AFLAC INC, 10-K filed on 2/25/2026
Annual Report
v3.25.4
Document and Entity Information - USD ($)
 12 Months Ended
Dec. 31, 2025
Feb. 16, 2026
Jun. 30, 2025
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
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     $ 56,035,389,963
Entity Common Stock, Shares Outstanding   516,369,452  
Documents Incorporated by Reference Certain information contained in the Notice and Proxy Statement for the Company’s 2026 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 2025    
NEW YORK STOCK EXCHANGE, INC.      
Title of 12(b) Security Common Stock, $.10 Par Value    
Trading Symbol AFL    
Security Exchange Name NYSE    
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Name KPMG LLP
Auditor Location Atlanta, Georgia
Auditor Firm ID 185
v3.25.4
Consolidated Statements of Earnings - USD ($)
shares in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues:      
Net earned premiums, principally supplemental health insurance [1] $ 13,548 $ 13,440 $ 14,123
Net investment income 4,076 4,116 3,811
Net investment gains (losses) (572) 1,271 590
Other income (loss) 112 100 177
Total revenues 17,164 18,927 18,701
Benefits and expenses:      
Benefits and claims, excluding reserve remeasurement 7,987 8,008 8,594
Reserve remeasurement (gains) losses (694) (558) (383)
Total benefits and claims, net 7,293 7,450 8,211
Acquisition and operating expenses:      
Amortization of deferred policy acquisition costs 874 851 816
Insurance commissions 991 998 1,052
Insurance and other expenses 3,253 3,014 3,165
Interest expense 220 197 195
Total acquisition and operating expenses 5,338 5,060 5,228
Total benefits and expenses 12,631 12,510 13,439
Earnings before income taxes 4,533 6,417 5,262
Income tax expense (benefit):      
Current 1,115 1,330 1,663
Deferred (228) (356) (1,060)
Income taxes 887 974 603
Net earnings $ 3,646 $ 5,443 $ 4,659
New earnings per share:      
Basic (in dollars per share) $ 6.84 $ 9.68 $ 7.81
Diluted (in dollars per share) $ 6.82 $ 9.63 $ 7.78
Weighted-average outstanding common shares used in computing earnings per share (In thousands):      
Basic (in shares) 532,885 562,492 596,173
Diluted (in shares) 534,878 565,015 598,745
Cash dividends per share $ 2.32 $ 2.00 $ 1.68
[1] Includes a gain (loss) of $(52), $(81) and $20 in 2025, 2024 and 2023, respectively, related to remeasurement of the deferred profit liability for limited-payment contracts.
v3.25.4
Consolidated Statements of Earnings (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]      
Remeasurement gain (loss), deferred profit liability for limited-payment contracts $ (52) $ (81) $ 20
v3.25.4
Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Net earnings $ 3,646 $ 5,443 $ 4,659
Other comprehensive income (loss) before income taxes:      
Unrealized foreign currency translation gains (losses) during period 146 (769) (366)
Unrealized gains (losses) on fixed maturity securities:      
Unrealized holding gains (losses) on fixed maturity securities during period (2,316) (1,224) 2,493
Reclassification adjustment for (gains) losses on fixed maturity securities included in net earnings (6) (197) (166)
Unrealized gains (losses) on derivatives during period 8 3 6
Effect of changes in discount rate assumptions during period 7,631 5,780 (582)
Pension liability adjustment during period 97 23 35
Total other comprehensive income (loss) before income taxes 5,560 3,616 1,420
Income tax expense (benefit) related to items of other comprehensive income (loss) 1,130 1,074 511
Other comprehensive income (loss), net of income taxes 4,430 2,542 909
Total comprehensive income (loss) $ 8,076 $ 7,985 $ 5,568
v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Investments and cash:    
Fixed maturity securities, available-for-sale $ 64,121 $ 65,269
Fixed maturity securities, held-to-maturity 16,120 [1] 15,966
Equity securities 887 796
Commercial mortgage and other loans 9,765 10,869
Other investments 6,622 5,958
Cash and cash equivalents 6,245 6,229
Total investments and cash 103,760 105,087
Receivables 835 779
Accrued investment income 718 710
Deferred policy acquisition costs 9,034 8,758
Property and equipment, at cost less accumulated depreciation 351 387
Other 1,772 1,845
Total assets 116,470 117,566
Policy liabilities:    
Future policy benefits 62,320 70,381
Unpaid policy claims 495 381
Unearned premiums 1,323 1,286
Other policyholders’ funds 5,445 5,460
Total policy liabilities 69,583 77,508
Income taxes 1,368 573
Payables for return of cash collateral on loaned securities 3,989 2,037
Notes payable and lease obligations 8,409 7,498
Other 3,631 3,852
Total liabilities 86,980 91,468
Commitments and contingent liabilities (Note 15)
Shareholders’ equity:    
Common stock of $.10 par value. In thousands: authorized 1,900,000 shares in 2025 and 2024; issued 1,357,909 shares in 2025 and 1,356,763 shares in 2024 136 136
Additional paid-in capital 3,024 2,894
Retained earnings 54,682 52,277
Accumulated other comprehensive income (loss):    
Unrealized foreign currency translation gains (losses) (4,847) (4,998)
Unrealized gains (losses) on fixed maturity securities (1,809) 24
Unrealized gains (losses) on derivatives (13) (20)
Effect of changes in discount rate assumptions 8,035 2,006
Pension liability adjustment 86 10
Treasury stock, at average cost (29,804) (26,231)
Total shareholders’ equity 29,490 26,098
Total liabilities and shareholders’ equity 116,470 117,566
Consolidated Entity Excluding Variable Interest Entities (VIE)    
Investments and cash:    
Fixed maturity securities, available-for-sale 60,485 61,841
Variable Interest Entity, Consolidated    
Investments and cash:    
Fixed maturity securities, available-for-sale 3,636 3,428
Commercial mortgage and other loans 7,896 8,693
Other investments [2] 2,320 2,176
Total assets 13,897 14,350
Policy liabilities:    
Total liabilities $ 765 $ 604
[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
v3.25.4
Consolidated Balance Sheets (Parenthetical) - USD ($)
shares in Thousands, $ in Millions
Dec. 31, 2025
Dec. 31, 2024
Fixed maturity securities, available-for-sale, allowance for credit losses $ 0 $ 0
Fixed maturity securities, available-for-sale, amortized cost 65,263 64,089
Fixed maturity securities, held-to-maturity, allowance for credit losses 5 5
Fixed maturity securities, held-to-maturity, fair value 15,476 16,772
Commercial mortgage and other loans, allowance for credit losses 426 355
Commercial mortgage and other loans 9,765 10,869
Other investments $ 6,622 $ 5,958
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) 1,357,909 1,356,763
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 62,444 61,455
Variable Interest Entity, Consolidated    
Fixed maturity securities, available-for-sale, amortized cost 2,819 2,634
Commercial mortgage and other loans 7,896 8,693
Other investments [1] $ 2,320 $ 2,176
[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
v3.25.4
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, 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 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 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)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net earnings 3,646 0 0 3,646 0 0
Unrealized foreign currency translation gains (losses) during period, net of income taxes 151 0 0 0 151 0
Unrealized gains (losses) on fixed maturity securities during period, net of income taxes and reclassification adjustments (1,833) 0 0 0 (1,833) 0
Unrealized gains (losses) on derivatives during period, net of income taxes 7 0 0 0 7 0
Effect of changes in discount rate assumptions during period, net of income taxes 6,029 0 0 0 6,029 0
Pension liability adjustment during period, net of income taxes 76 0 0 0 76 0
Dividends to shareholders [1] (1,241) 0 0 (1,241) 0 0
Exercise of stock options 7 0 7 0 0 0
Share-based compensation 76 0 76 0 0 0
Purchases of treasury stock (3,606) 0 0 0 0 (3,606)
Treasury stock reissued 80 0 47 0 0 33
Balance, end of period at Dec. 31, 2025 $ 29,490 $ 136 $ 3,024 $ 54,682 $ 1,452 $ (29,804)
[1] Dividends to shareholders are recorded in the period in which they are declared.
v3.25.4
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]      
Dividends to shareholders (in dollars per share) $ 2.35 $ 2.08 $ 1.76
v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net earnings $ 3,646 $ 5,443 $ 4,659
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:      
Change in receivables and advance premiums (66) 51 (133)
Capitalization of deferred policy acquisition costs (1,105) (1,056) (1,086)
Amortization of deferred policy acquisition costs 874 851 816
Change in policy liabilities (815) (302) (552)
Change in income tax liabilities (278) (393) (967)
Net investment (gains) losses 572 (1,271) (590)
Other, net (273) (616) 1,043
Net cash provided (used) by operating activities 2,555 2,707 3,190
Proceeds from investments sold or matured:      
Fixed maturity securities available-for-sale 11,049 7,205 3,811
Equity securities 491 782 404
Fixed maturity securities held-to-maturity 3 3 3
Commercial mortgage and other loans 2,167 2,435 1,641
Costs of investments acquired:      
Fixed maturity securities available-for-sale (11,742) (5,542) (2,801)
Equity securities (510) (411) (357)
Commercial mortgage and other loans (1,484) (1,376) (996)
Other investments, net (256) (972) (417)
Settlement of derivatives, net (20) (184) 79
Cash received (pledged or returned) as collateral, net 2,158 780 (401)
Other, net (295) 61 (149)
Net cash provided (used) by investing activities 1,561 2,781 817
Cash flows from financing activities:      
Purchases of treasury stock (3,530) (2,800) (2,801)
Proceeds from borrowings 1,039 823 204
Principal payments under debt obligations (84) (194) 0
Dividends paid to shareholders (1,198) (1,087) (966)
Change in investment-type contracts, net (266) (214) (160)
Treasury stock reissued 8 14 17
Other, net (38) (28) (17)
Net cash provided (used) by financing activities (4,069) (3,486) (3,723)
Effect of foreign exchange rate changes on cash and cash equivalents (31) (79) 79
Net change in cash and cash equivalents 16 1,923 363
Cash and cash equivalents, beginning of period 6,229 4,306 3,943
Cash and cash equivalents, end of period 6,245 6,229 4,306
Supplemental disclosures of cash flow information:      
Income taxes paid 1,165 1,367 1,569
Interest paid 197 180 185
Noncash interest 23 17 10
Noncash real estate acquired in satisfaction of debt 247 468 217
Noncash financing activities:      
Lease obligations 30 33 75
Associate stock bonus      
Treasury stock issued for:      
Treasury stock issued 22 20 17
Shareholder dividend reinvestment      
Treasury stock issued for:      
Treasury stock issued 43 41 37
Share-based compensation grants      
Treasury stock issued for:      
Treasury stock issued $ 7 $ 6 $ 5
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2025
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 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.

Use of Estimates
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 (LFPB) 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.

Significant Accounting Policies
Foreign Currency Translation and Remeasurement: The functional currency of Aflac Japan is the Japanese yen. The Company translates its Japanese yen-denominated financial statement accounts into U.S. dollars as follows.

•Assets and liabilities are translated at end-of-period foreign exchange rates.
•Realized gains and losses on security transactions are translated at the foreign exchange rate on the trade date of each transaction.
•Other revenues, expenses, and cash flows are translated using average foreign exchange rates for the period.

The resulting foreign currency translation adjustments are included in accumulated other comprehensive income.

Foreign currency gains and losses resulting from the remeasurement of foreign currency and realized foreign currency exchange gains and losses are included in net investment gains (losses) in the consolidated statements of earnings.
The Parent Company has designated a majority of its Japanese yen-denominated liabilities (Japanese yen-denominated notes payable and Japanese 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 remeasurement 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 reported 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 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 insurance policies 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 LFPB and the deferral and subsequent amortization of policy acquisition costs.

Premiums from the Company's products with limited-pay features 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 reported 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 and 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.

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.

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.

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 and included in insurance and other expenses in the consolidated statements of earnings. For the years ended December 31, 2025, 2024 and 2023, advertising expense was $160 million, $181 million and $188 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:

Fixed Maturity and Equity Securities

The Company's fixed maturity securities are classified as either held-to-maturity or available-for-sale. Fixed maturity 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, net of allowance for credit losses.

All other fixed maturity securities are classified as available-for-sale and are carried at fair value. If the fair value is higher than the amortized cost, 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 reported in other comprehensive income and included in accumulated other comprehensive income.

Amortized cost of fixed maturity 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 fixed maturity 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 net investment income when earned and is adjusted for the amortization of any premium or discount.

For mortgage- and asset-backed securities, 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 Company has investments in marketable equity securities which are carried at fair value. Changes in the fair value of equity securities are included in net investment gains (losses) in the consolidated statements of earnings. Dividends are included in net investment income when declared.

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

Commercial Mortgage and Other Loans

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 reported 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; therefore, they are considered held for investment and are carried at amortized cost, net of allowance for credit losses, and included in commercial mortgage and other loans in the consolidated balance sheets. Income on commercial mortgage and other loans is recognized using the interest method and included in net investment income in the consolidated statements of earnings.

The Company designates nonaccrual status for a nonperforming fixed maturity security or loan receivable or a fixed maturity security or loan receivable 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 loan receivables that are currently making contractual payments or for those that are not current where the borrower has paid timely (less than 30 days outstanding).

Other Investments

Other investments include limited partnerships, real estate owned (REO), short-term investments with maturities at the time of purchase of one year or less, but greater than 90 days, and policy loans.

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 the consolidated statements of earnings. The underlying investments held by the Company’s limited partnerships primarily consist of private equity and real estate.
In addition, the Company invests in partnerships that primarily specialize in rehabilitating historic structures or the installation of solar equipment that are tax equity investments. These investments derive investment returns in the form of income tax credits or other tax incentives. Beginning January 1, 2024, tax equity investments that meet certain criteria are accounted for using the proportional amortization method, where the initial cost of the investment is amortized in proportion to the tax credits received and recognized as a component of income tax expense (benefit). Tax equity investments that do not meet the qualification criteria for the proportional amortization method are accounted for using the equity method of accounting.

REO represents commercial properties obtained through foreclosure or deed in lieu of foreclosure of certain of the Company's loan receivables. REO is classified as held-and-used for the production of income or held-for-sale. When held-and-used 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. When held-for-sale, REO is initially recorded at fair value less costs to sell and is subsequently carried at the lower of the initial carrying value or fair value less costs to sell and is not depreciated.

REO depreciation is recorded on a straight-line basis over the estimated useful life of the asset and is included 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 included in net investment gains (losses) when the carrying value of the property exceeds the expected undiscounted cash flows generated from the property. Net operating income earned on REO is included in net investment income in the consolidated statements of earnings.

Short-term investments are reported at amortized cost, which approximates fair value.

Variable Interest Entities (VIEs)

The Company has investments in VIEs, which consist of fixed maturity securities, loan receivables, limited partnerships and derivative instruments. The Company is the primary beneficiary of the VIE if the Company has (1) the power to direct the activities of the VIE that most significantly impact the entity's economic performance and (2) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. If the Company determines that it is the primary beneficiary of the VIE, it consolidates these entities in its consolidated financial statements. Consolidated VIEs are segregated by the caption "consolidated variable interest entities" in the consolidated balance sheets.

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.

The Company's powers surrounding the underlying collateral were the most significant powers considered due to the impact these powers have on 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 VIEs, unless there is an event of default.

Securities Lending and Pledged Assets

The Company lends fixed maturity securities and, from time to time, public equity securities to financial institutions in short-term security-lending transactions. These short-term securities lending arrangements are primarily used to earn investment income. These securities continue to be reported as investment assets in the consolidated balance sheets during the terms of the loans and are not reported as sales. The Company receives cash or other securities as collateral for such loans. When the Company obtains non-cash collateral it amounts to 102% or more of the fair value of the loaned securities. When unrestricted cash is received as collateral it is equivalent to 100% or more of the fair value of the loaned securities. 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.
Allowance for Credit Losses: The Company estimates an allowance for credit losses on the following financial assets:

•Fixed maturity securities
◦Available-for-sale securities
◦Held-to-maturity securities
•Loan receivables and loan commitments
•Short-term receivables
•Premiums receivable
•Reinsurance recoverables

For available-for-sale and held-to-maturity securities, loan receivables, including collateral dependent assets and certain loan commitments, changes in the allowance for credit losses are included in net investment gains (losses) in the consolidated statements of earnings. Write-offs and partial write-offs are reported as a reduction to the amortized cost of the fixed maturity security or loan receivable with a corresponding reduction to the allowance for credit losses.

For available-for-sale securities, the Company evaluates estimated credit losses only when the fair value of the available-for-sale security is below its amortized cost basis.

The Company’s off-balance sheet credit exposure is primarily attributable to loan commitments that are not unconditionally cancellable. The allowance for credit losses for these loan commitments is included in other liabilities in the consolidated balance sheets.

For premiums receivable, changes in the allowance for credit losses are included in net earned premiums in the consolidated statements of earnings. The Company estimates an allowance for credit losses for premiums receivable utilizing an aging methodology based on historical loss information, adjusted for current conditions and reasonable and supportable forecasts. Premiums receivable are reported net of the allowance for credit losses and included in receivables in the consolidated balance sheets.

For reinsurance recoverables, changes in the allowance for credit losses are included in net investment gains (losses) in the consolidated statements of earnings. Reinsurance recoverables are reported net of the allowance for credit losses and included in other assets in the consolidated balance sheets.

The Company has elected not to estimate an allowance for credit losses on accrued interest income for all asset types. The Company writes off accrued interest when it is more than ninety days past due by reducing interest income, which is included in net investment income in the consolidated statements of earnings.

For additional information on the Company's methodology for calculating allowance for credit losses, see Notes 3 and 8.
Derivatives and Hedging:

Freestanding Derivative Instruments

Freestanding derivative instruments are reported at fair value and included in other assets and other liabilities in the consolidated balance sheets. These instruments may include foreign currency forwards, foreign currency options, foreign currency swaps, interest rate swaps and interest rate swaptions. These derivative instruments are typically used to reduce exposure to risks such as foreign currency exchange or interest rate. The Company does not use derivatives for trading purposes.

Changes in the fair value of derivative instruments not designated as an accounting hedge or that do not qualify for hedge accounting are included in net investment gains (losses) in the consolidated statements of earnings.

Accruals on derivatives are included in other assets or other liabilities in the consolidated balance sheets.

Hedge Accounting

From time to time, the Company designates as hedging instruments derivative and non-derivative instruments that meet the requirements for hedge accounting. To qualify for hedge accounting, the instrument 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. The Company also documents its hedge accounting designation and the methodology that will be used to assess the effectiveness of the hedging relationship at and after hedge inception. The documentation process includes linking derivatives and non-derivative financial instruments that are designated in hedging relationships with specific assets or groups of assets or liabilities in the consolidated balance sheets or to specific forecasted transactions, as well as defining the effectiveness testing methods to be used.

The Company 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. Hedge effectiveness is formally assessed at inception and on a quarterly basis throughout the life of the hedging relationship using qualitative and quantitative methods. Qualitative methods may include the comparison of critical terms of the derivative to the hedged item. Quantitative methods may include regression, dollar offset, or other statistical analysis of changes in fair value or cash flows associated with the hedging relationship.

The assessment of hedge effectiveness determines the accounting treatment of changes in fair value.

Hedge accounting designations are cash flow hedge, fair value hedge, or net investment hedge.

Cash Flow Hedge

A cash flow hedge is 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.

For derivative instruments that are designated in cash flow hedging relationships, the gain or loss on the portion of the hedging instrument included in the assessment of effectiveness is included in unrealized gains (losses) on derivatives in the consolidated statements of comprehensive income (loss). Amounts included in accumulated other comprehensive income are reclassified into earnings in the same period or periods during which the hedged transaction affects earnings and are included in the same line item in the consolidated statements of earnings as the hedged item.

Fair Value Hedge

A fair value hedge is a hedge of the exposure to changes in the fair value of a recognized asset or liability, attributable to a particular risk.

For derivative instruments that are designated in highly effective fair value hedge relationships, the effective portion of the gain or loss of the hedging instrument included in the assessment of effectiveness is included in the line item of the consolidated statements of earnings in which gain or loss on the hedged item is included.

Net Investment Hedge

A net investment hedge is a hedge of foreign currency exposure of a net investment in a foreign operation. The Company designates and accounts for certain foreign currency forwards and options as net investment hedges of the Company's net investment in Aflac Japan when they meet the requirements for hedge accounting. The Company also designates the Parent Company’s Japanese yen-denominated liabilities as a non-derivative net investment hedge of the Company's net investment in Aflac Japan. For additional information on the Parent Company’s Japanese yen-denominated liabilities, see Note 9.

At the beginning of each quarter, the Company makes its net investment hedge designation for foreign currency derivatives and Japanese yen-denominated liabilities. For foreign currency derivatives designated as net investment hedges, the Company assesses hedge effectiveness using the spot-rate method. According to this method, the change in fair value of the hedging instrument due to fluctuations in the spot exchange rate is included in unrealized foreign currency translation gains (losses) in the statements of comprehensive income (loss). For Japanese-yen denominated liabilities designated as net investment hedges, the foreign currency translation gain or loss determined by references to the spot foreign exchange rate is also included in unrealized foreign currency translation gains (losses) in the statements of comprehensive income (loss).

Amounts included in accumulated other comprehensive income are 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. When a sale or liquidation occurs, the deferred gain or loss is reclassified to earnings and included in the same line item in the consolidated statements of earnings as the gain or loss on the sale of the hedged net investment.
All other changes in fair value of the foreign currency derivatives designated as net investment hedges are excluded from the assessment of hedge effectiveness and are included in net investment gains (losses) in the consolidated statements of earnings.

Should these designated net investment hedge positions exceed the Company's net investment in Aflac Japan, the foreign currency exchange effect on the excess portion is included in net investment gains (losses) in the consolidated statements of earnings.

Hedge Accounting Termination

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 or fair value hedge, the derivative is reported at fair value in the consolidated balance sheets, with changes in the fair value included in net investment gains (losses) in the consolidated statements of earnings. For discontinued cash flow hedges, including those where the derivative is sold, terminated or exercised, changes in the fair value included in accumulated other comprehensive income are reclassified to earnings when earnings are impacted by the cash flow of the hedged item.

Embedded Derivatives

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 and reported at fair value with the host instrument in the consolidated balance sheets. Changes in the fair value are included in current period 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 included in current period earnings.

Pledged Collateral

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 were 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 in the consolidated balance sheets.

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. For additional information on the Company's valuation methodology for derivatives, see Note 5.

Deferred Policy Acquisition Costs: The Company incurs significant costs in connection with acquiring new and renewal insurance business. Costs that are related directly to the successful acquisition of new or the renewal of existing insurance contracts are capitalized as DAC. DAC primarily includes the excess of current-year commissions over ultimate renewal-year commissions and certain direct and incremental policy issue, underwriting and sales expenses directly related to successful policy acquisition.

DAC is amortized on a grouped-contract basis over the expected term of the related contracts, using a constant-level basis, as follows:
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 the face amount and insurance 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. 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.

Internal Replacements

For some products, policyholders can elect to modify product benefits, features, rights or coverages. These transactions are known as internal replacements and can occur by:

•exchanging a contract for a new contract, or
•amendment, endorsement, or rider to a contract, or
•the election of a feature or coverage within a contract.

The Company performs the following two-step analysis of the internal replacements to determine if the modification is substantive to the base policy: (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. Contract modifications resulting in integrated contract features can be determined only in conjunction with the value of the base policy. Non-integrated features are not related to or dependent on the value of the base policy.

For an internal replacement transaction that results in a policy that is integrated and 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 DAC.

For internal replacement transactions where the resulting contract is integrated and substantially unchanged, unamortized DAC 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.

Non-integrated internal replacement transactions are accounted for as separately issued contracts within the cohort open at the effective date of the non-integrated feature. Any DAC related to the non-integrated contract feature or coverage are accounted for in accordance with the Company's accounting policies for DAC.
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)20252024
Property and equipment:
Land$168 $168 
Buildings399 392 
Equipment and furniture451 478 
Total property and equipment1,018 1,038 
Less accumulated depreciation667 651 
Net property and equipment$351 $387 
Depreciation and other amortization expenses, which are included in insurance and other expenses in the consolidated statements of earnings, were $36 million in 2025, compared with $40 million in 2024 and $39 million in 2023.

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 $260 million at December 31, 2025, compared with $263 million at December 31, 2024. 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: The Company's total policy liabilities consist of:

•Future policy benefits
•Unpaid policy claims
•Unearned premiums
•Other policyholders' funds

Future Policy Benefits

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. For long-duration insurance contracts, the Company calculates an integrated LFPB reserve that represents all payments under the contract including future expected claims, unpaid policy claims and related expenses.

The LFPB is determined using the net level premium method 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.

The LFPB is calculated using assumptions and estimates including, (1) cash flow assumptions (mortality, morbidity, and terminations, also referred to as lapses), (2) expense assumptions and (3) 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 are established at policy inception and are evaluated each quarter to determine if an update is needed.

Actual experience is reflected in the calculation of future policy benefits each quarter, and changes in the liability due to actual experience are included in reserve remeasurement (gains) losses in the consolidated statements of earnings.

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 included as a cumulative catch-up adjustment 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.

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 included in benefits and claims, excluding reserve remeasurement in the consolidated statements of earnings. These locked-in discount rates are determined separately for each issue-year cohort as a single discount rate that reflects the duration characteristics of the corresponding insurance contracts and will remain unchanged after the calendar year of issue.

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 included in the effect of changes in discount rate assumptions in accumulated other comprehensive income (loss).
The Company's discount rate methodology involves constructing a current discount rate curve separately for discounting cash flows used to calculate the Japan and U.S. LFPB, reflective of the characteristics of the insurance liabilities, such as currency and tenor. For additional information on the Company's discount rate methodology, see Note 7.

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 is included in benefits and claims in the consolidated statements of earnings.

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.

Unpaid Policy Claims

Unpaid policy claims primarily represent unpaid policy claims on the Company’s short-duration insurance contracts.

Unearned Premiums

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.

Other Policyholders' Funds

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

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) 2023-09 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 Company adopted this guidance for the annual period beginning January 1, 2025 and elected a prospective implementation. The adoption of this guidance did not have an impact on the Company’s financial position or results of operations. See Note 10 for expanded disclosures required as a result of the amended guidance.

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, and interim periods beginning January 1, 2025. 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 accumulated other comprehensive income 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 accumulated other comprehensive income 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 accumulated other comprehensive income 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.

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 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.
v3.25.4
BUSINESS SEGMENT INFORMATION AND SELECTED FOREIGN CURRENCY TRANSLATION ITEMS
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
BUSINESS SEGMENT INFORMATION AND SELECTED FOREIGN CURRENCY TRANSLATION ITEMS BUSINESS SEGMENT INFORMATION 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 income/expense from derivatives associated with certain investment strategies, which are reclassified from net investment gains (losses) and included in adjusted earnings as a component of adjusted net investment income when analyzing operations. 
◦Adjusted expenses are U.S. GAAP total acquisition and operating expenses including the impact of interest from derivatives associated with notes payable but excluding any non-recurring or other items not associated with the normal course of the Company’s insurance operations and that do not reflect the Company’s underlying business performance.

Aflac Japan's adjusted revenues accounted for 53% of the Company's total adjusted revenues in 2025, compared with 55% in 2024 and 60% in 2023. The percentage of the Company's total assets attributable to Aflac Japan was 76% at December 31, 2025, compared with 77% at December 31, 2024.
Information regarding operations by reportable segment and Corporate and other for the years ended December 31 is presented in the following tables.
(In millions)202520242023
Revenues:
Aflac Japan:
Net earned premiums (1)
$6,744 $6,930 $8,047 
Adjusted net investment income2,581 2,701 2,582 
Other income32 28 35 
Total adjusted revenue Aflac Japan9,357 9,659 10,664 
Aflac U.S.:
Net earned premiums5,999 5,829 5,675 
Adjusted net investment income830 847 820 
Other income74 63 128 
Total adjusted revenue Aflac U.S.6,903 6,739 6,623 
Corporate and other (2)
1,277 1,007 460 
Total adjusted revenues17,537 17,405 17,747 
Net investment gains (losses)(572)1,271 590 
Reconciling items:
Amortized hedge costs45 26 157 
Amortized hedge income(98)(113)(121)
Net interest (income) expense from derivatives
  associated with certain investment strategies		252 338 328 
Total revenues$17,164 $18,927 $18,701 
(1) Includes a gain (loss) of $(52), $(81) and $20 in 2025, 2024 and 2023, 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 $65, $165 and $343 in 2025, 2024 and 2023, respectively, is included as a reduction to net investment income. Tax credits on these investments of $69, $164 and $334 in 2025, 2024 and 2023, respectively, have been reported as an income tax benefit in the consolidated statements of earnings. See Note 1 for additional information on these investments.
(In millions)202520242023
Adjusted revenues:
Aflac Japan (1)
$9,357 $9,659 $10,664 
Aflac U.S.6,903 6,739 6,623 
Corporate and other (2)
1,277 1,007 460 
Total adjusted revenues17,537 17,405 17,747 
Benefits and adjusted expenses:
Aflac Japan:
Benefits and claims, excluding reserve remeasurement4,528 4,761 5,409 
Reserve remeasurement (gains) losses(529)(444)(96)
Total benefits and claims, net3,999 4,317 5,313 
Adjusted expenses:
Amortization of deferred policy acquisition costs323 321 326 
Insurance commissions427 435 491 
Insurance and other expenses1,168 1,092 1,300 
Total benefits and adjusted expenses Aflac Japan5,917 6,165 7,430 
Aflac U.S.:
Benefits and claims, excluding reserve remeasurement2,969 2,821 2,715 
Reserve remeasurement (gains) losses(132)(95)(284)
Total benefits and claims, net2,837 2,726 2,431 
Adjusted expenses:
Amortization of deferred policy acquisition costs551 530 490 
Insurance commissions564 563 561 
Insurance and other expenses1,530 1,501 1,640 
Total benefits and adjusted expenses Aflac U.S.5,482 5,320 5,122 
Corporate and other1,176 975 885 
Total adjusted expenses$12,575 $12,460 $13,437 
Pretax earnings:
Aflac Japan (1)
$3,440 $3,494 $3,234 
Aflac U.S.1,421 1,419 1,501 
Corporate and other (2)
101 32 (425)
Pretax adjusted earnings4,962 4,945 4,310 
Other income (loss)(54)

(23)39 

Net investment gains (losses)(572)1,271 590 
Reconciling items:
Amortized hedge costs45 26 157 
Amortized hedge income(98)(113)(121)
Net interest (income) expense from derivatives
  associated with certain investment strategies		252 338 328 
Impact of interest from derivatives associated
  with notes payable
(2)(27)(41)
Total earnings before income taxes$4,533 $6,417 $5,262 
Income taxes applicable to pretax adjusted earnings$954 $873 $577 
Effect of foreign currency translation on after-tax adjusted earnings19 (103)(113)
(1) Includes a gain (loss) of $(52), $(81) and $20 for 2025, 2024 and 2023, 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 $65, $165 and $343 in 2025, 2024 and 2023, respectively, is included as a reduction to net investment income. Tax credits on these investments of $69, $164 and $334 in 2025, 2024 and 2023, respectively, have been reported as an income tax benefit in the consolidated statements of earnings. See Note 1 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 $692 million in 2025, $568 million in 2024 and $258 million in 2023 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 14 for information concerning restrictions on transfers from Aflac Japan.
(In millions)202520242023
Management fees$73 $69 $67 
Profit remittances2,681 2,865 2,623 
Total transfers from Aflac Japan$2,754 $2,934 $2,690 

Total Assets: The Company's total assets as of December 31 were as follows:
(In millions)20252024
Assets:
Aflac Japan$88,537 $90,210 
Aflac U.S.22,317 21,930 
Corporate and other5,616 5,426 
Total assets$116,470 $117,566 

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 $835 million and $779 million as of December 31, 2025 and 2024, respectively. The allowance for credit losses related to premiums receivable was $107 million and $108 million as of December 31, 2025 and 2024, respectively. At December 31, 2025, $167 million, or 20.0% of total receivables, were related to Aflac Japan's operations, compared with $197 million, or 25.3%, at December 31, 2024.

Selected Foreign Currency Translation Items

Japanese Yen-Translation Effects: The following table shows the Japanese yen/U.S. dollar (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.
202520242023
Statements of Earnings:
Weighted-average yen/dollar exchange rate (1)
149.32 150.97 140.57 
Yen percent strengthening (weakening)1.1 %(6.9)%(7.4)%
Exchange effect on pretax adjusted earnings (in millions)$24 $(125)$(131)
20252024
Balance Sheets:
Yen/dollar exchange rate at December 31(1)
156.56 158.18 
Yen percent strengthening (weakening)1.0 %(10.3)%
Exchange effect on total assets (in millions)$878 $(6,127)
Exchange effect on total liabilities (in millions)(2,159)(9,624)
(1) Rates are based on the published MUFG Bank, Ltd. telegraphic transfer middle rate (TTM).
v3.25.4
INVESTMENTS
 12 Months Ended
Dec. 31, 2025
Investments [Abstract]  
INVESTMENTS INVESTMENTS
Net Investment Income

The components of net investment income for the years ended December 31 were as follows:
(In millions)202520242023
Fixed maturity securities$3,017 $2,894 $2,873 
Equity securities20 24 28 
Commercial mortgage and other loans821 1,046 1,002 
Other investments (1)
231 130 (70)
Short-term investments and cash equivalents230 258 213 
Gross investment income4,319 4,352 4,046 
Less investment expenses243 236 235 
Net investment income$4,076 $4,116 $3,811 
(1) The change in value of federal historic rehabilitation and solar investments in partnerships of $65, $165 and $343 in 2025, 2024, and 2023, respectively, is included as a reduction to net investment income. Tax credits on these investments of $69, $164, and $334 in 2025, 2024, and 2023, respectively, have been reported as an income tax benefit in the consolidated statements of earnings. See Note 1 for additional information on these investments.
Investment Holdings

The amortized cost and allowance for credit losses for the Company's investments in fixed maturity securities and the fair values of these investments as well as the fair value of the Company's investments in equity securities are presented in the following tables.
  2025
(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$18,063 $0 $41 $3,727 $14,377 
Municipalities856 0 5 145 716 
Mortgage- and asset-backed securities297 0 1 38 260 
Public utilities2,519 0 123 174 2,468 
Sovereign and supranational330 0 7 13 324 
Banks/financial institutions5,382 0 170 477 5,075 
Other corporate5,438 0 357 534 5,261 
Total yen-denominated32,885 0 704 5,108 28,481 
  U.S. dollar-denominated:
U.S. government and agencies230 0 2 2 230 
Municipalities1,185 0 83 54 1,214 
Mortgage- and asset-backed securities3,854 0 239 35 4,058 
Public utilities4,292 0 465 107 4,650 
Sovereign and supranational57 0 21 0 78 
Banks/financial institutions3,672 0 518 21 4,169 
Other corporate18,967 0 2,740 597 21,110 
Total U.S. dollar-denominated32,257 0 4,068 816 35,509 
  Other currencies:
Mortgage- and asset-backed securities44 0 4 0 48 
Public utilities52 0 4 0 56 
Other corporate
25 0 2 0 27 
Total other currencies
121 0 10 0 131 
Total securities available-for-sale$65,263 $0 $4,782 $5,924 $64,121 

 
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 corporate25 0 1 0 26 
Total other currencies25 0 1 0 26 
Total securities available-for-sale$64,089 $0 $5,308 $4,128 $65,269 

  2025
(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$15,461 $2 $15,459 $81 $713 $14,827 
Municipalities235 0 235 0 6 229 
Public utilities32 0 32 0 3 29 
Sovereign and supranational381 3 378 6 9 375 
Other corporate16 0 16 0 0 16 
Total yen-denominated16,125 5 16,120 87 731 15,476 
Total securities held-to-maturity$16,125 $5 $16,120 $87 $731 $15,476 
  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 

  
20252024
(In millions)Fair ValueFair Value
Equity securities, carried at fair value through net earnings:
Equity securities:
Yen-denominated
$609 $484 
U.S. dollar-denominated278 312 
Total equity securities$887 $796 

For additional information on the Company's valuation methodology for fixed maturity and equity securities, see Note 5.

During 2025 and 2024, 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, 2025, were as follows:
(In millions)
Amortized
Cost (1)
Fair
Value
Available-for-sale:
Due in one year or less$1,676 $1,743 
Due after one year through five years7,704 8,618 
Due after five years through 10 years16,143 17,021 
Due after 10 years35,545 32,373 
Mortgage- and asset-backed securities4,195 4,366 
Total fixed maturity securities available-for-sale$65,263 $64,121 
Held-to-maturity:
Due in one year or less$32 $32 
Due after one year through five years1,418 1,435 
Due after five years through 10 years7,182 7,240 
Due after 10 years7,488 6,769 
Total fixed maturity securities held-to-maturity$16,120 $15,476 
(1) Net of allowance for credit losses

Economic maturities are used for certain fixed maturity securities 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:
20252024
(In millions)Credit
Rating		Amortized
Cost		Fair
Value		Credit
Rating		Amortized
Cost		Fair
Value
Japan National Government(1)
A+$32,618$28,434A+$33,822$32,844
(1) Japan Government Bonds (JGBs) or JGB-backed securities
Net Investment Gains and Losses

Information regarding pretax net investment gains and losses for the years ended December 31 follows:
(In millions)202520242023
Net investment gains (losses):
Sales and redemptions:
Fixed maturity securities available-for-sale:
Gross gains from sales$149 $80 $24 
Gross losses from sales(579)(634)(61)
Foreign currency gains (losses)436 806 204 
Other investments:
Gross gains (losses) from sales and redemptions14 7 33 
Total sales and redemptions20 259 200 
Equity securities72 140 

88 
Real estate owned impairments(6)0 0 
Credit losses:
Fixed maturity securities held-to-maturity0 0 1 
Commercial mortgage and other loans(192)(207)(146)
Impairment losses0 (55)0 
Loan commitments0 1 9 
Reinsurance recoverables and other1 5 (3)
Total credit losses(191)(256)(139)
Derivatives and other:
Derivative gains (losses)(295)(363)(531)
Foreign currency gains (losses)(172)1,491 972 
Total derivatives and other(467)1,128 441 
Total net investment gains (losses)$(572)$1,271 $590 

For the year ended December 31, 2025, the Company recognized an impairment loss of $6 million on an office-type REO property classified as held-and-used for the production of income. The impairment was based on the Company's evaluation of a material adverse change in occupancy and resulted in an estimated fair value of the REO property of $12 million. The fair value was based on expected future cash flows utilizing inputs classified as Level 3 under the fair value guidance in ASC 820.

The unrealized holding gains, net of losses, included in net investment gains and losses for the year ended December 31, 2025 that relate to equity securities held at the December 31, 2025 reporting date were $46 million. The unrealized holding gains, net of losses, included in 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, included in 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.
Unrealized Investment Gains and Losses

Information regarding changes in unrealized investment gains and losses included in other comprehensive income (loss) for the years ended December 31 follows:
(In millions)202520242023
Changes in unrealized gains (losses):
Fixed maturity securities available-for-sale$(2,322)$(1,421)$2,327 
Total change in unrealized gains (losses)$(2,322)$(1,421)$2,327 
Effect on Shareholders' Equity

The net effect on shareholders' equity of unrealized gains and losses from fixed maturity securities at December 31 follows:
(In millions)20252024
Unrealized gains (losses) on securities available-for-sale$(1,142)$1,180 
Deferred income taxes(667)(1,156)
Shareholders’ equity, unrealized gains (losses) on fixed maturity securities$(1,809)$24 

Gross Unrealized Loss Aging

The following tables present the fair values and gross unrealized losses of the Company's available-for-sale securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31.
  2025
  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$37 $2 $0 $0 $37 $2 
Japan government and
    agencies:
Yen-denominated13,521 3,727 7,966 692 5,555 3,035 
Municipalities:
U.S. dollar-denominated630 54 8 0 622 54 
Yen-denominated520 145 234 6 286 139 
Mortgage- and asset-
    backed securities:
U.S. dollar-denominated547 35 217 5 330 30 
Yen-denominated183 38 9 1 174 37 
Public utilities:
U.S. dollar-denominated1,055 107 169 2 886 105 
Yen-denominated838 174 0 0 838 174 
Sovereign and supranational:
Yen-denominated276 13 236 0 40 13 
Banks/financial institutions:
U.S. dollar-denominated252 21 62 0 190 21 
Yen-denominated3,467 477 495 26 2,972 451 
Other corporate:
U.S. dollar-denominated4,535 597 620 5 3,915 592 
Yen-denominated 2,395 534 640 33 1,755 501 
Total$28,256 $5,924 $10,656 $770 $17,600 $5,154 
  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-denominated1,733 305 289 14 1,444 291 
Total$24,301 $4,128 $6,716 $197 $17,585 $3,931 

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 and excluding any impact resulting from fluctuations in the yen/dollar exchange rate, 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 securities in the sectors presented 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, 2025. Refer to the Allowance for Credit Losses Methodology section below for additional information.

As of December 31, 2025 and 2024, the Company had an immaterial amount of fixed maturity securities on nonaccrual status.

Commercial Mortgage and Other Loans

The following table presents the composition of the carrying value for commercial mortgage and other loans by property type as of December 31.
20252024
(In millions)Amortized
Cost		% of
Total		Amortized
Cost		% of
Total
Commercial mortgage and other loans:
Transitional real estate loans:
Office$1,229 12.1 %$1,361 12.1 %
Retail267 2.6 349 3.1 
Apartments/Multi-Family1,555 15.3 2,201 19.6 
Industrial75 .7 117 1.1 
Hospitality522 5.1 556 5.0 
Other240 2.4 318 2.8 
Total transitional real estate loans3,888 38.2 4,902 43.7 
Commercial mortgage loans:
Office255 2.5 300 2.7 
Retail217 2.1 214 1.9 
Apartments/Multi-Family539 5.3 572 5.1 
Industrial427 4.2 436 3.9 
Other14 .1 15 .1 
Total commercial mortgage loans1,452 14.2 1,537 13.7 
Middle market loans4,404 43.2 4,423 39.4 
Other loans447 4.4 362 3.2 
Total commercial mortgage and other loans$10,191 100.0 %$11,224 100.0 %
Allowance for credit losses(426)(355)
Total net commercial mortgage and other loans$9,765 $10,869 

CMLs and TREs are secured by properties entirely within the U.S. (with the largest concentrations in California (22%), Texas (13%) and Florida (8%)). 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, 2025, the Company had $140 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, 2025, the Company had commitments of approximately $704 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, 2025, 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.

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.
2025
(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$3,418 $0 $470 $470 $3,888 $545 
Commercial mortgage loans1,452 0 0 0 1,452 0 
Middle market loans4,263 58 83 141 4,404 98 
Other loans447 0 0 0 447 0 
Total$9,580 $58 $553 $611 $10,191 $643 
(1) As of December 31, 2025, there were no loans that were 90 days or more past due that continued to accrue interest.
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.

For each of the years ended December 31, 2025 and 2024, the Company recognized $2 million of interest income on loans that were on nonaccrual status. For the year ended December 31, 2023, the Company recognized no interest income on loans that were on nonaccrual status. Of these loans, TREs with an amortized cost of $30 million and $140 million had no credit loss allowance as of December 31, 2025 and December 31, 2024, 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, 2025 and 2024, MMLs with an amortized cost of $36 million and $5 million, respectively, were 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 2025, 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 allowance for credit loss 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 tables present 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 years ended December 31.
2025
(In millions)
Amortized
Cost (1)
% of
Total		Financial Effect
Transitional real estate loans:
Term extension$159 4.4 %
Term extension of 20 months on average
Term extension and interest rate reduction178 4.9 
Term extension of 26 months on average and reduction in the weighted-average contractual interest rate from 5.2% to 4.1%
Middle market loans:
Principal forgiveness$15 .3 %
Reduction in the amortized cost basis of $9 million
Term extension45 1.1 
Term extension of 9 months on average
Other-than-insignificant
  payment delays
33 .8 
Delay in principal and interest payments of 36 months on average
Principal forgiveness and term extension35 .8 
Reduction in the amortized cost basis of $40 million and term extension of 33 months on average
Principal forgiveness, term extension and interest rate reduction13 .3 
Reduction in the amortized cost basis of $5 million, term extension of 45 months on average, and reduction in the weighted-average contractual interest rate from 10.5% to 9.5%
(1) Net of allowance for credit losses

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 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.

For the year ended December 31, 2023, loan modifications to borrowers experiencing financial difficulty were immaterial.
The following tables present an aging of loans that received modifications in the 12 months preceding December 31, at amortized cost.
2025
(In millions)Current Less Than
90 Days
Past Due		90 Days
or More
 Past Due		Nonaccrual Status
Transitional real estate loans$337 $0 $0 $43 
Middle market loans135 6 0 0 
Total$472 $6 $0 $43 
2024
(In millions)Current Less Than
90 Days
Past Due		90 Days
or More
 Past Due		Nonaccrual Status
Transitional real estate loans$403 $81 $0 $0 
Middle market loans15 0 0 0 
Total$418 $81 $0 $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, 2025 and 2024, and subsequently defaulted in the years ended December 31, 2025 and 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, 2025, the Company had $15 million of outstanding commitments to lend additional funds to borrowers experiencing financial difficulty that were granted a loan modification, compared with $14 million as of December 31, 2024.

Allowance for Credit Losses

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, 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)
(Addition to) release of allowance for credit losses(107)5 (89)0 0 0 (191)
Writeoffs, net of recoveries29 0 91 0 0 0 120 
Change in foreign exchange0 0 0 0 0 0 0 
Balance at December 31, 2025
$(277)$(9)$(138)$(17)$(5)$0 $(446)
(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, 2025, the Company identified TREs with an amortized cost of $137 million in anticipation of potential foreclosure or deed in lieu of foreclosure transactions. As of December 31, 2025, the Company established an allowance for credit losses of $45 million related to these loans.
As of December 31, 2025, the Company’s held-to-maturity portfolio includes Japan Government and Agency securities with an amortized cost of $15.3 billion that meet the requirements for zero-credit-loss expectation and therefore have been excluded from the measurement of the allowance for credit losses.

Allowance for Credit Losses Methodology

Available-for-sale Securities

For available-for-sale securities, the Company evaluates estimated credit losses only when the amortized cost basis exceeds the present value of the cash flows expected to be collected due to credit related factors. The Company’s methodology for estimating an allowance for 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.

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.

Held-to-maturity Securities, Loan Receivables, and Loan Commitments

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 industry, country, and key credit quality indicators. The Company groups CMLs and TREs and respective loan commitments by property type, property location and key credit quality indicators. On a quarterly basis, CMLs and TREs within a portfolio segment that share similar risk characteristics are pooled for the allowance calculation. 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.

The allowance for credit losses 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.

For off-balance sheet credit exposure 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 estimate the allowance for credit losses.

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.

Key Credit Quality Indicators

The Company’s key credit quality indicators used in the grouping of assets are outlined by investment type below.

•For held-to-maturity securities and MMLs, 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 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 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, 2025 the amortized cost basis of TREs, CMLs, MMLs, and other loans by year of origination and key credit quality indicator.
Transitional Real Estate Loans
(In millions)20252024202320222021PriorTotal
Loan-to-Value Ratio:
0%-59.99%$0 $0 $0 $319 $344 $10 $673 
60%-69.99%0 0 27 397 423 403 1,250 
70%-79.99%0 0 14 678 512 24 1,228 
80% or greater0 0 0 155 252 330 737 
Total$0 $0 $41 $1,549 $1,531 $767 $3,888 
Current-period gross writeoffs:$0 $0 $0 $5 $0 $24 $29 
Commercial Mortgage Loans
(In millions)20252024202320222021PriorTotalWeighted-Average DSCR
Loan-to-Value Ratio:
0%-59.99%$11 $0 $32 $0 $244 $944 $1,231 2.74
60%-69.99%20 0 0 0 25 55 100 2.11
70%-79.99%0 0 0 0 0 8 8 1.50
80% or greater0 12 0 0 0 101 113 1.16
Total$31 $12 $32 $0 $269 $1,108 $1,452 2.56
Weighted Average DSCR1.801.102.550.003.012.49
Current-period gross writeoffs:$0 $0 $0 $0 $0 $0 $0 
Middle Market Loans
(In millions)20252024202320222021PriorRevolving LoansTotal
Credit Ratings:
BBB$31 $52 $36 $0 $57 $106 $15 $297 
BB452 473 40 331 285 552 72 2,205 
B194 149 46 284 388 360 39 1,460 
CCC22 3 0 9 59 196 16 305 
CC5 2 0 9 16 17 5 54 
C and lower0 0 0 0 16 62 5 83 
Total$704 $679 $122 $633 $821 $1,293 $152 $4,404 
Current-period gross writeoffs:$0 $0 $0 $7 $29 $55 $0 $91 
Other Loans
(In millions)20252024202320222021PriorRevolving LoansTotal
Credit Ratings:
A$0 $0 $0 $67 $0 $0 $0 $67 
AA0 0 0 8 3 0 0 11 
BBB33 244 66 26 0 0 0 369 
Total$33 $244 $66 $101 $3 $0 $0 $447 
Current-period gross writeoffs:$0 $0 $0 $0 $0 $0 $0 $0 

Other Investments

The table below presents the composition of the carrying value for other investments as of December 31.
(In millions)20252024
Other investments:
Policy loans$210 $203 
Short-term investments (1)
1,373 1,599 
Limited partnerships (2)
4,109 3,435 
Real estate owned902 682 
Other28 39 
Total other investments$6,622 $5,958 
(1) Includes securities lending collateral
(2) Includes tax credit investments and asset classes such as private equity and real estate funds

As of December 31, 2025 and 2024, all REO was classified as held-and-used for the production of income. Depreciation expense on REO was $29 million, $13 million, and an immaterial amount for the years ended December 31, 2025, 2024, and 2023, respectively. Additionally, as of December 31, 2025 and 2024, accumulated depreciation on REO was $41 million and $14 million, respectively.

The Company had $3.0 billion and $2.8 billion in outstanding commitments to fund investments in limited partnerships, which included $2.1 billion and $2.1 billion of unfunded commitments related to VIEs that are non-consolidated as of December 31, 2025 and 2024, respectively.
Variable Interest Entities

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 the 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)20252024
Assets:
Fixed maturity securities available-for-sale$3,636 $3,428 
Commercial mortgage and other loans7,896 8,693 
Other investments (1)
2,320 2,176 
Other assets (2)
45 53 
Total assets of consolidated VIEs$13,897 $14,350 
Liabilities:
Other liabilities (2)
$765 $604 
Total liabilities of consolidated VIEs$765 $604 
(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 Aflac Japan 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. The limited partnership investments are comprised of private equity and real estate. 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 presents 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)20252024
Assets:
Fixed maturity securities available-for-sale$6,750 $6,243 
Other investments (1)
1,603 1,124 
Total investments in VIEs not consolidated$8,353 $7,367 
(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 fixed maturity securities issued by 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

In the normal course of business, the Company enters into securities lending transactions. Details of the 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
20252024
(In millions)
Overnight
and
Continuous(1)
Up to 30
days		30-90 daysTotal
Overnight
and
Continuous(1)
Up to 30
days		Total
Securities lending
  transactions:
Fixed maturity securities:
Japan government and agencies$0 $1,591 $1,329 $2,920 $0 $1,027 $1,027 
Public utilities54 0 0 54 34 0 34 
Banks/financial institutions150 0 0 150 193 0 193 
Other corporate865 0 0 865 783 0 783 
          Total borrowings$1,069 $1,591 $1,329 $3,989 $1,010 $1,027 $2,037 
Gross amount of recognized liabilities for securities
   lending transactions		$3,989 $2,037 
(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 $2.2 billion and $3.0 billion at December 31, 2025, and 2024, respectively, which may not be sold or re-pledged, unless the counterparty is in default. Such securities collateral is not reflected in the consolidated balance sheets.

The Company did not have any repurchase agreements or repurchase-to-maturity transactions outstanding as of December 31, 2025 and 2024, 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, 2025, fixed maturity 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.
v3.25.4
DERIVATIVE INSTRUMENTS
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS DERIVATIVE INSTRUMENTS
The Company's freestanding derivative instruments include:
•foreign currency forwards and options used in hedging foreign currency exchange risk on U.S. dollar-denominated investments held by Aflac Japan, 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 Japanese yen and hedge the Company's long-term exposure to a weakening Japanese yen;
•foreign currency swaps used to economically hedge the foreign currency exchange risk associated with certain investments denominated in other foreign currencies held by Aflac Japan;
•cross-currency 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;
•foreign currency forwards used to economically hedge the foreign currency exchange risk associated with certain investments denominated in other foreign currencies held by Aflac Japan;
•interest rate swaps used to economically hedge interest rate fluctuations in certain variable-rate investments;
•interest rate swaptions (swaptions) used to hedge changes in the fair value associated with interest rate fluctuations for certain U.S. dollar-denominated available-for-sale securities; and
•bond purchase commitments at the inception of investments in consolidated VIEs.

