Form 8-K

8-K — AFLAC INC

Accession: 0001628280-26-028396

Filed: 2026-04-29

Period: 2026-04-29

CIK: 0000004977

SIC: 6321 (ACCIDENT & HEALTH INSURANCE)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — afl-20260429.htm (Primary)

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8-K

8-K (Primary)

Filename: afl-20260429.htm · Sequence: 1

afl-20260429

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) April 29, 2026

Aflac Incorporated

_________________________________________________________________________________________________________________________________________________________

(Exact name of registrant as specified in its charter)

Georgia 001-07434    58-1167100

(State or other jurisdiction (Commission    (IRS Employer

of incorporation) File Number)    Identification No.)

1932 Wynnton Road Columbus Georgia 31999

(Address of principal executive offices)    (Zip Code)

706.323.3431

_________________________________________________________________________________________________________________________________________________________

(Registrant’s telephone number, including area code)

_________________________________________________________________________________________________________________________________________________________

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock, $.10 Par Value AFL New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ¨

Item 2.02 Results of Operations and Financial Condition.

On April 29, 2026, Aflac Incorporated (the "Company") issued a press release dated April 29, 2026 in which it reported the Company's 2026 first quarter financial results. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein in its entirety. In addition, a copy of the Company's first quarter supplemental earnings materials is furnished as Exhibit 99.2 to this Current Report on Form 8-K and incorporated by reference herein in its entirety.

Item 7.01 Regulation FD Disclosure.

On April 29, 2026, the Company posted to its investor relations website at investors.aflac.com a video presentation by Max Brodén, the Company's Senior Executive Vice President and Chief Financial Officer, discussing the Company's 2026 first quarter financial results. A copy of the transcript of Mr. Brodén's comments from the Investor Update and a copy of the Investor Presentation are furnished as Exhibit 99.3 and Exhibit 99.4 to this Current Report on Form 8-K, respectively, and are incorporated by reference herein in their entirety. The Investor Update and the Investor Presentation should be read in conjunction with the press release.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number Exhibit Title or Description

99.1

Press release of Aflac Incorporated dated April 29, 2026

99.2

Financial Supplement for First Quarter 2026

99.3

Transcript of comments in video presentation by Max Brodén, Senior Executive Vice President and Chief Financial Officer of Aflac Incorporated.

99.4

Slides referenced in video presentation by Max Brodén, Senior Executive Vice President and Chief Financial Officer of Aflac Incorporated.

104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Aflac Incorporated

April 29, 2026     /s/ Robin L. Blackmon

(Robin L. Blackmon)

Senior Vice President, Financial Services

Chief Accounting Officer

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EX-99.1

EX-99.1

Filename: aflex991-q12026new.htm · Sequence: 2

Document

Aflac Incorporated Announces First Quarter 2026 Results

COLUMBUS, Ga. - April 29, 2026 - Aflac Incorporated (NYSE: AFL) today reported its first quarter results.

For the Quarter

•Total revenues were $4.3 billion , which was a 27.9% increase year over year.

•Net earnings were $1.0 billion, or $1.98 per diluted share, compared with $29 million, or $0.05 per diluted share a year ago.

•Adjusted earnings* were $901 million, compared with $906 million a year ago, reflecting a decrease of 0.6%.

•Adjusted earnings per diluted share* increased 5.4% to $1.75.

•The annualized return on average shareholders’ equity was 13.7%.

•The annualized adjusted return on equity excluding foreign currency remeasurement* was 16.4%.

The company returned $1.3 billion to shareholders, consisting of $1.0 billion in share repurchase and $315 million in dividends.

Commenting on the company’s results, Aflac Incorporated Chairman and Chief Executive Officer Daniel P. Amos stated: "Aflac delivered solid earnings for the quarter. These results reflect our focused execution of our strategy and thus creating long-term value for shareholders. We have attracted new business through successful product initiatives, including Anshin Palette (medical insurance), Miraito (cancer insurance), and Tsumitasu (life insurance) in Japan and group voluntary benefits, network dental and vision, as well as group life and disability in the U.S.

"We remain focused on more profitable growth and the tactical, opportunistic deployment of capital. We treasure our 2025 milestone of 43 consecutive years of dividend increases, and the Board has set us on a path to extend this record when it increased the first quarter dividend 5.2% and declared the same dividend of $0.61 for the second quarter. We intend to continue our balanced approach of investing in growth and driving long-term value."

AFLAC INCORPORATED CONSOLIDATED RESULTS

AFLAC INCORPORATED SELECTED OPERATING RESULTS FOR THE QUARTER

(IN MILLIONS, EXCEPT FOR PER-SHARE AMOUNTS)

1Q26 1Q25 % Change

Total revenues $ 4,346  $ 3,398  27.9  %

Net earnings 1,019  29  3,413.8  %

Adjusted earnings*

901  906  (0.6) %

Net earnings per share (diluted) 1.98  0.05  3,860.0  %

Adjusted earnings per share (diluted)*

1.75  1.66  5.4  %

Total shareholders' equity 29,961  26,338  13.8  %

Total liabilities & shareholders' equity 116,280  120,258  (3.3) %

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Total revenues were $4.3 billion in the first quarter of 2026, compared with $3.4 billion in the first quarter of 2025. Net earnings were $1.0 billion, or $1.98 per diluted share, compared with $29 million, or $0.05 per diluted share a year ago. Net earnings in the first quarter of 2026 included net investment gains of $49 million, or $0.10 per diluted share, compared with net investment losses of $963 million, or $1.76 per diluted share a year ago. These net investment gains were driven by net gains of $164 million on certain derivatives and foreign currency activities offset by $61 million of current expected credit losses (CECL), impairments of $24 million; net losses from sales and redemptions of $16 million; and a $14 million loss from a decrease in the fair value of equity securities.

Adjusted earnings* in the first quarter were $901 million, compared with $906 million in the first quarter of 2025, reflecting a decrease of 0.6%. Adjusted earnings per diluted share* increased 5.4% to $1.75 in the quarter. Variable investment income ran $14 million below the company's long-term return expectations. The average yen/dollar exchange rate in the first quarter of 2026 was 156.87, or 2.8% weaker than the average rate of 152.40 in the first quarter of 2025. The weaker yen/dollar exchange rate had a negative $0.02 impact on adjusted earnings per share.

Shareholders’ equity was $30.0 billion, or $58.69 per share, at March 31, 2026, compared with $26.3 billion, or $48.55 per share, at March 31, 2025. Shareholders’ equity at the end of the first quarter included a cumulative increase of $9.5 billion for the effect of the change in discount rate assumptions on insurance reserves, compared with a corresponding cumulative increase of $3.9 billion at March 31, 2025 and a net unrealized loss on investment securities and derivatives of $2.7 billion, compared with a net unrealized loss of $1.3 billion at March 31, 2025. Shareholders’ equity at the end of the first quarter also included an unrealized foreign currency translation loss of $5.0 billion, compared with an unrealized foreign currency translation loss of $4.5 billion at March 31, 2025.

Shareholders’ equity excluding AOCI (or adjusted book value*) was $28.1 billion, or $54.96 per share at March 31, 2026, compared with $28.2 billion, or $51.98 per share, at March 31, 2025. Adjusted book value excluding foreign currency remeasurement* was $21.8 billion, or $42.71 per share at March 31, 2026, compared with $23.1 billion, or $42.61 per share, at March 31, 2025. The annualized adjusted return on equity excluding foreign currency remeasurement* in the first quarter was 16.4%.

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AFLAC JAPAN

AFLAC JAPAN SELECTED OPERATING RESULTS FOR THE QUARTER

(IN BILLIONS OF YEN AND MILLIONS OF DOLLARS)

1Q26 1Q25 % Change 1Q26 1Q25 % Change

Total net earned premiums ¥ 247  ¥ 256  (3.8) % $ 1,573  $ 1,681  (6.4) %

Yen-denominated investment income 31  34  (9.2) % 197  224  (12.1) %

U.S. dollar-denominated investment income 64  56  13.9  % 409  369  10.8  %

Adjusted net investment income 93  89  4.0  % 591  586  0.9  %

Total adjusted revenues 341  346  (1.7) % 2,172  2,272  (4.4) %

Total benefits and claims, net 155  169  (7.9) % 990  1,105  (10.4) %

Total adjusted expenses 66  68  (2.2) % 423  445  (4.9) %

Pretax adjusted earnings ¥ 119  ¥ 110  8.3  % 759  722  5.1  %

Change in bps

Premium persistency (12-mo. rolling) 92.8  % 93.8  % (100)

Total benefits and claims (net) / Net earned premiums 62.9  % 65.8  % (290)

Total adjusted expenses / Total adjusted revenues 19.5  % 19.6  % (10)

Pretax adjusted earnings / Total adjusted revenues 35.0  % 31.8  % 320

In yen terms, Aflac Japan's net earned premiums were ¥246.7 billion for the quarter, or 3.8% lower than a year ago, mainly due to the impact of a new external reinsurance transaction for WAYS and Tsumitasu as well as limited pay products reaching paid-up status. Adjusted net investment income increased 4.0% to ¥92.8 billion, primarily due to higher dollar-denominated fixed-rate income resulting from higher volume and higher variable net investment income. This was partially offset by lower dollar-denominated floating rate income due to lower volume and rates as well as reduced call income. Total adjusted revenues in yen declined 1.7% to ¥340.7 billion. Pretax adjusted earnings in yen for the quarter increased 8.3% on a reported basis to ¥119.1 billion, primarily driven by favorable benefits. Pretax adjusted earnings also increased 6.6% on a currency-neutral basis. The pretax adjusted profit margin for the Japan segment was 35.0%, compared with 31.8% a year ago.

In dollar terms, net earned premiums decreased 6.4% to $1.6 billion in the first quarter. Adjusted net investment income increased 0.9% to $591 million. Total adjusted revenues declined by 4.4% to $2.2 billion. Pretax adjusted earnings increased 5.1% to $759 million.

For the quarter, total new annualized premium sales (sales) increased 25.5% to ¥17.7 billion, or $113 million, primarily reflecting strong sales of Anshin Palette, the new medical insurance product launched in December, as well as Miraito, the newest cancer insurance product, and Tsumitasu.

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AFLAC U.S.

AFLAC U.S. SELECTED OPERATING RESULTS FOR THE QUARTER

(IN MILLIONS OF DOLLARS)

1Q26 1Q25 % Change

Total net earned premiums $ 1,555  $ 1,502  3.5  %

Adjusted net investment income 201  202  (0.5) %

Total adjusted revenues 1,779  1,721  3.4  %

Total benefits and claims, net 734  716  2.5  %

Total adjusted expenses 682  647  5.4  %

Pretax adjusted earnings 363  358  1.4  %

Change in bps

Persistency rate (12-mo. rolling) 79.3  % 79.3  % —

Total benefits and claims, net / Net earned premiums 47.2  % 47.7  % (50)

Total adjusted expenses / Total adjusted revenues 38.3  % 37.6  % 70

Pretax adjusted earnings / Total adjusted revenues 20.4  % 20.8  % (40)

Aflac U.S. net earned premiums increased 3.5% to $1.6 billion in the first quarter compared to the prior year, reflecting improved sales and continued strong persistency. Adjusted net investment income decreased 0.5% to $201 million. Total adjusted revenues were up 3.4% to $1.8 billion. Pretax adjusted earnings were $363 million, 1.4% higher than a year ago. The pretax adjusted profit margin for the U.S. segment was 20.4%, compared with 20.8% a year ago.

Aflac U.S. sales increased 2.9% in the quarter to $318 million, primarily benefiting from sales of group products.

CORPORATE AND OTHER

CORPORATE AND OTHER SELECTED OPERATING RESULTS

(IN MILLIONS OF DOLLARS)

1Q26 1Q25 % Change

Total net earned premiums $ 182  $ 198  (8.1) %

Adjusted net investment income 109  126  (13.5) %

Total adjusted revenues 292  326  (10.4) %

Total benefits and claims, net 109  124  (12.1) %

Interest expense 58  45  28.9  %

Other adjusted expenses 125  114  9.6  %

Total benefits and adjusted expenses 292  283  3.2  %

Pretax adjusted earnings —  43  (100.0) %

For the quarter, corporate and other reported breakeven pretax adjusted earnings, down from a $43 million gain last year, driven by lower net investment income from reduced hedge benefits, higher interest expense and operating costs, and runoff impacts from closed blocks of business.

*See Non-U.S. GAAP Financial Measures section for an explanation of foreign exchange and its impact on the financial statements and definitions of the non-U.S. GAAP financial measures used in this earnings release, as well as a reconciliation of such non-U.S. GAAP financial measures to the most comparable U.S. GAAP financial measures.

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ABOUT AFLAC INCORPORATED

Aflac Incorporated (NYSE: AFL), a Fortune 500 company, has helped provide financial protection and peace of mind for more than seven decades to millions of policyholders and customers through its subsidiaries in the U.S. and Japan. In the U.S., Aflac is the No. 1 provider of supplemental health insurance products.1 In Japan, Aflac Life Insurance Japan is the leading provider of cancer and medical insurance in terms of policies in force.2 The company takes pride in being there for its policyholders when they need us most, as well as being included in the World’s Most Ethical Companies by Ethisphere for 20 consecutive years (2026) and Fortune’s World’s Most Admired Companies for 25 years (2026). In addition, the company became a signatory of the Principles for Responsible Investment (PRI) in 2021. To find out how to get help with expenses health insurance doesn't cover, get to know us at aflac.com or aflac.com/espanol. Investors may learn more about Aflac Incorporated and its commitment to corporate social responsibility and sustainability at investors.aflac.com under “Sustainability.”

1 LIMRA 2024 U.S. Supplemental Health Insurance Total Market Report

2 As of March 31, 2025, Aflac estimates based on company data

A copy of Aflac’s financial supplement for the quarter can be found on the “Investors” page at aflac.com.

Aflac Incorporated will webcast its quarterly conference call via the “Investors” page of aflac.com at 8:00 a.m. (ET) on

April 30, 2026.

Note: Tables within this document may not foot due to rounding.

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AFLAC INCORPORATED AND SUBSIDIARIES CONDENSED INCOME STATEMENT

(UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AND PER-SHARE AMOUNTS)

THREE MONTHS ENDED MARCH 31, 2026 2025 % Change

Total revenues $ 4,346  $ 3,398  27.9  %

Benefits and claims, net 1,832  1,945  (5.8)

Total acquisition and operating expenses 1,289  1,308  (1.5)

Earnings before income taxes 1,225  145  744.8

Income taxes 206  116

Net earnings $ 1,019  $ 29  3,413.8  %

Net earnings per share – basic $ 1.99  $ 0.05  3,880.0  %

Net earnings per share – diluted 1.98  0.05  3,860.0

Shares used to compute earnings per share (000):

Basic 513,071  544,707  (5.8) %

Diluted 514,785  546,878  (5.9)

Dividends paid per share $ 0.61  $ 0.58  5.2  %

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AFLAC INCORPORATED AND SUBSIDIARIES CONDENSED BALANCE SHEET

(UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AMOUNTS)

MARCH 31, 2026 2025 % Change

Assets:

Total investments and cash $ 103,192  $ 107,446  (4.0) %

Deferred policy acquisition costs 8,976  9,083  (1.2)

Other assets 4,112  3,729  10.3

Total assets $ 116,280  $ 120,258  (3.3) %

Liabilities and shareholders’ equity:

Policy liabilities $ 66,782  $ 78,828  (15.3) %

Notes payable and lease obligations 7,908  7,751  2.0

Other liabilities 11,629  7,341  58.4

Shareholders’ equity 29,961  26,338  13.8

Total liabilities and shareholders’ equity $ 116,280  $ 120,258  (3.3) %

Shares outstanding at end of period (000) 510,530  542,493  (5.9) %

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NON-U.S. GAAP FINANCIAL MEASURES

This document includes references to the Company’s financial performance measures which are not calculated in accordance with United States generally accepted accounting principles (U.S. GAAP) (non-U.S. GAAP). The financial measures exclude items that the Company believes may obscure the underlying fundamentals and trends in insurance operations because they tend to be driven by general economic conditions and events or related to infrequent activities not directly associated with insurance operations.

Due to the size of Aflac Japan, where the functional currency is the Japanese yen, fluctuations in the yen/dollar exchange rate can have a significant effect on reported results. In periods when the Japanese yen weakens, translating Japanese yen into U.S. dollars results in fewer U.S. dollars being reported. When the Japanese yen strengthens, translating Japanese yen into U.S. dollars results in more U.S. dollars being reported. Consequently, Japanese yen weakening has the effect of suppressing current period results in relation to the comparable prior period, while Japanese yen strengthening has the effect of magnifying current period results in relation to the comparable prior period. A significant portion of the Company’s business is conducted in Japanese yen and never converted into U.S. dollars but translated into U.S. dollars for U.S. GAAP reporting purposes, which results in foreign currency impact to earnings, cash flows and book value on a U.S. GAAP basis. Management evaluates the Company's financial performance both including and excluding the impact of foreign currency translation to monitor, respectively, cumulative currency impacts and the currency-neutral operating performance over time. The average yen/dollar exchange rate is based on the published MUFG Bank, Ltd. telegraphic transfer middle rate (TTM).

The company defines the non-U.S. GAAP financial measures included in this earnings release as follows:

•Adjusted earnings are adjusted revenues less benefits and adjusted expenses. Adjusted earnings per share (basic or diluted) are the adjusted earnings for the period divided by the weighted average outstanding shares (basic or diluted) for the period presented. The adjustments to both revenues and expenses account for certain items that are outside of management’s control because they tend to be driven by general economic conditions and events or are related to infrequent activities not directly associated with insurance operations. Adjusted revenues are U.S. GAAP total revenues excluding adjusted net investment gains and losses. Adjusted expenses are U.S. GAAP total acquisition and operating expenses including the impact of interest from derivatives associated with notes payable but excluding any non-recurring or other items not associated with the normal course of the Company’s insurance operations and that do not reflect the Company's underlying business performance. Management uses adjusted earnings and adjusted earnings per diluted share to evaluate the financial performance of the Company’s insurance operations on a consolidated basis and believes that a presentation of these financial measures is vitally important to an understanding of the underlying profitability drivers and trends of the Company’s insurance business. The most comparable U.S. GAAP financial measures for adjusted earnings and adjusted earnings per share (basic or diluted) are net earnings and net earnings per share, respectively.

