Slide 1: . = ag
. = ag
Slide 2: Forward-Looking Statements and Non-GAAP Financial Measures
Forward-Looking Statements and Non-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 meani
Slide 3: Max K. Brodén, Executive Vice President, CFO
Max K. Brodén Executive Vice President CFO, Aflac Incorporated
Slide 4: Net earnings per diluted share
Fourth quarter net earnings per diluted share $0.30
Slide 5: Adjusted earnings per diluted share
Fourth quarter adjusted earnings per diluted share* $1.29
Slide 6: ROE and Adjusted ROE
ROE 3.2% Adj. ROE* 11.8% Adj. ROE ex-FX* 12.9% *Non-GAAP measure Affiac
Slide 7: Benefit ratio for Aflac Japan
Fourth quarter benefit ratio for Aflac Japan 66.2%
Slide 8: Third sector benefit ratio for Aflac Japan
Fourth quarter third sector benefit ratio for Aflac Japan 95.9%
Slide 9: Premium persistency for Aflac Japan
Fourth quarter premium persistency for Aflac Japan 94.1%
Slide 10: Total adjusted expense ratio for Aflac Japan
Fourth quarter total adjusted expense ratio for Aflac Japan 22.9%
Slide 11: Pretax profit margin for Aflac Japan
Fourth quarter pretax profit margin for Aflac Japan 25.5%
Slide 12: Premium persistency for Aflac U.S.
Fourth quarter premium persistency for Aflac U.S. 77.0%
Slide 13: Benefit ratio for Aflac U.S.
Fourth quarter benefit ratio for Aflac U.S. 40.8%
Slide 14: Total adjusted expense ratio for Aflac U.S.
Fourth quarter total adjusted expense ratio for Aflac U.S. 44.0%
Slide 15: Pretax profit margin for Aflac U.S.
Fourth quarter pretax profit margin for Aflac U.S. 21.0%
Slide 16: Strong capital position at the end of Q4
Strong capital position at the end of Q4 Combined SMR RBC >850% >650%
Slide 17: Pretax leverage
Fourth quarter pretax Leverage” 20.8% *Adjusted debt to adjusted capitalization ex-AOCI
Slide 18: Share repurchase
Fourth quarter share repurchase $600million
Slide 19: Dividends
Fourth quarter dividends $248millon
Slide 20: Aflac Incorporated
Afi#'ac. Incorporated
Slide 21: Appendix
Appendix
Slide 22: Glossary of Non-U.S. GAAP Measures
Glossary of Non-U.S. GAAP 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 weighted ave
Slide 23: 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 2022 2021 %Change Net Earnings per diluted share $0.30 $1.57 (80.9)% Items impacting net earnings Adjusted net investment (gains) losses 0.77 (0.37) Other and non-recurring (income)
Slide 24: Reconciliation of Net Earnings to Adjusted Earnings
Reconciliation of Net Earnings to Adjusted Earnings’ Three Months Ended December 31, in millions of Dollars 2022 2021 %Change Net Earnings $185 $1,039 (82.2)% Items impacting net earnings Adjusted net investment (gains) losses 477 (246) Other and non-recurring (income) loss _ 6 Income tax (benefit)
Slide 25: Reconciliation of U.S. GAAP Return on Equity to Adjusted ROE
Reconciliation of U.S. GAAP Return on Equity to Adjusted ROE’ Three Months Ended December 30, in millions of Dollars 2022 2021 U.S. GAAP ROE - Net earnings? 3.2% 12.4% Impact of excluding unrealized foreign currency translation gains (losses) (0.5) (0.9) Impact of excluding unrealized gains (losses)
Slide 26: Reconciliation of U.S. GAAP Book Value per Share
Reconciliation of U.S. GAAP Book Value per Share’ Three Months Ended December 30, in millions of Dollars 2022 2021 %Change U.S. GAAP book value per common share $36.35 $50.99 (28.7)% Less: Unrealized foreign currency translation gains (losses) per common share (5.92) (3.09) Unrealized gains (losses)