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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 March 31, 2024
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
aflaclogoa01a01a01a33.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)
Securities registered pursuant to Section 12(b) of the Act:
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. 568,222,447 shares of the issuer's common stock were outstanding as of April 24, 2024.



Aflac Incorporated and Subsidiaries
Quarterly Report on Form 10-Q
For the Quarter Ended March 31, 2024
Table of Contents
 
PART I.Page
Item 1.
   Three Months Ended March 31, 2024 and 2023
    Three Months Ended March 31, 2024 and 2023
  March 31, 2024, and December 31, 2023
  Three Months Ended March 31, 2024 and 2023
  Three Months Ended March 31, 2024 and 2023
Item 2.
Item 3.
Item 4.
PART II.
Item 2.
Item 5.
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 March 31,
(In millions, except for share and per-share amounts - Unaudited)20242023
Revenues:
Net earned premiums, principally supplemental health insurance$3,456 $3,688 
Net investment income1,000 943 
Net investment gains (losses)951 123 
Other income (loss)29 46 
Total revenues5,436 4,800 
Benefits and expenses:
Benefits and claims, excluding reserve remeasurement2,066 2,203 
Reserve remeasurement (gains) losses(56)(53)
Total benefits and claims, net2,010 2,150 
Acquisition and operating expenses:
Amortization of deferred policy acquisition costs215 205 
Insurance commissions255 280 
Insurance and other expenses739 775 
Interest expense47 48 
Total acquisition and operating expenses1,256 1,308 
Total benefits and expenses3,266 3,458 
Earnings before income taxes2,170 1,342 
Income taxes291 154 
Net earnings$1,879 $1,188 
Net earnings per share:
Basic$3.27 $1.94 
Diluted3.25 1.94 
Weighted-average outstanding common shares used in
  computing earnings per share (In thousands):
Basic574,886 611,205 
Diluted577,482 613,950 
Cash dividends per share$.50 $.42 
See the accompanying Notes to the Consolidated Financial Statements.

1


Aflac Incorporated and Subsidiaries
Consolidated Statements of Comprehensive Income (Loss)
  
Three Months Ended March 31,
(In millions - Unaudited)20242023
Net earnings$1,879 $1,188 
Other comprehensive income (loss) before income taxes:
Unrealized foreign currency translation gains (losses) during
   period
(501)(43)
Unrealized gains (losses) on fixed maturity securities:
Unrealized holding gains (losses) on fixed maturity securities
   during period
103 2,578 
Reclassification adjustment for (gains) losses on
   fixed maturity securities included in net earnings
(168)(57)
Unrealized gains (losses) on derivatives during period(5)1 
Effect of changes in discount rate assumptions during period1,348 (3,537)
Pension liability adjustment during period2 9 
Total other comprehensive income (loss) before income taxes779 (1,049)
Income tax expense (benefit) related to items of other comprehensive
   income (loss)
361 (200)
Other comprehensive income (loss), net of income taxes418 (849)
Total comprehensive income (loss)$2,297 $339 
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)
March 31,
2024
(Unaudited)
December 31,
2023
Assets:
Investments and cash:
Fixed maturity securities available-for-sale, at fair value (no allowance for credit losses in
  2024 and 2023, amortized cost $64,838 in 2024 and $67,807 in 2023)
$66,452 $69,578 
Fixed maturity securities available-for-sale - consolidated variable interest entities, at fair value
  (amortized cost $2,756 in 2024 and $2,882 in 2023)
3,678 3,712 
Fixed maturity securities held-to-maturity, at amortized cost, net of allowance
  for credit losses of $5 in 2024 and $5 in 2023 (fair value $18,245 in 2024 and $19,657 in 2023)
16,689 17,819 
Equity securities, at fair value762 1,088 
Commercial mortgage and other loans, net of allowance for credit losses of $232 in 2024 and $274
  in 2023 (includes $9,947 in 2024 and $10,150 in 2023 of consolidated variable interest entities)
12,360 12,527 
Other investments
  (includes $2,443 in 2024 and $2,381 in 2023 of consolidated variable interest entities)
6,677 4,530 
Cash and cash equivalents5,098 4,306 
Total investments and cash111,716 113,560 
Receivables1,038 848 
Accrued investment income693 731 
Deferred policy acquisition costs8,819 9,132 
Property and equipment, at cost less accumulated depreciation418 445 
Other2,058 2,008 
Total assets$124,742 $126,724 
Liabilities and shareholders’ equity:
Liabilities:
Policy liabilities:
Future policy benefits$77,867 $83,718 
Unpaid policy claims344 261 
Unearned premiums1,322 1,451 
Other policyholders’ funds5,831 6,169 
Total policy liabilities85,364 91,599 
Income taxes777 154 
Payables for return of cash collateral on loaned securities3,366 1,503 
Notes payable and lease obligations7,912 7,364 
Other3,786 4,119 
Total liabilities101,205 104,739 
Commitments and contingent liabilities (Note 13)
Shareholders’ equity:
Common stock of $.10 par value. In thousands: authorized 1,900,000
   shares in 2024 and 2023; issued 1,356,480 shares in 2024 and 1,355,398 shares in 2023
136 136 
Additional paid-in capital2,806 2,771 
Retained earnings49,872 47,993 
Accumulated other comprehensive income (loss):
Unrealized foreign currency translation gains (losses)(4,666)(4,069)
Unrealized gains (losses) on fixed maturity securities1,092 1,139 
Unrealized gains (losses) on derivatives(26)(22)
Effect of changes in discount rate assumptions(1,495)(2,560)
Pension liability adjustment(7)(8)
Treasury stock, at average cost(24,175)(23,395)
Total shareholders’ equity23,537 21,985 
Total liabilities and shareholders’ equity$124,742 $126,724 
See the accompanying Notes to the Consolidated Financial Statements.