•Adjusted earnings excluding current period foreign currency impact are computed using the average foreign exchange rate for the comparable prior-year period, which eliminates fluctuations driven solely by foreign exchange rate changes. Adjusted earnings per diluted share excluding current period foreign currency impact is adjusted earnings excluding current period foreign currency impact divided by the weighted average outstanding diluted shares for the period presented. The Company considers adjusted earnings excluding current period foreign currency impact and adjusted earnings per diluted share excluding current period foreign currency impact important because a significant portion of the Company's business is conducted in Japan and foreign exchange rates are outside management’s control; therefore, the Company believes it is important to understand the impact of translating foreign currency (primarily Japanese yen) into U.S. dollars. The most comparable U.S. GAAP financial measures for adjusted earnings excluding current period foreign currency impact and adjusted earnings per diluted share excluding current period foreign currency impact are net earnings and net earnings per share, respectively.

•Adjusted return on equity is annualized adjusted earnings divided by average shareholders’ equity, excluding accumulated other comprehensive income. Management uses adjusted return on equity to evaluate the financial performance of the Company’s insurance operations on a consolidated basis and believes that a presentation of this financial measure is vitally important to an understanding of the underlying profitability drivers and trends of the Company’s insurance business. The Company considers adjusted return on equity important as it excludes components of accumulated other comprehensive income, which fluctuate due to market movements that are

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outside management's control. The most comparable U.S. GAAP financial measure for adjusted return on equity is return on equity as determined using annualized net earnings and average total shareholders’ equity.

•Adjusted return on equity excluding foreign currency remeasurement is annualized adjusted earnings divided by average shareholders’ equity, excluding both accumulated other comprehensive income and the cumulative (beginning January 1, 2021) foreign currency gains/losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. The Company considers adjusted return on equity excluding foreign currency remeasurement important because it excludes both accumulated other comprehensive income and the cumulative foreign currency remeasurement gains/losses, which fluctuate due to market movements that are outside management's control. The most comparable U.S. GAAP financial measure for adjusted return on equity excluding foreign currency remeasurement is return on equity as determined using annualized net earnings and average total shareholders’ equity.

•Amortized hedge costs/income represent costs/income incurred or recognized as a result of using foreign currency derivatives to hedge certain foreign currency exchange risks in the Company's Japan segment or in Corporate and other. These amortized hedge costs/income are estimated at the inception of the derivatives based on the specific terms of each contract and are recognized on a straight-line basis over the contractual term of the derivative. The Company believes that amortized hedge costs/income measure the periodic currency risk management costs/income related to hedging certain foreign currency exchange risks and are an important component of net investment income. There is no comparable U.S. GAAP financial measure for amortized hedge costs/income.

•Adjusted book value is the U.S. GAAP book value (representing total shareholders’ equity), less accumulated other comprehensive income as recorded on the U.S. GAAP balance sheet. Adjusted book value per common share is adjusted book value at the period end divided by the ending outstanding common shares for the period presented. The Company considers adjusted book value and adjusted book value per common share important as they exclude accumulated other comprehensive income, which fluctuates due to market movements that are outside management’s control. The most comparable U.S. GAAP financial measures for adjusted book value and adjusted book value per common share are total book value and total book value per common share, respectively.

•Adjusted book value excluding foreign currency remeasurement is the U.S. GAAP book value (representing total shareholders’ equity), less accumulated other comprehensive income as recorded on the U.S. GAAP balance sheet and excluding the cumulative (beginning January 1, 2021) foreign currency gains/losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. Adjusted book value excluding foreign currency remeasurement per common share is adjusted book value excluding foreign currency remeasurement at the period end divided by the ending outstanding common shares for the period presented. The Company considers adjusted book value excluding foreign currency remeasurement and adjusted book value excluding foreign currency remeasurement per common share important as they exclude both accumulated other comprehensive income and the cumulative foreign currency remeasurement gains/losses, which fluctuate due to market movements that are outside management's control. The most comparable U.S. GAAP financial measures for adjusted book value excluding foreign currency remeasurement and adjusted book value excluding foreign currency remeasurement per common share are total book value and total book value per common share, respectively.

•Adjusted net investment income is net investment income adjusted for i) amortized hedge cost/income related to foreign currency exposure management strategies and certain derivative activity, and ii) net interest income/expense from foreign currency and interest rate derivatives associated with certain investment strategies, which are reclassified from net investment gains and losses to net investment income. The Company considers adjusted net investment income important because it provides a more comprehensive understanding of the costs and income associated with the Company’s investments and related hedging strategies. The most comparable U.S. GAAP financial measure for adjusted net investment income is net investment income.

•Adjusted net investment gains and losses are net investment gains and losses adjusted for i) amortized hedge cost/income related to foreign currency exposure management strategies and certain derivative activity, ii) net interest income/expense from foreign currency and interest rate derivatives associated with certain investment strategies, which are both reclassified to net investment income, and iii) the impact of interest from derivatives associated with notes payable, which is reclassified to interest expense as a component of total adjusted expenses. The Company considers adjusted net investment gains and losses important as it represents the remainder amount that is considered outside management’s control, while excluding the components that are

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within management’s control and are accordingly reclassified to net investment income and interest expense. The most comparable U.S. GAAP financial measure for adjusted net investment gains and losses is net investment gains and losses.

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RECONCILIATION OF NET EARNINGS TO ADJUSTED EARNINGS

(UNAUDITED – IN MILLIONS, EXCEPT FOR PER-SHARE AMOUNTS)

THREE MONTHS ENDED MARCH 31, 2026 2025 % Change

Net earnings $ 1,019  $ 29  3,413.8  %

Items impacting net earnings:

Adjusted net investment (gains) losses (103) 924

Other and non-recurring (income) loss

—  53

Income tax (benefit) expense on items excluded

from adjusted earnings (15) (100)

Adjusted earnings 901  906  (0.6) %

Current period foreign currency impact1

8  N/A

Adjusted earnings excluding current period foreign

currency impact2

$ 909  $ 906  0.3  %

Net earnings per diluted share $ 1.98  $ 0.05  3,860.0  %

Items impacting net earnings:

Adjusted net investment (gains) losses (0.20) 1.69

Other and non-recurring (income) loss

—  0.10

Income tax (benefit) expense on items excluded

from adjusted earnings (0.03) (0.18)

Adjusted earnings per diluted share 1.75  1.66  5.4  %

Current period foreign currency impact1

0.02  N/A

Adjusted earnings per diluted share excluding

current period foreign currency impact2

$ 1.77  $ 1.66  6.6  %

1    Prior period foreign currency impact reflected as “N/A” to isolate change for current period only.

2    Amounts excluding current period foreign currency impact are computed using the average foreign currency exchange rate for the comparable prior-

year period, which eliminates fluctuations driven solely by foreign currency exchange rate changes.

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RECONCILIATION OF NET INVESTMENT (GAINS) LOSSES TO ADJUSTED NET INVESTMENT (GAINS) LOSSES

(UNAUDITED – IN MILLIONS)

THREE MONTHS ENDED MARCH 31, 2026 2025 % Change

Net investment (gains) losses $ (49) $ 963  (105.1) %

Items impacting net investment (gains) losses:

Amortized hedge costs (15) (7)

Amortized hedge income 18  30

Net interest income (expense) from derivatives associated

with certain investment strategies

(57) (65)

Impact of interest from derivatives associated with

notes payable1

—  4

Adjusted net investment (gains) losses $ (103) $ 924  (111.1) %

1    Amounts are included with interest expenses that are a component of adjusted expenses.

RECONCILIATION OF NET INVESTMENT INCOME TO ADJUSTED NET INVESTMENT INCOME

(UNAUDITED – IN MILLIONS)

THREE MONTHS ENDED MARCH 31, 2026 2025 % Change

Net investment income $ 956  $ 955  0.1  %

Items impacting net investment income:

Amortized hedge costs (15) (7)

Amortized hedge income 18  30

Net interest income (expense) from derivatives associated

with certain investment strategies

(57) (65)

Adjusted net investment income $ 902  $ 913  (1.2) %

12

RECONCILIATION OF U.S. GAAP BOOK VALUE TO ADJUSTED BOOK VALUE

(EXCLUDING FOREIGN CURRENCY REMEASUREMENT)

(UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AND PER-SHARE AMOUNTS)

MARCH 31, 2026 2025 % Change

U.S. GAAP book value $ 29,961  $ 26,338

Less:

Unrealized foreign currency translation gains (losses)

(4,961) (4,549)

Unrealized gains (losses) on securities and derivatives

(2,681) (1,251)

Effect of changes in discount rate assumptions 9,458  3,899

Pension liability adjustment

85  42

Total AOCI

1,901  (1,859)

Adjusted book value $ 28,060  $ 28,197

Less:

Foreign currency remeasurement gains (losses) 6,253  5,083

Adjusted book value excluding foreign currency remeasurement $ 21,807  $ 23,114

Number of outstanding shares at end of period (000) 510,530  542,493

U.S. GAAP book value per common share $ 58.69  $ 48.55  20.9  %

Less:

Unrealized foreign currency translation gains (losses) per common share

(9.72) (8.39)

Unrealized gains (losses) on securities and derivatives per common share

(5.25) (2.31)

Effect of changes in discount rate assumptions

per common share 18.53  7.19

Pension liability adjustment per common share

0.17  0.08

Total AOCI per common share

3.72  (3.43)

Adjusted book value per common share $ 54.96  $ 51.98  5.7  %

Less:

Foreign currency remeasurement gains (losses) per common share 12.25  9.37

Adjusted book value excluding foreign currency remeasurement per common share

$ 42.71  $ 42.61  0.2  %

13

RECONCILIATION OF U.S. GAAP RETURN ON EQUITY (ROE) TO ADJUSTED ROE

(EXCLUDING IMPACT OF FOREIGN CURRENCY)

THREE MONTHS ENDED MARCH 31, 2026 2025

U.S. GAAP ROE - Net earnings1

13.7  % 0.4  %

Impact of excluding unrealized foreign currency translation gains (losses)

(2.3) —

Impact of excluding unrealized gains (losses) on securities and derivatives

(1.1) —

Impact of excluding effect of changes in discount rate assumptions 4.2  —

Impact of excluding pension liability adjustment

—  —

Impact of excluding AOCI

0.8  —

U.S. GAAP ROE - less AOCI 14.5  0.4

Differences between adjusted earnings and net earnings2

(1.7) 12.2

Adjusted ROE - reported 12.8  12.7

Impact of excluding gains (losses) associated with foreign currency remeasurement3

3.6  2.9

Adjusted ROE, excluding foreign currency remeasurement 16.4  15.6

1    U.S. GAAP ROE is calculated by dividing net earnings (annualized) by average shareholders' equity.

2    See separate reconciliation of net income to adjusted earnings.

3 Impact of gains/losses associated with foreign currency remeasurement is calculated by excluding the cumulative (beginning January 1, 2021) foreign currency gains/losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. The impact is the difference of adjusted return on equity - reported compared with adjusted return on equity, excluding from shareholders' equity, gains/losses associated with foreign currency remeasurement.

14

EFFECT OF FOREIGN CURRENCY ON ADJUSTED RESULTS1

(SELECTED PERCENTAGE CHANGES, UNAUDITED)

THREE MONTHS ENDED MARCH 31, Including

Currency

Changes

Excluding

Currency

Changes2

Net earned premiums3

(2.1) % (0.6) %

Adjusted net investment income4

(1.2) (0.7)

Total benefits and expenses (2.3) (0.9)

Adjusted earnings (0.6) 0.3

Adjusted earnings per diluted share 5.4  6.6

1Refer to previously defined adjusted earnings and adjusted earnings per diluted share.

2Amounts excluding currency changes were determined using the same foreign currency exchange rate for the current period as the comparable period in the prior year, which eliminates dollar-based fluctuations driven solely from currency rate changes.

3Net of reinsurance

4Refer to previously defined adjusted net investment income.

GLOSSARY OF OPERATIONAL MEASURES

The Company defines the operational measures included in this document as follows:

•Operating ratios are used to evaluate the Company's financial condition and profitability. Examples include: (1) Ratios to total adjusted revenues, which present expenses as percentage of total revenues and (2) Ratios to total premium, including benefit ratio. Operating ratios include: Benefit Ratio and Expense Ratio.

•New annualized premium sales are sometimes referred to as new sales or sales. An operating measure that is not reflected on the Company's financial statements. New annualized premium sales generally represent annual premiums on policies and riders the Company sold and incremental increases from policy conversions that would be collected over a 12-month period assuming the policies remain in force for that entire period. For Aflac Japan, new annualized premium sales are determined by applications submitted during the reporting period. For Aflac U.S., new annualized premium sales are determined by applications that are issued during the reporting period. Policy conversions are defined as the positive difference in the annualized premium when a policy upgrades in the current reporting period. The Company believes that this metric is a key indicator of the Company's future source of earnings.

•Premium persistency is the percentage of premiums remaining in force at the end of a period, usually one year, and presented on a trailing 12-month average basis. For example, 95% persistency would mean that 95% of the premiums in force at the beginning of a period are still in force at the end of the period. The Company believes that this metric is a key driver of in force levels, which is a key measure of the size of the Company's business and future sources of earnings.

15

FORWARD-LOOKING INFORMATION

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” to encourage companies to provide prospective information, so long as those informational statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those included in the forward-looking statements. Aflac Incorporated (the Parent Company) and its subsidiaries (collectively with the Parent Company, the Company) desire to take advantage of these provisions. This document 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 or furnished to the Securities and Exchange Commission (SEC). Forward-looking statements are not based on historical information and relate to future operations, strategies, financial results or other developments. Furthermore, forward-looking information is subject to numerous assumptions, risks and uncertainties. In particular, statements containing words such as “expect,” “anticipate,” “believe,” “goal,” “objective,” "strategy," “may,” “should,” “estimate,” “intend,” “project,” "future," “will,” “assume,” “potential,” “target,” "outlook," "continue" or similar words as well as specific projections of future results, generally qualify as forward-looking. The Company undertakes no obligation to update such forward-looking statements, except as may be required by law.

The Company cautions readers that the following factors, in addition to other factors mentioned from time to time, could cause actual results to differ materially from those contemplated by the forward-looking statements:

•difficult conditions in global capital markets and the economy, including inflation

•defaults and credit downgrades of investments

•global fluctuations in interest rates and exposure to significant interest rate risk

•concentration of business in Japan

•limited availability of acceptable Japanese yen-denominated investments

•foreign currency fluctuations in the yen/dollar exchange rate

•differing interpretations applied to investment valuations

•significant valuation judgments in determination of expected credit losses recorded on the Company's investments

•decreases in the Company's financial strength or debt ratings

•decline in creditworthiness of other financial institutions

•the Company's ability to attract and retain qualified sales associates, brokers, employees, and distribution partners

•deviations in actual experience from pricing and reserving assumptions

•ability to continue to develop and implement improvements in information technology systems and on successful execution of revenue growth and expense management initiatives

•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 systems, and uncertainty regarding the impact of the

incident involving unauthorized access to the Company’s network in June 2025

•subsidiaries' ability to pay dividends to the Parent Company

•inherent limitations to risk management policies and procedures

•operational risks of third-party vendors

•tax rates applicable to the Company may change

•failure to comply with restrictions on policyholder privacy and information security

•extensive regulation and changes in law or regulation by governmental authorities

•competitive environment and ability to anticipate and respond to market trends

•catastrophic events, including, but not limited to, epidemics, pandemics, tornadoes, hurricanes, earthquakes, tsunamis, war or other military action, major public health issues, terrorism or other acts of violence, and damage incidental to such events

•ability to protect the Aflac brand and the Company's reputation

•ability to effectively manage key executive succession

•changes in accounting standards

•level and outcome of litigation or regulatory inquiries

•allegations or determinations of worker misclassification in the United States

Analyst and investor contact - David A. Young, 706.596.3264; 800.235.2667 or dyoung@aflac.com

Media contact - Ines Gutzmer, 762.207.7601 or igutzmer@aflac.com

16

EX-99.2

EX-99.2

Filename: afl033126-fabdocument.htm · Sequence: 3

Document

FINAL                                                              04/29/2026

Financial Supplement

First Quarter 2026

This document is a statistical supplement to Aflac’s quarterly earnings release. Throughout the presentation, amounts presented may not foot due to rounding. As you review the supplement, please note the non-U.S. GAAP financial measures and definitions found at the back of this document.

The Company adopted the Financial Accounting Standards Board’s Accounting Standard Update 2018-12 Financial Services - Insurance: Targeted Improvements to the Accounting for Long-Duration Contracts, as clarified and amended by (i) ASU 2019-09 Financial Services - Insurance: Effective Date, and (ii) ASU 2020-11 Financial Services - Insurance: Effective Date and Early Application (collectively, “LDTI”) as of January 1, 2023. The amended guidance is applied as of the beginning of the earliest period presented in the Company’s quarterly and annual financial statements, which results in a January 1, 2021 Transition Date. In conjunction with the adoption of LDTI, the Company changed its practice of recording the change in the deferred profit liability (DPL) on products with limited-payment features from the benefits and claims, net line item to the net earned premiums line item in the consolidated statement of earnings. This change in presentation has no impact on net earnings. All quarterly and annual amounts for 2021 and 2022 presented herein reflect these changes for LDTI and DPL.