Foreign currency forwards and options are executed for Aflac Japan in order to hedge the foreign currency exchange 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 Japanese 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 exchange 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 Japanese 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 Japanese 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 foreign currency exchange 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 Japanese 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 Japanese yen put options (options that protect against a weakening Japanese yen) and selling Japanese yen call options (options that limit participation in a strengthening Japanese 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 held by Aflac Japan to convert foreign-denominated cash flows to Japanese yen in order to minimize cash flow fluctuations. The Company also uses foreign currency swaps to economically hedge the foreign currency exchange risk on certain fixed maturity securities denominated in other foreign currencies held by Aflac Japan, as well as to economically convert certain of its U.S. dollar-denominated senior note and subordinated debenture principal and interest obligations into Japanese yen-denominated obligations.
The Company also uses foreign currency forwards to economically hedge the foreign currency exchange risk on certain variable-rate investments denominated in other foreign currencies held by Aflac Japan.

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. The fair value of the derivative 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 instruments at fair value, at December 31. The fair value amounts presented exclude income accruals. Derivative assets are included in other assets while derivative liabilities are included in other liabilities in the 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.
20252024
(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 $5 $18 $0 $6 
Total cash flow hedges18 0 5 18 0 6 
Net investment hedge:
Foreign currency forwards1,828 120 0 1,809 185 0 
Total net investment hedge1,828 120 0 1,809 185 0 
Non-qualifying strategies:
Foreign currency swaps49 0 0 450 2 0 
Foreign currency swaps - VIE2,960 45 760 3,042 53 598 
Foreign currency forwards945 0 18 0 0 0 
Foreign currency options25,000 0 0 24,195 0 0 
Interest rate swaps36,728 14 189 17,230 0 329 
Total non-qualifying strategies65,682 59 967 44,917 55 927 
Total derivatives$67,528 $179 $972 $46,744 $240 $933 
Cash Flow Hedge

The Company designates and accounts for certain foreign currency swaps as cash flow hedges when they meet the requirements for hedge accounting. 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 variable rate interest and principal payments to fixed rate Japanese yen interest and principal payments. The remaining maximum length of time over which these cash flows are hedged is approximately one year.
Fair Value Hedge
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.
Foreign currency forwards and options hedge the foreign currency exchange risk associated with certain U.S. dollar-denominated available-for-sale securities held by Aflac Japan. For these derivatives and the related hedged items, gains and losses included in the assessment of hedge effectiveness are included in current earnings.

The change in the fair value of the foreign currency forwards related to changes in the difference between the spot rate and the forward price, and the change in fair value of the foreign currency option related to the time value of the option, are excluded from the assessment of hedge effectiveness and are included in current earnings.

Interest rate swaptions hedge the interest rate risk associated with certain U.S. dollar-denominated available-for-sale securities held by Aflac Japan. Gains and losses associated with these derivatives and included in the assessment of hedge effectiveness, premium amortization and time value amortization while the hedge items are still outstanding, are included in current earnings. If the interest rate swaption is terminated but the hedged item is still outstanding, the amortization of the disposal amount of the interest rate swaption is included in current earnings over the remaining life of the hedged items. When the related hedged items are redeemed, the time value gains and losses for the interest rate swaptions are included in current earnings, which is consistent with the accounting for the impact of the hedged item.

The change in the fair value of interest rate swaptions related to the time value of the swaption is excluded from the assessment of hedge effectiveness and is included in the consolidated statements of comprehensive income (loss) and amortized into earnings over its legal term.
Fair Value Hedging Relationships
The following table presents the gains and losses on derivatives and the related hedged items in fair value hedging relationships for the year ended December 31, 2023. The Company had no fair value hedges during the years ended December 31, 2025 and 2024.
(In millions)Hedging DerivativesHedged Items
Hedging DerivativesHedged Items Total
Gains
(Losses)		Gains (Losses)
 Excluded from Effectiveness Testing
Gains (Losses)
Included in Effectiveness Testing(1)
 Gains (Losses)(1)
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 
(1) For the year ended December 31, 2023, gains and losses included in the hedge assessment on interest rate swaptions and related hedged items were immaterial.
The following table presents the carrying amounts of (1) assets designated and qualified as hedged items in fair value hedges of interest rate risk and (2) 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, 2025 and 2024; 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)
2025202420252024
Fixed maturity securities$1,238 $1,294 $121 $137 
(1) The balance includes hedging adjustment on discontinued hedging relationships of $121 in 2025 and $137 in 2024.

Net Investment Hedge

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

The Company's net investment hedge was effective during the years ended December 31, 2025, 2024 and 2023.

Non-qualifying Strategies

The Company uses foreign currency swaps to economically hedge the foreign currency exchange risk associated with certain investments denominated in other foreign currencies held by Aflac Japan.

For the Company's derivative instruments in consolidated VIEs that do not qualify for hedge accounting, changes in fair value are reported in current earnings. The gain or loss in earnings includes amounts attributable to the derivatives in those investment structures. While the change in fair value of the derivative instrument is reported in current earnings, the change in the fair value of the available-for-sale securities associated with these instruments is included in accumulated other comprehensive income.

The Company uses foreign currency forwards and options to economically hedge the foreign currency exchange risk associated with certain U.S. dollar-denominated loan receivables held by Aflac Japan. These arrangements are not designated as accounting hedges because the foreign currency remeasurement gains and losses associated with the loan receivables substantially offsets gains and losses from foreign currency forwards in current period earnings.

Additionally, the Company uses foreign currency forwards to economically hedge the foreign currency exchange risk associated with certain U.S. dollar-denominated available-for-sale securities and certain investments denominated in other foreign currencies held by Aflac Japan.

The Company uses interest rate swaps to economically convert the variable rate investment income to a fixed rate on certain variable-rate investments.

The Parent Company had cross-currency swap agreements related to certain of its U.S. dollar-denominated senior notes to effectively convert interest and principal on the notes from U.S. dollar to Japanese yen. These swaps matured in 2025. Changes in the fair value of these swaps were reported in earnings in the period where they occurred.
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.
202520242023
(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$(1)$(3)$8 $(1)$(4)$2 $(1)$(4)$5 
  Total cash flow hedges(1)(3)
(1)
8 (1)(4)
(1)
2 (1)(4)
(1)
5 
  Fair value hedges:
       Foreign currency options0 0 (65)
       Interest rate swaptions (2)
0 0 0 (1)0 1 (1)0 1 
  Total fair value hedges0 0 0 (1)0 1 (1)(65)1 
  Net investment hedge:
       Non-derivative hedging
          instruments		0 33 0 426 0 257 
       Foreign currency forwards103 (80)138 258 234 313 
       Foreign currency options 0 0 0 0 (5)0 
   Total net investment hedge103 (47)138 684 229 570 
  Non-qualifying strategies:
       Foreign currency swaps0 2 4 
       Foreign currency swaps - VIE(265)(215)(201)
       Foreign currency forwards(63)17 (349)
       Foreign currency options (32)(107)(53)
       Interest rate swaps(35)(194)(88)
       Forward bond purchase
         commitment - VIE		0 0 (4)
  Total non-qualifying strategies(395)(497)(691)
          Total$(1)$(295)$(39)$(2)$(363)$687 $(2)$(531)$576 
(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, 2025, compared with $4 of losses during the years ended December 31, 2024 and 2023, respectively.
(2) Includes $1 of losses reclassified from accumulated other comprehensive income (loss) into earnings during the year ended December 31, 2025, compared with $1 of losses during the years ended December 31, 2024 and 2023, respectively, related to fair value hedges excluded component. Impact shown net of effect of hedged items.
As of December 31, 2025, $4 million of deferred gains on derivative instruments recorded in accumulated other comprehensive income are expected to be reclassified into earnings during the next 12 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, 2025, 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 $861 million and $804 million as of December 31, 2025 and 2024, respectively. If the credit-risk-related contingent features underlying these agreements had been triggered on December 31, 2025, the Company estimates that it would be required to post a maximum of $669 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
2025
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$122 $0 $122 $(1)$(34)$(84)$3 
          OTC - cleared12 0 12 (12)0 0 0 
    Total derivative
      assets subject to a
      master netting
      agreement or
      offsetting
      arrangement		134 0 134 (13)(34)(84)3 
    Derivative
      assets not subject
      to a master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral45 45 45 
    Total derivative
      assets not subject
      to a master netting
      agreement or
      offsetting
      arrangement		45 45 45 
    Total derivative
      assets		179 0 179 (13)(34)(84)48 
Securities lending
   and similar
   arrangements		3,945 0 3,945 0 0 (3,945)0 
    Total$4,124 $0 $4,124 $(13)$(34)$(4,029)$48 
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
Instruments		Securities 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 
Offsetting of Financial Liabilities and Derivative Liabilities
2025
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$19 $0 $19 $(1)$(17)$0 $1 
          OTC - cleared188 0 188 (12)(24)(151)1 
    Total derivative
      liabilities subject
      to a master netting
      agreement or
      offsetting
      arrangement		207 0 207 (13)(41)(151)2 
    Derivative
      liabilities not
      subject to a
      master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral765 765 765 
    Total derivative
      liabilities not
      subject to a
      master netting
      agreement or
      offsetting
      arrangement		765 765 765 
    Total derivative
      liabilities		972 0 972 (13)(41)(151)767 
Securities lending
   and similar
   arrangements		3,989 0 3,989 (3,945)0 0 44 
    Total$4,961 $0 $4,961 $(3,958)$(41)$(151)$811 
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 

For additional information on the Company's derivative and other financial instruments, see Notes 1, 3 and 5.
v3.25.4
FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2025
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.
  2025
(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$13,921 $686 $0 $14,607 
Municipalities0 1,930 0 1,930 
Mortgage- and asset-backed securities0 2,072 2,294 4,366 
Public utilities0 6,298 876 7,174 
Sovereign and supranational0 383 19 402 
Banks/financial institutions0 9,235 9 9,244 
Other corporate0 26,239 159 26,398 
Total fixed maturity securities13,921 46,843 3,357 64,121 
Equity securities727 0 160 887 
Other investments1,373 0 0 1,373 
Cash and cash equivalents6,245 0 0 6,245 
Other assets:
Foreign currency swaps0 45 0 45 
Foreign currency forwards0 120 0 120 
Interest rate swaps0 14 0 14 
Total other assets0 179 0 179 
Total assets$22,266 $47,022 $3,517 $72,805 
Liabilities:
Other liabilities:
Foreign currency swaps$0 $765 $0 $765 
Foreign currency forwards0 18 0 18 
Interest rate swaps0 189 0 189 
Total liabilities$0 $972 $0 $972 
  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 
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.
2025
(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$15,459 $14,696 $131 $0 $14,827 
Municipalities235 0 229 0 229 
Public utilities32 0 29 0 29 
Sovereign and
   supranational		378 0 375 0 375 
Other corporate16 0 16 0 16 
Commercial mortgage and
    other loans		9,765 0 0 9,617 9,617 
Other investments (1)
28 0 28 0 28 
 Total assets$25,913 $14,696 $808 $9,617 $25,121 
Liabilities:
Other policyholders’ funds$5,445 $0 $0 $5,376 $5,376 
Notes payable
   (excluding leases)		8,330 0 7,167 682 7,849 
Total liabilities$13,775 $0 $7,167 $6,058 $13,225 
(1) Excludes policy loans of $210, equity method investments of $4,109, and REO of $902, at carrying value
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

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 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.
2025
(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$13,921 $383 $0 $14,304 
Internal0 303 0 303 
               Total government and agencies13,921 686 0 14,607 
         Municipalities:
Third-party pricing vendor0 1,706 0 1,706 
Internal0 224 0 224 
               Total municipalities0 1,930 0 1,930 
         Mortgage- and asset-backed securities:
Third-party pricing vendor0 1,824 0 1,824 
Internal 0 248 0 248 
Broker/other0 0 2,294 2,294 
               Total mortgage- and asset-backed securities0 2,072 2,294 4,366 
         Public utilities:
Third-party pricing vendor0 3,660 0 3,660 
Internal 0 2,638 0 2,638 
Broker/other0 0 876 876 
               Total public utilities0 6,298 876 7,174 
         Sovereign and supranational:
Third-party pricing vendor0 79 0 79 
Internal0 304 0 304 
Broker/other0 0 19 19 
               Total sovereign and supranational0 383 19 402 
         Banks/financial institutions:
Third-party pricing vendor0 5,605 0 5,605 
Internal0 3,630 5 3,635 
Broker/other0 0 4 4 
               Total banks/financial institutions0 9,235 9 9,244 
         Other corporate:
Third-party pricing vendor0 21,294 0 21,294 
Internal0 4,945 20 4,965 
Broker/other0 0 139 139 
               Total other corporate0 26,239 159 26,398 
                  Total securities available-for-sale$13,921 $46,843 $3,357 $64,121 
Equity securities, carried at fair value:
Third-party pricing vendor$727 $0 $0 $727 
Internal0 0 24 24 
Broker/other0 0 136 136 
               Total equity securities$727 $0 $160 $887 
2025
(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$14,696 $131 $0 $14,827 
               Total government and agencies14,696 131 0 14,827 
         Municipalities:
Third-party pricing vendor0 229 0 229 
               Total municipalities0 229 0 229 
         Public utilities:
Third-party pricing vendor0 29 0 29 
               Total public utilities0 29 0 29 
         Sovereign and supranational:
Third-party pricing vendor0 188 0 188 
Internal0 187 0 187 
               Total sovereign and supranational0 375 0 375 
         Other corporate:
Third-party pricing vendor0 16 0 16 
               Total other corporate0 16 0 16 
                  Total securities held-to-maturity$14,696 $780 $0 $15,476 
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 
Internal0 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 
Internal0 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 

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 from 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 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 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 had 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. These swaps matured in March 2025. Their fair values were based on observable market inputs; therefore, they were 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 discounted cash flow 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 Japanese 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 Japanese 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.
2025
 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$1,156 $647 $23 $10 $231 $157 $2,224 
Net investment gains (losses) included
  in earnings		1 1 0 0 (2)(4)(4)
Unrealized gains (losses) included in
  other comprehensive income (loss)		24 29 0 (1)5 0 57 
Purchases, issuances, sales
  and settlements:
Purchases909 242 0 0 24 9 1,184 
Issuances0 0 0 0 0 0 0 
Sales0 1 0 0 (2)(2)(3)
Settlements(153)(44)(4)0 (2)0 (203)
Transfers into Level 3395 0 0 0 0 0 395 
Transfers out of Level 3(38)0 0 0 (95)0 (133)
Balance, end of period$2,294 $876 $19 $9 $159 $160 $3,517 
Changes in unrealized gains (losses)
  relating to Level 3 assets and liabilities
  still held at the end of the period
  included in earnings		$1 $1 $0 $0 $0 $0 $2 

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)
Fair Value Sensitivity

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.
2025
(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$2,294 Consensus pricingOffered quotes88.75-106.70
(a)
100.42
       Public utilities876 Discounted cash flowCredit spreads100 bps-391 bps
(c)
163 bps
       Sovereign and supranational19 Consensus pricingOffered quotesN/A
(b)
N/A
       Banks/financial institutions9 Adjusted costPrivate financialsN/A
(d)
N/A
       Other corporate159 Discounted cash flowCredit spreads75 bps-384 bps
(c)
217 bps
  Equity securities160 Adjusted costPrivate financialsN/A
(d)
N/A
            Total assets$3,517 
(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

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
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.
v3.25.4
DEFERRED POLICY ACQUISITION COSTS
 12 Months Ended
Dec. 31, 2025
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.
2025
Aflac JapanAflac U.S.
(In millions)CancerMedical and Other HealthLife InsuranceOtherAccidentDisabilityCritical CareHospital IndemnityDental/VisionLife InsuranceOtherTotal
Deferred policy acquisition costs:
Balance, beginning of year$2,776 $1,833 $441 $52 $915 $636 $1,348 $452 $86 $219 $0 $8,758 
Capitalization357 85 33 3 137 127 162 90 13 98 0 1,105 
Amortization expense(188)(99)(33)(3)(143)(122)(155)(79)(12)(40)0 (874)
Foreign currency translation and
  other		20 21 5 (1)0 0 0 0 0 0 0 45 
Balance, end of year$2,965 $1,840 $446 $51 $909 $641 $1,355 $463 $87 $277 $0 $9,034 
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 

Commissions deferred as a percentage of total acquisition costs deferred were 67% in 2025, compared with 69% in 2024 and 67% in 2023.

There were no changes to the inputs, judgments or methods used to determine amortization amounts during 2025 and 2024. 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 2025 and 2024. 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.
v3.25.4
POLICY LIABILITIES
 12 Months Ended
Dec. 31, 2025
Insurance Loss Reserves [Abstract]  
POLICY LIABILITIES POLICY LIABILITIES
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.
2025
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, 2024
$14,184 $11,817 $5,156 $846 $2,497 $1,635 $3,901 $1,122 $196 $909 $826 
Beginning balance at original discount rate 14,008 11,845 5,084 864 2,687 1,726 4,340 1,221 209 976 824 
Effect of changes in cash flow assumptions(661)136 (40)5 18 (22)(163)(8)(10)(5)386 
Effect of actual variances from expected
   experience 		(436)(84)(62)(12)21 20 (2)16 (10)(32)146 
Adjusted beginning of period balance12,911 11,897 4,982 857 2,726 1,724 4,175 1,229 189 939 1,356 
Issuances1,114 253 405 9 295 341 488 211 50 246 571 
Interest accrual364 292 110 16 110 69 177 50 9 42 73 
Net premiums collected (1)
(1,379)(1,076)(795)(95)(487)(402)(590)(255)(39)(171)(138)
Foreign currency translation193 146 70 13 0 0 0 0 0 0 0 
Other(2)(1)0 0 (7)(6)(8)(4)(1)(5)(27)
Ending balance at original discount rate13,201 11,511 4,772 800 2,637 1,726 4,242 1,231 208 1,051 1,835 
Effect of changes in discount rate assumptions(994)(1,162)(225)(75)(112)(41)(297)(60)(6)(30)133 
Balance at December 31, 2025
$12,207 $10,349 $4,547 $725 $2,525 $1,685 $3,945 $1,171 $202 $1,021 $1,968 
Present value of expected future policy benefits:
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 
Beginning 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 cash flow assumptions(1,130)108 (101)74 47 (46)(219)(4)(15)(17)399 
Effect of actual variances from expected
   experience		(483)(102)(61)(21)9 5 (15)8 (13)(53)148 
Adjusted beginning of period balance36,243 21,963 26,168 4,818 3,442 2,425 11,779 2,077 449 2,056 1,840 
Issuances1,138 260 417 14 300 355 503 217 50 254 574 
Interest accrual1,299 564 569 91 138 99 515 87 20 87 97 
Benefit payments(2,723)(1,044)(1,753)(218)(532)(478)(985)(310)(61)(109)(207)
Foreign currency translation481 236 315 53 0 0 0 0 0 0 0 
Other0 0 0 0 0 0 0 0 0 0 0 
Ending balance at original discount rate36,438 21,979 25,716 4,758 3,348 2,401 11,812 2,071 458 2,288 2,304 
Effect of changes in discount rate assumptions(1,451)(4,287)(4,822)(1,087)(164)(65)(967)(116)(20)(212)140 
Balance at December 31, 2025
34,987 17,692 20,894 3,671 3,184 2,336 10,845 1,955 438 2,076 2,444 
Net liability for future policy benefits22,780 7,343 16,347 2,946 659 651 6,900 784 236 1,055 476 
Less: reinsurance recoverable4,406 1,062 0 0 0 0 0 0 0 25 11 
Net liability for future policy benefits after
   reinsurance recoverable		$18,374 $6,281 $16,347 $2,946 $659 $651 $6,900 $784 $236 $1,030 $465 
(1) Net premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected future benefit payments.
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.
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.
2025
Aflac JapanAflac U.S.
CancerMedical and Other HealthLife InsuranceOtherAccidentDisabilityCritical CareHospital IndemnityDental/VisionLife InsuranceOther
Weighted-average interest, original discount rate (1)
3.8 %2.5 %2.1 %1.8 %4.1 %4.4 %4.5 %4.5 %4.3 %3.9 %5.5 %
Weighted-average interest, current discount rate (1)
3.1 %3.6 %2.8 %3.4 %5.2 %5.0 %5.4 %5.3 %5.2 %5.3 %5.4 %
Weighted-average liability duration (years)12.322.916.216.27.85.610.89.07.513.58.6
(1) The weighted-average interest rates are calculated using the reserve balances as the weights. No adjustments were made to observable market information.

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.
The following table presents a reconciliation of the disaggregated rollforwards above to the ending liability for 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)20252024
Balances included in future policy benefits rollforward:
Aflac Japan
Cancer$22,780 $26,597 
Medical and other health7,343 8,789 
Life insurance16,347 19,109 
Other2,946 3,379 
Aflac U.S.
Accident659 630 
Disability651 695 
Critical care6,900 6,800 
Hospital indemnity784 775 
Dental/vision236 245 
Life insurance1,055 938 
Other476 462 
Corporate and other4,317 5,072 
Deferred profit liability2,066 1,844 
Deferred reinsurance gain liability757 806 
Intercompany eliminations (1)
(4,997)(5,760)
Total$62,320 $70,381 
(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.

There were no changes to the inputs, judgments or methods used in measuring the liability for future policy benefits in 2025 and 2024.

Discount Rate Methodology

The Company’s discount rate methodology involves constructing a current discount rate curve separately for discounting cash flows used to calculate the Japan and U.S. LFPB, reflective of the characteristics of the insurance liabilities, such as currency and tenor. 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.

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.

In the Aflac Japan segment, all long-duration insurance policies are denominated in Japanese 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 Japanese 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's curve utilizes liquid market indices tracking publicly traded Japanese 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) (effective for Aflac Japan's 2025 fiscal year-end, which is March 31, 2026), 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, 2025 and 2024.

Cash Flow Assumptions

Cash flow assumptions include (1) mortality, (2) morbidity and (3) termination or lapses.

Mortality rate assumptions are based on industry tables and adjusted for the Company's actual or expected experience. 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.

The Company evaluates actual experience compared with expected experience for cash flow assumptions each quarter.

•In 2025 and 2024, the variance of actual experience from expected experience was primarily due to favorable variances in morbidity assumptions as compared to actual experience.

The Company performs a more detailed review of its assumptions annually during the third quarter.

•In 2025, the Company's annual assumption review process resulted in favorable changes largely due to favorable morbidity assumptions in Japan and favorable morbidity and termination assumptions in the U.S.

•In 2024, the Company's annual assumption review process resulted in favorable changes largely due to recent favorable Japan morbidity experience.

Favorable morbidity experience has been reflected in the annual assumptions primarily due to lower utilization of certain cancer benefits, including reduced hospitalizations and fewer first-occurrence claims influenced by COVID-19-related behavioral changes. While recognizing ongoing uncertainty, management has reviewed these trends and incorporated elements of the observed experience into its assumptions where considered appropriate.
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)202520242023
Net earned premiums:
Aflac Japan
Cancer$3,405 $3,545 $4,063 
Medical and other health2,131 2,181 2,631 
Life insurance1,227 1,225 1,532 
Other129 134 149 
Aflac U.S.
Accident1,229 1,265 1,288 
Disability1,408 1,327 1,256 
Critical care1,763 1,763 1,749 
Hospital indemnity728 727 725 
Dental/vision207 202 214 
Life insurance683 565 475 
Other200 110 45 
Corporate and other806 680 400 
Reinsurance ceded(368)(284)(404)
Total$13,548 $13,440 $14,123 

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)202520242023
Interest expense:
Aflac Japan
Cancer$935 $978 $1,061 
Medical and other health272 268 274 
Life insurance459 472 501 
Other75 76 80 
Aflac U.S.
Accident28 27 25 
Disability30 32 34 
Critical care338 342 345 
Hospital indemnity37 38 39 
Dental/vision11 11 13 
Life insurance45 41 37 
Other24 25 27 
Total$2,254 $2,310 $2,436 
The following tables present the amount of expected future gross premiums and expected future policy benefits and expenses (undiscounted and discounted at the current period discount rate) 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.
20252024
(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$52,505 $54,844 $51,712 $56,881 
Medical and other health32,757 35,043 33,250 34,864 
Life insurance10,781 37,340 10,915 37,520 
Other1,351 6,419 1,477 6,479 
Aflac U.S.
Accident8,560 4,660 8,862 4,687 
Disability5,697 3,033 5,727 3,094 
Critical care19,182 19,971 19,624 20,340 
Hospital indemnity4,757 3,027 4,859 3,017 
Dental/vision1,081 657 1,118 679 
Life insurance3,326 3,948 2,966 3,559 
Other3,477 4,105 2,143 2,273 
Total$143,474 $173,047 $142,653 $173,393 
20252024
(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$36,796 $34,987 $40,170 $40,781 
Medical and other health22,239 17,692 25,171 20,606 
Life insurance8,625 20,894 9,367 24,265 
Other1,018 3,671 1,204 4,225 
Aflac U.S.
Accident6,002 3,184 6,057 3,127 
Disability4,478 2,336 4,404 2,330 
Critical care11,988 10,845 11,900 10,701 
Hospital indemnity3,333 1,955 3,312 1,897 
Dental/vision755 438 761 441 
Life insurance2,358 2,076 2,050 1,847 
Other2,105 2,444 1,290 1,288 
Total$99,697 $100,522 $105,686 $111,508 

Loss expense as a result of NPR capping for the years ended December 31, 2025, 2024 and 2023 was immaterial.
Other Policyholders' Funds

As of December 31, 2025 and 2024, 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)20252024
Other policyholders' funds:
Fixed annuities account balance, beginning of period (1)
$5,221 $5,939 
Premiums received97 104 
Transfers from WAYS conversions307 249 
Surrenders and withdrawals(64)(58)
Benefit payments(513)(446)
Interest credited49 49 
Foreign currency translation and other55 (616)
Fixed annuities account balance, end of period5,152 5,221 
Other deposit type reserves293 239 
Total$5,445 $5,460 
(1) Aflac Japan fixed annuities

The following table presents other policyholders’ funds balances by range of guaranteed crediting rates as of December 31.
20252024
(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%
$5,152$5,083
0.5% - 2.2%
$5,221$5,150
(1) Aflac Japan fixed annuities
(2) Weighted-average crediting rate of 1.5% at December 31, 2025 and 2024.

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.
v3.25.4
REINSURANCE
 12 Months Ended
Dec. 31, 2025
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)202520242023
Earned premiums:
Direct$13,760 $13,562 $14,318 
Ceded(368)(284)(404)
Assumed156 162 209 
Net earned premiums$13,548 $13,440 $14,123 
Benefits and claims, excluding reserve remeasurement:
Direct$8,174 $8,098 $8,599 
Ceded (249)(153)(147)
Assumed62 63 142 
Benefits and claims, excluding reserve remeasurement7,987 8,008 8,594 
Reserve remeasurement (gains) losses:
Direct(683)(558)(394)
Ceded(11)0 11 
Reserve remeasurement (gains) losses(694)(558)(383)
Total benefits and claims, net$7,293 $7,450 $8,211 

The Company reported 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 $125 million and $146 million as of December 31, 2025 and 2024, respectively, is included in future policy benefits in the consolidated balance sheets and is being amortized over the expected lives of the policies. The amortization is included in benefits and claims in the consolidated statements of earnings.

The Company also reported a reinsurance recoverable with a remaining balance, net of allowance for credit losses of $161 million and $163 million as of December 31, 2025 and 2024, respectively. As of both December 31, 2025 and 2024, the related allowance for credit losses was $4 million. The allowance for credit losses is estimated using a PD / LGD method and the key credit quality indicator is the credit rating of the Company’s significant reinsurance counterparties. The Company uses external credit ratings focused on these reinsurers' financial strength and credit worthiness. As of December 31, 2025, the Company's significant reinsurance counterparties were rated A+. The Company monitors these 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.
v3.25.4
NOTES PAYABLE AND LEASE OBLIGATIONS
 12 Months Ended
Dec. 31, 2025
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)20252024
1.125% senior sustainability notes due March 2026
$400 $399 
2.875% senior notes due October 2026
299 299 
3.60% senior notes due April 2030
995 994 
6.90% senior notes due December 2039
221 221 
6.45% senior notes due August 2040
255 255 
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 paid September 2025 (principal amount ¥12.4 billion)
0 79 
.932% senior notes due January 2027 (principal amount ¥60.0 billion)
382 378 
1.048% senior notes due March 2029 (principal amount ¥13.0 billion)
83 81 
1.075% senior notes due September 2029 (principal amount ¥33.4 billion)
213 211 
.500% senior notes due December 2029 (principal amount ¥12.6 billion)
80 79 
.550% senior notes due March 2030 (principal amount ¥13.3 billion)
85 84 
1.159% senior notes due October 2030 (principal amount ¥29.3 billion)
186 184 
1.726% senior notes due October 2030 (principal amount ¥35.0 billion)
223 0 
1.412% senior notes due March 2031 (principal amount ¥27.9 billion)
178 176 
.633% senior notes due April 2031 (principal amount ¥30.0 billion)
191 189 
.843% senior notes due December 2031 (principal amount ¥9.3 billion)
59 58 
.750% senior notes due March 2032 (principal amount ¥20.7 billion)
131 130 
1.990% senior notes due May 2032 (principal amount ¥18.2 billion)
116 0 
1.320% senior notes due December 2032 (principal amount ¥21.1 billion)
134 133 
2.003% senior notes due December 2032 (principal amount ¥23.4 billion)
149 0 
.844% senior notes due April 2033 (principal amount ¥12.0 billion)
76 76 
1.488% senior notes due October 2033 (principal amount ¥15.2 billion)
97 95 
1.682% senior notes due March 2034 (principal amount ¥7.7 billion)
49 48 
1.600% senior notes due March 2034 (principal amount ¥18.3 billion)
116 115 
.934% senior notes due December 2034 (principal amount ¥9.8 billion)
62 62 
.830% senior notes due March 2035 (principal amount ¥10.6 billion)
67 66 
2.320% senior notes due May 2035 (principal amount ¥38.3 billion)
245 0 
2.369% senior notes due June 2035 (principal amount ¥9.5 billion)
60 0 
1.740% senior notes due March 2036 (principal amount ¥15.0 billion)
95 94 
1.039% senior notes due April 2036 (principal amount ¥10.0 billion)
64 63 
1.594% senior notes due September 2037 (principal amount ¥6.5 billion)
41 41 
1.750% senior notes due October 2038 (principal amount ¥8.9 billion)
56 56 
1.920% senior notes due March 2039 (principal amount ¥16.5 billion)
104 103 
1.122% senior notes due December 2039 (principal amount ¥6.3 billion)
40 39 
2.650% senior notes due May 2040 (principal amount ¥11.6 billion)
74 0 
2.779% senior notes due June 2040 (principal amount ¥7.0 billion)
45 0 
1.264% senior notes due April 2041 (principal amount ¥10.0 billion)
63 63 
2.160% senior notes due March 2044 (principal amount ¥5.7 billion)
36 35 
3.040% senior notes due May 2045 (principal amount ¥7.0 billion)
45 0 
2.108% subordinated debentures due October 2047 (principal amount ¥60.0 billion)
379 375 
1.560% senior notes due April 2051 (principal amount ¥20.0 billion)
127 125 
2.144% senior notes due September 2052 (principal amount ¥12.0 billion)
76 75 
1.958% subordinated bonds due December 2053 (principal amount ¥30.0 billion)
191 188 
2.400% senior notes due March 2054 (principal amount ¥19.5 billion)
124 122 
Yen-denominated loans:
Variable interest rate loan due August 2027 (1.08% in 2025 and .84% in 2024,
  principal amount ¥11.7 billion)
75 74 
Variable interest rate loan due August 2029 (1.18% in 2025 and .94% in 2024,
  principal amount ¥25.3 billion)
161 160 
Variable interest rate loan due August 2032 (1.33% in 2025 and 1.09% in 2024,
  principal amount ¥70.0 billion)
446 441 
Finance lease obligations payable through 20306 5 
Operating lease obligations payable through 204973 91 
Total notes payable and lease obligations$8,409 $7,498 
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 June 2025, the Parent Company issued four series of senior notes totaling ¥74.9 billion through a public debt offering under its U.S. shelf registration statement. The first series, which totaled ¥35.0 billion, bears interest at a fixed rate of 1.726% per annum, payable semiannually, and will mature in October 2030. The second series, which totaled ¥23.4 billion, bears interest at a fixed rate of 2.003% per annum, payable semiannually, and will mature in December 2032. The third series, which totaled ¥9.5 billion, bears interest at a fixed rate of 2.369% per annum, payable semiannually, and will mature in June 2035. The fourth series, which totaled ¥7.0 billion, bears interest at a fixed rate of 2.779% per annum, payable semiannually, and will mature in June 2040. 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 October 2030, December 2032, June 2035 and June 2040 are redeemable at the Parent Company's option, in whole or in part from time to time, on or after July 18, 2030, September 14, 2032, December 5, 2034, and December 5, 2039, 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 May 2025, the Parent Company issued four series of senior notes totaling ¥75.1 billion through a private placement. The first series, which totaled ¥18.2 billion, bears interest at a fixed rate of 1.990% per annum, payable semiannually, and will mature in May 2032. The second series, which totaled ¥38.3 billion, bears interest at a fixed rate of 2.320% per annum, payable semiannually, and will mature in May 2035. The third series, which totaled ¥11.6 billion, bears interest at a fixed rate of 2.650% per annum, payable semiannually, and will mature in May 2040. The fourth series, which totaled ¥7.0 billion, bears interest at a fixed rate of 3.040% per annum, payable semiannually, and will mature in May 2045. 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 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 semiannually, 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 semiannually, 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 semiannually, 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 semiannually, 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 semiannually, 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 semiannually, 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 semiannually, 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 semiannually, 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 semiannually, 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 semiannually, 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 semiannually, 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 semiannually, 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 semiannually, 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 semiannually, 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 semiannually, 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 semiannually, 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 semiannually, 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 semiannually, 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 semiannually, 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, bore interest at a fixed rate of .300% per annum, payable semiannually, and matured in September 2025. The second series, which totaled ¥13.3 billion, bears interest at a fixed rate of .550% per annum, payable semiannually, 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 semiannually 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 semiannually, 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 September 2025, the Parent Company extinguished ¥12.4 billion of .300% senior notes upon their maturity.

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 semiannually, 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 semiannually, 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 semiannually, 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 semiannually, 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 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 semiannually, 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 semiannually, 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 semiannually, 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 semiannually, 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 Japanese yen 5-year Swap Offered Rate plus 205 basis points. The debentures are payable semiannually 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 semiannually, 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 semiannually 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 semiannually, 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 Japanese 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 Japanese 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, 2025, are as follows:
(In millions)
2026$700 
2027458 
20280 
2029539 
20301,496 
Thereafter5,185 
Total$8,378 

Interest expense related to the Company's notes payable, which is included in interest expense in the consolidated statements of earnings, was $217 million, $194 million and $190 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Operating lease costs, included in insurance and other expenses in the consolidated statements of earnings, were $42 million, $43 million and $49 million for the years ended December 31, 2025, 2024 and 2023, respectively. Operating cash outflows for operating leases were $42 million, $41 million and $48 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Senior Note Facility Agreements

In August 2025, the Parent Company entered into two separate facility agreements: a 10-year facility agreement (2035 Facility Agreement) with a Delaware trust (2035 Trust) and a 30-year facility agreement (2055 Facility Agreement) with a Delaware trust (2055 Trust). In connection with these transactions, the trusts issued and sold pre-capitalized trust securities in private placements and invested the proceeds in a portfolio of principal and/or interest strips of U.S. Treasury securities (the Strips). These trusts are an off-balance sheet funding arrangement.

The 2035 Facility Agreement provides the Parent Company the right to issue and sell to the 2035 Trust from time to time up to $1.0 billion of 5.251% senior notes due August 2035 in exchange for a corresponding amount of the Strips held by the 2035 Trust. In return, the Parent Company agreed to pay a semiannual facility fee to the 2035 Trust at a rate of 0.9875% per annum applied to the unexercised amount of senior notes that the Parent Company could issue and sell to the 2035 Trust.

The 2055 Facility Agreement provides the Parent Company the right to issue and sell to the 2055 Trust from time to time up to $1.0 billion of 5.991% senior notes due August 2055 in exchange for a corresponding amount of the Strips held by the 2055 Trust. In return, the Parent Company agreed to pay a semiannual facility fee to the 2055 Trust at a rate of 1.1218% per annum applied to the unexercised amount of senior notes that the Parent Company could issue and sell to the 2055 Trust.

The Parent Company can redeem the senior notes at any time, in whole or in part, by returning the Strips to the trusts or by delivering cash at a redemption price equal to the greater of the principal amount or a make-whole redemption price, in each case plus accrued and unpaid interest to, but excluding, the date of redemption. As of December 31, 2025, the Parent Company had no senior note issuances under these facility agreements.
A summary of the Company's lines of credit as of December 31, 2025 follows:
Borrower(s)TypeTermExpiration DateCapacityAmount OutstandingInterest Rate on Borrowed AmountMaturity PeriodCommitment FeeBusiness Purpose
Aflac Incorporated
and Aflac		uncommitted bilateral364 daysDecember 4,
2026
$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 13,
2030, or the date commitments are terminated pursuant to an event of default
¥100.0 billion
¥0.0 billion
A rate per annum equal to, at the Company's option, either (a) TIBOR plus an applicable margin or (b) an alternative TIBOR based on the rate offered by the agent to major banks in yen for the applicable period plus an applicable marginNo later than
May 14, 2030
.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 U.S. dollar 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 daysNovember 30,
2026
$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 1, 2026NoneGeneral corporate purposes
Aflac Incorporated(1)
(Tranche 1)
uncommitted revolving364 daysNovember 25,
2026
¥50.0 billion
¥0.0 billion
Three-month Japanese yen TIBOR plus 75 basis points per annumNo later than November 27, 2026NoneGeneral corporate purposes
Aflac Incorporated(1)
(Tranche 2)
uncommitted revolving364 daysNovember 25,
2026
¥50.0 billion
¥0.0 billion
Three-month Japanese yen TIBOR plus 75 basis points per annumNo later than November 27, 2026NoneGeneral corporate purposes
Aflac New York(1)
uncommitted revolving364 daysDecember 1,
2026
$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, 2026NoneGeneral corporate purposes
CAIC(1)
uncommitted revolving364 daysDecember 1,
2026
$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, 2026NoneGeneral 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,
2026
$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, 2026NoneGeneral corporate purposes
Aflac GI Holdings LLC(1)
uncommitted revolving364 daysDecember 1,
2026
$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, 2026NoneGeneral corporate purposes
Aflac Incorporated(1)
uncommitted revolving364 daysDecember 1,
2026
$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, 2026NoneGeneral corporate purposes
Aflac Re(1)
uncommitted revolving364 daysDecember 1,
2026
$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, 2026NoneGeneral corporate purposes
Aflac Asset Management LLC(1)
uncommitted revolving364 daysDecember 1,
2026
$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, 2026NoneGeneral corporate purposes
Aflac Global Ventures LLC(1)
uncommitted revolving364 daysDecember 1,
2026
$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, 2026NoneGeneral 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, 2025. No events of default or defaults occurred during 2025 and 2024.
v3.25.4
INCOME TAXES
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The components of pretax earnings for the year ended December 31, 2025 were as follows:
(In millions)ForeignU.S.Total
2025:
Pretax earnings$3,321 $1,212 $4,533 

The Company elected a prospective implementation for the adoption of ASU 2023-09 Income Taxes (Topic 740). See Note 1 for additional information.

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
2025:
Current$785 $330 $1,115 
Deferred217 (445)(228)
Total income tax expense$1,002 $(115)$887 
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 

The Japan income tax rate for the fiscal years 2025, 2024 and 2023 was 28.0%. The Japan income tax rate will increase to 28.9% beginning April 1, 2026. The Bermuda corporate income tax rate for the 2025 fiscal year was 15%.

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 non-taxable foreign currency translation gain/loss resulting from the method change resulted in the Company recognizing an income tax expense of $23 million in 2025. The Company recognized an income tax benefit of $208 million in 2024 and $174 million in 2023.

Income tax expense in the accompanying consolidated 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 year ended December 31, 2025 were as follows:
(In millions)2025
Income taxes based on U.S. statutory rates$952 21.0 %
Domestic federal reconciling items:
Tax credits
Solar tax credits(54)(1.2)
Other tax credits(41)(.9)
Nontaxable and nondeductible items
DST functional currency change23 .5 
Other nontaxable and nondeductible items, net23 .5 
Effects of cross-border tax laws
U.S. effects of foreign branch(184)(4.0)
Changes in tax law(112)(2.5)
Other, net(19)(.4)
Foreign reconciling items:
Japan:
Japan federal rate differential69 1.5 
Japan local rate differential151 3.3 
Changes in tax law112 2.5 
Other foreign tax effects, Japan3 .1 
Bermuda:
Bermuda corporate income tax credit(26)(.6)
Bermuda rate differential(10)(.2)
Income tax expense$887 19.6 %

For the year ended December 31, 2025, applicable U.S. state income taxes were immaterial.

The principal reasons for the differences and the related tax effects for the years ended December 31 were as follows:
(In millions)20242023
Income taxes based on U.S. statutory rates$1,348 $1,105 
DST functional currency change(208)(174)
Solar and historic tax credits, net of amortization(164)(348)
Other, net(2)20 
Income tax expense$974 $603 
(In millions)202520242023
Statements of earnings$887 $974 $603 
Other comprehensive income (loss):
Unrealized foreign currency translation gains (losses) during
  period
(6)160 140 
Unrealized gains (losses) on fixed maturity securities:
Unrealized holding gains (losses) on fixed maturity
  securities during period
(489)(265)520 
Reclassification adjustment for (gains) losses
  on fixed maturity securities included in net earnings
(1)(41)(35)
Unrealized gains (losses) on derivatives during period2 1 1 
Effect of changes in discount rate assumptions during period1,603 1,214 (122)
Pension liability adjustment during period21 5 7 
Total income tax expense (benefit) related to items of
  other comprehensive income (loss)
1,130 1,074 511 
Total income taxes$2,017 $2,048 $1,114 

The components of income taxes paid, net of refunds received for the year ended December 31, 2025 were as follows:
(In millions)2025
U.S. federal$104 
Foreign:
Japan federal970 
Other foreign taxes91 
Total income taxes paid, net of refunds$1,165 

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)20252024
Deferred income tax liabilities:
Deferred policy acquisition costs$2,695 $2,637 
Unrealized gains and other basis differences on investments0 615 
Foreign currency gain on Aflac Japan0 1 
Premiums receivable36 43 
Policy benefit reserves6,585 2,509 
Other237 54 
Total deferred income tax liabilities9,553 5,859 
Deferred income tax assets:
Unfunded retirement benefits4 4 
Other accrued expenses40 32 
Policy and contract claims504 514 
Foreign currency loss on Aflac Japan7 0 
Deferred compensation0 31 
Depreciation295 255 
Anticipatory foreign tax credit4,966 3,262 
Deferred foreign tax credit and carryforward1,098 1,428 
Unrealized losses and other basis differences in investments1,360 0 
Total deferred income tax assets8,274 5,526 
Net deferred income tax (asset) liability1,279 333 
Current income tax (asset) liability89 240 
Total income tax liability$1,368 $573 
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 2026 due to Japan's current tax year not closing until March 31, 2026. 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, 2025, 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 $106 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 $296 million as of December 31, 2025, which expires after December 31, 2034.

The Company files federal income tax returns in the U.S., Japan, and Bermuda as well as state or prefecture income tax returns in various jurisdictions in the two countries. The 2023 U.S. federal consolidated tax return is currently under examination. There are currently no other open Federal, State, or local U.S. income tax audits. U.S. federal income tax returns for years before 2022 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)2025 2024 
Balance, beginning of year$0 $1 
Reductions for tax positions of prior years0   (1)
Balance, end of year$0 $0 

Included in the balance of the liability for unrecognized tax benefits at December 31, 2025 and 2024, 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. As of December 31, 2025, the Company did not have an accrual for permanent uncertainties and therefore did not have an 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 no interest and penalties in 2025, and an immaterial amount of interest and penalties in 2024 and 2023.
v3.25.4
SHAREHOLDERS' EQUITY
 12 Months Ended
Dec. 31, 2025
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)202520242023
Common stock - issued:
Balance, beginning of period1,356,7631,355,3981,354,079
Exercise of stock options and issuance of restricted shares1,1461,3651,319
Balance, end of period1,357,9091,356,7631,355,398
Treasury stock:
Balance, beginning of period806,799776,919738,823
Purchases of treasury stock:
Share repurchase program32,99430,42838,896
Other411494364
Dispositions of treasury stock:
Shares issued to AFL Stock Plan(698)(751)(897)
Exercise of stock options(60)(104)(88)
Other(227)(187)(179)
Balance, end of period839,219806,799776,919
Shares outstanding, end of period518,690549,964578,479

Share Repurchase Program: In August 2025, the Company's board of directors authorized the purchase of an additional 100 million shares of its common stock. As of December 31, 2025, a remaining balance of 114.3 million shares of the Company's common stock was available for purchase under share repurchase authorizations by its board of directors.

During 2025, the Company repurchased 33.0 million shares of its common stock in the open market for $3.5 billion. The Company repurchased 30.4 million shares for $2.8 billion in 2024 and 38.9 million shares for $2.8 billion in 2023.
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)202520242023
Weighted-average outstanding shares used for calculating basic EPS532,885 562,492 596,173 
Dilutive effect of share-based awards1,993 2,523 2,572 
Weighted-average outstanding shares used for calculating diluted EPS534,878 565,015 598,745 

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)202520242023
Anti-dilutive share-based awards1 17 51 
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
2025
(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, 2024
$(4,998)$24 $(20)$2,006 $10 $(2,978)
Other comprehensive
   income (loss) before
   reclassification 		151 (1,828)3 6,029 76 4,431 
Amounts reclassified from
   accumulated other
   comprehensive income
  (loss)		0 (5)4 0 0 (1)
Net current-period other
   comprehensive
   income (loss)		151 (1,833)7 6,029 76 4,430 
Balance at December 31, 2025
$(4,847)$(1,809)$(13)$8,035 $86 $1,452 
All amounts in the table above are net of tax.

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.

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)2025
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		$6 Net investment gains (losses)
(1)
Tax (expense) or benefit(1)
$5 Net of tax
Unrealized gains (losses) on derivatives$(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$1 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 13 for additional details).
(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 13 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 13 for additional details).
v3.25.4
SHARE-BASED COMPENSATION
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
SHARE-BASED COMPENSATION SHARE-BASED COMPENSATION
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. As of December 31, 2025, approximately 32.6 million shares were available for future grants under this plan.

The Plan allows awards to Company employees as follows:
•Stock options
◦Incentive stock options
◦Non-qualifying stock options
•Performance-based restricted stock awards and units (performance-based restricted stock)
•Restricted stock awards and units (restricted stock)
•Stock appreciation rights

Non-employee directors are eligible for grants of non-qualifying stock options, restricted stock, and stock appreciation rights.

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.

Vesting Schedules

Stock options and stock appreciation rights have an expiration date of no later than 10 years from the grant date. Generally, the vesting period for share-based awards is the requisite service period, which is typically three years for employees and one year for non-employee directors. Vesting for employees is generally on a ratable basis over the three years, typically subject to continued employment.

For performance-based restricted stock, vesting is also contingent on certain performance conditions typically achieved over three years.

The Compensation Committee of the board of directors has the discretion to determine vesting schedules.

Share-Based Compensation Expense

Share-based compensation expense consists primarily of expenses for stock options, restricted stock, and performance-based restricted stock. The expense is included in insurance and other expenses in the consolidated statements of earnings.

The following table presents the impact of share-based compensation expense for the years ended December 31.
(In millions, except for per-share amounts)202520242023
Impact on earnings from continuing operations$82 $72 $79 
Impact on earnings before income taxes82 72 79 
Impact on net earnings65 57 62 
Impact on net earnings per share:
Basic$.12 $.10 $.10 
Diluted.12 .10 .10 
Stock Options

The following tables summarize stock option activity under the employee stock option plan. There were no options granted in 2025, 2024 or 2023.
(In thousands of shares)Stock
Option
Shares		Weighted-Average
Exercise Price
Per Share
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 
Granted in 20250 0.00 
Canceled in 2025(2)30.53 
Exercised in 2025(301)31.04 
Outstanding at December 31, 2025320 $36.65 

(In millions)202520242023
Total intrinsic value of options exercised$23 $25 $22 
Cash received from options exercised9 13 16 
Tax benefit realized as a result of options exercised and
  restricted stock releases		31 28 20 

Stock options and stock appreciation rights granted under the Plan have an exercise price of at least the fair market value of the underlying stock on the grant date. For awards with an exercise price currently below the quoted closing price of the Company's common stock, the total pretax intrinsic value of stock options exercised during the period is based on the difference between the exercise price of the stock options and the closing price of the Company's common stock of $110.27 as of December 31, 2025.

(In thousands of shares)202520242023
Shares exercisable, end of year320 623 1,051 

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.

The following table presents the assumptions used in valuing options granted, if applicable, during the years ended December 31.
202520242023
Expected term (years)8.08.08.0
Expected volatility27.2 %26.8 %26.7 %
Annual forfeiture rate4.4 4.4 4.2 
Risk-free interest rate4.2 4.0 3.0 
Dividend yield2.2 2.4 2.3 
The following table summarizes information about stock options outstanding and exercisable at December 31, 2025.
(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 39 0.1$28.97 39 $28.97 
28.97 -36.21 166 1.235.17 166 35.17 
36.21 -44.59 115 1.941.37 115 41.37 
$0.00 -$44.59 320 1.3$36.65 320 $36.65 

As of December 31, 2025, the aggregate intrinsic value of stock options outstanding and in-the-money stock options exercisable was $24 million.

Performance-Based Restricted Stock

Under the Plan, the Company grants selected executive officers performance-based restricted stock with vesting contingent upon meeting various financial performance goals or other Company identified metrics. Performance-based restricted stock is generally granted at-the-money and contingently cliff vest over a period of three years, generally subject to continued employment. Additionally, grants of performance-based restricted stock may also be contingent upon certain market conditions. Compensation expense for performance-based restricted stock subject to accelerated vesting at the date of retirement eligibility is expensed over the implicit service period.

In 2025, the Company granted 284 thousand performance-based restricted stock, which are contingent on the achievement of the Company's financial performance goals and certain market conditions. On the date of grant, the Company estimated the fair value of performance-based restricted stock with market 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 performance-based restricted stock issued, with the potential for no award if the Company's performance goals are not achieved.

In 2025, the Company also granted 10 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 100% percent of the initial number of performance-based restricted stock issued, with the potential for no award if the Company's determined metrics are not achieved.

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 compensation awards.

