Aflac Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	4,169	5,443	4,659	4,418	4,231	4,778
Depreciation & Amortization	53	40	39	45	45	41
Other Amortization	868	851	816	792	835	1,214
Gain (Loss) on Sale of Investments	77	-1,271	-590	-363	-468	270
Change in Accounts Receivable	-5	51	-133	5	72	58
Change in Income Taxes	-237	-393	-967	-509	96	-1,419
Change in Insurance Reserves / Liabilities	-775	-302	-552	726	774	2,023
Other Operating Activities	-1,577	-1,712	-82	-1,235	-534	-1,007
Operating Cash Flow	2,573	2,707	3,190	3,879	5,051	5,958
Operating Cash Flow Growth	-12.96%	-15.14%	-17.76%	-23.20%	-15.22%	9.22%
Investment in Securities	818	1,065	643	789	-2,946	-2,167
Other Investing Activities	1,034	657	-471	-622	1,751	-1,274
Investing Cash Flow	2,719	2,781	817	-1,540	-2,378	-4,619
Long-Term Debt Issued	-	823	204	1,277	1,153	1,545
Total Debt Repaid	-84	-194	-	-1,416	-700	-350
Net Debt Issued (Repaid)	955	629	204	-139	453	1,195
Issuance of Common Stock	-	14	17	17	26	34
Repurchases of Common Stock	-3,481	-2,800	-2,801	-2,401	-2,301	-1,537
Common Dividends Paid	-1,173	-1,087	-966	-979	-855	-769
Other Financing Activities	-20	-28	-17	34	-26	-27
Financing Cash Flow	-3,969	-3,486	-3,723	-3,551	-2,739	-1,115
Foreign Exchange Rate Adjustments	-167	-79	79	104	-24	21
Net Cash Flow	1,156	1,923	363	-1,108	-90	245
Cash Interest Paid	186	180	185	211	213	210
Cash Income Tax Paid	1,164	1,367	1,569	961	880	800
Levered Free Cash Flow	6,490	4,853	4,311	-4,953	2,644	2,581
Unlevered Free Cash Flow	6,621	4,976	4,433	-4,812	2,793	2,733
Change in Working Capital	-1,017	-644	-1,652	222	942	662

Source: S&P Global Market Intelligence. Insurance template. Financial Sources.