | | |

| Required interest on policy reserves | | | | | | [removed: 4.45] [added: 4.46] | | | | | | | | | [removed: 2.91] [added: 2.88] | | | *(1)* | | | | | | 4.45 | | | | | | | | | [removed: 2.98] [added: 2.91] | | | *(1)* | | | | | | [removed: 4.48] | | | | | | | | | [removed: 3.06] | | | [removed: *(1)*] | | |

| Portfolio book yield, end of period | | | | | | [removed: 5.31] [added: 5.36] | | | | | | | | | [removed: 2.99] [added: 3.03] | | | | | | | | | [removed: 5.15] [added: 5.31] | | | | | | | | | [removed: 2.87] [added: 2.99] | | | | | | | | | [removed: 4.72] | | | | | | | | | [removed: 2.44] | | | | | |

*Corporate and Other*

Internal reinsurance transactions create foreign currency exposure at Aflac Re, primarily due to yen-denominated reinsurance liabilities to Aflac Japan while a majority of Aflac Re's assets are denominated in U.S. dollars, which may require Aflac Re to convert U.S. dollars to yen or enter foreign exchange derivatives with the Parent Company to manage yen-denominated liabilities.

Quantitative and Qualitative Disclosures About Market Risk](#i9a7e000a4ea7435d8c28d96b7700515c_19)

and losses in AOCI.

| Subtotal | | | 55,878 | | | | | | 50,719 | | | | | | 46,491 | | | | | | 67,479 | | | | | | 60,479 | | | | | | 55,284 | | | | | |

Quantitative and Qualitative Disclosures About Market Risk](#i9a7e000a4ea7435d8c28d96b7700515c_19)

| | | | 2024 | | | | | | | | | | | | | | | | | | | | | 2023 | | | | | | | | | | | | | | | | | |

| Other currencies | | | | | | 26 | | | | | | | | | 23 | | | | | | | | | | | | 0 | | | | | | | | | 0 | | | | | |

Quantitative and Qualitative Disclosures About Market Risk](#i9a7e000a4ea7435d8c28d96b7700515c_19)

| (In years) | | | 2024 | | | | | | 2023 | | | | | |

| | | | 2024 | | | | | | | | | | | | | | | | | | 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

Quantitative and Qualitative Disclosures About Market Risk](#i9a7e000a4ea7435d8c28d96b7700515c_19)

specialist external managers.

December 31, 2024

| 7 | | | | | | | | | | | | Investcorp SA | | | | | | 221 | | | | | | .28 | | | | | | BB | | |

| 8 | | | | | | | | | | | | Nordea Bank AB | | | | | | 220 | | | | | | .27 | | | | | | A- | | |

| 12 | | | | | | | | | | | | Berkshire Hathaway Inc | | | | | | 201 | | | | | | .25 | | | | | | AA | | |

| 14 | | | | | | | | | | | | Barclay's Bank PLC | | | | | | 193 | | | | | | .24 | | | | | | BBB | | |

| 15 | | | | | | | | | | | | Exelon Corp | | | | | | 191 | | | | | | .24 | | | | | | A | | |

| | | | | | | | | | | | | Subtotal | | | | | | $ | 36,973 | | | | | 46.19 | | % | | | | | | |

Quantitative and Qualitative Disclosures About Market Risk](#i9a7e000a4ea7435d8c28d96b7700515c_19)

| | | | 2024 | | | | | | | | | | | | 2023 | | | | | | | | | | | |

[Item 7A.

Quantitative and Qualitative Disclosures About Market Risk](#i9a7e000a4ea7435d8c28d96b7700515c_19)

*The Parent Company*

requirements.

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Subtotal | | | 67,479 | | | | | | 60,479 | | | | | | 55,284 | | | | | | 73,522 | | | | | | 65,183 | | | | | | 58,990 | | | | | |

*Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.*

minimize cash flow fluctuations.

| | | | 2023 | | | | | | | | | | | | | | | | | | | | | 2022 | | | | | | | | | | | | | | | | | |

securities.

| | | | 2023 | | | | | | | | | | | | | | | | | | 2022 | | | | | | | | | | | | | | | | | | 2021 | | | | | | | | | | | | | | | | | |

December 31, 2023

| 6 | | | | | | | | | | | | Nordea Bank AB | | | | | | 244 | | | | | | .28 | | | | | | A- | | |

| 7 | | | | | | | | | | | | Investcorp SA | | | | | | 240 | | | | | | .27 | | | | | | BB | | |

| 13 | | | | | | | | | | | | Thermo Fisher Scientific Inc | | | | | | 214 | | | | | | .24 | | | | | | A- | | |

| 14 | | | | | | | | | | | | Investor AB | | | | | | 212 | | | | | | .24 | | | | | | AA- | | |

| 15 | | | | | | | | | | | | Czech (Republic Of) | | | | | | 212 | | | | | | .24 | | | | | | AA- | | |

| | | | | | | | | | | | | Subtotal | | | | | | $ | 42,622 | | | | | 48.15 | | % | | | | | | |

| | | | 2023 | | | | | | | | | | | | 2022 | | | | | | | | | | | |

Throughout its [removed: 68-year] [added: 69-year] history, the Company’s supplemental insurance policies have given policyholders the opportunity to focus on recovery, not financial stress.

][added: Graphic.jpg](https://www.sec.gov/Archives/edgar/data/4977/000000497725000047/afl-20241231_g2.jpg)]

The Aflac Duck’s first commercial in the U.S., “Park Bench,” aired on January 1, 2000 and taught consumers how to pronounce “Aflac.” The Aflac Duck made [removed: his] [added: its] international debut in Japan in 2003.

In the time since [removed: his] [added: its] U.S. debut, the Aflac Duck has become one of the most familiar advertising icons in the world, appearing in many commercials and countless print ads in both the U.S. and Japan.

Aflac U.S. includes the insurance subsidiaries American Family Life Assurance Company of Columbus (Aflac); Continental American Insurance Company (CAIC), branded as Aflac Group Insurance (AGI); American Family Life Assurance Company of New York (Aflac New York); Tier One Insurance Company (TOIC); and Aflac Benefits [removed: Solutions] [added: Solutions, Inc.] (ABS), which provides a platform for Aflac Dental and Vision in the U.S.

At the same time, Aflac Japan complements this core business with similarly profitable first sector [removed: protection] products as outlined below.

Aflac Japan was represented by approximately [removed: 7,000] [added: 6,600] sales agencies at the end of [removed: 2023,] [added: 2024,] with approximately [removed: 113,000] [added: 114,000] licensed sales associates employed by those agencies, including individual agencies.

At December 31, [removed: 2023,] [added: 2024,] Aflac Japan had agreements with approximately 90% of the total number of banks in Japan to sell its products.

MD&A for additional information on SMR, including a discussion of measures the Company has taken to mitigate the sensitivity of Aflac Japan's [removed: SMR.][added: SMR and the introduction of an economic value-based solvency regime based on the Insurance Capital Standards (ICS) for insurance companies effective for Aflac Japan's 2025 fiscal year.]

[removed: Japan] Companies Act [added: of Japan] Aflac Japan dividend distributions to the Parent Company are subject to permitted dividend capacity under the [removed: Japan] Companies [removed: Act.][added: Act of Japan.]

Dental and Vision Insurance Aflac U.S. offers network dental and vision products on a group [removed: basis and] [added: basis, as well as] fixed-benefit [added: dental] coverage on [removed: both] an individual [removed: and group] basis.

Aflac [added: U.S. also offers Aflac] Vision [removed: NowSM is] [added: NowSM,] an individually issued policy [removed: which] [added: that] provides [removed: fixed] benefits for serious eye health conditions and loss of sight as well as coverage for corrective eye materials and exam benefits.

[added: Brokers in the U.S. are] independent contractors and are paid commissions based on first-year and renewal premiums from their sales of insurance products.

In [removed: 2023,] [added: 2024,] the Aflac U.S. sales force included an average of approximately [removed: 6,200] [added: 6,000] U.S. agents, including brokers, who were actively producing business on a weekly basis.

[removed: A person seeking to acquire control, directly or indirectly, of a domestic insurance company or of any person controlling a domestic insurance company (in the case of Aflac, CAIC and TOIC, the] Parent Company) must generally file with the NDOI an application for change of control containing certain information required by statute and published regulations and provide a copy to the Company.

[added: In Nebraska, control is generally] presumed to exist if any person, directly or indirectly, acquires 10% or more of an insurance company or of any other person or entity controlling the insurance company.

In 2024, the NDOI and the New York State Department of Financial Services (NYSDFS) [removed: will commence] [added: commenced] full-scope, risk-focused financial examinations on their respective state domiciled insurance [removed: entities.][added: entities covering the reporting period January 1, 2020 – December 31, 2023 that are currently ongoing.]

[removed: In] [added: Additionally, in] 2023, the NYSDFS commenced a routine market conduct examination on Aflac New York covering the five-year period ended on December 31, 2022 that is currently ongoing.

The Patient Protection and Affordable Care Act and the [removed: Heath] [added: Health] Care and Education Reconciliation Act of 2010 (collectively, the ACA), federal health care reform legislation, gave the U.S. federal government direct regulatory authority over the business of health insurance.

