10-Q
Quarterly Report
Aflac Incorporated
AFL
NYSE
CIK: 4977
File #: 001-07434
Balance Sheet
289 line items · 2 periods
XBRL
| Item | Mar 31, 2025 | Dec 31, 2024 |
|---|---|---|
Assets: | ||
Investments and cash: | ||
Fixed maturity securities, available-for-sale | 67,144,000,000 | 65,269,000,000 |
Consolidated Entity Excluding Variable Interest Entities (VIE) | 63,547,000,000 | 61,841,000,000 |
Variable Interest Entity | 3,597,000,000 | 3,428,000,000 |
Yen-denominated - Japan government and agencies | 17,542,000,000 | 17,640,000,000 |
Yen-denominated - Municipalities | 864,000,000 | 855,000,000 |
Yen-denominated - Mortgage- and asset-backed securities | 315,000,000 | 308,000,000 |
Yen-denominated - Public utilities | 2,771,000,000 | 2,840,000,000 |
Yen-denominated - Sovereign and supranational | 348,000,000 | 338,000,000 |
Yen-denominated - Banks/financial institutions | 5,330,000,000 | 5,301,000,000 |
Yen-denominated - Other corporate | 5,717,000,000 | 5,592,000,000 |
Yen-denominated | 32,887,000,000 | 32,874,000,000 |
Dollar-denominated - U.S. government and agencies | 275,000,000 | 206,000,000 |
Dollar-denominated - Municipalities | 1,191,000,000 | 1,179,000,000 |
Dollar-denominated - Mortgage- and asset-backed securities | 3,733,000,000 | 3,255,000,000 |
Dollar-denominated - Public utilities | 4,396,000,000 | 4,205,000,000 |
Dollar-denominated - Sovereign and supranational | 78,000,000 | 78,000,000 |
Dollar-denominated - Banks/financial institutions | 4,031,000,000 | 3,655,000,000 |
Dollar-denominated - Other corporate | 20,473,000,000 | 19,791,000,000 |
Dollar-denominated | 34,177,000,000 | 32,369,000,000 |
Other currencies - Other corporate | 26,000,000 | 26,000,000 |
Other currencies | 80,000,000 | 26,000,000 |
Variable Interest Entity, Not Consolidated | 6,624,000,000 | 6,243,000,000 |
Public utilities | 7,221,000,000 | 7,045,000,000 |
Banks/financial institutions | 9,361,000,000 | 8,956,000,000 |
Other corporate | 26,216,000,000 | 25,409,000,000 |
Level 1 - Government and agencies | 16,972,000,000 | 17,088,000,000 |
Level 2 - Government and agencies | 845,000,000 | 758,000,000 |
Level 3 - Government and agencies | 0 | 0 |
Government and agencies | 17,817,000,000 | 17,846,000,000 |
Level 1 - Municipalities | 0 | 0 |
Level 2 - Municipalities | 2,055,000,000 | 2,034,000,000 |
Level 3 - Municipalities | 0 | 0 |
Municipalities | 2,055,000,000 | 2,034,000,000 |
Level 1 - Mortgage- and asset-backed securities | 0 | 0 |
Level 2 - Mortgage- and asset-backed securities | 2,445,000,000 | 2,407,000,000 |
Level 3 - Mortgage- and asset-backed securities | 1,603,000,000 | 1,156,000,000 |
Mortgage- and asset-backed securities | 4,048,000,000 | 3,563,000,000 |
Level 1 - Public utilities | 0 | 0 |
Level 2 - Public utilities | 6,465,000,000 | 6,398,000,000 |
Level 3 - Public utilities | 756,000,000 | 647,000,000 |
Level 1 - Sovereign and supranational | 0 | 0 |
Level 2 - Sovereign and supranational | 402,000,000 | 393,000,000 |
Level 3 - Sovereign and supranational | 24,000,000 | 23,000,000 |
Sovereign and supranational | 426,000,000 | 416,000,000 |
Level 1 - Banks/financial institutions | 0 | 0 |
Level 2 - Banks/financial institutions | 9,351,000,000 | 8,946,000,000 |
Level 3 - Banks/financial institutions | 10,000,000 | 10,000,000 |
Level 1 - Other corporate | 0 | 0 |
Level 2 - Other corporate | 26,079,000,000 | 25,178,000,000 |