3


Aflac Incorporated and Subsidiaries
Consolidated Statements of Shareholders’ Equity
(In millions, except for per share amounts - Unaudited)Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury StockTotal Shareholders'
Equity
Balance at December 31, 2023
$136 $2,771 $47,993 $(5,520)$(23,395)$21,985 
Net earnings0 0 1,879 0 0 1,879 
Unrealized foreign currency translation
   gains (losses) during period, net of
   income taxes
0 0 0 (597)0 (597)
Unrealized gains (losses) on fixed maturity
   securities during period, net of income
   taxes and reclassification adjustments
0 0 0 (47)0 (47)
Unrealized gains (losses) on derivatives
   during period, net of income taxes
0 0 0 (4)0 (4)
Effect of changes in discount rate assumptions
   during period, net of income taxes
0 0 0 1,065 0 1,065 
Pension liability adjustment during period,
   net of income taxes
0 0 0 1 0 1 
Dividends to shareholders (1)
  ($.00 per share)
0 0 0 0 0 0 
Exercise of stock options0 4 0 0 0 4 
Share-based compensation 0 18 0 0 0 18 
Purchases of treasury stock0 0 0 0 (793)(793)
Treasury stock reissued0 13 0 0 13 26 
Balance at March 31, 2024$136 $2,806 $49,872 $(5,102)$(24,175)$23,537 

(In millions, except for per share amounts - Unaudited)Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury StockTotal Shareholders'
Equity
Balance at December 31, 2022
$135 $2,641 $44,367 $(6,429)$(20,574)$20,140 
Net earnings0 0 1,188 0 0 1,188 
Unrealized foreign currency translation
   gains (losses) during period, net of
   income taxes
0 0 0 (54)0 (54)
Unrealized gains (losses) on fixed maturity
   securities during period, net of income
   taxes and reclassification adjustments
0 0 0 1,991 0 1,991 
Unrealized gains (losses) on derivatives
   during period, net of income taxes
0 0 0 1 0 1 
Effect of changes in discount rate assumptions
   during period, net of income taxes
0 0 0 (2,794)0 (2,794)
Pension liability adjustment during period,
   net of income taxes
0 0 0 7 0 7 
Dividends to shareholders (1)
  ($.00 per share)
0 0 0 0 0 0 
Exercise of stock options0 3 0 0 0 3 
Share-based compensation 0 14 0 0 0 14 
Purchases of treasury stock0 0 0 0 (732)(732)
Treasury stock reissued0 7 0 0 13 20 
Balance at March 31, 2023$135 $2,665 $45,555 $(7,278)$(21,293)$19,784 
(1) Dividends to shareholders are recorded in the period in which they are declared.
See the accompanying Notes to the Consolidated Financial Statements.
4


