Aflac (AFL) 10-K risk factor changes: FY2025 vs FY2024

If any of the following risks and uncertainties develops into actual events, there could be a material impact on the [removed: Company.][added: Company's business, results of operations, financial condition and liquidity.]

Economic uncertainty is also [removed: driven] [added: impacted] by potential policy changes [removed: from a new presidential administration] in the [removed: U.S.] [added: U.S.,] including [removed: proposals to impose] [added: proposed domestic regulations focused on consumer pricing,] trade tariffs and [removed: the potential for retaliatory tariffs from other countries, as well as] increasing trade restrictions driven by security [removed: concerns.][added: concerns and broader geopolitical tensions.]

The continuing difference between U.S. dollar and [added: Japanese] yen interest rates also contributes to costs of hedging [added: foreign] currency [added: exchange] risk of U.S. dollar-denominated investments held by Aflac Japan.

[removed: Recent] [added: Potential] weakness in global capital markets could adversely affect the Company's financial condition, including its capital position and overall profitability.

Risk [removed: Factors](#i9a7e000a4ea7435d8c28d96b7700515c_19)][added: Factors](#ic9782cbc0a1543588987bcaff9199cad_25)]

[added: Government actions to stimulate the economy affect the value of the Company's existing] holdings, its reinvestment rate on new investments in JGBs or other [added: Japanese] yen-denominated assets, and consumer behavior relative to the Company's suite of insurance products.

[removed: The additional government debt from fiscal stimulus] actions could adversely impact the Japan sovereign credit profile, which could in turn lead to volatility in Japanese capital and currency markets.

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

An increase in the differential of short-term U.S. and Japan interest rates would also increase the cost of hedging a portion of the U.S. dollar-denominated assets [removed: in the] [added: held by] Aflac Japan [removed: segment] into [added: Japanese] yen, which could have a material adverse effect on the Company's business, results of operations or financial condition.

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

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

Aflac Japan's adjusted revenues accounted for [removed: 55%] [added: 53%] of the Company's total adjusted revenues in [removed: 2024,] [added: 2025,] compared with [removed: 60%] [added: 55%] in [removed: 2023] [added: 2024] and [removed: 64%] [added: 60%] in [removed: 2022.][added: 2023.]

The percentage of the Company's total assets attributable to Aflac Japan was [removed: 77%] [added: 76%] at December 31, [removed: 2024,] [added: 2025,] compared with [removed: 80%] [added: 77%] at December 31, [removed: 2023.][added: 2024.]

Further, because of the concentration of the Company's business in Japan and its need for long-dated [added: Japanese] yen-denominated assets, the Company has a substantial concentration of JGBs in its investment portfolio exposing the Company to credit deterioration and potential downgrades of JGBs.

The Company seeks to match investment currency and interest rate risk to its [added: Japanese] yen liabilities.

The low interest rates on [added: Japanese] yen-denominated securities has a negative effect on overall net investment income.

A large portion of the cash available for reinvestment each year is deployed in [added: Japanese] yen-denominated instruments and subject to the low level of [added: Japanese] yen interest rates.

Lack of availability of acceptable [added: Japanese] yen-denominated investments could adversely affect the Company's results of operations, financial position or liquidity.

This is very difficult for Aflac Japan and Aflac Re due to the lack of available long-dated [added: Japanese] yen-denominated fixed income instruments beyond JGBs.

Some of the U.S. dollar-denominated asset classes that the Company has added, and anticipates continuing to add, have less liquidity than investment-grade corporate [removed: bonds.][added: bonds and in periods of market stress, certain of these U.S. dollar-denominated asset classes may experience significantly reduced liquidity, increased valuation uncertainty or wider bid-ask spreads.]

Aflac Re's investment strategy also includes U.S. dollar-denominated investments that are presently comprised exclusively of [removed: public] investment-grade bonds.

Investing in U.S. dollar-denominated investments in Aflac Japan and Aflac Re creates an unmatched foreign currency exposure and related capital ratio volatility, as both Aflac Japan and Aflac Re insurance liabilities are [added: Japanese] yen-denominated.

Although the Company engages in certain foreign exchange hedging activities to partially mitigate this risk, and such hedged assets may be used to satisfy [added: Japanese] yen-denominated insurance liabilities and other business obligations, important risks remain.

Further, foreign [removed: exchange] [added: currency] derivatives used for hedging are periodically settled, which results in cash receipt or payment at [added: inception,] maturity or early termination.

[removed: 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 [added: hedged that have since been sold, matured or redeemed and may or may not have not been converted to Japanese yen.]

These foreign currency gains or losses on the investments are only economically realized, or monetized, through sale, maturity or redemption of the investments and concurrent conversion to [added: Japanese] yen.

However, the Company may not realize the benefit of offsetting adverse cash settlements on hedging derivatives with cash receipts on the U.S. dollar-denominated investments if the [removed: currency] [added: foreign] exchange rates move in an adverse direction before the investments are converted to [added: Japanese] yen, or if the investments are never converted to [added: Japanese] yen.

As an example of the latter, if the Company’s actual insurance risk experience in Japan is as expected or more favorable than expected, the need for [added: Japanese] yen to pay expenses and claims would correspondingly remain at or below expected levels, thereby diminishing operational requirements to convert U.S. dollar-denominated investments to [added: Japanese] yen.

The settlement of the foreign [removed: exchange] [added: currency] derivatives is [removed: reported] [added: included] in [added: settlement of derivatives, net in] the investing activities section of the Company’s consolidated statements of cash [removed: flows in the line item settlement of derivatives, net.][added: flows.]

See the risk factor entitled “The Company is exposed to foreign currency fluctuations in the [removed: yen/dollar] [added: Japanese yen/U.S. dollar (yen/dollar)] exchange rate”, the Hedging Activities subsection of Item 7.

Due to the size of Aflac Japan, where functional currency is the Japanese yen, fluctuations in the [added: foreign] exchange rate between the [added: Japanese] yen and the U.S. dollar [removed: can] have [added: had, and may continue to have,] a significant effect on the Company's reported financial position and results of operations.

Aflac Japan's premiums and a significant portion of its investment income are received in [added: Japanese] yen, and its claims and almost all expenses are paid in [added: Japanese] yen.

Aflac Japan purchases [added: Japanese] yen-denominated assets and U.S. dollar-denominated assets, which may be hedged to [added: Japanese] yen, to support [added: Japanese] yen-denominated policy liabilities.

[removed: Certain unhedged] [added: Also in accordance with] U.S. [added: GAAP, U.S.] dollar denominated assets and liabilities held by Aflac Japan are [removed: re-measured] [added: remeasured] to [added: Japanese] yen [added: and Japanese yen-denominated assets and liabilities held by Aflac Re are remeasured to U.S. dollar] with the [removed: volatility reported] [added: resulting foreign currency remeasurement for certain of these assets and liabilities included] in earnings.

[removed: Yen] [added: Japanese yen] weakening has the effect of suppressing current year results in relation to the prior year, [removed: while yen strengthening has the effect of magnifying current year results in relation to] [added: including] the [removed: prior year.][added: resulting negative impact on equity.]

The Company engages in certain foreign currency hedging activities to hedge the exposure to [added: Japanese] yen from its net investment in Japanese operations.

These hedging activities are limited in [removed: scope,] [added: scope] and the [removed: Company cannot provide assurance that these activities will] [added: strategies may not] be [removed: effective.][added: successful.]

[removed: In addition,] [added: However,] an increase in the difference between short-term U.S. and Japan interest rates would increase the cost of hedging a portion of the U.S. dollar-denominated assets [removed: in the] [added: held by] Aflac Japan [removed: segment] into [added: Japanese] yen, which could have a material adverse effect on the Company's business, results of operations or financial condition.

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 capital and earnings, which may adversely impact Aflac Japan’s ability to [removed: pay dividends to the Parent Company.]

The Company has historically maintained and currently maintains the size of the unhedged portfolio at levels below the economic equity surplus in Aflac Japan, but [removed: there can be no assurance that] this strategy [removed: will] [added: may not] be successful.

Inflation globally remains elevated but continues to trend downwards after monetary tightening, recovery of supply chains, and phasing out of extraordinary fiscal support.

Continuing geopolitical tensions, including armed conflicts and regime changes, exacerbate uncertainty and can contribute to volatility across both physical and financial asset classes.

The additional government debt from fiscal stimulus

Risk Factors](#ic9782cbc0a1543588987bcaff9199cad_25)

In addition, uncertainty regarding the timing, pace and magnitude of future interest rate changes could further increase fluctuations in the value of the Company’s assets and liabilities and adversely affect its capital position and liquidity.

For Aflac Japan, rising interest rates and widening credit

Risk Factors](#ic9782cbc0a1543588987bcaff9199cad_25)

Cumulative net cash settlements on derivatives hedging currency exposure of

Risk Factors](#ic9782cbc0a1543588987bcaff9199cad_25)

In accordance with U.S. GAAP, the Company translates its Japanese yen-denominated financial statement accounts into U.S. dollars for financial reporting purposes with the resulting foreign currency translation adjustments included in equity.

Japanese yen strengthening has the effect of magnifying current year results in relation to the prior year, including the resulting positive impact on equity.

Consequently, fluctuations in the yen/dollar exchange rate have resulted and could continue to result in significant earnings volatility.

Japanese yen weakening in relation to the U.S. dollar increases the Japanese yen value on U.S. dollar denominated asset, while Japanese yen strengthening decreases the Japanese yen value of the U.S. dollar denominated assets.

In addition, differences between interest rates in Japan and the U.S. can lead to weakening of the Japanese yen relative to the U.S. dollar and could suppress the Company's reported financial position and results of operations relative to the comparable prior period.

Risk Factors](#ic9782cbc0a1543588987bcaff9199cad_25)

pay dividends to the Parent Company.

Volatility in interest rates and foreign exchange markets, including changes in yield curves and discount rates, may increase the sensitivity of the Company's investment and derivative valuations to changes in market assumptions.

Risk Factors](#ic9782cbc0a1543588987bcaff9199cad_25)

(e.g. loss statistics), current market conditions and reasonable and supportable micro and macroeconomic forecasts.

Risk Factors](#ic9782cbc0a1543588987bcaff9199cad_25)

Reserve assumptions are

Risk Factors](#ic9782cbc0a1543588987bcaff9199cad_25)

The rapid evolution and increased adoption of artificial intelligence technologies may also heighten the Company's cybersecurity risks by making cyber-attacks more difficult to detect, contain, and mitigate.

As a result, events such as these, including the June 2025 cyber incident where the Company became aware of the exfiltration of certain personal information relating to a substantial number of customers, beneficiaries, employees, agents, and other individuals in the Company’s U.S. business, could adversely affect the Company's financial condition or results of operations due to incurred costs and remediation.

Risk Factors](#ic9782cbc0a1543588987bcaff9199cad_25)

The Company could also be subject to legal risk, including government enforcement action and civil litigation, related to cyber-attacks and security breaches, which could adversely affect the Company’s business, reputation, financial condition or results of operations.

In addition, the Company may be adversely impacted by reputational harm or a loss of confidence in the security and integrity of its information technology systems among customers, beneficiaries, employees, agents, and others.

The

Risk Factors](#ic9782cbc0a1543588987bcaff9199cad_25)

Risk Factors](#ic9782cbc0a1543588987bcaff9199cad_25)

Risk Factors](#ic9782cbc0a1543588987bcaff9199cad_25)

Risk Factors](#ic9782cbc0a1543588987bcaff9199cad_25)

the Company holds.

Risk Factors](#ic9782cbc0a1543588987bcaff9199cad_25)

High rates of inflation globally from 2022 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.

Continuing armed conflicts in Ukraine and the Middle East exacerbate uncertainty and have contributed to volatility in energy and other commodity prices.

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

Government actions to stimulate the economy affect the value of the Company's existing

corresponding dividends and capital deployment.

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

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

Furthermore, the yen-denominated balance sheet of Aflac Japan is translated into U.S. dollars for financial reporting purposes with foreign exchange impact reflected in equity.

Accordingly, fluctuations in the yen/dollar exchange rate can have a significant effect on the Company's reported financial position and results of operations.

In addition, the weakening of the yen relative to the U.S. dollar will generally adversely affect the value of the Company's yen-denominated investments in U.S. dollar terms.

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 Aflac Japan regulatory capital.

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

As a result, periods of unusually volatile currency exchange rates could result in limitations on dividends available to the Parent Company.

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 Company has entered into significant reinsurance transactions with large, highly rated counterparties as well as among the Company's subsidiaries.

After the Japan branch conversion, the Nebraska insurance department and the FSA approved their respective domiciled insurance company service arrangements and transactions.

The Company's ratings from these agencies depend to a large extent on Aflac's capitalization level.

As the Company's businesses continue to grow and evolve, the number and

Catastrophic events, including those as a result of climate change or major public health issues, could adversely affect the Company's financial condition and results of operations as well as the availability of the Company’s infrastructure and systems.

