Aflac Incorporated, through its subsidiaries, provides supplemental health and life insurance products. It operates through two segments, Aflac Japan and Aflac U.S. The Aflac Japan segment offers cancer, medical, nursing care income support, GIFT, and whole and term life insurance products, as well as WAYS and child endowment plans under saving type insurance products in Japan. The Aflac U.S. segment provides cancer, accident, short-term disability, critical illness, hospital indemnity, dental, vision, long-term care and disability, and term and whole life insurance products in the United States. It sells its products through sales associates, brokers, independent corporate agencies, individual agencies, and affiliated corporate agencies. The company was founded in 1955 and is based in Columbus, Georgia.

Aflac Incorporated

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Held-to-Maturity Fixed Maturity Securities

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Commercial Mortgage and Other Loans

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Treasury Stock Reissued

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Purchases of Investments

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Other Investing Activities

Revenue

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Operating Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Net Income	4,169	2,437	3,593	5,443	3,809	5,471
Net Earnings
Other Adjustments	-362	1,250	32	-1,887	951	-868
Net Investment Gains
Other, Net
Changes in Receivables	-5	-16	-18	51	-147	-79
Change in Receivables and Advance Premiums
Changes in Deferred Acquisition Costs	-217	-187	-196	-205	-203	-236
Change in Deferred Policy Acquisition Costs
Capitalization of Deferred Policy Acquisition Costs
Amortization of Deferred Policy Acquisition Costs
Changes in Claims Reserves	-775	-454	-397	-302	-712	-558
Change in Policy Liabilities
Changes in Income Taxes Payable	-237	-439	-567	-393	-742	-768
Change in Income Tax Liabilities
Changes in Other Operating Activities	—	—	—	—	—	—
Other, Net
Cash from Operating Activities	2,573	2,591	2,447	2,707	2,956	2,962
Net Cash Provided by Operating Activities

Investing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Purchases of Investments	-13,667	-13,741	-11,995	-7,329	-6,611	-5,606
Available-for-Sale Fixed Maturity Securities
Equity Securities
Commercial Mortgage and Other Loans
Proceeds from Sale of Investments	14,748	14,453	14,021	10,425	9,131	8,436
Fixed Maturities Sold
Fixed Maturities Matured or Called
Perpetual Securities Matured or Called
Available-for-Sale Fixed Maturity Securities
Equity Securities
Held-to-Maturity Fixed Maturity Securities
Commercial Mortgage and Other Loans
Payments for Business Acquisitions	—	—	—	—	—	—
Purchase of Subsidiary
Other Investing Activities	1,635	945	166	-315	-2,420	-1,209
Other Investments, Net
Settlement of Derivatives, Net
Cash Received as Collateral, Net
Other, Net
Cash from Investing Activities	2,719	1,661	2,195	2,781	103	1,623
Net Cash Provided by Investing Activities

Financing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Issuance of Long-Term Debt	—	—	—	823	—	1,540.5
Proceeds from Borrowings
Repayments of Long-Term Debt	—	—	—	-194	—	—
Principal Payments Under Debt Obligations
Net Issuance / (Repayments) of Long-Term Debt	—	—	—	629	—	1,540.5
Issuance of Common Shares	-2	4	12	14	29	24
Treasury Stock Reissued
Repurchases of Common Shares	-3,479	-2,979	-2,950	-2,800	-2,751	-2,951
Purchases of Treasury Stock
Net Issuance / (Repurchases) of Common Shares	-3,481	-2,975	-2,938	-2,786	-2,722	-2,927
Common Share Dividends Paid	-1,173	-1,144	-1,115	-1,087	-1,056	-1,025
Dividends Paid to Shareholders
Other Financing Activities	-270	-253	-244	-242	-244	-236
Change in Investment-Type Contracts, Net
Other, Net
Cash from Financing Activities	-3,969	-3,333	-4,491	-3,486	-3,189	-3,355
Net Cash Provided by Financing Activities

Free Cash Flow	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Free Cash Flow	2,573	2,591	2,447	2,707	2,956	2,962
NOPAT	3,632.9	2,052.6	3,208.5	5,610.1	3,379.9	5,639
Levered Free Cash Flow	3,715	1,811	2,830	5,474	2,864	6,007.5
Unlevered Free Cash Flow	3,178.9	1,426.6	2,445.5	5,012.1	2,434.9	4,635
Net Change in Cash	1,323	919	151	2,002	-130	1,230