Slide 1: 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: Max K. Brodén
Max K. Brodén Senior Executive Vice President CFO, Aflac Incorporated
Slide 4: Earnings Per Share
Earnings Per Share Net EPS (diluted) Adjusted EPS (diluted)* Adjusted EPS ex-FX* (64.2)% (2.7)% (5.5)% 1.83 1.78 1.83 3.10 1.73 1.11 2Q24 2Q25 2Q24 2Q25 2Q24 2Q25 *Non-U.S. GAAP Financial Measure; please see “Glossary of Non-U.S. GAAP Financial Measures” in Appendix for information about this measur
Slide 5: Return on Equity
Return on Equity 28.3 17.5 16.4 14.3 13.7 9.0 2Q24 2Q25 ROE (%) Adjusted ROE* (%) Adjusted ROE ex Foreign Currency Remeasurement* (%) *Non-U.S. GAAP Financial Measure; please see “Glossary of Non-U.S. GAAP Financial Measures” in Appendix for information about this measure. 5
Slide 6: Aflac Japan Maintains Solid Persistency
1 Aflac Japan Maintains Solid Persistency 93.3% 93.3% 93.4% 93.8% 93.7% 2Q24 3Q24 4Q24 1Q25 2Q25 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 annuitization
Slide 7: Aflac Japan 2Q25
Aflac Japan 2Q25: Benefit Ratio % Expense Ratio % Pretax Profit Margin % 66.5% 66 23 33 2025 Outlook Ranges 32.0% QTD Actual Operating Ratios 20.6% 64 20 30 7
Slide 8: Aflac U.S. Maintains Solid Persistency
Aflac U.S. Maintains Solid Persistency 79.3% 79.3% 79.2% 78.7% 78.9% 2Q24 3Q24 4Q24 1Q25 2Q25 8
Slide 9: Aflac U.S. 2Q25
Aflac U.S. 2Q25: Benefit Ratio % Expense Ratio % Pretax Profit Margin % 22.5% 52 39 20 2025 Outlook Ranges QTD Actual Operating Ratios 36.3% 48 36 17 47.3% 9
Slide 10: Strong Capital Ratios
Strong Capital Ratios As of June 30, 2025 Japan U.S. >600% >240% 450% 230% 350% 170% ESR1 Combined RBC Ratio2 (Japan) (U.S.) 1 Estimated regulatory ESR with undertaking-specific parameter (USP) 2 Estimated Combined RBC ratio is the aggregated ratio of four subsidiaries: American Family Life Assuranc
Slide 11: Capital Deployment
Capital Deployment Dividends and Share Repurchase in $ millions $1,217 $1,141 $1,083 $1,027 $780 900 829 800 750 500 283 280 277 317 312 2Q24 3Q24 4Q24 1Q25 2Q25 Dividends Repurchase 11
Slide 12: Adjusted Leverage Ratio
1 Adjusted Leverage Ratio In the range of 20-25% 22.5% 21.0% 20.7% 19.5% 19.7% 2Q24 3Q24 4Q24 1Q25 2Q25 1 Adjusted Leverage ratio is computed as: Adjusted debt to Adjusted capitalization ex-AOCI. See “Adjusted Leverage Ratios” in Appendix for more information about this measure 12 and its calculatio
Slide 13: Aflac Incorporated
Afi#ac. Incorporated
Slide 14: Appendix
Appendix
Slide 15: 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 16: 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 17: 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 June 30 2025 2024 % Change Net earnings per diluted share $1.11 $3.10 (64.2)% Items impacting net earnings Adjusted net investment (gains) losses 0.70 (1.32) Other and non-recurring (income) lo
Slide 18: Reconciliation of Net Earnings to Adjusted Earnings
Reconciliation of Net Earnings to Adjusted Earnings Three Months Ended June 30, in millions of Dollars 2025 2024 % Change Net earnings $599 $1,755 (65.9)% Items impacting net earnings Adjusted net investment (gains) losses 377 (749) Other and non-recurring (income) loss — — Income tax (benefit) expe
Slide 19: 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 June 30, in millions of Dollars 2025 2024 % Change Net investment (gains) losses $421 $(696) (160.5)% Items impacting net investment (gains) losses: Amortized hedge costs (11) (7) Amortized h
Slide 20: 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 June 30, in millions of Dollars 2025 2024 U.S. GAAP ROE - Net earnings1 9.0% 28.3% Impact of excluding unrealized foreign currency translation gains (losses) (1.5) (4.8) Impact of excluding unrealized gains (losses
Slide 21: 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 June 30, in millions of Dollars 2025 2024 % Change U.S. GAAP book value per common share $50.86 $46.40 9.6% Less: Unrealized foreign currency translation gains (losses) per common share (8.01) (9.07) Unrealized gain
Slide 22: Adjusted Leverage Ratios
Adjusted Leverage Ratios At June 30, in millions of Dollars 2025 2024 Notes payable $8,933 $7,430 50% of subordinated debentures and perpetual bonds (308) (277) Pre-funding of debt maturities (486) — Adjusted debt1 8,139 7,154 Total Shareholders’ Equity 27,200 26,047 Accumulated other comprehensive