Climate change may increase the frequency and severity of natural disasters such as hurricanes, tornadoes, floods and forest fires.

| [Executive [removed: Summary](#i9a7e000a4ea7435d8c28d96b7700515c_64)] [added: Summary](#ic9782cbc0a1543588987bcaff9199cad_70)] | | | [removed: [33](#i9a7e000a4ea7435d8c28d96b7700515c_64)] [added: [33](#ic9782cbc0a1543588987bcaff9199cad_70)] | | |

| [Industry [removed: Trends](#i9a7e000a4ea7435d8c28d96b7700515c_67)] [added: Trends](#ic9782cbc0a1543588987bcaff9199cad_73)] | | | [removed: [33](#i9a7e000a4ea7435d8c28d96b7700515c_67)] [added: [34](#ic9782cbc0a1543588987bcaff9199cad_73)] | | |

| [Results of [removed: Operations](#i9a7e000a4ea7435d8c28d96b7700515c_73)] [added: Operations](#ic9782cbc0a1543588987bcaff9199cad_79)] | | | [removed: [35](#i9a7e000a4ea7435d8c28d96b7700515c_73)] [added: [35](#ic9782cbc0a1543588987bcaff9199cad_79)] | | |

| [Hedging [removed: Activities](#i9a7e000a4ea7435d8c28d96b7700515c_91)] [added: Activities](#ic9782cbc0a1543588987bcaff9199cad_97)] | | | [removed: [58](#i9a7e000a4ea7435d8c28d96b7700515c_91)] [added: [58](#ic9782cbc0a1543588987bcaff9199cad_97)] | | |

| [Policy [removed: Liabilities](#i9a7e000a4ea7435d8c28d96b7700515c_94)] [added: Liabilities](#ic9782cbc0a1543588987bcaff9199cad_100)] | | | [removed: [61](#i9a7e000a4ea7435d8c28d96b7700515c_94)] [added: [61](#ic9782cbc0a1543588987bcaff9199cad_100)] | | |

| [Benefit [removed: Plans](#i9a7e000a4ea7435d8c28d96b7700515c_97)] [added: Plans](#ic9782cbc0a1543588987bcaff9199cad_103)] | | | [removed: [61](#i9a7e000a4ea7435d8c28d96b7700515c_97)] [added: [62](#ic9782cbc0a1543588987bcaff9199cad_103)] | | |

| [Liquidity and Capital [removed: Resources](#i9a7e000a4ea7435d8c28d96b7700515c_103)] [added: Resources](#ic9782cbc0a1543588987bcaff9199cad_109)] | | | [removed: [62](#i9a7e000a4ea7435d8c28d96b7700515c_103)] [added: [62](#ic9782cbc0a1543588987bcaff9199cad_109)] | | |

| [Critical Accounting [removed: Estimates](#i9a7e000a4ea7435d8c28d96b7700515c_106)] [added: Estimates](#ic9782cbc0a1543588987bcaff9199cad_112)] | | | [removed: [69](#i9a7e000a4ea7435d8c28d96b7700515c_106)] [added: [68](#ic9782cbc0a1543588987bcaff9199cad_112)] | | |

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 [removed: 31, 2023](https://www.sec.gov/ix?doc=/Archives/edgar/data/4977/000000497724000053/afl-20231231.htm),] [added: 31,](https://www.sec.gov/ix?doc=/Archives/edgar/data/4977/000000497725000047/afl-20241231.htm) [2024](https://www.sec.gov/ix?doc=/Archives/edgar/data/4977/000000497725000047/afl-20241231.htm),] filed on February [removed: 22, 2024,] [added: 26, 2025,] for reference to discussions of the year ended December 31, [removed: 2022,] [added: 2023,] the earliest of the three years presented.

Management's Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i9a7e000a4ea7435d8c28d96b7700515c_61)][added: Operations](#ic9782cbc0a1543588987bcaff9199cad_67)]

For the full year of [removed: 2024,] [added: 2025,] total revenues were [removed: up 1.2%] [added: down 9.3%] to [removed: $18.9] [added: $17.2] billion, compared with [removed: $18.7] [added: $18.9] billion for the full year of [removed: 2023.][added: 2024, primarily due to net investment losses of $572 million in 2025 compared with net investment gains of $1.3 billion in 2024.]

Net earnings were [removed: $5.4] [added: $3.6] billion, or [removed: $9.63] [added: $6.82] per diluted share, for the full year of [removed: 2024,] [added: 2025,] compared with [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.]

Net earnings in [removed: 2024] [added: 2025] included net investment [removed: gains] [added: losses] of [removed: $1.3 billion,] [added: $572 million,] compared with net investment gains of [removed: $590 million] [added: $1.3 billion] in [removed: 2023.][added: 2024.]

Net investment [removed: gains] [added: losses] in [removed: 2024] [added: 2025] included [removed: an increase in credit loss allowances of $256 million; $1.1 billion] [added: $467 million] of net [removed: gains] [added: losses] from certain derivative and foreign currency gains or losses; [removed: $140] [added: an increase in credit loss allowances of $191] million [added: and $6 million] of [removed: net gains on] [added: impairments; offset by a $72 million gain from an increase in the fair value of] equity [removed: securities;] [added: securities] and [removed: $259] [added: $20] million of net gains from sales and redemptions.

The average yen/dollar exchange rate*(1)* in [removed: 2024] [added: 2025] was [removed: 150.97,] [added: 149.32,] or [removed: 6.9% weaker] [added: 1.1% stronger] than the rate of [removed: 140.57] [added: 150.97] in [removed: 2023.][added: 2024.]

Adjusted earnings*(2)* for the full year of [removed: 2024] [added: 2025] were [removed: $4.1] [added: $4.0] billion, or [removed: $7.21] [added: $7.49] per diluted share, compared with [removed: $3.7] [added: $4.1] billion, or [removed: $6.23] [added: $7.21] per diluted share, in [removed: 2023.][added: 2024.]

The [removed: weaker] [added: stronger] yen/dollar exchange rate [removed: negatively] [added: positively] impacted adjusted earnings per diluted share by [removed: $.18.][added: $.04.]

In [removed: 2024,] [added: 2025,] Aflac Incorporated repurchased [removed: $2.8] [added: $3.5] billion, or [removed: 30.4] [added: 33.0] million of its common shares.

At December 31, [removed: 2024,] [added: 2025,] the Company had [removed: 47.3] [added: 114.3] million remaining shares authorized for repurchase.

Shareholders’ equity was [removed: $26.1] [added: $29.5] billion, or [removed: $47.45] [added: $56.85] per share, at December 31, [removed: 2024,] [added: 2025,] compared with [removed: $22.0] [added: $26.1] billion, or [removed: $38.00] [added: $47.45] per share, at December 31, [removed: 2023.][added: 2024.]

Shareholders’ equity at December 31, [removed: 2024] [added: 2025] included a cumulative increase of [removed: $2.0] [added: $8.0] billion from the effect of changes in discount rate assumptions on insurance [removed: contracts,] [added: reserves,] compared with a corresponding cumulative [removed: decrease] [added: increase] of [removed: $2.6] [added: $2.0] billion at December 31, [removed: 2023,] [added: 2024,] and a net unrealized [removed: gain] [added: loss] on investment securities and derivatives of [removed: $4 million,] [added: $1.8 billion,] compared with a net unrealized gain of [removed: $1.1 billion] [added: $4 million] at December 31, [removed: 2023.][added: 2024.]

Shareholders’ equity at December 31, [removed: 2024] [added: 2025] also included an unrealized foreign currency translation loss of [removed: $5.0] [added: $4.8] billion, compared with an unrealized foreign currency translation loss of [removed: $4.1] [added: $5.0] billion at December 31, [removed: 2023.][added: 2024.]

The annualized return on average shareholders’ equity in [removed: 2024] [added: 2025] was [removed: 22.6%.][added: 13.1%.]

Shareholders’ equity excluding accumulated other comprehensive income [removed: (AOCI)*(2)*] (adjusted book [removed: value)] [added: value*(2)*)] was [removed: $29.1] [added: $28.0] billion, or [removed: $52.87] [added: $54.06] per share, at December 31, [removed: 2024,] [added: 2025,] compared with [removed: $27.5] [added: $29.1] billion, or [removed: $47.55] [added: $52.87] per share, at December 31, [removed: 2023.][added: 2024.]

Adjusted book value excluding foreign currency remeasurement*(2)* was [removed: $23.4] [added: $22.1] billion, or [removed: $42.46] [added: $42.66] per share, at December 31, [removed: 2024,] [added: 2025,] compared with [removed: $23.8] [added: $23.4] billion, or [removed: $41.15] [added: $42.46] per share, at December 31, [removed: 2023.][added: 2024.]

The annualized adjusted return on equity excluding foreign currency remeasurement*(2)* in [removed: 2024] [added: 2025] was [removed: 17.3%.][added: 17.6%.]

*(1)* [removed: *Yen/U.S. dollar] [added: *Yen/dollar] exchange rates are based on the published MUFG Bank, Ltd. telegraphic transfer middle rate (TTM).*

Japan’s existing customers and potential customers seek products that are easily understood, [removed: cost-effective] [added: affordable] and [removed: can be accessed through technology-enabled devices.][added: accessible via digital platforms.]

The Company’s strategy to drive long-term shareholder value is to pursue growth and [removed: strong] [added: maintain solid pretax] profit margins [removed: and to exercise] [added: while exercising] tactical capital deployment.

The Company's approach to pursue growth is through product development and distribution [removed: expansion and to achieve efficiencies by modernizing its technology] [added: expansion, along with enhanced efficiency through technological upgrades] and [removed: streamlining its operations.][added: operational refinement.]

The Company's objectives in [removed: 2025] [added: 2026] include [removed: maintaining strong] [added: preserving solid] pretax [added: profit] margins with increased sales production [added: achieved] through [removed: product refreshments] [added: the ongoing promotional efforts for products launched in 2025 in Aflac Japan] and [added: continued] growth initiatives [removed: in] [added: across] both its Aflac Japan and Aflac U.S. segments.

In [removed: December 2024,] [added: November 2025,] the board of directors announced a [removed: 16.0%] [added: 5.2%] increase in the quarterly cash dividend, effective with the first quarter of [removed: 2025.][added: 2026.]

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

For [removed: Aflac Japan,] [added: 2026,] the Company [removed: anticipates that] [added: expects Aflac Japan to generate a benefit ratio in the range of 60% to 63% driven by] favorable [added: trends in] morbidity [removed: experience] [added: experience, new product launches featuring lower benefit ratios,] and the [added: premium] shift [removed: in premiums] over [removed: the last several] [added: recent] years from first sector savings products to third sector cancer and medical [removed: products and] [added: products, as well as] first sector protection [removed: products will result in stable benefit ratios in the Aflac Japan segment with a slightly higher expense ratio reflecting growth and strategic initiatives.][added: products.]

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

[removed: For the 2025 through 2027 period, the] [added: The] Company expects Aflac Japan to generate [removed: a benefit ratio in the range of 64% to 66% and] an expense ratio in the range of 20% to [removed: 23%.][added: 23% reflecting continued growth and strategic initiatives.]

For [removed: Aflac U.S.,] [added: 2026,] the Company expects [added: Aflac U.S. to generate a benefit ratio in the range of 48% to 52% driven by] growth in [removed: life] [added: life, disability,] and [removed: disability to increase] [added: dental and vision insurance products, all of which typically carry higher] benefit ratios.

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

The Company's objectives for Corporate and other in [removed: 2025] [added: 2026] include [removed: maintaining strong] [added: achieving solid] pretax adjusted [removed: earnings as compared with 2024,] [added: earnings,] 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: 2025] [added: 2026] Outlook, please see the statement on Forward-Looking Information at the beginning of Item 1.

| [Outlook](#ic9782cbc0a1543588987bcaff9199cad_76) | | | [34](#ic9782cbc0a1543588987bcaff9199cad_76) | | |

| [Investments](#ic9782cbc0a1543588987bcaff9199cad_94) | | | [53](#ic9782cbc0a1543588987bcaff9199cad_94) | | |

| [Policyholder Protection](#ic9782cbc0a1543588987bcaff9199cad_106) | | | [62](#ic9782cbc0a1543588987bcaff9199cad_106) | | |

Cyber Incident

As previously disclosed, the Company identified an incident involving unauthorized access to a limited number of its systems in the U.S. on June 12, 2025.

The Company promptly initiated its cybersecurity incident response protocols and believes it contained the unauthorized access within hours.

The Company's systems were not affected by ransomware, and the Company remained able to serve its policyholders and underwrite policies, review claims, and otherwise service customers as usual.

The Company is aware of the exfiltration of certain data including claims information, health information, social security numbers and/or other personal information relating to a substantial number of customers, beneficiaries, employees, agents, and other individuals in the Company’s U.S. business.

In December 2025, the Company completed a detailed review of the potentially impacted files and determined that personal information associated with approximately 22.65 million individuals was involved, and began notifying impacted individuals and regulatory authorities as required by applicable laws.

Based on the information currently available, as of the date of this report, the Company does not believe that the incident is reasonably likely to have a material impact on the Company’s financial condition or results of operations.

The Company continues to assess the financial impact of the cybersecurity incident, including how much of the financial impact will be covered by insurance.

As a result of the cybersecurity incident, the Company has incurred certain costs and may,

Management's Discussion and Analysis of Financial Condition and Results of Operations](#ic9782cbc0a1543588987bcaff9199cad_67)

depending on future developments, incur additional costs, including but not limited to: costs to provide credit monitoring, identity theft protection, and Medical Shield to impacted individuals and maintain a call center related to the provision of such services; incident response costs; expenses arising from potential litigation, governmental investigations, or enforcement actions; expenses related to compliance, finance, and legal advisory services; elevated cybersecurity insurance premiums; and costs incurred in meeting evolving legal and regulatory requirements concerning cybersecurity governance, monitoring, and disclosure.

The costs associated with the incident to date, including the cost to investigate and respond to the incident as well as related legal and other professional services, resulted in a slight increase to the Company's expenses and are recorded in the insurance and other expenses line in the consolidated statement of earnings.

Customer demographics continue to shift, generating new opportunities across various consumer groups, including millennials and diverse cultural communities.

As customer expectations and preferences change, trends indicate that both existing and potential customers seek affordable options that are easily understood and accessible via digital platforms.

Furthermore, the insurance industry continues to be impacted by the financial security requirements and healthcare demands of the aging baby boomer generation.