As consumers have grown more concerned about the protection of their data, as well as how their data is used by [removed: an organization, many] [added: organizations,] jurisdictions within and outside of the U.S. have created legislation and issued regulations that apply or may in the future apply to aspects of Aflac U.S. operations and allow consumers the right to access, correct, [removed: delete and the right to] [added: delete, or] opt out of [removed: sales] [added: the sale, share,] or use of their data.

[removed: Examples] [added: Although not all apply to Aflac U.S. operations, examples] of these types of legislation include the California Consumer Privacy Act (CCPA), [removed: the] California Privacy Rights Act (CPRA), [removed: the] UK General Data Protection Regulation (UK GDPR), [removed: the] UK Data Protection Act of 2018 (UK [removed: DPA) and most recently, effective in 2023, the] [added: DPA),] Connecticut Data Privacy Act (CDPA), [removed: the] Utah Consumer Privacy Act (UCPA), [removed: the] Virginia Consumer Data Protection Act [removed: (VCDPA) and the] [added: (VCDPA),] Colorado Privacy Act [removed: (CPA).][added: (CPA), Oregon Consumer Privacy Act (OCPA), Montana Consumer Data Privacy Act (MCDPA) and Nebraska Data Privacy Act (NDPA).]

For example, the National Institute of Standards and Technology (NIST) issued [added: an updated version of the Cybersecurity Framework as well as] guidelines on managing risks associated with the use of artificial [removed: intelligence, the NAIC adopted a Model Bulletin on the Use of Artificial Intelligence Systems by Insurers] [added: intelligence] and the Cybersecurity & Infrastructure Security Agency (CISA) published additional security guidelines related to [removed: ransomware.][added: ransomware and software security.]

AAMJ is licensed as a discretionary asset manager under the Japan Financial Instruments and Exchange Act and is subject to rules of the Japan Investment Advisors Association, a [removed: self-][added: self-regulatory organization with mandatory membership for Japan investment managers.]

[removed: In 2022, the Company established] Aflac [removed: Re,] [added: Re is] a Bermuda domiciled insurer that reinsures certain policies issued by ALIJ.

The Company’s overarching human capital philosophy is, “If you take care of your employees, your employees will take care of the business.” The Company's compensation and benefit expense totaled approximately [removed: $1.9] [added: $2.0] billion in [removed: both 2023] [added: 2024] and [removed: 2022.][added: $1.9 billion in 2023.]

| Aflac Japan | | | | | | [removed: 6,859] [added: 6,737] | | | | | |

| Aflac U.S. | | | | | | [removed: 4,968] [added: 5,041] | | | | | |

| Corporate and other | | | | | | [removed: 958] [added: 916] | | | | | |

Aflac Japan seeks [removed: diverse] [added: top-tier] talent through annual recruitment of new university graduates as well as mid-career recruitment of those with specialty skills or expertise.

Aflac U.S. recruiting efforts include partnerships with colleges and [removed: universities, including historically black colleges and universities,] [added: universities] and civic organizations to attract [removed: diverse] [added: top-tier] talent.

The Aflac Japan and Aflac U.S. Human Resources divisions operate as centralized internal compensation functions to provide oversight and input to the respective management teams with the objective of providing compensation that is [added: consistent with job scope, duties and responsibilities.]

In [removed: 2023,] [added: 2024,] Aflac Japan was certified, for the [removed: sixth] [added: seventh] consecutive year, as one of the top 500 Leading Companies in Health and Productivity Management under the Certified Health & Productivity Management Outstanding Organizations Recognition Program with Japan's Ministry of Economy, Trade and Industry.

Aflac U.S. Health and Wellness, a training and service program works to enhance organizational health, encourage healthy lifestyles among all U.S. employees, provide [removed: diverse] [added: a variety of] wellness programs to meet a wide range of personal health needs, recognize employees for participating in healthier lifestyles activities, and support a positive corporate culture that is focused on celebrating and improving the quality of life for all U.S. employees.

- As of December 31, [removed: 2023,] [added: 2024,] women account for [removed: 54%] [added: 55%] of Aflac Japan employees and [removed: 33%] [added: 34%] of those in leadership roles.

Women also held [removed: 20%] [added: 19%] of senior management roles.

- As of December 31, [removed: 2023, 49%] [added: 2024, 48%] of Aflac U.S. and the Parent Company employees located in the U.S. were people of color and 66% were women.

Women also occupied [removed: 51%] [added: 52%] of leadership roles located in the U.S. and [removed: 37%] [added: 36%] of senior management roles.

In [removed: 2023, 57%] [added: 2024, 60%] of new hires located in the U.S. were people of color and [removed: 68%] [added: 69%] were women.

Of Aflac Heartful Services’ [removed: 152] [added: 153] employees as of December 31, [removed: 2023, 120] [added: 2024, 119] have a disability.

Each year, Aflac Japan conducts [removed: a human capital] [added: an employee] engagement survey in which all employees answer questions about the company and their organization to measure engagement across the company and detect organizational issues.

Business](#i9a7e000a4ea7435d8c28d96b7700515c_19)

Business](#i9a7e000a4ea7435d8c28d96b7700515c_19)

*Tsumitasu* Launched in June 2024, *Tsumitasu* is an insurance product designed primarily for post-retirement preparation, with asset formation features and coverage for nursing care and other benefits.

Business](#i9a7e000a4ea7435d8c28d96b7700515c_19)

Business](#i9a7e000a4ea7435d8c28d96b7700515c_19)

These plans provide coverage for covered injury, illness or mental health conditions.

Aflac U.S. also offers a lump sum rider for a range of critical illness events that can be added to its individual accident, short-term disability and hospital indemnity products.

Business](#i9a7e000a4ea7435d8c28d96b7700515c_19)

A person seeking to acquire control, directly or indirectly, of a domestic insurance company or of any person controlling a domestic insurance company (in the case of Aflac, CAIC and TOIC, the

Business](#i9a7e000a4ea7435d8c28d96b7700515c_19)

Business](#i9a7e000a4ea7435d8c28d96b7700515c_19)

Additionally, certain states are adopting the NAIC Model Bulletin on the Use of Artificial Intelligence Systems by Insurers.

Business](#i9a7e000a4ea7435d8c28d96b7700515c_19)

| | | | | | | 2024 | | | | | |

| Total | | | | | | 12,694 | | | | | |

In 2024, Aflac Japan launched Aflac Leadership Academy, a corporate learning initiative specializing in the development of Aflac Japan's next-generation management.

Business](#i9a7e000a4ea7435d8c28d96b7700515c_19)

Workforce Demographics

Business](#i9a7e000a4ea7435d8c28d96b7700515c_19)

*(2)* *In April 2018, Aflac Japan was converted to a Japan subsidiary from a branch of Aflac.*

Business](#i8bfdd853539345688aef451669e4c591_16)

Income Support Insurance Aflac Japan's Income Support Insurance provides fixed-benefit amounts in the event that a policyholder is unable to work due to significant illness or injury.

Work Leave Insurance Aflac Japan’s Work Leave Insurance offers benefits for relatively short-term hospitalization and home care associated with work leave of less than a year.

It is a product that meets the growing need for leave benefits, especially for employees of small and medium-sized companies.

In November 2022, Aflac Japan refreshed its WAYS and Child Endowment products and began to actively promote sales of these products after having curtailed sales of both products beginning in 2013.

Additionally, in April 2022, approximately 10,000 employees of Japan Post Co. were transferred to Japan Post Insurance.

Japan Post Group has informed Aflac Japan that the transferred employees' responsibilities will include sales of Japan Post Insurance products and Aflac Japan cancer products but will not include sales of other financial products.

See the Aflac Japan Segment subsection of Item 7.

MD&A for additional information about this alliance.

Brokers in the U.S. are

In Nebraska, control is generally

The examinations will cover the reporting period January 1, 2020 – December 31, 2023.

*•Tri-Agency Proposed Rule*

In July 2023, the U.S. Department of Labor, U.S. Department of the Treasury and U.S. Department of Health and Human Services issued a proposed joint rule that, as written, would impose significant limitations on the structure of benefits for hospital indemnity and other fixed indemnity plans, including those sold by Aflac U.S. The current benefit structure for these products allows the Company to vary the amount of benefits by the services or items received, severity of illness or injury, or any other characteristics particular to a course of treatment.

If finalized in its current form, the proposed rule would eliminate Aflac U.S.’s ability to vary the amount of benefits provided by these products.

The timing and substance of the final regulations, if any, is not known, and any such final rule could be the subject of litigation.

regulatory organization with mandatory membership for Japan investment managers.

In 2020, the Company purchased newly issued common stock of Trupanion, Inc., a provider of medical insurance for pets in the United States and Canada, resulting in the Company owning approximately 9% of the outstanding common stock of Trupanion, Inc. The shares were registered for resale and, pursuant to the Shareholder Agreement, subject to certain exceptions, the Company agreed that it would not transfer its shares of Trupanion, Inc. common stock during a restricted period that ended on November 13, 2023.

The Company also entered into an alliance agreement with Trupanion, Inc. to sell pet insurance in worksites in the U.S., subject to certain exceptions.

In December 2023, the Company and Trupanion announced their decision not to pursue joint development of pet insurance in Japan.

| | | | | | | 2023 | | | | | |

| Total | | | | | | 12,785 | | | | | |

consistent with job scope, duties and responsibilities.

Diversity, Equity & Inclusion

The Company’s corporate culture reflects its commitment to diversity, equity and inclusion at all levels of the Company.

