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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 June 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-20220630_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. 631,916,478 shares of the issuer's common stock were outstanding as of July 25, 2022.



Aflac Incorporated and Subsidiaries
Quarterly Report on Form 10-Q
For the Quarter Ended June 30, 2022
Table of Contents
 
PART I.Page
Item 1.
  Three Months Ended June 30, 2022 and 2021
  Six Months Ended June 30, 2022 and 2021
  Three Months Ended June 30, 2022 and 2021
  Six Months Ended June 30, 2022 and 2021
  June 30, 2022, and December 31, 2021
  Three Months Ended March 31, 2022 and 2021
  Three Months Ended June 30, 2022 and 2021
  Six Months Ended June 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
June 30,
Six Months Ended
June 30,
(In millions, except for share and per-share amounts - Unaudited)2022202120222021
Revenues:
Net earned premiums, principally supplemental health insurance$3,849 $4,441 $8,028 $9,034 
Net investment income937 993 1,840 1,918 
Net investment gains (losses)564 89 686 396 
Other income (loss)50 41 118 85 
Total revenues5,400 5,564 10,672 11,433 
Benefits and expenses:
Benefits and claims, net2,298 2,653 4,785 5,387 
Acquisition and operating expenses:
Amortization of deferred policy acquisition costs268 280 590 592 
Insurance commissions279 315 579 641 
Insurance and other expenses (1)
799 881 1,629 1,712 
Interest expense55 62 112 124 
Total acquisition and operating expenses1,401 1,538 2,910 3,069 
Total benefits and expenses3,699 4,191 7,695 8,456 
Earnings before income taxes1,701 1,373 2,977 2,977 
Income taxes313 268 557 579 
Net earnings$1,388 $1,105 $2,420 $2,398 
Net earnings per share:
Basic$2.17 $1.63 $3.75 $3.51 
Diluted2.16 1.62 3.73 3.49 
Weighted-average outstanding common shares used in
  computing earnings per share (In thousands):
Basic640,707 678,050 645,205 683,464 
Diluted643,243 680,920 648,010 686,400 
Cash dividends per share$.40 $.33 $.80 $.66 
(1) Includes expense of $48 in the three- and six-month periods ended June 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
June 30,
Six Months Ended
June 30,
(In millions - Unaudited)2022202120222021
Net earnings$1,388 $1,105 $2,420 $2,398 
Other comprehensive income (loss) before income taxes:
Unrealized foreign currency translation gains (losses) during
   period
(779)25 (1,246)(557)
Unrealized gains (losses) on fixed maturity securities:
Unrealized holding gains (losses) on fixed maturity securities
   during period
(3,503)1,522 (8,254)(481)
Reclassification adjustment for (gains) losses on
   fixed maturity securities included in net earnings
(114)(5)(192)15 
Unrealized gains (losses) on derivatives during period0 1 1 1 
Pension liability adjustment during period5 0 8 6 
Total other comprehensive income (loss) before income taxes(4,391)1,543 (9,683)(1,016)
Income tax expense (benefit) related to items of other comprehensive
   income (loss)
(730)331 (1,742)(101)
Other comprehensive income (loss), net of income taxes(3,661)1,212 (7,941)(915)
Total comprehensive income (loss)$(2,273)$2,317 $(5,521)$1,483 
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)June 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 $71,551 in 2022 and $82,105 in 2021)
$75,611 $94,206 
Fixed maturity securities available for sale - consolidated variable interest entities, at fair value
  (amortized cost $2,995 in 2022 and $3,264 in 2021)
3,820 4,490 
Fixed maturity securities held to maturity, at amortized cost, net of allowance
  for credit losses of $7 in 2022 and $8 in 2021 (fair value $21,532 in 2022 and $26,869 in 2021)
18,507 22,000 
Equity securities, at fair value1,149 1,603 
Commercial mortgage and other loans, net of allowance for credit losses of $170 in 2022 and $174
  in 2021 (includes $10,630 in 2022 and $9,740 in 2021 of consolidated variable interest entities)
13,053 11,786 
Other investments
  (includes $1,823 in 2022 and $1,535 in 2021 of consolidated variable interest entities)
4,102 3,842 
Cash and cash equivalents5,173 5,051 
Total investments and cash121,415 142,978 
Receivables687 693 
Accrued investment income714 737 
Deferred policy acquisition costs8,458 9,525 
Property and equipment, at cost less accumulated depreciation512 538 
Other3,843 3,071 
Total assets$135,629 $157,542 
Liabilities and shareholders’ equity:
Liabilities:
Policy liabilities:
Future policy benefits$78,210 $90,588 
Unpaid policy claims4,453 4,836 
Unearned premiums1,971 2,576 
Other policyholders’ funds5,984 7,072 
Total policy liabilities90,618 105,072 
Income taxes2,275 4,339 
Payables for return of cash collateral on loaned securities3,261 2,162 
Notes payable and lease obligations7,416 7,956 
Other5,672 4,760 
Total liabilities109,242 124,289 
Commitments and contingent liabilities (Note 12)
Shareholders’ equity:
Common stock of $.10 par value. In thousands: authorized 1,900,000
   shares in 2022 and 2021; issued 1,353,871 shares in 2022 and 1,352,739 shares in 2021
135 135 
Additional paid-in capital2,589 2,529 
Retained earnings43,547