10-Q
Quarterly Report
Aflac Incorporated
AFL
NYSE
CIK: 4977
File #: 001-07434
Balance Sheet
317 line items · 2 periods
XBRL
| Item | Jun 30, 2026 | Dec 31, 2025 |
|---|---|---|
Assets: | ||
Investments and cash: | ||
Fixed maturity securities, available-for-sale | 62,848,000,000 | 64,121,000,000 |
Consolidated Entity Excluding Variable Interest Entities (VIE) | 58,640,000,000 | 60,485,000,000 |
Variable Interest Entity | 4,208,000,000 | 3,636,000,000 |
Yen-denominated - Japan government and agencies | 13,363,000,000 | 14,377,000,000 |
Yen-denominated - Municipalities | 643,000,000 | 716,000,000 |
Yen-denominated - Mortgage- and asset-backed securities | 404,000,000 | 260,000,000 |
Yen-denominated - Public utilities | 2,278,000,000 | 2,468,000,000 |
Yen-denominated - Sovereign and supranational | 299,000,000 | 324,000,000 |
Yen-denominated - Banks/financial institutions | 4,834,000,000 | 5,075,000,000 |
Yen-denominated - Other corporate | 4,940,000,000 | 5,261,000,000 |
Yen-denominated | 26,761,000,000 | 28,481,000,000 |
U.S. dollar-denominated - U.S. government and agencies | 204,000,000 | 230,000,000 |
U.S. dollar-denominated - Municipalities | 1,121,000,000 | 1,214,000,000 |
U.S. dollar-denominated - Mortgage- and asset-backed securities | 5,274,000,000 | 4,058,000,000 |
U.S. dollar-denominated - Public utilities | 4,622,000,000 | 4,650,000,000 |
U.S. dollar-denominated - Sovereign and supranational | 75,000,000 | 78,000,000 |
U.S. dollar-denominated - Banks/financial institutions | 4,384,000,000 | 4,169,000,000 |
U.S. dollar-denominated - Other corporate | 20,280,000,000 | 21,110,000,000 |
U.S. dollar-denominated | 35,960,000,000 | 35,509,000,000 |
Other currencies - Mortgage- and asset-backed securities | 47,000,000 | 48,000,000 |
Other currencies - Public utilities | 54,000,000 | 56,000,000 |
Other currencies - Other corporate | 26,000,000 | 27,000,000 |
Other currencies | 127,000,000 | 131,000,000 |
Variable Interest Entity, Not Consolidated | 7,805,000,000 | 6,750,000,000 |
Public utilities | 6,954,000,000 | 7,174,000,000 |
Banks/financial institutions | 9,218,000,000 | 9,244,000,000 |
Other corporate | 25,246,000,000 | 26,398,000,000 |
Level 1 - Government and agencies | 13,011,000,000 | 13,921,000,000 |
Level 2 - Government and agencies | 556,000,000 | 686,000,000 |
Level 3 - Government and agencies | 0 | 0 |
Government and agencies | 13,567,000,000 | 14,607,000,000 |
Level 1 - Municipalities | 0 | 0 |
Level 2 - Municipalities | 1,764,000,000 | 1,930,000,000 |
Level 3 - Municipalities | 0 | 0 |
Municipalities | 1,764,000,000 | 1,930,000,000 |
Level 1 - Mortgage- and asset-backed securities | 0 | 0 |
Level 2 - Mortgage- and asset-backed securities | 2,972,000,000 | 2,072,000,000 |
Level 3 - Mortgage- and asset-backed securities | 2,753,000,000 | 2,294,000,000 |
Mortgage- and asset-backed securities | 5,725,000,000 | 4,366,000,000 |
Level 1 - Public utilities | 0 | 0 |
Level 2 - Public utilities | 6,102,000,000 | 6,298,000,000 |
Level 3 - Public utilities | 852,000,000 | 876,000,000 |
Level 1 - Sovereign and supranational | 0 | 0 |
Level 2 - Sovereign and supranational | 357,000,000 | 383,000,000 |
Level 3 - Sovereign and supranational | 17,000,000 | 19,000,000 |
Sovereign and supranational | 374,000,000 | 402,000,000 |
