10-Q
Quarterly Report
Aflac Incorporated
AFL
NYSE
CIK: 4977
File #: 001-07434
Balance Sheet
292 line items · 2 periods
XBRL
| Item | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|
Assets: | ||
Investments and cash: | ||
Fixed maturity securities, available-for-sale | 70,130,000,000 | 73,290,000,000 |
Consolidated Entity Excluding Variable Interest Entities (VIE) | 66,452,000,000 | 69,578,000,000 |
Variable Interest Entity, Consolidated | 3,678,000,000 | 3,712,000,000 |
Yen-denominated - Japan government and agencies | 20,640,000,000 | 22,411,000,000 |
Yen-denominated - Municipalities | 950,000,000 | 1,025,000,000 |
Yen-denominated - Mortgage- and asset-backed securities | 195,000,000 | 210,000,000 |
Yen-denominated - Public utilities | 3,466,000,000 | 4,000,000,000 |
Yen-denominated - Sovereign and supranational | 366,000,000 | 390,000,000 |
Yen-denominated - Banks/financial institutions | 5,584,000,000 | 5,851,000,000 |
Yen-denominated - Other corporate | 5,950,000,000 | 6,303,000,000 |
Yen-denominated | 37,151,000,000 | 40,190,000,000 |
Dollar-denominated - U.S. government and agencies | 174,000,000 | 189,000,000 |
Dollar-denominated - Municipalities | 1,260,000,000 | 1,273,000,000 |
Dollar-denominated - Mortgage- and asset-backed securities | 3,190,000,000 | 2,876,000,000 |
Dollar-denominated - Public utilities | 3,847,000,000 | 3,592,000,000 |
Dollar-denominated - Sovereign and supranational | 124,000,000 | 147,000,000 |
Dollar-denominated - Banks/financial institutions | 3,315,000,000 | 2,984,000,000 |
Dollar-denominated - Other corporate | 21,069,000,000 | 22,039,000,000 |
Dollar-denominated | 32,979,000,000 | 33,100,000,000 |
Variable Interest Entity, Not Consolidated | 6,486,000,000 | 6,424,000,000 |
Public utilities | 7,313,000,000 | 7,592,000,000 |
Banks/financial institutions | 8,899,000,000 | 8,835,000,000 |
Other corporate | 27,019,000,000 | 28,342,000,000 |
Level 1 - Government and agencies | 19,976,000,000 | 21,700,000,000 |
Level 2 - Government and agencies | 838,000,000 | 900,000,000 |
Level 3 - Government and agencies | 0 | 0 |
Government and agencies | 20,814,000,000 | 22,600,000,000 |
Level 1 - Municipalities | 0 | 0 |
Level 2 - Municipalities | 2,210,000,000 | 2,298,000,000 |
Level 3 - Municipalities | 0 | 0 |
Municipalities | 2,210,000,000 | 2,298,000,000 |
Level 1 - Mortgage- and asset-backed securities | 0 | 0 |
Level 2 - Mortgage- and asset-backed securities | 2,526,000,000 | 2,314,000,000 |
Level 3 - Mortgage- and asset-backed securities | 859,000,000 | 772,000,000 |
Mortgage- and asset-backed securities | 3,385,000,000 | 3,086,000,000 |
Level 1 - Public utilities | 0 | 0 |
Level 2 - Public utilities | 6,806,000,000 | 7,339,000,000 |
Level 3 - Public utilities | 507,000,000 | 253,000,000 |
Level 1 - Sovereign and supranational | 0 | 0 |
Level 2 - Sovereign and supranational | 462,000,000 | 507,000,000 |
Level 3 - Sovereign and supranational | 28,000,000 | 30,000,000 |
Sovereign and supranational | 490,000,000 | 537,000,000 |
Level 1 - Banks/financial institutions | 0 | 0 |
Level 2 - Banks/financial institutions | 8,825,000,000 | 8,757,000,000 |
Level 3 - Banks/financial institutions | 74,000,000 | 78,000,000 |
