Slide 1: Morgan Stanley Japan Financials Conference
Morgan Stanley Japan Financials Conference March 9, 2026
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: Aflac Incorporated Highlights
Aflac Incorporated Highlights As of 12/31/2025 $17.2B $8.4B Revenues Debt1 Adjusted Pretax Earnings4 $220M $29.5B Interest Expense2 Book Value 29% $3.6B 21.4% 29% Net Earnings Adjusted Leverage3 69% 69% $4.0B 14.0% Adjusted Earnings3 Adjusted ROE3 Fortune World’s Most Admired a A- A3 AA- A+ Companie
Slide 4: Aflac Incorporated Financial Performance
Aflac Incorporated Financial Performance In millions of Dollars Consolidated Earnings Adjusted Leverage1 22.7% 20.9% 19.7% 21.4% 19.7% Dividends to Holding Company Interest Expense 1Adjusted earnings, Adjusted debt, Adjusted capitalization ex-AOCI and Adjusted Leverage (Adjusted debt/ Adjusted capit
Slide 5: Aflac U.S. Segment
Aflac U.S. Segment 5
Slide 6: Leader in U.S. Worksite Supplemental Health Insurance
Leader in U.S. Worksite Supplemental Health Insurance1 U.S. Worksite Supplemental Health Insurance Sales Market Share2 Aflac U.S. maintains its market leadership and expects to grow as we execute our strategy with a robust product portfolio that meet the customers needs. • Cancer • Critical Care • A
Slide 7: Aflac U.S. Growth Opportunities
Aflac U.S. Growth Opportunities 1Source: 2025 Bureau of Labor Statistics- Current Population Survey 2Only Tier One customers are considered D2C for the purposes of this view 3Aflac policy/certificate holders and covered employees as of December 31, 2025 7
Slide 8: Aflac U.S. Financial Update
Aflac U.S. Financial Update Pretax Adjusted Earnings and Pretax Profit Margin1 Net Earned Premiums by Product 12/31/2025 Premium Persistency (12-Month Rolling) 100.0% 79.7% 77.3% 78.6% 79.3% 79.2% 80.0% 60.0% 40.0% 20.0% 0.0% 2021 2022 2023 2024 2025 1In millions; before management fees 8
Slide 9: Aflac Japan Segment
Aflac Japan Segment 9
Slide 10: Aflac Japan New Sales
Aflac Japan New Sales New Annualized Premium 2025 Breakdown +16% (Billions of Yen) (Jan.-Dec. 2025) 10
Slide 11: Concurrent Promotion of Aflac Japan's Three Product Lines
Concurrent Promotion of Aflac Japan’s Three Product Lines Cancer Medical Asset Formation / Nursing Care • Miraito offers broad, flexible protection • Anshin Palette features medical • Tsumitasu features yen- before, during and after cancer coverage for monthly out-of-pocket denominated long-term fix
Slide 12: Broad Distribution to Reach More Customers
Broad Distribution to Reach More Customers1 Alliance Partners Associates (Cancer Insurance) Banks Aflac Japan’s traditional, Japan Post Group Dai-ichi Life Daido Life Financial Institutions primary sales channel • Comprehensively guide • Partnership started in • 37,000 sales • Alliance established i
Slide 13: Aflac Japan Financial Update
Aflac Japan Financial Update Pretax Adjusted Earnings and Pretax Profit Margin1 Aflac Japan Net Earned Premiums as of 12/31/25 Third Sector Medical and Other Health 33% Cancer Premium Persistency (12-Month Rolling) 49% 100.0% 94.3% 94.1% 93.4% 93.4% 93.1% Life 80.0% Insurance 60.0% 18% 40.0% 20.0% 0
Slide 14: Investment Portfolio
Investment Portfolio 14
Slide 15: Disciplined Asset Allocation and Credit Underwriting
Disciplined Asset Allocation and Credit Underwriting As of 12/31/2025 Asset Allocation Fixed Maturities: Quality Fixed Maturities: Sector and Industry A- $96 billion Average AUM1 Rating 2 1 Presented at amortized cost, net of reserves 2 Presented at carrying value; includes asset classes such as pri
Slide 16: Private Credit