Aflac Incorporated and Subsidiaries
Consolidated Statements of Cash Flows
  Three Months Ended March 31,
(In millions - Unaudited)20242023
Cash flows from operating activities:
Net earnings$1,879 $1,188 
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:
Change in receivables and advance premiums32 (34)
Capitalization of deferred policy acquisition costs(254)(270)
Amortization of deferred policy acquisition costs215 205 
Increase in policy liabilities(41)9 
Change in income tax liabilities291 154 
Net investment (gains) losses(951)(123)
Other, net(322)(239)
Net cash provided (used) by operating activities849 890 
Cash flows from investing activities:
Proceeds from investments sold or matured:
Available-for-sale fixed maturity securities2,286 949 
Equity securities267 126 
Commercial mortgage and other loans379 418 
Costs of investments acquired:
Available-for-sale fixed maturity securities(2,127)(1,090)
Equity securities(73)(134)
Commercial mortgage and other loans(251)(315)
Other investments, net(2,119)(1,256)
Settlement of derivatives, net(256)(480)
Cash received (pledged or returned) as collateral, net1,973 1,756 
Other, net148 (51)
Net cash provided (used) by investing activities227 (77)
Cash flows from financing activities:
Purchases of treasury stock(750)(700)
Proceeds from borrowings823 0 
Dividends paid to shareholders(278)(248)
Change in investment-type contracts, net(50)(28)
Treasury stock reissued6 2 
Other, net(7)

41 
Net cash provided (used) by financing activities(256)(933)
Effect of exchange rate changes on cash and cash equivalents(28)(14)
Net change in cash and cash equivalents792 (134)
Cash and cash equivalents, beginning of period4,306 3,943 
Cash and cash equivalents, end of period$5,098 $3,809 
Supplemental disclosures of cash flow information:
Income taxes paid$0 $0 
Interest paid34 37 
Noncash interest13 11 
Noncash real estate acquired in satisfaction of debt35 0 
Noncash financing activities:
Lease obligations5 18 
Treasury stock issued for:
   Associate stock bonus4 4 
   Shareholder dividend reinvestment10 9 
   Share-based compensation grants6 5 
See the accompanying Notes to the Consolidated Financial Statements.
5


Aflac Incorporated and Subsidiaries
Notes to the Consolidated Financial Statements
(Interim period data - Unaudited)

1.    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Description of Business

Aflac Incorporated (the Parent Company) and its subsidiaries (collectively, the Company) primarily sell supplemental health and life insurance in Japan and the United States (U.S.). The Company's insurance business is marketed and administered through Aflac Life Insurance Japan Ltd. (ALIJ) in Japan and through American Family Life Assurance Company of Columbus (Aflac), American Family Life Assurance Company of New York (Aflac New York), Continental American Insurance Company (CAIC), Tier One Insurance Company (TOIC) and Aflac Benefits Solutions, Inc. (ABS) in the U.S. The Company’s operations consist of two reportable business segments: Aflac Japan, which includes ALIJ, and Aflac U.S., which includes Aflac, Aflac New York, CAIC, TOIC and ABS. Aflac New York is a wholly owned subsidiary of Aflac. Most of the Aflac U.S. policies are individually underwritten and marketed through independent agents. With the exception of dental and vision products administered by ABS, and certain group life insurance products, Aflac U.S. markets and administers group products through CAIC, branded as Aflac Group Insurance. Additionally, Aflac U.S. markets its consumer markets products through TOIC. The Company's insurance operations in the U.S. and Japan service the two markets for the Company's insurance business. The Parent Company, other operating business units that are not individually reportable, reinsurance activities, including internal reinsurance activity with Aflac Re Bermuda Ltd. (Aflac Re), and other business activities not included in Aflac Japan or Aflac U.S., as well as intercompany eliminations, are included in Corporate and other.

Basis of Presentation

The Company prepares its financial statements in accordance with U.S. generally accepted accounting principles (U.S. GAAP). These principles are established primarily by the Financial Accounting Standards Board (FASB). In these Notes to the Consolidated Financial Statements, references to U.S. GAAP issued by the FASB are derived from the FASB Accounting Standards CodificationTM (ASC). The preparation of financial statements in conformity with U.S. GAAP requires the Company to make estimates based on currently available information when recording transactions resulting from business operations. The most significant items on the Company's balance sheet that involve a greater degree of accounting estimates and actuarial determinations subject to changes in the future are the valuation of investments and derivatives, deferred policy acquisition costs (DAC), liabilities for future policy benefits and income taxes. These accounting estimates and actuarial determinations are sensitive to market conditions, investment yields, interest rates, mortality, morbidity, commission and other acquisition expenses and terminations by policyholders. As additional information becomes available, or actual amounts are determinable, the recorded estimates are revised and reflected in the consolidated financial statements. Although some variability is inherent in these estimates, the Company believes the amounts provided are reasonable and reflective of the best estimates of management.