Level 1 - Other corporate | 0 | 0 |
Level 2 - Other corporate | 26,569,000,000 | 27,694,000,000 |
Level 3 - Other corporate | 450,000,000 | 648,000,000 |
Level 1 | 19,976,000,000 | 21,700,000,000 |
Level 2 | 48,236,000,000 | 49,809,000,000 |
Level 3 | 1,918,000,000 | 1,781,000,000 |
Level 1 - Government and agencies - Third party pricing vendor | 19,976,000,000 | 21,692,000,000 |
Level 2 - Government and agencies - Third party pricing vendor | 505,000,000 | 808,000,000 |
Level 3 - Government and agencies - Third party pricing vendor | 0 | 0 |
Government and agencies - Third party pricing vendor | 20,481,000,000 | 22,500,000,000 |
Level 1 - Government and agencies - Internal | 0 | 0 |
Level 2 - Government and agencies - Internal | 333,000,000 | 60,000,000 |
Level 3 - Government and agencies - Internal | 0 | 0 |
Government and agencies - Internal | 333,000,000 | 60,000,000 |
Level 1 - Municipalities - Third party pricing vendor | 0 | 0 |
Level 2 - Municipalities - Third party pricing vendor | 1,943,000,000 | 1,426,000,000 |
Level 3 - Municipalities - Third party pricing vendor | 0 | 0 |
Municipalities - Third party pricing vendor | 1,943,000,000 | 1,426,000,000 |
Level 1 - Municipalities - Internal | 0 | 0 |
Level 2 - Municipalities - Internal | 267,000,000 | 256,000,000 |
Level 3 - Municipalities - Internal | 0 | 0 |
Municipalities - Internal | 267,000,000 | 256,000,000 |
Level 1 - Mortgage- and asset-backed securities - Third party pricing vendor | 0 | 0 |
Level 2 - Mortgage- and asset-backed securities - Third party pricing vendor | 2,420,000,000 | 2,277,000,000 |
Level 3 - Mortgage- and asset-backed securities - Third party pricing vendor | 0 | 0 |
Mortgage- and asset-backed securities - Third party pricing vendor | 2,420,000,000 | 2,277,000,000 |
Level 1 - Mortgage- and asset-backed securities - Internal | 0 | 0 |
Level 2 - Mortgage- and asset-backed securities - Internal | 27,000,000 | 27,000,000 |
Level 3 - Mortgage- and asset-backed securities - Internal | 40,000,000 | 105,000,000 |
Mortgage- and asset-backed securities - Internal | 67,000,000 | 132,000,000 |
Level 1 - Mortgage- and asset-backed securities - Broker/other | 0 | 0 |
Level 2 - Mortgage- and asset-backed securities - Broker/other | 79,000,000 | 10,000,000 |
Level 3 - Mortgage- and asset-backed securities - Broker/other | 819,000,000 | 667,000,000 |
Mortgage- and asset-backed securities - Broker/other | 898,000,000 | 677,000,000 |
Level 1 - Public utilities - Third party pricing vendor | 0 | 0 |
Level 2 - Public utilities - Third party pricing vendor | 3,680,000,000 | 4,570,000,000 |
Level 3 - Public utilities - Third party pricing vendor | 0 | 0 |
Public utilities - Third party pricing vendor | 3,680,000,000 | 4,570,000,000 |
Level 1 - Public utilities - Internal | 0 | 0 |
Level 2 - Public utilities - Internal | 3,126,000,000 | 2,677,000,000 |
Level 3 - Public utilities - Internal | 0 | 0 |
Public utilities - Internal | 3,126,000,000 | 2,677,000,000 |
Level 1 - Public utilities - Broker/other | 0 | 0 |
Level 2 - Public utilities - Broker/other | 0 | 92,000,000 |
Level 3 - Public utilities - Broker/other | 507,000,000 | 253,000,000 |