2026 OUTLOOK

The Company believes this strategy positions it for future growth

Management's Discussion and Analysis of Financial Condition and Results of Operations](#ic9782cbc0a1543588987bcaff9199cad_67)

and efficiency while defending and leveraging its market-leading position, powerful brand recognition and varied distribution in Japan and the U.S.

However, continued revenue growth associated with these products is expected to decrease expense ratios over time.

Management's Discussion and Analysis of Financial Condition and Results of Operations](#ic9782cbc0a1543588987bcaff9199cad_67)

value on a U.S. GAAP basis.

The Company considers adjusted book value and adjusted book value per common share important

Management's Discussion and Analysis of Financial Condition and Results of Operations](#ic9782cbc0a1543588987bcaff9199cad_67)

as they exclude accumulated other comprehensive income, which fluctuates due to market movements that are outside management’s control.

Management's Discussion and Analysis of Financial Condition and Results of Operations](#ic9782cbc0a1543588987bcaff9199cad_67)

Management's Discussion and Analysis of Financial Condition and Results of Operations](#ic9782cbc0a1543588987bcaff9199cad_67)

- foreign currency swaps used to economically hedge the foreign currency exchange risk associated with certain investments denominated in other foreign currencies held by Aflac Japan;

- foreign currency forwards used to economically hedge the foreign currency exchange risk associated with certain investments denominated in other foreign currencies held by Aflac Japan;

Management's Discussion and Analysis of Financial Condition and Results of Operations](#ic9782cbc0a1543588987bcaff9199cad_67)

In 2025, as part of the U.S. defined benefit plan freeze effective January 1, 2024, the Company purchased a nonparticipating single premium group annuity contract from an external insurer to settle its obligations under the plan and paid to the insurer the related annuity premium.

As a result, the Company recognized a settlement charge of $55 million in 2025.

Management's Discussion and Analysis of Financial Condition and Results of Operations](#ic9782cbc0a1543588987bcaff9199cad_67)

Management's Discussion and Analysis of Financial Condition and Results of Operations](#ic9782cbc0a1543588987bcaff9199cad_67)

- Portfolio Book Yield

Management's Discussion and Analysis of Financial Condition and Results of Operations](#ic9782cbc0a1543588987bcaff9199cad_67)

Net earned premiums also reflect a remeasurement loss of approximately ¥8 billion related to assumption updates of the deferred profit liability for limited-payment contracts in the third quarter of 2025, compared to a remeasurement loss of approximately ¥11 billion in the third quarter of 2024.

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

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

| [Policyholder Protection](#i9a7e000a4ea7435d8c28d96b7700515c_100) | | | [62](#i9a7e000a4ea7435d8c28d96b7700515c_100) | | |

Customer demographics continue to evolve and new opportunities present themselves in different customer segments such as the millennial and multicultural markets.

Customer expectations and preferences are changing.

Trends indicate existing customers and potential customers seek cost-effective solutions that are easily understood and can be accessed through technology-enabled devices.

Additionally, income protection and the health needs of retiring baby boomers are continuing to shape the insurance industry.

2025 OUTLOOK

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

For Aflac U.S., this includes continuing to focus on realizing benefits from its buy to build initiatives and other platform investments, maintaining strong expense management discipline and 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 varied distribution in Japan and the U.S. will provide support toward these objectives.

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.

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.

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.

In June 2023, the Company amended the U.S. defined benefit plan to freeze future benefits under the plan for all participants effective January 1, 2024, which resulted in the Company recognizing a curtailment gain of approximately $49 million in 2023.

In 2023, other items excluded from adjusted earnings included an impairment for certain finite-lived intangible assets of approximately $11 million as a result of the Company exiting the third-party administration business acquired in connection with the purchase of Aflac Benefits Solutions, Inc. in 2019.

The impairment of these intangible assets was not related to the ongoing operations of the business and occurs infrequently; therefore, the Company excluded the impairment from adjusted earnings.

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

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

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

- Adjusted net investment income increased primarily due to higher variable net investment income of ¥18 billion, the weakening of the yen on U.S. dollar investments of ¥17 billion and lower amortized hedge cost of ¥16 billion.

- Total adjusted expenses decreased primarily due to internal reinsurance activity.

- In 2024, the total benefits and claims to total premiums ratio decreased primarily due to a decrease in total benefits and claims resulting from reserve remeasurement gains related to assumption updates in the third quarter of 2024, partially offset by the decline in net earned premiums resulting from reinsurance activity, limited-pay products reaching premium paid-up status, and a deferred profit liability remeasurement loss.

- The total adjusted expense ratio decreased in 2024 primarily due to the decrease in total adjusted expenses associated with reinsurance activity.

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

In 2024, the increase in new annualized premium sales on a yen basis was primarily driven by sales of Aflac Japan's new life insurance product, *Tsumitasu*, that was launched in June 2024 and offers an asset formation component and a nursing care option.

Aflac Japan continues to promote digital and web-based sales to groups and use of its system that enables smart device-based insurance application by allowing the customer and an Aflac Japan operator to see the same screen through their smart devices.

Further, Aflac Japan continues to utilize its virtual sales tool that enables online consultations and policy applications to be completed entirely online.

In June 2021, the Parent Company, Aflac Japan and Japan Post Group agreed to pursue several specific initiatives toward building a "'Co-creation Platform' to support customers and local communities," consistent with Japan Post Group's medium-term management plan announced in May 2021.

The initiatives are directed at, among other items, the promotion of Aflac Japan cancer insurance, digital transformation within the Japan Post Group, and certain diversity efforts.

- Net earned premiums increased primarily due to higher net earned premiums from growth initiatives including group life and disability and consumer markets businesses.

- Total adjusted expenses decreased primarily due to improved expense efficiency.

The decrease in new annualized premium sales for Aflac U.S. in 2024 primarily reflects lower sales of group voluntary benefit products impacted by a continued focus on profitable growth, as well as softer sales of network dental.

See Note 3 of the Notes to the Consolidated Financial Statements and the Market Risks of Financial Instruments - Credit Risk subsection of Item 7A.

for additional information regarding the sector concentrations of the Company's investments.

- Total benefits and claims decreased primarily due to the impact of $163 million in the fourth quarter of 2023 related to a novation agreement under which Aflac Re assumed the duties, obligations and liabilities through a reinsurance of business ALIJ previously ceded to an external reinsurer, which was partially offset by higher benefits from the reinsurance agreements established in the fourth quarter of 2024 and 2023.

- Total adjusted expenses increased primarily due to the higher reinsurance activity of $137 million and higher interest expense of $12 million.

- Pretax adjusted earnings increased primarily due to higher total adjusted revenues and lower total benefits and claims partially offset by higher total adjusted expenses.

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

| Transitional real estate loans | | | 4,795 | | | | | | 1,011 | | | | | | 192 | | | | | | 5,998 | | |

Quantitative and Qualitative Disclosures About Market [removed: Risk](#i9a7e000a4ea7435d8c28d96b7700515c_19)][added: Risk](#ic9782cbc0a1543588987bcaff9199cad_25)]

[removed: *Currency Risk*][added: Currency Risk]

Aflac Japan’s premiums and a significant portion of its investment income are received in [added: Japanese] yen, and its claims and most expenses are paid in [added: Japanese] yen.

Aflac Japan purchases [added: Japanese] yen-denominated assets and U.S. dollar-denominated assets, which may be hedged to [added: Japanese] yen, to support [added: Japanese] yen-denominated policy liabilities.

These and other [added: Japanese] yen-denominated financial statement items are, however, translated into U.S. dollars for financial reporting purposes.

Most of Aflac Japan's cash and liabilities are [added: Japanese] yen-denominated.

There is a risk that in a scenario of long-term [added: Japanese] yen weakening there could be significant derivative losses that create corresponding liquidity requirements to support interim derivative settlements.

Additionally, as discussed in detail in the Risk Factors section titled “Lack of availability of acceptable [added: Japanese] 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 [added: Japanese] 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 the U.S. dollar proceeds converted to [added: Japanese] yen.

The Company is exposed to currency risk when [added: Japanese] yen funds are converted into U.S. dollars.

This occurs when [added: Japanese] yen-denominated funds are paid as dividends and management fees from Aflac Japan to the Parent Company and with quarterly settlements of internal reinsurance transactions.

The [added: foreign] exchange rates prevailing at the time of [added: Japanese] yen payments will differ from the [added: foreign] exchange rates prevailing at the time the [added: Japanese] yen profits were earned.

The Company may use a portion of the [added: Japanese] yen dividend and management fee payments to service Aflac Incorporated's [added: Japanese] yen-denominated notes payable with the remainder converted into U.S. dollars.

Internal reinsurance transactions create foreign currency exposure at Aflac Re, primarily due to [added: Japanese] 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 [added: Japanese] yen or enter foreign exchange derivatives with the Parent Company to manage [added: Japanese] yen-denominated liabilities.

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

As noted above, the Company invests a portion of its [added: Japanese] yen cash flows in U.S. dollar-denominated assets.

This requires that the Company convert the [added: Japanese] yen cash flows to U.S. dollars before investing.

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

Based on the timing and severity of [added: foreign] exchange rate fluctuations combined with the level of outstanding activity in this program, the cash strain at the Parent Company could be significant.

Aside from the activities discussed above, the Company generally does not convert [added: Japanese] yen into U.S. dollars; however, it does translate financial statement amounts from [added: Japanese] yen into U.S. dollars for financial reporting purposes.

The Company reports unrealized foreign currency translation gains [added: and losses in accumulated other comprehensive income (loss).]

In periods when the [added: Japanese] yen weakens against the dollar, translating [added: Japanese] yen into [added: U.S.] dollars causes fewer [added: U.S.] dollars to be reported.

When the [added: Japanese] yen strengthens, translating [added: Japanese] yen into U.S. dollars causes more U.S. dollars to be reported.

The weakening of the [added: Japanese] yen relative to the U.S. dollar will generally adversely affect the value of the Company's [added: Japanese] yen-denominated investments in U.S. dollar terms.

The Company manages this currency risk by investing a portion of Aflac Japan's investment portfolio in U.S. dollar-denominated securities and by the Parent [removed: Company's issuance of yen-denominated debt.]

The following table demonstrates the effect of foreign currency fluctuations by presenting the dollar values of the Company's [added: Japanese] yen-denominated assets and liabilities, and its consolidated [added: Japanese] yen-denominated net asset exposure at selected [added: foreign] exchange rates as of December 31.

[removed: Dollar] [added: U.S. Dollar] Value of [added: Japanese] Yen-Denominated Assets and Liabilities

at Selected [added: Foreign] Exchange Rates

| (In millions) | | | [removed: 2024] [added: 2025] | | | | | | | | | | | | | | | | | | [removed: 2023] [added: 2024] | | | | | | | | | | | | | | | | | |

| Yen/dollar exchange rates | | | [removed: 143.18] [added: 141.56] | | | | | | [removed: 158.18] [added: 156.56] (1) | | | | | | [removed: 173.18] [added: 171.56] | | | | | | [removed: 126.83] [added: 143.18] | | | | | | [removed: 141.83] [added: 158.18] *(1)* | | | | | | [removed: 156.83] [added: 173.18] | | | | | |

| Fixed maturity securities *(3)* | | | $ | [removed: 35,805] [added: 30,987] | | | | | $ | [removed: 32,409] [added: 28,019] | | | | | $ | [removed: 29,603] [added: 25,569] | | | | | $ | [removed: 44,357] [added: 35,805] | | | | | $ | [removed: 39,665] [added: 32,409] | | | | | $ | [removed: 35,872] [added: 29,603] | | | | |

| Fixed maturity securities - consolidated variable interest entities *(4)* | | | [removed: 514] [added: 511] | | | | | | [removed: 465] [added: 462] | | | | | | [removed: 425] [added: 422] | | | | | | [removed: 587] [added: 514] | | | | | | [removed: 525] [added: 465] | | | | | | [removed: 475] [added: 425] | | | | | |

| Fixed maturity securities | | | [removed: 17,638] [added: 17,828] | | | | | | [removed: 15,966] [added: 16,120] | | | | | | [removed: 14,583] [added: 14,710] | | | | | | [removed: 19,926] [added: 17,638] | | | | | | [removed: 17,819] [added: 15,966] | | | | | | [removed: 16,115] [added: 14,583] | | | | | |

| Equity securities | | | [removed: 534] [added: 674] | | | | | | [removed: 484] [added: 609] | | | | | | [removed: 442] [added: 556] | | | | | | [removed: 840] [added: 534] | | | | | | [removed: 751] [added: 484] | | | | | | [removed: 679] [added: 442] | | | | | |

| Cash and cash equivalents | | | [removed: 894] [added: 1,042] | | | | | | [removed: 809] [added: 942] | | | | | | [removed: 739] [added: 860] | | | | | | [removed: 1,131] [added: 894] | | | | | | [removed: 1,011] [added: 809] | | | | | | [removed: 915] [added: 739] | | | | | |

| Derivatives | | | [removed: 111] [added: 134] | | | | | | [removed: 240] [added: 179] | | | | | | [removed: 384] [added: 329] | | | | | | [removed: 223] [added: 111] | | | | | | [removed: 337] [added: 240] | | | | | | [removed: 893] [added: 384] | | | | | |

| Other financial instruments | | | [removed: 382] [added: 302] | | | | | | [removed: 346] [added: 273] | | | | | | [removed: 315] [added: 249] | | | | | | [removed: 415] [added: 382] | | | | | | [removed: 371] [added: 346] | | | | | | [removed: 335] [added: 315] | | | | | |

| Subtotal | | | [removed: 55,878] [added: 51,478] | | | | | | [removed: 50,719] [added: 46,604] | | | | | | [removed: 46,491] [added: 42,695] | | | | | | [removed: 67,479] [added: 55,878] | | | | | | [removed: 60,479] [added: 50,719] | | | | | | [removed: 55,284] [added: 46,491] | | | | | |

| Notes payable | | | [removed: 4,808] [added: 5,830] | | | | | | [removed: 4,351] [added: 5,270] | | | | | | [removed: 3,973] [added: 4,808] | | | | | | [removed: 4,709] [added: 4,808] | | | | | | [removed: 4,211] [added: 4,351] | | | | | | [removed: 3,807] [added: 3,973] | | | | | |

| Derivatives | | | [removed: 811] [added: 882] | | | | | | [removed: 933] [added: 972] | | | | | | [removed: 1,065] [added: 1,160] | | | | | | [removed: 1,374] [added: 811] | | | | | | [removed: 1,430] [added: 933] | | | | | | [removed: 1,894] [added: 1,065] | | | | | |

| Subtotal | | | [removed: 5,619] [added: 6,712] | | | | | | [removed: 5,284] [added: 6,242] | | | | | | [removed: 5,038] [added: 5,968] | | | | | | [removed: 6,083] [added: 5,619] | | | | | | [removed: 5,641] [added: 5,284] | | | | | | [removed: 5,701] [added: 5,038] | | | | | |

Quantitative and Qualitative Disclosures About Market Risk](#ic9782cbc0a1543588987bcaff9199cad_25)

Company's issuance of Japanese yen-denominated debt.