Key assumptions used to value performance-based restricted stock granted during 2025 follows:
(In millions)2025
Expected volatility (based on Aflac Inc. and peer group historical daily stock price) 21.3 %
Expected life from grant date (years)2.9
Risk-free interest rate (based on U.S. Treasury yields at the date of grant)4.2 %
Restricted Stock
The value of restricted stock 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, 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 
Granted in 20251,139 104.53 
Canceled in 2025(77)78.60 
Vested in 2025(1,294)68.83 
Restricted stock at December 31, 20251,867 $86.15 

As of December 31, 2025, total compensation cost not yet recognized in the Company's financial statements related to restricted stock was $38 million, of which $13 million (1.6 million shares) was related to performance-based restricted stock. 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 once vested.
v3.25.4
BENEFIT PLANS
 12 Months Ended
Dec. 31, 2025
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. As a result, the Company recognized a settlement charge of $55 million in 2025. Effective April 1, 2025, the external insurer began 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. For certain employees and former employees, additional coverage is provided for all medical expenses for life. Effective January 1, 2014, the plan was frozen to new participants.
Information with respect to the Company's benefit plans' assets and obligations as of December 31 follows:
Pension BenefitsOther
JapanU.S.Postretirement Benefits
(In millions)202520242025202420252024
Projected benefit obligation:
      Benefit obligation, beginning of year$282 $324 $584 $764 $23 $25 
      Service cost13 14 0 0 0 0 
      Interest cost9 8 15 36 1 1 
      Actuarial (gain) loss(45)(18)8 (7)3 2 
      Benefits and expenses paid(15)(16)(15)(32)(5)(5)
      Settlement0 0 (420)(177)0 0 
      Effect of foreign exchange
         rate changes		5 (30)0 0 0 0 
               Benefit obligation, end of year249 282 172 584 22 23 
Plan assets:
      Fair value of plan assets,
         beginning of year		345 344 439 648 0 0 
      Actual return on plan assets23 27 0 (8)0 0 
      Employer contributions28 27 9 8 5 5 
      Benefits and expenses paid(15)(16)(15)(32)(5)(5)
      Settlement0 0 (420)(177)0 0 
      Effect of foreign exchange
         rate changes		2 (37)0 0 0 0 
               Fair value of plan assets,
                  end of year		383 345 13 439 0 0 
Funded status of the plans(1)
$134 $63 $(159)$(145)$(22)$(23)
Amounts recognized in accumulated other
    comprehensive income:
      Net actuarial (gain) loss$(68)$(10)$(40)$1 $6 $4 
      Prior service (credit) cost0 0 (1)(1)0 0 
               Total included in accumulated
                  other comprehensive income		$(68)$(10)$(41)$0 $6 $4 
Accumulated benefit obligation$162 $184 $172 $584 N/AN/A
(1) Underfunded amounts are included in other liabilities in the consolidated balance sheets and overfunded amounts are included 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)2025202420252024
Accumulated benefit obligation $162 $184 $172 $584 
Fair value of plan assets383 345 13 439 
Information for Pension Plans with a Projected Benefit Obligation in Excess of Plan Assets
Pension Benefits
Japan (1)
U.S.(2)
(In millions)2025202420252024
Projected benefit obligation $249 $282 $172 $584 
Fair value of plan assets383 345 13 439 
(1) The net amount of projected benefit obligation and plan assets for the overfunded Japan pension plan was $134 and $63 at December 31, 2025 and 2024, respectively, and was included in other assets in the consolidated balance sheets.
(2) The net amount of projected benefit obligation and plan assets for the underfunded (including unfunded) U.S. pension plan was $159 and $145 at December 31, 2025 and 2024, respectively, and was included in other liabilities in the consolidated balance sheets.

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
202520242023202520242023202520242023
Weighted-average
  actuarial assumptions:		                    
Discount rate - net periodic
  benefit cost		2.31 %1.84 %1.95 %5.60 %5.33 %
(1)
5.24 %
(2)
5.60 %5.04 %5.28 %
Discount rate - benefit
  obligations		3.39 2.31 1.84 5.34 5.60 5.04   4.49 5.60 5.04   
Expected long-term return
  on plan assets		2.00 2.00 2.00 4.75 4.75 4.75 N/AN/AN/A
Rate of compensation
  increase		5.90 5.90 N/AN/AN/A4.00 N/AN/AN/A
Health care cost trend ratesN/AN/AN/AN/AN/AN/A6.50 
(3)
6.30 
(3)
6.80 
(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 2025, 2024 and 2023, the health care cost trend rates are expected to trend down to 3.7% in 48 years, 3.7% in 49 years, and 3.7% in 50 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 13 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), 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 $68 million, $24 million and $(39) million of other components of net periodic pension cost and postretirement costs (other than service costs) for the years ended December 31, 2025, 2024 and 2023, respectively. Total net periodic benefit cost includes the following components:
Pension BenefitsOther
JapanU.S.Postretirement Benefits
(In millions)202520242023202520242023202520242023
Service cost$13 $14 $14 $0 $0 $7 $0 $0 $0 
Interest cost9 8 9 15 36 41 1 1 1 
Expected return on
  plan assets		(7)(7)(7)(5)(30)(34)0 0 0 
Amortization of net
  actuarial (gain) loss		0 0 0 (1)(1)(2)1 0 2 
Amortization of prior
  service cost (credit)		0 0 0 0 (1)0 0 0 0 
Curtailment (gain) loss0 0 0 0 0 (49)0 0 0 
Settlement (gain) loss0 0 0 55 18 0 0 0 0 
Net periodic benefit
  cost (credit)		$15 $15 $16 $64 $22 $(37)$2 $1 $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)202520242023202520242023202520242023
Net actuarial (gain) loss$(58)$(40)$(5)$13 $31 $31 $3 $2 $(4)
Amortization of net
  actuarial gain (loss)
0 0 0 1 1 2 (1)0 (2)
Amortization of prior
  service cost 		0 0 0 0 1 0 0 0 0 
Curtailment (gain) loss0 0 0 0 0 (57)0 0 0 
Settlement (gain) loss0 0 0 (55)(18)0 0 0 0 
Total$(58)$(40)$(5)$(41)$15 $(24)$2 $2 $(6)

No transition obligations arose during 2025.

Benefit Payments
The following table provides expected benefit payments, which reflect expected future service, as appropriate.
Pension BenefitsOther
(In millions)JapanU.S.Postretirement Benefits
2026$16 $10 $4 
202712 16 4 
202812 14 3 
202913 13 2 
203013 13 1 
2031-203580 64 4 
Funding

The Company plans to make contributions of $23 million to the Japanese funded defined benefit plan in 2026. The Company did not make a contribution to the U.S. funded defined benefit plan in 2025. 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 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. 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. 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, 2025 were as follows:
Japan
Pension		U.S.
Pension
Domestic equities9 %0 %
International equities11 0 
Fixed income securities46 0 
Other34 100 
     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.
  2025
(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 $35 $0 $35 
International equity securities0 44 0 44 
Fixed income securities:
Japanese bonds0 17 0 17 
International bonds0 129 29 158 
Insurance contracts0 63 0 63 
Alternative investments0 0 65 65 
Cash and cash equivalents1 0 0 1 
Total $1 $288 $94 $383 
  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:
International bonds0 154 0 154 
Insurance contracts0 64 0 64 
Alternative investments0 0 62 62 
Total $0 $283 $62 $345 

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)20252024
U.S. pension plan assets:
Mutual funds:
Fixed income bond funds$0 $435 
Cash and cash equivalents13 4 
Total$13 $439 

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 tables present the changes in fair value of Aflac Japan's pension plan assets that are classified as Level 3 for the years ended December 31.
2025
(In millions)International
Bonds		Alternative InvestmentsTotal
Balance, beginning of period$0 $62 $62 
Actual return on plan assets:
Relating to assets still held at the reporting date0 3 3 
Relating to assets sold during the period0 0 0 
Purchases, sales and settlements29 0 29 
Transfers in and/or out of Level 30 0 0 
Balance, end of period$29 $65 $94 
2024
(In millions)Alternative InvestmentsTotal
Balance, beginning of period$16 $16 
Actual return on plan assets:
Relating to assets still held at the reporting date2 2 
Relating to assets sold during the period0 0 
Purchases, sales and settlements44 44 
Transfers in and/or out of Level 30 0 
Balance, end of period$62 $62 

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 2025, 2024, and 2023, 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 2025 and $21 million in 2024 and $20 million in 2023. The plan trustee held approximately 1.7 million shares of the Company's common stock for plan participants at December 31, 2025.

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 $22 million in 2025 and $21 million in 2024 and $19 million in 2023.
v3.25.4
STATUTORY ACCOUNTING AND DIVIDEND RESTRICTIONS
 12 Months Ended
Dec. 31, 2025
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 $6.9 billion at December 31, 2025, compared with and $8.1 billion at December 31, 2024.

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, 2025, and 2024.

The table below presents statutory capital and surplus based on statutory accounting practices for the Company’s U.S. life insurance subsidiaries as of December 31.
(In millions)20252024
Aflac$2,756 $2,682 
CAIC148 375 
TOIC48 51 
Aflac New York324 316 

As of December 31, 2025, 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 presents net income (loss) based on statutory accounting practices for the Company’s U.S. life insurance subsidiaries as of December 31.
(In millions)202520242023
Aflac$664 $912 $1,106 
CAIC85 (94)(121)
TOIC(14)(20)(27)
Aflac New York55 46 54 

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 annual and quarterly returns 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 (MSM) related to its statutory financial statements. The MSM is equal to the greater of $8,000,000; 2% of the first $500,000,000 of assets under management plus 1.5% of the amount by which assets exceed $500,000,000; 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, 2025 and 2024, Aflac Re was in compliance with the ECR and MSM requirements. Statutory capital and surplus of Aflac Re, based on Bermuda statutory accounting practices, was $991 million at December 31, 2025, compared with $581 million at December 31, 2024.

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 2025, Aflac declared dividends of $906 million, compared with $976 million in 2024. Dividends declared by Aflac during 2026 in excess of $664 million would require such approval. In 2025, CAIC declared and paid an extraordinary distribution of $240 million to the Parent Company. CAIC did not declare dividends in 2024, and TOIC did not declare dividends in 2025 or 2024. 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 $46 million in 2025 and $54 million in 2024, 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 total equity excluding common stock and capital reserves but reduced for 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)202520242023202520242023
Profit remittances$2,681 $2,865 $2,623 ¥396.7 ¥441.6 ¥374.7 

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 2025 or 2024.
v3.25.4
COMMITMENTS AND CONTINGENT LIABILITIES
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENT LIABILITIES COMMITMENTS AND CONTINGENT LIABILITIES
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 and the Company updates the related estimates, accruals, and disclosures, if any, based on such reviews. For litigation and regulatory matters where it is probable that a loss has been incurred, and the amount of that loss can be reasonably estimated, the Company establishes accruals for loss contingencies. Where a loss may be reasonably possible but not probable, or is probable but not reasonably estimable, no accrual is recorded. 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.

Cyber Incident

As previously disclosed, the Company identified an incident involving unauthorized access to a limited number of its systems in the U.S. on June 12, 2025. The Company promptly initiated its cybersecurity incident response protocols and believes it contained the unauthorized access within hours. The Company's systems were not affected by ransomware, and the Company remained able to serve its policyholders and underwrite policies, review claims, and otherwise service customers as usual. In December 2025, the Company determined that personal information associated with approximately 22.65 million individuals was involved. The Company has received questions from regulators and has pending disputes related to the June 2025 incident. The Company believes that the potential amount of loss cannot be reasonably estimated at this time.

Outsourcing Agreements and Other Commitments

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 three years with an aggregate remaining cost of ¥33.6 billion ($215 million using the December 31, 2025 foreign 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 three years with an aggregate remaining cost of ¥12.7 billion ($81 million using the December 31, 2025 foreign exchange rate). The second agreement provides for policy administrative services for Aflac Japan. The second agreement has a remaining term of three years with an aggregate remaining cost of ¥5.2 billion ($33 million using the December 31, 2025 foreign exchange rate). The third agreement provides for comprehensive project-related support services for Aflac Japan. The third agreement has a remaining term of one year with an aggregate remaining cost of ¥1.3 billion ($8 million using the December 31, 2025 foreign 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 two years with an aggregate remaining cost of ¥7.8 billion ($50 million using the December 31, 2025 foreign exchange rate). The second agreement has a remaining term of two years with an aggregate remaining cost of ¥9.3 billion ($59 million using the December 31, 2025 foreign 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 one year with an aggregate remaining cost of $32 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 four years with an aggregate remaining cost of ¥6.6 billion ($42 million using the December 31, 2025 foreign exchange rate).

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, 2025, 2024 and 2023 were immaterial.
v3.25.4
SCHEDULE II CONDENSED FINANCIAL INFORMATION OF REGISTRANT
 12 Months Ended
Dec. 31, 2025
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)202520242023
Revenues:
   Management and service fees from subsidiaries(1)
$170 $163 $151 
   Net investment income147 31 (174)
   Interest from subsidiaries(1)
1 1 1 
   Net investment gains (losses)122 503 301 
     Total revenues440 698 279 
Operating expenses:
   Interest expense213 189 187 
   Other operating expenses392 282 295 
     Total operating expenses605 471 482 
   Earnings before income taxes and equity in earnings of
     subsidiaries		(165)227 (203)
Income tax expense (benefit)(103)(126)(444)
   Earnings before equity in earnings of subsidiaries(62)353 241 
Equity in earnings of subsidiaries(1)
3,708 5,090 4,418 
     Net earnings$3,646 $5,443 $4,659 
(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)202520242023
Net earnings$3,646 $5,443 $4,659 
Other comprehensive income (loss) before income taxes:
Unrealized foreign currency translation gains (losses) during period146 (769)(366)
Unrealized gains (losses) on fixed maturity securities during period(2,322)(1,421)2,327 
Unrealized gains (losses) on derivatives during period8 3 6 
Effect of changes in discount rate assumptions during period7,631 5,780 (582)
Pension liability adjustment during period97 23 35 
Total other comprehensive income (loss) before income taxes5,560 3,616 1,420 
Income tax expense (benefit) related to items of other comprehensive
   income (loss)		1,130 1,074 511 
Other comprehensive income (loss), net of income taxes4,430 2,542 909 
Total comprehensive income (loss)$8,076 $7,985 $5,568 
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)20252024
Assets:
Investments and cash:
Fixed maturity securities available-for-sale, at fair value (no allowance
  for credit losses in 2025 and 2024, amortized cost $1,728 in 2025 and
  $1,702 in 2024)
$1,714 $1,713 
Investments in subsidiaries(1)
32,215 27,890 
Other investments978 1,239 
Cash and cash equivalents2,646 2,308 
Total investments and cash37,553 33,150 
Due from subsidiaries(1)
206 242 
Income taxes receivable147 71 
Other assets946 1,121 
Total assets$38,852 $34,584 
Liabilities and shareholders' equity:
Liabilities:
Employee benefit plans$357 $347 
Notes payable and lease obligations8,143 7,219 
Other liabilities862 920 
Total liabilities9,362 8,486 
Shareholders' equity:
Common stock of $.10 par value. In thousands: authorized 1,900,000
  shares in 2025 and 2024; issued 1,357,909 shares in 2025 and 1,356,763
  shares in 2024
136 136 
Additional paid-in capital3,024 2,894 
Retained earnings54,682 52,277 
Accumulated other comprehensive income (loss):
Unrealized foreign currency translation gains (losses)(4,847)(4,998)
Unrealized gains (losses) on fixed maturity securities(1,809)24 
Unrealized gains (losses) on derivatives(13)(20)
Effect of changes in discount rate assumptions8,035 2,006 
Pension liability adjustment86 10 
Treasury stock, at average cost(29,804)(26,231)
Total shareholders' equity29,490 26,098 
Total liabilities and shareholders' equity$38,852 $34,584 
(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)202520242023
Cash flows from operating activities:
Net earnings$3,646 $5,443 $4,659 
Adjustments to reconcile net earnings to net cash provided from
  operating activities:
Equity in earnings of subsidiaries(1)
(3,708)(5,090)(4,418)
Cash dividends received from subsidiaries 3,824 4,274 3,410 
Other, net(52)(292)(686)
Net cash provided (used) by operating activities3,710 4,335 2,965 
Cash flows from investing activities:
Fixed maturity securities sold824 572 547 
Fixed maturity securities purchased(772)(695)(345)
Other investments sold (purchased)125 (243)(34)
Settlement of derivatives277 469 693 
Additional capitalization of subsidiaries(1)
(15)(84)(203)
Other, net(58)0 1 
Net cash provided (used) by investing activities381 19 659 
Cash flows from financing activities:
Purchases of treasury stock(3,530)(2,800)(2,801)
Proceeds from borrowings1,039 823 0 
Principal payments under debt obligations(84)0 0 
Dividends paid to shareholders(1,198)(1,087)(966)
Treasury stock reissued8 14 17 
Proceeds from exercise of stock options7 9 13 
Net change in amount due to/from subsidiaries(1)
25 (5)(6)
Other, net(20)(7)(17)
Net cash provided (used) by financing activities(3,753)(3,053)(3,760)
Net change in cash and cash equivalents338 1,301 (136)
Cash and cash equivalents, beginning of period2,308 1,007 1,143 
Cash and cash equivalents, end of period$2,646 $2,308 $1,007 
(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)20252024
1.125% senior sustainability notes due March 2026
$400 $399 
2.875% senior notes due October 2026
299 299 
3.60% senior notes due April 2030
995 994 
6.90% senior notes due December 2039
221 221 
6.45% senior notes due August 2040
255 255 
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 paid September 2025 (principal amount ¥12.4 billion)
0 79 
.932% senior notes due January 2027 (principal amount ¥60.0 billion)
382 378 
1.048% senior notes due March 2029 (principal amount ¥13.0 billion)
83 81 
1.075% senior notes due September 2029 (principal amount ¥33.4 billion)
213 211 
.500% senior notes due December 2029 (principal amount ¥12.6 billion)
80 79 
.550% senior notes due March 2030 (principal amount ¥13.3 billion)
85 84 
1.159% senior notes due October 2030 (principal amount ¥29.3 billion)
186 184 
1.726% senior notes due October 2030 (principal amount ¥35.0 billion)
223 0 
1.412% senior notes due March 2031 (principal amount ¥27.9 billion)
178 176 
.633% senior notes due April 2031 (principal amount ¥30.0 billion)
191 189 
.843% senior notes due December 2031 (principal amount ¥9.3 billion)
59 58 
.750% senior notes due March 2032 (principal amount ¥20.7 billion)
131 130 
1.990% senior notes due May 2032 (principal amount ¥18.2 billion)
116 0 
1.320% senior notes due December 2032 (principal amount ¥21.1 billion)
134 133 
2.003% senior notes due December 2032 (principal amount ¥23.4 billion)
149 0 
.844% senior notes due April 2033 (principal amount ¥12.0 billion)
76 76 
1.488% senior notes due October 2033 (principal amount ¥15.2 billion)
97 95 
1.682% senior notes due March 2034 (principal amount ¥7.7 billion)
49 48 
1.600% senior notes due March 2034 (principal amount ¥18.3 billion)
116 115 
.934% senior notes due December 2034 (principal amount ¥9.8 billion)
62 62 
.830% senior notes due March 2035 (principal amount ¥10.6 billion)
67 66 
2.320% senior notes due May 2035 (principal amount ¥38.3 billion)
245 0 
2.369% senior notes due June 2035 (principal amount ¥9.5 billion)
60 0 
1.740% senior notes due March 2036 (principal amount ¥15.0 billion)
95 94 
1.039% senior notes due April 2036 (principal amount ¥10.0 billion)
64 63 
1.594% senior notes due September 2037 (principal amount ¥6.5 billion)
41 41 
1.750% senior notes due October 2038 (principal amount ¥8.9 billion)
56 56 
1.920% senior notes due March 2039 (principal amount ¥16.5 billion)
104 103 
1.122% senior notes due December 2039 (principal amount ¥6.3 billion)
40 39 
2.650% senior notes due May 2040 (principal amount ¥11.6 billion)
74 0 
2.779% senior notes due June 2040 (principal amount ¥7.0 billion)
45 0 
1.264% senior notes due April 2041 (principal amount ¥10.0 billion)
63 63 
2.160% senior notes due March 2044 (principal amount ¥5.7 billion)
36 35 
3.040% senior notes due May 2045 (principal amount ¥7.0 billion)
45 0 
2.108% subordinated debentures due October 2047 (principal amount ¥60.0 billion)
379 375 
1.560% senior notes due April 2051 (principal amount ¥20.0 billion)
127 125 
2.144% senior notes due September 2052 (principal amount ¥12.0 billion)
76 75 
2.400% senior notes due March 2054 (principal amount ¥19.5 billion)
124 122 
Yen-denominated loans:
Variable interest rate loan due August 2027 (1.08% in 2025 and .84% in 2024,
  principal amount ¥11.7 billion)
75 74 
Variable interest rate loan due August 2029 (1.18% in 2025 and .94% in 2024,
  principal amount ¥25.3 billion)
161 160 
Variable interest rate loan due August 2032 (1.33% in 2025 and 1.09% in 2024,
  principal amount ¥70.0 billion)
446 441 
Operating lease obligations payable through 20324 5 
Total notes payable and lease obligations$8,143 $7,219 
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 September 2025, the Parent Company extinguished ¥12.4 billion of .300% senior notes upon their maturity.
In June 2025, the Parent Company issued four series of senior notes totaling ¥74.9 billion through a public debt offering under its U.S. shelf registration statement. The first series, which totaled ¥35.0 billion, bears interest at a fixed rate of 1.726% per annum, payable semiannually, and will mature in October 2030. The second series, which totaled ¥23.4 billion, bears interest at a fixed rate of 2.003% per annum, payable semiannually, and will mature in December 2032. The third series, which totaled ¥9.5 billion, bears interest at a fixed rate of 2.369% per annum, payable semiannually, and will mature in June 2035. The fourth series, which totaled ¥7.0 billion, bears interest at a fixed rate of 2.779% per annum, payable semiannually, and will mature in June 2040. 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 October 2030, December 2032, June 2035 and June 2040 are redeemable at the Parent Company's option, in whole or in part from time to time, on or after July 18, 2030, September 14, 2032, December 5, 2034, and December 5, 2039, 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 May 2025, the Parent Company issued four series of senior notes totaling ¥75.1 billion through a private placement. The first series, which totaled ¥18.2 billion, bears interest at a fixed rate of 1.990% per annum, payable semiannually, and will mature in May 2032. The second series, which totaled ¥38.3 billion, bears interest at a fixed rate of 2.320% per annum, payable semiannually, and will mature in May 2035. The third series, which totaled ¥11.6 billion, bears interest at a fixed rate of 2.650% per annum, payable semiannually, and will mature in May 2040. The fourth series, which totaled ¥7.0 billion, bears interest at a fixed rate of 3.040% per annum, payable semiannually, and will mature in May 2045. 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.

The aggregate contractual maturities of notes payable during each of the years after December 31, 2025, are as follows:
(In millions)
2026$700 
2027458 
20280 
2029539 
20301,496 
Thereafter4,994 
Total$8,187 

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, 2025, the Parent Company's outstanding freestanding derivative contracts were foreign currency forwards. The foreign currency forwards 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 Japanese 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 14 of the Notes to the Consolidated Financial Statements for information regarding dividend restrictions.
(E) Supplemental Disclosures of Cash Flow Information
(In millions)202520242023
Interest paid$197 $180 $184 
Noncash financing activities:
Treasury stock issued for shareholder dividend reinvestment43 41 37 
v3.25.4
SCHEDULE III SUPPLEMENTARY INSURANCE INFORMATION
 12 Months Ended
Dec. 31, 2025
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
2025:
Aflac Japan$5,302 $52,602 $1,245 $5,445 
Aflac U.S.3,732 11,281 97 0 
All other0 4,099 (11)0 
Intercompany eliminations0 (5,167)(8)0 
Total$9,034 $62,815 $1,323 $5,445 
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 
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
2025:
Aflac Japan$6,744 $2,854 $3,999 $323 $1,595 $7,820 
Aflac U.S.5,999 854 2,837 551 2,094 6,177 
All other805 368 458 0 775 0 
Total$13,548 $4,076 $7,293 $874 $4,464 $13,997 
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 
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.
v3.25.4
SCHEDULE IV REINSURANCE
 12 Months Ended
Dec. 31, 2025
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
2025:
Life insurance in force$245,615 $13,495 $17,867 $249,987 7 %
Premiums:
Health insurance$11,857 $316 $132 $11,673 1 %
Life insurance1,903 52 24 1,875 1 
Total earned premiums$13,760 $368 $156 $13,548 1 %
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 %
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.
v3.25.4
Insider Trading Arrangements
 3 Months Ended 12 Months Ended
Dec. 31, 2025
shares
Dec. 31, 2025
shares
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
Insider Trading Arrangements
During the fourth quarter of 2025, 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 1, 2025, Miwako Hosoda, a member of the Company's board of directors, adopted a Rule 10b5-1 trading plan that provides for the sale of 20% of time-based restricted stock shares to be released 1 year after the original grant date. The plan will terminate no later than May 29, 2026. The estimated number of gross shares of Aflac Incorporated common stock to be released is 1,722; however, the actual number of shares released may vary based on dividends accrued prior to the release date.
•On December 4, 2025, 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 2,400 shares of Aflac Incorporated common stock. The plan will terminate no later than November 13, 2026.
•On December 5, 2025, 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 at least 3 years after the original grant date. The plan will terminate no later than June 30, 2026. The estimated number of gross shares of Aflac Incorporated common stock to be released is 18,605; however, the actual number of shares released may vary based on achievement of designated performance metrics.
•On December 8, 2025, 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 at least 3 years after the original grant date. The plan will terminate no later than June 30, 2026. The estimated number of gross shares of Aflac Incorporated common stock to be released is 16,116; however, the actual number of shares released 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  
Miwako Hosoda [Member]    
Trading Arrangements, by Individual    
Name Miwako Hosoda  
Title member of the Company's board of directors  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date December 1, 2025  
Expiration Date May 29, 2026  
Aggregate Available 1,722 1,722
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, 2025  
Expiration Date November 13, 2026  
Aggregate Available 2,400 2,400
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 5, 2025  
Expiration Date June 30, 2026  
Aggregate Available 18,605 18,605
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 8, 2025  
Expiration Date June 30, 2026  
Aggregate Available 16,116 16,116
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
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 Chief Information Security Officer (GCISO), 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 cybersecurity incidents. This framework establishes a protocol to report certain incidents to the GCISO and other senior officers, with the goal of timely assessing such incidents, determining applicable disclosure requirements, and communicating with the Board of Directors as appropriate. 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 help ensure the Company is informed about cybersecurity incidents as they are mitigated and remediated. Post-incident reviews are also performed as appropriate to identify potential additional controls that may feasibly be implemented to help prevent recurrence.

As a part of the global information security program, an enterprise cybersecurity risk assessment is performed annually in coordination with the GCISO to identify and assess 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. Periodically, the Company engages independent consultants to review certain aspects of the cyber program. 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 GCISO'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 GCISO 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 GCISO and the senior security leadership team 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, 2025 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 Chief Information Security Officer (GCISO), 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 cybersecurity incidents. This framework establishes a protocol to report certain incidents to the GCISO and other senior officers, with the goal of timely assessing such incidents, determining applicable disclosure requirements, and communicating with the Board of Directors as appropriate. 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 Chief Information Security Officer (GCISO), 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 Chief Information Security Officer (GCISO)
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]
The Company also utilizes professionals from the Company’s legal team and GCISO'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 GCISO 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 GCISO and the senior security leadership team 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 Chief Information Security Officer (GCISO), 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 cybersecurity incidents. This framework establishes a protocol to report certain incidents to the GCISO and other senior officers, with the goal of timely assessing such incidents, determining applicable disclosure requirements, and communicating with the Board of Directors as appropriate. 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
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
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 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.
Use of Estimates
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 (LFPB) 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.
Foreign Currency Translation and Remeasurement
Foreign Currency Translation and Remeasurement: The functional currency of Aflac Japan is the Japanese yen. The Company translates its Japanese yen-denominated financial statement accounts into U.S. dollars as follows.

•Assets and liabilities are translated at end-of-period foreign exchange rates.
•Realized gains and losses on security transactions are translated at the foreign exchange rate on the trade date of each transaction.
•Other revenues, expenses, and cash flows are translated using average foreign exchange rates for the period.

The resulting foreign currency translation adjustments are included in accumulated other comprehensive income.

Foreign currency gains and losses resulting from the remeasurement of foreign currency and realized foreign currency exchange gains and losses are included in net investment gains (losses) in the consolidated statements of earnings.
The Parent Company has designated a majority of its Japanese yen-denominated liabilities (Japanese yen-denominated notes payable and Japanese 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 remeasurement 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 reported 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 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 insurance policies 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 LFPB and the deferral and subsequent amortization of policy acquisition costs.

Premiums from the Company's products with limited-pay features 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 reported 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 and 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.

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.

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.

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 and included in insurance and other expenses in the consolidated statements of earnings. For the years ended December 31, 2025, 2024 and 2023, advertising expense was $160 million, $181 million and $188 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:

Fixed Maturity and Equity Securities

The Company's fixed maturity securities are classified as either held-to-maturity or available-for-sale. Fixed maturity 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, net of allowance for credit losses.

All other fixed maturity securities are classified as available-for-sale and are carried at fair value. If the fair value is higher than the amortized cost, 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 reported in other comprehensive income and included in accumulated other comprehensive income.

Amortized cost of fixed maturity 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 fixed maturity 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 net investment income when earned and is adjusted for the amortization of any premium or discount.

For mortgage- and asset-backed securities, 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 Company has investments in marketable equity securities which are carried at fair value. Changes in the fair value of equity securities are included in net investment gains (losses) in the consolidated statements of earnings. Dividends are included in net investment income when declared.

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

Commercial Mortgage and Other Loans

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 reported 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; therefore, they are considered held for investment and are carried at amortized cost, net of allowance for credit losses, and included in commercial mortgage and other loans in the consolidated balance sheets. Income on commercial mortgage and other loans is recognized using the interest method and included in net investment income in the consolidated statements of earnings.

The Company designates nonaccrual status for a nonperforming fixed maturity security or loan receivable or a fixed maturity security or loan receivable 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 loan receivables that are currently making contractual payments or for those that are not current where the borrower has paid timely (less than 30 days outstanding).

Other Investments

Other investments include limited partnerships, real estate owned (REO), short-term investments with maturities at the time of purchase of one year or less, but greater than 90 days, and policy loans.

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 the consolidated statements of earnings. The underlying investments held by the Company’s limited partnerships primarily consist of private equity and real estate.
In addition, the Company invests in partnerships that primarily specialize in rehabilitating historic structures or the installation of solar equipment that are tax equity investments. These investments derive investment returns in the form of income tax credits or other tax incentives. Beginning January 1, 2024, tax equity investments that meet certain criteria are accounted for using the proportional amortization method, where the initial cost of the investment is amortized in proportion to the tax credits received and recognized as a component of income tax expense (benefit). Tax equity investments that do not meet the qualification criteria for the proportional amortization method are accounted for using the equity method of accounting.

REO represents commercial properties obtained through foreclosure or deed in lieu of foreclosure of certain of the Company's loan receivables. REO is classified as held-and-used for the production of income or held-for-sale. When held-and-used 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. When held-for-sale, REO is initially recorded at fair value less costs to sell and is subsequently carried at the lower of the initial carrying value or fair value less costs to sell and is not depreciated.

REO depreciation is recorded on a straight-line basis over the estimated useful life of the asset and is included 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 included in net investment gains (losses) when the carrying value of the property exceeds the expected undiscounted cash flows generated from the property. Net operating income earned on REO is included in net investment income in the consolidated statements of earnings.

Short-term investments are reported at amortized cost, which approximates fair value.

Variable Interest Entities (VIEs)

The Company has investments in VIEs, which consist of fixed maturity securities, loan receivables, limited partnerships and derivative instruments. The Company is the primary beneficiary of the VIE if the Company has (1) the power to direct the activities of the VIE that most significantly impact the entity's economic performance and (2) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. If the Company determines that it is the primary beneficiary of the VIE, it consolidates these entities in its consolidated financial statements. Consolidated VIEs are segregated by the caption "consolidated variable interest entities" in the consolidated balance sheets.

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.

The Company's powers surrounding the underlying collateral were the most significant powers considered due to the impact these powers have on 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 VIEs, unless there is an event of default.

Securities Lending and Pledged Assets

The Company lends fixed maturity securities and, from time to time, public equity securities to financial institutions in short-term security-lending transactions. These short-term securities lending arrangements are primarily used to earn investment income. These securities continue to be reported as investment assets in the consolidated balance sheets during the terms of the loans and are not reported as sales. The Company receives cash or other securities as collateral for such loans. When the Company obtains non-cash collateral it amounts to 102% or more of the fair value of the loaned securities. When unrestricted cash is received as collateral it is equivalent to 100% or more of the fair value of the loaned securities. 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.
Allowance for Credit Losses
Allowance for Credit Losses: The Company estimates an allowance for credit losses on the following financial assets:

•Fixed maturity securities
◦Available-for-sale securities
◦Held-to-maturity securities
•Loan receivables and loan commitments
•Short-term receivables
•Premiums receivable
•Reinsurance recoverables

For available-for-sale and held-to-maturity securities, loan receivables, including collateral dependent assets and certain loan commitments, changes in the allowance for credit losses are included in net investment gains (losses) in the consolidated statements of earnings. Write-offs and partial write-offs are reported as a reduction to the amortized cost of the fixed maturity security or loan receivable with a corresponding reduction to the allowance for credit losses.

For available-for-sale securities, the Company evaluates estimated credit losses only when the fair value of the available-for-sale security is below its amortized cost basis.

The Company’s off-balance sheet credit exposure is primarily attributable to loan commitments that are not unconditionally cancellable. The allowance for credit losses for these loan commitments is included in other liabilities in the consolidated balance sheets.

For premiums receivable, changes in the allowance for credit losses are included in net earned premiums in the consolidated statements of earnings. The Company estimates an allowance for credit losses for premiums receivable utilizing an aging methodology based on historical loss information, adjusted for current conditions and reasonable and supportable forecasts. Premiums receivable are reported net of the allowance for credit losses and included in receivables in the consolidated balance sheets.

For reinsurance recoverables, changes in the allowance for credit losses are included in net investment gains (losses) in the consolidated statements of earnings. Reinsurance recoverables are reported net of the allowance for credit losses and included in other assets in the consolidated balance sheets.

The Company has elected not to estimate an allowance for credit losses on accrued interest income for all asset types. The Company writes off accrued interest when it is more than ninety days past due by reducing interest income, which is included in net investment income in the consolidated statements of earnings.

For additional information on the Company's methodology for calculating allowance for credit losses, see Notes 3 and 8.
Derivatives and Hedging
Derivatives and Hedging:

Freestanding Derivative Instruments

Freestanding derivative instruments are reported at fair value and included in other assets and other liabilities in the consolidated balance sheets. These instruments may include foreign currency forwards, foreign currency options, foreign currency swaps, interest rate swaps and interest rate swaptions. These derivative instruments are typically used to reduce exposure to risks such as foreign currency exchange or interest rate. The Company does not use derivatives for trading purposes.

Changes in the fair value of derivative instruments not designated as an accounting hedge or that do not qualify for hedge accounting are included in net investment gains (losses) in the consolidated statements of earnings.

Accruals on derivatives are included in other assets or other liabilities in the consolidated balance sheets.

Hedge Accounting

From time to time, the Company designates as hedging instruments derivative and non-derivative instruments that meet the requirements for hedge accounting. To qualify for hedge accounting, the instrument 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. The Company also documents its hedge accounting designation and the methodology that will be used to assess the effectiveness of the hedging relationship at and after hedge inception. The documentation process includes linking derivatives and non-derivative financial instruments that are designated in hedging relationships with specific assets or groups of assets or liabilities in the consolidated balance sheets or to specific forecasted transactions, as well as defining the effectiveness testing methods to be used.

The Company 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. Hedge effectiveness is formally assessed at inception and on a quarterly basis throughout the life of the hedging relationship using qualitative and quantitative methods. Qualitative methods may include the comparison of critical terms of the derivative to the hedged item. Quantitative methods may include regression, dollar offset, or other statistical analysis of changes in fair value or cash flows associated with the hedging relationship.

The assessment of hedge effectiveness determines the accounting treatment of changes in fair value.

Hedge accounting designations are cash flow hedge, fair value hedge, or net investment hedge.

Cash Flow Hedge

A cash flow hedge is 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.

For derivative instruments that are designated in cash flow hedging relationships, the gain or loss on the portion of the hedging instrument included in the assessment of effectiveness is included in unrealized gains (losses) on derivatives in the consolidated statements of comprehensive income (loss). Amounts included in accumulated other comprehensive income are reclassified into earnings in the same period or periods during which the hedged transaction affects earnings and are included in the same line item in the consolidated statements of earnings as the hedged item.

Fair Value Hedge

A fair value hedge is a hedge of the exposure to changes in the fair value of a recognized asset or liability, attributable to a particular risk.

For derivative instruments that are designated in highly effective fair value hedge relationships, the effective portion of the gain or loss of the hedging instrument included in the assessment of effectiveness is included in the line item of the consolidated statements of earnings in which gain or loss on the hedged item is included.

Net Investment Hedge

A net investment hedge is a hedge of foreign currency exposure of a net investment in a foreign operation. The Company designates and accounts for certain foreign currency forwards and options as net investment hedges of the Company's net investment in Aflac Japan when they meet the requirements for hedge accounting. The Company also designates the Parent Company’s Japanese yen-denominated liabilities as a non-derivative net investment hedge of the Company's net investment in Aflac Japan. For additional information on the Parent Company’s Japanese yen-denominated liabilities, see Note 9.

At the beginning of each quarter, the Company makes its net investment hedge designation for foreign currency derivatives and Japanese yen-denominated liabilities. For foreign currency derivatives designated as net investment hedges, the Company assesses hedge effectiveness using the spot-rate method. According to this method, the change in fair value of the hedging instrument due to fluctuations in the spot exchange rate is included in unrealized foreign currency translation gains (losses) in the statements of comprehensive income (loss). For Japanese-yen denominated liabilities designated as net investment hedges, the foreign currency translation gain or loss determined by references to the spot foreign exchange rate is also included in unrealized foreign currency translation gains (losses) in the statements of comprehensive income (loss).

Amounts included in accumulated other comprehensive income are 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. When a sale or liquidation occurs, the deferred gain or loss is reclassified to earnings and included in the same line item in the consolidated statements of earnings as the gain or loss on the sale of the hedged net investment.
All other changes in fair value of the foreign currency derivatives designated as net investment hedges are excluded from the assessment of hedge effectiveness and are included in net investment gains (losses) in the consolidated statements of earnings.

Should these designated net investment hedge positions exceed the Company's net investment in Aflac Japan, the foreign currency exchange effect on the excess portion is included in net investment gains (losses) in the consolidated statements of earnings.

Hedge Accounting Termination

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 or fair value hedge, the derivative is reported at fair value in the consolidated balance sheets, with changes in the fair value included in net investment gains (losses) in the consolidated statements of earnings. For discontinued cash flow hedges, including those where the derivative is sold, terminated or exercised, changes in the fair value included in accumulated other comprehensive income are reclassified to earnings when earnings are impacted by the cash flow of the hedged item.

Embedded Derivatives

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 and reported at fair value with the host instrument in the consolidated balance sheets. Changes in the fair value are included in current period 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 included in current period earnings.

Pledged Collateral

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 were 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 in the consolidated balance sheets.

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. For additional information on the Company's valuation methodology for derivatives, see Note 5.
Deferred Policy Acquisition Costs
Deferred Policy Acquisition Costs: The Company incurs significant costs in connection with acquiring new and renewal insurance business. Costs that are related directly to the successful acquisition of new or the renewal of existing insurance contracts are capitalized as DAC. DAC primarily includes the excess of current-year commissions over ultimate renewal-year commissions and certain direct and incremental policy issue, underwriting and sales expenses directly related to successful policy acquisition.

DAC is amortized on a grouped-contract basis over the expected term of the related contracts, using a constant-level basis, as follows:
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 the face amount and insurance 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. 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.

Internal Replacements

For some products, policyholders can elect to modify product benefits, features, rights or coverages. These transactions are known as internal replacements and can occur by:

•exchanging a contract for a new contract, or
•amendment, endorsement, or rider to a contract, or
•the election of a feature or coverage within a contract.

The Company performs the following two-step analysis of the internal replacements to determine if the modification is substantive to the base policy: (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. Contract modifications resulting in integrated contract features can be determined only in conjunction with the value of the base policy. Non-integrated features are not related to or dependent on the value of the base policy.

For an internal replacement transaction that results in a policy that is integrated and 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 DAC.

For internal replacement transactions where the resulting contract is integrated and substantially unchanged, unamortized DAC 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.

Non-integrated internal replacement transactions are accounted for as separately issued contracts within the cohort open at the effective date of the non-integrated feature. Any DAC related to the non-integrated contract feature or coverage are accounted for in accordance with the Company's accounting policies for DAC.
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. Classes of property and equipment as of December 31 were as follows:
(In millions)20252024
Property and equipment:
Land$168 $168 
Buildings399 392 
Equipment and furniture451 478 
Total property and equipment1,018 1,038 
Less accumulated depreciation667 651 
Net property and equipment$351 $387 
Depreciation and other amortization expenses, which are included in insurance and other expenses in the consolidated statements of earnings, were $36 million in 2025, compared with $40 million in 2024 and $39 million in 2023.
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 $260 million at December 31, 2025, compared with $263 million at December 31, 2024. 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: The Company's total policy liabilities consist of:

•Future policy benefits
•Unpaid policy claims
•Unearned premiums
•Other policyholders' funds

Future Policy Benefits

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. For long-duration insurance contracts, the Company calculates an integrated LFPB reserve that represents all payments under the contract including future expected claims, unpaid policy claims and related expenses.

The LFPB is determined using the net level premium method 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.

The LFPB is calculated using assumptions and estimates including, (1) cash flow assumptions (mortality, morbidity, and terminations, also referred to as lapses), (2) expense assumptions and (3) 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 are established at policy inception and are evaluated each quarter to determine if an update is needed.

Actual experience is reflected in the calculation of future policy benefits each quarter, and changes in the liability due to actual experience are included in reserve remeasurement (gains) losses in the consolidated statements of earnings.

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 included as a cumulative catch-up adjustment 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.

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 included in benefits and claims, excluding reserve remeasurement in the consolidated statements of earnings. These locked-in discount rates are determined separately for each issue-year cohort as a single discount rate that reflects the duration characteristics of the corresponding insurance contracts and will remain unchanged after the calendar year of issue.

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 included in the effect of changes in discount rate assumptions in accumulated other comprehensive income (loss).
The Company's discount rate methodology involves constructing a current discount rate curve separately for discounting cash flows used to calculate the Japan and U.S. LFPB, reflective of the characteristics of the insurance liabilities, such as currency and tenor. For additional information on the Company's discount rate methodology, see Note 7.

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 is included in benefits and claims in the consolidated statements of earnings.
Internal Replacements
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.
Other Policy Liabilities
Unpaid Policy Claims

Unpaid policy claims primarily represent unpaid policy claims on the Company’s short-duration insurance contracts.

Unearned Premiums

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.

Other Policyholders' Funds

The other policyholders’ funds liability consists primarily of the fixed annuity line of business in Aflac Japan which has fixed benefits and premiums.
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) 2023-09 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 Company adopted this guidance for the annual period beginning January 1, 2025 and elected a prospective implementation. The adoption of this guidance did not have an impact on the Company’s financial position or results of operations. See Note 10 for expanded disclosures required as a result of the amended guidance.

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, and interim periods beginning January 1, 2025. 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 accumulated other comprehensive income 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 accumulated other comprehensive income 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 accumulated other comprehensive income 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.

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 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.
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2025
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)20252024
Property and equipment:
Land$168 $168 
Buildings399 392 
Equipment and furniture451 478 
Total property and equipment1,018 1,038 
Less accumulated depreciation667 651 
Net property and equipment$351 $387 
v3.25.4
BUSINESS SEGMENT INFORMATION AND SELECTED FOREIGN CURRENCY TRANSLATION ITEMS (Tables)
 12 Months Ended
Dec. 31, 2025
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)202520242023
Revenues:
Aflac Japan:
Net earned premiums (1)
$6,744 $6,930 $8,047 
Adjusted net investment income2,581 2,701 2,582 
Other income32 28 35 
Total adjusted revenue Aflac Japan9,357 9,659 10,664 
Aflac U.S.:
Net earned premiums5,999 5,829 5,675 
Adjusted net investment income830 847 820 
Other income74 63 128 
Total adjusted revenue Aflac U.S.6,903 6,739 6,623 
Corporate and other (2)
1,277 1,007 460 
Total adjusted revenues17,537 17,405 17,747 
Net investment gains (losses)(572)1,271 590 
Reconciling items:
Amortized hedge costs45 26 157 
Amortized hedge income(98)(113)(121)
Net interest (income) expense from derivatives
  associated with certain investment strategies		252 338 328 
Total revenues$17,164 $18,927 $18,701 
(1) Includes a gain (loss) of $(52), $(81) and $20 in 2025, 2024 and 2023, 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 $65, $165 and $343 in 2025, 2024 and 2023, respectively, is included as a reduction to net investment income. Tax credits on these investments of $69, $164 and $334 in 2025, 2024 and 2023, respectively, have been reported as an income tax benefit in the consolidated statements of earnings. See Note 1 for additional information on these investments.
Reconciliation of Adjusted Profit (Loss) from Segments to Consolidated
(In millions)202520242023
Adjusted revenues:
Aflac Japan (1)
$9,357 $9,659 $10,664 
Aflac U.S.6,903 6,739 6,623 
Corporate and other (2)
1,277 1,007 460 
Total adjusted revenues17,537 17,405 17,747 
Benefits and adjusted expenses:
Aflac Japan:
Benefits and claims, excluding reserve remeasurement4,528 4,761 5,409 
Reserve remeasurement (gains) losses(529)(444)(96)
Total benefits and claims, net3,999 4,317 5,313 
Adjusted expenses:
Amortization of deferred policy acquisition costs323 321 326 
Insurance commissions427 435 491 
Insurance and other expenses1,168 1,092 1,300 
Total benefits and adjusted expenses Aflac Japan5,917 6,165 7,430 
Aflac U.S.:
Benefits and claims, excluding reserve remeasurement2,969 2,821 2,715 
Reserve remeasurement (gains) losses(132)(95)(284)
Total benefits and claims, net2,837 2,726 2,431 
Adjusted expenses:
Amortization of deferred policy acquisition costs551 530 490 
Insurance commissions564 563 561 
Insurance and other expenses1,530 1,501 1,640 
Total benefits and adjusted expenses Aflac U.S.5,482 5,320 5,122 
Corporate and other1,176 975 885 
Total adjusted expenses$12,575 $12,460 $13,437 
Pretax earnings:
Aflac Japan (1)
$3,440 $3,494 $3,234 
Aflac U.S.1,421 1,419 1,501 
Corporate and other (2)
101 32 (425)
Pretax adjusted earnings4,962 4,945 4,310 
Other income (loss)(54)

(23)39 

Net investment gains (losses)(572)1,271 590 
Reconciling items:
Amortized hedge costs45 26 157 
Amortized hedge income(98)(113)(121)
Net interest (income) expense from derivatives
  associated with certain investment strategies		252 338 328 
Impact of interest from derivatives associated
  with notes payable
(2)(27)(41)
Total earnings before income taxes$4,533 $6,417 $5,262 
Income taxes applicable to pretax adjusted earnings$954 $873 $577 
Effect of foreign currency translation on after-tax adjusted earnings19 (103)(113)
(1) Includes a gain (loss) of $(52), $(81) and $20 for 2025, 2024 and 2023, 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 $65, $165 and $343 in 2025, 2024 and 2023, respectively, is included as a reduction to net investment income. Tax credits on these investments of $69, $164 and $334 in 2025, 2024 and 2023, respectively, have been reported as an income tax benefit in the consolidated statements of earnings. See Note 1 for additional information on these investments.
Schedule of Intercompany Transfers of Funds 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 14 for information concerning restrictions on transfers from Aflac Japan.
(In millions)202520242023
Management fees$73 $69 $67 
Profit remittances2,681 2,865 2,623 
Total transfers from Aflac Japan$2,754 $2,934 $2,690 
Reconciliation of Assets from Segments to Consolidated The Company's total assets as of December 31 were as follows:
(In millions)20252024
Assets:
Aflac Japan$88,537 $90,210 
Aflac U.S.22,317 21,930 
Corporate and other5,616 5,426 
Total assets$116,470 $117,566 
Foreign Currency Disclosure The following table shows the Japanese yen/U.S. dollar (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.
202520242023
Statements of Earnings:
Weighted-average yen/dollar exchange rate (1)
149.32 150.97 140.57 
Yen percent strengthening (weakening)1.1 %(6.9)%(7.4)%
Exchange effect on pretax adjusted earnings (in millions)$24 $(125)$(131)
20252024
Balance Sheets:
Yen/dollar exchange rate at December 31(1)
156.56 158.18 
Yen percent strengthening (weakening)1.0 %(10.3)%
Exchange effect on total assets (in millions)$878 $(6,127)
Exchange effect on total liabilities (in millions)(2,159)(9,624)
(1) Rates are based on the published MUFG Bank, Ltd. telegraphic transfer middle rate (TTM).
v3.25.4
INVESTMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
Schedule of Investments [Line Items]  
Schedule Of Net Investment Income
The components of net investment income for the years ended December 31 were as follows:
(In millions)202520242023
Fixed maturity securities$3,017 $2,894 $2,873 
Equity securities20 24 28 
Commercial mortgage and other loans821 1,046 1,002 
Other investments (1)
231 130 (70)
Short-term investments and cash equivalents230 258 213 
Gross investment income4,319 4,352 4,046 
Less investment expenses243 236 235 
Net investment income$4,076 $4,116 $3,811 
(1) The change in value of federal historic rehabilitation and solar investments in partnerships of $65, $165 and $343 in 2025, 2024, and 2023, respectively, is included as a reduction to net investment income. Tax credits on these investments of $69, $164, and $334 in 2025, 2024, and 2023, respectively, have been reported as an income tax benefit in the consolidated statements of earnings. See Note 1 for additional information on these investments.
Available-for-Sale 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 presented in the following tables.
  2025
(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$18,063 $0 $41 $3,727 $14,377 
Municipalities856 0 5 145 716 
Mortgage- and asset-backed securities297 0 1 38 260 
Public utilities2,519 0 123 174 2,468 
Sovereign and supranational330 0 7 13 324 
Banks/financial institutions5,382 0 170 477 5,075 
Other corporate5,438 0 357 534 5,261 
Total yen-denominated32,885 0 704 5,108 28,481 
  U.S. dollar-denominated:
U.S. government and agencies230 0 2 2 230 
Municipalities1,185 0 83 54 1,214 
Mortgage- and asset-backed securities3,854 0 239 35 4,058 
Public utilities4,292 0 465 107 4,650 
Sovereign and supranational57 0 21 0 78 
Banks/financial institutions3,672 0 518 21 4,169 
Other corporate18,967 0 2,740 597 21,110 
Total U.S. dollar-denominated32,257 0 4,068 816 35,509 
  Other currencies:
Mortgage- and asset-backed securities44 0 4 0 48 
Public utilities52 0 4 0 56 
Other corporate
25 0 2 0 27 
Total other currencies
121 0 10 0 131 
Total securities available-for-sale$65,263 $0 $4,782 $5,924 $64,121 

 
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 corporate25 0 1 0 26 
Total other currencies25 0 1 0 26 
Total securities available-for-sale$64,089 $0 $5,308 $4,128 $65,269 
Held-to-Maturity Securities
  2025
(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$15,461 $2 $15,459 $81 $713 $14,827 
Municipalities235 0 235 0 6 229 
Public utilities32 0 32 0 3 29 
Sovereign and supranational381 3 378 6 9 375 
Other corporate16 0 16 0 0 16 
Total yen-denominated16,125 5 16,120 87 731 15,476 
Total securities held-to-maturity$16,125 $5 $16,120 $87 $731 $15,476 
  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 
Equity Securities, FV-NI
  
20252024
(In millions)Fair ValueFair Value
Equity securities, carried at fair value through net earnings:
Equity securities:
Yen-denominated
$609 $484 
U.S. dollar-denominated278 312 
Total equity securities$887 $796 
Investments Classified by Contractual Maturity Date
The contractual and economic maturities of the Company's investments in fixed maturity securities at December 31, 2025, were as follows:
(In millions)
Amortized
Cost (1)
Fair
Value
Available-for-sale:
Due in one year or less$1,676 $1,743 
Due after one year through five years7,704 8,618 
Due after five years through 10 years16,143 17,021 
Due after 10 years35,545 32,373 
Mortgage- and asset-backed securities4,195 4,366 
Total fixed maturity securities available-for-sale$65,263 $64,121 
Held-to-maturity:
Due in one year or less$32 $32 
Due after one year through five years1,418 1,435 
Due after five years through 10 years7,182 7,240 
Due after 10 years7,488 6,769 
Total fixed maturity securities held-to-maturity$16,120 $15,476 
(1) Net of allowance for credit losses
Investment Exposures Exceeding Ten Percent Shareholders' Equity
Investment exposures that individually exceeded 10% of shareholders' equity as of December 31 were as follows:
20252024
(In millions)Credit
Rating		Amortized
Cost		Fair
Value		Credit
Rating		Amortized
Cost		Fair
Value
Japan National Government(1)
A+$32,618$28,434A+$33,822$32,844
(1) Japan Government Bonds (JGBs) or JGB-backed securities
Gain (Loss) on Investments
Information regarding pretax net investment gains and losses for the years ended December 31 follows:
(In millions)202520242023
Net investment gains (losses):
Sales and redemptions:
Fixed maturity securities available-for-sale:
Gross gains from sales$149 $80 $24 
Gross losses from sales(579)(634)(61)
Foreign currency gains (losses)436 806 204 
Other investments:
Gross gains (losses) from sales and redemptions14 7 33 
Total sales and redemptions20 259 200 
Equity securities72 140 