Level 3 - Other corporate | 137,000,000 | 231,000,000 |
Level 1 | 16,972,000,000 | 17,088,000,000 |
Level 2 | 47,642,000,000 | 46,114,000,000 |
Level 3 | 2,530,000,000 | 2,067,000,000 |
Level 1 - Government and agencies - Third party pricing vendor valuation technique | 16,972,000,000 | 17,088,000,000 |
Level 2 - Government and agencies - Third party pricing vendor valuation technique | 524,000,000 | 446,000,000 |
Level 3 - Government and agencies - Third party pricing vendor valuation technique | 0 | 0 |
Government and agencies - Third party pricing vendor valuation technique | 17,496,000,000 | 17,534,000,000 |
Level 1 - Government and agencies - Internal valuation technique | 0 | 0 |
Level 2 - Government and agencies - Internal valuation technique | 321,000,000 | 312,000,000 |
Level 3 - Government and agencies - Internal valuation technique | 0 | 0 |
Government and agencies - Internal valuation technique | 321,000,000 | 312,000,000 |
Level 1 - Municipalities - Third party pricing vendor valuation technique | 0 | 0 |
Level 2 - Municipalities - Third party pricing vendor valuation technique | 1,812,000,000 | 1,791,000,000 |
Level 3 - Municipalities - Third party pricing vendor valuation technique | 0 | 0 |
Municipalities - Third party pricing vendor valuation technique | 1,812,000,000 | 1,791,000,000 |
Level 1 - Municipalities - Internal valuation technique | 0 | 0 |
Level 2 - Municipalities - Internal valuation technique | 243,000,000 | 243,000,000 |
Level 3 - Municipalities - Internal valuation technique | 0 | 0 |
Municipalities - Internal valuation technique | 243,000,000 | 243,000,000 |
Level 1 - Mortgage- and asset-backed securities - Third party pricing vendor valuation technique | 0 | 0 |
Level 2 - Mortgage- and asset-backed securities - Third party pricing vendor valuation technique | 2,258,000,000 | 2,352,000,000 |
Level 3 - Mortgage- and asset-backed securities - Third party pricing vendor valuation technique | 0 | 0 |
Mortgage- and asset-backed securities - Third party pricing vendor valuation technique | 2,258,000,000 | 2,352,000,000 |
Level 1 - Mortgage- and asset-backed securities - Internal valuation technique | 0 | 0 |
Level 2 - Mortgage- and asset-backed securities - Internal valuation technique | 187,000,000 | 55,000,000 |
Level 3 - Mortgage- and asset-backed securities - Internal valuation technique | 37,000,000 | 37,000,000 |
Mortgage- and asset-backed securities - Internal valuation technique | 224,000,000 | 92,000,000 |
Level 1 - Mortgage- and asset-backed securities - Broker/other | 0 | 0 |
Level 2 - Mortgage- and asset-backed securities - Broker/other | 0 | 0 |
Level 3 - Mortgage- and asset-backed securities - Broker/other | 1,566,000,000 | 1,119,000,000 |
Mortgage- and asset-backed securities - Broker/other | 1,566,000,000 | 1,119,000,000 |
Level 1 - Public utilities - Third party pricing vendor valuation technique | 0 | 0 |
Level 2 - Public utilities - Third party pricing vendor valuation technique | 3,644,000,000 | 3,628,000,000 |
Level 3 - Public utilities - Third party pricing vendor valuation technique | 0 | 0 |
Public utilities - Third party pricing vendor valuation technique | 3,644,000,000 | 3,628,000,000 |
Level 1 - Public utilities - Internal valuation technique | 0 | 0 |
Level 2 - Public utilities - Internal valuation technique | 2,821,000,000 | 2,770,000,000 |