Quantitative and Qualitative Disclosures About Market Risk](#ic9782cbc0a1543588987bcaff9199cad_25)

| | | | 2025 | | | | | | | | | | | | | | | | | | | | | 2024 | | | | | | | | | | | | | | | | | |

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

| Total fixed maturity securities | | | | | | 79,597 | | | | | | | | | 73,083 | | | | | | | | | | | | 82,041 | | | | | | | | | 75,399 | | | | | |

Quantitative and Qualitative Disclosures About Market Risk](#ic9782cbc0a1543588987bcaff9199cad_25)

| (In years) | | | 2025 | | | | | | 2024 | | | | | |

| | | | 2025 | | | | | | | | | | | | | | | | | | 2024 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

Quantitative and Qualitative Disclosures About Market Risk](#ic9782cbc0a1543588987bcaff9199cad_25)

December 31, 2025

| 5 | | | | | | | | | | | | Nordea Bank AB | | | | | | 224 | | | | | | .28 | | | | | | A- | | |

| 6 | | | | | | | | | | | | Investcorp SA | | | | | | 222 | | | | | | .27 | | | | | | BB | | |

| 14 | | | | | | | | | | | | JP Morgan Chase & Co. | | | | | | 195 | | | | | | .24 | | | | | | A+ | | |

| 15 | | | | | | | | | | | | Czech (Republic Of) | | | | | | 192 | | | | | | .24 | | | | | | AA- | | |

| | | | | | | | | | | | | Subtotal | | | | | | $ | 35,725 | | | | | 43.89 | | % | | | | | | |

Quantitative and Qualitative Disclosures About Market Risk](#ic9782cbc0a1543588987bcaff9199cad_25)

| | | | 2025 | | | | | | | | | | | | 2024 | | | | | | | | | | | |

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

Quantitative and Qualitative Disclosures About Market Risk](#ic9782cbc0a1543588987bcaff9199cad_25)

and losses in AOCI.

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

| Debt securities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Total debt securities | | | | | | $ | 82,041 | | | | | | | | $ | 75,399 | | | | | | | | | | | $ | 92,947 | | | | | | | | $ | 82,511 | | | | |

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

specialist external managers.

December 31, 2024

| 2 | | | | | | | | | | | | MUFG Bank, Ltd. | | | | | | 285 | | | | | | .36 | | | | | | | | |

| | | | | | | | | | | | | MUFG Bank, Ltd. | | | | | | 190 | | | | | | .24 | | | | | | A | | |

| | | | | | | | | | | | | MUFG Bank, Ltd. | | | | | | 95 | | | | | | .12 | | | | | | A- | | |

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

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

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

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

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

| Portugal | | | 0 | | | | | | .0 | | | | | | 71 | | | | | | .1 | | | | | |

Throughout its [removed: 69-year] [added: 70-year] history, the Company’s supplemental insurance policies have given policyholders the opportunity to focus on recovery, not financial stress.

Management's Discussion and Analysis of Financial Condition and Results of Operations [removed: (MD&A).][added: (MD&A) and Note 2 of the Notes to the Consolidated Financial Statements.]

The Company makes available free of charge through its website, its annual report on Form 10-K, its quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports as soon as reasonably practicable after they have been electronically filed with or furnished to the [removed: Securities and Exchange Commission (SEC).][added: SEC.]

The Company's strategy for growth in [added: Japan and] the U.S. [removed: and Japan] has remained straightforward and consistent for many years.

The Company also offers a complement of other voluntary [added: and employer-paid] health and life insurance products to fit the needs of its customers.

][added: Graphic.jpg](https://www.sec.gov/Archives/edgar/data/4977/000162828026011402/afl-20251231_g2.jpg)]

[removed: Today,] [added: Celebrating its 25th anniversary in] the [added: U.S., the] Aflac Duck [removed: is] [added: continues to be] a helpmate who increases brand knowledge and connection.

MD&A and [removed: Note] [added: Notes] 2 [added: and 14] of the Notes to the Consolidated Financial Statements.

[removed: The focus at] Aflac Japan remains [added: focused] on maintaining leadership in third sector insurance products that are less interest rate sensitive and have strong and stable margins.

[removed: Additionally, in January 2023,] Aflac Japan [removed: further strengthened its products and services by launching Aflac Yorisou] [added: continues to provide *Yori-sou*] Cancer Consultation Support, a [removed: new] service that provides comprehensive support from the moment a policyholder suspects cancer through treatment and recovery.

Whole Life [removed: Aflac Japan launched] Prepare Smart Whole-Life Insurance [removed: in 2018,] [added: is] a whole life insurance product with low cash surrender value, which offers non-smoking policyholders further discounted premiums, and it provides beneficiaries, typically a designated family member, with a pre-determined benefit payment upon the death of the insured.

GIFT GIFT is a term life insurance product that provides [removed: a designated] [added: beneficiaries, typically] family [removed: member] [added: members,] with a fixed amount of money every month upon a breadwinner’s death or serious disability as family support.

This product also pays a lump-sum [added: benefit] at the time of the child's entry into high school, as well as an educational annuity for each of the four years during his or her college education.

Aflac Japan was represented by approximately [removed: 6,600] [added: 6,300] sales agencies at the end of [removed: 2024,] [added: 2025,] with approximately [removed: 114,000] [added: 112,000] licensed sales associates employed by those agencies, including individual agencies.

Dai-ichi Life Aflac Japan's alliance with Dai-ichi Life was launched in 2001, and approximately 37,000 Dai-ichi Life representatives offer [removed: Aflac's] [added: Aflac Japan's] cancer products.

After the alliance strengthened in 2013, the number of postal outlets of Japan Post Co. Ltd. (Japan Post Co.) [removed: selling] [added: offering] Aflac Japan's cancer product [removed: increased to more than 20,000.][added: increased, with approximately 20,000 postal outlets as of December 31, 2025.]

Japan Post Insurance Co., Ltd. (Japan Post Insurance) offers Aflac [removed: Japan] [added: Japan's] cancer products through its 76 [removed: directly managed offices] [added: branches] responsible for corporate sales and [removed: 623] [added: 626] service departments in charge of individual sales.

At December 31, [removed: 2024,] [added: 2025,] Aflac Japan had agreements with approximately 90% of the total number of banks in Japan to sell its products.

The Company competes with other insurance carriers through [added: product design, price,] policyholder service, [removed: price, product design] and sales [removed: efforts, as the number of insurance companies offering stand-alone cancer and medical insurance has more than doubled since the deregulation of the Japan market in 2001.][added: efforts.]

Aflac Japan files annual and interim reports and financial statements for the Japanese insurance operations based on a March 31 fiscal [removed: year end,] [added: year-end,] prepared in accordance with Japanese regulatory accounting practices prescribed or permitted by the FSA.

For additional information, see Note [removed: 13] [added: 14] of the Notes to the Consolidated Financial Statements.

MD&A for additional information on SMR, including a discussion of measures the Company has taken to mitigate the sensitivity of Aflac Japan's 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 [removed: year.][added: year-end.]

MD&A and Notes 2 and [removed: 13] [added: 14] of the Notes to the Consolidated Financial Statements.

As a result, [removed: approximately half] [added: a significant portion] of total new annualized premium sales for Aflac U.S. group business are generated in the fourth quarter, which typically results in over one third of [removed: total] Aflac U.S. total sales being generated in the fourth quarter.

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

In [removed: 2024,] [added: 2025,] the Aflac U.S. sales force included an average of approximately [removed: 6,000] [added: 5,300] U.S. agents, including brokers, who were actively producing business on a weekly basis.

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 [added: 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.]

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

Additionally, [added: beginning] in [removed: 2023,] [added: 2023 and concluding in 2025,] the NYSDFS [removed: commenced] [added: conducted] a routine market conduct examination on Aflac New York covering the five-year period ended on December 31, [removed: 2022 that is currently ongoing.][added: 2022.]

See Note [removed: 13] [added: 14] of the Notes to the Consolidated Financial Statements and the Liquidity and Capital Resources section of Item 7.

Federal [added: and State] Regulation Federal [added: and state] legislation and [removed: administrative policies] [added: regulations] in several areas, including health care reform legislation, financial services reform legislation, securities regulation, pension regulation, privacy, [added: anti-money laundering,] tort reform legislation and taxation, can significantly and adversely affect insurance companies.

Certain federal [added: and state laws and] regulations applicable to Aflac U.S. are outlined below.

[removed: *•Patient] [added: - *Patient] Protection and Affordable Care Act*

[removed: *•Dodd-Frank] [added: - *Dodd-Frank] Act*

[removed: *•Privacy] [added: - *Privacy] and Cybersecurity*

As consumers have grown more concerned about the protection of their data, as well as how their data is used by 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, delete, or opt out of the [removed: sale,] [added: sale or] share, or [added: limit the] use of their data.

Additionally, certain states are adopting the NAIC Model Bulletin on the Use of Artificial Intelligence Systems by [removed: Insurers.][added: Insurers and, in limited cases, passing their own laws related to artificial intelligence.]

For [removed: further] [added: additional] information [removed: concerning] [added: regarding] Aflac U.S. [removed: operations,] [added: operations and regulations,] see the Aflac U.S. Segment subsection of Item 7.

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: $2.0] [added: $2.1] billion in [removed: 2024] [added: 2025] and [removed: $1.9] [added: $2.0] billion in [removed: 2023.][added: 2024.]

| Aflac Japan | | | | | | [removed: 6,737] [added: 6,804] | | | | | |

Business](#ic9782cbc0a1543588987bcaff9199cad_25)

In March 2025, Aflac Japan launched a new cancer insurance product, *Miraito*, a service-integrated product designed to allow customers the flexibility to choose necessary coverage to meet their individual needs.

This service is provided to all existing policyholders of Aflac Japan cancer insurance products, including *Miraito.*

In December 2025, Aflac Japan launched a new medical insurance product, *Anshin* Palette, which offers customers the flexibility to choose only the coverage they need from a wide range of options.

Business](#ic9782cbc0a1543588987bcaff9199cad_25)

Daido Life Aflac Japan's alliance with Daido Life was launched in 2013, and approximately 3,700 Daido Life representatives offer Aflac Japan's cancer products to mainly small and medium-sized business owners, executives and employees.

Since the deregulation of the Japan market in 2001, the number of insurance companies offering stand-alone cancer and medical insurance has increased, intensifying competition.

Business](#ic9782cbc0a1543588987bcaff9199cad_25)

Business](#ic9782cbc0a1543588987bcaff9199cad_25)

Business](#ic9782cbc0a1543588987bcaff9199cad_25)

Beginning in 2024 and concluding in 2025, the NDOI and the New York State Department of Financial Services (NYSDFS) conducted full-scope, risk-focused

Business](#ic9782cbc0a1543588987bcaff9199cad_25)

There were no material findings in any of the NDOI and NYSDFS final examination reports.

Business](#ic9782cbc0a1543588987bcaff9199cad_25)

Although not all apply to Aflac U.S. operations, an example of these state privacy laws is the California Consumer Privacy Act.

Businesses across industries have also seen an increase in lawsuits alleging tracking technologies on their websites violate state or federal wiretapping laws.

At the federal level, the Telephone Consumer Protection Act (TCPA) continues to provide plaintiffs with a private right of action for claims alleging violation of the TCPA.

The NYSDFS Cybersecurity Requirements for Financial Services Companies applies to Aflac New York.

This regulation requires, among other things, risk assessments, administrative and technical controls, incident reporting procedures, business continuity plans, and certain cybersecurity governance, such as the designation of a Chief Information Security Officer and senior governing body oversight.

In addition, more than 25 states have adopted the NAIC’s Insurance Data Security Model Law, which requires similar cybersecurity measures.

For information regarding the Company's cybersecurity risk management, strategy, and governance, see Item 1C.

Cybersecurity.

Business](#ic9782cbc0a1543588987bcaff9199cad_25)

| | | | | | | 2025 | | | | | |

| Total | | | | | | 12,716 | | | | | |

Aflac U.S. provides a range of internships, co-op programs and transitional opportunities designed to help emerging professionals grow and succeed.

Additionally, employees have access to educational resources that support self-development and skill-enhancement, enabling them to strengthen both technical and professional capabilities.

This function reviews new-hire offers, promotions and salary adjustments to maintain fairness and consistency.

Employee performance reviews occur each year end and influence both bonuses and salary decisions.

Business](#ic9782cbc0a1543588987bcaff9199cad_25)

Aflac U.S. conducts an employee engagement survey every two years to capture feedback on company culture and overall satisfaction.