Aflac Incorporated: Page

Share Data

2

Summary of Adjusted Results by Business Segment

3

Statements of Earnings

4

Analysis of Net Earnings and Net Earnings Per Share

5

Balance Sheets

6

Quarterly Financial Results

7

Quarterly Book Value Per Share

8

Return on Equity

9

Adjusted Earnings Per Share Excluding Current Period Foreign Currency Impact

10

Investment Results

11,12,13

Long-Term Debt Data

14

Ratings

15

Aflac U.S.:

Statement of Pretax Adjusted Earnings

16

Balance Sheets

17

Quarterly Pretax Adjusted Earnings

18

Operating Ratios

19

Sales

20,21

Aflac Japan:

Statement of Pretax Adjusted Earnings

22,23

Balance Sheets

24,25

Quarterly Pretax Adjusted Earnings

26

Operating Ratios

27

Sales

28,29,30

Yen/Dollar Exchange Rates

31

Corporate and Other:

Statement of Pretax Adjusted Earnings

32

Non-U.S. GAAP Financial Measures

33

For more information, contact:

David Young

Phone. 706.596.3264

Aflacir@aflac.com

investors.aflac.com

Aflac Incorporated and Subsidiaries

Share Data

(In Thousands)

1 Shares Issued Shares Purchased QTD Weighted Avg. Shares YTD Weighted Avg. Shares

Period Beginning Shares Outstanding Stk. Bon. & DRP Stk. Opt. & Misc. Treas. Shares

Misc. Purch. (1)

Ending Shares Outstanding Avg. Shares Dilutive Shares Avg. Diluted Avg. Shares Dilutive Shares Avg. Diluted

2024 1 578,479  212  1,320  9,276  457  570,278  574,886  2,596  577,482  574,886  2,596  577,482

2 570,278  217  186  9,288  24  561,369  564,573  2,265  566,838  569,730  2,430  572,160

3 561,369  165  75  4,882  10  556,717  557,899  2,515  560,414  565,757  2,459  568,216

4 556,717  156  77  6,982  4  549,964  552,767  2,716  555,483  562,492  2,523  565,015

2025 1 549,964  173  1,251  8,497  398  542,493  544,707  2,171  546,878  544,707  2,171  546,878

2 542,493  193  42  7,916  4  534,809  536,688  1,737  538,425  540,676  1,954  542,630

3 534,809  171  66  9,331  5  525,710  530,050  1,965  532,015  537,095  1,957  539,052

4 525,710  161  72  7,250  3  518,690  520,394  2,099  522,493  532,885  1,993  534,878

2026 1 518,690  160  1,046  9,013  353  510,530  513,071  1,715  514,785  513,071  1,715  514,785

(1) Includes previously owned shares used to purchase options (swapped shares) and/or shares purchased for deferred compensation program

2

Aflac Incorporated and Subsidiaries

Summary of Adjusted Results by Business Segment

(In Millions, except per-share data)

Years Ended December 31, 3 Months Ended March 31,

2021 2022 2023 2024 2025 2025 2026 % Change

Aflac Japan $ 3,756  $ 3,281  $ 3,234  $ 3,494  $ 3,440  $ 722  $ 759  5.1  %

Aflac U.S. 1,356  1,359  1,501  1,419  1,421  358  363  1.4

1

Corporate and other (1)

(293) (218) (425) 32  101  43  —

Pretax adjusted earnings 4,819  4,422  4,310  4,945  4,962  1,123  1,122  (0.1)

Income taxes (1)

893  808  577  873  954  217  221  1.8

2

Adjusted earnings (2)

3,925  3,614  3,733  4,072  4,008  906  901  (0.6)

Reconciling items:

Adjusted net investment gains (losses) 462  447  914  1,495  (375) (924) 103

Other and non-recurring income (loss)

(73) 1  39  (23) (54) (53) —

3

Income tax benefit (expense) on items excluded from adjusted earnings (3)

(83) 357  (26) (101) 67  100  15

Net earnings $ 4,231  $ 4,418  $ 4,659  $ 5,443  $ 3,646  $ 29  $ 1,019  3,413.8  %

Effective Tax rate 18.7  % 9.3  % 11.5  % 15.2  % 19.6  % 80.3  % 16.8  %

Earnings per share of common stock:

Net earnings (basic) $ 6.28  $ 6.96  $ 7.81  $ 9.68  $ 6.84  $ 0.05  $ 1.99  3,880.0

Net earnings (diluted) 6.25  6.93  7.78  9.63  6.82  0.05  1.98  3,860.0

Adjusted earnings (basic) (2)

$ 5.83  $ 5.69  $ 6.26  $ 7.24  $ 7.52  $ 1.66  $ 1.76  6.0  %

Adjusted earnings (diluted) (2)

5.80  5.67  6.23  7.21  7.49  1.66  1.75  5.4

(1) The change in value of federal historic rehabilitation and solar investments in partnerships of $5 and $8 for the three-month periods ended March 31, 2026, and 2025, respectively, is included as a reduction to net investment income. Tax credits on these investments of $5 and $7 for the three-month periods ended March 31, 2026, and 2025, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.

(2) See non-U.S. GAAP financial measures for definition of adjusted earnings.

(3) Primarily reflects release of $452 in deferred taxes in 2022.

3

Aflac Incorporated and Subsidiaries

Consolidated Statements of Earnings - U.S. GAAP

(In Millions, except per-share data)

Years Ended December 31, 3 Months Ended March 31,

2021 2022 2023 2024 2025 2025 2026 % Change

Revenues:

Net earned premiums:

Gross premiums $ 17,305  $ 15,025  $ 14,318  $ 13,562  $ 13,760  $ 3,433  $ 3,421

Assumed (ceded) (210) (124) (195) (122) (212) (52) (111)

1

Total net earned premiums (1)

17,095  14,901  14,123  13,440  13,548  3,381  3,310  (2.1) %

Net investment income 3,818  3,656  3,811  4,116  4,076  955  956  0.1

Net investment gains (losses)

468  363  590  1,271  (572) (963) 49

Other income

173  220  177  100  112  25  31

Total revenues 21,554  19,140  18,701  18,927  17,164  3,398  4,346  27.9

Benefits and Claims:

Benefits and claims, net:

Incurred claims -direct 8,949  8,271  8,005  8,281  8,901  2,388  2,414

Incurred claims -assumed (ceded) (147) (108) (177) (95) (189) (44) (63)

2

Increase in FPB -direct (2)

1,819  888  594  (184) (727) (357) (419)

Increase in FPB -assumed (ceded) (2)

3  51  172  5  2  (1) (18)

Total net benefits and claims, excluding reserve remeasurement 10,623  9,102  8,594  8,008  7,987  1,986  1,914

Reserve remeasurement (gain) loss (147) (215) (383) (558) (694) (41) (82)

Total net benefits and claims 10,476  8,887  8,211  7,450  7,293  1,945  1,832  (5.8)

Acquisition and operating expenses:

3

Amortization of DAC (3)

835  792  816  851  874  216  221

Insurance commissions 1,256  1,117  1,052  998  991  240  237

Insurance expenses 3,541  3,249  3,165  3,014  3,253  802  771

Interest expense 238  226  195  197  220  50  60

Total acquisition and operating expenses 5,870  5,384  5,228  5,060  5,338  1,308  1,289  (1.5)

Total benefits and expenses 16,346  14,271  13,439  12,510  12,631  3,253  3,121  (4.1)

Pretax earnings 5,208  4,869  5,262  6,417  4,533  145  1,225

4

Income tax expense (benefit) (4)

977  451  603  974  887  116  206

Net earnings $ 4,231  $ 4,418  $ 4,659  $ 5,443  $ 3,646  $ 29  $ 1,019  3,413.8  %

(1) Includes a gain (loss) of an immaterial amount for the three-month periods ended March 31, 2026 and 2025, respectively, related to remeasurement of the deferred profit liability for limited- payment contracts.

(2) Future policy benefits

(3) Deferred acquisition costs

(4) Primarily reflects release of $452 in deferred taxes in 2022.

4

Aflac Incorporated and Subsidiaries

Analysis of Net Earnings and Net Earnings Per Diluted Share

(In Millions, except for per-share data)

Period Net Earnings

Net Investment Gains (Losses) (1)

Other and Non- Recurring Items (1)

Foreign Currency Impact (2)

Net Earnings Per Share

Net Investment Gains (Losses) (1)

Other and Non-Recurring Items Per Share (1)

Foreign Currency Impact Per Share (2)

1 2021 $ 4,231  $ 365  $ (59) $ (42) $ 6.25  $ 0.54  $ (0.09) $ (0.06)

2 2022 4,418  803  1  (262) 6.93  1.26  —  (0.41)

2023 4,659  896  31  (113) 7.78  1.50  0.05  (0.19)

2024 5,443  1,389  (18) (103) 9.63  2.46  (0.03) (0.18)

2025 3,646  (319) (43) 19  6.82  (0.60) (0.08) 0.04

2024 1 1,879  920  (2) (44) 3.25  1.59  —  (0.08)

2 1,755  720  —  (37) 3.10  1.27  —  (0.07)

3 (93) (1,304) —  (16) (0.17) (2.33) —  (0.03)

4 1,902  1,054  (17) (6) 3.42  1.90  (0.03) (0.01)

2025 1 29  (835) (42) (8) 0.05  (1.53) (0.08) (0.01)

2 599  (358) —  23  1.11  (0.66) —  0.04

3 1,639  313  (1) 1  3.08  0.59  —  —

4 1,379  561  —  (1) 2.64  1.07  —  —

2026 1 1,019  118  —  (8) 1.98  0.23  —  (0.02)

(1) Items are presented net of tax.

(2) See non-U.S. GAAP financial measures for definition of adjusted earnings excluding current period foreign currency impact

5

Aflac Incorporated and Subsidiaries

Consolidated Balance Sheets

(In Millions, except per-share data)

December 31, March 31,

2021 2022 2023 2024 2025 2025 2026

Assets:

Investments and cash:

Securities available for sale:

Fixed maturity securities available for sale, at fair value $ 94,206  $ 71,936  $ 69,578  $ 61,841  $ 60,485  $ 63,547  $ 59,683

Fixed maturity securities available for sale - consolidated variable interest entities, at fair value 4,490  3,805  3,712  3,428  3,636  3,597  3,545

Fixed maturity securities held to maturity, at amortized cost, net of allowance for credit losses 22,000  19,056  17,819  15,966  16,120  16,888  15,752

Equity securities, at fair value 1,603  1,091  1,088  796  887  764  851

Commercial mortgage and other loans, net of allowance for credit losses 11,786  13,496  12,527  10,869  9,765  10,656  9,770

Other investments 3,842  4,070  4,530  5,958  6,622  6,763  7,937

Cash and cash equivalents 5,051  3,943  4,306  6,229  6,245  5,231  5,654

Total investments and cash 142,978  117,397  113,560  105,087  103,760  107,446  103,192

1

Receivables, net of allowance for credit losses (1)

672  647  848  779  835  894  947

Accrued investment income 737  745  731  710  718  682  695

Deferred policy acquisition costs 9,848  9,239  9,132  8,758  9,034  9,083  8,976

Property and equipment, net 538  530  445  387  351  391  354

2

Other assets, net of allowance for credit losses (1)(2)

3,377  3,180  2,008  1,845  1,772  1,762  2,116

Total assets $ 158,150  $ 131,738  $ 126,724  $ 117,566  $ 116,470  $ 120,258  $ 116,280

Liabilities and Shareholders' Equity:

Liabilities:

Total policy liabilities $ 126,331  $ 96,910  $ 91,599  $ 77,508  $ 69,583  $ 78,828  $ 66,782

Notes payable 7,956  7,442  7,364  7,498  8,409  7,751  7,908

Income taxes, primarily deferred 30  698  154  573  1,368  815  1,753

Other liabilities 6,802  6,548  5,622  5,889  7,620  6,526  9,876

Total liabilities 141,119  111,598  104,739  91,468  86,980  93,920  86,319

Shareholders' equity:

Common stock 135  135  136  136  136  136  136

Additional paid-in capital 2,529  2,641  2,771  2,894  3,024  2,919  3,064

Retained earnings 40,963  44,367  47,993  52,277  54,682  52,308  55,702

Accumulated other comprehensive income (loss):

Unrealized foreign currency translation gains (losses) (1,985) (3,564) (4,069) (4,998) (4,847) (4,549) (4,961)

Unrealized gains (losses) on fixed maturity securities 9,602  (702) 1,139  24  (1,809) (1,233) (2,665)

Unrealized gains (losses) on derivatives (30) (27) (22) (20) (13) (18) (16)

Effect of change in discount rate assumption(s) (15,832) (2,100) (2,560) 2,006  8,035  3,899  9,458

Pension liability adjustment (166) (36) (8) 10  86  42  85

Treasury stock (18,185) (20,574) (23,395) (26,231) (29,804) (27,166) (30,842)

Total shareholders' equity 17,031  20,140  21,985  26,098  29,490  26,338  29,961

Total liabilities & shareholders' equity $ 158,150  $ 131,738  $ 126,724  $ 117,566  $ 116,470  $ 120,258  $ 116,280

(1) Certain reclassifications have been made to prior-year amounts to conform to current-year reporting classifications. These reclassifications had no impact on net earnings or total shareholders' equity.

(2) Includes goodwill of $260 million in March 2026, $260 million in March 2025, $260 million in 2025, $263 million in 2024, $265 million in 2023, $265 million in 2022 and $268 million in 2021

6

Aflac Incorporated and Subsidiaries

Quarterly Financial Results

(In Millions, except per-share data)

1 Net EPS

Adj. EPS (1)

Period Net Earned Premiums Net Investment Income Total Revenues Benefits & Claims, Net Total Acquisitions & Adj. Exp. Total Pretax Earnings Net Earnings

Adjusted Earnings (1)

Basic Dil. Basic Dil.

2021 $ 17,095  $ 3,818  $ 21,554  $ 10,476  $ 5,870  $ 5,208  $ 4,231  $ 3,925  $ 6.28  $ 6.25  $ 5.83  $ 5.80

2022 14,901  3,656  19,140  8,887  5,384  4,869  4,418  3,614  6.96  6.93  5.69  5.67

2023 14,123  3,811  18,701  8,211  5,228  5,262  4,659  3,733  7.81  7.78  6.26  6.23

2024 13,440  4,116  18,927  7,450  5,060  6,417  5,443  4,072  9.68  9.63  7.24  7.21

2025 13,548  4,076  17,164  7,293  5,338  4,533  3,646  4,008  6.84  6.82  7.52  7.49

2024 1 3,456  1,000  5,436  2,010  1,256  2,170  1,879  961  3.27  3.25  1.67  1.66

2 3,325  1,095  5,138  1,921  1,198  2,019  1,755  1,035  3.11  3.10  1.83  1.83

3 3,328  1,006  2,949  1,595  1,262  92  (93) 1,211  (0.17) (0.17) 2.17  2.16

4 3,331  1,016  5,403  1,923  1,345  2,135  1,902  865  3.44  3.42  1.56  1.56

2025 1 3,381  955  3,398  1,945  1,308  145  29  906  0.05  0.05  1.66  1.66

2 3,470  1,081  4,160  2,010  1,328  822  599  957  1.12  1.11  1.78  1.78

3 3,372  1,067  4,740  1,436  1,310  1,994  1,639  1,327  3.09  3.08  2.50  2.49

4 3,325  973  4,866  1,902  1,392  1,572  1,379  818  2.65  2.64  1.57  1.57

2026 1 3,310  956  4,346  1,832  1,289  1,225  1,019  901  1.99  1.98  1.76  1.75

(1) See non-U.S. GAAP financial measures for definition of adjusted earnings.

7

Aflac Incorporated and Subsidiaries

Quarterly Book Value Per Share

(In Millions, except per-share data)

1

Period Equity BV Per Share AOCI BV Per Share

Adjusted BV Per Share (1)

Adjusted BV Per Share

% Change

Adjusted BV Per Share Excluding Foreign Currency Remeasurement

G/(L) (1) (2)

Adjusted BV Per Share Excluding Foreign Currency Remeasurement

G/(L) % Change (2)

2021 $ 26.12  $ (12.90) $ 39.01  9.7  % $ 37.71  6.0  %

2022 32.73  (10.45) 43.18  10.7  38.94  3.3

2023 38.00  (9.54) 47.55  10.1  41.15  5.7

2024 47.45  (5.41) 52.87  11.2  42.46  3.2

2025 56.85  2.80  54.06  2.3  42.66  0.5

2024 1 41.27  (8.95) 50.22  12.4  41.68  4.1

2 46.40  (5.86) 52.26  12.1  41.98  4.6

3 44.60  (6.60) 51.21  5.7  43.61  6.1

4 47.45  (5.41) 52.87  11.2  42.46  3.2

2025 1 48.55  (3.43) 51.98  3.5  42.61  2.2

2 50.86  (0.92) 51.78  (0.9) 42.97  2.4

3 54.57  1.24  53.33  4.1  43.52  (0.2)

4 56.85  2.80  54.06  2.3  42.66  0.5

2026 1 58.69  3.72  54.96  5.7  42.71  0.2

(1) See non-U.S. GAAP financial measures for definition of adjusted book value and adjusted book value excluding foreign currency remeasurement

(2) Adjusted BV Per Share Excluding Foreign Currency Remeasurement G/(L) at June 30, 2025, and September 30, 2025 are corrected, due to a calculation error, (previously reported amounts were $44.17 and $46.35, respectively). The percentage change figures for the corresponding periods in Adjusted BV Per Share Excluding Foreign Currency Remeasurement G(L) % Change have been corrected accordingly (previously reported % changes were 5.2% at June 30, 2025 and 6.3% at September 30, 2025).

8

Aflac Incorporated and Subsidiaries

Return on Equity

Year ended December 31, 3 Months Ended March 31,

1

2021 (4)

2022

2023

2024

2025 2025 2026

2

U.S. GAAP ROE - Net earnings (1)

26.7  % 23.8  % 22.1  % 22.6  % 13.1  % 0.4  % 13.7  %

Impact of excluding unrealized foreign currency translation gains (losses) (1.7) (2.5) (3.1) (3.6) (2.6) —  (2.3)

Impact of excluding unrealized gains (losses) on securities and derivatives 10.7  4.1  0.2  0.4  (0.5) —  (1.1)

Impact of excluding effect on change in discount rate assumptions (18.5) (8.2) (1.9) (0.2) 2.6  —  4.2

Impact of excluding pension liability adjustment (0.2) (0.1) —  —  —  —  —

Impact of excluding AOCI (9.7) (6.8) (4.9) (3.4) (0.4) —  0.8

U.S. GAAP ROE - less AOCI 17.0  17.0  17.2  19.2  12.8  0.4  14.5

3

Differences between adjusted earnings and net earnings (2)

(1.2) (3.1) (3.4) (4.8) 1.3  12.2  (1.7)

4

Adjusted ROE - reported (3)

15.8  13.9  13.8  14.4  14.0  12.7  12.8

5

Less: Impact of excluding gains (losses) associated with foreign currency remeasurement (5)

— 1.0  1.8  2.9  3.6  2.9  3.6

Adjusted ROE, excluding foreign currency remeasurement (5) (6)

16.0 14.9  15.6  17.3  17.6  15.6  16.4

(1) U.S. GAAP ROE is calculated by dividing net earnings (annualized) by average shareholders' equity.

