AFLAC INC, 10-K filed on 2/26/2025
Annual Report
v3.25.0.1
Document and Entity Information - USD ($)
 12 Months Ended
Dec. 31, 2024
Feb. 18, 2025
Jun. 28, 2024
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
Document Transition Report false    
Entity File Number 001-07434    
Entity Registrant Name Aflac Incorporated    
Entity Incorporation, State or Country Code GA    
Entity Tax Identification Number 58-1167100    
Entity Address, Address Line One 1932 Wynnton Road    
Entity Address, City or Town Columbus,    
Entity Address, State or Province GA    
Entity Address, Postal Zip Code 31999    
City Area Code 706    
Local Phone Number 323.3431    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction false    
Entity Shell Company false    
Entity Public Float     $ 49,825,613,971
Entity Common Stock, Shares Outstanding   546,588,291  
Documents Incorporated by Reference Certain information contained in the Notice and Proxy Statement for the Company’s 2025 Annual Meeting of Shareholders is incorporated by reference into Part III hereof.    
Amendment Flag false    
Entity Central Index Key 0000004977    
Current Fiscal Year End Date --12-31    
Document Fiscal Period Focus FY    
Document Fiscal Year Focus 2024    
Auditor Name KPMG LLP    
Auditor Firm ID 185    
Auditor Location Atlanta, Georgia    
NEW YORK STOCK EXCHANGE, INC.      
Title of 12(b) Security Common Stock, $.10 Par Value    
Trading Symbol AFL    
Security Exchange Name NYSE    
v3.25.0.1
Consolidated Statements of Earnings - USD ($)
shares in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenues:      
Net earned premiums, principally supplemental health insurance [1] $ 13,440 $ 14,123 $ 14,901
Net investment income 4,116 3,811 3,656
Net investment gains (losses) 1,271 590 363
Other income (loss) 100 177 220
Total revenues 18,927 18,701 19,140
Benefits and expenses:      
Benefits and claims, excluding reserve remeasurement 8,008 8,594 9,102
Reserve remeasurement (gains) losses (558) (383) (215)
Total benefits and claims, net 7,450 8,211 8,887
Acquisition and operating expenses:      
Amortization of deferred policy acquisition costs 851 816 792
Insurance commissions 998 1,052 1,117
Insurance and other expenses 3,014 3,165 3,249
Interest expense 197 195 226
Total acquisition and operating expenses 5,060 5,228 5,384
Total benefits and expenses 12,510 13,439 14,271
Earnings before income taxes 6,417 5,262 4,869
Income tax expense (benefit):      
Current 1,330 1,663 1,181
Deferred (356) (1,060) (730)
Income taxes 974 603 451
Net earnings $ 5,443 $ 4,659 $ 4,418
Impact on net earnings per share:      
Basic (in dollars per share) $ 9.68 $ 7.81 $ 6.96
Diluted (in dollars per share) $ 9.63 $ 7.78 $ 6.93
Weighted-average outstanding common shares used in computing earnings per share (In thousands):      
Basic (in shares) 562,492 596,173 634,816
Diluted (in shares) 565,015 598,745 637,655
Cash dividends per share $ 2.00 $ 1.68 $ 1.60
[1] Includes a gain (loss) of $(81), $20 and $(42) in 2024, 2023 and 2022, respectively, related to remeasurement of the deferred profit liability for limited-payment contracts.
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Consolidated Statements of Earnings (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Statement [Abstract]      
Remeasurement gain (loss), deferred profit liability for limited-payment contracts $ (81) $ 20 $ (42)
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Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net earnings $ 5,443 $ 4,659 $ 4,418
Other comprehensive income (loss) before income taxes:      
Unrealized foreign currency translation gains (losses) during period (769) (366) (1,034)
Unrealized gains (losses) on fixed maturity securities:      
Unrealized holding gains (losses) on fixed maturity securities during period (1,224) 2,493 (12,603)
Reclassification adjustment for (gains) losses on fixed maturity securities included in net earnings (197) (166) (453)
Unrealized gains (losses) on derivatives during period 3 6 4
Effect of changes in discount rate assumptions during period 5,780 (582) 17,384
Pension liability adjustment during period 23 35 165
Total other comprehensive income (loss) before income taxes 3,616 1,420 3,463
Income tax expense (benefit) related to items of other comprehensive income (loss) 1,074 511 1,481
Other comprehensive income (loss), net of income taxes 2,542 909 1,982
Total comprehensive income (loss) $ 7,985 $ 5,568 $ 6,400
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Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Investments and cash:    
Fixed maturity securities, available-for-sale $ 65,269 $ 73,290
Fixed maturity securities, held-to-maturity 15,966 [1] 17,819
Equity securities 796 1,088
Commercial mortgage and other loans 10,869 12,527
Other investments 5,958 4,530
Cash and cash equivalents 6,229 4,306
Total investments and cash 105,087 113,560
Receivables 779 848
Accrued investment income 710 731
Deferred policy acquisition costs 8,758 9,132
Property and equipment, at cost less accumulated depreciation 387 445
Other 1,845 2,008
Total assets 117,566 126,724
Policy liabilities:    
Future policy benefits 70,381 83,718
Unpaid policy claims 381 261
Unearned premiums 1,286 1,451
Other policyholders’ funds 5,460 6,169
Total policy liabilities 77,508 91,599
Income taxes 573 154
Payables for return of cash collateral on loaned securities 2,037 1,503
Notes payable and lease obligations 7,498 7,364
Other 3,852 4,119
Total liabilities 91,468 104,739
Commitments and contingent liabilities (Note 15)
Shareholders' equity:    
Common stock of $.10 par value. In thousands: authorized 1,900,000 shares in 2024 and 2023; issued 1,356,763 shares in 2024 and 1,355,398 shares in 2023 136 136
Additional paid-in capital 2,894 2,771
Retained earnings 52,277 47,993
Accumulated other comprehensive income (loss):    
Unrealized foreign currency translation gains (losses) (4,998) (4,069)
Unrealized gains (losses) on fixed maturity securities 24 1,139
Unrealized gains (losses) on derivatives (20) (22)
Effect of changes in discount rate assumptions 2,006 (2,560)
Pension liability adjustment 10 (8)
Treasury stock, at average cost (26,231) (23,395)
Total shareholders’ equity 26,098 21,985
Total liabilities and shareholders’ equity 117,566 126,724
Consolidated Entity Excluding Variable Interest Entities (VIE)    
Investments and cash:    
Fixed maturity securities, available-for-sale 61,841 69,578
Variable Interest Entity, Consolidated    
Investments and cash:    
Fixed maturity securities, available-for-sale 3,428 3,712
Commercial mortgage and other loans 8,693 10,150
Other investments [2] 2,176 2,381
Total assets 14,350 16,298
Policy liabilities:    
Total liabilities $ 604 $ 507
[1] Net of allowance for credit losses
[2] Consists entirely of alternative investments in limited partnerships, which represent VIEs where the Company is not the primary beneficiary and, therefore, are not consolidated
v3.25.0.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
shares in Thousands, $ in Millions
Dec. 31, 2024
Dec. 31, 2023
Fixed maturity securities, available-for-sale, allowance for credit losses $ 0 $ 0
Fixed maturity securities, available-for-sale, amortized cost 64,089 70,689
Fixed maturity securities, held-to-maturity, allowance for credit losses 5 5
Fixed maturity securities, held-to-maturity, fair value 16,772 19,657
Commercial mortgage and other loans, allowance for credit losses 355 274
Commercial mortgage and other loans 10,869 12,527
Other investments $ 5,958 $ 4,530
Common stock, par value (in dollars per share) $ 0.10 $ 0.10
Common stock, shares authorized (in shares) 1,900,000 1,900,000
Common stock, shares issued (in shares) 1,356,763 1,355,398
Consolidated Entity Excluding Variable Interest Entities (VIE)    
Fixed maturity securities, available-for-sale, allowance for credit losses $ 0 $ 0
Fixed maturity securities, available-for-sale, amortized cost 61,455 67,807
Variable Interest Entity, Consolidated    
Fixed maturity securities, available-for-sale, amortized cost 2,634 2,882
Commercial mortgage and other loans 8,693 10,150
Other investments [1] $ 2,176 $ 2,381
[1] Consists entirely of alternative investments in limited partnerships, which represent VIEs where the Company is not the primary beneficiary and, therefore, are not consolidated
v3.25.0.1
Consolidated Statements of Shareholders' Equity - USD ($)
$ in Millions
Total
Common stock
Additional paid-in capital
Retained earnings
Accumulated other comprehensive income (loss)
Treasury stock
Balance, beginning of period at Dec. 31, 2021 $ 17,031 $ 135 $ 2,529 $ 40,963 $ (8,411) $ (18,185)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net earnings 4,418 0 0 4,418 0 0
Unrealized foreign currency translation gains (losses) during period, net of income taxes (1,579) 0 0 0 (1,579) 0
Unrealized gains (losses) on fixed maturity securities during the period, net of income taxes and reclassification adjustments (10,304) 0 0 0 (10,304) 0
Unrealized gains (losses) on derivatives during period, net of income taxes 3 0 0 0 3 0
Effect of changes in discount rate assumptions during period, net of income taxes 13,732 0 0 0 13,732 0
Pension liability adjustment during period, net of income taxes 130 0 0 0 130 0
Dividends to shareholders [1] (1,014) 0 0 (1,014) 0 0
Exercise of stock options 12 0 12 0 0 0
Share-based compensation 62 0 62 0 0 0
Purchases of treasury stock (2,425) 0 0 0 0 (2,425)
Treasury stock reissued 74 0 38 0 0 36
Balance, end of period at Dec. 31, 2022 20,140 135 2,641 44,367 (6,429) (20,574)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net earnings 4,659 0 0 4,659 0 0
Unrealized foreign currency translation gains (losses) during period, net of income taxes (505) 0 0 0 (505) 0
Unrealized gains (losses) on fixed maturity securities during the period, net of income taxes and reclassification adjustments 1,841 0 0 0 1,841 0
Unrealized gains (losses) on derivatives during period, net of income taxes 5 0 0 0 5 0
Effect of changes in discount rate assumptions during period, net of income taxes (460) 0 0 0 (460) 0
Pension liability adjustment during period, net of income taxes 28 0 0 0 28 0
Dividends to shareholders [1] (1,033) 0 0 (1,033) 0 0
Exercise of stock options 13 0 13 0 0 0
Share-based compensation 75 1 74 0 0 0
Purchases of treasury stock (2,854) 0 0 0 0 (2,854)
Treasury stock reissued 76 0 43 0 0 33
Balance, end of period at Dec. 31, 2023 21,985 136 2,771 47,993 (5,520) (23,395)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net earnings 5,443 0 0 5,443 0 0
Unrealized foreign currency translation gains (losses) during period, net of income taxes (929) 0 0 0 (929) 0
Unrealized gains (losses) on fixed maturity securities during the period, net of income taxes and reclassification adjustments (1,115) 0 0 0 (1,115) 0
Unrealized gains (losses) on derivatives during period, net of income taxes 2 0 0 0 2 0
Effect of changes in discount rate assumptions during period, net of income taxes 4,566 0 0 0 4,566 0
Pension liability adjustment during period, net of income taxes 18 0 0 0 18 0
Dividends to shareholders [1] (1,159) 0 0 (1,159) 0 0
Exercise of stock options 9 0 9 0 0 0
Share-based compensation 65 0 65 0 0 0
Purchases of treasury stock (2,868) 0 0 0 0 (2,868)
Treasury stock reissued 81 0 49 0 0 32
Balance, end of period at Dec. 31, 2024 $ 26,098 $ 136 $ 2,894 $ 52,277 $ (2,978) $ (26,231)
[1] Dividends to shareholders are recorded in the period in which they are declared.
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Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]      
Dividends to shareholders (in dollars per share) $ 2.08 $ 1.76 $ 1.62
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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net earnings $ 5,443 $ 4,659 $ 4,418
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:      
Change in receivables and advance premiums 51 (133) 5
Capitalization of deferred policy acquisition costs (1,056) (1,086) (1,054)
Amortization of deferred policy acquisition costs 851 816 792
Increase in policy liabilities (302) (552) 726
Change in income tax liabilities (393) (967) (509)
Net investment (gains) losses (1,271) (590) (363)
Other, net (616) 1,043 (136)
Net cash provided (used) by operating activities 2,707 3,190 3,879
Proceeds from investments sold or matured:      
Available-for-sale fixed maturity securities 7,205 3,811 4,418
Equity securities 782 404 570
Held-to-maturity fixed maturity securities 3 3 3
Commercial mortgage and other loans 2,435 1,641 2,190
Costs of investments acquired:      
Available for sale fixed maturity securities (5,542) (2,801) (3,514)
Equity securities (411) (357) (461)
Commercial mortgage and other loans (1,376) (996) (3,897)
Other investments, net (972) (417) (227)
Settlement of derivatives, net (184) 79 (61)
Cash received (pledged or returned) as collateral, net 780 (401) (673)
Other, net 61 (149) 112
Net cash provided (used) by investing activities 2,781 817 (1,540)
Cash flows from financing activities:      
Purchases of treasury stock (2,800) (2,801) (2,401)
Proceeds from borrowings 823 204 1,277
Principal payments under debt obligations (194) 0 (1,416)
Dividends paid to shareholders (1,087) (966) (979)
Change in investment-type contracts, net (214) (160) (83)
Treasury stock reissued 14 17 17
Other, net (28) (17) 34
Net cash provided (used) by financing activities (3,486) (3,723) (3,551)
Effect of exchange rate changes on cash and cash equivalents (79) 79 104
Net change in cash and cash equivalents 1,923 363 (1,108)
Cash and cash equivalents, beginning of period 4,306 3,943 5,051
Cash and cash equivalents, end of period 6,229 4,306 3,943
Supplemental disclosures of cash flow information:      
Income taxes paid 1,367 1,569 961
Interest paid 180 185 211
Noncash interest 17 10 14
Noncash real estate acquired in satisfaction of debt 468 217 0
Noncash financing activities:      
Lease obligations 33 75 102
Associate stock bonus      
Treasury stock issued for:      
Treasury stock issued 20 17 14
Shareholder dividend reinvestment      
Treasury stock issued for:      
Treasury stock issued 41 37 37
Share-based compensation grants      
Treasury stock issued for:      
Treasury stock issued $ 6 $ 5 $ 6
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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 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.

Significant Accounting Policies

Foreign Currency Translation and Remeasurement: The functional currency of Aflac Japan is the Japanese yen. The Company translates its yen-denominated financial statement accounts into U.S. dollars as follows. Assets and liabilities are translated at end-of-period exchange rates. Realized gains and losses on security transactions are translated at the exchange rate on the trade date of each transaction. Other revenues, expenses, and cash flows are translated using average exchange rates for the period. The resulting currency translation adjustments are reported in accumulated other comprehensive income. The Company includes the foreign currency gains and losses resulting from the remeasurement of foreign currency and realized foreign currency exchange gains and losses in the net investment gains (losses) line item in the consolidated statements of earnings.

The Parent Company has designated a majority of its yen-denominated liabilities (yen-denominated notes payable and yen-denominated loans) as non-derivative hedges and foreign currency forwards and options as derivative hedges of the foreign currency exposure of the Parent Company's net investment in Aflac Japan. The gains or losses on hedging derivative instruments and the foreign currency transaction gains or losses on the non-derivative hedging instruments that are designated as, and are effective as, an economic hedge of the net investment in Aflac Japan are recorded as
unrealized foreign currency translation gains (losses) in other comprehensive income and are included in accumulated other comprehensive income.

Insurance Revenue and Expense Recognition: Substantially all of the supplemental health and life insurance policies the Company issues are classified as long-duration contracts. The contract provisions generally cannot be changed or canceled during the contract period; however, the Company may adjust premiums for supplemental health policies issued in the U.S. within prescribed guidelines and with the approval of state insurance regulatory authorities.

Insurance premiums for most of the Company's health and life policies, including cancer, accident, hospital, critical illness, supplemental dental and vision, term life, whole life, long-term care and disability, are recognized as earned premiums over the premium-paying periods of the contracts when due from policyholders. When earned premiums are reported, the related amounts of benefits and expenses are charged against such revenues. This association is accomplished by means of annual increases or decreases to the liability for future policy benefits (LFPB) and the deferral and subsequent amortization of policy acquisition costs.

Premiums from the Company's products with limited-pay features, including cancer, medical and nursing care, term life, whole life, WAYS, and child endowment, are collected over a significantly shorter period than the contract term (i.e., the period during which benefits are provided). Premiums for these products are recognized as earned premiums over the premium-paying periods when due from policyholders. Any gross premium in excess of the net premium is deferred and recorded as a deferred profit liability, which is subsequently amortized in net earned premiums such that profits are recognized in a constant relationship with insurance in force. Net premium is calculated as gross premium multiplied by the net premium ratio (NPR) and represents the portion of gross premium required to provide for benefits and expenses. Benefits are recorded as an expense when they are incurred. An LFPB is recorded when premiums are recognized using the net premium method.

Policyholders also have an option to pay discounted advanced premiums for certain of the Company's products. Advanced premiums are deferred and recognized when due from policyholders over the otherwise required contractual premium payment period.

Benefit expense is bifurcated between benefits and claims and reserve remeasurement (gains) losses. The NPR is used to measure benefit expense and is calculated as the ratio of the present value of actual and future expected benefits and expenses to the present value of actual and future expected gross premiums. A revised NPR is calculated as of the beginning of each reporting period using updated future cash flow expectations.

Reserve remeasurement (gains) losses represent the difference between two reserve measures both calculated as of the beginning of the current reporting period using the same locked-in discount rates. One reserve measure uses the NPR as of the end of the prior reporting period, and the second uses the revised NPR. Benefits and claims represent the difference in the liability balance calculated as of the beginning of the current reporting period and the end of the current reporting period both using the revised NPR and the locked-in discount rates. The locked-in interest accretion rate utilized for accretion of interest expense on insurance reserves is the original discount rate used at contract issue date.

Advertising expense is reported as incurred in insurance and other expenses in the consolidated statements of earnings. For the years ended December 31, 2024, 2023 and 2022, advertising expense was $181 million, $188 million and $204 million, respectively.

Cash and Cash Equivalents: Cash and cash equivalents include cash on hand, money market instruments, and other debt instruments with a maturity of 90 days or less when purchased.

Investments: The Company's debt securities consist of fixed maturity securities, which are classified as either held-to-maturity or available-for-sale. Securities classified as held-to-maturity are securities that the Company has the ability and intent to hold to maturity or redemption and are carried at amortized cost.

All other fixed maturity debt securities are classified as available-for-sale and are carried at fair value. If the fair value is higher than the amortized cost for debt securities, the excess is an unrealized gain, and if lower than cost, the difference is an unrealized loss. The net unrealized gains and losses on securities available-for-sale, less related deferred income taxes, are recorded in other comprehensive income and included in accumulated other comprehensive income.

Amortized cost of debt securities is based on the Company's purchase price adjusted for accrual of discount, or amortization of premium, and recognition of impairment charges, if any. The amortized cost of debt securities the
Company purchases at a discount or premium will equal the face or par value at maturity or the call date, if applicable. Interest is reported as income when earned and is adjusted for amortization of any premium or discount.

The Company has investments in marketable equity securities which are carried at fair value. Changes in the fair value of equity securities are recorded in earnings as a component of net investment gains (losses).

The Company has investments in variable interest entities (VIEs). Criteria for evaluating VIEs for consolidation focus on determining if the Company has the power to direct the activities of the VIE that most significantly impact the entity's economic performance and (1) the obligation to absorb losses of the VIE or (2) the right to receive benefits from the VIE. The Company is the primary beneficiary of certain VIEs, and therefore consolidates these entities in its financial statements. While the consolidated VIEs generally operate within a defined set of contractual terms, there are certain powers that are retained by the Company that are considered significant in the conclusion that the Company is the primary beneficiary. These powers vary by structure but generally include the initial selection of the underlying collateral; the ability to obtain the underlying collateral in the event of default; and, the ability to appoint or dismiss key parties in the structure. In particular, the Company's powers surrounding the underlying collateral were considered to be the most significant powers because these most significantly impact the economics of the VIE. The Company has no obligation to provide any continuing financial support to any of the entities in which it is the primary beneficiary. The Company's maximum loss is limited to its original investment and, in certain cases, to any unfunded commitment held in the VIE. Neither the Company nor any of its creditors have the ability to obtain the underlying collateral, nor does the Company have control over the instruments held in the VIEs, unless there is an event of default. For those entities where the Company is the primary beneficiary, the consolidated entity's assets are segregated on the balance sheet by the caption "consolidated variable interest entities," and consist of fixed maturity securities, loan receivables, limited partnerships and derivative instruments.

For the mortgage- and asset-backed securities held in the Company's fixed maturity portfolio, the Company recognizes income using a constant effective yield, which is based on anticipated prepayments and the estimated economic life of the securities. When estimates of prepayments change, the effective yield is recalculated to reflect actual payments to date and anticipated future payments. The net investment in mortgage- and asset-backed securities is adjusted to the amount that would have existed had the new effective yield been applied at the time of acquisition. This adjustment is reflected in net investment income.

The Company uses the specific identification method to determine the gain or loss from securities transactions and report the realized gain or loss in the consolidated statements of earnings as net investment gain or loss. Securities transactions are accounted for based on values as of the trade date of the transaction.

The Company lends fixed maturity and public equity securities to financial institutions in short-term security-lending transactions. These securities continue to be carried as investment assets on the Company's balance sheet during the terms of the loans and are not reported as sales. The Company receives cash or other securities as collateral for such loans. For loans involving unrestricted cash or securities as collateral, the collateral is reported as an asset with a corresponding liability for the return of the collateral. For loans where the Company receives as collateral securities that the Company is not permitted to sell or repledge, the collateral is not reported as an asset.

Commercial mortgage and other loans include transitional real estate loans (TREs), commercial mortgage loans (CMLs), middle market loans (MMLs), and other loans. The Company's investments in TREs, CMLs, MMLs, and other loans are accounted for as loan receivables and are recorded at amortized cost on the acquisition date. The Company has the intent and ability to hold these loan receivables for the foreseeable future or until they mature and therefore, they are considered held for investment and are carried at amortized cost in the commercial mortgage and other loans line in its consolidated balance sheets. The amortized cost of the loan receivables reflects allowances for expected lifetime credit losses estimated as of each reporting date. Income on commercial mortgage and other loans is recognized using the interest method.

Other investments include policy loans, limited partnerships, real estate owned (REO), and short-term investments with maturities at the time of purchase of one year or less, but greater than 90 days. Limited partnerships are accounted for using the equity method of accounting. Under the equity method of accounting, the Company reports its proportionate share of the investee's earnings or losses as a component of net investment income in its consolidated statements of earnings. The underlying investments held by the Company’s limited partnerships primarily consist of private equity and real estate. REO consists of property held-and-used for the production of income and property held-for-sale. REO is obtained through foreclosure or deed in lieu of foreclosure of certain of the Company's loan receivables. When held for the production of income, REO is recorded at fair value upon acquisition, which establishes the property’s initial cost basis. Thereafter, it is carried at cost less accumulated depreciation and written down to fair value for impairment losses.
Depreciation is recorded on a straight-line basis over the estimated useful life of the asset and is reported in net investment income. A review for impairment is performed whenever events or circumstances indicate that the carrying value may not be recoverable. An impairment loss is recognized in net investment gains (losses) when the carrying value of the property exceeds the expected undiscounted cash flows generated from the property, at which point the carrying value is written down to an estimated fair value. Real estate held-for-sale is initially recorded at fair value less costs to sell and is subsequently measured at the lower of its initial carrying amount or fair value less costs to sell. Properties held-for-sale are not depreciated. Net operating income earned on REO is reported as a component of net investment income. Short-term investments are stated at amortized cost, which approximates fair value.

The Company designates nonaccrual status for a nonperforming loan or debt security or a loan or debt security that is not generating its stated interest rate because of nonpayment of periodic interest or principal by the borrower. The Company applies the cash basis method to record any payments received on nonaccrual assets. The Company resumes the accrual of interest on fixed maturity securities and loans that are currently making contractual payments or for those that are not current where the borrower has paid timely (less than 30 days outstanding).

Credit Losses: The Company estimates expected lifetime credit losses on financial assets measured at amortized cost including short-term receivables, premiums receivable, held-to-maturity fixed maturity securities, loan receivables, loan commitments and reinsurance recoverables. For available-for-sale fixed maturity securities, the Company evaluates estimated credit losses only when the fair value of the available-for-sale fixed maturity security is below its amortized cost basis. Credit loss changes are recorded as a component of net investment gains (losses) for the Company’s held-to-maturity and available-for-sale securities, loan receivables, including collateral dependent assets, loan commitments and reinsurance recoverables, whereas credit losses on premium receivables are recorded in net earned premiums in the consolidated statement of earnings. The Company’s off-balance sheet credit exposure is primarily attributable to loan commitments that are not unconditionally cancellable. The Company considers the contractual period of exposure to credit risk, the likelihood that funding will occur, the risk of loss, and the current conditions and expectations of future economic conditions to develop the estimate of expected credit losses. The Company records the estimate of expected credit losses for certain loan commitments within other liabilities in the consolidated balance sheet.

Write-offs and partial write-offs are recorded as a reduction to the amortized cost of the loan or fixed maturity security balance and a corresponding reduction to the credit allowance.

The Company has elected not to measure an allowance on accrued interest income for all asset types, because the uncollectible accrued interest receivable is written off in a timely manner. The Company writes off accrued interest when it is more than ninety days past due by reducing interest income, which is a component of net investment income, in the consolidated statement of earnings.

The Company records due premium receivable net of current expected credit losses in the receivables line item in the consolidated balance sheet, utilizing an aging methodology based on historical loss information, adjusted for current conditions and reasonable and supportable forecasts. Changes in the estimated credit losses related to premium receivable are recorded in net earned premiums in the consolidated statement of earnings.

Derivatives and Hedging: Freestanding derivative instruments are reported in the consolidated balance sheet at fair value within other assets and other liabilities, with changes in value reported in earnings and/or other comprehensive income. These freestanding derivatives include foreign currency forwards, foreign currency options, foreign currency swaps, interest rate swaps and interest rate swaptions. The Company does not use derivatives for trading purposes.

The Company may purchase certain investments or enter into contracts that contain embedded derivatives. The Company assesses whether an embedded derivative is clearly and closely related to its host contract. If the Company determines that the embedded derivative is not clearly and closely related to the host contract, and a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is separated from that contract, held at fair value, and reported with the host instrument in the consolidated balance sheets, with changes in fair value reported in earnings. If the Company has elected the fair value option, the embedded derivative is not bifurcated, and the entire investment is held at fair value with changes in fair value reported in earnings.

See Note 5 for a discussion on how the Company determines the fair value of its derivatives. Accruals on derivatives are typically recorded in other assets or other liabilities in the consolidated balance sheets.

To qualify for hedge accounting treatment, a derivative must be highly effective in mitigating the designated risk attributable to the hedged item. At the inception of hedging relationships the Company formally documents all
relationships between hedging instruments and hedged items, as well as its risk-management objectives and strategies for undertaking the respective hedging relationship, and the methodology that will be used to assess the effectiveness of the hedge relationship at and subsequent to hedge inception. The Company documents the designation of each hedge as either (i) a hedge of the variability of cash flows to be received or paid related to a recognized asset or liability or the hedge of a forecasted transaction ("cash flow hedge"); (ii) a hedge of the exposure to changes in the fair value of a recognized asset or liability, attributable to a particular risk ("fair value hedge"); or (iii) a hedge of foreign currency exposure of a net investment in a foreign operation ("net investment hedge"). The documentation process includes linking derivatives and non-derivative financial instruments that are designated in hedge relationships with specific assets or groups of assets or liabilities in the statement of financial position or to specific forecasted transactions and defining the effectiveness testing methods to be used. At the hedge inception and on an ongoing quarterly basis, the Company also formally assesses whether the derivatives and non-derivative financial instruments used in hedging activities have been, and are expected to continue to be, highly effective in offsetting their designated risk. The assessment of hedge effectiveness determines the accounting treatment of changes in fair value.

Hedge effectiveness is assessed using qualitative and quantitative methods. Qualitative methods may include the comparison of critical terms of the derivative to the hedged item, and quantitative methods may include regression, dollar offset, or other statistical analysis of changes in fair value or cash flows associated with the hedge relationship.

For derivative instruments that are designated in cash flow hedge relationships, the gain or loss on the portion of the hedging instrument included in the assessment of effectiveness is reported as a component of accumulated other comprehensive income (loss) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Amounts reclassified are recorded in the line item of the consolidated statements of earnings in which gain or loss on the hedged item is recorded. The Company includes all components of each derivative's gain or loss in the assessment of hedge effectiveness.

For derivative instruments that are designated in fair value hedge relationships, the gain or loss on the hedged item and the portion of the hedging instrument included in the assessment of effectiveness are recorded in the line item of the consolidated statements of earnings in which gain or loss on the hedged item is recorded. When assessing the effectiveness of the Company's fair value hedges, the Company excludes the changes in fair value related to the difference between the spot and forward rates on its foreign currency forwards, the change in fair value of cross-currency swaps not resulting from fluctuations in spot currency rates, and the time value component of foreign exchange options and interest rate swaptions. For interest rate swaptions and cross-currency interest rate swaps designated in fair value hedges of interest rate risk, the excluded component is recognized in other comprehensive income (loss) and amortized into earnings (net investment income) over its legal term.
For derivative and/or non-derivative hedging instruments designated in net investment hedge relationships with the Company’s investment in Aflac Japan, the Company makes its net investment hedge designation at the beginning of each quarter. When the hedging instrument is a foreign currency derivative, the Company assesses hedge effectiveness using the spot-rate method. According to that method, the change in fair value of the hedging instrument due to fluctuations in the spot exchange rate is recorded in the unrealized foreign currency component of other comprehensive income and reclassified to earnings only when the hedged net investment is sold, or when a liquidation of the respective net investment in the foreign entity is substantially completed. If and when a sale or liquidation occurs, the changes in fair value of the derivative deferred in the unrealized foreign currency component of other comprehensive income will be released in the same income statement line item where the gain (loss) on the hedged net investment would be recorded upon sale. All other changes in fair value of the hedging instrument are considered the “excluded component” and are accounted for in net investment gains (losses). Should these designated net investment hedge positions exceed the Company's net investment in Aflac Japan, the foreign exchange effect on the portion that exceeds its investment in Aflac Japan would be recognized in current earnings within net investment gains (losses).

The Company discontinues hedge accounting prospectively when (1) it is determined that the derivative is no longer highly effective in offsetting changes in the estimated cash flows or fair value of a hedged item; (2) the derivative is de-designated as a hedging instrument; or (3) the derivative expires or is sold, terminated or exercised.

When hedge accounting is discontinued on a cash flow hedge or fair value hedge, the derivative is carried in the consolidated balance sheets at its estimated fair value, with changes in estimated fair value recognized in current period earnings. For discontinued cash flow hedges, including those where the derivative is sold, terminated or exercised, amounts previously deferred in other comprehensive income (loss) are reclassified into earnings when earnings are impacted by the cash flow of the hedged item.
If a derivative is not designated as an accounting hedge or its use in managing risk does not qualify for hedge accounting, changes in the estimated fair value of the derivative are generally reported within other gains (losses), which is a component of net investment gains (losses). The fluctuations in estimated fair value of derivatives that have not been designated for hedge accounting can result in volatility in net earnings.

The Company receives and pledges cash or other securities as collateral on open derivative positions. Cash received as collateral is reported as an asset with a corresponding liability for the return of the collateral. Cash pledged as collateral is recorded as a reduction to cash, and a corresponding receivable is recognized for the return of the cash collateral. The Company generally can repledge or resell collateral obtained from counterparties, although the Company does not typically exercise such rights. Securities received as collateral are not recognized unless the Company was to exercise its right to sell that collateral or exercise remedies on that collateral upon a counterparty default. Securities that the Company has pledged as collateral continue to be carried as investment assets on its balance sheet.

The Company does not offset amounts recognized for derivative instruments and amounts recognized for the right to reclaim or the obligation to return cash collateral arising from derivative instruments executed with the same counterparty under a master netting arrangement.

For additional information on the Company's derivative instruments, see Note 4.

Deferred Policy Acquisition Costs: Certain direct and incremental costs of acquiring insurance contracts are deferred and amortized on a grouped-contract basis over the expected term of the related contracts, using a constant-level basis. For life and health products issued in Japan, the constant-level basis used is units in force, which is a proxy for face amount, and insurance in force, respectively. For life and health products issued in the U.S., the constant-level basis used is face amount and number of policies in force, respectively. Amortization is computed using the same contract groupings (also referred to as cohorts) and mortality and termination assumptions that are used in computing the LFPB, and these assumptions are reviewed and updated at least annually. The effects of changes in assumptions are recognized prospectively over the remaining contract term as a revision of the future amortization pattern, while current period amortization is calculated based on the actual experience during the quarter. Deferred costs include the excess of current-year commissions over ultimate renewal-year commissions and certain incremental direct policy issue, underwriting and sales expenses directly related to successful policy acquisition.

For some products, policyholders can elect to modify product benefits, features, rights or coverages by exchanging a contract for a new contract or by amendment, endorsement, or rider to a contract, or by the election of a feature or coverage within a contract. These transactions are known as internal replacements. The Company performs a two-stage analysis of the internal replacements to determine if the modification is substantive to the base policy. The stages of evaluation are as follows: 1) determine if the modification is integrated with the base policy, and 2) if it is integrated, determine if the resulting contract is substantially changed.

For internal replacement transactions where the resulting contract is substantially unchanged, unamortized deferred acquisition costs from the original policy continue to be amortized over the expected life of the cohort, and the costs of replacing the policy are accounted for as policy maintenance costs and expensed as incurred.

For an internal replacement transaction that results in a policy that is substantially changed, the policy is treated as lapsed for amortization purposes, and the costs of acquiring the new policy are capitalized and amortized in accordance with the Company's accounting policies for deferred acquisition costs.

Riders can be considered internal replacements that are either integrated or non-integrated resulting in either substantially changed or substantially unchanged treatment. Riders are evaluated based on the specific facts and circumstances of the rider and are considered an expansion of the existing benefits with additional premium required. Non-integrated riders to existing contracts do not change the Company's profit expectations for the related products and are treated as a new policy establishment for incremental coverage.
Property and Equipment: The costs of buildings, furniture and equipment are depreciated principally on a straight-line basis over their estimated useful lives (maximum of 50 years for buildings and 20 years for furniture and equipment). Expenditures for maintenance and repairs are expensed as incurred; expenditures for betterments are capitalized and depreciated. Classes of property and equipment as of December 31 were as follows:
(In millions)20242023
Property and equipment:
Land$168 $168 
Buildings392 421 
Equipment and furniture478 510 
Total property and equipment1,038 1,099 
Less accumulated depreciation651 654 
Net property and equipment$387 $445 

Depreciation and other amortization expenses, which are included in insurance and other expenses in the consolidated statements of earnings, were $40 million in 2024, compared with $39 million in 2023 and $45 million in 2022.

Goodwill: Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. The amount of goodwill recognized is also impacted by measurement differences resulting from certain assets and liabilities not recorded at fair value (e.g. income taxes, employee benefits). Goodwill is not amortized, but is tested for impairment at a level of a reporting unit at least annually, in the same reporting period each year. Goodwill is included in the other assets line item in the consolidated balance sheets and was $263 million at December 31, 2024, compared with $265 million at December 31, 2023. A significant majority of the goodwill balance is attributable to business combinations within the Aflac U.S. segment, which represents the reporting unit for goodwill impairment testing.

Policy Liabilities: For long-duration insurance contracts, the Company calculates an integrated reserve that represents all payments under the contract including future expected claims and unpaid policy claims and related expenses. The LFPB is measured using the net level premium method.

Long-duration insurance contracts issued by the Company are grouped into annual calendar-year cohorts based on the contract issue date, reportable segment, legal entity and product type. Limited-pay contracts are grouped into separate cohorts from other traditional products in the same manner and are further separated based on their premium payment structures.

The LFPB is determined as the present value of expected future policy benefits to be paid to or on the behalf of policyholders and certain related expenses less the present value of expected future net premiums receivable under the Company’s insurance contracts, where expected future net premiums receivable are future gross premiums receivable under the contract multiplied by the NPR.

Future policy benefits are calculated using assumptions and estimates including mortality, morbidity, termination (also referred to as lapses), expense and discount rates. The assumptions and estimates that the Company uses depend on its judgment regarding the likelihood of future events and are inherently uncertain.

Cash flow assumptions (mortality, morbidity, and termination) are established at policy inception and are evaluated each quarter to determine if an update is needed. To facilitate a more detailed review of cash flow assumptions, experience studies are performed annually during the third quarter. Changes in cash flow assumptions are the result of applying the updated best estimate assumptions as of the beginning of the reporting period and are recognized in reserve remeasurement (gains) losses in the consolidated statements of earnings. Expense assumptions are established at policy inception and determined for each issue-year cohort as a percentage of paid claims. These expense assumptions are locked in and remain unchanged over the term of the insurance policy. Actual experience is reflected in the calculation of future policy benefits each quarter, and changes in the liability due to actual experience are recognized in reserve remeasurement (gains) losses in the consolidated statements of earnings.

Discount rates used to calculate net premiums are locked in at policy inception and represent the basis to recognize interest expense accreted on insurance reserves in benefits and claims, excluding reserve remeasurement in the consolidated statements of earnings. Discount rates used to measure the carrying value of the LFPB in the consolidated balance sheets are updated each reporting period, and the difference between the liability balances calculated using the
locked-in discount rates and the updated discount rates is recognized in accumulated other comprehensive income (loss) (AOCI).

The Company has designed its discount rate methodology for the U.S. and Japan insurance business. The methodology incorporates constructing a current discount rate curve separately for discounting cash flows used to calculate the U.S. and Japan LFPBs, reflective of the characteristics of the insurance liabilities, such as currency and tenor. Discount rates comprising each curve are determined by reference to upper-medium grade (low credit risk) fixed-income instrument yields that reflect the duration characteristics of the corresponding insurance liabilities. The Company uses for these yields single-A rated fixed income instruments with credit ratings based on international rating standards. Where only local ratings are available, the Company selects the fixed-income instruments with local ratings that are equivalent to a single-A rating based on international rating standards. The methodology is designed to prioritize observable inputs based on market data available in the local debt markets where the respective policies were issued in the currency in which the policies are denominated. For the discount rates applicable to tenors for which the single-A debt market is not liquid or there is little or no observable market data, the Company uses various estimation techniques consistent with the fair value guidance in ASC 820 - Fair Value Measurement, which include, but are not limited to: (i) for tenors where there is less observable market data and/or the observable market data is available for similar instruments, estimating tenor-specific single-A credit spreads and applying them to risk-free government rates; (ii) for tenors where there is very limited or no observable single-A or similar market data, interpolation and extrapolation techniques.

The locked-in discount rate used for the computation of interest accretion on LFPBs is determined separately for each issue-year cohort as a single discount rate, calculated as the weighted-average of monthly upper-medium grade (low credit risk) fixed-income instrument forward curves in the calendar year, determined using the methodology described above and weighted using issued annualized premiums for each issue month. The single discount rate for each issue-year cohort is determined by solving for a rate that produces an equivalent net premium ratio to the forward curve and will remain unchanged after the calendar year of issue.

Unearned premiums consist of unearned premiums and advance premiums. Unearned premiums represent the portion of premium related to the unexpired coverage as of a balance sheet date and are deferred and recognized in net earned premiums when earned. Advance premiums consist primarily of discounted advance premiums on deposit from policyholders in conjunction with their purchase of certain Aflac Japan limited-payment insurance products. Advanced premiums are deferred upon collection and recognized as earned premiums over the contractual premium payment period.

The other policyholders’ funds liability consists primarily of the fixed annuity line of business in Aflac Japan which has fixed benefits and premiums.

For internal replacements that are determined to be substantially changed, policy liabilities related to the original policy that was replaced are immediately released, and policy liabilities are established for the new insurance contract. The policy reserves are evaluated based on the new policy features, and changes are recognized at the date of contract change/modification. For internal replacements that are substantially unchanged, no changes to the reserves are recognized. For modifications that are not integrated with the base policy, new coverage is recognized as a separately issued contract within the current cohort.

Reinsurance: The Company enters into reinsurance agreements in the normal course of business. For each reinsurance agreement, the Company determines if the agreement provides indemnification against loss or liability relating to insurance risk in accordance with applicable accounting standards. Reinsurance premiums and benefits paid or provided are accounted for on bases consistent with those used in accounting for the original policies issued and the terms of the reinsurance contracts. Premiums, benefits and acquisition costs are reported net of insurance ceded.

Income Taxes: Income tax provisions are generally based on pretax earnings reported for financial statement purposes, which differ from those amounts used in preparing the Company's income tax returns. Deferred income taxes are recognized for temporary differences between the financial reporting basis and income tax basis of assets and liabilities, based on enacted tax laws and statutory tax rates applicable to the periods in which the Company expects the temporary differences to reverse. The Company records deferred tax assets for tax positions taken based on its assessment of whether the tax position is more likely than not to be sustained upon examination by taxing authorities. A valuation allowance is established for deferred tax assets when it is more likely than not that an amount will not be realized.
Policyholder Protection Corporation and State Guaranty Association Assessments: In Japan, the government has required the insurance industry to contribute to a policyholder protection corporation. The Company recognizes a charge for its estimated share of the industry's obligation once it is determinable. The Company reviews the estimated liability for policyholder protection corporation contributions on an annual basis and reports any adjustments in Aflac Japan's expenses.

In the U.S., each state has a guaranty association that supports insolvent insurers operating in those states. The Company's policy is to accrue assessments when the entity to which the insolvency relates has met its state of domicile's statutory definition of insolvency, the amount of the loss is reasonably estimable and the related premium upon which the assessment is based is written. See Note 15 for further discussion of the guaranty fund assessments charged to the Company.

Treasury Stock: Treasury stock is reflected as a reduction of shareholders' equity at cost. The Company uses the weighted-average purchase cost to determine the cost of treasury stock that is reissued. The Company includes any gains and losses in additional paid-in capital when treasury stock is reissued.

Share-Based Compensation: The Company measures compensation cost related to its share-based payment transactions at fair value on the grant date, and the Company recognizes those costs in the financial statements over the vesting period during which the employee provides service in exchange for the award. The Company has made an entity-wide accounting policy election to estimate the number of awards that are expected to vest and the corresponding forfeitures.

Earnings Per Share: The Company computes basic earnings per share (EPS) by dividing net earnings by the weighted-average number of unrestricted shares outstanding for the period. Diluted EPS is computed by dividing net earnings by the weighted-average number of shares outstanding for the period plus the shares representing the dilutive effect of share-based awards.

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.

New Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

In November 2023, the FASB issued amendments that 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 Company adopted this guidance for the annual period beginning January 1, 2024. The adoption of this guidance did not have an impact on the Company’s financial position or results of operations. See Note 2 for expanded disclosures required as a result of the amended guidance.

ASU 2023-02 Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method

In March 2023, the FASB issued amendments to permit reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the income tax credits and other income tax benefits received and recognizes the net amortization and income tax credits and other income tax benefits in the income statement as a component of income tax expense (benefit).

The Company early adopted this guidance on July 1, 2023. The adoption of this guidance did not have a significant impact on the Company's financial position, results of operations or disclosures.
ASU 2022-02 Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures

In March 2022, the FASB issued amendments that eliminated the accounting guidance for troubled debt restructurings (TDRs) for creditors, required enhanced disclosures for creditors about loan modifications when a borrower is experiencing financial difficulty, and required public business entities to include current-period gross write-offs in the vintage disclosure tables. As a result of eliminating the TDR guidance for creditors, all loan modifications will follow the existing loan refinancing or restructuring guidance.

The Company adopted this guidance on January 1, 2023 on a prospective basis. The adoption did not have an impact on the Company’s financial position or results of operations.

ASU 2018-12 Financial Services - Insurance: Targeted Improvements to the Accounting for Long-Duration Contracts, as clarified and amended by:
ASU 2019-09 Financial Services - Insurance: Effective Date
ASU 2020-11 Financial Services - Insurance: Effective Date and Early Application

In August 2018, the FASB issued amendments that significantly changed how insurers account for long-duration contracts. The Company adopted the standard on January 1, 2023 using a modified retrospective transition method which resulted in applying the amended guidance as of the beginning of the earliest period presented on the January 1, 2021 transition date (Transition Date). The modified retrospective transition method generally results in applying the guidance to contracts on the basis of existing carrying values as of the Transition Date. On the Transition Date, the Company calculated the ratio of the present value of expected future policy benefits and expenses less existing carrying values to the present value of expected future gross premiums (Transition Date NPR) using updated assumptions and the discount rate immediately before the Transition Date. The Company capped the Transition Date NPR at 100% for any cohorts with a Transition Date NPR greater than 100%. The Company calculated the LFPB using the Transition Date NPR (capped at 100% if required) and two different discount rates: (i) the discount rate used immediately before the Transition Date, and (ii) the discount rate determined by reference to the Transition Date market level yields for upper-medium grade (low credit risk) fixed income instruments (as of December 31, 2020). For cohorts with their Transition Date NPR capped at 100%, the Company recorded as an adjustment (decrease) to opening retained earnings any difference between the LFPB calculated using the discount rate immediately before the Transition Date and the existing carrying value as of the Transition Date. For all cohorts on the Transition Date, the Company recorded in AOCI net of tax, the difference in the LFPB calculated using the two different discount rates (i.e., the discount rate used immediately before the Transition Date and the updated discount rate as of the Transition Date).

Upon adoption, the Company adjusted opening equity for the Transition Date impacts to AOCI and retained earnings and adjusted prior periods then presented (years 2021 and 2022) following the updated standard. Based upon the modified retrospective transition method, the Transition Date impact from adoption resulted in a decrease in AOCI of approximately $18.6 billion and a decrease in retained earnings (RE) of approximately $0.3 billion.

The adoption of ASU 2018-12 did not have an impact on the Company's balance for deferred policy acquisition costs upon adoption.

All relevant prior-year amounts have been adjusted for the adoption of ASU 2018-12.

In conjunction with the adoption of ASU 2018-12, the Company changed its practice of recording the change in the deferred profit liability on products with limited-payment features from the benefits and claims, net line item to the net earned premiums line item in the consolidated statements of earnings. This reclassification had no impact on net earnings. The change in presentation has been made for all comparative periods presented.

Accounting Pronouncements Pending Adoption

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 2024-03 Income Statement (Topic 220) - Disaggregation of Income Statement Expenses

In November 2024, the FASB issued amendments that require disaggregated disclosure, in the notes to the financial statements, of specified information about certain costs and expenses including (1) the amounts of employee compensation, depreciation, and intangible asset amortization; (2) certain expense, gain, or loss amounts that are already required to be disclosed under current GAAP in the same disclosure as the other disaggregation requirements; (3) qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, and (4) the total amount of selling expenses and, in annual reporting periods, the Company’s definition of selling expenses.

The amendments are effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. 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.
v3.25.0.1
BUSINESS SEGMENT AND SELECTED FOREIGN CURRENCY TRANSLATION ITEMS
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
BUSINESS SEGMENT INFORMATION BUSINESS SEGMENT AND SELECTED FOREIGN CURRENCY TRANSLATION ITEMS
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.

The Company’s reportable segments are regularly reviewed by the Company's CODM, Senior Executive Vice President and Chief Financial Officer, in deciding how to allocate resources and in assessing performance. The Company's CODM reviews and approves the annual budget and operating forecast, which allocates resources to segments and serves as a key benchmark for tracking performance and accountability of each segment's operating results. The Company’s CODM evaluates the performance of the segments using, in comparison to the annual budget, operating forecast and historical results, a financial performance measure called pretax adjusted earnings and believes this financial performance measure to be vitally important for understanding the underlying profitability drivers and trends of the Company’s insurance business.
•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 cash flows 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. 
◦Adjusted expenses are U.S. GAAP total acquisition and operating expenses including the impact of interest cash flows 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 55% of the Company's total adjusted revenues in 2024, compared with 60% in 2023 and 64% in 2022. The percentage of the Company's total assets attributable to Aflac Japan was 77% at December 31, 2024, compared with 80% at December 31, 2023.
Information regarding operations by reportable segment and Corporate and other for the years ended December 31 is presented in the following tables.
(In millions)202420232022
Revenues:
Aflac Japan:
   Net earned premiums (1)
$6,930 $8,047 $9,186 
   Adjusted net investment income2,701 2,582 2,669 
   Other income28 35 35 
               Total adjusted revenue Aflac Japan9,659 10,664 11,890 
Aflac U.S.:
   Net earned premiums5,829 5,675 5,570 
   Adjusted net investment income847 820 755 
   Other income63 128 161 
           Total adjusted revenue Aflac U.S.6,739 6,623 6,486 
Corporate and other (2)
1,007 460 267 
           Total adjusted revenues17,405 17,747 18,643 
Net investment gains (losses)1,271 590 363 
Reconciling items:
Amortized hedge costs26 157 112 
Amortized hedge income(113)(121)(68)
Net interest (income) expense from derivatives
  associated with certain investment strategies		338 328 90 
           Total revenues$18,927 $18,701 $19,140 
(1) Includes a gain (loss) of $(81), $20 and $(42) in 2024, 2023 and 2022, respectively, related to remeasurement of the deferred profit liability for limited-payment contracts.
(2) The change in value of federal historic rehabilitation and solar investments in partnerships of $165, $343 and $91 in 2024, 2023 and 2022, respectively, is included as a reduction to net investment income. Tax credits on these investments of $164, $334 and $83 in 2024, 2023 and 2022, respectively, have been recorded as an income tax benefit in the consolidated statements of earnings. See Note 3 for additional information on these investments.
(In millions)202420232022
Adjusted revenues:
Aflac Japan (1)
$9,659 $10,664 $11,890 
Aflac U.S.6,739 6,623 6,486 
Corporate and other (2)
1,007 460 267 
Total adjusted revenues17,405 17,747 18,643 
Benefits and adjusted expenses:
Aflac Japan:
Benefits and claims, excluding reserve remeasurement4,761 5,409 6,282 
Reserve remeasurement (gains) losses(444)(96)(91)
Total benefits and claims, net4,317 5,313 6,191 
Adjusted expenses:
Amortization of deferred policy acquisition costs321 326 338 
Insurance commissions435 491 563 
Insurance and other expenses1,092 1,300 1,517 
Total benefits and adjusted expenses Aflac Japan6,165 7,430 8,609 
Aflac U.S.:
Benefits and claims, excluding reserve remeasurement2,821 2,715 2,679 
Reserve remeasurement (gains) losses(95)(284)(124)
Total benefits and claims, net2,726 2,431 2,555 
Adjusted expenses:
Amortization of deferred policy acquisition costs530 490 455 
Insurance commissions563 561 553 
Insurance and other expenses1,501 1,640 1,564 
Total benefits and adjusted expenses Aflac U.S.5,320 5,122 5,127 
Corporate and other975 885 485 
Total adjusted expenses$12,460 $13,437 $14,221 
Pretax earnings:
Aflac Japan (1)
$3,494 $3,234 $3,281 
Aflac U.S.1,419 1,501 1,359 
Corporate and other (2)
32 (425)(218)
Pretax adjusted earnings4,945 4,310 4,422 
Other income (loss)(23)

39 0 

Net investment gains (losses)1,271 590 363 
Reconciling items:
Amortized hedge costs26 157 112 
Amortized hedge income(113)(121)(68)
Net interest (income) expense from derivatives
  associated with certain investment strategies		338 328 90 
Impact of interest from derivatives associated
  with notes payable
(27)(41)(50)
    Total earnings before income taxes$6,417 $5,262 $4,869 
Income taxes applicable to pretax adjusted earnings$873 $577 $808 
Effect of foreign currency translation on after-tax
  adjusted earnings		(103)(113)(262)
(1) Includes a gain (loss) of $(81), $20 and $(42) for 2024, 2023 and 2022, respectively, related to remeasurement of the deferred profit liability for limited-payment contracts.
(2) The change in value of federal historic rehabilitation and solar investments in partnerships of $165, $343 and $91 in 2024, 2023 and 2022, respectively, is included as a reduction to net investment income. Tax credits on these investments of $164, $334 and $83 in 2024, 2023 and 2022, respectively, have been recorded as an income tax benefit in the consolidated statements of earnings. See Note 3 for additional information on these investments.
Internal Reinsurance: Aflac Re is a Bermuda domiciled insurer that reinsures certain policies issued by Aflac Japan and is reported as a part of Corporate and other. Under these internal reinsurance transactions, Aflac Japan's net earned premiums are reduced by the amount of premiums ceded to Aflac Re. Aflac Re recorded net earned premiums of $568 million in 2024, $258 million in 2023 and $1 million in 2022 related to these reinsurance transactions with Aflac Japan. These internal reinsurance transactions have no financial statement impact on a consolidated basis, except for the effect of foreign currency accounting. For additional information on these internal reinsurance transactions, see Note 8.

Transfers of funds from Aflac Japan: Aflac Japan makes payments to the Parent Company for management fees and remittances of earnings. Information on transfers for each of the years ended December 31 is shown below. See Note 13 for information concerning restrictions on transfers from Aflac Japan.
(In millions)202420232022
Management fees$69 $67 $61 
Profit remittances2,865 2,623 2,412 
Total transfers from Aflac Japan$2,934 $2,690 $2,473 

Total Assets: The Company's total assets as of December 31 were as follows:
(In millions)20242023
Assets:
Aflac Japan$90,210 $101,541 
Aflac U.S.21,930 21,861 
Corporate and other5,426 3,322 
Total assets$117,566 $126,724 

Receivables: Receivables consist primarily of monthly insurance premiums due from individual policyholders or their employers for payroll deduction of premiums, net of allowance for credit losses. Total receivables were $779 million and $848 million as of December 31, 2024 and 2023, respectively. The allowance for credit losses related to premiums receivable was $108 million and $92 million as of December 31, 2024 and 2023, respectively. At December 31, 2024, $197 million, or 25.3% of total receivables, were related to Aflac Japan's operations, compared with $175 million, or 20.7%, at December 31, 2023.

Selected Foreign Currency Translation Items

Yen-Translation Effects: The following table shows the yen/dollar exchange rates used for or during the periods ended December 31. For comparison, exchange effects for the current year were calculated using the yen/dollar exchange rate that was used in the prior year.
202420232022
Statements of Earnings:
Weighted-average yen/dollar exchange rate (1)
150.97 140.57 130.17 
Yen percent strengthening (weakening)(6.9)%(7.4)%(15.7)%
Exchange effect on pretax adjusted earnings (in millions)$(125)$(131)$(318)
20242023
Balance Sheets:
Yen/dollar exchange rate at December 31(1)
158.18 141.83 
Yen percent strengthening (weakening)(10.3)%(6.4)%
Exchange effect on total assets (in millions)$(6,127)$(3,984)
Exchange effect on total liabilities (in millions)(9,624)(6,936)
(1) Rates are based on the published MUFG Bank, Ltd. telegraphic transfer middle rate (TTM).
v3.25.0.1
INVESTMENTS
 12 Months Ended
Dec. 31, 2024
Investments [Abstract]  
INVESTMENTS INVESTMENTS
Net Investment Income

The components of net investment income for the years ended December 31 were as follows:
(In millions)202420232022
Fixed maturity securities$2,894 $2,873 $2,926 
Equity securities24 28 31 
Commercial mortgage and other loans1,046 1,002 716 
Other investments (1)
130 (70)131 
Short-term investments and cash equivalents258 213 78 
Gross investment income4,352 4,046 3,882 
Less investment expenses236 235 226 
Net investment income$4,116 $3,811 $3,656 
(1) The change in value of federal historic rehabilitation and solar investments in partnerships of $165, $343 and $91 in 2024, 2023, and 2022, respectively, is included as a reduction to net investment income. Tax credits on these investments of $164, $334, and $83 in 2024, 2023, and 2022, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.
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.
  2024
(In millions)
Amortized
Cost		Allowance
 for Credit
Losses		Gross
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$19,409 $0 $465 $2,234 $17,640 
Municipalities869 0 65 79 855 
Mortgage- and asset-backed securities327 0 4 23 308 
Public utilities2,746 0 202 108 2,840 
Sovereign and supranational330 0 16 8 338 
Banks/financial institutions5,376 0 267 342 5,301 
Other corporate5,329 0 568 305 5,592 
Total yen-denominated34,386 0 1,587 3,099 32,874 
  U.S. dollar-denominated:
U.S. government and agencies208 0 1 3 206 
Municipalities1,167 0 65 53 1,179 
Mortgage- and asset-backed securities2,987 0 302 34 3,255 
Public utilities3,938 0 418 151 4,205 
Sovereign and supranational57 0 21 0 78 
Banks/financial institutions3,271 0 420 36 3,655 
Other corporate18,050 0 2,493 752 19,791 
Total U.S. dollar-denominated29,678 0 3,720 1,029 32,369 
  Other currencies:
Other corporate
25 0 1 0 26 
Total other currencies
25 0 1 0 26 
Total securities available-for-sale$64,089 $0 $5,308 $4,128 $65,269 

 
2023
(In millions)Amortized
Cost		Allowance
for Credit
Losses		Gross
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$23,067 $0 $1,040 $1,696 $22,411 
Municipalities968 0 115 58 1,025 
Mortgage- and asset-backed securities215 0 6 11 210 
Public utilities3,757 0 325 82 4,000 
Sovereign and supranational373 0 24 7 390 
Banks/financial institutions5,896 0 320 365 5,851 
Other corporate5,898 0 699 294 6,303 
Total yen-denominated40,174 0 2,529 2,513 40,190 
  U.S. dollar-denominated:
U.S. government and agencies191 0 2 4 189 
Municipalities1,246 0 65 38 1,273 
Mortgage- and asset-backed securities2,748 0 184 56 2,876 
Public utilities3,346 0 360 114 3,592 
Sovereign and supranational122 0 33 8 147 
Banks/financial institutions2,676 0 359 51 2,984 
Other corporate20,186 0 2,518 665 22,039 
Total U.S. dollar-denominated30,515 0 3,521 936 33,100 
Total securities available-for-sale$70,689 $0 $6,050 $3,449 $73,290 

  2024
(In millions)Amortized
Cost		Allowance
for Credit
Losses		Net
Carrying
Amount		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair  
Value  
Securities held-to-maturity, carried at
  amortized cost:
Fixed maturity securities:
  Yen-denominated:
Japan government and agencies$15,311 $2 $15,309 $759 $9 $16,059 
Municipalities235 0 235 22 0 257 
Public utilities32 0 32 1 0 33 
Sovereign and supranational377 3 374 31 0 405 
Other corporate16 0 16 2 0 18 
Total yen-denominated15,971 5 15,966 815 9 16,772 
Total securities held-to-maturity$15,971 $5 $15,966 $815 $9 $16,772 
  2023
(In millions)Amortized
Cost		Allowance
for Credit
Losses		Net
Carrying
Amount		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair  
Value
Securities held-to-maturity, carried at
  amortized cost:
Fixed maturity securities:
  Yen-denominated:
Japan government and agencies$17,085 $2 $17,083 $1,746 $0 $18,829 
Municipalities266 0 266 41 0 307 
Public utilities34 0 34 4 0 38 
Sovereign and supranational421 3 418 44 0 462 
Other corporate18 0 18 3 0 21 
Total yen-denominated17,824 5 17,819 1,838 0 19,657 
Total securities held-to-maturity$17,824 $5 $17,819 $1,838 $0 $19,657 

  
20242023
(In millions)Fair ValueFair Value
Equity securities, carried at fair value through
  net earnings:
Equity securities:
Yen-denominated$484 $751 
U.S. dollar-denominated312 252 
Other currencies0 85 
Total equity securities$796 $1,088 

The methods of determining the fair values of the Company's investments in fixed maturity securities and equity securities are described in Note 5.

During 2024 and 2023, the Company did not reclassify any investments from the held-to-maturity category to the available-for-sale category.
Contractual and Economic Maturities

The contractual and economic maturities of the Company's investments in fixed maturity securities at December 31, 2024, were as follows:
(In millions)
Amortized
Cost (1)
Fair
Value
Available-for-sale:
Due in one year or less$1,369 $1,536 
Due after one year through five years7,522 8,424 
Due after five years through 10 years17,302 18,495 
Due after 10 years34,582 33,251 
Mortgage- and asset-backed securities3,314 3,563 
Total fixed maturity securities available-for-sale$64,089 $65,269 
Held-to-maturity:
Due in one year or less$0 $0 
Due after one year through five years34 34 
Due after five years through 10 years8,516 9,045 
Due after 10 years7,416 7,693 
Total fixed maturity securities held-to-maturity$15,966 $16,772 
(1) Net of allowance for credit losses

Economic maturities are used for certain debt instruments with no stated maturity where the expected maturity date is based on the combination of features in the financial instrument such as the right to call or prepay obligations or changes in coupon rates.
Investment Concentrations

The Company's process for investing in credit-related investments begins with an independent approach to underwriting each issuer's fundamental credit quality. The Company evaluates independently those factors that it believes could influence an issuer's ability to make payments under the contractual terms of the Company's instruments. This includes a thorough analysis of a variety of items including the issuer's country of domicile (including political, legal, and financial considerations); the industry in which the issuer competes (with an analysis of industry structure, end-market dynamics, and regulation); company specific issues (such as management, assets, earnings, cash generation, and capital needs); and contractual provisions of the instrument (such as financial covenants and position in the capital structure). The Company further evaluates the investment considering broad business and portfolio management objectives, including asset/liability needs, portfolio diversification, and expected income.

Investment exposures that individually exceeded 10% of shareholders' equity as of December 31 were as follows:
20242023
(In millions)Credit
Rating		Amortized
Cost		Fair
Value		Credit
Rating		Amortized
Cost		Fair
Value
Japan National Government(1)
A+$33,822$32,844A+$39,151$40,222
(1) Japan Government Bonds (JGBs) or JGB-backed securities
Net Investment Gains and Losses

Information regarding pretax net gains and losses from investments for the years ended December 31 follows:
(In millions)202420232022
Net investment gains (losses):
Sales and redemptions:
Fixed maturity securities available-for-sale:
Gross gains from sales$80 $24 $93 
Gross losses from sales(634)(61)(78)
Foreign currency gains (losses)806 204 442 
Other investments:
Gross gains (losses) from sales and redemptions7 33 10 
Total sales and redemptions259 200 467 
Equity securities140 88 

(341)
Credit losses:
Fixed maturity securities held-to-maturity0 1 0 
Commercial mortgage and other loans(207)(146)(18)
Impairment losses(55)0 (25)
Loan commitments1 9 9 
Reinsurance recoverables and other5 (3)(2)
Total credit losses(256)(139)(36)
Derivatives and other:
Derivative gains (losses)(363)(531)(1,151)
Foreign currency gains (losses)1,491 972 1,424 
Total derivatives and other1,128 441 273 
Total net investment gains (losses)$1,271 $590 $363 

The unrealized holding gains, net of losses, recorded as a component of net investment gains and losses for the year ended December 31, 2024, that relate to equity securities held at the December 31, 2024, reporting date were $118 million. The unrealized holding gains, net of losses, recorded as a component of net investment gains and losses for the year ended December 31, 2023, that relate to equity securities held at the December 31, 2023, reporting date were $63 million. The unrealized holding losses, net of gains, recorded as a component of net investment gains and losses for the year ended December 31, 2022, that relate to equity securities held at the December 31, 2022, reporting date were $340 million.
Unrealized Investment Gains and Losses

Information regarding changes in unrealized gains and losses from investments recorded in AOCI for the years ended December 31 follows:
(In millions)202420232022
Changes in unrealized gains (losses):
Fixed maturity securities, available-for-sale$(1,421)$2,327 $(13,056)
Total change in unrealized gains (losses)$(1,421)$2,327 $(13,056)
Effect on Shareholders' Equity

The net effect on shareholders' equity of unrealized gains and losses from fixed maturity securities at December 31 was as follows:
(In millions)20242023
Unrealized gains (losses) on securities available-for-sale$1,180 $2,601 
Deferred income taxes(1,156)(1,462)
Shareholders’ equity, unrealized gains (losses) on fixed maturity securities$24 $1,139 

Gross Unrealized Loss Aging

The following tables show the fair values and gross unrealized losses of the Company's available-for-sale investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31.
  2024
  TotalLess than 12 months12 months or longer
(In millions)Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
Fixed maturity securities available-
   for-sale:
U.S. government and
    agencies:
U.S. dollar-denominated$106 $3 $59 $1 $47 $2 
Japan government and
    agencies:
Yen-denominated8,136 2,234 2,070 57 6,066 2,177 
Municipalities:
U.S. dollar-denominated666 53 67 3 599 50 
Yen-denominated341 79 96 2 245 77 
Mortgage- and asset-
    backed securities:
U.S. dollar-denominated567 34 173 2 394 32 
Yen-denominated196 23 12 0 184 23 
Public utilities:
U.S. dollar-denominated1,570 151 699 19 871 132 
Yen-denominated1,020 108 368 11 652 97 
Sovereign and supranational:
Yen-denominated47 8 0 0 47 8 
Banks/financial institutions:
U.S. dollar-denominated625 36 376 7 249 29 
Yen-denominated3,197 342 471 22 2,726 320 
Other corporate:
U.S. dollar-denominated6,097 752 2,036 59 4,061 693 
Yen-denominated 1,733 305 289 14 1,444 291 
Total$24,301 $4,128 $6,716 $197 $17,585 $3,931 
  2023
  TotalLess than 12 months12 months or longer
(In millions)Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
Fixed maturity securities available-
   for-sale:
U.S. government and
    agencies:
U.S. dollar-denominated$123 $4 $53 $1 $70 $3 
Japan government and
    agencies:
Yen-denominated8,393 1,696 1,657 303 6,736 1,393 
Municipalities:
U.S. dollar-denominated703 38 31 1 672 37 
Yen-denominated301 58 34 0 267 58 
Mortgage- and asset-
    backed securities:
U.S. dollar-denominated925 56 340 6 585 50 
Yen-denominated58 11 0 0 58 11 
Public utilities:
U.S. dollar-denominated1,120 114 228 4 892 110 
Yen-denominated1,028 82 444 13 584 69 
Sovereign and supranational:
U.S. dollar-denominated35 8 0 0 35 8 
Yen-denominated60 7 0 0 60 7 
Banks/financial institutions:
U.S. dollar-denominated655 51 159 4 496 47 
Yen-denominated3,673 365 186 4 3,487 361 
Other corporate:
U.S. dollar-denominated6,380 665 799 19 5,581 646 
Yen-denominated1,948 294 308 9 1,640 285 
Total$25,402 $3,449 $4,239 $364 $21,163 $3,085 

Analysis of Securities in Unrealized Loss Positions

The unrealized losses on the Company's available-for-sale securities have been primarily related to general market factors such as changes in interest rates, foreign exchange rates, and/or the levels of credit spreads rather than specific concerns with the issuer's ability to pay interest and repay principal.

For available-for-sale securities in an unrealized loss position, the Company performs detailed analyses to identify whether the drivers of the decline in fair value are due to general market factors, such as the recent rise in interest rates, or due to credit-related factors. Identifying the drivers of the declines in fair value helps to align and allocate the Company's resources to the review and monitoring of securities with real credit-related concerns that could impact ultimate collection of principal and interest. For any significant declines in fair value determined to be non-interest rate or market-related, the Company performs a more focused review of the related issuers' specific credit profile.

For corporate issuers, the Company evaluates their assets and business profile, including industry dynamics and competitive positioning, financial statements and other available financial data. For non-corporate issuers, the Company analyzes all sources of credit support, including issuer-specific factors. The Company utilizes information available in the public domain and, for certain private placement issuers, from consultations with the issuers directly. The Company also considers ratings from Nationally Recognized Statistical Rating Organizations (NRSROs), as well as the specific characteristics of the security it owns including seniority in the issuer's capital structure, covenant protections, or other relevant features. From these reviews, the Company evaluates the issuers' continued ability to service the Company's investment through payment of interest and principal.
Assuming no credit-related factors develop, unrealized gains and losses on available-for-sale securities are expected to diminish as investments near maturity. Based on its credit analysis, the Company believes that the issuers of its available-for-sale investments in the sectors shown in the table above have the ability to service their obligations to the Company. Further, the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be at maturity.

However, if the Company identifies certain available-for-sale securities where the amortized cost basis exceeds the present value of the cash flows expected to be collected due to credit-related factors, an allowance for credit losses is recognized. Based on an evaluation of its securities currently in an unrealized loss position, the Company has determined that those securities should not have an allowance for credit losses as of December 31, 2024. Refer to the Allowance for Credit Losses section below for additional information.

As of December 31, 2024 and 2023, the Company had an immaterial amount of fixed maturity securities on nonaccrual status.

Commercial Mortgage and Other Loans

The Company classifies its TREs, CMLs, MMLs, and other loans as held-for-investment and includes them in the commercial mortgage and other loans line on the consolidated balance sheets. The Company carries them on the balance sheet at amortized cost less an estimated allowance for credit losses.

The following table reflects the composition of the carrying value for commercial mortgage and other loans by property type as of December 31.
20242023
(In millions)Amortized
Cost		% of
Total		Amortized
Cost		% of
Total
Commercial Mortgage and other loans:
Transitional real estate loans:
Office$1,361 12.1 %$1,807 14.1 %
Retail349 3.1 473 3.7 
Apartments/Multi-Family2,201 19.6 2,608 20.4 
Industrial117 1.1 157 1.2 
Hospitality556 5.0 814 6.4 
Other318 2.8 255 2.0 
Total transitional real estate loans4,902 43.7 6,114 47.8 
Commercial mortgage loans:
Office300 2.7 359 2.8 
Retail214 1.9 301 2.4 
Apartments/Multi-Family572 5.1 586 4.6 
Industrial436 3.9 463 3.6 
Other15 .1 0 .0 
Total commercial mortgage loans1,537 13.7 1,709 13.4 
Middle market loans4,423 39.4 4,677 36.5 
Other loans362 3.2 301 2.3 
Total commercial mortgage and other loans$11,224 100.0 %$12,801 100.0 %
Allowance for credit losses(355)(274)
Total net commercial mortgage and other loans$10,869 $12,527 

CMLs and TREs are secured by properties entirely within the U.S. (with the largest concentrations in California (21%), Texas (13%) and Florida (10%)). MMLs are issued only to companies domiciled within the U.S. and Canada.
Transitional Real Estate Loans

TREs are relatively short-term floating rate commercial mortgage loans that are secured by a first lien on the property. These loans provide funding for properties undergoing a change in their physical characteristics and/or economic profile and do not typically require any principal repayment prior to the maturity date.

As of December 31, 2024, the Company had $273 million in outstanding commitments to fund TREs. These commitments are contingent on the final underwriting and due diligence to be performed.

Commercial Mortgage Loans

CMLs are typically fixed rate loans on commercial real estate with partial repayment of principal over the life of the loan with the remaining outstanding principal being repaid upon maturity. This loan portfolio is generally considered higher quality investment grade loans.

Middle Market Loans

MMLs are typically first lien senior secured cash flow loans to small to mid-size companies for working capital, refinancing, acquisition, and recapitalization. These loans are generally considered to be below investment grade.

As of December 31, 2024, the Company had commitments of approximately $739 million to fund future MMLs. These commitments are contingent upon the availability of MMLs that meet the Company's underwriting criteria.

Other Loans

Other loans are primarily infrastructure loans. Infrastructure loans are typically senior secured, financing operating portfolios of renewable and conventional energy generation assets characterized by predictable, often contractual cash flows for loan repayment. The infrastructure loan portfolio weighted average rating is investment grade.

As of December 31, 2024, the Company had commitments of approximately $1 million to fund future other loans. These commitments are contingent upon the availability of other loans that meet the Company's underwriting criteria.

Credit Quality Indicators

For TREs, the Company’s key credit quality indicators include performance of the loan and loan-to-value (LTV), which is calculated by dividing the current outstanding loan balance by the estimated property value, primarily using values at origination. Given that TREs involve properties undergoing a repositioning of their commercial profile, LTV provides the most insight into the credit risk of the loan. The Company monitors the performance of the loans periodically, but not less frequently than quarterly. The monitoring process also focuses on higher risk loans, which include those that are delinquent or for which foreclosure or deed in lieu of foreclosure is anticipated.

For CMLs, the Company’s key credit quality indicators include LTV and debt service coverage ratios (DSCR). DSCR is the most recently available net operating income of the underlying property compared to the required debt service of the loan.

For MMLs and held-to-maturity fixed maturity securities, the Company’s key credit quality indicator is credit ratings. The Company’s held-to-maturity portfolio is composed of investment grade securities that are senior unsecured instruments, while its MMLs generally have below-investment-grade ratings but are typically senior secured instruments. The Company monitors the credit ratings periodically, but not less frequently than quarterly.

For other loans, the Company's key credit quality indicator is credit ratings. The Company monitors these credit ratings periodically, but not less frequently than quarterly.
The following tables present as of December 31, 2024 the amortized cost basis of TREs, CMLs, MMLs, and other loans by year of origination and credit quality indicator.
Transitional Real Estate Loans
(In millions)20242023202220212020PriorTotal
Loan-to-Value Ratio:
0%-59.99%$0 $0 $314 $357 $36 $11 $718 
60%-69.99%0 116 500 599 18 390 1,623 
70%-79.99%0 14 903 660 24 58 1,659 
80% or greater0 0 259 271 104 268 902 
Total$0 $130 $1,976 $1,887 $182 $727 $4,902 
Current-period gross writeoffs:$0 $0 $0 $5 $0 $57 $62 
Commercial Mortgage Loans
(In millions)20242023202220212020PriorTotalWeighted-Average DSCR
Loan-to-Value Ratio:
0%-59.99%$0 $32 $0 $266 $58 $920 $1,276 2.78
60%-69.99%0 0 0 25 0 47 72 2.11
70%-79.99%13 0 0 0 0 87 100 1.19
80% or greater0 0 0 0 0 89 89 0.57
Total$13 $32 $0 $291 $58 $1,143 $1,537 2.52
Weighted Average DSCR1.212.620.003.162.522.37
Current-period gross writeoffs:$0 $0 $0 $0 $0 $19 $19 
Middle Market Loans
(In millions)20242023202220212020PriorRevolving LoansTotal
Credit Ratings:
BBB$12 $27 $4 $84 $43 $95 $11 $276 
BB394 45 413 396 282 339 68 1,937 
B220 41 238 486 264 501 41 1,791 
CCC0 0 5 61 74 142 17 299 
CC0 0 13 0 0 24 5 42 
C and lower0 0 0 6 0 68 4 78 
Total$626 $113 $673 $1,033 $663 $1,169 $146 $4,423 
Current-period gross writeoffs:$0 $0 $0 $27 $0 $23 $0 $50 
Other Loans
(In millions)20242023202220212020PriorRevolving LoansTotal
Credit Ratings:
A$0 $0 $82 $0 $0 $0 $0 $82 
AA0 0 8 3 0 0 0 11 
BBB130 66 0 0 0 0 0 196 
BB0 0 73 0 0 0 0 73 
Total$130 $66 $163 $3 $0 $0 $0 $362 
Current-period gross writeoffs:$0 $0 $0 $0 $0 $0 $0 $0 
Past Due and Nonaccrual Loans

The following tables present an aging of past due and nonaccrual loans at amortized cost, before allowance for credit losses, as of December 31.
2024
(In millions)Current Less Than
90 Days
Past Due
90 Days
or More
 Past Due(1)
Total Past
Due		Total
Loans		Nonaccrual
Status
Transitional real estate loans$4,364 $195 $343 $538 $4,902 $378 
Commercial mortgage loans1,537 0 0 0 1,537 0 
Middle market loans4,295 63 65 128 4,423 108 
Other loans362 0 0 0 362 0 
Total$10,558 $258 $408 $666 $11,224 $486 
(1) As of December 31, 2024, there were no loans that were 90 days or more past due that continued to accrue interest.
2023
(In millions)Current Less Than
90 Days
Past Due
90 Days
or More
 Past Due(1)
Total Past
Due		Total
Loans		Nonaccrual
Status
Transitional real estate loans$5,481 $108 $525 $633 $6,114 $633 
Commercial mortgage loans1,676 33 0 33 1,709 0 
Middle market loans4,592 0 85 85 4,677 85 
Other loans301 0 0 0 301 0 
Total$12,050 $141 $610 $751 $12,801 $718 
(1) As of December 31, 2023, there were no loans that were 90 days or more past due that continued to accrue interest.

For the year ended December 31, 2024, the Company recognized $2 million of interest income for TREs, CMLs, MMLs, or other loans on nonaccrual status. For the years ended December 31, 2023 and 2022, the Company recognized no interest income for TREs, CMLs, MMLs, or other loans on nonaccrual status. Of these loans, TREs with an amortized cost of $140 million and $160 million had no credit loss allowance as of December 31, 2024 and December 31, 2023, respectively, because these loans are collateral dependent assets for which the estimated fair values of the collateral were in excess of amortized cost. As of December 31, 2024, MMLs with an amortized cost of $5 million were on nonaccrual status without an allowance for credit losses. As of December 31, 2023, there were no MMLs on nonaccrual status without an allowance for credit losses.

Loan Modifications to Borrowers Experiencing Financial Difficulties

The Company granted certain loan modifications to borrowers experiencing financial difficulty during 2024 and 2023. The types of modifications granted may include interest rate reductions, principal forgiveness, other-than-insignificant payment delays, term extensions or a combination of these types of modifications. The amount, timing, and extent of modifications granted are considered in determining any credit loss allowance recorded.

Loans that have both been modified and are paid or written off during the period, resulting in an amortized cost balance of zero at the end of the period, are not included in the disclosures below.
The following table presents the amortized cost basis of modified loans to borrowers experiencing financial difficulty and the financial effect of the modifications, disaggregated by loan classification and type of modification, for the year ended December 31.
2024
(In millions)
Amortized
Cost (1)
% of
Total		Financial Effect
Transitional Real Estate Loans:
Other-than-insignificant payment
  delays		$125 2.7 %
Delay in payments of 24 months on average
Other-than-insignificant payment
  delays and interest rate
  reduction
278 5.9 
Delay in payments of 44 months on average and reduction in the weighted-average contractual interest rate from 8.0% to 6.6%
Other-than-insignificant payment
  delays, principal forgiveness and
  interest rate reduction
81 1.7 
Delay in payments of 33 months on average, $1.3 million of principal forgiven, and reduction in the weighted-average contractual interest rate from 8.2% to 7.3%
(1) Net of allowance for credit losses

Additionally, an immaterial percentage of MMLs with an amortized cost of $15 million were modified in the form of interest rate reductions and maturity extensions during the year ended December 31, 2024.

Loan modifications to borrowers experiencing financial difficulty for the year ended December 31, 2023, were immaterial.

The following table presents an aging of loans that received modifications in the 12 months preceding the period presented, at amortized cost.
December 31, 2024
(In millions)Current Less Than
90 Days
Past Due		90 Days
or More
 Past Due
Transitional real estate loans$403 $81 $0 
Middle market loans15 0 0 
Total$418 $81 $0 

The Company closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. Loans that were granted a modification in the past 12 months, as of December 31, 2024, and subsequently defaulted in the year ended December 31, 2024, were immaterial. There were no modified loans to borrowers experiencing financial difficulties in the past 12 months, as of December 31, 2023, that subsequently defaulted in the year ended December 31, 2023.

As of December 31, 2024, the Company had $14 million of outstanding commitments to lend additional funds to borrowers experiencing financial difficulty that were granted a loan modification.
Allowance for Credit Losses

The Company calculates its allowance for credit losses for held-to-maturity securities, loan receivables and loan commitments by grouping assets with similar risk characteristics when there is not a specific expectation of a loss for an individual asset. For held-to-maturity securities, MMLs, and MML commitments, the Company groups assets by credit ratings, industry, and country.

The Company groups CMLs and TREs and respective loan commitments by property type, property location and the property’s LTV and DSCR. On a quarterly basis, CMLs and TREs within a portfolio segment that share similar risk characteristics are pooled for calculation of credit loss allowance. On an ongoing basis, TREs, CMLs and other loans with dissimilar risk characteristics (i.e., loans with significant declines in credit quality), such as collateral dependent mortgage loans (i.e., when the borrower is experiencing financial difficulty, including when foreclosure is probable), are evaluated individually for credit loss. For example, the credit loss allowance for a collateral dependent loan is established as the excess of amortized cost over the estimated fair value of the loan’s underlying collateral, less selling cost when foreclosure is probable. Accordingly, the change in the estimated fair value of the collateral dependent loans, which are evaluated individually for credit loss, is recorded as a change in the credit loss allowance as a component of net investment gains (losses) in the consolidated statements of earnings.

The credit allowance for held-to-maturity securities and loan receivables is estimated using a probability-of-default (PD) / loss-given-default (LGD) method, discounted for the time value of money. For held-to-maturity securities, available-for-sale securities and loan receivables, the Company includes the change in present value due to the passage of time in the change in the allowance for credit losses. The Company’s methodology for estimating credit losses utilizes the contractual maturity date of the financial asset, adjusted when necessary to reflect the expected timing of repayment (such as prepayment options, renewal options, call options, or extension options). The Company applies reasonable and supportable forecasts of macroeconomic variables that impact the determination of PD / LGD over a two-year period for held-to-maturity securities and MMLs. The Company reverts to historical loss information over one year, following the two-year forecast period. For the CML and TRE portfolio, the Company applies reasonable and supportable forecasts of macroeconomic variables as well as national and local real-estate market factors to estimate future credit losses where the market factors revert back to historical levels over time with the period being dependent on current market conditions, projected market conditions and difference in the current and historical market levels for each factor. The Company continuously monitors the estimation methodology, due to changes in portfolio composition, changes in underwriting practices and significant events or conditions and makes adjustments as necessary.

The Company’s held-to-maturity portfolio includes Japan Government and Agency securities of $15.2 billion amortized cost as of December 31, 2024 that meet the requirements for zero-credit-loss expectation and therefore these asset classes have been excluded from the current expected credit loss measurement.

An investment in an available-for-sale security may be impaired if the fair value falls below amortized cost. The Company regularly reviews its available-for-sale portfolio for declines in fair value. The Company's available-for-sale impairment model focuses on the ultimate collection of the cash flows from its investments and whether the Company has the intent to sell or if it is more likely than not the Company would be required to sell the security prior to recovery of its amortized cost. The determination of the amount of impairments under this model is based upon the Company's periodic evaluation and assessment of known and inherent risks associated with the respective securities. Such evaluations and assessments are revised as conditions change and new information becomes available.

When determining the Company's intention to sell a security prior to recovery of its amortized cost basis, the Company evaluates facts and circumstances such as, but not limited to, future cash flow needs, decisions to reposition its security portfolio, and risk profile of individual investment holdings. The Company performs ongoing analyses of its liquidity needs, which includes cash flow testing of its policy liabilities, debt maturities, projected dividend payments, and other cash flow and liquidity needs.

