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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, 2021
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-20210930_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. 661,528,219 shares of the issuer's common stock were outstanding as of October 19, 2021.





Aflac Incorporated and Subsidiaries
Quarterly Report on Form 10-Q
For the Quarter Ended September 30, 2021
Table of Contents
 
PART I.Page
Item 1.
  Three Months Ended September 30, 2021 and 2020
  Nine Months Ended September 30, 2021 and 2020
  Three Months Ended September 30, 2021 and 2020
  Nine Months Ended September 30, 2021 and 2020
  September 30, 2021, and December 31, 2020
  Three Months Ended March 31, 2021 and 2020 
  Three Months Ended June 30, 2021 and 2020 
  Three Months Ended September 30, 2021 and 2020
  Nine Months Ended September 30, 2021 and 2020
Item 2.
Item 3.
Item 4.
PART II.
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)2021202020212020
Revenues:
Net premiums, principally supplemental health insurance$4,372 $4,623 $13,406 $13,969 
Net investment income991 896 2,908 2,669 
Net investment gains (losses)(171)108 224 (525)
Other income (loss)45 38 132 121 
Total revenues5,237 5,665 16,670 16,234 
Benefits and expenses:
Benefits and claims, net2,609 2,985 7,996 8,822 
Acquisition and operating expenses:
Amortization of deferred policy acquisition costs278 292 869 914 
Insurance commissions311 325 952 993 
Insurance and other expenses (1)
869 847 2,582 2,382 
Interest expense57 63 181 181 
Total acquisition and operating expenses1,515 1,527 4,584 4,470 
Total benefits and expenses4,124 4,512 12,580 13,292 
Earnings before income taxes1,113 1,153 4,090 2,942 
Income taxes225 (1,303)804 (884)
Net earnings$888 $2,456 $3,286 $3,826 
Net earnings per share:
Basic$1.33 $3.45 $4.84 $5.33 
Diluted1.32 3.44 4.82 5.31 
Weighted-average outstanding common shares used in
  computing earnings per share (In thousands):
Basic668,762 711,698 678,509 717,962 
Diluted671,925 713,793 681,521 720,333 
Cash dividends per share$.33 $.28 $.99 $.84 
(1) Includes expense of $48 and $15 for the nine-month periods ended September 30, 2021 and 2020, respectively, 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)2021202020212020
Net earnings$888 $2,456 $3,286 $3,826 
Other comprehensive income (loss) before income taxes:
Unrealized foreign currency translation gains (losses) during
   period
(93)172 (646)329 
Unrealized gains (losses) on fixed maturity securities:
Unrealized holding gains (losses) on fixed maturity securities
   during period
(316)1,420 (800)26 
Reclassification adjustment for (gains) losses on
   fixed maturity securities included in net earnings
(13)(13)2 132 
Unrealized gains (losses) on derivatives during period2 2 3 (3)
Pension liability adjustment during period1 (1)7 (1)
Total other comprehensive income (loss) before income taxes(419)1,580 (1,434)483 
Income tax expense (benefit) related to items of other comprehensive
   income (loss)
(62)413 (162)29 
Other comprehensive income (loss), net of income taxes(357)1,167 (1,272)454 
Total comprehensive income (loss)$531 $3,623 $2,014 $4,280 
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,
2021
(Unaudited)
December 31,
2020
Assets:
Investments and cash:
Fixed maturity securities available for sale, at fair value, (no allowance for credit losses in
  2021 and $38 in 2020, amortized cost $84,000 in 2021 and $88,143 in 2020)
$96,285 $101,286 
Fixed maturity securities available for sale - consolidated variable interest entities, at fair value
  (amortized cost $3,228 in 2021 and $3,487 in 2020)
4,437 4,596 
Fixed maturity securities held to maturity, at amortized cost, net of allowance
  for credit losses of $9 in 2021 and $10 in 2020 (fair value $27,748 in 2021 and $30,399 in 2020)
22,613 24,464 
Equity securities, at fair value1,461 1,283 
Commercial mortgage and other loans, net of allowance for credit losses of $165 in 2021 and $180
  in 2020 (includes $9,543 in 2021 and $8,964 in 2020 of consolidated variable interest entities)
11,388 10,554 
Other investments
  (includes $1,272 in 2021 and $826 in 2020 of consolidated variable interest entities)