(2) See separate reconciliation of net income to adjusted earnings.

(3) See non-U.S. GAAP financial measures for definition of adjusted return on equity

(4) Return on equity calculations for 2021 use beginning retained earnings and accumulated other comprehensive income adjusted for the adoption of LDTI.

(5) Impact of gains/losses associated with foreign currency remeasurement is calculated by excluding the cumulative (beginning January 1, 2021) foreign currency gains/losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. The impact is the difference of adjusted return on equity - reported compared with adjusted return on equity, excluding from shareholders' equity, gains/losses associated with foreign currency remeasurement

(6) For the second and third quarter 2025, due to a calculation error, the Company reported adjusted return on equity excluding foreign currency remeasurement in the second quarter of 16.4%, and adjusted return on equity excluding foreign currency remeasurement in the third quarter of 22.1%. The corrected adjusted return on equity excluding foreign currency remeasurement in the second quarter was 16.6%, and the corrected adjusted return on equity excluding foreign currency remeasurement in the third quarter was 23.1%.

9

Aflac Incorporated and Subsidiaries

Adjusted Earnings Per Share Excluding Current Period Foreign Currency Impact (1)

(Diluted Basis)

1 Period

Adjusted EPS (1)

Growth

QTD Foreign Currency Impact (1)

YTD Foreign Currency Impact (1)

Excluding Foreign Currency Impact (1)

Change Excluding Foreign Currency Impact

2021 $ 5.80  16.9  % N/A (0.06) $ 5.86  18.1  %

2022 5.67  (2.2) N/A (0.41) 6.08  4.8

2023 6.23  9.9  N/A (0.19) 6.43  13.4

2024 7.21  15.7  N/A (0.18) 7.39  18.6

2025 7.49  3.9  N/A 0.04  7.46  3.5

2024 1 $ 1.66  7.1  % (0.08) (0.08) $ 1.74  12.3  %

2 1.83  15.8  (0.07) (0.14) 1.89  19.6

3 2.16  17.4  (0.03) (0.17) 2.19  19.0

4 1.56  24.8  (0.01) (0.18) 1.57  25.6

$ 7.21  15.7  % $ 7.39  18.6  %

2025 1 $ 1.66  —  % (0.01) (0.01) $ 1.67  0.6  %

2 1.78  (2.7) 0.04  0.03  1.73  (5.5)

3 2.49  15.3  —  0.03  2.49  15.3

4 1.57  0.6  —  0.04  1.57  0.6

$ 7.49  3.9  % $ 7.46  3.5  %

2026 1 1.75  5.4  (0.02) (0.02) 1.77  6.6

$ 1.75  5.4  % $ 1.77  6.6  %

(1) See non-U.S.GAAP financial measures for definition of adjusted earnings and adjusted earnings excluding current period foreign currency impact

10

Aflac Incorporated and Subsidiaries

Composition of Invested Assets

(In Millions)

December 31, March 31,

2021 2022 2023 2024 2025 2025 2026

Fixed Maturity Securities

$ 107,369  $ 94,525  $ 88,508  $ 80,055  $ 81,383  $ 84,433  $ 81,208

Commercial mortgage and other loans, net of allowance for credit losses:

Transitional Real Estate (floating rate) 5,246  6,455  5,998  4,703  3,611  4,475  3,453

Middle Market Loans (floating rate) 4,601  5,028  4,531  4,283  4,266  4,301  4,335

Commercial Mortgage Loans 1,854  1,775  1,697  1,523  1,443  1,511  1,436

Other Loans 20  238  301  360  445  369  546

Total Commercial mortgage and other loans, net of allowance for credit losses

11,721  13,496  12,527  10,869  9,765  10,656  9,770

Equity Securities, at FV through net earnings 1,603  1,091  1,088  796  887  764  851

1

Alternatives (1)

1,703  2,107  2,619  3,167  3,809  3,217  3,924

Total Portfolio $ 122,396  $ 111,219  $ 104,742  $ 94,887  $ 95,844  $ 99,070  $ 95,753

Unrealized Gains (Losses) on Invested Assets

(In Millions)

December 31, March 31,

2021 2022 2023 2024 2025 2025 2026

Fixed Maturity Securities:

Available For Sale - Gross Gains $ 13,566  $ 4,800  $ 6,050  $ 5,308  $ 4,782  $ 4,345  $ 4,430

Available For Sale - Gross Losses (239) (4,528) (3,449) (4,128) (5,924) (4,746) (6,658)

Total Available For Sale 13,327  272  2,601  1,180  (1,142) (401) (2,228)

Held to Maturity - Gross Gains 4,869  2,154  1,838  815  87  402  14

Held to Maturity - Gross Losses —  —  —  (9) (731) (155) (997)

Total Held to Maturity $ 4,869  $ 2,154  $ 1,838  $ 806  $ (644) $ 247  $ (983)

Credit Ratings on Fixed Maturities

(At Amortized Cost)

December 31, March 31,

Credit Rating: 2021 2022 2023 2024 2025 2025 2026

AAA 1.0  % 1.6  % 1.6  % 1.5  % 1.1  % 1.3  % 1.4  %

AA 5.1  5.2  5.7  6.0  6.6  6.0  6.6

A 68.9  68.0  68.1  68.0  69.0  68.2  68.7

BBB 22.5  23.0  22.9  22.9  21.9  22.9  21.8

BB or Lower 2.5  2.2  1.7  1.6  1.4  1.6  1.5

100.0  % 100.0  % 100.0  % 100.0  % 100.0  % 100.0  % 100.0  %

(1) Presented at carrying value; includes asset classes such as private equity and real estate funds managed by Global Investments; excludes Corporate driven activity, policy loans, short-term investments, real estate owned assets and FHLB equity balances

11

Aflac Incorporated and Subsidiaries

Supplemental Investment Data by Segment

December 31, 3 Months Ended March 31,

2021 2022 2023 2024 2025 2025 2026

Aflac Japan:

1

Invested assets (in millions) (1)

¥ 12,405,531  ¥ 12,617,181  ¥ 12,127,531  ¥ 11,881,515  ¥ 11,994,018  ¥ 11,909,722  ¥ 12,348,225

2

Return on average invested assets (2)

2.72  % 2.78  % 2.90  % 3.33  % 3.22  % 3.00  % 3.05  %

3

Portfolio book yield at end of period (3)

2.60  % 3.06  % 3.18  % 3.22  % 3.26  % 3.22  % 3.30  %

Total purchases for period (in millions) (3)

¥ 952,038  ¥ 716,964  ¥ 378,541  ¥ 735,141  ¥ 1,744,625  ¥ 969,847  ¥ 348,793

4

New money yield (3)(4)

3.50  % 4.48  % 5.18  % 6.11  % 4.17  % 3.30  % 4.97  %

Aflac U.S.:

Invested assets (in millions) (1)

$ 15,841  $ 16,772  $ 17,075  $ 17,341  $ 17,373  $ 17,131  $ 17,759

Return on average invested assets (2)

4.87  % 4.72  % 4.88  % 5.00  % 4.94  % 4.80  % 4.74  %

Portfolio book yield at end of period (3)

4.94  % 5.39  % 5.53  % 5.58  % 5.47  % 5.56  % 5.46  %

Total purchases for period (in millions) (3)

$ 2,130  $ 1,701  $ 907  $ 934  $ 1,156  $ 493  $ 680

New money yield (3)(4)

3.41  % 5.16  % 7.56  % 6.90  % 6.73  % 6.61  % 6.23  %

(1) Invested assets, including cash and short term investments, are stated at amortized cost; except for equities, which are at fair value.

(2) Net of investment expenses and amortized hedge costs, year-to-date number reflected on a quarterly average basis.

(3) Includes fixed maturity securities, commercial mortgage and other loans, equity securities, and excludes alternative investments in limited partnerships, and any impacts from hedging activities.

(4) Reported on a gross yield basis; excludes investment expenses, external management fees, and amortized hedge costs.

12

Aflac Incorporated and Subsidiaries

1

Japan Segment Portfolio Allocation by Currency (1)

(U.S. GAAP Basis)

(In Millions)

December 31, 2025 March 31, 2026

Amortized Cost (2)

Fair Value

Amortized Cost (2)

Fair Value

JGB $ 30,698  $ 27,313  $ 29,817  $ 25,838

Other 16,870  16,036  16,612  15,363

Total yen denominated 47,568  43,349  46,429  41,201

USD Program 23,503  25,855  25,125  27,413

Other 1,632  2,398  1,596  2,356

Total US dollar denominated 25,135  28,253  26,721  29,769

Total $ 72,703  $ 71,602  $ 73,150  $ 70,970

Distribution of Consolidated Fixed Maturities by Sector

(In millions)

March 31, 2026

2

Amortized Cost (2)

% of Total

Government and agencies $ 32,782  40.4  %

Municipalities 2,248  2.8

Mortgage- and asset-backed securities 4,870  6.0

Public utilities: 6,790  8.4

Electric 5,349  6.6

Natural Gas 894  1.1

Other 547  0.7

Sovereign and supranational 720  0.9

Banks/financial institutions: 9,162  11.2

Banking 5,142  6.3

Insurance 1,870  2.3

Other 2,150  2.6

Other corporate: 24,636  30.3

Basic Industry 2,023  2.5

Capital Goods 2,926  3.6

Communications 2,612  3.2

Consumer Cyclical 1,892  2.3

Consumer Non-Cyclical 5,768  7.1

Energy 2,383  2.9

Other 980  1.2

Technology 3,238  4.0

Transportation 2,814  3.5

Total fixed maturity securities $ 81,208  100.0  %

(1) Non-U.S.dollar-denominated investments in the U.S. segment are immaterial.

(2) Net of reserves

13

Aflac Incorporated and Subsidiaries

Long-Term Debt Data

Adjusted Leverage Ratios

(In Millions)

December 31, March 31,

2021 2022 2023 2024 2025 2025 2026

Notes payable $ 7,956  $ 7,442  $ 7,364  $ 7,498  $ 8,409  $ 7,751  $ 7,908

50% of subordinated debentures and perpetual bonds (389) (337) (315) (282) (285) (299) (279)

Pre-funding of debt maturities —  —  (211) —  (399) —  —

1

Adjusted debt (1)

7,568  7,105  6,839  7,216  7,725  7,453  7,629

Total Shareholders' Equity 17,031  20,140  21,985  26,098  29,490  26,338  29,961

Accumulated other comprehensive (income) loss:

Unrealized foreign currency translation (gains) losses 1,985  3,564  4,069  4,998  4,847  4,549  4,961

Unrealized (gains) losses on fixed maturity securities (9,602) 702  (1,139) (24) 1,809  1,233  2,665

Unrealized (gains) losses on derivatives 30  27  22  20  13  18  16

Effect on change in discount rate assumptions 15,832  2,100  2,560  (2,006) (8,035) (3,899) (9,458)

Pension liability adjustment 166  36  8  (10) (86) (42) (85)

Adjusted book value (1)

$ 25,442  $ 26,569  $ 27,505  $ 29,076  $ 28,038  $ 28,197  $ 28,060

Total capitalization (5)

$ 24,987  $ 27,582  $ 29,349  $ 33,596  $ 37,899  $ 34,089  $ 37,869

Debt to capitalization 31.8  % 27.0  % 25.1  % 22.3  % 22.2  % 22.7  % 20.9  %

2

Adjusted capitalization ex-AOCI (1)(2)

$ 33,398  $ 34,011  $ 34,658  $ 36,574  $ 36,048  $ 35,948  $ 35,968

Adjusted debt to adjusted capitalization ex-AOCI 22.7  % 20.9  % 19.7  % 19.7  % 21.4  % 20.7  % 21.2  %

3

Adjusted capitalization (1)(3)

$ 31,247  $ 30,411  $ 30,581  $ 31,586  $ 31,287  $ 31,441  $ 31,092

Adjusted debt to adjusted capitalization 24.2  % 23.4  % 22.4  % 22.8  % 24.7  % 23.7  % 24.5  %

4

Debt Maturities Remaining (4)

(In Millions)

March 31, 2026

2026 2027-2031 2032-2036 2037-2046 2047+ Total

Senior Notes $ 300  $ 2,882  $ 1,875  $ 1,377  $ 872  $ 7,306

Subordinated debt 563  563

Total $ 300  $ 2,882  $ 1,875  $ 1,377  $ 1,435  $ 7,869

(1) See non-U.S. GAAP financial measures for definition of: adjusted debt; adjusted book value; adjusted debt, including 50% of subordinated debentures and perpetual bonds; and adjusted book value, including unrealized foreign currency translation gains and losses and pension liability adjustment

(2) Adjusted capitalization ex-AOCI is the sum of adjusted debt, including 50% of subordinated debentures and perpetual bonds, plus adjusted book value

(3) Adjusted capitalization is sum of adjusted debt, including 50% of subordinated debentures and perpetual bonds, plus adjusted book value, including unrealized foreign currency translation gains and losses and pension liability adjustment

(4) Debt maturity amounts do not include discounts, premiums, deferred charges, or capital lease obligations.

(5) Total capitalization is sum of notes payable and shareholders' equity.

14

Aflac Incorporated and Subsidiaries

Insurer Financial Strength Ratings

AM Best Moody's S&P JCR R&I

U.S. Operating Companies:

Aflac of Columbus A+ Aa3 A+ AA+ AA

Aflac of New York A+ _ A+ _ _

Continental American Insurance Company A+ _ _ _ _

Japan Operating Company:

Aflac Life Insurance Japan Ltd. A+ Aa3 A+ AA+ AA

Bermuda Operating Company:

Aflac Re Bermuda Ltd. _ _ _ AA+ _

Issuer Credit Ratings

AM Best Moody's S&P JCR R&I

Aflac Incorporated:

Long-term Senior Debt a A3 A- AA- A+

Junior Subordinated Debt a- Baa1 BBB _ A-

Aflac of Columbus:

Long-term Senior Debt aa _ A+ AA+ _

Aflac Life Insurance Japan, Ltd.:

Long-term Senior Debt aa _ A+ AA+ _

The outlook for all ratings is stable.

15

Aflac U.S.

Statements of Pretax Adjusted Earnings

(Before Management Fee)

(In Millions)

Years Ended December 31, 3 Months Ended March 31,

2021 2022 2023 2024 2025 2025 2026 % Change

Revenues:

Net earned premiums:

Gross premiums $ 5,540  $ 5,467  $ 5,669  $ 5,907  $ 6,182  $ 1,543  $ 1,624

Assumed (ceded) 73  103  6  (78) (183) (41) (69)

Total net earned premiums 5,614  5,570  5,675  5,829  5,999  1,502  1,555  3.5  %

Adjusted net investment income 754  755  820  847  830  202  201  (0.5)

Other income excl. realized foreign exchange gains (losses) 121  161  128  63  74  17  23

Total adjusted revenues 6,489  6,486  6,623  6,739  6,903  1,721  1,779  3.4

Benefits and claims:

Benefits and claims, net:

Incurred claims -direct 2,183  2,245  2,423  2,892  3,193  816  820

Incurred claims -assumed (ceded) 89  104  17  (75) (177) (39) (56)

Increase in FPB -direct 463  326  280  —  (55) (47) 10

Increase in FPB -assumed (ceded) (11) 4  (5) 4  8  1  (4)

Total benefits and claims, net, excluding reserve remeasurement 2,724  2,679  2,715  2,821  2,969  731  770

Reserve remeasurement (gain) loss (85) (124) (284) (95) (132) (15) (36)

Total benefits and claims, net 2,639  2,555  2,431  2,726  2,837  716  734  2.5

Adjusted expenses:

Amortization of deferred policy acquisition costs 442  455  490  530  551  137  143  4.4

Insurance commissions 550  553  561  563  564  135  142  5.2

Insurance and other expenses 1,502  1,564  1,640  1,501  1,530  375  397  5.9

Total adjusted expenses 2,494  2,573  2,691  2,594  2,645  647  682

Total benefits and adjusted expenses 5,132  5,127  5,122  5,320  5,482  1,363  1,416  3.9

Pretax adjusted earnings $ 1,356  $ 1,359  $ 1,501  $ 1,419  $ 1,421  $ 358  $ 363  1.4  %

16

Aflac U.S.

Balance Sheets

(In Millions)

December 31, March 31,

2021 2022 2023 2024 2025 2025 2026

Assets:

Investments and cash $ 18,324  $ 15,987  $ 16,718  $ 16,775  $ 17,090  $ 16,706  $ 17,281

1

Receivables, net of allowance for credit losses (1)

574  584  688  671  707  707  766

Accrued investment income 169  184  183  178  171  176  172

Deferred policy acquisition costs 3,366  3,463  3,573  3,656  3,732  3,667  3,741

Other assets (1)

758  784  698  650  618  625  627

Total assets $ 23,191  $ 21,002  $ 21,861  $ 21,930  $ 22,317  $ 21,881  $ 22,587

Liabilities and Shareholders' Equity:

Future policy benefits $ 14,212  $ 10,870  $ 11,234  $ 10,584  $ 10,798  $ 10,678  $ 10,567

Policy and contract claims 151  200  258  376  483  405  508

Other policy liabilities 119  117  107  103  97  111  106

Deferred income taxes (328) (243) (311) (231) (178) (161) (101)

Other liabilities 2,010  2,080  2,062  2,055  1,621  1,760  1,820

Shareholders' equity 7,027  7,978  8,510  9,043  9,496  9,088  9,687

Total liabilities & shareholders' equity $ 23,191  $ 21,002  $ 21,861  $ 21,930  $ 22,317  $ 21,881  $ 22,587

(1) Certain reclassifications have been made to prior-year amounts to conform to current-year reporting classifications. These reclassifications had no impact on net earnings or total shareholders' equity.

17

Aflac U.S.

Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes

(Restated to conform to current classifications)

(In Millions)

Period Net Earned Premiums % Change Adjusted NII % Change Total Adjusted Revenues % Change Benefits & Claims, Net % Change Amort. % Change Total Adjusted Expenses % Change Pretax Adjusted Earn. % Change

2021 $ 5,614  (2.5) % $ 754  7.0  % $ 6,489  (1.2) % $ 2,639  (4.6) % $ 442  (22.5) % $ 2,494  (1.5) % $ 1,356  6.9  %

2022 5,570  (0.8) 755  0.1  6,486  —  2,555  (3.2) 455  2.9  2,573  3.2  1,359  0.2

2023 5,675  1.9  820  8.6  6,623  2.1  2,431  (4.9) 490  7.7  2,691  4.6  1,501  10.4

2024 5,829  2.7  847  3.3  6,739  1.8  2,726  12.1  530  8.2  2,594  (3.6) 1,419  (5.5)

2025 5,999  2.9  830  (2.0) 6,903  2.4  2,837  4.1  551  4.0  2,645  2.0  1,421  0.1

2024 1 1,475  3.3  206  4.6  1,699  2.3  686  5.4  132  10.9  658  0.2  356  1.1

2 1,455  2.1  218  7.4  1,684  1.3  680  5.4  132  10.0  621  (4.2) 383  3.8

3 1,459  2.8  210  0.5  1,684  1.4  694  36.1  132  8.2  640  (5.0) 350  (26.8)

4 1,441  2.7  213  0.9  1,671  2.0  667  6.5  134  3.9  674  (5.3) 330  9.3

2025 1 1,502  1.8  202  (1.9) 1,721  1.3  716  4.4  137  3.8  647  (1.7) 358  0.6

2 1,504  3.4  207  (5.0) 1,728  2.6  712  4.7  136  3.0  628  1.1  388  1.3

3 1,495  2.5  214  1.9  1,728  2.6  681  (1.9) 137  3.8  672  5.0  375  7.1

4 1,498  4.0  207  (2.8) 1,726  3.3  728  9.1  141  5.2  698  3.6  300  (9.1)

2026 1 1,555  3.5  201  (0.5) 1,779  3.4  734  2.5  143  4.4  682  5.4  363  1.4

18

Aflac U.S.

Operating Ratios

(Before Management Fee)

Period

12-Mo. Rolling Premium Persistency

Total Benefit/ Premium Amortization/ Premium Total Adjusted Expenses/ Total Adjusted Revenue Combined Ratio/ Total Adjusted Revenue Pretax Profit Margin

2021 79.7  % 47.0  % 7.9  % 38.4  % 79.1  % 20.9  %

2022 77.3  45.9  8.2  39.7  79.0  21.0

2023 78.6  42.8  8.6  40.6  77.3  22.7

2024 79.3  46.8  9.1  38.5  78.9  21.1

2025 79.2  47.3  9.2  38.3  79.4  20.6

2024 1 78.7  46.5  8.9  38.7  79.0  21.0

2 78.7  46.7  9.1  36.9  77.3  22.7

3 78.9  47.6  9.0  38.0  79.2  20.8

4 79.3  46.3  9.3  40.3  80.3  19.7

2025 1 79.3  47.7  9.1  37.6  79.2  20.8

2 79.2  47.3  9.0  36.3  77.5  22.5

3 79.0  45.6  9.2  38.9  78.3  21.7

4 79.2  48.6  9.4  40.4  82.6  17.4

2026 1 79.3  47.2  9.2  38.3  79.6  20.4

19

Aflac U.S.

Aflac U.S. Sales Results

(In Millions)

Period Annualized Premiums In Force % Change New Annualized Premiums Sales % Change

2021 $ 6,003  (1.6) % $ 1,278  16.9  %

2022 5,967  (0.6) 1,483  16.1

2023 6,161  3.3  1,558  5.0

2024 6,383  3.6  1,543  (1.0)

2025 6,694  4.9  1,589  3.0

2024 1 6,211  3.1  298  (5.2)

2 6,239  2.9  331  2.0

3 6,265  3.3  379  5.5

4 6,383  3.6  534  (4.5)

2025 1 6,505  4.7  309  3.5

2 6,506  4.3  340  2.7

3 6,500  3.8  390  2.8

4 6,694  4.9  551  3.1

2026 1 6,801  4.6  318  2.9

20

Aflac U.S.

Aflac U.S. Product Mix

(New Annualized Premium Sales)

(In Millions)

1 Period Disability % of Total Life % of Total Accident % of Total

Critical Care (1)

% of Total Hospital Indemnity % of Total Dental/ Vision % of Total Total

2021 $ 296  23.1  % $ 114  9.0  % $ 321  25.1  % $ 273  21.3  % $ 209  16.4  % $ 65  5.1  % $ 1,278

2022 378  25.5  156  10.5  338  22.8  299  20.1  226  15.3  85  5.8  1,483

2023 399  25.6  188  12.0  326  20.9  322  20.7  225  14.5  98  6.3  1,558

2024 406  26.3  219  14.2  302  19.6  322  20.9  212  13.7  82  5.3  1,543

2025 420  26.4  246  15.5  300  18.9  315  19.8  209  13.2  98  6.2  1,589

2024 1 69  23.0  32  10.8  67  22.5  66  22.1  45  15.1  19  6.5  298

2 85  25.7  41  12.4  70  21.2  70  21.1  45  13.7  19  5.9  331

3 109  28.8  69  18.3  67  17.7  70  18.6  45  11.9  18  4.7  379

4 143  26.8  77  14.4  97  18.2  115  21.6  76  14.3  25  4.7  534

2025 1 70  22.8  39  12.5  65  21.1  67  21.8  46  15.0  21  6.8  309

2 94  27.7  45  13.1  65  19.0  74  21.8  40  11.9  22  6.5  340

3 130  31.8  76  19.3  66  16.9  55  15.9  41  10.5  22  5.6  390

4 126  22.7  86  15.7  105  19.0  119  21.7  82  14.8  33  6.1  551

2026 1 70  22.0  53  16.7  63  19.8  64  20.3  43  13.5  24  7.7  318

Aflac U.S. Sales Force Data

Recruited Agents Average Weekly Producer Equivalents Productivity (Production/ Avg. Weekly Producers)

Period Career Broker Total

2021 10,641  5,445  16,086  5,993  213,235

2022 9,550  1,500  11,050  6,186  239,786

2023 10,103  1,463  11,566  6,239  249,663

2024 9,994  1,366  11,360  6,271  256,210

2025 10,048  1,248  11,296  5,341  297,543

2024 1 2,330  346  2,676  5,800  51,432

2 3,113  422  3,535  6,098  54,262

3 2,553  335  2,888  5,890  64,336

4 1,998  263  2,261  6,271  85,225

2025 1 2,405  340  2,745  5,146  59,985

2 3,069  352  3,421  5,354  63,505

3 2,549  302  2,851  5,233  74,459

4 2,025  254  2,279  5,632  97,806

2026 1 2,194  332  2,526  4,982  63,778

(1) Includes cancer, critical illness, and hospital intensive care products

21

Aflac Japan

Statements of Pretax Adjusted Earnings

(Before Management Fee)

(In Millions)

Years Ended December 31, 3 Months Ended March 31,

2021 2022 2023 2024 2025 2025 2026 % Change

Revenues:

Net earned premiums:

Gross premiums ¥ 1,290,527  ¥ 1,246,657  ¥ 1,212,654  ¥ 1,159,719  ¥ 1,133,651  ¥ 288,319  ¥ 281,872

Assumed (ceded) (50,864) (48,578) (84,838) (109,719) (124,776) (31,855) (35,211)

Total net earned premiums 1,239,663  1,198,079  1,127,816  1,050,000  1,008,875  256,464  246,661  (3.8) %

1

Net investment income: (1)

Yen denominated 138,513  149,449  138,073  133,059  133,651  33,983  30,845  (9.2)

US$ denominated 202,905  215,171  247,277  280,628  258,933  56,310  64,161  13.9

Net investment income 341,419  364,621  385,352  413,687  392,584  90,293  95,005  5.2

2

Amortized hedge costs on foreign investments (2)

(8,391) (13,155) (19,773) (3,755) (6,754) (1,071) (2,216) 106.9

Adjusted net investment income 333,028  351,466  365,579  409,932  385,830  89,222  92,789  4.0

Other income excl. realized foreign currency gains (losses) 4,512  4,442  4,720  4,109  4,739  796  1,271

Total adjusted revenues 1,577,203  1,553,988  1,498,115  1,464,041  1,399,444  346,482  340,720  (1.7)

Benefits and claims:

Benefits and claims, net:

Incurred claims -direct 743,247  788,572  781,774  815,894  854,566  239,635  249,644

Incurred claims -assumed (ceded) (31,798) (36,141) (70,748) (82,320) (102,280) (26,056) (25,050)

Increase in FPB -direct 149,084  73,592  44,121  (26,672) (100,493) (47,233) (66,870)

Increase in FPB -assumed (ceded) (11,425) (5,618) 2,226  13,877  26,091  6,036  4,437

Total benefits and claims, net, excluding reserve remeasurement 849,108  820,405  757,373  720,780  677,884  172,383  162,160

Reserve remeasurement (gain) loss (6,879) (13,337) (13,072) (64,197) (79,134) (3,738) (6,904)

Total benefits and claims, net 842,229  807,068  744,301  656,583  598,750  168,645  155,256  (7.9)

Adjusted expenses:

Amortization of deferred policy acquisition costs 43,131  44,123  45,840  48,581  48,397  12,097  12,203  0.9

Insurance commissions 77,449  73,482  68,751  65,889  63,897  15,992  14,962  (6.4)

Insurance and other expenses 202,586  198,493  182,364  165,314  174,718  39,731  39,183  (1.4)

Total adjusted expenses 323,166  316,097  296,955  279,784  287,012  67,821  66,347

Total benefits and adjusted expenses 1,165,395  1,123,165  1,041,256  936,367  885,762  236,465  221,603  (6.3)

Pretax adjusted earnings ¥ 411,808  ¥ 430,823  ¥ 456,859  ¥ 527,675  ¥ 513,683  ¥ 110,017  ¥ 119,117  8.3  %

(1) Includes the net interest cash flows from derivatives associated with certain investment strategies

(2) See non-U.S. GAAP financial measures for the definition of amortized hedge costs/income

22

Aflac Japan

Statements of Pretax Adjusted Earnings

(Before Management Fee)

(In Millions)

Years Ended December 31, 3 Months Ended March 31,

2021 2022 2023 2024 2025 2025 2026 % Change

Revenues:

Net earned premiums

Gross premiums $ 11,765  $ 9,558  $ 8,649  $ 7,654  $ 7,578  $ 1,890  $ 1,797

Assumed (ceded) (463) (372) (602) (724) (834) (209) (224)

Total net earned premiums 11,301  9,186  8,047  6,930  6,744  1,681  1,573  (6.4) %

1

Net investment income (1)

Yen denominated 1,262  1,140  985  879  894  224  197  (12.1)

US$ denominated 1,845  1,641  1,755  1,849  1,732  369  409  10.8

Net investment income 3,107  2,782  2,739  2,727  2,626  593  606  2.2

2

Amortized hedge costs on foreign investments (2)

(76) (112) (157) (26) (45) (7) (15) 114.3

Adjusted net investment income 3,031  2,669  2,582  2,701  2,581  586  591  0.9

Other income excl. realized foreign currency gains (losses) 41  35  35  28  32  5  8

Total adjusted revenues 14,373  11,890  10,664  9,659  9,357  2,272  2,172  (4.4)

Benefits and claims:

Benefits and claims, net

Incurred claims -direct 6,776  6,038  5,582  5,390  5,707  1,572  1,594

Incurred claims -assumed (ceded) (290) (275) (502) (543) (684) (171) (160)

Increase in FPB -direct 1,356  562  314  (184) (671) (310) (428)

Increase in FPB -assumed (ceded) (104) (43) 15  99  175  40  28

Total benefits and claims, net, excluding reserve remeasurement 7,738  6,282  5,409  4,761  4,528  1,130  1,035

Reserve remeasurement (gain) loss (62) (91) (96) (444) (529) (25) (45)

Total benefits and claims, net 7,675  6,191  5,313  4,317  3,999  1,105  990  (10.4)

Adjusted expenses:

Amortization of deferred policy acquisition costs 393  338  326  321  323  79  78  (1.3)

Insurance commissions 706  563  491  435  427  105  95  (9.5)

Insurance and other expenses 1,843  1,517  1,300  1,092  1,168  261  250  (4.2)

Total adjusted expenses 2,942  2,417  2,117  1,848  1,918  445  423

Total benefits and adjusted expenses 10,618  8,609  7,430  6,165  5,917  1,550  1,413  (8.8)

Pretax adjusted earnings $ 3,756  $ 3,281  $ 3,234  $ 3,494  $ 3,440  $ 722  $ 759  5.1  %

(1) Includes the net interest cash flows from derivatives associated with certain investment strategies.

(2) See non-U.S. GAAP financial measures for definition of amortized hedge costs/income.

23

Aflac Japan

Balance Sheets

(In Millions)

December 31, March 31,

2021 2022 2023 2024 2025 2025 2026

Assets:

Investments and cash ¥ 13,645,902  ¥ 12,777,746  ¥ 12,566,939  ¥ 12,216,793  ¥ 11,941,237  ¥ 11,955,918  ¥ 12,182,649

Receivables, net of allowance for credit losses 22,439  23,138  24,848  31,172  26,100  38,813  37,367

Accrued investment income 67,493  76,489  74,666  77,899  82,868  73,268  78,928

Deferred policy acquisition costs 745,510  766,506  788,394  806,920  830,075  809,782  836,908

Other assets 386,832  387,065  946,644  1,136,609  981,002  1,091,922  1,004,958

Total assets ¥ 14,868,176  ¥ 14,030,944  ¥ 14,401,491  ¥ 14,269,393  ¥ 13,861,283  ¥ 13,969,701  ¥ 14,140,809

Liabilities and Shareholders' Equity:

Future policy benefits ¥ 11,755,704  ¥ 10,315,140  ¥ 10,444,044  ¥ 9,630,864  ¥ 8,234,312  ¥ 9,219,327  ¥ 7,892,088

Policy and contract claims —  28  465  754  1,029  833  1,115

Unearned premiums 284,045  227,732  192,595  189,583  195,068  189,129  197,070

Other policyholders' funds 877,690  880,989  874,854  863,699  852,379  876,538  866,976

Income taxes (prim. deferred) 36,166  114,688  95,297  136,262  236,939  173,374  281,125

Other liabilities 502,633  575,554  576,879  526,477  850,287  699,643  1,253,193

Shareholders' equity 1,411,938  1,916,812  2,217,357  2,921,754  3,491,267  2,810,856  3,649,242

Total liabilities & shareholders' equity ¥ 14,868,176  ¥ 14,030,944  ¥ 14,401,491  ¥ 14,269,393  ¥ 13,861,283  ¥ 13,969,701  ¥ 14,140,809

24

Aflac Japan

Balance Sheets

(In Millions)

December 31, March 31,

2021 2022 2023 2024 2025 2025 2026

Assets:

Investments and cash $ 118,639  $ 96,290  $ 88,606  $ 77,233  $ 76,273  $ 79,962  $ 76,199

Receivables, net of allowance for credit losses 195  174  175  197  167  260  234

Accrued investment income 587  576  526  492  529  490  494

Deferred policy acquisition costs 6,482  5,776  5,559  5,102  5,302  5,416  5,235

Other assets 3,363  2,917  6,675  7,186  6,266  7,303  6,286

Total assets $ 129,266  $ 105,734  $ 101,541  $ 90,210  $ 88,537  $ 93,430  $ 88,446

Liabilities and Shareholders' Equity:

Future policy benefits $ 102,206  $ 77,733  $ 73,638  $ 60,885  $ 52,595  $ 61,659  $ 49,363

Policy and contract claims —  —  3  5  7  6  7

Unearned premiums 2,470  1,716  1,358  1,199  1,245  1,265  1,233

Other policyholders' funds 7,631  6,639  6,169  5,460  5,445  5,862  5,422

Income taxes (prim. deferred) 314  781  619  884  1,541  1,153  1,799

Other liabilities 4,369  4,337  4,067  3,328  5,431  4,679  7,838

Shareholders' equity 12,276  14,528  15,687  18,449  22,272  18,806  22,784

Total liabilities & shareholders' equity $ 129,266  $ 105,734  $ 101,541  $ 90,210  $ 88,537  $ 93,430  $ 88,446

25

Aflac Japan

Quarterly Statements of Pretax Adjusted Earnings and Percentage Changes

(In Millions)

Period Net Earned Premiums % Change Adjusted NII % Change Total Adjusted Revenues % Change Benefits & Claims, Net % Change Amort. % Change Total Adjusted Expense % Change Pretax Adjusted Earn. % Change

2021 ¥ 1,239,663  (8.4) % ¥ 333,028  17.6  % ¥ 1,577,203  (3.9) % ¥ 842,229  (10.9) % ¥ 43,131  (37.3) % ¥ 323,166  (7.0) % ¥ 411,808  18.4  %

2022 1,198,079  (3.4) 351,466  5.5  1,553,988  (1.5) 807,068  (4.2) 44,123  2.3  316,097  (2.2) 430,823  4.6

2023 1,127,816  (5.9) 365,579  4.0  1,498,115  (3.6) 744,301  (7.8) 45,840  3.9  296,955  (6.1) 456,859  6.0

2024 1,050,000  (6.9) 409,932  12.1  1,464,041  (2.3) 656,583  (11.8) 48,581  6.0  279,784  (5.8) 527,675  15.5

2025 1,008,875  (3.9) 385,830  (5.9) 1,399,444  (4.4) 598,750  (8.8) 48,397  (0.4) 287,012  2.6  513,683  (2.7)

2024 1 269,859  (6.0) 96,551  19.3  367,593  (0.4) 180,873  (5.9) 12,289  8.9  66,157  (8.9) 120,564  15.6

2 267,319  (5.7) 112,987  28.4  381,181  2.3  178,904  (4.0) 11,995  5.6  67,754  (6.9) 134,523  18.6

3 255,397  (10.5) 98,969  0.1  355,332  (7.8) 125,548  (32.4) 12,257  7.2  71,039  (2.8) 158,745  25.5

4 257,425  (5.4) 101,425  3.7  359,935  (3.0) 171,258  (4.8) 12,040  2.3  74,834  (4.6) 113,843  1.0

2025 1 256,464  (5.0) 89,222  (7.6) 346,482  (5.7) 168,645  (6.8) 12,097  (1.6) 67,821  2.5  110,017  (8.7)

2 254,574  (4.8) 101,145  (10.5) 357,488  (6.2) 169,409  (5.3) 12,132  1.1  73,768  8.9  114,310  (15.0)

3 245,206  (4.0) 98,032  (0.9) 344,243  (3.1) 96,438  (23.2) 12,028  (1.9) 68,277  (3.9) 179,527  13.1

4 252,631  (1.9) 97,431  (3.9) 351,231  (2.4) 164,258  (4.1) 12,140  0.8  77,146  3.1  109,829  (3.5)

2026 1 246,661  (3.8) 92,789  4.0  340,720  (1.7) 155,256  (7.9) 12,203  0.9  66,347  (2.2) 119,117  8.3

26

Aflac Japan

Operating Ratios

(Before Management Fee)

1 Period

12-Month Rolling Premium Persistency (1)

Total Benefit/ Premium Total Benefit/ Premiums

(3rd sector) Amortization/

Premium Total Adjusted Expenses/

Total Adjusted Revenue Combined Ratio/ Total Adjusted Revenue Pretax Profit Margin

2021 94.3  % 67.9  % 58.7  % 3.5  % 20.5  % 73.9  % 26.1  %

2022 94.1  67.4  58.5  3.7  20.3  72.3  27.7

2023 93.4  66.0  56.2  4.1  19.8  69.5  30.5

2024 93.4  62.5  53.5  4.6  19.1  64.0  36.0

2025 93.1  59.3  49.3  4.8  20.5  63.3  36.7

2024 1 93.4  67.0  57.5  4.6  18.0  67.2  32.8

2 93.3  66.9  57.8  4.5  17.8  64.7  35.3

3 93.3  49.2  41.8  4.8  20.0  55.3  44.7

4 93.4  66.5  56.9  4.7  20.8  68.4  31.6

2025 1 93.8  65.8  56.3  4.7  19.6  68.2  31.8

2 93.7  66.5  57.4  4.8  20.6  68.0  32.0

3 93.3  39.3  27.8  4.9  19.8  47.8  52.2

4 93.1  65.0  55.6  4.8  22.0  68.7  31.3

2026 1 92.8  62.9  53.9  4.9  19.5  65.0  35.0

(1) Premium persistency presented on a 12-month rolling basis for all periods. Beginning January 2025, the Company implemented a new methodology of calculating persistency rate which excludes annuitizations, premium halving and waiver premium from the terminations; prior periods have not been retroactively adjusted.