The Company’s methodology for estimating credit losses for available-for-sale securities utilizes the discounted cash flow model, based on past events, current market conditions and future economic conditions, as well as industry analysis and credit ratings of the securities. In addition, the Company evaluates the specific issuer’s probability of default and expected recovery of its position in the event of default based on the underlying financial condition and assets of the borrower as well as seniority and/or security of other debt holders in the issuer when developing management’s best estimate of expected cash flows.
The following table presents the roll forward of the allowance for credit losses by portfolio segment for loans and by accounting classification for securities.
(In millions)Transitional
Real Estate
Loans		Commercial
Mortgage
Loans		Middle
Market
Loans		Other Loans
and Loan
Commitments		Held-to-
Maturity
Securities		Available-
for-Sale
Securities		Total
Balance at December 31, 2021
$(68)$(10)$(96)$(31)$(8)$0 $(213)
(Addition to) release of allowance for credit losses14 1 (39)7 0 0 (17)
Writeoffs, net of recoveries0 0 6 0 0 0 6 
Change in foreign exchange0 0 0 0 1 0 1 
Balance at December 31, 2022
(54)(9)(129)(24)(7)0 (223)
(Addition to) release of allowance for credit losses (1)
(124)(7)(17)8 1 0 (139)
Writeoffs, net of recoveries66 0 0 0 0 0 66 
Change in foreign exchange0 0 0 0 1 0 1 
Balance at December 31, 2023
(112)(16)(146)(16)(5)0 (295)
(Addition to) release of allowance for credit losses(148)(17)(44)(1)0 0 (210)
Writeoffs, net of recoveries61 19 50 0 0 0 130 
Change in foreign exchange0 0 0 0 0 0 0 
Balance at December 31, 2024
$(199)$(14)$(140)$(17)$(5)$0 $(375)
(1) Includes an allowance for credit losses of $4 recognized on financial assets accounted for as purchased financial assets with credit deterioration that is not recorded in earnings upon recognition.

As of December 31, 2024, the Company identified TREs with an amortized cost of $390 million in anticipation of potential foreclosure or deed in lieu of foreclosure transactions. As of December 31, 2024, the Company established a credit allowance of $57 million related to these loans.

Other Investments

The table below reflects the composition of the carrying value for other investments as of December 31.
(In millions)20242023
Other investments:
Policy loans$203 $214 
Short-term investments (1)
1,599 1,304 
Limited partnerships (2)
3,435 2,750 
Real estate owned682 227 
Other39 35 
Total other investments$5,958 $4,530 
(1) Includes securities lending collateral
(2) Includes tax credit investments and asset classes such as private equity and real estate funds

The Parent Company invests in partnerships that specialize in rehabilitating historic structures or the installation of solar equipment in order to receive federal historic rehabilitation and solar tax credits. These investments are classified as limited partnerships and included in other investments in the consolidated balance sheets. The change in value of each investment is recorded as a reduction to net investment income. Tax credits generated by these investments are recorded as an income tax benefit in the consolidated statements of earnings.

REO consists of office buildings or other commercial properties obtained through foreclosure or deed in lieu of foreclosure of certain of the Company’s TREs. As of December 31, 2024, all REO was classified as held-and-used for the production of income and is carried at cost less accumulated depreciation. As of December 31, 2023, $210 million of REO was classified as held-and-used with the remaining $17 million classified as held-for-sale, which is carried at the lower of depreciated cost or fair value less cost to sell and is not further depreciated once classified as such. Depreciation expense was $13 million and an immaterial amount for the years ended December 31, 2024 and 2023, respectively. Additionally, as of December 31, 2024 and 2023, accumulated depreciation was $14 million and an immaterial amount, respectively.
The Company had $2.8 billion and $2.3 billion in outstanding commitments to fund investments in limited partnerships, which includes $2.1 billion and $2.0 billion of unfunded commitments related to VIEs that are non-consolidated as of December 31, 2024 and 2023, respectively.
Variable Interest Entities (VIEs)

In the normal course of its activities, the Company invests in legal entities that are VIEs. The Company's variable interests in VIEs are limited to the debt and equity instruments issued by them. With the exception of commitments to limited partnerships and to certain loan investments made in the normal course of business, the Company has not provided any direct or contingent obligations to fund the limited activities of these VIEs, or support related to the limited activities of these VIEs and does not have any intention to do so in the future, nor has it provided any direct or indirect financial guarantees.

The Company's risk of loss related to its interests in any of its VIEs is limited to the carrying value of the related investments, and in certain cases, to any unfunded commitments held in the VIE.

For those VIEs other than certain unit trust structures, the Company's involvement is passive in nature.

VIEs - Consolidated

If the Company determines that it is the VIE’s primary beneficiary, it consolidates the VIE. Creditors or beneficial interest holders of VIEs where the Company is the primary beneficiary have no recourse to the general credit of the Company except to the extent of the unfunded commitments referenced above, as the Company’s obligation to each VIE is limited to the amount of its committed investment.

The following table presents carrying value and balance sheet caption in which the assets and liabilities of consolidated VIEs are reported as of December 31.

Investments in Consolidated Variable Interest Entities
(In millions)20242023
Assets:
Fixed maturity securities, available-for-sale$3,428 $3,712 
Commercial mortgage and other loans8,693 10,150 
Other investments (1)
2,176 2,381 
Other assets (2)
53 55 
Total assets of consolidated VIEs$14,350 $16,298 
Liabilities:
Other liabilities (2)
$604 $507 
Total liabilities of consolidated VIEs$604 $507 
(1) Consists entirely of alternative investments in limited partnerships, which represent VIEs where the Company is not the primary beneficiary and, therefore, are not consolidated
(2) Consists entirely of derivatives

The Company is the sole investor in the consolidated VIEs listed in the table above. The Company invests in fixed maturity securities issued by VIEs that in turn hold U.S. dollar-denominated fixed maturity securities coupled with foreign currency swap agreements. The weighted-average lives of the Company's investments in these VIEs are very similar to the underlying collateral held by these VIEs. The activities of these VIEs are limited to holding invested assets and foreign currency swaps and utilizing the cash flows from these securities to service the VIEs' debt. Neither the Company nor any of its creditors are able to obtain the underlying collateral of these VIEs unless there is an event of default or other specified event. The Company is not a direct counterparty to the foreign currency swap contracts and has no control over them. The Company's loss exposure to these VIEs is limited to its original investment. These consolidated VIEs do not rely on outside or ongoing sources of funding to support their activities beyond the underlying collateral and foreign currency swap contracts, if applicable. The underlying collateral assets and funding of these consolidated VIEs are generally static in nature.
Investments in Unit Trust Structures

The Company also utilizes unit trust structures in its Aflac Japan segment to invest in various asset classes, which include CMLs, MMLs, TREs, other loans and limited partnerships. As the sole investor of these VIEs, the Company is required to consolidate these trusts under U.S. GAAP. The limited partnership investments are comprised of private equity and real estate funds. The Company's loss exposure to these VIEs is limited to its original investments, together with any unfunded portion of the Company's commitments made in the normal course of business to fund certain loan investments and limited partnership investments, as described in the Commercial Mortgage and Other Loans and Other Investments sections of this note. Excluding these commitments, the Company does not provide financial or other support to consolidated VIEs.

VIEs - Not Consolidated

The table below reflects the carrying value and balance sheet caption in which the Company's investments in VIEs that are not consolidated are reported as of December 31.

Investments in Variable Interest Entities Not Consolidated
(In millions)20242023
Assets:
Fixed maturity securities, available-for-sale$6,243 $6,424 
Other investments (1)
1,124 369 
Total investments in VIEs not consolidated$7,367 $6,793 
(1) Consists entirely of alternative investments in limited partnerships

Certain investments in VIEs that the Company is not required to consolidate are investments that are in the form of debt obligations issued by the VIEs. These fixed maturity securities include structured securities, primarily asset-backed securities. The Company's involvement in the related VIEs is limited to that of a passive investor in asset-backed securities issued by the VIEs. The Company also invests in VIEs that are the primary financing vehicles used by their corporate sponsors to raise financing in the capital markets. The variable interests created by these VIEs are principally or solely a result of the debt instruments issued by them. The Company does not have the power to direct the activities that most significantly impact the entity's economic performance, nor does it have the obligation to absorb losses of the VIE entity or the right to receive benefits from the entity that could be significant to the entity. As such, the Company is not the primary beneficiary of these VIEs and therefore is not required to consolidate them.

The Company also holds equity investments in limited partnerships that have been determined to be VIEs. These partnerships primarily invest in private equity and real estate funds. The Company’s maximum exposure to loss on these investments is limited to the amount of its investment and any unfunded commitments. As described in the Other Investments section of this note, the Company makes commitments to fund partnership investments in the normal course of business. Excluding these commitments, the Company did not provide financial or other support to unconsolidated VIEs. The Company is not the primary beneficiary of these VIEs and is therefore not required to consolidate them. The Company classifies these investments as other investments in the consolidated balance sheets.
Securities Lending and Pledged Securities

The Company lends fixed maturity securities and, from time to time, public equity securities to financial institutions in short-term securities lending transactions. These short-term securities lending arrangements increase investment income with minimal risk. The Company receives cash or other securities as collateral for such loans. The Company's securities lending policy requires that the fair value of the securities received as collateral be 102% or more of the fair value of the loaned securities and that unrestricted cash received as collateral be 100% or more of the fair value of the loaned securities. The securities loaned continue to be carried as investment assets on the Company's balance sheet during the terms of the loans and are not reported as sales. For loans involving unrestricted cash or securities as collateral, the collateral is reported as an asset with a corresponding liability for the return of the collateral. For loans where the Company receives as collateral securities that the Company is not permitted to sell or repledge, the collateral is not reflected in the consolidated financial statements.
Details of collateral by loaned security type and remaining maturity of the agreements as of December 31 were as follows:
Securities Lending Transactions Accounted for as Secured Borrowings
Remaining Contractual Maturity of the Agreements
20242023
(In millions)
Overnight
and
Continuous(1)
Up to 30
days		Total
Overnight
and
Continuous(1)
Up to 30
days		Total
Securities lending
  transactions:
Fixed maturity securities:
Japan government and agencies$0 $1,027 $1,027 $0 $737 $737 
Public utilities34 0 34 19 0 19 
Banks/financial institutions193 0 193 72 0 72 
Other corporate783 0 783 675 0 675 
          Total borrowings$1,010 $1,027 $2,037 $766 $737 $1,503 
Gross amount of recognized liabilities for securities
   lending transactions		$2,037 $1,503 
(1) The related loaned security, under the Company's U.S. securities lending program, can be returned to the Company at the transferee's discretion; therefore, they are classified as Overnight and Continuous.

In connection with securities lending, in addition to cash collateral received, the Company received from counterparties securities collateral of $3.0 billion and $4.3 billion at December 31, 2024, and 2023, respectively, which may not be sold or re-pledged, unless the counterparty is in default. Such securities collateral is not reflected on the consolidated financial statements.

The Company did not have any repurchase agreements or repurchase-to-maturity transactions outstanding as of December 31, 2024 and 2023, respectively.

Certain fixed maturity securities can be pledged as collateral as part of derivative transactions, or pledged to support state deposit requirements on certain investment programs. For additional information regarding pledged securities related to derivative transactions, see Note 4.

At December 31, 2024, debt securities with a fair value of $20 million were on deposit with regulatory authorities in the U.S. (including U.S. territories). The Company retains ownership of all securities on deposit and receives the related investment income.

For general information regarding the Company's investment accounting policies, see Note 1.
v3.25.0.1
DERIVATIVE INSTRUMENTS
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS DERIVATIVE INSTRUMENTS
The Company's freestanding derivative financial instruments include:
•foreign currency forwards and options used in hedging foreign exchange risk on U.S. dollar-denominated investments in Aflac Japan's portfolio, with options used on a standalone basis and/or in a collar strategy;

•foreign currency forwards and options used to economically hedge certain portions of forecasted cash flows denominated in yen and hedge the Company's long term exposure to a weakening yen;

•cross-currency interest rate swaps, also referred to as foreign currency swaps, associated with certain senior notes and subordinated debentures;

•foreign currency swaps that are associated with VIE bond purchase commitments, and investments in special-purpose entities, including VIEs where the Company is the primary beneficiary;

•interest rate swaps used to economically hedge interest rate fluctuations in certain variable-rate investments;

•interest rate swaptions used to hedge changes in the fair value associated with interest rate fluctuations for certain U.S. dollar-denominated available-for-sale fixed-maturity securities; and

•bond purchase commitments at the inception of investments in consolidated VIEs.
Some of the Company's derivatives are designated as cash flow hedges, fair value hedges or net investment hedges; however, other derivatives do not qualify for hedge accounting or the Company elects not to designate them as accounting hedges.

Derivative Types

Foreign currency forwards and options are executed for the Aflac Japan segment in order to hedge the currency risk on the carrying value of certain U.S. dollar-denominated investments. The average maturity of these forwards and options can change depending on factors such as market conditions and types of investments being held. In situations where the maturity of the forwards and options is shorter than the underlying investment being hedged, the Company may enter into new forwards and options near maturity of the existing derivative in order to continue hedging the underlying investment. In forward transactions, Aflac Japan agrees with another party to buy a fixed amount of yen and sell a corresponding amount of U.S. dollars at a specified future date. The Company also uses one-sided foreign currency put options to mitigate the settlement risk on U.S. dollar-denominated assets related to extreme foreign currency rate changes. From time to time, Aflac Japan also executes foreign currency option transactions in a collar strategy, where Aflac Japan agrees with another party to simultaneously purchase put options and sell call options. In the purchased put transactions, Aflac Japan obtains the option to buy a fixed amount of yen and sell a corresponding amount of U.S. dollars at a specified future date. In the sold call transactions, Aflac Japan agrees to sell a fixed amount of yen and buy a corresponding amount of U.S. dollars at a specified future date. The combination of purchasing the put option and selling the call option results in no net premium being paid (i.e. a costless or zero-cost collar).

From time to time, the Company may also enter into foreign currency forwards and options to hedge the currency risk associated with the net investment in Aflac Japan. In these forward transactions, the Company agrees with another party to buy a fixed amount of U.S. dollars and sell a corresponding amount of yen at a specified price at a specified future date. In the option transactions, the Company may use a combination of foreign currency options to protect expected future cash flows by simultaneously purchasing yen put options (options that protect against a weakening yen) and selling yen call options (options that limit participation in a strengthening yen). The combination of these two actions create a zero-cost collar. Additionally, the Company enters into purchased options to hedge cash flows from the net investment in Aflac Japan.

The Company enters into foreign currency swaps pursuant to which it exchanges an initial principal amount in one currency for an initial principal amount of another currency, with an agreement to re-exchange the principal amounts at a future date. There may also be periodic exchanges of payments at specified intervals based on the agreed upon rates and notional amounts. Foreign currency swaps are used primarily in the consolidated VIEs in the Company's Aflac Japan portfolio to convert foreign-denominated cash flows to yen, the functional currency of Aflac Japan, in order to minimize cash flow fluctuations. The Company also uses foreign currency swaps to economically convert certain of its U.S. dollar-denominated senior note and subordinated debenture principal and interest obligations into yen-denominated obligations.

In order to reduce investment income volatility from its variable-rate investments, the Company enters into receive–fixed, pay–floating interest rate swaps. These derivatives are cleared and settled through a central clearinghouse.

Swaptions are used to mitigate the adverse impact resulting from significant changes in the fair value of U.S. dollar-denominated available-for-sale securities due to fluctuation in interest rates. In a payer swaption, the Company pays a premium to obtain the right, but not the obligation, to enter into a swap contract where it will pay a fixed rate and receive a floating rate. Interest rate swaption collars are combinations of two swaption positions. In order to maximize the efficiency of the collars while minimizing cost, a collar strategy is used whereby the Company purchases a long payer swaption (the Company purchases an option that allows it to enter into a swap where the Company will pay the fixed rate and receive the floating rate of the swap) and sells a short receiver swaption (the Company sells an option that provides the counterparty with the right to enter into a swap where the Company will receive the fixed rate and pay the floating rate of the swap). The combination of purchasing the long payer swaption and selling the short receiver swaption results in no net premium being paid (i.e. a costless or zero-cost collar).

Bond purchase commitments result from repackaged bond structures that are consolidated VIEs whereby there is a delay in the trade date and settlement date of the bond within the structure to ensure completion of all necessary legal agreements to support the consolidated VIE that issues the repackaged bond. Since the Company has a commitment to purchase the underlying bond at a specified price, the agreement meets the definition of a derivative where the value is derived based on the current market value of the bond compared to the fixed purchase price to be paid on the settlement date.
Derivative Balance Sheet Classification
The table below summarizes the balance sheet classification of the Company's derivative fair value amounts, as well as the gross asset and liability fair value amounts, at December 31. The fair value amounts presented do not include income accruals. Derivative assets are included in other assets, while derivative liabilities are included in other liabilities within the Company’s consolidated balance sheets. The notional amount of derivative contracts represents the basis upon which pay or receive amounts are calculated and are not reflective of exposure or credit risk.
20242023
(In millions)Asset
Derivatives		Liability
Derivatives		Asset
Derivatives		Liability
Derivatives
Hedge Designation/ Derivative
  Type		Notional
Amount		Fair ValueFair ValueNotional
Amount		Fair ValueFair Value
Cash flow hedges:
Foreign currency swaps - VIE$18 $0 $6 $18 $0 $4 
Total cash flow hedges18 0 6 18 0 4 
Fair value hedges:
Foreign currency options0 0 0 2,158 0 0 
Total fair value hedges0 0 0 2,158 0 0 
Net investment hedge:
Foreign currency forwards1,809 185 0 2,611 179 27 
Foreign currency options0 0 0 456 0 0 
Total net investment hedge1,809 185 0 3,067 179 27 
Non-qualifying strategies:
Foreign currency swaps450 2 0 1,200 31 0 
Foreign currency swaps - VIE3,042 53 598 3,417 55 503 
Foreign currency forwards0 0 0 7,402 59 477 
Foreign currency options24,195 0 0 22,557 2 0 
Interest rate swaps17,230 0 329 17,230 11 419 
Total non-qualifying strategies44,917 55 927 51,806 158 1,399 
Total derivatives$46,744 $240 $933 $57,049 $337 $1,430 

Cash Flow Hedges

For certain variable-rate U.S. dollar-denominated available-for-sale securities held by Aflac Japan via consolidated VIEs, foreign currency swaps are used to swap the U.S. Dollar (USD) variable rate interest and principal payments to fixed rate Japanese Yen (JPY) interest and principal payments. The Company has designated foreign currency swaps as a hedge of the variability in cash flows of a forecasted transaction or of amounts to be received or paid related to a recognized asset (“cash flow” hedge). The remaining maximum length of time for which these cash flows are hedged is approximately two years. The derivatives in the Company's consolidated VIEs that are not designated as accounting hedges are discussed in the Non-qualifying Strategies section of this note.
Fair Value Hedges
The Company designates and accounts for certain foreign currency forwards, options, and interest rate swaptions as fair value hedges when they meet the requirements for hedge accounting. The Company recognizes gains and losses on these derivatives as well as the offsetting gain or loss on the related hedged items in current earnings.

Foreign currency forwards and options hedge the foreign currency exposure of certain U.S. dollar-denominated available-for-sale fixed-maturity investments held in Aflac Japan. The change in the fair value of the foreign currency forwards related to the changes in the difference between the spot rate and the forward price is excluded from the assessment of hedge effectiveness. The change in fair value of the foreign currency option related to the time value of the option is recognized in current earnings and is excluded from the assessment of hedge effectiveness.
Interest rate swaptions hedge the interest rate exposure of certain U.S. dollar-denominated available-for-sale securities held in Aflac Japan. For these hedging relationships, the Company excludes time value from the assessment of hedge effectiveness and recognizes changes in the intrinsic value of the swaptions in current earnings within net investment income. The change in the time value of the swaptions is recognized in other comprehensive income (loss) and amortized into earnings (net investment income) over its legal term.

The following table presents the gains and losses on derivatives and the related hedged items in fair value hedges for the years ended December 31. The Company had no fair value hedges during the year ended December 31, 2024.

Fair Value Hedging Relationships
(In millions)Hedging DerivativesHedged Items
Hedging DerivativesHedged Items Total
Gains
(Losses)
Gains (Losses)
Excluded from Effectiveness Testing(1)
Gains (Losses)
Included in Effectiveness Testing(2)
 Gains (Losses)(2)
Net Investment Gains (Losses) Recognized for Fair Value Hedge
2023:
Foreign currency optionsFixed maturity securities$(65)$(65)$0 $0 $0 
Total gains (losses)$(65)$(65)$0 $0 $0 
2022:
Foreign currency optionsFixed maturity securities(18)(18)0 0 0 
    Total gains (losses)$(18)$(18)$0 $0 $0 
(1) Gains (losses) excluded from effectiveness testing includes the forward point on foreign currency forwards and time value change on foreign currency options which are reported in the consolidated statements of earnings as net investment gains (losses). It also includes the change in the fair value of the interest rate swaptions related to the time value of the swaptions which is recognized as a component of other comprehensive income (loss).
(2) Gains and losses on foreign currency forwards and options and related hedged items are reported in the consolidated statements of earnings as net investment gains (losses). For interest rate swaptions and related hedged items, gains and losses included in the hedge assessment, premium amortization and time value amortization while the hedge items are still outstanding are reported within net investment income. The time value gains and losses for interest rate swaptions when the related hedged items are redeemed are reported in net investment gains (losses) consistent with the impact of the hedged item. For the years ended December 31, 2023 and 2022, gains and losses included in the hedge assessment on interest rate swaptions and related hedged items were immaterial.

The following table shows the carrying amounts of assets designated and qualifying as hedged items in fair value hedges of interest rate risk and the related cumulative hedge adjustment included in the carrying amount. The Company had no fair value hedges of interest rate risk as of December 31, 2024 and 2023; therefore, the amounts presented in the table below are related to previous fair value hedges of interest rate risk that were discontinued.
(In millions)
Carrying Amount of the Hedged Assets/(Liabilities)(1)
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of Hedged Assets/(Liabilities)
2024202320242023
Fixed maturity securities$1,294 $1,692 $137 $164 
(1) The balance includes hedging adjustment on discontinued hedging relationships of $137 in 2024 and $164 in 2023.

Net Investment Hedge

The Company's investment in Aflac Japan is affected by changes in the yen/dollar exchange rate. To mitigate this exposure, the Parent Company's yen-denominated liabilities (see Note 9) have been designated as non-derivative hedges and certain foreign currency forwards and options have been designated as derivative hedges of the foreign currency exposure of the Company's net investment in Aflac Japan.

The Company's net investment hedge was effective during the years ended December 31, 2024, 2023 and 2022.
Non-qualifying Strategies
For the Company's derivative instruments in consolidated VIEs that do not qualify for hedge accounting treatment, all changes in their fair value are reported in current period earnings in net investment gains (losses). The amount of gain or loss recognized in earnings for the Company's VIEs is attributable to the derivatives in those investment structures. While the change in value of the swaps is recorded in current period earnings, the change in value of the available-for-sale fixed maturity securities associated with these swaps is recorded in other comprehensive income.
As of December 31, 2024, the Parent Company had $450 million notional amount of cross-currency interest rate swap agreements related to certain of its U.S. dollar-denominated senior notes to effectively convert a portion of the interest on the notes from U.S. dollar to Japanese yen. Changes in the values of these swaps are recorded in current period earnings.
The Company uses foreign currency forwards and options to economically mitigate the currency risk of some of its U.S. dollar-denominated loan receivables and U.S. government fixed maturity securities held in the Aflac Japan segment. These arrangements are not designated as accounting hedges, as the foreign currency remeasurement of the loan receivables impacts current period earnings, and substantially offsets gains and losses from foreign currency forwards within net investment gains (losses). The Company also has certain foreign currency forwards on U.S. dollar-denominated available-for-sale securities where hedge accounting is not being applied.

The Company uses interest rate swaps to economically convert the variable rate investment income to a fixed rate on certain variable-rate investments.
Impact of Derivatives and Hedging Instruments

The following table summarizes the impact to earnings and other comprehensive income (loss) from all derivatives and hedging instruments for the years ended December 31.
202420232022
(In millions)Net
Investment
Income		Net
Investment
Gains (Losses)		Other
Comprehensive
 Income (Loss)		Net
Investment
Income		Net
Investment
Gains (Losses)		Other
Comprehensive
 Income (Loss)		Net
Investment
Income		Net
Investment
Gains (Losses)		Other
Comprehensive
 Income (Loss)
Qualifying hedges:
  Cash flow hedges:
       Foreign currency swaps - VIE$(1)$(4)$2 $(1)$(4)$5 $(1)$(4)$4 
  Total cash flow hedges(1)(4)
(1)
2 (1)(4)
(1)
5 (1)(4)
(1)
4 
  Fair value hedges:
       Foreign currency options0 (65)(18)
       Interest rate swaptions (2)
(1)0 1 (1)0 1 0 0 0 
  Total fair value hedges(1)0 1 (1)(65)1 0 (18)0 
  Net investment hedge:
       Non-derivative hedging
          instruments		0 426 0 257 0 371 
       Foreign currency forwards138 258 234 313 (80)673 
       Foreign currency options 0 0 (5)0 (1)0 
   Total net investment hedge138 684 229 570 (81)1,044 
  Non-qualifying strategies:
       Foreign currency swaps2 4 159 
       Foreign currency swaps - VIE(215)(201)9 
       Foreign currency forwards17 (349)(650)
       Foreign currency options (107)(53)0 
       Interest rate swaps(194)(88)(546)
       Interest rate swaptions0 0 1 
       Forward bond purchase
         commitment - VIE		0 (4)(21)
  Total non-qualifying strategies(497)(691)(1,048)
          Total$(2)$(363)$687 $(2)$(531)$576 $(1)$(1,151)$1,048 
(1) Impact of cash flow hedges reported as net investment gains (losses) includes $4 of losses reclassified from accumulated other comprehensive income (loss) into earnings during the year ended December 31, 2024, compared with $4 of losses during the years ended December 31, 2023 and 2022, respectively.
(2) Includes $1 of losses reclassified from accumulated other comprehensive income (loss) into earnings during the year ended December 31, 2024, compared with $1 of losses during the years ended December 31, 2023 and 2022, respectively, related to fair value hedges excluded component. Impact shown net of effect of hedged items (see Fair Value Hedges section of this Note 4 for further detail).
Interest expense/income on cash flow hedges are recorded in net investment income. For interest rate swaptions classified as fair value hedges, the change in the time value of the swaptions is recognized in other comprehensive income (loss) and amortized into net investment income over its legal term. If the swaption is early terminated but the hedged item is still outstanding, the amortization of disposal amount of the swaptions is recorded in net investment income over the remaining life of the hedged items. Gains and losses on cash flow hedges and the change in the fair value of interest rate swaptions related to the time value of the swaptions in fair value hedges are recorded as unrealized gains (losses). Gains and losses on net investment hedges related to changes in foreign currency spot rates are recorded in the unrealized foreign currency translation gains (losses) line in the consolidated statements of comprehensive income (loss).

As of December 31, 2024, $4 million of deferred losses on derivative instruments recorded in accumulated other comprehensive income are expected to be reclassified into earnings during the next twelve months.

Credit Risk Assumed through Derivatives

For the foreign currency swaps associated with the Company's VIE investments for which it is the primary beneficiary, the Company bears the risk of loss due to counterparty default even though it is not a direct counterparty to those contracts.

The Company is a direct counterparty to the foreign currency swaps that it has entered into in connection with certain of its senior notes and subordinated debentures; foreign currency forwards; and foreign currency options, and therefore the Company is exposed to credit risk in the event of nonperformance by the counterparties in those contracts. The risk of counterparty default for the Company's foreign currency swaps, certain foreign currency forwards, and foreign currency options is mitigated by collateral posting requirements that counterparties to those transactions must meet.

As of December 31, 2024, all of the Company's derivative agreement counterparties were investment grade.

The Company engages in over-the-counter (OTC) bilateral derivative transactions directly with unaffiliated third parties under International Swaps and Derivatives Association, Inc. (ISDA) agreements and other documentation. Most of the ISDA agreements also include Credit Support Annexes (CSAs) provisions, which generally provide for two-way collateral postings at the first dollar of exposure. The Company mitigates the risk that counterparties to transactions might be unable to fulfill their contractual obligations by monitoring counterparty credit exposure and collateral value while generally requiring that collateral be posted at the outset of the transaction. In addition, a significant portion of the derivative transactions have provisions that give the counterparty the right to terminate the transaction upon a downgrade of the Company's financial strength rating. The actual amount of payments that the Company could be required to make depends on market conditions, the fair value of outstanding affected transactions, and other factors prevailing at and after the time of the downgrade.

The Company also engages in OTC cleared derivative transactions through regulated central clearing counterparties. These positions are marked to market and margined on a daily basis (both initial margin and variation margin), and the Company has minimal exposure to credit-related losses in the event of nonperformance by counterparties to these derivatives.

Collateral posted by the Company to third parties for derivative transactions can generally be repledged or resold by the counterparties. The aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a net liability position by counterparty was approximately $804 million and $1.2 billion as of December 31, 2024 and 2023, respectively. If the credit-risk-related contingent features underlying these agreements had been triggered on December 31, 2024, the Company estimates that it would be required to post a maximum of $475 million of additional collateral to these derivative counterparties. The Company is generally allowed to sell or repledge collateral obtained from its derivative counterparties, although it does not typically exercise such rights. See the Offsetting tables below for collateral posted or received as of the reported balance sheet dates.

Offsetting of Financial Instruments and Derivatives

Most of the Company's derivative instruments are subject to enforceable master netting arrangements that provide for the net settlement of all derivative contracts between the Parent Company or its subsidiaries and the respective counterparty in the event of default or upon the occurrence of certain termination events. Collateral support agreements with the master netting arrangements generally provide that the Company will receive or pledge financial collateral at the first dollar of exposure.
The Company has securities lending agreements with unaffiliated financial institutions that post collateral to the Company in return for the use of its fixed maturity and public equity securities (see Note 3). When the Company has entered into securities lending agreements with the same counterparty, the agreements generally provide for net settlement in the event of default by the counterparty. This right of set-off allows the Company to keep and apply collateral received if the counterparty failed to return the securities borrowed from the Company as contractually agreed.

The tables below summarize the Company's derivatives and securities lending transactions as of December 31, and as reflected in the tables, in accordance with U.S. GAAP, the Company's policy is to not offset these financial instruments in the consolidated balance sheets.


Offsetting of Financial Assets and Derivative Assets
2024
Gross Amounts Not Offset in Balance Sheet
(In millions)Gross Amount of Recognized AssetsGross Amount Offset in Balance SheetNet Amount of Assets Presented in Balance SheetFinancial InstrumentsSecurities CollateralCash Collateral ReceivedNet Amount
Derivative
  assets:
    Derivative
      assets subject to a
      master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral$187 $0 $187 $0 $(45)$(135)$7 
    Total derivative
      assets subject to a
      master netting
      agreement or
      offsetting
      arrangement		187 0 187 0 (45)(135)7 
    Derivative
      assets not subject
      to a master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral53 53 53 
    Total derivative
      assets not subject
      to a master netting
      agreement or
      offsetting
      arrangement		53 53 53 
    Total derivative
      assets		240 0 240 0 (45)(135)60 
Securities lending
   and similar
   arrangements		2,001 0 2,001 0 0 (2,001)0 
    Total$2,241 $0 $2,241 $0 $(45)$(2,136)$60 
2023
Gross Amounts Not Offset
in Balance Sheet
(In millions)Gross Amount of Recognized AssetsGross Amount Offset in Balance SheetNet Amount of Assets Presented in Balance SheetFinancial
Instruments		Securities CollateralCash Collateral ReceivedNet
 Amount
Derivative
  assets:
    Derivative
      assets subject to a
      master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral$271 $0 $271 $(85)$(53)$(130)$3 
          OTC - cleared11 0 11 (11)0 0 0 
    Total derivative
      assets subject to a
      master netting
      agreement or
      offsetting
      arrangement		282 0 282 (96)(53)(130)3 
    Derivative
      assets not subject
      to a master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral55 55 55 
    Total derivative
      assets not subject
      to a master netting
      agreement or
      offsetting
      arrangement		55 55 55 
    Total derivative
      assets		337 0 337 (96)(53)(130)58 
Securities lending
   and similar
   arrangements		1,480 0 1,480 0 0 (1,480)0 
    Total$1,817 $0 $1,817 $(96)$(53)$(1,610)$58 
Offsetting of Financial Liabilities and Derivative Liabilities
2024
Gross Amounts Not Offset
in Balance Sheet
(In millions)Gross Amount of Recognized LiabilitiesGross Amount Offset in Balance SheetNet Amount of Liabilities Presented in Balance SheetFinancial InstrumentsSecurities CollateralCash Collateral PledgedNet
 Amount
Derivative
  liabilities:
    Derivative
      liabilities subject
      to a master netting
      agreement or
      offsetting
      arrangement
          OTC - cleared$329 $0 $329 $0 $0 $(329)$0 
    Total derivative
      liabilities subject
      to a master netting
      agreement or
      offsetting
      arrangement		329 0 329 0 0 (329)0 
    Derivative
      liabilities not
      subject to a
      master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral604 604 604 
    Total derivative
      liabilities not
      subject to a
      master netting
      agreement or
      offsetting
      arrangement		604 604 604 
    Total derivative
      liabilities		933 0 933 0 0 (329)604 
Securities lending
   and similar
   arrangements		2,037 0 2,037 (2,001)0 0 36 
    Total$2,970 $0 $2,970 $(2,001)$0 $(329)$640 
2023
Gross Amounts Not Offset
in Balance Sheet
(In millions)Gross Amount of Recognized LiabilitiesGross Amount Offset in Balance SheetNet Amount of Liabilities Presented in Balance SheetFinancial InstrumentsSecurities CollateralCash Collateral PledgedNet
 Amount
Derivative
  liabilities:
    Derivative
      liabilities subject
      to a master netting
      agreement or
      offsetting
      arrangement
OTC - bilateral$504 $0 $504 $(85)$(381)$(37)$1 
OTC - cleared419 0 419 (11)(19)(389)0 
    Total derivative
      liabilities subject
      to a master netting
      agreement or
      offsetting
      arrangement		923 0 923 (96)(400)(426)1 
    Derivative
      liabilities not
      subject to a
      master netting
      agreement or
      offsetting
      arrangement
OTC - bilateral507 507 507 
    Total derivative
      liabilities not
      subject to a
      master netting
      agreement or
      offsetting
      arrangement		507 507 507 
    Total derivative
      liabilities		1,430 0 1,430 (96)(400)(426)508 
Securities lending
   and similar
   arrangements		1,503 0 1,503 (1,480)0 0 23 
    Total$2,933 $0 $2,933 $(1,576)$(400)$(426)$531 

For additional information on the Company's financial instruments, see Notes 1, 3 and 5.
v3.25.0.1
FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
Fair Value Hierarchy

U.S. GAAP specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. These two types of inputs create three valuation hierarchy levels, as follows:

•Level 1 valuations reflect quoted market prices for identical assets or liabilities in active markets.
•Level 2 valuations reflect quoted market prices for similar assets or liabilities in an active market, quoted market prices for identical or similar assets or liabilities in non-active markets or model-derived valuations in which all significant valuation inputs are observable in active markets.
•Level 3 valuations reflect valuations in which one or more of the significant inputs are not observable in an active market.
The following tables present the fair value hierarchy levels of the Company's assets and liabilities that are measured and carried at fair value on a recurring basis as of December 31.
  2024
(In millions)Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total
Fair
Value
Assets:
Securities available-for-sale, carried at
  fair value:
Fixed maturity securities:
Government and agencies$17,088 $758 $0 $17,846 
Municipalities0 2,034 0 2,034 
Mortgage- and asset-backed securities0 2,407 1,156 3,563 
Public utilities0 6,398 647 7,045 
Sovereign and supranational0 393 23 416 
Banks/financial institutions0 8,946 10 8,956 
Other corporate0 25,178 231 25,409 
Total fixed maturity securities17,088 46,114 2,067 65,269 
Equity securities639 0 157 796 
Other investments1,599 0 0 1,599 
Cash and cash equivalents6,229 0 0 6,229 
Other assets:
Foreign currency swaps0 55 0 55 
Foreign currency forwards0 185 0 185 
Total other assets0 240 0 240 
Total assets$25,555 $46,354 $2,224 $74,133 
Liabilities:
Other liabilities:
Foreign currency swaps$0 $604 $0 $604 
Interest rate swaps0 329 0 329 
Total liabilities$0 $933 $0 $933 
  2023
(In millions)Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total
Fair
Value
Assets:
Securities available-for-sale, carried at
  fair value:
Fixed maturity securities:
Government and agencies$21,700 $900 $0 $22,600 
Municipalities0 2,298 0 2,298 
Mortgage- and asset-backed securities0 2,314 772 3,086 
Public utilities0 7,339 253 7,592 
Sovereign and supranational0 507 30 537 
Banks/financial institutions0 8,757 78 8,835 
Other corporate0 27,694 648 28,342 
Total fixed maturity securities21,700 49,809 1,781 73,290 
Equity securities840 0 248 1,088 
Other investments1,304 0 0 1,304 
Cash and cash equivalents4,306 0 0 4,306 
Other assets:
Foreign currency swaps0 86 0 86 
Foreign currency forwards0 238 0 238 
Foreign currency options0 2 0 2 
Interest rate swaps0 11 0 11 
Total other assets0 337 0 337 
Total assets$28,150 $50,146 $2,029 $80,325 
Liabilities:
Other liabilities:
Foreign currency swaps$0 $507 $0 $507 
Foreign currency forwards0 504 0 504 
Interest rate swaps0 419 0 419 
Total liabilities$0 $1,430 $0 $1,430 
The following tables present the carrying amount and fair value categorized by fair value hierarchy level for the Company's financial instruments that are not carried at fair value as of December 31.
2024
(In millions)Carrying
Value		Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total
Fair
Value
Assets:
Securities held-to-maturity,
    carried at amortized cost:
  Fixed maturity securities:
Government and agencies$15,309 $15,916 $143 $0 $16,059 
Municipalities235 0 257 0 257 
Public utilities32 0 33 0 33 
Sovereign and
   supranational		374 0 405 0 405 
Other corporate16 0 18 0 18 
Commercial mortgage and
    other loans		10,869 0 0 10,653 10,653 
Other investments (1)
39 0 39 0 39 
 Total assets$26,874 $15,916 $895 $10,653 $27,464 
Liabilities:
Other policyholders’ funds$5,460 $0 $0 $5,389 $5,389 
Notes payable
   (excluding leases)		7,402 0 6,352 675 7,027 
Total liabilities$12,862 $0 $6,352 $6,064 $12,416 
(1) Excludes policy loans of $203, equity method investments of $3,435, and REO of $682, at carrying value.
2023
(In millions)Carrying
Value		Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total
Fair
Value
Assets:
Securities held-to-maturity,
   carried at amortized cost:
  Fixed maturity securities:
Government and agencies$17,083 $18,662 $167 $0 $18,829 
Municipalities266 0 307 0 307 
Public utilities34 0 38 0 38 
Sovereign and
   supranational		418 0 462 0 462 
Other corporate18 0 21 0 21 
Commercial mortgage and
    other loans		12,527 0 0 12,217 12,217 
Other investments (1)
35 0 35 0 35 
  Total assets$30,381 $18,662 $1,030 $12,217 $31,909 
Liabilities:
Other policyholders’ funds$6,169 $0 $0 $6,080 $6,080 
Notes payable
   (excluding leases)		7,240 0 6,178 752 6,930 
Total liabilities$13,409 $0 $6,178 $6,832 $13,010 
(1) Excludes policy loans of $214, equity method investments of $2,750, and REO of $227, at carrying value.

Fair Value of Financial Instruments

Fixed maturity and equity securities

The fair values of the Company's public fixed maturity securities are generally based on prices provided by third-party pricing vendors. The Company utilizes internally generated valuations or broker quotes for privately issued fixed maturity securities or fixed maturity securities where there is no price available from a third-party pricing vendor.

The fair values of the Company's public equity securities are generally based on price quotes, including quoted market prices readily available from independent public exchange markets or established security dealer associations. The Company determines the fair values of privately issued equity securities using the following approaches or techniques: price quotes and valuations from third-party pricing vendors, in-house valuations and non-binding price quotes the Company obtains from outside brokers.

The pricing data and market quotes the Company obtains from outside sources, including third-party pricing services, are reviewed internally for reasonableness. If a fair value appears unreasonable, the Company will re-examine the inputs and assess the reasonableness of the pricing data with the provider. Additionally, the Company may compare the inputs to relevant market indices and other performance measurements. Based on management's analysis, the valuation is confirmed or may be revised if there is evidence of a more appropriate estimate of fair value based on available market data. The Company has performed verification of the inputs and calculations in any valuation models, including independent validations and back testing, to confirm that the valuations represent reasonable estimates of fair value. For the periods presented, the Company has not adjusted the quotes or prices it obtains from the pricing services and brokers it uses.

For internally generated valuations, the Company utilizes valuation models developed by a third-party pricing vendor. The models and associated processes and controls are executed by Company personnel.
These models are discounted cash flow (DCF) valuation models but also use information from related markets, specifically public bond markets and the credit default swap (CDS) market, to estimate expected cash flows. The models take into consideration any unique characteristics of the securities and make various adjustments to arrive at an appropriate issuer-specific loss adjusted credit curve using the most appropriate comparable security(ies) of the issuer and issuer-specific CDS spreads. This credit curve is then used with the relevant recovery rates to estimate expected cash flows and modeling of additional features, including illiquidity adjustments, if necessary, to price the security by discounting those loss adjusted cash flows. In cases where a credit curve cannot be developed from market information for the specific issuer, the valuation methodology takes into consideration other market observable inputs, including:

•the most appropriate comparable security(ies) of a guarantor and/or parent
•CDS spreads of a guarantor and/or parent
•bonds of comparable issuers with similar characteristics such as rating, geography, or sector
•CDS spreads of an appropriate index or of comparable issuers with similar characteristics such as rating, geography, or sector
•bond indices that are comparative in rating, industry, maturity, and region.
The following tables present the pricing sources for the fair values of the Company's fixed maturity and equity securities as of December 31.
2024
(In millions)Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)		Total
Fair
Value
Securities available-for-sale, carried at fair value:
      Fixed maturity securities:
         Government and agencies:
Third-party pricing vendor$17,088 $446 $0 $17,534 
Internal0 312 0 312 
               Total government and agencies17,088 758 0 17,846 
         Municipalities:
Third-party pricing vendor0 1,791 0 1,791 
Internal0 243 0 243 
               Total municipalities0 2,034 0 2,034 
         Mortgage- and asset-backed securities:
Third-party pricing vendor0 2,352 0 2,352 
Internal 0 55 37 92 
Broker/other0 0 1,119 1,119 
               Total mortgage- and asset-backed securities0 2,407 1,156 3,563 
         Public utilities:
Third-party pricing vendor0 3,628 0 3,628 
Internal 0 2,770 0 2,770 
Broker/other0 0 647 647 
               Total public utilities0 6,398 647 7,045 
         Sovereign and supranational:
Third-party pricing vendor0 78 0 78 
Internal0 315 0 315 
Broker/other0 0 23 23 
               Total sovereign and supranational0 393 23 416 
         Banks/financial institutions:
Third-party pricing vendor0 4,975 0 4,975 
Internal0 3,971 5 3,976 
Broker/other0 0 5 5 
               Total banks/financial institutions0 8,946 10 8,956 
         Other corporate:
Third-party pricing vendor0 20,051 0 20,051 
Internal0 5,127 116 5,243 
Broker/other0 0 115 115 
               Total other corporate0 25,178 231 25,409 
                  Total securities available-for-sale$17,088 $46,114 $2,067 $65,269 
Equity securities, carried at fair value:
Third-party pricing vendor$639 $0 $0 $639 
Internal0 0 26 26 
Broker/other0 0 131 131 
               Total equity securities$639 $0 $157 $796 
2024
(In millions)Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)		Total
Fair
 Value
Securities held-to-maturity, carried at amortized cost:
      Fixed maturity securities:
         Government and agencies:
Third-party pricing vendor$15,916 $143 $0 $16,059 
               Total government and agencies15,916 143 0 16,059 
         Municipalities:
Third-party pricing vendor0 257 0 257 
               Total municipalities0 257 0 257 
         Public utilities:
Third-party pricing vendor0 33 0 33 
               Total public utilities0 33 0 33 
         Sovereign and supranational:
Third-party pricing vendor0 198 0 198 
Internal0 207 0 207 
               Total sovereign and supranational0 405 0 405 
         Other corporate:
Third-party pricing vendor0 18 0 18 
               Total other corporate0 18 0 18 
                  Total securities held-to-maturity$15,916 $856 $0 $16,772 
2023
(In millions)Quoted Prices in Active Markets
for Identical Assets
(Level 1)		Significant Observable
Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)		Total
Fair
Value
Securities available-for-sale, carried at fair value:
      Fixed maturity securities:
         Government and agencies:
Third-party pricing vendor$21,692 $808 $0 $22,500 
Internal0 60 0 60 
Broker/other8 32 0 40 
               Total government and agencies21,700 900 0 22,600 
         Municipalities:
Third-party pricing vendor0 1,426 0 1,426 
Internal0 256 0 256 
Broker/other0 616 0 616 
               Total municipalities0 2,298 0 2,298 
         Mortgage- and asset-backed securities:
Third-party pricing vendor0 2,277 0 2,277 
Internal0 27 105 132 
Broker/other0 10 667 677 
               Total mortgage- and asset-backed securities0 2,314 772 3,086 
         Public utilities:
Third-party pricing vendor0 4,570 0 4,570 
Internal0 2,677 0 2,677 
Broker/other0 92 253 345 
               Total public utilities0 7,339 253 7,592 
         Sovereign and supranational:
Third-party pricing vendor0 118 0 118 
Internal0 330 0 330 
Broker/other0 59 30 89 
               Total sovereign and supranational0 507 30 537 
         Banks/financial institutions:
Third-party pricing vendor0 5,085 0 5,085 
Internal0 3,008 69 3,077 
Broker/other0 664 9 673 
               Total banks/financial institutions0 8,757 78 8,835 
         Other corporate:
Third-party pricing vendor0 18,088 4 18,092 
Internal0 4,210 230 4,440 
Broker/other0 5,396 414 5,810 
               Total other corporate0 27,694 648 28,342 
                  Total securities available-for-sale$21,700 $49,809 $1,781 $73,290 
Equity securities, carried at fair value:
Third-party pricing vendor$800 $0 $0 $800 
Internal0 0 216 216 
Broker/other40 0 32 72 
               Total equity securities$840 $0 $248 $1,088 
2023
(In millions)Quoted Prices in Active Markets
for Identical Assets
(Level 1)		Significant Observable
Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)		Total
Fair
 Value
Securities held-to-maturity, carried at amortized cost:
      Fixed maturity securities:
         Government and agencies:
Third-party pricing vendor$18,662 $167 $0 $18,829 
               Total government and agencies18,662 167 0 18,829 
         Municipalities:
Third-party pricing vendor0 307 0 307 
               Total municipalities0 307 0 307 
         Public utilities:
Third-party pricing vendor0 38 0 38 
               Total public utilities0 38 0 38 
         Sovereign and supranational:
Third-party pricing vendor0 226 0 226 
Internal0 236 0 236 
               Total sovereign and supranational0 462 0 462 
         Other corporate:
Third-party pricing vendor0 21 0 21 
               Total other corporate0 21 0 21 
                  Total securities held-to-maturity$18,662 $995 $0 $19,657 

The following is a discussion of the determination of fair value of the Company's remaining financial instruments.

Derivatives

The Company uses derivative instruments to manage the risk associated with certain assets. However, the derivative instrument may not be classified in the same fair value hierarchy level as the associated asset. The significant inputs to pricing derivatives are generally observable in the market or can be derived by observable market data. When these inputs are observable, the derivatives are classified as Level 2.

The Company uses present value techniques to value non-option based derivatives. It also uses option pricing models to value option based derivatives. Key inputs are as follows:
Instrument TypeLevel 2
Interest rate derivatives
Swap yield curves
Basis curves
Interest rate volatility (1)
Foreign currency exchange rate derivatives - Non-VIEs (forwards, swaps and options)
Foreign currency forward rates
Swap yield curves
Basis curves
Foreign currency spot rates
Foreign cross-currency basis curves
Foreign currency volatility (1)
Foreign currency exchange rate derivatives - VIEs (swaps)
Foreign currency spot rates
Swap yield curves
Credit default swap curves
Basis curves
Recovery rates
Foreign currency forward rates
Foreign cross-currency basis curves
(1) Option-based only
The fair values of the foreign currency forwards and options are based on observable market inputs, therefore they are classified as Level 2.

The Parent Company has cross-currency swap agreements related to certain of its U.S. dollar-denominated senior notes to effectively convert a portion of the interest on the notes from U.S. dollar to Japanese yen. Their fair values are based on observable market inputs, therefore they are classified as Level 2.

To determine the fair value of its interest rate derivatives, the Company uses inputs that are generally observable in the market or can be derived from observable market data. Interest rate swaps are cleared trades. In a cleared swap contract, the clearinghouse provides benefits to the counterparties similar to contracts listed for investment traded on an exchange since it maintains a daily margin to mitigate counterparties' credit risk. These derivatives are priced using observable inputs, accordingly, they are classified as Level 2.

For derivatives associated with VIEs where the Company is the primary beneficiary, the Company is not the direct counterparty to the swap contracts. Nevertheless, the Company has full transparency into the contracts to properly value the swaps for reporting purposes. For these derivatives, the Company utilizes valuation models developed by independent valuation analytics providers. The models are market standard DCF models and all associated processes and controls are executed by Company personnel. These models take into consideration any unique characteristics of the derivatives in determining the appropriate valuation methodology to estimate expected cash flows. The fair values of these swaps are based on observable market inputs and are classified as Level 2 within the fair value hierarchy.

For forward bond purchase commitments with VIEs, the fair value of the derivative is based on the difference in the fixed purchase price and the current market value of the related bond prior to the settlement date. Since the bond is typically a public bond with readily available pricing, the derivatives associated with the forward purchase commitment are classified as Level 2 within the fair value hierarchy.

Commercial mortgage and other loans

Commercial mortgage and other loans include TREs, CMLs, MMLs and other loans. The Company's loan receivables do not have readily determinable market prices and generally lack market liquidity. Fair values for loan receivables are determined based on the present value of expected future cash flows discounted at the applicable U.S. Treasury or floating-rate benchmark yield plus an appropriate spread that considers other risk factors, such as credit and liquidity risk. The spreads are a significant component of the pricing inputs and are generally considered unobservable. Therefore, these investments are classified as Level 3 within the fair value hierarchy.

Other investments

Other investments includes short-term investments that are measured at fair value where amortized cost approximates fair value.

Other policyholders' funds

The largest component of the other policyholders' funds liability is the Company's annuity line of business in Aflac Japan. The Company's annuities have fixed benefits and premiums. For this product, the Company estimates the fair value to be equal to the cash surrender value. This is analogous to the value paid to policyholders on the valuation date if they were to surrender their policy. The Company periodically checks the cash value against discounted cash flow projections for reasonableness. The Company considers its inputs for this valuation to be unobservable and have accordingly classified this valuation as Level 3.

Notes payable
The fair values of the Company's publicly issued notes payable are determined by utilizing available sources of observable inputs from third-party pricing vendors and are classified as Level 2. The Company's private placement notes payable are valued using the same internal models that the Company uses for its yen-denominated and U.S. dollar-denominated private placement investment portfolio. The fair values for these private placements are deemed Level 2 valuations, as they are model-derived valuations that are generated internally with all significant valuation inputs being observed in active markets. The fair values of the Company's yen-denominated loans approximate their carrying values and are classified as Level 3.
Transfers between Hierarchy Levels and Level 3 Rollforward

Assets and liabilities are transferred into Level 3 when a significant input cannot be corroborated with market observable data. This occurs when market activity decreases significantly and underlying inputs cannot be observed, current prices are not available, and/or when there are significant variances in quoted prices, thereby affecting transparency. Assets and liabilities are transferred out of Level 3 when circumstances change such that a significant input can be corroborated with market observable data. This may be due to a significant increase in market activity, a specific event, or one or more significant input(s) becoming observable.

The following tables present the changes in fair value of the Company's investments carried at fair value classified as Level 3 as of December 31.
2024
 Fixed Maturity SecuritiesEquity
Securities
(In millions)Mortgage-
and
Asset-
Backed
Securities		Public
Utilities		Sovereign
and
Supranational		Banks/
Financial
Institutions		Other
Corporate		 Total
Balance, beginning of period$772 $253 $30 $78 $648 $248 $2,029 
Net investment gains (losses) included
  in earnings		3 1 0 0 0 (9)(5)
Unrealized gains (losses) included in
  other comprehensive income (loss)		2 (19)(3)(9)(1)0 (30)
Purchases, issuances, sales
  and settlements:
Purchases377 179 0 9 193 3 761 
Issuances0 0 0 0 0 0 0 
Sales0 0 0 0 0 (1)(1)
Settlements(93)(33)(4)(9)(4)(84)(227)
Transfers into Level 3205 499 0 0 5 0 709 
Transfers out of Level 3(110)(233)0 (59)(610)0 (1,012)
Balance, end of period$1,156 $647 $23 $10 $231 $157 $2,224 
Changes in unrealized gains (losses)
  relating to Level 3 assets and liabilities
  still held at the end of the period
  included in earnings		$2 $0 $0 $0 $0 $(10)$(8)

2023
  Fixed Maturity SecuritiesEquity
Securities		  
(In millions)Mortgage-
and
Asset-
Backed
Securities		Public
Utilities		Sovereign
and
Supranational		Banks/
Financial
Institutions		Other
Corporate		 Total
Balance, beginning of period$343 $497 $37 $159 $742 $209 $1,987 
Net investment gains (losses) included
  in earnings		0 0 0 0 0 35 35 
Unrealized gains (losses) included in
  other comprehensive income (loss)		1 (2)(3)10 17 0 23 
Purchases, issuances, sales
  and settlements:
Purchases430 46 0 0 183 10 669 
Issuances0 0 0 0 0 0 0 
Sales0 0 0 0 0 0 0 
Settlements(154)(17)(4)(7)(4)0 (186)
Transfers into Level 3155 18 0 3 39 0 215 
Transfers out of Level 3(3)(289)0 (87)(329)(6)(714)
Balance, end of period$772 $253 $30 $78 $648 $248 $2,029 
Changes in unrealized gains (losses)
  relating to Level 3 assets and liabilities
  still held at the end of the period
  included in earnings		$0 $0 $0 $0 $0 $40 $40 
Level 3 Significant Unobservable Input Sensitivity

The following tables summarize the significant unobservable inputs used in the valuation of the Company's Level 3 investments carried at fair value as of December 31. Included in the tables are the inputs or range of possible inputs that have an effect on the overall valuation of the financial instruments.
2024
(In millions)Fair ValueValuation Technique(s)Unobservable InputRange Weighted Average
Assets:
  Securities available-for-sale, carried at fair value:
    Fixed maturity securities:
       Mortgage- and asset-backed securities$1,156 Consensus pricingOffered quotes84.08-104.60
(a)
99.07
       Public utilities647 Discounted cash flowCredit spreads100 bps-375 bps
(c)
162 bps
       Sovereign and supranational23 Consensus pricingOffered quotesN/A
(b)
N/A
       Banks/financial institutions10 Adjusted costPrivate financialsN/A
(d)
N/A
       Other corporate231 Discounted cash flowCredit spreads91 bps-294 bps
(c)
173 bps
  Equity securities157 Adjusted costPrivate financialsN/A
(d)
N/A
            Total assets$2,224 
(a) Represents prices for securities where the Company receives unadjusted broker quotes and for which there is no transparency into the providers' valuation techniques.
(b) Category represents a single security; range not applicable.
(c) Actual or equivalent credit spreads in basis points.
(d) Prices do not utilize credit spreads; therefore, range is not applicable.

2023
(In millions)Fair ValueValuation Technique(s)Unobservable InputRange Weighted Average
Assets:
  Securities available-for-sale, carried at fair value:
    Fixed maturity securities:
       Mortgage- and asset-backed securities$772 Consensus pricingOffered quotes84.81-105.89
(a)
99.39
       Public utilities253 Consensus pricingOffered quotes94.34-102.99
(a)
96.46
       Sovereign and supranational30 Consensus pricingOffered quotesN/A
(b)
N/A
       Banks/financial institutions78 Discounted cash flowCredit spreadsN/A
(b)
N/A
       Other corporate648 Discounted cash flowCredit spreads69 bps-423 bps
(c)
206 bps
  Equity securities248 Adjusted costPrivate financialsN/A
(d)
N/A
            Total assets$2,029 
(a) Represents prices for securities where the Company receives unadjusted broker quotes and for which there is no transparency into the providers' valuation techniques.
(b) Category represents a single security; range not applicable.
(c) Actual or equivalent credit spreads in basis points.
(d) Prices do not utilize credit spreads; therefore, range is not applicable.
The following is a discussion of the significant unobservable inputs or valuation techniques used in determining the fair value of securities classified as Level 3.

Credit Spreads

The Company holds certain assets that are of a unique, specialized, and/or securitized nature that do not trade on a regular basis in an active market, which makes their fair values difficult to estimate. Most of these assets are managed by external asset managers and the Company utilizes these managers for their expertise when evaluating various inputs used to determine the fair values for these assets, including identifying the appropriate credit or risk spread over risk-free interest rates that incorporates the unique nature or structure of the asset in the valuations. For those assets of a similar nature but not managed by external asset managers, the Company internally estimates the spreads and risk adjustments over risk-free interest rates that reflect the unique nature or structure of the asset as well as the current pricing environment and market conditions for comparable or related investments. Credit or risk spreads are an important input needed to complete the discounted cash flow analyses used to estimate an investment’s fair value. Credit or risk spreads underlying these fair values are a significant, unobservable input whose derivation is based on the Company’s evaluation of a combination of the external manager’s expertise and knowledge, the current pricing environment, and market conditions for the specific asset.

Offered Quotes

In circumstances where the Company's valuation model price is overridden because it implies a value that is not consistent with current market conditions, the Company will solicit bids from a limited number of brokers. The Company also receives unadjusted prices from brokers for certain of its mortgage and asset-backed securities. These quotes are non-binding but are reflective of valuation best estimates at that particular point in time. Offered quotes are an unobservable input in the determination of fair value of mortgage- and asset-backed securities, certain banks/financial institutions, certain other corporate, and equity securities investments.

Private Financials

The Company invests in the debt and equity securities of private companies operating in the cancer, healthtech, insurtech, finance, internet of things, big data and analytics sectors. Due to their private and often small, startup nature, these companies rely on capital provided by institutional and private equity investors for their ongoing operations. They do not have public securities that trade on a regular basis in an active market, which makes their fair values difficult to estimate. The Company values these investments on a cost basis with appropriate adjustments made based on monitoring private financial information provided by these companies. Adjustments to valuations are generally made as new funding tranches are executed or if the financial information provided significantly changes indicating the need for impairment. This private financial information is unobservable and is a significant determinant in the fair value of these corporate venture investments.

For additional information on the Company's investments and financial instruments, see Notes 1, 3 and 4.
v3.25.0.1
DEFERRED POLICY ACQUISITION COSTS
 12 Months Ended
Dec. 31, 2024
Deferred Policy Acquisition Costs Disclosures [Abstract]  
DEFERRED POLICY ACQUISITION COSTS DEFERRED POLICY ACQUISITION COSTS
The following tables present a rollforward of deferred policy acquisition costs by reporting segment and disaggregated by product type for the years ended December 31.
2024
Aflac JapanAflac U.S.
(In millions)CancerMedical and Other HealthLife InsuranceOtherAccidentDisabilityCritical CareHospital IndemnityDental/VisionLife InsuranceOtherTotal
Deferred policy acquisition costs:
Balance, beginning of year$2,971 $2,041 $491 $56 $917 $625 $1,336 $436 $86 $172 $1 $9,132 
Capitalization300 103 36 4 141 129 165 89 12 77 0 1,056 
Amortization expense(184)(100)(34)(3)(143)(118)(153)(73)(12)(30)(1)(851)
Foreign currency translation and
  other		(311)(211)(52)(5)0 0 0 0 0 0 0 (579)
Balance, end of year$2,776 $1,833 $441 $52 $915 $636 $1,348 $452 $86 $219 $0 $8,758 
2023
Aflac JapanAflac U.S.
(In millions)CancerMedical and Other HealthLife InsuranceOtherAccidentDisabilityCritical CareHospital IndemnityDental/VisionLife InsuranceOtherTotal
Deferred policy acquisition costs:
Balance, beginning of year$3,035 $2,161 $525 $55 $904 $613 $1,304 $418 $88 $135 $1 $9,239 
Capitalization317 123 33 8 151 125 173 84 10 61 1 1,086 
Amortization expense(184)(105)(34)(3)(138)(113)(141)(66)(12)(24)4 (816)
Foreign currency translation and
  other		(197)(138)(33)(4)0 0 0 0 0 0 (5)(377)
Balance, end of year$2,971 $2,041 $491 $56 $917 $625 $1,336 $436 $86 $172 $1 $9,132 

Commissions deferred as a percentage of total acquisition costs deferred were 69% in 2024, compared with 67% in 2023 and 68% in 2022.

The Company uses the following constant level bases to amortize deferred policy acquisition costs:
Policy TypeConstant-level Basis
Life Products (U.S.)Face Amount
Health Products (U.S.)Number of Policies in Force
Health & Life Products (Japan)Units in Force
Face amount is the stated dollar amount that the policy’s beneficiaries receive upon the death of the insured. For life and health products issued in Japan, the constant-level basis used is units in force, which is a proxy for face amount and insurance in force, respectively. Future DAC amortization is impacted by persistency.

There were no changes to the inputs, judgments or methods used to determine amortization amounts during 2024 and 2023. The Company updated the assumptions used to determine amortization using the same assumptions as those used for measuring the liability for future policy benefits during 2024 and 2023. The Company recognizes the effects of changes in assumptions prospectively over the remaining contract term as a revision of the future amortization pattern. See Note 1 for additional information on deferred policy acquisition costs.
v3.25.0.1
POLICY LIABILITIES
 12 Months Ended
Dec. 31, 2024
Insurance Loss Reserves [Abstract]  
POLICY LIABILITIES POLICY LIABILITIES
Future Policy Benefits

The liability for future policy benefits is determined as the present value of expected future policy benefits to be paid to or on the behalf of policyholders and certain related expenses less the present value of expected future net premiums receivable under the Company's insurance contracts. Future net premiums receivable are future gross premiums receivable under the contract multiplied by the NPR.

The following tables present the changes in the present value of expected future net premiums and the present value of expected future policy benefits by reporting segment and disaggregated by product type for the years ended December 31. The present value of expected future net premiums and the present value of expected future policy benefits are presented gross of internal and external ceded reinsurance.
2024
Aflac JapanAflac U.S.
(In millions)CancerMedical and Other HealthLife InsuranceOtherAccidentDisabilityCritical CareHospital IndemnityDental/VisionLife InsuranceOther
Present value of expected future net premiums:
Balance at December 31, 2023
$17,509 $14,697 $6,488 $1,088 $2,488 $1,652 $4,074 $1,107 $206 $853 $277 
Beginning balance at original discount rate 16,452 14,040 6,258 1,069 2,630 1,738 4,416 1,193 217 909 272 
Effect of changes in cash flow assumptions(625)(154)(190)(19)65 (47)(106)(21)(17)(5)(8)
Effect of actual variances from expected
   experience 		(71)(164)(97)(14)66 12 (100)21 (12)(29)13 
Adjusted beginning of period balance15,756 13,722 5,971 1,036 2,761 1,703 4,210 1,193 188 875 277 
Issuances983 361 478 16 307 364 543 231 52 226 592 
Interest accrual378 302 110 17 106 66 173 46 9 37 25 
Net premiums collected (1)
(1,453)(1,135)(862)(101)(479)(401)(578)(244)(39)(157)(53)
Foreign currency translation(1,655)(1,405)(613)(104)0 0 0 0 0 0 0 
Other(1)0 0 0 (8)(6)(8)(5)(1)(5)(17)
Ending balance at original discount rate14,008 11,845 5,084 864 2,687 1,726 4,340 1,221 209 976 824 
Effect of changes in discount rate assumptions176 (28)72 (18)(190)(91)(439)(99)(13)(67)2 
Balance at December 31, 2024
$14,184 $11,817 $5,156 $846 $2,497 $1,635 $3,901 $1,122 $196 $909 $826 
Present value of expected future policy benefits:
Balance at December 31, 2023
$50,161 $25,257 $29,731 $5,178 $3,109 $2,422 $11,290 $1,943 $478 $1,764 $798 
Beginning balance at original discount rate43,626 25,023 30,256 5,444 3,302 2,541 12,120 2,076 506 1,971 769 
Effect of changes in cash flow assumptions(815)(228)(302)(7)109 (73)(112)(31)(28)(3)(12)
Effect of actual variances from expected
   experience		(117)(193)(110)(24)91 (16)(144)21 (16)(43)(7)
Adjusted beginning of period balance42,694 24,602 29,844 5,413 3,502 2,452 11,864 2,066 462 1,925 750 
Issuances1,004 373 488 22 311 381 559 237 55 231 597 
Interest accrual1,356 570 582 93 133 98 515 84 20 78 50 
Benefit payments(2,773)(1,033)(1,510)(208)(560)(465)(925)(314)(60)(108)(104)
Foreign currency translation(4,425)(2,555)(3,074)(555)0 0 0 0 0 0 0 
Other0 0 0 0 0 0 0 0 0 0 0 
Ending balance at original discount rate37,856 21,957 26,330 4,765 3,386 2,466 12,013 2,073 477 2,126 1,293 
Effect of changes in discount rate assumptions2,925 (1,351)(2,065)(540)(259)(136)(1,312)(176)(36)(279)(5)
Balance at December 31, 2024
40,781 20,606 24,265 4,225 3,127 2,330 10,701 1,897 441 1,847 1,288 
Net liability for future policy benefits26,597 8,789 19,109 3,379 630 695 6,800 775 245 938 462 
Less: reinsurance recoverable5,085 1,245 0 0 0 0 0 0 0 18 0 
Net liability for future policy benefits after
   reinsurance recoverable		$21,512 $7,544 $19,109 $3,379 $630 $695 $6,800 $775 $245 $920 $462 
(1) Net premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected future benefit payments.
2023
Aflac JapanAflac U.S.
(In millions)CancerMedical and Other HealthLife InsuranceOtherAccidentDisabilityCritical CareHospital IndemnityDental/VisionLife InsuranceOther
Present value of expected future net premiums:
Balance at December 31, 2022
$19,298 $16,714 $7,485 $1,256 $2,534 $1,635 $4,486 $1,220 $211 $724 $110 
Beginning balance at original discount rate 18,221 16,195 7,284 1,242 2,760 1,775 5,050 1,365 231 799 118 
Effect of changes in cash flow assumptions(165)(470)43 (12)(16)(51)(494)(142)(9)61 (9)
Effect of actual variances from expected
   experience 		(315)(137)(42)(15)(58)(29)(223)(73)(17)(25)(2)
Adjusted beginning of period balance17,741 15,588 7,285 1,215 2,686 1,695 4,333 1,150 205 835 107 
Issuances1,034 418 335 26 323 376 493 249 44 181 169 
Interest accrual412 334 124 20 102 62 179 45 8 31 6 
Net premiums collected (1)
(1,564)(1,261)(1,017)(112)(473)(390)(580)(247)(39)(137)(17)
Foreign currency translation(1,170)(1,038)(469)(80)0 0 0 0 0 0 0 
Other(1)(1)0 0 (8)(5)(9)(4)(1)(1)7 
Ending balance at original discount rate16,452 14,040 6,258 1,069 2,630 1,738 4,416 1,193 217 909 272 
Effect of changes in discount rate assumptions1,057 657 230 19 (142)(86)(342)(86)(11)(56)5 
Balance at December 31, 2023
$17,509 $14,697 $6,488 $1,088 $2,488 $1,652 $4,074 $1,107 $206 $853 $277 
Present value of expected future policy benefits:
Balance at December 31, 2022
$54,766 $27,419 $31,954 $5,582 $3,098 $2,445 $11,489 $2,074 $488 $1,526 $622 
Beginning balance at original discount rate47,677 27,566 32,800 5,940 3,391 2,636 12,846 2,300 532 1,778 624 
Effect of changes in cash flow assumptions(147)(507)65 (27)(11)(59)(592)(194)(14)72 (13)
Effect of actual variances from expected
   experience		(385)(154)(51)(15)(75)(59)(271)(99)(22)(32)(4)
Adjusted beginning of period balance47,145 26,905 32,814 5,898 3,305 2,518 11,983 2,007 496 1,818 607 
Issuances1,059 432 341 32 331 392 505 258 46 185 169 
Interest accrual1,473 608 625 100 127 96 524 84 21 68 33 
Benefit payments(2,987)(1,153)(1,415)(206)(464)(465)(893)(274)(59)(105)(48)
Foreign currency translation(3,064)(1,769)(2,109)(380)0 0 0 0 0 0 0 
Other0 0 0 0 3 0 1 1 2 5 8 
Ending balance at original discount rate43,626 25,023 30,256 5,444 3,302 2,541 12,120 2,076 506 1,971 769 
Effect of changes in discount rate assumptions6,535 234 (525)(266)(193)(119)(830)(133)(28)(207)29 
Balance at December 31, 2023
50,161 25,257 29,731 5,178 3,109 2,422 11,290 1,943 478 1,764 798 
Net liability for future policy benefits32,652 10,560 23,243 4,090 621 770 7,216 836 272 911 521 
Less: reinsurance recoverable4,135 1,521 0 0 0 0 0 0 0 15 0 
Net liability for future policy benefits after
   reinsurance recoverable		$28,517 $9,039 $23,243 $4,090 $621 $770 $7,216 $836 $272 $896 $521 
(1) Net premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected future benefit payments.
The following tables present the weighted-average interest rates and weighted-average liability duration (calculated using the original discount rate) by reporting segment and disaggregated by product type as of December 31.
2024
Aflac JapanAflac U.S.
CancerMedical and Other HealthLife InsuranceOtherAccidentDisabilityCritical CareHospital IndemnityDental/VisionLife InsuranceOther
Weighted-average interest, original discount rate (1)
3.9 %2.5 %2.1 %1.8 %4.0 %4.3 %4.6 %4.5 %4.3 %3.8 %5.4 %
Weighted-average interest, current discount rate (1)
2.2 %2.8 %2.1 %2.5 %5.3 %5.2 %5.3 %5.3 %5.3 %5.3 %5.3 %
Weighted-average liability duration (years)12.623.516.116.77.75.611.19.07.613.59.1
(1) The weighted-average interest rates are calculated using the reserve balances as the weights. No adjustments were made to observable market information.

2023
Aflac JapanAflac U.S.
CancerMedical and Other HealthLife InsuranceOtherAccidentDisabilityCritical CareHospital IndemnityDental/VisionLife InsuranceOther
Weighted-average interest, original discount rate (1)
3.9 %2.6 %2.1 %1.8 %3.9 %4.2 %4.6 %4.4 %4.3 %3.7 %5.4 %
Weighted-average interest, current discount rate (1)
1.8 %2.3 %1.7 %2.1 %5.3 %5.3 %5.3 %5.3 %5.3 %5.3 %5.3 %
Weighted-average liability duration (years)13.124.916.317.38.15.611.39.37.913.69.4
(1) The weighted-average interest rates are calculated using the reserve balances as the weights. No adjustments were made to observable market information.
The following table presents a reconciliation of the disaggregated rollforwards above to the ending future policy benefits presented in the consolidated balance sheets as of December 31. The deferred profit liability for limited-payment contracts and the deferred reinsurance gain liability are presented together with the liability for future policy benefits in the consolidated balance sheets and have been included as reconciling items in the table below.
(In millions)20242023
Balances included in future policy benefits rollforward:
Aflac Japan
Cancer$26,597 $32,652 
Medical and other health8,789 10,560 
Life insurance19,109 23,243 
Other3,379 4,090 
Aflac U.S.
Accident630 621 
Disability695 770 
Critical care6,800 7,216 
Hospital indemnity775 836 
Dental/vision245 272 
Life insurance938 911 
Other462 521 
Corporate and other5,072 4,225 
Deferred profit liability1,844 1,806 
Deferred reinsurance gain liability806 1,012 
Intercompany eliminations (1)
(5,760)(5,017)
Total$70,381 $83,718 
(1) Elimination entry necessary due to the internal reinsurance transactions with Aflac Re and to recapture a portion of policy liabilities ceded externally as a result of the reinsurance retrocession transaction. See Note 8 for additional details.

Discount rates are determined using upper-medium grade (low credit risk) fixed-income instrument yields that reflect the duration characteristics of the liability. Locked-in discount rates are determined separately for each issue-year cohort as a single discount rate, calculated as the weighted-average of monthly upper-medium grade (low credit risk) fixed-income instrument forward curves in the calendar year, where the weights are the annualized premiums issued for each month of the cohort. The single discount rate for each issue-year cohort is determined by solving for a rate that produces an equivalent NPR to the forward curve and will remain unchanged after the calendar year of issue.

Discount rates are updated each reporting period and require estimation techniques (e.g., interpolation, extrapolation) for determination of points on the curve for which there is limited or no observable market data. The Company constructs a current discount rate curve separately for discounting cash flows used to calculate each of the Japan and U.S. liabilities for future policy benefits, reflective of the characteristics of the corresponding insurance liabilities, such as currency and tenor.

In the Aflac Japan segment, all long-duration insurance policies are denominated in yen. A significant portion of policies are characterized by tenors exceeding the availability of liquid market data in Japan for single-A rated (as a proxy for upper-medium grade) corporate yen-denominated debt. The discount rate curve is designed to prioritize the observable inputs where available, while past the last liquid point, the data is derived based on estimation techniques consistent with the fair value guidance in ASC 820. The Aflac Japan segment curve utilizes liquid market indices tracking publicly traded yen-denominated single-A corporate debt for the initial 10-year tenor. For the bonds within these market indices where only local ratings are available, the Company prioritizes the bonds with local ratings that are equivalent to a single-A rating based on international rating standards.

For the discount rates applicable to tenors for which the Japan single-A debt market is not liquid but there is sufficient observable market data and/or the observable market data is available for similar instruments (between 10 and 30 years), the Company estimates tenor-specific single-A credit spreads and applies them to risk-free government rates. Lastly, for the tenors where there is limited or no observable single-A or similar market data or risk-free government rates (beyond 30 years), the discount curve is derived by extrapolation of risk-free rates beyond their last liquid point following the Smith-
Wilson method and grading of the estimated forward credit spread anchored by the ultimate forward rate. The ultimate forward rate is based on the economic value-based solvency regime, which is consistent with the International Association of Insurance Supervisors (IAIS) Insurance Capital Standards (ICS) (to be introduced in Japan in 2025), and is adjusted for credit and inflation components.

For the Aflac U.S. segment where all long-duration insurance policies are denominated in U.S. dollars and substantially all have cash flow duration within 30 years, for which the U.S. upper-medium grade fixed-income market is liquid and observable, the Company uses data from a liquid fixed-income market index tracking single-A U.S. corporate debt. For the insignificant portion of the policies with cash flow tenors exceeding 30 years, the discount curve beyond that tenor is extrapolated following the Smith-Wilson method from year 30 to the same ultimate forward rate calculated for the Japan discount curve at year 60 and held constant thereafter. The use of the same ultimate rate for U.S. and Japan segments is based on the assumption of long-term global economic convergence.

There were no changes to the methods used to determine the discount rates during the years ended December 31, 2024 and 2023.

Mortality rate assumptions are based on industry tables and adjusted for the Company's actual or expected experience where credible or appropriate. These assumptions typically vary by age, gender, and other demographic characteristics such as smoking status.

Morbidity assumptions are based on the Company's internal data and consider emerging experience. These assumptions are reflective of the coverage and benefits provided and generally vary by age, gender, duration, and any other material policyholder characteristics. In cases where a calendar-year trend is significant, future cash flow projections may include a trend adjustment.

In Japan, separate lapse assumptions are set based on actual or expected experience. These lapse and total termination rate assumptions vary by line of business and with policyholder characteristics such as duration. In the U.S., the majority of the future cash flows are modeled using total termination rates (which include both lapse and mortality) and are adjusted for actual experience. Policy provisions, such as reaching premium paid-up status, are taken into account when setting assumptions.

In 2024 and 2023, the variance of actual experience from expected experience was primarily due to favorable variances in morbidity assumptions as compared to actual experience. There were no changes to the inputs, judgments or methods used in measuring the liability for future policy benefits in 2024 and 2023.

The Company performs an annual review of its assumptions during the third quarter. In 2024, the Company's annual assumption review process resulted in favorable changes largely due to recent favorable Japan morbidity experience. In 2023, the Company's annual assumption review process resulted in favorable changes to its morbidity and termination assumptions, largely due to reflecting more recent favorable U.S. morbidity experience.
The following table summarizes the amount of net earned premiums recognized in the consolidated statements of earnings by reporting segment and disaggregated by product type for the years ended December 31.
(In millions)202420232022
Net earned premiums:
Aflac Japan
Cancer$3,545 $4,063 $4,716 
Medical and other health2,181 2,631 2,917 
Life insurance1,225 1,532 1,769 
Other134 149 161 
Aflac U.S.
Accident1,265 1,288 1,317 
Disability1,327 1,256 1,179 
Critical care1,763 1,749 1,758 
Hospital indemnity727 725 725 
Dental/vision202 214 199 
Life insurance565 475 396 
Other110 45 38 
Corporate and other680 400 145 
Reinsurance ceded(284)(404)(419)
Total$13,440 $14,123 $14,901 

The following table summarizes the amount of interest expense related to insurance contracts recognized in benefits and claims, excluding reserve remeasurement in the consolidated statements of earnings by reporting segment and disaggregated by product type for the years ended December 31.
(In millions)202420232022
Interest expense:
Aflac Japan
Cancer$978 $1,061 $1,140 
Medical and other health268 274 278 
Life insurance472 501 524 
Other76 80 84 
Aflac U.S.
Accident27 25 23 
Disability32 34 37 
Critical care342 345 346 
Hospital indemnity38 39 40 
Dental/vision11 13 12 
Life insurance41 37 35 
Other25 27 27 
Total$2,310 $2,436 $2,546 
The following tables summarize the amount of undiscounted expected future gross premiums and expected future policy benefits and expenses and discounted (discounted at the current period discount rate) expected future gross premiums and expected future policy benefits and expenses by reporting segment and disaggregated by product type as of December 31. These tables are presented gross of internal and external ceded reinsurance. Future gross premiums represent the expected amount of future premiums to be received. For limited-payment policies, the premiums are collected over a shorter period than the policy term over which benefits are provided. As a result, once the policy reaches premium paid-up status, the future gross premiums can be significantly less than the future benefit payments. Further, benefits and expenses are generally greater in the later years of a policy. These are the primary factors that result in future gross premiums lower than future benefit and expense payments for certain lines of business of the Company.
20242023
(In millions)Gross
Premiums		Benefits and
Expenses		Gross
Premiums		Benefits and
Expenses
Undiscounted expected future gross premiums
  and expected future policy benefits and
  expenses:
Aflac Japan
Cancer$51,712 $56,881 $59,169 $66,427 
Medical and other health33,250 34,864 38,583 39,884 
Life insurance10,915 37,520 12,677 42,541 
Other1,477 6,479 1,781 7,448 
Aflac U.S.
Accident8,862 4,687 9,095 4,548 
Disability5,727 3,094 5,776 3,177 
Critical care19,624 20,340 19,886 20,626 
Hospital indemnity4,859 3,017 4,922 3,025 
Dental/vision1,118 679 1,162 726 
Life insurance2,966 3,559 2,719 3,260 
Other2,143 2,273 724 1,396 
Total$142,653 $173,393 $156,494 $193,058 
20242023
(In millions)Gross
Premiums		Benefits and
Expenses		Gross
Premiums		Benefits and
Expenses
Discounted expected future gross premiums
  and expected future policy benefits and
  expenses:
Aflac Japan
Cancer$40,170 $40,781 $48,363 $50,161 
Medical and other health25,171 20,606 30,757 25,257 
Life insurance9,367 24,265 11,240 29,731 
Other1,204 4,225 1,512 5,178 
Aflac U.S.
Accident6,057 3,127 6,369 3,109 
Disability4,404 2,330 4,488 2,422 
Critical care11,900 10,701 12,417 11,290 
Hospital indemnity3,312 1,897 3,419 1,943 
Dental/vision761 441 807 478 
Life insurance2,050 1,847 1,914 1,764 
Other1,290 1,288 467 798 
Total$105,686 $111,508 $121,753 $132,131 

Loss expense as a result of NPR capping for the years ended December 31, 2024, 2023 and 2022 was immaterial.
Other Policyholders' Funds

As of December 31, 2024 and 2023, the largest component of the other policyholders' funds liability was the Company's annuity line of business in Aflac Japan. The Company's annuities have fixed benefits and premiums.

The following table presents the changes in other policyholders’ funds for the years ended December 31.
(In millions)20242023
Other policyholders' funds:
Fixed annuities account balance, beginning of period (1)
$5,939 $6,423 
Premiums received104 126 
Transfers from WAYS conversions249 229 
Surrenders and withdrawals(58)(59)
Benefit payments(446)(419)
Interest credited49 53 
Foreign currency translation and other(616)(414)
Fixed annuities account balance, end of period5,221 5,939 
Other deposit type reserves239 230 
Total$5,460 $6,169 
(1) Aflac Japan fixed annuities

The following table presents other policyholders’ funds balances by range of guaranteed crediting rates as of December 31.
20242023
(In millions)
Range of Guaranteed
Minimum Crediting
Rates (2)
At
Guaranteed
Minimum		Cash
Surrender
Value
Range of Guaranteed
Minimum Crediting
Rates (2)
At
Guaranteed
Minimum		Cash
Surrender
Value
Fixed annuities (1)
0.5% - 2.2%
$5,221$5,150
0.5% - 2.3%
$5,939$5,850
(1) Aflac Japan fixed annuities
(2) Weighted-average crediting rate of 1.5% at December 31, 2024 and December 31, 2023.

Aflac Japan’s fixed annuities have guaranteed fixed crediting rates which results in the policyholders' funds balances being sufficient to cover all guaranteed benefit amounts. The reserves are adequate to fully fund future benefits at any given time.

See Note 1 for additional information on policy liabilities.
v3.25.0.1
REINSURANCE
 12 Months Ended
Dec. 31, 2024
Reinsurance Disclosures [Abstract]  
REINSURANCE REINSURANCE
The Company periodically enters into fixed quota-share coinsurance agreements in the normal course of business, primarily to provide additional capacity for future growth, optimize capital, limit losses, and minimize exposure to significant risks. For each of its reinsurance agreements, the Company determines whether the agreement provides indemnification against loss or liability relating to insurance risk in accordance with applicable accounting standards. These reinsurance transactions are indemnity reinsurance agreements that do not relieve the Company from its obligations to policyholders. In the event that the reinsurer is unable to meet their obligations, the Company remains liable for the reinsured claims.