Insights from the survey are used in collaboration with leadership to drive continuous improvements and enhance the employee experience.

Business](#ic9782cbc0a1543588987bcaff9199cad_25)

The Company has continued to develop and expand its product offerings over time.

In Japan, the Company is cultivating an innovation-driven culture to meet the rapidly changing customer and societal needs.

In the U.S., the Company continues to make broad-based investments in digital enhancements and innovation within the U.S. platform.

In recent years, the Company invested in distribution opportunities through acquisitions and partnerships and pivoted to digital sales methods.

For information on the reporting segments see the Result of Operations by Segment section of Item 7.

Business](#i9a7e000a4ea7435d8c28d96b7700515c_19)

In August 2022, Aflac Japan launched a new cancer insurance product, WINGS, which provides coverage for the latest cancer treatments and support for early detection.

In September 2023, Aflac Japan launched a new medical insurance product designed to appeal to younger policyholders with basic needs and existing policyholders who desire additional or updated coverage.

Daido Life In 2013, Aflac Japan and Daido Life Insurance entered into an agreement for Daido to sell Aflac Japan's cancer insurance products specifically to the Hojinkai market, which is an association of small businesses.

Currently, Daido also sells Aflac Japan's cancer insurance products to the market in the tax payment association, which is a not-for-profit association for small businesses to support tax related matters.

Aflac U.S. also offers Aflac Vision NowSM, an individually issued policy that provides benefits for serious eye health conditions and loss of sight as well as coverage for corrective eye materials and exam benefits.

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.

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

In addition to the information required by Item 1C.

Cybersecurity of this report, industry regulators as well as the federal government have updated existing standards and increased their focus on enforcement.

For example, the National Institute of Standards and Technology (NIST) issued an updated version of the Cybersecurity Framework as well as guidelines on managing risks associated with the use of artificial intelligence and the Cybersecurity & Infrastructure Security Agency (CISA) published additional security guidelines related to ransomware and software security.

The Company has a cross-functional team that tracks and monitors new and emerging legislation and regulations to ensure privacy and cybersecurity programs are evaluated and comply with regulatory requirements.

This includes a robust third-party risk management and assessment program.

Over the last several years, processes have developed to support the data subject request process required by CCPA, privacy impact assessments have been implemented as required by CPRA and a dedicated privacy and security center has been added to the Company website to provide consumers with information about the use of and protection of their data.

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

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

For example, Aflac Japan’s Leadership Program allows select managers to participate in a comprehensive training program to learn about innovation and the global business environment.

Aflac Japan implemented a human capital management system, beginning in January 2021 with managers and more senior leadership positions and in January 2022 with all other employees.

Aflac U.S. also offers a variety of internships, co-operative opportunities and transitional programs to allow emerging talent to develop.

Educational opportunities are available for self-development and growth to help employees further enhance their technical and professional skills.

The compensation function evaluates new-hire job offers, promotions and compensation adjustments with the goal of consistent and equitable compensation.

Employee performance reviews are conducted annually and are factored into employee bonuses and salaries.

Aflac U.S. provides an employee engagement survey every other year to employees to gather their views on company culture and satisfaction, and works with its leadership to monitor continuous improvements and enhance the employee experience.

Members of the Company's senior legal and financial management teams review litigation and regulatory inquiries on a quarterly and annual [removed: basis.][added: basis and the Company updates the related estimates, accruals, and disclosures, if any, based on such reviews.]

For litigation and regulatory matters where it is probable that a loss has been incurred, and the amount of that loss can be reasonably estimated, the Company establishes accruals for loss contingencies.

Where a loss may be reasonably possible but not probable, or is probable but not reasonably estimable, no accrual is recorded.

For the fiscal year ended December 31, [removed: 2024][added: 2025]

[removed: ][added: ]

The aggregate market value of the voting common stock held by non-affiliates of the registrant as of June [removed: 28, 2024,] [added: 30, 2025,] was [removed: $49,825,613,971.][added: $56,035,389,963.]

The number of shares of the registrant’s common stock outstanding at February [removed: 18, 2025,] [added: 16, 2026,] with $.10 par value, was [removed: 546,588,291.][added: 516,369,452.]

Certain information contained in the Notice and Proxy Statement for the Company’s [removed: 2025] [added: 2026] Annual Meeting of Shareholders is incorporated by reference into Part III hereof.

For the Year Ended December 31, [removed: 2024][added: 2025]

| | | | Item 1. | | | [removed: [Business](#i9a7e000a4ea7435d8c28d96b7700515c_28)] [added: [Business](#ic9782cbc0a1543588987bcaff9199cad_34)] | | | [removed: [2](#i9a7e000a4ea7435d8c28d96b7700515c_28)] [added: [2](#ic9782cbc0a1543588987bcaff9199cad_34)] | | |

| | | | Item 1A. | | | [Risk [removed: Factors](#i9a7e000a4ea7435d8c28d96b7700515c_31)] [added: Factors](#ic9782cbc0a1543588987bcaff9199cad_37)] | | | [removed: [13](#i9a7e000a4ea7435d8c28d96b7700515c_31)] [added: [13](#ic9782cbc0a1543588987bcaff9199cad_37)] | | |

| | | | Item 1B. | | | [Unresolved Staff [removed: Comments](#i9a7e000a4ea7435d8c28d96b7700515c_34)] [added: Comments](#ic9782cbc0a1543588987bcaff9199cad_40)] | | | [removed: [27](#i9a7e000a4ea7435d8c28d96b7700515c_34)] [added: [27](#ic9782cbc0a1543588987bcaff9199cad_40)] | | |

| | | | Item 1C. | | | [removed: [Cybersecurity](#i9a7e000a4ea7435d8c28d96b7700515c_37)] [added: [Cybersecurity](#ic9782cbc0a1543588987bcaff9199cad_43)] | | | [removed: [27](#i9a7e000a4ea7435d8c28d96b7700515c_37)] [added: [27](#ic9782cbc0a1543588987bcaff9199cad_43)] | | |

| | | | Item 2. | | | [removed: [Properties](#i9a7e000a4ea7435d8c28d96b7700515c_40)] [added: [Properties](#ic9782cbc0a1543588987bcaff9199cad_46)] | | | [removed: [28](#i9a7e000a4ea7435d8c28d96b7700515c_40)] [added: [28](#ic9782cbc0a1543588987bcaff9199cad_46)] | | |

| | | | Item 3. | | | [Legal [removed: Proceedings](#i9a7e000a4ea7435d8c28d96b7700515c_43)] [added: Proceedings](#ic9782cbc0a1543588987bcaff9199cad_49)] | | | [removed: [28](#i9a7e000a4ea7435d8c28d96b7700515c_43)] [added: [28](#ic9782cbc0a1543588987bcaff9199cad_49)] | | |

| | | | Item 4. | | | [Mine Safety [removed: Disclosures](#i9a7e000a4ea7435d8c28d96b7700515c_46)] [added: Disclosures](#ic9782cbc0a1543588987bcaff9199cad_52)] | | | [removed: [28](#i9a7e000a4ea7435d8c28d96b7700515c_46)] [added: [28](#ic9782cbc0a1543588987bcaff9199cad_52)] | | |

| | | | Item 5. | | | [Market For Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i9a7e000a4ea7435d8c28d96b7700515c_52)] [added: Securities](#ic9782cbc0a1543588987bcaff9199cad_58)] | | | [removed: [29](#i9a7e000a4ea7435d8c28d96b7700515c_52)] [added: [29](#ic9782cbc0a1543588987bcaff9199cad_58)] | | |

| | | | Item 6. | | | [removed: [\[Reserved\]](#i9a7e000a4ea7435d8c28d96b7700515c_55)] [added: [\[Reserved\]](#ic9782cbc0a1543588987bcaff9199cad_61)] | | | [removed: [31](#i9a7e000a4ea7435d8c28d96b7700515c_55)] [added: [31](#ic9782cbc0a1543588987bcaff9199cad_61)] | | |

| | | | Item 7. | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i9a7e000a4ea7435d8c28d96b7700515c_58)] [added: Operations](#ic9782cbc0a1543588987bcaff9199cad_64)] | | | [removed: [32](#i9a7e000a4ea7435d8c28d96b7700515c_58)] [added: [32](#ic9782cbc0a1543588987bcaff9199cad_64)] | | |

| | | | Item 7A. | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i9a7e000a4ea7435d8c28d96b7700515c_109)] [added: Risk](#ic9782cbc0a1543588987bcaff9199cad_115)] | | | [removed: [71](#i9a7e000a4ea7435d8c28d96b7700515c_109)] [added: [71](#ic9782cbc0a1543588987bcaff9199cad_115)] | | |

| | | | Item 8. | | | [Financial Statements and Supplementary [removed: Data](#i9a7e000a4ea7435d8c28d96b7700515c_112)] [added: Data](#ic9782cbc0a1543588987bcaff9199cad_118)] | | | [removed: [79](#i9a7e000a4ea7435d8c28d96b7700515c_112)] [added: [79](#ic9782cbc0a1543588987bcaff9199cad_118)] | | |

| | | | Item 9. | | | [Changes in and Disagreements With Accountants on Accounting and Financial [removed: Disclosure](#i9a7e000a4ea7435d8c28d96b7700515c_241)] [added: Disclosure](#ic9782cbc0a1543588987bcaff9199cad_244)] | | | [removed: [184](#i9a7e000a4ea7435d8c28d96b7700515c_241)] [added: [188](#ic9782cbc0a1543588987bcaff9199cad_244)] | | |

| | | | Item 9A. | | | [Controls and [removed: Procedures](#i9a7e000a4ea7435d8c28d96b7700515c_244)] [added: Procedures](#ic9782cbc0a1543588987bcaff9199cad_247)] | | | [removed: [184](#i9a7e000a4ea7435d8c28d96b7700515c_244)] [added: [188](#ic9782cbc0a1543588987bcaff9199cad_247)] | | |

| | | | Item 9B. | | | [Other [removed: Information](#i9a7e000a4ea7435d8c28d96b7700515c_247)] [added: Information](#ic9782cbc0a1543588987bcaff9199cad_250)] | | | [removed: [184](#i9a7e000a4ea7435d8c28d96b7700515c_247)] [added: [189](#ic9782cbc0a1543588987bcaff9199cad_250)] | | |

| | | | Item 9C. | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#i9a7e000a4ea7435d8c28d96b7700515c_250)] [added: Inspections](#ic9782cbc0a1543588987bcaff9199cad_253)] | | | [removed: [184](#i9a7e000a4ea7435d8c28d96b7700515c_250)] [added: [189](#ic9782cbc0a1543588987bcaff9199cad_253)] | | |

| | | | Item 10. | | | [Directors, Executive Officers and Corporate [removed: Governance](#i9a7e000a4ea7435d8c28d96b7700515c_256)] [added: Governance](#ic9782cbc0a1543588987bcaff9199cad_259)] | | | [removed: [185](#i9a7e000a4ea7435d8c28d96b7700515c_256)] [added: [190](#ic9782cbc0a1543588987bcaff9199cad_259)] | | |

| | | | Item 11. | | | [Executive [removed: Compensation](#i9a7e000a4ea7435d8c28d96b7700515c_259)] [added: Compensation](#ic9782cbc0a1543588987bcaff9199cad_262)] | | | [removed: [185](#i9a7e000a4ea7435d8c28d96b7700515c_259)] [added: [190](#ic9782cbc0a1543588987bcaff9199cad_262)] | | |

| | | | Item 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i9a7e000a4ea7435d8c28d96b7700515c_262)] [added: Matters](#ic9782cbc0a1543588987bcaff9199cad_265)] | | | [removed: [185](#i9a7e000a4ea7435d8c28d96b7700515c_262)] [added: [190](#ic9782cbc0a1543588987bcaff9199cad_265)] | | |

| | | | Item 13. | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#i9a7e000a4ea7435d8c28d96b7700515c_265)] [added: Independence](#ic9782cbc0a1543588987bcaff9199cad_268)] | | | [removed: [185](#i9a7e000a4ea7435d8c28d96b7700515c_265)] [added: [190](#ic9782cbc0a1543588987bcaff9199cad_268)] | | |

| | | | Item 14. | | | [Principal Accounting Fees and [removed: Services](#i9a7e000a4ea7435d8c28d96b7700515c_268)] [added: Services](#ic9782cbc0a1543588987bcaff9199cad_271)] | | | [removed: [185](#i9a7e000a4ea7435d8c28d96b7700515c_268)] [added: [190](#ic9782cbc0a1543588987bcaff9199cad_271)] | | |

| | | | Item 15. | | | [Exhibits and Financial Statement [removed: Schedules](#i9a7e000a4ea7435d8c28d96b7700515c_274)] [added: Schedules](#ic9782cbc0a1543588987bcaff9199cad_277)] | | | [removed: [186](#i9a7e000a4ea7435d8c28d96b7700515c_274)] [added: [191](#ic9782cbc0a1543588987bcaff9199cad_277)] | | |

| | | | Item 16. | | | [Form 10-K [removed: Summary](#i9a7e000a4ea7435d8c28d96b7700515c_325)] [added: Summary](#ic9782cbc0a1543588987bcaff9199cad_328)] | | | [removed: [201](#i9a7e000a4ea7435d8c28d96b7700515c_325)] [added: [207](#ic9782cbc0a1543588987bcaff9199cad_328)] | | |

This report contains cautionary statements identifying important factors that could cause actual results to differ materially from those projected herein, and in any other statements made by Company officials in communications with the financial community and contained in documents filed with [added: or furnished to] the Securities and Exchange Commission (SEC).

