Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

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Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES


(a)	1.	FINANCIAL STATEMENTS		Page(s)

		Included in Part II, Item 8. of this report:
		Aflac Incorporated and Subsidiaries:
		Report of Independent Registered Public Accounting Firm		80
		Consolidated Statements of Earnings for each of the years in the three- year period ended December 31, 2025		84
		Consolidated Statements of Comprehensive Income (Loss) for each of the years in the three-year period ended December 31, 2025		85
		Consolidated Balance Sheets as of December 31, 2025 and 2024		86
		Consolidated Statements of Shareholders' Equity for each of the years in the three-year period ended December 31, 2025		87
		Consolidated Statements of Cash Flows for each of the years in the three-year period ended December 31, 2025		89
		Notes to the Consolidated Financial Statements		90

	2.	FINANCIAL STATEMENT SCHEDULES

		Included in Part IV of this report:
		Schedule II -	Condensed Financial Information of Registrant as of December 31, 2025 and 2024, and for each of the years in the three-year period ended December 31, 2025	197
		Schedule III -	Supplementary Insurance Information as of December 31, 2025 and 2024, and for each of the years in the three-year period ended December 31, 2025	205
		Schedule IV -	Reinsurance for each of the years in the three-year period ended December 31, 2025	206

	3.	EXHIBIT INDEX

		An “Exhibit Index” has been filed as part of this Report beginning on the following page and is incorporated herein by this reference.

Schedules other than those listed above are omitted because they are not required, are not material, are not applicable, or the required information is shown in the financial statements or notes thereto.

In reviewing the agreements included as exhibits to this annual report, please remember they are included to provide you with information regarding their terms and are not intended to provide any other factual or disclosure information about the Company or the other parties to the agreements. The agreements contain representations and warranties by each of the parties to the applicable agreement. These representations and warranties have been made solely for the benefit of the other parties to the applicable agreement and:

should not in all instances be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate;
have been qualified by disclosures that were made to the other party in connection with the negotiation of the applicable agreement, which disclosures are not necessarily reflected in the agreement;
may apply standards of materiality in a way that is different from what may be viewed as material to you or other investors; and
were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement and are subject to more recent developments.

Accordingly, these representations and warranties may not describe the actual state of affairs as of the date they were made or at any other time.


(b)	EXHIBIT INDEX(1)
	3.0	-	Articles of Incorporation, as amended – incorporated by reference from Form 10-Q for June 30, 2008, Exhibit 3.0.
	3.1	-	Bylaws of Aflac Incorporated, as amended and restated – incorporated by reference from Form 8-K dated November 17, 2023, Exhibit 3.1.
	4.0	-	There are no instruments with respect to long-term debt not being registered in which the total amount of securities authorized exceeds 10% of the total assets of Aflac Incorporated and its subsidiaries on a consolidated basis. The Company agrees to furnish a copy of any long-term debt instrument to the Securities and Exchange Commission upon request.
	4.1	-	Description of common stock securities registered pursuant to Section 12 of the Securities Exchange Act of 1934 – incorporated by reference from 2019 Form 10-K, Exhibit 4.1.
	4.2	-	Indenture, dated as of May 21, 2009, between Aflac Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee – incorporated by reference from Form 8-K dated May 21, 2009, Exhibit 4.1.
	4.3	-	Second Supplemental Indenture, dated as of December 17, 2009, between Aflac Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (including the form of 6.900% Senior Note due 2039) – incorporated by reference from Form 8-K dated December 14, 2009, Exhibit 4.1.
	4.4	-	Third Supplemental Indenture, dated as of August 9, 2010, between Aflac Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (including the form of 6.45% Senior Note due 2040) – incorporated by reference from Form 8-K dated August 4, 2010, Exhibit 4.1.
	4.5	-	Twelfth Supplemental Indenture, dated as of September 19, 2016, between Aflac Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (including the form of 2.875% Senior Note due 2026) – incorporated by reference from Form 8-K dated September 19, 2016, Exhibit 4.1.
	4.6	-	Thirteenth Supplemental Indenture, dated as of September 19, 2016, between Aflac Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (including the form of 4.000% Senior Note due 2046) – incorporated by reference from Form 8-K dated September 19, 2016, Exhibit 4.2.
	4.7	-	Fourteenth Supplemental Indenture, dated as of January 25, 2017, between Aflac Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (including the form of .932% Senior Note due 2027) – incorporated by reference from Form 8-K dated January 25, 2017, Exhibit 4.1.
	4.8	-	Fifteenth Supplemental Indenture, dated as of October 18, 2018, between Aflac Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (including the form of 1.159% Senior Note due 2030) – incorporated by reference from Form 8-K dated October 18, 2018, Exhibit 4.1.
	4.9	-	Sixteenth Supplemental Indenture, dated as of October 18, 2018, between Aflac Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (including the form of 1.488% Senior Note due 2033) – incorporated by reference from Form 8-K dated October 18, 2018, Exhibit 4.2.
	4.10	-	Seventeenth Supplemental Indenture, dated as of October 18, 2018, between Aflac Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (including the form of 1.750% Senior Note due 2038) – incorporated by reference from Form 8-K dated October 18, 2018, Exhibit 4.3.
	4.11	-	Eighteenth Supplemental Indenture, dated as of October 31, 2018, between Aflac Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (including the form of 4.750% Senior Note due 2049) – incorporated by reference from Form 8-K dated October 31, 2018, Exhibit 4.1.
	4.12	-	Nineteenth Supplemental Indenture, dated as of December 17, 2019, between Aflac Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (including the form of 0.500% Senior Note due 2029) – incorporated by reference from Form 8-K dated December 17, 2019, Exhibit 4.1.
	4.13	-	Twentieth Supplemental Indenture, dated as of December 17, 2019, between Aflac Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (including the form of 0.843% Senior Note due 2031) – incorporated by reference from Form 8-K dated December 17, 2019, Exhibit 4.2.
	4.14	-	Twenty-First Supplemental Indenture, dated as of December 17, 2019, between Aflac Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (including the form of 0.934% Senior Note due 2034) – incorporated by reference from Form 8-K dated December 17, 2019, Exhibit 4.3.
	4.15	-	Twenty-Second Supplemental Indenture, dated as of December 17, 2019, between Aflac Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (including the form of 1.122% Senior Note due 2039) – incorporated by reference from Form 8-K dated December 17, 2019, Exhibit 4.4.
	4.16	-	Twenty-Third Supplemental Indenture, dated as of March 12, 2020, between Aflac Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (including the form of 0.300% Senior Note due 2025) – incorporated by reference from Form 8-K dated March 12, 2020, Exhibit 4.1.