The following table reconciles direct earned premiums, direct benefits and claims, excluding reserve remeasurement gains and losses, and reserve remeasurement gains and losses to net amounts after the effect of reinsurance for the years ended December 31.
(In millions)202420232022
Earned premiums:
Direct$13,562 $14,318 $15,025 
Ceded(284)(404)(419)
Assumed162 209 295 
Net earned premiums$13,440 $14,123 $14,901 
Benefits and claims, excluding reserve remeasurement:
Direct$8,098 $8,599 $9,171 
Ceded(153)(147)(322)
Assumed63 142 253 
Benefits and claims, excluding reserve remeasurement$8,008 $8,594 $9,102 
Reserve remeasurement (gains) losses:
Direct$(558)$(394)$(196)
Ceded0 11 (19)
Reserve remeasurement (gains) losses$(558)$(383)$(215)
Total benefits and claims, net$7,450 $8,211 $8,887 

The Company has recorded a deferred reinsurance gain liability related to reinsurance transactions which represents ceded reserves in excess of consideration paid, or consideration received in excess of assumed reserves. The remaining consolidated deferred reinsurance gain liability of $146 million and $175 million as of December 31, 2024 and 2023, respectively, is included in future policy benefits in the consolidated balance sheets and is being amortized into income over the expected lives of the policies.

The Company has also recorded a reinsurance recoverable for reinsurance transactions. The reinsurance recoverable, which is included in other assets in the consolidated balance sheets, is reported net of allowance for credit losses and had a remaining balance of $163 million and $183 million as of December 31, 2024 and 2023, respectively. The allowance for credit losses related to the Company's reinsurance recoverable balance was $4 million and $10 million as of December 31, 2024 and 2023, respectively. The credit allowance for the reinsurance recoverable balance is estimated using a PD / LGD method and the key credit quality indicator is the credit rating of the Company’s reinsurance counterparty. The Company uses external credit ratings focused on the reinsurer’s financial strength and credit worthiness. As of December 31, 2024, the Company's reinsurance counterparties were rated A+. The Company monitors the credit ratings periodically, but not less frequently than quarterly.

Aflac Re is a Bermuda domiciled insurer that reinsures certain policies issued by ALIJ. The inter-segment amounts associated with these internal reinsurance transactions are eliminated in consolidation.
In October 2024, ALIJ entered into a coinsurance transaction whereby it ceded 30% of the liabilities associated with certain cancer insurance policies and riders to Aflac Re. This transaction transferred approximately $1.8 billion of reserves associated with these policies. Approximately $1.7 billion of assets were transferred from ALIJ to Aflac Re as consideration for assuming the reinsurance risk. This internal reinsurance transaction with Aflac Re has no financial statement impact on a consolidated basis, except for the effect of foreign currency accounting.

In December 2023, the Company entered into a novation agreement under which Aflac Re assumed the duties, obligations and liabilities through reinsurance of business ALIJ previously ceded to an external reinsurer and recorded a pretax loss of $151 million in 2023.

In October 2023, ALIJ entered into a coinsurance transaction whereby it ceded 30% of the liabilities associated with certain cancer insurance policies and riders to Aflac Re. This transaction transferred approximately $1.9 billion of reserves associated with these policies. Approximately $1.7 billion of assets were transferred from ALIJ to Aflac Re as consideration for assuming the reinsurance risk. This internal reinsurance transaction with Aflac Re has no financial statement impact on a consolidated basis, except for the effect of foreign currency accounting.

In January 2023, ALIJ entered into a coinsurance transaction whereby it ceded 28% of the liabilities associated with certain cancer insurance policies and riders to Aflac Re. This transaction transferred approximately $2.1 billion of reserves associated with these policies. Approximately $1.9 billion of assets were transferred from ALIJ to Aflac Re as consideration for assuming the reinsurance risk. This internal reinsurance transaction with Aflac Re has no financial statement impact on a consolidated basis, except for the effect of foreign currency accounting.

In January 2023, ALIJ also entered into an external coinsurance transaction to cede 1.5% of the liabilities associated with the same cancer insurance policies and riders, in connection with which ALIJ transferred cash consideration to the reinsurer.
v3.25.0.1
NOTES PAYABLE AND LEASE OBLIGATIONS
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
NOTES PAYABLE AND LEASE OBLIGATIONS NOTES PAYABLE AND LEASE OBLIGATIONS
A summary of notes payable and lease obligations as of December 31 follows:
(In millions)20242023
1.125% senior sustainability notes due March 2026
$399 $398 
2.875% senior notes due October 2026
299 299 
3.60% senior notes due April 2030
994 993 
6.90% senior notes due December 2039
221 221 
6.45% senior notes due August 2040
255 254 
4.00% senior notes due October 2046
394 394 
4.750% senior notes due January 2049
542 542 
Yen-denominated senior notes and subordinated debentures:
.300% senior notes due September 2025 (principal amount ¥12.4 billion)
79 87 
.932% senior notes due January 2027 (principal amount ¥60.0 billion)
378 422 
1.048% senior notes due March 2029 (principal amount ¥13.0 billion)
81 0 
1.075% senior notes due September 2029 (principal amount ¥33.4 billion)
211 234 
.500% senior notes due December 2029 (principal amount ¥12.6 billion)
79 88 
.550% senior notes due March 2030 (principal amount ¥13.3 billion)
84 93 
1.159% senior notes due October 2030 (principal amount ¥29.3 billion)
184 206 
1.412% senior notes due March 2031 (principal amount ¥27.9 billion)
176 0 
.633% senior notes due April 2031 (principal amount ¥30.0 billion)
189 211 
.843% senior notes due December 2031 (principal amount ¥9.3 billion)
58 65 
.750% senior notes due March 2032 (principal amount ¥20.7 billion)
130 145 
1.320% senior notes due December 2032 (principal amount ¥21.1 billion)
133 148 
.844% senior notes due April 2033 (principal amount ¥12.0 billion)
76 84 
1.488% senior notes due October 2033 (principal amount ¥15.2 billion)
95 106 
1.682% senior notes due March 2034 (principal amount ¥7.7 billion)
48 0 
1.600% senior notes due March 2034 (principal amount ¥18.3 billion)
115 0 
.934% senior notes due December 2034 (principal amount ¥9.8 billion)
62 69 
.830% senior notes due March 2035 (principal amount ¥10.6 billion)
66 74 
1.740% senior notes due March 2036 (principal amount ¥15.0 billion)
94 0 
1.039% senior notes due April 2036 (principal amount ¥10.0 billion)
63 70 
1.594% senior notes due September 2037 (principal amount ¥6.5 billion)
41 45 
1.750% senior notes due October 2038 (principal amount ¥8.9 billion)
56 62 
1.920% senior notes due March 2039 (principal amount ¥16.5 billion)
103 0 
1.122% senior notes due December 2039 (principal amount ¥6.3 billion)
39 44 
1.264% senior notes due April 2041 (principal amount ¥10.0 billion)
63 70 
2.160% senior notes due March 2044 (principal amount ¥5.7 billion)
35 0 
2.108% subordinated debentures due October 2047 (principal amount ¥60.0 billion)
375 419 
.963% subordinated bonds paid April 2024 (principal amount ¥30.0 billion)
0 211 
1.560% senior notes due April 2051 (principal amount ¥20.0 billion)
125 140 
2.144% senior notes due September 2052 (principal amount ¥12.0 billion)
75 84 
1.958% subordinated bonds due December 2053 (principal amount ¥30.0 billion)
188 210 
2.400% senior notes due March 2054 (principal amount ¥19.5 billion)
122 0 
Yen-denominated loans:
Variable interest rate loan due August 2027 (.84% in 2024 and .35% in 2023,
  principal amount ¥11.7 billion)
74 82 
Variable interest rate loan due August 2029 (.94% in 2024 and .45% in 2023,
  principal amount ¥25.3 billion)
160 178 
Variable interest rate loan due August 2032 (1.09% in 2024 and .60% in 2023,
  principal amount ¥70.0 billion)
441 492 
Finance lease obligations payable through 20305 6 
Operating lease obligations payable through 204991 118 
Total notes payable and lease obligations$7,498 $7,364 
Amounts in the table above are reported net of debt issuance costs and issuance premiums or discounts, if applicable, that are being amortized over the life of the notes.
In March 2024, the Parent Company issued five series of senior notes totaling ¥75.0 billion through a private placement. The first series, which totaled ¥18.3 billion, bears interest at a fixed rate of 1.600% per annum, payable semi-annually, and will mature in March 2034. The second series, which totaled ¥15.0 billion, bears interest at a fixed rate of 1.740% per annum, payable semi-annually, and will mature in March 2036. The third series, which totaled ¥16.5 billion, bears interest at a fixed rate of 1.920% per annum, payable semi-annually, and will mature in March 2039. The fourth series, which totaled ¥5.7 billion, bears interest at a fixed rate of 2.160% per annum, payable semi-annually, and will mature in March 2044. The fifth series, which totaled ¥19.5 billion, bears interest at a fixed rate of 2.400% per annum, payable semi-annually, and will mature in March 2054. These notes are redeemable at the Parent Company's option (i) in whole at any time or (ii) in part from time to time in an amount not less than 5% of the aggregate principal amount then outstanding of the notes to be redeemed.

In March 2024, the Parent Company issued three series of senior notes totaling ¥48.6 billion through a public debt offering under its U.S. shelf registration statement. The first series, which totaled ¥13.0 billion, bears interest at a fixed rate of 1.048% per annum, payable semi-annually, and will mature in March 2029. The second series, which totaled ¥27.9 billion, bears interest at a fixed rate of 1.412% per annum, payable semi-annually, and will mature in March 2031. The third series, which totaled ¥7.7 billion, bears interest at a fixed rate of 1.682% per annum, payable semi-annually, and will mature in March 2034. These notes are redeemable at the Parent Company’s option at any time, in whole but not in part, upon the occurrence of certain changes affecting U.S. taxation, as specified in the indenture governing the terms of the issuance. In addition, the notes maturing in March 2029, March 2031 and March 2034 are redeemable at the Parent Company's option, in whole or in part from time to time, on or after December 21, 2028, December 31, 2030 and September 21, 2033, respectively, at a redemption price equal to the aggregate principal amount of the applicable series to be redeemed plus accrued and unpaid interest on the principal amount to be redeemed to, but excluding, the date of redemption.

In December 2023, ALIJ issued ¥30.0 billion (par value) of subordinated bonds that will mature in December 2053. The bonds bear interest at an initial rate of 1.958% per annum until December 5, 2028. Thereafter, the rate of interest of the bonds will be reset every five years to a rate of interest equal to the then-current five-year JGB rate plus (i) 1.650% per annum on and after the day immediately following December 5, 2028 to December 5, 2033, and (ii) 2.650% per annum on and after the day immediately following December 5, 2033 to December 5, 2053. The bonds are redeemable, in whole but not in part, (i) at any time upon the occurrence of certain regulatory or tax events, as specified in the indenture governing the terms of the bonds or (ii) on each interest rate reset date on or after December 5, 2028.

In September 2022, the Parent Company issued four series of senior notes totaling ¥73.0 billion through a public debt offering under its U.S. shelf registration statement. The first series, which totaled ¥33.4 billion, bears interest at a fixed rate of 1.075% per annum, payable semi-annually, and will mature in September 2029. The second series, which totaled ¥21.1 billion, bears interest at a fixed rate of 1.320% per annum, payable semi-annually, and will mature in December 2032. The third series, which totaled ¥6.5 billion, bears interest at a fixed rate of 1.594% per annum, payable semi-annually, and will mature in September 2037. The fourth series, which totaled ¥12.0 billion, bears interest at a fixed rate of 2.144% per annum, payable semi-annually, and will mature in September 2052. These notes are redeemable at the Parent Company’s option at any time, in whole but not in part, upon the occurrence of certain changes affecting U.S. taxation, as specified in the indenture governing the terms of the issuance. In addition, the notes maturing in September 2029, December 2032 and September 2037 are redeemable at the Parent Company's option, in whole or in part from time to time, on or after June 14, 2029, June 14, 2032 and March 14, 2037, respectively, at a redemption price equal to the aggregate principal amount of the applicable series to be redeemed plus accrued and unpaid interest on the principal amount to be redeemed to, but excluding, the date of redemption.

In August 2022, the Parent Company renewed a senior term loan facility with a commitment amount totaling ¥107.0 billion. The first tranche of the facility, which totaled ¥11.7 billion, bears interest at a rate per annum equal to the Tokyo interbank market rate (TIBOR), or alternate TIBOR, if applicable, plus the applicable TIBOR margin and will mature in August 2027. The applicable margin ranges between .225% and .625%, depending on the Parent Company's debt ratings as of the date of determination. The second tranche, which totaled ¥25.3 billion, bears interest at a rate per annum equal to TIBOR, or alternate TIBOR, if applicable, plus the applicable TIBOR margin and will mature in August 2029. The applicable margin ranges between .325% and .725%, depending on the Parent Company's debt ratings as of the date of determination. The third tranche, which totaled ¥70.0 billion, bears interest at a rate per annum equal to TIBOR, or alternate TIBOR, if applicable, plus the applicable TIBOR margin and will mature in August 2032. The applicable margin ranges between .475% and 1.025%, depending on the Parent Company's debt ratings as of the date of determination.
In April 2021, the Parent Company issued five series of senior notes totaling ¥82.0 billion through a public debt offering under its then existing U.S. shelf registration statement. The first series, which totaled ¥30.0 billion, bears interest at a fixed rate of .633% per annum, payable semi-annually, and will mature in April 2031. The second series, which totaled ¥12.0 billion, bears interest at a fixed rate of .844% per annum, payable semi-annually, and will mature in April 2033. The third series, which totaled ¥10.0 billion, bears interest at a fixed rate of 1.039% per annum, payable semi-annually, and will mature in April 2036. The fourth series, which totaled ¥10.0 billion, bears interest at a fixed rate of 1.264% per annum, payable semi-annually, and will mature in April 2041. The fifth series, which totaled ¥20.0 billion, bears interest at a fixed rate of 1.560% per annum, payable semi-annually, and will mature in April 2051. The notes are redeemable at the Parent Company’s option (i) at any time, in whole but not in part, upon the occurrence of certain changes affecting U.S. taxation, as specified in the indenture governing the terms of the issuance or (ii) on or after the date that is six months prior to the stated maturity date of the series, in whole or in part, at a redemption price equal to the aggregate principal amount to be redeemed plus accrued and unpaid interest on the principal amount to be redeemed to, but excluding, the date of redemption.

In March 2021, the Parent Company issued $400 million of senior sustainability notes through a U.S. public debt offering. The notes bear interest at a fixed rate of 1.125% per annum, payable semi-annually, and will mature in March 2026. The Company intends, but is not contractually committed, to allocate an amount at least equivalent to the net proceeds from this issuance exclusively to existing or future investments in, or financing of, assets, businesses or projects that meet the eligibility criteria of the Company's sustainability bond framework described in the offering documentation in connection with such notes. These notes are redeemable at the Parent Company's option in whole at any time or in part from time to time at a redemption price equal to the greater of: (i) the aggregate principal amount of the notes to be redeemed or (ii) the amount equal to the sum of the present values of the remaining scheduled payments for principal of and interest on the notes to be redeemed, not including any portion of the payments of interest accrued as of such redemption date, discounted to such redemption date on a semiannual basis at the yield to maturity for a U.S. Treasury security with a maturity comparable to the remaining term of the notes, plus 10 basis points, plus in each case, accrued and unpaid interest on the principal amount of the notes to be redeemed to, but excluding, such redemption date.
In April 2020, the Parent Company issued $1.0 billion of senior notes through a U.S. public debt offering. The notes bear interest at a fixed rate of 3.60% per annum, payable semi-annually, and will mature in April 2030. These notes are redeemable at the Parent Company's option in whole at any time or in part from time to time at a redemption price equal to the greater of: (i) the aggregate principal amount of the notes to be redeemed or (ii) the amount equal to the sum of the present values of the remaining scheduled payments for principal of and interest on the notes to be redeemed, not including any portion of the payments of interest accrued as of such redemption date, discounted to such redemption date on a semiannual basis at the yield to maturity for a U.S. Treasury security with a maturity comparable to the remaining term of the notes, plus 45 basis points, plus in each case, accrued and unpaid interest on the principal amount of the notes to be redeemed to, but excluding, such redemption date.

In March 2020, the Parent Company issued four series of senior notes totaling ¥57.0 billion through a public debt offering under its then existing U.S. shelf registration statement. The first series, which totaled ¥12.4 billion, bears interest at a fixed rate of .300% per annum, payable semi-annually and will mature in September 2025. The second series, which totaled ¥13.3 billion, bears interest at a fixed rate of .550% per annum, payable semi-annually, and will mature in March 2030. The third series, which totaled ¥20.7 billion, bears interest at a fixed rate of .750% per annum, payable semi-annually and will mature in March 2032. The fourth series, which totaled ¥10.6 billion, bears interest at a fixed rate of .830% per annum, payable semi-annually, and will mature in March 2035. These notes may only be redeemed before maturity, in whole but not in part, upon the occurrence of certain changes affecting U.S. taxation, as specified in the indenture governing the terms of the issuance.

In December 2019, the Parent Company issued four series of senior notes totaling ¥38.0 billion through a public debt offering under its then existing U.S. shelf registration statement. The first series, which totaled ¥12.6 billion, bears interest at a fixed rate of .500% per annum, payable semi-annually, and will mature in December 2029. The second series, which totaled ¥9.3 billion, bears interest at a fixed rate of .843% per annum, payable semi-annually, and will mature in December 2031. The third series, which totaled ¥9.8 billion, bears interest at a fixed rate of .934% per annum, payable semi-annually, and will mature in December 2034. The fourth series, which totaled ¥6.3 billion, bears interest at a fixed rate of 1.122% per annum, payable semi-annually, and will mature in December 2039. The notes are redeemable at the Parent Company’s option (i) at any time, in whole but not in part, upon the occurrence of certain changes affecting U.S. taxation, as specified in the indenture governing the terms of the issuance or (ii) on or after the date that is six months prior to the stated maturity date of the series, in whole or in part, at a redemption price equal to the aggregate principal amount to be redeemed plus accrued and unpaid interest on the principal amount to be redeemed to, but excluding, the date of redemption.
In April 2019, ALIJ issued ¥30.0 billion (par value) of perpetual subordinated bonds. These bonds bear interest at a fixed rate of .963% per annum and then at six-month Euro Yen LIBOR plus an applicable spread on and after the day immediately following April 18, 2024. The bonds will be callable on each interest payment date on and after April 18, 2024. In November 2019, ALIJ amended the bonds to change their duration from perpetual to a stated maturity date of April 16, 2049 and to remove provisions that permitted ALIJ to defer payments of interest under certain circumstances. In April 2024, ALIJ redeemed ¥30.0 billion of its .963% subordinated bonds due April 2049.

In October 2018, the Parent Company issued $550 million of senior notes through a U.S. public debt offering. The notes bear interest at a fixed rate of 4.750% per annum, payable semi-annually, and will mature in January 2049. These notes are redeemable at the Parent Company's option in whole at any time or in part from time to time at a redemption price equal to the greater of: (i) the aggregate principal amount of the notes to be redeemed or (ii) the amount equal to the sum of the present values of the remaining scheduled payments for principal of and interest on the notes to be redeemed, not including any portion of the payments of interest accrued as of such redemption date, discounted to such redemption date on a semiannual basis at the yield to maturity for a U.S. Treasury security with a maturity comparable to the remaining term of the notes, plus 25 basis points, plus in each case, accrued and unpaid interest on the principal amount of the notes to be redeemed to, but excluding, such redemption date.

In October 2018, the Parent Company issued three series of senior notes totaling ¥53.4 billion through a public debt offering under its then existing U.S. shelf registration statement. The first series, which totaled ¥29.3 billion, bears interest at a fixed rate of 1.159% per annum, payable semi-annually, and will mature in October 2030. The second series, which totaled ¥15.2 billion, bears interest at a fixed rate of 1.488% per annum, payable semi-annually, and will mature in October 2033. The third series, which totaled ¥8.9 billion, bears interest at a fixed rate of 1.750% per annum, payable semi-annually, and will mature in October 2038. These notes may only be redeemed before maturity, in whole but not in part, upon the occurrence of certain changes affecting U.S. taxation, as specified in the indenture governing the terms of the issuance.

In October 2017, the Parent Company issued ¥60.0 billion of subordinated debentures through a U.S. public debt offering. The debentures bear interest at an initial rate of 2.108% per annum through October 22, 2027, or earlier redemption. Thereafter, the rate of interest of the debentures will be reset every five years to a rate of interest equal to the then-current JPY 5-year Swap Offered Rate plus 205 basis points. The debentures are payable semi-annually in arrears and will mature in October 2047. The debentures are redeemable (i) at any time, in whole but not in part, upon the occurrence of certain tax events or certain rating agency events, as specified in the indenture governing the terms of the debentures or (ii) on or after October 23, 2027, in whole or in part, at a redemption price equal to their principal amount plus accrued and unpaid interest to, but excluding, the date of redemption.

In January 2017, the Parent Company issued ¥60.0 billion of senior notes through a U.S. public debt offering. The notes bear interest at a fixed rate of .932% per annum, payable semi-annually, and will mature in January 2027. These notes may only be redeemed before maturity, in whole but not in part, upon the occurrence of certain changes affecting U.S. taxation, as specified in the indenture governing the terms of the issuance.

In September 2016, the Parent Company issued two series of senior notes totaling $700 million through a U.S. public debt offering. The first series, which totaled $300 million, bears interest at a fixed rate of 2.875% per annum, payable semi-annually and will mature in October 2026. The second series, which totaled $400 million, bears interest at a fixed rate of 4.00% per annum, payable semi-annually, and will mature in October 2046.

In 2010 and 2009, the Parent Company issued senior notes through U.S. public debt offerings; the details of these notes are as follows. In August 2010, the Parent Company issued $450 million of senior notes that will mature in August 2040. In December 2009, the Parent Company issued $400 million of senior notes that will mature in December 2039. These senior notes pay interest semiannually and are redeemable at the Parent Company's option in whole at any time or in part from time to time at a redemption price equal to the greater of: (i) the principal amount of the notes or (ii) the present value of the remaining scheduled payments of principal and interest to be redeemed, discounted to the redemption date, plus accrued and unpaid interest. In December 2016, the Parent Company completed a tender offer in which it extinguished $176 million principal of its 6.90% senior notes due December 2039 and $193 million principal of its 6.45% senior notes due August 2040. The pretax loss due to the early redemption of these notes was $137 million.

For the Company's yen-denominated notes and loans, the principal amount as stated in dollar terms will fluctuate from period to period due to changes in the yen/dollar exchange rate. The Company has designated the majority of its yen-denominated notes payable as a non-derivative hedge of the foreign currency exposure of the Company's investment in Aflac Japan.
The aggregate contractual maturities of notes payable during each of the years after December 31, 2024, are as follows:
(In millions)Total
Notes
Payable
2025$79 
2026700 
2027453 
20280 
2029533 
Thereafter5,690 
Total$7,455 

Interest expense related to the Company's notes payable, which is included in interest expense in the consolidated statements of earnings, was $194 million, $190 million and $217 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Operating lease costs, included in insurance and other expenses in the consolidated statements of earnings, were $43 million, $49 million and $52 million for the years ended December 31, 2024, 2023 and 2022, respectively. Operating cash outflows for operating leases were $41 million, $48 million and $49 million for the years ended December 31, 2024, 2023 and 2022, respectively.
A summary of the Company's lines of credit as of December 31, 2024 follows:
Borrower(s)TypeTermExpiration DateCapacityAmount OutstandingInterest Rate on Borrowed AmountMaturity PeriodCommitment FeeBusiness Purpose
Aflac Incorporated
and Aflac		uncommitted bilateral364 daysDecember 5,
2025
$100 million
$0 million
The rate quoted by the bank and agreed upon at the time of borrowing
Up to 3 months
NoneGeneral corporate purposes
Aflac Incorporatedunsecured revolving5 yearsMay 9,
2027, or the date commitments are terminated pursuant to an event of default
¥100.0 billion
¥0.0 billion
A rate per annum equal to (a) Tokyo Interbank Market Rate (TIBOR) plus, the alternative applicable TIBOR margin during the availability period from the closing date to the commitment termination date or (b) the TIBOR rate offered by the agent to major banks in yen for the applicable period plus, the applicable alternative TIBOR margin during the term out periodNo later than
May 10, 2027
.28% to .45%, depending on the Parent Company's debt ratings as of the date of determination
General corporate purposes, including a capital contingency plan for the operations of the Parent Company
Aflac Incorporated
and Aflac		unsecured revolving5 yearsNovember 15, 2027, or the date commitments are terminated pursuant to an event of default
$1.0 billion
$0.0 billion
A rate per annum equal to, at the Company's option, either, (a) Secured Overnight Financing Rate (SOFR) for U.S. dollar-denominated borrowings or TIBOR for Japanese yen-denominated borrowings, in either case adjusted for certain costs, or (b) a base rate determined by reference to the highest of (1) the federal funds rate plus 1/2 of 1%, (2) the rate of interest for such day announced by the agent as its prime rate, or (3) SOFR for an interest period of one month plus 1.00%, in each case plus an applicable marginNo later than November 15, 2027
.08% to
.20%, depending on the Parent Company's debt ratings as of the date of determination
General corporate purposes, including a capital contingency plan for the operations of the Parent Company
Aflac Incorporated
and Aflac		uncommitted bilateralNone specifiedNone specified
$50 million
$0 million
A rate per annum equal to, at the Parent Company's option, either (a) a rate determined by reference to SOFR for the interest period relevant to such borrowing or (b) the base rate determined by reference to the highest of (1) the lender's USD short-term commercial loan rate and (2) the federal funds rate plus 1/2 of 1%
Up to 3 months
NoneGeneral corporate purposes
Aflac(1)
uncommitted revolving364 daysDecember 1, 2025
$250 million
$0 million
Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 75 basis points per annumNo later than December 2, 2025NoneGeneral corporate purposes
Aflac Incorporated(1)
(Tranche 1)
uncommitted revolving364 daysNovember 25, 2025
¥50.0 billion
¥0.0 billion
Three-month yen TIBOR plus 75 basis points per annumNo later than November 26, 2025NoneGeneral corporate purposes
Aflac Incorporated(1)
(Tranche 2)
uncommitted revolving364 daysNovember 25, 2025
¥50.0 billion
¥0.0 billion
Three-month yen TIBOR plus 75 basis points per annumNo later than November 26, 2025NoneGeneral corporate purposes
Aflac New York(1)
uncommitted revolving364 daysDecember 1, 2025
$25 million
$0 million
Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 75 basis points per annumNo later than December 2, 2025NoneGeneral corporate purposes
CAIC(1)
uncommitted revolving364 daysDecember 1, 2025
$15 million
$0 million
Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 75 basis points per annumNo later than December 2, 2025NoneGeneral corporate purposes
(1) Intercompany credit agreement
(continued)
Borrower(s)TypeTermExpiration DateCapacityAmount OutstandingInterest Rate on Borrowed AmountMaturity PeriodCommitment FeeBusiness Purpose
TOIC(1)
uncommitted revolving364 daysDecember 1, 2025
$0.3 million
$0 million
Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 75 basis points per annumNo later than December 2, 2025NoneGeneral corporate purposes
Aflac GI Holdings LLC(1)
uncommitted revolving364 daysDecember 1, 2025
$30 million
$0 million
Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 75 basis points per annumNo later than December 2, 2025NoneGeneral corporate purposes
Aflac Incorporated(1)
uncommitted revolving364 daysDecember 1, 2025
$400 million
$0 million
Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 97 basis points per annum for U.S. dollar-denominated borrowings or three-month TIBOR plus 97 basis points per annum for Japanese yen-denominated borrowingsNo later than December 2, 2025NoneGeneral corporate purposes
Aflac Re(1)
uncommitted revolving364 daysDecember 1, 2025
$400 million
$0 million
Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 68 basis points per annum for U.S. dollar-denominated borrowings or three-month TIBOR plus 68 basis points per annum for Japanese yen-denominated borrowingsNo later than December 2, 2025NoneGeneral corporate purposes
Aflac Asset Management LLC(1)
uncommitted revolving364 daysDecember 1, 2025
$25 million
$0 million
Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 68 basis points per annum for U.S. dollar-denominated borrowings or three-month TIBOR plus 68 basis points per annum for Japanese yen-denominated borrowingsNo later than December 2, 2025NoneGeneral corporate purposes
Aflac Global Ventures LLC(1)
uncommitted revolving364 daysDecember 1, 2025
$2 million
$0 million
Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 68 basis points per annum for U.S. dollar-denominated borrowings or three-month TIBOR plus 68 basis points per annum for Japanese yen-denominated borrowingsNo later than December 2, 2025NoneGeneral corporate purposes
(1) Intercompany credit agreement

The Company was in compliance with all of the covenants of its notes payable and lines of credit at December 31, 2024. No events of default or defaults occurred during 2024 and 2023.
v3.25.0.1
INCOME TAXES
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The components of income tax expense (benefit) applicable to pretax earnings for the years ended December 31 were as follows:
(In millions)ForeignU.S.Total
2024:
Current$1,196 $134 $1,330 
Deferred159 (515)(356)
Total income tax expense$1,355 $(381)$974 
2023:
Current$1,275 $388 $1,663 
Deferred(160)(900)(1,060)
Total income tax expense$1,115 $(512)$603 
2022:
Current$913 $268 $1,181 
Deferred200 (930)(730)
Total income tax expense$1,113 $(662)$451 

The Japan income tax rate for the fiscal years 2024, 2023 and 2022 was 28.0%.

Aflac Japan holds certain U.S. dollar-denominated assets in a Delaware Statutory Trust (DST). These assets are mostly comprised of various U.S. dollar-denominated commercial mortgage loans. The functional currency of the DST for U.S. tax purposes was historically the Japanese yen. In 2022, the Company requested a change in tax accounting method through the Internal Revenue Service's automatic consent procedures to change the functional currency of the DST for U.S. tax purposes to the U.S. dollar. As a result, foreign currency translation gains or losses on assets held in the DST are no longer recognized for U.S. tax purposes. The Company historically recorded a deferred tax liability for foreign currency translation gains on the DST assets, which was released in the third quarter of 2022 as a result of the functional currency change. The release of the deferred tax liability resulted in the Company recognizing an income tax benefit of $208 million in 2024, $174 million in 2023 and $452 million in 2022.

Income tax expense in the accompanying statements of earnings varies from the amount computed by applying the expected U.S. tax rate of 21% to pretax earnings. The principal reasons for the differences and the related tax effects for the years ended December 31 were as follows:
(In millions)202420232022
Income taxes based on U.S. statutory rates$1,348 $1,105 $1,023 
DST functional currency change(208)(174)(452)
Solar and historic tax credits, net of amortization(164)(348)(83)
Other, net(2)20 (37)
Income tax expense$974 $603 $451 
(In millions)202420232022
Statements of earnings$974 $603 $451 
Other comprehensive income (loss):
Unrealized foreign currency translation gains (losses) during
  period		160 140 547 
Unrealized gains (losses) on fixed maturity securities:
Unrealized holding gains (losses) on fixed maturity
  securities during period		(265)520 (2,657)
Reclassification adjustment for (gains) losses
  on fixed maturity securities included in net earnings		(41)(35)(95)
Unrealized gains (losses) on derivatives during period1 1 1 
Effect of changes in discount rate assumptions during period1,214 (122)3,650 
Pension liability adjustment during period5 7 35 
Total income tax expense (benefit) related to items of
  other comprehensive income (loss)		1,074 511 1,481 
Total income taxes$2,048 $1,114 $1,932 

The income tax effects of the temporary differences that gave rise to deferred income tax assets and liabilities as of December 31 were as follows:
(In millions)20242023
Deferred income tax liabilities:
Deferred policy acquisition costs$2,637 $2,883 
Unrealized gains and other basis differences on investments615 988 
Foreign currency gain on Aflac Japan1 2 
Premiums receivable43 85 
Policy benefit reserves2,509 110 
Other54 0 
Total deferred income tax liabilities5,859 4,068 
Deferred income tax assets:
Unfunded retirement benefits4 5 
Other accrued expenses32 28 
Policy and contract claims514 572 
Deferred compensation31 45 
Depreciation255 265 
Anticipatory foreign tax credit3,262 2,210 
Deferred foreign tax credit and carryforward1,428 1,077 
Other0 135 
Total deferred income tax assets5,526 4,337 
Net deferred income tax (asset) liability333 (269)
Current income tax (asset) liability240 423 
Total income tax liability$573 $154 

The application of U.S. GAAP requires the Company to evaluate the recoverability of deferred tax assets and establish a valuation allowance if necessary to reduce the deferred tax asset to an amount that is more likely than not expected to be realized. The Company has determined no valuation allowance against its anticipatory foreign tax credits is necessary. The anticipatory foreign tax credit represents the foreign tax credit the Company will generate from the reversal of Japan deferred tax liabilities in the future. Deferred foreign tax credits are foreign tax credits generated in the current tax year by the Japanese life company, but are unable to be utilized until 2025 due to Japan's current tax year not closing until March 31, 2025. Based upon a review of the Company's anticipated future taxable income, and including all other available evidence, both positive and negative, the Company's management has concluded that it is more likely than not that all other deferred tax assets will be realized.
Under U.S. income tax rules, only 35% of non-life operating losses can be offset against life insurance taxable income each year. For current U.S. income tax purposes, as of December 31, 2024, there were non-life operating loss carryforwards of $26 million available to offset against future taxable income, which expire after December 31, 2040, and there were life operating loss carryforwards available to offset against future taxable income of $92 million, which do not expire. The Company has no capital loss carryforwards available to offset capital gains. The Company has a foreign tax credit carryforward of $314 million as of December 31, 2024, which expires after December 31, 2034.

The Company files federal income tax returns in the U.S. and Japan as well as state or prefecture income tax returns in various jurisdictions in the two countries. There are currently no other open Federal, State, or local U.S. income tax audits. U.S. federal income tax returns for years before 2021 are no longer subject to examination. Japan corporate income tax returns for years before the tax year ended March 2023 are no longer subject to examination. Management believes it has established adequate tax liabilities and final resolution of all open audits is not expected to have a material impact on the Company's consolidated financial statements.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows for the years ended December 31:
(In millions)2024 2023 
Balance, beginning of year$1 $5 
Additions for tax positions of prior years0   0   
Reductions for tax positions of prior years(1)  (4)
Balance, end of year$0 $1 

Included in the balance of the liability for unrecognized tax benefits at December 31, 2024 and 2023, were no tax positions for which the ultimate deductibility is highly certain, but for which there is uncertainty about the timing of such deductibility. Because of the impact of deferred tax accounting, other than interest and penalties, the disallowance of the shorter deductibility period would not affect the annual effective tax rate, but would accelerate the payment of cash to the taxing authority to an earlier period. The Company has accrued an immaterial amount as of December 31, 2024, for permanent uncertainties, which if reversed would not have a material effect on the annual effective rate.

The Company recognizes accrued interest and penalties related to unrecognized tax benefits in income tax expense. The Company recognized an immaterial amount of interest and penalties in 2024, 2023 and 2022. The Company accrued an immaterial amount for the payment of interest and penalties as of December 31, 2024 and 2023, respectively.

As of December 31, 2024, there were no material uncertain tax positions for which the total amounts of unrecognized tax benefits will significantly increase or decrease within the next 12 months.
v3.25.0.1
SHAREHOLDERS' EQUITY
 12 Months Ended
Dec. 31, 2024
Stockholders' Equity Note [Abstract]  
SHAREHOLDERS' EQUITY SHAREHOLDERS' EQUITY
Share Data: The following table is a reconciliation of the number of shares of the Company's common stock for the years ended December 31.
(In thousands of shares)202420232022
Common stock - issued:
Balance, beginning of period1,355,3981,354,0791,352,739
Exercise of stock options and issuance of restricted shares1,3651,3191,340
Balance, end of period1,356,7631,355,3981,354,079
Treasury stock:
Balance, beginning of period776,919738,823700,607
Purchases of treasury stock:
Share repurchase program30,42838,89639,187
Other494364370
Dispositions of treasury stock:
Shares issued to AFL Stock Plan(751)(897)(1,009)
Exercise of stock options(104)(88)(117)
Other(187)(179)(215)
Balance, end of period806,799776,919738,823
Shares outstanding, end of period549,964578,479615,256

Share Repurchase Program: In November 2022, the Company's board of directors authorized the purchase of an additional 100 million shares of its common stock. As of December 31, 2024, a remaining balance of 47.3 million shares of the Company's common stock was available for purchase under share repurchase authorizations by its board of directors.

During 2024, the Company repurchased 30.4 million shares of its common stock in the open market for $2.8 billion. The Company repurchased 38.9 million shares for $2.8 billion in 2023 and 39.2 million shares for $2.4 billion in 2022.
Voting Rights: In accordance with the Parent Company's articles of incorporation, shares of common stock are generally entitled to one vote per share until they have been held by the same beneficial owner for a continuous period of 48 months, at which time they become entitled to 10 votes per share.

EPS: A reconciliation of basic and diluted weighted-average shares outstanding used in the computation of basic and diluted EPS for the years ended December 31 is as follows: 
(In thousands of shares)202420232022
Weighted-average outstanding shares used for calculating basic EPS562,492 596,173 634,816 
Dilutive effect of share-based awards2,523 2,572 2,839 
Weighted-average outstanding shares used for calculating diluted EPS565,015 598,745 637,655 

Outstanding share-based awards are excluded from the calculation of weighted-average shares used in the computation of basic EPS, but are included in the calculation of weighted-average shares used in the computation of diluted EPS. Anti-dilutive share-based awards are excluded from the computation of diluted EPS.

The following table presents the approximate number of share-based awards to purchase shares, on a weighted-average basis, that were considered to be anti-dilutive and were excluded from the calculation of diluted EPS at December 31:
(In thousands)202420232022
Anti-dilutive share-based awards17 51 118 
Reclassifications from Accumulated Other Comprehensive Income
The tables below are reconciliations of accumulated other comprehensive income by component for the years ended December 31.

Changes in Accumulated Other Comprehensive Income
2024
(In millions)Unrealized Foreign
Currency Translation
Gains (Losses)		Unrealized
Gains (Losses)
on Fixed Maturity Securities		Unrealized
Gains (Losses)
on Derivatives		Effect of Changes in Discount Rate AssumptionsPension
Liability
Adjustment		Total
Balance at December 31, 2023
$(4,069)$1,139 $(22)$(2,560)$(8)$(5,520)
Other comprehensive
   income (loss) before
   reclassification 		(929)(959)(3)4,566 20 2,695 
Amounts reclassified from
   accumulated other
   comprehensive income
  (loss)		0 (156)5 0 (2)(153)
Net current-period other
   comprehensive
   income (loss)		(929)(1,115)2 4,566 18 2,542 
Balance at December 31, 2024
$(4,998)$24 $(20)$2,006 $10 $(2,978)
All amounts in the table above are net of tax.
2023
(In millions)Unrealized Foreign
Currency Translation
Gains (Losses)		Unrealized
Gains (Losses)
on Fixed Maturity Securities		Unrealized
Gains (Losses)
on Derivatives		Effect of Changes in Discount Rate AssumptionsPension
Liability
Adjustment		Total
Balance at December 31, 2022
$(3,564)$(702)$(27)$(2,100)$(36)$(6,429)
Other comprehensive
   income (loss) before
   reclassification		(505)1,972 1 (460)28 1,036 
Amounts reclassified from
   accumulated other
   comprehensive income
  (loss)		0 (131)4 0 0 (127)
Net current-period other
   comprehensive
   income (loss)		(505)1,841 5 (460)28 909 
Balance at December 31, 2023
$(4,069)$1,139 $(22)$(2,560)$(8)$(5,520)
All amounts in the table above are net of tax.
2022
(In millions)Unrealized Foreign
Currency Translation
Gains (Losses)		Unrealized
Gains (Losses)
on Fixed Maturity Securities		Unrealized
Gains (Losses)
on Derivatives		Effect of Changes in Discount Rate AssumptionsPension
Liability
Adjustment		Total
Balance at December 31, 2021
$(1,985)$9,602 $(30)$(15,832)$(166)$(8,411)
Other comprehensive
   income (loss) before
   reclassification		(1,579)(9,946)(1)13,732 111 2,317 
Amounts reclassified from
   accumulated other
   comprehensive income
  (loss)		0 (358)4 0 19 (335)
Net current-period other
   comprehensive
   income (loss)		(1,579)(10,304)3 13,732 130 1,982 
Balance at December 31, 2022
$(3,564)$(702)$(27)$(2,100)$(36)$(6,429)
All amounts in the table above are net of tax.

The tables below summarize the amounts reclassified from each component of accumulated other comprehensive income into net earnings for the years ended December 31.

Reclassifications Out of Accumulated Other Comprehensive Income
(In millions)2024
Details about Accumulated Other Comprehensive Income ComponentsAmount Reclassified from Accumulated Other Comprehensive IncomeAffected Line Item in the
Statements of Earnings
Unrealized gains (losses) on available-for-sale
   securities		$197 Net investment gains (losses)
(41)
Tax (expense) or benefit(1)
$156 Net of tax
Unrealized gains (losses) on derivatives$(5)Net investment gains (losses)
(1)Net investment income
(6)Total before tax
1 
Tax (expense) or benefit(1)
$(5)Net of tax
Amortization of defined benefit pension items:
       Actuarial gains (losses)$1 
Acquisition and operating expenses(2)
Prior service (cost) credit1 
Acquisition and operating expenses(2)
0 
Tax (expense) or benefit(1)
$2 Net of tax
Total reclassifications for the period$153 Net of tax
(1) Based on 21% tax rate
(2) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost (see Note 14 for additional details).
(In millions)2023
Details about Accumulated Other Comprehensive Income ComponentsAmount Reclassified from Accumulated Other Comprehensive IncomeAffected Line Item in the
Statements of Earnings
Unrealized gains (losses) on available-for-sale
   securities		$166 Net investment gains (losses)
(35)
Tax (expense) or benefit(1)
$131 Net of tax
Unrealized gains (losses) on derivatives$(4)Net investment gains (losses)
(1)Net investment income
(5)Total before tax
1 
Tax (expense) or benefit(1)
$(4)Net of tax
Amortization of defined benefit pension items:
       Actuarial gains (losses)$0 
Acquisition and operating expenses(2)
Prior service (cost) credit0 
Acquisition and operating expenses(2)
0 
Tax (expense) or benefit(1)
$0 Net of tax
Total reclassifications for the period$127 Net of tax
(1) Based on 21% tax rate
(2) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost (see Note 14 for additional details).

(In millions)2022
Details about Accumulated Other Comprehensive Income ComponentsAmount Reclassified from Accumulated Other Comprehensive IncomeAffected Line Item in the
Statements of Earnings
Unrealized gains (losses) on available-for-sale
   securities		$453 Net investment gains (losses)
(95)
Tax (expense) or benefit(1)
$358 Net of tax
Unrealized gains (losses) on derivatives$(4)Net investment gains (losses)
(1)Net investment income
(5)Total before tax
1 
Tax (expense) or benefit(1)
$(4)Net of tax
Amortization of defined benefit pension items:
       Actuarial gains (losses)$(24)
Acquisition and operating expenses(2)
       Prior service (cost) credit0 
Acquisition and operating expenses(2)
5 
Tax (expense) or benefit(1)
$(19)Net of tax
Total reclassifications for the period$335 Net of tax
(1) Based on 21% tax rate
(2) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost (see Note 14 for additional details).
v3.25.0.1
SHARE-BASED COMPENSATION
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
SHARE-BASED COMPENSATION SHARE-BASED COMPENSATION
As of December 31, 2024, the Company has outstanding share-based awards under the Aflac Incorporated Long-Term Incentive Plan (As Amended and Restated February 14, 2017), as further amended on August 9, 2022 (the Plan). Share-based awards are designed to reward employees for their long-term contributions to the Company and provide incentives for them to remain with the Company. The number and frequency of share-based awards are based on competitive practices, operating results of the Company, government regulations, and other factors.

The Plan allows for a maximum number of shares issuable over its term of 75 million shares including 38 million shares that may be awarded in respect of awards other than options or stock appreciation rights. If any awards granted under the Plan are forfeited or are terminated before being exercised or settled for any reason other than tax forfeiture, then the shares underlying the awards will again be available under the Plan.

The Plan allows awards to Company employees for incentive stock options (ISOs), non-qualifying stock options (NQSOs), restricted stock, restricted stock units, and stock appreciation rights. Non-employee directors are eligible for grants of NQSOs, restricted stock, and stock appreciation rights. As of December 31, 2024, approximately 33.6 million shares were available for future grants under this plan. The ISOs and NQSOs have a term of 10 years, and the share-based awards generally vest upon time-based conditions or time and performance-based conditions. Time-based vesting generally occurs after three years. Performance-based vesting conditions generally include the attainment of goals related to the Company's financial performance. As of December 31, 2024, the only performance-based awards issued and outstanding were restricted stock awards and units.

Stock options and stock appreciation rights granted under the amended Plan have an exercise price of at least the fair market value of the underlying stock on the grant date and have an expiration date no later than 10 years from the grant date. Time-based restricted stock awards, restricted stock units and stock options generally vest on a ratable basis over three years. The Compensation Committee of the board of directors has the discretion to determine vesting schedules.

Share-based awards granted to U.S.-based grantees are settled with authorized but unissued Company stock, while those issued to Japan-based grantees are settled with treasury shares.

Summary of Share-Based Compensation Expense

Share-based compensation expense consists primarily of expenses for stock options, restricted stock awards (including performance based restricted stock awards), and restricted stock units granted to employees.

The following table presents the impact of the expense recognized in connection with share-based awards for the years ended December 31.
(In millions, except for per-share amounts)202420232022
Impact on earnings from continuing operations$72 $79 $69 
Impact on earnings before income taxes72 79 69 
Impact on net earnings57 62 55 
Impact on net earnings per share:
Basic$.10 $.10 $.09 
Diluted.10 .10 .09 
Stock Options

The following table summarizes stock option activity under the employee stock option plan.
(In thousands of shares)Stock
Option
Shares		Weighted-Average
Exercise Price
Per Share
Outstanding at December 31, 20212,145 $31.02 
Granted in 20220 0.00 
Canceled in 2022(8)32.43 
Exercised in 2022(560)28.11 
Outstanding at December 31, 20221,577 32.05 
Granted in 20230 0.00 
Canceled in 20230 24.75 
Exercised in 2023(526)30.35 
Outstanding at December 31, 20231,051 32.90 
Granted in 20240 0.00 
Canceled in 2024(3)31.21 
Exercised in 2024(425)31.40 
Outstanding at December 31, 2024623 $33.92 

(In thousands of shares)202420232022
Shares exercisable, end of year623 1,051 1,577 

The Company estimates the fair value of each stock option granted using the Black-Scholes-Merton multiple option approach. Expected volatility is based on historical periods generally commensurate with the estimated terms of the options. The Company uses historical data to estimate option exercise and termination patterns within the model. Separate groups of employees that have similar historical exercise patterns are stratified and considered separately for valuation purposes. The expected term of options granted is derived from the output of the Company's option model and represents the weighted-average period of time that options granted are expected to be outstanding. The Company bases the risk-free interest rate on the Treasury note rate with a term comparable to that of the estimated term of the options. There were no options granted in 2024, 2023 or 2022. The following table presents the assumptions used in valuing options granted, if applicable, during the years ended December 31.
202420232022
Expected term (years)8.08.07.8
Expected volatility26.8 %26.7 %25.8 %
Annual forfeiture rate4.4 4.2 4.0 
Risk-free interest rate4.0 3.0 1.6 
Dividend yield2.4 2.3 2.7 

The following table summarizes information about stock options outstanding and exercisable at December 31, 2024.
(In thousands of shares)Options OutstandingOptions Exercisable
Range of
Exercise Prices
Per Share		Stock Option
Shares
Outstanding		Wgtd.-Avg.
Remaining
Contractual
Life (Yrs.)		Wgtd.-Avg.
Exercise
Price
Per Share		Stock Option
Shares
Exercisable		Wgtd.-Avg.
Exercise
Price
Per Share
$0.00 -$28.97 173 1.1$28.96 173 $28.96 
28.97 -31.21 76 0.530.30 76 30.30 
31.21 -36.21 252 1.934.84 252 34.84 
36.21 -44.59 122 2.941.33 122 41.33 
$0.00 -$44.59 623 1.7$33.92 623 $33.92 
The aggregate intrinsic value in the following table represents the total pretax intrinsic value, and is based on the difference between the exercise price of the stock options and the quoted closing common stock price of $103.44 as of December 31, 2024, for those awards that have an exercise price currently below the closing price. As of December 31, 2024, the aggregate intrinsic value of stock options outstanding was $43 million, with a weighted-average remaining term of 1.7 years. The total number of in-the-money stock options exercisable as of December 31, 2024, was 623 thousand shares. The aggregate intrinsic value of stock options exercisable at that same date was $43 million, with a weighted-average remaining term of 1.7 years.

The following table summarizes stock option activity during the years ended December 31.
(In millions)202420232022
Total intrinsic value of options exercised$25 $22 $20 
Cash received from options exercised13 16 16 
Tax benefit realized as a result of options exercised and
  restricted stock releases		28 20 18 

Performance-Based Restricted Stock Awards and Units

Under the Plan, each February, the Company grants selected executive officers performance-based restricted stock awards (PBRS) and performance-based restricted stock units (PSU) with vesting contingent upon meeting various performance goals. PBRS and PSU are generally granted at-the-money and contingently cliff vest over a period of three years, generally subject to continued employment. In February 2024, the Company granted 303 thousand performance-based stock awards and units, which are contingent on the achievement of the Company's financial performance metrics and its market-based conditions. On the date of grant, the Company estimated the fair value of restricted stock awards with market-based conditions using a Monte Carlo simulation model. The model discounts the value of the stock at the assumed vesting date based on a risk-free interest rate. Based on estimates of actual performance versus the vesting thresholds, the calculated fair value percentage pay-out estimate will be updated each quarter. Actual performance, including modification for relative total shareholder return, may result in the ultimate award of 0% to 200% percent of the initial number of PBRS and PSU issued, with the potential for no award if company performance goals are not achieved during the three-year period. PBRS and PSU subject to accelerated vesting at the date of retirement eligibility are expensed over the implicit service period.

The Company also granted selected executive officers PSU throughout the year with vesting contingent upon meeting various performance goals. PSU are generally granted at-the-money and contingently cliff vest over a period of three years, generally subject to continued employment. In 2024, the Company granted 93 thousand performance-based stock units, which are contingent on the achievement of certain Company determined metrics. Based on estimates of actual performance versus the vesting thresholds, the calculated fair value percentage pay-out estimate will be updated each quarter. Actual performance may result in the ultimate award of 0% to 150% percent of the initial number of PSU issued, with the potential for no award if the Company determined metrics are not achieved during the three-year period. Compensation expense for PSU subject to accelerated vesting at the date of retirement eligibility is expensed over the implicit service period.

The Company uses third-party analyses to assist in developing the assumptions used in, as well as calibrating, a Monte Carlo simulation model. The Company is responsible for determining the assumptions used in estimating the fair value of its share-based payment awards.

Key assumptions used to value PBRS granted during 2024 follows:
(In millions)2024
Expected volatility (based on Aflac Inc. and peer group historical daily stock price) 21.8 %
Expected life from grant date (years)2.9
Risk-free interest rate (based on U.S. Treasury yields at the date of grant)4.3 %
Restricted Stock Awards and Units
The value of restricted stock awards and restricted stock units is based on the fair market value of the Company's common stock at the date of grant. The following table summarizes restricted stock activity during the years ended December 31. 
(In thousands of shares)SharesWeighted-Average
Grant-Date
Fair Value
Per  Share
Restricted stock at December 31, 20212,557 $49.38 
Granted in 20221,119 66.72 
Canceled in 2022(96)54.59 
Vested in 2022(1,166)49.64 
Restricted stock at December 31, 20222,414 56.21 
Granted in 20231,171 70.74 
Canceled in 2023(112)60.62 
Vested in 2023(1,165)52.77 
Restricted stock at December 31, 20232,308 62.96 
Granted in 20241,300 80.90 
Canceled in 2024(48)74.68 
Vested in 2024(1,461)47.22 
Restricted stock at December 31, 20242,099 $73.65 

As of December 31, 2024, total compensation cost not yet recognized in the Company's financial statements related to restricted stock awards and restricted stock units was $34 million, of which $14 million (1.8 million shares) was related to restricted stock awards with a performance-based vesting condition. The Company expects to recognize these amounts over a weighted-average period of approximately 1.7 years. There are no other contractual terms covering restricted stock awards once vested.
v3.25.0.1
STATUTORY ACCOUNTING AND DIVIDEND RESTRICTIONS
 12 Months Ended
Dec. 31, 2024
Insurance [Abstract]  
STATUTORY ACCOUNTING AND DIVIDEND RESTRICTIONS STATUTORY ACCOUNTING AND DIVIDEND RESTRICTIONS
The Company's insurance subsidiaries are required to report their results of operations and financial position to insurance regulatory authorities on the basis of statutory accounting practices prescribed or permitted by such authorities.

Aflac Japan must report its results of operations and financial position to the Japanese Financial Services Agency (FSA) on a Japanese regulatory accounting basis as prescribed by the FSA. Japanese regulatory accounting practices differ in many respects from U.S. GAAP. For example, under Japanese regulatory accounting practices, policy acquisition costs are expensed immediately; policy benefit and claim reserving methods and assumptions are different; premiums are recognized on a cash basis; different consolidation criteria apply to VIEs; reinsurance is recognized on a different basis; and investments can have a separate accounting classification and treatment referred to as policy reserve matching bonds (PRM). Capital and surplus of Aflac Japan, based on current Japanese regulatory accounting practices, was $8.1 billion at both December 31, 2024 and 2023.

Aflac, CAIC and TOIC report statutory financial statements that are prepared on the basis of accounting practices prescribed or permitted by the Nebraska Department of Insurance (NDOI). The NDOI recognizes statutory accounting principles and practices prescribed or permitted by the state of Nebraska for determining and reporting the financial condition and results of operations of an insurance company, and for determining a company's solvency under Nebraska insurance law. 

Aflac New York reports statutory financial statements that are prepared on the basis of accounting practices prescribed or permitted by the New York State Department of Financial Services (NYSDFS). The NYSDFS recognizes statutory accounting principles and practices prescribed or permitted by the state of New York for determining and reporting the financial condition and results of operations of an insurance company, and for determining a company's solvency under New York insurance law.
Statutory Accounting Principles (SAP) as detailed by the National Association of Insurance Commissioners' (NAIC) Accounting Practices and Procedures Manual have been adopted by both the state of Nebraska and the state of New York as a component of those prescribed or permitted practices. Statutory accounting practices primarily differ from U.S. GAAP by charging policy acquisition costs to expense as incurred, establishing future policy benefit liabilities using different actuarial assumptions as well as valuing investments and certain assets and accounting for deferred taxes on a different basis. Additionally, the Director of the NDOI and the Superintendent of the NYSDFS each have the right to permit other specific practices which deviate from prescribed practices. Aflac, CAIC, TOIC and Aflac New York had no permitted practices as of December 31, 2024, and 2023.

The table below represents statutory capital and surplus based on statutory accounting practices for the Company’s U.S. life insurance subsidiaries as of December 31.
(In millions)20242023
Aflac$2,682 $2,881 
CAIC375 398 
TOIC51 51 
Aflac New York316 323 

As of December 31, 2024, the capital and surplus for each of the Company's U.S. life insurance subsidiaries exceeded the required company action level capital and surplus.

The table below represents net income (loss) based on statutory accounting practices for the Company’s U.S. life insurance subsidiaries as of December 31.
(In millions)202420232022
Aflac$912 $1,106 $1,134 
CAIC(94)(121)(69)
TOIC(20)(27)(35)
Aflac New York46 54 67 

Aflac Re is licensed by the BMA as a long-term insurer and is subject to the Bermuda Insurance Act of 1978 (Bermuda Insurance Act). Aflac Re is required to file an annual return for its Bermuda Solvency Capital Requirement (BSCR) which utilizes an Economic Balance Sheet (EBS) framework to determine Aflac Re’s Enhanced Capital Requirement (ECR). Aflac Re is also subject to a Minimum Margin of Solvency (MMS) related to its statutory financial statements. The MMS is equal to the greater of $500,000, 1.5% of the total statutory assets, or 25% of ECR.

Under the EBS framework, Aflac Re is required to value assets equal to U.S. GAAP fair values, and insurance reserves are valued using technical provisions which consist of a best estimate liability plus a risk margin. The best estimate liability can be calculated by applying the standard approach or, with regulatory approval, the scenario-based approach. The standard approach uses discount rates for insurance reserves as prescribed by the BMA. The scenario-based approach uses a discount rate based on the yield of eligible assets owned by the insurer as determined using a series of prescribed stress scenarios. At December 31, 2024 and 2023, Aflac Re was in compliance with the ECR and MMS requirements. Statutory capital and surplus of Aflac Re, based on Bermuda statutory accounting practices, was $581 million at December 31, 2024, compared with $439 million at December 31, 2023.

The Parent Company depends on its subsidiaries for cash flow, primarily in the form of dividends and management fees. Consolidated retained earnings in the accompanying financial statements largely represent the undistributed earnings of the Company's insurance subsidiaries. Amounts available for dividends, management fees and other payments to the Parent Company by its insurance subsidiaries may fluctuate due to different accounting methods required by regulatory authorities. These payments are also subject to various regulatory restrictions and approvals related to safeguarding the interests of insurance policyholders. The Company's U.S. life insurance entities must maintain adequate risk-based capital (RBC) for U.S. regulatory authorities, Aflac Japan must maintain adequate solvency margins for Japanese regulatory authorities, and Aflac Re must maintain minimum capital requirements for Bermuda regulatory authorities.

The maximum amount of dividends that can be paid to the Parent Company by Aflac, CAIC and TOIC without prior approval of Nebraska's director of insurance is the greater of the net income from operations, which excludes net investment gains, for the previous year determined under statutory accounting principles, or 10% of statutory capital and
surplus as of the previous year-end. In 2024, Aflac declared dividends of $976 million, compared with $894 million in 2023. Dividends declared by Aflac during 2025 in excess of $912 million would require such approval. CAIC and TOIC did not declare dividends in 2024 or 2023. From time to time, Aflac New York pays dividends to Aflac, the parent company of Aflac New York. Aflac New York may not pay dividends to Aflac without the prior approval of the NYSDFS. Aflac New York declared dividends of $54 million in 2024 and $67 million in 2023, which were authorized by the NYSDFS.

Aflac Japan is required to meet certain financial criteria as governed by the Companies Act of Japan in order to provide dividends to the Parent Company. Under these criteria, dividend capacity at Aflac Japan is defined as retained earnings excluding capital reserves, which represent equity generated by capital profits that are statutorily required in Japan, less net after-tax unrealized losses on available-for-sale securities based on the previous fiscal year-end. Profits remitted by Aflac Japan to the Parent Company were as follows for the years ended December 31:
  
In DollarsIn Yen
(In millions of dollars and billions of yen)202420232022202420232022
Profit remittances$2,865 $2,623 $2,412 ¥441.6 ¥374.7 ¥324.2 

Under the Bermuda Insurance Act, Aflac Re is prohibited from paying dividends in an amount that exceeds 25% of the prior year's statutory capital and surplus without an affidavit stating that Aflac Re will continue to meet its solvency margin. Further, Aflac Re may not reduce its total statutory capital by 15% or more without prior regulatory approval. Additionally, Aflac Re is not permitted to pay any dividends that would cause Aflac Re to fail to meet its minimum capital requirements. Aflac Re did not declare dividends in 2024 or 2023.
v3.25.0.1
BENEFIT PLANS
 12 Months Ended
Dec. 31, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
BENEFIT PLANS BENEFIT PLANS
Pension and Other Postretirement Plans

The Company has funded defined benefit plans in Japan and the U.S.; however, future benefits under the U.S. plan were frozen effective January 1, 2024, which resulted in the Company recognizing a curtailment gain of $49 million in 2023. As part of the U.S. plan freeze, the company offered lump sum payments to certain participants. The lump sum payments were distributed in the fourth quarter of 2024 and resulted in a settlement charge of $18 million in 2024 due to the payments being greater than the settlement threshold. In January 2025, the Company purchased a nonparticipating single premium group annuity contract from an external insurer to settle its obligations under the U.S. defined pension plan and paid to the insurer the related annuity premium. Effective April 1, 2025, the external insurer will begin making annuity payments to plan participants.

The Company also maintains non-qualified, unfunded supplemental retirement plans that provide defined pension benefits in excess of limits imposed by federal tax law for certain Japanese, U.S. and former employees. However, future benefits under the Company's Supplemental Executive Retirement Plan and Retirement Plan for Senior Officers were frozen effective January 1, 2024, provided that actively employed participants may continue to accrue service toward eligibility for early retirement benefits or delayed early retirement benefits.

The Company provides certain health care benefits for eligible U.S. retired employees, their beneficiaries and covered dependents (other postretirement benefits). The health care plan is contributory and unfunded. Effective January 1, 2014, employees eligible for benefits included the following: (1) active employees whose age plus service, in years, equaled or exceeded 80 (rule of 80); (2) active employees who were age 55 or older and have met the 15 years of service requirement; (3) active employees who would meet the rule of 80 in the next five years; (4) active employees who were age 55 or older and who would meet the 15 years of service requirement within the next five years; and (5) current retirees. For certain employees and former employees, additional coverage is provided for all medical expenses for life.
Information with respect to the Company's benefit plans' assets and obligations as of December 31 was as follows:
Pension BenefitsOther
JapanU.S.Postretirement Benefits
(In millions)202420232024202320242023
Projected benefit obligation:
      Benefit obligation, beginning of year$324 $327 $764 $843 $25 $32 
      Service cost14 14 0 7 0 0 
      Interest cost8 9 36 41 1 1 
      Actuarial (gain) loss(18)7 (7)37 2 (4)
      Benefits and expenses paid(16)(13)(32)(58)(5)(4)
      Curtailment (gain) loss0 0 0 (106)0 0 
      Settlement0 0 (177)0 0 0 
      Effect of foreign exchange
         rate changes		(30)(20)0 0 0 0 
               Benefit obligation, end of year282 324 584 764 23 25 
Plan assets:
      Fair value of plan assets,
         beginning of year		344 335 648 659 0 0 
      Actual return on plan assets27 17 (8)39 0 0 
      Employer contributions27 27 8 8 5 4 
      Benefits and expenses paid(16)(13)(32)(58)(5)(4)
      Settlement0 0 (177)0 0 0 
      Effect of foreign exchange
         rate changes		(37)(22)0 0 0 0 
               Fair value of plan assets,
                  end of year		345 344 439 648 0 0 
Funded status of the plans(1)
$63 $20 $(145)$(116)$(23)$(25)
Amounts recognized in accumulated other
    comprehensive income:
      Net actuarial (gain) loss$(10)$30 $1 $(13)$4 $2 
      Prior service (credit) cost0 0 (1)(2)0 0 
               Total included in accumulated
                  other comprehensive income		$(10)$30 $0 $(15)$4 $2 
Accumulated benefit obligation$184 $213 $584 $764 N/AN/A
(1) Underfunded amounts are recognized in other liabilities in the consolidated balance sheets and overfunded amounts are recognized in other assets in the consolidated balance sheets
Information for Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets
Pension Benefits
JapanU.S.
(In millions)2024202320242023
Accumulated benefit obligation $184 $213 $584 $764 
Fair value of plan assets345 344 439 648 
Information for Pension Plans with a Projected Benefit Obligation in Excess of Plan Assets
Pension Benefits
Japan (1)
U.S.(2)
(In millions)2024202320242023
Projected benefit obligation $282 $324 $584 $764 
Fair value of plan assets345 344 439 648 
(1) The net amount of projected benefit obligation and plan assets for the overfunded Japan pension plan was $63 and $20 at December 31, 2024 and 2023, respectively, and was classified as other assets on the statement of financial position.
(2) The net amount of projected benefit obligation and plan assets for the underfunded (including unfunded) U.S. pension plan was $145 and $116 at December 31, 2024 and 2023, respectively, and was classified as other liabilities on the statement of financial position.

Information for other postretirement benefit plans with an accumulated postretirement benefit obligation in excess of plan assets has been disclosed in the note on “Obligations and Funded Status” because all the other postretirement benefit plans are unfunded or underfunded.
Pension BenefitsOther
JapanU.S.Postretirement Benefits
202420232022202420232022202420232022
Weighted-average
  actuarial assumptions:		                    
Discount rate - net periodic
  benefit cost		1.84 %1.95 %.94 %5.33 %
(1)
5.24 %
(2)
2.94 %5.04 %5.28 %2.94 %
Discount rate - benefit
  obligations		2.31 1.84 1.95 5.60 5.04 5.28   5.60 5.04 5.28   
Expected long-term return
  on plan assets		2.00 2.00 2.00 4.75 4.75 5.50 N/AN/AN/A
Rate of compensation
  increase		5.90 N/AN/AN/A 4.00 4.00 N/AN/AN/A
Health care cost trend ratesN/AN/AN/AN/AN/AN/A6.30 
(3)
6.80 
(3)
6.50 
(3)
(1) An interim valuation was required due to the U.S. pension plan settlement. The rate shown is the rate used on the interim valuation date of November 1, 2024.
(2) An interim valuation was required due to the U.S. pension plan curtailment. The rate shown is the rate used on the interim valuation date of June 12, 2023.
(3) For the years 2024, 2023 and 2022, the health care cost trend rates are expected to trend down to 3.7% in 49 years, 3.7% in 50 years, and 3.7% in 51 years, respectively.

The Company determines its discount rate assumption for its U.S. pension retirement obligations based on indices for AA corporate bonds with an average duration of approximately 11 years, and determination of the U.S. pension plan discount rate utilizes the 85-year extrapolated yield curve. In Japan, the discount rate assumption is determined using the yield curve equivalent approach, and participant salary and future salary increases are factors in determining pension benefit cost or the related pension benefit obligation.

The Company bases its assumption for the long-term rate of return on assets on historical trends (10-year or longer historical rates of return for the Japanese plan assets and 15-year historical rates of return for the U.S. plan assets), expected future market movement, as well as the portfolio mix of securities in the asset portfolio including, but not limited to, style, class and equity and fixed income allocations. In addition, the Company's consulting actuaries evaluate its assumptions for long-term rates of return under Actuarial Standards of Practice (ASOP). Under the ASOP, the actual portfolio type, mix and class are modeled to determine a best estimate of the long-term rate of return. The Company in turn uses those results to further validate its own assumptions.
Components of Net Periodic Benefit Cost
Pension and other postretirement benefit expenses are included in acquisition and operating expenses in the consolidated statements of earnings, which includes $24 million, $(39) million and $14 million of other components of net periodic pension cost and postretirement costs (other than service costs) for the years ended December 31, 2024, 2023 and 2022, respectively. Total net periodic benefit cost includes the following components:
Pension BenefitsOther
JapanU.S.Postretirement Benefits
(In millions)202420232022202420232022202420232022
Service cost$14 $14 $19 $0 $7 $26 $0 $0 $0 
Interest cost8 9 5 36 41 34 1 1 1 
Expected return on
  plan assets		(7)(7)(8)(30)(34)(42)0 0 0 
Amortization of net
  actuarial (gain) loss		0 0 1 (1)(2)21 0 2 2 
Amortization of prior
  service cost (credit)		0 0 0 (1)0 0 0 0 0 
Curtailment (gain) loss0 0 0 0 (49)0 0 0 0 
Settlement (gain) loss0 0 0 18 0 0 0 0 0 
Net periodic benefit
  cost (credit)		$15 $16 $17 $22 $(37)$39 $1 $3 $3 

Changes in Accumulated Other Comprehensive Income
The following table summarizes the amounts recognized in other comprehensive loss (income) for the years ended December 31:
Pension BenefitsOther
JapanU.S.Postretirement Benefits
(In millions)202420232022202420232022202420232022
Net actuarial (gain) loss$(40)$(5)$(14)$31 $31 $(127)$2 $(4)$0 
Amortization of net
  actuarial gain (loss)
0 0 (1)1 2 (21)0 (2)(2)
Amortization of prior
  service cost 		0 0 0 1 0 0 0 0 0 
Curtailment (gain) loss0 0 0 0 (57)0 0 0 0 
Settlement (gain) loss0 0 0 (18)0 0 0 0 0 
Total$(40)$(5)$(15)$15 $(24)$(148)$2 $(6)$(2)

No transition obligations arose during 2024.

Benefit Payments
The following table provides expected benefit payments, which reflect expected future service, as appropriate.
Pension BenefitsOther
(In millions)JapanU.S.Postretirement Benefits
2025$16 $37 $4 
202610 37 4 
202711 43 3 
202811 42 2 
202912 42 2 
2030-203472 212 3 
Funding

The Company plans to make contributions of $23 million to the Japanese funded defined benefit plan in 2025. The Company does not plan to make any contributions to the U.S. funded defined benefit plan in 2025. The Company did not make a contribution to the U.S. funded defined benefit plan in 2024. The funding policy for the Company's non-qualified supplemental defined benefit pension plans and other postretirement benefits plan is to contribute the amount of the benefit payments made during the year.

Plan Assets

The investment objective of the Company's Japanese and U.S. funded defined benefit plans is to preserve the purchasing power of the plan's assets and earn a reasonable inflation-adjusted rate of return over the long term. In January 2025, the assets of the U.S. defined benefit plan were moved to cash in anticipation of plan termination. Furthermore, the Company seeks to accomplish these objectives in a manner that allows for the adequate funding of plan benefits and expenses. In order to achieve these objectives, the Company's goal is to maintain a conservative, well-diversified and balanced portfolio of high-quality equity, fixed-income and money market securities. As a part of its strategy, the Company has established strict policies covering quality, type and concentration of investment securities. For the Company's Japanese plan, these policies include limitations on investments in derivatives including futures, options and swaps, and low-liquidity investments such as real estate, venture capital investments, and privately issued securities. For the Company's U.S. plan, these policies prohibit investments in precious metals, limited partnerships, venture capital, and direct investments in real estate. The Company is also prohibited from trading on margin.

The plan fiduciaries for the Company's funded defined benefit plans have developed guidelines for asset allocations reflecting a percentage of total assets by asset class, which are reviewed on an annual basis. Asset allocation targets as of December 31, 2024 were as follows:
Japan
Pension		U.S.
Pension
Domestic equities8 %0 %
International equities10 0 
Fixed income securities45 99 
Other37 1 
     Total100 %100 %

The following tables present the fair value of Aflac Japan's pension plan assets that are measured at fair value on a recurring basis as of December 31.
  2024
(In millions)Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total
Fair
Value
Japan pension plan assets:
Equities:
Japanese equity securities$0 $29 $0 $29 
International equity securities0 36 0 36 
Fixed income securities:
Japanese bonds0 0 0 0 
International bonds0 154 0 154 
Insurance contracts0 64 0 64 
Alternative investments0 0 62 62 
Cash and cash equivalents0 0 0 0 
Total $0 $283 $62 $345 
  2023
(In millions)Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total
Fair
Value
Japan pension plan assets:
Equities:
Japanese equity securities$0 $21 $0 $21 
International equity securities0 38 0 38 
Fixed income securities:
Japanese bonds0 22 0 22 
International bonds0 194 0 194 
Insurance contracts0 26 0 26 
Alternative investments0 0 16 16 
Cash and cash equivalents27 0 0 27 
Total $27 $301 $16 $344 

The following table presents the fair value of Aflac U.S.'s pension plan assets that are measured at fair value on a recurring basis as of December 31. All of these assets are classified as Level 1 in the fair value hierarchy.
(In millions)20242023
U.S. pension plan assets:
Mutual funds:
Fixed income bond funds435 $648 
Cash and cash equivalents4 0 
Total$439 $648 

The fair values of the Company's pension plan investments categorized as Level 1, consisting of mutual funds, are based on quoted market prices for identical securities traded in active markets that are readily and regularly available to the Company. The fair values of the Company's pension plan investments classified as Level 2 are based on quoted prices for similar assets in markets that are not active, other inputs that are observable, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates, or other market-corroborated inputs. The fair values of the Company's pension plan investments classified as Level 3 are based on certain inputs that are not observable in an active market including the difference between contract rates and market rates, the difference of interest spread on contract and interest spread on market and the appraisal value of collateralized real estate.

The following table presents the changes in fair value of Aflac Japan's pension plan assets that are classified as Level 3 for the years ended December 31.
(In millions)20242023
Alternative investments:
Balance, beginning of period$16 $0 
Actual return on plan assets:
Relating to assets still held at the reporting date2 0 
Relating to assets sold during the period0 0 
Purchases, sales and settlements44 16 
Transfers in and/or out of Level 30 0 
Balance, end of period$62 $16 
401(k) Plan

The Company sponsors a 401(k) plan in which it matches a portion of U.S. employees' contributions. The plan provides for salary reduction contributions by employees and, in 2024, 2023, and 2022, provided matching contributions by the Company of 100% of each employee's contributions which were not in excess of 4% of the employee's annual cash compensation. The Company also provides a nonelective contribution to the 401(k) plan of 4% of annual cash compensation. Effective January 1, 2024, the nonelective 401(k) employer contribution was extended to U.S. employees who were participants in the defined benefit plan prior to the freeze of future benefits on January 1, 2024.

The 401(k) contributions by the Company, included in acquisition and operating expenses in the consolidated statements of earnings, were $21 million in 2024 and $20 million in 2023 and $18 million in 2022. The plan trustee held approximately 1.9 million shares of the Company's common stock for plan participants at December 31, 2024.

Stock Bonus Plan

Aflac U.S. maintains a stock bonus plan for eligible U.S. sales associates. Plan participants receive shares of Aflac Incorporated common stock based on their new annualized premium sales and their first-year persistency of substantially all new insurance policies. The cost of this plan, which was capitalized as deferred policy acquisition costs, amounted to $21 million in 2024 and $19 million in 2023 and $16 million in 2022.
v3.25.0.1
COMMITMENTS AND CONTINGENT LIABILITIES
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENT LIABILITIES COMMITMENTS AND CONTINGENT LIABILITIES
The Company has an outsourcing agreement with a technology and consulting corporation that provides for mainframe computer operations, distributed mid-range server computer operations, and related support for Aflac Japan. The agreement has a remaining term of four years with an aggregate remaining cost of ¥43.4 billion ($274 million using the December 31, 2024 exchange rate).

The Company has three outsourcing agreements with a management consulting and technology services company. The first agreement provides for application maintenance and development services for Aflac Japan. The first agreement has a remaining term of four years with an aggregate remaining cost of ¥14.7 billion ($93 million using the December 31, 2024 exchange rate). The second agreement provides for policy administrative services for Aflac Japan. The second agreement has a remaining term of four years with an aggregate remaining cost of ¥6.8 billion ($43 million using the December 31, 2024 exchange rate). The third agreement provides for comprehensive project-related support services for Aflac Japan. The third agreement has a remaining term of two years with an aggregate remaining cost of ¥2.3 billion ($15 million using the December 31, 2024 exchange rate).

The Company has two outsourcing agreements with information technology and data services companies to provide application maintenance and development services for Aflac Japan. The first agreement has a remaining term of less than a year with an aggregate remaining cost of ¥1.1 billion ($7 million using the December 31, 2024, exchange rate). The second agreement has a remaining term of less than a year with an aggregate remaining cost of ¥1.8 billion ($11 million using the December 31, 2024 exchange rate).

The Company has an enterprise agreement with an information technology and data services company to license software for Aflac Japan. The agreement has a remaining term of two years with an aggregate remaining cost of ¥1.5 billion ($10 million using the December 31, 2024 exchange rate).

The Company has an outsourcing agreement with an information technology and software company to provide application maintenance and development services for Aflac Japan. The agreement has a remaining term of one year with an aggregate remaining cost of ¥.9 billion ($6 million using the December 31, 2024 exchange rate).

The Company has an outsourcing agreement with an information technology and data services company to provide cloud hosting services for the Company. The agreement has a remaining term of three years with an aggregate remaining cost of $54 million.

The Company has a comprehensive agreement with a cloud-based software company to license software for Aflac Japan. The agreement has a remaining term of five years with an aggregate remaining cost of ¥8.0 billion ($51 million using the December 31, 2024 exchange rate).
The Company is a defendant in various lawsuits and receives various regulatory inquiries considered to be in the normal course of business. Members of the Company's senior legal and financial management teams review litigation and regulatory inquiries on a quarterly and annual basis. The final results of any litigation or regulatory inquiries cannot be predicted with certainty. Although some of this litigation is pending in states where large punitive damages, bearing little relation to the actual damages sustained by plaintiffs, have been awarded in recent years, the Company believes the outcome of pending litigation will not have a material adverse effect on its financial position, results of operations, or cash flows.

See Note 3 for details on certain investment commitments.

Guaranty Fund Assessments

The U.S. insurance industry has a policyholder protection system that is monitored and regulated by state insurance departments. These life and health insurance guaranty associations are state entities (in all 50 states as well as Puerto Rico and the District of Columbia) created to protect policyholders of an insolvent insurance company. All insurance companies (with limited exceptions) licensed to sell life or health insurance in a state must be members of that state’s guaranty association. Under state guaranty association laws, certain insurance companies can be assessed (up to prescribed limits) for certain obligations to the policyholders and claimants of impaired or insolvent insurance companies that write the same line or similar lines of business.