Public utilities - Broker/other | 507,000,000 | 345,000,000 |
Level 1 - Sovereign and supranational - Third party pricing vendor | 0 | 0 |
Level 2 - Sovereign and supranational - Third party pricing vendor | 125,000,000 | 118,000,000 |
Level 3 - Sovereign and supranational - Third party pricing vendor | 0 | 0 |
Sovereign and supranational - Third party pricing vendor | 125,000,000 | 118,000,000 |
Level 1 - Sovereign and supranational - Internal | 0 | 0 |
Level 2 - Sovereign and supranational - Internal | 337,000,000 | 330,000,000 |
Level 3 - Sovereign and supranational - Internal | 0 | 0 |
Sovereign and supranational - Internal | 337,000,000 | 330,000,000 |
Level 1 - Sovereign and supranational - Broker/other | 0 | 0 |
Level 2 - Sovereign and supranational - Broker/other | 0 | 59,000,000 |
Level 3 - Sovereign and supranational - Broker/other | 28,000,000 | 30,000,000 |
Sovereign and supranational - Broker/other | 28,000,000 | 89,000,000 |
Level 1 - Banks/financial institutions - Third party pricing vendor | 0 | 0 |
Level 2 - Banks/financial institutions - Third party pricing vendor | 4,703,000,000 | 5,085,000,000 |
Level 3 - Banks/financial institutions - Third party pricing vendor | 0 | 0 |
Banks/financial institutions - Third party pricing vendor | 4,703,000,000 | 5,085,000,000 |
Level 1 - Banks/financial institutions - Internal | 0 | 0 |
Level 2 - Banks/financial institutions - Internal | 4,122,000,000 | 3,008,000,000 |
Level 3 - Banks/financial institutions - Internal | 65,000,000 | 69,000,000 |
Banks/financial institutions - Internal | 4,187,000,000 | 3,077,000,000 |
Level 1 - Banks/financial institutions - Broker/other | 0 | 0 |
Level 2 - Banks/financial institutions - Broker/other | 0 | 664,000,000 |
Level 3 - Banks/financial institutions - Broker/other | 9,000,000 | 9,000,000 |
Banks/financial institutions - Broker/other | 9,000,000 | 673,000,000 |
Level 1 - Other corporate - Third party pricing vendor | 0 | 0 |
Level 2 - Other corporate - Third party pricing vendor | 21,282,000,000 | 18,088,000,000 |
Level 3 - Other corporate - Third party pricing vendor | 0 | 4,000,000 |
Other corporate - Third party pricing vendor | 21,282,000,000 | 18,092,000,000 |
Level 1 - Other corporate - Internal | 0 | 0 |
Level 2 - Other corporate - Internal | 5,277,000,000 | 4,210,000,000 |
Level 3 - Other corporate - Internal | 249,000,000 | 230,000,000 |
Other corporate - Internal | 5,526,000,000 | 4,440,000,000 |
Level 1 - Other corporate - Broker/other | 0 | 0 |
Level 2 - Other corporate - Broker/other | 10,000,000 | 5,396,000,000 |
Level 3 - Other corporate - Broker/other | 201,000,000 | 414,000,000 |
Other corporate - Broker/other | 211,000,000 | 5,810,000,000 |
Level 3 - Mortgage- and asset-backed securities - Offered Quotes - Consensus pricing valuation technique | 859,000,000 | 772,000,000 |
Level 3 - Public utilities - Credit Spreads - Discounted cash flow technique | 507,000,000 | — |
Level 3 - Sovereign and supranational - Offered Quotes - Consensus pricing valuation technique | 28,000,000 | 30,000,000 |
Level 3 - Banks/financial institutions - Credit Spreads - Discounted cash flow technique | 74,000,000 | 78,000,000 |
