Slide 1: Fourth Quarter 2025 Update
Fourth 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 (22.8)% 0.6% 0.6% $1.56 $1.57 $1.56 $1.57 $3.42 $2.64 4Q24 4Q25 4Q24 4Q25 4Q24 4Q25 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 29.9% 19.0% 14.5% 14.5% 12.0% 11.7% 4Q24 4Q25 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 93.4% 93.8% 93.7% 93.3% 93.1% 4Q24 1Q25 2Q25 3Q25 4Q25 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% 79.2% 79.0% 4Q24 1Q25 2Q25 3Q25 4Q25 6
Slide 7: Adjusted Leverage Ratio
Adjusted Leverage Ratio1 Target range of 20-25% 24.7% 22.7% 22.5% 23.2% 22.3% 22.0% 22.2% 21.4% 20.7% 19.7% 4Q24 1Q25 2Q25 3Q25 4Q25 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 December 31, 2025 575% 450% 350% 253% 230% 170% Regulatory Combined RBC 2 Target maximum ESR 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 undertaking
Slide 9: Aflac ESR and Combined RBC Ratio Sensitivities
Aflac ESR and Combined RBC Ratio Sensitivities Estimates as of December 31, 2025 1 Represents stress of migrating 20% of the investment portfolio downward approximately 2 notches on average. 2 Represents credit default equivalent to 0.5% of the bond portfolio with recovery adjustment. 3 Represents a
Slide 10: Capital Deployment
Capital Deployment Dividends and Share Repurchase (In Millions) $1,309 $1,217 $1,141 $1,103 $1,027 1,000 900 829 800 750 277 317 312 309 303 4Q24 1Q25 2Q25 3Q25 4Q25 Dividends Share Repurchase 10
Slide 11: Aflac Japan
Aflac Japan Stronger than expected pretax profit margin for 2026 2026 Estimated Benefit Ratio 60% - 63% Ranges Underlying earned premiums1 • -1% to -2% Expense Ratio 20% - 23% Benefit ratio reflects: • Lower benefit ratio of new business compared to inforce block Pretax Profit Margin 33% - 36% 1Afla
Slide 12: Aflac U.S.
Aflac U.S. 2026 Ranges intact as new businesses continue to scale 2026 Estimated Benefit Ratio 48% - 52% Ranges Net earned premiums: • lower end of 3% to 6% Expense Ratio 36% - 39% Expense ratio • scaling new business lines Pretax Profit Margin 17% - 20% 12
Slide 13: Thank You
Thank You Investors.Aflac.com
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: 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 18: 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 December 31 2025 2024 % Change Net earnings per diluted share $2.64 $3.42 (22.8)% Items impacting net earnings Adjusted net investment (gains) losses (1.13) (1.95) Other and non-recurring (inco
Slide 19: Reconciliation of Net Earnings to Adjusted Earnings
Reconciliation of Net Earnings to Adjusted Earnings Three Months Ended December 31 (In Millions) 2025 2024 % Change Net earnings $1,379 $1,902 (27.5)% Items impacting net earnings Adjusted net investment (gains) losses (591) (1,084) Other and non-recurring (income) loss — 22 Income tax (benefit) exp
Slide 20: 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 December 31 (In Millions) 2025 2024 % Change Net investment (gains) losses $(537) $(1,032) 48.0% Items impacting net investment (gains) losses: Amortized hedge costs (14) (7) Amortized hedge
Slide 21: Reconciliation of U.S. GAAP ROE to Adjusted ROE
Reconciliation of U.S. GAAP Return on Equity (ROE) to Adjusted ROE Three Months Ended December 31 2025 2024 U.S. GAAP ROE - Net earnings1 19.0% 29.9% Impact of excluding unrealized foreign currency translation gains (losses) (3.1) (4.8) Impact of excluding unrealized gains (losses) on securities and
Slide 22: 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 December 31 2025 2024 % Change U.S. GAAP book value per common share $56.85 $47.45 19.8% Less: Unrealized foreign currency translation gains (losses) per common share (9.34) (9.09) Unrealized gains (losses) on secur
Slide 23: Adjusted Leverage Ratios
Adjusted Leverage Ratios At December 31 (In Millions) 2025 2024 Notes payable $8,409 $7,498 50% of subordinated debentures and perpetual bonds (285) (282) Pre-funding of debt maturities (399) — Adjusted debt1 7,725 7,216 Total Shareholders’ Equity 29,490 26,098 Accumulated other comprehensive (incom