Slide 1: Second Quarter 2026 Update
Second Quarter 2026 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
$1.78 $1.80 2Q25 2Q26 Earnings Per Share $1.11 $1.63 2Q25 2Q26 Net EPS (diluted) 46.8% $1.78 $1.75 2Q25 2Q26 Adjusted EPS (diluted)1 (1.7)% Adjusted EPS ex-FX1 1.1% 1Non-U.S. GAAP Financial Measure; see “Glossary of Non-U.S. GAAP Financial Measures” in Appendix for information about this measure. 3
Slide 4: Return on Equity
Return on Equity 9.0% 10.9% 13.7% 12.7% 16.6% 16.6% ROE (%) Adjusted ROE (%) Adjusted ROE ex Foreign Currency Remeasurement (%) 2Q25 2Q26 1Non-U.S. GAAP Financial Measure; see “Glossary of Non-U.S. GAAP Financial Measures” in Appendix for information about this measure. 4 11
Slide 5: Aflac Japan 2026 Outlook
5 2026 Outlook 2Q26 Actual Benefit Ratio 60% - 63% 64.0% Expense Ratio 20% - 23% 20.2% Pretax Profit Margin 33% - 36% 34.3% Aflac Japan For three months ended June 30
Slide 6: Aflac U.S. 2026 Outlook
6 2026 Outlook 2Q26 Actual Benefit Ratio 48% - 52% 49.5% Expense Ratio 36% - 39% 36.1% Pretax Profit Margin 17% - 20% 20.9% Aflac U.S. For three months ended June 30
Slide 7: Adjusted Leverage Ratio
Adjusted Leverage Ratio1 Target range of 20-25% 24.7% 23.2% 22.2% 20.9% 22.4%22.5% 22.0% 21.4% 21.2% 21.8% GAAP Leverage Ratio Adjusted Leverage Ratio 2Q25 3Q25 4Q25 1Q26 2Q26 1Adjusted Leverage ratio is computed as: Adjusted debt to Adjusted capitalization ex-AOCI. See “Adjusted Leverage Ratios” in
Slide 8: Strong Capital Ratios
226% Regulatory ESR with USP (Japan) Combined RBC Ratio (U.S.) Strong Capital Ratios1 Estimates as of June 30, 2026 240% 170% 1The target minimum and maximum are based on our internal operating ranges 2Estimated regulatory ESR with undertaking-specific parameter (USP); USP adds an estimated 14 point
Slide 9: Capital Deployment: Dividends and Share Repurchase
Capital Deployment Dividends and Share Repurchase (In Millions) $1,141 $1,309 $1,103 $1,315 $1,292 312 309 303 315 309 829 1,000 800 1,000 983 Dividends Share Repurchase 2Q25 3Q25 4Q25 1Q26 2Q26 9
Slide 10: Thank You
Thank You Investors.Aflac.com
Slide 11: Appendix
Appendix
Slide 12: 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 13: 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 14: Glossary of Operational Measures
Glossary of Operational Measures The Company defines the operational measures included in this document as follows: • Operating ratios are used to evaluate the Company's financial condition and profitability. Examples include: (1) Ratios to total adjusted revenues, which present expenses as percenta
Slide 15: Reconciliation of Net Earnings Per Diluted Share to Adjusted
Reconciliation of Net Earnings Per Diluted Share to Adjusted Earnings Per Diluted Share Three Months Ended June 30 2026 2025 % Change Net earnings per diluted share $1.63 $1.11 46.8% Items impacting net earnings Adjusted net investment (gains) losses 0.21 0.70 Other and non-recurring (income) loss —
Slide 16: Reconciliation of Net Earnings to Adjusted Earnings
Reconciliation of Net Earnings to Adjusted Earnings Three Months Ended June 30 (In Millions) 2026 2025 % Change Net earnings $825 $599 37.7% Items impacting net earnings Adjusted net investment (gains) losses 106 377 Other and non-recurring (income) loss — — Income tax (benefit) expense on items exc
Slide 17: Reconciliation of Net Investment (Gains) Losses to Adjusted
Reconciliation of Net Investment (Gains) Losses to Adjusted Net Investment (Gains) Losses Three Months Ended June 30 (In Millions) 2026 2025 % Change Net investment (gains) losses $153 $421 (63.7)% Items impacting net investment (gains) losses: Amortized hedge costs (12) (11) Amortized hedge income
Slide 18: Reconciliation of U.S. GAAP ROE to Adjusted ROE
Reconciliation of U.S. GAAP Return on Equity (ROE) to Adjusted ROE Three Months Ended June 30 2026 2025 U.S. GAAP ROE - Net earnings1 10.9% 9.0% Impact of excluding unrealized foreign currency translation gains (losses) (2.0) (1.5) Impact of excluding unrealized gains (losses) on securities and deri
Slide 19: Reconciliation of U.S. GAAP Book Value Per Share to Adjusted
Reconciliation of U.S. GAAP Book Value Per Share to Adjusted Book Value Per Share At June 30 2026 2025 % Change U.S. GAAP book value per common share $60.35 $50.86 18.7% Less: Unrealized foreign currency translation gains (losses) per common share (10.05) (8.01) Unrealized gains (losses) on securiti
Slide 20: Adjusted Leverage Ratios
Adjusted Leverage Ratios At June 30 (In Millions) 2026 2025 Notes payable $8,729 $8,933 50% of subordinated debentures and perpetual bonds (275) (308) Pre-funding of debt maturities (668) (486) Adjusted debt1 7,786 8,139 Total Shareholders’ Equity 30,312 27,200 Accumulated other comprehensive (incom