For example:

Aflac Japan's goal is to further increase the percentage of women in line manager positions by 2025.

- Both Aflac Japan and Aflac U.S. have created diversity councils that include employees from various levels that meet regularly to discuss activities and initiatives.

The councils are designed to create avenues in which employees can communicate and appreciate one another’s cultural differences.

- Women and/or people of color comprise approximately 64% of the Parent Company’s board of directors.

| | | | | | | | | |

| Albert A. Riggieri | | | Senior Vice President, Global Chief Risk Officer, Aflac Incorporated, since 2018; Chief Actuary, Aflac Incorporated, from 2018 until 2023 | | | 68 | | |

For the fiscal year ended December 31, [removed: 2023][added: 2024]

[removed: ][added: ]

The aggregate market value of the voting common stock held by non-affiliates of the registrant as of June [removed: 30, 2023,] [added: 28, 2024,] was [removed: $41,323,668,872.][added: $49,825,613,971.]

The number of shares of the registrant’s common stock outstanding at February [removed: 15, 2024,] [added: 18, 2025,] with $.10 par value, was [removed: 577,008,328.][added: 546,588,291.]

Certain information contained in the Notice and Proxy Statement for the Company’s [removed: 2024] [added: 2025] Annual Meeting of Shareholders is incorporated by reference into Part III hereof.

For the Year Ended December 31, [removed: 2023][added: 2024]

| | | | Item 1. | | | [removed: [Business](#i8bfdd853539345688aef451669e4c591_25)] [added: [Business](#i9a7e000a4ea7435d8c28d96b7700515c_28)] | | | [removed: [2](#i8bfdd853539345688aef451669e4c591_25)] [added: [2](#i9a7e000a4ea7435d8c28d96b7700515c_28)] | | |

| | | | Item 1A. | | | [Risk [removed: Factors](#i8bfdd853539345688aef451669e4c591_28)] [added: Factors](#i9a7e000a4ea7435d8c28d96b7700515c_31)] | | | [removed: [13](#i8bfdd853539345688aef451669e4c591_28)] [added: [13](#i9a7e000a4ea7435d8c28d96b7700515c_31)] | | |

| | | | Item 1B. | | | [Unresolved Staff [removed: Comments](#i8bfdd853539345688aef451669e4c591_31)] [added: Comments](#i9a7e000a4ea7435d8c28d96b7700515c_34)] | | | [removed: [27](#i8bfdd853539345688aef451669e4c591_31)] [added: [27](#i9a7e000a4ea7435d8c28d96b7700515c_34)] | | |

| | | | Item 1C. | | | [removed: [Cybersecurity](#i8bfdd853539345688aef451669e4c591_2678)] [added: [Cybersecurity](#i9a7e000a4ea7435d8c28d96b7700515c_37)] | | | [removed: [27](#i8bfdd853539345688aef451669e4c591_2678)] [added: [27](#i9a7e000a4ea7435d8c28d96b7700515c_37)] | | |

| | | | Item 2. | | | [removed: [Properties](#i8bfdd853539345688aef451669e4c591_34)] [added: [Properties](#i9a7e000a4ea7435d8c28d96b7700515c_40)] | | | [removed: [28](#i8bfdd853539345688aef451669e4c591_34)] [added: [28](#i9a7e000a4ea7435d8c28d96b7700515c_40)] | | |

| | | | Item 3. | | | [Legal [removed: Proceedings](#i8bfdd853539345688aef451669e4c591_37)] [added: Proceedings](#i9a7e000a4ea7435d8c28d96b7700515c_43)] | | | [removed: [28](#i8bfdd853539345688aef451669e4c591_37)] [added: [28](#i9a7e000a4ea7435d8c28d96b7700515c_43)] | | |

| | | | Item 4. | | | [Mine Safety [removed: Disclosures](#i8bfdd853539345688aef451669e4c591_40)] [added: Disclosures](#i9a7e000a4ea7435d8c28d96b7700515c_46)] | | | [removed: [28](#i8bfdd853539345688aef451669e4c591_40)] [added: [28](#i9a7e000a4ea7435d8c28d96b7700515c_46)] | | |

| | | | Item 5. | | | [Market For Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i8bfdd853539345688aef451669e4c591_46)] [added: Securities](#i9a7e000a4ea7435d8c28d96b7700515c_52)] | | | [removed: [29](#i8bfdd853539345688aef451669e4c591_46)] [added: [29](#i9a7e000a4ea7435d8c28d96b7700515c_52)] | | |

| | | | Item 6. | | | [removed: [\[Reserved\]](#i8bfdd853539345688aef451669e4c591_49)] [added: [\[Reserved\]](#i9a7e000a4ea7435d8c28d96b7700515c_55)] | | | [removed: [31](#i8bfdd853539345688aef451669e4c591_49)] [added: [31](#i9a7e000a4ea7435d8c28d96b7700515c_55)] | | |

| | | | Item 7. | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i8bfdd853539345688aef451669e4c591_52)] [added: Operations](#i9a7e000a4ea7435d8c28d96b7700515c_58)] | | | [removed: [32](#i8bfdd853539345688aef451669e4c591_52)] [added: [32](#i9a7e000a4ea7435d8c28d96b7700515c_58)] | | |

| | | | Item 7A. | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i8bfdd853539345688aef451669e4c591_103)] [added: Risk](#i9a7e000a4ea7435d8c28d96b7700515c_109)] | | | [removed: [74](#i8bfdd853539345688aef451669e4c591_103)] [added: [71](#i9a7e000a4ea7435d8c28d96b7700515c_109)] | | |

| | | | Item 8. | | | [Financial Statements and Supplementary [removed: Data](#i8bfdd853539345688aef451669e4c591_106)] [added: Data](#i9a7e000a4ea7435d8c28d96b7700515c_112)] | | | [removed: [81](#i8bfdd853539345688aef451669e4c591_106)] [added: [79](#i9a7e000a4ea7435d8c28d96b7700515c_112)] | | |

| | | | Item 9. | | | [Changes in and Disagreements With Accountants on Accounting and Financial [removed: Disclosure](#i8bfdd853539345688aef451669e4c591_241)] [added: Disclosure](#i9a7e000a4ea7435d8c28d96b7700515c_241)] | | | [removed: [187](#i8bfdd853539345688aef451669e4c591_241)] [added: [184](#i9a7e000a4ea7435d8c28d96b7700515c_241)] | | |

| | | | Item 9A. | | | [Controls and [removed: Procedures](#i8bfdd853539345688aef451669e4c591_244)] [added: Procedures](#i9a7e000a4ea7435d8c28d96b7700515c_244)] | | | [removed: [187](#i8bfdd853539345688aef451669e4c591_244)] [added: [184](#i9a7e000a4ea7435d8c28d96b7700515c_244)] | | |

| | | | Item 9B. | | | [Other [removed: Information](#i8bfdd853539345688aef451669e4c591_247)] [added: Information](#i9a7e000a4ea7435d8c28d96b7700515c_247)] | | | [removed: [188](#i8bfdd853539345688aef451669e4c591_247)] [added: [184](#i9a7e000a4ea7435d8c28d96b7700515c_247)] | | |

| | | | Item 9C. | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#i8bfdd853539345688aef451669e4c591_250)] [added: Inspections](#i9a7e000a4ea7435d8c28d96b7700515c_250)] | | | [removed: [188](#i8bfdd853539345688aef451669e4c591_250)] [added: [184](#i9a7e000a4ea7435d8c28d96b7700515c_250)] | | |

| | | | Item 10. | | | [Directors, Executive Officers and Corporate [removed: Governance](#i8bfdd853539345688aef451669e4c591_256)] [added: Governance](#i9a7e000a4ea7435d8c28d96b7700515c_256)] | | | [removed: [189](#i8bfdd853539345688aef451669e4c591_256)] [added: [185](#i9a7e000a4ea7435d8c28d96b7700515c_256)] | | |

| | | | Item 11. | | | [Executive [removed: Compensation](#i8bfdd853539345688aef451669e4c591_259)] [added: Compensation](#i9a7e000a4ea7435d8c28d96b7700515c_259)] | | | [removed: [189](#i8bfdd853539345688aef451669e4c591_259)] [added: [185](#i9a7e000a4ea7435d8c28d96b7700515c_259)] | | |

| | | | Item 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i8bfdd853539345688aef451669e4c591_262)] [added: Matters](#i9a7e000a4ea7435d8c28d96b7700515c_262)] | | | [removed: [189](#i8bfdd853539345688aef451669e4c591_262)] [added: [185](#i9a7e000a4ea7435d8c28d96b7700515c_262)] | | |

| | | | Item 13. | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#i8bfdd853539345688aef451669e4c591_265)] [added: Independence](#i9a7e000a4ea7435d8c28d96b7700515c_265)] | | | [removed: [189](#i8bfdd853539345688aef451669e4c591_265)] [added: [185](#i9a7e000a4ea7435d8c28d96b7700515c_265)] | | |

| | | | Item 14. | | | [Principal Accounting Fees and [removed: Services](#i8bfdd853539345688aef451669e4c591_268)] [added: Services](#i9a7e000a4ea7435d8c28d96b7700515c_268)] | | | [removed: [189](#i8bfdd853539345688aef451669e4c591_268)] [added: [185](#i9a7e000a4ea7435d8c28d96b7700515c_268)] | | |

| | | | Item 15. | | | [Exhibits and Financial Statement [removed: Schedules](#i8bfdd853539345688aef451669e4c591_274)] [added: Schedules](#i9a7e000a4ea7435d8c28d96b7700515c_274)] | | | [removed: [190](#i8bfdd853539345688aef451669e4c591_274)] [added: [186](#i9a7e000a4ea7435d8c28d96b7700515c_274)] | | |

| | | | Item 16. | | | [Form 10-K [removed: Summary](#i8bfdd853539345688aef451669e4c591_325)] [added: Summary](#i9a7e000a4ea7435d8c28d96b7700515c_325)] | | | [removed: [204](#i8bfdd853539345688aef451669e4c591_325)] [added: [201](#i9a7e000a4ea7435d8c28d96b7700515c_325)] | | |

| [Glossary of Selected Terms](#i9a7e000a4ea7435d8c28d96b7700515c_328) | | | | | | | | | [202](#i9a7e000a4ea7435d8c28d96b7700515c_328) | | |

