Aflac Incorporated · NYSE:AFL
Aflac — Q3 2026 Earnings Presentation
20 slides from Aflac's earnings presentation, Nov 4, 2026
Slide 1: Third Quarter 2026 Update
Third 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
$2.49 $2.46 3Q25 3Q26 Earnings Per Share $3.08 $0.61 3Q25 3Q26 Net EPS (diluted) (80.2)% $2.49 $2.43 3Q25 3Q26 Adjusted EPS (diluted)1 (2.4)% Adjusted EPS ex-FX1 (1.2)% 1Non-U.S. GAAP Financial Measure; see “Glossary of Non-U.S. GAAP Financial Measures” in Appendix for information about this measure
Slide 4: Return on Equity
Return on Equity 23.5% 4.1% 19.1% 17.8% 23.1% 23.7% ROE (%) Adjusted ROE (%) Adjusted ROE ex Foreign Currency Remeasurement (%) 3Q25 3Q26 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: 2026 Outlook: Aflac Japan
5 2026 Outlook 2026 Range 3Q26 Actual Benefit Ratio Slightly Below 60% - 63% 49.2% Expense Ratio Lower End 20% - 23% 21.2% Pretax Profit Margin Upwardly Revised 35% - 38% 44.4% Aflac Japan For three months ended September 30
Slide 6: 2026 Outlook: Aflac U.S.
6 2026 Outlook 2026 Range 3Q26 Actual Benefit Ratio Below 48% - 52% 40.7% Expense Ratio Middle 36% - 39% 37.0% Pretax Profit Margin Above 17% - 20% 27.7% Aflac U.S. For three months ended September 30
Slide 7: Adjusted Leverage Ratio
Adjusted Leverage Ratio1 Target range of 20-25% 23.2% 22.2% 20.9% 22.4% 23.3% 22.0% 21.4% 21.2% 21.8% 22.6% GAAP Leverage Ratio Adjusted Leverage Ratio 3Q25 4Q25 1Q26 2Q26 3Q26 1Adjusted Leverage ratio is computed as: Adjusted debt to Adjusted capitalization ex-AOCI. See “Adjusted Leverage Ratios” i
Slide 8: Strong Capital Ratios
225% Regulatory ESR with USP (Japan) Combined RBC Ratio (U.S.) Strong Capital Ratios1 Estimates as of September 30, 2026 238% 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 13
Slide 9: Capital Deployment: Dividends and Share Repurchase
Capital Deployment Dividends and Share Repurchase (In Millions) $1,309 $1,103 $1,315 $1,292 $1,109 309 303 315 309 305 1,000 800 1,000 983 804 Dividends Share Repurchase 3Q25 4Q25 1Q26 2Q26 3Q26 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 September 30 2026 2025 % Change Net earnings per diluted share $0.61 $3.08 (80.2)% Items impacting net earnings Adjusted net investment (gains) losses 2.06 (0.63) Other and non-recurring (incom
Slide 16: Reconciliation of Net Earnings to Adjusted Earnings
Reconciliation of Net Earnings to Adjusted Earnings Three Months Ended September 30 (In Millions) 2026 2025 % Change Net earnings $303 $1,639 (81.5)% Items impacting net earnings Adjusted net investment (gains) losses 1,026 (335) Other and non-recurring (income) loss — 1 Income tax (benefit) expense
Slide 17: Reconciliation of Net Investment (Gains) Losses
Reconciliation of Net Investment (Gains) Losses to Adjusted Net Investment (Gains) Losses Three Months Ended September 30 (In Millions) 2026 2025 % Change Net investment (gains) losses $1,072 $(275) 489.8% Items impacting net investment (gains) losses: Amortized hedge costs (11) (13) Amortized hedge
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 September 30 2026 2025 U.S. GAAP ROE - Net earnings1 4.1% 23.5% Impact of excluding unrealized foreign currency translation gains (losses) (0.8) (5.4) Impact of excluding unrealized gains (losses) on securities and
Slide 19: Reconciliation of Book Value Per Share to Adjusted
Reconciliation of U.S. GAAP Book Value Per Share to Adjusted Book Value Per Share At September 30 2026 2025 % Change U.S. GAAP book value per common share $59.08 $54.57 8.3% Less: Unrealized foreign currency translation gains (losses) per common share (9.94) (8.57) Unrealized gains (losses) on secur
Slide 20: Adjusted Leverage Ratios
Adjusted Leverage Ratios At September 30 (In Millions) 2026 2025 Notes payable $8,900 $8,685 50% of subordinated debentures and perpetual bonds (285) (300) Pre-funding of debt maturities (680) (399) Adjusted debt1 7,935 7,986 Total Shareholders’ Equity 29,283 28,688 Accumulated other comprehensive (