4.17	-	Twenty-Fourth Supplemental Indenture, dated as of March 12, 2020, between Aflac Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (including the form of 0.550% Senior Note due 2030) – incorporated by reference from Form 8-K dated March 12, 2020, Exhibit 4.2.
4.18	-	Twenty-Fifth Supplemental Indenture, dated as of March 12, 2020, between Aflac Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (including the form of 0.750% Senior Note due 2032) – incorporated by reference from Form 8-K dated March 12, 2020, Exhibit 4.3.
4.19	-	Twenty-Sixth Supplemental Indenture, dated as of March 12, 2020, between Aflac Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (including the form of 0.830% Senior Note due 2035) – incorporated by reference from Form 8-K dated March 12, 2020, Exhibit 4.4.
4.20	-	Twenty-Seventh Supplemental Indenture, dated as of April 1, 2020, between Aflac Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (including the form of 3.600% Senior Note due 2030) – incorporated by reference from Form 8-K dated April 1, 2020, Exhibit 4.1.
4.21	-	Twenty-Eighth Supplemental Indenture, dated as of March 8, 2021, between Aflac Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (including the form of 1.125% Senior Sustainability Note due 2026) – incorporated by reference from Form 8-K dated March 8, 2021, Exhibit 4.1.
4.22	-	Twenty-Ninth Supplemental Indenture, dated as of April 15, 2021, between Aflac Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (including the form of 0.633% Senior Note due 2031) – incorporated by reference from Form 8-K dated April 15, 2021, Exhibit 4.1.
4.23	-	Thirtieth Supplemental Indenture, dated as of April 15, 2021, between Aflac Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (including the form of 0.844% Senior Note due 2033) – incorporated by reference from Form 8-K dated April 15, 2021, Exhibit 4.2.
4.24	-	Thirty-First Supplemental Indenture, dated as of April 15, 2021, between Aflac Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (including the form of 1.039% Senior Note due 2036) – incorporated by reference from Form 8-K dated April 15, 2021, Exhibit 4.3.
4.25	-	Thirty-Second Supplemental Indenture, dated as of April 15, 2021, between Aflac Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (including the form of 1.264% Senior Note due 2041) – incorporated by reference from Form 8-K dated April 15, 2021, Exhibit 4.4.
4.26	-	Thirty-Third Supplemental Indenture, dated as of April 15, 2021, between Aflac Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (including the form of 1.560% Senior Note due 2051) – incorporated by reference from Form 8-K dated April 15, 2021, Exhibit 4.5.
4.27	-	Thirty-Fourth Supplemental Indenture, dated as of September 14, 2022, between Aflac Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (including the form of 1.075% Senior Note due 2029) – incorporated by reference from Form 8-K dated September 14, 2022, Exhibit 4.1.
4.28	-	Thirty-Fifth Supplemental Indenture, dated as of September 14, 2022, between Aflac Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (including the form of 1.320% Senior Note due 2032) – incorporated by reference from Form 8-K dated September 14, 2022, Exhibit 4.2.
4.29	-	Thirty-Sixth Supplemental Indenture, dated as of September 14, 2022, between Aflac Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (including the form of 1.594% Senior Note due 2037) – incorporated by reference from Form 8-K dated September 14, 2022, Exhibit 4.3.
4.30	-	Thirty-Seventh Supplemental Indenture, dated as of September 14, 2022, between Aflac Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (including the form of 2.144% Senior Note due 2052) – incorporated by reference from Form 8-K dated September 14, 2022, Exhibit 4.4.
4.31	-	Thirty-Eighth Supplemental Indenture, dated as of March 21, 2024, between Aflac Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (including the form of 1.048% Senior Note due 2029) – incorporated by reference from Form 8-K dated March 21, 2024, Exhibit 4.1.
4.32	-	Thirty-Ninth Supplemental Indenture, dated as of March 21, 2024, between Aflac Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (including the form of 1.412% Senior Note due 2031) – incorporated by reference from Form 8-K dated March 21, 2024, Exhibit 4.2.
4.33	-	Fortieth Supplemental Indenture, dated as of March 21, 2024, between Aflac Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (including the form of 1.682% Senior Note due 2034) – incorporated by reference from Form 8-K dated March 21, 2024, Exhibit 4.3.
4.34	-	Forty-First Supplemental Indenture, dated as of June 5, 2025, between Aflac Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (including the form of 1.726% Senior Note due 2030) – incorporated by reference from Form 8-K dated June 5, 2025, Exhibit 4.1.
4.35	-	Forty-Second Supplemental Indenture, dated as of June 5, 2025, between Aflac Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (including the form of 2.003% Senior Note due 2032) – incorporated by reference from Form 8-K dated June 5, 2025, Exhibit 4.2.