88 
Real estate owned impairments(6)0 0 
Credit losses:
Fixed maturity securities held-to-maturity0 0 1 
Commercial mortgage and other loans(192)(207)(146)
Impairment losses0 (55)0 
Loan commitments0 1 9 
Reinsurance recoverables and other1 5 (3)
Total credit losses(191)(256)(139)
Derivatives and other:
Derivative gains (losses)(295)(363)(531)
Foreign currency gains (losses)(172)1,491 972 
Total derivatives and other(467)1,128 441 
Total net investment gains (losses)$(572)$1,271 $590 
Unrealized Gain (Loss) on Investments
Information regarding changes in unrealized investment gains and losses included in other comprehensive income (loss) for the years ended December 31 follows:
(In millions)202520242023
Changes in unrealized gains (losses):
Fixed maturity securities available-for-sale$(2,322)$(1,421)$2,327 
Total change in unrealized gains (losses)$(2,322)$(1,421)$2,327 
Net Effect on Shareholders' Equity of Unrealized Gains and Losses from Investment Securities
The net effect on shareholders' equity of unrealized gains and losses from fixed maturity securities at December 31 follows:
(In millions)20252024
Unrealized gains (losses) on securities available-for-sale$(1,142)$1,180 
Deferred income taxes(667)(1,156)
Shareholders’ equity, unrealized gains (losses) on fixed maturity securities$(1,809)$24 
Investments Gross Unrealized Loss Aging
The following tables present the fair values and gross unrealized losses of the Company's available-for-sale securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31.
  2025
  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$37 $2 $0 $0 $37 $2 
Japan government and
    agencies:
Yen-denominated13,521 3,727 7,966 692 5,555 3,035 
Municipalities:
U.S. dollar-denominated630 54 8 0 622 54 
Yen-denominated520 145 234 6 286 139 
Mortgage- and asset-
    backed securities:
U.S. dollar-denominated547 35 217 5 330 30 
Yen-denominated183 38 9 1 174 37 
Public utilities:
U.S. dollar-denominated1,055 107 169 2 886 105 
Yen-denominated838 174 0 0 838 174 
Sovereign and supranational:
Yen-denominated276 13 236 0 40 13 
Banks/financial institutions:
U.S. dollar-denominated252 21 62 0 190 21 
Yen-denominated3,467 477 495 26 2,972 451 
Other corporate:
U.S. dollar-denominated4,535 597 620 5 3,915 592 
Yen-denominated 2,395 534 640 33 1,755 501 
Total$28,256 $5,924 $10,656 $770 $17,600 $5,154 
  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-denominated1,733 305 289 14 1,444 291 
Total$24,301 $4,128 $6,716 $197 $17,585 $3,931 
Commercial Mortgage and Other Loans by Property Type
The following table presents the composition of the carrying value for commercial mortgage and other loans by property type as of December 31.
20252024
(In millions)Amortized
Cost		% of
Total		Amortized
Cost		% of
Total
Commercial mortgage and other loans:
Transitional real estate loans:
Office$1,229 12.1 %$1,361 12.1 %
Retail267 2.6 349 3.1 
Apartments/Multi-Family1,555 15.3 2,201 19.6 
Industrial75 .7 117 1.1 
Hospitality522 5.1 556 5.0 
Other240 2.4 318 2.8 
Total transitional real estate loans3,888 38.2 4,902 43.7 
Commercial mortgage loans:
Office255 2.5 300 2.7 
Retail217 2.1 214 1.9 
Apartments/Multi-Family539 5.3 572 5.1 
Industrial427 4.2 436 3.9 
Other14 .1 15 .1 
Total commercial mortgage loans1,452 14.2 1,537 13.7 
Middle market loans4,404 43.2 4,423 39.4 
Other loans447 4.4 362 3.2 
Total commercial mortgage and other loans$10,191 100.0 %$11,224 100.0 %
Allowance for credit losses(426)(355)
Total net commercial mortgage and other loans$9,765 $10,869 
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.
2025
(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$3,418 $0 $470 $470 $3,888 $545 
Commercial mortgage loans1,452 0 0 0 1,452 0 
Middle market loans4,263 58 83 141 4,404 98 
Other loans447 0 0 0 447 0 
Total$9,580 $58 $553 $611 $10,191 $643 
(1) As of December 31, 2025, there were no loans that were 90 days or more past due that continued to accrue interest.
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.
Effect of Loan Modifications
The following tables present 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 years ended December 31.
2025
(In millions)
Amortized
Cost (1)
% of
Total		Financial Effect
Transitional real estate loans:
Term extension$159 4.4 %
Term extension of 20 months on average
Term extension and interest rate reduction178 4.9 
Term extension of 26 months on average and reduction in the weighted-average contractual interest rate from 5.2% to 4.1%
Middle market loans:
Principal forgiveness$15 .3 %
Reduction in the amortized cost basis of $9 million
Term extension45 1.1 
Term extension of 9 months on average
Other-than-insignificant
  payment delays
33 .8 
Delay in principal and interest payments of 36 months on average
Principal forgiveness and term extension35 .8 
Reduction in the amortized cost basis of $40 million and term extension of 33 months on average
Principal forgiveness, term extension and interest rate reduction13 .3 
Reduction in the amortized cost basis of $5 million, term extension of 45 months on average, and reduction in the weighted-average contractual interest rate from 10.5% to 9.5%
(1) Net of allowance for credit losses

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 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 tables present an aging of loans that received modifications in the 12 months preceding December 31, at amortized cost.
2025
(In millions)Current Less Than
90 Days
Past Due		90 Days
or More
 Past Due		Nonaccrual Status
Transitional real estate loans$337 $0 $0 $43 
Middle market loans135 6 0 0 
Total$472 $6 $0 $43 
2024
(In millions)Current Less Than
90 Days
Past Due		90 Days
or More
 Past Due		Nonaccrual Status
Transitional real estate loans$403 $81 $0 $0 
Middle market loans15 0 0 0 
Total$418 $81 $0 $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, 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)
(Addition to) release of allowance for credit losses(107)5 (89)0 0 0 (191)
Writeoffs, net of recoveries29 0 91 0 0 0 120 
Change in foreign exchange0 0 0 0 0 0 0 
Balance at December 31, 2025
$(277)$(9)$(138)$(17)$(5)$0 $(446)
(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 presents the composition of the carrying value for other investments as of December 31.
(In millions)20252024
Other investments:
Policy loans$210 $203 
Short-term investments (1)
1,373 1,599 
Limited partnerships (2)
4,109 3,435 
Real estate owned902 682 
Other28 39 
Total other investments$6,622 $5,958 
(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 the 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
20252024
(In millions)
Overnight
and
Continuous(1)
Up to 30
days		30-90 daysTotal
Overnight
and
Continuous(1)
Up to 30
days		Total
Securities lending
  transactions:
Fixed maturity securities:
Japan government and agencies$0 $1,591 $1,329 $2,920 $0 $1,027 $1,027 
Public utilities54 0 0 54 34 0 34 
Banks/financial institutions150 0 0 150 193 0 193 
Other corporate865 0 0 865 783 0 783 
          Total borrowings$1,069 $1,591 $1,329 $3,989 $1,010 $1,027 $2,037 
Gross amount of recognized liabilities for securities
   lending transactions		$3,989 $2,037 
(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  
Schedule of Investments [Line Items]  
Investments in Variable Interest Entities
The following table presents the 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)20252024
Assets:
Fixed maturity securities available-for-sale$3,636 $3,428 
Commercial mortgage and other loans7,896 8,693 
Other investments (1)
2,320 2,176 
Other assets (2)
45 53 
Total assets of consolidated VIEs$13,897 $14,350 
Liabilities:
Other liabilities (2)
$765 $604 
Total liabilities of consolidated VIEs$765 $604 
(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  
Schedule of Investments [Line Items]  
Investments in Variable Interest Entities
The table below presents 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)20252024
Assets:
Fixed maturity securities available-for-sale$6,750 $6,243 
Other investments (1)
1,603 1,124 
Total investments in VIEs not consolidated$8,353 $7,367 
(1) Consists entirely of alternative investments in limited partnerships
Transitional real estate loans  
Schedule of Investments [Line Items]  
Financing Receivable Credit Quality Indicators
The following tables present as of December 31, 2025 the amortized cost basis of TREs, CMLs, MMLs, and other loans by year of origination and key credit quality indicator.
Transitional Real Estate Loans
(In millions)20252024202320222021PriorTotal
Loan-to-Value Ratio:
0%-59.99%$0 $0 $0 $319 $344 $10 $673 
60%-69.99%0 0 27 397 423 403 1,250 
70%-79.99%0 0 14 678 512 24 1,228 
80% or greater0 0 0 155 252 330 737 
Total$0 $0 $41 $1,549 $1,531 $767 $3,888 
Current-period gross writeoffs:$0 $0 $0 $5 $0 $24 $29 
Commercial mortgage loans  
Schedule of Investments [Line Items]  
Financing Receivable Credit Quality Indicators
Commercial Mortgage Loans
(In millions)20252024202320222021PriorTotalWeighted-Average DSCR
Loan-to-Value Ratio:
0%-59.99%$11 $0 $32 $0 $244 $944 $1,231 2.74
60%-69.99%20 0 0 0 25 55 100 2.11
70%-79.99%0 0 0 0 0 8 8 1.50
80% or greater0 12 0 0 0 101 113 1.16
Total$31 $12 $32 $0 $269 $1,108 $1,452 2.56
Weighted Average DSCR1.801.102.550.003.012.49
Current-period gross writeoffs:$0 $0 $0 $0 $0 $0 $0 
Middle market loans  
Schedule of Investments [Line Items]  
Financing Receivable Credit Quality Indicators
Middle Market Loans
(In millions)20252024202320222021PriorRevolving LoansTotal
Credit Ratings:
BBB$31 $52 $36 $0 $57 $106 $15 $297 
BB452 473 40 331 285 552 72 2,205 
B194 149 46 284 388 360 39 1,460 
CCC22 3 0 9 59 196 16 305 
CC5 2 0 9 16 17 5 54 
C and lower0 0 0 0 16 62 5 83 
Total$704 $679 $122 $633 $821 $1,293 $152 $4,404 
Current-period gross writeoffs:$0 $0 $0 $7 $29 $55 $0 $91 
Other loans  
Schedule of Investments [Line Items]  
Financing Receivable Credit Quality Indicators
Other Loans
(In millions)20252024202320222021PriorRevolving LoansTotal
Credit Ratings:
A$0 $0 $0 $67 $0 $0 $0 $67 
AA0 0 0 8 3 0 0 11 
BBB33 244 66 26 0 0 0 369 
Total$33 $244 $66 $101 $3 $0 $0 $447 
Current-period gross writeoffs:$0 $0 $0 $0 $0 $0 $0 $0 
v3.25.4
DERIVATIVE INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
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 instruments at fair value, at December 31. The fair value amounts presented exclude income accruals. Derivative assets are included in other assets while derivative liabilities are included in other liabilities in the 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.
20252024
(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 $5 $18 $0 $6 
Total cash flow hedges18 0 5 18 0 6 
Net investment hedge:
Foreign currency forwards1,828 120 0 1,809 185 0 
Total net investment hedge1,828 120 0 1,809 185 0 
Non-qualifying strategies:
Foreign currency swaps49 0 0 450 2 0 
Foreign currency swaps - VIE2,960 45 760 3,042 53 598 
Foreign currency forwards945 0 18 0 0 0 
Foreign currency options25,000 0 0 24,195 0 0 
Interest rate swaps36,728 14 189 17,230 0 329 
Total non-qualifying strategies65,682 59 967 44,917 55 927 
Total derivatives$67,528 $179 $972 $46,744 $240 $933 
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location
The following table presents the gains and losses on derivatives and the related hedged items in fair value hedging relationships for the year ended December 31, 2023. The Company had no fair value hedges during the years ended December 31, 2025 and 2024.
(In millions)Hedging DerivativesHedged Items
Hedging DerivativesHedged Items Total
Gains
(Losses)		Gains (Losses)
 Excluded from Effectiveness Testing
Gains (Losses)
Included in Effectiveness Testing(1)
 Gains (Losses)(1)
Net Investment Gains (Losses) Recognized for Fair Value Hedge
2023:
Foreign currency optionsFixed maturity securities(65)(65)0 0 0 
    Total gains (losses)$(65)$(65)$0 $0 $0 
(1) For the year ended December 31, 2023, 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 presents the carrying amounts of (1) assets designated and qualified as hedged items in fair value hedges of interest rate risk and (2) 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, 2025 and 2024; 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)
2025202420252024
Fixed maturity securities$1,238 $1,294 $121 $137 
(1) The balance includes hedging adjustment on discontinued hedging relationships of $121 in 2025 and $137 in 2024.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
The following table summarizes the impact to earnings and other comprehensive income (loss) from all derivatives and hedging instruments for the years ended December 31.
202520242023
(In millions)Net
Investment
Income		Net
Investment
Gains
(Losses)		Other
Comprehensive
 Income (Loss)		Net
Investment
Income		Net
Investment
Gains
(Losses)		Other
Comprehensive
 Income (Loss)		Net
Investment
Income		Net
Investment
Gains (Losses)		Other
Comprehensive
 Income (Loss)
Qualifying hedges:
  Cash flow hedges:
       Foreign currency swaps - VIE$(1)$(3)$8 $(1)$(4)$2 $(1)$(4)$5 
  Total cash flow hedges(1)(3)
(1)
8 (1)(4)
(1)
2 (1)(4)
(1)
5 
  Fair value hedges:
       Foreign currency options0 0 (65)
       Interest rate swaptions (2)
0 0 0 (1)0 1 (1)0 1 
  Total fair value hedges0 0 0 (1)0 1 (1)(65)1 
  Net investment hedge:
       Non-derivative hedging
          instruments		0 33 0 426 0 257 
       Foreign currency forwards103 (80)138 258 234 313 
       Foreign currency options 0 0 0 0 (5)0 
   Total net investment hedge103 (47)138 684 229 570 
  Non-qualifying strategies:
       Foreign currency swaps0 2 4 
       Foreign currency swaps - VIE(265)(215)(201)
       Foreign currency forwards(63)17 (349)
       Foreign currency options (32)(107)(53)
       Interest rate swaps(35)(194)(88)
       Forward bond purchase
         commitment - VIE		0 0 (4)
  Total non-qualifying strategies(395)(497)(691)
          Total$(1)$(295)$(39)$(2)$(363)$687 $(2)$(531)$576 
(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, 2025, compared with $4 of losses during the years ended December 31, 2024 and 2023, respectively.
(2) Includes $1 of losses reclassified from accumulated other comprehensive income (loss) into earnings during the year ended December 31, 2025, compared with $1 of losses during the years ended December 31, 2024 and 2023, respectively, related to fair value hedges excluded component. Impact shown net of effect of hedged items.
Offsetting Assets
Offsetting of Financial Assets and Derivative Assets
2025
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$122 $0 $122 $(1)$(34)$(84)$3 
          OTC - cleared12 0 12 (12)0 0 0 
    Total derivative
      assets subject to a
      master netting
      agreement or
      offsetting
      arrangement		134 0 134 (13)(34)(84)3 
    Derivative
      assets not subject
      to a master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral45 45 45 
    Total derivative
      assets not subject
      to a master netting
      agreement or
      offsetting
      arrangement		45 45 45 
    Total derivative
      assets		179 0 179 (13)(34)(84)48 
Securities lending
   and similar
   arrangements		3,945 0 3,945 0 0 (3,945)0 
    Total$4,124 $0 $4,124 $(13)$(34)$(4,029)$48 
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
Instruments		Securities 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 
Offsetting Liabilities
Offsetting of Financial Liabilities and Derivative Liabilities
2025
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$19 $0 $19 $(1)$(17)$0 $1 
          OTC - cleared188 0 188 (12)(24)(151)1 
    Total derivative
      liabilities subject
      to a master netting
      agreement or
      offsetting
      arrangement		207 0 207 (13)(41)(151)2 
    Derivative
      liabilities not
      subject to a
      master netting
      agreement or
      offsetting
      arrangement
          OTC - bilateral765 765 765 
    Total derivative
      liabilities not
      subject to a
      master netting
      agreement or
      offsetting
      arrangement		765 765 765 
    Total derivative
      liabilities		972 0 972 (13)(41)(151)767 
Securities lending
   and similar
   arrangements		3,989 0 3,989 (3,945)0 0 44 
    Total$4,961 $0 $4,961 $(3,958)$(41)$(151)$811 
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 
v3.25.4
FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
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.
  2025
(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$13,921 $686 $0 $14,607 
Municipalities0 1,930 0 1,930 
Mortgage- and asset-backed securities0 2,072 2,294 4,366 
Public utilities0 6,298 876 7,174 
Sovereign and supranational0 383 19 402 
Banks/financial institutions0 9,235 9 9,244 
Other corporate0 26,239 159 26,398 
Total fixed maturity securities13,921 46,843 3,357 64,121 
Equity securities727 0 160 887 
Other investments1,373 0 0 1,373 
Cash and cash equivalents6,245 0 0 6,245 
Other assets:
Foreign currency swaps0 45 0 45 
Foreign currency forwards0 120 0 120 
Interest rate swaps0 14 0 14 
Total other assets0 179 0 179 
Total assets$22,266 $47,022 $3,517 $72,805 
Liabilities:
Other liabilities:
Foreign currency swaps$0 $765 $0 $765 
Foreign currency forwards0 18 0 18 
Interest rate swaps0 189 0 189 
Total liabilities$0 $972 $0 $972 
  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 
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.
2025
(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$15,459 $14,696 $131 $0 $14,827 
Municipalities235 0 229 0 229 
Public utilities32 0 29 0 29 
Sovereign and
   supranational		378 0 375 0 375 
Other corporate16 0 16 0 16 
Commercial mortgage and
    other loans		9,765 0 0 9,617 9,617 
Other investments (1)
28 0 28 0 28 
 Total assets$25,913 $14,696 $808 $9,617 $25,121 
Liabilities:
Other policyholders’ funds$5,445 $0 $0 $5,376 $5,376 
Notes payable
   (excluding leases)		8,330 0 7,167 682 7,849 
Total liabilities$13,775 $0 $7,167 $6,058 $13,225 
(1) Excludes policy loans of $210, equity method investments of $4,109, and REO of $902, at carrying value
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
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.
2025
(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$13,921 $383 $0 $14,304 
Internal0 303 0 303 
               Total government and agencies13,921 686 0 14,607 
         Municipalities:
Third-party pricing vendor0 1,706 0 1,706 
Internal0 224 0 224 
               Total municipalities0 1,930 0 1,930 
         Mortgage- and asset-backed securities:
Third-party pricing vendor0 1,824 0 1,824 
Internal 0 248 0 248 
Broker/other0 0 2,294 2,294 
               Total mortgage- and asset-backed securities0 2,072 2,294 4,366 
         Public utilities:
Third-party pricing vendor0 3,660 0 3,660 
Internal 0 2,638 0 2,638 
Broker/other0 0 876 876 
               Total public utilities0 6,298 876 7,174 
         Sovereign and supranational:
Third-party pricing vendor0 79 0 79 
Internal0 304 0 304 
Broker/other0 0 19 19 
               Total sovereign and supranational0 383 19 402 
         Banks/financial institutions:
Third-party pricing vendor0 5,605 0 5,605 
Internal0 3,630 5 3,635 
Broker/other0 0 4 4 
               Total banks/financial institutions0 9,235 9 9,244 
         Other corporate:
Third-party pricing vendor0 21,294 0 21,294 
Internal0 4,945 20 4,965 
Broker/other0 0 139 139 
               Total other corporate0 26,239 159 26,398 
                  Total securities available-for-sale$13,921 $46,843 $3,357 $64,121 
Equity securities, carried at fair value:
Third-party pricing vendor$727 $0 $0 $727 
Internal0 0 24 24 
Broker/other0 0 136 136 
               Total equity securities$727 $0 $160 $887 
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 
Internal0 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 
Internal0 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 
Fair Value, Assets Carried At Amortized Cost, Primary Pricing Sources
2025
(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$14,696 $131 $0 $14,827 
               Total government and agencies14,696 131 0 14,827 
         Municipalities:
Third-party pricing vendor0 229 0 229 
               Total municipalities0 229 0 229 
         Public utilities:
Third-party pricing vendor0 29 0 29 
               Total public utilities0 29 0 29 
         Sovereign and supranational:
Third-party pricing vendor0 188 0 188 
Internal0 187 0 187 
               Total sovereign and supranational0 375 0 375 
         Other corporate:
Third-party pricing vendor0 16 0 16 
               Total other corporate0 16 0 16 
                  Total securities held-to-maturity$14,696 $780 $0 $15,476 
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 
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.
2025
 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$1,156 $647 $23 $10 $231 $157 $2,224 
Net investment gains (losses) included
  in earnings		1 1 0 0 (2)(4)(4)
Unrealized gains (losses) included in
  other comprehensive income (loss)		24 29 0 (1)5 0 57 
Purchases, issuances, sales
  and settlements:
Purchases909 242 0 0 24 9 1,184 
Issuances0 0 0 0 0 0 0 
Sales0 1 0 0 (2)(2)(3)
Settlements(153)(44)(4)0 (2)0 (203)
Transfers into Level 3395 0 0 0 0 0 395 
Transfers out of Level 3(38)0 0 0 (95)0 (133)
Balance, end of period$2,294 $876 $19 $9 $159 $160 $3,517 
Changes in unrealized gains (losses)
  relating to Level 3 assets and liabilities
  still held at the end of the period
  included in earnings		$1 $1 $0 $0 $0 $0 $2 

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)
Fair Value Measurement Inputs and Valuation Techniques
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.
2025
(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$2,294 Consensus pricingOffered quotes88.75-106.70
(a)
100.42
       Public utilities876 Discounted cash flowCredit spreads100 bps-391 bps
(c)
163 bps
       Sovereign and supranational19 Consensus pricingOffered quotesN/A
(b)
N/A
       Banks/financial institutions9 Adjusted costPrivate financialsN/A
(d)
N/A
       Other corporate159 Discounted cash flowCredit spreads75 bps-384 bps
(c)
217 bps
  Equity securities160 Adjusted costPrivate financialsN/A
(d)
N/A
            Total assets$3,517 
(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

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
v3.25.4
DEFERRED POLICY ACQUISITION COSTS (Tables)
 12 Months Ended
Dec. 31, 2025
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.
2025
Aflac JapanAflac U.S.
(In millions)CancerMedical and Other HealthLife InsuranceOtherAccidentDisabilityCritical CareHospital IndemnityDental/VisionLife InsuranceOtherTotal
Deferred policy acquisition costs:
Balance, beginning of year$2,776 $1,833 $441 $52 $915 $636 $1,348 $452 $86 $219 $0 $8,758 
Capitalization357 85 33 3 137 127 162 90 13 98 0 1,105 
Amortization expense(188)(99)(33)(3)(143)(122)(155)(79)(12)(40)0 (874)
Foreign currency translation and
  other		20 21 5 (1)0 0 0 0 0 0 0 45 
Balance, end of year$2,965 $1,840 $446 $51 $909 $641 $1,355 $463 $87 $277 $0 $9,034 
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 
v3.25.4
POLICY LIABILITIES (Tables)
 12 Months Ended
Dec. 31, 2025
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.
2025
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, 2024
$14,184 $11,817 $5,156 $846 $2,497 $1,635 $3,901 $1,122 $196 $909 $826 
Beginning balance at original discount rate 14,008 11,845 5,084 864 2,687 1,726 4,340 1,221 209 976 824 
Effect of changes in cash flow assumptions(661)136 (40)5 18 (22)(163)(8)(10)(5)386 
Effect of actual variances from expected
   experience 		(436)(84)(62)(12)21 20 (2)16 (10)(32)146 
Adjusted beginning of period balance12,911 11,897 4,982 857 2,726 1,724 4,175 1,229 189 939 1,356 
Issuances1,114 253 405 9 295 341 488 211 50 246 571 
Interest accrual364 292 110 16 110 69 177 50 9 42 73 
Net premiums collected (1)
(1,379)(1,076)(795)(95)(487)(402)(590)(255)(39)(171)(138)
Foreign currency translation193 146 70 13 0 0 0 0 0 0 0 
Other(2)(1)0 0 (7)(6)(8)(4)(1)(5)(27)
Ending balance at original discount rate13,201 11,511 4,772 800 2,637 1,726 4,242 1,231 208 1,051 1,835 
Effect of changes in discount rate assumptions(994)(1,162)(225)(75)(112)(41)(297)(60)(6)(30)133 
Balance at December 31, 2025
$12,207 $10,349 $4,547 $725 $2,525 $1,685 $3,945 $1,171 $202 $1,021 $1,968 
Present value of expected future policy benefits:
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 
Beginning 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 cash flow assumptions(1,130)108 (101)74 47 (46)(219)(4)(15)(17)399 
Effect of actual variances from expected
   experience		(483)(102)(61)(21)9 5 (15)8 (13)(53)148 
Adjusted beginning of period balance36,243 21,963 26,168 4,818 3,442 2,425 11,779 2,077 449 2,056 1,840 
Issuances1,138 260 417 14 300 355 503 217 50 254 574 
Interest accrual1,299 564 569 91 138 99 515 87 20 87 97 
Benefit payments(2,723)(1,044)(1,753)(218)(532)(478)(985)(310)(61)(109)(207)
Foreign currency translation481 236 315 53 0 0 0 0 0 0 0 
Other0 0 0 0 0 0 0 0 0 0 0 
Ending balance at original discount rate36,438 21,979 25,716 4,758 3,348 2,401 11,812 2,071 458 2,288 2,304 
Effect of changes in discount rate assumptions(1,451)(4,287)(4,822)(1,087)(164)(65)(967)(116)(20)(212)140 
Balance at December 31, 2025
34,987 17,692 20,894 3,671 3,184 2,336 10,845 1,955 438 2,076 2,444 
Net liability for future policy benefits22,780 7,343 16,347 2,946 659 651 6,900 784 236 1,055 476 
Less: reinsurance recoverable4,406 1,062 0 0 0 0 0 0 0 25 11 
Net liability for future policy benefits after
   reinsurance recoverable		$18,374 $6,281 $16,347 $2,946 $659 $651 $6,900 $784 $236 $1,030 $465 
(1) Net premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected future benefit payments.
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.
Schedule of Weighted-Average Interest Rates and Liability Duration for Future Policy Benefits
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.
2025
Aflac JapanAflac U.S.
CancerMedical and Other HealthLife InsuranceOtherAccidentDisabilityCritical CareHospital IndemnityDental/VisionLife InsuranceOther
Weighted-average interest, original discount rate (1)
3.8 %2.5 %2.1 %1.8 %4.1 %4.4 %4.5 %4.5 %4.3 %3.9 %5.5 %
Weighted-average interest, current discount rate (1)
3.1 %3.6 %2.8 %3.4 %5.2 %5.0 %5.4 %5.3 %5.2 %5.3 %5.4 %
Weighted-average liability duration (years)12.322.916.216.27.85.610.89.07.513.58.6
(1) The weighted-average interest rates are calculated using the reserve balances as the weights. No adjustments were made to observable market information.

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.
Reconciliation of Future Policy Benefits
The following table presents a reconciliation of the disaggregated rollforwards above to the ending liability for 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)20252024
Balances included in future policy benefits rollforward:
Aflac Japan
Cancer$22,780 $26,597 
Medical and other health7,343 8,789 
Life insurance16,347 19,109 
Other2,946 3,379 
Aflac U.S.
Accident659 630 
Disability651 695 
Critical care6,900 6,800 
Hospital indemnity784 775 
Dental/vision236 245 
Life insurance1,055 938 
Other476 462 
Corporate and other4,317 5,072 
Deferred profit liability2,066 1,844 
Deferred reinsurance gain liability757 806 
Intercompany eliminations (1)
(4,997)(5,760)
Total$62,320 $70,381 
(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)202520242023
Net earned premiums:
Aflac Japan
Cancer$3,405 $3,545 $4,063 
Medical and other health2,131 2,181 2,631 
Life insurance1,227 1,225 1,532 
Other129 134 149 
Aflac U.S.
Accident1,229 1,265 1,288 
Disability1,408 1,327 1,256 
Critical care1,763 1,763 1,749 
Hospital indemnity728 727 725 
Dental/vision207 202 214 
Life insurance683 565 475 
Other200 110 45 
Corporate and other806 680 400 
Reinsurance ceded(368)(284)(404)
Total$13,548 $13,440 $14,123 
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)202520242023
Interest expense:
Aflac Japan
Cancer$935 $978 $1,061 
Medical and other health272 268 274 
Life insurance459 472 501 
Other75 76 80 
Aflac U.S.
Accident28 27 25 
Disability30 32 34 
Critical care338 342 345 
Hospital indemnity37 38 39 
Dental/vision11 11 13 
Life insurance45 41 37 
Other24 25 27 
Total$2,254 $2,310 $2,436 
Summary of Undiscounted and Discounted Expected Future Gross Premiums and Expected Future Policy Benefits and Expenses
The following tables present the amount of expected future gross premiums and expected future policy benefits and expenses (undiscounted and discounted at the current period discount rate) 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.
20252024
(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$52,505 $54,844 $51,712 $56,881 
Medical and other health32,757 35,043 33,250 34,864 
Life insurance10,781 37,340 10,915 37,520 
Other1,351 6,419 1,477 6,479 
Aflac U.S.
Accident8,560 4,660 8,862 4,687 
Disability5,697 3,033 5,727 3,094 
Critical care19,182 19,971 19,624 20,340 
Hospital indemnity4,757 3,027 4,859 3,017 
Dental/vision1,081 657 1,118 679 
Life insurance3,326 3,948 2,966 3,559 
Other3,477 4,105 2,143 2,273 
Total$143,474 $173,047 $142,653 $173,393 
20252024
(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$36,796 $34,987 $40,170 $40,781 
Medical and other health22,239 17,692 25,171 20,606 
Life insurance8,625 20,894 9,367 24,265 
Other1,018 3,671 1,204 4,225 
Aflac U.S.
Accident6,002 3,184 6,057 3,127 
Disability4,478 2,336 4,404 2,330 
Critical care11,988 10,845 11,900 10,701 
Hospital indemnity3,333 1,955 3,312 1,897 
Dental/vision755 438 761 441 
Life insurance2,358 2,076 2,050 1,847 
Other2,105 2,444 1,290 1,288 
Total$99,697 $100,522 $105,686 $111,508 
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)20252024
Other policyholders' funds:
Fixed annuities account balance, beginning of period (1)
$5,221 $5,939 
Premiums received97 104 
Transfers from WAYS conversions307 249 
Surrenders and withdrawals(64)(58)
Benefit payments(513)(446)
Interest credited49 49 
Foreign currency translation and other55 (616)
Fixed annuities account balance, end of period5,152 5,221 
Other deposit type reserves293 239 
Total$5,445 $5,460 
(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.
20252024
(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%
$5,152$5,083
0.5% - 2.2%
$5,221$5,150
(1) Aflac Japan fixed annuities
(2) Weighted-average crediting rate of 1.5% at December 31, 2025 and 2024.
v3.25.4
REINSURANCE (Tables)
 12 Months Ended
Dec. 31, 2025
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)202520242023
Earned premiums:
Direct$13,760 $13,562 $14,318 
Ceded(368)(284)(404)
Assumed156 162 209 
Net earned premiums$13,548 $13,440 $14,123 
Benefits and claims, excluding reserve remeasurement:
Direct$8,174 $8,098 $8,599 
Ceded (249)(153)(147)
Assumed62 63 142 
Benefits and claims, excluding reserve remeasurement7,987 8,008 8,594 
Reserve remeasurement (gains) losses:
Direct(683)(558)(394)
Ceded(11)0 11 
Reserve remeasurement (gains) losses(694)(558)(383)
Total benefits and claims, net$7,293 $7,450 $8,211 
v3.25.4
NOTES PAYABLE AND LEASE OBLIGATIONS (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
A summary of notes payable and lease obligations as of December 31 follows:
(In millions)20252024
1.125% senior sustainability notes due March 2026
$400 $399 
2.875% senior notes due October 2026
299 299 
3.60% senior notes due April 2030
995 994 
6.90% senior notes due December 2039
221 221 
6.45% senior notes due August 2040
255 255 
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 paid September 2025 (principal amount ¥12.4 billion)
0 79 
.932% senior notes due January 2027 (principal amount ¥60.0 billion)
382 378 
1.048% senior notes due March 2029 (principal amount ¥13.0 billion)
83 81 
1.075% senior notes due September 2029 (principal amount ¥33.4 billion)
213 211 
.500% senior notes due December 2029 (principal amount ¥12.6 billion)
80 79 
.550% senior notes due March 2030 (principal amount ¥13.3 billion)
85 84 
1.159% senior notes due October 2030 (principal amount ¥29.3 billion)
186 184 
1.726% senior notes due October 2030 (principal amount ¥35.0 billion)
223 0 
1.412% senior notes due March 2031 (principal amount ¥27.9 billion)
178 176 
.633% senior notes due April 2031 (principal amount ¥30.0 billion)
191 189 
.843% senior notes due December 2031 (principal amount ¥9.3 billion)
59 58 
.750% senior notes due March 2032 (principal amount ¥20.7 billion)
131 130 
1.990% senior notes due May 2032 (principal amount ¥18.2 billion)
116 0 
1.320% senior notes due December 2032 (principal amount ¥21.1 billion)
134 133 
2.003% senior notes due December 2032 (principal amount ¥23.4 billion)
149 0 
.844% senior notes due April 2033 (principal amount ¥12.0 billion)
76 76 
1.488% senior notes due October 2033 (principal amount ¥15.2 billion)
97 95 
1.682% senior notes due March 2034 (principal amount ¥7.7 billion)
49 48 
1.600% senior notes due March 2034 (principal amount ¥18.3 billion)
116 115 
.934% senior notes due December 2034 (principal amount ¥9.8 billion)
62 62 
.830% senior notes due March 2035 (principal amount ¥10.6 billion)
67 66 
2.320% senior notes due May 2035 (principal amount ¥38.3 billion)
245 0 
2.369% senior notes due June 2035 (principal amount ¥9.5 billion)
60 0 
1.740% senior notes due March 2036 (principal amount ¥15.0 billion)
95 94 
1.039% senior notes due April 2036 (principal amount ¥10.0 billion)
64 63 
1.594% senior notes due September 2037 (principal amount ¥6.5 billion)
41 41 
1.750% senior notes due October 2038 (principal amount ¥8.9 billion)
56 56 
1.920% senior notes due March 2039 (principal amount ¥16.5 billion)
104 103 
1.122% senior notes due December 2039 (principal amount ¥6.3 billion)
40 39 
2.650% senior notes due May 2040 (principal amount ¥11.6 billion)
74 0 
2.779% senior notes due June 2040 (principal amount ¥7.0 billion)
45 0 
1.264% senior notes due April 2041 (principal amount ¥10.0 billion)
63 63 
2.160% senior notes due March 2044 (principal amount ¥5.7 billion)
36 35 
3.040% senior notes due May 2045 (principal amount ¥7.0 billion)
45 0 
2.108% subordinated debentures due October 2047 (principal amount ¥60.0 billion)
379 375 
1.560% senior notes due April 2051 (principal amount ¥20.0 billion)
127 125 
2.144% senior notes due September 2052 (principal amount ¥12.0 billion)
76 75 
1.958% subordinated bonds due December 2053 (principal amount ¥30.0 billion)
191 188 
2.400% senior notes due March 2054 (principal amount ¥19.5 billion)
124 122 
Yen-denominated loans:
Variable interest rate loan due August 2027 (1.08% in 2025 and .84% in 2024,
  principal amount ¥11.7 billion)
75 74 
Variable interest rate loan due August 2029 (1.18% in 2025 and .94% in 2024,
  principal amount ¥25.3 billion)
161 160 
Variable interest rate loan due August 2032 (1.33% in 2025 and 1.09% in 2024,
  principal amount ¥70.0 billion)
446 441 
Finance lease obligations payable through 20306 5 
Operating lease obligations payable through 204973 91 
Total notes payable and lease obligations$8,409 $7,498 
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, 2025, are as follows:
(In millions)
2026$700 
2027458 
20280 
2029539 
20301,496 
Thereafter5,185 
Total$8,378 
Schedule of Line of Credit Facilities
A summary of the Company's lines of credit as of December 31, 2025 follows:
Borrower(s)TypeTermExpiration DateCapacityAmount OutstandingInterest Rate on Borrowed AmountMaturity PeriodCommitment FeeBusiness Purpose
Aflac Incorporated
and Aflac		uncommitted bilateral364 daysDecember 4,
2026
$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 13,
2030, or the date commitments are terminated pursuant to an event of default
¥100.0 billion
¥0.0 billion
A rate per annum equal to, at the Company's option, either (a) TIBOR plus an applicable margin or (b) an alternative TIBOR based on the rate offered by the agent to major banks in yen for the applicable period plus an applicable marginNo later than
May 14, 2030
.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 U.S. dollar 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 daysNovember 30,
2026
$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 1, 2026NoneGeneral corporate purposes
Aflac Incorporated(1)
(Tranche 1)
uncommitted revolving364 daysNovember 25,
2026
¥50.0 billion
¥0.0 billion
Three-month Japanese yen TIBOR plus 75 basis points per annumNo later than November 27, 2026NoneGeneral corporate purposes
Aflac Incorporated(1)
(Tranche 2)
uncommitted revolving364 daysNovember 25,
2026
¥50.0 billion
¥0.0 billion
Three-month Japanese yen TIBOR plus 75 basis points per annumNo later than November 27, 2026NoneGeneral corporate purposes
Aflac New York(1)
uncommitted revolving364 daysDecember 1,
2026
$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, 2026NoneGeneral corporate purposes
CAIC(1)
uncommitted revolving364 daysDecember 1,
2026
$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, 2026NoneGeneral 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,
2026
$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, 2026NoneGeneral corporate purposes
Aflac GI Holdings LLC(1)
uncommitted revolving364 daysDecember 1,
2026
$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, 2026NoneGeneral corporate purposes
Aflac Incorporated(1)
uncommitted revolving364 daysDecember 1,
2026
$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, 2026NoneGeneral corporate purposes
Aflac Re(1)
uncommitted revolving364 daysDecember 1,
2026
$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, 2026NoneGeneral corporate purposes
Aflac Asset Management LLC(1)
uncommitted revolving364 daysDecember 1,
2026
$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, 2026NoneGeneral corporate purposes
Aflac Global Ventures LLC(1)
uncommitted revolving364 daysDecember 1,
2026
$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, 2026NoneGeneral corporate purposes
(1) Intercompany credit agreement
v3.25.4
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Components of Pretax Earnings
The components of pretax earnings for the year ended December 31, 2025 were as follows:
(In millions)ForeignU.S.Total
2025:
Pretax earnings$3,321 $1,212 $4,533 
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
2025:
Current$785 $330 $1,115 
Deferred217 (445)(228)
Total income tax expense$1,002 $(115)$887 
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 
Schedule of Effective Income Tax Rate Reconciliation
The principal reasons for the differences and the related tax effects for the year ended December 31, 2025 were as follows:
(In millions)2025
Income taxes based on U.S. statutory rates$952 21.0 %
Domestic federal reconciling items:
Tax credits
Solar tax credits(54)(1.2)
Other tax credits(41)(.9)
Nontaxable and nondeductible items
DST functional currency change23 .5 
Other nontaxable and nondeductible items, net23 .5 
Effects of cross-border tax laws
U.S. effects of foreign branch(184)(4.0)
Changes in tax law(112)(2.5)
Other, net(19)(.4)
Foreign reconciling items:
Japan:
Japan federal rate differential69 1.5 
Japan local rate differential151 3.3 
Changes in tax law112 2.5 
Other foreign tax effects, Japan3 .1 
Bermuda:
Bermuda corporate income tax credit(26)(.6)
Bermuda rate differential(10)(.2)
Income tax expense$887 19.6 %
The principal reasons for the differences and the related tax effects for the years ended December 31 were as follows:
(In millions)20242023
Income taxes based on U.S. statutory rates$1,348 $1,105 
DST functional currency change(208)(174)
Solar and historic tax credits, net of amortization(164)(348)
Other, net(2)20 
Income tax expense$974 $603 
Schedule of Income Tax Expense Benefit Intraperiod Tax Allocation
(In millions)202520242023
Statements of earnings$887 $974 $603 
Other comprehensive income (loss):
Unrealized foreign currency translation gains (losses) during
  period
(6)160 140 
Unrealized gains (losses) on fixed maturity securities:
Unrealized holding gains (losses) on fixed maturity
  securities during period
(489)(265)520 
Reclassification adjustment for (gains) losses
  on fixed maturity securities included in net earnings
(1)(41)(35)
Unrealized gains (losses) on derivatives during period2 1 1 
Effect of changes in discount rate assumptions during period1,603 1,214 (122)
Pension liability adjustment during period21 5 7 
Total income tax expense (benefit) related to items of
  other comprehensive income (loss)
1,130 1,074 511 
Total income taxes$2,017 $2,048 $1,114 
Schedule of Income Taxes Paid, Net of Refunds Received
The components of income taxes paid, net of refunds received for the year ended December 31, 2025 were as follows:
(In millions)2025
U.S. federal$104 
Foreign:
Japan federal970 
Other foreign taxes91 
Total income taxes paid, net of refunds$1,165 
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)20252024
Deferred income tax liabilities:
Deferred policy acquisition costs$2,695 $2,637 
Unrealized gains and other basis differences on investments0 615 
Foreign currency gain on Aflac Japan0 1 
Premiums receivable36 43 
Policy benefit reserves6,585 2,509 
Other237 54 
Total deferred income tax liabilities9,553 5,859 
Deferred income tax assets:
Unfunded retirement benefits4 4 
Other accrued expenses40 32 
Policy and contract claims504 514 
Foreign currency loss on Aflac Japan7 0 
Deferred compensation0 31 
Depreciation295 255 
Anticipatory foreign tax credit4,966 3,262 
Deferred foreign tax credit and carryforward1,098 1,428 
Unrealized losses and other basis differences in investments1,360 0 
Total deferred income tax assets8,274 5,526 
Net deferred income tax (asset) liability1,279 333 
Current income tax (asset) liability89 240 
Total income tax liability$1,368 $573 
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)2025 2024 
Balance, beginning of year$0 $1 
Reductions for tax positions of prior years0   (1)
Balance, end of year$0 $0 
v3.25.4
SHAREHOLDERS' EQUITY (Tables)
 12 Months Ended
Dec. 31, 2025
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)202520242023
Common stock - issued:
Balance, beginning of period1,356,7631,355,3981,354,079
Exercise of stock options and issuance of restricted shares1,1461,3651,319
Balance, end of period1,357,9091,356,7631,355,398
Treasury stock:
Balance, beginning of period806,799776,919738,823
Purchases of treasury stock:
Share repurchase program32,99430,42838,896
Other411494364
Dispositions of treasury stock:
Shares issued to AFL Stock Plan(698)(751)(897)
Exercise of stock options(60)(104)(88)
Other(227)(187)(179)
Balance, end of period839,219806,799776,919
Shares outstanding, end of period518,690549,964578,479
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)202520242023
Weighted-average outstanding shares used for calculating basic EPS532,885 562,492 596,173 
Dilutive effect of share-based awards1,993 2,523 2,572 
Weighted-average outstanding shares used for calculating diluted EPS534,878 565,015 598,745 
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)202520242023
Anti-dilutive share-based awards1 17 51 
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
2025
(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, 2024
$(4,998)$24 $(20)$2,006 $10 $(2,978)
Other comprehensive
   income (loss) before
   reclassification 		151 (1,828)3 6,029 76 4,431 
Amounts reclassified from
   accumulated other
   comprehensive income
  (loss)		0 (5)4 0 0 (1)
Net current-period other
   comprehensive
   income (loss)		151 (1,833)7 6,029 76 4,430 
Balance at December 31, 2025
$(4,847)$(1,809)$(13)$8,035 $86 $1,452 
All amounts in the table above are net of tax.