Level 1 - Banks/financial institutions | 51,000,000 | 0 |
Level 2 - Banks/financial institutions | 9,163,000,000 | 9,235,000,000 |
Level 3 - Banks/financial institutions | 4,000,000 | 9,000,000 |
Level 1 - Other corporate | 0 | 0 |
Level 2 - Other corporate | 25,111,000,000 | 26,239,000,000 |
Level 3 - Other corporate | 135,000,000 | 159,000,000 |
Level 1 | 13,062,000,000 | 13,921,000,000 |
Level 2 | 46,025,000,000 | 46,843,000,000 |
Level 3 | 3,761,000,000 | 3,357,000,000 |
Level 1 - Government and agencies - Third-party pricing vendor | 13,011,000,000 | 13,921,000,000 |
Level 2 - Government and agencies - Third-party pricing vendor | 367,000,000 | 383,000,000 |
Level 3 - Government and agencies - Third-party pricing vendor | 0 | 0 |
Government and agencies - Third-party pricing vendor | 13,378,000,000 | 14,304,000,000 |
Level 1 - Government and agencies - Internal | 0 | 0 |
Level 2 - Government and agencies - Internal | 189,000,000 | 303,000,000 |
Level 3 - Government and agencies - Internal | 0 | 0 |
Government and agencies - Internal | 189,000,000 | 303,000,000 |
Level 1 - Municipalities - Third-party pricing vendor | 0 | 0 |
Level 2 - Municipalities - Third-party pricing vendor | 1,616,000,000 | 1,706,000,000 |
Level 3 - Municipalities - Third-party pricing vendor | 0 | 0 |
Municipalities - Third-party pricing vendor | 1,616,000,000 | 1,706,000,000 |
Level 1 - Municipalities - Internal | 0 | 0 |
Level 2 - Municipalities - Internal | 148,000,000 | 224,000,000 |
Level 3 - Municipalities - Internal | 0 | 0 |
Municipalities - Internal | 148,000,000 | 224,000,000 |
Level 1 - Mortgage- and asset-backed securities - Third-party pricing vendor | 0 | 0 |
Level 2 - Mortgage- and asset-backed securities - Third-party pricing vendor | 2,350,000,000 | 1,824,000,000 |
Level 3 - Mortgage- and asset-backed securities - Third-party pricing vendor | 0 | 0 |
Mortgage- and asset-backed securities - Third-party pricing vendor | 2,350,000,000 | 1,824,000,000 |
Level 1 - Mortgage- and asset-backed securities - Internal | 0 | 0 |
Level 2 - Mortgage- and asset-backed securities - Internal | 622,000,000 | 248,000,000 |
Level 3 - Mortgage- and asset-backed securities - Internal | 0 | 0 |
Mortgage- and asset-backed securities - Internal | 622,000,000 | 248,000,000 |
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 | 2,753,000,000 | 2,294,000,000 |
Mortgage- and asset-backed securities - Broker/other | 2,753,000,000 | 2,294,000,000 |
Level 1 - Public utilities - Third-party pricing vendor | 0 | 0 |
Level 2 - Public utilities - Third-party pricing vendor | 3,659,000,000 | 3,660,000,000 |
Level 3 - Public utilities - Third-party pricing vendor | 0 | 0 |
Public utilities - Third-party pricing vendor | 3,659,000,000 | 3,660,000,000 |
Level 1 - Public utilities - Internal | 0 | 0 |
Level 2 - Public utilities - Internal | 2,443,000,000 | 2,638,000,000 |
Level 3 - Public utilities - Internal | 0 | 0 |
Public utilities - Internal | 2,443,000,000 | 2,638,000,000 |
Level 1 - Public utilities - Broker/other | 0 | 0 |
Level 2 - Public utilities - Broker/other | 0 | 0 |
Level 3 - Public utilities - Broker/other | 852,000,000 | 876,000,000 |
Public utilities - Broker/other | 852,000,000 | 876,000,000 |
Level 1 - Sovereign and supranational - Third-party pricing vendor | 0 | 0 |