27

Aflac Japan

Aflac Japan Sales Results

(In Millions, unless otherwise noted)

Period Annualized Premium In Force

(Billions) % Change Third Sector New Annualized Premium Sales % Change Total New Annualized Premium Sales % Change

2021 ¥ 1,360.6  (4.7) % ¥ 48,977  8.6  % ¥ 54,764  7.7  %

2022 1,301.0  (4.4) 47,998  (2.0) 54,765  —

2023 1,246.4  (4.2) 52,234  8.8  60,730  10.9

2024 1,209.0  (3.0) 47,651  (8.8) 64,111  5.6

2025 1,179.1  (2.5) 59,121  24.1  74,351  16.0

2024 1 1,232.6  (3.8) 10,767  (1.7) 12,534  (5.1)

2 1,222.5  (3.6) 12,712  (9.0) 16,833  4.5

3 1,216.7  (3.2) 11,925  (12.4) 17,522  12.3

4 1,209.0  (3.0) 12,246  (10.7) 17,222  9.0

2025 1 1,199.1  (2.7) 10,655  (1.0) 14,112  12.6

2 1,194.1  (2.3) 17,463  37.4  20,736  23.2

3 1,185.7  (2.5) 15,871  33.1  19,586  11.8

4 1,179.1  (2.5) 15,132  23.6  19,918  15.7

2026 1 1,168.9  (2.5) 13,780  29.3  17,712  25.5

28

Aflac Japan

Aflac Japan Product Mix

(New Annualized Premium Sales)

(In Billions)

Period Cancer % of Total

Medical and Other Health1

% of Total Tsumitasu % of Total WAYS % of Total Ordinary Life Other2 % of Total Other % of Total Total

2021 ¥ 27.0  49.2  % ¥ 20.7  37.8  % ¥ —  —  % ¥ 0.4  0.8  % ¥ 5.1  9.3  % ¥ 1.6  2.9  % ¥ 54.8

2022 30.9  56.5  15.3  27.9  —  —  1.9  3.5  4.7  8.4  2.0  3.7  54.8

2023 38.9  64.1  12.6  20.8  —  —  4.1  6.8  4.1  6.8  1.0  1.6  60.7

2024 36.9  57.5  10.3  16.1  11.2  17.4  1.4  2.2  3.7  5.8  0.6  1.0  64.1

2025 50.0  67.2  8.8  11.9  11.5  15.5  0.8  1.1  2.7  3.7  0.5  0.6  74.4

2024 1 7.9  63.2  2.7  21.5  —  —  0.7  5.3  1.0  8.1  0.2  1.7  12.5

2 9.9  58.8  2.7  16.1  2.7  16.2  0.4  2.3  1.0  5.8  0.1  0.6  16.8

3 9.7  55.1  2.2  12.6  4.6  26.5  0.1  0.8  0.8  4.3  0.1  0.6  17.5

4 9.4  54.5  2.8  16.1  3.8  22.1  0.2  1.3  0.9  5.2  0.1  0.8  17.2

2025 1 8.4  59.7  2.2  15.3  2.4  17.2  0.2  1.8  0.7  5.2  0.1  0.8  14.1

2 15.1  73.0  2.3  10.9  2.3  11.1  0.2  1.1  0.7  3.4  0.1  0.5  20.7

3 13.7  70.0  2.1  10.7  2.9  14.6  0.2  1.0  0.6  3.2  0.1  0.5  19.6

4 12.7  63.9  2.3  11.4  3.9  19.8  0.1  0.7  0.7  3.3  0.2  0.9  19.9

2026 1 9.6  54.1  4.2  23.5  2.9  16.1  0.1  0.7  0.8  4.7  0.1  0.9  17.7

(1) Effective March 31, 2026, Income Support is now included with Medical and Other Health for all periods presented

(2) Effective March 31, 2026, Child Endowment is now included with Ordinary Life Other for all periods presented

29

Aflac Japan

Aflac Japan Sales Force Data

Number of Agencies by Type Sales Contribution by Agency Type

1 Period Individual/ Independent Corporate Affiliated

Corporate Bank Total Individual/ Independent Corporate Affiliated

Corporate Bank

Licensed Sales

Associates (1)

Recruited

Agencies

2021 6,779  1,283  360  8,422  51.1  % 43.7  % 5.2  % 111,854  62

2022 6,159  1,239  359  7,757  49.5  46.5  4.0  110,259  38

2023 5,751  1,203  360  7,314  46.7  50.0  3.3  113,010  24

2024 5,384  1,166  360  6,910  48.2  48.6  3.2  113,836  50

2025 5,155  1,125  358  6,638  47.5  49.2  3.3  111,915  236

2024 1 5,659  1,191  360  7,210  48.9  48.0  3.1  112,645  12

2 5,542  1,180  360  7,082  49.5  48.4  2.1  114,424  12

3 5,464  1,176  360  7,000  46.2  50.2  3.6  114,473  19

4 5,384  1,166  360  6,910  48.5  47.7  3.8  113,836  7

2025 1 5,300  1,155  358  6,813  52.8  43.8  3.4  112,996  18

2 5,225  1,141  358  6,724  46.8  50.4  2.8  111,387  76

3 5,213  1,136  358  6,707  45.1  51.4  3.5  111,736  73

4 5,155  1,125  358  6,638  47.0  49.5  3.5  111,915  69

2026 1 5,110  1,116  357  6,583  52.4  44.6  3.0  111,084  82

(1) Excludes Dai-ichi Life, banks, Japan Post Group and Daido Life

30

Aflac Japan

Yen/Dollar Exchange Rates

1 Period

Closing Rate(1)

Quarterly Average Yearly Cumulative Average % Change

2021 115.02  N/A 109.79  (2.7) %

2022 132.70  N/A 130.17  (15.7)

2023 141.83  N/A 140.57  (7.4)

2024 158.18  N/A 150.97  (6.9)

2025 156.56  N/A 149.32  1.1

2024 1 151.41  148.67  148.67  (11.0)

2 161.07  155.70  152.30  (11.4)

3 142.73  147.95  150.60  (8.1)

4 158.18  152.35  150.97  (6.9)

2025 1 149.52  152.40  152.40  (2.4)

2 144.81  144.60  148.32  2.7

3 148.88  147.68  148.03  1.7

4 156.56  154.20  149.32  1.1

2026 1 159.88  156.87  156.87  (2.8)

(1) Closing rate is based on the latest available and published MUFG Bank Ltd. TTM mid-day exchange rate.

31

Corporate and Other

Statements of Pretax Adjusted Earnings

(Before Management Fee)

(In Millions)

Years Ended December 31, 3 Months Ended March 31,

2021 2022 2023 2024 2025 2025 2026 % Change

Revenues:

Total net earned premiums $ 180  $ 145  $ 400  $ 680  $ 806  $ 198  $ 182  (8.1) %

1

Net investment income (1)

(73) 30  (77) 201  368  96  91  (5.2)

2

Amortized hedge income (2)

57  68  121  113  98  30  18  (40.0)

Adjusted net investment income (16) 98  44  314  466  126  109  (13.5)

Other income 11  24  15  13  5  2  1  (50.0)

Total adjusted revenues 175  267  460  1,007  1,277  326  292  (10.4)

Benefits and expenses:

Total benefits and claims, net, excluding reserve remeasurement 161  141  470  426  491  125  110  (12.0)

Reserve remeasurement (gain) loss —  —  (3) (19) (33) (1) (1) —

Total benefits and claims, net 161  141  467  407  458  124  109  (12.1)

Interest expense 165  162  144  156  210  45  58  28.9

Other adjusted expenses 142  181  273  412  508  114  125  9.6

Total benefits and adjusted expenses 469  485  885  975  1,176  283  292  3.2

Pretax adjusted earnings $ (293) $ (218) $ (425) $ 32  $ 101  $ 43  $ —  (100.0) %

(1) The change in value of federal historic rehabilitation and solar investments in partnerships of $5 and $8 for the three-month periods ended March 31, 2026, and 2025, respectively, is included as a reduction to net investment income. Tax credits on these investments of $5 and $7 for the three-month periods ended March 31, 2026, and 2025, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.

(2) See non-U.S. GAAP financial measures for the definition of amortized hedge cost/income

32

Non-U.S. GAAP Financial Measures

This document includes references to the Company’s financial performance measures which are not calculated in accordance with United States generally accepted accounting principles (U.S. GAAP) (non-U.S. GAAP). The financial measures exclude items that the Company believes may obscure the underlying fundamentals and trends in insurance operations because they tend to be driven by general economic conditions and events or related to infrequent activities not directly associated with insurance operations.

Due to the size of Aflac Japan, where the functional currency is the Japanese yen, fluctuations in the yen/dollar exchange rate can have a significant effect on reported results. In periods when the Japanese yen weakens, translating Japanese yen into U.S. dollars results in fewer U.S. dollars being reported. When the Japanese yen strengthens, translating Japanese yen into U.S. dollars results in more U.S. dollars being reported. Consequently, Japanese yen weakening has the effect of suppressing current period results in relation to the comparable prior period, while Japanese yen strengthening has the effect of magnifying current period results in relation to the comparable prior period. A significant portion of the Company’s business is conducted in Japanese yen and never converted into U.S. dollars but translated into U.S. dollars for U.S. GAAP reporting purposes, which results in foreign currency impact to earnings, cash flows and book value on a U.S. GAAP basis. Management evaluates the Company's financial performance both including and excluding the impact of foreign currency translation to monitor, respectively, cumulative currency impacts and the currency-neutral operating performance over time. The average yen/dollar exchange rate is based on the published MUFG Bank, Ltd. telegraphic transfer middle rate (TTM).

The Company defines the non-U.S. GAAP financial measures included in this document as follows:

•

Adjusted book value is the U.S. GAAP book value (representing total shareholders’ equity), less accumulated other comprehensive income as recorded on the U.S. GAAP balance sheet. Adjusted book value per common share is adjusted book value at the period end divided by the ending outstanding common shares for the period presented. The Company considers adjusted book value and adjusted book value per common share important as they exclude accumulated other comprehensive income, which fluctuates due to market movements that are outside management’s control. The most comparable U.S. GAAP financial measures for adjusted book value and adjusted book value per common share are total book value and total book value per common share, respectively.

Adjusted book value excluding foreign currency remeasurement is the U.S. GAAP book value (representing total shareholders’ equity), less accumulated other comprehensive income as recorded on the U.S. GAAP balance sheet and excluding the cumulative (beginning January 1, 2021) foreign currency gains/losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. Adjusted book value excluding foreign currency remeasurement per common share is adjusted book value excluding foreign currency remeasurement at the period end divided by the ending outstanding common shares for the period presented. The Company considers adjusted book value excluding foreign currency remeasurement and adjusted book value excluding foreign currency remeasurement per common share important as they exclude both accumulated other comprehensive income and the cumulative foreign currency remeasurement gains/losses, which fluctuate due to market movements that are outside management's control. The most comparable U.S. GAAP financial measures for adjusted book value excluding foreign currency remeasurement and adjusted book value excluding foreign currency remeasurement per common share are total book value and total book value per common share, respectively.

•

Adjusted book value including unrealized foreign currency translation gains and losses and pension liability adjustment is adjusted book value plus unrealized foreign currency translation gains and losses and pension liability adjustment. The Company considers adjusted book value including unrealized foreign currency translation gains and losses and pension liability adjustment important as it excludes certain components of accumulated other comprehensive income, which fluctuates due to market movements that are outside management's control; however, it includes the impact of foreign currency as a result of the significance of Aflac’s Japan operation. The most comparable U.S. GAAP financial measure for adjusted book value including unrealized foreign currency translation gains and losses and pension liability adjustment is total book value.

•

Adjusted debt is the sum of notes payable, as recorded on the U.S. GAAP balance sheet, excluding 50% of subordinated debentures and perpetual bonds and all pre-funding of debt maturities. The Company considers adjusted debt important as it measures outstanding debt consistently with expectations of the Company’s rating agency stakeholders. The most comparable U.S. GAAP financial measure for adjusted debt is notes payable.

•

Adjusted debt including 50% of subordinated debentures and perpetual bonds is the sum of notes payable, as recorded on the U.S. GAAP balance sheet, excluding pre-funding of debt maturities. The Company considers adjusted debt including 50% of subordinated debentures and perpetual bonds important as it measures outstanding debt consistently with expectations of the Company’s rating agency stakeholders. The most comparable U.S. GAAP financial measure for adjusted debt including 50% of subordinated debentures and perpetual bonds is notes payable.

33

•

Adjusted earnings are adjusted revenues less benefits and adjusted expenses. Adjusted earnings per share (basic or diluted) are the adjusted earnings for the period divided by the weighted average outstanding shares (basic or diluted) for the period presented. The adjustments to both revenues and expenses account for certain items that are outside of management’s control because they tend to be driven by general economic conditions and events or are related to infrequent activities not directly associated with insurance operations. Adjusted revenues are U.S. GAAP total revenues excluding adjusted net investment gains and losses. Adjusted expenses are U.S. GAAP total acquisition and operating expenses including the impact of interest from derivatives associated with notes payable but excluding any non-recurring or other items not associated with the normal course of the Company’s insurance operations and that do not reflect the Company's underlying business performance. Management uses adjusted earnings and adjusted earnings per diluted share to evaluate the financial performance of the Company’s insurance operations on a consolidated basis and believes that a presentation of these financial measures is vitally important to an understanding of the underlying profitability drivers and trends of the Company’s insurance business. The most comparable U.S. GAAP financial measures for adjusted earnings and adjusted earnings per share (basic or diluted) are net earnings and net earnings per share, respectively.

•

Adjusted earnings excluding current period foreign currency impact are computed using the average foreign exchange rate for the comparable prior-year period, which eliminates fluctuations driven solely by foreign exchange rate changes. Adjusted earnings per diluted share excluding current period foreign currency impact is adjusted earnings excluding current period foreign currency impact divided by the weighted average outstanding diluted shares for the period presented. The Company considers adjusted earnings excluding current period foreign currency impact and adjusted earnings per diluted share excluding current period foreign currency impact important because a significant portion of the Company's business is conducted in Japan and foreign exchange rates are outside management’s control; therefore, the Company believes it is important to understand the impact of translating foreign currency (primarily Japanese yen) into U.S. dollars. The most comparable U.S. GAAP financial measures for adjusted earnings excluding current period foreign currency impact and adjusted earnings per diluted share excluding current period foreign currency impact are net earnings and net earnings per share, respectively.

•

Amortized hedge costs/income represent costs/income incurred or recognized as a result of using foreign currency derivatives to hedge certain foreign currency exchange risks in the Company's Japan segment or in Corporate and other. These amortized hedge costs/income are estimated at the inception of the derivatives based on the specific terms of each contract and are recognized on a straight-line basis over the contractual term of the derivative. The Company believes that amortized hedge costs/income measure the periodic currency risk management costs/income related to hedging certain foreign currency exchange risks and are an important component of net investment income. There is no comparable U.S. GAAP financial measure for amortized hedge costs/income.

•

Adjusted net investment gains and losses are net investment gains and losses adjusted for i) amortized hedge cost/income related to foreign currency exposure management strategies and certain derivative activity, ii) net interest income/expense from foreign currency and interest rate derivatives associated with certain investment strategies, which are both reclassified to net investment income, and iii) the impact of interest from derivatives associated with notes payable, which is reclassified to interest expense as a component of total adjusted expenses. The Company considers adjusted net investment gains and losses important as it represents the remainder amount that is considered outside management’s control, while excluding the components that are within management’s control and are accordingly reclassified to net investment income and interest expense. The most comparable U.S. GAAP financial measure for adjusted net investment gains and losses is net investment gains and losses.