4.36	-	Forty-Third Supplemental Indenture, dated as of June 5, 2025, between Aflac Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (including the form of 2.369% Senior Note due 2035) – incorporated by reference from Form 8-K dated June 5, 2025, Exhibit 4.3.
4.37	-	Forty-Fourth Supplemental Indenture, dated as of June 5, 2025, between Aflac Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (including the form of 2.779% Senior Note due 2040) – incorporated by reference from Form 8-K dated June 5, 2025, Exhibit 4.4.
4.38	-	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.
4.39	-	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.
10.0*	-	American Family Corporation Retirement Plan for Senior Officers, as amended and restated October 1, 1989 – incorporated by reference from 1993 Form 10-K, Exhibit 10.2.
10.1*	-	Amendment to American Family Corporation Retirement Plan for Senior Officers, dated December 8, 2008 – incorporated by reference from 2008 Form 10-K, Exhibit 10.1.
10.2*	-	Second Amendment to the American Family Corporation Retirement Plan for Senior Officers, dated November 16, 2012 – incorporated by reference from Form 10-Q for September 30, 2016, Exhibit 10.2.
10.3*	-	Third Amendment to the American Family Corporation Retirement Plan for Senior Officers, dated October 18, 2016 – incorporated by reference from Form 10-Q for September 30, 2016, Exhibit 10.3.
10.4*	-	Fourth Amendment to the American Family Corporation Retirement Plan for Senior Officers – incorporated by reference from Form 8-K dated June 13, 2023, Exhibit 10.2.
10.5*	-	Aflac Incorporated Supplemental Executive Retirement Plan, as amended and restated effective January 1, 2009 – incorporated by reference from 2008 Form 10-K, Exhibit 10.5.
10.6*	-	First Amendment to the Aflac Incorporated Supplemental Executive Retirement Plan, as amended and restated effective January 1, 2009 – incorporated by reference from 2012 Form 10-K, Exhibit 10.3.
10.7*	-	Second Amendment to the Aflac Incorporated Supplemental Executive Retirement Plan, as amended and restated effective January 1, 2009 – incorporated by reference from 2014 Form 10-K, Exhibit 10.4.
10.8*	-	Third Amendment to the Aflac Incorporated Supplemental Executive Retirement Plan, as amended and restated effective January 1, 2009 – incorporated by reference from Form 8-K dated June 13, 2023, Exhibit 10.1.
10.9*	-	Aflac Incorporated Executive Deferred Compensation Plan, as amended and restated, effective January 1, 2020 – incorporated by reference from 2019 Form 10-K, Exhibit 10.11.
10.10*	-	First Amendment to the Aflac Incorporated Executive Deferred Compensation Plan, as amended and restated, effective January 1, 2020 – incorporated by reference from Form 10-Q for June 30, 2020, Exhibit 10.1.
10.11*	-	Second Amendment to the Aflac Incorporated Executive Deferred Compensation Plan, as amended and restated, effective January 1, 2020 – incorporated by reference from Form 10-Q for September 30, 2022, Exhibit 10.1.
10.12*	-	Aflac Incorporated 2018 Management Incentive Plan – incorporated by reference from the 2017 Proxy Statement, Appendix B.
10.13*	-	Aflac Incorporated 2023 Management Incentive Plan – incorporated by reference from Form 8-K dated February 10, 2023, Exhibit 10.1.
10.14*	-	1999 Aflac Associate Stock Bonus Plan, amended and restated as of February 1, 2021 – incorporated by reference from Form 10-Q for March 31, 2021, Exhibit 10.1.
10.15*	-	2004 Aflac Incorporated Long-Term Incentive Plan, as amended and restated March 14, 2012 – incorporated by reference from the 2012 Proxy Statement, Appendix A.
10.16*	-	Form of Non-Employee Director Stock Option Agreement (NQSO) under the 2004 Aflac Incorporated Long-Term Incentive Plan, as amended and restated March 14, 2012 – incorporated by reference from Form 10-Q for March 31, 2016, Exhibit 10.13.
10.17*	-	U.S. Form of Employee Stock Option Agreement (Non-Qualifying Stock Option) under the 2004 Aflac Incorporated Long-Term Incentive Plan, as amended and restated March 14, 2012 – incorporated by reference from Form 10-Q for March 31, 2016, Exhibit 10.21.
10.18*	-	Japan Form of Employee Stock Option Agreement (Non-Qualifying Stock Option) under the 2004 Aflac Incorporated Long-Term Incentive Plan, as amended and restated March 14, 2012 – incorporated by reference from Form 10-Q for March 31, 2016, Exhibit 10.22.