Guaranty fund assessments for the years ended December 31, 2024, 2023 and 2022 were immaterial.
v3.25.0.1
SCHEDULE II CONDENSED FINANCIAL INFORMATION OF REGISTRANT
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]  
SCHEDULE II CONDENSED FINANCIAL INFORMATION OF REGISTRANT
CONDENSED FINANCIAL INFORMATION OF REGISTRANT

Aflac Incorporated (Parent Only)
Condensed Statements of Earnings
 Years ended December 31,
(In millions)202420232022
Revenues:
   Management and service fees from subsidiaries(1)
$163 $151 $136 
   Net investment income31 (174)3 
   Interest from subsidiaries(1)
1 1 2 
   Net investment gains (losses)503 301 (228)
     Total revenues698 279 (87)
Operating expenses:
   Interest expense189 187 215 
   Other operating expenses282 295 275 
     Total operating expenses471 482 490 
   Earnings before income taxes and equity in earnings of
     subsidiaries		227 (203)(577)
Income tax expense (benefit)(126)(444)(208)
   Earnings before equity in earnings of subsidiaries353 241 (369)
Equity in earnings of subsidiaries(1)
5,090 4,418 4,787 
     Net earnings$5,443 $4,659 $4,418 
(1)Eliminated in consolidation
See the accompanying Notes to Condensed Financial Statements.
See the accompanying Report of Independent Registered Public Accounting Firm.
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
Aflac Incorporated (Parent Only)
Condensed Statements of Comprehensive Income (Loss)
  Years ended December 31,
(In millions)202420232022
Net earnings$5,443 $4,659 $4,418 
Other comprehensive income (loss) before income taxes:
Unrealized foreign currency translation gains (losses) during period(769)(366)(1,034)
Unrealized gains (losses) on fixed maturity securities during period(1,421)2,327 (13,056)
Unrealized gains (losses) on derivatives during period3 6 4 
Effect of changes in discount rate assumptions during period5,780 (582)17,384 
Pension liability adjustment during period23 35 165 
Total other comprehensive income (loss) before income taxes3,616 1,420 3,463 
Income tax expense (benefit) related to items of other comprehensive
   income (loss)		1,074 511 1,481 
Other comprehensive income (loss), net of income taxes2,542 909 1,982 
Total comprehensive income (loss)$7,985 $5,568 $6,400 
See the accompanying Notes to Condensed Financial Statements.
See the accompanying Report of Independent Registered Public Accounting Firm.
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
Aflac Incorporated (Parent Only)
Condensed Balance Sheets
  December 31,
(In millions, except for share and per-share amounts)20242023
Assets:
Investments and cash:
Fixed maturity securities available-for-sale, at fair value (no allowance
  for credit losses in 2024 and 2023, amortized cost $1,702 in 2024 and
  $1,447 in 2023)
$1,713 $1,582 
Investments in subsidiaries(1)
27,890 24,508 
Other investments1,239 1,126 
Cash and cash equivalents2,308 1,007 
Total investments and cash33,150 28,223 
Due from subsidiaries(1)
242 270 
Income taxes receivable71 251 
Other assets1,121 1,202 
Total assets$34,584 $29,946 
Liabilities and shareholders' equity:
Liabilities:
Employee benefit plans$347 $329 
Notes payable and lease obligations7,219 6,819 
Other liabilities920 813 
Total liabilities8,486 7,961 
Shareholders' equity:
Common stock of $.10 par value. In thousands: authorized 1,900,000
  shares in 2024 and 2023; issued 1,356,763 shares in 2024 and 1,355,398
  shares in 2023
136 136 
Additional paid-in capital2,894 2,771 
Retained earnings52,277 47,993 
Accumulated other comprehensive income (loss):
Unrealized foreign currency translation gains (losses)(4,998)(4,069)
Unrealized gains (losses) on fixed maturity securities24 1,139 
Unrealized gains (losses) on derivatives(20)(22)
Effect of changes in discount rate assumptions2,006 (2,560)
Pension liability adjustment10 (8)
Treasury stock, at average cost(26,231)(23,395)
Total shareholders' equity26,098 21,985 
Total liabilities and shareholders' equity$34,584 $29,946 
(1)Eliminated in consolidation
See the accompanying Notes to Condensed Financial Statements.
See the accompanying Report of Independent Registered Public Accounting Firm.
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
Aflac Incorporated (Parent Only)
Condensed Statements of Cash Flows
  Years ended December 31,
(In millions)202420232022
Cash flows from operating activities:
Net earnings$5,443 $4,659 $4,418 
Adjustments to reconcile net earnings to net cash provided from
  operating activities:
Equity in earnings of subsidiaries(1)
(5,090)(4,418)(4,787)
Cash dividends received from subsidiaries 4,274 3,410 2,705 
Other, net(292)(686)18 
Net cash provided (used) by operating activities4,335 2,965 2,354 
Cash flows from investing activities:
Fixed maturity securities sold572 547 392 
Fixed maturity securities purchased(695)(345)(438)
Other investments sold (purchased)(243)(34)(206)
Settlement of derivatives469 693 718 
Additional capitalization of subsidiaries(1)
(84)(203)(294)
Other, net0 1 1 
Net cash provided (used) by investing activities19 659 173 
Cash flows from financing activities:
Purchases of treasury stock(2,800)(2,801)(2,401)
Proceeds from borrowings823 0 1,277 
Principal payments under debt obligations0 0 (1,416)
Dividends paid to shareholders(1,087)(966)(979)
Treasury stock reissued14 17 17 
Proceeds from exercise of stock options9 13 12 
Net change in amount due to/from subsidiaries(1)
(5)(6)16 
Other, net(7)(17)(7)
Net cash provided (used) by financing activities(3,053)(3,760)(3,481)
Net change in cash and cash equivalents1,301 (136)(954)
Cash and cash equivalents, beginning of period1,007 1,143 2,097 
Cash and cash equivalents, end of period$2,308 $1,007 $1,143 
(1) Eliminated in consolidation
See the accompanying Notes to Condensed Financial Statements.
See the accompanying Report of Independent Registered Public Accounting Firm.
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
Aflac Incorporated (Parent Only)
Notes to Condensed Financial Statements
The accompanying condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto of Aflac Incorporated and Subsidiaries included in Part II, Item 8. of this report.
(A) Notes Payable and Lease Obligations
A summary of notes payable and lease obligations as of December 31 follows:
(In millions)20242023
1.125% senior sustainability notes due March 2026
$399 $398 
2.875% senior notes due October 2026
299 299 
3.60% senior notes due April 2030
994 993 
6.90% senior notes due December 2039
221 221 
6.45% senior notes due August 2040
255 254 
4.00% senior notes due October 2046
394 394 
4.750% senior notes due January 2049
542 542 
Yen-denominated senior notes and subordinated debentures:
.300% senior notes due September 2025 (principal amount ¥12.4 billion)
79 87 
.932% senior notes due January 2027 (principal amount ¥60.0 billion)
378 422 
1.048% senior notes due March 2029 (principal amount ¥13.0 billion)
81 0 
1.075% senior notes due September 2029 (principal amount ¥33.4 billion)
211 234 
.500% senior notes due December 2029 (principal amount ¥12.6 billion)
79 88 
.550% senior notes due March 2030 (principal amount ¥13.3 billion)
84 93 
1.159% senior notes due October 2030 (principal amount ¥29.3 billion)
184 206 
1.412% senior notes due March 2031 (principal amount ¥27.9 billion)
176 0 
.633% senior notes due April 2031 (principal amount ¥30.0 billion)
189 211 
.843% senior notes due December 2031 (principal amount ¥9.3 billion)
58 65 
.750% senior notes due March 2032 (principal amount ¥20.7 billion)
130 145 
1.320% senior notes due December 2032 (principal amount ¥21.1 billion)
133 148 
.844% senior notes due April 2033 (principal amount ¥12.0 billion)
76 84 
1.488% senior notes due October 2033 (principal amount ¥15.2 billion)
95 106 
1.682% senior notes due March 2034 (principal amount ¥7.7 billion)
48 0 
1.600% senior notes due March 2034 (principal amount ¥18.3 billion)
115 0 
.934% senior notes due December 2034 (principal amount ¥9.8 billion)
62 69 
.830% senior notes due March 2035 (principal amount ¥10.6 billion)
66 74 
1.740% senior notes due March 2036 (principal amount ¥15.0 billion)
94 0 
1.039% senior notes due April 2036 (principal amount ¥10.0 billion)
63 70 
1.594% senior notes due September 2037 (principal amount ¥6.5 billion)
41 45 
1.750% senior notes due October 2038 (principal amount ¥8.9 billion)
56 62 
1.920% senior notes due March 2039 (principal amount ¥16.5 billion)
103 0 
1.122% senior notes due December 2039 (principal amount ¥6.3 billion)
39 44 
1.264% senior notes due April 2041 (principal amount ¥10.0 billion)
63 70 
2.160% senior notes due March 2044 (principal amount ¥5.7 billion)
35 0 
2.108% subordinated debentures due October 2047 (principal amount ¥60.0 billion)
375 419 
1.560% senior notes due April 2051 (principal amount ¥20.0 billion)
125 140 
2.144% senior notes due September 2052 (principal amount ¥12.0 billion)
75 84 
2.400% senior notes due March 2054 (principal amount ¥19.5 billion)
122 0 
Yen-denominated loans:
Variable interest rate loan due August 2027 (.84% in 2024 and .35% in 2023,
  principal amount ¥11.7 billion)
74 82 
Variable interest rate loan due August 2029 (.94% in 2024 and .45% in 2023,
  principal amount ¥25.3 billion)
160 178 
Variable interest rate loan due August 2032 (1.09% in 2024 and .60% in 2023,
  principal amount ¥70.0 billion)
441 492 
Operating lease obligations payable through 20325 0 
Total notes payable and lease obligations$7,219 $6,819 
Amounts in the table above are reported net of debt issuance costs and issuance premiums or discounts, if applicable, that are being amortized over the life of the notes.
In March 2024, the Parent Company issued five series of senior notes totaling ¥75.0 billion through a private placement. The first series, which totaled ¥18.3 billion, bears interest at a fixed rate of 1.600% per annum, payable semi-annually, and will mature in March 2034. The second series, which totaled ¥15.0 billion, bears interest at a fixed rate of 1.740% per annum, payable semi-annually, and will mature in March 2036. The third series, which totaled ¥16.5 billion, bears interest at a fixed rate of 1.920% per annum, payable semi-annually, and will mature in March 2039. The fourth series, which totaled ¥5.7 billion, bears interest at a fixed rate of 2.160% per annum, payable semi-annually, and will mature in March 2044. The fifth series, which totaled ¥19.5 billion, bears interest at a fixed rate of 2.400% per annum, payable semi-annually, and will mature in March 2054. These notes are redeemable at the Parent Company's option (i) in whole at any time or (ii) in part from time to time in an amount not less than 5% of the aggregate principal amount then outstanding of the notes to be redeemed.

In March 2024, the Parent Company issued three series of senior notes totaling ¥48.6 billion through a public debt offering under its U.S. shelf registration statement. The first series, which totaled ¥13.0 billion, bears interest at a fixed rate of 1.048% per annum, payable semi-annually, and will mature in March 2029. The second series, which totaled ¥27.9 billion, bears interest at a fixed rate of 1.412% per annum, payable semi-annually, and will mature in March 2031. The third series, which totaled ¥7.7 billion, bears interest at a fixed rate of 1.682% per annum, payable semi-annually, and will mature in March 2034. These notes are redeemable at the Parent Company’s option at any time, in whole but not in part, upon the occurrence of certain changes affecting U.S. taxation, as specified in the indenture governing the terms of the issuance. In addition, the notes maturing in March 2029, March 2031 and March 2034 are redeemable at the Parent Company's option, in whole or in part from time to time, on or after December 21, 2028, December 31, 2030 and September 21, 2033, respectively, at a redemption price equal to the aggregate principal amount of the applicable series to be redeemed plus accrued and unpaid interest on the principal amount to be redeemed to, but excluding, the date of redemption.

The aggregate contractual maturities of notes payable during each of the years after December 31, 2024, are as follows:
(In millions)
2025$79 
2026700 
2027453 
20280 
2029533 
Thereafter5,500 
Total$7,265 

For further information regarding notes payable and lease obligations, see Note 9 of the Notes to the Consolidated Financial Statements.
(B) Derivatives
At December 31, 2024, the Parent Company's outstanding freestanding derivative contracts were swaps, foreign currency forwards and options. The cross-currency swap agreements relate to certain of the Parent Company's U.S. dollar-denominated senior notes to effectively convert a portion of the interest on the notes from U.S. dollar to Japanese yen. The foreign currency forwards and options are designated as derivative hedges of the foreign currency exposure of the Company's net investment in Aflac Japan. The Parent Company also enters into foreign currency forward contracts with Aflac Re to economically manage the currency mismatch between Aflac Re's assets which are mostly denominated in U.S. dollars and its liabilities which are mostly denominated in yen. The Parent Company does not use derivative financial instruments for trading purposes, nor does it engage in leveraged derivative transactions. For further information regarding these derivatives, see Notes 1 and 4 of the Notes to the Consolidated Financial Statements.
(C) Income Taxes
The Parent Company and its eligible U.S. subsidiaries file a consolidated U.S. federal income tax return. Income tax liabilities or benefits are recorded by each principal subsidiary based upon separate return calculations, and any difference between the consolidated provision and the aggregate amounts recorded by the subsidiaries is reflected in the Parent Company financial statements. For further information on income taxes, see Note 10 of the Notes to the Consolidated Financial Statements.
(D) Dividend Restrictions

See Note 13 of the Notes to the Consolidated Financial Statements for information regarding dividend restrictions.
(E) Supplemental Disclosures of Cash Flow Information
(In millions)202420232022
Interest paid$180 $184 $211 
Noncash financing activities:
Treasury stock issued for shareholder dividend reinvestment41 37 37 
v3.25.0.1
SCHEDULE III SUPPLEMENTARY INSURANCE INFORMATION
 12 Months Ended
Dec. 31, 2024
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract]  
SCHEDULE III SUPPLEMENTARY INSURANCE INFORMATION
SCHEDULE III
SUPPLEMENTARY INSURANCE INFORMATION
Aflac Incorporated and Subsidiaries
Years ended December 31,
(In millions)Deferred Policy
Acquisition
Costs		Future Policy
Benefits & Unpaid
Policy Claims		Unearned
Premiums		Other
Policyholders'
Funds
2024:
Aflac Japan$5,102 $60,890 $1,199 $5,460 
Aflac U.S.3,656 10,960 103 0 
All other0 4,817 22 0 
Intercompany eliminations0 (5,905)(38)0 
Total$8,758 $70,762 $1,286 $5,460 
2023:
Aflac Japan$5,559 $73,641 $1,358 $6,169 
Aflac U.S.3,573 11,492 107 0 
All other0 3,967 12 0 
Intercompany eliminations0 (5,121)(26)0 
Total$9,132 $83,979 $1,451 $6,169 
Segment amounts may not agree in total to the corresponding consolidated amounts due to rounding.
Years Ended December 31,
(In millions)Net
Earned
Premiums		Net
Investment
Income		Total Benefits and
Claims, net		Amortization of
Deferred Policy
Acquisition Costs		Other
Operating
Expenses		Premiums
Written
2024:
Aflac Japan$6,930 $3,032 $4,317 $321 $1,527 $7,866 
Aflac U.S.5,829 883 2,726 530 2,064 5,905 
All other681 201 407 0 618 0 
Total$13,440 $4,116 $7,450 $851 $4,209 $13,771 
2023:
Aflac Japan$8,047 $3,033 $5,313 $326 $1,790 $8,571 
Aflac U.S.5,675 854 2,431 490 2,201 5,666 
All other400 (77)467 0 421 0 
Total$14,123 $3,811 $8,211 $816 $4,412 $14,237 
2022:
Aflac Japan$9,186 $2,867 $6,191 $338 $2,080 $9,474 
Aflac U.S.5,570 759 2,555 455 2,117 5,469 
All other145 30 141 0 395 0 
Total$14,901 $3,656 $8,887 $792 $4,592 $14,943 
Segment amounts may not agree in total to the corresponding consolidated amounts due to rounding.
See the accompanying Report of Independent Registered Public Accounting Firm.
v3.25.0.1
SCHEDULE IV REINSURANCE
 12 Months Ended
Dec. 31, 2024
Reinsurance Disclosures [Abstract]  
SCHEDULE IV REINSURANCE
SCHEDULE IV
REINSURANCE
Aflac Incorporated and Subsidiaries
Years Ended December 31,
(In millions)Gross
Amount		Ceded to
Other
Companies		Assumed
from Other
companies		Net
Amount		Percentage
of Amount
Assumed
to Net
2024:
Life insurance in force$187,553 $13,481 $21,192 $195,264 11 %
Premiums:
Health insurance$11,784 $233 $135 $11,686 1 %
Life insurance1,778 51 27 1,754 2 
Total earned premiums$13,562 $284 $162 $13,440 1 %
2023:
Life insurance in force$163,601 $15,592 $28,716 $176,725 16 %
Premiums:
Health insurance$12,335 $352 $167 $12,150 1 %
Life insurance1,983 52 42 1,973 2 
Total earned premiums$14,318 $404 $209 $14,123 1 %
2022:
Life insurance in force$132,880 $11,755 $34,599 $155,724 22 %
Premiums:
Health insurance$12,900 $384 $235 $12,751 2 %
Life insurance2,125 35 60 2,150 3 
Total earned premiums$15,025 $419 $295 $14,901 2 %
Premiums by type may not agree in total to the corresponding consolidated amounts due to rounding.
See the accompanying Report of Independent Registered Public Accounting Firm.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net earnings $ 5,443 $ 4,659 $ 4,418
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended 12 Months Ended
Dec. 31, 2024
shares
Dec. 31, 2024
shares
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
Insider Trading Arrangements
During the fourth quarter of 2024, the following directors or executive officers adopted or terminated a contract, instruction or written plan for the purchase or sale of the Parent Company's securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or a non-Rule 10b5-1 trading arrangement as defined in Regulation S-K Item 408(c):
•On December 4, 2024, Masatoshi Koide, President and Representative Director of Aflac Japan, adopted a Rule 10b5-1 trading plan that provides for the sale of 50% of performance-based restricted stock shares to be released upon approval of the Company's board of directors and will terminate no later than June 30, 2025. The estimated number of gross shares of Aflac Incorporated common stock to be acquired is 21,805; however, the actual number of shares may vary based on achievement of designated performance metrics.
•On December 4, 2024, Joseph L. Moskowitz, a member of the Company's board of directors, adopted a Rule 10b5-1 trading plan that provides for the sale of 4,000 shares of Aflac Incorporated common stock and will terminate no later than November 10, 2025.
•On December 5, 2024, Charles D. Lake II, Chairman and Representative Director of Aflac Japan and President of Aflac International, adopted a Rule 10b5-1 trading plan that provides for the sale of 55.95% of performance-based restricted stock shares to be released upon approval of the Company's board of directors and will terminate no later than June 30, 2025. The estimated number of gross shares of Aflac Incorporated common stock to be acquired is 20,614; however, the actual number of shares may vary based on achievement of designated performance metrics.
Non-Rule 10b5-1 Arrangement Adopted false  
Rule 10b5-1 Arrangement Terminated false  
Non-Rule 10b5-1 Arrangement Terminated false  
Masatoshi Koide [Member]    
Trading Arrangements, by Individual    
Name Masatoshi Koide  
Title President and Representative Director of Aflac Japan  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date December 4, 2024  
Expiration Date June 30, 2025  
Aggregate Available 21,805 21,805
Joseph L. Moskowitz [Member]    
Trading Arrangements, by Individual    
Name Joseph L. Moskowitz  
Title member of the Company's board of directors  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date December 4, 2024  
Expiration Date November 10, 2025  
Aggregate Available 4,000 4,000
Charles D. Lake II [Member]    
Trading Arrangements, by Individual    
Name Charles D. Lake II  
Title Chairman and Representative Director of Aflac Japan and President of Aflac International  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date December 5, 2024  
Expiration Date June 30, 2025  
Aggregate Available 20,614 20,614
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
The Company’s board of directors maintains an information security policy directing management to establish and operate a global information security program with the goals of identifying, assessing and monitoring existing and emerging cybersecurity threats and ensuring that the Company’s information assets and data, and the data of its customers, are appropriately protected from loss or theft. The Board has delegated oversight of the Company’s information security program to the Audit and Risk Committee.

The Company’s senior officers, including its Global Security and Chief Information Security Officer (GSCISO), are responsible for the operation of the global information security program and communicate quarterly with the Audit and Risk Committee on the program, including with respect to the state of the program, compliance with applicable regulations, risks associated with current and evolving threats, and recommendations for changes in the information security program. The global information security program includes a cybersecurity incident response plan that is designed to provide a management framework across Company functions for a coordinated assessment and response to potential security incidents. This framework establishes a protocol to report certain incidents to the GSCISO and other senior officers, with the goal of timely assessing such incidents, determining applicable disclosure requirements and communicating with the Board of Directors. The incident response plan directs the executive officers to report certain incidents immediately and directly to the Lead Non-Management Director and/or the Chair of the Audit and Risk Committee. The above framework tracks and allows team members to monitor each incident throughout its lifecycle to ensure the Company is informed about and following cybersecurity incidents as they are mitigated and remediated. Post-incident reviews are also performed to determine if there are any additional controls that may feasibly be implemented to prevent recurrence.

As a part of the global information security program, an enterprise cybersecurity risk assessment is performed annually in coordination with the GSCISO to identify and assess material cybersecurity risks and mitigating controls. The assessment results are incorporated into a risk register managed by the Company’s overall enterprise risk management group to integrate the risks into the overall risk management processes. The Company engages with independent firms to conduct operational control assessments, which cover information protection. Every three years, the Company engages independent consultants specifically for cyber matters. Additionally, the Company performs third-party risk assessments to evaluate security controls and identify inherent and residual risks associated with third-party engagements. Issues identified during third-party risk assessments are documented and escalated to Company management through an established committee structure based on the risk ratings associated with each issue.

The Company also utilizes professionals from the Company’s legal team and GSCISO's leadership team, a majority of whom have specialized skills and knowledge in cybersecurity risk management based on their prior work experience and relevant industry certifications, such as Certified Information Systems Security Professional and Certified Information Security Manager, to assist in employee awareness and training, as well as assessing cybersecurity risks, materiality of cybersecurity incidents and disclosures of the same. Specifically, the GSCISO has security experience in the public sector and private sector financial services industry holding positions in areas such as business continuity, information assurance, and technology risk management as well as being a Certified Information Systems Security Professional, Certified Information Security Manager and Certified Project Manager as well as being certified in Risk and Information
Systems Control. The GSCISO and his direct reports have an average of over 20 years of experience in the field of cybersecurity.

As of the date of this Form 10-K, the Company is not aware of any cybersecurity incidents that occurred during the year ended December 31, 2024 that have materially affected or are reasonably likely to materially affect the Company, including its business strategy, results of operations, or financial condition and that are required to be reported in this Form 10-K. For further discussion of the risks associated with cybersecurity incidents, see Item 1A. Risk Factors for the risk factor titled "Interruption in telecommunication, information technology and other operational systems, or a failure to maintain the security, confidentiality, integrity or privacy of sensitive data residing on such systems, could harm the Company's business" for additional information regarding how the Company's business strategy, results of operations, and financial condition could be adversely affected by risks from cybersecurity threats.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] The Company’s board of directors maintains an information security policy directing management to establish and operate a global information security program with the goals of identifying, assessing and monitoring existing and emerging cybersecurity threats and ensuring that the Company’s information assets and data, and the data of its customers, are appropriately protected from loss or theft.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block] The Company’s board of directors maintains an information security policy directing management to establish and operate a global information security program with the goals of identifying, assessing and monitoring existing and emerging cybersecurity threats and ensuring that the Company’s information assets and data, and the data of its customers, are appropriately protected from loss or theft. The Board has delegated oversight of the Company’s information security program to the Audit and Risk Committee.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Audit and Risk Committee
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The Company’s senior officers, including its Global Security and Chief Information Security Officer (GSCISO), are responsible for the operation of the global information security program and communicate quarterly with the Audit and Risk Committee on the program, including with respect to the state of the program, compliance with applicable regulations, risks associated with current and evolving threats, and recommendations for changes in the information security program. The global information security program includes a cybersecurity incident response plan that is designed to provide a management framework across Company functions for a coordinated assessment and response to potential security incidents. This framework establishes a protocol to report certain incidents to the GSCISO and other senior officers, with the goal of timely assessing such incidents, determining applicable disclosure requirements and communicating with the Board of Directors. The incident response plan directs the executive officers to report certain incidents immediately and directly to the Lead Non-Management Director and/or the Chair of the Audit and Risk Committee.
Cybersecurity Risk Role of Management [Text Block] The Company’s senior officers, including its Global Security and Chief Information Security Officer (GSCISO), are responsible for the operation of the global information security program and communicate quarterly with the Audit and Risk Committee on the program, including with respect to the state of the program, compliance with applicable regulations, risks associated with current and evolving threats, and recommendations for changes in the information security program.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] The Company’s senior officers, including its Global Security and Chief Information Security Officer (GSCISO)
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]
The Company also utilizes professionals from the Company’s legal team and GSCISO's leadership team, a majority of whom have specialized skills and knowledge in cybersecurity risk management based on their prior work experience and relevant industry certifications, such as Certified Information Systems Security Professional and Certified Information Security Manager, to assist in employee awareness and training, as well as assessing cybersecurity risks, materiality of cybersecurity incidents and disclosures of the same. Specifically, the GSCISO has security experience in the public sector and private sector financial services industry holding positions in areas such as business continuity, information assurance, and technology risk management as well as being a Certified Information Systems Security Professional, Certified Information Security Manager and Certified Project Manager as well as being certified in Risk and Information
Systems Control. The GSCISO and his direct reports have an average of over 20 years of experience in the field of cybersecurity.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] The Company’s senior officers, including its Global Security and Chief Information Security Officer (GSCISO), are responsible for the operation of the global information security program and communicate quarterly with the Audit and Risk Committee on the program, including with respect to the state of the program, compliance with applicable regulations, risks associated with current and evolving threats, and recommendations for changes in the information security program. The global information security program includes a cybersecurity incident response plan that is designed to provide a management framework across Company functions for a coordinated assessment and response to potential security incidents. This framework establishes a protocol to report certain incidents to the GSCISO and other senior officers, with the goal of timely assessing such incidents, determining applicable disclosure requirements and communicating with the Board of Directors. The incident response plan directs the executive officers to report certain incidents immediately and directly to the Lead Non-Management Director and/or the Chair of the Audit and Risk Committee.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business and Basis of Presentation
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 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.
Foreign Currency Translation and Remeasurement
Foreign Currency Translation and Remeasurement: The functional currency of Aflac Japan is the Japanese yen. The Company translates its yen-denominated financial statement accounts into U.S. dollars as follows. Assets and liabilities are translated at end-of-period exchange rates. Realized gains and losses on security transactions are translated at the exchange rate on the trade date of each transaction. Other revenues, expenses, and cash flows are translated using average exchange rates for the period. The resulting currency translation adjustments are reported in accumulated other comprehensive income. The Company includes the foreign currency gains and losses resulting from the remeasurement of foreign currency and realized foreign currency exchange gains and losses in the net investment gains (losses) line item in the consolidated statements of earnings.

The Parent Company has designated a majority of its yen-denominated liabilities (yen-denominated notes payable and yen-denominated loans) as non-derivative hedges and foreign currency forwards and options as derivative hedges of the foreign currency exposure of the Parent Company's net investment in Aflac Japan. The gains or losses on hedging derivative instruments and the foreign currency transaction gains or losses on the non-derivative hedging instruments that are designated as, and are effective as, an economic hedge of the net investment in Aflac Japan are recorded as
unrealized foreign currency translation gains (losses) in other comprehensive income and are included in accumulated other comprehensive income.
Insurance Revenue and Expense Recognition
Insurance Revenue and Expense Recognition: Substantially all of the supplemental health and life insurance policies the Company issues are classified as long-duration contracts. The contract provisions generally cannot be changed or canceled during the contract period; however, the Company may adjust premiums for supplemental health policies issued in the U.S. within prescribed guidelines and with the approval of state insurance regulatory authorities.

Insurance premiums for most of the Company's health and life policies, including cancer, accident, hospital, critical illness, supplemental dental and vision, term life, whole life, long-term care and disability, are recognized as earned premiums over the premium-paying periods of the contracts when due from policyholders. When earned premiums are reported, the related amounts of benefits and expenses are charged against such revenues. This association is accomplished by means of annual increases or decreases to the liability for future policy benefits (LFPB) and the deferral and subsequent amortization of policy acquisition costs.

Premiums from the Company's products with limited-pay features, including cancer, medical and nursing care, term life, whole life, WAYS, and child endowment, are collected over a significantly shorter period than the contract term (i.e., the period during which benefits are provided). Premiums for these products are recognized as earned premiums over the premium-paying periods when due from policyholders. Any gross premium in excess of the net premium is deferred and recorded as a deferred profit liability, which is subsequently amortized in net earned premiums such that profits are recognized in a constant relationship with insurance in force. Net premium is calculated as gross premium multiplied by the net premium ratio (NPR) and represents the portion of gross premium required to provide for benefits and expenses. Benefits are recorded as an expense when they are incurred. An LFPB is recorded when premiums are recognized using the net premium method.

Policyholders also have an option to pay discounted advanced premiums for certain of the Company's products. Advanced premiums are deferred and recognized when due from policyholders over the otherwise required contractual premium payment period.

Benefit expense is bifurcated between benefits and claims and reserve remeasurement (gains) losses. The NPR is used to measure benefit expense and is calculated as the ratio of the present value of actual and future expected benefits and expenses to the present value of actual and future expected gross premiums. A revised NPR is calculated as of the beginning of each reporting period using updated future cash flow expectations.

Reserve remeasurement (gains) losses represent the difference between two reserve measures both calculated as of the beginning of the current reporting period using the same locked-in discount rates. One reserve measure uses the NPR as of the end of the prior reporting period, and the second uses the revised NPR. Benefits and claims represent the difference in the liability balance calculated as of the beginning of the current reporting period and the end of the current reporting period both using the revised NPR and the locked-in discount rates. The locked-in interest accretion rate utilized for accretion of interest expense on insurance reserves is the original discount rate used at contract issue date.
Advertising Expense
Advertising expense is reported as incurred in insurance and other expenses in the consolidated statements of earnings. For the years ended December 31, 2024, 2023 and 2022, advertising expense was $181 million, $188 million and $204 million, respectively.
Cash and Cash Equivalents
Cash and Cash Equivalents: Cash and cash equivalents include cash on hand, money market instruments, and other debt instruments with a maturity of 90 days or less when purchased.
Investments
Investments: The Company's debt securities consist of fixed maturity securities, which are classified as either held-to-maturity or available-for-sale. Securities classified as held-to-maturity are securities that the Company has the ability and intent to hold to maturity or redemption and are carried at amortized cost.

All other fixed maturity debt securities are classified as available-for-sale and are carried at fair value. If the fair value is higher than the amortized cost for debt securities, the excess is an unrealized gain, and if lower than cost, the difference is an unrealized loss. The net unrealized gains and losses on securities available-for-sale, less related deferred income taxes, are recorded in other comprehensive income and included in accumulated other comprehensive income.

Amortized cost of debt securities is based on the Company's purchase price adjusted for accrual of discount, or amortization of premium, and recognition of impairment charges, if any. The amortized cost of debt securities the
Company purchases at a discount or premium will equal the face or par value at maturity or the call date, if applicable. Interest is reported as income when earned and is adjusted for amortization of any premium or discount.

The Company has investments in marketable equity securities which are carried at fair value. Changes in the fair value of equity securities are recorded in earnings as a component of net investment gains (losses).

The Company has investments in variable interest entities (VIEs). Criteria for evaluating VIEs for consolidation focus on determining if the Company has the power to direct the activities of the VIE that most significantly impact the entity's economic performance and (1) the obligation to absorb losses of the VIE or (2) the right to receive benefits from the VIE. The Company is the primary beneficiary of certain VIEs, and therefore consolidates these entities in its financial statements. While the consolidated VIEs generally operate within a defined set of contractual terms, there are certain powers that are retained by the Company that are considered significant in the conclusion that the Company is the primary beneficiary. These powers vary by structure but generally include the initial selection of the underlying collateral; the ability to obtain the underlying collateral in the event of default; and, the ability to appoint or dismiss key parties in the structure. In particular, the Company's powers surrounding the underlying collateral were considered to be the most significant powers because these most significantly impact the economics of the VIE. The Company has no obligation to provide any continuing financial support to any of the entities in which it is the primary beneficiary. The Company's maximum loss is limited to its original investment and, in certain cases, to any unfunded commitment held in the VIE. Neither the Company nor any of its creditors have the ability to obtain the underlying collateral, nor does the Company have control over the instruments held in the VIEs, unless there is an event of default. For those entities where the Company is the primary beneficiary, the consolidated entity's assets are segregated on the balance sheet by the caption "consolidated variable interest entities," and consist of fixed maturity securities, loan receivables, limited partnerships and derivative instruments.

For the mortgage- and asset-backed securities held in the Company's fixed maturity portfolio, the Company recognizes income using a constant effective yield, which is based on anticipated prepayments and the estimated economic life of the securities. When estimates of prepayments change, the effective yield is recalculated to reflect actual payments to date and anticipated future payments. The net investment in mortgage- and asset-backed securities is adjusted to the amount that would have existed had the new effective yield been applied at the time of acquisition. This adjustment is reflected in net investment income.

The Company uses the specific identification method to determine the gain or loss from securities transactions and report the realized gain or loss in the consolidated statements of earnings as net investment gain or loss. Securities transactions are accounted for based on values as of the trade date of the transaction.

The Company lends fixed maturity and public equity securities to financial institutions in short-term security-lending transactions. These securities continue to be carried as investment assets on the Company's balance sheet during the terms of the loans and are not reported as sales. The Company receives cash or other securities as collateral for such loans. For loans involving unrestricted cash or securities as collateral, the collateral is reported as an asset with a corresponding liability for the return of the collateral. For loans where the Company receives as collateral securities that the Company is not permitted to sell or repledge, the collateral is not reported as an asset.

Commercial mortgage and other loans include transitional real estate loans (TREs), commercial mortgage loans (CMLs), middle market loans (MMLs), and other loans. The Company's investments in TREs, CMLs, MMLs, and other loans are accounted for as loan receivables and are recorded at amortized cost on the acquisition date. The Company has the intent and ability to hold these loan receivables for the foreseeable future or until they mature and therefore, they are considered held for investment and are carried at amortized cost in the commercial mortgage and other loans line in its consolidated balance sheets. The amortized cost of the loan receivables reflects allowances for expected lifetime credit losses estimated as of each reporting date. Income on commercial mortgage and other loans is recognized using the interest method.

Other investments include policy loans, limited partnerships, real estate owned (REO), and short-term investments with maturities at the time of purchase of one year or less, but greater than 90 days. Limited partnerships are accounted for using the equity method of accounting. Under the equity method of accounting, the Company reports its proportionate share of the investee's earnings or losses as a component of net investment income in its consolidated statements of earnings. The underlying investments held by the Company’s limited partnerships primarily consist of private equity and real estate. REO consists of property held-and-used for the production of income and property held-for-sale. REO is obtained through foreclosure or deed in lieu of foreclosure of certain of the Company's loan receivables. When held for the production of income, REO is recorded at fair value upon acquisition, which establishes the property’s initial cost basis. Thereafter, it is carried at cost less accumulated depreciation and written down to fair value for impairment losses.
Depreciation is recorded on a straight-line basis over the estimated useful life of the asset and is reported in net investment income. A review for impairment is performed whenever events or circumstances indicate that the carrying value may not be recoverable. An impairment loss is recognized in net investment gains (losses) when the carrying value of the property exceeds the expected undiscounted cash flows generated from the property, at which point the carrying value is written down to an estimated fair value. Real estate held-for-sale is initially recorded at fair value less costs to sell and is subsequently measured at the lower of its initial carrying amount or fair value less costs to sell. Properties held-for-sale are not depreciated. Net operating income earned on REO is reported as a component of net investment income. Short-term investments are stated at amortized cost, which approximates fair value.
The Company designates nonaccrual status for a nonperforming loan or debt security or a loan or debt security that is not generating its stated interest rate because of nonpayment of periodic interest or principal by the borrower. The Company applies the cash basis method to record any payments received on nonaccrual assets. The Company resumes the accrual of interest on fixed maturity securities and loans that are currently making contractual payments or for those that are not current where the borrower has paid timely (less than 30 days outstanding).
Credit Losses
Credit Losses: The Company estimates expected lifetime credit losses on financial assets measured at amortized cost including short-term receivables, premiums receivable, held-to-maturity fixed maturity securities, loan receivables, loan commitments and reinsurance recoverables. For available-for-sale fixed maturity securities, the Company evaluates estimated credit losses only when the fair value of the available-for-sale fixed maturity security is below its amortized cost basis. Credit loss changes are recorded as a component of net investment gains (losses) for the Company’s held-to-maturity and available-for-sale securities, loan receivables, including collateral dependent assets, loan commitments and reinsurance recoverables, whereas credit losses on premium receivables are recorded in net earned premiums in the consolidated statement of earnings. The Company’s off-balance sheet credit exposure is primarily attributable to loan commitments that are not unconditionally cancellable. The Company considers the contractual period of exposure to credit risk, the likelihood that funding will occur, the risk of loss, and the current conditions and expectations of future economic conditions to develop the estimate of expected credit losses. The Company records the estimate of expected credit losses for certain loan commitments within other liabilities in the consolidated balance sheet.

Write-offs and partial write-offs are recorded as a reduction to the amortized cost of the loan or fixed maturity security balance and a corresponding reduction to the credit allowance.

The Company has elected not to measure an allowance on accrued interest income for all asset types, because the uncollectible accrued interest receivable is written off in a timely manner. The Company writes off accrued interest when it is more than ninety days past due by reducing interest income, which is a component of net investment income, in the consolidated statement of earnings.

The Company records due premium receivable net of current expected credit losses in the receivables line item in the consolidated balance sheet, utilizing an aging methodology based on historical loss information, adjusted for current conditions and reasonable and supportable forecasts. Changes in the estimated credit losses related to premium receivable are recorded in net earned premiums in the consolidated statement of earnings.
Derivatives and Hedging
Derivatives and Hedging: Freestanding derivative instruments are reported in the consolidated balance sheet at fair value within other assets and other liabilities, with changes in value reported in earnings and/or other comprehensive income. These freestanding derivatives include foreign currency forwards, foreign currency options, foreign currency swaps, interest rate swaps and interest rate swaptions. The Company does not use derivatives for trading purposes.

The Company may purchase certain investments or enter into contracts that contain embedded derivatives. The Company assesses whether an embedded derivative is clearly and closely related to its host contract. If the Company determines that the embedded derivative is not clearly and closely related to the host contract, and a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is separated from that contract, held at fair value, and reported with the host instrument in the consolidated balance sheets, with changes in fair value reported in earnings. If the Company has elected the fair value option, the embedded derivative is not bifurcated, and the entire investment is held at fair value with changes in fair value reported in earnings.

See Note 5 for a discussion on how the Company determines the fair value of its derivatives. Accruals on derivatives are typically recorded in other assets or other liabilities in the consolidated balance sheets.

To qualify for hedge accounting treatment, a derivative must be highly effective in mitigating the designated risk attributable to the hedged item. At the inception of hedging relationships the Company formally documents all
relationships between hedging instruments and hedged items, as well as its risk-management objectives and strategies for undertaking the respective hedging relationship, and the methodology that will be used to assess the effectiveness of the hedge relationship at and subsequent to hedge inception. The Company documents the designation of each hedge as either (i) a hedge of the variability of cash flows to be received or paid related to a recognized asset or liability or the hedge of a forecasted transaction ("cash flow hedge"); (ii) a hedge of the exposure to changes in the fair value of a recognized asset or liability, attributable to a particular risk ("fair value hedge"); or (iii) a hedge of foreign currency exposure of a net investment in a foreign operation ("net investment hedge"). The documentation process includes linking derivatives and non-derivative financial instruments that are designated in hedge relationships with specific assets or groups of assets or liabilities in the statement of financial position or to specific forecasted transactions and defining the effectiveness testing methods to be used. At the hedge inception and on an ongoing quarterly basis, the Company also formally assesses whether the derivatives and non-derivative financial instruments used in hedging activities have been, and are expected to continue to be, highly effective in offsetting their designated risk. The assessment of hedge effectiveness determines the accounting treatment of changes in fair value.

Hedge effectiveness is assessed using qualitative and quantitative methods. Qualitative methods may include the comparison of critical terms of the derivative to the hedged item, and quantitative methods may include regression, dollar offset, or other statistical analysis of changes in fair value or cash flows associated with the hedge relationship.

For derivative instruments that are designated in cash flow hedge relationships, the gain or loss on the portion of the hedging instrument included in the assessment of effectiveness is reported as a component of accumulated other comprehensive income (loss) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Amounts reclassified are recorded in the line item of the consolidated statements of earnings in which gain or loss on the hedged item is recorded. The Company includes all components of each derivative's gain or loss in the assessment of hedge effectiveness.

For derivative instruments that are designated in fair value hedge relationships, the gain or loss on the hedged item and the portion of the hedging instrument included in the assessment of effectiveness are recorded in the line item of the consolidated statements of earnings in which gain or loss on the hedged item is recorded. When assessing the effectiveness of the Company's fair value hedges, the Company excludes the changes in fair value related to the difference between the spot and forward rates on its foreign currency forwards, the change in fair value of cross-currency swaps not resulting from fluctuations in spot currency rates, and the time value component of foreign exchange options and interest rate swaptions. For interest rate swaptions and cross-currency interest rate swaps designated in fair value hedges of interest rate risk, the excluded component is recognized in other comprehensive income (loss) and amortized into earnings (net investment income) over its legal term.
For derivative and/or non-derivative hedging instruments designated in net investment hedge relationships with the Company’s investment in Aflac Japan, the Company makes its net investment hedge designation at the beginning of each quarter. When the hedging instrument is a foreign currency derivative, the Company assesses hedge effectiveness using the spot-rate method. According to that method, the change in fair value of the hedging instrument due to fluctuations in the spot exchange rate is recorded in the unrealized foreign currency component of other comprehensive income and reclassified to earnings only when the hedged net investment is sold, or when a liquidation of the respective net investment in the foreign entity is substantially completed. If and when a sale or liquidation occurs, the changes in fair value of the derivative deferred in the unrealized foreign currency component of other comprehensive income will be released in the same income statement line item where the gain (loss) on the hedged net investment would be recorded upon sale. All other changes in fair value of the hedging instrument are considered the “excluded component” and are accounted for in net investment gains (losses). Should these designated net investment hedge positions exceed the Company's net investment in Aflac Japan, the foreign exchange effect on the portion that exceeds its investment in Aflac Japan would be recognized in current earnings within net investment gains (losses).

The Company discontinues hedge accounting prospectively when (1) it is determined that the derivative is no longer highly effective in offsetting changes in the estimated cash flows or fair value of a hedged item; (2) the derivative is de-designated as a hedging instrument; or (3) the derivative expires or is sold, terminated or exercised.

When hedge accounting is discontinued on a cash flow hedge or fair value hedge, the derivative is carried in the consolidated balance sheets at its estimated fair value, with changes in estimated fair value recognized in current period earnings. For discontinued cash flow hedges, including those where the derivative is sold, terminated or exercised, amounts previously deferred in other comprehensive income (loss) are reclassified into earnings when earnings are impacted by the cash flow of the hedged item.
If a derivative is not designated as an accounting hedge or its use in managing risk does not qualify for hedge accounting, changes in the estimated fair value of the derivative are generally reported within other gains (losses), which is a component of net investment gains (losses). The fluctuations in estimated fair value of derivatives that have not been designated for hedge accounting can result in volatility in net earnings.

The Company receives and pledges cash or other securities as collateral on open derivative positions. Cash received as collateral is reported as an asset with a corresponding liability for the return of the collateral. Cash pledged as collateral is recorded as a reduction to cash, and a corresponding receivable is recognized for the return of the cash collateral. The Company generally can repledge or resell collateral obtained from counterparties, although the Company does not typically exercise such rights. Securities received as collateral are not recognized unless the Company was to exercise its right to sell that collateral or exercise remedies on that collateral upon a counterparty default. Securities that the Company has pledged as collateral continue to be carried as investment assets on its balance sheet.

The Company does not offset amounts recognized for derivative instruments and amounts recognized for the right to reclaim or the obligation to return cash collateral arising from derivative instruments executed with the same counterparty under a master netting arrangement.

For additional information on the Company's derivative instruments, see Note 4.
Deferred Policy Acquisition Costs
Deferred Policy Acquisition Costs: Certain direct and incremental costs of acquiring insurance contracts are deferred and amortized on a grouped-contract basis over the expected term of the related contracts, using a constant-level basis. For life and health products issued in Japan, the constant-level basis used is units in force, which is a proxy for face amount, and insurance in force, respectively. For life and health products issued in the U.S., the constant-level basis used is face amount and number of policies in force, respectively. Amortization is computed using the same contract groupings (also referred to as cohorts) and mortality and termination assumptions that are used in computing the LFPB, and these assumptions are reviewed and updated at least annually. The effects of changes in assumptions are recognized prospectively over the remaining contract term as a revision of the future amortization pattern, while current period amortization is calculated based on the actual experience during the quarter. Deferred costs include the excess of current-year commissions over ultimate renewal-year commissions and certain incremental direct policy issue, underwriting and sales expenses directly related to successful policy acquisition.

For some products, policyholders can elect to modify product benefits, features, rights or coverages by exchanging a contract for a new contract or by amendment, endorsement, or rider to a contract, or by the election of a feature or coverage within a contract. These transactions are known as internal replacements. The Company performs a two-stage analysis of the internal replacements to determine if the modification is substantive to the base policy. The stages of evaluation are as follows: 1) determine if the modification is integrated with the base policy, and 2) if it is integrated, determine if the resulting contract is substantially changed.

For internal replacement transactions where the resulting contract is substantially unchanged, unamortized deferred acquisition costs from the original policy continue to be amortized over the expected life of the cohort, and the costs of replacing the policy are accounted for as policy maintenance costs and expensed as incurred.

For an internal replacement transaction that results in a policy that is substantially changed, the policy is treated as lapsed for amortization purposes, and the costs of acquiring the new policy are capitalized and amortized in accordance with the Company's accounting policies for deferred acquisition costs.

Riders can be considered internal replacements that are either integrated or non-integrated resulting in either substantially changed or substantially unchanged treatment. Riders are evaluated based on the specific facts and circumstances of the rider and are considered an expansion of the existing benefits with additional premium required. Non-integrated riders to existing contracts do not change the Company's profit expectations for the related products and are treated as a new policy establishment for incremental coverage.
Property and Equipment Property and Equipment: The costs of buildings, furniture and equipment are depreciated principally on a straight-line basis over their estimated useful lives (maximum of 50 years for buildings and 20 years for furniture and equipment). Expenditures for maintenance and repairs are expensed as incurred; expenditures for betterments are capitalized and depreciated.
Goodwill
Goodwill: Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. The amount of goodwill recognized is also impacted by measurement differences resulting from certain assets and liabilities not recorded at fair value (e.g. income taxes, employee benefits). Goodwill is not amortized, but is tested for impairment at a level of a reporting unit at least annually, in the same reporting period each year. Goodwill is included in the other assets line item in the consolidated balance sheets and was $263 million at December 31, 2024, compared with $265 million at December 31, 2023. A significant majority of the goodwill balance is attributable to business combinations within the Aflac U.S. segment, which represents the reporting unit for goodwill impairment testing.
Policy Liabilities - Future Policy Benefits
Policy Liabilities: For long-duration insurance contracts, the Company calculates an integrated reserve that represents all payments under the contract including future expected claims and unpaid policy claims and related expenses. The LFPB is measured using the net level premium method.

Long-duration insurance contracts issued by the Company are grouped into annual calendar-year cohorts based on the contract issue date, reportable segment, legal entity and product type. Limited-pay contracts are grouped into separate cohorts from other traditional products in the same manner and are further separated based on their premium payment structures.

The LFPB is determined as the present value of expected future policy benefits to be paid to or on the behalf of policyholders and certain related expenses less the present value of expected future net premiums receivable under the Company’s insurance contracts, where expected future net premiums receivable are future gross premiums receivable under the contract multiplied by the NPR.

Future policy benefits are calculated using assumptions and estimates including mortality, morbidity, termination (also referred to as lapses), expense and discount rates. The assumptions and estimates that the Company uses depend on its judgment regarding the likelihood of future events and are inherently uncertain.

Cash flow assumptions (mortality, morbidity, and termination) are established at policy inception and are evaluated each quarter to determine if an update is needed. To facilitate a more detailed review of cash flow assumptions, experience studies are performed annually during the third quarter. Changes in cash flow assumptions are the result of applying the updated best estimate assumptions as of the beginning of the reporting period and are recognized in reserve remeasurement (gains) losses in the consolidated statements of earnings. Expense assumptions are established at policy inception and determined for each issue-year cohort as a percentage of paid claims. These expense assumptions are locked in and remain unchanged over the term of the insurance policy. Actual experience is reflected in the calculation of future policy benefits each quarter, and changes in the liability due to actual experience are recognized in reserve remeasurement (gains) losses in the consolidated statements of earnings.

Discount rates used to calculate net premiums are locked in at policy inception and represent the basis to recognize interest expense accreted on insurance reserves in benefits and claims, excluding reserve remeasurement in the consolidated statements of earnings. Discount rates used to measure the carrying value of the LFPB in the consolidated balance sheets are updated each reporting period, and the difference between the liability balances calculated using the
locked-in discount rates and the updated discount rates is recognized in accumulated other comprehensive income (loss) (AOCI).

The Company has designed its discount rate methodology for the U.S. and Japan insurance business. The methodology incorporates constructing a current discount rate curve separately for discounting cash flows used to calculate the U.S. and Japan LFPBs, reflective of the characteristics of the insurance liabilities, such as currency and tenor. Discount rates comprising each curve are determined by reference to upper-medium grade (low credit risk) fixed-income instrument yields that reflect the duration characteristics of the corresponding insurance liabilities. The Company uses for these yields single-A rated fixed income instruments with credit ratings based on international rating standards. Where only local ratings are available, the Company selects the fixed-income instruments with local ratings that are equivalent to a single-A rating based on international rating standards. The methodology is designed to prioritize observable inputs based on market data available in the local debt markets where the respective policies were issued in the currency in which the policies are denominated. For the discount rates applicable to tenors for which the single-A debt market is not liquid or there is little or no observable market data, the Company uses various estimation techniques consistent with the fair value guidance in ASC 820 - Fair Value Measurement, which include, but are not limited to: (i) for tenors where there is less observable market data and/or the observable market data is available for similar instruments, estimating tenor-specific single-A credit spreads and applying them to risk-free government rates; (ii) for tenors where there is very limited or no observable single-A or similar market data, interpolation and extrapolation techniques.

The locked-in discount rate used for the computation of interest accretion on LFPBs is determined separately for each issue-year cohort as a single discount rate, calculated as the weighted-average of monthly upper-medium grade (low credit risk) fixed-income instrument forward curves in the calendar year, determined using the methodology described above and weighted using issued annualized premiums for each issue month. The single discount rate for each issue-year cohort is determined by solving for a rate that produces an equivalent net premium ratio to the forward curve and will remain unchanged after the calendar year of issue.
Other Policy Liabilities
Unearned premiums consist of unearned premiums and advance premiums. Unearned premiums represent the portion of premium related to the unexpired coverage as of a balance sheet date and are deferred and recognized in net earned premiums when earned. Advance premiums consist primarily of discounted advance premiums on deposit from policyholders in conjunction with their purchase of certain Aflac Japan limited-payment insurance products. Advanced premiums are deferred upon collection and recognized as earned premiums over the contractual premium payment period.

The other policyholders’ funds liability consists primarily of the fixed annuity line of business in Aflac Japan which has fixed benefits and premiums.
Internal Replacements of Insurance Contracts
For internal replacements that are determined to be substantially changed, policy liabilities related to the original policy that was replaced are immediately released, and policy liabilities are established for the new insurance contract. The policy reserves are evaluated based on the new policy features, and changes are recognized at the date of contract change/modification. For internal replacements that are substantially unchanged, no changes to the reserves are recognized. For modifications that are not integrated with the base policy, new coverage is recognized as a separately issued contract within the current cohort.
Reinsurance Reinsurance: The Company enters into reinsurance agreements in the normal course of business. For each reinsurance agreement, the Company determines if the agreement provides indemnification against loss or liability relating to insurance risk in accordance with applicable accounting standards. Reinsurance premiums and benefits paid or provided are accounted for on bases consistent with those used in accounting for the original policies issued and the terms of the reinsurance contracts. Premiums, benefits and acquisition costs are reported net of insurance ceded.
Income Taxes
Income Taxes: Income tax provisions are generally based on pretax earnings reported for financial statement purposes, which differ from those amounts used in preparing the Company's income tax returns. Deferred income taxes are recognized for temporary differences between the financial reporting basis and income tax basis of assets and liabilities, based on enacted tax laws and statutory tax rates applicable to the periods in which the Company expects the temporary differences to reverse. The Company records deferred tax assets for tax positions taken based on its assessment of whether the tax position is more likely than not to be sustained upon examination by taxing authorities. A valuation allowance is established for deferred tax assets when it is more likely than not that an amount will not be realized.
Policyholder Protection Corporation and State Guaranty Association Assessments
Policyholder Protection Corporation and State Guaranty Association Assessments: In Japan, the government has required the insurance industry to contribute to a policyholder protection corporation. The Company recognizes a charge for its estimated share of the industry's obligation once it is determinable. The Company reviews the estimated liability for policyholder protection corporation contributions on an annual basis and reports any adjustments in Aflac Japan's expenses.

In the U.S., each state has a guaranty association that supports insolvent insurers operating in those states. The Company's policy is to accrue assessments when the entity to which the insolvency relates has met its state of domicile's statutory definition of insolvency, the amount of the loss is reasonably estimable and the related premium upon which the assessment is based is written. See Note 15 for further discussion of the guaranty fund assessments charged to the Company.
Treasury Stock
Treasury Stock: Treasury stock is reflected as a reduction of shareholders' equity at cost. The Company uses the weighted-average purchase cost to determine the cost of treasury stock that is reissued. The Company includes any gains and losses in additional paid-in capital when treasury stock is reissued.
Share-Based Compensation
Share-Based Compensation: The Company measures compensation cost related to its share-based payment transactions at fair value on the grant date, and the Company recognizes those costs in the financial statements over the vesting period during which the employee provides service in exchange for the award. The Company has made an entity-wide accounting policy election to estimate the number of awards that are expected to vest and the corresponding forfeitures.
Earnings Per Share
Earnings Per Share: The Company computes basic earnings per share (EPS) by dividing net earnings by the weighted-average number of unrestricted shares outstanding for the period. Diluted EPS is computed by dividing net earnings by the weighted-average number of shares outstanding for the period plus the shares representing the dilutive effect of share-based awards.
Reclassifications
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.
New Accounting Pronouncements
New Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

In November 2023, the FASB issued amendments that 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 Company adopted this guidance for the annual period beginning January 1, 2024. The adoption of this guidance did not have an impact on the Company’s financial position or results of operations. See Note 2 for expanded disclosures required as a result of the amended guidance.

ASU 2023-02 Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method

In March 2023, the FASB issued amendments to permit reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the income tax credits and other income tax benefits received and recognizes the net amortization and income tax credits and other income tax benefits in the income statement as a component of income tax expense (benefit).

The Company early adopted this guidance on July 1, 2023. The adoption of this guidance did not have a significant impact on the Company's financial position, results of operations or disclosures.
ASU 2022-02 Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures

In March 2022, the FASB issued amendments that eliminated the accounting guidance for troubled debt restructurings (TDRs) for creditors, required enhanced disclosures for creditors about loan modifications when a borrower is experiencing financial difficulty, and required public business entities to include current-period gross write-offs in the vintage disclosure tables. As a result of eliminating the TDR guidance for creditors, all loan modifications will follow the existing loan refinancing or restructuring guidance.

The Company adopted this guidance on January 1, 2023 on a prospective basis. The adoption did not have an impact on the Company’s financial position or results of operations.

ASU 2018-12 Financial Services - Insurance: Targeted Improvements to the Accounting for Long-Duration Contracts, as clarified and amended by:
ASU 2019-09 Financial Services - Insurance: Effective Date
ASU 2020-11 Financial Services - Insurance: Effective Date and Early Application

In August 2018, the FASB issued amendments that significantly changed how insurers account for long-duration contracts. The Company adopted the standard on January 1, 2023 using a modified retrospective transition method which resulted in applying the amended guidance as of the beginning of the earliest period presented on the January 1, 2021 transition date (Transition Date). The modified retrospective transition method generally results in applying the guidance to contracts on the basis of existing carrying values as of the Transition Date. On the Transition Date, the Company calculated the ratio of the present value of expected future policy benefits and expenses less existing carrying values to the present value of expected future gross premiums (Transition Date NPR) using updated assumptions and the discount rate immediately before the Transition Date. The Company capped the Transition Date NPR at 100% for any cohorts with a Transition Date NPR greater than 100%. The Company calculated the LFPB using the Transition Date NPR (capped at 100% if required) and two different discount rates: (i) the discount rate used immediately before the Transition Date, and (ii) the discount rate determined by reference to the Transition Date market level yields for upper-medium grade (low credit risk) fixed income instruments (as of December 31, 2020). For cohorts with their Transition Date NPR capped at 100%, the Company recorded as an adjustment (decrease) to opening retained earnings any difference between the LFPB calculated using the discount rate immediately before the Transition Date and the existing carrying value as of the Transition Date. For all cohorts on the Transition Date, the Company recorded in AOCI net of tax, the difference in the LFPB calculated using the two different discount rates (i.e., the discount rate used immediately before the Transition Date and the updated discount rate as of the Transition Date).

Upon adoption, the Company adjusted opening equity for the Transition Date impacts to AOCI and retained earnings and adjusted prior periods then presented (years 2021 and 2022) following the updated standard. Based upon the modified retrospective transition method, the Transition Date impact from adoption resulted in a decrease in AOCI of approximately $18.6 billion and a decrease in retained earnings (RE) of approximately $0.3 billion.

The adoption of ASU 2018-12 did not have an impact on the Company's balance for deferred policy acquisition costs upon adoption.

All relevant prior-year amounts have been adjusted for the adoption of ASU 2018-12.

In conjunction with the adoption of ASU 2018-12, the Company changed its practice of recording the change in the deferred profit liability on products with limited-payment features from the benefits and claims, net line item to the net earned premiums line item in the consolidated statements of earnings. This reclassification had no impact on net earnings. The change in presentation has been made for all comparative periods presented.

Accounting Pronouncements Pending Adoption

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 2024-03 Income Statement (Topic 220) - Disaggregation of Income Statement Expenses

In November 2024, the FASB issued amendments that require disaggregated disclosure, in the notes to the financial statements, of specified information about certain costs and expenses including (1) the amounts of employee compensation, depreciation, and intangible asset amortization; (2) certain expense, gain, or loss amounts that are already required to be disclosed under current GAAP in the same disclosure as the other disaggregation requirements; (3) qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, and (4) the total amount of selling expenses and, in annual reporting periods, the Company’s definition of selling expenses.

The amendments are effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. 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.
v3.25.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Property, Plant and Equipment Classes of property and equipment as of December 31 were as follows:
(In millions)20242023
Property and equipment:
Land$168 $168 
Buildings392 421 
Equipment and furniture478 510 
Total property and equipment1,038 1,099 
Less accumulated depreciation651 654 
Net property and equipment$387 $445 
v3.25.0.1
BUSINESS SEGMENT AND SELECTED FOREIGN CURRENCY TRANSLATION ITEMS (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Reconciliation of Revenue from Segments to Consolidated
Information regarding operations by reportable segment and Corporate and other for the years ended December 31 is presented in the following tables.
(In millions)202420232022
Revenues:
Aflac Japan:
   Net earned premiums (1)
$6,930 $8,047 $9,186 
   Adjusted net investment income2,701 2,582 2,669 
   Other income28 35 35 
               Total adjusted revenue Aflac Japan9,659 10,664 11,890 
Aflac U.S.:
   Net earned premiums5,829 5,675 5,570 
   Adjusted net investment income847 820 755 
   Other income63 128 161 
           Total adjusted revenue Aflac U.S.6,739 6,623 6,486 
Corporate and other (2)
1,007 460 267 
           Total adjusted revenues17,405 17,747 18,643 
Net investment gains (losses)1,271 590 363 
Reconciling items:
Amortized hedge costs26 157 112 
Amortized hedge income(113)(121)(68)
Net interest (income) expense from derivatives
  associated with certain investment strategies		338 328 90 
           Total revenues$18,927 $18,701 $19,140 
(1) Includes a gain (loss) of $(81), $20 and $(42) in 2024, 2023 and 2022, respectively, related to remeasurement of the deferred profit liability for limited-payment contracts.
(2) The change in value of federal historic rehabilitation and solar investments in partnerships of $165, $343 and $91 in 2024, 2023 and 2022, respectively, is included as a reduction to net investment income. Tax credits on these investments of $164, $334 and $83 in 2024, 2023 and 2022, respectively, have been recorded as an income tax benefit in the consolidated statements of earnings. See Note 3 for additional information on these investments.
Reconciliation of Adjusted Profit (Loss) from Segments to Consolidated
(In millions)202420232022
Adjusted revenues:
Aflac Japan (1)
$9,659 $10,664 $11,890 
Aflac U.S.6,739 6,623 6,486 
Corporate and other (2)
1,007 460 267 
Total adjusted revenues17,405 17,747 18,643 
Benefits and adjusted expenses:
Aflac Japan:
Benefits and claims, excluding reserve remeasurement4,761 5,409 6,282 
Reserve remeasurement (gains) losses(444)(96)(91)
Total benefits and claims, net4,317 5,313 6,191 
Adjusted expenses:
Amortization of deferred policy acquisition costs321 326 338 
Insurance commissions435 491 563 
Insurance and other expenses1,092 1,300 1,517 
Total benefits and adjusted expenses Aflac Japan6,165 7,430 8,609 
Aflac U.S.:
Benefits and claims, excluding reserve remeasurement2,821 2,715 2,679 
Reserve remeasurement (gains) losses(95)(284)(124)
Total benefits and claims, net2,726 2,431 2,555 
Adjusted expenses:
Amortization of deferred policy acquisition costs530 490 455 
Insurance commissions563 561 553 
Insurance and other expenses1,501 1,640 1,564 
Total benefits and adjusted expenses Aflac U.S.5,320 5,122 5,127 
Corporate and other975 885 485 
Total adjusted expenses$12,460 $13,437 $14,221 
Pretax earnings:
Aflac Japan (1)
$3,494 $3,234 $3,281 
Aflac U.S.1,419 1,501 1,359 
Corporate and other (2)
32 (425)(218)
Pretax adjusted earnings4,945 4,310 4,422 
Other income (loss)(23)

39 0 

Net investment gains (losses)1,271 590 363 
Reconciling items:
Amortized hedge costs26 157 112 
Amortized hedge income(113)(121)(68)
Net interest (income) expense from derivatives
  associated with certain investment strategies		338 328 90 
Impact of interest from derivatives associated
  with notes payable
(27)(41)(50)
    Total earnings before income taxes$6,417 $5,262 $4,869 
Income taxes applicable to pretax adjusted earnings$873 $577 $808 
Effect of foreign currency translation on after-tax
  adjusted earnings		(103)(113)(262)
(1) Includes a gain (loss) of $(81), $20 and $(42) for 2024, 2023 and 2022, respectively, related to remeasurement of the deferred profit liability for limited-payment contracts.
(2) The change in value of federal historic rehabilitation and solar investments in partnerships of $165, $343 and $91 in 2024, 2023 and 2022, respectively, is included as a reduction to net investment income. Tax credits on these investments of $164, $334 and $83 in 2024, 2023 and 2022, respectively, have been recorded as an income tax benefit in the consolidated statements of earnings. See Note 3 for additional information on these investments.
Schedule of Intercompany Transfers of Funds Information on transfers for each of the years ended December 31 is shown below. See Note 13 for information concerning restrictions on transfers from Aflac Japan.
(In millions)202420232022
Management fees$69 $67 $61 
Profit remittances2,865 2,623 2,412 
Total transfers from Aflac Japan$2,934 $2,690 $2,473 
Reconciliation of Assets from Segment to Consolidated The Company's total assets as of December 31 were as follows:
(In millions)20242023
Assets:
Aflac Japan$90,210 $101,541 
Aflac U.S.21,930 21,861 
Corporate and other5,426 3,322 
Total assets$117,566 $126,724 
Foreign Currency Disclosure The following table shows the yen/dollar exchange rates used for or during the periods ended December 31. For comparison, exchange effects for the current year were calculated using the yen/dollar exchange rate that was used in the prior year.
202420232022
Statements of Earnings:
Weighted-average yen/dollar exchange rate (1)
150.97 140.57 130.17 
Yen percent strengthening (weakening)(6.9)%(7.4)%(15.7)%
Exchange effect on pretax adjusted earnings (in millions)$(125)$(131)$(318)
20242023
Balance Sheets:
Yen/dollar exchange rate at December 31(1)
158.18 141.83 
Yen percent strengthening (weakening)(10.3)%(6.4)%
Exchange effect on total assets (in millions)$(6,127)$(3,984)
Exchange effect on total liabilities (in millions)(9,624)(6,936)
(1) Rates are based on the published MUFG Bank, Ltd. telegraphic transfer middle rate (TTM).
v3.25.0.1
INVESTMENTS (Tables)
 12 Months Ended
Dec. 31, 2024
Schedule Of Net Investment Income
The components of net investment income for the years ended December 31 were as follows:
(In millions)202420232022
Fixed maturity securities$2,894 $2,873 $2,926 
Equity securities24 28 31 
Commercial mortgage and other loans1,046 1,002 716 
Other investments (1)
130 (70)131 
Short-term investments and cash equivalents258 213 78 
Gross investment income4,352 4,046 3,882 
Less investment expenses236 235 226 
Net investment income$4,116 $3,811 $3,656 
(1) The change in value of federal historic rehabilitation and solar investments in partnerships of $165, $343 and $91 in 2024, 2023, and 2022, respectively, is included as a reduction to net investment income. Tax credits on these investments of $164, $334, and $83 in 2024, 2023, and 2022, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.
Available-for-Sale Debt Securities
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.
  2024
(In millions)
Amortized
Cost		Allowance
 for Credit
Losses		Gross
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$19,409 $0 $465 $2,234 $17,640 
Municipalities869 0 65 79 855 
Mortgage- and asset-backed securities327 0 4 23 308 
Public utilities2,746 0 202 108 2,840 
Sovereign and supranational330 0 16 8 338 
Banks/financial institutions5,376 0 267 342 5,301 
Other corporate5,329 0 568 305 5,592 
Total yen-denominated34,386 0 1,587 3,099 32,874 
  U.S. dollar-denominated:
U.S. government and agencies208 0 1 3 206 
Municipalities1,167 0 65 53 1,179 
Mortgage- and asset-backed securities2,987 0 302 34 3,255 
Public utilities3,938 0 418 151 4,205 
Sovereign and supranational57 0 21 0 78 
Banks/financial institutions3,271 0 420 36 3,655 
Other corporate18,050 0 2,493 752 19,791 
Total U.S. dollar-denominated29,678 0 3,720 1,029 32,369 
  Other currencies:
Other corporate
25 0 1 0 26 
Total other currencies
25 0 1 0 26 
Total securities available-for-sale$64,089 $0 $5,308 $4,128 $65,269 

 
2023
(In millions)Amortized
Cost		Allowance
for Credit
Losses		Gross
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$23,067 $0 $1,040 $1,696 $22,411 
Municipalities968 0 115 58 1,025 
Mortgage- and asset-backed securities215 0 6 11 210 
Public utilities3,757 0 325 82 4,000 
Sovereign and supranational373 0 24 7 390 
Banks/financial institutions5,896 0 320 365 5,851 
Other corporate5,898 0 699 294 6,303 
Total yen-denominated40,174 0 2,529 2,513 40,190 
  U.S. dollar-denominated:
U.S. government and agencies191 0 2 4 189 
Municipalities1,246 0 65 38 1,273 
Mortgage- and asset-backed securities2,748 0 184 56 2,876 
Public utilities3,346 0 360 114 3,592 
Sovereign and supranational122 0 33 8 147 
Banks/financial institutions2,676 0 359 51 2,984 
Other corporate20,186 0 2,518 665 22,039 
Total U.S. dollar-denominated30,515 0 3,521 936 33,100 
Total securities available-for-sale$70,689 $0 $6,050 $3,449 $73,290 
Held-to-Maturity Securities
  2024
(In millions)Amortized
Cost		Allowance
for Credit
Losses		Net
Carrying
Amount		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair  
Value  
Securities held-to-maturity, carried at
  amortized cost:
Fixed maturity securities:
  Yen-denominated:
Japan government and agencies$15,311 $2 $15,309 $759 $9 $16,059 
Municipalities235 0 235 22 0 257 
Public utilities32 0 32 1 0 33 
Sovereign and supranational377 3 374 31 0 405 
Other corporate16 0 16 2 0 18 
Total yen-denominated15,971 5 15,966 815 9 16,772 
Total securities held-to-maturity$15,971 $5 $15,966 $815 $9 $16,772 
  2023
(In millions)Amortized
Cost		Allowance
for Credit
Losses		Net
Carrying
Amount		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair  
Value
Securities held-to-maturity, carried at
  amortized cost:
Fixed maturity securities:
  Yen-denominated:
Japan government and agencies$17,085 $2 $17,083 $1,746 $0 $18,829 
Municipalities266 0 266 41 0 307 
Public utilities34 0 34 4 0 38 
Sovereign and supranational421 3 418 44 0 462 
Other corporate18 0 18 3 0 21 
Total yen-denominated17,824 5 17,819 1,838 0 19,657 
Total securities held-to-maturity$17,824 $5 $17,819 $1,838 $0 $19,657 
Equity Securities, FV-NI
  
20242023
(In millions)Fair ValueFair Value
Equity securities, carried at fair value through
  net earnings:
Equity securities:
Yen-denominated$484 $751 
U.S. dollar-denominated312 252 
Other currencies0 85 
Total equity securities$796 $1,088 
Investments Classified by Contractual Maturity Date
The contractual and economic maturities of the Company's investments in fixed maturity securities at December 31, 2024, were as follows:
(In millions)
Amortized
Cost (1)
Fair
Value
Available-for-sale:
Due in one year or less$1,369 $1,536 
Due after one year through five years7,522 8,424 
Due after five years through 10 years17,302 18,495 
Due after 10 years34,582 33,251 
Mortgage- and asset-backed securities3,314 3,563 
Total fixed maturity securities available-for-sale$64,089 $65,269 
Held-to-maturity:
Due in one year or less$0 $0 
Due after one year through five years34 34 
Due after five years through 10 years8,516 9,045 
Due after 10 years7,416 7,693 
Total fixed maturity securities held-to-maturity$15,966 $16,772 
(1) Net of allowance for credit losses
Investment Exposures Exceeding 10 Percent Shareholders Equity
Investment exposures that individually exceeded 10% of shareholders' equity as of December 31 were as follows:
20242023
(In millions)Credit
Rating		Amortized
Cost		Fair
Value		Credit
Rating		Amortized
Cost		Fair
Value
Japan National Government(1)
A+$33,822$32,844A+$39,151$40,222
(1) Japan Government Bonds (JGBs) or JGB-backed securities
Gain (Loss) on Investments
Information regarding pretax net gains and losses from investments for the years ended December 31 follows:
(In millions)202420232022
Net investment gains (losses):
Sales and redemptions:
Fixed maturity securities available-for-sale:
Gross gains from sales$80 $24 $93 
Gross losses from sales(634)(61)(78)
Foreign currency gains (losses)806 204 442 
Other investments:
Gross gains (losses) from sales and redemptions7 33 10 
Total sales and redemptions259 200 467 
Equity securities140 88 

(341)
Credit losses:
Fixed maturity securities held-to-maturity0 1 0 
Commercial mortgage and other loans(207)(146)(18)
Impairment losses(55)0 (25)
Loan commitments1 9 9 
Reinsurance recoverables and other5 (3)(2)
Total credit losses(256)(139)(36)
Derivatives and other:
Derivative gains (losses)(363)(531)(1,151)
Foreign currency gains (losses)1,491 972 1,424 
Total derivatives and other1,128 441 273 
Total net investment gains (losses)$1,271 $590 $363 
Unrealized Gain (Loss) on Investments
Information regarding changes in unrealized gains and losses from investments recorded in AOCI for the years ended December 31 follows:
(In millions)202420232022
Changes in unrealized gains (losses):
Fixed maturity securities, available-for-sale$(1,421)$2,327 $(13,056)
Total change in unrealized gains (losses)$(1,421)$2,327 $(13,056)
Net Effect on Shareholders' Equity of Unrealized Gains and Losses from Investment Securities
The net effect on shareholders' equity of unrealized gains and losses from fixed maturity securities at December 31 was as follows:
(In millions)20242023
Unrealized gains (losses) on securities available-for-sale$1,180 $2,601 
Deferred income taxes(1,156)(1,462)
Shareholders’ equity, unrealized gains (losses) on fixed maturity securities$24 $1,139 
Investments Gross Unrealized Loss Aging
The following tables show the fair values and gross unrealized losses of the Company's available-for-sale investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31.
  2024
  TotalLess than 12 months12 months or longer
(In millions)Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
Fixed maturity securities available-
   for-sale:
U.S. government and
    agencies:
U.S. dollar-denominated$106 $3 $59 $1 $47 $2 
Japan government and
    agencies:
Yen-denominated8,136 2,234 2,070 57 6,066 2,177 
Municipalities:
U.S. dollar-denominated666 53 67 3 599 50 
Yen-denominated341 79 96 2 245 77 
Mortgage- and asset-
    backed securities:
U.S. dollar-denominated567 34 173 2 394 32 
Yen-denominated196 23 12 0 184 23 
Public utilities:
U.S. dollar-denominated1,570 151 699 19 871 132 
Yen-denominated1,020 108 368 11 652 97 
Sovereign and supranational:
Yen-denominated47 8 0 0 47 8 
Banks/financial institutions:
U.S. dollar-denominated625 36 376 7 249 29 
Yen-denominated3,197 342 471 22 2,726 320 
Other corporate:
U.S. dollar-denominated6,097 752 2,036 59 4,061 693 
Yen-denominated 1,733 305 289 14 1,444 291 
Total$24,301 $4,128 $6,716 $197 $17,585 $3,931 
  2023
  TotalLess than 12 months12 months or longer
(In millions)Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
Fixed maturity securities available-
   for-sale:
U.S. government and
    agencies:
U.S. dollar-denominated$123 $4 $53 $1 $70 $3 
Japan government and
    agencies:
Yen-denominated8,393 1,696 1,657 303 6,736 1,393 
Municipalities:
U.S. dollar-denominated703 38 31 1 672 37 
Yen-denominated301 58 34 0 267 58 
Mortgage- and asset-
    backed securities:
U.S. dollar-denominated925 56 340 6 585 50 
Yen-denominated58 11 0 0 58 11 
Public utilities:
U.S. dollar-denominated1,120 114 228 4 892 110 
Yen-denominated1,028 82 444 13 584 69 
Sovereign and supranational:
U.S. dollar-denominated35 8 0 0 35 8 
Yen-denominated60 7 0 0 60 7 
Banks/financial institutions:
U.S. dollar-denominated655 51 159 4 496 47 
Yen-denominated3,673 365 186 4 3,487 361 
Other corporate:
U.S. dollar-denominated6,380 665 799 19 5,581 646 
Yen-denominated1,948 294 308 9 1,640 285 
Total$25,402 $3,449 $4,239 $364 $21,163 $3,085 
Commercial Mortgage and Other Loans by Property Type
The following table reflects the composition of the carrying value for commercial mortgage and other loans by property type as of December 31.
20242023
(In millions)Amortized
Cost		% of
Total		Amortized
Cost		% of
Total
Commercial Mortgage and other loans:
Transitional real estate loans:
Office$1,361 12.1 %$1,807 14.1 %
Retail349 3.1 473 3.7 
Apartments/Multi-Family2,201 19.6 2,608 20.4 
Industrial117 1.1 157 1.2 
Hospitality556 5.0 814 6.4 
Other318 2.8 255 2.0 
Total transitional real estate loans4,902 43.7 6,114 47.8 
Commercial mortgage loans:
Office300 2.7 359 2.8 
Retail214 1.9 301 2.4 
Apartments/Multi-Family572 5.1 586 4.6 
Industrial436 3.9 463 3.6 
Other15 .1 0 .0 
Total commercial mortgage loans1,537 13.7 1,709 13.4 
Middle market loans4,423 39.4 4,677 36.5 
Other loans362 3.2 301 2.3 
Total commercial mortgage and other loans$11,224 100.0 %$12,801 100.0 %
Allowance for credit losses(355)(274)
Total net commercial mortgage and other loans$10,869 $12,527 
Financing Receivable Nonaccrual
The following tables present an aging of past due and nonaccrual loans at amortized cost, before allowance for credit losses, as of December 31.
2024
(In millions)Current Less Than
90 Days
Past Due
90 Days
or More
 Past Due(1)
Total Past
Due		Total
Loans		Nonaccrual
Status
Transitional real estate loans$4,364 $195 $343 $538 $4,902 $378 
Commercial mortgage loans1,537 0 0 0 1,537 0 
Middle market loans4,295 63 65 128 4,423 108 
Other loans362 0 0 0 362 0 
Total$10,558 $258 $408 $666 $11,224 $486 
(1) As of December 31, 2024, there were no loans that were 90 days or more past due that continued to accrue interest.
2023
(In millions)Current Less Than
90 Days
Past Due
90 Days
or More
 Past Due(1)
Total Past
Due		Total
Loans		Nonaccrual
Status
Transitional real estate loans$5,481 $108 $525 $633 $6,114 $633 
Commercial mortgage loans1,676 33 0 33 1,709 0 
Middle market loans4,592 0 85 85 4,677 85 
Other loans301 0 0 0 301 0 
Total$12,050 $141 $610 $751 $12,801 $718 
(1) As of December 31, 2023, there were no loans that were 90 days or more past due that continued to accrue interest.
Effect of Loan Modifications
The following table presents the amortized cost basis of modified loans to borrowers experiencing financial difficulty and the financial effect of the modifications, disaggregated by loan classification and type of modification, for the year ended December 31.
2024
(In millions)
Amortized
Cost (1)
% of
Total		Financial Effect
Transitional Real Estate Loans:
Other-than-insignificant payment
  delays		$125 2.7 %
Delay in payments of 24 months on average
Other-than-insignificant payment
  delays and interest rate
  reduction
278 5.9 
Delay in payments of 44 months on average and reduction in the weighted-average contractual interest rate from 8.0% to 6.6%
Other-than-insignificant payment
  delays, principal forgiveness and
  interest rate reduction
81 1.7 
Delay in payments of 33 months on average, $1.3 million of principal forgiven, and reduction in the weighted-average contractual interest rate from 8.2% to 7.3%
(1) Net of allowance for credit losses
Loan Performance After Modifications
The following table presents an aging of loans that received modifications in the 12 months preceding the period presented, at amortized cost.
December 31, 2024
(In millions)Current Less Than
90 Days
Past Due		90 Days
or More
 Past Due
Transitional real estate loans$403 $81 $0 
Middle market loans15 0 0 
Total$418 $81 $0 
Allowance for Loan Losses by Portfolio Segment
The following table presents the roll forward of the allowance for credit losses by portfolio segment for loans and by accounting classification for securities.
(In millions)Transitional
Real Estate
Loans		Commercial
Mortgage
Loans		Middle
Market
Loans		Other Loans
and Loan
Commitments		Held-to-
Maturity
Securities		Available-
for-Sale
Securities		Total
Balance at December 31, 2021
$(68)$(10)$(96)$(31)$(8)$0 $(213)
(Addition to) release of allowance for credit losses14 1 (39)7 0 0 (17)
Writeoffs, net of recoveries0 0 6 0 0 0 6 
Change in foreign exchange0 0 0 0 1 0 1 
Balance at December 31, 2022
(54)(9)(129)(24)(7)0 (223)
(Addition to) release of allowance for credit losses (1)
(124)(7)(17)8 1 0 (139)
Writeoffs, net of recoveries66 0 0 0 0 0 66 
Change in foreign exchange0 0 0 0 1 0 1 
Balance at December 31, 2023
(112)(16)(146)(16)(5)0 (295)
(Addition to) release of allowance for credit losses(148)(17)(44)(1)0 0 (210)
Writeoffs, net of recoveries61 19 50 0 0 0 130 
Change in foreign exchange0 0 0 0 0 0 0 
Balance at December 31, 2024
$(199)$(14)$(140)$(17)$(5)$0 $(375)
(1) Includes an allowance for credit losses of $4 recognized on financial assets accounted for as purchased financial assets with credit deterioration that is not recorded in earnings upon recognition.
Other Investments
The table below reflects the composition of the carrying value for other investments as of December 31.
(In millions)20242023
Other investments:
Policy loans$203 $214 
Short-term investments (1)
1,599 1,304 
Limited partnerships (2)
3,435 2,750 
Real estate owned682 227 
Other39 35 
Total other investments$5,958 $4,530 
(1) Includes securities lending collateral
(2) Includes tax credit investments and asset classes such as private equity and real estate funds
Securities Lending Transactions Accounted for as Secured Borrowings
Details of collateral by loaned security type and remaining maturity of the agreements as of December 31 were as follows:
Securities Lending Transactions Accounted for as Secured Borrowings
Remaining Contractual Maturity of the Agreements
20242023
(In millions)
Overnight
and
Continuous(1)
Up to 30
days		Total
Overnight
and
Continuous(1)
Up to 30
days		Total
Securities lending
  transactions:
Fixed maturity securities:
Japan government and agencies$0 $1,027 $1,027 $0 $737 $737 
Public utilities34 0 34 19 0 19 
Banks/financial institutions193 0 193 72 0 72 
Other corporate783 0 783 675 0 675 
          Total borrowings$1,010 $1,027 $2,037 $766 $737 $1,503 
Gross amount of recognized liabilities for securities
   lending transactions		$2,037 $1,503 
(1) The related loaned security, under the Company's U.S. securities lending program, can be returned to the Company at the transferee's discretion; therefore, they are classified as Overnight and Continuous.
Variable Interest Entity, Consolidated  
Investments in Variable Interest Entities
The following table presents carrying value and balance sheet caption in which the assets and liabilities of consolidated VIEs are reported as of December 31.

Investments in Consolidated Variable Interest Entities
(In millions)20242023
Assets:
Fixed maturity securities, available-for-sale$3,428 $3,712 
Commercial mortgage and other loans8,693 10,150 
Other investments (1)
2,176 2,381 
Other assets (2)
53 55 
Total assets of consolidated VIEs$14,350 $16,298 
Liabilities:
Other liabilities (2)
$604 $507 
Total liabilities of consolidated VIEs$604 $507 
(1) Consists entirely of alternative investments in limited partnerships, which represent VIEs where the Company is not the primary beneficiary and, therefore, are not consolidated
(2) Consists entirely of derivatives
Variable Interest Entity, Not Consolidated  
Investments in Variable Interest Entities
The table below reflects the carrying value and balance sheet caption in which the Company's investments in VIEs that are not consolidated are reported as of December 31.

Investments in Variable Interest Entities Not Consolidated
(In millions)20242023
Assets:
Fixed maturity securities, available-for-sale$6,243 $6,424 
Other investments (1)
1,124 369 
Total investments in VIEs not consolidated$7,367 $6,793 
(1) Consists entirely of alternative investments in limited partnerships
Transitional real estate loans  
Financing Receivable Credit Quality Indicators
The following tables present as of December 31, 2024 the amortized cost basis of TREs, CMLs, MMLs, and other loans by year of origination and credit quality indicator.
Transitional Real Estate Loans
(In millions)20242023202220212020PriorTotal
Loan-to-Value Ratio:
0%-59.99%$0 $0 $314 $357 $36 $11 $718 
60%-69.99%0 116 500 599 18 390 1,623 
70%-79.99%0 14 903 660 24 58 1,659 
80% or greater0 0 259 271 104 268 902 
Total$0 $130 $1,976 $1,887 $182 $727 $4,902 
Current-period gross writeoffs:$0 $0 $0 $5 $0 $57 $62 
Commercial mortgage loans  
Financing Receivable Credit Quality Indicators
Commercial Mortgage Loans
(In millions)20242023202220212020PriorTotalWeighted-Average DSCR
Loan-to-Value Ratio:
0%-59.99%$0 $32 $0 $266 $58 $920 $1,276 2.78
60%-69.99%0 0 0 25 0 47 72 2.11
70%-79.99%13 0 0 0 0 87 100 1.19
80% or greater0 0 0 0 0 89 89 0.57
Total$13 $32 $0 $291 $58 $1,143 $1,537 2.52
Weighted Average DSCR1.212.620.003.162.522.37
Current-period gross writeoffs:$0 $0 $0 $0 $0 $19 $19 
Middle market loans  
Financing Receivable Credit Quality Indicators
Middle Market Loans
(In millions)20242023202220212020PriorRevolving LoansTotal
Credit Ratings:
BBB$12 $27 $4 $84 $43 $95 $11 $276 
BB394 45 413 396 282 339 68 1,937 
B220 41 238 486 264 501 41 1,791 
CCC0 0 5 61 74 142 17 299 
CC0 0 13 0 0 24 5 42 
C and lower0 0 0 6 0 68 4 78 
Total$626 $113 $673 $1,033 $663 $1,169 $146 $4,423 
Current-period gross writeoffs:$0 $0 $0 $27 $0 $23 $0 $50 
Other loans  
Financing Receivable Credit Quality Indicators
Other Loans
(In millions)20242023202220212020PriorRevolving LoansTotal
Credit Ratings:
A$0 $0 $82 $0 $0 $0 $0 $82 
AA0 0 8 3 0 0 0 11 
BBB130 66 0 0 0 0 0 196 
BB0 0 73 0 0 0 0 73 
Total$130 $66 $163 $3 $0 $0 $0 $362 
Current-period gross writeoffs:$0 $0 $0 $0 $0 $0 $0 $0 
v3.25.0.1
DERIVATIVE INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The table below summarizes the balance sheet classification of the Company's derivative fair value amounts, as well as the gross asset and liability fair value amounts, at December 31. The fair value amounts presented do not include income accruals. Derivative assets are included in other assets, while derivative liabilities are included in other liabilities within the Company’s consolidated balance sheets. The notional amount of derivative contracts represents the basis upon which pay or receive amounts are calculated and are not reflective of exposure or credit risk.
20242023
(In millions)Asset
Derivatives		Liability
Derivatives		Asset
Derivatives		Liability
Derivatives
Hedge Designation/ Derivative
  Type		Notional
Amount		Fair ValueFair ValueNotional
Amount		Fair ValueFair Value
Cash flow hedges:
Foreign currency swaps - VIE$18 $0 $6 $18 $0 $4 
Total cash flow hedges18 0 6 18 0 4 
Fair value hedges:
Foreign currency options0 0 0 2,158 0 0 
Total fair value hedges0 0 0 2,158 0 0 
Net investment hedge:
Foreign currency forwards1,809 185 0 2,611 179 27 
Foreign currency options0 0 0 456 0 0 
Total net investment hedge1,809 185 0 3,067 179 27 
Non-qualifying strategies:
Foreign currency swaps450 2 0 1,200 31 0 
Foreign currency swaps - VIE3,042 53 598 3,417 55 503 
Foreign currency forwards0 0 0 7,402 59 477 
Foreign currency options24,195 0 0 22,557 2 0 
Interest rate swaps17,230 0 329 17,230 11 419 
Total non-qualifying strategies44,917 55 927 51,806 158 1,399 
Total derivatives$46,744 $240 $933 $57,049 $337 $1,430 
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location
The following table presents the gains and losses on derivatives and the related hedged items in fair value hedges for the years ended December 31. The Company had no fair value hedges during the year ended December 31, 2024.

