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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission File Number: 001-07434
afl-20220930_g1.jpg
Aflac Incorporated
_________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
(Exact name of registrant as specified in its charter)
Georgia58-1167100
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
1932 Wynnton RoadColumbus,Georgia 31999
(Address of principal executive offices)(ZIP Code)
706. 323.3431
(Registrant's telephone number, including area code)
(Former name, former address and former fiscal year, if changed since last report)
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $.10 par value per shareAFLNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  þ  Yes  ¨  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).            þ  Yes  ¨  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerþAccelerated filer
Non-accelerated filer    ¨Smaller reporting company  
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. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  þ  No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. 621,788,560 shares of the issuer's common stock were outstanding as of October 24, 2022.



Aflac Incorporated and Subsidiaries
Quarterly Report on Form 10-Q
For the Quarter Ended September 30, 2022
Table of Contents
 
PART I.Page
Item 1.
  Three Months Ended September 30, 2022 and 2021
  Nine Months Ended September 30, 2022 and 2021
  Three Months Ended September 30, 2022 and 2021
  Nine Months Ended September 30, 2022 and 2021
  September 30, 2022, and December 31, 2021
  Three Months Ended March 31, 2022 and 2021
  Three Months Ended June 30, 2022 and 2021
  Three Months Ended September 30, 2022 and 2021
  Nine Months Ended September 30, 2022 and 2021
Item 2.
Item 3.
Item 4.
PART II.
Item 1A.
Item 2.
Item 6.
Items other than those listed above are omitted because they are not required or are not applicable.



PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.
Aflac Incorporated and Subsidiaries
Consolidated Statements of Earnings
  
Three Months Ended
September 30,
Nine Months Ended
September 30,
(In millions, except for share and per-share amounts - Unaudited)2022202120222021
Revenues:
Net earned premiums, principally supplemental health insurance$3,651 $4,372 $11,679 $13,406 
Net investment income920 991 2,760 2,908 
Net investment gains (losses)199 (171)885 224 
Other income (loss)50 45 168 132 
Total revenues4,820 5,237 15,492 16,670 
Benefits and expenses:
Benefits and claims, net2,340 2,609 7,125 7,996 
Acquisition and operating expenses:
Amortization of deferred policy acquisition costs268 278 858 869 
Insurance commissions267 311 846 952 
Insurance and other expenses (1)
783 869 2,412 2,582 
Interest expense59 57 171 181 
Total acquisition and operating expenses1,377 1,515 4,287 4,584 
Total benefits and expenses3,717 4,124 11,412 12,580 
Earnings before income taxes1,103 1,113 4,080 4,090 
Income taxes(493)225 64 804 
Net earnings$1,596 $888 $4,016 $3,286 
Net earnings per share:
Basic$2.54 $1.33 $6.28 $4.84 
Diluted2.53 1.32 6.25 4.82 
Weighted-average outstanding common shares used in
  computing earnings per share (In thousands):
Basic629,350 668,762 639,862 678,509 
Diluted631,946 671,925 642,597 681,521 
Cash dividends per share$.40 $.33 $1.20 $.99 
(1) Includes expense of $48 in the nine-month period ended September 30, 2021 for the early extinguishment of debt.
See the accompanying Notes to the Consolidated Financial Statements.

1



Aflac Incorporated and Subsidiaries
Consolidated Statements of Comprehensive Income (Loss)
  
Three Months Ended
September 30,
Nine Months Ended
September 30,
(In millions - Unaudited)2022202120222021
Net earnings$1,596 $888 $4,016 $3,286 
Other comprehensive income (loss) before income taxes:
Unrealized foreign currency translation gains (losses) during
   period
(447)(93)(1,693)(646)
Unrealized gains (losses) on fixed maturity securities:
Unrealized holding gains (losses) on fixed maturity securities
   during period
(2,220)(316)(10,473)(800)
Reclassification adjustment for (gains) losses on
   fixed maturity securities included in net earnings
(58)(13)(252)2 
Unrealized gains (losses) on derivatives during period1 2 2 3 
Pension liability adjustment during period2 1 10 7 
Total other comprehensive income (loss) before income taxes(2,722)(419)(12,406)(1,434)
Income tax expense (benefit) related to items of other comprehensive
   income (loss)
241 (62)(1,502)(162)
Other comprehensive income (loss), net of income taxes(2,963)(357)(10,904)(1,272)
Total comprehensive income (loss)$(1,367)$531 $(6,888)$2,014 
See the accompanying Notes to the Consolidated Financial Statements.
2


Aflac Incorporated and Subsidiaries
Consolidated Balance Sheets
(In millions, except for share and per-share amounts)
September 30,
2022
(Unaudited)
December 31,
2021
Assets:
Investments and cash:
Fixed maturity securities available for sale, at fair value, (no allowance for credit losses in
  2022 and 2021, amortized cost $68,127 in 2022 and $