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.
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)2025
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		$6 Net investment gains (losses)
(1)
Tax (expense) or benefit(1)
$5 Net of tax
Unrealized gains (losses) on derivatives$(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$1 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 13 for additional details).
(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 13 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 13 for additional details).
v3.25.4
SHARE-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Expense Recognized in Connection with Share Based Awards
The following table presents the impact of share-based compensation expense for the years ended December 31.
(In millions, except for per-share amounts)202520242023
Impact on earnings from continuing operations$82 $72 $79 
Impact on earnings before income taxes82 72 79 
Impact on net earnings65 57 62 
Impact on net earnings per share:
Basic$.12 $.10 $.10 
Diluted.12 .10 .10 
Schedule of Share-based Compensation, Stock Options, Activity
The following tables summarize stock option activity under the employee stock option plan. There were no options granted in 2025, 2024 or 2023.
(In thousands of shares)Stock
Option
Shares		Weighted-Average
Exercise Price
Per Share
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 
Granted in 20250 0.00 
Canceled in 2025(2)30.53 
Exercised in 2025(301)31.04 
Outstanding at December 31, 2025320 $36.65 
Schedule of Cash Proceeds Received from Share-based Payment Awards
(In millions)202520242023
Total intrinsic value of options exercised$23 $25 $22 
Cash received from options exercised9 13 16 
Tax benefit realized as a result of options exercised and
  restricted stock releases		31 28 20 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable
(In thousands of shares)202520242023
Shares exercisable, end of year320 623 1,051 
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.
202520242023
Expected term (years)8.08.08.0
Expected volatility27.2 %26.8 %26.7 %
Annual forfeiture rate4.4 4.4 4.2 
Risk-free interest rate4.2 4.0 3.0 
Dividend yield2.2 2.4 2.3 
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, 2025.
(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 39 0.1$28.97 39 $28.97 
28.97 -36.21 166 1.235.17 166 35.17 
36.21 -44.59 115 1.941.37 115 41.37 
$0.00 -$44.59 320 1.3$36.65 320 $36.65 
Schedule of Share-based Payment Award, Performance Based Restricted Stock, Valuation Assumptions
Key assumptions used to value performance-based restricted stock granted during 2025 follows:
(In millions)2025
Expected volatility (based on Aflac Inc. and peer group historical daily stock price) 21.3 %
Expected life from grant date (years)2.9
Risk-free interest rate (based on U.S. Treasury yields at the date of grant)4.2 %
Schedule of Nonvested Restricted Stock Units Activity
The value of restricted stock 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, 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 
Granted in 20251,139 104.53 
Canceled in 2025(77)78.60 
Vested in 2025(1,294)68.83 
Restricted stock at December 31, 20251,867 $86.15 
v3.25.4
BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2025
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Net Funded Status
Information with respect to the Company's benefit plans' assets and obligations as of December 31 follows:
Pension BenefitsOther
JapanU.S.Postretirement Benefits
(In millions)202520242025202420252024
Projected benefit obligation:
      Benefit obligation, beginning of year$282 $324 $584 $764 $23 $25 
      Service cost13 14 0 0 0 0 
      Interest cost9 8 15 36 1 1 
      Actuarial (gain) loss(45)(18)8 (7)3 2 
      Benefits and expenses paid(15)(16)(15)(32)(5)(5)
      Settlement0 0 (420)(177)0 0 
      Effect of foreign exchange
         rate changes		5 (30)0 0 0 0 
               Benefit obligation, end of year249 282 172 584 22 23 
Plan assets:
      Fair value of plan assets,
         beginning of year		345 344 439 648 0 0 
      Actual return on plan assets23 27 0 (8)0 0 
      Employer contributions28 27 9 8 5 5 
      Benefits and expenses paid(15)(16)(15)(32)(5)(5)
      Settlement0 0 (420)(177)0 0 
      Effect of foreign exchange
         rate changes		2 (37)0 0 0 0 
               Fair value of plan assets,
                  end of year		383 345 13 439 0 0 
Funded status of the plans(1)
$134 $63 $(159)$(145)$(22)$(23)
Amounts recognized in accumulated other
    comprehensive income:
      Net actuarial (gain) loss$(68)$(10)$(40)$1 $6 $4 
      Prior service (credit) cost0 0 (1)(1)0 0 
               Total included in accumulated
                  other comprehensive income		$(68)$(10)$(41)$0 $6 $4 
Accumulated benefit obligation$162 $184 $172 $584 N/AN/A
(1) Underfunded amounts are included in other liabilities in the consolidated balance sheets and overfunded amounts are included 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)2025202420252024
Accumulated benefit obligation $162 $184 $172 $584 
Fair value of plan assets383 345 13 439 
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)2025202420252024
Projected benefit obligation $249 $282 $172 $584 
Fair value of plan assets383 345 13 439 
(1) The net amount of projected benefit obligation and plan assets for the overfunded Japan pension plan was $134 and $63 at December 31, 2025 and 2024, respectively, and was included in other assets in the consolidated balance sheets.
(2) The net amount of projected benefit obligation and plan assets for the underfunded (including unfunded) U.S. pension plan was $159 and $145 at December 31, 2025 and 2024, respectively, and was included in other liabilities in the consolidated balance sheets.
Schedule of Assumptions Used
Pension BenefitsOther
JapanU.S.Postretirement Benefits
202520242023202520242023202520242023
Weighted-average
  actuarial assumptions:		                    
Discount rate - net periodic
  benefit cost		2.31 %1.84 %1.95 %5.60 %5.33 %
(1)
5.24 %
(2)
5.60 %5.04 %5.28 %
Discount rate - benefit
  obligations		3.39 2.31 1.84 5.34 5.60 5.04   4.49 5.60 5.04   
Expected long-term return
  on plan assets		2.00 2.00 2.00 4.75 4.75 4.75 N/AN/AN/A
Rate of compensation
  increase		5.90 5.90 N/AN/AN/A4.00 N/AN/AN/A
Health care cost trend ratesN/AN/AN/AN/AN/AN/A6.50 
(3)
6.30 
(3)
6.80 
(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 2025, 2024 and 2023, the health care cost trend rates are expected to trend down to 3.7% in 48 years, 3.7% in 49 years, and 3.7% in 50 years, respectively.
Schedule of Net Benefit Costs Total net periodic benefit cost includes the following components:
Pension BenefitsOther
JapanU.S.Postretirement Benefits
(In millions)202520242023202520242023202520242023
Service cost$13 $14 $14 $0 $0 $7 $0 $0 $0 
Interest cost9 8 9 15 36 41 1 1 1 
Expected return on
  plan assets		(7)(7)(7)(5)(30)(34)0 0 0 
Amortization of net
  actuarial (gain) loss		0 0 0 (1)(1)(2)1 0 2 
Amortization of prior
  service cost (credit)		0 0 0 0 (1)0 0 0 0 
Curtailment (gain) loss0 0 0 0 0 (49)0 0 0 
Settlement (gain) loss0 0 0 55 18 0 0 0 0 
Net periodic benefit
  cost (credit)		$15 $15 $16 $64 $22 $(37)$2 $1 $3 
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
The following table summarizes the amounts recognized in other comprehensive loss (income) for the years ended December 31:
Pension BenefitsOther
JapanU.S.Postretirement Benefits
(In millions)202520242023202520242023202520242023
Net actuarial (gain) loss$(58)$(40)$(5)$13 $31 $31 $3 $2 $(4)
Amortization of net
  actuarial gain (loss)
0 0 0 1 1 2 (1)0 (2)
Amortization of prior
  service cost 		0 0 0 0 1 0 0 0 0 
Curtailment (gain) loss0 0 0 0 0 (57)0 0 0 
Settlement (gain) loss0 0 0 (55)(18)0 0 0 0 
Total$(58)$(40)$(5)$(41)$15 $(24)$2 $2 $(6)
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
2026$16 $10 $4 
202712 16 4 
202812 14 3 
202913 13 2 
203013 13 1 
2031-203580 64 4 
Schedule of Allocation of Plan Assets Asset allocation targets as of December 31, 2025 were as follows:
Japan
Pension		U.S.
Pension
Domestic equities9 %0 %
International equities11 0 
Fixed income securities46 0 
Other34 100 
     Total100 %100 %
Schedule of Changes in Fair Value of Plan Assets
The following tables present the changes in fair value of Aflac Japan's pension plan assets that are classified as Level 3 for the years ended December 31.
2025
(In millions)International
Bonds		Alternative InvestmentsTotal
Balance, beginning of period$0 $62 $62 
Actual return on plan assets:
Relating to assets still held at the reporting date0 3 3 
Relating to assets sold during the period0 0 0 
Purchases, sales and settlements29 0 29 
Transfers in and/or out of Level 30 0 0 
Balance, end of period$29 $65 $94 
2024
(In millions)Alternative InvestmentsTotal
Balance, beginning of period$16 $16 
Actual return on plan assets:
Relating to assets still held at the reporting date2 2 
Relating to assets sold during the period0 0 
Purchases, sales and settlements44 44 
Transfers in and/or out of Level 30 0 
Balance, end of period$62 $62 
Japan  
Defined Benefit Plan Disclosure [Line Items]  
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.
  2025
(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 $35 $0 $35 
International equity securities0 44 0 44 
Fixed income securities:
Japanese bonds0 17 0 17 
International bonds0 129 29 158 
Insurance contracts0 63 0 63 
Alternative investments0 0 65 65 
Cash and cash equivalents1 0 0 1 
Total $1 $288 $94 $383 
  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:
International bonds0 154 0 154 
Insurance contracts0 64 0 64 
Alternative investments0 0 62 62 
Total $0 $283 $62 $345 
U.S.  
Defined Benefit Plan Disclosure [Line Items]  
Fair Value, Assets Measured on Recurring Basis
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)20252024
U.S. pension plan assets:
Mutual funds:
Fixed income bond funds$0 $435 
Cash and cash equivalents13 4 
Total$13 $439 
v3.25.4
STATUTORY ACCOUNTING AND DIVIDEND RESTRICTIONS (Tables)
 12 Months Ended
Dec. 31, 2025
Insurance [Abstract]  
Schedule of Capital and Surplus Based on Statutory Accounting Practices
The table below presents statutory capital and surplus based on statutory accounting practices for the Company’s U.S. life insurance subsidiaries as of December 31.
(In millions)20252024
Aflac$2,756 $2,682 
CAIC148 375 
TOIC48 51 
Aflac New York324 316 
Schedule of Net Income (Loss) Based on Statutory Accounting Practices
The table below presents net income (loss) based on statutory accounting practices for the Company’s U.S. life insurance subsidiaries as of December 31.
(In millions)202520242023
Aflac$664 $912 $1,106 
CAIC85 (94)(121)
TOIC(14)(20)(27)
Aflac New York55 46 54 
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)202520242023202520242023
Profit remittances$2,681 $2,865 $2,623 ¥396.7 ¥441.6 ¥374.7 
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Property, Plant and Equipment (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Property, plant and equipment $ 1,018 $ 1,038
Less accumulated depreciation 667 651
Net property and equipment 351 387
Land    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment 168 168
Building    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment 399 392
Equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment $ 451 $ 478
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Summary of Signficant Accounting Policies - Additional Information (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
segment
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Jan. 01, 2021
USD ($)
Significant Accounting Policies [Line Items]        
Number of reportable insurance business segments | segment 2      
Advertising expense $ 160 $ 181 $ 188  
Depreciation and other amortization expense 36 40 $ 39  
Goodwill 260 263    
Retained earnings $ 54,682 $ 52,277    
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%      
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)
v3.25.4
BUSINESS SEGMENT INFORMATION AND SELECTED FOREIGN CURRENCY TRANSLATION ITEMS - Operations by Segment - Revenues (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting, Revenue Reconciling Item [Line Items]      
Net earned premiums [1] $ 13,548 $ 13,440 $ 14,123
Net investment income 4,076 4,116 3,811
Other income (loss) 112 100 177
Total revenues 17,164 18,927 18,701
Net investment gains (losses) (572) 1,271 590
Remeasurement gain (loss), deferred profit liability for limited-payment contracts (52) (81) 20
Change in value of federal historic rehabilitation and solar tax credit investments (65) (165) (343)
Federal historic rehabilitation and solar tax credits, amount 69 164 334
Operating Segments      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Total revenues 17,537 17,405 17,747
Segment Reconciling Items      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Net investment gains (losses) (572) 1,271 590
Amortized hedge costs 45 26 157
Amortized hedge income (98) (113) (121)
Net interest (income) expense from derivatives associated with certain investment strategies 252 338 328
Aflac Japan      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Net earned premiums 6,744 6,930 8,047
Net investment income 2,854 3,032 3,033
Aflac Japan | Operating Segments      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Net earned premiums [1] 6,744 6,930 8,047
Net investment income 2,581 2,701 2,582
Other income (loss) 32 28 35
Total revenues [1] 9,357 9,659 10,664
Aflac U.S.      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Net earned premiums 5,999 5,829 5,675
Net investment income 854 883 854
Aflac U.S. | Operating Segments      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Net earned premiums 5,999 5,829 5,675
Net investment income 830 847 820
Other income (loss) 74 63 128
Total revenues 6,903 6,739 6,623
Corporate and other      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Net earned premiums 805 681 400
Net investment income 368 201 (77)
Corporate and other | Operating Segments      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Total revenues [2] $ 1,277 $ 1,007 $ 460
[1] Includes a gain (loss) of $(52), $(81) and $20 in 2025, 2024 and 2023, 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 $65, $165 and $343 in 2025, 2024 and 2023, respectively, is included as a reduction to net investment income. Tax credits on these investments of $69, $164 and $334 in 2025, 2024 and 2023, respectively, have been reported as an income tax benefit in the consolidated statements of earnings. See Note 1 for additional information on these investments.
v3.25.4
BUSINESS SEGMENT INFORMATION AND SELECTED FOREIGN CURRENCY TRANSLATION ITEMS - Operations by Segment - Pretax Earnings (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total revenues $ 17,164 $ 18,927 $ 18,701
Benefits and claims, excluding reserve remeasurement 7,987 8,008 8,594
Reserve remeasurement (gains) losses (694) (558) (383)
Total benefits and claims, net 7,293 7,450 8,211
Amortization of deferred policy acquisition costs 874 851 816
Insurance commissions 991 998 1,052
Insurance and other expenses 3,253 3,014 3,165
Total benefits and expenses 12,631 12,510 13,439
Net investment gains (losses) (572) 1,271 590
Earnings before income taxes 4,533 6,417 5,262
Income taxes applicable to pretax adjusted earnings 954 873 577
Effect of foreign currency translation on after-tax adjusted earnings 19 (103) (113)
Remeasurement gain (loss), deferred profit liability for limited-payment contracts (52) (81) 20
Change in value of federal historic rehabilitation and solar tax credit investments (65) (165) (343)
Federal historic rehabilitation and solar tax credits, amount 69 164 334
Operating Segments      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total revenues 17,537 17,405 17,747
Total benefits and expenses 12,575 12,460 13,437
Pretax adjusted earnings 4,962 4,945 4,310
Segment Reconciling Items      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Other income (loss) (54) (23) 39
Net investment gains (losses) (572) 1,271 590
Amortized hedge costs 45 26 157
Amortized hedge income (98) (113) (121)
Net interest (income) expense from derivatives associated with certain investment strategies 252 338 328
Impact of interest from derivatives associated with notes payable (2) (27) (41)
Aflac Japan      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total benefits and claims, net 3,999 4,317 5,313
Amortization of deferred policy acquisition costs 323 321 326
Earnings before income taxes 3,321    
Aflac Japan | Operating Segments      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total revenues [1] 9,357 9,659 10,664
Benefits and claims, excluding reserve remeasurement 4,528 4,761 5,409
Reserve remeasurement (gains) losses (529) (444) (96)
Total benefits and claims, net 3,999 4,317 5,313
Amortization of deferred policy acquisition costs 323 321 326
Insurance commissions 427 435 491
Insurance and other expenses 1,168 1,092 1,300
Total benefits and expenses 5,917 6,165 7,430
Pretax adjusted earnings [1] 3,440 3,494 3,234
Aflac U.S.      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total benefits and claims, net 2,837 2,726 2,431
Amortization of deferred policy acquisition costs 551 530 490
Earnings before income taxes 1,212    
Aflac U.S. | Operating Segments      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total revenues 6,903 6,739 6,623
Benefits and claims, excluding reserve remeasurement 2,969 2,821 2,715
Reserve remeasurement (gains) losses (132) (95) (284)
Total benefits and claims, net 2,837 2,726 2,431
Amortization of deferred policy acquisition costs 551 530 490
Insurance commissions 564 563 561
Insurance and other expenses 1,530 1,501 1,640
Total benefits and expenses 5,482 5,320 5,122
Pretax adjusted earnings 1,421 1,419 1,501
Corporate and other      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total benefits and claims, net 458 407 467
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] 1,277 1,007 460
Total benefits and expenses 1,176 975 885
Pretax adjusted earnings [2] $ 101 $ 32 $ (425)
[1] Includes a gain (loss) of $(52), $(81) and $20 in 2025, 2024 and 2023, 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 $65, $165 and $343 in 2025, 2024 and 2023, respectively, is included as a reduction to net investment income. Tax credits on these investments of $69, $164 and $334 in 2025, 2024 and 2023, respectively, have been reported as an income tax benefit in the consolidated statements of earnings. See Note 1 for additional information on these investments.
v3.25.4
BUSINESS SEGMENT INFORMATION AND SELECTED FOREIGN CURRENCY TRANSLATION ITEMS - Information on Transfers of Funds from Aflac Japan (Detail)
$ in Millions, ¥ in Billions
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2025
JPY (¥)
Dec. 31, 2024
USD ($)
Dec. 31, 2024
JPY (¥)
Dec. 31, 2023
USD ($)
Dec. 31, 2023
JPY (¥)
Segment Reporting [Abstract]            
Management fees $ 73   $ 69   $ 67  
Profit remittances 2,681 ¥ 396.7 2,865 ¥ 441.6 2,623 ¥ 374.7
Total transfers from Aflac Japan $ 2,754   $ 2,934   $ 2,690  
v3.25.4
BUSINESS SEGMENT INFORMATION AND SELECTED FOREIGN CURRENCY TRANSLATION ITEMS - Operations by Segment - Assets (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Segment Reporting, Asset Reconciling Item [Line Items]    
Assets $ 116,470 $ 117,566
Aflac Japan    
Segment Reporting, Asset Reconciling Item [Line Items]    
Assets 88,537 90,210
Aflac U.S.    
Segment Reporting, Asset Reconciling Item [Line Items]    
Assets 22,317 21,930
Corporate and other    
Segment Reporting, Asset Reconciling Item [Line Items]    
Assets $ 5,616 $ 5,426
v3.25.4
BUSINESS SEGMENT INFORMATION AND SELECTED FOREIGN CURRENCY TRANSLATION ITEMS - Yen/Dollar Exchange Rates Used (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
¥ / $
Dec. 31, 2024
USD ($)
¥ / $
Dec. 31, 2023
USD ($)
¥ / $
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Weighted-average yen/dollar exchange rate | ¥ / $ [1] 149.32 150.97 140.57
Yen percent strengthening (weakening) 1.10% (6.90%) (7.40%)
Exchange effect on pretax adjusted earnings (in millions) $ 24 $ (125) $ (131)
Yen/dollar exchange rate at December 31 | ¥ / $ [1] 156.56 158.18  
Yen percent strengthening (weakening) 1.00% (10.30%)  
Exchange effect on total assets      
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Exchange effect $ 878 $ (6,127)  
Exchange effect on total liabilities      
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Exchange effect $ (2,159) $ (9,624)  
[1] Rates are based on the published MUFG Bank, Ltd. telegraphic transfer middle rate (TTM).
v3.25.4
BUSINESS SEGMENT INFORMATION AND SELECTED FOREIGN CURRENCY TRANSLATION ITEMS - Additional Information (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
segment
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Segment Reporting Information [Line Items]      
Number of reportable insurance business segments | segment 2    
Net earned premiums [1] $ 13,548 $ 13,440 $ 14,123
Receivables 835 779  
Premiums receivable, allowance for credit loss 107 108  
Aflac Re Bermuda      
Segment Reporting Information [Line Items]      
Net earned premiums $ 692 $ 568 $ 258
Aflac Japan      
Segment Reporting Information [Line Items]      
Percentage of the Company's total revenues 53.00% 55.00% 60.00%
Percentage of the Company's total assets 76.00% 77.00%  
Net earned premiums $ 6,744 $ 6,930 $ 8,047
Receivables $ 167 $ 197  
Percentage of total receivables related to Aflac Japan's operations 20.00% 25.30%  
[1] Includes a gain (loss) of $(52), $(81) and $20 in 2025, 2024 and 2023, respectively, related to remeasurement of the deferred profit liability for limited-payment contracts.
v3.25.4
INVESTMENTS - Components of Net Investment Income (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Gross investment income $ 4,319 $ 4,352 $ 4,046
Less investment expenses 243 236 235
Net investment income 4,076 4,116 3,811
Change in value of federal historic rehabilitation and solar tax credit investments (65) (165) (343)
Federal historic rehabilitation and solar tax credits, amount 69 164 334
Fixed maturity securities      
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Gross investment income 3,017 2,894 2,873
Equity securities      
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Gross investment income 20 24 28
Commercial mortgage and other loans      
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Gross investment income 821 1,046 1,002
Other investments      
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Gross investment loss [1]     (70)
Gross investment income [1] 231 130  
Short-term investments and cash equivalents      
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Gross investment income $ 230 $ 258 $ 213
[1] The change in value of federal historic rehabilitation and solar investments in partnerships of $65, $165 and $343 in 2025, 2024, and 2023, respectively, is included as a reduction to net investment income. Tax credits on these investments of $69, $164, and $334 in 2025, 2024, and 2023, respectively, have been reported as an income tax benefit in the consolidated statements of earnings. See Note 1 for additional information on these investments.
v3.25.4
INVESTMENTS - Available-for-Sale Debt Securities (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]        
Amortized Cost $ 65,263 $ 64,089    
Allowance for Credit Losses 0 0 $ 0 $ 0
Gross Unrealized Gains 4,782 5,308    
Gross Unrealized Losses 5,924 4,128    
Fair Value 64,121 65,269    
Yen-denominated        
Debt Securities, Available-for-Sale [Line Items]        
Amortized Cost 32,885 34,386    
Allowance for Credit Losses 0 0    
Gross Unrealized Gains 704 1,587    
Gross Unrealized Losses 5,108 3,099    
Fair Value 28,481 32,874    
U.S. dollar-denominated        
Debt Securities, Available-for-Sale [Line Items]        
Amortized Cost 32,257 29,678    
Allowance for Credit Losses 0 0    
Gross Unrealized Gains 4,068 3,720    
Gross Unrealized Losses 816 1,029    
Fair Value 35,509 32,369    
Other currencies        
Debt Securities, Available-for-Sale [Line Items]        
Amortized Cost 121 25    
Allowance for Credit Losses 0 0    
Gross Unrealized Gains 10 1    
Gross Unrealized Losses 0 0    
Fair Value 131 26    
Japan government and agencies | Yen-denominated        
Debt Securities, Available-for-Sale [Line Items]        
Amortized Cost 18,063 19,409    
Allowance for Credit Losses 0 0    
Gross Unrealized Gains 41 465    
Gross Unrealized Losses 3,727 2,234    
Fair Value 14,377 17,640    
Municipalities        
Debt Securities, Available-for-Sale [Line Items]        
Fair Value 1,930 2,034    
Municipalities | Yen-denominated        
Debt Securities, Available-for-Sale [Line Items]        
Amortized Cost 856 869    
Allowance for Credit Losses 0 0    
Gross Unrealized Gains 5 65    
Gross Unrealized Losses 145 79    
Fair Value 716 855    
Municipalities | U.S. dollar-denominated        
Debt Securities, Available-for-Sale [Line Items]        
Amortized Cost 1,185 1,167    
Allowance for Credit Losses 0 0    
Gross Unrealized Gains 83 65    
Gross Unrealized Losses 54 53    
Fair Value 1,214 1,179    
Mortgage- and asset-backed securities        
Debt Securities, Available-for-Sale [Line Items]        
Fair Value 4,366 3,563    
Mortgage- and asset-backed securities | Yen-denominated        
Debt Securities, Available-for-Sale [Line Items]        
Amortized Cost 297 327    
Allowance for Credit Losses 0 0    
Gross Unrealized Gains 1 4    
Gross Unrealized Losses 38 23    
Fair Value 260 308    
Mortgage- and asset-backed securities | U.S. dollar-denominated        
Debt Securities, Available-for-Sale [Line Items]        
Amortized Cost 3,854 2,987    
Allowance for Credit Losses 0 0    
Gross Unrealized Gains 239 302    
Gross Unrealized Losses 35 34    
Fair Value 4,058 3,255    
Mortgage- and asset-backed securities | Other currencies        
Debt Securities, Available-for-Sale [Line Items]        
Amortized Cost 44      
Allowance for Credit Losses 0      
Gross Unrealized Gains 4      
Gross Unrealized Losses 0      
Fair Value 48      
Public utilities        
Debt Securities, Available-for-Sale [Line Items]        
Fair Value 7,174 7,045    
Public utilities | Yen-denominated        
Debt Securities, Available-for-Sale [Line Items]        
Amortized Cost 2,519 2,746    
Allowance for Credit Losses 0 0    
Gross Unrealized Gains 123 202    
Gross Unrealized Losses 174 108    
Fair Value 2,468 2,840    
Public utilities | U.S. dollar-denominated        
Debt Securities, Available-for-Sale [Line Items]        
Amortized Cost 4,292 3,938    
Allowance for Credit Losses 0 0    
Gross Unrealized Gains 465 418    
Gross Unrealized Losses 107 151    
Fair Value 4,650 4,205    
Public utilities | Other currencies        
Debt Securities, Available-for-Sale [Line Items]        
Amortized Cost 52      
Allowance for Credit Losses 0      
Gross Unrealized Gains 4      
Gross Unrealized Losses 0      
Fair Value 56      
Sovereign and supranational        
Debt Securities, Available-for-Sale [Line Items]        
Fair Value 402 416    
Sovereign and supranational | Yen-denominated        
Debt Securities, Available-for-Sale [Line Items]        
Amortized Cost 330 330    
Allowance for Credit Losses 0 0    
Gross Unrealized Gains 7 16    
Gross Unrealized Losses 13 8    
Fair Value 324 338    
Sovereign and supranational | U.S. dollar-denominated        
Debt Securities, Available-for-Sale [Line Items]        
Amortized Cost 57 57    
Allowance for Credit Losses 0 0    
Gross Unrealized Gains 21 21    
Gross Unrealized Losses 0 0    
Fair Value 78 78    
Banks/financial institutions        
Debt Securities, Available-for-Sale [Line Items]        
Fair Value 9,244 8,956    
Banks/financial institutions | Yen-denominated        
Debt Securities, Available-for-Sale [Line Items]        
Amortized Cost 5,382 5,376    
Allowance for Credit Losses 0 0    
Gross Unrealized Gains 170 267    
Gross Unrealized Losses 477 342    
Fair Value 5,075 5,301    
Banks/financial institutions | U.S. dollar-denominated        
Debt Securities, Available-for-Sale [Line Items]        
Amortized Cost 3,672 3,271    
Allowance for Credit Losses 0 0    
Gross Unrealized Gains 518 420    
Gross Unrealized Losses 21 36    
Fair Value 4,169 3,655    
Other corporate        
Debt Securities, Available-for-Sale [Line Items]        
Fair Value 26,398 25,409    
Other corporate | Yen-denominated        
Debt Securities, Available-for-Sale [Line Items]        
Amortized Cost 5,438 5,329    
Allowance for Credit Losses 0 0    
Gross Unrealized Gains 357 568    
Gross Unrealized Losses 534 305    
Fair Value 5,261 5,592    
Other corporate | U.S. dollar-denominated        
Debt Securities, Available-for-Sale [Line Items]        
Amortized Cost 18,967 18,050    
Allowance for Credit Losses 0 0    
Gross Unrealized Gains 2,740 2,493    
Gross Unrealized Losses 597 752    
Fair Value 21,110 19,791    
Other corporate | Other currencies        
Debt Securities, Available-for-Sale [Line Items]        
Amortized Cost 25 25    
Allowance for Credit Losses 0 0    
Gross Unrealized Gains 2 1    
Gross Unrealized Losses 0 0    
Fair Value 27 26    
U.S. government and agencies | U.S. dollar-denominated        
Debt Securities, Available-for-Sale [Line Items]        
Amortized Cost 230 208    
Allowance for Credit Losses 0 0    
Gross Unrealized Gains 2 1    
Gross Unrealized Losses 2 3    
Fair Value $ 230 $ 206    
v3.25.4
INVESTMENTS - Held-to-Maturity Debt Securities (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Schedule of Held-to-maturity Securities [Line Items]        
Amortized Cost $ 16,125 $ 15,971    
Allowance for Credit Losses 5 5 $ 5 $ 7
Total fixed maturity securities, held-to-maturity, amortized cost 16,120 [1] 15,966    
Gross Unrealized Gains 87 815    
Gross Unrealized Losses 731 9    
Fair Value 15,476 16,772    
Yen-denominated        
Schedule of Held-to-maturity Securities [Line Items]        
Amortized Cost 16,125 15,971    
Allowance for Credit Losses 5 5    
Total fixed maturity securities, held-to-maturity, amortized cost 16,120 15,966    
Gross Unrealized Gains 87 815    
Gross Unrealized Losses 731 9    
Fair Value 15,476 16,772    
Japan government and agencies | Yen-denominated        
Schedule of Held-to-maturity Securities [Line Items]        
Amortized Cost 15,461 15,311    
Allowance for Credit Losses 2 2    
Total fixed maturity securities, held-to-maturity, amortized cost 15,459 15,309    
Gross Unrealized Gains 81 759    
Gross Unrealized Losses 713 9    
Fair Value 14,827 16,059    
Municipalities        
Schedule of Held-to-maturity Securities [Line Items]        
Amortized Cost 235 235    
Fair Value 229 257    
Municipalities | Yen-denominated        
Schedule of Held-to-maturity Securities [Line Items]        
Amortized Cost 235 235    
Allowance for Credit Losses 0 0    
Total fixed maturity securities, held-to-maturity, amortized cost 235 235    
Gross Unrealized Gains 0 22    
Gross Unrealized Losses 6 0    
Fair Value 229 257    
Public utilities        
Schedule of Held-to-maturity Securities [Line Items]        
Amortized Cost 32 32    
Fair Value 29 33    
Public utilities | Yen-denominated        
Schedule of Held-to-maturity Securities [Line Items]        
Amortized Cost 32 32    
Allowance for Credit Losses 0 0    
Total fixed maturity securities, held-to-maturity, amortized cost 32 32    
Gross Unrealized Gains 0 1    
Gross Unrealized Losses 3 0    
Fair Value 29 33    
Sovereign and supranational        
Schedule of Held-to-maturity Securities [Line Items]        
Amortized Cost 378 374    
Fair Value 375 405    
Sovereign and supranational | Yen-denominated        
Schedule of Held-to-maturity Securities [Line Items]        
Amortized Cost 381 377    
Allowance for Credit Losses 3 3    
Total fixed maturity securities, held-to-maturity, amortized cost 378 374    
Gross Unrealized Gains 6 31    
Gross Unrealized Losses 9 0    
Fair Value 375 405    
Other corporate        
Schedule of Held-to-maturity Securities [Line Items]        
Amortized Cost 16 16    
Fair Value 16 18    
Other corporate | Yen-denominated        
Schedule of Held-to-maturity Securities [Line Items]        
Amortized Cost 16 16    
Allowance for Credit Losses 0 0    
Total fixed maturity securities, held-to-maturity, amortized cost 16 16    
Gross Unrealized Gains 0 2    
Gross Unrealized Losses 0 0    
Fair Value $ 16 $ 18    
[1] Net of allowance for credit losses
v3.25.4
INVESTMENTS - Equity Securities (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Equity Securities, FV-NI [Line Items]    
Equity securities $ 887 $ 796
Yen-denominated    
Equity Securities, FV-NI [Line Items]    
Equity securities 609 484
U.S. dollar-denominated    
Equity Securities, FV-NI [Line Items]    
Equity securities $ 278 $ 312
v3.25.4
INVESTMENTS - Contractual and Economic Maturities of Investments in Fixed Maturities (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Available-for-sale, amortized cost:    
Due in one year or less [1] $ 1,676  
Due after one year through five years [1] 7,704  
Due after five years through 10 years [1] 16,143  
Due after 10 years [1] 35,545  
Mortgage- and asset-backed securities [1] 4,195  
Total fixed maturity securities, available-for-sale, amortized cost [1] 65,263  
Held-to-maturity, amortized cost:    
Due in one year or less [1] 32  
Due after one year through five years [1] 1,418  
Due after five years through 10 years [1] 7,182  
Due after 10 years [1] 7,488  
Total fixed maturity securities, held-to-maturity, amortized cost 16,120 [1] $ 15,966
Available-for-sale, fair value:    
Due in one year or less 1,743  
Due after one year through five years 8,618  
Due after five years through 10 years 17,021  
Due after 10 years 32,373  
Mortgage- and asset-backed securities 4,366  
Total fixed maturity securities, available-for-sale, fair value 64,121 65,269
Held-to-maturity, fair value:    
Due in one year or less 32  
Due after one year through five years 1,435  
Due after five years through 10 years 7,240  
Due after 10 years 6,769  
Total fixed maturity securities, held-to-maturity, fair value $ 15,476 $ 16,772
[1] Net of allowance for credit losses
v3.25.4
INVESTMENTS - Investment Exposures Individually Exceeded 10% of Shareholders' Equity (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Investments [Abstract]    
Credit Rating [1] A+ A+
Amortized Cost [1] $ 32,618 $ 33,822
Fair Value [1] $ 28,434 $ 32,844
Investment, Type [Extensible Enumeration] Japan National Government [Member] Japan National Government [Member]
[1] Japan Government Bonds (JGBs) or JGB-backed securities
v3.25.4
INVESTMENTS - Information Regarding Pretax Net Gains and Losses From Investments (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Gain (Loss) on Securities [Line Items]      
Gross gains (losses) from sales and redemptions $ 14 $ 7 $ 33
Net investment gains (losses) (572) 1,271 590
Real estate owned impairments (6) 0 0
Credit Losses      
Fixed maturity securities held-to-maturity 0 0 1 [1]
Commercial mortgage and other loans (192) (207) (146)
Impairment losses 0 (55) 0
Loan commitments 0 1 9
Reinsurance recoverables and other 1 5 (3)
Total credit losses (191) (256) (139)
Derivatives and Other      
Derivative gains (losses) (295) (363) (531)
Foreign currency gains (losses) (172) 1,491 972
Fixed maturity securities      
Gain (Loss) on Securities [Line Items]      
Gross gains from sales 149 80 24
Gross losses from sales (579) (634) (61)
Foreign currency gains (losses) 436 806 204
Debt securities and other investments      
Gain (Loss) on Securities [Line Items]      
Net investment gains (losses) 20 259 200
Equity securities      
Gain (Loss) on Securities [Line Items]      
Net investment gains (losses) 72 140 88
Derivatives and other      
Gain (Loss) on Securities [Line Items]      
Net investment gains (losses) $ (467) $ 1,128 $ 441
[1] Includes an allowance for credit losses of $4 recognized on financial assets accounted for as purchased financial assets with credit deterioration that is not recorded in earnings upon recognition.
v3.25.4
INVESTMENTS - Information Regarding Changes in Unrealized Gains and Losses from Investments (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Investments [Abstract]      
Change in unrealized gains (losses) in fixed maturity securities, available-for-sale $ (2,322) $ (1,421) $ 2,327
v3.25.4
INVESTMENTS - Net Effect on Shareholders' Equity of Unrealized Gains and Losses from Investment Securities (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Investments [Abstract]    
Unrealized gains (losses) on securities available-for-sale $ (1,142) $ 1,180
Deferred income taxes (667) (1,156)
Unrealized gains (losses) on fixed maturity securities $ (1,809) $ 24
v3.25.4
INVESTMENTS - Fair Value and Gross Unrealized Losses for Securities That Have Been in Continuous Unrealized Loss Position (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Investments, Unrealized Loss Position [Line Items]    
Debt Securities, Available-for-Sale, Unrealized Loss Position, Total $ 28,256 $ 24,301
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total 5,924 4,128
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 10,656 6,716
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss 770 197
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 17,600 17,585
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss 5,154 3,931
U.S. government and agencies | U.S. dollar-denominated    
Investments, Unrealized Loss Position [Line Items]    
Debt Securities, Available-for-Sale, Unrealized Loss Position, Total 37 106
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total 2 3
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 0 59
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss 0 1
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 37 47
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss 2 2
Japan government and agencies | Yen-denominated    
Investments, Unrealized Loss Position [Line Items]    
Debt Securities, Available-for-Sale, Unrealized Loss Position, Total 13,521 8,136
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total 3,727 2,234
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 7,966 2,070
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss 692 57
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 5,555 6,066
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss 3,035 2,177
Municipalities | U.S. dollar-denominated    
Investments, Unrealized Loss Position [Line Items]    
Debt Securities, Available-for-Sale, Unrealized Loss Position, Total 630 666
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total 54 53
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 8 67
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss 0 3
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 622 599
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss 54 50
Municipalities | Yen-denominated    
Investments, Unrealized Loss Position [Line Items]    
Debt Securities, Available-for-Sale, Unrealized Loss Position, Total 520 341
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total 145 79
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 234 96
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss 6 2
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 286 245
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss 139 77
Mortgage- and asset-backed securities | U.S. dollar-denominated    
Investments, Unrealized Loss Position [Line Items]    
Debt Securities, Available-for-Sale, Unrealized Loss Position, Total 547 567
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total 35 34
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 217 173
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss 5 2
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 330 394
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss 30 32
Mortgage- and asset-backed securities | Yen-denominated    
Investments, Unrealized Loss Position [Line Items]    
Debt Securities, Available-for-Sale, Unrealized Loss Position, Total 183 196
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total 38 23
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 9 12
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss 1 0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 174 184
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss 37 23
Public utilities | U.S. dollar-denominated    
Investments, Unrealized Loss Position [Line Items]    
Debt Securities, Available-for-Sale, Unrealized Loss Position, Total 1,055 1,570
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total 107 151
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 169 699
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss 2 19
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 886 871
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss 105 132
Public utilities | Yen-denominated    
Investments, Unrealized Loss Position [Line Items]    
Debt Securities, Available-for-Sale, Unrealized Loss Position, Total 838 1,020
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total 174 108
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 0 368
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss 0 11
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 838 652
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss 174 97
Sovereign and supranational | Yen-denominated    
Investments, Unrealized Loss Position [Line Items]    
Debt Securities, Available-for-Sale, Unrealized Loss Position, Total 276 47
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total 13 8
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 236 0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss 0 0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 40 47
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss 13 8
Banks/financial institutions | U.S. dollar-denominated    
Investments, Unrealized Loss Position [Line Items]    
Debt Securities, Available-for-Sale, Unrealized Loss Position, Total 252 625
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total 21 36
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 62 376
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss 0 7
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 190 249
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss 21 29
Banks/financial institutions | Yen-denominated    
Investments, Unrealized Loss Position [Line Items]    
Debt Securities, Available-for-Sale, Unrealized Loss Position, Total 3,467 3,197
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total 477 342
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 495 471
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss 26 22
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 2,972 2,726
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss 451 320
Other corporate | U.S. dollar-denominated    
Investments, Unrealized Loss Position [Line Items]    
Debt Securities, Available-for-Sale, Unrealized Loss Position, Total 4,535 6,097
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total 597 752
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 620 2,036
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss 5 59
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 3,915 4,061
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss 592 693
Other corporate | Yen-denominated    
Investments, Unrealized Loss Position [Line Items]    
Debt Securities, Available-for-Sale, Unrealized Loss Position, Total 2,395 1,733
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total 534 305
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 640 289
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss 33 14
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 1,755 1,444
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss $ 501 $ 291
v3.25.4
INVESTMENTS - Commercial Mortgage and Other Loans by Portfolio Segment (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Participating Mortgage Loans [Line Items]        
Commercial mortgage and other loans, gross $ 10,191 $ 11,224    
Percent of total commercial mortgage and other loans 100.00% 100.00%    
Allowance for credit losses $ (426) $ (355)    
Total net commercial mortgage and other loans 9,765 10,869    
Transitional real estate loans        
Participating Mortgage Loans [Line Items]        
Commercial mortgage and other loans, gross $ 3,888 $ 4,902    
Percent of total commercial mortgage and other loans 38.20% 43.70%    
Allowance for credit losses $ (277) $ (199) $ (112) $ (54)
Commercial mortgage loans        
Participating Mortgage Loans [Line Items]        
Commercial mortgage and other loans, gross $ 1,452 $ 1,537    
Percent of total commercial mortgage and other loans 14.20% 13.70%    
Allowance for credit losses $ (9) $ (14) (16) (9)
Middle market loans        
Participating Mortgage Loans [Line Items]        
Commercial mortgage and other loans, gross $ 4,404 $ 4,423    
Percent of total commercial mortgage and other loans 43.20% 39.40%    
Allowance for credit losses $ (138) $ (140) $ (146) $ (129)
Other loans        
Participating Mortgage Loans [Line Items]        
Commercial mortgage and other loans, gross $ 447 $ 362    
Percent of total commercial mortgage and other loans 4.40% 3.20%    
Office | Transitional real estate loans        
Participating Mortgage Loans [Line Items]        
Commercial mortgage and other loans, gross $ 1,229 $ 1,361    
Percent of total commercial mortgage and other loans 12.10% 12.10%    
Office | Commercial mortgage loans        
Participating Mortgage Loans [Line Items]        
Commercial mortgage and other loans, gross $ 255 $ 300    
Percent of total commercial mortgage and other loans 2.50% 2.70%    
Retail | Transitional real estate loans        
Participating Mortgage Loans [Line Items]        
Commercial mortgage and other loans, gross $ 267 $ 349    
Percent of total commercial mortgage and other loans 2.60% 3.10%    
Retail | Commercial mortgage loans        
Participating Mortgage Loans [Line Items]        
Commercial mortgage and other loans, gross $ 217 $ 214    
Percent of total commercial mortgage and other loans 2.10% 1.90%    
Apartments/Multi-Family | Transitional real estate loans        
Participating Mortgage Loans [Line Items]        
Commercial mortgage and other loans, gross $ 1,555 $ 2,201    
Percent of total commercial mortgage and other loans 15.30% 19.60%    
Apartments/Multi-Family | Commercial mortgage loans        
Participating Mortgage Loans [Line Items]        
Commercial mortgage and other loans, gross $ 539 $ 572    
Percent of total commercial mortgage and other loans 5.30% 5.10%    
Industrial | Transitional real estate loans        
Participating Mortgage Loans [Line Items]        
Commercial mortgage and other loans, gross $ 75 $ 117    
Percent of total commercial mortgage and other loans 0.70% 1.10%    
Industrial | Commercial mortgage loans        
Participating Mortgage Loans [Line Items]        
Commercial mortgage and other loans, gross $ 427 $ 436    
Percent of total commercial mortgage and other loans 4.20% 3.90%    
Hospitality | Transitional real estate loans        
Participating Mortgage Loans [Line Items]        
Commercial mortgage and other loans, gross $ 522 $ 556    
Percent of total commercial mortgage and other loans 5.10% 5.00%    
Other | Transitional real estate loans        
Participating Mortgage Loans [Line Items]        
Commercial mortgage and other loans, gross $ 240 $ 318    
Percent of total commercial mortgage and other loans 2.40% 2.80%    
Other | Commercial mortgage loans        
Participating Mortgage Loans [Line Items]        
Commercial mortgage and other loans, gross $ 14 $ 15    
Percent of total commercial mortgage and other loans 0.10% 0.10%    
v3.25.4
INVESTMENTS - Nonaccrual Loans (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Financing Receivable, Past Due [Line Items]    
Total $ 10,191 $ 11,224
Total. nonaccrual status 643 486
Total, 90 days or more past due and still accruing interest 0 0
Transitional real estate loans    
Financing Receivable, Past Due [Line Items]    
Total 3,888 4,902
Total. nonaccrual status 545 378
Commercial mortgage loans    
Financing Receivable, Past Due [Line Items]    
Total 1,452 1,537
Total. nonaccrual status 0 0
Middle market loans    
Financing Receivable, Past Due [Line Items]    
Total 4,404 4,423
Total. nonaccrual status 98 108
Other loans    
Financing Receivable, Past Due [Line Items]    
Total 447 362
Total. nonaccrual status 0 0
Current    
Financing Receivable, Past Due [Line Items]    
Total 9,580 10,558
Current | Transitional real estate loans    
Financing Receivable, Past Due [Line Items]    
Total 3,418 4,364
Current | Commercial mortgage loans    
Financing Receivable, Past Due [Line Items]    
Total 1,452 1,537
Current | Middle market loans    
Financing Receivable, Past Due [Line Items]    
Total 4,263 4,295
Current | Other loans    
Financing Receivable, Past Due [Line Items]    
Total 447 362
Less Than 90 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total 58 258
Less Than 90 Days Past Due | Transitional real estate loans    
Financing Receivable, Past Due [Line Items]    
Total 0 195
Less Than 90 Days Past Due | Commercial mortgage loans    
Financing Receivable, Past Due [Line Items]    
Total 0 0
Less Than 90 Days Past Due | Middle market loans    
Financing Receivable, Past Due [Line Items]    
Total 58 63
Less Than 90 Days Past Due | Other loans    
Financing Receivable, Past Due [Line Items]    
Total 0 0
90 Days or More Past Due    
Financing Receivable, Past Due [Line Items]    
Total 553 408 [1]
90 Days or More Past Due | Transitional real estate loans    
Financing Receivable, Past Due [Line Items]    
Total 470 [2] 343 [1]
90 Days or More Past Due | Commercial mortgage loans    
Financing Receivable, Past Due [Line Items]    
Total 0 [2] 0 [1]
90 Days or More Past Due | Middle market loans    
Financing Receivable, Past Due [Line Items]    
Total 83 [2] 65 [1]
90 Days or More Past Due | Other loans    
Financing Receivable, Past Due [Line Items]    
Total 0 [2] 0 [1]
Total Past Due    
Financing Receivable, Past Due [Line Items]    
Total 611 666
Total Past Due | Transitional real estate loans    
Financing Receivable, Past Due [Line Items]    
Total 470 538
Total Past Due | Commercial mortgage loans    
Financing Receivable, Past Due [Line Items]    
Total 0 0
Total Past Due | Middle market loans    
Financing Receivable, Past Due [Line Items]    
Total 141 128
Total Past Due | Other loans    
Financing Receivable, Past Due [Line Items]    
Total $ 0 $ 0
[1] As of December 31, 2024, there were no loans that were 90 days or more past due that continued to accrue interest.
[2] As of December 31, 2025, there were no loans that were 90 days or more past due that continued to accrue interest.
v3.25.4
INVESTMENTS - Effect of Loan Modifications (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Transitional real estate loans | Term extension    
Financing Receivable, Modified [Line Items]    
Loan modification, amortized cost [1] $ 159  
Loan modification, percent of total amortized cost 4.40%  
Loan modification, term extension 20 months  
Transitional real estate loans | Term extension and interest rate reduction    
Financing Receivable, Modified [Line Items]    
Loan modification, amortized cost [1] $ 178  
Loan modification, percent of total amortized cost 4.90%  
Loan modification, term extension 26 months  
Weighted-average interest rate before modification, duration 5.20%  
Weighted-average interest rate after modification, duration 4.10%  
Transitional real estate loans | Other-than-insignificant payment delays    
Financing Receivable, Modified [Line Items]    
Loan modification, amortized cost [1]   $ 125
Loan modification, percent of total amortized cost   2.70%
Loan modification, term extension   24 months
Transitional real estate loans | Other-than-insignificant payment delays and interest rate reduction    
Financing Receivable, Modified [Line Items]    
Loan modification, amortized cost [1]   $ 278
Loan modification, percent of total amortized cost   5.90%
Loan modification, term extension   44 months
Weighted-average interest rate before modification, duration   8.00%
Weighted-average interest rate after modification, duration   6.60%
Transitional real estate loans | Other-than-insignificant payment delays, principal forgiveness and interest rate reduction    
Financing Receivable, Modified [Line Items]    
Loan modification, amortized cost [1]   $ 81
Loan modification, percent of total amortized cost   1.70%
Loan modification, term extension   33 months
Loan modification, principal forgiven   $ 1
Weighted-average interest rate before modification, duration   8.20%
Weighted-average interest rate after modification, duration   7.30%
Middle market loans | Term extension    
Financing Receivable, Modified [Line Items]    
Loan modification, amortized cost [1] $ 45  
Loan modification, percent of total amortized cost 1.10%  
Loan modification, term extension 9 months  
Middle market loans | Term extension and interest rate reduction    
Financing Receivable, Modified [Line Items]    
Loan modification, amortized cost   $ 15
Middle market loans | Principal Forgiveness    
Financing Receivable, Modified [Line Items]    
Loan modification, amortized cost [1] $ 15  
Loan modification, percent of total amortized cost 0.30%  
Loan modification, principal forgiven $ 9  
Middle market loans | Other-than-insignificant payment delays    
Financing Receivable, Modified [Line Items]    
Loan modification, amortized cost [1] $ 33  
Loan modification, percent of total amortized cost 0.80%  
Loan modification, deferral period, duration 36 months  
Middle market loans | Principal forgiveness and term extension    
Financing Receivable, Modified [Line Items]    
Loan modification, amortized cost [1] $ 35  
Loan modification, percent of total amortized cost 0.80%  
Loan modification, term extension 33 months  
Loan modification, principal forgiven $ 40  
Middle market loans | Principal forgiveness, term extension and interest rate reduction    
Financing Receivable, Modified [Line Items]    
Loan modification, amortized cost [1] $ 13  
Loan modification, percent of total amortized cost 0.30%  
Loan modification, term extension 45 months  
Loan modification, principal forgiven $ 5  
Weighted-average interest rate before modification, duration 10.50%  
Weighted-average interest rate after modification, duration 9.50%  
[1] Net of allowance for credit losses
v3.25.4
INVESTMENTS - Loan Performance After Modifications (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Financing Receivable, Modified, Past Due [Line Items]    
Loan modification after 12 months, nonaccrual $ 43 $ 0
Current    
Financing Receivable, Modified, Past Due [Line Items]    
Loan modification, after 12 months 472 418
Less Than 90 Days Past Due    
Financing Receivable, Modified, Past Due [Line Items]    
Loan modification, after 12 months 6 81
90 Days or More Past Due    
Financing Receivable, Modified, Past Due [Line Items]    
Loan modification, after 12 months 0 0
Transitional real estate loans    
Financing Receivable, Modified, Past Due [Line Items]    
Loan modification after 12 months, nonaccrual 43 0
Transitional real estate loans | Current    
Financing Receivable, Modified, Past Due [Line Items]    
Loan modification, after 12 months 337 403
Transitional real estate loans | Less Than 90 Days Past Due    
Financing Receivable, Modified, Past Due [Line Items]    
Loan modification, after 12 months 0 81
Transitional real estate loans | 90 Days or More Past Due    
Financing Receivable, Modified, Past Due [Line Items]    
Loan modification, after 12 months 0 0
Middle market loans    
Financing Receivable, Modified, Past Due [Line Items]    
Loan modification after 12 months, nonaccrual 0 0
Middle market loans | Current    
Financing Receivable, Modified, Past Due [Line Items]    
Loan modification, after 12 months 135 15
Middle market loans | Less Than 90 Days Past Due    
Financing Receivable, Modified, Past Due [Line Items]    
Loan modification, after 12 months 6 0
Middle market loans | 90 Days or More Past Due    
Financing Receivable, Modified, Past Due [Line Items]    
Loan modification, after 12 months $ 0 $ 0
v3.25.4
INVESTMENTS - Allowance for Credit Losses by Portfolio Segment (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Allowance for Credit Losses by Portfolio Segment [Roll Forward]      
Balance, beginning of period $ (355)    
Balance, end of period (426) $ (355)  
Balance, beginning of period (5) (5) $ (7)
(Addition to) release of allowance for credit losses 0 0 1 [1]
Writeoffs, net of recoveries 0 0 0
Change in foreign exchange 0 0 1
Balance, end of period (5) (5) (5)
Balance, beginning of period 0 0 0
(Addition to) release of allowance for credit losses 0 0 0 [1]
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 (375) (295) (223)
(Addition to) release of allowance for credit losses (191) (210) (139) [1]
Writeoffs, net of recoveries 120 130 66
Change in foreign exchange 0 0 1
Balance, end of period (446) (375) (295)
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 (199) (112) (54)
(Addition to) release of allowance for credit losses (107) (148) (124) [1]
Writeoffs, net of recoveries 29 61 66
Change in foreign exchange 0 0 0
Balance, end of period (277) (199) (112)
Commercial mortgage loans      
Allowance for Credit Losses by Portfolio Segment [Roll Forward]      
Balance, beginning of period (14) (16) (9)
(Addition to) release of allowance for credit losses 5 (17) (7) [1]
Writeoffs, net of recoveries 0 19 0
Change in foreign exchange 0 0 0
Balance, end of period (9) (14) (16)
Middle market loans      
Allowance for Credit Losses by Portfolio Segment [Roll Forward]      
Balance, beginning of period (140) (146) (129)
(Addition to) release of allowance for credit losses (89) (44) (17) [1]
Writeoffs, net of recoveries 91 50 0
Change in foreign exchange 0 0 0
Balance, end of period (138) (140) (146)
Other loans and loan commitments      
Allowance for Credit Losses by Portfolio Segment [Roll Forward]      
Balance, beginning of period (17) (16) (24)
(Addition to) release of allowance for credit losses 0 (1) 8 [1]
Writeoffs, net of recoveries 0 0 0
Change in foreign exchange 0 0 0
Balance, end of period $ (17) $ (17) $ (16)
[1] Includes an allowance for credit losses of $4 recognized on financial assets accounted for as purchased financial assets with credit deterioration that is not recorded in earnings upon recognition.
v3.25.4
INVESTMENTS - Transitional Real Estate Loans by Key Credit Quality Indicators (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Loan-to-Value Ratio:    
Total $ 10,191 $ 11,224
Transitional real estate loans    
Loan-to-Value Ratio:    
2025 0  
2024 0  
2023 41  
2022 1,549  
2021 1,531  
Prior 767  
Total 3,888 $ 4,902
Current-period gross writeoffs:    
2025 0  
2024 0  
2023 0  
2022 5  
2021 0  
Prior 24  
Total 29  
Transitional real estate loans | Loan to Value Ratio, 0% to 59.99%    
Loan-to-Value Ratio:    
2025 0  
2024 0  
2023 0  
2022 319  
2021 344  
Prior 10  
Total 673  
Transitional real estate loans | Loan to Value Ratio, 60% to 69.99%    
Loan-to-Value Ratio:    
2025 0  
2024 0  
2023 27  
2022 397  
2021 423  
Prior 403  
Total 1,250  
Transitional real estate loans | Loan to Value Ratio, 70% to 79.99%    
Loan-to-Value Ratio:    
2025 0  
2024 0  
2023 14  
2022 678  
2021 512  
Prior 24  
Total 1,228  
Transitional real estate loans | Loan to Value Ratio, 80% or greater    
Loan-to-Value Ratio:    
2025 0  
2024 0  
2023 0  
2022 155  
2021 252  
Prior 330  
Total $ 737  
v3.25.4
INVESTMENTS - Commercial Mortgage Loans by Key Credit Quality Indicator (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Loan-to-Value Ratio:    
Total $ 10,191 $ 11,224
Commercial mortgage loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Weighted average debt-service coverage ratio 2.56  
Loan-to-Value Ratio:    
2025 $ 31  
2024 12  
2023 32  
2022 0  
2021 269  
Prior 1,108  
Total 1,452 $ 1,537
Current-period gross writeoffs:    
2025 0  
2024 0  
2023 0  
2022 0  
2021 0  
Prior 0  
Total $ 0  
Commercial mortgage loans | 2025    
Financing Receivable, Credit Quality Indicator [Line Items]    
Weighted average debt-service coverage ratio 1.80  
Commercial mortgage loans | 2024    
Financing Receivable, Credit Quality Indicator [Line Items]    
Weighted average debt-service coverage ratio 1.10  
Commercial mortgage loans | 2023    
Financing Receivable, Credit Quality Indicator [Line Items]    
Weighted average debt-service coverage ratio 2.55  
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 3.01  
Commercial mortgage loans | Prior    
Financing Receivable, Credit Quality Indicator [Line Items]    
Weighted average debt-service coverage ratio 2.49  
Commercial mortgage loans | Loan to Value Ratio, 0% to 59.99%    
Financing Receivable, Credit Quality Indicator [Line Items]    
Weighted average debt-service coverage ratio 2.74  
Loan-to-Value Ratio:    
2025 $ 11  
2024 0  
2023 32  
2022 0  
2021 244  
Prior 944  
Total $ 1,231  
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:    
2025 $ 20  
2024 0  
2023 0  
2022 0  
2021 25  
Prior 55  
Total $ 100  
Commercial mortgage loans | Loan to Value Ratio, 70% to 79.99%    
Financing Receivable, Credit Quality Indicator [Line Items]    
Weighted average debt-service coverage ratio 1.50  
Loan-to-Value Ratio:    
2025 $ 0  
2024 0  
2023 0  
2022 0  
2021 0  
Prior 8  
Total $ 8  
Commercial mortgage loans | Loan to Value Ratio, 80% or greater    
Financing Receivable, Credit Quality Indicator [Line Items]    
Weighted average debt-service coverage ratio 1.16  
Loan-to-Value Ratio:    
2025 $ 0  
2024 12  
2023 0  
2022 0  
2021 0  
Prior 101  
Total $ 113  
v3.25.4
INVESTMENTS - Middle Market Loans by Key Credit Quality Indicators (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Loan-to-Value Ratio:    
Total $ 10,191 $ 11,224
Middle market loans    
Loan-to-Value Ratio:    
2025 704  
2024 679  
2023 122  
2022 633  
2021 821  
Prior 1,293  
Revolving Loans 152  
Total 4,404 $ 4,423
Current-period gross writeoffs:    
2025 0  
2024 0  
2023 0  
2022 7  
2021 29  
Prior 55  
Revolving Loans 0  
Total 91  
Middle market loans | BBB Credit Rating    
Loan-to-Value Ratio:    