Business](#i9a7e000a4ea7435d8c28d96b7700515c_19)

Business](#i9a7e000a4ea7435d8c28d96b7700515c_19)

| [Glossary of Select](#i8bfdd853539345688aef451669e4c591_328)[ed](#i8bfdd853539345688aef451669e4c591_328) [Terms](#i8bfdd853539345688aef451669e4c591_328) | | | | | | | | | [205](#i8bfdd853539345688aef451669e4c591_328) | | |

Business](#i8bfdd853539345688aef451669e4c591_16)

[removed: Due to the ever-changing cybersecurity landscape, the] [added: The] Company’s board of directors [removed: has adopted] [added: maintains] an information security policy directing management to establish and operate a global information security program with the goals of identifying, assessing and monitoring existing and emerging cybersecurity threats and ensuring that the Company’s information assets and data, and the data of its customers, are appropriately protected from loss or theft.

This framework establishes a protocol to report certain incidents to the GSCISO and other senior officers, with the goal of timely assessing such incidents, determining applicable disclosure requirements and communicating with the [removed: Audit and Risk Committee.][added: Board of Directors.]

The incident response plan directs the executive officers to report certain incidents immediately and directly to the Lead Non-Management Director [removed: or] [added: and/or] the Chair of the Audit and Risk Committee.

The Company also utilizes professionals from the Company’s legal team and GSCISO's leadership team, a majority of whom have specialized skills and knowledge in cybersecurity risk management based on their prior work experience and relevant industry certifications, such as Certified Information Systems Security Professional and Certified Information Security Manager, to assist in [added: employee awareness and training, as well as] assessing cybersecurity risks, materiality of cybersecurity incidents and disclosures of the same.

Specifically, the GSCISO has security experience in the public sector and private sector financial services industry holding positions in areas such as business continuity, information assurance, and technology risk management as well as being a Certified Information Systems Security Professional, Certified Information Security Manager and Certified Project [added: Manager as well as being certified in Risk and Information]

Unresolved Staff [removed: Comments](#i8bfdd853539345688aef451669e4c591_16)][added: Comments](#i9a7e000a4ea7435d8c28d96b7700515c_19)]

The GSCISO and his direct reports have an average of [removed: approximately 23] [added: over 20] years of experience in the field of cybersecurity.

Systems Control.

As of the date of this Form 10-K, the Company is not aware of any cybersecurity incidents that occurred during the year ended December 31, 2024 that have materially affected or are reasonably likely to materially affect the Company, including its business strategy, results of operations, or financial condition and that are required to be reported in this Form 10-K.

For further discussion of the risks associated with cybersecurity incidents, see Item 1A.

Manager as well as being certified in Risk and Information Systems Control.

See Item 1A.

The Company leases other administrative office space throughout the U.S., [removed: Puerto Rico,] the United Kingdom, and Bermuda.

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i8bfdd853539345688aef451669e4c591_16)][added: Securities](#i9a7e000a4ea7435d8c28d96b7700515c_19)]

As of February [removed: 15, 2024,] [added: 18, 2025,] there were [removed: 81,925] [added: 78,663] holders of record of the Company's common stock.

For a summary of dividends paid to shareholders in [removed: 2023] [added: 2024] and [removed: 2022] [added: 2023] and potential restrictions on the Company's ability to pay future dividends, see the Liquidity and Capital Resources section of Item 7.

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i8bfdd853539345688aef451669e4c591_16)][added: Securities](#i9a7e000a4ea7435d8c28d96b7700515c_19)]

[removed: ][added: ]

| | | | [removed: 2018] [added: 2019] | | | | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2023] [added: 2024] | | |

Copyright© [removed: 2024] [added: 2025] Standard & Poor’s, a division of S&P Global.

During the year ended December 31, [removed: 2023,] [added: 2024,] the Parent Company repurchased shares of its common stock as follows:

*(1)* *During the year ended December 31, [removed: 2023, 364,384] [added: 2024, 494,484] shares were purchased in connection with income tax withholding obligations related to the vesting of restricted-share-based awards during the period.*

*(2)* *The total remaining shares available for purchase at December 31, [removed: 2023,] [added: 2024,] consisted of shares related to a 100,000,000 share repurchase authorization by the board of directors announced in November 2022.*

| Aflac Incorporated | | | 100.00 | | | | | | 86.42 | | | | | | 116.29 | | | | | | 146.94 | | | | | | 172.49 | | | | | | 220.92 | | |

| S&P 500 | | | 100.00 | | | | | | 118.40 | | | | | | 152.39 | | | | | | 124.79 | | | | | | 157.59 | | | | | | 197.02 | | |

| S&P 500 Life & Health Insurance | | | 100.00 | | | | | | 90.52 | | | | | | 123.73 | | | | | | 136.53 | | | | | | 142.87 | | | | | | 171.87 | | |

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#i9a7e000a4ea7435d8c28d96b7700515c_19)

| January 1 - January 31 | | | | | | 0 | | | | | | | | | | | | $ | 0.00 | | | | | | | | | | | 0 | | | | | | | | | | | | 77,745,381 | | | | | | | | |

| February 1 - February 29 | | | | | | 5,308,570 | | | | | | | | | | | | 78.58 | | | | | | | | | | | | 4,859,803 | | | | | | | | | | | | 72,885,578 | | | | | | | | |

| March 1 - March 31 | | | | | | 4,424,657 | | | | | | | | | | | | 83.34 | | | | | | | | | | | | 4,416,656 | | | | | | | | | | | | 68,468,922 | | | | | | | | |

| April 1 - April 30 | | | | | | 2,674,130 | | | | | | | | | | | | 83.18 | | | | | | | | | | | | 2,665,236 | | | | | | | | | | | | 65,803,686 | | | | | | | | |

| May 1 - May 31 | | | | | | 3,680,826 | | | | | | | | | | | | 86.25 | | | | | | | | | | | | 3,678,430 | | | | | | | | | | | | 62,125,256 | | | | | | | | |

| June 1 - June 30 | | | | | | 2,956,250 | | | | | | | | | | | | 88.72 | | | | | | | | | | | | 2,944,026 | | | | | | | | | | | | 59,181,230 | | | | | | | | |

| July 1 - July 31 | | | | | | 1,385,917 | | | | | | | | | | | | 91.09 | | | | | | | | | | | | 1,385,917 | | | | | | | | | | | | 57,795,313 | | | | | | | | |

| August 1 - August 31 | | | | | | 1,684,841 | | | | | | | | | | | | 104.59 | | | | | | | | | | | | 1,684,841 | | | | | | | | | | | | 56,110,472 | | | | | | | | |

| September 1 - September 30 | | | | | | 1,821,000 | | | | | | | | | | | | 109.15 | | | | | | | | | | | | 1,810,629 | | | | | | | | | | | | 54,299,843 | | | | | | | | |

| October 1 - October 31 | | | | | | 1,710,909 | | | | | | | | | | | | 112.02 | | | | | | | | | | | | 1,710,909 | | | | | | | | | | | | 52,588,934 | | | | | | | | |

| November 1 - November 30 | | | | | | 1,369,301 | | | | | | | | | | | | 110.15 | | | | | | | | | | | | 1,369,301 | | | | | | | | | | | | 51,219,633 | | | | | | | | |

| December 1 - December 31 | | | | | | 3,905,910 | | | | | | | | | | | | 104.46 | | | | | | | | | | | | 3,902,079 | | | | | | | | | | | | 47,317,554 | | | | | | | | |

| Total | | | | | | 30,922,311 | | | | | | *(1)* | | | | | | $ | 91.84 | | | | | | | | | | | 30,427,827 | | | | | | | | | | | | 47,317,554 | | | | | | *(2)* | | |

| Aflac Incorporated | | | 100.00 | | | | | | 118.56 | | | | | | 102.46 | | | | | | 137.87 | | | | | | 174.21 | | | | | | 204.50 | | |

| S&P 500 | | | 100.00 | | | | | | 131.49 | | | | | | 155.68 | | | | | | 200.37 | | | | | | 164.08 | | | | | | 207.21 | | |

| S&P 500 Life & Health Insurance | | | 100.00 | | | | | | 123.18 | | | | | | 111.51 | | | | | | 152.41 | | | | | | 168.18 | | | | | | 176.00 | | |

| January 1 - January 31 | | | | | | 2,440,300 | | | | | | | | | | | | $ | 72.15 | | | | | | | | | | | 2,440,300 | | | | | | | | | | | | 114,201,523 | | | | | | | | |