Level 3 - Other corporate - Credit Spreads - Discounted cash flow technique | 450,000,000 | 648,000,000 |
Level 1 - Government and agencies - Broker/other | — | 8,000,000 |
Level 2 - Government and agencies - Broker/other | — | 32,000,000 |
Level 3 - Government and agencies - Broker/other | — | 0 |
Government and agencies - Broker/other | — | 40,000,000 |
Level 1 - Municipalities - Broker/other | — | 0 |
Level 2 - Municipalities - Broker/other | — | 616,000,000 |
Level 3 - Municipalities - Broker/other | — | 0 |
Municipalities - Broker/other | — | 616,000,000 |
Level 3 - Public utilities - Offered Quotes - Consensus pricing valuation technique | — | 253,000,000 |
Fixed maturity securities, held-to-maturity | 16,689,000,000 | 17,819,000,000 |
Yen-denominated - Japan government and agencies | 16,000,000,000 | 17,083,000,000 |
Yen-denominated - Municipalities | 248,000,000 | 266,000,000 |
Yen-denominated - Public utilities | 33,000,000 | 34,000,000 |
Yen-denominated - Sovereign and supranational | 391,000,000 | 418,000,000 |
Yen-denominated - Other corporate | 17,000,000 | 18,000,000 |
Yen-denominated | 16,689,000,000 | 17,819,000,000 |
Equity securities | 762,000,000 | 1,088,000,000 |
Yen-denominated | 522,000,000 | 751,000,000 |
Dollar-denominated | 240,000,000 | 252,000,000 |
Other currencies | 0 | 85,000,000 |
Level 1 | 603,000,000 | 840,000,000 |
Level 2 | 0 | 0 |
Level 3 | 159,000,000 | 248,000,000 |
Level 1 - Third party pricing vendor | 603,000,000 | 800,000,000 |
Level 2 - Third party pricing vendor | 0 | 0 |
Level 3 - Third party pricing vendor | 0 | 0 |
Third party pricing vendor | 603,000,000 | 800,000,000 |
Level 1 - Broker/other | 0 | 40,000,000 |
Level 2 - Broker/other | 0 | 0 |
Level 3 - Broker/other | 159,000,000 | 32,000,000 |
Broker/other | 159,000,000 | 72,000,000 |
Level 3 - Private Financials - Adjusted cost valuation technique | 159,000,000 | 248,000,000 |
Level 1 - Internal | — | 0 |
Level 2 - Internal | — | 0 |
Level 3 - Internal | — | 216,000,000 |
Internal | — | 216,000,000 |
Commercial mortgage and other loans | 12,360,000,000 | 12,527,000,000 |
Variable Interest Entity, Consolidated | 9,947,000,000 | 10,150,000,000 |
Other investments | 6,677,000,000 | 4,530,000,000 |
Variable Interest Entity, Consolidated | 2,443,000,000 | 2,381,000,000 |
Policy loans | 203,000,000 | 214,000,000 |
Short-term investments | 3,341,000,000 | 1,304,000,000 |
Limited partnerships | 2,838,000,000 | 2,750,000,000 |
Real estate owned | 253,000,000 | 227,000,000 |
Other | 42,000,000 | 35,000,000 |
Variable Interest Entity, Not Consolidated | 395,000,000 | 369,000,000 |
Equity method investments | 2,838,000,000 | 2,750,000,000 |
Cash and cash equivalents | 5,098,000,000 | 4,306,000,000 |
Total investments and cash | 111,716,000,000 | 113,560,000,000 |
Receivables | 1,038,000,000 | 848,000,000 |
Accrued investment income | 693,000,000 | 731,000,000 |
Deferred policy acquisition costs | 8,819,000,000 | 9,132,000,000 |
Cancer - Aflac Japan | 2,805,000,000 | 2,971,000,000 |
Medical and other health - Aflac Japan | 1,916,000,000 | 2,041,000,000 |
Life insurance - Aflac Japan | 460,000,000 | 491,000,000 |
Other - Aflac Japan | 53,000,000 | 56,000,000 |
Accident - Aflac U.S. | 913,000,000 | 917,000,000 |