2025 31  
2024 52  
2023 36  
2022 0  
2021 57  
Prior 106  
Revolving Loans 15  
Total 297  
Middle market loans | BB Credit Rating    
Loan-to-Value Ratio:    
2025 452  
2024 473  
2023 40  
2022 331  
2021 285  
Prior 552  
Revolving Loans 72  
Total 2,205  
Middle market loans | B Credit Rating    
Loan-to-Value Ratio:    
2025 194  
2024 149  
2023 46  
2022 284  
2021 388  
Prior 360  
Revolving Loans 39  
Total 1,460  
Middle market loans | CCC Credit Rating    
Loan-to-Value Ratio:    
2025 22  
2024 3  
2023 0  
2022 9  
2021 59  
Prior 196  
Revolving Loans 16  
Total 305  
Middle market loans | CC Credit Rating    
Loan-to-Value Ratio:    
2025 5  
2024 2  
2023 0  
2022 9  
2021 16  
Prior 17  
Revolving Loans 5  
Total 54  
Middle market loans | C and Lower Credit Rating    
Loan-to-Value Ratio:    
2025 0  
2024 0  
2023 0  
2022 0  
2021 16  
Prior 62  
Revolving Loans 5  
Total $ 83  
v3.25.4
INVESTMENTS - Other Loans by Key Credit Quality Indicators (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Loan-to-Value Ratio:    
Total $ 10,191 $ 11,224
Other loans    
Loan-to-Value Ratio:    
2025 33  
2024 244  
2023 66  
2022 101  
2021 3  
Prior 0  
Revolving Loans 0  
Total 447 $ 362
Current-period gross writeoffs:    
2025 0  
2024 0  
2023 0  
2022 0  
2021 0  
Prior 0  
Revolving Loans 0  
Total 0  
Other loans | A Credit Rating    
Loan-to-Value Ratio:    
2025 0  
2024 0  
2023 0  
2022 67  
2021 0  
Prior 0  
Revolving Loans 0  
Total 67  
Other loans | AA Credit Rating    
Loan-to-Value Ratio:    
2025 0  
2024 0  
2023 0  
2022 8  
2021 3  
Prior 0  
Revolving Loans 0  
Total 11  
Other loans | BBB Credit Rating    
Loan-to-Value Ratio:    
2025 33  
2024 244  
2023 66  
2022 26  
2021 0  
Prior 0  
Revolving Loans 0  
Total $ 369  
v3.25.4
INVESTMENTS - Other Investments (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Summary of Investment Holdings [Line Items]    
Other investments $ 6,622 $ 5,958
Policy loans    
Summary of Investment Holdings [Line Items]    
Other investments 210 203
Short-term investments    
Summary of Investment Holdings [Line Items]    
Other investments [1] 1,373 1,599
Limited partnerships    
Summary of Investment Holdings [Line Items]    
Other investments [2] 4,109 3,435
Real estate owned    
Summary of Investment Holdings [Line Items]    
Other investments 902 682
Other investments    
Summary of Investment Holdings [Line Items]    
Other investments $ 28 $ 39
[1] Includes securities lending collateral
[2] Includes tax credit investments and asset classes such as private equity and real estate funds
v3.25.4
INVESTMENTS - Investments in Consolidated Variable Interest Entities (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Variable Interest Entity [Line Items]    
Fixed maturity securities, available-for-sale $ 64,121 $ 65,269
Commercial mortgage and other loans 9,765 10,869
Other investments 6,622 5,958
Asset derivatives 179 240
Assets 116,470 117,566
Liability derivatives 972 933
Liabilities 86,980 91,468
Variable Interest Entity, Consolidated    
Variable Interest Entity [Line Items]    
Fixed maturity securities, available-for-sale 3,636 3,428
Commercial mortgage and other loans 7,896 8,693
Other investments [1] 2,320 2,176
Asset derivatives [2] 45 53
Assets 13,897 14,350
Liability derivatives [2] 765 604
Liabilities $ 765 $ 604
[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
v3.25.4
INVESTMENTS - Investments in Variable Interest Entities Not Consolidated (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Variable Interest Entity [Line Items]    
Fixed maturity securities, available-for-sale $ 64,121 $ 65,269
Other investments 6,622 5,958
Assets 116,470 117,566
Variable Interest Entity, Not Consolidated    
Variable Interest Entity [Line Items]    
Fixed maturity securities, available-for-sale 6,750 6,243
Other investments [1] 1,603 1,124
Assets $ 8,353 $ 7,367
[1] Consists entirely of alternative investments in limited partnerships
v3.25.4
INVESTMENTS - Securities Lending Transactions Accounted for as Secured Borrowings (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending transactions $ 3,989 $ 2,037
Gross amount of recognized liabilities for securities lending 3,989 2,037
Japan government and agencies    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending transactions 2,920 1,027
Public utilities    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending transactions 54 34
Banks/financial institutions    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending transactions 150 193
Other corporate    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending transactions 865 783
Maturity Overnight and Continuous    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending transactions [1] 1,069 1,010
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] 54 34
Maturity Overnight and Continuous | Banks/financial institutions    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending transactions [1] 150 193
Maturity Overnight and Continuous | Other corporate    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending transactions [1] 865 783
Maturity up to 30 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending transactions 1,591 1,027
Maturity up to 30 Days | Japan government and agencies    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending transactions 1,591 1,027
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
Maturity 30 to 90 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending transactions 1,329  
Maturity 30 to 90 Days | Japan government and agencies    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending transactions 1,329  
Maturity 30 to 90 Days | Public utilities    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending transactions 0  
Maturity 30 to 90 Days | Banks/financial institutions    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending transactions 0  
Maturity 30 to 90 Days | Other corporate    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending transactions $ 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.
v3.25.4
INVESTMENTS - Additional Information (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
investment
Dec. 31, 2024
USD ($)
investment
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Schedule of Investments [Line Items]        
Held to maturity securities transferred to available for sale securities, number of investments | investment 0 0    
Real estate owned impairments $ 6 $ 0 $ 0  
Real estate owned, estimated fair value after impairment 12      
Equity securities, FV-NI, unrealized gain (loss) 46 118 63  
Transitional real estate loan commitments 140      
Middle market loan commitments 704      
Other loans commitments 1      
Nonaccrual loans, interest income 2 2 0  
Financing receivable, modified, commitment to lend 15 14    
Financing receivable, allowance for credit loss 426 355    
Fixed maturity securities, held-to-maturity, amortized cost 16,125 15,971    
Real estate owned, accumulated depreciation 41 14    
Limited partnerships investment commitments 3,000 2,800    
Securities lending, securities received as collateral 2,200 3,000    
Repurchase agreements and repurchase to maturity transactions outstanding 0 0    
Fair value of debt securities on deposit with regulatory authorities in the United States 20      
Variable Interest Entity, Not Consolidated        
Schedule of Investments [Line Items]        
Limited partnerships investment commitments 2,100 2,100    
Real estate owned        
Schedule of Investments [Line Items]        
Real estate owned, depreciation expense 29 13    
Transitional real estate loans        
Schedule of Investments [Line Items]        
Nonaccrual loans, no allowance 30 140    
Financing receivable, allowance for credit loss 277 199 112 $ 54
Transitional real estate loans | Term extension and interest rate reduction        
Schedule of Investments [Line Items]        
Loan modification, amortized cost [1] 178      
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 137      
Financing receivable, allowance for credit loss 45      
Middle market loans        
Schedule of Investments [Line Items]        
Nonaccrual loans, no allowance 36 5    
Financing receivable, allowance for credit loss $ 138 140 $ 146 $ 129
Middle market loans | Term extension and interest rate reduction        
Schedule of Investments [Line Items]        
Loan modification, amortized cost   $ 15    
California | Geographic Concentration Risk | Mortgages        
Schedule of Investments [Line Items]        
Concentration Risk, Percentage 22.00%      
Texas | Geographic Concentration Risk | Mortgages        
Schedule of Investments [Line Items]        
Concentration Risk, Percentage 13.00%      
Florida | Geographic Concentration Risk | Mortgages        
Schedule of Investments [Line Items]        
Concentration Risk, Percentage 8.00%      
Japan government and agencies | Zero-credit-loss expectation        
Schedule of Investments [Line Items]        
Fixed maturity securities, held-to-maturity, amortized cost $ 15,300      
[1] Net of allowance for credit losses
v3.25.4
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, 2025
Dec. 31, 2024
Derivatives, Fair Value [Line Items]    
Notional Amount $ 67,528 $ 46,744
Derivative Asset, Fair Value 179 240
Derivative Liability, Fair Value $ 972 $ 933
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 5 6
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 5 6
Net investment hedge    
Derivatives, Fair Value [Line Items]    
Notional Amount 1,828 1,809
Derivative Asset, Fair Value 120 185
Derivative Liability, Fair Value 0 0
Net investment hedge | Foreign currency forwards    
Derivatives, Fair Value [Line Items]    
Notional Amount 1,828 1,809
Derivative Asset, Fair Value 120 185
Derivative Liability, Fair Value 0 0
Non-qualifying strategies    
Derivatives, Fair Value [Line Items]    
Notional Amount 65,682 44,917
Derivative Asset, Fair Value 59 55
Derivative Liability, Fair Value 967 927
Non-qualifying strategies | Foreign currency swaps | Variable Interest Entity, Consolidated    
Derivatives, Fair Value [Line Items]    
Notional Amount 2,960 3,042
Derivative Asset, Fair Value 45 53
Derivative Liability, Fair Value 760 598
Non-qualifying strategies | Foreign currency swaps | Consolidated Entity Excluding Variable Interest Entities (VIE)    
Derivatives, Fair Value [Line Items]    
Notional Amount 49 450
Derivative Asset, Fair Value 0 2
Derivative Liability, Fair Value 0 0
Non-qualifying strategies | Foreign currency forwards    
Derivatives, Fair Value [Line Items]    
Notional Amount 945 0
Derivative Asset, Fair Value 0 0
Derivative Liability, Fair Value 18 0
Non-qualifying strategies | Foreign currency options    
Derivatives, Fair Value [Line Items]    
Notional Amount 25,000 24,195
Derivative Asset, Fair Value 0 0
Derivative Liability, Fair Value 0 0
Non-qualifying strategies | Interest rate swaps    
Derivatives, Fair Value [Line Items]    
Notional Amount 36,728 17,230
Derivative Asset, Fair Value 14 0
Derivative Liability, Fair Value $ 189 $ 329
v3.25.4
DERIVATIVE INSTRUMENTS - Gains (Losses) Recognized on Fair Value Hedging Relationships (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
Derivative Instruments, Gain (Loss) [Line Items]  
Total gains (losses) recognized for derivatives $ (65)
Gains (losses) on derivatives excluded from effectiveness testing (65)
Gain (losses) on derivatives included in effectiveness testing 0 [1]
Gains (losses) recognized for hedged items 0 [1]
Gain (Loss) on Foreign Currency Fair Value Hedge Derivatives 0
Fixed maturity securities | Foreign currency options  
Derivative Instruments, Gain (Loss) [Line Items]  
Total gains (losses) recognized for derivatives (65)
Gains (losses) on derivatives excluded from effectiveness testing (65)
Gain (losses) on derivatives included in effectiveness testing 0 [1]
Gains (losses) recognized for hedged items 0 [1]
Gain (Loss) on Foreign Currency Fair Value Hedge Derivatives $ 0
[1] For the year ended December 31, 2023, gains and losses included in the hedge assessment on interest rate swaptions and related hedged items were immaterial.
v3.25.4
DERIVATIVE INSTRUMENTS - Schedule of Interest Rate Fair Value Hedges Hedged Items (Detail) - Fixed maturity securities - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Carrying Amount of Hedged Assets/ (Liabilities) [1] $ 1,238 $ 1,294
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of Hedged Assets/ (Liabilities) $ 121 $ 137
[1] The balance includes hedging adjustment on discontinued hedging relationships of $121 in 2025 and $137 in 2024.
v3.25.4
DERIVATIVE INSTRUMENTS - Derivatives and Hedging Instruments Gain (Loss) Summary (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]      
Unrealized gains (losses) on derivatives during period $ 8 $ 3 $ 6
Unrealized foreign currency translation gains (losses) during period 146 (769) (366)
Derivative and non-derivative hedging instruments gain (loss) recognized in other comprehensive income effective portion before tax (39) 687 576
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 $ (1) $ (2) $ (2)
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 $ (295) $ (363) $ (531)
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 $ 8 $ 2 $ 5
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] (3) (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 8 2 5
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 (3) (4) (4)
Fair value hedges | Net investment income      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in income on derivative 0 (1) (1)
Fair value hedges | Net investment gains (losses)      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in income on derivative 0 0 (65)
Fair value hedges | Foreign currency options      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in income on derivative 0 0 (65)
Fair value hedges | Interest rate swaptions      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in other comprehensive income on derivative [2] 0 1 1
Fair value hedges | Interest rate swaptions | Net investment income      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in income on derivative [2] 0 (1) (1)
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 103 138 229
Unrealized foreign currency translation gains (losses) during period (47) 684 570
Net investment hedge | Foreign currency options      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in income on derivative 0 0 (5)
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 33 426 257
Net investment hedge | Foreign currency forwards      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in income on derivative 103 138 234
Unrealized foreign currency translation gains (losses) during period (80) 258 313
Non-qualifying strategies      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in income on derivative (395) (497) (691)
Non-qualifying strategies | Foreign currency swaps | Variable Interest Entity, Consolidated      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in income on derivative (265) (215) (201)
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 0 2 4
Non-qualifying strategies | Foreign currency options      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in income on derivative (32) (107) (53)
Non-qualifying strategies | Foreign currency forwards      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in income on derivative (63) 17 (349)
Non-qualifying strategies | Interest rate swaps      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in income on derivative (35) (194) (88)
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 $ 0 $ (4)
[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, 2025, compared with $4 of losses during the years ended December 31, 2024 and 2023, respectively.
[2] Includes $1 of losses reclassified from accumulated other comprehensive income (loss) into earnings during the year ended December 31, 2025, compared with $1 of losses during the years ended December 31, 2024 and 2023, respectively, related to fair value hedges excluded component. Impact shown net of effect of hedged items.
v3.25.4
DERIVATIVE INSTRUMENTS - Offsetting of Financial Assets and Derivative Assets (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Offsetting Assets [Line Items]    
Gross amount of recognized derivative assets $ 134 $ 187
Gross amount of liabilities offset in balance sheet 0 0
Net amount of derivative assets presented in balance sheet 134 187
Financial instruments, amounts not offset (13) 0
Derivative, collateral, obligation to return securities (34) (45)
Derivative, collateral, obligation to return cash (84) (135)
Derivative asset, fair value, amount offset against collateral, subject to master netting agreement 3 7
Derivative asset, not subject to master netting arrangement 45 53
Derivative asset, fair value, gross asset including not subject to master netting arrangement 179 240
Net amounts of derivative assets presented in balance sheet 179 240
Derivative asset, fair value, amount offset against collateral 48 60
Securities lending, gross amounts of recognized financial instruments 3,945 2,001
Securities lending, gross amounts offset in balance sheet 0 0
Securities lending, net amounts of assets presented in balance sheet 3,945 2,001
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 (3,945) (2,001)
Securities lending, financial instruments, amount of assets offset against collateral 0 0
Gross amount of recognized assets 4,124 2,241
Gross amounts offset in balance sheet 0 0
Net amounts of assets presented in balance sheet 4,124 2,241
Carrying value of financial instruments not offset in balance sheet (13) 0
Securities collateral, not offset in balance sheet (34) (45)
Cash collateral, not offset in balance sheet (4,029) (2,136)
Financial instruments, amount of assets offset against collateral 48 60
OTC - Bilateral    
Offsetting Assets [Line Items]    
Gross amount of recognized derivative assets 122 187
Gross amount of liabilities offset in balance sheet 0 0
Net amount of derivative assets presented in balance sheet 122 187
Financial instruments, amounts not offset (1) 0
Derivative, collateral, obligation to return securities (34) (45)
Derivative, collateral, obligation to return cash (84) (135)
Derivative asset, fair value, amount offset against collateral, subject to master netting agreement 3 7
Derivative asset, not subject to master netting arrangement 45 $ 53
OTC - Cleared    
Offsetting Assets [Line Items]    
Gross amount of recognized derivative assets 12  
Gross amount of liabilities offset in balance sheet 0  
Net amount of derivative assets presented in balance sheet 12  
Financial instruments, amounts not offset (12)  
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  
v3.25.4
DERIVATIVE INSTRUMENTS - Offsetting of Financial Liabilities and Derivative Liabilities (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Offsetting Liabilities [Line Items]    
Gross amount of recognized derivative liabilities $ 207 $ 329
Gross amount of assets offset in balance sheet 0 0
Derivative liability, fair value, amount not offset against collateral 207 329
Financial instruments, amounts not offset (13) 0
Derivative, collateral, right to reclaim securities (41) 0
Derivative, collateral, right to reclaim cash (151) (329)
Derivative liability, fair value, amount offset against collateral, subject to master netting agreement 2 0
Derivative liability, not subject to master netting arrangement 765 604
Derivative liability, fair value, gross liability including not subject to master netting arrangement 972 933
Net amount of derivative liabilities presented in balance sheet 972 933
Derivative liability, fair value, amount offset against collateral 767 604
Securities lending, gross amounts of recognized financial instruments, offsetting liabilities 3,989 2,037
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 3,989 2,037
Securities lending, carrying value of financial instruments, liabilities not offset in balance sheet (3,945) (2,001)
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 44 36
Gross amounts of recognized financial instruments, offsetting liabilities 4,961 2,970
Gross amounts offset in statement of financial position, offsetting liabilities 0 0
Net amounts of financial instruments presented in balance sheet, offsetting liabilities 4,961 2,970
Carrying value of financial instruments, liabilities not offset in balance sheet (3,958) (2,001)
Securities collateral, liabilities not offset in balance sheet (41) 0
Cash collateral, liabilities not offset in balance sheet (151) (329)
Financial instruments, amount of liabilities offset against collateral 811 640
OTC - Bilateral    
Offsetting Liabilities [Line Items]    
Gross amount of recognized derivative liabilities 19  
Gross amount of assets offset in balance sheet 0  
Derivative liability, fair value, amount not offset against collateral 19  
Financial instruments, amounts not offset (1)  
Derivative, collateral, right to reclaim securities (17)  
Derivative, collateral, right to reclaim cash 0  
Derivative liability, fair value, amount offset against collateral, subject to master netting agreement 1  
Derivative liability, not subject to master netting arrangement 765 604
OTC - Cleared    
Offsetting Liabilities [Line Items]    
Gross amount of recognized derivative liabilities 188 329
Gross amount of assets offset in balance sheet 0 0
Derivative liability, fair value, amount not offset against collateral 188 329
Financial instruments, amounts not offset (12) 0
Derivative, collateral, right to reclaim securities (24) 0
Derivative, collateral, right to reclaim cash (151) (329)
Derivative liability, fair value, amount offset against collateral, subject to master netting agreement $ 1 $ 0
v3.25.4
DERIVATIVE INSTRUMENTS - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Maximum Length of Time Hedged in Cash Flow Hedge 1 year  
Fair value hedges $ 0 $ 0
Fair value hedges of interest rate risk 0 0
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred 4  
Derivative, net liability position, aggregate fair value 861 $ 804
Additional collateral, aggregate fair value $ 669  
v3.25.4
FAIR VALUE MEASUREMENTS - Fair Value Hierarchy Levels of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Assets:    
Fixed maturity securities, available-for-sale $ 64,121 $ 65,269
Equity securities 887 796
Other investments 1,373 1,599
Cash and cash equivalents 6,245 6,229
Asset derivatives 179 240
Total assets 72,805 74,133
Liabilities:    
Liability derivatives 972 933
Total liabilities 972 933
Foreign currency swaps    
Assets:    
Asset derivatives 45 55
Liabilities:    
Liability derivatives 765 604
Foreign currency forwards    
Assets:    
Asset derivatives 120 185
Liabilities:    
Liability derivatives 18  
Interest rate swaps    
Assets:    
Asset derivatives 14  
Liabilities:    
Liability derivatives 189 329
Government and agencies    
Assets:    
Fixed maturity securities, available-for-sale 14,607 17,846
Municipalities    
Assets:    
Fixed maturity securities, available-for-sale 1,930 2,034
Mortgage- and asset-backed securities    
Assets:    
Fixed maturity securities, available-for-sale 4,366 3,563
Public utilities    
Assets:    
Fixed maturity securities, available-for-sale 7,174 7,045
Sovereign and supranational    
Assets:    
Fixed maturity securities, available-for-sale 402 416
Banks/financial institutions    
Assets:    
Fixed maturity securities, available-for-sale 9,244 8,956
Other corporate    
Assets:    
Fixed maturity securities, available-for-sale 26,398 25,409
Level 1    
Assets:    
Fixed maturity securities, available-for-sale 13,921 17,088
Equity securities 727 639
Other investments 1,373 1,599
Cash and cash equivalents 6,245 6,229
Asset derivatives 0 0
Total assets 22,266 25,555
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 | Interest rate swaps    
Assets:    
Asset derivatives 0  
Liabilities:    
Liability derivatives 0 0
Level 1 | Government and agencies    
Assets:    
Fixed maturity securities, available-for-sale 13,921 17,088
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 46,843 46,114
Equity securities 0 0
Other investments 0 0
Cash and cash equivalents 0 0
Asset derivatives 179 240
Total assets 47,022 46,354
Liabilities:    
Total liabilities 972 933
Level 2 | Foreign currency swaps    
Assets:    
Asset derivatives 45 55
Liabilities:    
Liability derivatives 765 604
Level 2 | Foreign currency forwards    
Assets:    
Asset derivatives 120 185
Liabilities:    
Liability derivatives 18  
Level 2 | Interest rate swaps    
Assets:    
Asset derivatives 14  
Liabilities:    
Liability derivatives 189 329
Level 2 | Government and agencies    
Assets:    
Fixed maturity securities, available-for-sale 686 758
Level 2 | Municipalities    
Assets:    
Fixed maturity securities, available-for-sale 1,930 2,034
Level 2 | Mortgage- and asset-backed securities    
Assets:    
Fixed maturity securities, available-for-sale 2,072 2,407
Level 2 | Public utilities    
Assets:    
Fixed maturity securities, available-for-sale 6,298 6,398
Level 2 | Sovereign and supranational    
Assets:    
Fixed maturity securities, available-for-sale 383 393
Level 2 | Banks/financial institutions    
Assets:    
Fixed maturity securities, available-for-sale 9,235 8,946
Level 2 | Other corporate    
Assets:    
Fixed maturity securities, available-for-sale 26,239 25,178
Level 3    
Assets:    
Fixed maturity securities, available-for-sale 3,357 2,067
Equity securities 160 157
Other investments 0 0
Cash and cash equivalents 0 0
Asset derivatives 0 0
Total assets 3,517 2,224
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 | 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 2,294 1,156
Level 3 | Public utilities    
Assets:    
Fixed maturity securities, available-for-sale 876 647
Level 3 | Sovereign and supranational    
Assets:    
Fixed maturity securities, available-for-sale 19 23
Level 3 | Banks/financial institutions    
Assets:    
Fixed maturity securities, available-for-sale 9 10
Level 3 | Other corporate    
Assets:    
Fixed maturity securities, available-for-sale $ 159 $ 231
v3.25.4
FAIR VALUE MEASUREMENTS - Fair Value Hierarchy Levels of Assets and Liabilities Carried at Cost or Amortized Cost (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other investments $ 6,622 $ 5,958
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 16,125 15,971
Fixed maturity securities, held-to-maturity, fair value 15,476 16,772
Commercial mortgage and other loans 9,765 10,869
Commercial mortgage and other loans, fair value 9,617 10,653
Other investments, carried at amortized cost 28 [1] 39 [2]
Other investments, carried at amortized cost, fair value 28 [1] 39 [2]
Total financial instruments, assets, not carried at fair value 25,913 26,874
Assets, fair value disclosure, financial instruments, carried at cost 25,121 27,464
Liabilities:    
Other policyholders’ funds 5,445 5,460
Other policyholders' funds fair value disclosure 5,376 5,389
Notes payable 8,330 7,402
Notes payable, fair value disclosure 7,849 7,027
Total financial instrument liabilities not carried at fair value 13,775 12,862
Liabilities fair value disclosure financial instruments carried at cost 13,225 12,416
Government and agencies    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 15,459 15,309
Fixed maturity securities, held-to-maturity, fair value 14,827 16,059
Municipalities    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 235 235
Fixed maturity securities, held-to-maturity, fair value 229 257
Public utilities    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 32 32
Fixed maturity securities, held-to-maturity, fair value 29 33
Sovereign and supranational    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 378 374
Fixed maturity securities, held-to-maturity, fair value 375 405
Other corporate    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 16 16
Fixed maturity securities, held-to-maturity, fair value 16 18
Policy loans    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other investments 210 203
Limited partnerships    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other investments [3] 4,109 3,435
Real estate owned    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other investments 902 682
Level 1    
Assets:    
Fixed maturity securities, held-to-maturity, fair value 14,696 15,916
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 14,696 15,916
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 14,696 15,916
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 780 856
Commercial mortgage and other loans, fair value 0 0
Other investments, carried at amortized cost, fair value 28 [1] 39 [2]
Assets, fair value disclosure, financial instruments, carried at cost 808 895
Liabilities:    
Other policyholders' funds fair value disclosure 0 0
Notes payable, fair value disclosure 7,167 6,352
Liabilities fair value disclosure financial instruments carried at cost 7,167 6,352
Level 2 | Government and agencies    
Assets:    
Fixed maturity securities, held-to-maturity, fair value 131 143
Level 2 | Municipalities    
Assets:    
Fixed maturity securities, held-to-maturity, fair value 229 257
Level 2 | Public utilities    
Assets:    
Fixed maturity securities, held-to-maturity, fair value 29 33
Level 2 | Sovereign and supranational    
Assets:    
Fixed maturity securities, held-to-maturity, fair value 375 405
Level 2 | Other corporate    
Assets:    
Fixed maturity securities, held-to-maturity, fair value 16 18
Level 3    
Assets:    
Fixed maturity securities, held-to-maturity, fair value 0 0
Commercial mortgage and other loans, fair value 9,617 10,653
Other investments, carried at amortized cost, fair value 0 [1] 0 [2]
Assets, fair value disclosure, financial instruments, carried at cost 9,617 10,653
Liabilities:    
Other policyholders' funds fair value disclosure 5,376 5,389
Notes payable, fair value disclosure 682 675
Liabilities fair value disclosure financial instruments carried at cost 6,058 6,064
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 $210, equity method investments of $4,109, and REO of $902, at carrying value
[2] Excludes policy loans of $203, equity method investments of $3,435, and REO of $682, at carrying value
[3] Includes tax credit investments and asset classes such as private equity and real estate funds
v3.25.4
FAIR VALUE MEASUREMENTS - Fair Value Hierarchy Levels of Assets by Pricing Source, Securities Carried at Fair Value (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale $ 64,121 $ 65,269
Equity securities 887 796
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 13,921 17,088
Equity securities 727 639
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 46,843 46,114
Equity securities 0 0
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 3,357 2,067
Equity securities 160 157
Third-party pricing vendor    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Equity securities 727 639
Third-party pricing vendor | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Equity securities 727 639
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 24 26
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 24 26
Broker/other    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Equity securities 136 131
Broker/other | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Equity securities 0 0
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 136 131
Government and agencies    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 14,607 17,846
Government and agencies | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 13,921 17,088
Government and agencies | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 686 758
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 14,304 17,534
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 13,921 17,088
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 383 446
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 303 312
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 303 312
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
Municipalities    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 1,930 2,034
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 1,930 2,034
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 1,706 1,791
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 1,706 1,791
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 224 243
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 224 243
Municipalities | Internal | 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    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 4,366 3,563
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 2,072 2,407
Mortgage- and asset-backed securities | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 2,294 1,156
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 1,824 2,352
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 1,824 2,352
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 248 92
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 248 55
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 0 37
Mortgage- and asset-backed securities | Broker/other    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 2,294 1,119
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 0
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 2,294 1,119
Public utilities    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 7,174 7,045
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 6,298 6,398
Public utilities | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 876 647
Public utilities | Third-party pricing vendor    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 3,660 3,628
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 3,660 3,628
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 2,638 2,770
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 2,638 2,770
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 876 647
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 0
Public utilities | Broker/other | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 876 647
Sovereign and supranational    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 402 416
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 383 393
Sovereign and supranational | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 19 23
Sovereign and supranational | Third-party pricing vendor    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 79 78
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 79 78
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 304 315
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 304 315
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 19 23
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 0
Sovereign and supranational | Broker/other | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 19 23
Banks/financial institutions    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 9,244 8,956
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 9,235 8,946
Banks/financial institutions | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 9 10
Banks/financial institutions | Third-party pricing vendor    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 5,605 4,975
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 5,605 4,975
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 3,635 3,976
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 3,630 3,971
Banks/financial institutions | Internal | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 5 5
Banks/financial institutions | Broker/other    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 4 5
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 0
Banks/financial institutions | Broker/other | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 4 5
Other corporate    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 26,398 25,409
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 26,239 25,178
Other corporate | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 159 231
Other corporate | Third-party pricing vendor    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 21,294 20,051
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 21,294 20,051
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 0
Other corporate | Internal    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 4,965 5,243
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 4,945 5,127
Other corporate | Internal | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 20 116
Other corporate | Broker/other    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale 139 115
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 0
Other corporate | Broker/other | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Fixed maturity securities, available-for-sale $ 139 $ 115
v3.25.4
FAIR VALUE MEASUREMENTS - Fair Value Hierarchy Levels of Assets by Pricing Source, Securities Carried at Amortized Cost (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturity securities, held-to-maturity, fair value $ 15,476 $ 16,772
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturity securities, held-to-maturity, fair value 14,696 15,916
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturity securities, held-to-maturity, fair value 780 856
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 14,827 16,059
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 14,696 15,916
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 131 143
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 14,827 16,059
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 14,696 15,916
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 131 143
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 229 257
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 229 257
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 229 257
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 229 257
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 29 33
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 29 33
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 29 33
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 29 33
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 375 405
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 375 405
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 188 198
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 188 198
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 187 207
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 187 207
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 16 18
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 16 18
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 16 18
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 16 18
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
v3.25.4
FAIR VALUE MEASUREMENTS - Changes in Investments Carried at Fair Value Classified as Level 3 (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance, beginning of period $ 2,224 $ 2,029
Net investment gains (losses) included in earnings (4) (5)
Unrealized gains (losses) included in other comprehensive income (loss) 57 (30)
Purchases 1,184 761
Issuances 0 0
Sales (3) (1)
Settlements (203) (227)
Transfers into Level 3 395 709
Transfers out of Level 3 (133) (1,012)
Balance, end of period 3,517 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 $ (8)
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] Other Comprehensive Income (Loss), before Tax Other Comprehensive Income (Loss), before Tax
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Net investment gains (losses), Other Comprehensive Income (Loss), before Tax Net investment gains (losses), Other Comprehensive Income (Loss), before Tax
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 $ 1,156 $ 772
Net investment gains (losses) included in earnings 1 3
Unrealized gains (losses) included in other comprehensive income (loss) 24 2
Purchases 909 377
Issuances 0 0
Sales 0 0
Settlements (153) (93)
Transfers into Level 3 395 205
Transfers out of Level 3 (38) (110)
Balance, end of period 2,294 1,156
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities still held at the end of the period included in earnings 1 2
Fixed maturity securities | Public utilities    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance, beginning of period 647 253
Net investment gains (losses) included in earnings 1 1
Unrealized gains (losses) included in other comprehensive income (loss) 29 (19)
Purchases 242 179
Issuances 0 0
Sales 1 0
Settlements (44) (33)
Transfers into Level 3 0 499
Transfers out of Level 3 0 (233)
Balance, end of period 876 647
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities still held at the end of the period included in earnings 1 0
Fixed maturity securities | Sovereign and supranational    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance, beginning of period 23 30
Net investment gains (losses) included in earnings 0 0
Unrealized gains (losses) included in other comprehensive income (loss) 0 (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 19 23
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 10 78
Net investment gains (losses) included in earnings 0 0
Unrealized gains (losses) included in other comprehensive income (loss) (1) (9)
Purchases 0 9
Issuances 0 0
Sales 0 0
Settlements 0 (9)
Transfers into Level 3 0 0
Transfers out of Level 3 0 (59)
Balance, end of period 9 10
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 231 648
Net investment gains (losses) included in earnings (2) 0
Unrealized gains (losses) included in other comprehensive income (loss) 5 (1)
Purchases 24 193
Issuances 0 0
Sales (2) 0
Settlements (2) (4)
Transfers into Level 3 0 5
Transfers out of Level 3 (95) (610)
Balance, end of period 159 231
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 157 248
Net investment gains (losses) included in earnings (4) (9)
Unrealized gains (losses) included in other comprehensive income (loss) 0 0
Purchases 9 3
Issuances 0 0
Sales (2) (1)
Settlements 0 (84)
Transfers into Level 3 0 0
Transfers out of Level 3 0 0
Balance, end of period 160 157
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities still held at the end of the period included in earnings $ 0 $ (10)
v3.25.4
FAIR VALUE MEASUREMENTS - Fair Value Measurement Inputs and Valuation Techniques (Detail)
$ in Millions
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Fair Value Measurement Inputs and Valuation Technique    
Fixed maturity securities, available-for-sale $ 64,121 $ 65,269
Equity securities 887 796
Total assets 72,805 74,133
Level 3    
Fair Value Measurement Inputs and Valuation Technique    
Fixed maturity securities, available-for-sale 3,357 2,067
Equity securities 160 157
Total assets 3,517 2,224
Adjusted cost | Level 3 | Private financials    
Fair Value Measurement Inputs and Valuation Technique    
Equity securities 160 157
Mortgage- and asset-backed securities    
Fair Value Measurement Inputs and Valuation Technique    
Fixed maturity securities, available-for-sale 4,366 3,563
Mortgage- and asset-backed securities | Level 3    
Fair Value Measurement Inputs and Valuation Technique    
Fixed maturity securities, available-for-sale 2,294 1,156
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 $ 2,294 $ 1,156
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] 88.75 84.08
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] 106.70 104.60
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] 100.42 99.07
Public utilities    
Fair Value Measurement Inputs and Valuation Technique    
Fixed maturity securities, available-for-sale $ 7,174 $ 7,045
Public utilities | Level 3    
Fair Value Measurement Inputs and Valuation Technique    
Fixed maturity securities, available-for-sale 876 647
Public utilities | Discounted cash flow technique | Level 3 | Credit spreads    
Fair Value Measurement Inputs and Valuation Technique    
Fixed maturity securities, available-for-sale $ 876 $ 647
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 0.0100
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] 0.0391 0.0375
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] 0.0163 0.0162
Sovereign and supranational    
Fair Value Measurement Inputs and Valuation Technique    
Fixed maturity securities, available-for-sale $ 402 $ 416
Sovereign and supranational | Level 3    
Fair Value Measurement Inputs and Valuation Technique    
Fixed maturity securities, available-for-sale 19 23
Sovereign and supranational | Consensus pricing valuation technique | Level 3 | Offered quotes    
Fair Value Measurement Inputs and Valuation Technique    
Fixed maturity securities, available-for-sale 19 23
Banks/financial institutions    
Fair Value Measurement Inputs and Valuation Technique    
Fixed maturity securities, available-for-sale 9,244 8,956
Banks/financial institutions | Level 3    
Fair Value Measurement Inputs and Valuation Technique    
Fixed maturity securities, available-for-sale 9 10
Banks/financial institutions | Adjusted cost | Level 3 | Private financials    
Fair Value Measurement Inputs and Valuation Technique    
Fixed maturity securities, available-for-sale 9 10
Other corporate    
Fair Value Measurement Inputs and Valuation Technique    
Fixed maturity securities, available-for-sale 26,398 25,409
Other corporate | Level 3    
Fair Value Measurement Inputs and Valuation Technique    
Fixed maturity securities, available-for-sale 159 231
Other corporate | Discounted cash flow technique | Level 3 | Credit spreads    
Fair Value Measurement Inputs and Valuation Technique    
Fixed maturity securities, available-for-sale $ 159 $ 231
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] 0.0075 0.0091
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] 0.0384 0.0294
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] 0.0217 0.0173
[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
v3.25.4
DEFERRED POLICY ACQUISITION COSTS - Schedule Of Deferred Policy Acquisition Costs (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Deferred Policy Acquisition Cost [Line Items]      
Balance, beginning of year $ 8,758 $ 9,132  
Capitalization 1,105 1,056  
Amortization expense (874) (851) $ (816)
Foreign currency translation and other 45 (579)  
Balance, end of year 9,034 8,758 9,132
Aflac Japan      
Deferred Policy Acquisition Cost [Line Items]      
Balance, beginning of year 5,102    
Amortization expense (323) (321) (326)
Balance, end of year 5,302 5,102  
Aflac Japan | Cancer      
Deferred Policy Acquisition Cost [Line Items]      
Balance, beginning of year 2,776 2,971  
Capitalization 357 300  
Amortization expense (188) (184)  
Foreign currency translation and other 20 (311)  
Balance, end of year 2,965 2,776 2,971
Aflac Japan | Medical and other health      
Deferred Policy Acquisition Cost [Line Items]      
Balance, beginning of year 1,833 2,041  
Capitalization 85 103  
Amortization expense (99) (100)  
Foreign currency translation and other 21 (211)  
Balance, end of year 1,840 1,833 2,041
Aflac Japan | Life insurance      
Deferred Policy Acquisition Cost [Line Items]      
Balance, beginning of year 441 491  
Capitalization 33 36  
Amortization expense (33) (34)  
Foreign currency translation and other 5 (52)  
Balance, end of year 446 441 491
Aflac Japan | Other      
Deferred Policy Acquisition Cost [Line Items]      
Balance, beginning of year 52 56  
Capitalization 3 4  
Amortization expense (3) (3)  
Foreign currency translation and other (1) (5)  
Balance, end of year 51 52 56
Aflac U.S.      
Deferred Policy Acquisition Cost [Line Items]      
Balance, beginning of year 3,656    
Amortization expense (551) (530) (490)
Balance, end of year 3,732 3,656  
Aflac U.S. | Life insurance      
Deferred Policy Acquisition Cost [Line Items]      
Balance, beginning of year 219 172  
Capitalization 98 77  
Amortization expense (40) (30)  
Foreign currency translation and other 0 0  
Balance, end of year 277 219 172
Aflac U.S. | Accident      
Deferred Policy Acquisition Cost [Line Items]      
Balance, beginning of year 915 917  
Capitalization 137 141  
Amortization expense (143) (143)  
Foreign currency translation and other 0 0  
Balance, end of year 909 915 917
Aflac U.S. | Disability      
Deferred Policy Acquisition Cost [Line Items]      
Balance, beginning of year 636 625  
Capitalization 127 129  
Amortization expense (122) (118)  
Foreign currency translation and other 0 0  
Balance, end of year 641 636 625
Aflac U.S. | Critical care      
Deferred Policy Acquisition Cost [Line Items]      
Balance, beginning of year 1,348 1,336  
Capitalization 162 165  
Amortization expense (155) (153)  
Foreign currency translation and other 0 0  
Balance, end of year 1,355 1,348 1,336
Aflac U.S. | Hospital indemnity      
Deferred Policy Acquisition Cost [Line Items]      
Balance, beginning of year 452 436  
Capitalization 90 89  
Amortization expense (79) (73)  
Foreign currency translation and other 0 0  
Balance, end of year 463 452 436
Aflac U.S. | Dental/vision      
Deferred Policy Acquisition Cost [Line Items]      
Balance, beginning of year 86 86  
Capitalization 13 12  
Amortization expense (12) (12)  
Foreign currency translation and other 0 0  
Balance, end of year 87 86 86
Aflac U.S. | Other      
Deferred Policy Acquisition Cost [Line Items]      
Balance, beginning of year 0 1  
Capitalization 0 0  
Amortization expense 0 (1)  
Foreign currency translation and other 0 0  
Balance, end of year $ 0 $ 0 $ 1
v3.25.4
DEFERRED POLICY ACQUISITION COSTS - Additional Information (Detail)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Deferred Policy Acquisition Costs Disclosures [Abstract]      
Commissions deferred as a percentage of total acquisition costs 67.00% 69.00% 67.00%
v3.25.4
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, 2025
Dec. 31, 2024
Dec. 31, 2023
Present value of expected future policy benefits:      
Beginning balance $ 111,508    
Ending balance 100,522 $ 111,508  
Net liability for future policy benefits 62,320 70,381  
Aflac Japan | Cancer      
Present value of expected future net premiums:      
Beginning balance 14,184 17,509  
Beginning balance at original discount rate 14,008 16,452  
Effect of changes in cash flow assumptions   (661) $ (625)
Effect of actual variances from expected experience   (436) (71)
Adjusted beginning of period balance   12,911 15,756
Issuances 1,114 983  
Interest accrual 364 378  
Net premiums collected [1] (1,379) (1,453)  
Foreign currency translation 193 (1,655)  
Other (2) (1)  
Ending balance at original discount rate 13,201 14,008  
Effect of changes in discount rate assumptions (994) 176  
Ending balance 12,207 14,184  
Present value of expected future policy benefits:      
Beginning balance 40,781 50,161  
Beginning balance at original discount rate 37,856 43,626  
Effect of changes in cash flow assumptions   (1,130) (815)
Effect of actual variances from expected experience   (483) (117)
Adjusted beginning of period balance   36,243 42,694
Issuances 1,138 1,004  
Interest accrual 1,299 1,356  
Benefit payments (2,723) (2,773)  
Foreign currency translation 481 (4,425)  
Other 0 0  
Ending balance at original discount rate 36,438 37,856  
Effect of changes in discount rate assumptions (1,451) 2,925  
Ending balance 34,987 40,781  
Net liability for future policy benefits 22,780 26,597  
Less: reinsurance recoverable 4,406 5,085  
Net liability for future policy benefits after reinsurance recoverable 18,374 21,512  
Aflac Japan | Medical and other health      
Present value of expected future net premiums:      
Beginning balance 11,817 14,697  
Beginning balance at original discount rate 11,845 14,040  
Effect of changes in cash flow assumptions   136 (154)
Effect of actual variances from expected experience   (84) (164)
Adjusted beginning of period balance   11,897 13,722
Issuances 253 361  
Interest accrual 292 302  
Net premiums collected [1] (1,076) (1,135)  
Foreign currency translation 146 (1,405)  
Other (1) 0  
Ending balance at original discount rate 11,511 11,845  
Effect of changes in discount rate assumptions (1,162) (28)  
Ending balance 10,349 11,817  
Present value of expected future policy benefits:      
Beginning balance 20,606 25,257  
Beginning balance at original discount rate 21,957 25,023  
Effect of changes in cash flow assumptions   108 (228)
Effect of actual variances from expected experience   (102) (193)
Adjusted beginning of period balance   21,963 24,602
Issuances 260 373  
Interest accrual 564 570  
Benefit payments (1,044) (1,033)  
Foreign currency translation 236 (2,555)  
Other 0 0  
Ending balance at original discount rate 21,979 21,957  
Effect of changes in discount rate assumptions (4,287) (1,351)  
Ending balance 17,692 20,606  
Net liability for future policy benefits 7,343 8,789  
Less: reinsurance recoverable 1,062 1,245  
Net liability for future policy benefits after reinsurance recoverable 6,281 7,544  
Aflac Japan | Life insurance      
Present value of expected future net premiums:      
Beginning balance 5,156 6,488  
Beginning balance at original discount rate 5,084 6,258  
Effect of changes in cash flow assumptions   (40) (190)
Effect of actual variances from expected experience   (62) (97)
Adjusted beginning of period balance   4,982 5,971
Issuances 405 478  
Interest accrual 110 110  
Net premiums collected [1] (795) (862)  
Foreign currency translation 70 (613)  
Other 0 0  
Ending balance at original discount rate 4,772 5,084  
Effect of changes in discount rate assumptions (225) 72  
Ending balance 4,547 5,156  
Present value of expected future policy benefits:      
Beginning balance 24,265 29,731  
Beginning balance at original discount rate 26,330 30,256  
Effect of changes in cash flow assumptions   (101) (302)
Effect of actual variances from expected experience   (61) (110)
Adjusted beginning of period balance   26,168 29,844
Issuances 417 488  
Interest accrual 569 582  
Benefit payments (1,753) (1,510)  
Foreign currency translation 315 (3,074)  
Other 0 0  
Ending balance at original discount rate 25,716 26,330  
Effect of changes in discount rate assumptions (4,822) (2,065)  
Ending balance 20,894 24,265  
Net liability for future policy benefits 16,347 19,109  
Less: reinsurance recoverable 0 0  
Net liability for future policy benefits after reinsurance recoverable 16,347 19,109  
Aflac Japan | Other      
Present value of expected future net premiums:      
Beginning balance 846 1,088  
Beginning balance at original discount rate 864 1,069  
Effect of changes in cash flow assumptions   5 (19)
Effect of actual variances from expected experience   (12) (14)
Adjusted beginning of period balance   857 1,036
Issuances 9 16  
Interest accrual 16 17  
Net premiums collected [1] (95) (101)  
Foreign currency translation 13 (104)  
Other 0 0  
Ending balance at original discount rate 800 864  
Effect of changes in discount rate assumptions (75) (18)  
Ending balance 725 846  
Present value of expected future policy benefits:      
Beginning balance 4,225 5,178  
Beginning balance at original discount rate 4,765 5,444  
Effect of changes in cash flow assumptions   74 (7)
Effect of actual variances from expected experience   (21) (24)
Adjusted beginning of period balance   4,818 5,413
Issuances 14 22  
Interest accrual 91 93  
Benefit payments (218) (208)  
Foreign currency translation 53 (555)  
Other 0 0  
Ending balance at original discount rate 4,758 4,765  
Effect of changes in discount rate assumptions (1,087) (540)  
Ending balance 3,671 4,225  
Net liability for future policy benefits 2,946 3,379  
Less: reinsurance recoverable 0 0  
Net liability for future policy benefits after reinsurance recoverable 2,946 3,379  
Aflac U.S. | Life insurance      
Present value of expected future net premiums:      
Beginning balance 909 853  
Beginning balance at original discount rate 976 909  
Effect of changes in cash flow assumptions   (5) (5)
Effect of actual variances from expected experience   (32) (29)
Adjusted beginning of period balance   939 875
Issuances 246 226  
Interest accrual 42 37  
Net premiums collected [1] (171) (157)  
Foreign currency translation 0 0  
Other (5) (5)  
Ending balance at original discount rate 1,051 976  
Effect of changes in discount rate assumptions (30) (67)  
Ending balance 1,021 909  
Present value of expected future policy benefits:      
Beginning balance 1,847 1,764  
Beginning balance at original discount rate 2,126 1,971  
Effect of changes in cash flow assumptions   (17) (3)
Effect of actual variances from expected experience   (53) (43)
Adjusted beginning of period balance   2,056 1,925
Issuances 254 231  
Interest accrual 87 78  
Benefit payments (109) (108)  
Foreign currency translation 0 0  
Other 0 0  
Ending balance at original discount rate 2,288 2,126  
Effect of changes in discount rate assumptions (212) (279)  
Ending balance 2,076 1,847  
Net liability for future policy benefits 1,055 938  
Less: reinsurance recoverable 25 18  
Net liability for future policy benefits after reinsurance recoverable 1,030 920  
Aflac U.S. | Accident      
Present value of expected future net premiums:      
Beginning balance 2,497 2,488  
Beginning balance at original discount rate 2,687 2,630  
Effect of changes in cash flow assumptions   18 65
Effect of actual variances from expected experience   21 66
Adjusted beginning of period balance   2,726 2,761
Issuances 295 307  
Interest accrual 110 106  
Net premiums collected [1] (487) (479)  
Foreign currency translation 0 0  
Other (7) (8)  
Ending balance at original discount rate 2,637 2,687  
Effect of changes in discount rate assumptions (112) (190)  
Ending balance 2,525 2,497  
Present value of expected future policy benefits:      
Beginning balance 3,127 3,109  
Beginning balance at original discount rate 3,386 3,302  
Effect of changes in cash flow assumptions   47 109
Effect of actual variances from expected experience   9 91
Adjusted beginning of period balance   3,442 3,502
Issuances 300 311  
Interest accrual 138 133  
Benefit payments (532) (560)  
Foreign currency translation 0 0  
Other 0 0  
Ending balance at original discount rate 3,348 3,386  
Effect of changes in discount rate assumptions (164) (259)  
Ending balance 3,184 3,127  
Net liability for future policy benefits 659 630  
Less: reinsurance recoverable 0 0  
Net liability for future policy benefits after reinsurance recoverable 659 630  
Aflac U.S. | Disability      
Present value of expected future net premiums:      
Beginning balance 1,635 1,652  
Beginning balance at original discount rate 1,726 1,738  
Effect of changes in cash flow assumptions   (22) (47)
Effect of actual variances from expected experience   20 12
Adjusted beginning of period balance   1,724 1,703
Issuances 341 364  
Interest accrual 69 66  
Net premiums collected [1] (402) (401)  
Foreign currency translation 0 0  
Other (6) (6)  
Ending balance at original discount rate 1,726 1,726  
Effect of changes in discount rate assumptions (41) (91)  
Ending balance 1,685 1,635  
Present value of expected future policy benefits:      
Beginning balance 2,330 2,422  
Beginning balance at original discount rate 2,466 2,541  
Effect of changes in cash flow assumptions   (46) (73)
Effect of actual variances from expected experience   5 (16)
Adjusted beginning of period balance   2,425 2,452
Issuances 355 381  
Interest accrual 99 98  
Benefit payments (478) (465)  
Foreign currency translation 0 0  
Other 0 0  
Ending balance at original discount rate 2,401 2,466  
Effect of changes in discount rate assumptions (65) (136)  
Ending balance 2,336 2,330  
Net liability for future policy benefits 651 695  
Less: reinsurance recoverable 0 0  
Net liability for future policy benefits after reinsurance recoverable 651 695  
Aflac U.S. | Critical care      
Present value of expected future net premiums:      
Beginning balance 3,901 4,074  
Beginning balance at original discount rate 4,340 4,416  
Effect of changes in cash flow assumptions   (163) (106)
Effect of actual variances from expected experience   (2) (100)
Adjusted beginning of period balance   4,175 4,210
Issuances 488 543  
Interest accrual 177 173  
Net premiums collected [1] (590) (578)  
Foreign currency translation 0 0  
Other (8) (8)  
Ending balance at original discount rate 4,242 4,340  
Effect of changes in discount rate assumptions (297) (439)  
Ending balance 3,945 3,901  
Present value of expected future policy benefits:      
Beginning balance 10,701 11,290  
Beginning balance at original discount rate 12,013 12,120  
Effect of changes in cash flow assumptions   (219) (112)
Effect of actual variances from expected experience   (15) (144)
Adjusted beginning of period balance   11,779 11,864
Issuances 503 559  
Interest accrual 515 515  
Benefit payments (985) (925)  
Foreign currency translation 0 0  
Other 0 0  
Ending balance at original discount rate 11,812 12,013  
Effect of changes in discount rate assumptions (967) (1,312)  
Ending balance 10,845 10,701  
Net liability for future policy benefits 6,900 6,800  
Less: reinsurance recoverable 0 0  
Net liability for future policy benefits after reinsurance recoverable 6,900 6,800  
Aflac U.S. | Hospital indemnity      
Present value of expected future net premiums:      
Beginning balance 1,122 1,107  
Beginning balance at original discount rate 1,221 1,193  
Effect of changes in cash flow assumptions   (8) (21)
Effect of actual variances from expected experience   16 21
Adjusted beginning of period balance   1,229 1,193
Issuances 211 231  
Interest accrual 50 46  
Net premiums collected [1] (255) (244)  
Foreign currency translation 0 0  
Other (4) (5)  
Ending balance at original discount rate 1,231 1,221  
Effect of changes in discount rate assumptions (60) (99)  
Ending balance 1,171 1,122  
Present value of expected future policy benefits:      
Beginning balance 1,897 1,943  
Beginning balance at original discount rate 2,073 2,076  
Effect of changes in cash flow assumptions   (4) (31)
Effect of actual variances from expected experience   8 21
Adjusted beginning of period balance   2,077 2,066
Issuances 217 237  
Interest accrual 87 84  
Benefit payments (310) (314)  
Foreign currency translation 0 0  
Other 0 0  
Ending balance at original discount rate 2,071 2,073  
Effect of changes in discount rate assumptions (116) (176)  
Ending balance 1,955 1,897  
Net liability for future policy benefits 784 775  
Less: reinsurance recoverable 0 0  