The Company undertakes no obligation to update such forward-looking [removed: statements.][added: statements, except as may be required by law.]

| • expect | | | • anticipate | | | • believe | | | • goal | | | • objective | | | [added: • strategy | | |]

| • will | | | • [removed: assumes] [added: assume] | | | • potential | | | • target | | | • outlook | | | [added: • continue | | |]

- limited availability of acceptable [added: Japanese] yen-denominated investments

- interruption in telecommunication, information technology and other operational systems, or a failure to maintain the security, confidentiality, integrity or privacy of sensitive data residing on such [removed: systems][added: systems, and uncertainty regarding the impact of the incident involving unauthorized access to the Company’s network in June 2025]

| [Glossary of Selected Terms](#ic9782cbc0a1543588987bcaff9199cad_331) | | | | | | | | | [208](#ic9782cbc0a1543588987bcaff9199cad_331) | | |

Business](#ic9782cbc0a1543588987bcaff9199cad_25)

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

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

| • may | | | • should | | | • estimate | | | • intend | | | • project | | | • future | | |

Business](#ic9782cbc0a1543588987bcaff9199cad_25)

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

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

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

Business](#i9a7e000a4ea7435d8c28d96b7700515c_19)

| • may | | | • should | | | • estimate | | | • intends | | | • projects | | |

The Company’s senior officers, including its Global [removed: Security and] Chief Information Security Officer [removed: (GSCISO),] [added: (GCISO),] are responsible for the operation of the global information security program and communicate quarterly with the Audit and Risk Committee on the program, including with respect to the state of the program, compliance with applicable regulations, risks associated with current and evolving threats, and recommendations for changes in the information security program.

The global information security program includes a cybersecurity incident response plan that is designed to provide a management framework across Company functions for a coordinated assessment and response to [removed: potential security] [added: cybersecurity] incidents.

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

The above framework tracks and allows team members to monitor each incident throughout its lifecycle to [added: help] ensure the Company is informed about [removed: and following] cybersecurity incidents as they are mitigated and remediated.

Post-incident reviews are also performed [added: as appropriate] to [removed: determine if there are any] [added: identify potential] additional controls that may feasibly be implemented to [added: help] prevent recurrence.

As a part of the global information security program, an enterprise cybersecurity risk assessment is performed annually in coordination with the [removed: GSCISO] [added: GCISO] to identify and assess [removed: material] cybersecurity risks and mitigating controls.

The Company also utilizes professionals from the Company’s legal team and [removed: GSCISO's] [added: GCISO'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 employee awareness and training, as well as assessing cybersecurity risks, materiality of cybersecurity incidents and disclosures of the same.

Specifically, the [removed: GSCISO] [added: GCISO] 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 Manager as well as being certified in Risk and Information

Unresolved Staff [removed: Comments](#i9a7e000a4ea7435d8c28d96b7700515c_19)][added: Comments](#ic9782cbc0a1543588987bcaff9199cad_25)]

The [removed: GSCISO] [added: GCISO] and [removed: his direct reports] [added: the senior security leadership team] have an average of over 20 years of experience in the field of cybersecurity.

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, [removed: 2024] [added: 2025] 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.

Periodically, the Company engages independent consultants to review certain aspects of the cyber program.

Every three years, the Company engages independent consultants specifically for cyber matters.

The first campus includes a building, owned by the Company, for the customer call center, the claims department, the information technology departments, and [added: a] training facility.

The Company leases office space in Columbia, South Carolina, which houses the Company's CAIC subsidiary (branded as Aflac Group Insurance); in New York, New York, which houses the Company's Global Investment division; in Tampa, Florida, which houses the Company's ABS subsidiary; and in [removed: Farmington, Connecticut,] Windsor, Connecticut and Plantation, Florida, which [removed: houses] [added: house] the operations of the Company's group life, disability and absence management business.

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i9a7e000a4ea7435d8c28d96b7700515c_19)][added: Securities](#ic9782cbc0a1543588987bcaff9199cad_25)]

As of February [removed: 18, 2025,] [added: 16, 2026,] there were [removed: 78,663] [added: 75,463] holders of record of the Company's common stock.

For a summary of dividends paid to shareholders in [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] 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](#i9a7e000a4ea7435d8c28d96b7700515c_19)][added: Securities](#ic9782cbc0a1543588987bcaff9199cad_25)]

The S&P 500 Life and Health Insurance Index includes: Aflac Incorporated, Globe Life Inc., [removed: MetLife] [added: MetLife,] Inc., Principal Financial [removed: Group] [added: Group,] Inc. and Prudential [removed: Financial] [added: Financial,] Inc.

][added: 2025.jpg](https://www.sec.gov/Archives/edgar/data/4977/000162828026011402/afl-20251231_g3.jpg)]

| | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2024] [added: 2025] | | |

Copyright© [removed: 2025] [added: 2026] Standard & Poor’s, a division of S&P Global.

During the year ended December 31, [removed: 2024,] [added: 2025,] the Parent Company repurchased shares of its common stock as follows:

| Period | | | Total Number of Shares Purchased | | | | | | [removed: | | | | | |] Average Price Paid Per Share | | | | | | [removed: | | | | | |] Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | | | | | | [removed: | | | | | |] Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs | | | | | | [removed: | | | | | |]

*(1)* *During the year ended December 31, [removed: 2024, 494,484] [added: 2025, 410,845] 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: 2024,] [added: 2025,] consisted of [added: 14,324,044] shares related to a 100,000,000 share repurchase authorization by the board of directors announced in November [removed: 2022.*][added: 2022 and 100,000,000 shares related to a 100,000,000 share repurchase authorization by the board of directors announced in August 2025.*]

| Aflac Incorporated | | | 100.00 | | | | | | 134.56 | | | | | | 170.03 | | | | | | 199.58 | | | | | | 255.62 | | | | | | 278.50 | | |

| S&P 500 | | | 100.00 | | | | | | 128.71 | | | | | | 105.40 | | | | | | 133.10 | | | | | | 166.40 | | | | | | 196.16 | | |

| S&P 500 Life & Health Insurance | | | 100.00 | | | | | | 136.68 | | | | | | 150.82 | | | | | | 157.83 | | | | | | 189.87 | | | | | | 201.00 | | |

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#ic9782cbc0a1543588987bcaff9199cad_25)

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

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

| January 1 - January 31 | | | 2,698,784 | | | | | | $ | 104.83 | | | | | 2,698,784 | | | | | | 44,618,770 | | | | | |

| February 1 - February 28 | | | 3,230,149 | | | | | | 104.37 | | | | | | 2,835,980 | | | | | | 41,782,790 | | | | | |

| March 1 - March 31 | | | 2,965,821 | | | | | | 108.23 | | | | | | 2,961,981 | | | | | | 38,820,809 | | | | | |

| April 1 - April 30 | | | 2,066,573 | | | | | | 106.68 | | | | | | 2,066,573 | | | | | | 36,754,236 | | | | | |

| May 1 - May 31 | | | 3,421,623 | | | | | | 104.89 | | | | | | 3,420,321 | | | | | | 33,333,915 | | | | | |

| June 1 - June 30 | | | 2,431,870 | | | | | | 102.92 | | | | | | 2,428,908 | | | | | | 30,905,007 | | | | | |

| July 1 - July 31 | | | 0 | | | | | | 0.00 | | | | | | 0 | | | | | | 30,905,007 | | | | | |

| August 1 - August 31 | | | 4,346,516 | | | | | | 106.09 | | | | | | 4,346,516 | | | | | | 126,558,491 | | | | | |

| September 1 - September 30 | | | 4,989,921 | | | | | | 108.13 | | | | | | 4,984,848 | | | | | | 121,573,643 | | | | | |

| October 1 - October 31 | | | 2,098,587 | | | | | | 109.26 | | | | | | 2,098,587 | | | | | | 119,475,056 | | | | | |

| November 1 - November 30 | | | 2,393,020 | | | | | | 111.96 | | | | | | 2,392,998 | | | | | | 117,082,058 | | | | | |

| December 1 - December 31 | | | 2,761,491 | | | | | | 109.83 | | | | | | 2,758,014 | | | | | | 114,324,044 | | | | | |

| Total | | | 33,404,355 | | | *(1)* | | | $ | 106.93 | | | | | 32,993,510 | | | | | | 114,324,044 | | | *(2)* | | |

| 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 | | |

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

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

| 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)* | | |

Management's Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i9a7e000a4ea7435d8c28d96b7700515c_61)][added: Operations](#ic9782cbc0a1543588987bcaff9199cad_67)]

| [Report of Independent Registered Public Accounting [removed: Firm](#i9a7e000a4ea7435d8c28d96b7700515c_115)] [added: Firm](#ic9782cbc0a1543588987bcaff9199cad_121)] | | | [removed: [80](#i9a7e000a4ea7435d8c28d96b7700515c_115)] [added: [80](#ic9782cbc0a1543588987bcaff9199cad_121)] | | |

| [Consolidated Financial [removed: Statements](#i9a7e000a4ea7435d8c28d96b7700515c_118)] [added: Statements](#ic9782cbc0a1543588987bcaff9199cad_124)] | | | [removed: [84](#i9a7e000a4ea7435d8c28d96b7700515c_118)] [added: [84](#ic9782cbc0a1543588987bcaff9199cad_124)] | | |

| [Consolidated Statements of [removed: Earnings](#i9a7e000a4ea7435d8c28d96b7700515c_118)] [added: Earnings](#ic9782cbc0a1543588987bcaff9199cad_124)] | | | [removed: [84](#i9a7e000a4ea7435d8c28d96b7700515c_118)] [added: [84](#ic9782cbc0a1543588987bcaff9199cad_124)] | | |

| [Consolidated Statements of Comprehensive Income [removed: (Loss)](#i9a7e000a4ea7435d8c28d96b7700515c_121)] [added: (Loss)](#ic9782cbc0a1543588987bcaff9199cad_127)] | | | [removed: [85](#i9a7e000a4ea7435d8c28d96b7700515c_121)] [added: [85](#ic9782cbc0a1543588987bcaff9199cad_127)] | | |

| [Consolidated Balance [removed: Sheets](#i9a7e000a4ea7435d8c28d96b7700515c_124)] [added: Sheets](#ic9782cbc0a1543588987bcaff9199cad_130)] | | | [removed: [86](#i9a7e000a4ea7435d8c28d96b7700515c_124)] [added: [86](#ic9782cbc0a1543588987bcaff9199cad_130)] | | |

| [Consolidated Statements of Shareholders' [removed: Equity](#i9a7e000a4ea7435d8c28d96b7700515c_127)] [added: Equity](#ic9782cbc0a1543588987bcaff9199cad_133)] | | | [removed: [87](#i9a7e000a4ea7435d8c28d96b7700515c_127)] [added: [87](#ic9782cbc0a1543588987bcaff9199cad_133)] | | |

| [Consolidated Statements of Cash [removed: Flows](#i9a7e000a4ea7435d8c28d96b7700515c_130)] [added: Flows](#ic9782cbc0a1543588987bcaff9199cad_136)] | | | [removed: [89](#i9a7e000a4ea7435d8c28d96b7700515c_130)] [added: [89](#ic9782cbc0a1543588987bcaff9199cad_136)] | | |

| [Notes to the Consolidated Financial [removed: Statements](#i9a7e000a4ea7435d8c28d96b7700515c_133)] [added: Statements](#ic9782cbc0a1543588987bcaff9199cad_139)] | | | [removed: [90](#i9a7e000a4ea7435d8c28d96b7700515c_133)] [added: [90](#ic9782cbc0a1543588987bcaff9199cad_139)] | | |

| [Note 1. Summary of Significant Accounting [removed: Policies](#i9a7e000a4ea7435d8c28d96b7700515c_136)] [added: Policies](#ic9782cbc0a1543588987bcaff9199cad_142)] | | | [removed: [90](#i9a7e000a4ea7435d8c28d96b7700515c_136)] [added: [90](#ic9782cbc0a1543588987bcaff9199cad_142)] | | |

[removed: | [Note 2. Business Segment and Selected Foreign Currency Translation Items](#i9a7e000a4ea7435d8c28d96b7700515c_142) | | | [100](#i9a7e000a4ea7435d8c28d96b7700515c_142) | | |][added: 2. BUSINESS SEGMENT INFORMATION AND SELECTED FOREIGN CURRENCY TRANSLATION ITEMS]

| [Note 5. Fair Value [removed: Measurements](#i9a7e000a4ea7435d8c28d96b7700515c_181)] [added: Measurements](#ic9782cbc0a1543588987bcaff9199cad_184)] | | | [removed: [131](#i9a7e000a4ea7435d8c28d96b7700515c_181)] [added: [133](#ic9782cbc0a1543588987bcaff9199cad_184)] | | |

| [Note 6. Deferred Policy Acquisition [removed: Costs](#i9a7e000a4ea7435d8c28d96b7700515c_193)] [added: Costs](#ic9782cbc0a1543588987bcaff9199cad_196)] | | | [removed: [145](#i9a7e000a4ea7435d8c28d96b7700515c_193)] [added: [147](#ic9782cbc0a1543588987bcaff9199cad_196)] | | |

| [Note 9. Notes Payable and Lease [removed: Obligations](#i9a7e000a4ea7435d8c28d96b7700515c_211)] [added: Obligations](#ic9782cbc0a1543588987bcaff9199cad_214)] | | | [removed: [157](#i9a7e000a4ea7435d8c28d96b7700515c_211)] [added: [158](#ic9782cbc0a1543588987bcaff9199cad_214)] | | |

| [Note 10. Income [removed: Taxes](#i9a7e000a4ea7435d8c28d96b7700515c_217)] [added: Taxes](#ic9782cbc0a1543588987bcaff9199cad_220)] | | | [removed: [164](#i9a7e000a4ea7435d8c28d96b7700515c_217)] [added: [167](#ic9782cbc0a1543588987bcaff9199cad_220)] | | |

| [Note 11. Shareholders' [removed: Equity](#i9a7e000a4ea7435d8c28d96b7700515c_220)] [added: Equity](#ic9782cbc0a1543588987bcaff9199cad_223)] | | | [removed: [167](#i9a7e000a4ea7435d8c28d96b7700515c_220)] [added: [171](#ic9782cbc0a1543588987bcaff9199cad_223)] | | |

| [Note 12. Share-Based [removed: Compensation](#i9a7e000a4ea7435d8c28d96b7700515c_223)] [added: Compensation](#ic9782cbc0a1543588987bcaff9199cad_226)] | | | [removed: [171](#i9a7e000a4ea7435d8c28d96b7700515c_223)] [added: [175](#ic9782cbc0a1543588987bcaff9199cad_226)] | | |

| [Note [removed: 13.] [added: 14.] Statutory Accounting and Dividend [removed: Restrictions](#i9a7e000a4ea7435d8c28d96b7700515c_226)] [added: Restrictions](#ic9782cbc0a1543588987bcaff9199cad_229)] | | | [removed: [174](#i9a7e000a4ea7435d8c28d96b7700515c_226)] [added: [184](#ic9782cbc0a1543588987bcaff9199cad_229)] | | |

| [Note 15. Commitments and Contingent [removed: Liabilities](#i9a7e000a4ea7435d8c28d96b7700515c_232)] [added: Liabilities](#ic9782cbc0a1543588987bcaff9199cad_235)] | | | [removed: [182](#i9a7e000a4ea7435d8c28d96b7700515c_232)] [added: [186](#ic9782cbc0a1543588987bcaff9199cad_235)] | | |

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: 2024.][added: 2025.]