Private Credit As of 12/31/2025 Total Portfolio2 Private Credit Assets2,3 Credit Quality2 44% $82B $68B $16B Yen Private Placements 30% 17% Private Credit 3% A and $16B Middle Market Loans 72% Liquid Credit $68B 72% $95B $16B Structured Private Credit Greater 81% 41% 12% Infrastructure Debt 5% CRE L
Slide 17: Liquidity & Capital Management
Liquidity & Capital Management 17
Slide 18: Strong Capital Ratios
Strong Capital Ratios1 Estimates as of December 31, 2025 570% 450% 350% 253% 230% 170% 2 Target maximum 3 Target minimum USP 1The target minimum and maximum are based on our internal operating ranges. 2Estimated regulatory ESR with undertaking-specific parameter (USP); USP accounts for an estimated
Slide 19: Value Creation
Value Creation1 Building Equity and Creating Value As of December 31, 2025 2 Adj. BV ex-FX remeasurement2 ($M) Adjusted ROE ex-FX remeasurement 2 Value Created ($M) Cost of Equity 1Value created = Equity Spread *Adjusted Book Value 2Adjusted Return on Equity, Adjusted ROE ex-FX remeasurement, and Ad
Slide 20: Returning Capital to Shareholders
Returning Capital to Shareholders Annual Cash Dividends per Share (in Dollars) 1 2025 $4.8 Billion 1Estimate based on annualized first quarter dividend. 20
Slide 21: Strategic Points of Leverage
Strategic Points of Leverage • Industry-leading market share and scale in Japan and U.S. • Recognized and powerful brand • Diversified and productive distribution • Product innovation and customized, high-quality service • Strong capital position • Stable earnings • Strong cash flows 21
Slide 22: Appendix
Appendix 22
Slide 23: Private Credit Strategy
Private Credit Strategy As of 12/31/2025 Portfolio Profile Credit Quality AUM1, $billions • Overall private credit has earned ~200bps of incremental $15.9 yield to BBB rated public corporates with USD assets earning an incremental ~260bps • Ability to underwrite illiquidity risk adds substantial val
Slide 24: Aflac U.S. Insurance Products
Aflac U.S. Insurance Products • Pays cash benefits in the event of a covered injury. The accident portion of the policy Accident includes lump-sum benefits for accidental death, dismemberment and specific injuries as well as fixed benefits for hospital confinement • Offers short-term disability bene
Slide 25: 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 26: 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 revenues excluding current period foreign currency impact are adjusted revenues calculated using the average foreign exchange rate for the comparable prior year period, which eliminat
Slide 27: 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 book value including unrealized foreign currency translation gains and losses and pension liability adjustment is adjusted book value plus unrealized foreign currency translation gain
Slide 28: 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 29: Reconciliation of U.S. GAAP Return on Equity to Adjusted ROE
Reconciliation of U.S. GAAP Return on Equity to Adjusted ROE Twelve Months Ended December 31, in millions of Dollars 2025 2024 U.S. GAAP ROE - Net earnings1 13.1% 22.6% Impact of excluding unrealized foreign currency translation gains (losses) (2.6) (3.6) Impact of excluding unrealized gains (losses
Slide 30: Reconciliation of Net Earnings to Adjusted Earnings
Reconciliation of Net Earnings to Adjusted Earnings1 Twelve months ended December 31 in millions of Dollars 2025 2024 % Change Net earnings $3,646 $5,443 (33.0)% Items impacting net earnings: Adjusted net investment (gains) losses 375 (1,495) Other and non-recurring (income) loss 54 23 Income tax (b
Slide 31: 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
Slide 32: Thank you
Thank you Afiac. Incorporated Investors.Aflac.com