Level 2 - Sovereign and supranational - Third-party pricing vendor | 74,000,000 | 79,000,000 |
Level 3 - Sovereign and supranational - Third-party pricing vendor | 0 | 0 |
Sovereign and supranational - Third-party pricing vendor | 74,000,000 | 79,000,000 |
Level 1 - Sovereign and supranational - Internal | 0 | 0 |
Level 2 - Sovereign and supranational - Internal | 283,000,000 | 304,000,000 |
Level 3 - Sovereign and supranational - Internal | 0 | 0 |
Sovereign and supranational - Internal | 283,000,000 | 304,000,000 |
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 | 17,000,000 | 19,000,000 |
Sovereign and supranational - Broker/other | 17,000,000 | 19,000,000 |
Level 1 - Banks/financial institutions - Third-party pricing vendor | 0 | 0 |
Level 2 - Banks/financial institutions - Third-party pricing vendor | 5,801,000,000 | 5,605,000,000 |
Level 3 - Banks/financial institutions - Third-party pricing vendor | 0 | 0 |
Banks/financial institutions - Third-party pricing vendor | 5,801,000,000 | 5,605,000,000 |
Level 1 - Banks/financial institutions - Internal | 51,000,000 | 0 |
Level 2 - Banks/financial institutions - Internal | 3,362,000,000 | 3,630,000,000 |
Level 3 - Banks/financial institutions - Internal | 0 | 5,000,000 |
Banks/financial institutions - Internal | 3,413,000,000 | 3,635,000,000 |
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 | 4,000,000 |
Banks/financial institutions - Broker/other | 4,000,000 | 4,000,000 |
Level 1 - Other corporate - Third-party pricing vendor | 0 | 0 |
Level 2 - Other corporate - Third-party pricing vendor | 20,441,000,000 | 21,294,000,000 |
Level 3 - Other corporate - Third-party pricing vendor | 0 | 0 |
Other corporate - Third-party pricing vendor | 20,441,000,000 | 21,294,000,000 |
Level 1 - Other corporate - Internal | 0 | 0 |
Level 2 - Other corporate - Internal | 4,670,000,000 | 4,945,000,000 |
Level 3 - Other corporate - Internal | 0 | 20,000,000 |
Other corporate - Internal | 4,670,000,000 | 4,965,000,000 |
Level 1 - Other corporate - Broker/other | 0 | 0 |
Level 2 - Other corporate - Broker/other | 0 | 0 |
Level 3 - Other corporate - Broker/other | 135,000,000 | 139,000,000 |
Other corporate - Broker/other | 135,000,000 | 139,000,000 |
Level 3 - Mortgage- and asset-backed securities - Offered quotes - Consensus pricing valuation technique | 2,753,000,000 | 2,294,000,000 |
Level 3 - Public utilities - Credit spreads - Discounted cash flow technique | 852,000,000 | 876,000,000 |
Level 3 - Sovereign and supranational - Offered quotes - Consensus pricing valuation technique | 17,000,000 | 19,000,000 |
Level 3 - Banks/financial institutions - Private financials - Adjusted cost valuation technique | 4,000,000 | 9,000,000 |
Level 3 - Other corporate - Credit spreads - Discounted cash flow technique | 135,000,000 | 159,000,000 |
Fixed maturity securities, held-to-maturity | 15,505,000,000 | 16,120,000,000 |
Yen-denominated - Japan government and agencies | 14,900,000,000 | 15,459,000,000 |
Yen-denominated - Municipalities | 225,000,000 | 235,000,000 |
Yen-denominated - Public utilities | 31,000,000 | 32,000,000 |
Yen-denominated - Sovereign and supranational | 334,000,000 | 378,000,000 |
Yen-denominated - Other corporate | 15,000,000 | 16,000,000 |
Yen-denominated | 15,505,000,000 | 16,120,000,000 |
