Slide 1: First Quarter 2026 Update
First 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
Earnings Per Share Net EPS (diluted) Adjusted EPS (diluted)1 Adjusted EPS ex-FX1 3,860.0% 5.4% 6.6% $1.75 $1.77 $1.66 $1.66 $1.98 $0.05 1Q25 1Q26 1Q25 1Q26 1Q25 1Q26 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 16.4% 15.6% 13.7% 12.7% 12.8% 0.4% 1Q25 1Q26 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
Aflac Japan For three months ended March 31 2026 Outlook 1Q26 Actual Benefit Ratio 60% - 63% 62.9% Expense Ratio 20% - 23% 19.5% Pretax Profit Margin 33% - 36% 35.0% 5
Slide 6: Aflac U.S.
Aflac U.S. For three months ended March 31 2026 Outlook 1Q26 Actual Benefit Ratio 48% - 52% 47.2% Expense Ratio 36% - 39% 38.3% Pretax Profit Margin 17% - 20% 20.4% 6
Slide 7: Adjusted Leverage Ratio
Adjusted Leverage Ratio1 Target range of 20-25% 24.7% 22.7% 22.5% 23.2% 22.0% 22.2% 21.4% 20.7% 20.9% 21.2% 1Q25 2Q25 3Q25 4Q25 1Q26 GAAP Leverage Ratio Adjusted Leverage Ratio 1Adjusted Leverage ratio is computed as: Adjusted debt to Adjusted capitalization ex-AOCI. See “Adjusted Leverage Ratios” i
Slide 8: Strong Capital Ratios
Strong Capital Ratios1 Estimates as of March 31, 2026 560% 450% 350% 243% 230% 227% 170% Regulatory ESR Combined RBC 2 Target maximum with USP Ratio3 Target minimum (Japan) (U.S.) USP 1The target minimum and maximum are based on our internal operating ranges 2Estimated regulatory ESR with undertakin
Slide 9: Capital Deployment
Capital Deployment Dividends and Share Repurchase (In Millions) $1,309 $1,315 $1,217 $1,141 $1,103 1,000 1,000 900 829 800 317 312 309 303 315 1Q25 2Q25 3Q25 4Q25 1Q26 Dividends Share Repurchase 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 Earnings Per Diluted Share
Reconciliation of Net Earnings Per Diluted Share to Adjusted Earnings Per Diluted Share Three Months Ended March 31 2026 2025 % Change Net earnings per diluted share $1.98 $0.05 3,860.0% Items impacting net earnings Adjusted net investment (gains) losses (0.20) 1.69 Other and non-recurring (income)
Slide 16: Reconciliation of Net Earnings to Adjusted Earnings
Reconciliation of Net Earnings to Adjusted Earnings Three Months Ended March 31 (In Millions) 2026 2025 % Change Net earnings $1,019 $29 3,413.8% Items impacting net earnings Adjusted net investment (gains) losses (103) 924 Other and non-recurring (income) loss — 53 Income tax (benefit) expense on i
Slide 17: 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 March 31 (In Millions) 2026 2025 % Change Net investment (gains) losses $(49) $963 (105.1)% Items impacting net investment (gains) losses: Amortized hedge costs (15) (7) Amortized hedge incom
Slide 18: 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 March 31 2026 2025 U.S. GAAP ROE - Net earnings1 13.7% 0.4% Impact of excluding unrealized foreign currency translation gains (losses) (2.3) — Impact of excluding unrealized gains (losses) on securities and derivat
Slide 19: 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 March 31 2026 2025 % Change U.S. GAAP book value per common share $58.69 $48.55 20.9% Less: Unrealized foreign currency translation gains (losses) per common share (9.72) (8.39) Unrealized gains (losses) on securiti
Slide 20: Adjusted Leverage Ratios
Adjusted Leverage Ratios At March 31 (In Millions) 2026 2025 Notes payable $7,908 $7,751 50% of subordinated debentures and perpetual bonds (279) (299) Pre-funding of debt maturities — — Adjusted debt1 7,629 7,453 Total Shareholders’ Equity 29,961 26,338 Accumulated other comprehensive (income) loss