The unaudited consolidated financial statements include the accounts of the Parent Company, its subsidiaries and those entities required to be consolidated under applicable accounting standards. All material intercompany accounts and transactions have been eliminated.

In the opinion of management, the accompanying unaudited consolidated financial statements of the Company contain all adjustments, consisting of normal recurring accruals, which are necessary to fairly present the consolidated balance sheets as of March 31, 2024 and December 31, 2023, and the consolidated statements of earnings and comprehensive income (loss), shareholders' equity and cash flows for the three-month periods ended March 31, 2024 and 2023. Results of operations for interim periods are not necessarily indicative of results for the entire year. As a result, these financial statements should be read in conjunction with the financial statements and notes thereto included in the Company's annual report on Form 10-K for the year ended December 31, 2023 (2023 Annual Report).

Reclassifications: Certain reclassifications have been made to prior-year amounts to conform to current-year reporting classifications. These reclassifications had no impact on net earnings or total shareholders' equity.

For the three-month period ended March 31, 2023, immaterial reclassifications were made to the consolidated statement of cash flows related to investments in limited partnerships and the impact of foreign currency on policy liabilities. The impact of the reclassification related to investments in limited partnerships resulted in an increase to net cash flows provided by operating activities of $182 million with a corresponding decrease to net cash flows provided by investing activities. There was no impact to net cash flows provided by operating activities as a result of the reclassification related
6


to the impact of foreign currency on policy liabilities between the increase in policy liabilities and other, net line items within operating activities.

New Accounting Pronouncements

Accounting Pronouncements Pending Adoption

Accounting Standards Update (ASU) 2023-09 Income Taxes (Topic 740) – Improvements to Income Tax Disclosures

In December 2023, the FASB issued amendments that require enhanced income tax disclosures including (1) disclosure of specific categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures.

The amendments are effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The adoption of this guidance has no impact on the Company’s financial position or results of operations. The Company is evaluating the impact of adoption on its disclosures.

ASU 2023-07 Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures

In November 2023, the FASB issued amendments that will add certain segment disclosures related to significant segment expenses and require that a public entity disclose the title and position of the Chief Operating Decision Maker (CODM) and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources.

The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The adoption of this guidance has no impact on the Company’s financial position or results of operations. The Company is evaluating the impact of adoption on its disclosures.

Recent accounting guidance not discussed above is not applicable, did not have, or is not expected to have a material impact to the Company's business. 

For additional information on new accounting pronouncements and recent accounting guidance and their impact, if any, on the Company's financial position, results of operations or disclosures, see Note 1 of the Notes to the Consolidated Financial Statements in the 2023 Annual Report.

2.    BUSINESS SEGMENT INFORMATION

The Company consists of two reportable insurance business segments: Aflac Japan and Aflac U.S., both of which sell supplemental health and life insurance. In addition, the Parent Company, other operating business units that are not individually reportable, reinsurance activities, including internal reinsurance activity with Aflac Re, and other business activities not included in Aflac Japan or Aflac U.S., as well as intercompany eliminations, are included in Corporate and other. The Company does not allocate corporate overhead expenses to business segments.

Consistent with U.S. GAAP accounting guidance for segment reporting, the Company evaluates and manages its business segments using a financial performance measure called pretax adjusted earnings.
Pretax adjusted earnings are adjusted revenues less benefits and adjusted expenses. The adjustments to both revenues and expenses account for certain items that are outside management’s control because they tend to be driven by general economic conditions and events or are related to infrequent activities not directly associated with insurance operations. The Company excludes income taxes related to operations to arrive at pretax adjusted earnings.
Adjusted revenues are U.S. GAAP total revenues excluding net investment gains and losses, except for amortized hedge costs/income related to foreign currency exposure management strategies and net interest income/expense from derivatives associated with certain investment strategies, which are reclassified from net investment gains (losses) and included in adjusted earnings as a component of adjusted net investment income when analyzing operations. 
7


Adjusted expenses are U.S. GAAP total acquisition and operating expenses including the impact of interest from derivatives associated with notes payable but excluding any non-recurring or other items not associated with the normal course of the Company’s insurance operations and that do not reflect the Company’s underlying business performance.