10.19*	-	U.S. Form of Employee Stock Option Agreement (Incentive Stock Option) under the 2004 Aflac Incorporated Long-Term Incentive Plan, as amended and restated March 14, 2012 – incorporated by reference from Form 10-Q for March 31, 2016, Exhibit 10.23.
10.20*	-	Aflac Incorporated Long-Term Incentive Plan, as amended and restated February 14, 2017 – incorporated by reference from Form 8-K dated May 1, 2017, Exhibit 10.1.
10.21*	-	First Amendment to the Aflac Incorporated Long-Term Incentive Plan, as amended and restated February 14, 2017 – incorporated by reference from Form 10-Q for September 30, 2022, Exhibit 10.2.
10.22*	-	Form of Non-Employee Director Stock Option Agreement (Non-Qualifying Stock Option) under the Aflac Incorporated Long-Term Incentive Plan, as amended and restated February 14, 2017 – incorporated by reference from Form 10-Q for June 30, 2017, Exhibit 10.33.
10.23*	-	Form of Non-Employee Director Restricted Stock Award Agreement under the Aflac Incorporated Long-Term Incentive Plan, as amended and restated February 14, 2017 – incorporated by reference from Form 10-Q for June 30, 2017, Exhibit 10.34.
10.24*	-	U.S. Form of Employee Restricted Stock Award Agreement under the Aflac Incorporated Long-Term Incentive Plan, as amended and restated February 14, 2017 – incorporated by reference from Form 8-K dated February 11, 2022, Exhibit 10.1.
10.25*	-	Japan Form of Employee Restricted Stock Award Agreement under the Aflac Incorporated Long-Term Incentive Plan, as amended and restated February 14, 2017 – incorporated by reference from Form 8-K dated February 11, 2022, Exhibit 10.2.
10.26*	-	U.S. Form of Employee Restricted Stock Unit Award Agreement under the Aflac Incorporated Long-Term Incentive Plan, as amended and restated February 14, 2017.
10.27*	-	Japan Form of Employee Restricted Stock Unit Award Agreement under the Aflac Incorporated Long-Term Incentive Plan, as amended and restated February 14, 2017.
10.28*	-	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.
10.29*	-	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.
10.30*	-	Aflac Life Insurance Japan Ltd. Officer Retirement Plan – incorporated by reference from 2019 Form 10-K, Exhibit 10.43.
10.31*	-	Aflac Incorporated Executive Officer Severance Plan – incorporated by reference from Form 10-Q for March 31, 2023, Exhibit 10.2.
10.32*	-	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.
10.33*	-	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.
10.34*	-	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.
10.35*	-	Amendment to Aflac Incorporated Employment Agreement with Audrey Boone Tillman, dated November 1, 2024 – incorporated by reference from 2024 Form 10-K, Exhibit 10.33.
10.36*	-	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.
10.37*	-	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.
10.38*	-	Amendment to Aflac Incorporated Employment Agreement with Max K. Brodén, dated November 1, 2024 – incorporated by reference from 2024 Form 10-K, Exhibit 10.36.
10.39	-	Agency Services Agreement, dated March 1, 2008, by and between Japan Post Network Co., Ltd. and Aflac – incorporated by reference from Form 10-Q for March 31, 2020, Exhibit 10.2.
10.40**	-	Amendment Agreement to Agency Services Agreement, dated June 27, 2016, by and between Japan Post Co., Ltd. and Aflac – incorporated by reference from Form 10-Q for March 31, 2020, Exhibit 10.3.
10.41	-	Basic Agreement regarding the “Strategic Alliance Based on Capital Relationship”, dated December 19, 2018, by and among Japan Post Holdings Co., Ltd., Aflac Incorporated and Aflac Life Insurance Japan Ltd. – incorporated by reference from Form 8-K dated December 19, 2018, Exhibit 10.1.
10.42	-	Letter Agreement, dated December 19, 2018, by and between Japan Post Holdings Co., Ltd. and Aflac Incorporated – incorporated by reference from Form 8-K dated December 19, 2018, Exhibit 10.2.