| February 1 - February 28 | | | | | | 3,542,907 | | | | | | | | | | | | 69.48 | | | | | | | | | | | | 3,200,100 | | | | | | | | | | | | 111,001,423 | | | | | | | | |

| March 1 - March 31 | | | | | | 4,711,768 | | | | | | | | | | | | 64.20 | | | | | | | | | | | | 4,707,900 | | | | | | | | | | | | 106,293,523 | | | | | | | | |

| April 1 - April 30 | | | | | | 2,608,037 | | | | | | | | | | | | 66.00 | | | | | | | | | | | | 2,607,869 | | | | | | | | | | | | 103,685,654 | | | | | | | | |

| May 1 - May 31 | | | | | | 4,322,919 | | | | | | | | | | | | 66.50 | | | | | | | | | | | | 4,321,165 | | | | | | | | | | | | 99,364,489 | | | | | | | | |

| June 1 - June 30 | | | | | | 3,537,309 | | | | | | | | | | | | 68.15 | | | | | | | | | | | | 3,531,796 | | | | | | | | | | | | 95,832,693 | | | | | | | | |

| July 1 - July 31 | | | | | | 2,478,733 | | | | | | | | | | | | 71.10 | | | | | | | | | | | | 2,478,733 | | | | | | | | | | | | 93,353,960 | | | | | | | | |

| August 1 - August 31 | | | | | | 3,700,973 | | | | | | | | | | | | 75.48 | | | | | | | | | | | | 3,700,973 | | | | | | | | | | | | 89,652,987 | | | | | | | | |

| September 1 - September 30 | | | | | | 3,215,602 | | | | | | | | | | | | 76.19 | | | | | | | | | | | | 3,209,947 | | | | | | | | | | | | 86,443,040 | | | | | | | | |

| October 1 - October 31 | | | | | | 3,275,099 | | | | | | | | | | | | 78.29 | | | | | | | | | | | | 3,275,099 | | | | | | | | | | | | 83,167,941 | | | | | | | | |

| November 1 - November 30 | | | | | | 2,833,510 | | | | | | | | | | | | 81.54 | | | | | | | | | | | | 2,832,717 | | | | | | | | | | | | 80,335,224 | | | | | | | | |

| December 1 - December 31 | | | | | | 2,593,669 | | | | | | | | | | | | 82.14 | | | | | | | | | | | | 2,589,843 | | | | | | | | | | | | 77,745,381 | | | | | | | | |

| Total | | | | | | 39,260,826 | | | | | | *(1)* | | | | | | $ | 71.99 | | | | | | | | | | | 38,896,442 | | | | | | | | | | | | 77,745,381 | | | | | | *(2)* | | |

Management's Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i8bfdd853539345688aef451669e4c591_55)][added: Operations](#i9a7e000a4ea7435d8c28d96b7700515c_61)]

| [Report of Independent Registered Public Accounting [removed: Firm](#i8bfdd853539345688aef451669e4c591_109)] [added: Firm](#i9a7e000a4ea7435d8c28d96b7700515c_115)] | | | [removed: [82](#i8bfdd853539345688aef451669e4c591_109)] [added: [80](#i9a7e000a4ea7435d8c28d96b7700515c_115)] | | |

| [Consolidated Financial [removed: Statements](#i8bfdd853539345688aef451669e4c591_112)] [added: Statements](#i9a7e000a4ea7435d8c28d96b7700515c_118)] | | | [removed: [86](#i8bfdd853539345688aef451669e4c591_112)] [added: [84](#i9a7e000a4ea7435d8c28d96b7700515c_118)] | | |

| [Consolidated Statements of [removed: Earnings](#i8bfdd853539345688aef451669e4c591_112)] [added: Earnings](#i9a7e000a4ea7435d8c28d96b7700515c_118)] | | | [removed: [86](#i8bfdd853539345688aef451669e4c591_112)] [added: [84](#i9a7e000a4ea7435d8c28d96b7700515c_118)] | | |

| [Consolidated Statements of Comprehensive Income [removed: (Loss)](#i8bfdd853539345688aef451669e4c591_115)] [added: (Loss)](#i9a7e000a4ea7435d8c28d96b7700515c_121)] | | | [removed: [87](#i8bfdd853539345688aef451669e4c591_115)] [added: [85](#i9a7e000a4ea7435d8c28d96b7700515c_121)] | | |

| [Consolidated Balance [removed: Sheets](#i8bfdd853539345688aef451669e4c591_118)] [added: Sheets](#i9a7e000a4ea7435d8c28d96b7700515c_124)] | | | [removed: [88](#i8bfdd853539345688aef451669e4c591_118)] [added: [86](#i9a7e000a4ea7435d8c28d96b7700515c_124)] | | |

| [Consolidated Statements of Shareholders' [removed: Equity](#i8bfdd853539345688aef451669e4c591_121)] [added: Equity](#i9a7e000a4ea7435d8c28d96b7700515c_127)] | | | [removed: [89](#i8bfdd853539345688aef451669e4c591_121)] [added: [87](#i9a7e000a4ea7435d8c28d96b7700515c_127)] | | |

| [Consolidated Statements of Cash [removed: Flows](#i8bfdd853539345688aef451669e4c591_124)] [added: Flows](#i9a7e000a4ea7435d8c28d96b7700515c_130)] | | | [removed: [91](#i8bfdd853539345688aef451669e4c591_124)] [added: [89](#i9a7e000a4ea7435d8c28d96b7700515c_130)] | | |

| [Notes to the Consolidated Financial [removed: Statements](#i8bfdd853539345688aef451669e4c591_127)] [added: Statements](#i9a7e000a4ea7435d8c28d96b7700515c_133)] | | | [removed: [92](#i8bfdd853539345688aef451669e4c591_127)] [added: [90](#i9a7e000a4ea7435d8c28d96b7700515c_133)] | | |

| [Note 1. Summary of Significant Accounting [removed: Policies](#i8bfdd853539345688aef451669e4c591_130)] [added: Policies](#i9a7e000a4ea7435d8c28d96b7700515c_136)] | | | [removed: [92](#i8bfdd853539345688aef451669e4c591_130)] [added: [90](#i9a7e000a4ea7435d8c28d96b7700515c_136)] | | |

| [Note 2. Business Segment and Selected Foreign Currency Translation [removed: Items](#i8bfdd853539345688aef451669e4c591_142)] [added: Items](#i9a7e000a4ea7435d8c28d96b7700515c_142)] | | | [removed: [106](#i8bfdd853539345688aef451669e4c591_142)] [added: [100](#i9a7e000a4ea7435d8c28d96b7700515c_142)] | | |

| [Note 3. [removed: Investments](#i8bfdd853539345688aef451669e4c591_145)] [added: Investments](#i9a7e000a4ea7435d8c28d96b7700515c_145)] | | | [removed: [110](#i8bfdd853539345688aef451669e4c591_145)] [added: [104](#i9a7e000a4ea7435d8c28d96b7700515c_145)] | | |

| [Note 4. Derivative [removed: Instruments](#i8bfdd853539345688aef451669e4c591_172)] [added: Instruments](#i9a7e000a4ea7435d8c28d96b7700515c_172)] | | | [removed: [125](#i8bfdd853539345688aef451669e4c591_172)] [added: [121](#i9a7e000a4ea7435d8c28d96b7700515c_172)] | | |

| [Note 5. Fair Value [removed: Measurements](#i8bfdd853539345688aef451669e4c591_181)] [added: Measurements](#i9a7e000a4ea7435d8c28d96b7700515c_181)] | | | [removed: [135](#i8bfdd853539345688aef451669e4c591_181)] [added: [131](#i9a7e000a4ea7435d8c28d96b7700515c_181)] | | |

| [Note 6. Deferred Policy Acquisition [removed: Costs and Insurance Expenses](#i8bfdd853539345688aef451669e4c591_193)] [added: Costs](#i9a7e000a4ea7435d8c28d96b7700515c_193)] | | | [removed: [149](#i8bfdd853539345688aef451669e4c591_193)] [added: [145](#i9a7e000a4ea7435d8c28d96b7700515c_193)] | | |

| [Note 8. [removed: Reinsurance](#i8bfdd853539345688aef451669e4c591_208)] [added: Reinsurance](#i9a7e000a4ea7435d8c28d96b7700515c_208)] | | | [removed: [158](#i8bfdd853539345688aef451669e4c591_208)] [added: [155](#i9a7e000a4ea7435d8c28d96b7700515c_208)] | | |

| [Note 9. Notes Payable and Lease [removed: Obligations](#i8bfdd853539345688aef451669e4c591_211)] [added: Obligations](#i9a7e000a4ea7435d8c28d96b7700515c_211)] | | | [removed: [161](#i8bfdd853539345688aef451669e4c591_211)] [added: [157](#i9a7e000a4ea7435d8c28d96b7700515c_211)] | | |

| [Note 10. Income [removed: Taxes](#i8bfdd853539345688aef451669e4c591_217)] [added: Taxes](#i9a7e000a4ea7435d8c28d96b7700515c_217)] | | | [removed: [167](#i8bfdd853539345688aef451669e4c591_217)] [added: [164](#i9a7e000a4ea7435d8c28d96b7700515c_217)] | | |