Fair Value Hedging Relationships
(In millions)Hedging DerivativesHedged Items
Hedging DerivativesHedged Items Total
Gains
(Losses)
Gains (Losses)
Excluded from Effectiveness Testing(1)
Gains (Losses)
Included in Effectiveness Testing(2)
 Gains (Losses)(2)
Net Investment Gains (Losses) Recognized for Fair Value Hedge
2023:
Foreign currency optionsFixed maturity securities$(65)$(65)$0 $0 $0 
Total gains (losses)$(65)$(65)$0 $0 $0 
2022:
Foreign currency optionsFixed maturity securities(18)(18)0 0 0 
    Total gains (losses)$(18)$(18)$0 $0 $0 
(1) Gains (losses) excluded from effectiveness testing includes the forward point on foreign currency forwards and time value change on foreign currency options which are reported in the consolidated statements of earnings as net investment gains (losses). It also includes the change in the fair value of the interest rate swaptions related to the time value of the swaptions which is recognized as a component of other comprehensive income (loss).
(2) Gains and losses on foreign currency forwards and options and related hedged items are reported in the consolidated statements of earnings as net investment gains (losses). For interest rate swaptions and related hedged items, gains and losses included in the hedge assessment, premium amortization and time value amortization while the hedge items are still outstanding are reported within net investment income. The time value gains and losses for interest rate swaptions when the related hedged items are redeemed are reported in net investment gains (losses) consistent with the impact of the hedged item. For the years ended December 31, 2023 and 2022, gains and losses included in the hedge assessment on interest rate swaptions and related hedged items were immaterial.
Schedule of Interest Rate Fair Value Hedges Hedged Items
The following table shows the carrying amounts of assets designated and qualifying as hedged items in fair value hedges of interest rate risk and the related cumulative hedge adjustment included in the carrying amount. The Company had no fair value hedges of interest rate risk as of December 31, 2024 and 2023; therefore, the amounts presented in the table below are related to previous fair value hedges of interest rate risk that were discontinued.
(In millions)
Carrying Amount of the Hedged Assets/(Liabilities)(1)
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of Hedged Assets/(Liabilities)
2024202320242023
Fixed maturity securities$1,294 $1,692 $137 $164 
(1) The balance includes hedging adjustment on discontinued hedging relationships of $137 in 2024 and $164 in 2023.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
The following table summarizes the impact to earnings and other comprehensive income (loss) from all derivatives and hedging instruments for the years ended December 31.
202420232022
(In millions)Net
Investment
Income		Net
Investment
Gains (Losses)		Other
Comprehensive
 Income (Loss)		Net
Investment
Income		Net
Investment
Gains (Losses)		Other
Comprehensive
 Income (Loss)		Net
Investment
Income		Net
Investment
Gains (Losses)		Other
Comprehensive
 Income (Loss)
Qualifying hedges:
  Cash flow hedges:
       Foreign currency swaps - VIE$(1)$(4)$2 $(1)$(4)$5 $(1)$(4)$4 
  Total cash flow hedges(1)(4)
(1)
2 (1)(4)
(1)
5 (1)(4)
(1)
4 
  Fair value hedges:
       Foreign currency options0 (65)(18)
       Interest rate swaptions (2)
(1)0 1 (1)0 1 0 0 0 
  Total fair value hedges(1)0 1 (1)(65)1 0 (18)0 
  Net investment hedge:
       Non-derivative hedging
          instruments		0 426 0 257 0 371 
       Foreign currency forwards138 258 234 313 (80)673 
       Foreign currency options 0 0 (5)0 (1)0 
   Total net investment hedge138 684 229 570 (81)1,044 
  Non-qualifying strategies:
       Foreign currency swaps2 4 159 
       Foreign currency swaps - VIE(215)(201)9 
       Foreign currency forwards17 (349)(650)
       Foreign currency options (107)(53)0 
       Interest rate swaps(194)(88)(546)
       Interest rate swaptions0 0 1 
       Forward bond purchase
         commitment - VIE		0 (4)(21)
  Total non-qualifying strategies(497)(691)(1,048)
          Total$(2)$(363)$687 $(2)$(531)$576 $(1)$(1,151)$1,048 
(1) Impact of cash flow hedges reported as net investment gains (losses) includes $4 of losses reclassified from accumulated other comprehensive income (loss) into earnings during the year ended December 31, 2024, compared with $4 of losses during the years ended December 31, 2023 and 2022, respectively.
(2) Includes $1 of losses reclassified from accumulated other comprehensive income (loss) into earnings during the year ended December 31, 2024, compared with $1 of losses during the years ended December 31, 2023 and 2022, respectively, related to fair value hedges excluded component. Impact shown net of effect of hedged items (see Fair Value Hedges section of this Note 4 for further detail).
Offsetting Assets
Offsetting of Financial Assets and Derivative Assets
2024
Gross Amounts Not Offset in Balance Sheet
(In millions)Gross Amount of Recognized AssetsGross Amount Offset in Balance SheetNet Amount of Assets Presented in Balance SheetFinancial InstrumentsSecurities CollateralCash Collateral ReceivedNet Amount
Derivative
  assets:
    Derivative
      assets subject to a
      master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral$187 $0 $187 $0 $(45)$(135)$7 
    Total derivative
      assets subject to a
      master netting
      agreement or
      offsetting
      arrangement		187 0 187 0 (45)(135)7 
    Derivative
      assets not subject
      to a master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral53 53 53 
    Total derivative
      assets not subject
      to a master netting
      agreement or
      offsetting
      arrangement		53 53 53 
    Total derivative
      assets		240 0 240 0 (45)(135)60 
Securities lending
   and similar
   arrangements		2,001 0 2,001 0 0 (2,001)0 
    Total$2,241 $0 $2,241 $0 $(45)$(2,136)$60 
2023
Gross Amounts Not Offset
in Balance Sheet
(In millions)Gross Amount of Recognized AssetsGross Amount Offset in Balance SheetNet Amount of Assets Presented in Balance SheetFinancial
Instruments		Securities CollateralCash Collateral ReceivedNet
 Amount
Derivative
  assets:
    Derivative
      assets subject to a
      master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral$271 $0 $271 $(85)$(53)$(130)$3 
          OTC - cleared11 0 11 (11)0 0 0 
    Total derivative
      assets subject to a
      master netting
      agreement or
      offsetting
      arrangement		282 0 282 (96)(53)(130)3 
    Derivative
      assets not subject
      to a master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral55 55 55 
    Total derivative
      assets not subject
      to a master netting
      agreement or
      offsetting
      arrangement		55 55 55 
    Total derivative
      assets		337 0 337 (96)(53)(130)58 
Securities lending
   and similar
   arrangements		1,480 0 1,480 0 0 (1,480)0 
    Total$1,817 $0 $1,817 $(96)$(53)$(1,610)$58 
Offsetting Liabilities
Offsetting of Financial Liabilities and Derivative Liabilities
2024
Gross Amounts Not Offset
in Balance Sheet
(In millions)Gross Amount of Recognized LiabilitiesGross Amount Offset in Balance SheetNet Amount of Liabilities Presented in Balance SheetFinancial InstrumentsSecurities CollateralCash Collateral PledgedNet
 Amount
Derivative
  liabilities:
    Derivative
      liabilities subject
      to a master netting
      agreement or
      offsetting
      arrangement
          OTC - cleared$329 $0 $329 $0 $0 $(329)$0 
    Total derivative
      liabilities subject
      to a master netting
      agreement or
      offsetting
      arrangement		329 0 329 0 0 (329)0 
    Derivative
      liabilities not
      subject to a
      master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral604 604 604 
    Total derivative
      liabilities not
      subject to a
      master netting
      agreement or
      offsetting
      arrangement		604 604 604 
    Total derivative
      liabilities		933 0 933 0 0 (329)604 
Securities lending
   and similar
   arrangements		2,037 0 2,037 (2,001)0 0 36 
    Total$2,970 $0 $2,970 $(2,001)$0 $(329)$640 
2023
Gross Amounts Not Offset
in Balance Sheet
(In millions)Gross Amount of Recognized LiabilitiesGross Amount Offset in Balance SheetNet Amount of Liabilities Presented in Balance SheetFinancial InstrumentsSecurities CollateralCash Collateral PledgedNet
 Amount
Derivative
  liabilities:
    Derivative
      liabilities subject
      to a master netting
      agreement or
      offsetting
      arrangement
OTC - bilateral$504 $0 $504 $(85)$(381)$(37)$1 
OTC - cleared419 0 419 (11)(19)(389)0 
    Total derivative
      liabilities subject
      to a master netting
      agreement or
      offsetting
      arrangement		923 0 923 (96)(400)(426)1 
    Derivative
      liabilities not
      subject to a
      master netting
      agreement or
      offsetting
      arrangement
OTC - bilateral507 507 507 
    Total derivative
      liabilities not
      subject to a
      master netting
      agreement or
      offsetting
      arrangement		507 507 507 
    Total derivative
      liabilities		1,430 0 1,430 (96)(400)(426)508 
Securities lending
   and similar
   arrangements		1,503 0 1,503 (1,480)0 0 23 
    Total$2,933 $0 $2,933 $(1,576)$(400)$(426)$531 
v3.25.0.1
FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Hierarchy, Assets and Liabilities Measured on Recurring Basis
The following tables present the fair value hierarchy levels of the Company's assets and liabilities that are measured and carried at fair value on a recurring basis as of December 31.
  2024
(In millions)Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total
Fair
Value
Assets:
Securities available-for-sale, carried at
  fair value:
Fixed maturity securities:
Government and agencies$17,088 $758 $0 $17,846 
Municipalities0 2,034 0 2,034 
Mortgage- and asset-backed securities0 2,407 1,156 3,563 
Public utilities0 6,398 647 7,045 
Sovereign and supranational0 393 23 416 
Banks/financial institutions0 8,946 10 8,956 
Other corporate0 25,178 231 25,409 
Total fixed maturity securities17,088 46,114 2,067 65,269 
Equity securities639 0 157 796 
Other investments1,599 0 0 1,599 
Cash and cash equivalents6,229 0 0 6,229 
Other assets:
Foreign currency swaps0 55 0 55 
Foreign currency forwards0 185 0 185 
Total other assets0 240 0 240 
Total assets$25,555 $46,354 $2,224 $74,133 
Liabilities:
Other liabilities:
Foreign currency swaps$0 $604 $0 $604 
Interest rate swaps0 329 0 329 
Total liabilities$0 $933 $0 $933 
  2023
(In millions)Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total
Fair
Value
Assets:
Securities available-for-sale, carried at
  fair value:
Fixed maturity securities:
Government and agencies$21,700 $900 $0 $22,600 
Municipalities0 2,298 0 2,298 
Mortgage- and asset-backed securities0 2,314 772 3,086 
Public utilities0 7,339 253 7,592 
Sovereign and supranational0 507 30 537 
Banks/financial institutions0 8,757 78 8,835 
Other corporate0 27,694 648 28,342 
Total fixed maturity securities21,700 49,809 1,781 73,290 
Equity securities840 0 248 1,088 
Other investments1,304 0 0 1,304 
Cash and cash equivalents4,306 0 0 4,306 
Other assets:
Foreign currency swaps0 86 0 86 
Foreign currency forwards0 238 0 238 
Foreign currency options0 2 0 2 
Interest rate swaps0 11 0 11 
Total other assets0 337 0 337 
Total assets$28,150 $50,146 $2,029 $80,325 
Liabilities:
Other liabilities:
Foreign currency swaps$0 $507 $0 $507 
Foreign currency forwards0 504 0 504 
Interest rate swaps0 419 0 419 
Total liabilities$0 $1,430 $0 $1,430 
Fair Value Hierarchy, Assets and Liabilities Carried at Cost or Amortized Cost
The following tables present the carrying amount and fair value categorized by fair value hierarchy level for the Company's financial instruments that are not carried at fair value as of December 31.
2024
(In millions)Carrying
Value		Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total
Fair
Value
Assets:
Securities held-to-maturity,
    carried at amortized cost:
  Fixed maturity securities:
Government and agencies$15,309 $15,916 $143 $0 $16,059 
Municipalities235 0 257 0 257 
Public utilities32 0 33 0 33 
Sovereign and
   supranational		374 0 405 0 405 
Other corporate16 0 18 0 18 
Commercial mortgage and
    other loans		10,869 0 0 10,653 10,653 
Other investments (1)
39 0 39 0 39 
 Total assets$26,874 $15,916 $895 $10,653 $27,464 
Liabilities:
Other policyholders’ funds$5,460 $0 $0 $5,389 $5,389 
Notes payable
   (excluding leases)		7,402 0 6,352 675 7,027 
Total liabilities$12,862 $0 $6,352 $6,064 $12,416 
(1) Excludes policy loans of $203, equity method investments of $3,435, and REO of $682, at carrying value.
2023
(In millions)Carrying
Value		Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total
Fair
Value
Assets:
Securities held-to-maturity,
   carried at amortized cost:
  Fixed maturity securities:
Government and agencies$17,083 $18,662 $167 $0 $18,829 
Municipalities266 0 307 0 307 
Public utilities34 0 38 0 38 
Sovereign and
   supranational		418 0 462 0 462 
Other corporate18 0 21 0 21 
Commercial mortgage and
    other loans		12,527 0 0 12,217 12,217 
Other investments (1)
35 0 35 0 35 
  Total assets$30,381 $18,662 $1,030 $12,217 $31,909 
Liabilities:
Other policyholders’ funds$6,169 $0 $0 $6,080 $6,080 
Notes payable
   (excluding leases)		7,240 0 6,178 752 6,930 
Total liabilities$13,409 $0 $6,178 $6,832 $13,010 
(1) Excludes policy loans of $214, equity method investments of $2,750, and REO of $227, at carrying value.
Fair Value, Assets Securities Carried At Fair Value, Primary Pricing Sources
The following tables present the pricing sources for the fair values of the Company's fixed maturity and equity securities as of December 31.
2024
(In millions)Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)		Total
Fair
Value
Securities available-for-sale, carried at fair value:
      Fixed maturity securities:
         Government and agencies:
Third-party pricing vendor$17,088 $446 $0 $17,534 
Internal0 312 0 312 
               Total government and agencies17,088 758 0 17,846 
         Municipalities:
Third-party pricing vendor0 1,791 0 1,791 
Internal0 243 0 243 
               Total municipalities0 2,034 0 2,034 
         Mortgage- and asset-backed securities:
Third-party pricing vendor0 2,352 0 2,352 
Internal 0 55 37 92 
Broker/other0 0 1,119 1,119 
               Total mortgage- and asset-backed securities0 2,407 1,156 3,563 
         Public utilities:
Third-party pricing vendor0 3,628 0 3,628 
Internal 0 2,770 0 2,770 
Broker/other0 0 647 647 
               Total public utilities0 6,398 647 7,045 
         Sovereign and supranational:
Third-party pricing vendor0 78 0 78 
Internal0 315 0 315 
Broker/other0 0 23 23 
               Total sovereign and supranational0 393 23 416 
         Banks/financial institutions:
Third-party pricing vendor0 4,975 0 4,975 
Internal0 3,971 5 3,976 
Broker/other0 0 5 5 
               Total banks/financial institutions0 8,946 10 8,956 
         Other corporate:
Third-party pricing vendor0 20,051 0 20,051 
Internal0 5,127 116 5,243 
Broker/other0 0 115 115 
               Total other corporate0 25,178 231 25,409 
                  Total securities available-for-sale$17,088 $46,114 $2,067 $65,269 
Equity securities, carried at fair value:
Third-party pricing vendor$639 $0 $0 $639 
Internal0 0 26 26 
Broker/other0 0 131 131 
               Total equity securities$639 $0 $157 $796 
2023
(In millions)Quoted Prices in Active Markets
for Identical Assets
(Level 1)		Significant Observable
Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)		Total
Fair
Value
Securities available-for-sale, carried at fair value:
      Fixed maturity securities:
         Government and agencies:
Third-party pricing vendor$21,692 $808 $0 $22,500 
Internal0 60 0 60 
Broker/other8 32 0 40 
               Total government and agencies21,700 900 0 22,600 
         Municipalities:
Third-party pricing vendor0 1,426 0 1,426 
Internal0 256 0 256 
Broker/other0 616 0 616 
               Total municipalities0 2,298 0 2,298 
         Mortgage- and asset-backed securities:
Third-party pricing vendor0 2,277 0 2,277 
Internal0 27 105 132 
Broker/other0 10 667 677 
               Total mortgage- and asset-backed securities0 2,314 772 3,086 
         Public utilities:
Third-party pricing vendor0 4,570 0 4,570 
Internal0 2,677 0 2,677 
Broker/other0 92 253 345 
               Total public utilities0 7,339 253 7,592 
         Sovereign and supranational:
Third-party pricing vendor0 118 0 118 
Internal0 330 0 330 
Broker/other0 59 30 89 
               Total sovereign and supranational0 507 30 537 
         Banks/financial institutions:
Third-party pricing vendor0 5,085 0 5,085 
Internal0 3,008 69 3,077 
Broker/other0 664 9 673 
               Total banks/financial institutions0 8,757 78 8,835 
         Other corporate:
Third-party pricing vendor0 18,088 4 18,092 
Internal0 4,210 230 4,440 
Broker/other0 5,396 414 5,810 
               Total other corporate0 27,694 648 28,342 
                  Total securities available-for-sale$21,700 $49,809 $1,781 $73,290 
Equity securities, carried at fair value:
Third-party pricing vendor$800 $0 $0 $800 
Internal0 0 216 216 
Broker/other40 0 32 72 
               Total equity securities$840 $0 $248 $1,088 
Fair Value, Assets Carried At Amortized Cost, Primary Pricing Sources
2024
(In millions)Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)		Total
Fair
 Value
Securities held-to-maturity, carried at amortized cost:
      Fixed maturity securities:
         Government and agencies:
Third-party pricing vendor$15,916 $143 $0 $16,059 
               Total government and agencies15,916 143 0 16,059 
         Municipalities:
Third-party pricing vendor0 257 0 257 
               Total municipalities0 257 0 257 
         Public utilities:
Third-party pricing vendor0 33 0 33 
               Total public utilities0 33 0 33 
         Sovereign and supranational:
Third-party pricing vendor0 198 0 198 
Internal0 207 0 207 
               Total sovereign and supranational0 405 0 405 
         Other corporate:
Third-party pricing vendor0 18 0 18 
               Total other corporate0 18 0 18 
                  Total securities held-to-maturity$15,916 $856 $0 $16,772 
2023
(In millions)Quoted Prices in Active Markets
for Identical Assets
(Level 1)		Significant Observable
Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)		Total
Fair
 Value
Securities held-to-maturity, carried at amortized cost:
      Fixed maturity securities:
         Government and agencies:
Third-party pricing vendor$18,662 $167 $0 $18,829 
               Total government and agencies18,662 167 0 18,829 
         Municipalities:
Third-party pricing vendor0 307 0 307 
               Total municipalities0 307 0 307 
         Public utilities:
Third-party pricing vendor0 38 0 38 
               Total public utilities0 38 0 38 
         Sovereign and supranational:
Third-party pricing vendor0 226 0 226 
Internal0 236 0 236 
               Total sovereign and supranational0 462 0 462 
         Other corporate:
Third-party pricing vendor0 21 0 21 
               Total other corporate0 21 0 21 
                  Total securities held-to-maturity$18,662 $995 $0 $19,657 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following tables present the changes in fair value of the Company's investments carried at fair value classified as Level 3 as of December 31.
2024
 Fixed Maturity SecuritiesEquity
Securities
(In millions)Mortgage-
and
Asset-
Backed
Securities		Public
Utilities		Sovereign
and
Supranational		Banks/
Financial
Institutions		Other
Corporate		 Total
Balance, beginning of period$772 $253 $30 $78 $648 $248 $2,029 
Net investment gains (losses) included
  in earnings		3 1 0 0 0 (9)(5)
Unrealized gains (losses) included in
  other comprehensive income (loss)		2 (19)(3)(9)(1)0 (30)
Purchases, issuances, sales
  and settlements:
Purchases377 179 0 9 193 3 761 
Issuances0 0 0 0 0 0 0 
Sales0 0 0 0 0 (1)(1)
Settlements(93)(33)(4)(9)(4)(84)(227)
Transfers into Level 3205 499 0 0 5 0 709 
Transfers out of Level 3(110)(233)0 (59)(610)0 (1,012)
Balance, end of period$1,156 $647 $23 $10 $231 $157 $2,224 
Changes in unrealized gains (losses)
  relating to Level 3 assets and liabilities
  still held at the end of the period
  included in earnings		$2 $0 $0 $0 $0 $(10)$(8)

2023
  Fixed Maturity SecuritiesEquity
Securities		  
(In millions)Mortgage-
and
Asset-
Backed
Securities		Public
Utilities		Sovereign
and
Supranational		Banks/
Financial
Institutions		Other
Corporate		 Total
Balance, beginning of period$343 $497 $37 $159 $742 $209 $1,987 
Net investment gains (losses) included
  in earnings		0 0 0 0 0 35 35 
Unrealized gains (losses) included in
  other comprehensive income (loss)		1 (2)(3)10 17 0 23 
Purchases, issuances, sales
  and settlements:
Purchases430 46 0 0 183 10 669 
Issuances0 0 0 0 0 0 0 
Sales0 0 0 0 0 0 0 
Settlements(154)(17)(4)(7)(4)0 (186)
Transfers into Level 3155 18 0 3 39 0 215 
Transfers out of Level 3(3)(289)0 (87)(329)(6)(714)
Balance, end of period$772 $253 $30 $78 $648 $248 $2,029 
Changes in unrealized gains (losses)
  relating to Level 3 assets and liabilities
  still held at the end of the period
  included in earnings		$0 $0 $0 $0 $0 $40 $40 
Fair Value Measurement Inputs and Valuation Techniques
Level 3 Significant Unobservable Input Sensitivity

The following tables summarize the significant unobservable inputs used in the valuation of the Company's Level 3 investments carried at fair value as of December 31. Included in the tables are the inputs or range of possible inputs that have an effect on the overall valuation of the financial instruments.
2024
(In millions)Fair ValueValuation Technique(s)Unobservable InputRange Weighted Average
Assets:
  Securities available-for-sale, carried at fair value:
    Fixed maturity securities:
       Mortgage- and asset-backed securities$1,156 Consensus pricingOffered quotes84.08-104.60
(a)
99.07
       Public utilities647 Discounted cash flowCredit spreads100 bps-375 bps
(c)
162 bps
       Sovereign and supranational23 Consensus pricingOffered quotesN/A
(b)
N/A
       Banks/financial institutions10 Adjusted costPrivate financialsN/A
(d)
N/A
       Other corporate231 Discounted cash flowCredit spreads91 bps-294 bps
(c)
173 bps
  Equity securities157 Adjusted costPrivate financialsN/A
(d)
N/A
            Total assets$2,224 
(a) Represents prices for securities where the Company receives unadjusted broker quotes and for which there is no transparency into the providers' valuation techniques.
(b) Category represents a single security; range not applicable.
(c) Actual or equivalent credit spreads in basis points.
(d) Prices do not utilize credit spreads; therefore, range is not applicable.

2023
(In millions)Fair ValueValuation Technique(s)Unobservable InputRange Weighted Average
Assets:
  Securities available-for-sale, carried at fair value:
    Fixed maturity securities:
       Mortgage- and asset-backed securities$772 Consensus pricingOffered quotes84.81-105.89
(a)
99.39
       Public utilities253 Consensus pricingOffered quotes94.34-102.99
(a)
96.46
       Sovereign and supranational30 Consensus pricingOffered quotesN/A
(b)
N/A
       Banks/financial institutions78 Discounted cash flowCredit spreadsN/A
(b)
N/A
       Other corporate648 Discounted cash flowCredit spreads69 bps-423 bps
(c)
206 bps
  Equity securities248 Adjusted costPrivate financialsN/A
(d)
N/A
            Total assets$2,029 
(a) Represents prices for securities where the Company receives unadjusted broker quotes and for which there is no transparency into the providers' valuation techniques.
(b) Category represents a single security; range not applicable.
(c) Actual or equivalent credit spreads in basis points.
(d) Prices do not utilize credit spreads; therefore, range is not applicable.
v3.25.0.1
DEFERRED POLICY ACQUISITION COSTS (Tables)
 12 Months Ended
Dec. 31, 2024
Deferred Policy Acquisition Costs Disclosures [Abstract]  
Schedule of Deferred Policy Acquisition Costs
The following tables present a rollforward of deferred policy acquisition costs by reporting segment and disaggregated by product type for the years ended December 31.
2024
Aflac JapanAflac U.S.
(In millions)CancerMedical and Other HealthLife InsuranceOtherAccidentDisabilityCritical CareHospital IndemnityDental/VisionLife InsuranceOtherTotal
Deferred policy acquisition costs:
Balance, beginning of year$2,971 $2,041 $491 $56 $917 $625 $1,336 $436 $86 $172 $1 $9,132 
Capitalization300 103 36 4 141 129 165 89 12 77 0 1,056 
Amortization expense(184)(100)(34)(3)(143)(118)(153)(73)(12)(30)(1)(851)
Foreign currency translation and
  other		(311)(211)(52)(5)0 0 0 0 0 0 0 (579)
Balance, end of year$2,776 $1,833 $441 $52 $915 $636 $1,348 $452 $86 $219 $0 $8,758 
2023
Aflac JapanAflac U.S.
(In millions)CancerMedical and Other HealthLife InsuranceOtherAccidentDisabilityCritical CareHospital IndemnityDental/VisionLife InsuranceOtherTotal
Deferred policy acquisition costs:
Balance, beginning of year$3,035 $2,161 $525 $55 $904 $613 $1,304 $418 $88 $135 $1 $9,239 
Capitalization317 123 33 8 151 125 173 84 10 61 1 1,086 
Amortization expense(184)(105)(34)(3)(138)(113)(141)(66)(12)(24)4 (816)
Foreign currency translation and
  other		(197)(138)(33)(4)0 0 0 0 0 0 (5)(377)
Balance, end of year$2,971 $2,041 $491 $56 $917 $625 $1,336 $436 $86 $172 $1 $9,132 
v3.25.0.1
POLICY LIABILITIES (Tables)
 12 Months Ended
Dec. 31, 2024
Insurance Loss Reserves [Abstract]  
Schedule of Changes in Present Value of Expected Net Premiums and Expected Future Policy Benefits
The following tables present the changes in the present value of expected future net premiums and the present value of expected future policy benefits by reporting segment and disaggregated by product type for the years ended December 31. The present value of expected future net premiums and the present value of expected future policy benefits are presented gross of internal and external ceded reinsurance.
2024
Aflac JapanAflac U.S.
(In millions)CancerMedical and Other HealthLife InsuranceOtherAccidentDisabilityCritical CareHospital IndemnityDental/VisionLife InsuranceOther
Present value of expected future net premiums:
Balance at December 31, 2023
$17,509 $14,697 $6,488 $1,088 $2,488 $1,652 $4,074 $1,107 $206 $853 $277 
Beginning balance at original discount rate 16,452 14,040 6,258 1,069 2,630 1,738 4,416 1,193 217 909 272 
Effect of changes in cash flow assumptions(625)(154)(190)(19)65 (47)(106)(21)(17)(5)(8)
Effect of actual variances from expected
   experience 		(71)(164)(97)(14)66 12 (100)21 (12)(29)13 
Adjusted beginning of period balance15,756 13,722 5,971 1,036 2,761 1,703 4,210 1,193 188 875 277 
Issuances983 361 478 16 307 364 543 231 52 226 592 
Interest accrual378 302 110 17 106 66 173 46 9 37 25 
Net premiums collected (1)
(1,453)(1,135)(862)(101)(479)(401)(578)(244)(39)(157)(53)
Foreign currency translation(1,655)(1,405)(613)(104)0 0 0 0 0 0 0 
Other(1)0 0 0 (8)(6)(8)(5)(1)(5)(17)
Ending balance at original discount rate14,008 11,845 5,084 864 2,687 1,726 4,340 1,221 209 976 824 
Effect of changes in discount rate assumptions176 (28)72 (18)(190)(91)(439)(99)(13)(67)2 
Balance at December 31, 2024
$14,184 $11,817 $5,156 $846 $2,497 $1,635 $3,901 $1,122 $196 $909 $826 
Present value of expected future policy benefits:
Balance at December 31, 2023
$50,161 $25,257 $29,731 $5,178 $3,109 $2,422 $11,290 $1,943 $478 $1,764 $798 
Beginning balance at original discount rate43,626 25,023 30,256 5,444 3,302 2,541 12,120 2,076 506 1,971 769 
Effect of changes in cash flow assumptions(815)(228)(302)(7)109 (73)(112)(31)(28)(3)(12)
Effect of actual variances from expected
   experience		(117)(193)(110)(24)91 (16)(144)21 (16)(43)(7)
Adjusted beginning of period balance42,694 24,602 29,844 5,413 3,502 2,452 11,864 2,066 462 1,925 750 
Issuances1,004 373 488 22 311 381 559 237 55 231 597 
Interest accrual1,356 570 582 93 133 98 515 84 20 78 50 
Benefit payments(2,773)(1,033)(1,510)(208)(560)(465)(925)(314)(60)(108)(104)
Foreign currency translation(4,425)(2,555)(3,074)(555)0 0 0 0 0 0 0 
Other0 0 0 0 0 0 0 0 0 0 0 
Ending balance at original discount rate37,856 21,957 26,330 4,765 3,386 2,466 12,013 2,073 477 2,126 1,293 
Effect of changes in discount rate assumptions2,925 (1,351)(2,065)(540)(259)(136)(1,312)(176)(36)(279)(5)
Balance at December 31, 2024
40,781 20,606 24,265 4,225 3,127 2,330 10,701 1,897 441 1,847 1,288 
Net liability for future policy benefits26,597 8,789 19,109 3,379 630 695 6,800 775 245 938 462 
Less: reinsurance recoverable5,085 1,245 0 0 0 0 0 0 0 18 0 
Net liability for future policy benefits after
   reinsurance recoverable		$21,512 $7,544 $19,109 $3,379 $630 $695 $6,800 $775 $245 $920 $462 
(1) Net premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected future benefit payments.
2023
Aflac JapanAflac U.S.
(In millions)CancerMedical and Other HealthLife InsuranceOtherAccidentDisabilityCritical CareHospital IndemnityDental/VisionLife InsuranceOther
Present value of expected future net premiums:
Balance at December 31, 2022
$19,298 $16,714 $7,485 $1,256 $2,534 $1,635 $4,486 $1,220 $211 $724 $110 
Beginning balance at original discount rate 18,221 16,195 7,284 1,242 2,760 1,775 5,050 1,365 231 799 118 
Effect of changes in cash flow assumptions(165)(470)43 (12)(16)(51)(494)(142)(9)61 (9)
Effect of actual variances from expected
   experience 		(315)(137)(42)(15)(58)(29)(223)(73)(17)(25)(2)
Adjusted beginning of period balance17,741 15,588 7,285 1,215 2,686 1,695 4,333 1,150 205 835 107 
Issuances1,034 418 335 26 323 376 493 249 44 181 169 
Interest accrual412 334 124 20 102 62 179 45 8 31 6 
Net premiums collected (1)
(1,564)(1,261)(1,017)(112)(473)(390)(580)(247)(39)(137)(17)
Foreign currency translation(1,170)(1,038)(469)(80)0 0 0 0 0 0 0 
Other(1)(1)0 0 (8)(5)(9)(4)(1)(1)7 
Ending balance at original discount rate16,452 14,040 6,258 1,069 2,630 1,738 4,416 1,193 217 909 272 
Effect of changes in discount rate assumptions1,057 657 230 19 (142)(86)(342)(86)(11)(56)5 
Balance at December 31, 2023
$17,509 $14,697 $6,488 $1,088 $2,488 $1,652 $4,074 $1,107 $206 $853 $277 
Present value of expected future policy benefits:
Balance at December 31, 2022
$54,766 $27,419 $31,954 $5,582 $3,098 $2,445 $11,489 $2,074 $488 $1,526 $622 
Beginning balance at original discount rate47,677 27,566 32,800 5,940 3,391 2,636 12,846 2,300 532 1,778 624 
Effect of changes in cash flow assumptions(147)(507)65 (27)(11)(59)(592)(194)(14)72 (13)
Effect of actual variances from expected
   experience		(385)(154)(51)(15)(75)(59)(271)(99)(22)(32)(4)
Adjusted beginning of period balance47,145 26,905 32,814 5,898 3,305 2,518 11,983 2,007 496 1,818 607 
Issuances1,059 432 341 32 331 392 505 258 46 185 169 
Interest accrual1,473 608 625 100 127 96 524 84 21 68 33 
Benefit payments(2,987)(1,153)(1,415)(206)(464)(465)(893)(274)(59)(105)(48)
Foreign currency translation(3,064)(1,769)(2,109)(380)0 0 0 0 0 0 0 
Other0 0 0 0 3 0 1 1 2 5 8 
Ending balance at original discount rate43,626 25,023 30,256 5,444 3,302 2,541 12,120 2,076 506 1,971 769 
Effect of changes in discount rate assumptions6,535 234 (525)(266)(193)(119)(830)(133)(28)(207)29 
Balance at December 31, 2023
50,161 25,257 29,731 5,178 3,109 2,422 11,290 1,943 478 1,764 798 
Net liability for future policy benefits32,652 10,560 23,243 4,090 621 770 7,216 836 272 911 521 
Less: reinsurance recoverable4,135 1,521 0 0 0 0 0 0 0 15 0 
Net liability for future policy benefits after
   reinsurance recoverable		$28,517 $9,039 $23,243 $4,090 $621 $770 $7,216 $836 $272 $896 $521 
(1) Net premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected future benefit payments.
Schedule of Weighted-Average Interest Rate and Liability for Future Policy Benefit
The following tables present the weighted-average interest rates and weighted-average liability duration (calculated using the original discount rate) by reporting segment and disaggregated by product type as of December 31.
2024
Aflac JapanAflac U.S.
CancerMedical and Other HealthLife InsuranceOtherAccidentDisabilityCritical CareHospital IndemnityDental/VisionLife InsuranceOther
Weighted-average interest, original discount rate (1)
3.9 %2.5 %2.1 %1.8 %4.0 %4.3 %4.6 %4.5 %4.3 %3.8 %5.4 %
Weighted-average interest, current discount rate (1)
2.2 %2.8 %2.1 %2.5 %5.3 %5.2 %5.3 %5.3 %5.3 %5.3 %5.3 %
Weighted-average liability duration (years)12.623.516.116.77.75.611.19.07.613.59.1
(1) The weighted-average interest rates are calculated using the reserve balances as the weights. No adjustments were made to observable market information.

2023
Aflac JapanAflac U.S.
CancerMedical and Other HealthLife InsuranceOtherAccidentDisabilityCritical CareHospital IndemnityDental/VisionLife InsuranceOther
Weighted-average interest, original discount rate (1)
3.9 %2.6 %2.1 %1.8 %3.9 %4.2 %4.6 %4.4 %4.3 %3.7 %5.4 %
Weighted-average interest, current discount rate (1)
1.8 %2.3 %1.7 %2.1 %5.3 %5.3 %5.3 %5.3 %5.3 %5.3 %5.3 %
Weighted-average liability duration (years)13.124.916.317.38.15.611.39.37.913.69.4
(1) The weighted-average interest rates are calculated using the reserve balances as the weights. No adjustments were made to observable market information.
Reconciliation of Future Policy Benefits
The following table presents a reconciliation of the disaggregated rollforwards above to the ending future policy benefits presented in the consolidated balance sheets as of December 31. The deferred profit liability for limited-payment contracts and the deferred reinsurance gain liability are presented together with the liability for future policy benefits in the consolidated balance sheets and have been included as reconciling items in the table below.
(In millions)20242023
Balances included in future policy benefits rollforward:
Aflac Japan
Cancer$26,597 $32,652 
Medical and other health8,789 10,560 
Life insurance19,109 23,243 
Other3,379 4,090 
Aflac U.S.
Accident630 621 
Disability695 770 
Critical care6,800 7,216 
Hospital indemnity775 836 
Dental/vision245 272 
Life insurance938 911 
Other462 521 
Corporate and other5,072 4,225 
Deferred profit liability1,844 1,806 
Deferred reinsurance gain liability806 1,012 
Intercompany eliminations (1)
(5,760)(5,017)
Total$70,381 $83,718 
(1) Elimination entry necessary due to the internal reinsurance transactions with Aflac Re and to recapture a portion of policy liabilities ceded externally as a result of the reinsurance retrocession transaction. See Note 8 for additional details.
Summary of Net Earned Premiums Recognized
The following table summarizes the amount of net earned premiums recognized in the consolidated statements of earnings by reporting segment and disaggregated by product type for the years ended December 31.
(In millions)202420232022
Net earned premiums:
Aflac Japan
Cancer$3,545 $4,063 $4,716 
Medical and other health2,181 2,631 2,917 
Life insurance1,225 1,532 1,769 
Other134 149 161 
Aflac U.S.
Accident1,265 1,288 1,317 
Disability1,327 1,256 1,179 
Critical care1,763 1,749 1,758 
Hospital indemnity727 725 725 
Dental/vision202 214 199 
Life insurance565 475 396 
Other110 45 38 
Corporate and other680 400 145 
Reinsurance ceded(284)(404)(419)
Total$13,440 $14,123 $14,901 
Summary of Interest Expense Related to Insurance Contracts Recognized
The following table summarizes the amount of interest expense related to insurance contracts recognized in benefits and claims, excluding reserve remeasurement in the consolidated statements of earnings by reporting segment and disaggregated by product type for the years ended December 31.
(In millions)202420232022
Interest expense:
Aflac Japan
Cancer$978 $1,061 $1,140 
Medical and other health268 274 278 
Life insurance472 501 524 
Other76 80 84 
Aflac U.S.
Accident27 25 23 
Disability32 34 37 
Critical care342 345 346 
Hospital indemnity38 39 40 
Dental/vision11 13 12 
Life insurance41 37 35 
Other25 27 27 
Total$2,310 $2,436 $2,546 
Summary of Undiscounted and Discounted Expected Future Gross Premiums and Future Benefits and Expenses
The following tables summarize the amount of undiscounted expected future gross premiums and expected future policy benefits and expenses and discounted (discounted at the current period discount rate) expected future gross premiums and expected future policy benefits and expenses by reporting segment and disaggregated by product type as of December 31. These tables are presented gross of internal and external ceded reinsurance. Future gross premiums represent the expected amount of future premiums to be received. For limited-payment policies, the premiums are collected over a shorter period than the policy term over which benefits are provided. As a result, once the policy reaches premium paid-up status, the future gross premiums can be significantly less than the future benefit payments. Further, benefits and expenses are generally greater in the later years of a policy. These are the primary factors that result in future gross premiums lower than future benefit and expense payments for certain lines of business of the Company.
20242023
(In millions)Gross
Premiums		Benefits and
Expenses		Gross
Premiums		Benefits and
Expenses
Undiscounted expected future gross premiums
  and expected future policy benefits and
  expenses:
Aflac Japan
Cancer$51,712 $56,881 $59,169 $66,427 
Medical and other health33,250 34,864 38,583 39,884 
Life insurance10,915 37,520 12,677 42,541 
Other1,477 6,479 1,781 7,448 
Aflac U.S.
Accident8,862 4,687 9,095 4,548 
Disability5,727 3,094 5,776 3,177 
Critical care19,624 20,340 19,886 20,626 
Hospital indemnity4,859 3,017 4,922 3,025 
Dental/vision1,118 679 1,162 726 
Life insurance2,966 3,559 2,719 3,260 
Other2,143 2,273 724 1,396 
Total$142,653 $173,393 $156,494 $193,058 
20242023
(In millions)Gross
Premiums		Benefits and
Expenses		Gross
Premiums		Benefits and
Expenses
Discounted expected future gross premiums
  and expected future policy benefits and
  expenses:
Aflac Japan
Cancer$40,170 $40,781 $48,363 $50,161 
Medical and other health25,171 20,606 30,757 25,257 
Life insurance9,367 24,265 11,240 29,731 
Other1,204 4,225 1,512 5,178 
Aflac U.S.
Accident6,057 3,127 6,369 3,109 
Disability4,404 2,330 4,488 2,422 
Critical care11,900 10,701 12,417 11,290 
Hospital indemnity3,312 1,897 3,419 1,943 
Dental/vision761 441 807 478 
Life insurance2,050 1,847 1,914 1,764 
Other1,290 1,288 467 798 
Total$105,686 $111,508 $121,753 $132,131 
Schedule of Changes in Other Policyholders' Funds
The following table presents the changes in other policyholders’ funds for the years ended December 31.
(In millions)20242023
Other policyholders' funds:
Fixed annuities account balance, beginning of period (1)
$5,939 $6,423 
Premiums received104 126 
Transfers from WAYS conversions249 229 
Surrenders and withdrawals(58)(59)
Benefit payments(446)(419)
Interest credited49 53 
Foreign currency translation and other(616)(414)
Fixed annuities account balance, end of period5,221 5,939 
Other deposit type reserves239 230 
Total$5,460 $6,169 
(1) Aflac Japan fixed annuities
Schedule of Other Policyholders' Funds by Guaranteed Crediting Rates
The following table presents other policyholders’ funds balances by range of guaranteed crediting rates as of December 31.
20242023
(In millions)
Range of Guaranteed
Minimum Crediting
Rates (2)
At
Guaranteed
Minimum		Cash
Surrender
Value
Range of Guaranteed
Minimum Crediting
Rates (2)
At
Guaranteed
Minimum		Cash
Surrender
Value
Fixed annuities (1)
0.5% - 2.2%
$5,221$5,150
0.5% - 2.3%
$5,939$5,850
(1) Aflac Japan fixed annuities
(2) Weighted-average crediting rate of 1.5% at December 31, 2024 and December 31, 2023.
v3.25.0.1
REINSURANCE (Tables)
 12 Months Ended
Dec. 31, 2024
Reinsurance Disclosures [Abstract]  
Effects of Reinsurance
The following table reconciles direct earned premiums, direct benefits and claims, excluding reserve remeasurement gains and losses, and reserve remeasurement gains and losses to net amounts after the effect of reinsurance for the years ended December 31.
(In millions)202420232022
Earned premiums:
Direct$13,562 $14,318 $15,025 
Ceded(284)(404)(419)
Assumed162 209 295 
Net earned premiums$13,440 $14,123 $14,901 
Benefits and claims, excluding reserve remeasurement:
Direct$8,098 $8,599 $9,171 
Ceded(153)(147)(322)
Assumed63 142 253 
Benefits and claims, excluding reserve remeasurement$8,008 $8,594 $9,102 
Reserve remeasurement (gains) losses:
Direct$(558)$(394)$(196)
Ceded0 11 (19)
Reserve remeasurement (gains) losses$(558)$(383)$(215)
Total benefits and claims, net$7,450 $8,211 $8,887 
v3.25.0.1
NOTES PAYABLE AND LEASE OBLIGATIONS (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
A summary of notes payable and lease obligations as of December 31 follows:
(In millions)20242023
1.125% senior sustainability notes due March 2026
$399 $398 
2.875% senior notes due October 2026
299 299 
3.60% senior notes due April 2030
994 993 
6.90% senior notes due December 2039
221 221 
6.45% senior notes due August 2040
255 254 
4.00% senior notes due October 2046
394 394 
4.750% senior notes due January 2049
542 542 
Yen-denominated senior notes and subordinated debentures:
.300% senior notes due September 2025 (principal amount ¥12.4 billion)
79 87 
.932% senior notes due January 2027 (principal amount ¥60.0 billion)
378 422 
1.048% senior notes due March 2029 (principal amount ¥13.0 billion)
81 0 
1.075% senior notes due September 2029 (principal amount ¥33.4 billion)
211 234 
.500% senior notes due December 2029 (principal amount ¥12.6 billion)
79 88 
.550% senior notes due March 2030 (principal amount ¥13.3 billion)
84 93 
1.159% senior notes due October 2030 (principal amount ¥29.3 billion)
184 206 
1.412% senior notes due March 2031 (principal amount ¥27.9 billion)
176 0 
.633% senior notes due April 2031 (principal amount ¥30.0 billion)
189 211 
.843% senior notes due December 2031 (principal amount ¥9.3 billion)
58 65 
.750% senior notes due March 2032 (principal amount ¥20.7 billion)
130 145 
1.320% senior notes due December 2032 (principal amount ¥21.1 billion)
133 148 
.844% senior notes due April 2033 (principal amount ¥12.0 billion)
76 84 
1.488% senior notes due October 2033 (principal amount ¥15.2 billion)
95 106 
1.682% senior notes due March 2034 (principal amount ¥7.7 billion)
48 0 
1.600% senior notes due March 2034 (principal amount ¥18.3 billion)
115 0 
.934% senior notes due December 2034 (principal amount ¥9.8 billion)
62 69 
.830% senior notes due March 2035 (principal amount ¥10.6 billion)
66 74 
1.740% senior notes due March 2036 (principal amount ¥15.0 billion)
94 0 
1.039% senior notes due April 2036 (principal amount ¥10.0 billion)
63 70 
1.594% senior notes due September 2037 (principal amount ¥6.5 billion)
41 45 
1.750% senior notes due October 2038 (principal amount ¥8.9 billion)
56 62 
1.920% senior notes due March 2039 (principal amount ¥16.5 billion)
103 0 
1.122% senior notes due December 2039 (principal amount ¥6.3 billion)
39 44 
1.264% senior notes due April 2041 (principal amount ¥10.0 billion)
63 70 
2.160% senior notes due March 2044 (principal amount ¥5.7 billion)
35 0 
2.108% subordinated debentures due October 2047 (principal amount ¥60.0 billion)
375 419 
.963% subordinated bonds paid April 2024 (principal amount ¥30.0 billion)
0 211 
1.560% senior notes due April 2051 (principal amount ¥20.0 billion)
125 140 
2.144% senior notes due September 2052 (principal amount ¥12.0 billion)
75 84 
1.958% subordinated bonds due December 2053 (principal amount ¥30.0 billion)
188 210 
2.400% senior notes due March 2054 (principal amount ¥19.5 billion)
122 0 
Yen-denominated loans:
Variable interest rate loan due August 2027 (.84% in 2024 and .35% in 2023,
  principal amount ¥11.7 billion)
74 82 
Variable interest rate loan due August 2029 (.94% in 2024 and .45% in 2023,
  principal amount ¥25.3 billion)
160 178 
Variable interest rate loan due August 2032 (1.09% in 2024 and .60% in 2023,
  principal amount ¥70.0 billion)
441 492 
Finance lease obligations payable through 20305 6 
Operating lease obligations payable through 204991 118 
Total notes payable and lease obligations$7,498 $7,364 
Amounts in the table above are reported net of debt issuance costs and issuance premiums or discounts, if applicable, that are being amortized over the life of the notes.
Schedule of Maturities of Long Term Debt
The aggregate contractual maturities of notes payable during each of the years after December 31, 2024, are as follows:
(In millions)Total
Notes
Payable
2025$79 
2026700 
2027453 
20280 
2029533 
Thereafter5,690 
Total$7,455 
Schedule of Line of Credit Facilities
A summary of the Company's lines of credit as of December 31, 2024 follows:
Borrower(s)TypeTermExpiration DateCapacityAmount OutstandingInterest Rate on Borrowed AmountMaturity PeriodCommitment FeeBusiness Purpose
Aflac Incorporated
and Aflac		uncommitted bilateral364 daysDecember 5,
2025
$100 million
$0 million
The rate quoted by the bank and agreed upon at the time of borrowing
Up to 3 months
NoneGeneral corporate purposes
Aflac Incorporatedunsecured revolving5 yearsMay 9,
2027, or the date commitments are terminated pursuant to an event of default
¥100.0 billion
¥0.0 billion
A rate per annum equal to (a) Tokyo Interbank Market Rate (TIBOR) plus, the alternative applicable TIBOR margin during the availability period from the closing date to the commitment termination date or (b) the TIBOR rate offered by the agent to major banks in yen for the applicable period plus, the applicable alternative TIBOR margin during the term out periodNo later than
May 10, 2027
.28% to .45%, depending on the Parent Company's debt ratings as of the date of determination
General corporate purposes, including a capital contingency plan for the operations of the Parent Company
Aflac Incorporated
and Aflac		unsecured revolving5 yearsNovember 15, 2027, or the date commitments are terminated pursuant to an event of default
$1.0 billion
$0.0 billion
A rate per annum equal to, at the Company's option, either, (a) Secured Overnight Financing Rate (SOFR) for U.S. dollar-denominated borrowings or TIBOR for Japanese yen-denominated borrowings, in either case adjusted for certain costs, or (b) a base rate determined by reference to the highest of (1) the federal funds rate plus 1/2 of 1%, (2) the rate of interest for such day announced by the agent as its prime rate, or (3) SOFR for an interest period of one month plus 1.00%, in each case plus an applicable marginNo later than November 15, 2027
.08% to
.20%, depending on the Parent Company's debt ratings as of the date of determination
General corporate purposes, including a capital contingency plan for the operations of the Parent Company
Aflac Incorporated
and Aflac		uncommitted bilateralNone specifiedNone specified
$50 million
$0 million
A rate per annum equal to, at the Parent Company's option, either (a) a rate determined by reference to SOFR for the interest period relevant to such borrowing or (b) the base rate determined by reference to the highest of (1) the lender's USD short-term commercial loan rate and (2) the federal funds rate plus 1/2 of 1%
Up to 3 months
NoneGeneral corporate purposes
Aflac(1)
uncommitted revolving364 daysDecember 1, 2025
$250 million
$0 million
Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 75 basis points per annumNo later than December 2, 2025NoneGeneral corporate purposes
Aflac Incorporated(1)
(Tranche 1)
uncommitted revolving364 daysNovember 25, 2025
¥50.0 billion
¥0.0 billion
Three-month yen TIBOR plus 75 basis points per annumNo later than November 26, 2025NoneGeneral corporate purposes
Aflac Incorporated(1)
(Tranche 2)
uncommitted revolving364 daysNovember 25, 2025
¥50.0 billion
¥0.0 billion
Three-month yen TIBOR plus 75 basis points per annumNo later than November 26, 2025NoneGeneral corporate purposes
Aflac New York(1)
uncommitted revolving364 daysDecember 1, 2025
$25 million
$0 million
Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 75 basis points per annumNo later than December 2, 2025NoneGeneral corporate purposes
CAIC(1)
uncommitted revolving364 daysDecember 1, 2025
$15 million
$0 million
Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 75 basis points per annumNo later than December 2, 2025NoneGeneral corporate purposes
(1) Intercompany credit agreement
(continued)
Borrower(s)TypeTermExpiration DateCapacityAmount OutstandingInterest Rate on Borrowed AmountMaturity PeriodCommitment FeeBusiness Purpose
TOIC(1)
uncommitted revolving364 daysDecember 1, 2025
$0.3 million
$0 million
Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 75 basis points per annumNo later than December 2, 2025NoneGeneral corporate purposes
Aflac GI Holdings LLC(1)
uncommitted revolving364 daysDecember 1, 2025
$30 million
$0 million
Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 75 basis points per annumNo later than December 2, 2025NoneGeneral corporate purposes
Aflac Incorporated(1)
uncommitted revolving364 daysDecember 1, 2025
$400 million
$0 million
Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 97 basis points per annum for U.S. dollar-denominated borrowings or three-month TIBOR plus 97 basis points per annum for Japanese yen-denominated borrowingsNo later than December 2, 2025NoneGeneral corporate purposes
Aflac Re(1)
uncommitted revolving364 daysDecember 1, 2025
$400 million
$0 million
Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 68 basis points per annum for U.S. dollar-denominated borrowings or three-month TIBOR plus 68 basis points per annum for Japanese yen-denominated borrowingsNo later than December 2, 2025NoneGeneral corporate purposes
Aflac Asset Management LLC(1)
uncommitted revolving364 daysDecember 1, 2025
$25 million
$0 million
Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 68 basis points per annum for U.S. dollar-denominated borrowings or three-month TIBOR plus 68 basis points per annum for Japanese yen-denominated borrowingsNo later than December 2, 2025NoneGeneral corporate purposes
Aflac Global Ventures LLC(1)
uncommitted revolving364 daysDecember 1, 2025
$2 million
$0 million
Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 68 basis points per annum for U.S. dollar-denominated borrowings or three-month TIBOR plus 68 basis points per annum for Japanese yen-denominated borrowingsNo later than December 2, 2025NoneGeneral corporate purposes
(1) Intercompany credit agreement
v3.25.0.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
The components of income tax expense (benefit) applicable to pretax earnings for the years ended December 31 were as follows:
(In millions)ForeignU.S.Total
2024:
Current$1,196 $134 $1,330 
Deferred159 (515)(356)
Total income tax expense$1,355 $(381)$974 
2023:
Current$1,275 $388 $1,663 
Deferred(160)(900)(1,060)
Total income tax expense$1,115 $(512)$603 
2022:
Current$913 $268 $1,181 
Deferred200 (930)(730)
Total income tax expense$1,113 $(662)$451 
Schedule of Effective Income Tax Rate Reconciliation The principal reasons for the differences and the related tax effects for the years ended December 31 were as follows:
(In millions)202420232022
Income taxes based on U.S. statutory rates$1,348 $1,105 $1,023 
DST functional currency change(208)(174)(452)
Solar and historic tax credits, net of amortization(164)(348)(83)
Other, net(2)20 (37)
Income tax expense$974 $603 $451 
Schedule of Income Tax Expense Benefit Intraperiod Tax Allocation
(In millions)202420232022
Statements of earnings$974 $603 $451 
Other comprehensive income (loss):
Unrealized foreign currency translation gains (losses) during
  period		160 140 547 
Unrealized gains (losses) on fixed maturity securities:
Unrealized holding gains (losses) on fixed maturity
  securities during period		(265)520 (2,657)
Reclassification adjustment for (gains) losses
  on fixed maturity securities included in net earnings		(41)(35)(95)
Unrealized gains (losses) on derivatives during period1 1 1 
Effect of changes in discount rate assumptions during period1,214 (122)3,650 
Pension liability adjustment during period5 7 35 
Total income tax expense (benefit) related to items of
  other comprehensive income (loss)		1,074 511 1,481 
Total income taxes$2,048 $1,114 $1,932 
Schedule of Deferred Tax Assets and Liabilities
The income tax effects of the temporary differences that gave rise to deferred income tax assets and liabilities as of December 31 were as follows:
(In millions)20242023
Deferred income tax liabilities:
Deferred policy acquisition costs$2,637 $2,883 
Unrealized gains and other basis differences on investments615 988 
Foreign currency gain on Aflac Japan1 2 
Premiums receivable43 85 
Policy benefit reserves2,509 110 
Other54 0 
Total deferred income tax liabilities5,859 4,068 
Deferred income tax assets:
Unfunded retirement benefits4 5 
Other accrued expenses32 28 
Policy and contract claims514 572 
Deferred compensation31 45 
Depreciation255 265 
Anticipatory foreign tax credit3,262 2,210 
Deferred foreign tax credit and carryforward1,428 1,077 
Other0 135 
Total deferred income tax assets5,526 4,337 
Net deferred income tax (asset) liability333 (269)
Current income tax (asset) liability240 423 
Total income tax liability$573 $154 
Summary of Unrecognized Tax Benefits
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows for the years ended December 31:
(In millions)2024 2023 
Balance, beginning of year$1 $5 
Additions for tax positions of prior years0   0   
Reductions for tax positions of prior years(1)  (4)
Balance, end of year$0 $1 
v3.25.0.1
SHAREHOLDERS' EQUITY (Tables)
 12 Months Ended
Dec. 31, 2024
Stockholders' Equity Note [Abstract]  
Schedule of Common Stock Outstanding Roll Forward The following table is a reconciliation of the number of shares of the Company's common stock for the years ended December 31.
(In thousands of shares)202420232022
Common stock - issued:
Balance, beginning of period1,355,3981,354,0791,352,739
Exercise of stock options and issuance of restricted shares1,3651,3191,340
Balance, end of period1,356,7631,355,3981,354,079
Treasury stock:
Balance, beginning of period776,919738,823700,607
Purchases of treasury stock:
Share repurchase program30,42838,89639,187
Other494364370
Dispositions of treasury stock:
Shares issued to AFL Stock Plan(751)(897)(1,009)
Exercise of stock options(104)(88)(117)
Other(187)(179)(215)
Balance, end of period806,799776,919738,823
Shares outstanding, end of period549,964578,479615,256
Schedule of Weighted Average Number of Shares A reconciliation of basic and diluted weighted-average shares outstanding used in the computation of basic and diluted EPS for the years ended December 31 is as follows: 
(In thousands of shares)202420232022
Weighted-average outstanding shares used for calculating basic EPS562,492 596,173 634,816 
Dilutive effect of share-based awards2,523 2,572 2,839 
Weighted-average outstanding shares used for calculating diluted EPS565,015 598,745 637,655 
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
The following table presents the approximate number of share-based awards to purchase shares, on a weighted-average basis, that were considered to be anti-dilutive and were excluded from the calculation of diluted EPS at December 31:
(In thousands)202420232022
Anti-dilutive share-based awards17 51 118 
Changes in Accumulated Other Comprehensive Income (Loss)
The tables below are reconciliations of accumulated other comprehensive income by component for the years ended December 31.

Changes in Accumulated Other Comprehensive Income
2024
(In millions)Unrealized Foreign
Currency Translation
Gains (Losses)		Unrealized
Gains (Losses)
on Fixed Maturity Securities		Unrealized
Gains (Losses)
on Derivatives		Effect of Changes in Discount Rate AssumptionsPension
Liability
Adjustment		Total
Balance at December 31, 2023
$(4,069)$1,139 $(22)$(2,560)$(8)$(5,520)
Other comprehensive
   income (loss) before
   reclassification 		(929)(959)(3)4,566 20 2,695 
Amounts reclassified from
   accumulated other
   comprehensive income
  (loss)		0 (156)5 0 (2)(153)
Net current-period other
   comprehensive
   income (loss)		(929)(1,115)2 4,566 18 2,542 
Balance at December 31, 2024
$(4,998)$24 $(20)$2,006 $10 $(2,978)
All amounts in the table above are net of tax.
2023
(In millions)Unrealized Foreign
Currency Translation
Gains (Losses)		Unrealized
Gains (Losses)
on Fixed Maturity Securities		Unrealized
Gains (Losses)
on Derivatives		Effect of Changes in Discount Rate AssumptionsPension
Liability
Adjustment		Total
Balance at December 31, 2022
$(3,564)$(702)$(27)$(2,100)$(36)$(6,429)
Other comprehensive
   income (loss) before
   reclassification		(505)1,972 1 (460)28 1,036 
Amounts reclassified from
   accumulated other
   comprehensive income
  (loss)		0 (131)4 0 0 (127)
Net current-period other
   comprehensive
   income (loss)		(505)1,841 5 (460)28 909 
Balance at December 31, 2023
$(4,069)$1,139 $(22)$(2,560)$(8)$(5,520)
All amounts in the table above are net of tax.
2022
(In millions)Unrealized Foreign
Currency Translation
Gains (Losses)		Unrealized
Gains (Losses)
on Fixed Maturity Securities		Unrealized
Gains (Losses)
on Derivatives		Effect of Changes in Discount Rate AssumptionsPension
Liability
Adjustment		Total
Balance at December 31, 2021
$(1,985)$9,602 $(30)$(15,832)$(166)$(8,411)
Other comprehensive
   income (loss) before
   reclassification		(1,579)(9,946)(1)13,732 111 2,317 
Amounts reclassified from
   accumulated other
   comprehensive income
  (loss)		0 (358)4 0 19 (335)
Net current-period other
   comprehensive
   income (loss)		(1,579)(10,304)3 13,732 130 1,982 
Balance at December 31, 2022
$(3,564)$(702)$(27)$(2,100)$(36)$(6,429)
All amounts in the table above are net of tax.
Reclassification out of Accumulated Other Comprehensive Income
The tables below summarize the amounts reclassified from each component of accumulated other comprehensive income into net earnings for the years ended December 31.

Reclassifications Out of Accumulated Other Comprehensive Income
(In millions)2024
Details about Accumulated Other Comprehensive Income ComponentsAmount Reclassified from Accumulated Other Comprehensive IncomeAffected Line Item in the
Statements of Earnings
Unrealized gains (losses) on available-for-sale
   securities		$197 Net investment gains (losses)
(41)
Tax (expense) or benefit(1)
$156 Net of tax
Unrealized gains (losses) on derivatives$(5)Net investment gains (losses)
(1)Net investment income
(6)Total before tax
1 
Tax (expense) or benefit(1)
$(5)Net of tax
Amortization of defined benefit pension items:
       Actuarial gains (losses)$1 
Acquisition and operating expenses(2)
Prior service (cost) credit1 
Acquisition and operating expenses(2)
0 
Tax (expense) or benefit(1)
$2 Net of tax
Total reclassifications for the period$153 Net of tax
(1) Based on 21% tax rate
(2) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost (see Note 14 for additional details).
(In millions)2023
Details about Accumulated Other Comprehensive Income ComponentsAmount Reclassified from Accumulated Other Comprehensive IncomeAffected Line Item in the
Statements of Earnings
Unrealized gains (losses) on available-for-sale
   securities		$166 Net investment gains (losses)
(35)
Tax (expense) or benefit(1)
$131 Net of tax
Unrealized gains (losses) on derivatives$(4)Net investment gains (losses)
(1)Net investment income
(5)Total before tax
1 
Tax (expense) or benefit(1)
$(4)Net of tax
Amortization of defined benefit pension items:
       Actuarial gains (losses)$0 
Acquisition and operating expenses(2)
Prior service (cost) credit0 
Acquisition and operating expenses(2)
0 
Tax (expense) or benefit(1)
$0 Net of tax
Total reclassifications for the period$127 Net of tax
(1) Based on 21% tax rate
(2) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost (see Note 14 for additional details).

(In millions)2022
Details about Accumulated Other Comprehensive Income ComponentsAmount Reclassified from Accumulated Other Comprehensive IncomeAffected Line Item in the
Statements of Earnings
Unrealized gains (losses) on available-for-sale
   securities		$453 Net investment gains (losses)
(95)
Tax (expense) or benefit(1)
$358 Net of tax
Unrealized gains (losses) on derivatives$(4)Net investment gains (losses)
(1)Net investment income
(5)Total before tax
1 
Tax (expense) or benefit(1)
$(4)Net of tax
Amortization of defined benefit pension items:
       Actuarial gains (losses)$(24)
Acquisition and operating expenses(2)
       Prior service (cost) credit0 
Acquisition and operating expenses(2)
5 
Tax (expense) or benefit(1)
$(19)Net of tax
Total reclassifications for the period$335 Net of tax
(1) Based on 21% tax rate
(2) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost (see Note 14 for additional details).
v3.25.0.1
SHARE-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Expense Recognized in Connection with Share Based Awards
The following table presents the impact of the expense recognized in connection with share-based awards for the years ended December 31.
(In millions, except for per-share amounts)202420232022
Impact on earnings from continuing operations$72 $79 $69 
Impact on earnings before income taxes72 79 69 
Impact on net earnings57 62 55 
Impact on net earnings per share:
Basic$.10 $.10 $.09 
Diluted.10 .10 .09 
Schedule of Share-based Compensation, Stock Options, Activity
The following table summarizes stock option activity under the employee stock option plan.
(In thousands of shares)Stock
Option
Shares		Weighted-Average
Exercise Price
Per Share
Outstanding at December 31, 20212,145 $31.02 
Granted in 20220 0.00 
Canceled in 2022(8)32.43 
Exercised in 2022(560)28.11 
Outstanding at December 31, 20221,577 32.05 
Granted in 20230 0.00 
Canceled in 20230 24.75 
Exercised in 2023(526)30.35 
Outstanding at December 31, 20231,051 32.90 
Granted in 20240 0.00 
Canceled in 2024(3)31.21 
Exercised in 2024(425)31.40 
Outstanding at December 31, 2024623 $33.92 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable
(In thousands of shares)202420232022
Shares exercisable, end of year623 1,051 1,577 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions The following table presents the assumptions used in valuing options granted, if applicable, during the years ended December 31.
202420232022
Expected term (years)8.08.07.8
Expected volatility26.8 %26.7 %25.8 %
Annual forfeiture rate4.4 4.2 4.0 
Risk-free interest rate4.0 3.0 1.6 
Dividend yield2.4 2.3 2.7 
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range
The following table summarizes information about stock options outstanding and exercisable at December 31, 2024.
(In thousands of shares)Options OutstandingOptions Exercisable
Range of
Exercise Prices
Per Share		Stock Option
Shares
Outstanding		Wgtd.-Avg.
Remaining
Contractual
Life (Yrs.)		Wgtd.-Avg.
Exercise
Price
Per Share		Stock Option
Shares
Exercisable		Wgtd.-Avg.
Exercise
Price
Per Share
$0.00 -$28.97 173 1.1$28.96 173 $28.96 
28.97 -31.21 76 0.530.30 76 30.30 
31.21 -36.21 252 1.934.84 252 34.84 
36.21 -44.59 122 2.941.33 122 41.33 
$0.00 -$44.59 623 1.7$33.92 623 $33.92 
Schedule of Cash Proceeds Received from Share-based Payment Awards
The following table summarizes stock option activity during the years ended December 31.
(In millions)202420232022
Total intrinsic value of options exercised$25 $22 $20 
Cash received from options exercised13 16 16 
Tax benefit realized as a result of options exercised and
  restricted stock releases		28 20 18 
Schedule of Share-based Payment Award, Performance Based Restricted Stock, Valuation Assumptions
Key assumptions used to value PBRS granted during 2024 follows:
(In millions)2024
Expected volatility (based on Aflac Inc. and peer group historical daily stock price) 21.8 %
Expected life from grant date (years)2.9
Risk-free interest rate (based on U.S. Treasury yields at the date of grant)4.3 %
Schedule of Nonvested Restricted Stock Units Activity
The value of restricted stock awards and restricted stock units is based on the fair market value of the Company's common stock at the date of grant. The following table summarizes restricted stock activity during the years ended December 31. 
(In thousands of shares)SharesWeighted-Average
Grant-Date
Fair Value
Per  Share
Restricted stock at December 31, 20212,557 $49.38 
Granted in 20221,119 66.72 
Canceled in 2022(96)54.59 
Vested in 2022(1,166)49.64 
Restricted stock at December 31, 20222,414 56.21 
Granted in 20231,171 70.74 
Canceled in 2023(112)60.62 
Vested in 2023(1,165)52.77 
Restricted stock at December 31, 20232,308 62.96 
Granted in 20241,300 80.90 
Canceled in 2024(48)74.68 
Vested in 2024(1,461)47.22 
Restricted stock at December 31, 20242,099 $73.65 
v3.25.0.1
STATUTORY ACCOUNTING AND DIVIDEND RESTRICTIONS (Tables)
 12 Months Ended
Dec. 31, 2024
Insurance [Abstract]  
Schedule of Capital and Surplus Based on Statutory Accounting Practices
The table below represents statutory capital and surplus based on statutory accounting practices for the Company’s U.S. life insurance subsidiaries as of December 31.
(In millions)20242023
Aflac$2,682 $2,881 
CAIC375 398 
TOIC51 51 
Aflac New York316 323 
Schedule of Net Income (Loss) Based on Statutory Accounting Practices
The table below represents net income (loss) based on statutory accounting practices for the Company’s U.S. life insurance subsidiaries as of December 31.
(In millions)202420232022
Aflac$912 $1,106 $1,134 
CAIC(94)(121)(69)
TOIC(20)(27)(35)
Aflac New York46 54 67 
Profit Remittances Disclosure Profits remitted by Aflac Japan to the Parent Company were as follows for the years ended December 31:
  
In DollarsIn Yen
(In millions of dollars and billions of yen)202420232022202420232022
Profit remittances$2,865 $2,623 $2,412 ¥441.6 ¥374.7 ¥324.2 
v3.25.0.1
BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Schedule of Net Funded Status
Information with respect to the Company's benefit plans' assets and obligations as of December 31 was as follows:
Pension BenefitsOther
JapanU.S.Postretirement Benefits
(In millions)202420232024202320242023
Projected benefit obligation:
      Benefit obligation, beginning of year$324 $327 $764 $843 $25 $32 
      Service cost14 14 0 7 0 0 
      Interest cost8 9 36 41 1 1 
      Actuarial (gain) loss(18)7 (7)37 2 (4)
      Benefits and expenses paid(16)(13)(32)(58)(5)(4)
      Curtailment (gain) loss0 0 0 (106)0 0 
      Settlement0 0 (177)0 0 0 
      Effect of foreign exchange
         rate changes		(30)(20)0 0 0 0 
               Benefit obligation, end of year282 324 584 764 23 25 
Plan assets:
      Fair value of plan assets,
         beginning of year		344 335 648 659 0 0 
      Actual return on plan assets27 17 (8)39 0 0 
      Employer contributions27 27 8 8 5 4 
      Benefits and expenses paid(16)(13)(32)(58)(5)(4)
      Settlement0 0 (177)0 0 0 
      Effect of foreign exchange
         rate changes		(37)(22)0 0 0 0 
               Fair value of plan assets,
                  end of year		345 344 439 648 0 0 
Funded status of the plans(1)
$63 $20 $(145)$(116)$(23)$(25)
Amounts recognized in accumulated other
    comprehensive income:
      Net actuarial (gain) loss$(10)$30 $1 $(13)$4 $2 
      Prior service (credit) cost0 0 (1)(2)0 0 
               Total included in accumulated
                  other comprehensive income		$(10)$30 $0 $(15)$4 $2 
Accumulated benefit obligation$184 $213 $584 $764 N/AN/A
(1) Underfunded amounts are recognized in other liabilities in the consolidated balance sheets and overfunded amounts are recognized in other assets in the consolidated balance sheets
Information for Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets
Information for Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets
Pension Benefits
JapanU.S.
(In millions)2024202320242023
Accumulated benefit obligation $184 $213 $584 $764 
Fair value of plan assets345 344 439 648 
Information for Pension Plans with a Projected Benefit Obligation in Excess of Plan Assets
Information for Pension Plans with a Projected Benefit Obligation in Excess of Plan Assets
Pension Benefits
Japan (1)
U.S.(2)
(In millions)2024202320242023
Projected benefit obligation $282 $324 $584 $764 
Fair value of plan assets345 344 439 648 
(1) The net amount of projected benefit obligation and plan assets for the overfunded Japan pension plan was $63 and $20 at December 31, 2024 and 2023, respectively, and was classified as other assets on the statement of financial position.
(2) The net amount of projected benefit obligation and plan assets for the underfunded (including unfunded) U.S. pension plan was $145 and $116 at December 31, 2024 and 2023, respectively, and was classified as other liabilities on the statement of financial position.
Schedule of Assumptions Used
Pension BenefitsOther
JapanU.S.Postretirement Benefits
202420232022202420232022202420232022
Weighted-average
  actuarial assumptions:		                    
Discount rate - net periodic
  benefit cost		1.84 %1.95 %.94 %5.33 %
(1)
5.24 %
(2)
2.94 %5.04 %5.28 %2.94 %
Discount rate - benefit
  obligations		2.31 1.84 1.95 5.60 5.04 5.28   5.60 5.04 5.28   
Expected long-term return
  on plan assets		2.00 2.00 2.00 4.75 4.75 5.50 N/AN/AN/A
Rate of compensation
  increase		5.90 N/AN/AN/A 4.00 4.00 N/AN/AN/A
Health care cost trend ratesN/AN/AN/AN/AN/AN/A6.30 
(3)
6.80 
(3)
6.50 
(3)
(1) An interim valuation was required due to the U.S. pension plan settlement. The rate shown is the rate used on the interim valuation date of November 1, 2024.
(2) An interim valuation was required due to the U.S. pension plan curtailment. The rate shown is the rate used on the interim valuation date of June 12, 2023.
(3) For the years 2024, 2023 and 2022, the health care cost trend rates are expected to trend down to 3.7% in 49 years, 3.7% in 50 years, and 3.7% in 51 years, respectively.
Schedule of Net Benefit Costs Total net periodic benefit cost includes the following components:
Pension BenefitsOther
JapanU.S.Postretirement Benefits
(In millions)202420232022202420232022202420232022
Service cost$14 $14 $19 $0 $7 $26 $0 $0 $0 
Interest cost8 9 5 36 41 34 1 1 1 
Expected return on
  plan assets		(7)(7)(8)(30)(34)(42)0 0 0 
Amortization of net
  actuarial (gain) loss		0 0 1 (1)(2)21 0 2 2 
Amortization of prior
  service cost (credit)		0 0 0 (1)0 0 0 0 0 
Curtailment (gain) loss0 0 0 0 (49)0 0 0 0 
Settlement (gain) loss0 0 0 18 0 0 0 0 0 
Net periodic benefit
  cost (credit)		$15 $16 $17 $22 $(37)$39 $1 $3 $3 
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
The following table summarizes the amounts recognized in other comprehensive loss (income) for the years ended December 31:
Pension BenefitsOther
JapanU.S.Postretirement Benefits
(In millions)202420232022202420232022202420232022
Net actuarial (gain) loss$(40)$(5)$(14)$31 $31 $(127)$2 $(4)$0 
Amortization of net
  actuarial gain (loss)
0 0 (1)1 2 (21)0 (2)(2)
Amortization of prior
  service cost 		0 0 0 1 0 0 0 0 0 
Curtailment (gain) loss0 0 0 0 (57)0 0 0 0 
Settlement (gain) loss0 0 0 (18)0 0 0 0 0 
Total$(40)$(5)$(15)$15 $(24)$(148)$2 $(6)$(2)
Schedule of Expected Benefit Payments
The following table provides expected benefit payments, which reflect expected future service, as appropriate.
Pension BenefitsOther
(In millions)JapanU.S.Postretirement Benefits
2025$16 $37 $4 
202610 37 4 
202711 43 3 
202811 42 2 
202912 42 2 
2030-203472 212 3 
Schedule of Allocation of Plan Assets Asset allocation targets as of December 31, 2024 were as follows:
Japan
Pension		U.S.
Pension
Domestic equities8 %0 %
International equities10 0 
Fixed income securities45 99 
Other37 1 
     Total100 %100 %
Fair Value, Assets Measured on Recurring Basis
The following tables present the fair value of Aflac Japan's pension plan assets that are measured at fair value on a recurring basis as of December 31.
  2024
(In millions)Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total
Fair
Value
Japan pension plan assets:
Equities:
Japanese equity securities$0 $29 $0 $29 
International equity securities0 36 0 36 
Fixed income securities:
Japanese bonds0 0 0 0 
International bonds0 154 0 154 
Insurance contracts0 64 0 64 
Alternative investments0 0 62 62 
Cash and cash equivalents0 0 0 0 
Total $0 $283 $62 $345 
  2023
(In millions)Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total
Fair
Value
Japan pension plan assets:
Equities:
Japanese equity securities$0 $21 $0 $21 
International equity securities0 38 0 38 
Fixed income securities:
Japanese bonds0 22 0 22 
International bonds0 194 0 194 
Insurance contracts0 26 0 26 
Alternative investments0 0 16 16 
Cash and cash equivalents27 0 0 27 
Total $27 $301 $16 $344 