	10.43	-	Shareholders Agreement, dated February 28, 2019, by and between Aflac Incorporated, Japan Post Holdings Co., Ltd., J&A Alliance Holdings Corporation (solely in its capacity as trustee of J&A Alliance Trust), and General Incorporated Association J&A Alliance – incorporated by reference from Form 10-Q for March 31, 2019, Exhibit 10.50.
	19***	-	Aflac Incorporated's Insider Trading Policy and Compliance Procedures – incorporated by reference from 2024 Form 10-K, Exhibit 19.
	21	-	Subsidiaries.
	23	-	Consent of independent registered public accounting firm, KPMG LLP, to Form S-8 Registration Statement No. 333-158969 with respect to the Aflac Incorporated 401(k) Savings and Profit Sharing Plan.
		-	Consent of independent registered public accounting firm, KPMG LLP, to Form S-8 Registration Statement Nos. 333-135327, 333-161269, 333-202781, 333-245702, and 333-293458 with respect to the Aflac Incorporated Executive Deferred Compensation Plan.
		-	Consent of independent registered public accounting firm, KPMG LLP, to Form S-8 Registration Statement No. 333-115105 and 333-219888 with respect to the Aflac Incorporated Long-Term Incentive Plan.
		-	Consent of independent registered public accounting firm, KPMG LLP, to Form S-3 Registration Statement No. 333-273722 with respect to the AFL Stock Plan.
		-	Consent of independent registered public accounting firm, KPMG LLP, to Form S-3 Registration Statement No. 333-271561 with respect to the resale of Aflac Incorporated common stock by J&A Alliance Holdings Corporation in its capacity as the trustee of J&A Alliance Trust.
		-	Consent of independent registered public accounting firm, KPMG LLP, to Form S-3 Registration Statement No. 333-281977 with respect to the Aflac Incorporated shelf registration statement.
	31.1	-	Certification of CEO dated February 25, 2026, required by Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934.
	31.2	-	Certification of CFO dated February 25, 2026, required by Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934.
	32	-	Certification of CEO and CFO dated February 25, 2026, pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
	97*	-	Aflac Incorporated Policy on Recoupment of Incentive Compensation, as amended.
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(1)	Copies of any exhibit are available upon request by calling the Company's Investor Relations Department at 800.235.2667 - option 3
*	Management contract or compensatory plan or arrangement required to be filed as an exhibit pursuant to Item 15(b) of this report.
**	Portions of this exhibit have been redacted in compliance with Regulation S-K Item 601(b)(10).
***	Portions of this exhibit have been redacted.


(c)			FINANCIAL STATEMENT SCHEDULES

SCHEDULE II

CONDENSED FINANCIAL INFORMATION OF REGISTRANT

Aflac Incorporated (Parent Only)

Condensed Statements of Earnings


	Years ended December 31,
(In millions)	2025			2024			2023
Revenues:
Management and service fees from subsidiaries(1)		$	170		$	163		$	151
Net investment income		147			31			(174)
Interest from subsidiaries(1)		1			1			1
Net investment gains (losses)		122			503			301
Total revenues		440			698			279
Operating expenses:
Interest expense		213			189			187
Other operating expenses		392			282			295
Total operating expenses		605			471			482
Earnings before income taxes and equity in earnings of subsidiaries		(165)			227			(203)
Income tax expense (benefit)		(103)			(126)			(444)
Earnings before equity in earnings of subsidiaries		(62)			353			241
Equity in earnings of subsidiaries(1)		3,708			5,090			4,418
Net earnings		$	3,646		$	5,443		$	4,659

*(1)*Eliminated in consolidation

See the accompanying Notes to Condensed Financial Statements.

See the accompanying Report of Independent Registered Public Accounting Firm.

SCHEDULE II

CONDENSED FINANCIAL INFORMATION OF REGISTRANT

Aflac Incorporated (Parent Only)

Condensed Statements of Comprehensive Income (Loss)


	Years ended December 31,
(In millions)	2025			2024			2023
Net earnings		$	3,646		$	5,443		$	4,659
Other comprehensive income (loss) before income taxes:
Unrealized foreign currency translation gains (losses) during period		146			(769)			(366)
Unrealized gains (losses) on fixed maturity securities during period		(2,322)			(1,421)			2,327
Unrealized gains (losses) on derivatives during period		8			3			6
Effect of changes in discount rate assumptions during period		7,631			5,780			(582)
Pension liability adjustment during period		97			23			35
Total other comprehensive income (loss) before income taxes		5,560			3,616			1,420
Income tax expense (benefit) related to items of other comprehensive income (loss)		1,130			1,074			511
Other comprehensive income (loss), net of income taxes		4,430			2,542			909
Total comprehensive income (loss)		$	8,076		$	7,985		$	5,568

See the accompanying Notes to Condensed Financial Statements.

See the accompanying Report of Independent Registered Public Accounting Firm.

SCHEDULE II

CONDENSED FINANCIAL INFORMATION OF REGISTRANT

Aflac Incorporated (Parent Only)