Equity securities | 925,000,000 | 887,000,000 |
Yen-denominated | 694,000,000 | 609,000,000 |
U.S. dollar-denominated | 231,000,000 | 278,000,000 |
Level 1 | 767,000,000 | 727,000,000 |
Level 2 | 0 | 0 |
Level 3 | 158,000,000 | 160,000,000 |
Level 1 - Third-party pricing vendor | 767,000,000 | 727,000,000 |
Level 2 - Third-party pricing vendor | 0 | 0 |
Level 3 - Third-party pricing vendor | 0 | 0 |
Third-party pricing vendor | 767,000,000 | 727,000,000 |
Level 1 - Internal | 0 | 0 |
Level 2 - Internal | 0 | 0 |
Level 3 - Internal | 22,000,000 | 24,000,000 |
Internal | 22,000,000 | 24,000,000 |
Level 1 - Broker/other | 0 | 0 |
Level 2 - Broker/other | 0 | 0 |
Level 3 - Broker/other | 136,000,000 | 136,000,000 |
Broker/other | 136,000,000 | 136,000,000 |
Level 3 - Private financials - Adjusted cost valuation technique | 158,000,000 | 160,000,000 |
Commercial mortgage and other loans | 9,354,000,000 | 9,765,000,000 |
Variable Interest Entity | 7,509,000,000 | 7,896,000,000 |
Carrying value | 9,354,000,000 | 9,765,000,000 |
Level 1 - Fair value | 0 | 0 |
Level 2 - Fair value | 0 | 0 |
Level 3 - Fair value | 9,192,000,000 | 9,617,000,000 |
Fair value | 9,192,000,000 | 9,617,000,000 |
Other investments | 8,251,000,000 | 6,622,000,000 |
Variable Interest Entity | 2,389,000,000 | 2,320,000,000 |
Policy loans | 204,000,000 | 210,000,000 |
Short-term investments | 2,815,000,000 | 1,373,000,000 |
Limited partnerships | 4,346,000,000 | 4,109,000,000 |
Real estate owned | 847,000,000 | 902,000,000 |
Other | 39,000,000 | 28,000,000 |
Variable Interest Entity, Not Consolidated | 1,796,000,000 | 1,603,000,000 |
Carrying value | 39,000,000 | 28,000,000 |
Level 1 - Fair value | 0 | 0 |
Level 2 - Fair value | 39,000,000 | 28,000,000 |
Level 3 - Fair value | 0 | 0 |
Fair value | 39,000,000 | 28,000,000 |
Cash and cash equivalents | 6,120,000,000 | 6,245,000,000 |
Variable Interest Entity | 382,000,000 | — |
Total investments and cash | 103,003,000,000 | 103,760,000,000 |
Receivables | 895,000,000 | 835,000,000 |
Accrued investment income | 733,000,000 | 718,000,000 |
Deferred policy acquisition costs | 8,948,000,000 | 9,034,000,000 |
Cancer - Aflac Japan | 2,933,000,000 | 2,965,000,000 |
Medical and other health - Aflac Japan | 1,777,000,000 | 1,840,000,000 |
Life insurance - Aflac Japan | 437,000,000 | 446,000,000 |
Other - Aflac Japan | 49,000,000 | 51,000,000 |
Accident - Aflac U.S. | 900,000,000 | 909,000,000 |
Disability - Aflac U.S. | 638,000,000 | 641,000,000 |
Critical care - Aflac U.S. | 1,349,000,000 | 1,355,000,000 |
Hospital indemnity - Aflac U.S. | 463,000,000 | 463,000,000 |
Dental/vision - Aflac U.S. | 87,000,000 | 87,000,000 |
Life insurance - Aflac U.S. | 315,000,000 | 277,000,000 |
Other - Aflac U.S. | 0 | 0 |
Property and equipment, at cost less accumulated depreciation | 351,000,000 | 351,000,000 |
Other | 2,031,000,000 | 1,772,000,000 |
Total assets | 115,961,000,000 | 116,470,000,000 |
Variable Interest Entity | 14,147,000,000 | 13,897,000,000 |
Aflac Japan | 87,121,000,000 | 88,537,000,000 |
Aflac U.S. | 22,968,000,000 | 22,317,000,000 |
Corporate and other | 5,872,000,000 | 5,616,000,000 |
Variable Interest Entity, Not Consolidated | 9,601,000,000 | 8,353,000,000 |
Liabilities and shareholders’ equity: | ||
Liabilities: | ||
Policy liabilities: | ||