| [Note 11. Shareholders' [removed: Equity](#i8bfdd853539345688aef451669e4c591_220)] [added: Equity](#i9a7e000a4ea7435d8c28d96b7700515c_220)] | | | [removed: [170](#i8bfdd853539345688aef451669e4c591_220)] [added: [167](#i9a7e000a4ea7435d8c28d96b7700515c_220)] | | |

| [Note 12. Share-Based [removed: Compensation](#i8bfdd853539345688aef451669e4c591_223)] [added: Compensation](#i9a7e000a4ea7435d8c28d96b7700515c_223)] | | | [removed: [173](#i8bfdd853539345688aef451669e4c591_223)] [added: [171](#i9a7e000a4ea7435d8c28d96b7700515c_223)] | | |

| [Note 13. Statutory Accounting and Dividend [removed: Restrictions](#i8bfdd853539345688aef451669e4c591_226)] [added: Restrictions](#i9a7e000a4ea7435d8c28d96b7700515c_226)] | | | [removed: [177](#i8bfdd853539345688aef451669e4c591_226)] [added: [174](#i9a7e000a4ea7435d8c28d96b7700515c_226)] | | |

| [Note 14. Benefit [removed: Plans](#i8bfdd853539345688aef451669e4c591_229)] [added: Plans](#i9a7e000a4ea7435d8c28d96b7700515c_229)] | | | [removed: [179](#i8bfdd853539345688aef451669e4c591_229)] [added: [176](#i9a7e000a4ea7435d8c28d96b7700515c_229)] | | |

| [Note 15. Commitments and Contingent [removed: Liabilities](#i8bfdd853539345688aef451669e4c591_232)] [added: Liabilities](#i9a7e000a4ea7435d8c28d96b7700515c_232)] | | | [removed: [185](#i8bfdd853539345688aef451669e4c591_232)] [added: [182](#i9a7e000a4ea7435d8c28d96b7700515c_232)] | | |

Based on the Company's evaluation under this framework, management has concluded that the Company's internal control over financial reporting was effective as of December 31, [removed: 2023.][added: 2024.]

KPMG LLP (PCAOB Firm ID 185), an independent registered public accounting firm, has issued an attestation report from the firm's location in Atlanta, Georgia on the effectiveness of internal control over the Company's financial reporting as of December 31, [removed: 2023,] [added: 2024,] which is included herein.

Financial Statements and Supplementary [removed: Data](#i8bfdd853539345688aef451669e4c591_106)][added: Data](#i9a7e000a4ea7435d8c28d96b7700515c_112)]

We have audited Aflac Incorporated and subsidiaries’ (the Company) internal control over financial reporting as of December 31, [removed: 2023,] [added: 2024,] based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission.

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2023,] [added: 2024,] based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] the related consolidated statements of earnings, comprehensive income (loss), shareholders’ equity, and cash flows for each of the years in the three-year period ended December 31, [removed: 2023,] [added: 2024,] and the related notes and financial statement schedules II, III, and IV (collectively, the consolidated financial statements), and our report dated February [removed: 22, 2024] [added: 26, 2025] expressed an unqualified opinion on those consolidated financial statements.

[removed: February 22, 2024][added: | | | | 2024 | | | | | | | | | | | | | | |]

We have audited the accompanying consolidated balance sheets of Aflac Incorporated and subsidiaries (the Company) as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] the related consolidated statements of earnings, comprehensive income (loss), shareholders’ equity, and cash flows for each of the years in the three‑year period ended December 31, [removed: 2023,] [added: 2024,] and the related notes and financial statement schedules II, III, and IV (collectively, the consolidated financial statements).

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] and the results of its operations and its cash flows for each of the years in the three‑year period ended December 31, [removed: 2023,] [added: 2024,] in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, [removed: 2023,] [added: 2024,] based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February [removed: 22, 2024] [added: 26, 2025] expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.

Judgment is required to determine the inputs and assumptions used in the valuation models, including the determination of the most appropriate comparable securities to develop an [removed: issuer-][added: issuer-specific credit curve when it cannot be developed from the specific security features.]

As of December 31, [removed: 2023,] [added: 2024,] the values of certain privately issued securities are included within the financial statement captions of fixed maturity securities available-for-sale, at fair value of [removed: $69,578] [added: $61,841] million; fixed maturity securities available-for-sale – consolidated variable interest entities, at fair value of [removed: $3,712] [added: $3,428] million; and, fixed maturity securities held-to-maturity, at amortized cost of [removed: $17,819] [added: $15,966] million.

Due to the complexity of the valuation models, subjective auditor [removed: judgment] [added: judgment,] and specialized valuation skills and knowledge were needed to evaluate the valuation models, the methodology used to estimate fair value and the Company's determination of the most appropriate comparable securities to develop an issuer-specific credit curve, when necessary.

Discount rates used to calculate net premiums are locked in at policy inception and represent the basis to recognize interest expense [added: accreted on insurance reserves] in [added: benefits and claims, excluding reserve remeasurement in] the consolidated statements of earnings.

Discount rates used to measure the carrying value of the LFPB in the consolidated balance sheets are updated each reporting period, and the difference between the liability balances calculated using the [removed: locked-in discount rates and the updated discount rates is recognized in accumulated other comprehensive income (loss) (AOCI).]

The Company’s LFPB was [removed: $83,718] [added: $70,381] million as of December 31, [removed: 2023.][added: 2024.]

| (In millions, except for share and per-share amounts) | | | [removed: 2023] [added: 2024] | | | | | | | | | | | | [removed: 2022] [added: 2023] | | | | | | | | | | | | [removed: 2021] [added: 2022] | | | | | | | | |

| Net earned premiums, principally supplemental health insurance *(1)* | | | | | | $ | [removed: 14,123] [added: 13,440] | | | | | | | | | | | $ | [removed: 14,901] [added: 14,123] | | | | | | | | | | | $ | [removed: 17,095] [added: 14,901] | | | | |

| [Note 7. Policy Liabilities](#i9a7e000a4ea7435d8c28d96b7700515c_199) | | | [146](#i9a7e000a4ea7435d8c28d96b7700515c_199) | | |

| | | | | | |

February 26, 2025

Financial Statements and Supplementary Data](#i9a7e000a4ea7435d8c28d96b7700515c_112)

Financial Statements and Supplementary Data](#i9a7e000a4ea7435d8c28d96b7700515c_112)

Financial Statements and Supplementary Data](#i9a7e000a4ea7435d8c28d96b7700515c_112)

February 26, 2025

Financial Statements and Supplementary Data](#i9a7e000a4ea7435d8c28d96b7700515c_112)

Financial Statements and Supplementary Data](#i9a7e000a4ea7435d8c28d96b7700515c_112)

| Net earnings | | | | | | $ | 5,443 | | | | | | | | | | | $ | 4,659 | | | | | | | | | | | $ | 4,418 | | | | |

Financial Statements and Supplementary Data](#i9a7e000a4ea7435d8c28d96b7700515c_112)

Financial Statements and Supplementary Data](#i9a7e000a4ea7435d8c28d96b7700515c_112)

Financial Statements and Supplementary Data](#i9a7e000a4ea7435d8c28d96b7700515c_112)

| Balance at December 31, 2023 | | | $ | 136 | | $ | 2,771 | | $ | 47,993 | | $ | (5,520) | | $ | (23,395) | | $ | 21,985 | |

| Balance at December 31, 2024 | | | $ | 136 | | $ | 2,894 | | $ | 52,277 | | $ | (2,978) | | $ | (26,231) | | $ | 26,098 | |

Financial Statements and Supplementary Data](#i9a7e000a4ea7435d8c28d96b7700515c_112)

| Net earnings | | | | | | $ | 5,443 | | | | | | | | | | | $ | 4,659 | | | | | | | | | | | $ | 4,418 | | | | |

| Amortization of deferred policy acquisition costs | | | | | | 851 | | | | | | | | | | | | 816 | | | | | | | | | | | | 792 | | | | | |

Financial Statements and Supplementary Data](#i9a7e000a4ea7435d8c28d96b7700515c_112)

The gains or losses on hedging derivative instruments and the foreign currency transaction gains or losses on the non-derivative hedging instruments that are designated as, and are effective as, an economic hedge of the net investment in Aflac Japan are recorded as

Financial Statements and Supplementary Data](#i9a7e000a4ea7435d8c28d96b7700515c_112)

For the years ended December 31, 2024, 2023 and 2022, advertising expense was $181 million, $188 million and $204 million, respectively.

The amortized cost of debt securities the

Financial Statements and Supplementary Data](#i9a7e000a4ea7435d8c28d96b7700515c_112)

Financial Statements and Supplementary Data](#i9a7e000a4ea7435d8c28d96b7700515c_112)

At the inception of hedging relationships the Company formally documents all

Financial Statements and Supplementary Data](#i9a7e000a4ea7435d8c28d96b7700515c_112)

Financial Statements and Supplementary Data](#i9a7e000a4ea7435d8c28d96b7700515c_112)

Financial Statements and Supplementary Data](#i9a7e000a4ea7435d8c28d96b7700515c_112)

Discount rates used to calculate net premiums are locked in at policy inception and represent the basis to recognize interest expense accreted on insurance reserves in benefits and claims, excluding reserve remeasurement in the consolidated statements of earnings.

Financial Statements and Supplementary Data](#i9a7e000a4ea7435d8c28d96b7700515c_112)

locked-in discount rates and the updated discount rates is recognized in accumulated other comprehensive income (loss) (AOCI).

