Slide 1: Third Quarter 2025 Update
Third Quarter 2025 Update Max K. Brodén Senior Executive Vice President CFO, Aflac Incorporated
Slide 2: Forward-Looking Information and Non-U.S. GAAP Financial Measures
Forward-Looking Information and Non-U.S. GAAP Financial Measures The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” to encourage companies to provide prospective information, so long as those informational statements are identified as forward-looking and are accompanied by
Slide 3: Earnings Per Share
Earnings Per Share Net EPS (diluted) Adjusted EPS (diluted)1 Adjusted EPS ex-FX1 1,911.8% 15.3% 15.3% $2.49 $2.49 $3.08 $2.16 $2.16 3Q24 3Q25 3Q24 3Q25 $(0.17) 3Q24 3Q25 1Non-U.S. GAAP Financial Measure; see “Glossary of Non-U.S. GAAP Financial Measures” in Appendix for information about this measur
Slide 4: Return on Equity
Return on Equity 23.5% 22.1% 20.2% 19.1% 16.7% (1.5)% 3Q24 3Q25 1 1 ROE (%) Adjusted ROE (%) Adjusted ROE ex Foreign Currency Remeasurement (%) 1Non-U.S. GAAP Financial Measure; see “Glossary of Non-U.S. GAAP Financial Measures” in Appendix for information about this measure. 4
Slide 5: Aflac Japan Premium Persistency Remains Solid
Aflac Japan Premium Persistency Remains Solid1 93.3% 93.4% 93.8% 93.7% 93.3% 3Q24 4Q24 1Q25 2Q25 3Q25 1 Premium persistency presented on a 12-month rolling basis for all periods. Beginning January 2025, the Company implemented a new methodology of calculating persistency rate which excludes annuitiz
Slide 6: Aflac U.S. Premium Persistency Remains Solid
Aflac U.S. Premium Persistency Remains Solid 79.3% 79.3% 79.2% 78.9% 79.0% 3Q24 4Q24 1Q25 2Q25 3Q25 6
Slide 7: Adjusted Leverage Ratio
Adjusted Leverage Ratio1 Target range of 20-25% 22.5% 22.0% 21.0% 20.7% 19.7% 3Q24 4Q24 1Q25 2Q25 3Q25 1Adjusted Leverage ratio is computed as: Adjusted debt to Adjusted capitalization ex-AOCI. See “Adjusted Leverage Ratios” in Appendix for more information 7 about this measure and its calculation.
Slide 8: Strong Capital Ratios
Strong Capital Ratios1 As of September 30, 2025 >600% 450% 350% >250% 230% 170% ESR 2 Combined RBC3 Target maximum (Japan) ratio Target minimum (U.S.) 1The target minimum and maximum are based on our internal operating ranges. 2Estimated regulatory ESR with undertaking-specific parameter (USP). 3Est
Slide 9: Capital Deployment
Capital Deployment Dividends and Share Repurchase (In Millions) $1,309 $1,217 $1,141 $1,027 $780 1,000 900 829 750 500 280 277 317 312 309 3Q24 4Q24 1Q25 2Q25 3Q25 Dividends Share Repurchase 9
Slide 10: Aflac Japan
Aflac Japan Stronger than expected pretax profit margin for 2025 2025 Estimated Benefit Ratio 58% - 60% Ranges Underlying earned premiums1 • -1% to -2% Benefit ratio reflects: Expense Ratio 20% - 23% • 2025 LDTI assumption unlock • Lower benefit ratio of new business compared to inforce block Expens
Slide 11: Aflac U.S.
Aflac U.S. 2025 Ranges intact as new businesses continue to scale 2025 Estimated Benefit Ratio 48% - 52% Ranges Benefit ratio: • lower end of the range Expense Ratio 36% - 39% Expense ratio • mid- to upper end of the range • scaling new business lines Pretax profit margin • upper end of the range Pr
Slide 12: Thank You
Thank You Investors.Aflac.com
Slide 13: Appendix
Appendix
Slide 14: Glossary of Non-U.S. GAAP Financial Measures
Glossary of Non-U.S. GAAP Financial Measures The Company defines these non-U.S. GAAP financial measures as follows: • Adjusted earnings are adjusted revenues less benefits and adjusted expenses. Adjusted earnings per share (basic or diluted) are the adjusted earnings for the period divided by the we
Slide 15: Glossary of Non-U.S. GAAP Financial Measures (cont'd)
Glossary of Non-U.S. GAAP Financial Measures (cont’d) The Company defines these non-U.S. GAAP financial measures as follows: • Adjusted return on equity excluding foreign currency remeasurement is annualized adjusted earnings divided by average shareholders’ equity, excluding both accumulated other
Slide 16: Reconciliation of Net Earnings Per Diluted Share to Adjusted Earnings Per Diluted Share
Reconciliation of Net Earnings Per Diluted Share to Adjusted Earnings Per Diluted Share Three Months Ended September 30 2025 2024 % Change Net earnings per diluted share $3.08 $(0.17) 1,911.8% Items impacting net earnings Adjusted net investment (gains) losses (0.63) 2.40 Other and non-recurring (in
Slide 17: Reconciliation of Net Earnings to Adjusted Earnings
Reconciliation of Net Earnings to Adjusted Earnings Three Months Ended September 30 (In Millions) 2025 2024 % Change Net earnings $1,639 $(93) 1,862.4% Items impacting net earnings Adjusted net investment (gains) losses (335) 1,347 Other and non-recurring (income) loss 1 — Income tax (benefit) expen
Slide 18: Reconciliation of Net Investment (Gains) Losses to Adjusted Net Investment (Gains) Losses
Reconciliation of Net Investment (Gains) Losses to Adjusted Net Investment (Gains) Losses Three Months Ended September 30 (In Millions) 2025 2024 % Change Net investment (gains) losses $(275) $1,408 (119.5)% Items impacting net investment (gains) losses: Amortized hedge costs (13) (7) Amortized hedg
Slide 19: Reconciliation of U.S. GAAP Return on Equity (ROE) to Adjusted ROE
Reconciliation of U.S. GAAP Return on Equity (ROE) to Adjusted ROE Three Months Ended September 30 2025 2024 U.S. GAAP ROE - Net earnings1 23.5% (1.5)% Impact of excluding unrealized foreign currency translation gains (losses) (5.4) 0.3 Impact of excluding unrealized gains (losses) on securities and
Slide 20: Reconciliation of U.S. GAAP Book Value Per Share to Adjusted Book Value Per Share
Reconciliation of U.S. GAAP Book Value Per Share to Adjusted Book Value Per Share At September 30 2025 2024 % Change U.S. GAAP book value per common share $54.57 $44.60 22.4% Less: Unrealized foreign currency translation gains (losses) per common share (8.57) (7.43) Unrealized gains (losses) on secu
Slide 21: Adjusted Leverage Ratios
Adjusted Leverage Ratios At September 30 (In Millions) 2025 2024 Notes payable $8,685 $7,978 50% of subordinated debentures and perpetual bonds (300) (313) Pre-funding of debt maturities (399) — Adjusted debt1 7,986 7,666 Total Shareholders’ Equity 28,688 24,830 Accumulated other comprehensive (inco