Disability - Aflac U.S. | 625,000,000 | 625,000,000 |
Critical Care - Aflac U.S. | 1,337,000,000 | 1,336,000,000 |
Hospital Indemnity - Aflac U.S. | 437,000,000 | 436,000,000 |
Dental/Vision - Aflac U.S. | 86,000,000 | 86,000,000 |
Life insurance - Aflac U.S. | 184,000,000 | 172,000,000 |
Other - Aflac U.S. | 3,000,000 | 1,000,000 |
Property and equipment, at cost less accumulated depreciation | 418,000,000 | 445,000,000 |
Other | 2,058,000,000 | 2,008,000,000 |
Total assets | 124,742,000,000 | 126,724,000,000 |
Variable Interest Entity, Consolidated | 16,125,000,000 | 16,298,000,000 |
Aflac Japan | 98,189,000,000 | 101,541,000,000 |
Aflac U.S. | 21,850,000,000 | 21,861,000,000 |
Corporate and other | 4,703,000,000 | 3,322,000,000 |
Variable Interest Entity, Not Consolidated | 6,881,000,000 | 6,793,000,000 |
Liabilities and shareholders’ equity: | ||
Liabilities: | ||
Policy liabilities: | ||
Future policy benefits | 77,867,000,000 | 83,718,000,000 |
Corporate and other | 3,842,000,000 | 4,225,000,000 |
Cancer - Aflac Japan | 30,172,000,000 | 32,652,000,000 |
Medical and other health - Aflac Japan | 9,806,000,000 | 10,560,000,000 |
Life insurance - Aflac Japan | 21,348,000,000 | 23,243,000,000 |
Other - Aflac Japan | 3,777,000,000 | 4,090,000,000 |
Accident - Aflac U.S. | 611,000,000 | 621,000,000 |
Disability - Aflac U.S. | 757,000,000 | 770,000,000 |
Critical Care - Aflac U.S. | 7,021,000,000 | 7,216,000,000 |
Hospital Indemnity - Aflac U.S. | 811,000,000 | 836,000,000 |
Dental/Vision - Aflac U.S. | 266,000,000 | 272,000,000 |
Life insurance - Aflac U.S. | 901,000,000 | 911,000,000 |
Other - Aflac U.S. | 509,000,000 | 521,000,000 |
Intercompany eliminations | (4,598,000,000) | (5,017,000,000) |
Unpaid policy claims | 344,000,000 | 261,000,000 |
Unearned premiums | 1,322,000,000 | 1,451,000,000 |
Other policyholders’ funds | 5,831,000,000 | 6,169,000,000 |
Total policy liabilities | 85,364,000,000 | 91,599,000,000 |
Income taxes | 777,000,000 | 154,000,000 |
Payables for return of cash collateral on loaned securities | 3,366,000,000 | 1,503,000,000 |
Notes payable and lease obligations | 7,912,000,000 | 7,364,000,000 |
1.125% senior sustainability notes due March 2026 | 398,000,000 | 398,000,000 |
2.875% senior notes due October 2026 | 299,000,000 | 299,000,000 |
3.60% senior notes due April 2030 | 993,000,000 | 993,000,000 |
6.90% senior notes due December 2039 | 221,000,000 | 221,000,000 |
6.45% senior notes due August 2040 | 254,000,000 | 254,000,000 |
4.00% senior notes due October 2046 | 394,000,000 | 394,000,000 |
4.750% senior notes due January 2049 | 542,000,000 | 542,000,000 |
.300% senior notes due September 2025 | 82,000,000 | 87,000,000 |
.932% senior notes due January 2027 | 395,000,000 | 422,000,000 |
1.048% senior notes due March 2029 | 86,000,000 | 0 |
1.075% senior notes due September 2029 | 220,000,000 | 234,000,000 |
.500% senior notes due December 2029 | 83,000,000 | 88,000,000 |
.550% senior notes due March 2030 | 87,000,000 | 93,000,000 |
1.159% senior notes due October 2030 | 192,000,000 | 206,000,000 |
1.412% senior notes due March 2031 | 184,000,000 | 0 |
.633% senior notes due April 2031 | 197,000,000 | 211,000,000 |