Unearned premiums consist of unearned premiums and advance premiums.

Unearned premiums represent the portion of premium related to the unexpired coverage as of a balance sheet date and are deferred and recognized in net earned premiums when earned.

Financial Statements and Supplementary Data](#i9a7e000a4ea7435d8c28d96b7700515c_112)

The Company adopted this guidance for the annual period beginning January 1, 2024.

Financial Statements and Supplementary Data](#i9a7e000a4ea7435d8c28d96b7700515c_112)

Financial Statements and Supplementary Data](#i9a7e000a4ea7435d8c28d96b7700515c_112)

The adoption of this guidance has no impact on the Company’s financial position or results of operations.

ASU 2024-03 Income Statement (Topic 220) - Disaggregation of Income Statement Expenses

| [Note 7. Policy Liabilities](#i8bfdd853539345688aef451669e4c591_2703) | | | [150](#i8bfdd853539345688aef451669e4c591_2703) | | |

| [Note 16. Unaudited Consolidated Quarterly Financial Data](#i8bfdd853539345688aef451669e4c591_235) | | | [186](#i8bfdd853539345688aef451669e4c591_235) | | |

[Item 8.

*Change in Accounting Principle*

As discussed in Note 1 to the consolidated financial statements, the Company adopted ASU 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI), effective January 1, 2023 with a transition date of January 1, 2021.

specific credit curve when it cannot be developed from the specific security features.

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

*(2)* *Includes expense of $48 in 2021 for the early extinguishment of debt.*

*Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.*

| | | | | | | | | | | | | | | | | | | | | |

| Balance at December 31, 2020 | | | $ | 135 | | $ | 2,410 | | $ | 37,984 | | $ | 8,934 | | $ | (15,904) | | $ | 33,559 | |

| Cumulative effect of change in accounting principle - Accounting Standards Update (ASU) 2018-12, net of income taxes | | | 0 | | | 0 | | | (324) | | | (18,570) | | | 0 | | | (18,894) | | |

| Balance at January 1, 2021 | | | 135 | | | 2,410 | | | 37,660 | | | (9,636) | | | (15,904) | | | 14,665 | | |

Aflac Re is subject to regulation in Bermuda, where the Bermuda Monetary Authority (BMA) has broad administrative powers relating to granting and revoking licenses to transact reinsurance business, approval of specific reinsurance transactions, capital requirements and solvency standards, limitations on dividends to shareholders, the nature of and limitations on investments, and the filing of financial statements in accordance with prescribed or permitted accounting practices.

Financial results from Aflac Re are included in Corporate and other.

Outstanding principal and related accrued interest on these Parent Company liabilities and the fair value of these derivatives are translated into U.S. dollars at end-of-period exchange rates.

When held for the

reporting unit for goodwill impairment testing: (i) CAIC acquisition in 2009, (ii) Empoweredbenefits, LLC acquisition in 2015, (iii) ABS acquisition in 2019, and (iv) acquisition of Zurich's business in 2020.

Reinsurance premiums and benefits paid or provided are accounted for on bases consistent with those used in accounting for the original policies issued and the terms of the reinsurance contracts.

*Transition Impact to Shareholder's Equity*

The following table presents the cumulative transition impact as of January 1, 2021 to the Company’s shareholders' equity as a result of the adoption of ASU 2018-12, using the modified retrospective transition method.

| (In millions - Unaudited) | | | Common Stock | | | Additional Paid-in Capital | | | Retained Earnings | | | Accumulated Other Comprehensive Income (Loss) | | | Treasury Stock | | | Total Shareholders' Equity | | |

| Balance at December 31, 2020 | | | $ | 135 | | $ | 2,410 | | $ | 37,984 | | $ | 8,934 | | $ | (15,904) | | $ | 33,559 | |

| Cumulative effect of change in accounting principle, ASU 2018-12, net of income taxes | | | 0 | | | 0 | | | (324) | | | (18,570) | | | 0 | | | (18,894) | | |

| Balance at January 1, 2021 | | | $ | 135 | | $ | 2,410 | | $ | 37,660 | | $ | (9,636) | | $ | (15,904) | | $ | 14,665 | |

The following table presents the transition impacts as of January 1, 2021 to the Company's AOCI and RE as a result of the adoption of ASU 2018-12 by reporting segment and disaggregated by product type, using the modified retrospective transition method.

| (In millions - Unaudited) | | | Impact to Retained Earnings | | | | | | | | | | | | Impact to AOCI | | | | | | | | |

| Transition impacts: | | | | | | | | | | | | | | | | | | | | | | | |

| Cancer | | | | | | $ | 0 | | | | | | | | | | | $ | 14,529 | | | | |

| Other *(1)* | | | | | | 398 | | | | | | | | | | | | 433 | | | | | |

| Reinsurance | | | | | | 0 | | | | | | | | | | | | (305) | | | | | |

| Less: income taxes | | | | | | 86 | | | | | | | | | | | | 4,937 | | | | | |

| Total transition impact, net of income taxes | | | | | | $ | 324 | | | | | | | | | | | $ | 18,570 | | | | |

*(1)* *Impact to retained earnings is driven primarily by capping the Transition Date NPR on Care products.*

*Transition Impact on the Liability for Future Policy Benefits*

The Company adopted ASU 2018-12 using the modified retrospective transition method.

The tables below present the disaggregated transition impacts to the Company’s LFPB as a result of adoption, split between the changes in the present value of expected future net premiums and the present value of expected future policy benefits as of the Transition Date and the LFPB rollforward for the year ended December 31, 2021.

The locked-in discount rates on the policies held at the Transition Date reflect the locked-in rates in existence immediately before the Transition Date.

Under the modified retrospective transition method, the NPR for future policy benefits existing as of the Transition Date considers the carryover basis of those liabilities, which equals the future policy benefits and unpaid policy claims balance as of December 31, 2020.

If the revised Transition Date NPR for a cohort is greater than 100%, the Company capped the Transition Date NPR at 100% and increased the LFPB with an offsetting decrease to opening retained earnings.

There have been no changes in, or disagreements with, accountants on accounting and financial disclosure matters during the years ended December 31, [removed: 2023] [added: 2024] and [removed: 2022.][added: 2023.]

There have not been any changes in the Company's internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the last fiscal quarter of [removed: 2023] [added: 2024] that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

During 2023, the Company executed internal controls associated with new processes supporting the implementation of Accounting Standards Update (ASU) 2018-12 for targeted improvements to the accounting for long-duration contracts, which the Company adopted on January 1, 2023 using a modified retrospective method.

For additional information, see Note 1 of the Notes to the Consolidated Financial Statements.

During the fourth quarter of [removed: 2023,] [added: 2024,] the following directors or executive officers adopted or terminated a [added: contract, instruction or] written plan [added: for the purchase or sale of the Parent Company's securities] intended to satisfy the affirmative defense conditions of Rule [removed: 10b5-1(c):][added: 10b5-1(c) or a non-Rule 10b5-1 trading arrangement as defined in Regulation S-K Item 408(c):]

Lake II, Chairman and Representative Director of Aflac Japan and President of Aflac International, adopted a [added: Rule 10b5-1] trading plan that provides for the sale of [removed: 56%] [added: 55.95%] of performance-based restricted stock shares to be released upon approval of the Company's board of directors and will terminate no later than [removed: May 10, 2024.][added: June 30, 2025.]

The estimated number of gross shares of Aflac Incorporated common stock to be acquired is [removed: 28,682;] [added: 21,805;] however, the actual number of shares may vary based on achievement of designated performance metrics.

Moskowitz, a member of the Company's board of directors, adopted a [added: Rule 10b5-1] trading plan that provides for the sale of [removed: 2,400] [added: 4,000] shares of Aflac Incorporated common stock and will terminate no later than November [removed: 11, 2024.][added: 10, 2025.]

- On [removed: November 7, 2023,] [added: December 4, 2024,] Masatoshi Koide, President and Representative Director of Aflac Japan, adopted a [added: Rule 10b5-1] trading plan that provides for the sale of 50% of performance-based restricted stock shares to be released upon approval of the Company's board of directors and will terminate no later than [removed: May 10, 2024.][added: June 30, 2025.]

The estimated number of gross shares of Aflac Incorporated common stock to be acquired is [removed: 30,338;] [added: 20,614;] however, the actual number of shares may vary based on achievement of designated performance metrics.

- On December 4, 2024, Joseph L.

- On December 5, 2024, Charles D.

- On November 2, 2023, Charles D.

- On November 3, 2023, Joseph L.

Directors, Executive Officers and Corporate [removed: Governance](#i8bfdd853539345688aef451669e4c591_16)][added: Governance](#i9a7e000a4ea7435d8c28d96b7700515c_19)]

Pursuant to General Instruction G to Form 10-K, Items 10 through 14 are incorporated by reference from the Company's definitive Notice and Proxy Statement relating to the Company's [removed: 2024] [added: 2025] Annual Meeting of Shareholders, which will be filed with the Securities and Exchange Commission on or about March [removed: 21, 2024,] [added: 20, 2025,] pursuant to Regulation 14A under the Exchange Act.