Net liability for future policy benefits after reinsurance recoverable 784 775  
Aflac U.S. | Dental/vision      
Present value of expected future net premiums:      
Beginning balance 196 206  
Beginning balance at original discount rate 209 217  
Effect of changes in cash flow assumptions   (10) (17)
Effect of actual variances from expected experience   (10) (12)
Adjusted beginning of period balance   189 188
Issuances 50 52  
Interest accrual 9 9  
Net premiums collected [1] (39) (39)  
Foreign currency translation 0 0  
Other (1) (1)  
Ending balance at original discount rate 208 209  
Effect of changes in discount rate assumptions (6) (13)  
Ending balance 202 196  
Present value of expected future policy benefits:      
Beginning balance 441 478  
Beginning balance at original discount rate 477 506  
Effect of changes in cash flow assumptions   (15) (28)
Effect of actual variances from expected experience   (13) (16)
Adjusted beginning of period balance   449 462
Issuances 50 55  
Interest accrual 20 20  
Benefit payments (61) (60)  
Foreign currency translation 0 0  
Other 0 0  
Ending balance at original discount rate 458 477  
Effect of changes in discount rate assumptions (20) (36)  
Ending balance 438 441  
Net liability for future policy benefits 236 245  
Less: reinsurance recoverable 0 0  
Net liability for future policy benefits after reinsurance recoverable 236 245  
Aflac U.S. | Other      
Present value of expected future net premiums:      
Beginning balance 826 277  
Beginning balance at original discount rate 824 272  
Effect of changes in cash flow assumptions   386 (8)
Effect of actual variances from expected experience   146 13
Adjusted beginning of period balance   1,356 277
Issuances 571 592  
Interest accrual 73 25  
Net premiums collected [1] (138) (53)  
Foreign currency translation 0 0  
Other (27) (17)  
Ending balance at original discount rate 1,835 824  
Effect of changes in discount rate assumptions 133 2  
Ending balance 1,968 826  
Present value of expected future policy benefits:      
Beginning balance 1,288 798  
Beginning balance at original discount rate 1,293 769  
Effect of changes in cash flow assumptions   399 (12)
Effect of actual variances from expected experience   148 (7)
Adjusted beginning of period balance   1,840 $ 750
Issuances 574 597  
Interest accrual 97 50  
Benefit payments (207) (104)  
Foreign currency translation 0 0  
Other 0 0  
Ending balance at original discount rate 2,304 1,293  
Effect of changes in discount rate assumptions 140 (5)  
Ending balance 2,444 1,288  
Net liability for future policy benefits 476 462  
Less: reinsurance recoverable 11 0  
Net liability for future policy benefits after reinsurance recoverable $ 465 $ 462  
[1] Net premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected future benefit payments.
v3.25.4
POLICY LIABILITIES - Schedule of Weighted-Average Interest Rate and Liability Duration for Future Policy Benefit (Detail)
Dec. 31, 2025
Dec. 31, 2024
Aflac Japan | Cancer    
Liability for Future Policy Benefit, Activity [Line Items]    
Weighted-average interest, original discount rate [1] 3.80% 3.90%
Weighted-average interest, current discount rate [1] 3.10% 2.20%
Weighted-average liability duration 12 years 3 months 18 days 12 years 7 months 6 days
Aflac Japan | Medical and other health    
Liability for Future Policy Benefit, Activity [Line Items]    
Weighted-average interest, original discount rate [1] 2.50% 2.50%
Weighted-average interest, current discount rate [1] 3.60% 2.80%
Weighted-average liability duration 22 years 10 months 24 days 23 years 6 months
Aflac Japan | Life insurance    
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] 2.80% 2.10%
Weighted-average liability duration 16 years 2 months 12 days 16 years 1 month 6 days
Aflac Japan | Other    
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] 3.40% 2.50%
Weighted-average liability duration 16 years 2 months 12 days 16 years 8 months 12 days
Aflac U.S. | Life insurance    
Liability for Future Policy Benefit, Activity [Line Items]    
Weighted-average interest, original discount rate [1] 3.90% 3.80%
Weighted-average interest, current discount rate [1] 5.30% 5.30%
Weighted-average liability duration 13 years 6 months 13 years 6 months
Aflac U.S. | Accident    
Liability for Future Policy Benefit, Activity [Line Items]    
Weighted-average interest, original discount rate [1] 4.10% 4.00%
Weighted-average interest, current discount rate [1] 5.20% 5.30%
Weighted-average liability duration 7 years 9 months 18 days 7 years 8 months 12 days
Aflac U.S. | Disability    
Liability for Future Policy Benefit, Activity [Line Items]    
Weighted-average interest, original discount rate [1] 4.40% 4.30%
Weighted-average interest, current discount rate [1] 5.00% 5.20%
Weighted-average liability duration 5 years 7 months 6 days 5 years 7 months 6 days
Aflac U.S. | Critical care    
Liability for Future Policy Benefit, Activity [Line Items]    
Weighted-average interest, original discount rate [1] 4.50% 4.60%
Weighted-average interest, current discount rate [1] 5.40% 5.30%
Weighted-average liability duration 10 years 9 months 18 days 11 years 1 month 6 days
Aflac U.S. | Hospital indemnity    
Liability for Future Policy Benefit, Activity [Line Items]    
Weighted-average interest, original discount rate [1] 4.50% 4.50%
Weighted-average interest, current discount rate [1] 5.30% 5.30%
Weighted-average liability duration 9 years 9 years
Aflac U.S. | Dental/vision    
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] 5.20% 5.30%
Weighted-average liability duration 7 years 6 months 7 years 7 months 6 days
Aflac U.S. | Other    
Liability for Future Policy Benefit, Activity [Line Items]    
Weighted-average interest, original discount rate [1] 5.50% 5.40%
Weighted-average interest, current discount rate [1] 5.40% 5.30%
Weighted-average liability duration 8 years 7 months 6 days 9 years 1 month 6 days
[1] The weighted-average interest rates are calculated using the reserve balances as the weights. No adjustments were made to observable market information.
v3.25.4
POLICY LIABILITIES - Reconciliation of Future Policy Benefits (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Liability for Future Policy Benefit, Activity [Line Items]    
Future policy benefits $ 62,320 $ 70,381
Deferred reinsurance gain liability 125 146
Intercompany eliminations    
Liability for Future Policy Benefit, Activity [Line Items]    
Future policy benefits [1] (4,997) (5,760)
Aflac Japan    
Liability for Future Policy Benefit, Activity [Line Items]    
Deferred profit liability 2,066 1,844
Deferred reinsurance gain liability 757 806
Aflac Japan | Cancer    
Liability for Future Policy Benefit, Activity [Line Items]    
Future policy benefits 22,780 26,597
Aflac Japan | Medical and other health    
Liability for Future Policy Benefit, Activity [Line Items]    
Future policy benefits 7,343 8,789
Aflac Japan | Life insurance    
Liability for Future Policy Benefit, Activity [Line Items]    
Future policy benefits 16,347 19,109
Aflac Japan | Other    
Liability for Future Policy Benefit, Activity [Line Items]    
Future policy benefits 2,946 3,379
Aflac U.S. | Life insurance    
Liability for Future Policy Benefit, Activity [Line Items]    
Future policy benefits 1,055 938
Aflac U.S. | Accident    
Liability for Future Policy Benefit, Activity [Line Items]    
Future policy benefits 659 630
Aflac U.S. | Disability    
Liability for Future Policy Benefit, Activity [Line Items]    
Future policy benefits 651 695
Aflac U.S. | Critical care    
Liability for Future Policy Benefit, Activity [Line Items]    
Future policy benefits 6,900 6,800
Aflac U.S. | Hospital indemnity    
Liability for Future Policy Benefit, Activity [Line Items]    
Future policy benefits 784 775
Aflac U.S. | Dental/vision    
Liability for Future Policy Benefit, Activity [Line Items]    
Future policy benefits 236 245
Aflac U.S. | Other    
Liability for Future Policy Benefit, Activity [Line Items]    
Future policy benefits 476 462
Corporate and other    
Liability for Future Policy Benefit, Activity [Line Items]    
Future policy benefits $ 4,317 $ 5,072
[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
v3.25.4
POLICY LIABILITIES - Summary of Net Earned Premiums Recognized (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Liability for Future Policy Benefit, Activity [Line Items]      
Reinsurance ceded $ (368) $ (284) $ (404)
Net earned premiums [1] 13,548 13,440 14,123
Life insurance      
Liability for Future Policy Benefit, Activity [Line Items]      
Reinsurance ceded (52) (51) (52)
Net earned premiums 1,875 1,754 1,973
Aflac Japan      
Liability for Future Policy Benefit, Activity [Line Items]      
Net earned premiums 6,744 6,930 8,047
Aflac Japan | Cancer      
Liability for Future Policy Benefit, Activity [Line Items]      
Gross premiums 3,405 3,545 4,063
Aflac Japan | Medical and other health      
Liability for Future Policy Benefit, Activity [Line Items]      
Gross premiums 2,131 2,181 2,631
Aflac Japan | Life insurance      
Liability for Future Policy Benefit, Activity [Line Items]      
Gross premiums 1,227 1,225 1,532
Aflac Japan | Other      
Liability for Future Policy Benefit, Activity [Line Items]      
Gross premiums 129 134 149
Aflac U.S.      
Liability for Future Policy Benefit, Activity [Line Items]      
Net earned premiums 5,999 5,829 5,675
Aflac U.S. | Life insurance      
Liability for Future Policy Benefit, Activity [Line Items]      
Gross premiums 683 565 475
Aflac U.S. | Accident      
Liability for Future Policy Benefit, Activity [Line Items]      
Gross premiums 1,229 1,265 1,288
Aflac U.S. | Disability      
Liability for Future Policy Benefit, Activity [Line Items]      
Gross premiums 1,408 1,327 1,256
Aflac U.S. | Critical care      
Liability for Future Policy Benefit, Activity [Line Items]      
Gross premiums 1,763 1,763 1,749
Aflac U.S. | Hospital indemnity      
Liability for Future Policy Benefit, Activity [Line Items]      
Gross premiums 728 727 725
Aflac U.S. | Dental/vision      
Liability for Future Policy Benefit, Activity [Line Items]      
Gross premiums 207 202 214
Aflac U.S. | Other      
Liability for Future Policy Benefit, Activity [Line Items]      
Gross premiums 200 110 45
Corporate and other      
Liability for Future Policy Benefit, Activity [Line Items]      
Gross premiums 806 680 400
Net earned premiums $ 805 $ 681 $ 400
[1] Includes a gain (loss) of $(52), $(81) and $20 in 2025, 2024 and 2023, respectively, related to remeasurement of the deferred profit liability for limited-payment contracts.
v3.25.4
POLICY LIABILITIES - Summary of Interest Expense Related to Insurance Contracts Recognized (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Liability for Future Policy Benefit, Activity [Line Items]      
Interest expense $ 2,254 $ 2,310 $ 2,436
Aflac Japan | Cancer      
Liability for Future Policy Benefit, Activity [Line Items]      
Interest expense 935 978 1,061
Aflac Japan | Medical and other health      
Liability for Future Policy Benefit, Activity [Line Items]      
Interest expense 272 268 274
Aflac Japan | Life insurance      
Liability for Future Policy Benefit, Activity [Line Items]      
Interest expense 459 472 501
Aflac Japan | Other      
Liability for Future Policy Benefit, Activity [Line Items]      
Interest expense 75 76 80
Aflac U.S. | Life insurance      
Liability for Future Policy Benefit, Activity [Line Items]      
Interest expense 45 41 37
Aflac U.S. | Accident      
Liability for Future Policy Benefit, Activity [Line Items]      
Interest expense 28 27 25
Aflac U.S. | Disability      
Liability for Future Policy Benefit, Activity [Line Items]      
Interest expense 30 32 34
Aflac U.S. | Critical care      
Liability for Future Policy Benefit, Activity [Line Items]      
Interest expense 338 342 345
Aflac U.S. | Hospital indemnity      
Liability for Future Policy Benefit, Activity [Line Items]      
Interest expense 37 38 39
Aflac U.S. | Dental/vision      
Liability for Future Policy Benefit, Activity [Line Items]      
Interest expense 11 11 13
Aflac U.S. | Other      
Liability for Future Policy Benefit, Activity [Line Items]      
Interest expense $ 24 $ 25 $ 27
v3.25.4
POLICY LIABILITIES - Summary of Undiscounted Expected Future Gross Premiums and Expected Future Benefits and Expenses (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Liability for Future Policy Benefit, Activity [Line Items]    
Gross Premiums $ 143,474 $ 142,653
Benefits and Expenses 173,047 173,393
Aflac Japan | Cancer    
Liability for Future Policy Benefit, Activity [Line Items]    
Gross Premiums 52,505 51,712
Benefits and Expenses 54,844 56,881
Aflac Japan | Medical and other health    
Liability for Future Policy Benefit, Activity [Line Items]    
Gross Premiums 32,757 33,250
Benefits and Expenses 35,043 34,864
Aflac Japan | Life insurance    
Liability for Future Policy Benefit, Activity [Line Items]    
Gross Premiums 10,781 10,915
Benefits and Expenses 37,340 37,520
Aflac Japan | Other    
Liability for Future Policy Benefit, Activity [Line Items]    
Gross Premiums 1,351 1,477
Benefits and Expenses 6,419 6,479
Aflac U.S. | Life insurance    
Liability for Future Policy Benefit, Activity [Line Items]    
Gross Premiums 3,326 2,966
Benefits and Expenses 3,948 3,559
Aflac U.S. | Accident    
Liability for Future Policy Benefit, Activity [Line Items]    
Gross Premiums 8,560 8,862
Benefits and Expenses 4,660 4,687
Aflac U.S. | Disability    
Liability for Future Policy Benefit, Activity [Line Items]    
Gross Premiums 5,697 5,727
Benefits and Expenses 3,033 3,094
Aflac U.S. | Critical care    
Liability for Future Policy Benefit, Activity [Line Items]    
Gross Premiums 19,182 19,624
Benefits and Expenses 19,971 20,340
Aflac U.S. | Hospital indemnity    
Liability for Future Policy Benefit, Activity [Line Items]    
Gross Premiums 4,757 4,859
Benefits and Expenses 3,027 3,017
Aflac U.S. | Dental/vision    
Liability for Future Policy Benefit, Activity [Line Items]    
Gross Premiums 1,081 1,118
Benefits and Expenses 657 679
Aflac U.S. | Other    
Liability for Future Policy Benefit, Activity [Line Items]    
Gross Premiums 3,477 2,143
Benefits and Expenses $ 4,105 $ 2,273
v3.25.4
POLICY LIABILITIES - Summary of Discounted Expected Future Gross Premiums and Expected Future Benefits and Expenses (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Liability for Future Policy Benefit, Activity [Line Items]      
Gross Premiums $ 99,697 $ 105,686  
Benefits and Expenses 100,522 111,508  
Aflac Japan | Cancer      
Liability for Future Policy Benefit, Activity [Line Items]      
Gross Premiums 36,796 40,170  
Benefits and Expenses 34,987 40,781 $ 50,161
Aflac Japan | Medical and other health      
Liability for Future Policy Benefit, Activity [Line Items]      
Gross Premiums 22,239 25,171  
Benefits and Expenses 17,692 20,606 25,257
Aflac Japan | Life insurance      
Liability for Future Policy Benefit, Activity [Line Items]      
Gross Premiums 8,625 9,367  
Benefits and Expenses 20,894 24,265 29,731
Aflac Japan | Other      
Liability for Future Policy Benefit, Activity [Line Items]      
Gross Premiums 1,018 1,204  
Benefits and Expenses 3,671 4,225 5,178
Aflac U.S. | Life insurance      
Liability for Future Policy Benefit, Activity [Line Items]      
Gross Premiums 2,358 2,050  
Benefits and Expenses 2,076 1,847 1,764
Aflac U.S. | Accident      
Liability for Future Policy Benefit, Activity [Line Items]      
Gross Premiums 6,002 6,057  
Benefits and Expenses 3,184 3,127 3,109
Aflac U.S. | Disability      
Liability for Future Policy Benefit, Activity [Line Items]      
Gross Premiums 4,478 4,404  
Benefits and Expenses 2,336 2,330 2,422
Aflac U.S. | Critical care      
Liability for Future Policy Benefit, Activity [Line Items]      
Gross Premiums 11,988 11,900  
Benefits and Expenses 10,845 10,701 11,290
Aflac U.S. | Hospital indemnity      
Liability for Future Policy Benefit, Activity [Line Items]      
Gross Premiums 3,333 3,312  
Benefits and Expenses 1,955 1,897 1,943
Aflac U.S. | Dental/vision      
Liability for Future Policy Benefit, Activity [Line Items]      
Gross Premiums 755 761  
Benefits and Expenses 438 441 478
Aflac U.S. | Other      
Liability for Future Policy Benefit, Activity [Line Items]      
Gross Premiums 2,105 1,290  
Benefits and Expenses $ 2,444 $ 1,288 $ 798
v3.25.4
POLICY LIABILITIES - Schedule of Changes in Other Policyholders' Funds (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Policyholder Account Balance [Line Items]    
Other deposit type reserves $ 293 $ 239
Other policyholders’ funds 5,445 5,460
Aflac Japan    
Policyholder Account Balance [Line Items]    
Other policyholders’ funds 5,445 5,460
Aflac Japan | Fixed Annuity    
Policyholder Account Balance [Line Items]    
Beginning balance [1] 5,221 5,939
Premiums received [1] 97 104
Transfers from WAYS conversions [1] 307 249
Surrenders and withdrawals [1] (64) (58)
Benefit payments [1] (513) (446)
Interest credited [1] 49 49
Foreign currency translation and other [1] 55 (616)
Ending balance [1] $ 5,152 $ 5,221
[1] Aflac Japan fixed annuities
v3.25.4
POLICY LIABILITIES - Schedule of Other Policyholders' Funds by Guaranteed Crediting Rates (Detail) - Aflac Japan - Fixed Annuity - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]      
At Guaranteed Minimum [1] $ 5,152 $ 5,221 $ 5,939
Cash Surrender Value [1] $ 5,083 $ 5,150  
Weighted Average Crediting Rate 1.50% 1.50%  
Lower Limit      
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]      
Guaranteed Minimum Crediting Rates [1],[2] 0.50% 0.50%  
Upper Limit      
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]      
Guaranteed Minimum Crediting Rates [1],[2] 2.20% 2.20%  
[1] Aflac Japan fixed annuities
[2] Weighted-average crediting rate of 1.5% at December 31, 2025 and 2024
v3.25.4
REINSURANCE Effect of Reinsurance on Premiums and Benefits and Claims (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Reinsurance Disclosures [Abstract]      
Earned premiums, direct $ 13,760 $ 13,562 $ 14,318
Earned premiums, ceded (368) (284) (404)
Earned premiums, assumed 156 162 209
Net earned premiums [1] 13,548 13,440 14,123
Benefits and claims, excluding reserve remeasurement, direct 8,174 8,098 8,599
Benefits and claims, excluding reserve remeasurement, ceded (249) (153) (147)
Benefits and claims, excluding reserve remeasurement, assumed 62 63 142
Benefits and claims, excluding reserve remeasurement 7,987 8,008 8,594
Reserve remeasurement (gains) losses, direct (683) (558) (394)
Reserve remeasurement (gains) losses, ceded (11) 0 11
Reserve remeasurement (gains) losses (694) (558) (383)
Total benefits and claims, net $ 7,293 $ 7,450 $ 8,211
[1] Includes a gain (loss) of $(52), $(81) and $20 in 2025, 2024 and 2023, respectively, related to remeasurement of the deferred profit liability for limited-payment contracts.
v3.25.4
REINSURANCE Additional Information (Detail) - USD ($)
$ in Millions
 1 Months Ended
Oct. 31, 2024
Dec. 31, 2023
Oct. 31, 2023
Jan. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Effects of Reinsurance [Line Items]            
Deferred reinsurance gain liability         $ 125 $ 146
Reinsurance recoverable         161 163
Reinsurance recoverable, allowance for credit loss         $ 4 $ 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%    
v3.25.4
NOTES PAYABLE AND LEASE OBLIGATIONS - Summary of Notes Payable (Detail 1) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Notes payable and lease obligations $ 8,409 $ 7,498
Finance lease obligations 6 5
Operating lease obligations $ 73 $ 91
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 $ 400 $ 399
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 995 994
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 255 255
4.00% senior notes 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 paid September 2025    
Debt Instrument [Line Items]    
Notes payable and lease obligations 0 79
.932% senior notes due January 2027    
Debt Instrument [Line Items]    
Notes payable and lease obligations 382 378
1.048% senior notes due March 2029    
Debt Instrument [Line Items]    
Notes payable and lease obligations 83 81
1.075% senior notes due September 2029    
Debt Instrument [Line Items]    
Notes payable and lease obligations 213 211
.500% senior notes due December 2029    
Debt Instrument [Line Items]    
Notes payable and lease obligations 80 79
.550% senior notes due March 2030    
Debt Instrument [Line Items]    
Notes payable and lease obligations 85 84
1.159% senior notes due October 2030    
Debt Instrument [Line Items]    
Notes payable and lease obligations 186 184
1.726% senior notes due October 2030    
Debt Instrument [Line Items]    
Notes payable and lease obligations 223 0
1.412% senior notes due March 2031    
Debt Instrument [Line Items]    
Notes payable and lease obligations 178 176
.633% senior notes due April 2031    
Debt Instrument [Line Items]    
Notes payable and lease obligations 191 189
.843% senior notes due December 2031    
Debt Instrument [Line Items]    
Notes payable and lease obligations 59 58
.750% senior notes due March 2032    
Debt Instrument [Line Items]    
Notes payable and lease obligations 131 130
1.990% senior notes due May 2032    
Debt Instrument [Line Items]    
Notes payable and lease obligations 116 0
1.320% senior notes due December 2032    
Debt Instrument [Line Items]    
Notes payable and lease obligations 134 133
2.003% senior notes due December 2032    
Debt Instrument [Line Items]    
Notes payable and lease obligations 149 0
.844% senior notes due April 2033    
Debt Instrument [Line Items]    
Notes payable and lease obligations 76 76
1.488% senior notes due October 2033    
Debt Instrument [Line Items]    
Notes payable and lease obligations 97 95
1.682% senior notes due March 2034    
Debt Instrument [Line Items]    
Notes payable and lease obligations 49 48
1.600% senior notes due March 2034    
Debt Instrument [Line Items]    
Notes payable and lease obligations 116 115
.934% senior notes due December 2034    
Debt Instrument [Line Items]    
Notes payable and lease obligations 62 62
.830% senior notes due March 2035    
Debt Instrument [Line Items]    
Notes payable and lease obligations 67 66
2.320% senior notes due May 2035    
Debt Instrument [Line Items]    
Notes payable and lease obligations 245 0
2.369% senior notes due June 2035    
Debt Instrument [Line Items]    
Notes payable and lease obligations 60 0
1.740% senior notes due March 2036    
Debt Instrument [Line Items]    
Notes payable and lease obligations 95 94
1.039% senior notes due April 2036    
Debt Instrument [Line Items]    
Notes payable and lease obligations 64 63
1.594% senior notes due September 2037    
Debt Instrument [Line Items]    
Notes payable and lease obligations 41 41
1.750% senior notes due October 2038    
Debt Instrument [Line Items]    
Notes payable and lease obligations 56 56
1.920% senior notes due March 2039    
Debt Instrument [Line Items]    
Notes payable and lease obligations 104 103
1.122% senior notes due December 2039    
Debt Instrument [Line Items]    
Notes payable and lease obligations 40 39
2.650% senior notes due May 2040    
Debt Instrument [Line Items]    
Notes payable and lease obligations 74 0
2.779% senior notes due June 2040    
Debt Instrument [Line Items]    
Notes payable and lease obligations 45 0
1.264% senior notes due April 2041    
Debt Instrument [Line Items]    
Notes payable and lease obligations 63 63
2.160% senior notes due March 2044    
Debt Instrument [Line Items]    
Notes payable and lease obligations 36 35
3.040% senior notes due May 2045    
Debt Instrument [Line Items]    
Notes payable and lease obligations 45 0
2.108% subordinated notes due October 2047    
Debt Instrument [Line Items]    
Notes payable and lease obligations 379 375
1.560% senior notes due April 2051    
Debt Instrument [Line Items]    
Notes payable and lease obligations 127 125
2.144% senior notes due September 2052    
Debt Instrument [Line Items]    
Notes payable and lease obligations 76 75
1.958% subordinated bonds due December 2053    
Debt Instrument [Line Items]    
Notes payable and lease obligations 191 188
2.400% senior notes due March 2054    
Debt Instrument [Line Items]    
Notes payable and lease obligations 124 122
Yen-denominated loan variable interest rate due August 2027    
Debt Instrument [Line Items]    
Notes payable and lease obligations 75 74
Yen-denominated loan variable interest rate due August 2029    
Debt Instrument [Line Items]    
Notes payable and lease obligations 161 160
Yen-denominated loan variable interest rate due August 2032    
Debt Instrument [Line Items]    
Notes payable and lease obligations $ 446 $ 441
v3.25.4
NOTES PAYABLE AND LEASE OBLIGATIONS - Summary of Notes Payable (Detail 2)
$ in Millions, ¥ in Billions
Dec. 31, 2025
JPY (¥)
Sep. 30, 2025
Jun. 30, 2025
JPY (¥)
May 31, 2025
JPY (¥)
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                                            
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 notes 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 paid September 2025                                            
Debt Instrument [Line Items]                                            
Debt instrument, interest rate   0.30%     0.30%               0.30%                  
Debt instrument, principal amount         ¥ 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 2029                                            
Debt Instrument [Line Items]                                            
Debt instrument, interest rate 1.048%       1.048% 1.048%                                
Debt instrument, principal amount ¥ 13.0       ¥ 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              
1.726% senior notes due October 2030                                            
Debt Instrument [Line Items]                                            
Debt instrument, interest rate 1.726%   1.726%                                      
Debt instrument, principal amount ¥ 35.0   ¥ 35.0                                      
1.412% senior notes due March 2031                                            
Debt Instrument [Line Items]                                            
Debt instrument, interest rate 1.412%       1.412% 1.412%                                
Debt instrument, principal amount ¥ 27.9       ¥ 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                  
1.990% senior notes due May 2032                                            
Debt Instrument [Line Items]                                            
Debt instrument, interest rate 1.99%     1.99%                                    
Debt instrument, principal amount ¥ 18.2     ¥ 18.2                                    
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                            
2.003% senior notes due December 2032                                            
Debt Instrument [Line Items]                                            
Debt instrument, interest rate 2.003%   2.003%                                      
Debt instrument, principal amount ¥ 23.4   ¥ 23.4                                      
.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% 1.682%                                
Debt instrument, principal amount ¥ 7.7       ¥ 7.7 ¥ 7.7                                
1.600% senior notes due March 2034                                            
Debt Instrument [Line Items]                                            
Debt instrument, interest rate 1.60%       1.60% 1.60%                                
Debt instrument, principal amount ¥ 18.3       ¥ 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                  
2.320% senior notes due May 2035                                            
Debt Instrument [Line Items]                                            
Debt instrument, interest rate 2.32%     2.32%                                    
Debt instrument, principal amount ¥ 38.3     ¥ 38.3                                    
2.369% senior notes due June 2035                                            
Debt Instrument [Line Items]                                            
Debt instrument, interest rate 2.369%   2.369%                                      
Debt instrument, principal amount ¥ 9.5   ¥ 9.5                                      
1.740% senior notes due March 2036                                            
Debt Instrument [Line Items]                                            
Debt instrument, interest rate 1.74%       1.74% 1.74%                                
Debt instrument, principal amount ¥ 15.0       ¥ 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% 1.92%                                
Debt instrument, principal amount ¥ 16.5       ¥ 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                
2.650% senior notes due May 2040                                            
Debt Instrument [Line Items]                                            
Debt instrument, interest rate 2.65%     2.65%                                    
Debt instrument, principal amount ¥ 11.6     ¥ 11.6                                    
2.779% senior notes due June 2040                                            
Debt Instrument [Line Items]                                            
Debt instrument, interest rate 2.779%   2.779%                                      
Debt instrument, principal amount ¥ 7.0   ¥ 7.0                                      
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% 2.16%                                
Debt instrument, principal amount ¥ 5.7       ¥ 5.7 ¥ 5.7                                
3.040% senior notes due May 2045                                            
Debt Instrument [Line Items]                                            
Debt instrument, interest rate 3.04%     3.04%                                    
Debt instrument, principal amount ¥ 7.0     ¥ 7.0                                    
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          
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%   1.958%                              
Debt instrument, principal amount ¥ 30.0       ¥ 30.0   ¥ 30.0                              
2.400% senior notes due March 2054                                            
Debt Instrument [Line Items]                                            
Debt instrument, interest rate 2.40%       2.40% 2.40%                                
Debt instrument, principal amount ¥ 19.5       ¥ 19.5 ¥ 19.5                                
Yen-denominated loan variable interest rate due August 2027                                            
Debt Instrument [Line Items]                                            
Debt instrument, interest rate 1.08%       0.84%                                  
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 1.18%       0.94%                                  
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 1.33%       1.09%                                  
Debt instrument, principal amount ¥ 70.0       ¥ 70.0       ¥ 70.0                          
v3.25.4
NOTES PAYABLE AND LEASE OBLIGATIONS - Aggregate Contractual Maturities of Notes Payable (Detail)
$ in Millions
Dec. 31, 2025
USD ($)
Debt Disclosure [Abstract]  
2026 $ 700
2027 458
2028 0
2029 539
2030 1,496
Thereafter 5,185
Total $ 8,378
v3.25.4
NOTES PAYABLE AND LEASE OBLIGATIONS - Summary of Lines of Credit (Detail) - 12 months ended Dec. 31, 2025
$ 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 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, at the Company's option, either (a) TIBOR plus an applicable margin or (b) an alternative TIBOR based on the rate offered by the agent to major banks in yen for the applicable period plus an applicable margin  
$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 U.S. dollar 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 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 Japanese yen TIBOR plus 75 basis points per annum  
¥50.0 billion 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 Japanese yen TIBOR plus 75 basis points per annum  
$25 million line of credit (Aflac New York 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 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 LLC 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 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 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  
v3.25.4
NOTES PAYABLE AND LEASE OBLIGATIONS - Additional Information (Detail)
$ in Millions, ¥ in Billions
 1 Months Ended 12 Months Ended
Aug. 31, 2025
USD ($)
Credit_facilities
Dec. 31, 2023
JPY (¥)
Aug. 31, 2022
JPY (¥)
Mar. 31, 2021
USD ($)
Apr. 30, 2020
USD ($)
Oct. 31, 2018
JPY (¥)
series
Oct. 31, 2017
JPY (¥)
Dec. 31, 2016
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2025
JPY (¥)
Dec. 31, 2025
USD ($)
Sep. 30, 2025
JPY (¥)
Jun. 30, 2025
JPY (¥)
series
May 31, 2025
JPY (¥)
series
Dec. 31, 2024
JPY (¥)
Dec. 31, 2024
USD ($)
Mar. 31, 2024
JPY (¥)
series
Sep. 30, 2022
JPY (¥)
series
Apr. 30, 2021
JPY (¥)
series
Mar. 31, 2020
JPY (¥)
series
Dec. 31, 2019
JPY (¥)
series
Oct. 31, 2018
USD ($)
series
Jan. 31, 2017
JPY (¥)
Sep. 30, 2016
USD ($)
series
Aug. 31, 2010
USD ($)
Dec. 31, 2009
USD ($)
Debt Instrument [Line Items]                                                        
Number of series of senior notes issued through a U.S. public debt offering | series           3                 4       3 4 5 4 4 3   2    
Number of series of senior notes issued through a private placement | series                               4     5                  
Interest expense on debt | $                 $ 217 $ 194 $ 190                                  
Operating lease, cost | $                 42 43 49                                  
Operating lease, payments | $                 $ 42 $ 41 $ 48                                  
Number of senior note facility agreements | Credit_facilities 2                                                      
10-Year Senior Note Facility Agreement                                                        
Debt Instrument [Line Items]                                                        
Senior note facility agreement, term 10 years                                                      
Senior note facility, commitment fee percentage 0.9875%                                                      
30-Year Senior Note Facility Agreement                                                        
Debt Instrument [Line Items]                                                        
Senior note facility agreement, term 30 years                                                      
Senior note facility, commitment fee percentage 1.1218%                                                      
Senior notes                                                        
Debt Instrument [Line Items]                                                        
Debt instrument, principal amount           ¥ 53.4                 ¥ 74.9       ¥ 48.6 ¥ 73.0 ¥ 82.0 ¥ 57.0 ¥ 38.0     $ 700    
Private placement                                                        
Debt Instrument [Line Items]                                                        
Debt instrument, principal amount                               ¥ 75.1     75.0                  
1.726% senior notes due October 2030                                                        
Debt Instrument [Line Items]                                                        
Debt instrument, principal amount                       ¥ 35.0     ¥ 35.0                          
Debt instrument, interest rate                       1.726% 1.726%   1.726%                          
2.003% senior notes due December 2032                                                        
Debt Instrument [Line Items]                                                        
Debt instrument, principal amount                       ¥ 23.4     ¥ 23.4                          
Debt instrument, interest rate                       2.003% 2.003%   2.003%                          
2.369% senior notes due June 2035                                                        
Debt Instrument [Line Items]                                                        
Debt instrument, principal amount                       ¥ 9.5     ¥ 9.5                          
Debt instrument, interest rate                       2.369% 2.369%   2.369%                          
2.779% senior notes due June 2040                                                        
Debt Instrument [Line Items]                                                        
Debt instrument, principal amount                       ¥ 7.0     ¥ 7.0                          
Debt instrument, interest rate                       2.779% 2.779%   2.779%                          
1.990% senior notes due May 2032                                                        
Debt Instrument [Line Items]                                                        
Debt instrument, principal amount                       ¥ 18.2       ¥ 18.2                        
Debt instrument, interest rate                       1.99% 1.99%     1.99%                        
2.320% senior notes due May 2035                                                        
Debt Instrument [Line Items]                                                        
Debt instrument, principal amount                       ¥ 38.3       ¥ 38.3                        
Debt instrument, interest rate                       2.32% 2.32%     2.32%                        
2.650% senior notes due May 2040                                                        
Debt Instrument [Line Items]                                                        
Debt instrument, principal amount                       ¥ 11.6       ¥ 11.6                        
Debt instrument, interest rate                       2.65% 2.65%     2.65%                        
3.040% senior notes due May 2045                                                        
Debt Instrument [Line Items]                                                        
Debt instrument, principal amount                       ¥ 7.0       ¥ 7.0                        
Debt instrument, interest rate                       3.04% 3.04%     3.04%                        
1.600% senior notes due March 2034                                                        
Debt Instrument [Line Items]                                                        
Debt instrument, principal amount                       ¥ 18.3         ¥ 18.3   ¥ 18.3                  
Debt instrument, interest rate                       1.60% 1.60%       1.60% 1.60% 1.60%                  
1.740% senior notes due March 2036                                                        
Debt Instrument [Line Items]                                                        
Debt instrument, principal amount                       ¥ 15.0         ¥ 15.0   ¥ 15.0                  
Debt instrument, interest rate                       1.74% 1.74%       1.74% 1.74% 1.74%                  
1.920% senior notes due March 2039                                                        
Debt Instrument [Line Items]                                                        
Debt instrument, principal amount                       ¥ 16.5         ¥ 16.5   ¥ 16.5                  
Debt instrument, interest rate                       1.92% 1.92%       1.92% 1.92% 1.92%                  
2.160% senior notes due March 2044                                                        
Debt Instrument [Line Items]                                                        
Debt instrument, principal amount                       ¥ 5.7         ¥ 5.7   ¥ 5.7                  
Debt instrument, interest rate                       2.16% 2.16%       2.16% 2.16% 2.16%                  
2.400% senior notes due March 2054                                                        
Debt Instrument [Line Items]                                                        
Debt instrument, principal amount                       ¥ 19.5         ¥ 19.5   ¥ 19.5                  
Debt instrument, interest rate                       2.40% 2.40%       2.40% 2.40% 2.40%                  
1.048% senior notes due March 2029                                                        
Debt Instrument [Line Items]                                                        
Debt instrument, principal amount                       ¥ 13.0         ¥ 13.0   ¥ 13.0                  
Debt instrument, interest rate                       1.048% 1.048%       1.048% 1.048% 1.048%                  
1.412% senior notes due March 2031                                                        
Debt Instrument [Line Items]                                                        
Debt instrument, principal amount                       ¥ 27.9         ¥ 27.9   ¥ 27.9                  
Debt instrument, interest rate                       1.412% 1.412%       1.412% 1.412% 1.412%                  
1.682% senior notes due March 2034                                                        
Debt Instrument [Line Items]                                                        
Debt instrument, principal amount                       ¥ 7.7         ¥ 7.7   ¥ 7.7                  
Debt instrument, interest rate                       1.682% 1.682%       1.682% 1.682% 1.682%                  
1.958% subordinated bonds due December 2053                                                        
Debt Instrument [Line Items]                                                        
Debt instrument, principal amount   ¥ 30.0                   ¥ 30.0         ¥ 30.0                      
Debt instrument, interest rate   1.958%                   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.                                                    
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%                
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                       1.08% 1.08%       0.84% 0.84%                    
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                       1.18% 1.18%       0.94% 0.94%                    
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                       1.33% 1.33%       1.09% 1.09%                    
.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.                                                
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 paid September 2025                                                        
Debt Instrument [Line Items]                                                        
Debt instrument, principal amount                                 ¥ 12.4         ¥ 12.4            
Debt instrument, interest rate                           0.30%     0.30% 0.30%       0.30%            
Debt instrument, principal amount redeemed                           ¥ 12.4                            
.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%          
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 Japanese yen 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 notes 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%    
6.45% 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                                        
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                                        
Senior Notes due 2039 and 2040                                                        
Debt Instrument [Line Items]                                                        
Expense on extinguishment of debt | $               $ (137)                                        
5.251% senior notes due August 2035                                                        
Debt Instrument [Line Items]                                                        
Debt instrument, interest rate 5.251%                                                      
Debt instrument, unused borrowing capacity | $ $ 1,000                                                      
5.991% senior notes due August 2055                                                        
Debt Instrument [Line Items]                                                        
Debt instrument, interest rate 5.991%                                                      
Debt instrument, unused borrowing capacity | $ $ 1,000                                                      
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%                                                  
v3.25.4
INCOME TAXES - Components of Pretax Earnings (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Taxes [Line Items]      
Earnings before income taxes $ 4,533 $ 6,417 $ 5,262
Aflac Japan      
Income Taxes [Line Items]      
Earnings before income taxes 3,321    
Aflac U.S.      
Income Taxes [Line Items]      
Earnings before income taxes $ 1,212    
v3.25.4
INCOME TAXES - Components of Income Tax Expense (Benefit) Applicable to Pretax Earnings (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Reconciliation of Provision of Income Taxes [Line Items]      
Current $ 1,115 $ 1,330 $ 1,663
Deferred (228) (356) (1,060)
Income tax expense (benefit) 887 974 603
Aflac Japan      
Reconciliation of Provision of Income Taxes [Line Items]      
Current 785 1,196 1,275
Deferred 217 159 (160)
Income tax expense (benefit) 1,002 1,355 1,115
Aflac U.S.      
Reconciliation of Provision of Income Taxes [Line Items]      
Current 330 134 388
Deferred (445) (515) (900)
Income tax expense (benefit) $ (115) $ (381) $ (512)
v3.25.4
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, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Taxes [Line Items]      
Income taxes based on U.S. statutory rates, amount $ 952 $ 1,348 $ 1,105
Income taxes based on U.S. statutory rates, percent 21.00% 21.00% 21.00%
Income taxes $ 887 $ 974 $ 603
Income taxes, percent 19.60%    
U.S.      
Income Taxes [Line Items]      
Solar tax credits, amount $ (54) (164) (348)
Solar tax credits, percent (1.20%)    
Other tax credits, amount $ (41)    
Other tax credits, percent (0.90%)    
DST functional currency change $ 23 (208) (174)
DST functional currency change, percent 0.50%    
Other nontaxable and nondeductible items, amount $ 23    
Other nontaxable and nondeductible items, percent 0.50%    
U.S. effects of foreign branch, amount $ (184)    
U.S. effects of foreign branch, percent (4.00%)    
Changes in tax law, amount $ (112)    
Changes in tax law, percent (2.50%)    
Other tax effects, amount $ (19) $ (2) $ 20
Other tax effects, percent (0.40%)    
Japan      
Income Taxes [Line Items]      
Changes in tax law, amount $ 112    
Changes in tax law, percent 2.50%    
Other tax effects, amount $ 3    
Other tax effects, percent 0.10%    
Rate differential, amount $ 69    
Rate differential, percent 1.50%    
Local taxes, amount $ 151    
Local taxes, percent 3.30%    
Bermuda      
Income Taxes [Line Items]      
Rate differential, amount $ (10)    
Rate differential, percent (0.20%)    
Tax credits, amount $ (26)    
Tax credits, percent (0.60%)    
v3.25.4
INCOME TAXES - Total Income Tax Expense (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Statements of earnings $ 887 $ 974 $ 603
Other comprehensive income (loss):      
Unrealized foreign currency translation gains (losses) during period (6) 160 140
Unrealized gains (losses) on investment securities:      
Unrealized holding gains (losses) on investment securities during period (489) (265) 520
Reclassification adjustment for realized (gains) losses on investment securities included in net earnings (1) (41) (35)
Unrealized gains (losses) on derivatives during period 2 1 1
Effect of changes in discount rate assumptions during period 1,603 1,214 (122)
Pension liability adjustment during period 21 5 7
Total income tax expense (benefit) related to items of other comprehensive income (loss) 1,130 1,074 511
Total income taxes $ 2,017 $ 2,048 $ 1,114
v3.25.4
INCOME TAXES - Income Taxes Paid (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Income taxes paid $ 1,165 $ 1,367 $ 1,569
U.S.      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Income tax paid, federal 104    
Japan      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Income tax paid, federal 970    
Income tax paid, other foreign $ 91    
v3.25.4
INCOME TAXES - Income Tax Effects of Temporary Differences that Gave Rise to Deferred Income Tax Assets and Liabilities (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Deferred income tax liabilities:    
Deferred policy acquisition costs $ 2,695 $ 2,637
Unrealized gains and other basis differences on investments 0 615
Foreign currency gain on Aflac Japan 0 1
Premiums receivable 36 43
Policy benefit reserves 6,585 2,509
Other 237 54
Total deferred income tax liabilities 9,553 5,859
Deferred income tax assets:    
Unfunded retirement benefits 4 4
Other accrued expenses 40 32
Policy and contract claims 504 514
Foreign currency loss on Aflac Japan 7 0
Deferred compensation 0 31
Depreciation 295 255
Anticipatory foreign tax credit 4,966 3,262
Deferred foreign tax credit and carryforward 1,098 1,428
Other basis differences in investments 1,360 0
Total deferred income tax assets 8,274 5,526
Net deferred income tax (asset) liability 1,279 333
Current income tax liability 89 240
Total income tax liability $ 1,368 $ 573
v3.25.4
INCOME TAXES - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]    
Balance, beginning of year $ 0 $ 1
Reductions for tax positions of prior years 0 (1)
Balance, end of year $ 0 $ 0
v3.25.4
INCOME TAXES - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Apr. 01, 2026
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Taxes [Line Items]        
Japan tax rate   28.00% 28.00% 28.00%
Bermuda Tax Rate   15.00%    
Tax benefit (expense) from release of deferred tax liability   $ (23) $ 208 $ 174
U.S. federal statutory 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  
Future        
Income Taxes [Line Items]        
Japan tax rate 28.90%      
Non-life        
Income Taxes [Line Items]        
Non-life operating loss carryforwards   26    
Life        
Income Taxes [Line Items]        
Non-life operating loss carryforwards   106    
Capital Loss Carryforward        
Income Taxes [Line Items]        
Tax credit carryforward, amount   0    
Foreign Tax Credit        
Income Taxes [Line Items]        
Tax credit carryforward, amount   $ 296    
v3.25.4
SHAREHOLDERS' EQUITY - Reconciliation of Number of Shares of Common Stock (Detail) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Common Stock Issued [Roll Forward]      
Balance, beginning of period 1,356,763 1,355,398 1,354,079
Exercise of stock options and issuance of restricted shares 1,146 1,365 1,319
Balance, end of period 1,357,909 1,356,763 1,355,398
Treasury Stock [Roll Forward]      
Balance, beginning of period 806,799 776,919 738,823
Share repurchase program 32,994 30,428 38,896
Exercise of stock options (301) (425) (526)
Balance, end of period 839,219 806,799 776,919
Shares outstanding, end of period 518,690 549,964 578,479
Treasury Stock      
Treasury Stock [Roll Forward]      
Other purchases 411 494 364
Shares issued to AFL Stock Plan (698) (751) (897)
Exercise of stock options (60) (104) (88)
Other dispositions (227) (187) (179)
v3.25.4
SHAREHOLDERS' EQUITY - Weighted-Average Shares Used in Calculating Earnings Per Share (Detail) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Stockholders' Equity Note [Abstract]      
Weighted-average outstanding shares used for calculating basic EPS 532,885 562,492 596,173
Dilutive effect of share-based awards 1,993 2,523 2,572
Weighted-average outstanding shares used for calculating diluted EPS 534,878 565,015 598,745
v3.25.4
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, 2025
Dec. 31, 2024
Dec. 31, 2023
Stockholders' Equity Note [Abstract]      
Anti-dilutive share-based awards 1 17 51
v3.25.4
SHAREHOLDERS' EQUITY - Changes in Accumulated Other Comprehensive Income (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accumulated Other Comprehensive Income [Roll Forward]      
Balance, beginning of period $ 26,098 $ 21,985 $ 20,140
Other comprehensive income (loss), net of tax 4,430 2,542 909
Balance, end of period 29,490 26,098 21,985
Unrealized Foreign Currency Translation Gains (Losses)      
Accumulated Other Comprehensive Income [Roll Forward]      
Balance, beginning of period (4,998) (4,069) (3,564)
Other comprehensive income loss before reclassifications net of tax 151 (929) (505)
Amounts reclassified from accumulated other comprehensive income (loss) net of tax 0 0 0
Other comprehensive income (loss), net of tax 151 (929) (505)
Balance, end of period (4,847) (4,998) (4,069)
Unrealized Gains (Losses) on Fixed Maturity Securities      
Accumulated Other Comprehensive Income [Roll Forward]      
Balance, beginning of period 24 1,139 (702)
Other comprehensive income loss before reclassifications net of tax (1,828) (959) 1,972
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (5) (156) (131)
Other comprehensive income (loss), net of tax (1,833) (1,115) 1,841
Balance, end of period (1,809) 24 1,139
Unrealized Gains (Losses) on Derivatives      
Accumulated Other Comprehensive Income [Roll Forward]      
Balance, beginning of period (20) (22) (27)
Other comprehensive income loss before reclassifications net of tax 3 (3) 1
Amounts reclassified from accumulated other comprehensive income (loss) net of tax 4 5 4
Other comprehensive income (loss), net of tax 7 2 5
Balance, end of period (13) (20) (22)
Effect of Changes in Discount Rate Assumptions      
Accumulated Other Comprehensive Income [Roll Forward]      
Balance, beginning of period 2,006 (2,560) (2,100)
Other comprehensive income loss before reclassifications net of tax 6,029 4,566 (460)
Amounts reclassified from accumulated other comprehensive income (loss) net of tax 0 0 0
Other comprehensive income (loss), net of tax 6,029 4,566 (460)
Balance, end of period 8,035 2,006 (2,560)
Pension Liability Adjustment      
Accumulated Other Comprehensive Income [Roll Forward]      
Balance, beginning of period 10 (8) (36)
Other comprehensive income loss before reclassifications net of tax 76 20 28
Amounts reclassified from accumulated other comprehensive income (loss) net of tax 0 (2) 0
Other comprehensive income (loss), net of tax 76 18 28
Balance, end of period 86 10 (8)
Accumulated Other Comprehensive Income (Loss)      
Accumulated Other Comprehensive Income [Roll Forward]      
Balance, beginning of period (2,978) (5,520) (6,429)
Other comprehensive income loss before reclassifications net of tax 4,431 2,695 1,036
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (1) (153) (127)
Other comprehensive income (loss), net of tax 4,430 2,542 909
Balance, end of period $ 1,452 $ (2,978) $ (5,520)
v3.25.4
SHAREHOLDERS' EQUITY - Reclassifications Out of Accumulated Other Comprehensive Income (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Net investment gains (losses) $ (572) $ 1,271 $ 590
Net investment income 4,076 4,116 3,811
Earnings before income taxes 4,533 6,417 5,262
Acquisition and operating expenses (5,338) (5,060) (5,228)
Income tax (expense) benefit (887) (974) (603)
Net of tax $ 3,646 $ 5,443 $ 4,659
U.S. federal statutory 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 $ 1 $ 153 $ 127
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) 6 197 166
Income tax (expense) benefit [1] (1) (41) (35)
Net of tax 5 156 131
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) (4) (5) (4)
Net investment income (1) (1) (1)
Earnings before income taxes (5) (6) (5)
Income tax (expense) benefit [1] 1 1 1
Net of tax (4) (5) (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] 0 1 0
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] 0 1 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 0
Net of tax $ 0 $ 2 $ 0
[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 13 for additional details).
v3.25.4
SHAREHOLDERS' EQUITY - Additional Information (Detail)
shares in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
votesPerShare
shares
Dec. 31, 2024
USD ($)
shares
Dec. 31, 2023
USD ($)
shares
Aug. 31, 2025
shares
Stockholders Equity Note [Line Items]        
Remaining common stock available for purchase under share repurchase authorizations 114,300      
Stock acquired under share repurchase program, shares 32,994 30,428 38,896  
Common stock, share repurchase, dollar amount | $ $ 3,606 $ 2,868 $ 2,854  
Common stock, 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.      
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 Authorization 2025        
Stockholders Equity Note [Line Items]        
Shares of common stock authorized to be purchased under share repurchase authorizations       100,000
Share Repurchase Program        
Stockholders Equity Note [Line Items]        
Stock acquired under share repurchase program, shares 33,000 30,400 38,900  
Common stock, share repurchase, dollar amount | $ $ 3,500 $ 2,800 $ 2,800  
v3.25.4
SHARE-BASED COMPENSATION - Expense Recognized in Connection with Share-Based Awards (Detail) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Earnings before income taxes $ 4,533 $ 6,417 $ 5,262
Net earnings $ 3,646 $ 5,443 $ 4,659
Impact on net earnings per share:      
Basic (in dollars per share) $ 6.84 $ 9.68 $ 7.81
Diluted (in dollars per share) $ 6.82 $ 9.63 $ 7.78
Share Based Compensation Expense      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Earnings from continuing operations $ 82 $ 72 $ 79
Earnings before income taxes 82 72 79
Net earnings $ 65 $ 57 $ 62
Impact on net earnings per share:      
Basic (in dollars per share) $ 0.12 $ 0.10 $ 0.10
Diluted (in dollars per share) $ 0.12 $ 0.10 $ 0.10
v3.25.4
SHARE-BASED COMPENSATION - Stock Option Activity (Detail) - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Stock Option Shares      
Beginning Balance 623 1,051 1,577
Granted 0 0 0
Canceled (2) (3) 0
Exercised (301) (425) (526)
Ending Balance 320 623 1,051
Weighted-Average Exercise Price Per Share      
Beginning Balance $ 33.92 $ 32.90 $ 32.05
Granted 0.00 0.00 0.00
Canceled 30.53 31.21 24.75
Exercised 31.04 31.40 30.35
Ending Balance $ 36.65 $ 33.92 $ 32.90
v3.25.4
SHARE-BASED COMPENSATION - Summary of Stock Option Activity (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]      
Total intrinsic value of options exercised $ 23 $ 25 $ 22
Cash received from options exercised 9 13 16
Tax benefit realized as a result of options exercised and restricted stock releases $ 31 $ 28 $ 20
v3.25.4
SHARE-BASED COMPENSATION - Shares Exercisable (Detail) - shares
shares in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]      
Shares exercisable, end of year 320 623 1,051
v3.25.4
SHARE-BASED COMPENSATION - Assumptions Used in Valuing Options Granted (Detail) - Employee stock option
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Line Items]      
Expected term (years) 8 years 8 years 8 years
Expected volatility 27.20% 26.80% 26.70%
Annual forfeiture rate 4.40% 4.40% 4.20%
Risk-free interest rate 4.20% 4.00% 3.00%
Dividend yield 2.20% 2.40% 2.30%
v3.25.4
SHARE-BASED COMPENSATION - Stock Options Outstanding and Exercisable (Detail) - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
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 320 623 1,051 1,577
Options outstanding - weighted-average remaining term (Yrs) 1 year 3 months 18 days      
Options Outstanding - Weighted-Average Exercise Price Per Share $ 36.65 $ 33.92 $ 32.90 $ 32.05
Options Exercisable - Stock Option Shares 320 623 1,051  
Options Exercisable - Weighted-Average Exercise Price Per Share $ 36.65      
$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 39      
Options outstanding - weighted-average remaining term (Yrs) 1 month 6 days      
Options Outstanding - Weighted-Average Exercise Price Per Share $ 28.97      
Options Exercisable - Stock Option Shares 39      
Options Exercisable - Weighted-Average Exercise Price Per Share $ 28.97      
$28.97 - $36.21        
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 $ 36.21      
Options Outstanding - Stock Option Shares 166      
Options outstanding - weighted-average remaining term (Yrs) 1 year 2 months 12 days      
Options Outstanding - Weighted-Average Exercise Price Per Share $ 35.17      
Options Exercisable - Stock Option Shares 166      
Options Exercisable - Weighted-Average Exercise Price Per Share $ 35.17      
$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 115      
Options outstanding - weighted-average remaining term (Yrs) 1 year 10 months 24 days      
Options Outstanding - Weighted-Average Exercise Price Per Share $ 41.37      
Options Exercisable - Stock Option Shares 115      
Options Exercisable - Weighted-Average Exercise Price Per Share $ 41.37      
v3.25.4
SHARE-BASED COMPENSATION - Key Assumptions Used to Value PBRS (Detail) - Performance Based Vesting Condition - Restricted Stock
 12 Months Ended
Dec. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Expected volatility (based on Aflac Inc. and peer group historical daily stock price) 21.30%
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) 4.20%
v3.25.4
SHARE-BASED COMPENSATION - Restricted Stock Activity (Detail) - Restricted Stock - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Shares      
Beginning balance 2,099 2,308 2,414
Granted 1,139 1,300 1,171
Canceled (77) (48) (112)
Vested (1,294) (1,461) (1,165)
Ending Balance 1,867 2,099 2,308
Weighted-Average Grant-Date Fair Value Per Share      
Beginning balance $ 73.65 $ 62.96 $ 56.21
Granted 104.53 80.90 70.74
Canceled 78.60 74.68 60.62
Vested 68.83 47.22 52.77
Ending Balance $ 86.15 $ 73.65 $ 62.96
v3.25.4
SHARE-BASED COMPENSATION - Additional Information (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Options granted in period 0 0 0  
Closing common stock price $ 110.27      
Aggregate intrinsic value of stock options outstanding $ 24      
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 32,600      
Long-term incentive plan awards, term (in years) 10 years      
Long-Term Incentive Plan | Share-Based Payment Arrangement, Employee        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Long-term incentive plan, vesting period 3 years      
Long-Term Incentive Plan | Share-Based Payment Arrangement, Nonemployee        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Long-term incentive plan, vesting period 1 year      