The following table presents the fair value of Aflac U.S.'s pension plan assets that are measured at fair value on a recurring basis as of December 31. All of these assets are classified as Level 1 in the fair value hierarchy.
(In millions)20242023
U.S. pension plan assets:
Mutual funds:
Fixed income bond funds435 $648 
Cash and cash equivalents4 0 
Total$439 $648 
Schedule of Changes in Fair Value of Plan Assets
The following table presents the changes in fair value of Aflac Japan's pension plan assets that are classified as Level 3 for the years ended December 31.
(In millions)20242023
Alternative investments:
Balance, beginning of period$16 $0 
Actual return on plan assets:
Relating to assets still held at the reporting date2 0 
Relating to assets sold during the period0 0 
Purchases, sales and settlements44 16 
Transfers in and/or out of Level 30 0 
Balance, end of period$62 $16 
v3.25.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Property, Plant and Equipment (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]    
Property, plant and equipment $ 1,038 $ 1,099
Less accumulated depreciation 651 654
Net property and equipment 387 445
Land    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment 168 168
Building    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment 392 421
Equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment $ 478 $ 510
v3.25.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Summary of Signficant Accounting Policies - Additional Information (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
segment
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Jan. 01, 2021
USD ($)
Significant Accounting Policies [Line Items]        
Number of reportable insurance business segments | segment 2      
Advertising expense $ 181 $ 188 $ 204  
Depreciation and other amortization expense 40 39 $ 45  
Goodwill 263 265    
Retained earnings $ 52,277 $ 47,993    
Building | Upper Limit        
Significant Accounting Policies [Line Items]        
Property, Plant and Equipment, Useful Life 50 years      
Machinery and equipment | Upper Limit        
Significant Accounting Policies [Line Items]        
Property, Plant and Equipment, Useful Life 20 years      
Furniture and fixtures | Upper Limit        
Significant Accounting Policies [Line Items]        
Property, Plant and Equipment, Useful Life 20 years      
Accounting Standards Update 2018-12 | Cumulative effect, period of adoption, adjustment        
Significant Accounting Policies [Line Items]        
Accumulated other comprehensive income (loss)       $ (18,600)
Retained earnings       $ (300)
v3.25.0.1
BUSINESS SEGMENT AND SELECTED FOREIGN CURRENCY TRANSLATION ITEMS - Operations by Segment - Revenues (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting, Revenue Reconciling Item [Line Items]      
Net earned premiums [1] $ 13,440 $ 14,123 $ 14,901
Net investment income 4,116 3,811 3,656
Other income (loss) 100 177 220
Total revenues 18,927 18,701 19,140
Net investment gains (losses) 1,271 590 363
Remeasurement gain (loss), deferred profit liability for limited-payment contracts (81) 20 (42)
Change in value of federal historic rehabilitation and solar tax credit investments (165) (343) (91)
Federal historic rehabilitation and solar tax credits, amount 164 334 83
Operating Segments      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Total revenues 17,405 17,747 18,643
Segment Reconciling Items      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Net investment gains (losses) 1,271 590 363
Amortized hedge costs 26 157 112
Amortized hedge income (113) (121) (68)
Net interest (income) expense from derivatives associated with certain investment strategies 338 328 90
Aflac Japan      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Net earned premiums 6,930 8,047 9,186
Net investment income 3,032 3,033 2,867
Aflac Japan | Operating Segments      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Net earned premiums [1] 6,930 8,047 9,186
Net investment income 2,701 2,582 2,669
Other income (loss) 28 35 35
Total revenues [1] 9,659 10,664 11,890
Aflac U.S.      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Net earned premiums 5,829 5,675 5,570
Net investment income 883 854 759
Aflac U.S. | Operating Segments      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Net earned premiums 5,829 5,675 5,570
Net investment income 847 820 755
Other income (loss) 63 128 161
Total revenues 6,739 6,623 6,486
Corporate and other      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Net earned premiums 681 400 145
Net investment income 201 (77) 30
Corporate and other | Operating Segments      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Total revenues [2] $ 1,007 $ 460 $ 267
[1] Includes a gain (loss) of $(81), $20 and $(42) in 2024, 2023 and 2022, respectively, related to remeasurement of the deferred profit liability for limited-payment contracts.
[2] The change in value of federal historic rehabilitation and solar investments in partnerships of $165, $343 and $91 in 2024, 2023 and 2022, respectively, is included as a reduction to net investment income. Tax credits on these investments of $164, $334 and $83 in 2024, 2023 and 2022, respectively, have been recorded as an income tax benefit in the consolidated statements of earnings. See Note 3 for additional information on these investments.
v3.25.0.1
BUSINESS SEGMENT AND SELECTED FOREIGN CURRENCY TRANSLATION ITEMS - Operations by Segment - Pretax Earnings (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total revenues $ 18,927 $ 18,701 $ 19,140
Benefits and claims, excluding reserve remeasurement 8,008 8,594 9,102
Reserve remeasurement (gains) losses (558) (383) (215)
Benefits and claims, net 7,450 8,211 8,887
Amortization of deferred policy acquisition costs 851 816 792
Insurance commissions 998 1,052 1,117
Insurance and other expenses 3,014 3,165 3,249
Total benefits and expenses 12,510 13,439 14,271
Net investment gains (losses) 1,271 590 363
Earnings before income taxes 6,417 5,262 4,869
Income taxes applicable to pretax adjusted earnings 873 577 808
Effect of foreign currency translation on after-tax adjusted earnings (103) (113) (262)
Remeasurement gain (loss), deferred profit liability for limited-payment contracts (81) 20 (42)
Change in value of federal historic rehabilitation and solar tax credit investments (165) (343) (91)
Federal historic rehabilitation and solar tax credits, amount 164 334 83
Operating Segments      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total revenues 17,405 17,747 18,643
Total benefits and expenses 12,460 13,437 14,221
Pretax adjusted earnings 4,945 4,310 4,422
Segment Reconciling Items      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Other income (loss) (23) 39 0
Net investment gains (losses) 1,271 590 363
Amortized hedge costs 26 157 112
Amortized hedge income (113) (121) (68)
Net interest (income) expense from derivatives associated with certain investment strategies 338 328 90
Impact of interest from derivatives associated with notes payable (27) (41) (50)
Aflac Japan      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Benefits and claims, net 4,317 5,313 6,191
Amortization of deferred policy acquisition costs 321 326 338
Aflac Japan | Operating Segments      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total revenues [1] 9,659 10,664 11,890
Benefits and claims, excluding reserve remeasurement 4,761 5,409 6,282
Reserve remeasurement (gains) losses (444) (96) (91)
Benefits and claims, net 4,317 5,313 6,191
Amortization of deferred policy acquisition costs 321 326 338
Insurance commissions 435 491 563
Insurance and other expenses 1,092 1,300 1,517
Total benefits and expenses 6,165 7,430 8,609
Pretax adjusted earnings [1] 3,494 3,234 3,281
Aflac U.S.      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Benefits and claims, net 2,726 2,431 2,555
Amortization of deferred policy acquisition costs 530 490 455
Aflac U.S. | Operating Segments      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total revenues 6,739 6,623 6,486
Benefits and claims, excluding reserve remeasurement 2,821 2,715 2,679
Reserve remeasurement (gains) losses (95) (284) (124)
Benefits and claims, net 2,726 2,431 2,555
Amortization of deferred policy acquisition costs 530 490 455
Insurance commissions 563 561 553
Insurance and other expenses 1,501 1,640 1,564
Total benefits and expenses 5,320 5,122 5,127
Pretax adjusted earnings 1,419 1,501 1,359
Corporate and other      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Benefits and claims, net 407 467 141
Amortization of deferred policy acquisition costs 0 0 0
Corporate and other | Operating Segments      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total revenues [2] 1,007 460 267
Total benefits and expenses 975 885 485
Pretax adjusted earnings [2] $ 32 $ (425) $ (218)
[1] Includes a gain (loss) of $(81), $20 and $(42) in 2024, 2023 and 2022, respectively, related to remeasurement of the deferred profit liability for limited-payment contracts.
[2] The change in value of federal historic rehabilitation and solar investments in partnerships of $165, $343 and $91 in 2024, 2023 and 2022, respectively, is included as a reduction to net investment income. Tax credits on these investments of $164, $334 and $83 in 2024, 2023 and 2022, respectively, have been recorded as an income tax benefit in the consolidated statements of earnings. See Note 3 for additional information on these investments.
v3.25.0.1
BUSINESS SEGMENT AND SELECTED FOREIGN CURRENCY TRANSLATION ITEMS - Information on Transfers of Funds from Aflac Japan (Detail)
$ in Millions, ¥ in Billions
 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2024
JPY (¥)
Dec. 31, 2023
USD ($)
Dec. 31, 2023
JPY (¥)
Dec. 31, 2022
USD ($)
Dec. 31, 2022
JPY (¥)
Segment Reporting [Abstract]            
Management fees $ 69   $ 67   $ 61  
Profit remittances 2,865 ¥ 441.6 2,623 ¥ 374.7 2,412 ¥ 324.2
Total transfers from Aflac Japan $ 2,934   $ 2,690   $ 2,473  
v3.25.0.1
BUSINESS SEGMENT AND SELECTED FOREIGN CURRENCY TRANSLATION ITEMS - Operations by Segment - Assets (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting, Asset Reconciling Item [Line Items]    
Assets $ 117,566 $ 126,724
Aflac Japan    
Segment Reporting, Asset Reconciling Item [Line Items]    
Assets 90,210 101,541
Aflac U.S.    
Segment Reporting, Asset Reconciling Item [Line Items]    
Assets 21,930 21,861
Corporate and other    
Segment Reporting, Asset Reconciling Item [Line Items]    
Assets $ 5,426 $ 3,322
v3.25.0.1
BUSINESS SEGMENT AND SELECTED FOREIGN CURRENCY TRANSLATION ITEMS - Yen/Dollar Exchange Rates Used (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
¥ / $
Dec. 31, 2023
USD ($)
¥ / $
Dec. 31, 2022
USD ($)
¥ / $
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Weighted-average yen/dollar exchange rate | ¥ / $ [1] 150.97 140.57 130.17
Yen percent strengthening (weakening) (6.90%) (7.40%) (15.70%)
Exchange effect on pretax operating earnings (in millions) $ (125) $ (131) $ (318)
Yen/dollar exchange rate at December 31 | ¥ / $ [1] 158.18 141.83  
Yen percent strengthening (weakening) (10.30%) (6.40%)  
Exchange effect on total assets      
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Exchange effect $ (6,127) $ (3,984)  
Exchange effect on total liabilities      
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Exchange effect $ (9,624) $ (6,936)  
[1] Rates are based on the published MUFG Bank, Ltd. telegraphic transfer middle rate (TTM).
v3.25.0.1
BUSINESS SEGMENT AND SELECTED FOREIGN CURRENCY TRANSLATION ITEMS - Additional Information (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
segment
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Segment Reporting Information [Line Items]      
Number of reportable insurance business segments | segment 2    
Net earned premiums [1] $ 13,440 $ 14,123 $ 14,901
Receivables 779 848  
Premiums receivable, allowance for credit loss 108 92  
Aflac Re Bermuda      
Segment Reporting Information [Line Items]      
Net earned premiums $ 568 $ 258 $ 1
Aflac Japan      
Segment Reporting Information [Line Items]      
Percentage of the Company's total revenues 55.00% 60.00% 64.00%
Percentage of the Company's total assets 77.00% 80.00%  
Net earned premiums $ 6,930 $ 8,047 $ 9,186
Receivables $ 197 $ 175  
Percentage of total receivables related to Aflac Japan's operations 25.30% 20.70%  
[1] Includes a gain (loss) of $(81), $20 and $(42) in 2024, 2023 and 2022, respectively, related to remeasurement of the deferred profit liability for limited-payment contracts.
v3.25.0.1
INVESTMENTS - Components of Net Investment Income (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Gross investment income $ 4,352 $ 4,046 $ 3,882
Less investment expenses 236 235 226
Net investment income 4,116 3,811 3,656
Change in value of federal historic rehabilitation and solar tax credit investments (165) (343) (91)
Federal historic rehabilitation and solar tax credits, amount 164 334 83
Fixed maturity securities      
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Gross investment income 2,894 2,873 2,926
Equity securities      
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Gross investment income 24 28 31
Commercial mortgage and other loans      
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Gross investment income 1,046 1,002 716
Other investments      
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Gross investment income [1] 130   131
Gross investment loss [1]   (70)  
Short-term investments and cash equivalents      
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Gross investment income $ 258 $ 213 $ 78
[1] The change in value of federal historic rehabilitation and solar investments in partnerships of $165, $343 and $91 in 2024, 2023, and 2022, respectively, is included as a reduction to net investment income. Tax credits on these investments of $164, $334, and $83 in 2024, 2023, and 2022, respectively, have been recorded as an income tax benefit in the consolidated statement of earnings.
v3.25.0.1
INVESTMENTS - Available-for-Sale Debt Securities (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Debt Securities, Available-for-Sale [Line Items]        
Amortized Cost $ 64,089 $ 70,689    
Allowance for Credit Losses 0 0 $ 0 $ 0
Gross Unrealized Gains 5,308 6,050    
Gross Unrealized Losses 4,128 3,449    
Fair Value 65,269 73,290    
Yen-denominated        
Debt Securities, Available-for-Sale [Line Items]        
Amortized Cost 34,386 40,174    
Allowance for Credit Losses 0 0    
Gross Unrealized Gains 1,587 2,529    
Gross Unrealized Losses 3,099 2,513    
Fair Value 32,874 40,190    
U.S. dollar-denominated        
Debt Securities, Available-for-Sale [Line Items]        
Amortized Cost 29,678 30,515    
Allowance for Credit Losses 0 0    
Gross Unrealized Gains 3,720 3,521    
Gross Unrealized Losses 1,029 936    
Fair Value 32,369 33,100    
Other currencies        
Debt Securities, Available-for-Sale [Line Items]        
Amortized Cost 25      
Allowance for Credit Losses 0      
Gross Unrealized Gains 1      
Gross Unrealized Losses 0      
Fair Value 26      
Japan government and agencies | Yen-denominated        
Debt Securities, Available-for-Sale [Line Items]        
Amortized Cost 19,409 23,067    
Allowance for Credit Losses 0 0    
Gross Unrealized Gains 465 1,040    
Gross Unrealized Losses 2,234 1,696    
Fair Value 17,640 22,411    
Municipalities        
Debt Securities, Available-for-Sale [Line Items]        
Fair Value 2,034 2,298    
Municipalities | Yen-denominated        
Debt Securities, Available-for-Sale [Line Items]        
Amortized Cost 869 968    
Allowance for Credit Losses 0 0    
Gross Unrealized Gains 65 115    
Gross Unrealized Losses 79 58    
Fair Value 855 1,025    
Municipalities | U.S. dollar-denominated        
Debt Securities, Available-for-Sale [Line Items]        
Amortized Cost 1,167 1,246    
Allowance for Credit Losses 0 0    
Gross Unrealized Gains 65 65    
Gross Unrealized Losses 53 38    
Fair Value 1,179 1,273    
Mortgage- and asset-backed securities        
Debt Securities, Available-for-Sale [Line Items]        
Fair Value 3,563 3,086    
Mortgage- and asset-backed securities | Yen-denominated        
Debt Securities, Available-for-Sale [Line Items]        
Amortized Cost 327 215    
Allowance for Credit Losses 0 0    
Gross Unrealized Gains 4 6    
Gross Unrealized Losses 23 11    
Fair Value 308 210    
Mortgage- and asset-backed securities | U.S. dollar-denominated        
Debt Securities, Available-for-Sale [Line Items]        
Amortized Cost 2,987 2,748    
Allowance for Credit Losses 0 0    
Gross Unrealized Gains 302 184    
Gross Unrealized Losses 34 56    
Fair Value 3,255 2,876    
Public utilities        
Debt Securities, Available-for-Sale [Line Items]        
Fair Value 7,045 7,592    
Public utilities | Yen-denominated        
Debt Securities, Available-for-Sale [Line Items]        
Amortized Cost 2,746 3,757    
Allowance for Credit Losses 0 0    
Gross Unrealized Gains 202 325    
Gross Unrealized Losses 108 82    
Fair Value 2,840 4,000    
Public utilities | U.S. dollar-denominated        
Debt Securities, Available-for-Sale [Line Items]        
Amortized Cost 3,938 3,346    
Allowance for Credit Losses 0 0    
Gross Unrealized Gains 418 360    
Gross Unrealized Losses 151 114    
Fair Value 4,205 3,592    
Sovereign and supranational        
Debt Securities, Available-for-Sale [Line Items]        
Fair Value 416 537    
Sovereign and supranational | Yen-denominated        
Debt Securities, Available-for-Sale [Line Items]        
Amortized Cost 330 373    
Allowance for Credit Losses 0 0    
Gross Unrealized Gains 16 24    
Gross Unrealized Losses 8 7    
Fair Value 338 390    
Sovereign and supranational | U.S. dollar-denominated        
Debt Securities, Available-for-Sale [Line Items]        
Amortized Cost 57 122    
Allowance for Credit Losses 0 0    
Gross Unrealized Gains 21 33    
Gross Unrealized Losses 0 8    
Fair Value 78 147    
Banks/financial institutions        
Debt Securities, Available-for-Sale [Line Items]        
Fair Value 8,956 8,835    
Banks/financial institutions | Yen-denominated        
Debt Securities, Available-for-Sale [Line Items]        
Amortized Cost 5,376 5,896    
Allowance for Credit Losses 0 0    
Gross Unrealized Gains 267 320    
Gross Unrealized Losses 342 365    
Fair Value 5,301 5,851    
Banks/financial institutions | U.S. dollar-denominated        
Debt Securities, Available-for-Sale [Line Items]        
Amortized Cost 3,271 2,676    
Allowance for Credit Losses 0 0    
Gross Unrealized Gains 420 359    
Gross Unrealized Losses 36 51    
Fair Value 3,655 2,984    
Other corporate        
Debt Securities, Available-for-Sale [Line Items]        
Fair Value 25,409 28,342    
Other corporate | Yen-denominated        
Debt Securities, Available-for-Sale [Line Items]        
Amortized Cost 5,329 5,898    
Allowance for Credit Losses 0 0    
Gross Unrealized Gains 568 699    
Gross Unrealized Losses 305 294    
Fair Value 5,592 6,303    
Other corporate | U.S. dollar-denominated        
Debt Securities, Available-for-Sale [Line Items]        
Amortized Cost 18,050 20,186    
Allowance for Credit Losses 0 0    
Gross Unrealized Gains 2,493 2,518    
Gross Unrealized Losses 752 665    
Fair Value 19,791 22,039    
Other corporate | Other currencies        
Debt Securities, Available-for-Sale [Line Items]        
Amortized Cost 25      
Allowance for Credit Losses 0      
Gross Unrealized Gains 1      
Gross Unrealized Losses 0      
Fair Value 26      
U.S. government and agencies | U.S. dollar-denominated        
Debt Securities, Available-for-Sale [Line Items]        
Amortized Cost 208 191    
Allowance for Credit Losses 0 0    
Gross Unrealized Gains 1 2    
Gross Unrealized Losses 3 4    
Fair Value $ 206 $ 189    
v3.25.0.1
INVESTMENTS - Held-to-Maturity Debt Securities (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Schedule of Held-to-maturity Securities [Line Items]        
Amortized Cost $ 15,971 $ 17,824    
Allowance for Credit Losses 5 5 $ 7 $ 8
Total fixed maturity securities held to maturity 15,966 [1] 17,819    
Gross Unrealized Gains 815 1,838    
Gross Unrealized Losses 9 0    
Fair Value 16,772 19,657    
Municipalities        
Schedule of Held-to-maturity Securities [Line Items]        
Amortized Cost 235 266    
Fair Value 257 307    
Public utilities        
Schedule of Held-to-maturity Securities [Line Items]        
Amortized Cost 32 34    
Fair Value 33 38    
Sovereign and supranational        
Schedule of Held-to-maturity Securities [Line Items]        
Amortized Cost 374 418    
Fair Value 405 462    
Other corporate        
Schedule of Held-to-maturity Securities [Line Items]        
Amortized Cost 16 18    
Fair Value 18 21    
Yen-denominated        
Schedule of Held-to-maturity Securities [Line Items]        
Amortized Cost 15,971 17,824    
Allowance for Credit Losses 5 5    
Total fixed maturity securities held to maturity 15,966 17,819    
Gross Unrealized Gains 815 1,838    
Gross Unrealized Losses 9 0    
Fair Value 16,772 19,657    
Yen-denominated | Japan government and agencies        
Schedule of Held-to-maturity Securities [Line Items]        
Amortized Cost 15,311 17,085    
Allowance for Credit Losses 2 2    
Total fixed maturity securities held to maturity 15,309 17,083    
Gross Unrealized Gains 759 1,746    
Gross Unrealized Losses 9 0    
Fair Value 16,059 18,829    
Yen-denominated | Municipalities        
Schedule of Held-to-maturity Securities [Line Items]        
Amortized Cost 235 266    
Allowance for Credit Losses 0 0    
Total fixed maturity securities held to maturity 235 266    
Gross Unrealized Gains 22 41    
Gross Unrealized Losses 0 0    
Fair Value 257 307    
Yen-denominated | Public utilities        
Schedule of Held-to-maturity Securities [Line Items]        
Amortized Cost 32 34    
Allowance for Credit Losses 0 0    
Total fixed maturity securities held to maturity 32 34    
Gross Unrealized Gains 1 4    
Gross Unrealized Losses 0 0    
Fair Value 33 38    
Yen-denominated | Sovereign and supranational        
Schedule of Held-to-maturity Securities [Line Items]        
Amortized Cost 377 421    
Allowance for Credit Losses 3 3    
Total fixed maturity securities held to maturity 374 418    
Gross Unrealized Gains 31 44    
Gross Unrealized Losses 0 0    
Fair Value 405 462    
Yen-denominated | Other corporate        
Schedule of Held-to-maturity Securities [Line Items]        
Amortized Cost 16 18    
Allowance for Credit Losses 0 0    
Total fixed maturity securities held to maturity 16 18    
Gross Unrealized Gains 2 3    
Gross Unrealized Losses 0 0    
Fair Value $ 18 $ 21    
[1] Net of allowance for credit losses
v3.25.0.1
INVESTMENTS - Equity Securities (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Equity Securities, FV-NI [Line Items]    
Equity securities $ 796 $ 1,088
Yen-denominated    
Equity Securities, FV-NI [Line Items]    
Equity securities 484 751
U.S. dollar-denominated    
Equity Securities, FV-NI [Line Items]    
Equity securities 312 252
Other currencies    
Equity Securities, FV-NI [Line Items]    
Equity securities $ 0 $ 85
v3.25.0.1
INVESTMENTS - Contractual and Economic Maturities of Investments in Fixed Maturities (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Available for sale, amortized cost:    
Due in one year or less [1] $ 1,369  
Due after one year through five years [1] 7,522  
Due after five years through 10 years [1] 17,302  
Due after 10 years [1] 34,582  
Mortgage- and asset-backed securities [1] 3,314  
Total fixed maturity securities available for sale [1] 64,089  
Held to maturity, amortized cost:    
Due in one year or less [1] 0  
Due after one year through five years [1] 34  
Due after five years through 10 years [1] 8,516  
Due after 10 years [1] 7,416  
Total fixed maturity securities held to maturity 15,966 [1] $ 17,819
Available for sale, fair value:    
Due in one year or less 1,536  
Due after one year through five years 8,424  
Due after five years through 10 years 18,495  
Due after 10 years 33,251  
Mortgage- and asset-backed securities 3,563  
Available for sale, fixed maturity securities 65,269 73,290
Held to maturity, fair value:    
Due in one year or less 0  
Due after one year through five years 34  
Due after five years through 10 years 9,045  
Due after 10 years 7,693  
Held to maturity, fixed maturity securities, fair value $ 16,772 $ 19,657
[1] Net of allowance for credit losses
v3.25.0.1
INVESTMENTS - Investment Exposures Individually Exceeded 10% of Shareholders' Equity (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Investments [Abstract]    
Credit Rating [1] A+ A+
Amortized Cost [1] $ 33,822 $ 39,151
Fair Value [1] $ 32,844 $ 40,222
Investment, Type [Extensible Enumeration] Japan National Government [Member] Japan National Government [Member]
[1] Japan Government Bonds (JGBs) or JGB-backed securities
v3.25.0.1
INVESTMENTS - Information Regarding Pretax Net Gains and Losses From Investments (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Gain (Loss) on Securities [Line Items]      
Gross gains (losses) from sales and redemptions $ 7 $ 33 $ 10
Credit Losses      
(Addition to) release of allowance for credit losses 0 1 [1] 0
Commercial mortgage and other loans (207) (146) (18)
Impairment losses (55) 0 (25)
Loan commitments 1 9 9
Reinsurance recoverables and other 5 (3) (2)
Total credit losses (256) (139) (36)
Derivatives and Other      
Derivative gains (losses) (363) (531) (1,151)
Foreign currency gains (losses) 1,491 972 1,424
Total net investment gains (losses) 1,271 590 363
Fixed maturity securities      
Gain (Loss) on Securities [Line Items]      
Gross gains from sales 80 24 93
Gross losses from sales (634) (61) (78)
Foreign currency gains (losses) on sales and redemptions 806 204 442
Debt securities and other investments      
Derivatives and Other      
Total net investment gains (losses) 259 200 467
Equity securities      
Derivatives and Other      
Total net investment gains (losses) 140 88 (341)
Derivatives and other      
Derivatives and Other      
Total net investment gains (losses) $ 1,128 $ 441 $ 273
[1] Includes an allowance for credit losses of $4 recognized on financial assets accounted for as purchased financial assets with credit deterioration that is not recorded in earnings upon recognition.
v3.25.0.1
INVESTMENTS - Information Regarding Changes in Unrealized Gains and Losses from Investments (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Investments [Abstract]      
Change in unrealized gains (losses) in fixed maturity securities, available-for-sale $ (1,421) $ 2,327 $ (13,056)
v3.25.0.1
INVESTMENTS - Net Effect on Shareholders' Equity of Unrealized Gains and Losses from Investment Securities (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Investments [Abstract]    
Unrealized gains (losses) on securities available-for-sale $ 1,180 $ 2,601
Deferred income taxes (1,156) (1,462)
Unrealized gains (losses) on fixed maturity securities $ 24 $ 1,139
v3.25.0.1
INVESTMENTS - Fair Value and Gross Unrealized Losses for Securities That Have Been in Continuous Unrealized Loss Position (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Investments, Unrealized Loss Position [Line Items]    
Debt Securities, Available-for-Sale, Unrealized Loss Position, Total $ 24,301 $ 25,402
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total 4,128 3,449
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 6,716 4,239
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss 197 364
12 months or longer Unrealized Losses 17,585 21,163
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss 3,931 3,085
U.S. dollar-denominated | U.S. government and agencies    
Investments, Unrealized Loss Position [Line Items]    
Debt Securities, Available-for-Sale, Unrealized Loss Position, Total 106 123
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total 3 4
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 59 53
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss 1 1
12 months or longer Unrealized Losses 47 70
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss 2 3
U.S. dollar-denominated | Municipalities    
Investments, Unrealized Loss Position [Line Items]    
Debt Securities, Available-for-Sale, Unrealized Loss Position, Total 666 703
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total 53 38
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 67 31
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss 3 1
12 months or longer Unrealized Losses 599 672
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss 50 37
U.S. dollar-denominated | Mortgage- and asset-backed securities    
Investments, Unrealized Loss Position [Line Items]    
Debt Securities, Available-for-Sale, Unrealized Loss Position, Total 567 925
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total 34 56
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 173 340
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss 2 6
12 months or longer Unrealized Losses 394 585
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss 32 50
U.S. dollar-denominated | Public utilities    
Investments, Unrealized Loss Position [Line Items]    
Debt Securities, Available-for-Sale, Unrealized Loss Position, Total 1,570 1,120
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total 151 114
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 699 228
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss 19 4
12 months or longer Unrealized Losses 871 892
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss 132 110
U.S. dollar-denominated | Sovereign and supranational    
Investments, Unrealized Loss Position [Line Items]    
Debt Securities, Available-for-Sale, Unrealized Loss Position, Total   35
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total   8
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months   0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss   0
12 months or longer Unrealized Losses   35
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss   8
U.S. dollar-denominated | Banks/financial institutions    
Investments, Unrealized Loss Position [Line Items]    
Debt Securities, Available-for-Sale, Unrealized Loss Position, Total 625 655
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total 36 51
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 376 159
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss 7 4
12 months or longer Unrealized Losses 249 496
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss 29 47
U.S. dollar-denominated | Other corporate    
Investments, Unrealized Loss Position [Line Items]    
Debt Securities, Available-for-Sale, Unrealized Loss Position, Total 6,097 6,380
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total 752 665
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 2,036 799
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss 59 19
12 months or longer Unrealized Losses 4,061 5,581
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss 693 646
Yen-denominated | Japan government and agencies    
Investments, Unrealized Loss Position [Line Items]    
Debt Securities, Available-for-Sale, Unrealized Loss Position, Total 8,136 8,393
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total 2,234 1,696
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 2,070 1,657
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss 57 303
12 months or longer Unrealized Losses 6,066 6,736
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss 2,177 1,393
Yen-denominated | Municipalities    
Investments, Unrealized Loss Position [Line Items]    
Debt Securities, Available-for-Sale, Unrealized Loss Position, Total 341 301
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total 79 58
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 96 34
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss 2 0
12 months or longer Unrealized Losses 245 267
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss 77 58
Yen-denominated | Mortgage- and asset-backed securities    
Investments, Unrealized Loss Position [Line Items]    
Debt Securities, Available-for-Sale, Unrealized Loss Position, Total 196 58
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total 23 11
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 12 0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss 0 0
12 months or longer Unrealized Losses 184 58
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss 23 11
Yen-denominated | Public utilities    
Investments, Unrealized Loss Position [Line Items]    
Debt Securities, Available-for-Sale, Unrealized Loss Position, Total 1,020 1,028
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total 108 82
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 368 444
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss 11 13
12 months or longer Unrealized Losses 652 584
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss 97 69
Yen-denominated | Sovereign and supranational    
Investments, Unrealized Loss Position [Line Items]    
Debt Securities, Available-for-Sale, Unrealized Loss Position, Total 47 60
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total 8 7
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 0 0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss 0 0
12 months or longer Unrealized Losses 47 60
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss 8 7
Yen-denominated | Banks/financial institutions    
Investments, Unrealized Loss Position [Line Items]    
Debt Securities, Available-for-Sale, Unrealized Loss Position, Total 3,197 3,673
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total 342 365
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 471 186
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss 22 4
12 months or longer Unrealized Losses 2,726 3,487
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss 320 361
Yen-denominated | Other corporate    
Investments, Unrealized Loss Position [Line Items]    
Debt Securities, Available-for-Sale, Unrealized Loss Position, Total 1,733 1,948
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total 305 294
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 289 308
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss 14 9
12 months or longer Unrealized Losses 1,444 1,640
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss $ 291 $ 285
v3.25.0.1
INVESTMENTS - Commercial Mortgage and Other Loans by Portfolio Segment (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Participating Mortgage Loans [Line Items]        
Total $ 11,224 $ 12,801    
Percent of total commercial mortgage and other loans 100.00% 100.00%    
Allowance for credit losses $ (355) $ (274)    
Total net commercial mortgage and other loans 10,869 12,527    
Transitional real estate loans        
Participating Mortgage Loans [Line Items]        
Total $ 4,902 $ 6,114    
Percent of total commercial mortgage and other loans 43.70% 47.80%    
Allowance for credit losses $ (199) $ (112) $ (54) $ (68)
Transitional real estate loans | Office        
Participating Mortgage Loans [Line Items]        
Total $ 1,361 $ 1,807    
Percent of total commercial mortgage and other loans 12.10% 14.10%    
Transitional real estate loans | Retail        
Participating Mortgage Loans [Line Items]        
Total $ 349 $ 473    
Percent of total commercial mortgage and other loans 3.10% 3.70%    
Transitional real estate loans | Apartments/Multi-Family        
Participating Mortgage Loans [Line Items]        
Total $ 2,201 $ 2,608    
Percent of total commercial mortgage and other loans 19.60% 20.40%    
Transitional real estate loans | Industrial        
Participating Mortgage Loans [Line Items]        
Total $ 117 $ 157    
Percent of total commercial mortgage and other loans 1.10% 1.20%    
Transitional real estate loans | Hospitality        
Participating Mortgage Loans [Line Items]        
Total $ 556 $ 814    
Percent of total commercial mortgage and other loans 5.00% 6.40%    
Transitional real estate loans | Other        
Participating Mortgage Loans [Line Items]        
Total $ 318 $ 255    
Percent of total commercial mortgage and other loans 2.80% 2.00%    
Commercial mortgage loans        
Participating Mortgage Loans [Line Items]        
Total $ 1,537 $ 1,709    
Percent of total commercial mortgage and other loans 13.70% 13.40%    
Allowance for credit losses $ (14) $ (16) (9) (10)
Commercial mortgage loans | Office        
Participating Mortgage Loans [Line Items]        
Total $ 300 $ 359    
Percent of total commercial mortgage and other loans 2.70% 2.80%    
Commercial mortgage loans | Retail        
Participating Mortgage Loans [Line Items]        
Total $ 214 $ 301    
Percent of total commercial mortgage and other loans 1.90% 2.40%    
Commercial mortgage loans | Apartments/Multi-Family        
Participating Mortgage Loans [Line Items]        
Total $ 572 $ 586    
Percent of total commercial mortgage and other loans 5.10% 4.60%    
Commercial mortgage loans | Industrial        
Participating Mortgage Loans [Line Items]        
Total $ 436 $ 463    
Percent of total commercial mortgage and other loans 3.90% 3.60%    
Commercial mortgage loans | Other        
Participating Mortgage Loans [Line Items]        
Total $ 15 $ 0    
Percent of total commercial mortgage and other loans 0.10% 0.00%    
Middle market loans        
Participating Mortgage Loans [Line Items]        
Total $ 4,423 $ 4,677    
Percent of total commercial mortgage and other loans 39.40% 36.50%    
Allowance for credit losses $ (140) $ (146) $ (129) $ (96)
Other loans        
Participating Mortgage Loans [Line Items]        
Total $ 362 $ 301    
Percent of total commercial mortgage and other loans 3.20% 2.30%    
v3.25.0.1
INVESTMENTS - Transitional Real Estate Loans by Key Credit Quality Indicators (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Loan-to-Value Ratio:    
Total $ 11,224 $ 12,801
Transitional real estate loans    
Loan-to-Value Ratio:    
2024 0  
2023 130  
2022 1,976  
2021 1,887  
2020 182  
Prior 727  
Total 4,902 $ 6,114
Current-period gross writeoffs:    
2024 0  
2023 0  
2022 0  
2021 5  
2020 0  
Prior 57  
Total 62  
Transitional real estate loans | Loan to Value Ratio, 0% to 59.99%    
Loan-to-Value Ratio:    
2024 0  
2023 0  
2022 314  
2021 357  
2020 36  
Prior 11  
Total 718  
Transitional real estate loans | Loan to Value Ratio, 60% to 69.99%    
Loan-to-Value Ratio:    
2024 0  
2023 116  
2022 500  
2021 599  
2020 18  
Prior 390  
Total 1,623  
Transitional real estate loans | Loan to Value Ratio, 70% to 79.99%    
Loan-to-Value Ratio:    
2024 0  
2023 14  
2022 903  
2021 660  
2020 24  
Prior 58  
Total 1,659  
Transitional real estate loans | Loan to Value Ratio, 80% or greater    
Loan-to-Value Ratio:    
2024 0  
2023 0  
2022 259  
2021 271  
2020 104  
Prior 268  
Total $ 902  
v3.25.0.1
INVESTMENTS - Commercial Mortgage Loans by Key Credit Quality Indicator (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Loan-to-Value Ratio:    
Total $ 11,224 $ 12,801
Commercial mortgage loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Weighted average debt-service coverage ratio 2.52  
Loan-to-Value Ratio:    
2024 $ 13  
2023 32  
2022 0  
2021 291  
2020 58  
Prior 1,143  
Total 1,537 $ 1,709
Current-period gross writeoffs:    
2024 0  
2023 0  
2022 0  
2021 0  
2020 0  
Prior 19  
Total $ 19  
Commercial mortgage loans | 2024    
Financing Receivable, Credit Quality Indicator [Line Items]    
Weighted average debt-service coverage ratio 1.21  
Commercial mortgage loans | 2023    
Financing Receivable, Credit Quality Indicator [Line Items]    
Weighted average debt-service coverage ratio 2.62  
Commercial mortgage loans | 2022    
Financing Receivable, Credit Quality Indicator [Line Items]    
Weighted average debt-service coverage ratio 0.00  
Commercial mortgage loans | 2021    
Financing Receivable, Credit Quality Indicator [Line Items]    
Weighted average debt-service coverage ratio 3.16  
Commercial mortgage loans | 2020    
Financing Receivable, Credit Quality Indicator [Line Items]    
Weighted average debt-service coverage ratio 2.52  
Commercial mortgage loans | Prior    
Financing Receivable, Credit Quality Indicator [Line Items]    
Weighted average debt-service coverage ratio 2.37  
Commercial mortgage loans | Loan to Value Ratio, 0% to 59.99%    
Financing Receivable, Credit Quality Indicator [Line Items]    
Weighted average debt-service coverage ratio 2.78  
Loan-to-Value Ratio:    
2024 $ 0  
2023 32  
2022 0  
2021 266  
2020 58  
Prior 920  
Total $ 1,276  
Commercial mortgage loans | Loan to Value Ratio, 60% to 69.99%    
Financing Receivable, Credit Quality Indicator [Line Items]    
Weighted average debt-service coverage ratio 2.11  
Loan-to-Value Ratio:    
2024 $ 0  
2023 0  
2022 0  
2021 25  
2020 0  
Prior 47  
Total $ 72  
Commercial mortgage loans | Loan to Value Ratio, 70% to 79.99%    
Financing Receivable, Credit Quality Indicator [Line Items]    
Weighted average debt-service coverage ratio 1.19  
Loan-to-Value Ratio:    
2024 $ 13  
2023 0  
2022 0  
2021 0  
2020 0  
Prior 87  
Total $ 100  
Commercial mortgage loans | Loan to Value Ratio, 80% or greater    
Financing Receivable, Credit Quality Indicator [Line Items]    
Weighted average debt-service coverage ratio 0.57  
Loan-to-Value Ratio:    
2024 $ 0  
2023 0  
2022 0  
2021 0  
2020 0  
Prior 89  
Total $ 89  
v3.25.0.1
INVESTMENTS - Middle Market Loans by Key Credit Quality Indicators (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Loan-to-Value Ratio:    
Total $ 11,224 $ 12,801
Middle market loans    
Loan-to-Value Ratio:    
2024 626  
2023 113  
2022 673  
2021 1,033  
2020 663  
Prior 1,169  
Revolving Loans 146  
Total 4,423 $ 4,677
Current-period gross writeoffs:    
2024 0  
2023 0  
2022 0  
2021 27  
2020 0  
Prior 23  
Revolving Loans 0  
Total 50  
Middle market loans | BBB Credit Rating    
Loan-to-Value Ratio:    
2024 12  
2023 27  
2022 4  
2021 84  
2020 43  
Prior 95  
Revolving Loans 11  
Total 276  
Middle market loans | BB Credit Rating    
Loan-to-Value Ratio:    
2024 394  
2023 45  
2022 413  
2021 396  
2020 282  
Prior 339  
Revolving Loans 68  
Total 1,937  
Middle market loans | B Credit Rating    
Loan-to-Value Ratio:    
2024 220  
2023 41  
2022 238  
2021 486  
2020 264  
Prior 501  
Revolving Loans 41  
Total 1,791  
Middle market loans | CCC Credit Rating    
Loan-to-Value Ratio:    
2024 0  
2023 0  
2022 5  
2021 61  
2020 74  
Prior 142  
Revolving Loans 17  
Total 299  
Middle market loans | CC Credit Rating    
Loan-to-Value Ratio:    
2024 0  
2023 0  
2022 13  
2021 0  
2020 0  
Prior 24  
Revolving Loans 5  
Total 42  
Middle market loans | C and Lower Credit Rating    
Loan-to-Value Ratio:    
2024 0  
2023 0  
2022 0  
2021 6  
2020 0  
Prior 68  
Revolving Loans 4  
Total $ 78  
v3.25.0.1
INVESTMENTS - Other Loans by Key Credit Quality Indicators (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Loan-to-Value Ratio:    
Total $ 11,224 $ 12,801
Other loans    
Loan-to-Value Ratio:    
2024 130  
2023 66  
2022 163  
2021 3  
2020 0  
Prior 0  
Revolving Loans 0  
Total 362 $ 301
Current-period gross writeoffs:    
2024 0  
2023 0  
2022 0  
2021 0  
2020 0  
Prior 0  
Revolving Loans 0  
Total 0  
Other loans | A Credit Rating    
Loan-to-Value Ratio:    
2024 0  
2023 0  
2022 82  
2021 0  
2020 0  
Prior 0  
Revolving Loans 0  
Total 82  
Other loans | AA Credit Rating    
Loan-to-Value Ratio:    
2024 0  
2023 0  
2022 8  
2021 3  
2020 0  
Prior 0  
Revolving Loans 0  
Total 11  
Other loans | BBB Credit Rating    
Loan-to-Value Ratio:    
2024 130  
2023 66  
2022 0  
2021 0  
2020 0  
Prior 0  
Revolving Loans 0  
Total 196  
Other loans | BB Credit Rating    
Loan-to-Value Ratio:    
2024 0  
2023 0  
2022 73  
2021 0  
2020 0  
Prior 0  
Revolving Loans 0  
Total $ 73  
v3.25.0.1
INVESTMENTS - Nonaccrual Loans (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Financing Receivable, Past Due [Line Items]    
Total $ 11,224 $ 12,801
Loans on nonaccrual status 486 718
Loans 90 days or more past due and still accruing interest 0 0
Current    
Financing Receivable, Past Due [Line Items]    
Total 10,558 12,050
Less Than 90 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total 258 141
90 Days or More Past Due    
Financing Receivable, Past Due [Line Items]    
Total 408 610 [1]
Total Past Due    
Financing Receivable, Past Due [Line Items]    
Total 666 751
Transitional real estate loans    
Financing Receivable, Past Due [Line Items]    
Total 4,902 6,114
Loans on nonaccrual status 378 633
Transitional real estate loans | Current    
Financing Receivable, Past Due [Line Items]    
Total 4,364 5,481
Transitional real estate loans | Less Than 90 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total 195 108
Transitional real estate loans | 90 Days or More Past Due    
Financing Receivable, Past Due [Line Items]    
Total 343 [2] 525 [1]
Transitional real estate loans | Total Past Due    
Financing Receivable, Past Due [Line Items]    
Total 538 633
Commercial mortgage loans    
Financing Receivable, Past Due [Line Items]    
Total 1,537 1,709
Loans on nonaccrual status 0 0
Commercial mortgage loans | Current    
Financing Receivable, Past Due [Line Items]    
Total 1,537 1,676
Commercial mortgage loans | Less Than 90 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total 0 33
Commercial mortgage loans | 90 Days or More Past Due    
Financing Receivable, Past Due [Line Items]    
Total 0 [2] 0 [1]
Commercial mortgage loans | Total Past Due    
Financing Receivable, Past Due [Line Items]    
Total 0 33
Middle market loans    
Financing Receivable, Past Due [Line Items]    
Total 4,423 4,677
Loans on nonaccrual status 108 85
Middle market loans | Current    
Financing Receivable, Past Due [Line Items]    
Total 4,295 4,592
Middle market loans | Less Than 90 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total 63 0
Middle market loans | 90 Days or More Past Due    
Financing Receivable, Past Due [Line Items]    
Total 65 [2] 85 [1]
Middle market loans | Total Past Due    
Financing Receivable, Past Due [Line Items]    
Total 128 85
Other loans    
Financing Receivable, Past Due [Line Items]    
Total 362 301
Loans on nonaccrual status 0 0
Other loans | Current    
Financing Receivable, Past Due [Line Items]    
Total 362 301
Other loans | Less Than 90 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total 0 0
Other loans | 90 Days or More Past Due    
Financing Receivable, Past Due [Line Items]    
Total 0 [2] 0 [1]
Other loans | Total Past Due    
Financing Receivable, Past Due [Line Items]    
Total $ 0 $ 0
[1] As of December 31, 2023, there were no loans that were 90 days or more past due that continued to accrue interest.
[2] As of December 31, 2024, there were no loans that were 90 days or more past due that continued to accrue interest.
v3.25.0.1
INVESTMENTS - Effect of Loan Modifications (Details) - Transitional real estate loans
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Other-than-insignificant payment delays  
Financing Receivable, Modified [Line Items]  
Loan modification, amortized cost $ 125.0 [1]
Loan modification, percent of total amortized cost 2.70%
Loan modification, deferral period 24 months
Other-than-insignificant payment delays and interest rate reduction  
Financing Receivable, Modified [Line Items]  
Loan modification, amortized cost $ 278.0 [1]
Loan modification, percent of total amortized cost 5.90%
Loan modification, deferral period 44 months
Weighted-average interest rate before modification 8.00%
Weighted-average interest rate after modification 6.60%
Other-than-insignificant payment delays, principal forgiveness and interest rate reduction  
Financing Receivable, Modified [Line Items]  
Loan modification, amortized cost $ 81.0 [1]
Loan modification, percent of total amortized cost 1.70%
Loan modification, deferral period 33 months
Weighted-average interest rate before modification 8.20%
Loan modification, principal forgiven $ 1.3
Weighted-average interest rate after modification 7.30%
[1] Net of allowance for credit losses
v3.25.0.1
INVESTMENTS - Loan Performance After Modifications (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Current  
Financing Receivable, Modified, Past Due [Line Items]  
Loan modification, after 12 months $ 418
Less Than 90 Days Past Due  
Financing Receivable, Modified, Past Due [Line Items]  
Loan modification, after 12 months 81
90 Days or More Past Due  
Financing Receivable, Modified, Past Due [Line Items]  
Loan modification, after 12 months 0
Transitional real estate loans | Current  
Financing Receivable, Modified, Past Due [Line Items]  
Loan modification, after 12 months 403
Transitional real estate loans | Less Than 90 Days Past Due  
Financing Receivable, Modified, Past Due [Line Items]  
Loan modification, after 12 months 81
Transitional real estate loans | 90 Days or More Past Due  
Financing Receivable, Modified, Past Due [Line Items]  
Loan modification, after 12 months 0
Middle market loans | Current  
Financing Receivable, Modified, Past Due [Line Items]  
Loan modification, after 12 months 15
Middle market loans | Less Than 90 Days Past Due  
Financing Receivable, Modified, Past Due [Line Items]  
Loan modification, after 12 months 0
Middle market loans | 90 Days or More Past Due  
Financing Receivable, Modified, Past Due [Line Items]  
Loan modification, after 12 months $ 0
v3.25.0.1
INVESTMENTS - Allowance for Credit Losses by Portfolio Segment (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Allowance for Credit Losses by Portfolio Segment [Roll Forward]      
Balance, beginning of period $ (274)    
Balance, end of period (355) $ (274)  
Balance, beginning of period (5) (7) $ (8)
(Addition to) release of allowance for credit losses 0 1 [1] 0
Writeoffs, net of recoveries 0 0 0
Change in foreign exchange 0 1 1
Balance, end of period (5) (5) (7)
Balance, beginning of period 0 0 0
(Addition to) release of allowance for credit losses 0 0 [1] 0
Writeoffs, net of recoveries 0 0 0
Change in foreign exchange 0 0 0
Balance, end of period 0 0 0
Balance, beginning of period (295) (223) (213)
(Addition to) release of allowance for credit losses (210) (139) [1] (17)
Writeoffs, net of recoveries 130 66 6
Change in foreign exchange 0 1 1
Balance, end of period (375) (295) (223)
Allowance for credit loss accounted for as purchased financial assets with credit deterioration   4  
Transitional real estate loans      
Allowance for Credit Losses by Portfolio Segment [Roll Forward]      
Balance, beginning of period (112) (54) (68)
(Addition to) release of allowance for credit losses (148) (124) [1] 14
Writeoffs, net of recoveries 61 66 0
Change in foreign exchange 0 0 0
Balance, end of period (199) (112) (54)
Commercial mortgage loans      
Allowance for Credit Losses by Portfolio Segment [Roll Forward]      
Balance, beginning of period (16) (9) (10)
(Addition to) release of allowance for credit losses (17) (7) [1] 1
Writeoffs, net of recoveries 19 0 0
Change in foreign exchange 0 0 0
Balance, end of period (14) (16) (9)
Middle market loans      
Allowance for Credit Losses by Portfolio Segment [Roll Forward]      
Balance, beginning of period (146) (129) (96)
(Addition to) release of allowance for credit losses (44) (17) [1] (39)
Writeoffs, net of recoveries 50 0 6
Change in foreign exchange 0 0 0
Balance, end of period (140) (146) (129)
Other loans and loan commitments      
Allowance for Credit Losses by Portfolio Segment [Roll Forward]      
Balance, beginning of period (16) (24) (31)
(Addition to) release of allowance for credit losses (1) 8 [1] 7
Writeoffs, net of recoveries 0 0 0
Change in foreign exchange 0 0 0
Balance, end of period $ (17) $ (16) $ (24)
[1] Includes an allowance for credit losses of $4 recognized on financial assets accounted for as purchased financial assets with credit deterioration that is not recorded in earnings upon recognition.
v3.25.0.1
INVESTMENTS - Other Investments (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Summary of Investment Holdings [Line Items]    
Other investments $ 5,958 $ 4,530
Policy loans    
Summary of Investment Holdings [Line Items]    
Other investments 203 214
Short-term investments    
Summary of Investment Holdings [Line Items]    
Other investments [1] 1,599 1,304
Limited partnerships    
Summary of Investment Holdings [Line Items]    
Other investments [2] 3,435 2,750
Real estate owned    
Summary of Investment Holdings [Line Items]    
Other investments 682 227
Other investments    
Summary of Investment Holdings [Line Items]    
Other investments $ 39 $ 35
[1] Includes securities lending collateral
[2] Includes tax credit investments and asset classes such as private equity and real estate funds
v3.25.0.1
INVESTMENTS - Investments in Consolidated Variable Interest Entities (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Variable Interest Entity [Line Items]    
Fixed maturity securities, available-for-sale $ 65,269 $ 73,290
Commercial mortgage and other loans 10,869 12,527
Other investments 5,958 4,530
Asset derivatives 240 337
Assets 117,566 126,724
Liability derivatives 933 1,430
Liabilities 91,468 104,739
Variable Interest Entity, Consolidated    
Variable Interest Entity [Line Items]    
Fixed maturity securities, available-for-sale 3,428 3,712
Commercial mortgage and other loans 8,693 10,150
Other investments [1] 2,176 2,381
Asset derivatives [2] 53 55
Assets 14,350 16,298
Liability derivatives [2] 604 507
Liabilities $ 604 $ 507
[1] Consists entirely of alternative investments in limited partnerships, which represent VIEs where the Company is not the primary beneficiary and, therefore, are not consolidated
[2] Consists entirely of derivatives
v3.25.0.1
INVESTMENTS - Investments in Variable Interest Entities Not Consolidated (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Variable Interest Entity [Line Items]    
Fixed maturity securities, available-for-sale $ 65,269 $ 73,290
Other investments 5,958 4,530
Assets 117,566 126,724
Variable Interest Entity, Not Consolidated    
Variable Interest Entity [Line Items]    
Fixed maturity securities, available-for-sale 6,243 6,424
Other investments [1] 1,124 369
Assets $ 7,367 $ 6,793
[1] Consists entirely of alternative investments in limited partnerships
v3.25.0.1
INVESTMENTS - Securities Lending Transactions Accounted for as Secured Borrowings (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending transactions $ 2,037 $ 1,503
Gross amount of recognized liabilities for securities lending 2,037 1,503
Japan government and agencies    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending transactions 1,027 737
Public utilities    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending transactions 34 19
Banks/financial institutions    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending transactions 193 72
Other corporate    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending transactions 783 675
Maturity Overnight and Continuous    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending transactions [1] 1,010 766
Maturity Overnight and Continuous | Japan government and agencies    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending transactions [1] 0 0
Maturity Overnight and Continuous | Public utilities    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending transactions [1] 34 19
Maturity Overnight and Continuous | Banks/financial institutions    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending transactions [1] 193 72
Maturity Overnight and Continuous | Other corporate    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending transactions [1] 783 675
Maturity up to 30 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending transactions 1,027 737
Maturity up to 30 Days | Japan government and agencies    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending transactions 1,027 737
Maturity up to 30 Days | Public utilities    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending transactions 0 0
Maturity up to 30 Days | Banks/financial institutions    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending transactions 0 0
Maturity up to 30 Days | Other corporate    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending transactions $ 0 $ 0
[1] The related loaned security, under the Company's U.S. securities lending program, can be returned to the Company at the transferee's discretion; therefore, they are classified as Overnight and Continuous.
v3.25.0.1
INVESTMENTS - Additional Information (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
investment
Dec. 31, 2023
USD ($)
investment
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Schedule of Investments [Line Items]        
Held to maturity securities transferred to available for sale securities, number of investments | investment 0 0    
Equity securities, FV-NI, unrealized gain (loss) $ 118 $ 63 $ (340)  
Transitional real estate loan commitments 273      
Middle market loan commitments 739      
Other loans commitments 1      
Nonaccrual loans, interest income 2 0 0  
Financing receivable, modified, commitment to lend 14      
Fixed maturity securities, held-to-maturity, amortized cost 15,971 17,824    
Financing receivable, allowance for credit loss 355 274    
Real estate owned, held-and-used   210    
Real estate owned, held-for-sale   17    
REO, accumulated depreciation 14      
Limited partnerships investment commitments $ 2,800 2,300    
Percentage that the lending policy requires that the fair value of the securities and/or unrestricted cash received as collateral be of the fair value of the loaned securities 102.00%      
Percentage that the lending policy requires that the fair value of the unrestricted cash received as collateral be of the fair value of the loaned securities 100.00%      
Securities received as collateral $ 3,000 4,300    
Repurchase agreements and repurchase to maturity transactions outstanding 0 0    
Fair value of debt securities on deposit with regulatory authorities in the United States and Japan 20      
Variable Interest Entity, Not Consolidated        
Schedule of Investments [Line Items]        
Limited partnerships investment commitments 2,100 2,000    
Real estate owned        
Schedule of Investments [Line Items]        
Depreciation 13      
Transitional real estate loans        
Schedule of Investments [Line Items]        
Nonaccrual loans, no allowance 140 160    
Financing receivable, allowance for credit loss 199 112 54 $ 68
Transitional real estate loans | Potential Foreclosure or Deed-in-lieu Foreclosure        
Schedule of Investments [Line Items]        
Loans in anticipation of potential foreclosure or deed in lieu of foreclosure 390      
Financing receivable, allowance for credit loss 57      
Middle market loans        
Schedule of Investments [Line Items]        
Nonaccrual loans, no allowance 5 0    
Financing receivable, allowance for credit loss 140 146 129 96
Middle market loans | Extended maturity and interest rate reduction        
Schedule of Investments [Line Items]        
Loan modification, amortized cost [1] 15      
Commercial mortgage loans        
Schedule of Investments [Line Items]        
Financing receivable, allowance for credit loss $ 14 $ 16 $ 9 $ 10
California | Commercial mortgage and transitional real estate loans | Mortgages        
Schedule of Investments [Line Items]        
Concentration Risk, Percentage 21.00%      
Texas | Commercial mortgage and transitional real estate loans | Mortgages        
Schedule of Investments [Line Items]        
Concentration Risk, Percentage 13.00%      
Florida | Commercial mortgage and transitional real estate loans | Mortgages        
Schedule of Investments [Line Items]        
Concentration Risk, Percentage 10.00%      
Japan government and agencies | Zero-credit-loss expectation        
Schedule of Investments [Line Items]        
Fixed maturity securities, held-to-maturity, amortized cost $ 15,200      
[1] Net of allowance for credit losses
v3.25.0.1
DERIVATIVE INSTRUMENTS - Summary of Balance Sheet Classification of Derivative Fair Value Amounts, as well as Gross Asset and Liability Fair Value Amounts (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Derivatives, Fair Value [Line Items]    
Notional Amount $ 46,744 $ 57,049
Derivative Asset, Fair Value 240 337
Derivative Liability, Fair Value $ 933 $ 1,430
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Other Other
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Other Liabilities Other Liabilities
Cash flow hedges    
Derivatives, Fair Value [Line Items]    
Notional Amount $ 18 $ 18
Derivative Asset, Fair Value 0 0
Derivative Liability, Fair Value 6 4
Cash flow hedges | Foreign currency swaps | Variable Interest Entity, Consolidated    
Derivatives, Fair Value [Line Items]    
Notional Amount 18 18
Derivative Asset, Fair Value 0 0
Derivative Liability, Fair Value 6 4
Fair value hedges    
Derivatives, Fair Value [Line Items]    
Notional Amount 0 2,158
Derivative Asset, Fair Value 0 0
Derivative Liability, Fair Value 0 0
Fair value hedges | Foreign currency options    
Derivatives, Fair Value [Line Items]    
Notional Amount 0 2,158
Derivative Asset, Fair Value 0 0
Derivative Liability, Fair Value 0 0
Net investment hedge    
Derivatives, Fair Value [Line Items]    
Notional Amount 1,809 3,067
Derivative Asset, Fair Value 185 179
Derivative Liability, Fair Value 0 27
Net investment hedge | Foreign currency forwards    
Derivatives, Fair Value [Line Items]    
Notional Amount 1,809 2,611
Derivative Asset, Fair Value 185 179
Derivative Liability, Fair Value 0 27
Net investment hedge | Foreign currency options    
Derivatives, Fair Value [Line Items]    
Notional Amount 0 456
Derivative Asset, Fair Value 0 0
Derivative Liability, Fair Value 0 0
Non-qualifying strategies    
Derivatives, Fair Value [Line Items]    
Notional Amount 44,917 51,806
Derivative Asset, Fair Value 55 158
Derivative Liability, Fair Value 927 1,399
Non-qualifying strategies | Foreign currency swaps | Variable Interest Entity, Consolidated    
Derivatives, Fair Value [Line Items]    
Notional Amount 3,042 3,417
Derivative Asset, Fair Value 53 55
Derivative Liability, Fair Value 598 503
Non-qualifying strategies | Foreign currency swaps | Consolidated Entity Excluding Variable Interest Entities (VIE)    
Derivatives, Fair Value [Line Items]    
Notional Amount 450 1,200
Derivative Asset, Fair Value 2 31
Derivative Liability, Fair Value 0 0
Non-qualifying strategies | Foreign currency forwards    
Derivatives, Fair Value [Line Items]    
Notional Amount 0 7,402
Derivative Asset, Fair Value 0 59
Derivative Liability, Fair Value 0 477
Non-qualifying strategies | Foreign currency options    
Derivatives, Fair Value [Line Items]    
Notional Amount 24,195 22,557
Derivative Asset, Fair Value 0 2
Derivative Liability, Fair Value 0 0
Non-qualifying strategies | Interest rate swaps    
Derivatives, Fair Value [Line Items]    
Notional Amount 17,230 17,230
Derivative Asset, Fair Value 0 11
Derivative Liability, Fair Value $ 329 $ 419
v3.25.0.1
DERIVATIVE INSTRUMENTS - Gains (Losses) Recognized on Fair Value Hedging Relationships (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]    
Total gains (losses) recognized for derivatives $ (65) $ (18)
Gains (losses) on derivatives excluded from effectiveness testing [1] (65) (18)
Gain (losses) on derivatives included in effectiveness testing [2] 0 0
Gains (losses) recognized for hedged items [2] 0 0
Net realized gains (losses) recognized for fair value hedge 0 0
Fixed maturity securities | Foreign currency options    
Derivative Instruments, Gain (Loss) [Line Items]    
Total gains (losses) recognized for derivatives (65) (18)
Gains (losses) on derivatives excluded from effectiveness testing [1] (65) (18)
Gain (losses) on derivatives included in effectiveness testing [2] 0 0
Gains (losses) recognized for hedged items [2] 0 0
Net realized gains (losses) recognized for fair value hedge $ 0 $ 0
[1] Gains (losses) excluded from effectiveness testing includes the forward point on foreign currency forwards and time value change on foreign currency options which are reported in the consolidated statements of earnings as net investment gains (losses). It also includes the change in the fair value of the interest rate swaptions related to the time value of the swaptions which is recognized as a component of other comprehensive income (loss).
[2] Gains and losses on foreign currency forwards and options and related hedged items are reported in the consolidated statements of earnings as net investment gains (losses). For interest rate swaptions and related hedged items, gains and losses included in the hedge assessment, premium amortization and time value amortization while the hedge items are still outstanding are reported within net investment income. The time value gains and losses for interest rate swaptions when the related hedged items are redeemed are reported in net investment gains (losses) consistent with the impact of the hedged item. For the years ended December 31, 2023 and 2022, gains and losses included in the hedge assessment on interest rate swaptions and related hedged items were immaterial.
v3.25.0.1
DERIVATIVE INSTRUMENTS - Schedule of Interest Rate Fair Value Hedges Hedged Items (Detail) - Fixed maturity securities - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Carrying Amount of Hedged Assets/ (Liabilities) [1] $ 1,294 $ 1,692
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of Hedged Assets/ (Liabilities) $ 137 $ 164
[1] The balance includes hedging adjustment on discontinued hedging relationships of $137 in 2024 and $164 in 2023.
v3.25.0.1
DERIVATIVE INSTRUMENTS - Derivatives and Hedging Instruments Gain (Loss) Summary (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]      
Unrealized gains (losses) on derivatives during period $ 3 $ 6 $ 4
Unrealized foreign currency translation gains (losses) during period (769) (366) (1,034)
Derivative and non-derivative hedging instruments gain (loss) recognized in other comprehensive income effective portion before tax 687 576 1,048
Reclassification out of Accumulated Other Comprehensive Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative instruments, cash flow hedges, gains (losses) reclassified from accumulated other comprehensive income into earnings (4) (4) (4)
Other comprehensive income (loss), derivative, excluded Component, increase (decrease), before adjustments and tax (1) (1) (1)
Net investment income      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in income on derivative $ (2) $ (2) $ (1)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Net investment income Net investment income Net investment income
Net investment gains (losses)      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in income on derivative $ (363) $ (531) $ (1,151)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Net investment gains (losses) Net investment gains (losses) Net investment gains (losses)
Cash flow hedges      
Derivative Instruments, Gain (Loss) [Line Items]      
Unrealized gains (losses) on derivatives during period $ 2 $ 5 $ 4
Cash flow hedges | Net investment income      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in income on derivative (1) (1) (1)
Cash flow hedges | Net investment gains (losses)      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in income on derivative [1] (4) (4) (4)
Cash flow hedges | Foreign currency swaps | Variable Interest Entity, Consolidated      
Derivative Instruments, Gain (Loss) [Line Items]      
Unrealized gains (losses) on derivatives during period 2 5 4
Cash flow hedges | Foreign currency swaps | Variable Interest Entity, Consolidated | Net investment income      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in income on derivative (1) (1) (1)
Cash flow hedges | Foreign currency swaps | Variable Interest Entity, Consolidated | Net investment gains (losses)      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in income on derivative (4) (4) (4)
Fair value hedges | Net investment income      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in income on derivative (1) (1) 0
Fair value hedges | Net investment gains (losses)      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in income on derivative 0 (65) (18)
Fair value hedges | Foreign currency options      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in income on derivative 0 (65) (18)
Fair value hedges | Interest rate swaptions      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in other comprehensive income on derivative [2] 1 1 0
Fair value hedges | Interest rate swaptions | Net investment income      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in income on derivative [2] (1) (1) 0
Fair value hedges | Interest rate swaptions | Net investment gains (losses)      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in income on derivative [2] 0 0 0
Net investment hedge      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in income on derivative 138 229 (81)
Unrealized foreign currency translation gains (losses) during period 684 570 1,044
Net investment hedge | Foreign currency options      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in income on derivative 0 (5) (1)
Unrealized foreign currency translation gains (losses) during period 0 0 0
Net investment hedge | Non-derivative hedging Instruments      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in income on derivative 0 0 0
Unrealized foreign currency translation gains (losses) during period 426 257 371
Net investment hedge | Foreign currency forwards      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in income on derivative 138 234 (80)
Unrealized foreign currency translation gains (losses) during period 258 313 673
Non-qualifying strategies      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in income on derivative (497) (691) (1,048)
Non-qualifying strategies | Foreign currency swaps | Variable Interest Entity, Consolidated      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in income on derivative (215) (201) 9
Non-qualifying strategies | Foreign currency swaps | Consolidated Entity Excluding Variable Interest Entities (VIE)      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in income on derivative 2 4 159
Non-qualifying strategies | Foreign currency options      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in income on derivative (107) (53) 0
Non-qualifying strategies | Interest rate swaptions      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in income on derivative 0 0 1
Non-qualifying strategies | Foreign currency forwards      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in income on derivative 17 (349) (650)
Non-qualifying strategies | Interest rate swaps      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in income on derivative (194) (88) (546)
Non-qualifying strategies | Forward bond purchase commitment | Variable Interest Entity, Consolidated      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in income on derivative $ 0 $ (4) $ (21)
[1] Impact of cash flow hedges reported as net investment gains (losses) includes $4 of losses reclassified from accumulated other comprehensive income (loss) into earnings during the year ended December 31, 2024, compared with $4 of losses during the years ended December 31, 2023 and 2022, respectively.
[2] Includes $1 of losses reclassified from accumulated other comprehensive income (loss) into earnings during the year ended December 31, 2024, compared with $1 of losses during the years ended December 31, 2023 and 2022, respectively, related to fair value hedges excluded component. Impact shown net of effect of hedged items (see Fair Value Hedges section of this Note 4 for further detail).
v3.25.0.1
DERIVATIVE INSTRUMENTS - Offsetting of Financial Assets and Derivative Assets (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Offsetting Assets [Line Items]    
Gross amount of recognized derivative assets $ 187 $ 282
Gross amount of liabilities offset in balance sheet 0 0
Net amount of derivative assets presented in balance sheet 187 282
Financial instruments, amounts not offset 0 (96)
Derivative, collateral, obligation to return securities (45) (53)
Derivative, collateral, obligation to return cash (135) (130)
Derivative asset, fair value, amount offset against collateral, subject to master netting agreement 7 3
Derivative asset, not subject to master netting arrangement 53 55
Derivative asset, fair value, gross asset including not subject to master netting arrangement 240 337
Net amounts of derivative assets presented in balance sheet 240 337
Derivative asset, fair value, amount offset against collateral 60 58
Securities lending, gross amounts of recognized financial instruments 2,001 1,480
Securities lending, gross amounts offset in balance sheet 0 0
Securities lending, net amounts of assets presented in balance sheet 2,001 1,480
Securities lending, carrying value of financial instruments not offset in balance sheet 0 0
Securities lending, securities collateral, not offset in balance sheet 0 0
Securities lending, cash collateral, not offset in balance sheet (2,001) (1,480)
Securities lending, financial instruments, amount of assets offset against collateral 0 0
Gross amount of recognized assets 2,241 1,817
Gross amounts offset in balance sheet 0 0
Net amounts of assets presented in balance sheet 2,241 1,817
Carrying value of financial instruments not offset in balance sheet 0 (96)
Securities collateral, not offset in balance sheet (45) (53)
Cash collateral, not offset in balance sheet (2,136) (1,610)
Financial instruments, amount of assets offset against collateral 60 58
Over the Counter - Bilateral    
Offsetting Assets [Line Items]    
Gross amount of recognized derivative assets 187 271
Gross amount of liabilities offset in balance sheet 0 0
Net amount of derivative assets presented in balance sheet 187 271
Financial instruments, amounts not offset 0 (85)
Derivative, collateral, obligation to return securities (45) (53)
Derivative, collateral, obligation to return cash (135) (130)
Derivative asset, fair value, amount offset against collateral, subject to master netting agreement 7 3
Derivative asset, not subject to master netting arrangement $ 53 55
Over the Counter - Cleared    
Offsetting Assets [Line Items]    
Gross amount of recognized derivative assets   11
Gross amount of liabilities offset in balance sheet   0
Net amount of derivative assets presented in balance sheet   11
Financial instruments, amounts not offset   (11)
Derivative, collateral, obligation to return securities   0
Derivative, collateral, obligation to return cash   0
Derivative asset, fair value, amount offset against collateral, subject to master netting agreement   $ 0
v3.25.0.1
DERIVATIVE INSTRUMENTS - Offsetting of Financial Liabilities and Derivative Liabilities (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Offsetting Liabilities [Line Items]    
Gross amount of recognized derivative liabilities $ 329 $ 923
Gross amount of assets offset in balance sheet 0 0
Derivative liability, fair value, amount not offset against collateral 329 923
Financial instruments, amounts not offset 0 (96)
Derivative, collateral, right to reclaim securities 0 (400)
Derivative, collateral, right to reclaim cash (329) (426)
Derivative liability, fair value, amount offset against collateral, subject to master netting agreement 0 1
Derivative liability, not subject to master netting arrangement 604  
Derivative liability, fair value, gross liability including not subject to master netting arrangement 933 1,430
Net amount of derivative liabilities presented in balance sheet 933 1,430
Derivative liability, fair value, amount offset against collateral 604 508
Securities lending, gross amounts of recognized financial instruments, offsetting liabilities 2,037 1,503
Securities lending, gross amounts offset in statement of financial position, offsetting liabilities 0 0
Securities lending, net amounts of financial instruments presented in balance sheet, offsetting liabilities 2,037 1,503
Securities lending, carrying value of financial instruments, liabilities not offset in balance sheet (2,001) (1,480)
Securities lending, securities collateral, liabilities not offset in balance sheet 0 0
Securities lending, cash collateral, liabilities not offset in balance sheet 0 0
Securities lending, financial instruments, amount of liabilities offset against collateral 36 23
Gross amounts of recognized financial instruments, offsetting liabilities 2,970 2,933
Gross amounts offset in statement of financial position, offsetting liabilities 0 0
Net amounts of financial instruments presented in balance sheet, offsetting liabilities 2,970 2,933
Carrying value of financial instruments, liabilities not offset in balance sheet (2,001) (1,576)
Securities collateral, liabilities not offset in balance sheet 0 (400)
Cash collateral, liabilities not offset in balance sheet (329) (426)
Financial instruments, amount of liabilities offset against collateral 640 531
Over the Counter - Bilateral    
Offsetting Liabilities [Line Items]    
Gross amount of recognized derivative liabilities   504
Gross amount of assets offset in balance sheet   0
Derivative liability, fair value, amount not offset against collateral   504
Financial instruments, amounts not offset   (85)
Derivative, collateral, right to reclaim securities   (381)
Derivative, collateral, right to reclaim cash   (37)
Derivative liability, fair value, amount offset against collateral, subject to master netting agreement   1
Derivative liability, not subject to master netting arrangement 604 507
Over the Counter - Cleared    
Offsetting Liabilities [Line Items]    
Gross amount of recognized derivative liabilities 329 419
Gross amount of assets offset in balance sheet 0 0
Derivative liability, fair value, amount not offset against collateral 329 419
Financial instruments, amounts not offset 0 (11)
Derivative, collateral, right to reclaim securities 0 (19)
Derivative, collateral, right to reclaim cash (329) (389)
Derivative liability, fair value, amount offset against collateral, subject to master netting agreement $ 0 $ 0
v3.25.0.1
DERIVATIVE INSTRUMENTS - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Line Items]    
Maximum Length of Time Hedged in Cash Flow Hedge 2 years  
Fair value hedges $ 0  
Fair value hedges of interest rate risk 0 $ 0
Derivative, notional amount 46,744 57,049
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred (4)  
Derivative, net liability position, aggregate fair value 804 $ 1,200
Additional collateral, aggregate fair value 475  
Interest rate swaps | Senior notes    
Derivative Instruments and Hedging Activities Disclosure [Line Items]    
Derivative, notional amount $ 450  
v3.25.0.1
FAIR VALUE MEASUREMENTS - Fair Value Hierarchy Levels of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Assets:    
Fixed maturity securities, available-for-sale $ 65,269 $ 73,290
Equity securities 796 1,088
Other investments 1,599 1,304
Cash and cash equivalents 6,229 4,306
Asset derivatives 240 337
Total assets 74,133 80,325
Liabilities:    
Liability derivatives 933 1,430
Total liabilities 933 1,430
Foreign currency swaps    
Assets:    
Asset derivatives 55 86
Liabilities:    
Liability derivatives 604 507
Foreign currency forwards    
Assets:    
Asset derivatives 185 238
Liabilities:    
Liability derivatives   504
Foreign currency options    
Assets:    
Asset derivatives   2
Interest rate swaps    
Assets:    
Asset derivatives   11
Liabilities:    
Liability derivatives 329 419
Government and agencies    
Assets:    
Fixed maturity securities, available-for-sale 17,846 22,600
Municipalities    
Assets:    
Fixed maturity securities, available-for-sale 2,034 2,298
Mortgage- and asset-backed securities    
Assets:    
Fixed maturity securities, available-for-sale 3,563 3,086
Public utilities    
Assets:    
Fixed maturity securities, available-for-sale 7,045 7,592
Sovereign and supranational    
Assets:    
Fixed maturity securities, available-for-sale 416 537
Banks/financial institutions    
Assets:    
Fixed maturity securities, available-for-sale 8,956 8,835
Other corporate    
Assets:    
Fixed maturity securities, available-for-sale 25,409 28,342
Level 1    
Assets:    
Fixed maturity securities, available-for-sale 17,088 21,700
Equity securities 639 840
Other investments 1,599 1,304
Cash and cash equivalents 6,229 4,306
Asset derivatives 0 0
Total assets 25,555 28,150
Liabilities:    
Total liabilities 0 0
Level 1 | Foreign currency swaps    
Assets:    
Asset derivatives 0 0
Liabilities:    
Liability derivatives 0 0
Level 1 | Foreign currency forwards    
Assets:    
Asset derivatives 0 0
Liabilities:    
Liability derivatives   0
Level 1 | Foreign currency options    
Assets:    
Asset derivatives   0
Level 1 | Interest rate swaps    
Assets:    
Asset derivatives   0
Liabilities:    
Liability derivatives 0 0
Level 1 | Government and agencies    
Assets:    
Fixed maturity securities, available-for-sale 17,088 21,700
Level 1 | Municipalities    
Assets:    
Fixed maturity securities, available-for-sale 0 0
Level 1 | Mortgage- and asset-backed securities    
Assets:    
Fixed maturity securities, available-for-sale 0 0
Level 1 | Public utilities    
Assets:    
Fixed maturity securities, available-for-sale 0 0
Level 1 | Sovereign and supranational    
Assets:    
Fixed maturity securities, available-for-sale 0 0
Level 1 | Banks/financial institutions    
Assets:    
Fixed maturity securities, available-for-sale 0 0
Level 1 | Other corporate    
Assets:    
Fixed maturity securities, available-for-sale 0 0
Level 2    
Assets:    
Fixed maturity securities, available-for-sale 46,114 49,809
Equity securities 0 0
Other investments 0 0
Cash and cash equivalents 0 0
Asset derivatives 240 337
Total assets 46,354 50,146
Liabilities:    
Total liabilities 933 1,430
Level 2 | Foreign currency swaps    
Assets:    
Asset derivatives 55 86
Liabilities:    
Liability derivatives 604 507
Level 2 | Foreign currency forwards    
Assets:    
Asset derivatives 185 238
Liabilities:    
Liability derivatives   504
Level 2 | Foreign currency options    
Assets:    
Asset derivatives   2
Level 2 | Interest rate swaps    
Assets:    
Asset derivatives   11
Liabilities:    
Liability derivatives 329 419
Level 2 | Government and agencies    
Assets:    
Fixed maturity securities, available-for-sale 758 900
Level 2 | Municipalities    
Assets:    
Fixed maturity securities, available-for-sale 2,034 2,298
Level 2 | Mortgage- and asset-backed securities    
Assets:    
Fixed maturity securities, available-for-sale 2,407 2,314
Level 2 | Public utilities    
Assets:    
Fixed maturity securities, available-for-sale 6,398 7,339
Level 2 | Sovereign and supranational    
Assets:    
Fixed maturity securities, available-for-sale 393 507
Level 2 | Banks/financial institutions    
Assets:    
Fixed maturity securities, available-for-sale 8,946 8,757
Level 2 | Other corporate    
Assets:    
Fixed maturity securities, available-for-sale 25,178 27,694
Level 3    
Assets:    
Fixed maturity securities, available-for-sale 2,067 1,781
Equity securities 157 248
Other investments 0 0
Cash and cash equivalents 0 0
Asset derivatives 0 0
Total assets 2,224 2,029
Liabilities:    
Total liabilities 0 0
Level 3 | Foreign currency swaps    
Assets:    
Asset derivatives 0 0
Liabilities:    
Liability derivatives 0 0
Level 3 | Foreign currency forwards    
Assets:    
Asset derivatives 0 0
Liabilities:    
Liability derivatives   0
Level 3 | Foreign currency options    
Assets:    
Asset derivatives   0
Level 3 | Interest rate swaps    
Assets:    
Asset derivatives   0
Liabilities:    
Liability derivatives 0 0
Level 3 | Government and agencies    
Assets:    
Fixed maturity securities, available-for-sale 0 0
Level 3 | Municipalities    
Assets:    
Fixed maturity securities, available-for-sale 0 0
Level 3 | Mortgage- and asset-backed securities    
Assets:    
Fixed maturity securities, available-for-sale 1,156 772
Level 3 | Public utilities    
Assets:    
Fixed maturity securities, available-for-sale 647 253
Level 3 | Sovereign and supranational    
Assets:    
Fixed maturity securities, available-for-sale 23 30
Level 3 | Banks/financial institutions    
Assets:    
Fixed maturity securities, available-for-sale 10 78
Level 3 | Other corporate    
Assets:    
Fixed maturity securities, available-for-sale $ 231 $ 648
v3.25.0.1
FAIR VALUE MEASUREMENTS - Fair Value Hierarchy Levels of Assets and Liabilities Carried at Cost or Amortized Cost (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other investments $ 5,958 $ 4,530
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 15,971 17,824
Fixed maturity securities, held-to-maturity, fair value 16,772 19,657
Commercial mortgage and other loans 10,869 12,527
Commercial mortgage and other loans, fair value 10,653 12,217
Other investments, carried at amortized cost 39 [1] 35 [2]
Other investments, carried at amortized cost, fair value 39 [1] 35 [2]
Total financial instruments, assets, not carried at fair value 26,874 30,381
Assets, fair value disclosure, financial instruments, carried at cost 27,464 31,909
Liabilities:    
Other policyholders’ funds 5,460 6,169
Other policyholders' funds fair value disclosure 5,389 6,080
Notes payable 7,402 7,240
Notes payable, fair value disclosure 7,027 6,930
Total financial instrument liabilities not carried at fair value 12,862 13,409
Liabilities fair value disclosure financial instruments carried at cost 12,416 13,010
Government and agencies    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 15,309 17,083
Fixed maturity securities, held-to-maturity, fair value 16,059 18,829
Municipalities    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 235 266
Fixed maturity securities, held-to-maturity, fair value 257 307
Public utilities    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 32 34
Fixed maturity securities, held-to-maturity, fair value 33 38
Sovereign and supranational    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 374 418
Fixed maturity securities, held-to-maturity, fair value 405 462
Other corporate    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 16 18
Fixed maturity securities, held-to-maturity, fair value 18 21
Policy loans    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other investments 203 214
Real estate owned    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other investments 682 227
Equity method investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other investments 3,435 2,750
Level 1    
Assets:    
Fixed maturity securities, held-to-maturity, fair value 15,916 18,662
Commercial mortgage and other loans, fair value 0 0
Other investments, carried at amortized cost, fair value 0 [1] 0 [2]
Assets, fair value disclosure, financial instruments, carried at cost 15,916 18,662
Liabilities:    
Other policyholders' funds fair value disclosure 0 0
Notes payable, fair value disclosure 0 0
Liabilities fair value disclosure financial instruments carried at cost 0 0
Level 1 | Government and agencies    
Assets:    
Fixed maturity securities, held-to-maturity, fair value 15,916 18,662
Level 1 | Municipalities    
Assets:    
Fixed maturity securities, held-to-maturity, fair value 0 0
Level 1 | Public utilities    
Assets:    
Fixed maturity securities, held-to-maturity, fair value 0 0
Level 1 | Sovereign and supranational    
Assets:    
Fixed maturity securities, held-to-maturity, fair value 0 0
Level 1 | Other corporate    
Assets:    
Fixed maturity securities, held-to-maturity, fair value 0 0
Level 2    
Assets:    
Fixed maturity securities, held-to-maturity, fair value 856 995
Commercial mortgage and other loans, fair value 0 0
Other investments, carried at amortized cost, fair value 39 [1] 35 [2]
Assets, fair value disclosure, financial instruments, carried at cost 895 1,030
Liabilities:    
Other policyholders' funds fair value disclosure 0 0
Notes payable, fair value disclosure 6,352 6,178
Liabilities fair value disclosure financial instruments carried at cost 6,352 6,178
Level 2 | Government and agencies    
Assets:    
Fixed maturity securities, held-to-maturity, fair value 143 167
Level 2 | Municipalities    
Assets:    
Fixed maturity securities, held-to-maturity, fair value 257 307
Level 2 | Public utilities    
Assets:    
Fixed maturity securities, held-to-maturity, fair value 33 38
Level 2 | Sovereign and supranational    
Assets:    
Fixed maturity securities, held-to-maturity, fair value 405 462
Level 2 | Other corporate    
Assets:    
Fixed maturity securities, held-to-maturity, fair value 18 21
Level 3    
Assets:    
Fixed maturity securities, held-to-maturity, fair value 0 0
Commercial mortgage and other loans, fair value 10,653 12,217
Other investments, carried at amortized cost, fair value 0 [1] 0 [2]
Assets, fair value disclosure, financial instruments, carried at cost 10,653 12,217
Liabilities:    
Other policyholders' funds fair value disclosure 5,389 6,080
Notes payable, fair value disclosure 675 752
Liabilities fair value disclosure financial instruments carried at cost 6,064 6,832
Level 3 | Government and agencies    
Assets:    
Fixed maturity securities, held-to-maturity, fair value 0 0
Level 3 | Municipalities    
Assets:    
Fixed maturity securities, held-to-maturity, fair value 0 0
Level 3 | Public utilities    
Assets:    
Fixed maturity securities, held-to-maturity, fair value 0 0
Level 3 | Sovereign and supranational    
Assets:    
Fixed maturity securities, held-to-maturity, fair value 0 0
Level 3 | Other corporate    
Assets:    
Fixed maturity securities, held-to-maturity, fair value $ 0 $ 0
[1] Excludes policy loans of $203, equity method investments of $3,435, and REO of $682, at carrying value.
[2] Excludes policy loans of $214, equity method investments of $2,750, and REO of $227, at carrying value.
v3.25.0.1
FAIR VALUE MEASUREMENTS - Fair Value Hierarchy Levels of Assets by Pricing Source, Securities Carried at Fair Value (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale $ 65,269 $ 73,290
Equity securities 796 1,088
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 17,088 21,700
Equity securities 639 840
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 46,114 49,809
Equity securities 0 0
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 2,067 1,781
Equity securities 157 248
Third-party pricing vendor    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Equity securities 639 800
Third-party pricing vendor | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Equity securities 639 800
Third-party pricing vendor | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Equity securities 0 0
Third-party pricing vendor | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Equity securities 0 0
Internal    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Equity securities 26 216
Internal | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Equity securities 0 0
Internal | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Equity securities 0 0
Internal | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Equity securities 26 216
Broker/other    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Equity securities 131 72
Broker/other | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Equity securities 0 40
Broker/other | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Equity securities 0 0
Broker/other | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Equity securities 131 32
Government and agencies    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 17,846 22,600
Government and agencies | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 17,088 21,700
Government and agencies | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 758 900
Government and agencies | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 0 0
Government and agencies | Third-party pricing vendor    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 17,534 22,500
Government and agencies | Third-party pricing vendor | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 17,088 21,692
Government and agencies | Third-party pricing vendor | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 446 808
Government and agencies | Third-party pricing vendor | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 0 0
Government and agencies | Internal    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 312 60
Government and agencies | Internal | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 0 0
Government and agencies | Internal | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 312 60
Government and agencies | Internal | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 0 0
Government and agencies | Broker/other    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale   40
Government and agencies | Broker/other | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale   8
Government and agencies | Broker/other | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale   32
Government and agencies | Broker/other | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale   0
Municipalities    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 2,034 2,298
Municipalities | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 0 0
Municipalities | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 2,034 2,298
Municipalities | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 0 0
Municipalities | Third-party pricing vendor    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 1,791 1,426
Municipalities | Third-party pricing vendor | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 0 0
Municipalities | Third-party pricing vendor | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 1,791 1,426
Municipalities | Third-party pricing vendor | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 0 0
Municipalities | Internal    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 243 256
Municipalities | Internal | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 0 0
Municipalities | Internal | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 243 256
Municipalities | Internal | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 0 0
Municipalities | Broker/other    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale   616
Municipalities | Broker/other | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale   0
Municipalities | Broker/other | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale   616
Municipalities | Broker/other | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale   0
Mortgage- and asset-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 3,563 3,086
Mortgage- and asset-backed securities | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 0 0
Mortgage- and asset-backed securities | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 2,407 2,314
Mortgage- and asset-backed securities | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 1,156 772
Mortgage- and asset-backed securities | Third-party pricing vendor    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 2,352 2,277
Mortgage- and asset-backed securities | Third-party pricing vendor | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 0 0
Mortgage- and asset-backed securities | Third-party pricing vendor | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 2,352 2,277
Mortgage- and asset-backed securities | Third-party pricing vendor | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 0 0
Mortgage- and asset-backed securities | Internal    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 92 132
Mortgage- and asset-backed securities | Internal | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 0 0
Mortgage- and asset-backed securities | Internal | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 55 27
Mortgage- and asset-backed securities | Internal | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 37 105
Mortgage- and asset-backed securities | Broker/other    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 1,119 677
Mortgage- and asset-backed securities | Broker/other | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 0 0
Mortgage- and asset-backed securities | Broker/other | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 0 10
Mortgage- and asset-backed securities | Broker/other | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 1,119 667
Public utilities    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 7,045 7,592
Public utilities | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 0 0
Public utilities | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 6,398 7,339
Public utilities | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 647 253
Public utilities | Third-party pricing vendor    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 3,628 4,570
Public utilities | Third-party pricing vendor | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 0 0
Public utilities | Third-party pricing vendor | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 3,628 4,570
Public utilities | Third-party pricing vendor | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 0 0
Public utilities | Internal    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 2,770 2,677
Public utilities | Internal | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 0 0
Public utilities | Internal | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 2,770 2,677
Public utilities | Internal | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 0 0
Public utilities | Broker/other    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 647 345
Public utilities | Broker/other | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 0 0
Public utilities | Broker/other | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 0 92
Public utilities | Broker/other | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 647 253
Sovereign and supranational    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 416 537
Sovereign and supranational | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 0 0
Sovereign and supranational | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 393 507
Sovereign and supranational | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 23 30
Sovereign and supranational | Third-party pricing vendor    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 78 118
Sovereign and supranational | Third-party pricing vendor | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 0 0
Sovereign and supranational | Third-party pricing vendor | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 78 118
Sovereign and supranational | Third-party pricing vendor | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 0 0
Sovereign and supranational | Internal    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 315 330