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: 2024,] [added: 2025,] which is included herein.

Financial Statements and Supplementary [removed: Data](#i9a7e000a4ea7435d8c28d96b7700515c_112)][added: Data](#ic9782cbc0a1543588987bcaff9199cad_118)]

We have audited Aflac Incorporated and subsidiaries’ (the Company) internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] 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: 2024,] [added: 2025,] 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: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] 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: 2024,] [added: 2025,] and the related notes and financial statement schedules II, III, and IV (collectively, the consolidated financial statements), and our report dated February [removed: 26, 2025] [added: 25, 2026] expressed an unqualified opinion on those consolidated financial statements.

[removed: February 26, 2025][added: | | | | 2025 | | | | | | | | | | | | | | |]

We have audited the accompanying consolidated balance sheets of Aflac Incorporated and subsidiaries (the Company) as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] 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: 2024,] [added: 2025,] 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: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the years in the three‑year period ended December 31, [removed: 2024,] [added: 2025,] 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: 2024,] [added: 2025,] 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: 26, 2025] [added: 25, 2026] expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.

[removed: The] [added: As discussed in Note 5 to the consolidated financial statements, the] fair values of [added: certain] privately issued securities are estimated using a discounted cash flow valuation model, developed by a third-party pricing [removed: vendor, and take into consideration unique characteristics of the securities] [added: vendor] and [removed: other market information to determine an issuer-specific credit curve to estimate expected cash flows.][added: executed by Company personnel.]

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

As of December 31, [removed: 2024,] [added: 2025,] the values of certain privately issued securities are included within the financial statement captions of fixed maturity securities available-for-sale, at fair [removed: value of $61,841 million; fixed maturity securities available-for-sale – consolidated variable interest entities, at fair value of $3,428 million; and, fixed maturity securities held-to-maturity, at amortized cost of $15,966 million.]

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

This included controls over the Company’s determination of comparable securities, when appropriate, to develop an issuer-specific [added: loss adjusted] credit curve to be used in the valuation [removed: models] [added: model] to estimate fair values.

- Assessing the Company's model [removed: developed by a third party] to estimate the fair values of privately issued securities by determining that differences in fair values between that model and an [removed: internally developed] [added: independent internal] model above pre-established tolerances, if any, were investigated by the Company

- Evaluating, for a selection of privately issued securities, the comparable securities used to develop an issuer-specific [added: loss adjusted] credit curve by assessing whether the determination of comparable securities was reasonable based on the Company’s methodology and our knowledge of the securities and the markets for such securities

As discussed in Note 1 and Note 7 to the consolidated financial statements, the liability for future policy benefits (LFPB) is determined [added: using the net level premium method] as the present value of expected future policy benefits to be paid to or on behalf of policyholders and certain related expenses less the present value of expected future net premiums receivable under the Company's insurance [removed: contracts.][added: contracts, where expected future net premiums receivable are future gross premiums receivable under the contract multiplied by the net premium ratio (NPR).]

Future policy benefits are calculated using assumptions and estimates [removed: including mortality,] [added: including, (1) cash flow assumptions (mortality,] morbidity, [removed: termination,] and [added: terminations, also referred to as lapses), (2) expense assumptions and (3)] discount rates.

Cash flow assumptions [removed: (mortality, morbidity, and termination)] are established at policy inception and are evaluated each quarter to determine if an update is needed.

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 [added: included] in 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 locked-in discount rates and the updated discount rates is [removed: recognized] [added: included] in [added: the effect of changes in discount rate assumptions in] accumulated other comprehensive income (loss) (AOCI).

| [Note 3. Investments](#ic9782cbc0a1543588987bcaff9199cad_148) | | | [106](#ic9782cbc0a1543588987bcaff9199cad_148) | | |

| [Note 4. Derivative Instruments](#ic9782cbc0a1543588987bcaff9199cad_175) | | | [124](#ic9782cbc0a1543588987bcaff9199cad_175) | | |

| [Note 7. Policy Liabilities](#ic9782cbc0a1543588987bcaff9199cad_202) | | | [148](#ic9782cbc0a1543588987bcaff9199cad_202) | | |

| [Note 8. Reinsurance](#ic9782cbc0a1543588987bcaff9199cad_211) | | | [157](#ic9782cbc0a1543588987bcaff9199cad_211) | | |

| [Note 13. Benefit Plans](#ic9782cbc0a1543588987bcaff9199cad_232) | | | [178](#ic9782cbc0a1543588987bcaff9199cad_232) | | |

February 25, 2026

Financial Statements and Supplementary Data](#ic9782cbc0a1543588987bcaff9199cad_118)

This model takes into consideration any unique characteristics of the securities and makes various adjustments to arrive at an appropriate issuer-specific loss adjusted credit curve using the most appropriate comparable security(ies) of the issuer and issuer-specific credit default swap spreads.

Financial Statements and Supplementary Data](#ic9782cbc0a1543588987bcaff9199cad_118)

value of $60.5 billion; fixed maturity securities available-for-sale consolidated variable interest entities, at fair value of $3.6 billion; and, fixed maturity securities held-to-maturity, at amortized cost of $16.1 billion.

Financial Statements and Supplementary Data](#ic9782cbc0a1543588987bcaff9199cad_118)

discount rate curve and comparing it to that used by the Company.

February 25, 2026

Financial Statements and Supplementary Data](#ic9782cbc0a1543588987bcaff9199cad_118)

Financial Statements and Supplementary Data](#ic9782cbc0a1543588987bcaff9199cad_118)

| Net earnings | | | | | | $ | 3,646 | | | | | | | | | | | $ | 5,443 | | | | | | | | | | | $ | 4,659 | | | | |

Financial Statements and Supplementary Data](#ic9782cbc0a1543588987bcaff9199cad_118)

Financial Statements and Supplementary Data](#ic9782cbc0a1543588987bcaff9199cad_118)

Financial Statements and Supplementary Data](#ic9782cbc0a1543588987bcaff9199cad_118)

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

| Balance at December 31, 2025 | | | $ | 136 | | $ | 3,024 | | $ | 54,682 | | $ | 1,452 | | $ | (29,804) | | $ | 29,490 | |

Financial Statements and Supplementary Data](#ic9782cbc0a1543588987bcaff9199cad_118)

| Net earnings | | | | | | $ | 3,646 | | | | | | | | | | | $ | 5,443 | | | | | | | | | | | $ | 4,659 | | | | |

| Amortization of deferred policy acquisition costs | | | | | | 874 | | | | | | | | | | | | 851 | | | | | | | | | | | | 816 | | | | | |

Financial Statements and Supplementary Data](#ic9782cbc0a1543588987bcaff9199cad_118)

Use of Estimates

Financial Statements and Supplementary Data](#ic9782cbc0a1543588987bcaff9199cad_118)

The contract provisions generally cannot be changed or canceled during the contract period.

Financial Statements and Supplementary Data](#ic9782cbc0a1543588987bcaff9199cad_118)

Investments:

Dividends are included in net investment income when declared.

The realized gain or loss is included in net investment gains (losses) in the consolidated statements of earnings.

Financial Statements and Supplementary Data](#ic9782cbc0a1543588987bcaff9199cad_118)

These investments derive investment returns in the form of income tax credits or other tax incentives.

Beginning January 1, 2024, tax equity investments that meet certain criteria are accounted for using the proportional amortization method, where the initial cost of the investment is amortized in proportion to the tax credits received and recognized as a component of income tax expense (benefit).

Tax equity investments that do not meet the qualification criteria for the proportional amortization method are accounted for using the equity method of accounting.

The Company has investments in VIEs, which consist of fixed maturity securities, loan receivables, limited partnerships and derivative instruments.

Consolidated VIEs are segregated by the caption "consolidated variable interest entities" in the consolidated balance sheets.

These powers vary by structure but generally include:

- the initial selection of the underlying collateral;

| [Note 3. Investments](#i9a7e000a4ea7435d8c28d96b7700515c_145) | | | [104](#i9a7e000a4ea7435d8c28d96b7700515c_145) | | |

| [Note 4. Derivative Instruments](#i9a7e000a4ea7435d8c28d96b7700515c_172) | | | [121](#i9a7e000a4ea7435d8c28d96b7700515c_172) | | |

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

| [Note 8. Reinsurance](#i9a7e000a4ea7435d8c28d96b7700515c_208) | | | [155](#i9a7e000a4ea7435d8c28d96b7700515c_208) | | |

| [Note 14. Benefit Plans](#i9a7e000a4ea7435d8c28d96b7700515c_229) | | | [176](#i9a7e000a4ea7435d8c28d96b7700515c_229) | | |

As discussed in Note 5 to the consolidated financial statements, the Company invests in certain privately issued securities that require judgment in the estimation of fair values.

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

| Balance at December 31, 2021 | | | $ | 135 | | $ | 2,529 | | $ | 40,963 | | $ | (8,411) | | $ | (18,185) | | $ | 17,031 | |

Benefits are recorded as an expense when they are incurred.

The amortized cost of debt securities the

These powers vary by structure but generally include the initial selection of the underlying collateral; the ability to obtain the underlying collateral in the event of default; and, the ability to appoint or dismiss key parties in the structure.

For those entities where the Company is the primary beneficiary, the consolidated entity's assets are segregated on the balance sheet by the caption "consolidated variable interest entities," and consist of fixed maturity securities, loan receivables, limited partnerships and derivative instruments.

The net investment in mortgage- and asset-backed securities is adjusted to the amount that would have existed had the new effective yield been applied at the time of acquisition.

This adjustment is reflected in net investment income.

The Company receives cash or other securities as collateral for such loans.

For loans involving unrestricted cash or securities as collateral, the collateral is reported as an asset with a corresponding liability for the return of the collateral.

For loans where the Company receives as collateral securities that the Company is not permitted to sell or repledge, the collateral is not reported as an asset.

The amortized cost of the loan receivables reflects allowances for expected lifetime credit losses estimated as of each reporting date.

Properties held-for-sale are not depreciated.

Credit Losses: The Company estimates expected lifetime credit losses on financial assets measured at amortized cost including short-term receivables, premiums receivable, held-to-maturity fixed maturity securities, loan receivables, loan commitments and reinsurance recoverables.

See Note 5 for a discussion on how the Company determines the fair value of its derivatives.

The Company documents the designation of each hedge as either (i) a hedge of the variability of cash flows to be received or paid related to a recognized asset or liability or the hedge of a forecasted transaction ("cash flow hedge"); (ii) a hedge of the exposure to changes in the fair value of a recognized asset or liability, attributable to a particular risk ("fair value hedge"); or (iii) a hedge of foreign currency exposure of a net investment in a foreign operation ("net investment hedge").

The Company includes all components of each derivative's gain or loss in the assessment of hedge effectiveness.

If and when a sale or liquidation occurs, the changes in fair value of the derivative deferred in the unrealized foreign currency component of other comprehensive income will be released in the same income statement line item where the gain (loss) on the hedged net investment would be recorded upon sale.

The fluctuations in estimated fair value of derivatives that have not been designated for hedge accounting can result in volatility in net earnings.

For life and health products issued in the U.S., the constant-level basis used is face amount and number of policies in force, respectively.

The stages of evaluation are as follows: 1) determine if the modification is integrated with the base policy, and 2) if it is integrated, determine if the resulting contract is substantially changed.

Riders can be considered internal replacements that are either integrated or non-integrated resulting in either substantially changed or substantially unchanged treatment.

Riders are evaluated based on the specific facts and circumstances of the rider and are considered an expansion of the existing benefits with additional premium required.

Non-integrated riders to existing contracts do not change the Company's profit expectations for the related products and are treated as a new policy establishment for incremental coverage.

The LFPB is measured using the net level premium method.

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

The Company has designed its discount rate methodology for the U.S. and Japan insurance business.

Discount rates comprising each curve are determined by reference to upper-medium grade (low credit risk) fixed-income instrument yields that reflect the duration characteristics of the corresponding insurance liabilities.

The Company uses for these yields single-A rated fixed income instruments with credit ratings based on international rating standards.

Where only local ratings are available, the Company selects the fixed-income instruments with local ratings that are equivalent to a single-A rating based on international rating standards.