.843% senior notes due December 2031 | 61,000,000 | 65,000,000 |
.750% senior notes due March 2032 | 136,000,000 | 145,000,000 |
1.320% senior notes due December 2032 | 139,000,000 | 148,000,000 |
.844% senior notes due April 2033 | 79,000,000 | 84,000,000 |
1.488% senior notes due October 2033 | 100,000,000 | 106,000,000 |
1.682% senior notes due March 2034 | 51,000,000 | 0 |
1.600% senior notes due March 2034 | 122,000,000 | 0 |
.934% senior notes due December 2034 | 64,000,000 | 69,000,000 |
.830% senior notes due March 2035 | 69,000,000 | 74,000,000 |
1.740% senior notes due March 2036 | 100,000,000 | 0 |
1.039% senior notes due April 2036 | 65,000,000 | 70,000,000 |
1.594% senior notes due September 2037 | 43,000,000 | 45,000,000 |
1.750% senior notes due October 2038 | 58,000,000 | 62,000,000 |
1.920% senior notes due March 2039 | 110,000,000 | 0 |
1.122% senior notes due December 2039 | 41,000,000 | 44,000,000 |
1.264% senior notes due April 2041 | 65,000,000 | 70,000,000 |
2.160% senior notes due March 2044 | 38,000,000 | 0 |
2.108% subordinated notes due October 2047 | 392,000,000 | 419,000,000 |
.963% subordinated bonds due April 2049 | 198,000,000 | 211,000,000 |
1.560% senior notes due April 2051 | 131,000,000 | 140,000,000 |
2.144% senior notes due September 2052 | 79,000,000 | 84,000,000 |
1.958% subordinated bonds due December 2053 | 197,000,000 | 210,000,000 |
2.400% senior notes due March 2054 | 130,000,000 | 0 |
Yen-denominated loan variable interest rate due August 2027 | 77,000,000 | 82,000,000 |
Yen-denominated loan variable interest rate due August 2029 | 166,000,000 | 178,000,000 |
Yen-denominated loan variable interest rate due August 2032 | 461,000,000 | 492,000,000 |
Other | 3,786,000,000 | 4,119,000,000 |
Total liabilities | 101,205,000,000 | 104,739,000,000 |
Variable Interest Entity, Consolidated | 583,000,000 | 507,000,000 |
Shareholders’ equity: | ||
Common stock of $.10 par value. In thousands: authorized 1,900,000 shares in 2024 and 2023; issued 1,356,480 shares in 2024 and 1,355,398 shares in 2023 | 136,000,000 | 136,000,000 |
Additional paid-in capital | 2,806,000,000 | 2,771,000,000 |
Retained earnings | 49,872,000,000 | 47,993,000,000 |
Accumulated other comprehensive income (loss): | ||
Unrealized foreign currency translation gains (losses) | (4,666,000,000) | (4,069,000,000) |
Unrealized gains (losses) on fixed maturity securities | 1,092,000,000 | 1,139,000,000 |
Unrealized gains (losses) on derivatives | (26,000,000) | (22,000,000) |
Effect of changes in discount rate assumptions | (1,495,000,000) | (2,560,000,000) |
Pension liability adjustment | 7,000,000 | 8,000,000 |
Treasury stock, at average cost | 24,175,000,000 | 23,395,000,000 |
Total shareholders’ equity | 23,537,000,000 | 21,985,000,000 |
Common Stock | 136,000,000 | 136,000,000 |
Additional Paid-in Capital | 2,806,000,000 | 2,771,000,000 |
Retained Earnings | 49,872,000,000 | 47,993,000,000 |
Accumulated Other Comprehensive Income (Loss) | (5,102,000,000) | (5,520,000,000) |
Treasury Stock | (24,175,000,000) | (23,395,000,000) |
Total liabilities and shareholders’ equity | 124,742,000,000 | 126,724,000,000 |