Sovereign and supranational | Internal | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 0 0
Sovereign and supranational | Internal | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 315 330
Sovereign and supranational | Internal | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 0 0
Sovereign and supranational | Broker/other    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 23 89
Sovereign and supranational | Broker/other | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 0 0
Sovereign and supranational | Broker/other | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 0 59
Sovereign and supranational | Broker/other | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 23 30
Banks/financial institutions    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 8,956 8,835
Banks/financial institutions | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 0 0
Banks/financial institutions | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 8,946 8,757
Banks/financial institutions | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 10 78
Banks/financial institutions | Third-party pricing vendor    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 4,975 5,085
Banks/financial institutions | Third-party pricing vendor | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 0 0
Banks/financial institutions | Third-party pricing vendor | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 4,975 5,085
Banks/financial institutions | Third-party pricing vendor | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 0 0
Banks/financial institutions | Internal    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 3,976 3,077
Banks/financial institutions | Internal | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 0 0
Banks/financial institutions | Internal | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 3,971 3,008
Banks/financial institutions | Internal | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 5 69
Banks/financial institutions | Broker/other    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 5 673
Banks/financial institutions | Broker/other | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 0 0
Banks/financial institutions | Broker/other | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 0 664
Banks/financial institutions | Broker/other | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 5 9
Other corporate    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 25,409 28,342
Other corporate | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 0 0
Other corporate | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 25,178 27,694
Other corporate | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 231 648
Other corporate | Third-party pricing vendor    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 20,051 18,092
Other corporate | Third-party pricing vendor | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 0 0
Other corporate | Third-party pricing vendor | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 20,051 18,088
Other corporate | Third-party pricing vendor | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 0 4
Other corporate | Internal    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 5,243 4,440
Other corporate | Internal | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 0 0
Other corporate | Internal | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 5,127 4,210
Other corporate | Internal | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 116 230
Other corporate | Broker/other    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 115 5,810
Other corporate | Broker/other | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 0 0
Other corporate | Broker/other | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 0 5,396
Other corporate | Broker/other | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale $ 115 $ 414
v3.25.0.1
FAIR VALUE MEASUREMENTS - Fair Value Hierarchy Levels of Assets by Pricing Source, Securities Carried at Amortized Cost (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturity securities, held-to-maturity, fair value $ 16,772 $ 19,657
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturity securities, held-to-maturity, fair value 15,916 18,662
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturity securities, held-to-maturity, fair value 856 995
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturity securities, held-to-maturity, fair value 0 0
Government and agencies    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturity securities, held-to-maturity, fair value 16,059 18,829
Government and agencies | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturity securities, held-to-maturity, fair value 15,916 18,662
Government and agencies | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturity securities, held-to-maturity, fair value 143 167
Government and agencies | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturity securities, held-to-maturity, fair value 0 0
Government and agencies | Third-party pricing vendor    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturity securities, held-to-maturity, fair value 16,059 18,829
Government and agencies | Third-party pricing vendor | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturity securities, held-to-maturity, fair value 15,916 18,662
Government and agencies | Third-party pricing vendor | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturity securities, held-to-maturity, fair value 143 167
Government and agencies | Third-party pricing vendor | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturity securities, held-to-maturity, fair value 0 0
Municipalities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturity securities, held-to-maturity, fair value 257 307
Municipalities | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturity securities, held-to-maturity, fair value 0 0
Municipalities | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturity securities, held-to-maturity, fair value 257 307
Municipalities | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturity securities, held-to-maturity, fair value 0 0
Municipalities | Third-party pricing vendor    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturity securities, held-to-maturity, fair value 257 307
Municipalities | Third-party pricing vendor | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturity securities, held-to-maturity, fair value 0 0
Municipalities | Third-party pricing vendor | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturity securities, held-to-maturity, fair value 257 307
Municipalities | Third-party pricing vendor | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturity securities, held-to-maturity, fair value 0 0
Public utilities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturity securities, held-to-maturity, fair value 33 38
Public utilities | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturity securities, held-to-maturity, fair value 0 0
Public utilities | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturity securities, held-to-maturity, fair value 33 38
Public utilities | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturity securities, held-to-maturity, fair value 0 0
Public utilities | Third-party pricing vendor    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturity securities, held-to-maturity, fair value 33 38
Public utilities | Third-party pricing vendor | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturity securities, held-to-maturity, fair value 0 0
Public utilities | Third-party pricing vendor | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturity securities, held-to-maturity, fair value 33 38
Public utilities | Third-party pricing vendor | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturity securities, held-to-maturity, fair value 0 0
Sovereign and supranational    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturity securities, held-to-maturity, fair value 405 462
Sovereign and supranational | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturity securities, held-to-maturity, fair value 0 0
Sovereign and supranational | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturity securities, held-to-maturity, fair value 405 462
Sovereign and supranational | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturity securities, held-to-maturity, fair value 0 0
Sovereign and supranational | Third-party pricing vendor    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturity securities, held-to-maturity, fair value 198 226
Sovereign and supranational | Third-party pricing vendor | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturity securities, held-to-maturity, fair value 0 0
Sovereign and supranational | Third-party pricing vendor | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturity securities, held-to-maturity, fair value 198 226
Sovereign and supranational | Third-party pricing vendor | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturity securities, held-to-maturity, fair value 0 0
Sovereign and supranational | Internal    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturity securities, held-to-maturity, fair value 207 236
Sovereign and supranational | Internal | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturity securities, held-to-maturity, fair value 0 0
Sovereign and supranational | Internal | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturity securities, held-to-maturity, fair value 207 236
Sovereign and supranational | Internal | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturity securities, held-to-maturity, fair value 0 0
Other corporate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturity securities, held-to-maturity, fair value 18 21
Other corporate | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturity securities, held-to-maturity, fair value 0 0
Other corporate | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturity securities, held-to-maturity, fair value 18 21
Other corporate | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturity securities, held-to-maturity, fair value 0 0
Other corporate | Third-party pricing vendor    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturity securities, held-to-maturity, fair value 18 21
Other corporate | Third-party pricing vendor | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturity securities, held-to-maturity, fair value 0 0
Other corporate | Third-party pricing vendor | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturity securities, held-to-maturity, fair value 18 21
Other corporate | Third-party pricing vendor | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturity securities, held-to-maturity, fair value $ 0 $ 0
v3.25.0.1
FAIR VALUE MEASUREMENTS - Changes in Investments Carried at Fair Value Classified as Level 3 (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance, beginning of period $ 2,029 $ 1,987
Net investment gains (losses) included in earnings (5) 35
Unrealized gains (losses) included in other comprehensive income (loss) (30) 23
Purchases 761 669
Issuances 0 0
Sales (1) 0
Settlements (227) (186)
Transfers into Level 3 709 215
Transfers out of Level 3 (1,012) (714)
Balance, end of period 2,224 2,029
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities still held at the end of the period included in earnings $ (8) $ 40
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Net investment gains (losses) Net investment gains (losses)
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration] Total other comprehensive income (loss) before income taxes Total other comprehensive income (loss) before income taxes
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Net investment gains (losses), Total other comprehensive income (loss) before income taxes Net investment gains (losses), Total other comprehensive income (loss) before income taxes
Fixed maturity securities | Mortgage- and asset-backed securities    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance, beginning of period $ 772 $ 343
Net investment gains (losses) included in earnings 3 0
Unrealized gains (losses) included in other comprehensive income (loss) 2 1
Purchases 377 430
Issuances 0 0
Sales 0 0
Settlements (93) (154)
Transfers into Level 3 205 155
Transfers out of Level 3 (110) (3)
Balance, end of period 1,156 772
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities still held at the end of the period included in earnings 2 0
Fixed maturity securities | Public utilities    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance, beginning of period 253 497
Net investment gains (losses) included in earnings 1 0
Unrealized gains (losses) included in other comprehensive income (loss) (19) (2)
Purchases 179 46
Issuances 0 0
Sales 0 0
Settlements (33) (17)
Transfers into Level 3 499 18
Transfers out of Level 3 (233) (289)
Balance, end of period 647 253
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities still held at the end of the period included in earnings 0 0
Fixed maturity securities | Sovereign and supranational    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance, beginning of period 30 37
Net investment gains (losses) included in earnings 0 0
Unrealized gains (losses) included in other comprehensive income (loss) (3) (3)
Purchases 0 0
Issuances 0 0
Sales 0 0
Settlements (4) (4)
Transfers into Level 3 0 0
Transfers out of Level 3 0 0
Balance, end of period 23 30
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities still held at the end of the period included in earnings 0 0
Fixed maturity securities | Banks/financial institutions    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance, beginning of period 78 159
Net investment gains (losses) included in earnings 0 0
Unrealized gains (losses) included in other comprehensive income (loss) (9) 10
Purchases 9 0
Issuances 0 0
Sales 0 0
Settlements (9) (7)
Transfers into Level 3 0 3
Transfers out of Level 3 (59) (87)
Balance, end of period 10 78
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities still held at the end of the period included in earnings 0 0
Fixed maturity securities | Other corporate    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance, beginning of period 648 742
Net investment gains (losses) included in earnings 0 0
Unrealized gains (losses) included in other comprehensive income (loss) (1) 17
Purchases 193 183
Issuances 0 0
Sales 0 0
Settlements (4) (4)
Transfers into Level 3 5 39
Transfers out of Level 3 (610) (329)
Balance, end of period 231 648
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities still held at the end of the period included in earnings 0 0
Equity securities    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance, beginning of period 248 209
Net investment gains (losses) included in earnings (9) 35
Unrealized gains (losses) included in other comprehensive income (loss) 0 0
Purchases 3 10
Issuances 0 0
Sales (1) 0
Settlements (84) 0
Transfers into Level 3 0 0
Transfers out of Level 3 0 (6)
Balance, end of period 157 248
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities still held at the end of the period included in earnings $ (10) $ 40
v3.25.0.1
FAIR VALUE MEASUREMENTS - Fair Value Measurement Inputs and Valuation Techniques (Detail)
$ in Millions
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Fair Value Measurement Inputs and Valuation Technique    
Fixed maturity securities, available-for-sale $ 65,269 $ 73,290
Equity securities 796 1,088
Total assets 74,133 80,325
Level 3    
Fair Value Measurement Inputs and Valuation Technique    
Fixed maturity securities, available-for-sale 2,067 1,781
Equity securities 157 248
Total assets 2,224 2,029
Adjustd cost | Level 3 | Private financials    
Fair Value Measurement Inputs and Valuation Technique    
Equity securities 157 248
Mortgage- and asset-backed securities    
Fair Value Measurement Inputs and Valuation Technique    
Fixed maturity securities, available-for-sale 3,563 3,086
Mortgage- and asset-backed securities | Level 3    
Fair Value Measurement Inputs and Valuation Technique    
Fixed maturity securities, available-for-sale 1,156 772
Mortgage- and asset-backed securities | Consensus pricing valuation technique | Level 3 | Offered quotes    
Fair Value Measurement Inputs and Valuation Technique    
Fixed maturity securities, available-for-sale $ 1,156 $ 772
Mortgage- and asset-backed securities | Lower Limit | Consensus pricing valuation technique | Level 3 | Offered quotes    
Fair Value Measurement Inputs and Valuation Technique    
Fixed maturity securities, available-for-sale, measurement input [1] 84.08 84.81
Mortgage- and asset-backed securities | Upper Limit | Consensus pricing valuation technique | Level 3 | Offered quotes    
Fair Value Measurement Inputs and Valuation Technique    
Fixed maturity securities, available-for-sale, measurement input [1] 104.60 105.89
Mortgage- and asset-backed securities | Weighted Average | Consensus pricing valuation technique | Level 3 | Offered quotes    
Fair Value Measurement Inputs and Valuation Technique    
Fixed maturity securities, available-for-sale, measurement input [1] 99.07 99.39
Public utilities    
Fair Value Measurement Inputs and Valuation Technique    
Fixed maturity securities, available-for-sale $ 7,045 $ 7,592
Public utilities | Level 3    
Fair Value Measurement Inputs and Valuation Technique    
Fixed maturity securities, available-for-sale 647 253
Public utilities | Consensus pricing valuation technique | Level 3 | Offered quotes    
Fair Value Measurement Inputs and Valuation Technique    
Fixed maturity securities, available-for-sale   $ 253
Public utilities | Discounted cash flow technique | Level 3 | Credit spreads    
Fair Value Measurement Inputs and Valuation Technique    
Fixed maturity securities, available-for-sale $ 647  
Public utilities | Lower Limit | Consensus pricing valuation technique | Level 3 | Offered quotes    
Fair Value Measurement Inputs and Valuation Technique    
Fixed maturity securities, available-for-sale, measurement input [1]   94.34
Public utilities | Lower Limit | Discounted cash flow technique | Level 3 | Credit spreads    
Fair Value Measurement Inputs and Valuation Technique    
Fixed maturity securities, available-for-sale, measurement input [2] 0.0100  
Public utilities | Upper Limit | Consensus pricing valuation technique | Level 3 | Offered quotes    
Fair Value Measurement Inputs and Valuation Technique    
Fixed maturity securities, available-for-sale, measurement input [1]   102.99
Public utilities | Upper Limit | Discounted cash flow technique | Level 3 | Credit spreads    
Fair Value Measurement Inputs and Valuation Technique    
Fixed maturity securities, available-for-sale, measurement input [2] 0.0375  
Public utilities | Weighted Average | Consensus pricing valuation technique | Level 3 | Offered quotes    
Fair Value Measurement Inputs and Valuation Technique    
Fixed maturity securities, available-for-sale, measurement input [1]   96.46
Public utilities | Weighted Average | Discounted cash flow technique | Level 3 | Credit spreads    
Fair Value Measurement Inputs and Valuation Technique    
Fixed maturity securities, available-for-sale, measurement input [2] 0.0162  
Sovereign and supranational    
Fair Value Measurement Inputs and Valuation Technique    
Fixed maturity securities, available-for-sale $ 416 $ 537
Sovereign and supranational | Level 3    
Fair Value Measurement Inputs and Valuation Technique    
Fixed maturity securities, available-for-sale 23 30
Sovereign and supranational | Consensus pricing valuation technique | Level 3 | Offered quotes    
Fair Value Measurement Inputs and Valuation Technique    
Fixed maturity securities, available-for-sale 23 30
Banks/financial institutions    
Fair Value Measurement Inputs and Valuation Technique    
Fixed maturity securities, available-for-sale 8,956 8,835
Banks/financial institutions | Level 3    
Fair Value Measurement Inputs and Valuation Technique    
Fixed maturity securities, available-for-sale 10 78
Banks/financial institutions | Discounted cash flow technique | Level 3 | Credit spreads    
Fair Value Measurement Inputs and Valuation Technique    
Fixed maturity securities, available-for-sale   78
Banks/financial institutions | Adjustd cost | Level 3 | Private financials    
Fair Value Measurement Inputs and Valuation Technique    
Fixed maturity securities, available-for-sale 10  
Other corporate    
Fair Value Measurement Inputs and Valuation Technique    
Fixed maturity securities, available-for-sale 25,409 28,342
Other corporate | Level 3    
Fair Value Measurement Inputs and Valuation Technique    
Fixed maturity securities, available-for-sale 231 648
Other corporate | Discounted cash flow technique | Level 3 | Credit spreads    
Fair Value Measurement Inputs and Valuation Technique    
Fixed maturity securities, available-for-sale $ 231 $ 648
Other corporate | Lower Limit | Discounted cash flow technique | Level 3 | Credit spreads    
Fair Value Measurement Inputs and Valuation Technique    
Fixed maturity securities, available-for-sale, measurement input [2] 0.0091 0.0069
Other corporate | Upper Limit | Discounted cash flow technique | Level 3 | Credit spreads    
Fair Value Measurement Inputs and Valuation Technique    
Fixed maturity securities, available-for-sale, measurement input [2] 0.0294 0.0423
Other corporate | Weighted Average | Discounted cash flow technique | Level 3 | Credit spreads    
Fair Value Measurement Inputs and Valuation Technique    
Fixed maturity securities, available-for-sale, measurement input [2] 0.0173 0.0206
[1] Represents prices for securities where the Company receives unadjusted broker quotes and for which there is no transparency into the providers' valuation techniques.
[2] Actual or equivalent credit spreads in basis points.
v3.25.0.1
DEFERRED POLICY ACQUISITION COSTS - Schedule Of Deferred Policy Acquisition Costs (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Deferred Policy Acquisition Cost [Line Items]      
Balance, beginning of year $ 9,132 $ 9,239  
Capitalization 1,056 1,086  
Amortization expense (851) (816) $ (792)
Foreign currency translation and other (579) (377)  
Balance, end of year 8,758 9,132 9,239
Aflac Japan      
Deferred Policy Acquisition Cost [Line Items]      
Balance, beginning of year 5,559    
Amortization expense (321) (326) (338)
Balance, end of year 5,102 5,559  
Aflac Japan | Cancer      
Deferred Policy Acquisition Cost [Line Items]      
Balance, beginning of year 2,971 3,035  
Capitalization 300 317  
Amortization expense (184) (184)  
Foreign currency translation and other (311) (197)  
Balance, end of year 2,776 2,971 3,035
Aflac Japan | Medical and other health      
Deferred Policy Acquisition Cost [Line Items]      
Balance, beginning of year 2,041 2,161  
Capitalization 103 123  
Amortization expense (100) (105)  
Foreign currency translation and other (211) (138)  
Balance, end of year 1,833 2,041 2,161
Aflac Japan | Life insurance      
Deferred Policy Acquisition Cost [Line Items]      
Balance, beginning of year 491 525  
Capitalization 36 33  
Amortization expense (34) (34)  
Foreign currency translation and other (52) (33)  
Balance, end of year 441 491 525
Aflac Japan | Other      
Deferred Policy Acquisition Cost [Line Items]      
Balance, beginning of year 56 55  
Capitalization 4 8  
Amortization expense (3) (3)  
Foreign currency translation and other (5) (4)  
Balance, end of year 52 56 55
Aflac U.S.      
Deferred Policy Acquisition Cost [Line Items]      
Balance, beginning of year 3,573    
Amortization expense (530) (490) (455)
Balance, end of year 3,656 3,573  
Aflac U.S. | Life insurance      
Deferred Policy Acquisition Cost [Line Items]      
Balance, beginning of year 172 135  
Capitalization 77 61  
Amortization expense (30) (24)  
Foreign currency translation and other 0 0  
Balance, end of year 219 172 135
Aflac U.S. | Accident      
Deferred Policy Acquisition Cost [Line Items]      
Balance, beginning of year 917 904  
Capitalization 141 151  
Amortization expense (143) (138)  
Foreign currency translation and other 0 0  
Balance, end of year 915 917 904
Aflac U.S. | Disability      
Deferred Policy Acquisition Cost [Line Items]      
Balance, beginning of year 625 613  
Capitalization 129 125  
Amortization expense (118) (113)  
Foreign currency translation and other 0 0  
Balance, end of year 636 625 613
Aflac U.S. | Critical care      
Deferred Policy Acquisition Cost [Line Items]      
Balance, beginning of year 1,336 1,304  
Capitalization 165 173  
Amortization expense (153) (141)  
Foreign currency translation and other 0 0  
Balance, end of year 1,348 1,336 1,304
Aflac U.S. | Hospital indemnity      
Deferred Policy Acquisition Cost [Line Items]      
Balance, beginning of year 436 418  
Capitalization 89 84  
Amortization expense (73) (66)  
Foreign currency translation and other 0 0  
Balance, end of year 452 436 418
Aflac U.S. | Dental/vision      
Deferred Policy Acquisition Cost [Line Items]      
Balance, beginning of year 86 88  
Capitalization 12 10  
Amortization expense (12) (12)  
Foreign currency translation and other 0 0  
Balance, end of year 86 86 88
Aflac U.S. | Other      
Deferred Policy Acquisition Cost [Line Items]      
Balance, beginning of year 1 1  
Capitalization 0 1  
Amortization expense (1) 4  
Foreign currency translation and other 0 (5)  
Balance, end of year $ 0 $ 1 $ 1
v3.25.0.1
DEFERRED POLICY ACQUISITION COSTS - Additional Information (Detail)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Deferred Policy Acquisition Costs Disclosures [Abstract]      
Commissions deferred as a percentage of total acquisition costs 69.00% 67.00% 68.00%
v3.25.0.1
POLICY LIABILITIES - Schedule of Changes in Present Value of Expected Net Premiums and Expected Future Policy Benefits (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Present value of expected future policy benefits:      
Beginning balance $ 132,131    
Ending balance 111,508 $ 132,131  
Net liability for future policy benefits 70,381 83,718  
Aflac Japan | Cancer      
Present value of expected future net premiums:      
Beginning balance 17,509 19,298  
Beginning balance at original discount rate 16,452 18,221  
Effect of changes in cash flow assumptions   (625) $ (165)
Effect of actual variances from expected experience   (71) (315)
Adjusted beginning of period balance   15,756 17,741
Issuances 983 1,034  
Interest accrual 378 412  
Net premiums collected [1] (1,453) (1,564)  
Foreign currency translation (1,655) (1,170)  
Other (1) (1)  
Ending balance at original discount rate 14,008 16,452  
Effect of changes in discount rate assumptions 176 1,057  
Ending balance 14,184 17,509  
Present value of expected future policy benefits:      
Beginning balance 50,161 54,766  
Beginning balance at original discount rate 43,626 47,677  
Effect of changes in cash flow assumptions   (815) (147)
Effect of actual variances from expected experience   (117) (385)
Adjusted beginning of period balance   42,694 47,145
Issuances 1,004 1,059  
Interest accrual 1,356 1,473  
Benefit payments (2,773) (2,987)  
Foreign currency translation (4,425) (3,064)  
Other 0 0  
Ending balance at original discount rate 37,856 43,626  
Effect of changes in discount rate assumptions 2,925 6,535  
Ending balance 40,781 50,161  
Net liability for future policy benefits 26,597 32,652  
Less: reinsurance recoverable 5,085 4,135  
Net liability for future policy benefits after reinsurance recoverable 21,512 28,517  
Aflac Japan | Medical and other health      
Present value of expected future net premiums:      
Beginning balance 14,697 16,714  
Beginning balance at original discount rate 14,040 16,195  
Effect of changes in cash flow assumptions   (154) (470)
Effect of actual variances from expected experience   (164) (137)
Adjusted beginning of period balance   13,722 15,588
Issuances 361 418  
Interest accrual 302 334  
Net premiums collected [1] (1,135) (1,261)  
Foreign currency translation (1,405) (1,038)  
Other 0 (1)  
Ending balance at original discount rate 11,845 14,040  
Effect of changes in discount rate assumptions (28) 657  
Ending balance 11,817 14,697  
Present value of expected future policy benefits:      
Beginning balance 25,257 27,419  
Beginning balance at original discount rate 25,023 27,566  
Effect of changes in cash flow assumptions   (228) (507)
Effect of actual variances from expected experience   (193) (154)
Adjusted beginning of period balance   24,602 26,905
Issuances 373 432  
Interest accrual 570 608  
Benefit payments (1,033) (1,153)  
Foreign currency translation (2,555) (1,769)  
Other 0 0  
Ending balance at original discount rate 21,957 25,023  
Effect of changes in discount rate assumptions (1,351) 234  
Ending balance 20,606 25,257  
Net liability for future policy benefits 8,789 10,560  
Less: reinsurance recoverable 1,245 1,521  
Net liability for future policy benefits after reinsurance recoverable 7,544 9,039  
Aflac Japan | Life insurance      
Present value of expected future net premiums:      
Beginning balance 6,488 7,485  
Beginning balance at original discount rate 6,258 7,284  
Effect of changes in cash flow assumptions   (190) 43
Effect of actual variances from expected experience   (97) (42)
Adjusted beginning of period balance   5,971 7,285
Issuances 478 335  
Interest accrual 110 124  
Net premiums collected [1] (862) (1,017)  
Foreign currency translation (613) (469)  
Other 0 0  
Ending balance at original discount rate 5,084 6,258  
Effect of changes in discount rate assumptions 72 230  
Ending balance 5,156 6,488  
Present value of expected future policy benefits:      
Beginning balance 29,731 31,954  
Beginning balance at original discount rate 30,256 32,800  
Effect of changes in cash flow assumptions   (302) 65
Effect of actual variances from expected experience   (110) (51)
Adjusted beginning of period balance   29,844 32,814
Issuances 488 341  
Interest accrual 582 625  
Benefit payments (1,510) (1,415)  
Foreign currency translation (3,074) (2,109)  
Other 0 0  
Ending balance at original discount rate 26,330 30,256  
Effect of changes in discount rate assumptions (2,065) (525)  
Ending balance 24,265 29,731  
Net liability for future policy benefits 19,109 23,243  
Less: reinsurance recoverable 0 0  
Net liability for future policy benefits after reinsurance recoverable 19,109 23,243  
Aflac Japan | Other      
Present value of expected future net premiums:      
Beginning balance 1,088 1,256  
Beginning balance at original discount rate 1,069 1,242  
Effect of changes in cash flow assumptions   (19) (12)
Effect of actual variances from expected experience   (14) (15)
Adjusted beginning of period balance   1,036 1,215
Issuances 16 26  
Interest accrual 17 20  
Net premiums collected [1] (101) (112)  
Foreign currency translation (104) (80)  
Other 0 0  
Ending balance at original discount rate 864 1,069  
Effect of changes in discount rate assumptions (18) 19  
Ending balance 846 1,088  
Present value of expected future policy benefits:      
Beginning balance 5,178 5,582  
Beginning balance at original discount rate 5,444 5,940  
Effect of changes in cash flow assumptions   (7) (27)
Effect of actual variances from expected experience   (24) (15)
Adjusted beginning of period balance   5,413 5,898
Issuances 22 32  
Interest accrual 93 100  
Benefit payments (208) (206)  
Foreign currency translation (555) (380)  
Other 0 0  
Ending balance at original discount rate 4,765 5,444  
Effect of changes in discount rate assumptions (540) (266)  
Ending balance 4,225 5,178  
Net liability for future policy benefits 3,379 4,090  
Less: reinsurance recoverable 0 0  
Net liability for future policy benefits after reinsurance recoverable 3,379 4,090  
Aflac U.S. | Life insurance      
Present value of expected future net premiums:      
Beginning balance 853 724  
Beginning balance at original discount rate 909 799  
Effect of changes in cash flow assumptions   (5) 61
Effect of actual variances from expected experience   (29) (25)
Adjusted beginning of period balance   875 835
Issuances 226 181  
Interest accrual 37 31  
Net premiums collected [1] (157) (137)  
Foreign currency translation 0 0  
Other (5) (1)  
Ending balance at original discount rate 976 909  
Effect of changes in discount rate assumptions (67) (56)  
Ending balance 909 853  
Present value of expected future policy benefits:      
Beginning balance 1,764 1,526  
Beginning balance at original discount rate 1,971 1,778  
Effect of changes in cash flow assumptions   (3) 72
Effect of actual variances from expected experience   (43) (32)
Adjusted beginning of period balance   1,925 1,818
Issuances 231 185  
Interest accrual 78 68  
Benefit payments (108) (105)  
Foreign currency translation 0 0  
Other 0 5  
Ending balance at original discount rate 2,126 1,971  
Effect of changes in discount rate assumptions (279) (207)  
Ending balance 1,847 1,764  
Net liability for future policy benefits 938 911  
Less: reinsurance recoverable 18 15  
Net liability for future policy benefits after reinsurance recoverable 920 896  
Aflac U.S. | Accident      
Present value of expected future net premiums:      
Beginning balance 2,488 2,534  
Beginning balance at original discount rate 2,630 2,760  
Effect of changes in cash flow assumptions   65 (16)
Effect of actual variances from expected experience   66 (58)
Adjusted beginning of period balance   2,761 2,686
Issuances 307 323  
Interest accrual 106 102  
Net premiums collected [1] (479) (473)  
Foreign currency translation 0 0  
Other (8) (8)  
Ending balance at original discount rate 2,687 2,630  
Effect of changes in discount rate assumptions (190) (142)  
Ending balance 2,497 2,488  
Present value of expected future policy benefits:      
Beginning balance 3,109 3,098  
Beginning balance at original discount rate 3,302 3,391  
Effect of changes in cash flow assumptions   109 (11)
Effect of actual variances from expected experience   91 (75)
Adjusted beginning of period balance   3,502 3,305
Issuances 311 331  
Interest accrual 133 127  
Benefit payments (560) (464)  
Foreign currency translation 0 0  
Other 0 3  
Ending balance at original discount rate 3,386 3,302  
Effect of changes in discount rate assumptions (259) (193)  
Ending balance 3,127 3,109  
Net liability for future policy benefits 630 621  
Less: reinsurance recoverable 0 0  
Net liability for future policy benefits after reinsurance recoverable 630 621  
Aflac U.S. | Disability      
Present value of expected future net premiums:      
Beginning balance 1,652 1,635  
Beginning balance at original discount rate 1,738 1,775  
Effect of changes in cash flow assumptions   (47) (51)
Effect of actual variances from expected experience   12 (29)
Adjusted beginning of period balance   1,703 1,695
Issuances 364 376  
Interest accrual 66 62  
Net premiums collected [1] (401) (390)  
Foreign currency translation 0 0  
Other (6) (5)  
Ending balance at original discount rate 1,726 1,738  
Effect of changes in discount rate assumptions (91) (86)  
Ending balance 1,635 1,652  
Present value of expected future policy benefits:      
Beginning balance 2,422 2,445  
Beginning balance at original discount rate 2,541 2,636  
Effect of changes in cash flow assumptions   (73) (59)
Effect of actual variances from expected experience   (16) (59)
Adjusted beginning of period balance   2,452 2,518
Issuances 381 392  
Interest accrual 98 96  
Benefit payments (465) (465)  
Foreign currency translation 0 0  
Other 0 0  
Ending balance at original discount rate 2,466 2,541  
Effect of changes in discount rate assumptions (136) (119)  
Ending balance 2,330 2,422  
Net liability for future policy benefits 695 770  
Less: reinsurance recoverable 0 0  
Net liability for future policy benefits after reinsurance recoverable 695 770  
Aflac U.S. | Critical care      
Present value of expected future net premiums:      
Beginning balance 4,074 4,486  
Beginning balance at original discount rate 4,416 5,050  
Effect of changes in cash flow assumptions   (106) (494)
Effect of actual variances from expected experience   (100) (223)
Adjusted beginning of period balance   4,210 4,333
Issuances 543 493  
Interest accrual 173 179  
Net premiums collected [1] (578) (580)  
Foreign currency translation 0 0  
Other (8) (9)  
Ending balance at original discount rate 4,340 4,416  
Effect of changes in discount rate assumptions (439) (342)  
Ending balance 3,901 4,074  
Present value of expected future policy benefits:      
Beginning balance 11,290 11,489  
Beginning balance at original discount rate 12,120 12,846  
Effect of changes in cash flow assumptions   (112) (592)
Effect of actual variances from expected experience   (144) (271)
Adjusted beginning of period balance   11,864 11,983
Issuances 559 505  
Interest accrual 515 524  
Benefit payments (925) (893)  
Foreign currency translation 0 0  
Other 0 1  
Ending balance at original discount rate 12,013 12,120  
Effect of changes in discount rate assumptions (1,312) (830)  
Ending balance 10,701 11,290  
Net liability for future policy benefits 6,800 7,216  
Less: reinsurance recoverable 0 0  
Net liability for future policy benefits after reinsurance recoverable 6,800 7,216  
Aflac U.S. | Hospital indemnity      
Present value of expected future net premiums:      
Beginning balance 1,107 1,220  
Beginning balance at original discount rate 1,193 1,365  
Effect of changes in cash flow assumptions   (21) (142)
Effect of actual variances from expected experience   21 (73)
Adjusted beginning of period balance   1,193 1,150
Issuances 231 249  
Interest accrual 46 45  
Net premiums collected [1] (244) (247)  
Foreign currency translation 0 0  
Other (5) (4)  
Ending balance at original discount rate 1,221 1,193  
Effect of changes in discount rate assumptions (99) (86)  
Ending balance 1,122 1,107  
Present value of expected future policy benefits:      
Beginning balance 1,943 2,074  
Beginning balance at original discount rate 2,076 2,300  
Effect of changes in cash flow assumptions   (31) (194)
Effect of actual variances from expected experience   21 (99)
Adjusted beginning of period balance   2,066 2,007
Issuances 237 258  
Interest accrual 84 84  
Benefit payments (314) (274)  
Foreign currency translation 0 0  
Other 0 1  
Ending balance at original discount rate 2,073 2,076  
Effect of changes in discount rate assumptions (176) (133)  
Ending balance 1,897 1,943  
Net liability for future policy benefits 775 836  
Less: reinsurance recoverable 0 0  
Net liability for future policy benefits after reinsurance recoverable 775 836  
Aflac U.S. | Dental/vision      
Present value of expected future net premiums:      
Beginning balance 206 211  
Beginning balance at original discount rate 217 231  
Effect of changes in cash flow assumptions   (17) (9)
Effect of actual variances from expected experience   (12) (17)
Adjusted beginning of period balance   188 205
Issuances 52 44  
Interest accrual 9 8  
Net premiums collected [1] (39) (39)  
Foreign currency translation 0 0  
Other (1) (1)  
Ending balance at original discount rate 209 217  
Effect of changes in discount rate assumptions (13) (11)  
Ending balance 196 206  
Present value of expected future policy benefits:      
Beginning balance 478 488  
Beginning balance at original discount rate 506 532  
Effect of changes in cash flow assumptions   (28) (14)
Effect of actual variances from expected experience   (16) (22)
Adjusted beginning of period balance   462 496
Issuances 55 46  
Interest accrual 20 21  
Benefit payments (60) (59)  
Foreign currency translation 0 0  
Other 0 2  
Ending balance at original discount rate 477 506  
Effect of changes in discount rate assumptions (36) (28)  
Ending balance 441 478  
Net liability for future policy benefits 245 272  
Less: reinsurance recoverable 0 0  
Net liability for future policy benefits after reinsurance recoverable 245 272  
Aflac U.S. | Other      
Present value of expected future net premiums:      
Beginning balance 277 110  
Beginning balance at original discount rate 272 118  
Effect of changes in cash flow assumptions   (8) (9)
Effect of actual variances from expected experience   13 (2)
Adjusted beginning of period balance   277 107
Issuances 592 169  
Interest accrual 25 6  
Net premiums collected [1] (53) (17)  
Foreign currency translation 0 0  
Other (17) 7  
Ending balance at original discount rate 824 272  
Effect of changes in discount rate assumptions 2 5  
Ending balance 826 277  
Present value of expected future policy benefits:      
Beginning balance 798 622  
Beginning balance at original discount rate 769 624  
Effect of changes in cash flow assumptions   (12) (13)
Effect of actual variances from expected experience   (7) (4)
Adjusted beginning of period balance   750 $ 607
Issuances 597 169  
Interest accrual 50 33  
Benefit payments (104) (48)  
Foreign currency translation 0 0  
Other 0 8  
Ending balance at original discount rate 1,293 769  
Effect of changes in discount rate assumptions (5) 29  
Ending balance 1,288 798  
Net liability for future policy benefits 462 521  
Less: reinsurance recoverable 0 0  
Net liability for future policy benefits after reinsurance recoverable $ 462 $ 521  
[1] Net premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected future benefit payments.
v3.25.0.1
POLICY LIABILITIES - Schedule of Weighted-Average Interest Rate and Liability for Future Policy Benefit (Detail)
Dec. 31, 2024
Dec. 31, 2023
Cancer | Aflac Japan    
Liability for Future Policy Benefit, Activity [Line Items]    
Weighted-average interest, original discount rate [1] 3.90% 3.90%
Weighted-average interest, current discount rate [1] 2.20% 1.80%
Weighted-average liability duration 12 years 7 months 6 days 13 years 1 month 6 days
Medical and other health | Aflac Japan    
Liability for Future Policy Benefit, Activity [Line Items]    
Weighted-average interest, original discount rate [1] 2.50% 2.60%
Weighted-average interest, current discount rate [1] 2.80% 2.30%
Weighted-average liability duration 23 years 6 months 24 years 10 months 24 days
Life insurance | Aflac Japan    
Liability for Future Policy Benefit, Activity [Line Items]    
Weighted-average interest, original discount rate [1] 2.10% 2.10%
Weighted-average interest, current discount rate [1] 2.10% 1.70%
Weighted-average liability duration 16 years 1 month 6 days 16 years 3 months 18 days
Life insurance | Aflac U.S.    
Liability for Future Policy Benefit, Activity [Line Items]    
Weighted-average interest, original discount rate [1] 3.80% 3.70%
Weighted-average interest, current discount rate [1] 5.30% 5.30%
Weighted-average liability duration 13 years 6 months 13 years 7 months 6 days
Accident | Aflac U.S.    
Liability for Future Policy Benefit, Activity [Line Items]    
Weighted-average interest, original discount rate [1] 4.00% 3.90%
Weighted-average interest, current discount rate [1] 5.30% 5.30%
Weighted-average liability duration 7 years 8 months 12 days 8 years 1 month 6 days
Disability | Aflac U.S.    
Liability for Future Policy Benefit, Activity [Line Items]    
Weighted-average interest, original discount rate [1] 4.30% 4.20%
Weighted-average interest, current discount rate [1] 5.20% 5.30%
Weighted-average liability duration 5 years 7 months 6 days 5 years 7 months 6 days
Critical care | Aflac U.S.    
Liability for Future Policy Benefit, Activity [Line Items]    
Weighted-average interest, original discount rate [1] 4.60% 4.60%
Weighted-average interest, current discount rate [1] 5.30% 5.30%
Weighted-average liability duration 11 years 1 month 6 days 11 years 3 months 18 days
Hospital indemnity | Aflac U.S.    
Liability for Future Policy Benefit, Activity [Line Items]    
Weighted-average interest, original discount rate [1] 4.50% 4.40%
Weighted-average interest, current discount rate [1] 5.30% 5.30%
Weighted-average liability duration 9 years 9 years 3 months 18 days
Dental/vision | Aflac U.S.    
Liability for Future Policy Benefit, Activity [Line Items]    
Weighted-average interest, original discount rate [1] 4.30% 4.30%
Weighted-average interest, current discount rate [1] 5.30% 5.30%
Weighted-average liability duration 7 years 7 months 6 days 7 years 10 months 24 days
Other | Aflac Japan    
Liability for Future Policy Benefit, Activity [Line Items]    
Weighted-average interest, original discount rate [1] 1.80% 1.80%
Weighted-average interest, current discount rate [1] 2.50% 2.10%
Weighted-average liability duration 16 years 8 months 12 days 17 years 3 months 18 days
Other | Aflac U.S.    
Liability for Future Policy Benefit, Activity [Line Items]    
Weighted-average interest, original discount rate [1] 5.40% 5.40%
Weighted-average interest, current discount rate [1] 5.30% 5.30%
Weighted-average liability duration 9 years 1 month 6 days 9 years 4 months 24 days
[1] The weighted-average interest rates are calculated using the reserve balances as the weights. No adjustments were made to observable market information.
v3.25.0.1
POLICY LIABILITIES - Reconciliation of Future Policy Benefits (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Liability for Future Policy Benefit, Activity [Line Items]    
Future policy benefits $ 70,381 $ 83,718
Deferred reinsurance gain liability 146 175
Intercompany eliminations    
Liability for Future Policy Benefit, Activity [Line Items]    
Future policy benefits [1] (5,760) (5,017)
Aflac Japan    
Liability for Future Policy Benefit, Activity [Line Items]    
Deferred profit liability 1,844 1,806
Deferred reinsurance gain liability 806 1,012
Corporate and other    
Liability for Future Policy Benefit, Activity [Line Items]    
Future policy benefits 5,072 4,225
Cancer | Aflac Japan    
Liability for Future Policy Benefit, Activity [Line Items]    
Future policy benefits 26,597 32,652
Medical and other health | Aflac Japan    
Liability for Future Policy Benefit, Activity [Line Items]    
Future policy benefits 8,789 10,560
Life insurance | Aflac Japan    
Liability for Future Policy Benefit, Activity [Line Items]    
Future policy benefits 19,109 23,243
Life insurance | Aflac U.S.    
Liability for Future Policy Benefit, Activity [Line Items]    
Future policy benefits 938 911
Accident | Aflac U.S.    
Liability for Future Policy Benefit, Activity [Line Items]    
Future policy benefits 630 621
Disability | Aflac U.S.    
Liability for Future Policy Benefit, Activity [Line Items]    
Future policy benefits 695 770
Critical care | Aflac U.S.    
Liability for Future Policy Benefit, Activity [Line Items]    
Future policy benefits 6,800 7,216
Hospital indemnity | Aflac U.S.    
Liability for Future Policy Benefit, Activity [Line Items]    
Future policy benefits 775 836
Dental/vision | Aflac U.S.    
Liability for Future Policy Benefit, Activity [Line Items]    
Future policy benefits 245 272
Other | Aflac Japan    
Liability for Future Policy Benefit, Activity [Line Items]    
Future policy benefits 3,379 4,090
Other | Aflac U.S.    
Liability for Future Policy Benefit, Activity [Line Items]    
Future policy benefits $ 462 $ 521
[1] Elimination entry necessary due to the internal reinsurance transactions with Aflac Re and to recapture a portion of policy liabilities ceded externally as a result of the reinsurance retrocession transaction. See Note 8 for additional details
v3.25.0.1
POLICY LIABILITIES - Summary of Net Earned Premiums Recognized (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Liability for Future Policy Benefit, Activity [Line Items]      
Net earned premiums $ 13,440 $ 14,123 $ 14,901
Reinsurance ceded (284) (404) (419)
Corporate and other      
Liability for Future Policy Benefit, Activity [Line Items]      
Net earned premiums 680 400 145
Cancer | Aflac Japan      
Liability for Future Policy Benefit, Activity [Line Items]      
Net earned premiums 3,545 4,063 4,716
Medical and other health | Aflac Japan      
Liability for Future Policy Benefit, Activity [Line Items]      
Net earned premiums 2,181 2,631 2,917
Life insurance      
Liability for Future Policy Benefit, Activity [Line Items]      
Reinsurance ceded (51) (52) (35)
Life insurance | Aflac Japan      
Liability for Future Policy Benefit, Activity [Line Items]      
Net earned premiums 1,225 1,532 1,769
Life insurance | Aflac U.S.      
Liability for Future Policy Benefit, Activity [Line Items]      
Net earned premiums 565 475 396
Accident | Aflac U.S.      
Liability for Future Policy Benefit, Activity [Line Items]      
Net earned premiums 1,265 1,288 1,317
Disability | Aflac U.S.      
Liability for Future Policy Benefit, Activity [Line Items]      
Net earned premiums 1,327 1,256 1,179
Critical care | Aflac U.S.      
Liability for Future Policy Benefit, Activity [Line Items]      
Net earned premiums 1,763 1,749 1,758
Hospital indemnity | Aflac U.S.      
Liability for Future Policy Benefit, Activity [Line Items]      
Net earned premiums 727 725 725
Dental/vision | Aflac U.S.      
Liability for Future Policy Benefit, Activity [Line Items]      
Net earned premiums 202 214 199
Other | Aflac Japan      
Liability for Future Policy Benefit, Activity [Line Items]      
Net earned premiums 134 149 161
Other | Aflac U.S.      
Liability for Future Policy Benefit, Activity [Line Items]      
Net earned premiums $ 110 $ 45 $ 38
v3.25.0.1
POLICY LIABILITIES - Summary of Interest Expense Related to Insurance Contracts Recognized (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Liability for Future Policy Benefit, Activity [Line Items]      
Interest expense $ 2,310 $ 2,436 $ 2,546
Cancer | Aflac Japan      
Liability for Future Policy Benefit, Activity [Line Items]      
Interest expense 978 1,061 1,140
Medical and other health | Aflac Japan      
Liability for Future Policy Benefit, Activity [Line Items]      
Interest expense 268 274 278
Life insurance | Aflac Japan      
Liability for Future Policy Benefit, Activity [Line Items]      
Interest expense 472 501 524
Life insurance | Aflac U.S.      
Liability for Future Policy Benefit, Activity [Line Items]      
Interest expense 41 37 35
Accident | Aflac U.S.      
Liability for Future Policy Benefit, Activity [Line Items]      
Interest expense 27 25 23
Disability | Aflac U.S.      
Liability for Future Policy Benefit, Activity [Line Items]      
Interest expense 32 34 37
Critical care | Aflac U.S.      
Liability for Future Policy Benefit, Activity [Line Items]      
Interest expense 342 345 346
Hospital indemnity | Aflac U.S.      
Liability for Future Policy Benefit, Activity [Line Items]      
Interest expense 38 39 40
Dental/vision | Aflac U.S.      
Liability for Future Policy Benefit, Activity [Line Items]      
Interest expense 11 13 12
Other | Aflac Japan      
Liability for Future Policy Benefit, Activity [Line Items]      
Interest expense 76 80 84
Other | Aflac U.S.      
Liability for Future Policy Benefit, Activity [Line Items]      
Interest expense $ 25 $ 27 $ 27
v3.25.0.1
POLICY LIABILITIES - Summary of Undiscounted Expected Future Gross Premiums and Future Benefits and Expenses (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Liability for Future Policy Benefit, Activity [Line Items]    
Gross Premiums $ 142,653 $ 156,494
Benefits and Expenses 173,393 193,058
Cancer | Aflac Japan    
Liability for Future Policy Benefit, Activity [Line Items]    
Gross Premiums 51,712 59,169
Benefits and Expenses 56,881 66,427
Medical and other health | Aflac Japan    
Liability for Future Policy Benefit, Activity [Line Items]    
Gross Premiums 33,250 38,583
Benefits and Expenses 34,864 39,884
Life insurance | Aflac Japan    
Liability for Future Policy Benefit, Activity [Line Items]    
Gross Premiums 10,915 12,677
Benefits and Expenses 37,520 42,541
Life insurance | Aflac U.S.    
Liability for Future Policy Benefit, Activity [Line Items]    
Gross Premiums 2,966 2,719
Benefits and Expenses 3,559 3,260
Accident | Aflac U.S.    
Liability for Future Policy Benefit, Activity [Line Items]    
Gross Premiums 8,862 9,095
Benefits and Expenses 4,687 4,548
Disability | Aflac U.S.    
Liability for Future Policy Benefit, Activity [Line Items]    
Gross Premiums 5,727 5,776
Benefits and Expenses 3,094 3,177
Critical care | Aflac U.S.    
Liability for Future Policy Benefit, Activity [Line Items]    
Gross Premiums 19,624 19,886
Benefits and Expenses 20,340 20,626
Hospital indemnity | Aflac U.S.    
Liability for Future Policy Benefit, Activity [Line Items]    
Gross Premiums 4,859 4,922
Benefits and Expenses 3,017 3,025
Dental/vision | Aflac U.S.    
Liability for Future Policy Benefit, Activity [Line Items]    
Gross Premiums 1,118 1,162
Benefits and Expenses 679 726
Other | Aflac Japan    
Liability for Future Policy Benefit, Activity [Line Items]    
Gross Premiums 1,477 1,781
Benefits and Expenses 6,479 7,448
Other | Aflac U.S.    
Liability for Future Policy Benefit, Activity [Line Items]    
Gross Premiums 2,143 724
Benefits and Expenses $ 2,273 $ 1,396
v3.25.0.1
POLICY LIABILITIES - Summary of Discounted Expected Future Gross Premiums and Future Benefits and Expenses (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Liability for Future Policy Benefit, Activity [Line Items]      
Gross Premiums $ 105,686 $ 121,753  
Benefits and Expenses 111,508 132,131  
Cancer | Aflac Japan      
Liability for Future Policy Benefit, Activity [Line Items]      
Gross Premiums 40,170 48,363  
Benefits and Expenses 40,781 50,161 $ 54,766
Medical and other health | Aflac Japan      
Liability for Future Policy Benefit, Activity [Line Items]      
Gross Premiums 25,171 30,757  
Benefits and Expenses 20,606 25,257 27,419
Life insurance | Aflac Japan      
Liability for Future Policy Benefit, Activity [Line Items]      
Gross Premiums 9,367 11,240  
Benefits and Expenses 24,265 29,731 31,954
Life insurance | Aflac U.S.      
Liability for Future Policy Benefit, Activity [Line Items]      
Gross Premiums 2,050 1,914  
Benefits and Expenses 1,847 1,764 1,526
Accident | Aflac U.S.      
Liability for Future Policy Benefit, Activity [Line Items]      
Gross Premiums 6,057 6,369  
Benefits and Expenses 3,127 3,109 3,098
Disability | Aflac U.S.      
Liability for Future Policy Benefit, Activity [Line Items]      
Gross Premiums 4,404 4,488  
Benefits and Expenses 2,330 2,422 2,445
Critical care | Aflac U.S.      
Liability for Future Policy Benefit, Activity [Line Items]      
Gross Premiums 11,900 12,417  
Benefits and Expenses 10,701 11,290 11,489
Hospital indemnity | Aflac U.S.      
Liability for Future Policy Benefit, Activity [Line Items]      
Gross Premiums 3,312 3,419  
Benefits and Expenses 1,897 1,943 2,074
Dental/vision | Aflac U.S.      
Liability for Future Policy Benefit, Activity [Line Items]      
Gross Premiums 761 807  
Benefits and Expenses 441 478 488
Other | Aflac Japan      
Liability for Future Policy Benefit, Activity [Line Items]      
Gross Premiums 1,204 1,512  
Benefits and Expenses 4,225 5,178 5,582
Other | Aflac U.S.      
Liability for Future Policy Benefit, Activity [Line Items]      
Gross Premiums 1,290 467  
Benefits and Expenses $ 1,288 $ 798 $ 622
v3.25.0.1
POLICY LIABILITIES - Schedule of Changes in Other Policyholders' Funds (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Policyholder Account Balance [Line Items]    
Other deposit type reserves $ 239 $ 230
Total 5,460 6,169
Aflac Japan    
Policyholder Account Balance [Line Items]    
Total 5,460 6,169
Aflac Japan | Fixed Annuity    
Policyholder Account Balance [Line Items]    
Beginning balance [1] 5,939 6,423
Premiums received [1] 104 126
Transfers from WAYS conversions [1] 249 229
Surrenders and withdrawals [1] (58) (59)
Benefit payments [1] (446) (419)
Interest credited [1] 49 53
Foreign currency translation and other [1] (616) (414)
Ending balance [1] $ 5,221 $ 5,939
[1] Aflac Japan fixed annuities
v3.25.0.1
POLICY LIABILITIES - Schedule of Other Policyholders' Funds by Guaranteed Crediting Rates (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]      
Policyholder Account Balance, Weighted Average Crediting Rate 1.50% 1.50%  
Aflac Japan | Fixed Annuity      
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]      
At Guaranteed Minimum [1] $ 5,221 $ 5,939 $ 6,423
Cash Surrender Value [1] $ 5,150 $ 5,850  
Lower Limit | Aflac Japan | Fixed Annuity      
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]      
Guaranteed Minimum Crediting Rates [1],[2] 0.50% 0.50%  
Upper Limit | Aflac Japan | Fixed Annuity      
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]      
Guaranteed Minimum Crediting Rates [1],[2] 2.20% 2.30%  
[1] Aflac Japan fixed annuities
[2] Weighted-average crediting rate of 1.5% at December 31, 2024 and December 31, 2023
v3.25.0.1
REINSURANCE Effect of Reinsurance on Premiums and Benefits and Claims (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Reinsurance Disclosures [Abstract]      
Earned premiums, direct $ 13,562 $ 14,318 $ 15,025
Earned premiums, ceded (284) (404) (419)
Earned premiums, assumed 162 209 295
Net earned premiums [1] 13,440 14,123 14,901
Benefits and claims, excluding reserve remeasurement, direct 8,098 8,599 9,171
Benefits and claims, excluding reserve remeasurement, ceded (153) (147) (322)
Benefits and claims, excluding reserve remeasurement, assumed 63 142 253
Benefits and claims, excluding reserve remeasurement 8,008 8,594 9,102
Reserve remeasurement (gains) losses, direct (558) (394) (196)
Reserve remeasurement (gains) losses, ceded 0 11 (19)
Reserve remeasurement (gains) losses (558) (383) (215)
Total benefits and claims, net $ 7,450 $ 8,211 $ 8,887
[1] Includes a gain (loss) of $(81), $20 and $(42) in 2024, 2023 and 2022, respectively, related to remeasurement of the deferred profit liability for limited-payment contracts.
v3.25.0.1
REINSURANCE Additional Information (Detail) - USD ($)
$ in Millions
 1 Months Ended
Oct. 31, 2024
Dec. 31, 2023
Oct. 31, 2023
Jan. 31, 2023
Dec. 31, 2024
Effects of Reinsurance [Line Items]          
Deferred reinsurance gain liability   $ 175     $ 146
Reinsurance recoverable   183     163
Reinsurance recoverable, allowance for credit loss   10     $ 4
Aflac Re Bermuda | ALIJ          
Effects of Reinsurance [Line Items]          
Ceded insurance, percentage 30.00%   30.00% 28.00%  
Coinsurance, amount of reserves transferred $ 1,800   $ 1,900 $ 2,100  
Coinsurance, amount of assets transferred $ 1,700   $ 1,700 $ 1,900  
Pretax loss on reinsurance novation   $ (151)      
Reinsurer, Other | ALIJ          
Effects of Reinsurance [Line Items]          
Ceded insurance, percentage       1.50%  
v3.25.0.1
NOTES PAYABLE AND LEASE OBLIGATIONS - Summary of Notes Payable (Detail 1) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Notes payable and lease obligations $ 7,498 $ 7,364
Finance lease obligations 5 6
Operating lease obligations $ 91 $ 118
Finance lease obligations ext list Notes payable and lease obligations Notes payable and lease obligations
Operating lease obligations ext list Notes payable and lease obligations Notes payable and lease obligations
1.125% senior notes due March 2026    
Debt Instrument [Line Items]    
Notes payable and lease obligations $ 399 $ 398
2.875% senior notes due October 2026    
Debt Instrument [Line Items]    
Notes payable and lease obligations 299 299
3.60% senior notes due April 2030    
Debt Instrument [Line Items]    
Notes payable and lease obligations 994 993
6.90% senior notes due December 2039    
Debt Instrument [Line Items]    
Notes payable and lease obligations 221 221
6.45% senior notes due August 2040    
Debt Instrument [Line Items]    
Notes payable and lease obligations 255 254
4.00% senior noted due October 2046    
Debt Instrument [Line Items]    
Notes payable and lease obligations 394 394
4.750% senior notes due January 2049    
Debt Instrument [Line Items]    
Notes payable and lease obligations 542 542
.300% senior notes due September 2025    
Debt Instrument [Line Items]    
Notes payable and lease obligations 79 87
.932% senior notes due January 2027    
Debt Instrument [Line Items]    
Notes payable and lease obligations 378 422
1.048% senior notes due March 2039    
Debt Instrument [Line Items]    
Notes payable and lease obligations 81 0
1.075% senior notes due September 2029    
Debt Instrument [Line Items]    
Notes payable and lease obligations 211 234
.500% senior notes due December 2029    
Debt Instrument [Line Items]    
Notes payable and lease obligations 79 88
.550% senior notes due March 2030    
Debt Instrument [Line Items]    
Notes payable and lease obligations 84 93
1.159% senior notes due October 2030    
Debt Instrument [Line Items]    
Notes payable and lease obligations 184 206
1.412% senior notes due March 2031    
Debt Instrument [Line Items]    
Notes payable and lease obligations 176 0
.633% senior notes due April 2031    
Debt Instrument [Line Items]    
Notes payable and lease obligations 189 211
.843% senior notes due December 2031    
Debt Instrument [Line Items]    
Notes payable and lease obligations 58 65
.750% senior notes due March 2032    
Debt Instrument [Line Items]    
Notes payable and lease obligations 130 145
1.320% senior notes due December 2032    
Debt Instrument [Line Items]    
Notes payable and lease obligations 133 148
.844% senior notes due April 2033    
Debt Instrument [Line Items]    
Notes payable and lease obligations 76 84
1.488% senior notes due October 2033    
Debt Instrument [Line Items]    
Notes payable and lease obligations 95 106
1.682% senior notes due March 2034    
Debt Instrument [Line Items]    
Notes payable and lease obligations 48 0
1.600% senior notes due March 2034    
Debt Instrument [Line Items]    
Notes payable and lease obligations 115 0
.934% senior notes due December 2034    
Debt Instrument [Line Items]    
Notes payable and lease obligations 62 69
.830% senior notes due March 2035    
Debt Instrument [Line Items]    
Notes payable and lease obligations 66 74
1.740% senior notes due March 2036    
Debt Instrument [Line Items]    
Notes payable and lease obligations 94 0
1.039% senior notes due April 2036    
Debt Instrument [Line Items]    
Notes payable and lease obligations 63 70
1.594% senior notes due September 2037    
Debt Instrument [Line Items]    
Notes payable and lease obligations 41 45
1.750% senior notes due October 2038    
Debt Instrument [Line Items]    
Notes payable and lease obligations 56 62
1.920% senior notes due March 2039    
Debt Instrument [Line Items]    
Notes payable and lease obligations 103 0
1.122% senior notes due December 2039    
Debt Instrument [Line Items]    
Notes payable and lease obligations 39 44
1.264% senior notes due April 2041    
Debt Instrument [Line Items]    
Notes payable and lease obligations 63 70
2.160% senior notes due March 2044    
Debt Instrument [Line Items]    
Notes payable and lease obligations 35 0
2.108% subordinated notes due October 2047    
Debt Instrument [Line Items]    
Notes payable and lease obligations 375 419
.963% subordinated bonds paid April 2024    
Debt Instrument [Line Items]    
Notes payable and lease obligations 0 211
1.560% senior notes due April 2051    
Debt Instrument [Line Items]    
Notes payable and lease obligations 125 140
2.144% senior notes due September 2052    
Debt Instrument [Line Items]    
Notes payable and lease obligations 75 84
1.958% subordinated bonds due December 2053    
Debt Instrument [Line Items]    
Notes payable and lease obligations 188 210
2.400% senior notes due March 2054    
Debt Instrument [Line Items]    
Notes payable and lease obligations 122 0
Yen-denominated loan variable interest rate due August 2027    
Debt Instrument [Line Items]    
Notes payable and lease obligations 74 82
Yen-denominated loan variable interest rate due August 2029    
Debt Instrument [Line Items]    
Notes payable and lease obligations 160 178
Yen-denominated loan variable interest rate due August 2032    
Debt Instrument [Line Items]    
Notes payable and lease obligations $ 441 $ 492
v3.25.0.1
NOTES PAYABLE AND LEASE OBLIGATIONS - Summary of Notes Payable (Detail 2)
$ in Millions, ¥ in Billions
Dec. 31, 2024
JPY (¥)
Apr. 01, 2024
Mar. 31, 2024
JPY (¥)
Dec. 31, 2023
JPY (¥)
Sep. 30, 2022
JPY (¥)
Aug. 31, 2022
JPY (¥)
Apr. 30, 2021
JPY (¥)
Mar. 31, 2021
USD ($)
Apr. 30, 2020
USD ($)
Mar. 31, 2020
JPY (¥)
Dec. 31, 2019
JPY (¥)
Apr. 01, 2019
JPY (¥)
Oct. 31, 2018
JPY (¥)
Oct. 31, 2018
USD ($)
Oct. 31, 2017
JPY (¥)
Jan. 31, 2017
JPY (¥)
Dec. 31, 2016
Sep. 30, 2016
USD ($)
Aug. 31, 2010
USD ($)
Dec. 31, 2009
USD ($)
1.125% senior notes due March 2026                                        
Debt Instrument [Line Items]                                        
Debt instrument, interest rate 1.125%     1.125%       1.125%                        
Debt instrument, principal amount | $               $ 400                        
2.875% senior notes due October 2026                                        
Debt Instrument [Line Items]                                        
Debt instrument, interest rate 2.875%     2.875%                           2.875%    
Debt instrument, principal amount | $                                   $ 300    
3.60% senior notes due April 2030                                        
Debt Instrument [Line Items]                                        
Debt instrument, interest rate 3.60%     3.60%         3.60%                      
Debt instrument, principal amount | $                 $ 1,000                      
6.90% senior notes due December 2039                                        
Debt Instrument [Line Items]                                        
Debt instrument, interest rate 6.90%     6.90%                         6.90%      
Debt instrument, principal amount | $                                       $ 400
6.45% senior notes due August 2040                                        
Debt Instrument [Line Items]                                        
Debt instrument, interest rate 6.45%     6.45%                         6.45%      
Debt instrument, principal amount | $                                     $ 450  
4.00% senior noted due October 2046                                        
Debt Instrument [Line Items]                                        
Debt instrument, interest rate 4.00%     4.00%                           4.00%    
Debt instrument, principal amount | $                                   $ 400    
4.750% senior notes due January 2049                                        
Debt Instrument [Line Items]                                        
Debt instrument, interest rate 4.75%     4.75%                 4.75% 4.75%            
Debt instrument, principal amount | $                           $ 550            
.300% senior notes due September 2025                                        
Debt Instrument [Line Items]                                        
Debt instrument, interest rate 0.30%     0.30%           0.30%                    
Debt instrument, principal amount ¥ 12.4     ¥ 12.4           ¥ 12.4                    
.932% senior notes due January 2027                                        
Debt Instrument [Line Items]                                        
Debt instrument, interest rate 0.932%     0.932%                       0.932%        
Debt instrument, principal amount ¥ 60.0     ¥ 60.0                       ¥ 60.0        
1.048% senior notes due March 2039                                        
Debt Instrument [Line Items]                                        
Debt instrument, interest rate 1.048%   1.048%                                  
Debt instrument, principal amount ¥ 13.0   ¥ 13.0                                  
1.075% senior notes due September 2029                                        
Debt Instrument [Line Items]                                        
Debt instrument, interest rate 1.075%     1.075% 1.075%                              
Debt instrument, principal amount ¥ 33.4     ¥ 33.4 ¥ 33.4                              
.500% senior notes due December 2029                                        
Debt Instrument [Line Items]                                        
Debt instrument, interest rate 0.50%     0.50%             0.50%                  
Debt instrument, principal amount ¥ 12.6     ¥ 12.6             ¥ 12.6                  
.550% senior notes due March 2030                                        
Debt Instrument [Line Items]                                        
Debt instrument, interest rate 0.55%     0.55%           0.55%                    
Debt instrument, principal amount ¥ 13.3     ¥ 13.3           ¥ 13.3                    
1.159% senior notes due October 2030                                        
Debt Instrument [Line Items]                                        
Debt instrument, interest rate 1.159%     1.159%                 1.159% 1.159%            
Debt instrument, principal amount ¥ 29.3     ¥ 29.3                 ¥ 29.3              
1.412% senior notes due March 2031                                        
Debt Instrument [Line Items]                                        
Debt instrument, interest rate 1.412%   1.412%                                  
Debt instrument, principal amount ¥ 27.9   ¥ 27.9                                  
.633% senior notes due April 2031                                        
Debt Instrument [Line Items]                                        
Debt instrument, interest rate 0.633%     0.633%     0.633%                          
Debt instrument, principal amount ¥ 30.0     ¥ 30.0     ¥ 30.0                          
.843% senior notes due December 2031                                        
Debt Instrument [Line Items]                                        
Debt instrument, interest rate 0.843%     0.843%             0.843%                  
Debt instrument, principal amount ¥ 9.3     ¥ 9.3             ¥ 9.3                  
.750% senior notes due March 2032                                        
Debt Instrument [Line Items]                                        
Debt instrument, interest rate 0.75%     0.75%           0.75%                    
Debt instrument, principal amount ¥ 20.7     ¥ 20.7           ¥ 20.7                    
1.320% senior notes due December 2032                                        
Debt Instrument [Line Items]                                        
Debt instrument, interest rate 1.32%     1.32% 1.32%                              
Debt instrument, principal amount ¥ 21.1     ¥ 21.1 ¥ 21.1                              
.844% senior notes due April 2033                                        
Debt Instrument [Line Items]                                        
Debt instrument, interest rate 0.844%     0.844%     0.844%                          
Debt instrument, principal amount ¥ 12.0     ¥ 12.0     ¥ 12.0                          
1.488% senior notes due October 2033                                        
Debt Instrument [Line Items]                                        
Debt instrument, interest rate 1.488%     1.488%                 1.488% 1.488%            
Debt instrument, principal amount ¥ 15.2     ¥ 15.2                 ¥ 15.2              
1.682% senior notes due March 2034                                        
Debt Instrument [Line Items]                                        
Debt instrument, interest rate 1.682%   1.682%                                  
Debt instrument, principal amount ¥ 7.7   ¥ 7.7                                  
1.600% senior notes due March 2034                                        
Debt Instrument [Line Items]                                        
Debt instrument, interest rate 1.60%   1.60%                                  
Debt instrument, principal amount ¥ 18.3   ¥ 18.3                                  
.934% senior notes due December 2034                                        
Debt Instrument [Line Items]                                        
Debt instrument, interest rate 0.934%     0.934%             0.934%                  
Debt instrument, principal amount ¥ 9.8     ¥ 9.8             ¥ 9.8                  
.830% senior notes due March 2035                                        
Debt Instrument [Line Items]                                        
Debt instrument, interest rate 0.83%     0.83%           0.83%                    
Debt instrument, principal amount ¥ 10.6     ¥ 10.6           ¥ 10.6                    
1.740% senior notes due March 2036                                        
Debt Instrument [Line Items]                                        
Debt instrument, interest rate 1.74%   1.74%                                  
Debt instrument, principal amount ¥ 15.0   ¥ 15.0                                  
1.039% senior notes due April 2036                                        
Debt Instrument [Line Items]                                        
Debt instrument, interest rate 1.039%     1.039%     1.039%                          
Debt instrument, principal amount ¥ 10.0     ¥ 10.0     ¥ 10.0                          
1.594% senior notes due September 2037                                        
Debt Instrument [Line Items]                                        
Debt instrument, interest rate 1.594%     1.594% 1.594%                              
Debt instrument, principal amount ¥ 6.5     ¥ 6.5 ¥ 6.5                              
1.750% senior notes due October 2038                                        
Debt Instrument [Line Items]                                        
Debt instrument, interest rate 1.75%     1.75%                 1.75% 1.75%            
Debt instrument, principal amount ¥ 8.9     ¥ 8.9                 ¥ 8.9              
1.920% senior notes due March 2039                                        
Debt Instrument [Line Items]                                        
Debt instrument, interest rate 1.92%   1.92%                                  
Debt instrument, principal amount ¥ 16.5   ¥ 16.5                                  
1.122% senior notes due December 2039                                        
Debt Instrument [Line Items]                                        
Debt instrument, interest rate 1.122%     1.122%             1.122%                  
Debt instrument, principal amount ¥ 6.3     ¥ 6.3             ¥ 6.3                  
1.264% senior notes due April 2041                                        
Debt Instrument [Line Items]                                        
Debt instrument, interest rate 1.264%     1.264%     1.264%                          
Debt instrument, principal amount ¥ 10.0     ¥ 10.0     ¥ 10.0                          
2.160% senior notes due March 2044                                        
Debt Instrument [Line Items]                                        
Debt instrument, interest rate 2.16%   2.16%                                  
Debt instrument, principal amount ¥ 5.7   ¥ 5.7                                  
2.108% subordinated notes due October 2047                                        
Debt Instrument [Line Items]                                        
Debt instrument, interest rate 2.108%     2.108%                     2.108%          
Debt instrument, principal amount ¥ 60.0     ¥ 60.0                     ¥ 60.0          
.963% subordinated bonds paid April 2024                                        
Debt Instrument [Line Items]                                        
Debt instrument, interest rate   0.963%   0.963%               0.963%                
Debt instrument, principal amount       ¥ 30.0               ¥ 30.0                
1.560% senior notes due April 2051                                        
Debt Instrument [Line Items]                                        
Debt instrument, interest rate 1.56%     1.56%     1.56%                          
Debt instrument, principal amount ¥ 20.0     ¥ 20.0     ¥ 20.0                          
2.144% senior notes due September 2052                                        
Debt Instrument [Line Items]                                        
Debt instrument, interest rate 2.144%     2.144% 2.144%                              
Debt instrument, principal amount ¥ 12.0     ¥ 12.0 ¥ 12.0                              
1.958% subordinated bonds due December 2053                                        
Debt Instrument [Line Items]                                        
Debt instrument, interest rate 1.958%     1.958%                                
Debt instrument, principal amount ¥ 30.0     ¥ 30.0                                
2.400% senior notes due March 2054                                        
Debt Instrument [Line Items]                                        
Debt instrument, interest rate 2.40%   2.40%                                  
Debt instrument, principal amount ¥ 19.5   ¥ 19.5                                  
Yen-denominated loan variable interest rate due August 2027                                        
Debt Instrument [Line Items]                                        
Debt instrument, interest rate 0.84%     0.35%                                
Debt instrument, principal amount ¥ 11.7     ¥ 11.7   ¥ 11.7                            
Yen-denominated loan variable interest rate due August 2029                                        
Debt Instrument [Line Items]                                        
Debt instrument, interest rate 0.94%     0.45%                                
Debt instrument, principal amount ¥ 25.3     ¥ 25.3   25.3                            
Yen-denominated loan variable interest rate due August 2032                                        
Debt Instrument [Line Items]                                        
Debt instrument, interest rate 1.09%     0.60%                                
Debt instrument, principal amount ¥ 70.0     ¥ 70.0   ¥ 70.0                            
v3.25.0.1
NOTES PAYABLE AND LEASE OBLIGATIONS - Aggregate Contractual Maturities of Notes Payable (Detail)
$ in Millions
Dec. 31, 2024
USD ($)
Debt Disclosure [Abstract]  
2025 $ 79
2026 700
2027 453
2028 0
2029 533
Thereafter 5,690
Total $ 7,455
v3.25.0.1
NOTES PAYABLE AND LEASE OBLIGATIONS - Summary of Lines of Credit (Detail) - 12 months ended Dec. 31, 2024
$ in Millions, ¥ in Billions
USD ($)
JPY (¥)
$100 million line of credit    
Line of Credit Facility [Line Items]    
Line of credit facility, term 364 days  
Line of credit facility, maximum borrowing capacity $ 100.0  
Line of credit facility, amount outstanding $ 0.0  
Line of credit facility, interest rate description The rate quoted by the bank and agreed upon at the time of borrowing  
100.0 billion yen line of credit    
Line of Credit Facility [Line Items]    
Line of credit facility, term 5 years  
Line of credit facility, maximum borrowing capacity | ¥   ¥ 100.0
Line of credit facility, amount outstanding | ¥   0.0
Line of credit facility, interest rate description A rate per annum equal to (a) Tokyo Interbank Market Rate (TIBOR) plus, the alternative applicable TIBOR margin during the availability period from the closing date to the commitment termination date or (b) the TIBOR rate offered by the agent to major banks in yen for the applicable period plus, the applicable alternative TIBOR margin during the term out period  
$1.0 billion line of credit    
Line of Credit Facility [Line Items]    
Line of credit facility, term 5 years  
Line of credit facility, maximum borrowing capacity $ 1,000.0  
Line of credit facility, amount outstanding $ 0.0  
Line of credit facility, interest rate description A rate per annum equal to, at the Company's option, either, (a) Secured Overnight Financing Rate (SOFR) for U.S. dollar-denominated borrowings or TIBOR for Japanese yen-denominated borrowings, in either case adjusted for certain costs, or (b) a base rate determined by reference to the highest of (1) the federal funds rate plus 1/2 of 1%, (2) the rate of interest for such day announced by the agent as its prime rate, or (3) SOFR for an interest period of one month plus 1.00%, in each case plus an applicable margin  
$50 million line of credit    
Line of Credit Facility [Line Items]    
Line of credit facility, maximum borrowing capacity $ 50.0  
Line of credit facility, amount outstanding $ 0.0  
Line of credit facility, interest rate description A rate per annum equal to, at the Parent Company's option, either (a) a rate determined by reference to SOFR for the interest period relevant to such borrowing or (b) the base rate determined by reference to the highest of (1) the lender's USD short-term commercial loan rate and (2) the federal funds rate plus 1/2 of 1%  
$250 million line of credit    
Line of Credit Facility [Line Items]    
Line of credit facility, term 364 days  
Line of credit facility, maximum borrowing capacity $ 250.0  
Line of credit facility, amount outstanding $ 0.0  
Line of credit facility, interest rate description Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 75 basis points per annum  
50.0 billion yen line of credit (Tranche 1)    
Line of Credit Facility [Line Items]    
Line of credit facility, term 364 days  
Line of credit facility, maximum borrowing capacity | ¥   50.0
Line of credit facility, amount outstanding | ¥   0.0
Line of credit facility, interest rate description Three-month yen TIBOR plus 75 basis points per annum  
50.0 billion yen line of credit (Tranche 2)    
Line of Credit Facility [Line Items]    
Line of credit facility, term 364 days  
Line of credit facility, maximum borrowing capacity | ¥   50.0
Line of credit facility, amount outstanding | ¥   ¥ 0.0
Line of credit facility, interest rate description Three-month yen TIBOR plus 75 basis points per annum  
$25 million line of credit    
Line of Credit Facility [Line Items]    
Line of credit facility, term 364 days  
Line of credit facility, maximum borrowing capacity $ 25.0  
Line of credit facility, amount outstanding $ 0.0  
Line of credit facility, interest rate description Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 75 basis points per annum  
$15 million line of credit    
Line of Credit Facility [Line Items]    
Line of credit facility, term 364 days  
Line of credit facility, maximum borrowing capacity $ 15.0  
Line of credit facility, amount outstanding $ 0.0  
Line of credit facility, interest rate description Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 75 basis points per annum  
$300 thousand line of credit    
Line of Credit Facility [Line Items]    
Line of credit facility, term 364 days  
Line of credit facility, maximum borrowing capacity $ 0.3  
Line of credit facility, amount outstanding $ 0.0  
Line of credit facility, interest rate description Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 75 basis points per annum  
$30 million line of credit    
Line of Credit Facility [Line Items]    
Line of credit facility, term 364 days  
Line of credit facility, maximum borrowing capacity $ 30.0  
Line of credit facility, amount outstanding $ 0.0  
Line of credit facility, interest rate description Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 75 basis points per annum  
$400 million line of credit (Aflac Incorporated as borrower)    
Line of Credit Facility [Line Items]    
Line of credit facility, term 364 days  
Line of credit facility, maximum borrowing capacity $ 400.0  
Line of credit facility, amount outstanding $ 0.0  
Line of credit facility, interest rate description Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 97 basis points per annum for U.S. dollar-denominated borrowings or three-month TIBOR plus 97 basis points per annum for Japanese yen-denominated borrowings  
$400 million line of credit (Aflac Re Bermuda Ltd. as borrower)    
Line of Credit Facility [Line Items]    
Line of credit facility, term 364 days  
Line of credit facility, maximum borrowing capacity $ 400.0  
Line of credit facility, amount outstanding $ 0.0  
Line of credit facility, interest rate description Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 68 basis points per annum for U.S. dollar-denominated borrowings or three-month TIBOR plus 68 basis points per annum for Japanese yen-denominated borrowings  
$25 million line of credit (Aflac Asset Management as Borrower)    
Line of Credit Facility [Line Items]    
Line of credit facility, term 364 days  
Line of credit facility, maximum borrowing capacity $ 25.0  
Line of credit facility, amount outstanding $ 0.0  
Line of credit facility, interest rate description Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 68 basis points per annum for U.S. dollar-denominated borrowings or three-month TIBOR plus 68 basis points per annum for Japanese yen-denominated borrowings  
$2 million line of credit    
Line of Credit Facility [Line Items]    
Line of credit facility, term 364 days  
Line of credit facility, maximum borrowing capacity $ 2.0  
Line of credit facility, amount outstanding $ 0.0  
Line of credit facility, interest rate description Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 68 basis points per annum for U.S. dollar-denominated borrowings or three-month TIBOR plus 68 basis points per annum for Japanese yen-denominated borrowings  
Lower Limit | 100.0 billion yen line of credit    
Line of Credit Facility [Line Items]    
Line of credit facility, commitment fee percentage 0.28%  
Lower Limit | $1.0 billion line of credit    
Line of Credit Facility [Line Items]    
Line of credit facility, commitment fee percentage 0.08%  
Upper Limit | $100 million line of credit    
Line of Credit Facility [Line Items]    
Line of credit facility, term 3 months  
Upper Limit | 100.0 billion yen line of credit    
Line of Credit Facility [Line Items]    
Line of credit facility, commitment fee percentage 0.45%  
Upper Limit | $1.0 billion line of credit    
Line of Credit Facility [Line Items]    
Line of credit facility, commitment fee percentage 0.20%  
Upper Limit | $50 million line of credit    
Line of Credit Facility [Line Items]    
Line of credit facility, term 3 months  
v3.25.0.1
NOTES PAYABLE AND LEASE OBLIGATIONS - Additional Information (Detail)
$ in Millions, ¥ in Billions
 1 Months Ended 12 Months Ended
Dec. 31, 2023
JPY (¥)
Aug. 31, 2022
JPY (¥)
Mar. 31, 2021
USD ($)
Apr. 30, 2020
USD ($)
Apr. 30, 2019
Oct. 31, 2018
JPY (¥)
series
Oct. 31, 2017
JPY (¥)
Dec. 31, 2016
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2024
JPY (¥)
Dec. 31, 2024
USD ($)
Apr. 01, 2024
USD ($)
Mar. 31, 2024
JPY (¥)
series
Dec. 31, 2023
USD ($)
Sep. 30, 2022
JPY (¥)
series
Apr. 30, 2021
JPY (¥)
series
Mar. 31, 2020
JPY (¥)
series
Dec. 31, 2019
JPY (¥)
series
Apr. 01, 2019
JPY (¥)
Oct. 31, 2018
USD ($)
series
Jan. 31, 2017
JPY (¥)
Sep. 30, 2016
USD ($)
series
Aug. 31, 2010
USD ($)
Dec. 31, 2009
USD ($)
Debt Instrument [Line Items]                                                    
Number of Senior Notes Issued Through a Private Placement (in series) | series                             5                      
Number of series of senior notes issued through a U.S. public debt offering (in series) | series           3                 3   4 5 4 4   3   2    
Interest expense on debt | $                 $ 194 $ 190 $ 217                              
Operating lease, cost | $                 43 49 52                              
Operating lease, payments | $                 $ 41 $ 48 $ 49                              
Private Placement                                                    
Debt Instrument [Line Items]                                                    
Debt instrument, principal amount                             ¥ 75.0                      
Senior notes                                                    
Debt Instrument [Line Items]                                                    
Debt instrument, principal amount           ¥ 53.4                 ¥ 48.6   ¥ 73.0 ¥ 82.0 ¥ 57.0 ¥ 38.0       $ 700    
3.60% senior notes due April 2030                                                    
Debt Instrument [Line Items]                                                    
Debt instrument, principal amount | $       $ 1,000                                            
Debt instrument, interest rate 3.60%     3.60%               3.60% 3.60%     3.60%                    
Debt instrument, redemption, description       These notes are redeemable at the Parent Company's option in whole at any time or in part from time to time at a redemption price equal to the greater of: (i) the aggregate principal amount of the notes to be redeemed or (ii) the amount equal to the sum of the present values of the remaining scheduled payments for principal of and interest on the notes to be redeemed, not including any portion of the payments of interest accrued as of such redemption date, discounted to such redemption date on a semiannual basis at the yield to maturity for a U.S. Treasury security with a maturity comparable to the remaining term of the notes, plus 45 basis points, plus in each case, accrued and unpaid interest on the principal amount of the notes to be redeemed to, but excluding, such redemption date.                                            
.300% senior notes due September 2025                                                    
Debt Instrument [Line Items]                                                    
Debt instrument, principal amount ¥ 12.4                     ¥ 12.4             ¥ 12.4              
Debt instrument, interest rate 0.30%                     0.30% 0.30%     0.30%     0.30%              
.550% senior notes due March 2030                                                    
Debt Instrument [Line Items]                                                    
Debt instrument, principal amount ¥ 13.3                     ¥ 13.3             ¥ 13.3              
Debt instrument, interest rate 0.55%                     0.55% 0.55%     0.55%     0.55%              
.750% senior notes due March 2032                                                    
Debt Instrument [Line Items]                                                    
Debt instrument, principal amount ¥ 20.7                     ¥ 20.7             ¥ 20.7              
Debt instrument, interest rate 0.75%                     0.75% 0.75%     0.75%     0.75%              
.830% senior notes due March 2035                                                    
Debt Instrument [Line Items]                                                    
Debt instrument, principal amount ¥ 10.6                     ¥ 10.6             ¥ 10.6              
Debt instrument, interest rate 0.83%                     0.83% 0.83%     0.83%     0.83%              
.500% senior notes due December 2029                                                    
Debt Instrument [Line Items]                                                    
Debt instrument, principal amount ¥ 12.6                     ¥ 12.6               ¥ 12.6            
Debt instrument, interest rate 0.50%                     0.50% 0.50%     0.50%       0.50%            
.843% senior notes due December 2031                                                    
Debt Instrument [Line Items]                                                    
Debt instrument, principal amount ¥ 9.3                     ¥ 9.3               ¥ 9.3            
Debt instrument, interest rate 0.843%                     0.843% 0.843%     0.843%       0.843%            
.934% senior notes due December 2034                                                    
Debt Instrument [Line Items]                                                    
Debt instrument, principal amount ¥ 9.8                     ¥ 9.8               ¥ 9.8            
Debt instrument, interest rate 0.934%                     0.934% 0.934%     0.934%       0.934%            
1.122% senior notes due December 2039                                                    
Debt Instrument [Line Items]                                                    
Debt instrument, principal amount ¥ 6.3                     ¥ 6.3               ¥ 6.3            
Debt instrument, interest rate 1.122%                     1.122% 1.122%     1.122%       1.122%            
.963% subordinated bonds paid April 2024                                                    
Debt Instrument [Line Items]                                                    
Debt instrument, principal amount ¥ 30.0                                       ¥ 30.0          
Debt instrument, interest rate 0.963%                         0.963%   0.963%         0.963%          
Debt instrument, interest rate terms         These bonds bear interest at a fixed rate of .963% per annum and then at six-month Euro Yen LIBOR plus an applicable spread on and after the day immediately following April 18, 2024.                                          
Debt instrument, redemption, description         The bonds will be callable on each interest payment date on and after April 18, 2024. In November 2019, ALIJ amended the bonds to change their duration from perpetual to a stated maturity date of April 16, 2049 and to remove provisions that permitted ALIJ to defer payments of interest under certain circumstances.                                          
Debt instrument, principal amount redeemed | $                           $ 30,000                        
4.750% senior notes due January 2049                                                    
Debt Instrument [Line Items]                                                    
Debt instrument, principal amount | $                                           $ 550        
Debt instrument, interest rate 4.75%         4.75%           4.75% 4.75%     4.75%           4.75%        
Debt instrument, redemption, description           These notes are redeemable at the Parent Company's option in whole at any time or in part from time to time at a redemption price equal to the greater of: (i) the aggregate principal amount of the notes to be redeemed or (ii) the amount equal to the sum of the present values of the remaining scheduled payments for principal of and interest on the notes to be redeemed, not including any portion of the payments of interest accrued as of such redemption date, discounted to such redemption date on a semiannual basis at the yield to maturity for a U.S. Treasury security with a maturity comparable to the remaining term of the notes, plus 25 basis points, plus in each case, accrued and unpaid interest on the principal amount of the notes to be redeemed to, but excluding, such redemption date.                                        
1.159% senior notes due October 2030                                                    
Debt Instrument [Line Items]                                                    
Debt instrument, principal amount ¥ 29.3         ¥ 29.3           ¥ 29.3                            
Debt instrument, interest rate 1.159%         1.159%           1.159% 1.159%     1.159%           1.159%        
1.488% senior notes due October 2033                                                    
Debt Instrument [Line Items]                                                    
Debt instrument, principal amount ¥ 15.2         ¥ 15.2           ¥ 15.2                            
Debt instrument, interest rate 1.488%         1.488%           1.488% 1.488%     1.488%           1.488%        
1.750% senior notes due October 2038                                                    
Debt Instrument [Line Items]                                                    
Debt instrument, principal amount ¥ 8.9         ¥ 8.9           ¥ 8.9                            
Debt instrument, interest rate 1.75%         1.75%           1.75% 1.75%     1.75%           1.75%        
2.108% subordinated notes due October 2047                                                    
Debt Instrument [Line Items]                                                    
Debt instrument, principal amount ¥ 60.0           ¥ 60.0         ¥ 60.0                            
Debt instrument, interest rate 2.108%           2.108%         2.108% 2.108%     2.108%                    
Debt instrument, interest rate terms             The debentures bear interest at an initial rate of 2.108% per annum through October 22, 2027, or earlier redemption. Thereafter, the rate of interest of the debentures will be reset every five years to a rate of interest equal to the then-current JPY 5-year Swap Offered Rate plus 205 basis points.                                      
Debt instrument, redemption, description             The debentures are redeemable (i) at any time, in whole but not in part, upon the occurrence of certain tax events or certain rating agency events, as specified in the indenture governing the terms of the debentures or (ii) on or after October 23, 2027, in whole or in part, at a redemption price equal to their principal amount plus accrued and unpaid interest to, but excluding, the date of redemption.                                      
.932% senior notes due January 2027                                                    
Debt Instrument [Line Items]                                                    
Debt instrument, principal amount ¥ 60.0                     ¥ 60.0                     ¥ 60.0      
Debt instrument, interest rate 0.932%                     0.932% 0.932%     0.932%             0.932%      
2.875% senior notes due October 2026                                                    
Debt Instrument [Line Items]                                                    
Debt instrument, principal amount | $                                               $ 300    
Debt instrument, interest rate 2.875%                     2.875% 2.875%     2.875%               2.875%    
4.00% senior noted due October 2046                                                    
Debt Instrument [Line Items]                                                    
Debt instrument, principal amount | $                                               $ 400    
Debt instrument, interest rate 4.00%                     4.00% 4.00%     4.00%               4.00%    
6.90% senior notes due December 2039                                                    
Debt Instrument [Line Items]                                                    
Debt instrument, principal amount | $                                                   $ 400
Debt instrument, interest rate 6.90%             6.90%       6.90% 6.90%     6.90%                    
Repayments of debt | $               $ 176                                    
6.45% senior notes due August 2040                                                    
Debt Instrument [Line Items]                                                    
Debt instrument, principal amount | $                                                 $ 450  
Debt instrument, interest rate 6.45%             6.45%       6.45% 6.45%     6.45%                    
Repayments of debt | $               $ 193                                    
Senior Notes due 2039 and 2040                                                    
Debt Instrument [Line Items]                                                    
Expense on extinguishment of debt | $               $ (137)                                    
.633% senior notes due April 2031                                                    