•

Adjusted net investment income is net investment income adjusted for i) amortized hedge cost/income related to foreign currency exposure management strategies and certain derivative activity, and ii) net interest income/expense from foreign currency and interest rate derivatives associated with certain investment strategies, which are reclassified from net investment gains and losses to net investment income. The Company considers adjusted net investment income important because it provides a more comprehensive understanding of the costs and income associated with the Company’s investments and related hedging strategies. The most comparable U.S. GAAP financial measure for adjusted net investment income is net investment income.

•

Adjusted return on equity is annualized adjusted earnings divided by average shareholders’ equity, excluding accumulated other comprehensive income. Management uses adjusted return on equity to evaluate the financial performance of the Company’s insurance operations on a consolidated basis and believes that a presentation of this financial measure is vitally important to an understanding of the underlying profitability drivers and trends of the Company’s insurance business. The Company considers adjusted return on equity important as it excludes components of accumulated other comprehensive income, which fluctuate due to market movements that are outside management's control. The most comparable U.S. GAAP financial measure for adjusted return on equity is return on equity as determined using annualized net earnings and average total shareholders’ equity.

•

Adjusted return on equity excluding foreign currency remeasurement is annualized adjusted earnings divided by average shareholders’ equity, excluding both accumulated other comprehensive income and the cumulative (beginning January 1, 2021) foreign currency gains/losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. The Company considers adjusted return on equity excluding foreign currency remeasurement important because it excludes both accumulated other comprehensive income and the cumulative foreign currency remeasurement gains/losses, which fluctuate due to market movements that are outside management's control. The most comparable U.S. GAAP financial measure for adjusted return on equity excluding foreign currency remeasurement is return on equity as determined using annualized net earnings and average total shareholders’ equity.

34

Operational Measures

The Company defines the operational measures included in this document as follows:

Operating ratios are used to evaluate the Company's financial condition and profitability. Examples include: (1) Ratios to total adjusted revenues, which present expenses as percentage of total revenues and (2) Ratios to total premium, including benefit ratio. Operating ratios include: Benefit Ratio and Expense Ratio.

New annualized premium sales are sometimes referred to as new sales or sales. An operating measure that is not reflected on the Company's financial statements. New annualized premium sales generally represent annual premiums on policies and riders the Company sold and incremental increases from policy conversions that would be collected over a 12-month period assuming the policies remain in force for that entire period. For Aflac Japan, new annualized premium sales are determined by applications submitted during the reporting period. For Aflac U.S., new annualized premium sales are determined by applications that are issued during the reporting period. Policy conversions are defined as the positive difference in the annualized premium when a policy upgrades in the current reporting period. The Company believes that this metric is a key indicator of the Company's future source of earnings.

Annualized premiums in force is the amount of gross premium that a policyholder must pay over a full year in order to keep coverage. The growth of net earned premiums is directly affected by the change in premiums in force and by the change in weighted-average yen/dollar exchange rates. Management uses this measure as a key indicator of source of earnings.

Premium persistency is the percentage of premiums remaining in force at the end of a period, usually one year, and presented on a trailing 12-month average basis. For example, 95% persistency would mean that 95% of the premiums in force at the beginning of a period are still in force at the end of the period. The Company believes that this metric is a key driver of in force levels, which is a key measure of the size of the Company's business and future sources of earnings.

New money yield is gross yields earned on purchases of fixed maturities, loan receivables, and equities. Purchases exclude capitalized interest, securities lending/repurchase agreements, short-term/cash activity, and alternatives. New money yield for equities is based on the assumed dividend yield at the time of purchase. The new money yield for Aflac Japan excludes the impact of any derivatives and associated amortized hedge costs associated with USD-denominated investments. Management uses this metric as a leading indicator of future investment earning potential.

Return on average invested assets is net investment income as a percentage of average invested assets during the period. Management uses this metric to demonstrate how the Company's actual net investment income results represent an overall return on the portfolio to provide a more comparative metric as the size of the Company's investment portfolio changes over time.

Portfolio book yield expressed as a percentage of the investments' book value, represents the gross return expected to be realized on a security at a point in time and is calculated for fixed maturity securities, commercial mortgage and other loans and equity securities. It excludes amortized hedge costs, investments in limited partnerships and short-term securities. The yield assumes any early redemption options will be exercised. Management uses this metric to measure the future total return on the portfolio.

Average weekly producer is the total number of writing agents, including brokers, in the U.S. who have produced greater than $0.00 during the production week - excluding any manual adjustments - divided by the number of weeks in the time period. The Company believes this metric allows sales management to monitor progress and needs, as well as serve as a leading indicator of future production capacity.

Aflac U.S. productivity is total new annualized sales divided by average weekly producer and is calculated on a quarterly and annual basis. The Company believes this metric allows sales management to monitor agent progress and needs, as well as serve as a leading indicator of future production capacity.

Aflac U.S. recruited agents/brokers represent a newly contracted agent or broker who has never held a contract with the Company before or previously held a contract but has been separated from the Company for more than 365 days. The distinction between a career recruit and a broker recruit is determined by the type of contract the individual signs. The Company believes this metric is an important indicator of future production potential.

35

EX-99.3

EX-99.3

Filename: aflex993teleconferencespee.htm · Sequence: 4

Document

First Quarter 2026

Earnings Call

Video Update

Max K. Brodén

April 29, 2026

For more information contact:

Investor and Rating Agency Relations

800.235.2667

aflacir@aflac.com

Aflac Worldwide Headquarters

1932 Wynnton Road

Columbus, GA 31999

1

Forward-Looking Information and Non-U.S. GAAP Financial Measures

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” to encourage companies to provide prospective information, so long as those informational statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those included in the forward-looking statements. Aflac Incorporated (the Parent Company) and its subsidiaries (collectively with the Parent Company, the Company) desire to take advantage of these provisions. This transcript 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 the Securities and Exchange Commission (SEC). Forward-looking statements are not based on historical information and relate to future operations, strategies, financial results or other developments. Furthermore, forward-looking information is subject to numerous assumptions, risks and uncertainties. In particular, statements containing words such as “expect,” “anticipate,” “believe,” “goal,” “objective,” “may,” “should,” “estimate,” “intends,” “projects,” “will,” “assumes,” “potential,” “target,” "outlook" or similar words as well as specific projections of future results, generally qualify as forward-looking. Aflac undertakes no obligation to update such forward-looking statements.

The company cautions readers that the following factors, in addition to other factors mentioned from time to time, could cause actual results to differ materially from those contemplated by the forward-looking statements:

•difficult conditions in global capital markets and the economy, including inflation

•defaults and credit downgrades of investments

•global fluctuations in interest rates and exposure to significant interest rate risk

•concentration of business in Japan

•limited availability of acceptable Japanese yen-denominated investments

•foreign currency fluctuations in the yen/dollar exchange rate

•differing interpretations applied to investment valuations

•significant valuation judgments in determination of expected credit losses recorded on the Company's investments

•decreases in the Company's financial strength or debt ratings

•decline in creditworthiness of other financial institutions

•the Company's ability to attract and retain qualified sales associates, brokers, employees, and distribution partners

•deviations in actual experience from pricing and reserving assumptions

•ability to continue to develop and implement improvements in information technology systems and on successful execution of revenue growth and expense management initiatives

•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 systems, and uncertainty regarding the impact of the incident involving unauthorized access to the Company’s network in June 2025

•subsidiaries' ability to pay dividends to the Parent Company

•inherent limitations to risk management policies and procedures

•operational risks of third-party vendors

•tax rates applicable to the Company may change

•failure to comply with restrictions on policyholder privacy and information security

•extensive regulation and changes in law or regulation by governmental authorities

•competitive environment and ability to anticipate and respond to market trends

•catastrophic events, including, but not limited to, epidemics, pandemics, tornadoes, hurricanes, earthquakes, tsunamis, war or other military action, major public health issues, terrorism or other acts of violence, and damage incidental to such events

•ability to protect the Aflac brand and the Company's reputation

•ability to effectively manage key executive succession

•changes in accounting standards

•level and outcome of litigation or regulatory inquiries

•allegations or determinations of worker misclassification in the United States

Non-U.S. GAAP Financial Measures and Reconciliations

This document includes references to the Company’s financial performance measures which are not calculated in accordance with United States generally accepted accounting principles (U.S. GAAP) (non-U.S. GAAP). The financial

measures exclude items that the Company believes may obscure the underlying fundamentals and trends in insurance operations because they tend to be driven by general economic conditions and events or related to infrequent activities not directly associated with insurance operations.

Definitions of the Company’s non-U.S. GAAP financial measures and applicable reconciliations to the most comparable U.S. GAAP measures are provided in the presentation slides that accompany this transcript.

Due to the size of Aflac Japan, where the functional currency is the Japanese yen, fluctuations in the yen/dollar exchange rate can have a significant effect on reported results. In periods when the Japanese yen weakens, translating Japanese yen into U.S. dollars results in fewer U.S. dollars being reported. When the Japanese yen strengthens, translating Japanese yen into U.S. dollars results in more U.S. dollars being reported. Consequently, Japanese yen weakening has the effect of suppressing current period results in relation to the comparable prior period, while Japanese yen strengthening has the effect of magnifying current period results in relation to the comparable prior period. A significant portion of the Company’s business is conducted in Japanese yen and never converted into U.S. dollars but translated into U.S. dollars for U.S. GAAP reporting purposes, which results in foreign currency impact to earnings, cash flows and book value on a U.S. GAAP basis. Management evaluates the Company's financial performance both including and excluding the impact of foreign currency translation to monitor, respectively, cumulative currency impacts and the currency-neutral operating performance over time. The average yen/dollar exchange rate is based on the published MUFG Bank, Ltd. telegraphic transfer middle rate (TTM).

Max K. Brodén

Q1 2026 CFO Video Update

April 29, 2026

Thank you for joining me as I provide a financial update on Aflac Incorporated's results.

For the first quarter of 2026, adjusted earnings per diluted share increased 6.6% year over year to $1.77, excluding effect of foreign currency in the quarter. In this quarter, remeasurement gains on reserves totaled $82 million, reducing benefits, with $23 million, or $0.04 per diluted share, above plan. Variable investment income ran $14 million, or $0.02 per diluted share, below our long-term return expectations.

Adjusted book value per share excluding foreign currency remeasurement increased 0.2%. The adjusted ROE was 12.8%, and 16.4% excluding foreign currency remeasurement, a solid spread to our cost of capital. Overall, we view these results in the quarter as solid.

Starting with our Japan segment, net earned premiums in yen terms for the quarter declined 3.8%. Aflac Japan's underlying earned premiums1 – which excludes the impact of reinsurance, paid-up policies and deferred profit liability – declined 1.3%. We believe this metric provides a clearer insight into long-term premium trends.

Japan’s total benefit ratio came in at 62.9% for the quarter, down 290 basis points year over year. We estimate the impact from reserve remeasurement gains exceeding plan to be approximately 70 basis points. We continue to have favorable trends in cancer and hospitalization.

While persistency was down, it remained strong and in line with our expectations at 92.8%. We continue to see an uptick in lapse and reissue on our cancer insurance product. Lapses on our first sector savings block remain low and in line with previous periods, despite the increase in yen interest rates.

Our expense ratio in Japan was 19.5% for the quarter, down 10 basis points year over year.

For the quarter, adjusted net investment income in yen terms was up 4.0%, primarily driven by higher USD fixed rate income on higher volume and higher variable net investment income compared to last year partially offset by lower dollar-denominated floating rate income due to lower volume and rates, as well as reduced call income.

The pretax margin for Japan in the quarter was 35.0%, up 320 basis points year over year – a very good result.

Turning to U.S. results, net earned premiums were up 3.5%. Premium persistency remained solid at 79.3%.

Our total benefit ratio came in at 47.2%, 50 basis points lower than Q1 2025, driven by favorable incurred claims for individual voluntary benefits products and group disability. We estimate that reserve remeasurement gains impacted the benefit ratio by approximately 230 basis points in the quarter, which is about 80 basis points above plan.

Our expense ratio in the U.S. was 38.3%, up 70 basis points year over year, primarily driven by higher DAC amortization and commissions along with timing of advertising and investment spend.

Adjusted net investment income in the U.S. was down 0.5% for the quarter, primarily driven by lower short-term rates offset by higher variable net investment income.

Profitability in the U.S. segment was solid, with a pretax margin of 20.4%, a 40 basis points decrease compared with a strong quarter a year ago.

1Aflac Japan's underlying earned premiums is a measure that is calculated in Japanese yen and adjusts Aflac Japan’s net earned premiums for significant variables including the increase in paid-up policies between beginning of the comparable period and the end of the period presented, the change in deferred profit liability on limited payment contracts, and all Aflac Japan ceded premiums through both internal and external reinsurance. The change in Aflac Japan’s underlying earned premiums is reflected as a percentage change. The Company believes this measure is useful for investors to understand the impacts these items have on Aflac Japan's net earned premiums.

Corporate and other reported breakeven pretax adjusted earnings, down from a $43 million gain last year, driven by lower adjusted net investment income, higher interest expense and operating costs, and runoff impacts from closed blocks of business. Adjusted net investment income was $17 million lower than last year due to a combination of lower hedge benefits partially offset by lower volume of tax credit investments. Our tax credit investments impacted the net investment income line for U.S. GAAP purposes negatively by $5 million in the quarter with an associated credit to the tax line. There was no benefit in first quarter earnings from tax credit investments.

We are pleased with the overall performance of our investment portfolio. During the quarter, we recorded $19 million of charge-offs on our loan portfolio. Additionally, we did not foreclose on any properties in the period. We recorded $24 million of impairments on our real estate owned portfolio to reflect the continued depressed valuations in the commercial real estate markets. However, we continue to believe that the current distressed market does not reflect the true intrinsic value of our portfolio, which is why we will continue to manage them through this cycle and maximize our recoveries.

For U.S. statutory, we recorded $12 million of impairments on invested assets and a $1 million valuation allowance on mortgage loans as an unrealized loss during the quarter. On a Japan FSA basis, securities impairment reversals led to net realized gains of ¥66 million in Q1, and we booked a valuation allowance of ¥201 million related to transitional real estate loans. This is well within our expectations and has a limited impact on regulatory earnings and capital.

Effective March 31, Aflac Re Bermuda entered into a transaction in which it assumed a block of whole life annuities from Japan Post Insurance. This transaction itself is immaterial to Aflac Inc.'s financials, but it marks a strategic milestone as we expand our reinsurance franchise targeting the Japan market.

Aflac Inc. unencumbered liquidity stood at $3.4 billion, which was $2.4 billion above our minimum balance of $1 billion at the end of the quarter.

Our adjusted leverage was 21.2% for the quarter, which is within our target range of 20% to 25%. As we hold approximately 65% of our debt in yen, this leverage ratio is impacted by moves in the yen/dollar exchange rate. This is intentional and part of our enterprise hedging program – protecting the economic value of Aflac Japan in U.S. dollar terms.

Our capital position remains strong. We ended the quarter with an estimated regulatory ESR of 227%. If including the undertaking-specific parameter, or USP, this would add 16 points to the regulatory ratio and results in an ESR, with USP, of 243%. We estimate our combined RBC to be approximately 560%. These are strong capital ratios, which we actively monitor, stress and manage to withstand market volatility and credit cycles as well as external shocks.

Given the strength of our capital and liquidity, we repurchased $1.0 billion of our own stock and paid dividends of $315 million in Q1, offering good relative IRR on these capital deployments. We will continue to be flexible and tactical in the way we manage the balance sheet and deploy capital in order to drive strong risk-adjusted ROE with a meaningful spread to our cost of capital.

Thank you. I look forward to discussing our results in further detail on tomorrow's earnings call.