The methodology is designed to prioritize observable inputs based on market data available in the local debt markets where the respective policies were issued in the currency in which the policies are denominated.

For the discount rates applicable to tenors for which the single-A debt market is not liquid or there is little or no observable market data, the Company uses various estimation techniques consistent with the fair value guidance in ASC 820 - Fair Value Measurement, which include, but are not limited to: (i) for tenors where there is less observable market data and/or the observable market data is available for similar instruments, estimating tenor-specific single-A credit spreads and applying them to risk-free government rates; (ii) for tenors where there is very limited or no observable single-A or similar market data, interpolation and extrapolation techniques.

The locked-in discount rate used for the computation of interest accretion on LFPBs is determined separately for each issue-year cohort as a single discount rate, calculated as the weighted-average of monthly upper-medium grade (low credit risk) fixed-income instrument forward curves in the calendar year, determined using the methodology described above and weighted using issued annualized premiums for each issue month.

All relevant prior-year amounts have been adjusted for the adoption of ASU 2018-12.

There have been no changes in, or disagreements with, accountants on accounting and financial disclosure matters during the years ended December 31, [removed: 2024] [added: 2025] and [removed: 2023.][added: 2024.]

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: 2024] [added: 2025] that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

During the fourth quarter of [removed: 2024,] [added: 2025,] the following directors or executive officers adopted or terminated a contract, instruction or written plan for the purchase or sale of the Parent Company's securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or a non-Rule 10b5-1 trading arrangement as defined in Regulation S-K Item 408(c):

- On December [removed: 4, 2024,] [added: 5, 2025,] Masatoshi Koide, President and Representative Director of Aflac Japan, adopted a 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 [removed: will terminate no later than June 30, 2025.][added: at least 3 years after the original grant date.]

The estimated number of gross shares of Aflac Incorporated common stock to be [removed: acquired] [added: released] is [removed: 21,805;] [added: 18,605;] however, the actual number of shares [added: released] may vary based on achievement of designated performance metrics.

- On December 4, [removed: 2024,] [added: 2025,] Joseph L.

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

- On December [removed: 5, 2024,] [added: 8, 2025,] Charles D.

Lake II, Chairman and Representative Director of Aflac Japan and President of Aflac International, adopted a Rule 10b5-1 trading plan that provides for the sale of 55.95% of performance-based restricted stock shares to be released upon approval of the Company's board of directors and [removed: will terminate no later than June 30, 2025.][added: at least 3 years after the original grant date.]

The estimated number of gross shares of Aflac Incorporated common stock to be [removed: acquired] [added: released] is [removed: 20,614;] [added: 16,116;] however, the actual number of shares [added: released] may vary based on achievement of designated performance metrics.

- On December 1, 2025, Miwako Hosoda, a member of the Company's board of directors, adopted a Rule 10b5-1 trading plan that provides for the sale of 20% of time-based restricted stock shares to be released 1 year after the original grant date.

The plan will terminate no later than May 29, 2026.

The estimated number of gross shares of Aflac Incorporated common stock to be released is 1,722; however, the actual number of shares released may vary based on dividends accrued prior to the release date.

The plan will terminate no later than November 13, 2026.

The plan will terminate no later than June 30, 2026.

The plan will terminate no later than June 30, 2026.

Directors, Executive Officers and Corporate [removed: Governance](#i9a7e000a4ea7435d8c28d96b7700515c_19)][added: Governance](#ic9782cbc0a1543588987bcaff9199cad_25)]

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: 2025] [added: 2026] Annual Meeting of Shareholders, which will be filed with the Securities and Exchange Commission on or about March [removed: 20, 2025,] [added: 19, 2026,] pursuant to Regulation 14A under the Exchange Act.

and [removed: 11.][added: 11., respectively.]

EXECUTIVE COMPENSATION Director Compensation; Compensation Committee; Compensation Committee Report; Compensation Discussion and Analysis; [removed: 2024] [added: 2025] Summary Compensation Table; [removed: 2024] [added: 2025] Grants of Plan-Based Awards; [removed: 2024] [added: 2025] Outstanding Equity Awards at Fiscal Year-End; [removed: 2024] [added: 2025] Option Exercises and Stock Vested; Pension Benefits; Nonqualified Deferred Compensation; Potential Payments Upon Termination or Change in Control; Compensation Committee Interlocks and Insider Participation; and Equity Granting Policies

respectively.

Exhibits, Financial Statement [removed: Schedules](#i9a7e000a4ea7435d8c28d96b7700515c_274)][added: Schedules](#ic9782cbc0a1543588987bcaff9199cad_277)]

| | | | | | | Report of Independent Registered Public Accounting Firm | | | | | | [removed: [80](#i9a7e000a4ea7435d8c28d96b7700515c_115)] [added: [80](#ic9782cbc0a1543588987bcaff9199cad_121)] | | |

| | | | | | | Consolidated Statements of Earnings for each of the years in the three- year period ended December 31, [removed: 2024] [added: 2025] | | | | | | [removed: [84](#i9a7e000a4ea7435d8c28d96b7700515c_118)] [added: [84](#ic9782cbc0a1543588987bcaff9199cad_124)] | | |

| | | | | | | Consolidated Statements of Comprehensive Income (Loss) for each of the years in the three-year period ended December 31, [removed: 2024] [added: 2025] | | | | | | [removed: [85](#i9a7e000a4ea7435d8c28d96b7700515c_121)] [added: [85](#ic9782cbc0a1543588987bcaff9199cad_127)] | | |

| | | | | | | Consolidated Balance Sheets as of December 31, [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] | | | | | | [removed: [86](#i9a7e000a4ea7435d8c28d96b7700515c_124)] [added: [86](#ic9782cbc0a1543588987bcaff9199cad_130)] | | |

| | | | | | | Consolidated Statements of Shareholders' Equity for each of the years in the three-year period ended December 31, [removed: 2024] [added: 2025] | | | | | | [removed: [87](#i9a7e000a4ea7435d8c28d96b7700515c_127)] [added: [87](#ic9782cbc0a1543588987bcaff9199cad_133)] | | |

| | | | | | | Consolidated Statements of Cash Flows for each of the years in the three-year period ended December 31, [removed: 2024] [added: 2025] | | | | | | [removed: [89](#i9a7e000a4ea7435d8c28d96b7700515c_130)] [added: [89](#ic9782cbc0a1543588987bcaff9199cad_136)] | | |

| | | | | | | Notes to the Consolidated Financial Statements | | | | | | [removed: [90](#i9a7e000a4ea7435d8c28d96b7700515c_133)] [added: [90](#ic9782cbc0a1543588987bcaff9199cad_139)] | | |

| | | | | | | Schedule II - | | | Condensed Financial Information of Registrant as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and for each of the years in the three-year period ended December 31, [removed: 2024] [added: 2025] | | | [removed: [192](#i9a7e000a4ea7435d8c28d96b7700515c_286)] [added: [197](#ic9782cbc0a1543588987bcaff9199cad_289)] | | |

| | | | | | | Schedule III - | | | Supplementary Insurance Information as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and for each of the years in the three-year period ended December 31, [removed: 2024] [added: 2025] | | | [removed: [199](#i9a7e000a4ea7435d8c28d96b7700515c_319)] [added: [205](#ic9782cbc0a1543588987bcaff9199cad_322)] | | |

| | | | | | | Schedule IV - | | | Reinsurance for each of the years in the three-year period ended December 31, [removed: 2024] [added: 2025] | | | [removed: [200](#i9a7e000a4ea7435d8c28d96b7700515c_322)] [added: [206](#ic9782cbc0a1543588987bcaff9199cad_325)] | | |

| | | | [removed: [4.34](https://www.sec.gov/Archives/edgar/data/4977/000119312512410865/d411231dex41.htm)] [added: [4.38](https://www.sec.gov/Archives/edgar/data/4977/000119312512410865/d411231dex41.htm)] | | | \- | | | | | | Subordinated Indenture, dated as of September 26, 2012, between Aflac Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee – incorporated by reference from Form 8-K dated September 26, 2012, Exhibit 4.1. | | |

| | | | [removed: [4.35](https://www.sec.gov/Archives/edgar/data/4977/000119312517316693/d475449dex41.htm)] [added: [4.39](https://www.sec.gov/Archives/edgar/data/4977/000119312517316693/d475449dex41.htm)] | | | \- | | | | | | Second Supplemental Indenture, dated as of October 23, 2017, between Aflac Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (including the form of 2.108% Subordinated Debenture due 2047) - incorporated by reference from Form 8-K dated October 23, 2017, Exhibit 4.1. | | |

| | | | [removed: [10.26](https://www.sec.gov/Archives/edgar/data/4977/000119312510043173/dex1026.htm)*] [added: [10.28](https://www.sec.gov/Archives/edgar/data/4977/000119312510043173/dex1026.htm)*] | | | \- | | | | | | Aflac Incorporated Retirement Plan for Directors Emeritus, as amended and restated, dated February 9, 2010 – incorporated by reference from 2009 Form 10-K, Exhibit 10.26. | | |

| | | | [removed: [10.27](https://www.sec.gov/Archives/edgar/data/4977/000119312510249533/dex1027.htm)*] [added: [10.29](https://www.sec.gov/Archives/edgar/data/4977/000119312510249533/dex1027.htm)*] | | | \- | | | | | | Amendment to Aflac Incorporated Retirement Plan for Directors Emeritus, as amended and restated, dated August 10, 2010 – incorporated by reference from Form 10-Q for September 30, 2010, Exhibit 10.27. | | |

| | | | [removed: [10.28](https://www.sec.gov/Archives/edgar/data/4977/000000497720000044/afl123119ex1043.htm)*] [added: [10.30](https://www.sec.gov/Archives/edgar/data/4977/000000497720000044/afl123119ex1043.htm)*] | | | \- | | | | | | Aflac Life Insurance Japan Ltd. Officer Retirement Plan – incorporated by reference from 2019 Form 10-K, Exhibit 10.43. | | |

| | | | [removed: [10.29](https://www.sec.gov/Archives/edgar/data/4977/000000497723000090/afl33123ex102.htm)*] [added: [10.31](https://www.sec.gov/Archives/edgar/data/4977/000000497723000090/afl33123ex102.htm)*] | | | \- | | | | | | Aflac Incorporated Executive Officer Severance Plan – incorporated by reference from Form 10-Q for March 31, 2023, Exhibit 10.2. | | |

| | | | [removed: [10.30](https://www.sec.gov/Archives/edgar/data/4977/000000497715000172/afl093015ex1029.htm)*] [added: [10.32](https://www.sec.gov/Archives/edgar/data/4977/000000497715000172/afl093015ex1029.htm)*] | | | \- | | | | | | Aflac Incorporated Employment Agreement with Daniel P. Amos, as amended and restated, dated August 20, 2015 – incorporated by reference from Form 10-Q for September 30, 2015, Exhibit 10.29. | | |

| | | | [removed: [10.31](https://www.sec.gov/Archives/edgar/data/4977/000000497718000073/exhibit106.htm)*] [added: [10.33](https://www.sec.gov/Archives/edgar/data/4977/000000497718000073/exhibit106.htm)*] | | | \- | | | | | | Aflac Incorporated Employment Agreement with Audrey Boone Tillman, dated June 11, 2015 – incorporated by reference from Form 10-Q for March 31, 2018, Exhibit 10.6. | | |

| | | | [removed: [10.32](https://www.sec.gov/Archives/edgar/data/4977/000000497723000055/afl1233122ex1035.htm)*] [added: [10.34](https://www.sec.gov/Archives/edgar/data/4977/000000497723000055/afl1233122ex1035.htm)*] | | | \- | | | | | | Amendment to Aflac Incorporated Employment Agreement with Audrey Boone Tillman, dated October 24, 2022 – incorporated by reference from 2022 Form 10-K, Exhibit 10.34. | | |

| | | | [removed: [10.33](https://www.sec.gov/Archives/edgar/data/4977/000000497725000047/afl123124ex1033.htm)*] [added: [10.35](https://www.sec.gov/Archives/edgar/data/4977/000000497725000047/afl123124ex1033.htm)*] | | | \- | | | | | | Amendment to Aflac Incorporated Employment Agreement with Audrey Boone Tillman, dated November 1, [removed: 2024.] [added: 2024 – incorporated by reference from 2024 Form 10-K, Exhibit 10.33.] | | |

| | | | [removed: [10.34](https://www.sec.gov/Archives/edgar/data/4977/000000497721000063/afl33121ex103.htm)*] [added: [10.36](https://www.sec.gov/Archives/edgar/data/4977/000000497721000063/afl33121ex103.htm)*] | | | \- | | | | | | Aflac Incorporated Employment Agreement with Max K. Brodén, dated April 29, 2021 – incorporated by reference from Form 10-Q for March 31, 2021, Exhibit 10.3. | | |

| | | | [removed: [10.35](https://www.sec.gov/Archives/edgar/data/4977/000000497723000055/afl123122ex1037.htm)*] [added: [10.37](https://www.sec.gov/Archives/edgar/data/4977/000000497723000055/afl123122ex1037.htm)*] | | | \- | | | | | | Amendment to Aflac Incorporated Employment Agreement with Max K. Brodén, dated October 24, 2022 – incorporated by reference from 2022 Form 10-K, Exhibit 10.37. | | |

| | | | [removed: [10.36](https://www.sec.gov/Archives/edgar/data/4977/000000497725000047/afl123124ex1036.htm)*] [added: [10.38](https://www.sec.gov/Archives/edgar/data/4977/000000497725000047/afl123124ex1036.htm)*] | | | \- | | | | | | Amendment to Aflac Incorporated Employment Agreement with Max K. Brodén, dated November 1, [removed: 2024.] [added: 2024 – incorporated by reference from 2024 Form 10-K, Exhibit 10.36.] | | |