Condensed Balance Sheets


	December 31,
(In millions, except for share and per-share amounts)	2025			2024
Assets:
Investments and cash:
Fixed maturity securities available-for-sale, at fair value (no allowance for credit losses in 2025 and 2024, amortized cost $1,728 in 2025 and $1,702 in 2024)		$	1,714		$	1,713
Investments in subsidiaries(1)		32,215			27,890
Other investments		978			1,239
Cash and cash equivalents		2,646			2,308
Total investments and cash		37,553			33,150
Due from subsidiaries(1)		206			242
Income taxes receivable		147			71
Other assets		946			1,121
Total assets		$	38,852		$	34,584
Liabilities and shareholders' equity:
Liabilities:
Employee benefit plans		$	357		$	347
Notes payable and lease obligations		8,143			7,219
Other liabilities		862			920
Total liabilities		9,362			8,486
Shareholders' equity:
Common stock of $.10 par value. In thousands: authorized 1,900,000 shares in 2025 and 2024; issued 1,357,909 shares in 2025 and 1,356,763 shares in 2024		136			136
Additional paid-in capital		3,024			2,894
Retained earnings		54,682			52,277
Accumulated other comprehensive income (loss):
Unrealized foreign currency translation gains (losses)		(4,847)			(4,998)
Unrealized gains (losses) on fixed maturity securities		(1,809)			24
Unrealized gains (losses) on derivatives		(13)			(20)
Effect of changes in discount rate assumptions		8,035			2,006
Pension liability adjustment		86			10
Treasury stock, at average cost		(29,804)			(26,231)
Total shareholders' equity		29,490			26,098
Total liabilities and shareholders' equity		$	38,852		$	34,584

*(1)*Eliminated in consolidation

See the accompanying Notes to Condensed Financial Statements.

See the accompanying Report of Independent Registered Public Accounting Firm.

SCHEDULE II

CONDENSED FINANCIAL INFORMATION OF REGISTRANT

Aflac Incorporated (Parent Only)

Condensed Statements of Cash Flows


	Years ended December 31,
(In millions)	2025			2024			2023
Cash flows from operating activities:
Net earnings		$	3,646		$	5,443		$	4,659
Adjustments to reconcile net earnings to net cash provided from operating activities:
Equity in earnings of subsidiaries(1)		(3,708)			(5,090)			(4,418)
Cash dividends received from subsidiaries		3,824			4,274			3,410
Other, net		(52)			(292)			(686)
Net cash provided (used) by operating activities		3,710			4,335			2,965
Cash flows from investing activities:
Fixed maturity securities sold		824			572			547
Fixed maturity securities purchased		(772)			(695)			(345)
Other investments sold (purchased)		125			(243)			(34)
Settlement of derivatives		277			469			693
Additional capitalization of subsidiaries(1)		(15)			(84)			(203)
Other, net		(58)			0			1
Net cash provided (used) by investing activities		381			19			659
Cash flows from financing activities:
Purchases of treasury stock		(3,530)			(2,800)			(2,801)
Proceeds from borrowings		1,039			823			0
Principal payments under debt obligations		(84)			0			0
Dividends paid to shareholders		(1,198)			(1,087)			(966)
Treasury stock reissued		8			14			17
Proceeds from exercise of stock options		7			9			13
Net change in amount due to/from subsidiaries(1)		25			(5)			(6)
Other, net		(20)			(7)			(17)
Net cash provided (used) by financing activities		(3,753)			(3,053)			(3,760)
Net change in cash and cash equivalents		338			1,301			(136)
Cash and cash equivalents, beginning of period		2,308			1,007			1,143
Cash and cash equivalents, end of period		$	2,646		$	2,308		$	1,007

(1) Eliminated in consolidation

See the accompanying Notes to Condensed Financial Statements.

See the accompanying Report of Independent Registered Public Accounting Firm.

SCHEDULE II

CONDENSED FINANCIAL INFORMATION OF REGISTRANT

Aflac Incorporated (Parent Only)

Notes to Condensed Financial Statements

The accompanying condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto of Aflac Incorporated and Subsidiaries included in Part II, Item 8. of this report.

(A) Notes Payable and Lease Obligations

A summary of notes payable and lease obligations as of December 31 follows:


(In millions)	2025			2024
1.125% senior sustainability notes due March 2026		$	400		$	399
2.875% senior notes due October 2026		299			299
3.60% senior notes due April 2030		995			994
6.90% senior notes due December 2039		221			221
6.45% senior notes due August 2040		255			255
4.00% senior notes due October 2046		394			394
4.750% senior notes due January 2049		542			542
Yen-denominated senior notes and subordinated debentures:
.300% senior notes paid September 2025 (principal amount ¥12.4 billion)		0			79
.932% senior notes due January 2027 (principal amount ¥60.0 billion)		382			378
1.048% senior notes due March 2029 (principal amount ¥13.0 billion)		83			81
1.075% senior notes due September 2029 (principal amount ¥33.4 billion)		213			211
.500% senior notes due December 2029 (principal amount ¥12.6 billion)		80			79
.550% senior notes due March 2030 (principal amount ¥13.3 billion)		85			84
1.159% senior notes due October 2030 (principal amount ¥29.3 billion)		186			184
1.726% senior notes due October 2030 (principal amount ¥35.0 billion)		223			0
1.412% senior notes due March 2031 (principal amount ¥27.9 billion)		178			176
.633% senior notes due April 2031 (principal amount ¥30.0 billion)		191			189
.843% senior notes due December 2031 (principal amount ¥9.3 billion)		59			58
.750% senior notes due March 2032 (principal amount ¥20.7 billion)		131			130
1.990% senior notes due May 2032 (principal amount ¥18.2 billion)		116			0
1.320% senior notes due December 2032 (principal amount ¥21.1 billion)		134			133
2.003% senior notes due December 2032 (principal amount ¥23.4 billion)		149			0
.844% senior notes due April 2033 (principal amount ¥12.0 billion)		76			76
1.488% senior notes due October 2033 (principal amount ¥15.2 billion)		97			95
1.682% senior notes due March 2034 (principal amount ¥7.7 billion)		49			48
1.600% senior notes due March 2034 (principal amount ¥18.3 billion)		116			115
.934% senior notes due December 2034 (principal amount ¥9.8 billion)		62			62
.830% senior notes due March 2035 (principal amount ¥10.6 billion)		67			66
2.320% senior notes due May 2035 (principal amount ¥38.3 billion)		245			0
2.369% senior notes due June 2035 (principal amount ¥9.5 billion)		60			0
1.740% senior notes due March 2036 (principal amount ¥15.0 billion)		95			94
1.039% senior notes due April 2036 (principal amount ¥10.0 billion)		64			63
1.594% senior notes due September 2037 (principal amount ¥6.5 billion)		41			41
1.750% senior notes due October 2038 (principal amount ¥8.9 billion)		56			56
1.920% senior notes due March 2039 (principal amount ¥16.5 billion)		104			103
1.122% senior notes due December 2039 (principal amount ¥6.3 billion)		40			39
2.650% senior notes due May 2040 (principal amount ¥11.6 billion)		74			0
2.779% senior notes due June 2040 (principal amount ¥7.0 billion)		45			0
1.264% senior notes due April 2041 (principal amount ¥10.0 billion)		63			63
2.160% senior notes due March 2044 (principal amount ¥5.7 billion)		36			35
3.040% senior notes due May 2045 (principal amount ¥7.0 billion)		45			0
2.108% subordinated debentures due October 2047 (principal amount ¥60.0 billion)		379			375
1.560% senior notes due April 2051 (principal amount ¥20.0 billion)		127			125
2.144% senior notes due September 2052 (principal amount ¥12.0 billion)		76			75
2.400% senior notes due March 2054 (principal amount ¥19.5 billion)		124			122
Yen-denominated loans:
Variable interest rate loan due August 2027 (1.08% in 2025 and .84% in 2024, principal amount ¥11.7 billion)		75			74
Variable interest rate loan due August 2029 (1.18% in 2025 and .94% in 2024, principal amount ¥25.3 billion)		161			160
Variable interest rate loan due August 2032 (1.33% in 2025 and 1.09% in 2024, principal amount ¥70.0 billion)		446			441
Operating lease obligations payable through 2032		4			5
Total notes payable and lease obligations		$	8,143		$	7,219

Amounts in the table above are reported net of debt issuance costs and issuance premiums or discounts, if applicable, that are being amortized over the life of the notes.

In September 2025, the Parent Company extinguished ¥12.4 billion of .300% senior notes upon their maturity.

In June 2025, the Parent Company issued four series of senior notes totaling ¥74.9 billion through a public debt offering under its U.S. shelf registration statement. The first series, which totaled ¥35.0 billion, bears interest at a fixed rate of 1.726% per annum, payable semiannually, and will mature in October 2030. The second series, which totaled ¥23.4 billion, bears interest at a fixed rate of 2.003% per annum, payable semiannually, and will mature in December 2032. The third series, which totaled ¥9.5 billion, bears interest at a fixed rate of 2.369% per annum, payable semiannually, and will mature in June 2035. The fourth series, which totaled ¥7.0 billion, bears interest at a fixed rate of 2.779% per annum, payable semiannually, and will mature in June 2040. These notes are redeemable at the Parent Company’s option at any time, in whole but not in part, upon the occurrence of certain changes affecting U.S. taxation, as specified in the indenture governing the terms of the issuance. In addition, the notes maturing in October 2030, December 2032, June 2035 and June 2040 are redeemable at the Parent Company's option, in whole or in part from time to time, on or after July 18, 2030, September 14, 2032, December 5, 2034, and December 5, 2039, respectively, at a redemption price equal to the aggregate principal amount of the applicable series to be redeemed plus accrued and unpaid interest on the principal amount to be redeemed to, but excluding, the date of redemption.

In May 2025, the Parent Company issued four series of senior notes totaling ¥75.1 billion through a private placement. The first series, which totaled ¥18.2 billion, bears interest at a fixed rate of 1.990% per annum, payable semiannually, and will mature in May 2032. The second series, which totaled ¥38.3 billion, bears interest at a fixed rate of 2.320% per annum, payable semiannually, and will mature in May 2035. The third series, which totaled ¥11.6 billion, bears interest at a fixed rate of 2.650% per annum, payable semiannually, and will mature in May 2040. The fourth series, which totaled ¥7.0 billion, bears interest at a fixed rate of 3.040% per annum, payable semiannually, and will mature in May 2045. These notes are redeemable at the Parent Company's option (i) in whole at any time or (ii) in part from time to time in an amount not less than 5% of the aggregate principal amount then outstanding of the notes to be redeemed.

The aggregate contractual maturities of notes payable during each of the years after December 31, 2025, are as follows:


(In millions)
2026	$	700
2027	458
2028	0
2029	539
2030	1,496
Thereafter	4,994
Total	$	8,187

For further information regarding notes payable and lease obligations, see Note 9 of the Notes to the Consolidated Financial Statements.