Level 3 - Public utilities - Internal valuation technique | 0 | 0 |
Public utilities - Internal valuation technique | 2,821,000,000 | 2,770,000,000 |
Level 1 - Public utilities - Broker/other | 0 | 0 |
Level 2 - Public utilities - Broker/other | 0 | 0 |
Level 3 - Public utilities - Broker/other | 756,000,000 | 647,000,000 |
Public utilities - Broker/other | 756,000,000 | 647,000,000 |
Level 1 - Sovereign and supranational - Third party pricing vendor valuation technique | 0 | 0 |
Level 2 - Sovereign and supranational - Third party pricing vendor valuation technique | 78,000,000 | 78,000,000 |
Level 3 - Sovereign and supranational - Third party pricing vendor valuation technique | 0 | 0 |
Sovereign and supranational - Third party pricing vendor valuation technique | 78,000,000 | 78,000,000 |
Level 1 - Sovereign and supranational - Internal valuation technique | 0 | 0 |
Level 2 - Sovereign and supranational - Internal valuation technique | 324,000,000 | 315,000,000 |
Level 3 - Sovereign and supranational - Internal valuation technique | 0 | 0 |
Sovereign and supranational - Internal valuation technique | 324,000,000 | 315,000,000 |
Level 1 - Sovereign and supranational - Broker/other | 0 | 0 |
Level 2 - Sovereign and supranational - Broker/other | 0 | 0 |
Level 3 - Sovereign and supranational - Broker/other | 24,000,000 | 23,000,000 |
Sovereign and supranational - Broker/other | 24,000,000 | 23,000,000 |
Level 1 - Banks/financial institutions - Third party pricing vendor valuation technique | 0 | 0 |
Level 2 - Banks/financial institutions - Third party pricing vendor valuation technique | 5,416,000,000 | 4,975,000,000 |
Level 3 - Banks/financial institutions - Third party pricing vendor valuation technique | 0 | 0 |
Banks/financial institutions - Third party pricing vendor valuation technique | 5,416,000,000 | 4,975,000,000 |
Level 1 - Banks/financial institutions - Internal valuation technique | 0 | 0 |
Level 2 - Banks/financial institutions - Internal valuation technique | 3,935,000,000 | 3,971,000,000 |
Level 3 - Banks/financial institutions - Internal valuation technique | 6,000,000 | 5,000,000 |
Banks/financial institutions - Internal valuation technique | 3,941,000,000 | 3,976,000,000 |
Level 1 - Banks/financial institutions - Broker/other | 0 | 0 |
Level 2 - Banks/financial institutions - Broker/other | 0 | 0 |
Level 3 - Banks/financial institutions - Broker/other | 4,000,000 | 5,000,000 |
Banks/financial institutions - Broker/other | 4,000,000 | 5,000,000 |
Level 1 - Other corporate - Third party pricing vendor valuation technique | 0 | 0 |
Level 2 - Other corporate - Third party pricing vendor valuation technique | 20,762,000,000 | 20,051,000,000 |
Level 3 - Other corporate - Third party pricing vendor valuation technique | 0 | 0 |
Other corporate - Third party pricing vendor valuation technique | 20,762,000,000 | 20,051,000,000 |
Level 1 - Other corporate - Internal valuation technique | 0 | 0 |
Level 2 - Other corporate - Internal valuation technique | 5,317,000,000 | 5,127,000,000 |
Level 3 - Other corporate - Internal valuation technique | 21,000,000 | 116,000,000 |
Other corporate - Internal valuation technique | 5,338,000,000 | 5,243,000,000 |
Level 1 - Other corporate - Broker/other | 0 | 0 |
Level 2 - Other corporate - Broker/other | 0 | 0 |