Future policy benefits | 57,181,000,000 | 62,320,000,000 |
Corporate and other | 4,339,000,000 | 4,317,000,000 |
Cancer - Aflac Japan | 20,325,000,000 | 22,780,000,000 |
Medical and other health - Aflac Japan | 6,504,000,000 | 7,343,000,000 |
Life insurance - Aflac Japan | 14,357,000,000 | 16,347,000,000 |
Other - Aflac Japan | 2,625,000,000 | 2,946,000,000 |
Accident - Aflac U.S. | 635,000,000 | 659,000,000 |
Disability - Aflac U.S. | 627,000,000 | 651,000,000 |
Critical care - Aflac U.S. | 6,746,000,000 | 6,900,000,000 |
Hospital indemnity - Aflac U.S. | 758,000,000 | 784,000,000 |
Dental/vision - Aflac U.S. | 228,000,000 | 236,000,000 |
Life insurance - Aflac U.S. | 1,091,000,000 | 1,055,000,000 |
Other - Aflac U.S. | 471,000,000 | 476,000,000 |
Intercompany eliminations | (4,450,000,000) | (4,997,000,000) |
Unpaid policy claims | 553,000,000 | 495,000,000 |
Unearned premiums | 1,326,000,000 | 1,323,000,000 |
Other policyholders’ funds | 5,288,000,000 | 5,445,000,000 |
Carrying value | 5,288,000,000 | 5,445,000,000 |
Level 1 - Fair value | 0 | 0 |
Level 2 - Fair value | 0 | 0 |
Level 3 - Fair value | 5,222,000,000 | 5,376,000,000 |
Fair value | 5,222,000,000 | 5,376,000,000 |
Total policy liabilities | 64,348,000,000 | 69,583,000,000 |
Income taxes | 1,589,000,000 | 1,368,000,000 |
Payables for return of cash collateral on loaned securities | 7,340,000,000 | 3,989,000,000 |
Notes payable and lease obligations | 8,729,000,000 | 8,409,000,000 |
1.125% senior sustainability notes paid March 2026 | 0 | 400,000,000 |
2.875% senior notes due October 2026 | 299,000,000 | 299,000,000 |
3.60% senior notes due April 2030 | 995,000,000 | 995,000,000 |
5.150% senior notes due May 2036 | 494,000,000 | 0 |
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 | 543,000,000 | 542,000,000 |
.932% senior notes due January 2027 | 369,000,000 | 382,000,000 |
1.048% senior notes due March 2029 | 80,000,000 | 83,000,000 |
2.117% senior notes due May 2029 | 19,000,000 | 0 |
1.075% senior notes due September 2029 | 205,000,000 | 213,000,000 |
.500% senior notes due December 2029 | 77,000,000 | 80,000,000 |
.550% senior notes due March 2030 | 82,000,000 | 85,000,000 |
1.159% senior notes due October 2030 | 180,000,000 | 186,000,000 |
1.726% senior notes due October 2030 | 215,000,000 | 223,000,000 |
1.412% senior notes due March 2031 | 172,000,000 | 178,000,000 |
.633% senior notes due April 2031 | 184,000,000 | 191,000,000 |
.843% senior notes due December 2031 | 57,000,000 | 59,000,000 |
2.802% senior notes due December 2031 | 257,000,000 | 0 |
.750% senior notes due March 2032 | 127,000,000 | 131,000,000 |
1.990% senior notes due May 2032 | 112,000,000 | 116,000,000 |
1.320% senior notes due December 2032 | 130,000,000 | 134,000,000 |
2.003% senior notes due December 2032 | 144,000,000 | 149,000,000 |
.844% senior notes due April 2033 | 74,000,000 | 76,000,000 |
3.123% senior notes due May 2033 | 80,000,000 | 0 |
1.488% senior notes due October 2033 | 93,000,000 | 97,000,000 |
1.682% senior notes due March 2034 | 47,000,000 | 49,000,000 |
1.600% senior notes due March 2034 | 112,000,000 | 116,000,000 |
.934% senior notes due December 2034 | 60,000,000 | 62,000,000 |
.830% senior notes due March 2035 | 65,000,000 | 67,000,000 |