Debt Instrument [Line Items]                                                    
Debt instrument, principal amount ¥ 30.0                     ¥ 30.0           ¥ 30.0                
Debt instrument, interest rate 0.633%                     0.633% 0.633%     0.633%   0.633%                
.844% senior notes due April 2033                                                    
Debt Instrument [Line Items]                                                    
Debt instrument, principal amount ¥ 12.0                     ¥ 12.0           ¥ 12.0                
Debt instrument, interest rate 0.844%                     0.844% 0.844%     0.844%   0.844%                
1.039% senior notes due April 2036                                                    
Debt Instrument [Line Items]                                                    
Debt instrument, principal amount ¥ 10.0                     ¥ 10.0           ¥ 10.0                
Debt instrument, interest rate 1.039%                     1.039% 1.039%     1.039%   1.039%                
1.264% senior notes due April 2041                                                    
Debt Instrument [Line Items]                                                    
Debt instrument, principal amount ¥ 10.0                     ¥ 10.0           ¥ 10.0                
Debt instrument, interest rate 1.264%                     1.264% 1.264%     1.264%   1.264%                
1.560% senior notes due April 2051                                                    
Debt Instrument [Line Items]                                                    
Debt instrument, principal amount ¥ 20.0                     ¥ 20.0           ¥ 20.0                
Debt instrument, interest rate 1.56%                     1.56% 1.56%     1.56%   1.56%                
1.125% senior notes due March 2026                                                    
Debt Instrument [Line Items]                                                    
Debt instrument, principal amount | $     $ 400                                              
Debt instrument, interest rate 1.125%   1.125%                 1.125% 1.125%     1.125%                    
Debt instrument, redemption, description     These notes are redeemable at the Parent Company's option in whole at any time or in part from time to time at a redemption price equal to the greater of: (i) the aggregate principal amount of the notes to be redeemed or (ii) the amount equal to the sum of the present values of the remaining scheduled payments for principal of and interest on the notes to be redeemed, not including any portion of the payments of interest accrued as of such redemption date, discounted to such redemption date on a semiannual basis at the yield to maturity for a U.S. Treasury security with a maturity comparable to the remaining term of the notes, plus 10 basis points, plus in each case, accrued and unpaid interest on the principal amount of the notes to be redeemed to, but excluding, such redemption date.                                              
1.075% senior notes due September 2029                                                    
Debt Instrument [Line Items]                                                    
Debt instrument, principal amount ¥ 33.4                     ¥ 33.4         ¥ 33.4                  
Debt instrument, interest rate 1.075%                     1.075% 1.075%     1.075% 1.075%                  
1.320% senior notes due December 2032                                                    
Debt Instrument [Line Items]                                                    
Debt instrument, principal amount ¥ 21.1                     ¥ 21.1         ¥ 21.1                  
Debt instrument, interest rate 1.32%                     1.32% 1.32%     1.32% 1.32%                  
1.594% senior notes due September 2037                                                    
Debt Instrument [Line Items]                                                    
Debt instrument, principal amount ¥ 6.5                     ¥ 6.5         ¥ 6.5                  
Debt instrument, interest rate 1.594%                     1.594% 1.594%     1.594% 1.594%                  
2.144% senior notes due September 2052                                                    
Debt Instrument [Line Items]                                                    
Debt instrument, principal amount ¥ 12.0                     ¥ 12.0         ¥ 12.0                  
Debt instrument, interest rate 2.144%                     2.144% 2.144%     2.144% 2.144%                  
1.958% subordinated bonds due December 2053                                                    
Debt Instrument [Line Items]                                                    
Debt instrument, principal amount ¥ 30.0                     ¥ 30.0                            
Debt instrument, interest rate 1.958%                     1.958% 1.958%     1.958%                    
Debt instrument, interest rate terms The bonds bear interest at an initial rate of 1.958% per annum until December 5, 2028. Thereafter, the rate of interest of the bonds will be reset every five years to a rate of interest equal to the then-current five-year JGB rate plus (i) 1.650% per annum on and after the day immediately following December 5, 2028 to December 5, 2033, and (ii) 2.650% per annum on and after the day immediately following December 5, 2033 to December 5, 2053.                                                  
Debt instrument, redemption, description The bonds are redeemable, in whole but not in part, (i) at any time upon the occurrence of certain regulatory or tax events, as specified in the indenture governing the terms of the bonds or (ii) on each interest rate reset date on or after December 5, 2028.                                                  
Yen-denominated loans                                                    
Debt Instrument [Line Items]                                                    
Debt instrument, principal amount   ¥ 107.0                                                
Yen-denominated loan variable interest rate due August 2027                                                    
Debt Instrument [Line Items]                                                    
Debt instrument, principal amount ¥ 11.7 11.7                   ¥ 11.7                            
Debt instrument, interest rate 0.35%                     0.84% 0.84%     0.35%                    
Yen-denominated loan variable interest rate due August 2029                                                    
Debt Instrument [Line Items]                                                    
Debt instrument, principal amount ¥ 25.3 25.3                   ¥ 25.3                            
Debt instrument, interest rate 0.45%                     0.94% 0.94%     0.45%                    
Yen-denominated loan variable interest rate due August 2032                                                    
Debt Instrument [Line Items]                                                    
Debt instrument, principal amount ¥ 70.0 ¥ 70.0                   ¥ 70.0                            
Debt instrument, interest rate 0.60%                     1.09% 1.09%     0.60%                    
Notes Payable                                                    
Debt Instrument [Line Items]                                                    
Debt instrument, debt default, amount | $                         $ 0     $ 0                    
Line of Credit                                                    
Debt Instrument [Line Items]                                                    
Debt instrument, debt default, amount | $                         $ 0     $ 0                    
Lower Limit | Yen-denominated loan variable interest rate due August 2027                                                    
Debt Instrument [Line Items]                                                    
Debt instrument, basis spread on variable rate   0.225%                                                
Lower Limit | Yen-denominated loan variable interest rate due August 2029                                                    
Debt Instrument [Line Items]                                                    
Debt instrument, basis spread on variable rate   0.325%                                                
Lower Limit | Yen-denominated loan variable interest rate due August 2032                                                    
Debt Instrument [Line Items]                                                    
Debt instrument, basis spread on variable rate   0.475%                                                
Upper Limit | Yen-denominated loan variable interest rate due August 2027                                                    
Debt Instrument [Line Items]                                                    
Debt instrument, basis spread on variable rate   0.625%                                                
Upper Limit | Yen-denominated loan variable interest rate due August 2029                                                    
Debt Instrument [Line Items]                                                    
Debt instrument, basis spread on variable rate   0.725%                                                
Upper Limit | Yen-denominated loan variable interest rate due August 2032                                                    
Debt Instrument [Line Items]                                                    
Debt instrument, basis spread on variable rate   1.025%                                                
v3.25.0.1
INCOME TAXES - Components of Income Tax Expense (Benefit) Applicable to Pretax Earnings (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Reconciliation of Provision of Income Taxes [Line Items]      
Current $ 1,330 $ 1,663 $ 1,181
Deferred (356) (1,060) (730)
Income taxes 974 603 451
Aflac Japan      
Reconciliation of Provision of Income Taxes [Line Items]      
Current 1,196 1,275 913
Deferred 159 (160) 200
Income taxes 1,355 1,115 1,113
Aflac U.S.      
Reconciliation of Provision of Income Taxes [Line Items]      
Current 134 388 268
Deferred (515) (900) (930)
Income taxes $ (381) $ (512) $ (662)
v3.25.0.1
INCOME TAXES - Principal Reasons for Differences and Related Tax Effects where Income Tax Expense Varies from Amount Computed by Applying Expected United States Tax Rate to Pretax Earnings (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Income taxes based on U.S. statutory rates $ 1,348 $ 1,105 $ 1,023
DST functional currency change (208) (174) (452)
Solar and historic tax credits, net of amortization (164) (348) (83)
Other, net (2) 20 (37)
Income taxes $ 974 $ 603 $ 451
v3.25.0.1
INCOME TAXES - Total Income Tax Expense (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Statements of earnings $ 974 $ 603 $ 451
Other comprehensive income (loss):      
Unrealized foreign currency translation gains (losses) during period 160 140 547
Unrealized gains (losses) on investment securities:      
Unrealized holding gains (losses) on investment securities during period (265) 520 (2,657)
Reclassification adjustment for realized (gains) losses on investment securities included in net earnings (41) (35) (95)
Unrealized gains (losses) on derivatives during period 1 1 1
Effect of changes in discount rate assumptions during period 1,214 (122) 3,650
Pension liability adjustment during period 5 7 35
Total income tax expense (benefit) related to items of other comprehensive income (loss) 1,074 511 1,481
Total income taxes $ 2,048 $ 1,114 $ 1,932
v3.25.0.1
INCOME TAXES - Income Tax Effects of Temporary Differences that Gave Rise to Deferred Income Tax Assets and Liabilities (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Deferred income tax liabilities:    
Deferred policy acquisition costs $ 2,637 $ 2,883
Unrealized gains and other basis differences on investments 615 988
Foreign currency gain on Aflac Japan 1 2
Premiums receivable 43 85
Policy benefit reserves 2,509 110
Other 54 0
Total deferred income tax liabilities 5,859 4,068
Deferred income tax assets:    
Unfunded retirement benefits 4 5
Other accrued expenses 32 28
Policy and contract claims 514 572
Deferred compensation 31 45
Depreciation 255 265
Anticipatory foreign tax credit 3,262 2,210
Deferred foreign tax credit and carryforward 1,428 1,077
Other 0 135
Total deferred income tax assets 5,526 4,337
Net deferred tax asset   (269)
Net deferred tax liability 333  
Current income tax liability 240 423
Total income tax liability $ 573 $ 154
v3.25.0.1
INCOME TAXES - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]    
Balance, beginning of year $ 1 $ 5
Additions for tax positions of prior years 0 0
Reductions for tax positions of prior years (1) (4)
Balance, end of year $ 0 $ 1
v3.25.0.1
INCOME TAXES - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Taxes [Line Items]      
Japan Tax Rate 28.00% 28.00% 28.00%
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax Asset (Liability) $ 208 $ 174 $ 452
U.S. federal statutory corporate income tax rate 21.00% 21.00% 21.00%
Non-life operating loss carryforwards, limitations only 35% of non-life operating losses can be offset against life insurance taxable income each year    
Unrecognized tax benefit, deductibility highly certain, timing uncertain $ 0 $ 0  
Unrecognized tax benefits, interest and penalties expense 0 0 $ 0
Unrecognized tax benefits, accrued interest and penalties 0 $ 0  
Non-life      
Income Taxes [Line Items]      
Non-life operating loss carryforwards 26    
Life      
Income Taxes [Line Items]      
Non-life operating loss carryforwards 92    
Capital Loss Carryforward      
Income Taxes [Line Items]      
Tax credit carryforward, amount 0    
Foreign Tax Credit      
Income Taxes [Line Items]      
Tax credit carryforward, amount $ 314    
v3.25.0.1
SHAREHOLDERS' EQUITY - Reconciliation of Number of Shares of Common Stock (Detail) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Common Stock Issued [Roll Forward]      
Balance, beginning of period 1,355,398 1,354,079 1,352,739
Exercise of stock options and issuance of restricted shares 1,365 1,319 1,340
Balance, end of period 1,356,763 1,355,398 1,354,079
Treasury Stock [Roll Forward]      
Balance, beginning of period 776,919 738,823 700,607
Share repurchase program 30,428 38,896 39,187
Exercise of stock options (425) (526) (560)
Balance, end of period 806,799 776,919 738,823
Shares outstanding, end of period 549,964 578,479 615,256
Treasury stock      
Treasury Stock [Roll Forward]      
Other purchases 494 364 370
Shares issued to AFL Stock Plan (751) (897) (1,009)
Exercise of stock options (104) (88) (117)
Other dispositions (187) (179) (215)
v3.25.0.1
SHAREHOLDERS' EQUITY - Weighted-Average Shares Used in Calculating Earnings Per Share (Detail) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Stockholders' Equity Note [Abstract]      
Weighted-average outstanding shares used for calculating basic EPS 562,492 596,173 634,816
Dilutive effect of share-based awards 2,523 2,572 2,839
Weighted-average outstanding shares used for calculating diluted EPS 565,015 598,745 637,655
v3.25.0.1
SHAREHOLDERS' EQUITY - Anti-Dilutive Share-Based Awards Excluded from Calculation of Diluted Earnings Per Share (Detail) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Stockholders' Equity Note [Abstract]      
Anti-dilutive share-based awards 17 51 118
v3.25.0.1
SHAREHOLDERS' EQUITY - Changes in Accumulated Other Comprehensive Income (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accumulated Other Comprehensive Income [Roll Forward]      
Balance, beginning of period $ 21,985 $ 20,140 $ 17,031
Other comprehensive income (loss), net of tax 2,542 909 1,982
Balance, end of period 26,098 21,985 20,140
Unrealized Foreign Currency Translation Gains (Losses)      
Accumulated Other Comprehensive Income [Roll Forward]      
Balance, beginning of period (4,069) (3,564) (1,985)
Other comprehensive income loss before reclassifications net of tax (929) (505) (1,579)
Amounts reclassified from accumulated other comprehensive income (loss) net of tax 0 0 0
Other comprehensive income (loss), net of tax (929) (505) (1,579)
Balance, end of period (4,998) (4,069) (3,564)
Unrealized Gains (Losses) on Fixed Maturity Securities      
Accumulated Other Comprehensive Income [Roll Forward]      
Balance, beginning of period 1,139 (702) 9,602
Other comprehensive income loss before reclassifications net of tax (959) 1,972 (9,946)
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (156) (131) (358)
Other comprehensive income (loss), net of tax (1,115) 1,841 (10,304)
Balance, end of period 24 1,139 (702)
Unrealized Gains (Losses) on Derivatives      
Accumulated Other Comprehensive Income [Roll Forward]      
Balance, beginning of period (22) (27) (30)
Other comprehensive income loss before reclassifications net of tax (3) 1 (1)
Amounts reclassified from accumulated other comprehensive income (loss) net of tax 5 4 4
Other comprehensive income (loss), net of tax 2 5 3
Balance, end of period (20) (22) (27)
Effect of Changes in Discount Rate Assumptions      
Accumulated Other Comprehensive Income [Roll Forward]      
Balance, beginning of period (2,560) (2,100) (15,832)
Other comprehensive income loss before reclassifications net of tax 4,566 (460) 13,732
Amounts reclassified from accumulated other comprehensive income (loss) net of tax 0 0 0
Other comprehensive income (loss), net of tax 4,566 (460) 13,732
Balance, end of period 2,006 (2,560) (2,100)
Pension Liability Adjustment      
Accumulated Other Comprehensive Income [Roll Forward]      
Balance, beginning of period (8) (36) (166)
Other comprehensive income loss before reclassifications net of tax 20 28 111
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (2) 0 19
Other comprehensive income (loss), net of tax 18 28 130
Balance, end of period 10 (8) (36)
Accumulated Other Comprehensive Income (Loss)      
Accumulated Other Comprehensive Income [Roll Forward]      
Balance, beginning of period (5,520) (6,429) (8,411)
Other comprehensive income loss before reclassifications net of tax 2,695 1,036 2,317
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (153) (127) (335)
Other comprehensive income (loss), net of tax 2,542 909 1,982
Balance, end of period $ (2,978) $ (5,520) $ (6,429)
v3.25.0.1
SHAREHOLDERS' EQUITY - Reclassifications Out of Accumulated Other Comprehensive Income (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Net investment gains (losses) $ 1,271 $ 590 $ 363
Net investment income 4,116 3,811 3,656
Earnings before income taxes 6,417 5,262 4,869
Acquisition and operating expenses (5,060) (5,228) (5,384)
Income tax (expense) benefit (974) (603) (451)
Net of tax $ 5,443 $ 4,659 $ 4,418
U.S. federal statutory corporate income tax rate 21.00% 21.00% 21.00%
Reclassification out of Accumulated Other Comprehensive Income      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Net of tax $ 153 $ 127 $ 335
Reclassification out of Accumulated Other Comprehensive Income | Unrealized gains (losses) on available-for-sale securities      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Net investment gains (losses) 197 166 453
Income tax (expense) benefit [1] (41) (35) (95)
Net of tax 156 131 358
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Derivatives      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Net investment gains (losses) (5) (4) (4)
Net investment income (1) (1) (1)
Earnings before income taxes (6) (5) (5)
Income tax (expense) benefit [1] 1 1 1
Net of tax (5) (4) (4)
Reclassification out of Accumulated Other Comprehensive Income | Pension liability adjustment, actuarial gains (losses)      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Acquisition and operating expenses [2] 1 0 (24)
Reclassification out of Accumulated Other Comprehensive Income | Pension liability adjustment, prior service (cost) credit      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Acquisition and operating expenses [2] 1 0 0
Reclassification out of Accumulated Other Comprehensive Income | Pension Liability Adjustment      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Income tax (expense) benefit [1] 0 0 5
Net of tax $ 2 $ 0 $ (19)
[1] Based on 21% tax rate
[2] These accumulated other comprehensive income components are included in the computation of net periodic benefit cost (see Note 14 for additional details).
v3.25.0.1
SHAREHOLDERS' EQUITY - Additional Information (Detail)
shares in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
votesPerShare
shares
Dec. 31, 2023
USD ($)
shares
Dec. 31, 2022
USD ($)
shares
Nov. 30, 2022
shares
Stockholders Equity Note [Line Items]        
Remaining common stock available for purchase under share repurchase authorizations 47,300      
Stock acquired under share repurchase program, shares 30,428 38,896 39,187  
Common stock, share repurchase, dollar amount | $ $ 2,868 $ 2,854 $ 2,425  
Common stock, voting rights are generally entitled to one vote per share until they have been held by the same beneficial owner for a continuous period of 48 months, at which time they become entitled to 10 votes per share.      
Common stock, votes per share | votesPerShare 1      
Common stock, votes per share holding period 48 months      
Common stock, votes per share after required holding period. | votesPerShare 10      
Share Repurchase Program        
Stockholders Equity Note [Line Items]        
Stock acquired under share repurchase program, shares 30,400 38,900 39,200  
Common stock, share repurchase, dollar amount | $ $ 2,800 $ 2,800 $ 2,400  
November 2022 Share Repurchase Authorization        
Stockholders Equity Note [Line Items]        
Shares of common stock authorized to be purchased under share repurchase authorizations       100,000
v3.25.0.1
SHARE-BASED COMPENSATION - Expense Recognized in Connection with Share-Based Awards (Detail) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Earnings before income taxes $ 6,417 $ 5,262 $ 4,869
Net earnings $ 5,443 $ 4,659 $ 4,418
Impact on net earnings per share:      
Basic (in dollars per share) $ 9.68 $ 7.81 $ 6.96
Diluted (in dollars per share) $ 9.63 $ 7.78 $ 6.93
Share Based Compensation Expense      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Earnings from continuing operations $ 72 $ 79 $ 69
Earnings before income taxes 72 79 69
Net earnings $ 57 $ 62 $ 55
Impact on net earnings per share:      
Basic (in dollars per share) $ 0.10 $ 0.10 $ 0.09
Diluted (in dollars per share) $ 0.10 $ 0.10 $ 0.09
v3.25.0.1
SHARE-BASED COMPENSATION - Stock Option Activity (Detail) - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Stock Option Shares      
Beginning Balance 1,051 1,577 2,145
Granted 0 0 0
Canceled (3) 0 (8)
Exercised (425) (526) (560)
Ending Balance 623 1,051 1,577
Weighted-Average Exercise Price Per Share      
Beginning Balance $ 32.90 $ 32.05 $ 31.02
Granted 0.00 0.00 0.00
Canceled 31.21 24.75 32.43
Exercised 31.40 30.35 28.11
Ending Balance $ 33.92 $ 32.90 $ 32.05
v3.25.0.1
SHARE-BASED COMPENSATION - Shares Exercisable (Detail) - shares
shares in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]      
Shares exercisable, end of year 623 1,051 1,577
v3.25.0.1
SHARE-BASED COMPENSATION - Assumptions Used in Valuing Options Granted (Detail) - Employee stock option
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Line Items]      
Expected term (years) 8 years 8 years 7 years 9 months 18 days
Expected volatility 26.80% 26.70% 25.80%
Annual forfeiture rate 4.40% 4.20% 4.00%
Risk-free interest rate 4.00% 3.00% 1.60%
Dividend yield 2.40% 2.30% 2.70%
v3.25.0.1
SHARE-BASED COMPENSATION - Stock Options Outstanding and Exercisable (Detail) - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]        
Range of Exercise Prices Per Share - Lower Range $ 0.00      
Range of Exercise Prices Per Share - Upper Range $ 44.59      
Options Outstanding - Stock Option Shares 623 1,051 1,577 2,145
Options outstanding - weighted-average remaining term (Yrs) 1 year 8 months 12 days      
Options Outstanding - Weighted-Average Exercise Price Per Share $ 33.92 $ 32.90 $ 32.05 $ 31.02
Options Exercisable - Stock Option Shares 623 1,051 1,577  
Options Exercisable - Weighted-Average Exercise Price Per Share $ 33.92      
$0.00 - $28.97        
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]        
Range of Exercise Prices Per Share - Lower Range 0.00      
Range of Exercise Prices Per Share - Upper Range $ 28.97      
Options Outstanding - Stock Option Shares 173      
Options outstanding - weighted-average remaining term (Yrs) 1 year 1 month 6 days      
Options Outstanding - Weighted-Average Exercise Price Per Share $ 28.96      
Options Exercisable - Stock Option Shares 173      
Options Exercisable - Weighted-Average Exercise Price Per Share $ 28.96      
$28.97 - $31.21        
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]        
Range of Exercise Prices Per Share - Lower Range 28.97      
Range of Exercise Prices Per Share - Upper Range $ 31.21      
Options Outstanding - Stock Option Shares 76      
Options outstanding - weighted-average remaining term (Yrs) 6 months      
Options Outstanding - Weighted-Average Exercise Price Per Share $ 30.30      
Options Exercisable - Stock Option Shares 76      
Options Exercisable - Weighted-Average Exercise Price Per Share $ 30.30      
$31.21 - $36.21        
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]        
Range of Exercise Prices Per Share - Lower Range 31.21      
Range of Exercise Prices Per Share - Upper Range $ 36.21      
Options Outstanding - Stock Option Shares 252      
Options outstanding - weighted-average remaining term (Yrs) 1 year 10 months 24 days      
Options Outstanding - Weighted-Average Exercise Price Per Share $ 34.84      
Options Exercisable - Stock Option Shares 252      
Options Exercisable - Weighted-Average Exercise Price Per Share $ 34.84      
$36.21 - $44.59        
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]        
Range of Exercise Prices Per Share - Lower Range 36.21      
Range of Exercise Prices Per Share - Upper Range $ 44.59      
Options Outstanding - Stock Option Shares 122      
Options outstanding - weighted-average remaining term (Yrs) 2 years 10 months 24 days      
Options Outstanding - Weighted-Average Exercise Price Per Share $ 41.33      
Options Exercisable - Stock Option Shares 122      
Options Exercisable - Weighted-Average Exercise Price Per Share $ 41.33      
v3.25.0.1
SHARE-BASED COMPENSATION - Summary of Stock Option Activity (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]      
Total intrinsic value of options exercised $ 25 $ 22 $ 20
Cash received from options exercised 13 16 16
Tax benefit realized as a result of options exercised and restricted stock releases $ 28 $ 20 $ 18
v3.25.0.1
SHARE-BASED COMPENSATION - Key Assumptions Used to Value PBRS (Detail) - Performance Based Vesting Condition - Restricted Stock
 12 Months Ended
Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Expected volatility (based on Aflac Inc. and peer group historical daily stock price) 21.80%
Expected life from grant date (years) 2 years 10 months 24 days
Risk-free interest rate (based on U.S. Treasury yields at the date of grant) 4.30%
v3.25.0.1
SHARE-BASED COMPENSATION - Restricted Stock Activity (Detail) - Restricted Stock - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Shares      
Beginning balance 2,308 2,414 2,557
Granted 1,300 1,171 1,119
Canceled (48) (112) (96)
Vested (1,461) (1,165) (1,166)
Ending Balance 2,099 2,308 2,414
Weighted-Average Grant-Date Fair Value Per Share      
Beginning balance $ 62.96 $ 56.21 $ 49.38
Granted 80.90 70.74 66.72
Canceled 74.68 60.62 54.59
Vested 47.22 52.77 49.64
Ending Balance $ 73.65 $ 62.96 $ 56.21
v3.25.0.1
SHARE-BASED COMPENSATION - Additional Information (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 1 Months Ended 12 Months Ended
Feb. 29, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Share based compensation arrangement by share-based payment award, options, grants in period, weighted average grant date fair value   $ 0 $ 0 $ 0  
Closing common stock price   $ 103.44      
Aggregate intrinsic value of stock options outstanding   $ 43      
Options outstanding - weighted-average remaining term (Yrs)   1 year 8 months 12 days      
In-the-money stock options exercisable   623      
Aggregate intrinsic value of stock options exercisable   $ 43      
Weighted-average remaining term of stock options exercisable (in years)   1 year 8 months 12 days      
Long-Term Incentive Plan          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Share-based compensation arrangement by share-based payment award, maximum number of shares issuable   75,000      
Share-based compensation arrangement by share-based payment award, maximum number of shares issuable other than options and stock appreciation rights   38,000      
Shares available for future grants under the long-term incentive plan   33,600      
Long-term incentive plan awards, term (in years)   10 years      
Long-term incentive plan, vesting period   3 years      
Restricted Stock          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Restricted stock awards, grants in period   1,300 1,171 1,119  
Total compensation cost not yet recognized, restricted stock awards   $ 34      
Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, number of shares   2,099 2,308 2,414 2,557
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition   1 year 8 months 12 days      
Performance Based Vesting Condition | Restricted Stock          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Long-term incentive plan, vesting period   3 years      
Restricted stock awards, grants in period 303        
Percentage of target award opportunities minimum   0.00%      
Percentage of target award opportunities maximum   200.00%      
Total compensation cost not yet recognized, restricted stock awards   $ 14      
Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, number of shares   1,800      
Performance Based Vesting Condition | Restricted Stock Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Long-term incentive plan, vesting period   3 years      
Restricted stock awards, grants in period   93      
Percentage of target award opportunities minimum   0.00%      
Percentage of target award opportunities maximum   150.00%      
v3.25.0.1
STATUTORY ACCOUNTING AND DIVIDEND RESTRICTIONS - Capital and Surplus Based on Statutory Accounting Practices (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Aflac    
Statutory Accounting Practices [Line Items]    
Capital and surplus, NAIC basis $ 2,682 $ 2,881
CAIC    
Statutory Accounting Practices [Line Items]    
Capital and surplus, NAIC basis 375 398
TOIC    
Statutory Accounting Practices [Line Items]    
Capital and surplus, NAIC basis 51 51
Aflac New York    
Statutory Accounting Practices [Line Items]    
Capital and surplus, NAIC basis $ 316 $ 323
v3.25.0.1
STATUTORY ACCOUNTING AND DIVIDEND RESTRICTIONS - Net Income (Loss) Based on Statutory Accounting Practices (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Aflac      
Statutory Accounting Practices [Line Items]      
Net income (loss), statutory accounting practices $ 912 $ 1,106 $ 1,134
CAIC      
Statutory Accounting Practices [Line Items]      
Net income (loss), statutory accounting practices (94) (121) (69)
TOIC      
Statutory Accounting Practices [Line Items]      
Net income (loss), statutory accounting practices (20) (27) (35)
Aflac New York      
Statutory Accounting Practices [Line Items]      
Net income (loss), statutory accounting practices $ 46 $ 54 $ 67
v3.25.0.1
STATUTORY ACCOUNTING AND DIVIDEND RESTRICTIONS - Profit Remittances by Aflac Japan (Detail)
$ in Millions, ¥ in Billions
 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2024
JPY (¥)
Dec. 31, 2023
USD ($)
Dec. 31, 2023
JPY (¥)
Dec. 31, 2022
USD ($)
Dec. 31, 2022
JPY (¥)
Insurance [Abstract]            
Profit remittances $ 2,865 ¥ 441.6 $ 2,623 ¥ 374.7 $ 2,412 ¥ 324.2
v3.25.0.1
STATUTORY ACCOUNTING AND DIVIDEND RESTRICTIONS - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Aflac Re Bermuda    
Statutory Accounting Practices [Line Items]    
Capital and surplus, statutory accounting practices of the state or country basis $ 581.0 $ 439.0
Dividends declared 0.0 0.0
Statutory Accounting Practices, Minimum Margin of Solvency, Assets Threshold $ 0.5  
Statutory Accounting Practices, Minimum Margin of Solvency, Percentage of Assets in Excess of Threshold 1.50%  
Statutory Accounting Practices, Minimum Margin of Solvency, Percentage of Enhanced Capital Requirement 25.00%  
Aflac    
Statutory Accounting Practices [Line Items]    
Dividends declared $ 976.0 894.0
Amount available for dividend distribution without prior approval from regulatory agency 912.0  
CAIC    
Statutory Accounting Practices [Line Items]    
Dividends declared 0.0 0.0
TOIC    
Statutory Accounting Practices [Line Items]    
Dividends declared 0.0 0.0
Aflac New York    
Statutory Accounting Practices [Line Items]    
Dividends declared 54.0 67.0
Aflac Japan    
Statutory Accounting Practices [Line Items]    
Capital and surplus, statutory accounting practices of the state or country basis $ 8,100.0 $ 8,100.0
v3.25.0.1
BENEFIT PLANS - Reconciliation of Funded Status of Basic Employee Defined-Benefit Pension Plans (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Other Postretirement Benefit Plans, Defined Benefit      
Projected benefit obligation:      
Benefit obligation, beginning of year $ 25 $ 32  
Service cost 0 0 $ 0
Interest cost 1 1 1
Actuarial (gain) loss 2 (4)  
Benefits and expenses paid (5) (4)  
Curtailment (gain) loss 0 0  
Settlement 0 0  
Effect of foreign exchange rate changes 0 0  
Benefit obligation, end of year 23 25 32
Plan assets:      
Fair value of plan assets, beginning of year 0 0  
Actual return on plan assets 0 0  
Employer contributions 5 4  
Benefits and expenses paid (5) (4)  
Defined Benefit Plan, Plan Assets, Payment for Settlement 0 0  
Effect of foreign exchange rate changes 0 0  
Fair value of plan assets, end of year 0 0 0
Funded status of the plans [1] (23) (25)  
Amounts recognized in accumulated other comprehensive income:      
Net actuarial (gain) loss 4 2  
Prior service (credit) cost 0 0  
Total included in accumulated other comprehensive income 4 2  
Japan | Pension Plan      
Projected benefit obligation:      
Benefit obligation, beginning of year 324 327  
Service cost 14 14 19
Interest cost 8 9 5
Actuarial (gain) loss (18) 7  
Benefits and expenses paid (16) (13)  
Curtailment (gain) loss 0 0  
Settlement 0 0  
Effect of foreign exchange rate changes (30) (20)  
Benefit obligation, end of year 282 324 327
Plan assets:      
Fair value of plan assets, beginning of year 344 335  
Actual return on plan assets 27 17  
Employer contributions 27 27  
Benefits and expenses paid (16) (13)  
Defined Benefit Plan, Plan Assets, Payment for Settlement 0 0  
Effect of foreign exchange rate changes (37) (22)  
Fair value of plan assets, end of year 345 344 335
Funded status of the plans [1] 63 20  
Amounts recognized in accumulated other comprehensive income:      
Net actuarial (gain) loss (10) 30  
Prior service (credit) cost 0 0  
Total included in accumulated other comprehensive income (10) 30  
Accumulated benefit obligation 184 213  
U.S. | Pension Plan      
Projected benefit obligation:      
Benefit obligation, beginning of year 764 843  
Service cost 0 7 26
Interest cost 36 41 34
Actuarial (gain) loss (7) 37  
Benefits and expenses paid (32) (58)  
Curtailment (gain) loss 0 (106)  
Settlement (177) 0  
Effect of foreign exchange rate changes 0 0  
Benefit obligation, end of year 584 764 843
Plan assets:      
Fair value of plan assets, beginning of year 648 659  
Actual return on plan assets (8) 39  
Employer contributions 8 8  
Benefits and expenses paid (32) (58)  
Defined Benefit Plan, Plan Assets, Payment for Settlement (177) 0  
Effect of foreign exchange rate changes 0 0  
Fair value of plan assets, end of year 439 648 $ 659
Funded status of the plans [1] (145) (116)  
Amounts recognized in accumulated other comprehensive income:      
Net actuarial (gain) loss 1 (13)  
Prior service (credit) cost (1) (2)  
Total included in accumulated other comprehensive income 0 (15)  
Accumulated benefit obligation $ 584 $ 764  
[1] Underfunded amounts are recognized in other liabilities in the consolidated balance sheets and overfunded amounts are recognized in other assets in the consolidated balance sheets
v3.25.0.1
BENEFIT PLANS - Information for Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets (Details) - Pension Plan - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Japan    
Defined Benefit Plan Disclosure [Line Items]    
Accumulated benefit obligation $ 184 $ 213
Fair value of plan assets 345 344
U.S.    
Defined Benefit Plan Disclosure [Line Items]    
Accumulated benefit obligation 584 764
Fair value of plan assets $ 439 $ 648
v3.25.0.1
BENEFIT PLANS - Information for Pension Plans with a Projected Benefit Obligation in Excess of Plan Assets (Details) - Pension Plan - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Japan    
Defined Benefit Plan Disclosure [Line Items]    
Projected benefit obligation [1] $ 282 $ 324
Fair value of plan assets [1] 345 344
Funded status of the plans [2] 63 20
U.S.    
Defined Benefit Plan Disclosure [Line Items]    
Projected benefit obligation [3] 584 764
Fair value of plan assets [3] 439 648
Funded status of the plans [2] $ (145) $ (116)
[1] The net amount of projected benefit obligation and plan assets for the overfunded Japan pension plan was $63 and $20 at December 31, 2024 and 2023, respectively, and was classified as other assets on the statement of financial position.
[2] Underfunded amounts are recognized in other liabilities in the consolidated balance sheets and overfunded amounts are recognized in other assets in the consolidated balance sheets
[3] The net amount of projected benefit obligation and plan assets for the underfunded (including unfunded) U.S. pension plan was $145 and $116 at December 31, 2024 and 2023, respectively, and was classified as other liabilities on the statement of financial position.
v3.25.0.1
BENEFIT PLANS - Weighted-Average Actuarial Assumptions (Detail)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Other Postretirement Benefit Plans, Defined Benefit      
Weighted-average actuarial assumptions:      
Discount rate - net periodic benefit cost 5.04% 5.28% 2.94%
Discount rate - benefit obligations 5.60% 5.04% 5.28%
Health care cost trend rates [1] 6.30% 6.80% 6.50%
Defined benefit plan, ultimate health care cost trend rate 3.70% 3.70% 3.70%
Defined benefit plan number of years that rate reaches ultimate trend rate 49 years 50 years 51 years
Japan | Pension Plan      
Weighted-average actuarial assumptions:      
Discount rate - net periodic benefit cost 1.84% 1.95% 0.94%
Discount rate - benefit obligations 2.31% 1.84% 1.95%
Expected long-term return on plan assets 2.00% 2.00% 2.00%
Rate of compensation increase 5.90%    
U.S. | Pension Plan      
Weighted-average actuarial assumptions:      
Discount rate - net periodic benefit cost 5.33% [2] 5.24% [3] 2.94%
Discount rate - benefit obligations 5.60% 5.04% 5.28%
Expected long-term return on plan assets 4.75% 4.75% 5.50%
Rate of compensation increase   4.00% 4.00%
[1] For the years 2024, 2023 and 2022, the health care cost trend rates are expected to trend down to 3.7% in 49 years, 3.7% in 50 years, and 3.7% in 51 years, respectively.
[2] An interim valuation was required due to the U.S. pension plan settlement. The rate shown is the rate used on the interim valuation date of November 1, 2024.
[3] An interim valuation was required due to the U.S. pension plan curtailment. The rate shown is the rate used on the interim valuation date of June 12, 2023.
v3.25.0.1
BENEFIT PLANS - Net Periodic (Benefit) Cost Included in Acquisition and Operating Expenses (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Other Postretirement Benefit Plans, Defined Benefit      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Service cost $ 0 $ 0 $ 0
Interest cost 1 1 1
Expected return on plan assets 0 0 0
Amortization of net actuarial loss 0 2 2
Amortization of prior service cost (credit) 0 0 0
Curtailment (gain) loss 0 0 0
Settlement (gain) loss 0 0 0
Net periodic (benefit) cost 1 3 3
Japan | Pension Plan      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Service cost 14 14 19
Interest cost 8 9 5
Expected return on plan assets (7) (7) (8)
Amortization of net actuarial loss 0 0 1
Amortization of prior service cost (credit) 0 0 0
Curtailment (gain) loss 0 0 0
Settlement (gain) loss 0 0 0
Net periodic (benefit) cost 15 16 17
U.S. | Pension Plan      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Service cost 0 7 26
Interest cost 36 41 34
Expected return on plan assets (30) (34) (42)
Amortization of net actuarial loss (1) (2) 21
Amortization of prior service cost (credit) (1) 0 0
Curtailment (gain) loss 0 (49) 0
Settlement (gain) loss 18 0 0
Net periodic (benefit) cost $ 22 $ (37) $ 39
v3.25.0.1
BENEFIT PLANS - Summary of Amounts Recognized in Other Comprehensive Loss (Income) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Other Postretirement Benefit Plans, Defined Benefit      
Defined Benefit Plan Disclosure [Line Items]      
Net actuarial loss (gain) $ 2 $ (4) $ 0
Amortization of net actuarial loss 0 (2) (2)
Amortization of prior service cost 0 0 0
Curtailment (gain) loss 0 0 0
Settlement (gain) loss 0 0 0
Total 2 (6) (2)
Japan | Pension Plan      
Defined Benefit Plan Disclosure [Line Items]      
Net actuarial loss (gain) (40) (5) (14)
Amortization of net actuarial loss 0 0 (1)
Amortization of prior service cost 0 0 0
Curtailment (gain) loss 0 0 0
Settlement (gain) loss 0 0 0
Total (40) (5) (15)
U.S. | Pension Plan      
Defined Benefit Plan Disclosure [Line Items]      
Net actuarial loss (gain) 31 31 (127)
Amortization of net actuarial loss 1 2 (21)
Amortization of prior service cost 1 0 0
Curtailment (gain) loss 0 (57) 0
Settlement (gain) loss (18) 0 0
Total $ 15 $ (24) $ (148)
v3.25.0.1
BENEFIT PLANS - Expected Benefit Payments (Detail)
$ in Millions
Dec. 31, 2024
USD ($)
Other Postretirement Benefit Plans, Defined Benefit  
Schedule of Postemployment Expected Future Benefit Payments [Line Items]  
2025 $ 4
2026 4
2027 3
2028 2
2029 2
2030-2034 3
Japan | Pension Plan  
Schedule of Postemployment Expected Future Benefit Payments [Line Items]  
2025 16
2026 10
2027 11
2028 11
2029 12
2030-2034 72
U.S. | Pension Plan  
Schedule of Postemployment Expected Future Benefit Payments [Line Items]  
2025 37
2026 37
2027 43
2028 42
2029 42
2030-2034 $ 212
v3.25.0.1
BENEFIT PLANS - Asset Allocation Targets (Detail) - Pension Plan
Dec. 31, 2024
Japan  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation targets 100.00%
Japan | Domestic equity securities  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation targets 8.00%
Japan | International equity securities  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation targets 10.00%
Japan | Fixed income bond funds  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation targets 45.00%
Japan | Other investments  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation targets 37.00%
U.S.  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation targets 100.00%
U.S. | Domestic equity securities  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation targets 0.00%
U.S. | International equity securities  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation targets 0.00%
U.S. | Fixed income bond funds  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation targets 99.00%
U.S. | Other investments  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation targets 1.00%
v3.25.0.1
BENEFIT PLANS - Fair Value Hierarchy Levels of Funded Pension Plans' Assets (Detail) - Pension Plan - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Japan      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of pension plan assets $ 345 $ 344 $ 335
Japan | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of pension plan assets 0 27  
Japan | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of pension plan assets 283 301  
Japan | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of pension plan assets 62 16  
Japan | Japanese equity securities      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of pension plan assets 29 21  
Japan | Japanese equity securities | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of pension plan assets 0 0  
Japan | Japanese equity securities | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of pension plan assets 29 21  
Japan | Japanese equity securities | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of pension plan assets 0 0  
Japan | International equity securities      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of pension plan assets 36 38  
Japan | International equity securities | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of pension plan assets 0 0  
Japan | International equity securities | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of pension plan assets 36 38  
Japan | International equity securities | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of pension plan assets 0 0  
Japan | Japanese bonds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of pension plan assets 0 22  
Japan | Japanese bonds | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of pension plan assets 0 0  
Japan | Japanese bonds | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of pension plan assets 0 22  
Japan | Japanese bonds | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of pension plan assets 0 0  
Japan | International bonds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of pension plan assets 154 194  
Japan | International bonds | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of pension plan assets 0 0  
Japan | International bonds | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of pension plan assets 154 194  
Japan | International bonds | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of pension plan assets 0 0  
Japan | Insurance contracts      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of pension plan assets 64 26  
Japan | Insurance contracts | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of pension plan assets 0 0  
Japan | Insurance contracts | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of pension plan assets 64 26  
Japan | Insurance contracts | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of pension plan assets 0 0  
Japan | Alternative Investments      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of pension plan assets 62 16  
Japan | Alternative Investments | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of pension plan assets 0 0  
Japan | Alternative Investments | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of pension plan assets 0 0  
Japan | Alternative Investments | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of pension plan assets 62 16 0
Japan | Cash and cash equivalents      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of pension plan assets 0 27  
Japan | Cash and cash equivalents | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of pension plan assets 0 27  
Japan | Cash and cash equivalents | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of pension plan assets 0 0  
Japan | Cash and cash equivalents | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of pension plan assets 0 0  
U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of pension plan assets 439 648 $ 659
U.S. | Fixed income bond funds | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of pension plan assets 435 648  
U.S. | Cash and cash equivalents | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of pension plan assets $ 4 $ 0  
v3.25.0.1
BENEFIT PLANS - Changes in Fair Value of Plan Assets (Detail) - Pension Plan - Japan - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets, beginning of year $ 344 $ 335
Fair value of plan assets, end of year 345 344
Level 3    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets, beginning of year 16  
Fair value of plan assets, end of year 62 16
Alternative Investments    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets, beginning of year 16  
Fair value of plan assets, end of year 62 16
Alternative Investments | Level 3    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets, beginning of year 16 0
Relating to assets still held at the reporting date 2 0
Relating to assets sold during the period 0 0
Purchases, sales and settlements 44 16
Transfers in and/or out of Level 3 0 0
Fair value of plan assets, end of year $ 62 $ 16
v3.25.0.1
BENEFIT PLANS - Additional Information (Detail) - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Jan. 01, 2014
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Amount of years active employees have left to meet rule of 80 in order to be eligible for postretirement medical benefits 5 years      
Amount of years left to meet 15 year service requirement for active employees age 55 or older to be eligible for postretirement medical benefits 5 years      
Net periodic (benefit) cost, excluding service cost   $ 24 $ (39) $ 14
Net periodic (benefit) cost, excluding service cost ext list   Total acquisition and operating expenses Total acquisition and operating expenses Total acquisition and operating expenses
Transition obligation   $ 0    
Percentage of matching contributions by the Company to employee's contributions to 401(k) plan   100.00% 100.00% 100.00%
Non-elective defined contribution percentage of employee compensation   4.00% 4.00% 4.00%
Matching 401(k) plan contributions included in acquisition and operating expenses   $ 21 $ 20 $ 18
Shares of employer-issued common stock held for plan participants by plan trustee (in millions)   1.9    
Lower Limit        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Health care plan, retirement age and years of service combined years for eligibility (rule of 80) 80 years      
Health care plan, retirement age for eligibility, (in years) 55 years      
Health care plan, number of years of service for eligibility 15 years      
Upper Limit        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Percentage of matching contributions by the Company to employee's contributions to 401(k) plan   4.00% 4.00% 4.00%
Associate Stock Bonus Plan        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Deferred policy acquisition costs, amount attributable to stock bonus plan   $ 21 $ 19 $ 16
Japan | Pension Plan        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Curtailment gain   0 0 0
Settlement charge   0 0 0
Defined benefit plan, expected contributions to the plan in the following year   23    
Employer contributions   $ 27 27  
U.S.        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
AA corporate bonds average duration   11 years    
U.S. | Pension Plan        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Curtailment gain   $ 0 49 0
Settlement charge   (18) 0 $ 0
Employer contributions   8 $ 8  
U.S. | Pension Plans Defined Benefit Excluding Executive and Director Plans        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Employer contributions   $ 0    
v3.25.0.1
COMMITMENTS AND CONTINGENT LIABILITIES - Additional Information (Detail) - 12 months ended Dec. 31, 2024
$ in Millions, ¥ in Billions
JPY (¥)
agreements
USD ($)
agreements
Commitments and Contingencies Disclosure [Line Items]    
Number of operating service agreements, management consulting and technology services 3 3
Number of operating service agreements, information technology and data services 2 2
Technology and consulting company mainframe and server computer operations and support    
Commitments and Contingencies Disclosure [Line Items]    
Outsourcing agreements, remaining term 4 years 4 years
Outsourcing agreements, aggregate remaining cost ¥ 43.4 $ 274
Management consulting and technology services company application maintenance and development services    
Commitments and Contingencies Disclosure [Line Items]    
Outsourcing agreements, remaining term 4 years 4 years
Outsourcing agreements, aggregate remaining cost ¥ 14.7 $ 93
Management consulting and technology services company policy administrative services    
Commitments and Contingencies Disclosure [Line Items]    
Outsourcing agreements, remaining term 4 years 4 years
Outsourcing agreements, aggregate remaining cost ¥ 6.8 $ 43
Management consulting and technology services company comprehensive project-related support services    
Commitments and Contingencies Disclosure [Line Items]    
Outsourcing agreements, remaining term 2 years 2 years
Outsourcing agreements, aggregate remaining cost ¥ 2.3 $ 15
Information technology and data services company application maintenance and development services first agreement    
Commitments and Contingencies Disclosure [Line Items]    
Outsourcing agreements, aggregate remaining cost 1.1 7
Information technology and data services company application maintenance and development services second agreement    
Commitments and Contingencies Disclosure [Line Items]    
Outsourcing agreements, aggregate remaining cost ¥ 1.8 $ 11
Information technology and data services company enterprise software licensing    
Commitments and Contingencies Disclosure [Line Items]    
Outsourcing agreements, remaining term 2 years 2 years
Outsourcing agreements, aggregate remaining cost ¥ 1.5 $ 10
Information technology and software company application maintenance and development services    
Commitments and Contingencies Disclosure [Line Items]    
Outsourcing agreements, remaining term 1 year 1 year
Outsourcing agreements, aggregate remaining cost ¥ 0.9 $ 6
Information technology and data services company cloud hosting services    
Commitments and Contingencies Disclosure [Line Items]    
Outsourcing agreements, remaining term 3 years 3 years
Outsourcing agreements, aggregate remaining cost | $   $ 54
Cloud-based software licensing    
Commitments and Contingencies Disclosure [Line Items]    
Outsourcing agreements, remaining term 5 years 5 years
Outsourcing agreements, aggregate remaining cost ¥ 8.0 $ 51
v3.25.0.1
Schedule II - Aflac Incorporated (Parent Only) - Condensed Statement of Earnings (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Condensed Income Statements, [Line Items]      
Management and service fees from subsidiaries $ 100 $ 177 $ 220
Net investment income 4,116 3,811 3,656
Net investment gains (losses) 1,271 590 363
Total revenues 18,927 18,701 19,140
Total acquisition and operating expenses 5,060 5,228 5,384
Income tax expense (benefit) 974 603 451
Net earnings 5,443 4,659 4,418
Parent Company      
Condensed Income Statements, [Line Items]      
Management and service fees from subsidiaries [1] 163 151 136
Net investment income 31 (174) 3
Interest from subsidiaries [1] 1 1 2
Net investment gains (losses) 503 301 (228)
Total revenues 698 279 (87)
Interest expense 189 187 215
Other operating expenses 282 295 275
Total acquisition and operating expenses 471 482 490
Earnings before income taxes and equity in earnings of subsidiaries 227 (203) (577)
Income tax expense (benefit) (126) (444) (208)
Earnings before equity in earnings of subsidiaries 353 241 (369)
Equity in earnings of subsidiaries [1] 5,090 4,418 4,787
Net earnings $ 5,443 $ 4,659 $ 4,418
[1] Eliminated in consolidation
v3.25.0.1
Schedule II - Aflac Incorporated (Parent Only) - Condensed Statements of Comprehensive Income (Loss) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Condensed Financial Statements, Captions [Line Items]      
Net earnings $ 5,443 $ 4,659 $ 4,418
Other comprehensive income (loss) before income taxes:      
Unrealized foreign currency translation gains (losses) during period (769) (366) (1,034)
Unrealized holding gains (losses) on fixed maturity securities during period (1,224) 2,493 (12,603)
Unrealized gains (losses) on derivatives during period 3 6 4
Effect of changes in discount rate assumptions during period 5,780 (582) 17,384
Pension liability adjustment during period 23 35 165
Total other comprehensive income (loss) before income taxes 3,616 1,420 3,463
Income tax expense (benefit) related to items of other comprehensive income (loss) 1,074 511 1,481
Other comprehensive income (loss), net of tax 2,542 909 1,982
Total comprehensive income (loss) 7,985 5,568 6,400
Parent Company      
Condensed Financial Statements, Captions [Line Items]      
Net earnings 5,443 4,659 4,418
Other comprehensive income (loss) before income taxes:      
Unrealized foreign currency translation gains (losses) during period (769) (366) (1,034)
Unrealized holding gains (losses) on fixed maturity securities during period (1,421) 2,327 (13,056)
Unrealized gains (losses) on derivatives during period 3 6 4
Effect of changes in discount rate assumptions during period 5,780 (582) 17,384
Pension liability adjustment during period 23 35 165
Total other comprehensive income (loss) before income taxes 3,616 1,420 3,463
Income tax expense (benefit) related to items of other comprehensive income (loss) 1,074 511 1,481
Other comprehensive income (loss), net of tax 2,542 909 1,982
Total comprehensive income (loss) $ 7,985 $ 5,568 $ 6,400
v3.25.0.1
Schedule II - Aflac Incorporated (Parent Only) - Condensed Balance Sheet (Detail 1) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Investments and cash:        
Fixed maturity securities, available-for-sale $ 65,269 $ 73,290    
Other investments 5,958 4,530    
Cash and cash equivalents 6,229 4,306    
Total investments and cash 105,087 113,560    
Other assets 1,845 2,008    
Assets 117,566 126,724    
Liabilities:        
Notes payable and lease obligations 7,498 7,364    
Other Liabilities 3,852 4,119    
Total liabilities 91,468 104,739    
Shareholders' equity:        
Common stock of $.10 par value. In thousands: authorized 1,900,000 shares in 2024 and 2023; issued 1,356,763 shares in 2024 and 1,355,398 shares in 2023 136 136    
Additional paid-in capital 2,894 2,771    
Retained earnings 52,277 47,993    
Accumulated other comprehensive income (loss):        
Unrealized foreign currency translation gains (losses) (4,998) (4,069)    
Unrealized gains (losses) on fixed maturity securities 24 1,139    
Unrealized gains (losses) on derivatives (20) (22)    
Effect of changes in discount rate assumptions 2,006 (2,560)    
Pension liability adjustment 10 (8)    
Treasury stock, at average cost (26,231) (23,395)    
Total shareholders’ equity 26,098 21,985 $ 20,140 $ 17,031
Total liabilities and shareholders' equity 117,566 126,724    
Parent Company        
Investments and cash:        
Fixed maturity securities, available-for-sale 1,713 1,582    
Investments in subsidiaries [1] 27,890 24,508    
Other investments 1,239 1,126    
Cash and cash equivalents 2,308 1,007 $ 1,143 $ 2,097
Total investments and cash 33,150 28,223    
Due from subsidiaries [1] 242 270    
Income taxes receivable 71 251    
Other assets 1,121 1,202    
Assets 34,584 29,946    
Liabilities:        
Employee benefit plans 347 329    
Notes payable and lease obligations 7,219 6,819    
Other Liabilities 920 813    
Total liabilities 8,486 7,961    
Shareholders' equity:        
Common stock of $.10 par value. In thousands: authorized 1,900,000 shares in 2024 and 2023; issued 1,356,763 shares in 2024 and 1,355,398 shares in 2023 136 136    
Additional paid-in capital 2,894 2,771    
Retained earnings 52,277 47,993    
Accumulated other comprehensive income (loss):        
Unrealized foreign currency translation gains (losses) (4,998) (4,069)    
Unrealized gains (losses) on fixed maturity securities 24 1,139    
Unrealized gains (losses) on derivatives (20) (22)    
Effect of changes in discount rate assumptions 2,006 (2,560)    
Pension liability adjustment 10 (8)    
Treasury stock, at average cost (26,231) (23,395)    
Total shareholders’ equity 26,098 21,985    
Total liabilities and shareholders' equity $ 34,584 $ 29,946    
[1] Eliminated in consolidation
v3.25.0.1
Schedule II - Aflac Incorporated (Parent Only) - Condensed Balance Sheet (Detail 2) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Condensed Financial Statements, Captions [Line Items]        
Available for sale, fixed maturity securities, allowance for credit losses $ 0 $ 0 $ 0 $ 0
Fixed maturity securities, available-for-sale, amortized cost $ 64,089 $ 70,689    
Common stock, par value (in dollars per share) $ 0.10 $ 0.10    
Common stock, shares authorized (in shares) 1,900,000 1,900,000    
Common stock, shares issued (in shares) 1,356,763 1,355,398 1,354,079 1,352,739
Parent Company        
Condensed Financial Statements, Captions [Line Items]        
Available for sale, fixed maturity securities, allowance for credit losses $ 0 $ 0    
Fixed maturity securities, available-for-sale, amortized cost $ 1,702 $ 1,447    
Common stock, par value (in dollars per share) $ 0.10 $ 0.10    
Common stock, shares authorized (in shares) 1,900,000 1,900,000    
Common stock, shares issued (in shares) 1,356,763 1,355,398    
v3.25.0.1
Schedule II - Aflac Incorporated (Parent Only) - Condensed Statements of Cash Flows (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net earnings $ 5,443 $ 4,659 $ 4,418
Adjustments to reconcile net earnings to net cash provided from operating activities:      
Other, net (616) 1,043 (136)
Net cash provided (used) by operating activities 2,707 3,190 3,879
Cash flows from investing activities:      
Fixed maturity securities purchased (5,542) (2,801) (3,514)
Other investments sold (purchased) (972) (417) (227)
Settlement of derivatives (184) 79 (61)
Other, net 61 (149) 112
Net cash provided (used) by investing activities 2,781 817 (1,540)
Cash flows from financing activities:      
Purchases of treasury stock (2,800) (2,801) (2,401)
Proceeds from borrowings 823 204 1,277
Principal payments under debt obligations (194) 0 (1,416)
Dividends paid to shareholders (1,087) (966) (979)
Treasury stock reissued 14 17 17
Proceeds from exercise of stock options 13 16 16
Other, net (28) (17) 34
Net cash provided (used) by financing activities (3,486) (3,723) (3,551)
Net change in cash and cash equivalents 1,923 363 (1,108)
Cash and cash equivalents, beginning of period 4,306    
Cash and cash equivalents, end of period 6,229 4,306  
Parent Company      
Cash flows from operating activities:      
Net earnings 5,443 4,659 4,418
Adjustments to reconcile net earnings to net cash provided from operating activities:      
Equity in earnings of subsidiaries [1] (5,090) (4,418) (4,787)
Cash dividends received from subsidiaries 4,274 3,410 2,705
Other, net (292) (686) 18
Net cash provided (used) by operating activities 4,335 2,965 2,354
Cash flows from investing activities:      
Fixed maturity securities sold 572 547 392
Fixed maturity securities purchased (695) (345) (438)
Other investments sold (purchased) (243) (34) (206)
Settlement of derivatives 469 693 718
Additional capitalization of subsidiaries [1] (84) (203) (294)
Other, net 0 1 1
Net cash provided (used) by investing activities 19 659 173
Cash flows from financing activities:      
Purchases of treasury stock (2,800) (2,801) (2,401)
Proceeds from borrowings 823 0 1,277
Principal payments under debt obligations 0 0 (1,416)
Dividends paid to shareholders (1,087) (966) (979)
Treasury stock reissued 14 17 17
Proceeds from exercise of stock options 9 13 12
Net change in amount due to/from subsidiary [1] (5) (6) 16
Other, net (7) (17) (7)
Net cash provided (used) by financing activities (3,053) (3,760) (3,481)
Net change in cash and cash equivalents 1,301 (136) (954)
Cash and cash equivalents, beginning of period 1,007 1,143 2,097
Cash and cash equivalents, end of period $ 2,308 $ 1,007 $ 1,143
[1] Eliminated in consolidation
v3.25.0.1
Schedule II - Aflac Incorporated (Parent Only) - Summary of Notes Payable and Lease Obligations (Detail 1) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Condensed Financial Statements, Captions [Line Items]    
Operating lease obligations $ 91 $ 118
Notes payable and lease obligations 7,498 7,364
1.125% senior notes due March 2026    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 399 398
2.875% senior notes due October 2026    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 299 299
3.60% senior notes due April 2030    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 994 993
6.90% senior notes due December 2039    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 221 221
6.45% senior notes due August 2040    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 255 254
4.00% senior noted due October 2046    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 394 394
4.750% senior notes due January 2049    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 542 542
.300% senior notes due September 2025    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 79 87
.932% senior notes due January 2027    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 378 422
1.048% senior notes due March 2039    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 81 0
1.075% senior notes due September 2029    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 211 234
.500% senior notes due December 2029    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 79 88
.550% senior notes due March 2030    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 84 93
1.159% senior notes due October 2030    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 184 206
1.412% senior notes due March 2031    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 176 0
.633% senior notes due April 2031    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 189 211
.843% senior notes due December 2031    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 58 65
.750% senior notes due March 2032    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 130 145
1.320% senior notes due December 2032    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 133 148
.844% senior notes due April 2033    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 76 84
1.488% senior notes due October 2033    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 95 106
1.682% senior notes due March 2034    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 48 0
1.600% senior notes due March 2034    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 115 0
.934% senior notes due December 2034    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 62 69
.830% senior notes due March 2035    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 66 74
1.740% senior notes due March 2036    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 94 0
1.039% senior notes due April 2036    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 63 70
1.594% senior notes due September 2037    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 41 45
1.750% senior notes due October 2038    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 56 62
1.920% senior notes due March 2039    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 103 0
1.122% senior notes due December 2039    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 39 44
1.264% senior notes due April 2041    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 63 70
2.160% senior notes due March 2044    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 35 0
2.108% subordinated notes due October 2047    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 375 419
1.560% senior notes due April 2051    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 125 140
2.144% senior notes due September 2052    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 75 84
2.400% senior notes due March 2054    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 122 0
Yen-denominated loan variable interest rate due August 2027    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 74 82
Yen-denominated loan variable interest rate due August 2029    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 160 178
Yen-denominated loan variable interest rate due August 2032    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 441 492
Parent Company    
Condensed Financial Statements, Captions [Line Items]    
Operating lease obligations 5 0
Notes payable and lease obligations 7,219 6,819
Parent Company | 1.125% senior notes due March 2026    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 399 398
Parent Company | 2.875% senior notes due October 2026    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 299 299
Parent Company | 3.60% senior notes due April 2030    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 994 993
Parent Company | 6.90% senior notes due December 2039    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 221 221
Parent Company | 6.45% senior notes due August 2040    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 255 254
Parent Company | 4.00% senior noted due October 2046    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 394 394
Parent Company | 4.750% senior notes due January 2049    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 542 542
Parent Company | .300% senior notes due September 2025    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 79 87
Parent Company | .932% senior notes due January 2027    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 378 422
Parent Company | 1.048% senior notes due March 2039    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 81 0
Parent Company | 1.075% senior notes due September 2029    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 211 234
Parent Company | .500% senior notes due December 2029    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 79 88
Parent Company | .550% senior notes due March 2030    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 84 93
Parent Company | 1.159% senior notes due October 2030    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 184 206
Parent Company | 1.412% senior notes due March 2031    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 176 0
Parent Company | .633% senior notes due April 2031    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 189 211
Parent Company | .843% senior notes due December 2031    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 58 65
Parent Company | .750% senior notes due March 2032    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 130 145
Parent Company | 1.320% senior notes due December 2032    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 133 148
Parent Company | .844% senior notes due April 2033    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 76 84
Parent Company | 1.488% senior notes due October 2033    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 95 106
Parent Company | 1.682% senior notes due March 2034    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 48 0
Parent Company | 1.600% senior notes due March 2034    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 115 0
Parent Company | .934% senior notes due December 2034    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 62 69
Parent Company | .830% senior notes due March 2035    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 66 74
Parent Company | 1.740% senior notes due March 2036    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 94 0
Parent Company | 1.039% senior notes due April 2036    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 63 70
Parent Company | 1.594% senior notes due September 2037    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 41 45
Parent Company | 1.750% senior notes due October 2038    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 56 62
Parent Company | 1.920% senior notes due March 2039    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 103 0
Parent Company | 1.122% senior notes due December 2039    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 39 44
Parent Company | 1.264% senior notes due April 2041    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 63 70
Parent Company | 2.160% senior notes due March 2044    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 35 0
Parent Company | 2.108% subordinated notes due October 2047    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 375 419
Parent Company | 1.560% senior notes due April 2051    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 125 140
Parent Company | 2.144% senior notes due September 2052    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 75 84
Parent Company | 2.400% senior notes due March 2054    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 122 0
Parent Company | Yen-denominated loan variable interest rate due August 2027    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 74 82
Parent Company | Yen-denominated loan variable interest rate due August 2029    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 160 178
Parent Company | Yen-denominated loan variable interest rate due August 2032    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations $ 441 $ 492
v3.25.0.1
Schedule II - Aflac Incorporated (Parent Only) - Summary of Notes Payable and Lease Obligations (Detail 2)
$ in Millions, ¥ in Billions
Dec. 31, 2024
JPY (¥)
Mar. 31, 2024
JPY (¥)
Dec. 31, 2023
JPY (¥)
Sep. 30, 2022
JPY (¥)
Aug. 31, 2022
JPY (¥)
Apr. 30, 2021
JPY (¥)
Mar. 31, 2021
USD ($)
Apr. 30, 2020
USD ($)
Mar. 31, 2020
JPY (¥)
Dec. 31, 2019
JPY (¥)
Oct. 31, 2018
JPY (¥)
Oct. 31, 2018
USD ($)
Oct. 31, 2017
JPY (¥)
Jan. 31, 2017
JPY (¥)
Dec. 31, 2016
Sep. 30, 2016
USD ($)
Aug. 31, 2010
USD ($)
Dec. 31, 2009
USD ($)
1.125% senior notes due March 2026                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 1.125%   1.125%       1.125%                      
Debt instrument, principal amount | $             $ 400                      
2.875% senior notes due October 2026                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 2.875%   2.875%                         2.875%    
Debt instrument, principal amount | $                               $ 300    
3.60% senior notes due April 2030                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 3.60%   3.60%         3.60%                    
Debt instrument, principal amount | $               $ 1,000                    
6.90% senior notes due December 2039                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 6.90%   6.90%                       6.90%      
Debt instrument, principal amount | $                                   $ 400
6.45% senior notes due August 2040                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 6.45%   6.45%                       6.45%      
Debt instrument, principal amount | $                                 $ 450  
4.00% senior noted due October 2046                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 4.00%   4.00%                         4.00%    
Debt instrument, principal amount | $                               $ 400    
4.750% senior notes due January 2049                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 4.75%   4.75%               4.75% 4.75%            
Debt instrument, principal amount | $                       $ 550            
.300% senior notes due September 2025                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 0.30%   0.30%           0.30%                  
Debt instrument, principal amount ¥ 12.4   ¥ 12.4           ¥ 12.4                  
.932% senior notes due January 2027                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 0.932%   0.932%                     0.932%        
Debt instrument, principal amount ¥ 60.0   ¥ 60.0                     ¥ 60.0        
1.048% senior notes due March 2039                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 1.048% 1.048%                                
Debt instrument, principal amount ¥ 13.0 ¥ 13.0                                
1.075% senior notes due September 2029                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 1.075%   1.075% 1.075%                            
Debt instrument, principal amount ¥ 33.4   ¥ 33.4 ¥ 33.4                            
.500% senior notes due December 2029                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 0.50%   0.50%             0.50%                
Debt instrument, principal amount ¥ 12.6   ¥ 12.6             ¥ 12.6                
.550% senior notes due March 2030                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 0.55%   0.55%           0.55%                  
Debt instrument, principal amount ¥ 13.3   ¥ 13.3           ¥ 13.3                  
1.159% senior notes due October 2030                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 1.159%   1.159%               1.159% 1.159%            
Debt instrument, principal amount ¥ 29.3   ¥ 29.3               ¥ 29.3              
1.412% senior notes due March 2031                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 1.412% 1.412%                                
Debt instrument, principal amount ¥ 27.9 ¥ 27.9                                
.633% senior notes due April 2031                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 0.633%   0.633%     0.633%                        
Debt instrument, principal amount ¥ 30.0   ¥ 30.0     ¥ 30.0                        
.843% senior notes due December 2031                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 0.843%   0.843%             0.843%                
Debt instrument, principal amount ¥ 9.3   ¥ 9.3             ¥ 9.3                
.750% senior notes due March 2032                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 0.75%   0.75%           0.75%                  
Debt instrument, principal amount ¥ 20.7   ¥ 20.7           ¥ 20.7                  
1.320% senior notes due December 2032                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 1.32%   1.32% 1.32%                            
Debt instrument, principal amount ¥ 21.1   ¥ 21.1 ¥ 21.1                            
.844% senior notes due April 2033                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 0.844%   0.844%     0.844%                        
Debt instrument, principal amount ¥ 12.0   ¥ 12.0     ¥ 12.0                        
1.488% senior notes due October 2033                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 1.488%   1.488%               1.488% 1.488%            
Debt instrument, principal amount ¥ 15.2   ¥ 15.2               ¥ 15.2              
1.682% senior notes due March 2034                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 1.682% 1.682%                                
Debt instrument, principal amount ¥ 7.7 ¥ 7.7                                
1.600% senior notes due March 2034                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 1.60% 1.60%                                
Debt instrument, principal amount ¥ 18.3 ¥ 18.3                                
.934% senior notes due December 2034                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 0.934%   0.934%             0.934%                
Debt instrument, principal amount ¥ 9.8   ¥ 9.8             ¥ 9.8                
.830% senior notes due March 2035                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 0.83%   0.83%           0.83%                  
Debt instrument, principal amount ¥ 10.6   ¥ 10.6           ¥ 10.6                  
1.740% senior notes due March 2036                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 1.74% 1.74%                                
Debt instrument, principal amount ¥ 15.0 ¥ 15.0                                
1.039% senior notes due April 2036                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 1.039%   1.039%     1.039%                        
Debt instrument, principal amount ¥ 10.0   ¥ 10.0     ¥ 10.0                        
1.594% senior notes due September 2037                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 1.594%   1.594% 1.594%                            
Debt instrument, principal amount ¥ 6.5   ¥ 6.5 ¥ 6.5                            
1.750% senior notes due October 2038                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 1.75%   1.75%               1.75% 1.75%            
Debt instrument, principal amount ¥ 8.9   ¥ 8.9               ¥ 8.9              
1.920% senior notes due March 2039                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 1.92% 1.92%                                
Debt instrument, principal amount ¥ 16.5 ¥ 16.5                                
1.122% senior notes due December 2039                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 1.122%   1.122%             1.122%                
Debt instrument, principal amount ¥ 6.3   ¥ 6.3             ¥ 6.3                
1.264% senior notes due April 2041                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 1.264%   1.264%     1.264%                        
Debt instrument, principal amount ¥ 10.0   ¥ 10.0     ¥ 10.0                        
2.160% senior notes due March 2044                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 2.16% 2.16%                                
Debt instrument, principal amount ¥ 5.7 ¥ 5.7                                
2.108% subordinated notes due October 2047                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 2.108%   2.108%                   2.108%          
Debt instrument, principal amount ¥ 60.0   ¥ 60.0                   ¥ 60.0          
1.560% senior notes due April 2051                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 1.56%   1.56%     1.56%                        
Debt instrument, principal amount ¥ 20.0   ¥ 20.0     ¥ 20.0                        
2.144% senior notes due September 2052                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 2.144%   2.144% 2.144%                            
Debt instrument, principal amount ¥ 12.0   ¥ 12.0 ¥ 12.0                            
2.400% senior notes due March 2054                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 2.40% 2.40%                                
Debt instrument, principal amount ¥ 19.5 ¥ 19.5                                
Yen-denominated loan variable interest rate due August 2027                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 0.84%   0.35%                              
Debt instrument, principal amount ¥ 11.7   ¥ 11.7   ¥ 11.7                          
Yen-denominated loan variable interest rate due August 2029                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 0.94%   0.45%                              
Debt instrument, principal amount ¥ 25.3   ¥ 25.3   25.3                          
Yen-denominated loan variable interest rate due August 2032                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 1.09%   0.60%                              
Debt instrument, principal amount ¥ 70.0   ¥ 70.0   ¥ 70.0                          
Parent Company | 1.125% senior notes due March 2026                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 1.125%   1.125%                              
Parent Company | 2.875% senior notes due October 2026                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 2.875%   2.875%                              
Parent Company | 3.60% senior notes due April 2030                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 3.60%   3.60%                              
Parent Company | 6.90% senior notes due December 2039                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 6.90%   6.90%                              
Parent Company | 6.45% senior notes due August 2040                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 6.45%   6.45%                              
Parent Company | 4.00% senior noted due October 2046                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 4.00%   4.00%                              
Parent Company | 4.750% senior notes due January 2049                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 4.75%   4.75%                              
Parent Company | .300% senior notes due September 2025                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 0.30%   0.30%                              
Debt instrument, principal amount ¥ 12.4   ¥ 12.4                              
Parent Company | .932% senior notes due January 2027                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 0.932%   0.932%                              
Debt instrument, principal amount ¥ 60.0   ¥ 60.0                              
Parent Company | 1.048% senior notes due March 2039                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 1.048% 104.80%                                
Debt instrument, principal amount ¥ 13.0 ¥ 13.0                                
Parent Company | 1.075% senior notes due September 2029                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 1.075%   1.075%                              
Debt instrument, principal amount ¥ 33.4   ¥ 33.4                              
Parent Company | .500% senior notes due December 2029                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 0.50%   0.50%                              
Debt instrument, principal amount ¥ 12.6   ¥ 12.6                              
Parent Company | .550% senior notes due March 2030                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 0.55%   0.55%                              
Debt instrument, principal amount ¥ 13.3   ¥ 13.3                              
Parent Company | 1.159% senior notes due October 2030                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 1.159%   1.159%                              
Debt instrument, principal amount ¥ 29.3   ¥ 29.3                              
Parent Company | 1.412% senior notes due March 2031                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 1.412% 1.412%                                
Debt instrument, principal amount ¥ 27.9 ¥ 27.9                                
Parent Company | .633% senior notes due April 2031                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 0.633%   0.633%                              
Debt instrument, principal amount ¥ 30.0   ¥ 30.0                              
Parent Company | .843% senior notes due December 2031                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 0.843%   0.843%                              
Debt instrument, principal amount ¥ 9.3   ¥ 9.3                              
Parent Company | .750% senior notes due March 2032                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 0.75%   0.75%                              
Debt instrument, principal amount ¥ 20.7   ¥ 20.7                              
Parent Company | 1.320% senior notes due December 2032                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 1.32%   1.32%                              
Debt instrument, principal amount ¥ 21.1   ¥ 21.1                              
Parent Company | .844% senior notes due April 2033                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 0.844%   0.844%                              
Debt instrument, principal amount ¥ 12.0   ¥ 12.0                              
Parent Company | 1.488% senior notes due October 2033                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 1.488%   1.488%                              
Debt instrument, principal amount ¥ 15.2   ¥ 15.2                              
Parent Company | 1.682% senior notes due March 2034                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 1.682% 1.682%                                
Debt instrument, principal amount ¥ 7.7 ¥ 7.7                                
Parent Company | 1.600% senior notes due March 2034                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 1.60% 1.60%                                
Debt instrument, principal amount ¥ 18.3 ¥ 18.3                                
Parent Company | .934% senior notes due December 2034                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 0.934%   0.934%                              
Debt instrument, principal amount ¥ 9.8   ¥ 9.8                              
Parent Company | .830% senior notes due March 2035                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 0.83%   0.83%                              
Debt instrument, principal amount ¥ 10.6   ¥ 10.6                              
Parent Company | 1.740% senior notes due March 2036                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 1.74% 1.74%                                
Debt instrument, principal amount ¥ 15.0 ¥ 15.0                                
Parent Company | 1.039% senior notes due April 2036                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 1.039%   1.039%                              
Debt instrument, principal amount ¥ 10.0   ¥ 10.0                              
Parent Company | 1.594% senior notes due September 2037                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 1.594%   1.594%                              
Debt instrument, principal amount ¥ 6.5   ¥ 6.5                              
Parent Company | 1.750% senior notes due October 2038                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 1.75%   1.75%                              
Debt instrument, principal amount ¥ 8.9   ¥ 8.9                              
Parent Company | 1.920% senior notes due March 2039                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 1.92% 1.92%                                
Debt instrument, principal amount ¥ 16.5 ¥ 16.5                                
Parent Company | 1.122% senior notes due December 2039                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 1.122%   1.122%                              
Debt instrument, principal amount ¥ 6.3   ¥ 6.3                              
Parent Company | 1.264% senior notes due April 2041                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 1.264%   1.264%                              
Debt instrument, principal amount ¥ 10.0   ¥ 10.0                              
Parent Company | 2.160% senior notes due March 2044                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 2.16% 2.16%                                
Debt instrument, principal amount ¥ 5.7 ¥ 5.7                                
Parent Company | 2.108% subordinated notes due October 2047                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 2.108%   2.108%                              
Debt instrument, principal amount ¥ 60.0   ¥ 60.0                              
Parent Company | 1.560% senior notes due April 2051                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 1.56%   1.56%                              
Debt instrument, principal amount ¥ 20.0   ¥ 20.0                              
Parent Company | 2.144% senior notes due September 2052                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 2.144%   2.144%                              
Debt instrument, principal amount ¥ 12.0   ¥ 12.0                              
Parent Company | 2.400% senior notes due March 2054                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 2.40% 2.40%                                
Debt instrument, principal amount ¥ 19.5 ¥ 19.5                                
Parent Company | Yen-denominated loan variable interest rate due August 2027                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 0.84%   0.35%                              
Debt instrument, principal amount ¥ 11.7   ¥ 11.7                              
Parent Company | Yen-denominated loan variable interest rate due August 2029                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 0.94%   0.45%                              
Debt instrument, principal amount ¥ 25.3   ¥ 25.3                              
Parent Company | Yen-denominated loan variable interest rate due August 2032                                    
Condensed Financial Statements, Captions [Line Items]                                    
Debt instrument, interest rate 1.09%   0.60%                              
Debt instrument, principal amount ¥ 70.0   ¥ 70.0                              
v3.25.0.1
Schedule II - Aflac Incorporated - Aggregate Contractual Maturities of Notes Payable (Detail)
$ in Millions
Dec. 31, 2024
USD ($)
Condensed Financial Statements, Captions [Line Items]  
2025 $ 79
2026 700
2027 453
2028 0
2029 533
Thereafter 5,690
Total 7,455
Parent Company  
Condensed Financial Statements, Captions [Line Items]  
2025 79
2026 700
2027 453
2028 0
2029 533
Thereafter 5,500
Total $ 7,265
v3.25.0.1
Schedule II - Aflac Incorporated (Parent Only) - Supplemental Disclosure of Cash Flow Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Shareholder dividend reinvestment      
Condensed Cash Flow Statements, Captions [Line Items]      
Treasury stock issued for shareholder dividend reinvestment $ 41 $ 37 $ 37
Parent Company      
Condensed Cash Flow Statements, Captions [Line Items]      
Interest paid 180 184 211
Parent Company | Shareholder dividend reinvestment      
Condensed Cash Flow Statements, Captions [Line Items]      
Treasury stock issued for shareholder dividend reinvestment $ 41 $ 37 $ 37
v3.25.0.1
Schedule II - Aflac Incorporated (Parent Only) - Additional Information (Detail)
$ in Millions, ¥ in Billions
Mar. 31, 2024
JPY (¥)
series
Sep. 30, 2022
JPY (¥)
series
Apr. 30, 2021
JPY (¥)
series
Mar. 31, 2020
JPY (¥)
series
Dec. 31, 2019
JPY (¥)
series
Oct. 31, 2018
JPY (¥)
series
Sep. 30, 2016
USD ($)
series
Condensed Financial Statements, Captions [Line Items]              
Number of Senior Notes Issued Through a Private Placement (in series) 5            
Number of series of senior notes issued through a U.S. public debt offering (in series) 3 4 5 4 4 3 2
Private Placement              
Condensed Financial Statements, Captions [Line Items]              
Debt Instrument, Face Amount | ¥ ¥ 75.0            
Senior notes              
Condensed Financial Statements, Captions [Line Items]              
Debt Instrument, Face Amount ¥ 48.6 ¥ 73.0 ¥ 82.0 ¥ 57.0 ¥ 38.0 ¥ 53.4 $ 700
Parent Company              
Condensed Financial Statements, Captions [Line Items]              
Number of Senior Notes Issued Through a Private Placement (in series) 5            
Number of series of senior notes issued through a U.S. public debt offering (in series) 3            
Parent Company | Private Placement              
Condensed Financial Statements, Captions [Line Items]              
Debt Instrument, Face Amount | ¥ ¥ 75.0            
Parent Company | Senior notes              
Condensed Financial Statements, Captions [Line Items]              
Debt Instrument, Face Amount | ¥ ¥ 48.6            
v3.25.0.1
SCHEDULE III SUPPLEMENTARY INSURANCE INFORMATION - (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]      
Deferred policy acquisition costs $ 8,758 $ 9,132 $ 9,239
Future policy benefits & unpaid policy claims 70,762 83,979  
Unearned premiums 1,286 1,451  
Other policyholders’ funds 5,460 6,169  
Net earned premiums [1] 13,440 14,123 14,901
Net investment income 4,116 3,811 3,656
Benefits and claims, net 7,450 8,211 8,887
Amortization of deferred policy acquisition costs 851 816 792
Other operating expenses 4,209 4,412 4,592
Premiums written 13,771 14,237 14,943
Intercompany eliminations      
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]      
Deferred policy acquisition costs 0 0  
Future policy benefits & unpaid policy claims (5,905) (5,121)  
Unearned premiums (38) (26)  
Other policyholders’ funds 0 0  
Aflac Japan      
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]      
Deferred policy acquisition costs 5,102 5,559  
Future policy benefits & unpaid policy claims 60,890 73,641  
Unearned premiums 1,199 1,358  
Other policyholders’ funds 5,460 6,169  
Net earned premiums 6,930 8,047 9,186
Net investment income 3,032 3,033 2,867
Benefits and claims, net 4,317 5,313 6,191
Amortization of deferred policy acquisition costs 321 326 338
Other operating expenses 1,527 1,790 2,080
Premiums written 7,866 8,571 9,474
Aflac U.S.      
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]      
Deferred policy acquisition costs 3,656 3,573  
Future policy benefits & unpaid policy claims 10,960 11,492  
Unearned premiums 103 107  
Other policyholders’ funds 0 0  
Net earned premiums 5,829 5,675 5,570
Net investment income 883 854 759
Benefits and claims, net 2,726 2,431 2,555
Amortization of deferred policy acquisition costs 530 490 455
Other operating expenses 2,064 2,201 2,117
Premiums written 5,905 5,666 5,469
Corporate and other      
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]      
Deferred policy acquisition costs 0 0  
Future policy benefits & unpaid policy claims 4,817 3,967  
Unearned premiums 22 12  
Other policyholders’ funds 0 0  
Net earned premiums 681 400 145
Net investment income 201 (77) 30
Benefits and claims, net 407 467 141
Amortization of deferred policy acquisition costs 0 0 0
Other operating expenses 618 421 395
Premiums written $ 0 $ 0 $ 0
[1] Includes a gain (loss) of $(81), $20 and $(42) in 2024, 2023 and 2022, respectively, related to remeasurement of the deferred profit liability for limited-payment contracts.
v3.25.0.1
SCHEDULE IV REINSURANCE Schedule IV - Reinsurance (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]      
Gross Amount, Life Insurance in Force $ 187,553 $ 163,601 $ 132,880
Ceded to Other Companies, Life Insurance in Force 13,481 15,592 11,755
Assumed from Other Companies, Life Insurance in Force 21,192 28,716 34,599
Net Amount, Life Insurance in Force $ 195,264 $ 176,725 $ 155,724
Percentage of Amount Assumed to Net, Life Insurance in Force 11.00% 16.00% 22.00%
Gross amount $ 13,562 $ 14,318 $ 15,025
Ceded to Other Companies 284 404 419
Assumed from Other companies 162 209 295
Net Amount [1] $ 13,440 $ 14,123 $ 14,901
Percentage of Amount Assumed to Net 1.00% 1.00% 2.00%
Health insurance      
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]      
Gross amount $ 11,784 $ 12,335 $ 12,900
Ceded to Other Companies 233 352 384
Assumed from Other companies 135 167 235
Net Amount $ 11,686 $ 12,150 $ 12,751
Percentage of Amount Assumed to Net 1.00% 1.00% 2.00%
Life insurance      
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]      
Gross amount $ 1,778 $ 1,983 $ 2,125
Ceded to Other Companies 51 52 35
Assumed from Other companies 27 42 60
Net Amount $ 1,754 $ 1,973 $ 2,150
Percentage of Amount Assumed to Net 2.00% 2.00% 3.00%
[1] Includes a gain (loss) of $(81), $20 and $(42) in 2024, 2023 and 2022, respectively, related to remeasurement of the deferred profit liability for limited-payment contracts.