Level 3 - Other corporate - Broker/other | 116,000,000 | 115,000,000 |
Other corporate - Broker/other | 116,000,000 | 115,000,000 |
Level 3 - Mortgage- and asset-backed securities - Offered Quotes - Consensus pricing valuation technique | 1,603,000,000 | 1,156,000,000 |
Level 3 - Public utilities - Credit Spreads - Discounted cash flow technique | 756,000,000 | 647,000,000 |
Level 3 - Sovereign and supranational - Offered Quotes - Consensus pricing valuation technique | 24,000,000 | 23,000,000 |
Level 3 - Banks/financial institutions - Private Financials - Adjusted cost valuation technique | 10,000,000 | 10,000,000 |
Level 3 - Other corporate - Credit Spreads - Discounted cash flow technique | 137,000,000 | 231,000,000 |
Other currencies - Public utilities | 54,000,000 | — |
Fixed maturity securities, held-to-maturity | 16,888,000,000 | 15,966,000,000 |
Yen-denominated - Japan government and agencies | 16,193,000,000 | 15,309,000,000 |
Yen-denominated - Municipalities | 249,000,000 | 235,000,000 |
Yen-denominated - Public utilities | 33,000,000 | 32,000,000 |
Yen-denominated - Sovereign and supranational | 396,000,000 | 374,000,000 |
Yen-denominated - Other corporate | 17,000,000 | 16,000,000 |
Yen-denominated | 16,888,000,000 | 15,966,000,000 |
Equity securities | 764,000,000 | 796,000,000 |
Yen-denominated | 491,000,000 | 484,000,000 |
Dollar-denominated | 273,000,000 | 312,000,000 |
Level 1 | 604,000,000 | 639,000,000 |
Level 2 | 0 | 0 |
Level 3 | 160,000,000 | 157,000,000 |
Level 1 - Third party pricing vendor valuation technique | 604,000,000 | 639,000,000 |
Level 2 - Third party pricing vendor valuation technique | 0 | 0 |
Level 3 - Third party pricing vendor valuation technique | 0 | 0 |
Third party pricing vendor valuation technique | 604,000,000 | 639,000,000 |
Level 1 - Internal valuation technique | 0 | 0 |
Level 2 - Internal valuation technique | 0 | 0 |
Level 3 - Internal valuation technique | 26,000,000 | 26,000,000 |
Internal valuation technique | 26,000,000 | 26,000,000 |
Level 1 - Broker/other | 0 | 0 |
Level 2 - Broker/other | 0 | 0 |
Level 3 - Broker/other | 134,000,000 | 131,000,000 |
Broker/other | 134,000,000 | 131,000,000 |
Level 3 - Private Financials - Adjusted cost valuation technique | 160,000,000 | 157,000,000 |
Commercial mortgage and other loans | 10,656,000,000 | 10,869,000,000 |
Variable Interest Entity | 8,540,000,000 | 8,693,000,000 |
Other investments | 6,763,000,000 | 5,958,000,000 |
Variable Interest Entity | 2,151,000,000 | 2,176,000,000 |
Policy loans | 211,000,000 | 203,000,000 |
Short-term investments | 2,259,000,000 | 1,599,000,000 |
Limited partnerships | 3,482,000,000 | 3,435,000,000 |
Real estate owned | 774,000,000 | 682,000,000 |
Other | 37,000,000 | 39,000,000 |
Variable Interest Entity, Not Consolidated | 1,194,000,000 | 1,124,000,000 |
Equity method investments | 3,482,000,000 | 3,435,000,000 |
Cash and cash equivalents | 5,231,000,000 | 6,229,000,000 |
Total investments and cash | 107,446,000,000 | 105,087,000,000 |
Receivables | 894,000,000 | 779,000,000 |
Accrued investment income | 682,000,000 | 710,000,000 |
Deferred policy acquisition costs | 9,083,000,000 | 8,758,000,000 |
Cancer - Aflac Japan | 2,951,000,000 | 2,776,000,000 |
Medical and other health - Aflac Japan | 1,942,000,000 | 1,833,000,000 |
Life insurance - Aflac Japan | 469,000,000 | 441,000,000 |