2.320% senior notes due May 2035 | 236,000,000 | 245,000,000 |
2.369% senior notes due June 2035 | 58,000,000 | 60,000,000 |
1.740% senior notes due March 2036 | 91,000,000 | 95,000,000 |
1.039% senior notes due April 2036 | 61,000,000 | 64,000,000 |
3.482% senior notes due May 2036 | 48,000,000 | 0 |
1.594% senior notes due September 2037 | 40,000,000 | 41,000,000 |
1.750% senior notes due October 2038 | 54,000,000 | 56,000,000 |
1.920% senior notes due March 2039 | 100,000,000 | 104,000,000 |
1.122% senior notes due December 2039 | 39,000,000 | 40,000,000 |
2.650% senior notes due May 2040 | 71,000,000 | 74,000,000 |
2.779% senior notes due June 2040 | 43,000,000 | 45,000,000 |
1.264% senior notes due April 2041 | 61,000,000 | 63,000,000 |
2.160% senior notes due March 2044 | 34,000,000 | 36,000,000 |
3.040% senior notes due May 2045 | 43,000,000 | 45,000,000 |
2.108% subordinated notes due October 2047 | 366,000,000 | 379,000,000 |
1.560% senior notes due April 2051 | 122,000,000 | 127,000,000 |
2.144% senior notes due September 2052 | 73,000,000 | 76,000,000 |
1.958% subordinated bonds due December 2053 | 184,000,000 | 191,000,000 |
2.400% senior notes due March 2054 | 119,000,000 | 124,000,000 |
Yen-denominated loan variable interest rate due August 2027 | 72,000,000 | 75,000,000 |
Yen-denominated loan variable interest rate due August 2029 | 156,000,000 | 161,000,000 |
Yen-denominated loan variable interest rate due August 2032 | 430,000,000 | 446,000,000 |
Other | 3,643,000,000 | 3,631,000,000 |
Total liabilities | 85,649,000,000 | 86,980,000,000 |
Variable Interest Entity | 887,000,000 | 765,000,000 |
Shareholders’ equity: | ||
Common stock of $.10 par value. In thousands: authorized 1,900,000 shares in 2026 and 2025; issued 1,358,830 shares in 2026 and 1,357,909 shares in 2025 | 136,000,000 | 136,000,000 |
Additional paid-in capital | 3,105,000,000 | 3,024,000,000 |
Retained earnings | 56,218,000,000 | 54,682,000,000 |
Accumulated other comprehensive income (loss): | ||
Unrealized foreign currency translation gains (losses) | (5,048,000,000) | (4,847,000,000) |
Unrealized gains (losses) on fixed maturity securities | (2,753,000,000) | (1,809,000,000) |
Unrealized gains (losses) on derivatives | (16,000,000) | (13,000,000) |
Effect of changes in discount rate assumptions | 10,415,000,000 | 8,035,000,000 |
Pension liability adjustment | (83,000,000) | (86,000,000) |
Treasury stock, at average cost | 31,828,000,000 | 29,804,000,000 |
Total shareholders’ equity | 30,312,000,000 | 29,490,000,000 |
Common Stock | 136,000,000 | 136,000,000 |
Additional Paid-in Capital | 3,105,000,000 | 3,024,000,000 |
Retained Earnings | 56,218,000,000 | 54,682,000,000 |
Accumulated Other Comprehensive Income (Loss) | 2,681,000,000 | 1,452,000,000 |
Treasury Stock | (31,828,000,000) | (29,804,000,000) |
Unrealized Foreign Currency Translation Gains (Losses) | (5,048,000,000) | (4,847,000,000) |
Unrealized gains (losses) on available-for-sale securities | (2,753,000,000) | (1,809,000,000) |
Unrealized Gains (Losses) on Derivatives | (16,000,000) | (13,000,000) |
Effect of Changes in Discount Rate Assumptions | 10,415,000,000 | 8,035,000,000 |
Pension Liability Adjustment | 83,000,000 | 86,000,000 |
Total liabilities and shareholders’ equity | 115,961,000,000 | 116,470,000,000 |