Restricted Stock        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Restricted stock awards, grants in period 1,139 1,300 1,171  
Total compensation cost not yet recognized, restricted stock awards $ 38      
Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, number of shares 1,867 2,099 2,308 2,414
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 284      
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 $ 13      
Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, number of shares 1,600      
Performance Based Vesting Condition | Restricted Stock Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Restricted stock awards, grants in period 10      
Percentage of target award opportunities minimum 0.00%      
Percentage of target award opportunities maximum 100.00%      
v3.25.4
BENEFIT PLANS - Reconciliation of Funded Status of Basic Employee Defined-Benefit Pension Plans (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Other Postretirement Benefit Plans, Defined Benefit      
Projected benefit obligation:      
Benefit obligation, beginning of year $ 23 $ 25  
Service cost 0 0 $ 0
Interest cost 1 1 1
Actuarial (gain) loss 3 2  
Benefits and expenses paid (5) (5)  
Settlement 0 0  
Effect of foreign exchange rate changes 0 0  
Benefit obligation, end of year 22 23 25
Plan assets:      
Fair value of plan assets, beginning of year 0 0  
Actual return on plan assets 0 0  
Employer contributions 5 5  
Benefits and expenses paid (5) (5)  
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] (22) (23)  
Amounts recognized in accumulated other comprehensive income:      
Net actuarial (gain) loss 6 4  
Prior service (credit) cost 0 0  
Total included in accumulated other comprehensive income 6 4  
Japan | Pension Plan      
Projected benefit obligation:      
Benefit obligation, beginning of year 282 324  
Service cost 13 14 14
Interest cost 9 8 9
Actuarial (gain) loss (45) (18)  
Benefits and expenses paid (15) (16)  
Settlement 0 0  
Effect of foreign exchange rate changes 5 (30)  
Benefit obligation, end of year 249 282 324
Plan assets:      
Fair value of plan assets, beginning of year 345 344  
Actual return on plan assets 23 27  
Employer contributions 28 27  
Benefits and expenses paid (15) (16)  
Defined Benefit Plan, Plan Assets, Payment for Settlement 0 0  
Effect of foreign exchange rate changes 2 (37)  
Fair value of plan assets, end of year 383 345 344
Funded status of the plans [1] 134 63  
Amounts recognized in accumulated other comprehensive income:      
Net actuarial (gain) loss (68) (10)  
Prior service (credit) cost 0 0  
Total included in accumulated other comprehensive income (68) (10)  
Accumulated benefit obligation 162 184  
U.S. | Pension Plan      
Projected benefit obligation:      
Benefit obligation, beginning of year 584 764  
Service cost 0 0 7
Interest cost 15 36 41
Actuarial (gain) loss 8 (7)  
Benefits and expenses paid (15) (32)  
Settlement (420) (177)  
Effect of foreign exchange rate changes 0 0  
Benefit obligation, end of year 172 584 764
Plan assets:      
Fair value of plan assets, beginning of year 439 648  
Actual return on plan assets 0 (8)  
Employer contributions 9 8  
Benefits and expenses paid (15) (32)  
Defined Benefit Plan, Plan Assets, Payment for Settlement (420) (177)  
Effect of foreign exchange rate changes 0 0  
Fair value of plan assets, end of year 13 439 $ 648
Funded status of the plans [1] (159) (145)  
Amounts recognized in accumulated other comprehensive income:      
Net actuarial (gain) loss (40) 1  
Prior service (credit) cost (1) (1)  
Total included in accumulated other comprehensive income (41) 0  
Accumulated benefit obligation $ 172 $ 584  
[1] Underfunded amounts are included in other liabilities in the consolidated balance sheets and overfunded amounts are included in other assets in the consolidated balance sheets
v3.25.4
BENEFIT PLANS - Information for Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets (Details) - Pension Plan - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Japan    
Defined Benefit Plan Disclosure [Line Items]    
Accumulated benefit obligation $ 162 $ 184
Fair value of plan assets 383 345
U.S.    
Defined Benefit Plan Disclosure [Line Items]    
Accumulated benefit obligation 172 584
Fair value of plan assets $ 13 $ 439
v3.25.4
BENEFIT PLANS - Information for Pension Plans with a Projected Benefit Obligation in Excess of Plan Assets (Details) - Pension Plan - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Japan    
Defined Benefit Plan Disclosure [Line Items]    
Projected benefit obligation [1] $ 249 $ 282
Fair value of plan assets [1] 383 345
Funded status of the plans [2] 134 63
U.S.    
Defined Benefit Plan Disclosure [Line Items]    
Projected benefit obligation [3] 172 584
Fair value of plan assets [3] 13 439
Funded status of the plans [2] $ (159) $ (145)
[1] The net amount of projected benefit obligation and plan assets for the overfunded Japan pension plan was $134 and $63 at December 31, 2025 and 2024, respectively, and was included in other assets in the consolidated balance sheets.
[2] Underfunded amounts are included in other liabilities in the consolidated balance sheets and overfunded amounts are included 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 $159 and $145 at December 31, 2025 and 2024, respectively, and was included in other liabilities in the consolidated balance sheets.
v3.25.4
BENEFIT PLANS - Weighted-Average Actuarial Assumptions (Detail)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Other Postretirement Benefit Plans, Defined Benefit      
Weighted-average actuarial assumptions:      
Discount rate - net periodic benefit cost 5.60% 5.04% 5.28%
Discount rate - benefit obligations 4.49% 5.60% 5.04%
Health care cost trend rates [1] 6.50% 6.30% 6.80%
Defined benefit plan, ultimate health care cost trend rate 3.70% 3.70% 3.70%
Defined benefit plan number of years that rate reaches ultimate trend rate 48 years 49 years 50 years
Japan | Pension Plan      
Weighted-average actuarial assumptions:      
Discount rate - net periodic benefit cost 2.31% 1.84% 1.95%
Discount rate - benefit obligations 3.39% 2.31% 1.84%
Expected long-term return on plan assets 2.00% 2.00% 2.00%
Rate of compensation increase 5.90% 5.90%  
U.S. | Pension Plan      
Weighted-average actuarial assumptions:      
Discount rate - net periodic benefit cost 5.60% 5.33% [2] 5.24% [3]
Discount rate - benefit obligations 5.34% 5.60% 5.04%
Expected long-term return on plan assets 4.75% 4.75% 4.75%
Rate of compensation increase     4.00%
[1] For the years 2025, 2024 and 2023, the health care cost trend rates are expected to trend down to 3.7% in 48 years, 3.7% in 49 years, and 3.7% in 50 years, respectively.
[2] An interim valuation was required due to the U.S. pension plan settlement. The rate shown is the rate used on the interim valuation date of November 1, 2024.
[3] An interim valuation was required due to the U.S. pension plan curtailment. The rate shown is the rate used on the interim valuation date of June 12, 2023.
v3.25.4
BENEFIT PLANS - Net Periodic (Benefit) Cost Included in Acquisition and Operating Expenses (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
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 1 0 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 2 1 3
Japan | Pension Plan      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Service cost 13 14 14
Interest cost 9 8 9
Expected return on plan assets (7) (7) (7)
Amortization of net actuarial loss 0 0 0
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 15 16
U.S. | Pension Plan      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Service cost 0 0 7
Interest cost 15 36 41
Expected return on plan assets (5) (30) (34)
Amortization of net actuarial loss (1) (1) (2)
Amortization of prior service cost (credit) 0 (1) 0
Curtailment (gain) loss 0 0 (49)
Settlement (gain) loss 55 18 0
Net periodic (benefit) cost $ 64 $ 22 $ (37)
v3.25.4
BENEFIT PLANS - Summary of Amounts Recognized in Other Comprehensive Loss (Income) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Other Postretirement Benefit Plans, Defined Benefit      
Defined Benefit Plan Disclosure [Line Items]      
Net actuarial loss (gain) $ 3 $ 2 $ (4)
Amortization of net actuarial loss (1) 0 (2)
Amortization of prior service cost 0 0 0
Curtailment (gain) loss 0 0 0
Settlement (gain) loss 0 0 0
Total 2 2 (6)
Japan | Pension Plan      
Defined Benefit Plan Disclosure [Line Items]      
Net actuarial loss (gain) (58) (40) (5)
Amortization of net actuarial loss 0 0 0
Amortization of prior service cost 0 0 0
Curtailment (gain) loss 0 0 0
Settlement (gain) loss 0 0 0
Total (58) (40) (5)
U.S. | Pension Plan      
Defined Benefit Plan Disclosure [Line Items]      
Net actuarial loss (gain) 13 31 31
Amortization of net actuarial loss 1 1 2
Amortization of prior service cost 0 1 0
Curtailment (gain) loss 0 0 (57)
Settlement (gain) loss (55) (18) 0
Total $ (41) $ 15 $ (24)
v3.25.4
BENEFIT PLANS - Expected Benefit Payments (Detail)
$ in Millions
Dec. 31, 2025
USD ($)
Other Postretirement Benefit Plans, Defined Benefit  
Schedule of Postemployment Expected Future Benefit Payments [Line Items]  
2026 $ 4
2027 4
2028 3
2029 2
2030 1
2031-2035 4
Japan | Pension Plan  
Schedule of Postemployment Expected Future Benefit Payments [Line Items]  
2026 16
2027 12
2028 12
2029 13
2030 13
2031-2035 80
U.S. | Pension Plan  
Schedule of Postemployment Expected Future Benefit Payments [Line Items]  
2026 10
2027 16
2028 14
2029 13
2030 13
2031-2035 $ 64
v3.25.4
BENEFIT PLANS - Asset Allocation Targets (Detail) - Pension Plan
Dec. 31, 2025
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 9.00%
Japan | International equity securities  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation targets 11.00%
Japan | Fixed income bond funds  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation targets 46.00%
Japan | Other investments  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation targets 34.00%
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 0.00%
U.S. | Other investments  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation targets 100.00%
v3.25.4
BENEFIT PLANS - Fair Value Hierarchy Levels of Funded Pension Plans' Assets (Detail) - Pension Plan - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Japan      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of pension plan assets $ 383 $ 345 $ 344
Japan | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of pension plan assets 1 0  
Japan | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of pension plan assets 288 283  
Japan | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of pension plan assets 94 62 16
Japan | Japanese equity securities      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of pension plan assets 35 29  
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 35 29  
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 44 36  
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 44 36  
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 17    
Japan | Japanese bonds | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of pension plan assets 0    
Japan | Japanese bonds | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of pension plan assets 17    
Japan | Japanese bonds | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of pension plan assets 0    
Japan | International bonds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of pension plan assets 158 154  
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 129 154  
Japan | International bonds | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of pension plan assets 29 0  
Japan | Insurance contracts      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of pension plan assets 63 64  
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 63 64  
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 65 62  
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 65 62 16
Japan | Cash and cash equivalents      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of pension plan assets 1    
Japan | Cash and cash equivalents | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of pension plan assets 1    
Japan | Cash and cash equivalents | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of pension plan assets 0    
Japan | Cash and cash equivalents | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of pension plan assets 0    
U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of pension plan assets 13 439 $ 648
U.S. | Fixed income bond funds | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of pension plan assets 0 435  
U.S. | Cash and cash equivalents | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of pension plan assets $ 13 $ 4  
v3.25.4
BENEFIT PLANS - Changes in Fair Value of Plan Assets (Detail) - Pension Plan - Japan - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets, beginning of year $ 345 $ 344
Fair value of plan assets, end of year 383 345
Level 3    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets, beginning of year 62 16
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Still Held 3 2
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Sold 0 0
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Purchase, Sale, and Settlement 29 44
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Assets Transferred into (out of) Level 3 0 0
Fair value of plan assets, end of year 94 62
International bonds    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets, beginning of year 154  
Fair value of plan assets, end of year 158 154
International bonds | Level 3    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets, beginning of year 0  
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Still Held 0  
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Sold 0  
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Purchase, Sale, and Settlement 29  
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Assets Transferred into (out of) Level 3 0  
Fair value of plan assets, end of year 29 0
Alternative Investments    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets, beginning of year 62  
Fair value of plan assets, end of year 65 62
Alternative Investments | Level 3    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets, beginning of year 62 16
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Still Held 3 2
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Sold 0 0
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Purchase, Sale, and Settlement 0 44
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Assets Transferred into (out of) Level 3 0 0
Fair value of plan assets, end of year $ 65 $ 62
v3.25.4
BENEFIT PLANS - Additional Information (Detail) - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Net periodic (benefit) cost, excluding service cost $ 68 $ 24 $ (39)
Net periodic (benefit) cost, excluding service cost ext list Operating Expenses Operating Expenses 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 $ 21 $ 20
Shares of employer-issued common stock held for plan participants by plan trustee (in millions) 1.7    
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 $ 22 $ 21 $ 19
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 $ 28 27  
U.S.      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
AA corporate bonds average duration 13 years    
U.S. | Pension Plan      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Curtailment gain $ 0 0 49
Settlement charge (55) (18) $ 0
Employer contributions 9 $ 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    
v3.25.4
STATUTORY ACCOUNTING AND DIVIDEND RESTRICTIONS - Capital and Surplus Based on Statutory Accounting Practices (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Aflac    
Statutory Accounting Practices [Line Items]    
Capital and surplus, NAIC basis $ 2,756 $ 2,682
CAIC    
Statutory Accounting Practices [Line Items]    
Capital and surplus, NAIC basis 148 375
TOIC    
Statutory Accounting Practices [Line Items]    
Capital and surplus, NAIC basis 48 51
Aflac New York    
Statutory Accounting Practices [Line Items]    
Capital and surplus, NAIC basis $ 324 $ 316
v3.25.4
STATUTORY ACCOUNTING AND DIVIDEND RESTRICTIONS - Net Income (Loss) Based on Statutory Accounting Practices (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Aflac      
Statutory Accounting Practices [Line Items]      
Net income (loss), statutory accounting practices $ 664 $ 912 $ 1,106
CAIC      
Statutory Accounting Practices [Line Items]      
Net income (loss), statutory accounting practices 85 (94) (121)
TOIC      
Statutory Accounting Practices [Line Items]      
Net income (loss), statutory accounting practices (14) (20) (27)
Aflac New York      
Statutory Accounting Practices [Line Items]      
Net income (loss), statutory accounting practices $ 55 $ 46 $ 54
v3.25.4
STATUTORY ACCOUNTING AND DIVIDEND RESTRICTIONS - Profit Remittances by Aflac Japan (Detail)
$ in Millions, ¥ in Billions
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2025
JPY (¥)
Dec. 31, 2024
USD ($)
Dec. 31, 2024
JPY (¥)
Dec. 31, 2023
USD ($)
Dec. 31, 2023
JPY (¥)
Insurance [Abstract]            
Profit remittances $ 2,681 ¥ 396.7 $ 2,865 ¥ 441.6 $ 2,623 ¥ 374.7
v3.25.4
STATUTORY ACCOUNTING AND DIVIDEND RESTRICTIONS - Additional Information (Detail) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Aflac Re Bermuda    
Statutory Accounting Practices [Line Items]    
Capital and surplus, statutory accounting practices of the state or country basis $ 991,000,000 $ 581,000,000
Minimum Margin of Solvency $ 8,000,000  
Minimum Margin of Solvency, percentage of assets of the first threshold 2.00%  
Minimum Margin of Solvency, assets threshold $ 500,000,000  
Minimum Margin of Solvency, Percentage of assets in excess of threshold 1.50%  
Minimum Margin of Solvency, Percentage of Enhanced Capital Requirement 25.00%  
Dividends declared $ 0 0
Bermuda Insurance Act, maximum percentage of statutory capital and surplus allowed to be paid in dividends 25.00%  
Bermuda Insurance Act, maximum percentage of reduction in total statutory capital allowed without prior regulatory approval 15.00%  
Aflac    
Statutory Accounting Practices [Line Items]    
Maximum percentage of statutory capital and surplus in dividends that can be paid to Parent Company 10.00%  
Dividends declared $ 906,000,000 976,000,000
Amount available for dividend distribution without prior approval from regulatory agency $ 664,000,000  
CAIC    
Statutory Accounting Practices [Line Items]    
Maximum percentage of statutory capital and surplus in dividends that can be paid to Parent Company 10.00%  
Dividends declared   0
Extraordinary distribution $ 240,000,000  
TOIC    
Statutory Accounting Practices [Line Items]    
Maximum percentage of statutory capital and surplus in dividends that can be paid to Parent Company 10.00%  
Dividends declared $ 0 0
Aflac New York    
Statutory Accounting Practices [Line Items]    
Dividends declared 46,000,000 54,000,000
Aflac Japan    
Statutory Accounting Practices [Line Items]    
Capital and surplus, statutory accounting practices of the state or country basis $ 6,900,000,000 $ 8,100,000,000
v3.25.4
COMMITMENTS AND CONTINGENT LIABILITIES - Additional Information (Detail)
individual in Thousands, $ in Millions, ¥ in Billions
 1 Months Ended 12 Months Ended
Dec. 31, 2025
individual
agreements
Dec. 31, 2025
JPY (¥)
agreements
Dec. 31, 2025
USD ($)
agreements
Commitments and Contingencies Disclosure [Line Items]      
Number of individuals involved in cybersecurity incident | individual 22,650    
Number of operating service agreements, management consulting and technology services 3 3 3
Number of operating service agreements, information technology and data services 2 2 2
Technology and consulting company mainframe and server computer operations and support      
Commitments and Contingencies Disclosure [Line Items]      
Outsourcing agreements, remaining term   3 years 3 years
Outsourcing agreements, aggregate remaining cost   ¥ 33.6 $ 215
Management consulting and technology services company application maintenance and development services      
Commitments and Contingencies Disclosure [Line Items]      
Outsourcing agreements, remaining term   3 years 3 years
Outsourcing agreements, aggregate remaining cost   ¥ 12.7 $ 81
Management consulting and technology services company policy administrative services      
Commitments and Contingencies Disclosure [Line Items]      
Outsourcing agreements, remaining term   3 years 3 years
Outsourcing agreements, aggregate remaining cost   ¥ 5.2 $ 33
Management consulting and technology services company comprehensive project-related support services      
Commitments and Contingencies Disclosure [Line Items]      
Outsourcing agreements, remaining term   1 year 1 year
Outsourcing agreements, aggregate remaining cost   ¥ 1.3 $ 8
Information technology and data services company application maintenance and development services first agreement      
Commitments and Contingencies Disclosure [Line Items]      
Outsourcing agreements, remaining term   2 years 2 years
Outsourcing agreements, aggregate remaining cost   ¥ 7.8 $ 50
Information technology and data services company application maintenance and development services second agreement      
Commitments and Contingencies Disclosure [Line Items]      
Outsourcing agreements, remaining term   2 years 2 years
Outsourcing agreements, aggregate remaining cost   ¥ 9.3 $ 59
Information technology and data services company cloud hosting services      
Commitments and Contingencies Disclosure [Line Items]      
Outsourcing agreements, remaining term   1 year 1 year
Outsourcing agreements, aggregate remaining cost | $     $ 32
Cloud-based software company cloud-based software licensing      
Commitments and Contingencies Disclosure [Line Items]      
Outsourcing agreements, remaining term   4 years 4 years
Outsourcing agreements, aggregate remaining cost   ¥ 6.6 $ 42
v3.25.4
Schedule II - Aflac Incorporated (Parent Only) - Condensed Statement of Earnings (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Condensed Income Statements, [Line Items]      
Management and service fees from subsidiaries $ 112 $ 100 $ 177
Net investment income 4,076 4,116 3,811
Net investment gains (losses) (572) 1,271 590
Total revenues 17,164 18,927 18,701
Interest expense 220 197 195
Total acquisition and operating expenses 5,338 5,060 5,228
Income tax expense (benefit) 887 974 603
Net earnings 3,646 5,443 4,659
Parent Company      
Condensed Income Statements, [Line Items]      
Management and service fees from subsidiaries [1] 170 163 151
Net investment income 147 31 (174)
Interest from subsidiaries [1] 1 1 1
Net investment gains (losses) 122 503 301
Total revenues 440 698 279
Interest expense 213 189 187
Other operating expenses 392 282 295
Total acquisition and operating expenses 605 471 482
Earnings before income taxes and equity in earnings of subsidiaries (165) 227 (203)
Income tax expense (benefit) (103) (126) (444)
Earnings before equity in earnings of subsidiaries (62) 353 241
Equity in earnings of subsidiaries [1] 3,708 5,090 4,418
Net earnings $ 3,646 $ 5,443 $ 4,659
[1] Eliminated in consolidation
v3.25.4
Schedule II - Aflac Incorporated (Parent Only) - Condensed Statements of Comprehensive Income (Loss) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Condensed Financial Statements, Captions [Line Items]      
Net earnings $ 3,646 $ 5,443 $ 4,659
Other comprehensive income (loss) before income taxes:      
Unrealized foreign currency translation gains (losses) during period 146 (769) (366)
Unrealized holding gains (losses) on fixed maturity securities during period (2,316) (1,224) 2,493
Unrealized gains (losses) on derivatives during period 8 3 6
Effect of changes in discount rate assumptions during period 7,631 5,780 (582)
Pension liability adjustment during period 97 23 35
Total other comprehensive income (loss) before income taxes 5,560 3,616 1,420
Income tax expense (benefit) related to items of other comprehensive income (loss) 1,130 1,074 511
Other comprehensive income (loss), net of income taxes 4,430 2,542 909
Total comprehensive income (loss) 8,076 7,985 5,568
Parent Company      
Condensed Financial Statements, Captions [Line Items]      
Net earnings 3,646 5,443 4,659
Other comprehensive income (loss) before income taxes:      
Unrealized foreign currency translation gains (losses) during period 146 (769) (366)
Unrealized holding gains (losses) on fixed maturity securities during period (2,322) (1,421) 2,327
Unrealized gains (losses) on derivatives during period 8 3 6
Effect of changes in discount rate assumptions during period 7,631 5,780 (582)
Pension liability adjustment during period 97 23 35
Total other comprehensive income (loss) before income taxes 5,560 3,616 1,420
Income tax expense (benefit) related to items of other comprehensive income (loss) 1,130 1,074 511
Other comprehensive income (loss), net of income taxes 4,430 2,542 909
Total comprehensive income (loss) $ 8,076 $ 7,985 $ 5,568
v3.25.4
Schedule II - Aflac Incorporated (Parent Only) - Condensed Balance Sheet (Detail 1) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Investments and cash:        
Fixed maturity securities, available-for-sale $ 64,121 $ 65,269    
Other investments 6,622 5,958    
Cash and cash equivalents 6,245 6,229    
Total investments and cash 103,760 105,087    
Other assets 1,772 1,845    
Total assets 116,470 117,566    
Liabilities:        
Notes payable and lease obligations 8,409 7,498    
Other Liabilities 3,631 3,852    
Total liabilities 86,980 91,468    
Shareholders’ equity:        
Common stock of $.10 par value. In thousands: authorized 1,900,000 shares in 2025 and 2024; issued 1,357,909 shares in 2025 and 1,356,763 shares in 2024 136 136    
Additional paid-in capital 3,024 2,894    
Retained earnings 54,682 52,277    
Accumulated other comprehensive income (loss):        
Unrealized foreign currency translation gains (losses) (4,847) (4,998)    
Unrealized gains (losses) on fixed maturity securities (1,809) 24    
Unrealized gains (losses) on derivatives (13) (20)    
Effect of changes in discount rate assumptions 8,035 2,006    
Pension liability adjustment 86 10    
Treasury stock, at average cost (29,804) (26,231)    
Total shareholders’ equity 29,490 26,098 $ 21,985 $ 20,140
Total liabilities and shareholders’ equity 116,470 117,566    
Parent Company        
Investments and cash:        
Fixed maturity securities, available-for-sale 1,714 1,713    
Investments in subsidiaries [1] 32,215 27,890    
Other investments 978 1,239    
Cash and cash equivalents 2,646 2,308 $ 1,007 $ 1,143
Total investments and cash 37,553 33,150    
Due from subsidiaries [1] 206 242    
Income taxes receivable 147 71    
Other assets 946 1,121    
Total assets 38,852 34,584    
Liabilities:        
Employee benefit plans 357 347    
Notes payable and lease obligations 8,143 7,219    
Other Liabilities 862 920    
Total liabilities 9,362 8,486    
Shareholders’ equity:        
Common stock of $.10 par value. In thousands: authorized 1,900,000 shares in 2025 and 2024; issued 1,357,909 shares in 2025 and 1,356,763 shares in 2024 136 136    
Additional paid-in capital 3,024 2,894    
Retained earnings 54,682 52,277    
Accumulated other comprehensive income (loss):        
Unrealized foreign currency translation gains (losses) (4,847) (4,998)    
Unrealized gains (losses) on fixed maturity securities (1,809) 24    
Unrealized gains (losses) on derivatives (13) (20)    
Effect of changes in discount rate assumptions 8,035 2,006    
Pension liability adjustment 86 10    
Treasury stock, at average cost (29,804) (26,231)    
Total shareholders’ equity 29,490 26,098    
Total liabilities and shareholders’ equity $ 38,852 $ 34,584    
[1] Eliminated in consolidation
v3.25.4
Schedule II - Aflac Incorporated (Parent Only) - Condensed Balance Sheet (Detail 2) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
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 $ 65,263 $ 64,089    
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) 1,357,909 1,356,763 1,355,398 1,354,079
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 $ 1,728 $ 1,702    
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) 1,357,909 1,356,763    
v3.25.4
Schedule II - Aflac Incorporated (Parent Only) - Condensed Statements of Cash Flows (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net earnings $ 3,646 $ 5,443 $ 4,659
Adjustments to reconcile net earnings to net cash provided from operating activities:      
Other, net (273) (616) 1,043
Net cash provided (used) by operating activities 2,555 2,707 3,190
Cash flows from investing activities:      
Fixed maturity securities purchased (11,742) (5,542) (2,801)
Other investments sold (purchased) (256) (972) (417)
Settlement of derivatives (20) (184) 79
Other, net (295) 61 (149)
Net cash provided (used) by investing activities 1,561 2,781 817
Cash flows from financing activities:      
Purchases of treasury stock (3,530) (2,800) (2,801)
Proceeds from borrowings 1,039 823 204
Principal payments under debt obligations (84) (194) 0
Dividends paid to shareholders (1,198) (1,087) (966)
Treasury stock reissued 8 14 17
Proceeds from exercise of stock options 9 13 16
Other, net (38) (28) (17)
Net cash provided (used) by financing activities (4,069) (3,486) (3,723)
Net change in cash and cash equivalents 16 1,923 363
Cash and cash equivalents, beginning of period 6,229    
Cash and cash equivalents, end of period 6,245 6,229  
Parent Company      
Cash flows from operating activities:      
Net earnings 3,646 5,443 4,659
Adjustments to reconcile net earnings to net cash provided from operating activities:      
Equity in earnings of subsidiaries [1] (3,708) (5,090) (4,418)
Cash dividends received from subsidiaries 3,824 4,274 3,410
Other, net (52) (292) (686)
Net cash provided (used) by operating activities 3,710 4,335 2,965
Cash flows from investing activities:      
Fixed maturity securities sold 824 572 547
Fixed maturity securities purchased (772) (695) (345)
Other investments sold (purchased) 125 (243) (34)
Settlement of derivatives 277 469 693
Additional capitalization of subsidiaries [1] (15) (84) (203)
Other, net (58) 0 1
Net cash provided (used) by investing activities 381 19 659
Cash flows from financing activities:      
Purchases of treasury stock (3,530) (2,800) (2,801)
Proceeds from borrowings 1,039 823 0
Principal payments under debt obligations (84) 0 0
Dividends paid to shareholders (1,198) (1,087) (966)
Treasury stock reissued 8 14 17
Proceeds from exercise of stock options 7 9 13
Net change in amount due to/from subsidiary [1] 25 (5) (6)
Other, net (20) (7) (17)
Net cash provided (used) by financing activities (3,753) (3,053) (3,760)
Net change in cash and cash equivalents 338 1,301 (136)
Cash and cash equivalents, beginning of period 2,308 1,007 1,143
Cash and cash equivalents, end of period $ 2,646 $ 2,308 $ 1,007
[1] Eliminated in consolidation
v3.25.4
Schedule II - Aflac Incorporated (Parent Only) - Summary of Notes Payable and Lease Obligations (Detail 1) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Condensed Financial Statements, Captions [Line Items]    
Operating lease obligations $ 73 $ 91
Notes payable and lease obligations 8,409 7,498
1.125% senior notes due March 2026    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 400 399
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 995 994
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 255 255
4.00% senior notes 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 paid September 2025    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 0 79
.932% senior notes due January 2027    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 382 378
1.048% senior notes due March 2029    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 83 81
1.075% senior notes due September 2029    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 213 211
.500% senior notes due December 2029    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 80 79
.550% senior notes due March 2030    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 85 84
1.159% senior notes due October 2030    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 186 184
1.726% senior notes due October 2030    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 223 0
1.412% senior notes due March 2031    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 178 176
.633% senior notes due April 2031    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 191 189
.843% senior notes due December 2031    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 59 58
.750% senior notes due March 2032    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 131 130
1.990% senior notes due May 2032    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 116 0
1.320% senior notes due December 2032    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 134 133
2.003% senior notes due December 2032    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 149 0
.844% senior notes due April 2033    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 76 76
1.488% senior notes due October 2033    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 97 95
1.682% senior notes due March 2034    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 49 48
1.600% senior notes due March 2034    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 116 115
.934% senior notes due December 2034    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 62 62
.830% senior notes due March 2035    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 67 66
2.320% senior notes due May 2035    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 245 0
2.369% senior notes due June 2035    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 60 0
1.740% senior notes due March 2036    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 95 94
1.039% senior notes due April 2036    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 64 63
1.594% senior notes due September 2037    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 41 41
1.750% senior notes due October 2038    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 56 56
1.920% senior notes due March 2039    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 104 103
1.122% senior notes due December 2039    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 40 39
2.650% senior notes due May 2040    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 74 0
2.779% senior notes due June 2040    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 45 0
1.264% senior notes due April 2041    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 63 63
2.160% senior notes due March 2044    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 36 35
3.040% senior notes due May 2045    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 45 0
2.108% subordinated notes due October 2047    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 379 375
1.560% senior notes due April 2051    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 127 125
2.144% senior notes due September 2052    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 76 75
2.400% senior notes due March 2054    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 124 122
Yen-denominated loan variable interest rate due August 2027    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 75 74
Yen-denominated loan variable interest rate due August 2029    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 161 160
Yen-denominated loan variable interest rate due August 2032    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 446 441
Parent Company    
Condensed Financial Statements, Captions [Line Items]    
Operating lease obligations 4 5
Notes payable and lease obligations 8,143 7,219
Parent Company | 1.125% senior notes due March 2026    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 400 399
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 995 994
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 255 255
Parent Company | 4.00% senior notes 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 paid September 2025    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 0 79
Parent Company | .932% senior notes due January 2027    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 382 378
Parent Company | 1.048% senior notes due March 2029    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 83 81
Parent Company | 1.075% senior notes due September 2029    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 213 211
Parent Company | .500% senior notes due December 2029    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 80 79
Parent Company | .550% senior notes due March 2030    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 85 84
Parent Company | 1.159% senior notes due October 2030    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 186 184
Parent Company | 1.726% senior notes due October 2030    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 223 0
Parent Company | 1.412% senior notes due March 2031    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 178 176
Parent Company | .633% senior notes due April 2031    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 191 189
Parent Company | .843% senior notes due December 2031    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 59 58
Parent Company | .750% senior notes due March 2032    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 131 130
Parent Company | 1.990% senior notes due May 2032    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 116 0
Parent Company | 1.320% senior notes due December 2032    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 134 133
Parent Company | 2.003% senior notes due December 2032    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 149 0
Parent Company | .844% senior notes due April 2033    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 76 76
Parent Company | 1.488% senior notes due October 2033    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 97 95
Parent Company | 1.682% senior notes due March 2034    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 49 48
Parent Company | 1.600% senior notes due March 2034    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 116 115
Parent Company | .934% senior notes due December 2034    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 62 62
Parent Company | .830% senior notes due March 2035    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 67 66
Parent Company | 2.320% senior notes due May 2035    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 245 0
Parent Company | 2.369% senior notes due June 2035    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 60 0
Parent Company | 1.740% senior notes due March 2036    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 95 94
Parent Company | 1.039% senior notes due April 2036    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 64 63
Parent Company | 1.594% senior notes due September 2037    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 41 41
Parent Company | 1.750% senior notes due October 2038    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 56 56
Parent Company | 1.920% senior notes due March 2039    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 104 103
Parent Company | 1.122% senior notes due December 2039    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 40 39
Parent Company | 2.650% senior notes due May 2040    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 74 0
Parent Company | 2.779% senior notes due June 2040    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 45 0
Parent Company | 1.264% senior notes due April 2041    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 63 63
Parent Company | 2.160% senior notes due March 2044    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 36 35
Parent Company | 3.040% senior notes due May 2045    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 45 0
Parent Company | 2.108% subordinated notes due October 2047    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 379 375
Parent Company | 1.560% senior notes due April 2051    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 127 125
Parent Company | 2.144% senior notes due September 2052    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 76 75
Parent Company | 2.400% senior notes due March 2054    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 124 122
Parent Company | Yen-denominated loan variable interest rate due August 2027    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 75 74
Parent Company | Yen-denominated loan variable interest rate due August 2029    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations 161 160
Parent Company | Yen-denominated loan variable interest rate due August 2032    
Condensed Financial Statements, Captions [Line Items]    
Notes payable and lease obligations $ 446 $ 441
v3.25.4
Schedule II - Aflac Incorporated (Parent Only) - Summary of Notes Payable and Lease Obligations (Detail 2)
$ in Millions, ¥ in Billions
Dec. 31, 2025
JPY (¥)
Sep. 30, 2025
Jun. 30, 2025
JPY (¥)
May 31, 2025
JPY (¥)
Dec. 31, 2024
JPY (¥)
Mar. 31, 2024
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 notes 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 paid 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                  
.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 2029                                          
Condensed Financial Statements, Captions [Line Items]                                          
Debt instrument, interest rate 1.048%       1.048% 1.048%                              
Debt instrument, principal amount ¥ 13.0       ¥ 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              
1.726% senior notes due October 2030                                          
Condensed Financial Statements, Captions [Line Items]                                          
Debt instrument, interest rate 1.726%   1.726%                                    
Debt instrument, principal amount ¥ 35.0   ¥ 35.0                                    
1.412% senior notes due March 2031                                          
Condensed Financial Statements, Captions [Line Items]                                          
Debt instrument, interest rate 1.412%       1.412% 1.412%                              
Debt instrument, principal amount ¥ 27.9       ¥ 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                  
1.990% senior notes due May 2032                                          
Condensed Financial Statements, Captions [Line Items]                                          
Debt instrument, interest rate 1.99%     1.99%                                  
Debt instrument, principal amount ¥ 18.2     ¥ 18.2                                  
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                            
2.003% senior notes due December 2032                                          
Condensed Financial Statements, Captions [Line Items]                                          
Debt instrument, interest rate 2.003%   2.003%                                    
Debt instrument, principal amount ¥ 23.4   ¥ 23.4                                    
.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% 1.682%                              
Debt instrument, principal amount ¥ 7.7       ¥ 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% 1.60%                              
Debt instrument, principal amount ¥ 18.3       ¥ 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                  
2.320% senior notes due May 2035                                          
Condensed Financial Statements, Captions [Line Items]                                          
Debt instrument, interest rate 2.32%     2.32%                                  
Debt instrument, principal amount ¥ 38.3     ¥ 38.3                                  
2.369% senior notes due June 2035                                          
Condensed Financial Statements, Captions [Line Items]                                          
Debt instrument, interest rate 2.369%   2.369%                                    
Debt instrument, principal amount ¥ 9.5   ¥ 9.5                                    
1.740% senior notes due March 2036                                          
Condensed Financial Statements, Captions [Line Items]                                          
Debt instrument, interest rate 1.74%       1.74% 1.74%                              
Debt instrument, principal amount ¥ 15.0       ¥ 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% 1.92%                              
Debt instrument, principal amount ¥ 16.5       ¥ 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                
2.650% senior notes due May 2040                                          
Condensed Financial Statements, Captions [Line Items]                                          
Debt instrument, interest rate 2.65%     2.65%                                  
Debt instrument, principal amount ¥ 11.6     ¥ 11.6                                  
2.779% senior notes due June 2040                                          
Condensed Financial Statements, Captions [Line Items]                                          
Debt instrument, interest rate 2.779%   2.779%                                    
Debt instrument, principal amount ¥ 7.0   ¥ 7.0                                    
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% 2.16%                              
Debt instrument, principal amount ¥ 5.7       ¥ 5.7 ¥ 5.7                              
3.040% senior notes due May 2045                                          
Condensed Financial Statements, Captions [Line Items]                                          
Debt instrument, interest rate 3.04%     3.04%                                  
Debt instrument, principal amount ¥ 7.0     ¥ 7.0                                  
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% 2.40%                              
Debt instrument, principal amount ¥ 19.5       ¥ 19.5 ¥ 19.5                              
Yen-denominated loan variable interest rate due August 2027                                          
Condensed Financial Statements, Captions [Line Items]                                          
Debt instrument, interest rate 1.08%       0.84%                                
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 1.18%       0.94%                                
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 1.33%       1.09%                                
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 notes 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 paid September 2025                                          
Condensed Financial Statements, Captions [Line Items]                                          
Debt instrument, interest rate   0.30%     0.30%                                
Debt instrument, principal amount         ¥ 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 2029                                          
Condensed Financial Statements, Captions [Line Items]                                          
Debt instrument, interest rate 1.048%       1.048%                                
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 | 1.726% senior notes due October 2030                                          
Condensed Financial Statements, Captions [Line Items]                                          
Debt instrument, interest rate 1.726%   1.726%                                    
Debt instrument, principal amount ¥ 35.0   ¥ 35.0                                    
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 | 1.990% senior notes due May 2032                                          
Condensed Financial Statements, Captions [Line Items]                                          
Debt instrument, interest rate 1.99%     1.99%                                  
Debt instrument, principal amount ¥ 18.2     ¥ 18.2                                  
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 | 2.003% senior notes due December 2032                                          
Condensed Financial Statements, Captions [Line Items]                                          
Debt instrument, interest rate 2.003%   2.003%                                    
Debt instrument, principal amount ¥ 23.4   ¥ 23.4                                    
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 | 2.320% senior notes due May 2035                                          
Condensed Financial Statements, Captions [Line Items]                                          
Debt instrument, interest rate 2.32%     2.32%                                  
Debt instrument, principal amount ¥ 38.3     ¥ 38.3                                  
Parent Company | 2.369% senior notes due June 2035                                          
Condensed Financial Statements, Captions [Line Items]                                          
Debt instrument, interest rate 2.369%   2.369%                                    
Debt instrument, principal amount ¥ 9.5   ¥ 9.5                                    
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 | 2.650% senior notes due May 2040                                          
Condensed Financial Statements, Captions [Line Items]                                          
Debt instrument, interest rate 2.65%     2.65%                                  
Debt instrument, principal amount ¥ 11.6     ¥ 11.6                                  
Parent Company | 2.779% senior notes due June 2040                                          
Condensed Financial Statements, Captions [Line Items]                                          
Debt instrument, interest rate 2.779%   2.779%                                    
Debt instrument, principal amount ¥ 7.0   ¥ 7.0                                    
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 | 3.040% senior notes due May 2045                                          
Condensed Financial Statements, Captions [Line Items]                                          
Debt instrument, interest rate 3.04%     3.04%                                  
Debt instrument, principal amount ¥ 7.0     ¥ 7.0                                  
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 1.08%       0.84%                                
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 1.18%       0.94%                                
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 1.33%       1.09%                                
Debt instrument, principal amount ¥ 70.0       ¥ 70.0                                
v3.25.4
Schedule II - Aflac Incorporated - Aggregate Contractual Maturities of Notes Payable (Detail)
$ in Millions
Dec. 31, 2025
USD ($)
Condensed Financial Statements, Captions [Line Items]  
2026 $ 700
2027 458
2028 0
2029 539
2030 1,496
Thereafter 5,185
Total 8,378
Parent Company  
Condensed Financial Statements, Captions [Line Items]  
2026 700
2027 458
2028 0
2029 539
2030 1,496
Thereafter 4,994
Total $ 8,187
v3.25.4
Schedule II - Aflac Incorporated (Parent Only) - Supplemental Disclosure of Cash Flow Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Shareholder dividend reinvestment      
Condensed Cash Flow Statements, Captions [Line Items]      
Treasury stock issued for shareholder dividend reinvestment $ 43 $ 41 $ 37
Parent Company      
Condensed Cash Flow Statements, Captions [Line Items]      
Interest paid 197 180 184
Parent Company | Shareholder dividend reinvestment      
Condensed Cash Flow Statements, Captions [Line Items]      
Treasury stock issued for shareholder dividend reinvestment $ 43 $ 41 $ 37
v3.25.4
Schedule II - Aflac Incorporated (Parent Only) - Additional Information (Detail)
$ in Millions, ¥ in Billions
Dec. 31, 2025
JPY (¥)
Sep. 30, 2025
JPY (¥)
Jun. 30, 2025
JPY (¥)
series
May 31, 2025
JPY (¥)
series
Dec. 31, 2024
JPY (¥)
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 series of senior notes issued through a U.S. public debt offering | series     4     3 4 5 4 4 3 2
Number of series of senior notes issued through a private placement | series       4   5            
Senior notes                        
Condensed Financial Statements, Captions [Line Items]                        
Debt Instrument, Face Amount     ¥ 74.9     ¥ 48.6 ¥ 73.0 ¥ 82.0 ¥ 57.0 ¥ 38.0 ¥ 53.4 $ 700
Private placement                        
Condensed Financial Statements, Captions [Line Items]                        
Debt Instrument, Face Amount       ¥ 75.1   ¥ 75.0            
.300% senior notes paid September 2025                        
Condensed Financial Statements, Captions [Line Items]                        
Debt instrument, principal amount redeemed   ¥ 12.4                    
Debt Instrument, Face Amount         ¥ 12.4       ¥ 12.4      
Debt Instrument, Interest Rate, Stated Percentage   0.30%     0.30%       0.30%      
1.726% senior notes due October 2030                        
Condensed Financial Statements, Captions [Line Items]                        
Debt Instrument, Face Amount ¥ 35.0   ¥ 35.0                  
Debt Instrument, Interest Rate, Stated Percentage 1.726%   1.726%                  
2.003% senior notes due December 2032                        
Condensed Financial Statements, Captions [Line Items]                        
Debt Instrument, Face Amount ¥ 23.4   ¥ 23.4                  
Debt Instrument, Interest Rate, Stated Percentage 2.003%   2.003%                  
2.369% senior notes due June 2035                        
Condensed Financial Statements, Captions [Line Items]                        
Debt Instrument, Face Amount ¥ 9.5   ¥ 9.5                  
Debt Instrument, Interest Rate, Stated Percentage 2.369%   2.369%                  
2.779% senior notes due June 2040                        
Condensed Financial Statements, Captions [Line Items]                        
Debt Instrument, Face Amount ¥ 7.0   ¥ 7.0                  
Debt Instrument, Interest Rate, Stated Percentage 2.779%   2.779%                  
1.990% senior notes due May 2032                        
Condensed Financial Statements, Captions [Line Items]                        
Debt Instrument, Face Amount ¥ 18.2     ¥ 18.2                
Debt Instrument, Interest Rate, Stated Percentage 1.99%     1.99%                
2.320% senior notes due May 2035                        
Condensed Financial Statements, Captions [Line Items]                        
Debt Instrument, Face Amount ¥ 38.3     ¥ 38.3                
Debt Instrument, Interest Rate, Stated Percentage 2.32%     2.32%                
2.650% senior notes due May 2040                        
Condensed Financial Statements, Captions [Line Items]                        
Debt Instrument, Face Amount ¥ 11.6     ¥ 11.6                
Debt Instrument, Interest Rate, Stated Percentage 2.65%     2.65%                
3.040% senior notes due May 2045                        
Condensed Financial Statements, Captions [Line Items]                        
Debt Instrument, Face Amount ¥ 7.0     ¥ 7.0                
Debt Instrument, Interest Rate, Stated Percentage 3.04%     3.04%                
Parent Company                        
Condensed Financial Statements, Captions [Line Items]                        
Number of series of senior notes issued through a U.S. public debt offering | series     4                  
Number of series of senior notes issued through a private placement | series       4                
Parent Company | Senior notes                        
Condensed Financial Statements, Captions [Line Items]                        
Debt Instrument, Face Amount     ¥ 74.9                  
Parent Company | Private placement                        
Condensed Financial Statements, Captions [Line Items]                        
Debt Instrument, Face Amount       ¥ 75.1                
Parent Company | .300% senior notes paid September 2025                        
Condensed Financial Statements, Captions [Line Items]                        
Debt instrument, principal amount redeemed   ¥ 12.4                    
Debt Instrument, Face Amount         ¥ 12.4              
Debt Instrument, Interest Rate, Stated Percentage   0.30%     0.30%              
Parent Company | 1.726% senior notes due October 2030                        
Condensed Financial Statements, Captions [Line Items]                        
Debt Instrument, Face Amount ¥ 35.0   ¥ 35.0                  
Debt Instrument, Interest Rate, Stated Percentage 1.726%   1.726%                  
Parent Company | 2.003% senior notes due December 2032                        
Condensed Financial Statements, Captions [Line Items]                        
Debt Instrument, Face Amount ¥ 23.4   ¥ 23.4                  
Debt Instrument, Interest Rate, Stated Percentage 2.003%   2.003%                  
Parent Company | 2.369% senior notes due June 2035                        
Condensed Financial Statements, Captions [Line Items]                        
Debt Instrument, Face Amount ¥ 9.5   ¥ 9.5                  
Debt Instrument, Interest Rate, Stated Percentage 2.369%   2.369%                  
Parent Company | 2.779% senior notes due June 2040                        
Condensed Financial Statements, Captions [Line Items]                        
Debt Instrument, Face Amount ¥ 7.0   ¥ 7.0                  
Debt Instrument, Interest Rate, Stated Percentage 2.779%   2.779%                  
Parent Company | 1.990% senior notes due May 2032                        
Condensed Financial Statements, Captions [Line Items]                        
Debt Instrument, Face Amount ¥ 18.2     ¥ 18.2                
Debt Instrument, Interest Rate, Stated Percentage 1.99%     1.99%                
Parent Company | 2.320% senior notes due May 2035                        
Condensed Financial Statements, Captions [Line Items]                        
Debt Instrument, Face Amount ¥ 38.3     ¥ 38.3                
Debt Instrument, Interest Rate, Stated Percentage 2.32%     2.32%                
Parent Company | 2.650% senior notes due May 2040                        
Condensed Financial Statements, Captions [Line Items]                        
Debt Instrument, Face Amount ¥ 11.6     ¥ 11.6                
Debt Instrument, Interest Rate, Stated Percentage 2.65%     2.65%                
Parent Company | 3.040% senior notes due May 2045                        
Condensed Financial Statements, Captions [Line Items]                        
Debt Instrument, Face Amount ¥ 7.0     ¥ 7.0                
Debt Instrument, Interest Rate, Stated Percentage 3.04%     3.04%                
v3.25.4
SCHEDULE III SUPPLEMENTARY INSURANCE INFORMATION - (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]      
Deferred policy acquisition costs $ 9,034 $ 8,758 $ 9,132
Future policy benefits & unpaid policy claims 62,815 70,762  
Unearned premiums 1,323 1,286  
Other policyholders’ funds 5,445 5,460  
Net earned premiums [1] 13,548 13,440 14,123
Net investment income 4,076 4,116 3,811
Benefits and claims, net 7,293 7,450 8,211
Amortization of deferred policy acquisition costs 874 851 816
Other operating expenses 4,464 4,209 4,412
Premiums written 13,997 13,771 14,237
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 (5,167) (5,905)  
Unearned premiums (8) (38)  
Other policyholders’ funds 0 0  
Aflac Japan      
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]      
Deferred policy acquisition costs 5,302 5,102  
Future policy benefits & unpaid policy claims 52,602 60,890  
Unearned premiums 1,245 1,199  
Other policyholders’ funds 5,445 5,460  
Net earned premiums 6,744 6,930 8,047
Net investment income 2,854 3,032 3,033
Benefits and claims, net 3,999 4,317 5,313
Amortization of deferred policy acquisition costs 323 321 326
Other operating expenses 1,595 1,527 1,790
Premiums written 7,820 7,866 8,571
Aflac U.S.      
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]      
Deferred policy acquisition costs 3,732 3,656  
Future policy benefits & unpaid policy claims 11,281 10,960  
Unearned premiums 97 103  
Other policyholders’ funds 0 0  
Net earned premiums 5,999 5,829 5,675
Net investment income 854 883 854
Benefits and claims, net 2,837 2,726 2,431
Amortization of deferred policy acquisition costs 551 530 490
Other operating expenses 2,094 2,064 2,201
Premiums written 6,177 5,905 5,666
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 4,099 4,817  
Unearned premiums (11) 22  
Other policyholders’ funds 0 0  
Net earned premiums 805 681 400
Net investment income 368 201 (77)
Benefits and claims, net 458 407 467
Amortization of deferred policy acquisition costs 0 0 0
Other operating expenses 775 618 421
Premiums written $ 0 $ 0 $ 0
[1] Includes a gain (loss) of $(52), $(81) and $20 in 2025, 2024 and 2023, respectively, related to remeasurement of the deferred profit liability for limited-payment contracts.
v3.25.4
SCHEDULE IV REINSURANCE Schedule IV - Reinsurance (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]      
Gross Amount, Life Insurance in Force $ 245,615 $ 187,553 $ 163,601
Ceded to Other Companies, Life Insurance in Force 13,495 13,481 15,592
Assumed from Other Companies, Life Insurance in Force 17,867 21,192 28,716
Net Amount, Life Insurance in Force $ 249,987 $ 195,264 $ 176,725
Percentage of Amount Assumed to Net, Life Insurance in Force 7.00% 11.00% 16.00%
Gross amount $ 13,760 $ 13,562 $ 14,318
Ceded to Other Companies 368 284 404
Assumed from Other companies 156 162 209
Net Amount [1] $ 13,548 $ 13,440 $ 14,123
Percentage of Amount Assumed to Net 1.00% 1.00% 1.00%
Health insurance      
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]      
Gross amount $ 11,857 $ 11,784 $ 12,335
Ceded to Other Companies 316 233 352
Assumed from Other companies 132 135 167
Net Amount $ 11,673 $ 11,686 $ 12,150
Percentage of Amount Assumed to Net 1.00% 1.00% 1.00%
Life insurance      
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]      
Gross amount $ 1,903 $ 1,778 $ 1,983
Ceded to Other Companies 52 51 52
Assumed from Other companies 24 27 42
Net Amount $ 1,875 $ 1,754 $ 1,973
Percentage of Amount Assumed to Net 1.00% 2.00% 2.00%
[1] Includes a gain (loss) of $(52), $(81) and $20 in 2025, 2024 and 2023, respectively, related to remeasurement of the deferred profit liability for limited-payment contracts.