Other - Aflac Japan | 54,000,000 | 52,000,000 |
Accident - Aflac U.S. | 912,000,000 | 915,000,000 |
Disability - Aflac U.S. | 636,000,000 | 636,000,000 |
Critical Care - Aflac U.S. | 1,347,000,000 | 1,348,000,000 |
Hospital Indemnity - Aflac U.S. | 454,000,000 | 452,000,000 |
Dental/Vision - Aflac U.S. | 86,000,000 | 86,000,000 |
Life insurance - Aflac U.S. | 232,000,000 | 219,000,000 |
Other - Aflac U.S. | 0 | 0 |
Property and equipment, at cost less accumulated depreciation | 391,000,000 | 387,000,000 |
Other | 1,762,000,000 | 1,845,000,000 |
Total assets | 120,258,000,000 | 117,566,000,000 |
Variable Interest Entity | 14,337,000,000 | 14,350,000,000 |
Aflac Japan | 93,430,000,000 | 90,210,000,000 |
Aflac U.S. | 21,881,000,000 | 21,930,000,000 |
Corporate and other | 4,947,000,000 | 5,426,000,000 |
Variable Interest Entity, Not Consolidated | 7,818,000,000 | 7,367,000,000 |
Liabilities and shareholders’ equity: | ||
Liabilities: | ||
Policy liabilities: | ||
Future policy benefits | 71,197,000,000 | 70,381,000,000 |
Corporate and other | 5,116,000,000 | 5,072,000,000 |
Cancer - Aflac Japan | 26,942,000,000 | 26,597,000,000 |
Medical and other health - Aflac Japan | 8,902,000,000 | 8,789,000,000 |
Life insurance - Aflac Japan | 19,195,000,000 | 19,109,000,000 |
Other - Aflac Japan | 3,414,000,000 | 3,379,000,000 |
Accident - Aflac U.S. | 626,000,000 | 630,000,000 |
Disability - Aflac U.S. | 690,000,000 | 695,000,000 |
Critical Care - Aflac U.S. | 6,864,000,000 | 6,800,000,000 |
Hospital Indemnity - Aflac U.S. | 772,000,000 | 775,000,000 |
Dental/Vision - Aflac U.S. | 245,000,000 | 245,000,000 |
Life insurance - Aflac U.S. | 975,000,000 | 938,000,000 |
Other - Aflac U.S. | 467,000,000 | 462,000,000 |
Intercompany eliminations | (5,861,000,000) | (5,760,000,000) |
Unpaid policy claims | 411,000,000 | 381,000,000 |
Unearned premiums | 1,357,000,000 | 1,286,000,000 |
Other policyholders’ funds | 5,863,000,000 | 5,460,000,000 |
Total policy liabilities | 78,828,000,000 | 77,508,000,000 |
Income taxes | 815,000,000 | 573,000,000 |
Payables for return of cash collateral on loaned securities | 3,142,000,000 | 2,037,000,000 |
Notes payable and lease obligations | 7,751,000,000 | 7,498,000,000 |
1.125% senior sustainability notes due March 2026 | 399,000,000 | 399,000,000 |
2.875% senior notes due October 2026 | 299,000,000 | 299,000,000 |
3.60% senior notes due April 2030 | 994,000,000 | 994,000,000 |
6.90% senior notes due December 2039 | 221,000,000 | 221,000,000 |
6.45% senior notes due August 2040 | 255,000,000 | 255,000,000 |
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 | 83,000,000 | 79,000,000 |
.932% senior notes due January 2027 | 400,000,000 | 378,000,000 |
1.048% senior notes due March 2029 | 86,000,000 | 81,000,000 |
1.075% senior notes due September 2029 | 223,000,000 | 211,000,000 |
.500% senior notes due December 2029 | 84,000,000 | 79,000,000 |
.550% senior notes due March 2030 | 89,000,000 | 84,000,000 |
1.159% senior notes due October 2030 | 195,000,000 | 184,000,000 |
1.412% senior notes due March 2031 | 186,000,000 | 176,000,000 |
.633% senior notes due April 2031 | 200,000,000 | 189,000,000 |
.843% senior notes due December 2031 | 62,000,000 | 58,000,000 |
.750% senior notes due March 2032 | 137,000,000 | 130,000,000 |
1.320% senior notes due December 2032 | 141,000,000 | 133,000,000 |