EX-99.4

EX-99.4

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maxteleconferencepresent

First Quarter 2026 Update Max K. Brodén Senior Executive Vice President CFO, Aflac Incorporated

Forward-Looking Information and Non-U.S. GAAP Financial Measures The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” to encourage companies to provide prospective information, so long as those informational statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those included in the forward-looking statements. Aflac Incorporated (the Parent Company) and its subsidiaries (collectively with the Parent Company, the Company) desire to take advantage of these provisions. This document 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 the Securities and Exchange Commission (SEC). Forward-looking statements are not based on historical information and relate to future operations, strategies, financial results or other developments. Furthermore, forward-looking information is subject to numerous assumptions, risks and uncertainties. In particular, statements containing words such as “expect,” “anticipate,” “believe,” “goal,” “objective,” “may,” “should,” “estimate,” “intends,” “projects,” “will,” “assumes,” “potential,” “target,” "outlook" or similar words as well as specific projections of future results, generally qualify as forward-looking. The Company undertakes no obligation to update such forward-looking statements. The Company cautions readers that the following factors, in addition to other factors mentioned from time to time, could cause actual results to differ materially from those contemplated by the forward-looking statements: Non-U.S. GAAP Financial Measures and Reconciliations This document includes references to the Company’s financial performance measures which are not calculated in accordance with United States generally accepted accounting principles (U.S. GAAP) (non-U.S. GAAP). The financial measures exclude items that the Company believes may obscure the underlying fundamentals and trends in insurance operations because they tend to be driven by general economic conditions and events or related to infrequent activities not directly associated with insurance operations. Definitions of the Company’s non-U.S. GAAP financial measures and applicable reconciliations to the most comparable U.S. GAAP measures are provided as appropriate. Due to the size of Aflac Japan, where the functional currency is the Japanese yen, fluctuations in the yen/dollar exchange rate can have a significant effect on reported results. In periods when the Japanese yen weakens, translating Japanese yen into U.S. dollars results in fewer U.S. dollars being reported. When the Japanese yen strengthens, translating Japanese yen into U.S. dollars results in more U.S. dollars being reported. Consequently, Japanese yen weakening has the effect of suppressing current period results in relation to the comparable prior period, while Japanese yen strengthening has the effect of magnifying current period results in relation to the comparable prior period. A significant portion of the Company’s business is conducted in Japanese yen and never converted into U.S. dollars but translated into U.S. dollars for U.S. GAAP reporting purposes, which results in foreign currency impact to earnings, cash flows and book value on a U.S. GAAP basis. Management evaluates the Company's financial performance both including and excluding the impact of foreign currency translation to monitor, respectively, cumulative currency impacts and the currency-neutral operating performance over time. The average yen/dollar exchange rate is based on the published MUFG Bank, Ltd. telegraphic transfer middle rate (TTM). 2 • difficult conditions in global capital markets and the economy, including inflation • defaults and credit downgrades of investments • global fluctuations in interest rates and exposure to significant interest rate risk • concentration of business in Japan • limited availability of acceptable yen-denominated investments • foreign currency fluctuations in the yen/dollar exchange rate • differing interpretations applied to investment valuations • significant valuation judgments in determination of expected credit losses recorded on the Company's investments • decreases in the Company's financial strength or debt ratings • decline in creditworthiness of other financial institutions • the Company's ability to attract and retain qualified sales associates, brokers, employees, and distribution partners • deviations in actual experience from pricing and reserving assumptions • ability to continue to develop and implement improvements in information technology systems and on successful execution of revenue growth and expense management initiatives • 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 systems, and uncertainty regarding the impact of the incident involving unauthorized access to the Company’s network in June 2025 • subsidiaries' ability to pay dividends to the Parent Company • inherent limitations to risk management policies and procedures • operational risks of third-party vendors • tax rates applicable to the Company may change • failure to comply with restrictions on policyholder privacy and information security • extensive regulation and changes in law or regulation by governmental authorities • competitive environment and ability to anticipate and respond to market trends • catastrophic events, including, but not limited to, as a result of climate change, epidemics, pandemics, tornadoes, hurricanes, earthquakes, tsunamis, war or other military action, major public health issues, terrorism or other acts of violence, and damage incidental to such events • ability to protect the Aflac brand and the Company's reputation • ability to effectively manage key executive succession • changes in accounting standards • level and outcome of litigation or regulatory inquiries • allegations or determinations of worker misclassification in the United States

$1.66 $1.77 1Q25 1Q26 Earnings Per Share $0.05 $1.98 1Q25 1Q26 Net EPS (diluted) 3,860.0% $1.66 $1.75 1Q25 1Q26 Adjusted EPS (diluted)1 5.4% Adjusted EPS ex-FX1 6.6% 1Non-U.S. GAAP Financial Measure; see “Glossary of Non-U.S. GAAP Financial Measures” in Appendix for information about this measure. 3

Return on Equity 0.4% 13.7% 12.7% 12.8% 15.6% 16.4% ROE (%) Adjusted ROE (%) Adjusted ROE ex Foreign Currency Remeasurement (%) 1Q25 1Q26 1Non-U.S. GAAP Financial Measure; see “Glossary of Non-U.S. GAAP Financial Measures” in Appendix for information about this measure. 4 11

5 2026 Outlook 1Q26 Actual Benefit Ratio 60% - 63% 62.9% Expense Ratio 20% - 23% 19.5% Pretax Profit Margin 33% - 36% 35.0% Aflac Japan For three months ended March 31

6 2026 Outlook 1Q26 Actual Benefit Ratio 48% - 52% 47.2% Expense Ratio 36% - 39% 38.3% Pretax Profit Margin 17% - 20% 20.4% Aflac U.S. For three months ended March 31

Adjusted Leverage Ratio1 Target range of 20-25% 22.7% 24.7% 23.2% 22.2% 20.9%20.7% 22.5% 22.0% 21.4% 21.2% GAAP Leverage Ratio Adjusted Leverage Ratio 1Q25 2Q25 3Q25 4Q25 1Q26 1Adjusted Leverage ratio is computed as: Adjusted debt to Adjusted capitalization ex-AOCI. See “Adjusted Leverage Ratios” in Appendix for more information about this measure and its calculation. 7

227% Regulatory ESR with USP (Japan) Combined RBC Ratio (U.S.) Strong Capital Ratios1 Estimates as of March 31, 2026 243% 170% 1The target minimum and maximum are based on our internal operating ranges 2Estimated regulatory ESR with undertaking-specific parameter (USP); USP adds an estimated 16 points to regulatory ESR 3Estimated Combined RBC ratio is the aggregated ratio of four subsidiaries: American Family Life Assurance Company of Columbus, Continental American Insurance Company, American Family Life Assurance Company of New York and Tier One Insurance Company. 560% 8 230% Target maximum Target minimum 450% 350% 2 3 USP

Capital Deployment Dividends and Share Repurchase (In Millions) $1,217 $1,141 $1,309 $1,103 $1,315 317 312 309 303 315 900 829 1,000 800 1,000 Dividends Share Repurchase 1Q25 2Q25 3Q25 4Q25 1Q26 9

Thank You Investors.Aflac.com

Appendix

Glossary of Non-U.S. GAAP Financial Measures The Company defines these non-U.S. GAAP financial measures as follows: • Adjusted earnings are adjusted revenues less benefits and adjusted expenses. Adjusted earnings per share (basic or diluted) are the adjusted earnings for the period divided by the weighted average outstanding shares (basic or diluted) for the period presented. The adjustments to both revenues and expenses account for certain items that are outside of management’s control because they tend to be driven by general economic conditions and events or are related to infrequent activities not directly associated with insurance operations. Adjusted revenues are U.S. GAAP total revenues excluding adjusted net investment gains and losses. Adjusted expenses are U.S. GAAP total acquisition and operating expenses including the impact of interest from derivatives associated with notes payable but excluding any non-recurring or other items not associated with the normal course of the Company’s insurance operations and that do not reflect the Company's underlying business performance. Management uses adjusted earnings and adjusted earnings per diluted share to evaluate the financial performance of the Company’s insurance operations on a consolidated basis and believes that a presentation of these financial measures is vitally important to an understanding of the underlying profitability drivers and trends of the Company’s insurance business. The most comparable U.S. GAAP financial measures for adjusted earnings and adjusted earnings per share (basic or diluted) are net earnings and net earnings per share, respectively. • Adjusted net investment gains and losses are net investment gains and losses adjusted for i) amortized hedge cost/income related to foreign currency exposure management strategies and certain derivative activity, ii) net interest income/expense from foreign currency and interest rate derivatives associated with certain investment strategies, which are both reclassified to net investment income, and iii) the impact of interest from derivatives associated with notes payable, which is reclassified to interest expense as a component of total adjusted expenses. The Company considers adjusted net investment gains and losses important as it represents the remainder amount that is considered outside management’s control, while excluding the components that are within management’s control and are accordingly reclassified to net investment income and interest expense. The most comparable U.S. GAAP financial measure for adjusted net investment gains and losses is net investment gains and losses. • Adjusted earnings excluding current period foreign currency impact are computed using the average foreign exchange rate for the comparable prior-year period, which eliminates fluctuations driven solely by foreign exchange rate changes. Adjusted earnings per diluted share excluding current period foreign currency impact is adjusted earnings excluding current period foreign currency impact divided by the weighted average outstanding diluted shares for the period presented. The Company considers adjusted earnings excluding current period foreign currency impact and adjusted earnings per diluted share excluding current period foreign currency impact important because a significant portion of the Company's business is conducted in Japan and foreign exchange rates are outside management’s control; therefore, the Company believes it is important to understand the impact of translating foreign currency (primarily Japanese yen) into U.S. dollars. The most comparable U.S. GAAP financial measures for adjusted earnings excluding current period foreign currency impact and adjusted earnings per diluted share excluding current period foreign currency impact are net earnings and net earnings per share, respectively. • Adjusted return on equity is annualized adjusted earnings divided by average shareholders’ equity, excluding accumulated other comprehensive income. Management uses adjusted return on equity to evaluate the financial performance of the Company’s insurance operations on a consolidated basis and believes that a presentation of this financial measure is vitally important to an understanding of the underlying profitability drivers and trends of the Company’s insurance business. The Company considers adjusted return on equity important as it excludes components of accumulated other comprehensive income, which fluctuate due to market movements that are outside management's control. The most comparable U.S. GAAP financial measure for adjusted return on equity is return on equity as determined using annualized net earnings and average total shareholders’ equity. 12

Glossary of Non-U.S. GAAP Financial Measures (cont’d) The Company defines these non-U.S. GAAP financial measures as follows: • Adjusted return on equity excluding foreign currency remeasurement is annualized adjusted earnings divided by average shareholders’ equity, excluding both accumulated other comprehensive income and the cumulative (beginning January 1, 2021) foreign currency gains/losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. The Company considers adjusted return on equity excluding foreign currency remeasurement important because it excludes both accumulated other comprehensive income and the cumulative foreign currency remeasurement gains/losses, which fluctuate due to market movements that are outside management's control. The most comparable U.S. GAAP financial measure for adjusted return on equity excluding foreign currency remeasurement is return on equity as determined using annualized net earnings and average total shareholders’ equity. • Adjusted debt is the sum of notes payable, as recorded on the U.S. GAAP balance sheet, excluding 50% of subordinated debentures and perpetual bonds and all pre-funding of debt maturities. The Company considers adjusted debt important as it measures outstanding debt consistently with expectations of the Company’s rating agency stakeholders. The most comparable U.S. GAAP financial measure for adjusted debt is notes payable. • Adjusted debt including 50% of subordinated debentures and perpetual bonds is the sum of notes payable, as recorded on the U.S. GAAP balance sheet, excluding pre-funding of debt maturities. The Company considers adjusted debt including 50% of subordinated debentures and perpetual bonds important as it measures outstanding debt consistently with expectations of the Company’s rating agency stakeholders. The most comparable U.S. GAAP financial measure for adjusted debt including 50% of subordinated debentures and perpetual bonds is notes payable. • Adjusted book value is the U.S. GAAP book value (representing total shareholders’ equity), less accumulated other comprehensive income as recorded on the U.S. GAAP balance sheet. Adjusted book value per common share is adjusted book value at the period end divided by the ending outstanding common shares for the period presented. The Company considers adjusted book value and adjusted book value per common share important as they exclude accumulated other comprehensive income, which fluctuates due to market movements that are outside management’s control. The most comparable U.S. GAAP financial measures for adjusted book value and adjusted book value per common share are total book value and total book value per common share, respectively. • Adjusted book value excluding foreign currency remeasurement is the U.S. GAAP book value (representing total shareholders’ equity), less accumulated other comprehensive income as recorded on the U.S. GAAP balance sheet and excluding the cumulative (beginning January 1, 2021) foreign currency gains/losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. Adjusted book value excluding foreign currency remeasurement per common share is adjusted book value excluding foreign currency remeasurement at the period end divided by the ending outstanding common shares for the period presented. The Company considers adjusted book value excluding foreign currency remeasurement and adjusted book value excluding foreign currency remeasurement per common share important as they exclude both accumulated other comprehensive income and the cumulative foreign currency remeasurement gains/losses, which fluctuate due to market movements that are outside management's control. The most comparable U.S. GAAP financial measures for adjusted book value excluding foreign currency remeasurement and adjusted book value excluding foreign currency remeasurement per common share are total book value and total book value per common share, respectively. 13

Glossary of Operational Measures The Company defines the operational measures included in this document as follows: • Operating ratios are used to evaluate the Company's financial condition and profitability. Examples include: (1) Ratios to total adjusted revenues, which present expenses as percentage of total revenues and (2) Ratios to total premium, including benefit ratio. Operating ratios include: Benefit Ratio and Expense Ratio. • Premium persistency is the percentage of premiums remaining in force at the end of a period, usually one year, and presented on a trailing 12-month average basis. For example, 95% persistency would mean that 95% of the premiums in force at the beginning of a period are still in force at the end of the period. The Company believes that this metric is a key driver of in force levels, which is a key measure of the size of the Company's business and future sources of earnings. • Aflac Inc. unencumbered liquidity predominately includes assets that are comprised of cash and cash equivalents, short-term investments, and certain marketable fixed-maturity securities, excluding assets that are pledged or otherwise committed. The Company believes this measure is important in understanding holding company liquidity. • Aflac Japan's underlying earned premiums is a measure that is calculated in Japanese yen and adjusts Aflac Japan’s net earned premiums for significant variables including the increase in paid-up policies between beginning of the comparable period and the end of the period presented, the change in deferred profit liability on limited payment contracts, and all Aflac Japan ceded premiums through both internal and external reinsurance. The change in Aflac Japan’s underlying earned premiums is reflected as a percentage change. The Company believes this measure is useful for investors to understand the impacts these items have on Aflac Japan's net earned premiums. 14

Reconciliation of Net Earnings Per Diluted Share to Adjusted Earnings Per Diluted Share Three Months Ended March 31 2026 2025 % Change Net earnings per diluted share $1.98 $0.05 3,860.0% Items impacting net earnings Adjusted net investment (gains) losses (0.20) 1.69 Other and non-recurring (income) loss — 0.10 Income tax (benefit) expense on items excluded from adjusted earnings (0.03) (0.18) Adjusted earnings per diluted share 1.75 1.66 5.4% Current period foreign currency impact1 0.02 N/A Adjusted earnings per diluted share excluding current period foreign currency impact2 $1.77 $1.66 6.6% 1Prior period foreign currency impact reflected as “N/A” to isolate change for current period only 2 Amounts excluding current period foreign currency impacts are computed using the average foreign currency exchange rate for the comparable prior year period, which eliminates fluctuations driven solely by foreign currency exchange rate changes. 15

Reconciliation of Net Earnings to Adjusted Earnings Three Months Ended March 31 (In Millions) 2026 2025 % Change Net earnings $1,019 $29 3,413.8% Items impacting net earnings Adjusted net investment (gains) losses (103) 924 Other and non-recurring (income) loss — 53 Income tax (benefit) expense on items excluded from adjusted earnings (15) (100) Adjusted earnings 901 906 (0.6)% Current period foreign currency impact1 8 N/A Adjusted earnings excluding current period foreign currency impact2 $909 $906 0.3% 1Prior period foreign currency impact reflected as “N/A” to isolate change for current period only 2Amounts excluding current period foreign currency impacts are computed using the average foreign currency exchange rate for the comparable prior year period, which eliminates fluctuations driven solely by foreign currency exchange rate changes. 16

Reconciliation of Net Investment (Gains) Losses to Adjusted Net Investment (Gains) Losses Three Months Ended March 31 (In Millions) 2026 2025 % Change Net investment (gains) losses $(49) $963 (105.1)% Items impacting net investment (gains) losses: Amortized hedge costs (15) (7) Amortized hedge income 18 30 Net interest income (expense) from derivatives associated with certain investment strategies (57) (65) Impact of interest from derivatives associated with notes payable1 — 4 Adjusted net investment (gains) losses $(103) $924 (111.1)% 1Amounts are included with interest expenses that are a component of adjusted expenses. 17

Reconciliation of U.S. GAAP Return on Equity (ROE) to Adjusted ROE Three Months Ended March 31 2026 2025 U.S. GAAP ROE - Net earnings1 13.7% 0.4% Impact of excluding unrealized foreign currency translation gains (losses) (2.3) — Impact of excluding unrealized gains (losses) on securities and derivatives (1.1) — Impact of excluding effect of changes in discount rate assumptions 4.2 — Impact of excluding pension liability adjustment — — Impact of excluding AOCI 0.8 — U.S. GAAP ROE - less AOCI 14.5 0.4 Differences between adjusted earnings and net earnings2 (1.7) 12.2 Adjusted ROE - reported 12.8 12.7 Impact of excluding gains (losses) associated with foreign currency remeasurement3 3.6% 2.9% Adjusted ROE, excluding impact of foreign currency remeasurement 16.4% 15.6% 1 U.S. GAAP ROE is calculated by dividing net earnings (annualized) by average shareholders’ equity. 2 See separate reconciliation of net earnings to adjusted earnings. 3 Impact of gains/losses associated with foreign currency remeasurement is calculated by excluding the cumulative (beginning January 1, 2021) foreign currency gains/ losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. The impact is the difference of adjusted return on equity - reported compared with adjusted return on equity, excluding from shareholders' equity, gains/losses associated with foreign currency remeasurement. 18

Reconciliation of U.S. GAAP Book Value Per Share to Adjusted Book Value Per Share At March 31 2026 2025 % Change U.S. GAAP book value per common share $58.69 $48.55 20.9% Less: Unrealized foreign currency translation gains (losses) per common share (9.72) (8.39) Unrealized gains (losses) on securities and derivatives per common share (5.25) (2.31) Effect of changes in discount rate assumptions per common share 18.53 7.19 Pension liability adjustment per common share 0.17 0.08 Total AOCI per common share 3.72 (3.43) Adjusted book value per common share $54.96 $51.98 5.7% Less: Foreign currency remeasurement gains (losses) per common share 12.25 9.37 Adjusted book value excluding foreign currency remeasurement per common share $42.71 $42.61 0.2% 19

Adjusted Leverage Ratios At March 31 (In Millions) 2026 2025 Notes payable $7,908 $7,751 50% of subordinated debentures and perpetual bonds (279) (299) Pre-funding of debt maturities — — Adjusted debt1 7,629 7,453 Total Shareholders’ Equity 29,961 26,338 Accumulated other comprehensive (income) loss: Unrealized foreign currency translation (gains) losses 4,961 4,549 Unrealized (gains) losses on fixed maturity securities 2,665 1,233 Unrealized (gains) losses on derivatives 16 18 Effect on change in discount rate assumptions (9,458) (3,899) Pension liability adjustment (85) (42) Adjusted book value1 28,060 28,197 GAAP capitalization $37,869 $34,089 GAAP debt to capitalization 20.9% 22.7% Adjusted capitalization ex-AOCI 1,2 $35,968 $35,948 Adjusted debt to adjusted capitalization ex-AOCI 21.2% 20.7% 1 Non-U.S. GAAP Financial Measure; see “Glossary of Non-U.S. GAAP Financial Measures” in Appendix for information about adjusted debt; adjusted book value; adjusted debt, including 50% of subordinated debentures and perpetual bonds. 2 Adjusted capitalization ex-AOCI is the sum of adjusted debt, including 50% of subordinated debentures and perpetual bonds, plus adjusted book value. 20

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-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

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No definition available.

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- Definition

Two-character EDGAR code representing the state or country of incorporation.

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No definition available.

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- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Local phone number for entity.

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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-Number 240

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-Subsection 2b

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- Definition

Title of a 12(b) registered security.

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-Publisher SEC

-Name Exchange Act

-Number 240

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-Subsection b

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- Definition

Name of the Exchange on which a security is registered.

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-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

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- Definition

Trading symbol of an instrument as listed on an exchange.

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No definition available.

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

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-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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