Cover and table of contents

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Cover and table of contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2024

or

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-07434

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Aflac Incorporated

_________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

(Exact name of registrant as specified in its charter)

Georgia58-1167100
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
1932 Wynnton RoadColumbus,Georgia31999
(Address of principal executive offices)(ZIP Code)

706.323.3431

(Registrant's telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $.10 par value per shareAFLNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. þ Yes ¨ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). þ Yes ¨ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filerþAccelerated filer☐
Non-accelerated filer¨Smaller reporting company☐
Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes þ No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. 555,528,417 shares of the issuer's common stock were outstanding as of October 24, 2024.

Aflac Incorporated and Subsidiaries

Quarterly Report on Form 10-Q

For the Quarter Ended September 30, 2024

Table of Contents

PART I.FINANCIAL INFORMATION:Page
Item 1.Financial Statements (Unaudited)
Consolidated Statements of Earnings Three Months Ended September 30, 2024 and 2023 Nine Months Ended September 30, 2024 and 20231
Consolidated Statements of Comprehensive Income (Loss) Three Months Ended September 30, 2024 and 2023 Nine Months Ended September 30, 2024 and 20232
Consolidated Balance Sheets September 30, 2024, and December 31, 20233
Consolidated Statements of Shareholders' Equity Three Months Ended March 31, 2024 and 2023 Three Months Ended June 30, 2024 and 2023 Three Months Ended September 30, 2024 and 20234
Consolidated Statements of Cash Flows Nine Months Ended September 30, 2024 and 20238
Notes to the Consolidated Financial Statements9
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations80
Item 3.Quantitative and Qualitative Disclosures about Market Risk119
Item 4.Controls and Procedures119
PART II.OTHER INFORMATION:
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds120
Item 5.Other Information120
Item 6.Exhibits121
Glossary of Selected Terms122

Items other than those listed above are omitted because they are not required or are not applicable.

PART I. FINANCIAL INFORMATION

Next: Item 1. Financial Statements.