.844% senior notes due April 2033 | 80,000,000 | 76,000,000 |
1.488% senior notes due October 2033 | 101,000,000 | 95,000,000 |
1.682% senior notes due March 2034 | 51,000,000 | 48,000,000 |
1.600% senior notes due March 2034 | 122,000,000 | 115,000,000 |
.934% senior notes due December 2034 | 65,000,000 | 62,000,000 |
.830% senior notes due March 2035 | 70,000,000 | 66,000,000 |
1.740% senior notes due March 2036 | 99,000,000 | 94,000,000 |
1.039% senior notes due April 2036 | 66,000,000 | 63,000,000 |
1.594% senior notes due September 2037 | 43,000,000 | 41,000,000 |
1.750% senior notes due October 2038 | 59,000,000 | 56,000,000 |
1.920% senior notes due March 2039 | 109,000,000 | 103,000,000 |
1.122% senior notes due December 2039 | 42,000,000 | 39,000,000 |
1.264% senior notes due April 2041 | 66,000,000 | 63,000,000 |
2.160% senior notes due March 2044 | 37,000,000 | 35,000,000 |
2.108% subordinated notes due October 2047 | 397,000,000 | 375,000,000 |
1.560% senior notes due April 2051 | 133,000,000 | 125,000,000 |
2.144% senior notes due September 2052 | 80,000,000 | 75,000,000 |
1.958% subordinated bonds due December 2053 | 200,000,000 | 188,000,000 |
2.400% senior notes due March 2054 | 129,000,000 | 122,000,000 |
Yen-denominated loan variable interest rate due August 2027 | 78,000,000 | 74,000,000 |
Yen-denominated loan variable interest rate due August 2029 | 169,000,000 | 160,000,000 |
Yen-denominated loan variable interest rate due August 2032 | 467,000,000 | 441,000,000 |
Other | 3,384,000,000 | 3,852,000,000 |
Total liabilities | 93,920,000,000 | 91,468,000,000 |
Variable Interest Entity | 642,000,000 | 604,000,000 |
Shareholders’ equity: | ||
Common stock of $.10 par value. In thousands: authorized 1,900,000 shares in 2025 and 2024; issued 1,357,752 shares in 2025 and 1,356,763 shares in 2024 | 136,000,000 | 136,000,000 |
Additional paid-in capital | 2,919,000,000 | 2,894,000,000 |
Retained earnings | 52,308,000,000 | 52,277,000,000 |
Accumulated other comprehensive income (loss): | ||
Unrealized foreign currency translation gains (losses) | (4,549,000,000) | (4,998,000,000) |
Unrealized gains (losses) on fixed maturity securities | (1,233,000,000) | 24,000,000 |
Unrealized gains (losses) on derivatives | (18,000,000) | (20,000,000) |
Effect of changes in discount rate assumptions | 3,899,000,000 | 2,006,000,000 |
Pension liability adjustment | (42,000,000) | (10,000,000) |
Treasury stock, at average cost | 27,166,000,000 | 26,231,000,000 |
Total shareholders’ equity | 26,338,000,000 | 26,098,000,000 |
Common Stock | 136,000,000 | 136,000,000 |
Additional Paid-in Capital | 2,919,000,000 | 2,894,000,000 |
Retained Earnings | 52,308,000,000 | 52,277,000,000 |
Accumulated Other Comprehensive Income (Loss) | (1,859,000,000) | (2,978,000,000) |
Treasury Stock | (27,166,000,000) | (26,231,000,000) |
Unrealized Foreign Currency Translation Gains (Losses) | (4,549,000,000) | (4,998,000,000) |
Unrealized gains (losses) on available-for-sale securities | (1,233,000,000) | 24,000,000 |
Unrealized Gains (Losses) on Derivatives | (18,000,000) | (20,000,000) |
Effect of Changes in Discount Rate Assumptions | 3,899,000,000 | 2,006,000,000 |
Pension Liability Adjustment | 42,000,000 | 10,000,000 |
Total liabilities and shareholders’ equity | 120,258,000,000 | 117,566,000,000 |