(B) Derivatives

At December 31, 2025, the Parent Company's outstanding freestanding derivative contracts were foreign currency forwards. The foreign currency forwards are designated as derivative hedges of the foreign currency exposure of the Company's net investment in Aflac Japan. The Parent Company also enters into foreign currency forward contracts with Aflac Re to economically manage the currency mismatch between Aflac Re's assets which are mostly denominated in U.S. dollars and its liabilities which are mostly denominated in Japanese yen. The Parent Company does not use derivative financial instruments for trading purposes, nor does it engage in leveraged derivative transactions. For further information regarding these derivatives, see Notes 1 and 4 of the Notes to the Consolidated Financial Statements.

(C) Income Taxes

The Parent Company and its eligible U.S. subsidiaries file a consolidated U.S. federal income tax return. Income tax liabilities or benefits are recorded by each principal subsidiary based upon separate return calculations, and any difference between the consolidated provision and the aggregate amounts recorded by the subsidiaries is reflected in the Parent Company financial statements. For further information on income taxes, see Note 10 of the Notes to the Consolidated Financial Statements.

(D) Dividend Restrictions

See Note 14 of the Notes to the Consolidated Financial Statements for information regarding dividend restrictions.

(E) Supplemental Disclosures of Cash Flow Information


(In millions)	2025			2024			2023
Interest paid		$	197		$	180		$	184
Noncash financing activities:
Treasury stock issued for shareholder dividend reinvestment		43			41			37

SCHEDULE III

SUPPLEMENTARY INSURANCE INFORMATION

Aflac Incorporated and Subsidiaries

Years ended December 31,


(In millions)	Deferred Policy Acquisition Costs			Future Policy Benefits & Unpaid Policy Claims			Unearned Premiums			Other Policyholders' Funds
2025:
Aflac Japan		$	5,302		$	52,602		$	1,245		$	5,445
Aflac U.S.		3,732			11,281			97			0
All other		0			4,099			(11)			0
Intercompany eliminations		0			(5,167)			(8)			0
Total		$	9,034		$	62,815		$	1,323		$	5,445
2024:
Aflac Japan		$	5,102		$	60,890		$	1,199		$	5,460
Aflac U.S.		3,656			10,960			103			0
All other		0			4,817			22			0
Intercompany eliminations		0			(5,905)			(38)			0
Total		$	8,758		$	70,762		$	1,286		$	5,460

Segment amounts may not agree in total to the corresponding consolidated amounts due to rounding.

Years Ended December 31,


(In millions)	Net Earned Premiums		Net Investment Income			Total Benefits and Claims, net			Amortization of Deferred Policy Acquisition Costs			Other Operating Expenses			Premiums Written
2025:
Aflac Japan	$	6,744		$	2,854		$	3,999		$	323		$	1,595	$	7,820
Aflac U.S.	5,999			854			2,837			551			2,094		6,177
All other	805			368			458			0			775		0
Total	$	13,548		$	4,076		$	7,293		$	874		$	4,464	$	13,997
2024:
Aflac Japan	$	6,930		$	3,032		$	4,317		$	321		$	1,527	$	7,866
Aflac U.S.	5,829			883			2,726			530			2,064		5,905
All other	681			201			407			0			618		0
Total	$	13,440		$	4,116		$	7,450		$	851		$	4,209	$	13,771
2023:
Aflac Japan	$	8,047		$	3,033		$	5,313		$	326		$	1,790	$	8,571
Aflac U.S.	5,675			854			2,431			490			2,201		5,666
All other	400			(77)			467			0			421		0
Total	$	14,123		$	3,811		$	8,211		$	816		$	4,412	$	14,237

Segment amounts may not agree in total to the corresponding consolidated amounts due to rounding.

See the accompanying Report of Independent Registered Public Accounting Firm.

SCHEDULE IV

REINSURANCE

Aflac Incorporated and Subsidiaries

Years Ended December 31,


(In millions)	Gross Amount		Ceded to Other Companies			Assumed from Other companies			Net Amount		Percentage of Amount Assumed to Net
2025:
Life insurance in force	$	245,615		$	13,495		$	17,867	$	249,987		7	%
Premiums:
Health insurance	$	11,857		$	316		$	132	$	11,673		1	%
Life insurance	1,903			52			24		1,875			1
Total earned premiums	$	13,760		$	368		$	156	$	13,548		1	%
2024:
Life insurance in force	$	187,553		$	13,481		$	21,192	$	195,264		11	%
Premiums:
Health insurance	$	11,784		$	233		$	135	$	11,686		1	%
Life insurance	1,778			51			27		1,754			2
Total earned premiums	$	13,562		$	284		$	162	$	13,440		1	%
2023:
Life insurance in force	$	163,601		$	15,592		$	28,716	$	176,725		16	%
Premiums:
Health insurance	$	12,335		$	352		$	167	$	12,150		1	%
Life insurance	1,983			52			42		1,973			2
Total earned premiums	$	14,318		$	404		$	209	$	14,123		1	%

Premiums by type may not agree in total to the corresponding consolidated amounts due to rounding.

See the accompanying Report of Independent Registered Public Accounting Firm.

Item 16. Form 10-K Summary

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