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE Information about the Company's Executive Officers -see Part I, Item 1 herein Proposal 1 Election of Directors; Delinquent Section 16(a) Reports; Audit and Risk Committee; Audit and Risk Committee Report; Director Nominating Process; [removed: and] Code of Business Conduct and [removed: Ethics][added: Ethics; and Insider Trading Policy and Compliance Procedures]

EXECUTIVE COMPENSATION Director Compensation; Compensation Committee; Compensation Committee Report; Compensation Discussion and Analysis; [removed: 2023] [added: 2024] Summary Compensation Table; [removed: 2023] [added: 2024] Grants of Plan-Based Awards; [removed: 2023] [added: 2024] Outstanding Equity Awards at Fiscal Year-End; [removed: 2023] [added: 2024] Option Exercises and Stock Vested; Pension Benefits; Nonqualified Deferred Compensation; Potential Payments Upon Termination or Change in Control; [removed: and] Compensation Committee Interlocks and Insider [removed: Participation][added: Participation; and Equity Granting Policies]

Exhibits, Financial Statement [removed: Schedules](#i8bfdd853539345688aef451669e4c591_274)][added: Schedules](#i9a7e000a4ea7435d8c28d96b7700515c_274)]

| | | | | | | Report of Independent Registered Public Accounting Firm | | | | | | [removed: [82](#i8bfdd853539345688aef451669e4c591_109)] [added: [80](#i9a7e000a4ea7435d8c28d96b7700515c_115)] | | |

| | | | | | | Consolidated Statements of Earnings for each of the years in the three- year period ended December 31, [removed: 2023] [added: 2024] | | | | | | [removed: [86](#i8bfdd853539345688aef451669e4c591_112)] [added: [84](#i9a7e000a4ea7435d8c28d96b7700515c_118)] | | |

| | | | | | | Consolidated Statements of Comprehensive Income (Loss) for each of the years in the three-year period ended December 31, [removed: 2023] [added: 2024] | | | | | | [removed: [87](#i8bfdd853539345688aef451669e4c591_115)] [added: [85](#i9a7e000a4ea7435d8c28d96b7700515c_121)] | | |

| | | | | | | Consolidated Balance Sheets as of December 31, [removed: 2023] [added: 2024] and [removed: 2022] [added: 2023] | | | | | | [removed: [88](#i8bfdd853539345688aef451669e4c591_118)] [added: [86](#i9a7e000a4ea7435d8c28d96b7700515c_124)] | | |

| | | | | | | Consolidated Statements of Shareholders' Equity for each of the years in the three-year period ended December 31, [removed: 2023] [added: 2024] | | | | | | [removed: [89](#i8bfdd853539345688aef451669e4c591_121)] [added: [87](#i9a7e000a4ea7435d8c28d96b7700515c_127)] | | |

| | | | | | | Consolidated Statements of Cash Flows for each of the years in the three-year period ended December 31, [removed: 2023] [added: 2024] | | | | | | [removed: [91](#i8bfdd853539345688aef451669e4c591_124)] [added: [89](#i9a7e000a4ea7435d8c28d96b7700515c_130)] | | |

| | | | | | | Notes to the Consolidated Financial Statements | | | | | | [removed: [92](#i8bfdd853539345688aef451669e4c591_127)] [added: [90](#i9a7e000a4ea7435d8c28d96b7700515c_133)] | | |

| | | | | | | Schedule II - | | | Condensed Financial Information of Registrant as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] and for each of the years in the three-year period ended December 31, [removed: 2023] [added: 2024] | | | [removed: [196](#i8bfdd853539345688aef451669e4c591_286)] [added: [192](#i9a7e000a4ea7435d8c28d96b7700515c_286)] | | |

| | | | | | | Schedule III - | | | Supplementary Insurance Information as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] and for each of the years in the three-year period ended December 31, [removed: 2023] [added: 2024] | | | [removed: [202](#i8bfdd853539345688aef451669e4c591_319)] [added: [199](#i9a7e000a4ea7435d8c28d96b7700515c_319)] | | |

| | | | | | | Schedule IV - | | | Reinsurance for each of the years in the three-year period ended December 31, [removed: 2023] [added: 2024] | | | [removed: [203](#i8bfdd853539345688aef451669e4c591_322)] [added: [200](#i9a7e000a4ea7435d8c28d96b7700515c_322)] | | |

| | | | [removed: [3.0](http://www.sec.gov/Archives/edgar/data/4977/000095014408006273/g14545exv3w0.htm)] [added: [3.0](https://www.sec.gov/Archives/edgar/data/4977/000095014408006273/g14545exv3w0.htm)] | | | \- | | | | | | Articles of Incorporation, as amended – incorporated by reference from Form 10-Q for June 30, 2008, Exhibit 3.0. | | |

| | | | [removed: [3.1](http://www.sec.gov/Archives/edgar/data/4977/000000497723000194/exhibit31-amendedandrestat.htm)] [added: [3.1](https://www.sec.gov/Archives/edgar/data/4977/000000497723000194/exhibit31-amendedandrestat.htm)] | | | \- | | | | | | Bylaws of Aflac Incorporated, as amended and restated – incorporated by reference from Form 8-K dated November 17, 2023, Exhibit 3.1. | | |

| | | | [removed: [4.1](http://www.sec.gov/Archives/edgar/data/4977/000000497720000044/afl123119ex41.htm)] [added: [4.1](https://www.sec.gov/Archives/edgar/data/4977/000000497720000044/afl123119ex41.htm)] | | | \- | | | | | | Description of common stock securities registered pursuant to Section 12 of the Securities Exchange Act of 1934 – incorporated by reference from 2019 Form 10-K, Exhibit 4.1. | | |

| | | | [removed: [4.2](http://www.sec.gov/Archives/edgar/data/4977/000095014409004505/g19200exv4w1.htm)] [added: [4.2](https://www.sec.gov/Archives/edgar/data/4977/000095014409004505/g19200exv4w1.htm)] | | | \- | | | | | | Indenture, dated as of May 21, 2009, between Aflac Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee – incorporated by reference from Form 8-K dated May 21, 2009, Exhibit 4.1. | | |

| | | | [removed: [4.3](http://www.sec.gov/Archives/edgar/data/4977/000095012309071553/g21559exv4w1.htm)] [added: [4.3](https://www.sec.gov/Archives/edgar/data/4977/000095012309071553/g21559exv4w1.htm)] | | | \- | | | | | | Second Supplemental Indenture, dated as of December 17, 2009, between Aflac Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (including the form of 6.900% Senior Note due 2039) – incorporated by reference from Form 8-K dated December 14, 2009, Exhibit 4.1. | | |

| | | | [removed: [4.4](http://www.sec.gov/Archives/edgar/data/4977/000119312510183392/dex41.htm)] [added: [4.4](https://www.sec.gov/Archives/edgar/data/4977/000119312510183392/dex41.htm)] | | | \- | | | | | | Third Supplemental Indenture, dated as of August 9, 2010, between Aflac Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (including the form of 6.45% Senior Note due 2040) – incorporated by reference from Form 8-K dated August 4, 2010, Exhibit 4.1. | | |

| | | | [removed: [4.5](http://www.sec.gov/Archives/edgar/data/4977/000119312516713362/d378550dex41.htm)] [added: [4.5](https://www.sec.gov/Archives/edgar/data/4977/000119312516713362/d378550dex41.htm)] | | | \- | | | | | | Twelfth Supplemental Indenture, dated as of September 19, 2016, between Aflac Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (including the form of 2.875% Senior Note due 2026) – incorporated by reference from Form 8-K dated September 19, 2016, Exhibit 4.1. | | |

| | | | [removed: [4.6](http://www.sec.gov/Archives/edgar/data/4977/000119312516713362/d378550dex42.htm)] [added: [4.6](https://www.sec.gov/Archives/edgar/data/4977/000119312516713362/d378550dex42.htm)] | | | \- | | | | | | Thirteenth Supplemental Indenture, dated as of September 19, 2016, between Aflac Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (including the form of 4.000% Senior Note due 2046) – incorporated by reference from Form 8-K dated September 19, 2016, Exhibit 4.2. | | |

| | | | [removed: [4.7](http://www.sec.gov/Archives/edgar/data/4977/000119312517021753/d324132dex41.htm)] [added: [4.7](https://www.sec.gov/Archives/edgar/data/4977/000119312517021753/d324132dex41.htm)] | | | \- | | | | | | Fourteenth Supplemental Indenture, dated as of January 25, 2017, between Aflac Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (including the form of .932% Senior Note due 2027) – incorporated by reference from Form 8-K dated January 25, 2017, Exhibit 4.1. | | |

| | | | [removed: [4.8](http://www.sec.gov/Archives/edgar/data/4977/000119312518301998/d638967dex41.htm)] [added: [4.8](https://www.sec.gov/Archives/edgar/data/4977/000119312518301998/d638967dex41.htm)] | | | \- | | | | | | Fifteenth Supplemental Indenture, dated as of October 18, 2018, between Aflac Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (including the form of 1.159% Senior Note due 2030) – incorporated by reference from Form 8-K dated October 18, 2018, Exhibit 4.1. | | |

| | | | [removed: [4.9](http://www.sec.gov/Archives/edgar/data/4977/000119312518301998/d638967dex42.htm)] [added: [4.9](https://www.sec.gov/Archives/edgar/data/4977/000119312518301998/d638967dex42.htm)] | | | \- | | | | | | Sixteenth Supplemental Indenture, dated as of October 18, 2018, between Aflac Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (including the form of 1.488% Senior Note due 2033) – incorporated by reference from Form 8-K dated October 18, 2018, Exhibit 4.2. | | |