Aflac Balance Sheet

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Investments in Debt Securities	80,241	81,235	91,109	94,797	120,696
Investments in Equity & Preferred Securities	887	4,231	3,838	3,381	3,461
Policy Loans	-	203	214	214	236
Other Investments	6,622	1,638	1,339	1,566	1,748
Total Investments	92,804	94,213	104,433	108,195	133,326
Cash & Equivalents	6,245	6,229	4,306	3,943	5,051
Reinsurance Recoverable	-	163	183	912	957
Other Receivables	6,264	6,134	6,411	6,658	6,010
Deferred Policy Acquisition Cost	9,034	8,758	9,132	9,239	9,525
Property, Plant & Equipment	351	387	445	530	538
Goodwill	260	263	265	265	268
Other Current Assets	-	240	326	610	936
Other Long-Term Assets	1,512	1,179	1,223	1,386	931
Total Assets	116,470	117,566	126,724	131,738	157,542
Insurance & Annuity Liabilities	69,583	75,695	89,712	94,192	96,801
Unpaid Claims	-	381	261	201	4,836
Unearned Premiums	-	1,286	1,451	1,825	2,576
Current Portion of Long-Term Debt	-	408	630	583	54
Current Portion of Leases	-	40	-	-	-
Short-Term Debt	-	2,037	1,503	1,809	2,162
Current Income Taxes Payable	1,368	573	154	698	4,339
Long-Term Debt	8,409	7,323	7,029	7,295	7,839
Long-Term Leases	-	56	124	147	117
Other Current Liabilities	-	604	1,011	1,115	1,565
Other Long-Term Liabilities	7,620	2,919	2,689	3,041	3,141
Total Liabilities	86,980	91,468	104,739	111,598	124,289
Common Stock	136	136	136	135	135
Additional Paid-In Capital	3,024	2,894	2,771	2,641	2,529
Retained Earnings	54,682	52,277	47,993	44,367	41,381
Treasury Stock	-29,804	-26,231	-23,395	-20,574	-18,185
Comprehensive Income & Other	1,452	-2,978	-5,520	-6,429	7,393
Shareholders' Equity	29,490	26,098	21,985	20,140	33,253
Total Liabilities & Equity	116,470	117,566	126,724	131,738	157,542
Filing Date Shares Outstanding	518.69	546.59	577.01	612.21	649.86
Total Common Shares Outstanding	518.69	549.96	578.48	615.26	652.13
Total Debt	8,409	9,864	9,286	9,834	10,172
Net Cash (Debt)	-2,164	-3,635	-4,980	-5,891	-5,121
Net Cash Per Share	-4.05	-6.43	-8.32	-9.24	-7.57
Book Value Per Share	56.85	47.45	38.00	32.73	50.99
Tangible Book Value	29,230	25,835	21,720	19,875	32,985
Tangible Book Value Per Share	56.35	46.98	37.55	32.30	50.58
Land	-	168	168	168	168
Buildings	-	392	421	437	491
Machinery	-	478	510	587	542

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Insurance template. Financial Sources.