Aflac Japan's adjusted revenues accounted for 56% and 61% of the Company's total adjusted revenues in the three-month periods ended March 31, 2024 and 2023, respectively. The percentage of the Company's total assets attributable to Aflac Japan was 79% at March 31, 2024, compared with 80% at December 31, 2023.

Information regarding operations by reportable segment and Corporate and other, follows:
  
Three Months Ended March 31,
(In millions)20242023
Revenues:
Aflac Japan:
   Net earned premiums$1,816 $2,170 
   Adjusted net investment income648 611 
   Other income9 9 
               Total adjusted revenue Aflac Japan2,473 2,790 
Aflac U.S.:
   Net earned premiums1,475 1,428 
   Adjusted net investment income206 197 
   Other income18 35 
           Total adjusted revenue Aflac U.S.1,699 1,660 
Corporate and other (1)
247 129 
           Total adjusted revenues4,419 4,579 
Net investment gains (losses)951 123 
Reconciling items:
Amortized hedge costs6 58 
Amortized hedge income(28)(29)
Net interest (income) expense from derivatives
   associated with certain investment strategies
88 69 
           Total revenues$5,436 $4,800 
(1) The change in value of federal historic rehabilitation and solar investments in partnerships of $32 and $51 for the three-month periods ended March 31, 2024, and 2023, respectively, is included as a reduction to net investment income. Tax credits on these investments of $33 and $52 for the three-month periods ended March 31, 2024, and 2023, respectively, have been recorded as an income tax benefit in the consolidated statements of earnings. See Note 3 for additional information on these investments.

8


  
Three Months Ended March 31,
(In millions)20242023
Pretax earnings:
Aflac Japan$810 $788 
Aflac U.S.356 352 
Corporate and other (1)
(3)(7)
    Pretax adjusted earnings1,163 1,133 
Other income (loss)(2)0 
Net investment gains (losses)951 123 
Reconciling items:
Amortized hedge costs6 58 
Amortized hedge income(28)(29)
Net interest (income) expense from derivatives
   associated with certain investment strategies
88 69 
Impact of interest from derivatives associated
   with notes payable
(8)(12)
    Total earnings before income taxes$2,170 $1,342 
Income taxes applicable to pretax adjusted earnings$202 $180 
Effect of foreign currency translation on after-tax
  adjusted earnings
(44)(41)
(1)The change in value of federal historic rehabilitation and solar investments in partnerships of $32 and $51 for the three-month periods ended March 31, 2024, and 2023, respectively, is included as a reduction to net investment income. Tax credits on these investments of $33 and $52 for the three-month periods ended March 31, 2024, and 2023, respectively, have been recorded as an income tax benefit in the consolidated statements of earnings. See Note 3 for additional information on these investments.

Assets were as follows:
(In millions)March 31,
2024
December 31,
2023
Assets:
Aflac Japan$98,189 $101,541 
Aflac U.S.21,850 21,861 
Corporate and other4,703 3,322 
    Total assets$124,742 $126,724 


9


3.     INVESTMENTS
Investment Holdings
The amortized cost and allowance for credit losses for the Company's investments in fixed maturity securities and the fair values of these investments as well as the fair value of the Company's investments in equity securities are shown in the following tables.
  
March 31, 2024
(In millions)
Amortized
Cost
Allowance for Credit LossesGross
Unrealized
Gains
Gross
Unrealized
Losses
  Fair
  Value
Securities available-for-sale, carried at fair
  value through other comprehensive income:
Fixed maturity securities:
  Yen-denominated:
Japan government and agencies$21,577 $0 $874 $1,811 $20,640 
Municipalities907 0 102 59 950 
Mortgage- and asset-backed securities201 0 6 12 195 
Public utilities3,281 0 262 77 3,466 
Sovereign and supranational349 0 24 7 366 
Banks/financial institutions5,546 0 323 285 5,584 
Other corporate5,532 0 663 245 5,950 
Total yen-denominated37,393 0 2,254 2,496 37,151 
  U.S. dollar-denominated:
U.S. government and agencies177 0 1 4 174 
Municipalities1,237 0 72 49