Aflac Incorporated · NYSE:AFL

Aflac — Q1 2022 Earnings Presentation

27 slides from Aflac's earnings presentation, Apr 27, 2022

1. Slide 1: Aflac Incorporated

   Afi#'ac. Incorporated

2. 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 identifed as forward-looking and are accompanied by

3. Slide 3: Max K. Brodén, Executive Vice President, CFO

   Max K. Brodén Executive Vice President CFO, Aflac Incorporated

4. Slide 4: Net earnings per diluted share

   First quarter net earnings per diluted share $1.58

5. Slide 5: Adjusted earnings per diluted share

   First quarter adjusted earnings per diluted share* $1.42

6. Slide 6: Consolidated Financial Position Results

   Consolidated Financial Position Results (as of March 31,2022) Aflac Incorporated 1Q22 A yoy Adjusted EPS ex-FX* (diluted) $1.48 (3.3)% Book Value / share $45.75 (3.0)% translation gains (losses) per common share” * $37.08 6.9% ROE 13.2% (260) bps Adjusted ROE* 14.2% (280) bps Benefit ratios measured

7. Slide 7: Benefit ratio for Aflac Japan

   First quarter benefit ratio for Aflac Japan 67.1%

8. Slide 8: Third sector benefit ratio for Aflac Japan

   First quarter third sector benefit ratio for Aflac Japan 06.4%

9. Slide 9: Premium persistency for Aflac Japan

   First quarter premium persistency for Aflac Japan 94.3%

10. Slide 10: Total adjusted expense ratio for Aflac Japan

    First quarter total adjusted expense ratio for Aflac Japan 21.2%

11. Slide 11: Pretax profit margin for Aflac Japan

    First quarter pretax profit margin for Aflac Japan 25.3%

12. Slide 12: Pretax profit margin for Aflac Japan

    First quarter pretax profit margin for Aflac Japan +220 bps

13. Slide 13: Premium persistency for Aflac U.S.

    First quarter premium persistency for Aflac U.S. 78.5%

14. Slide 14: Benefit ratio for Aflac U.S.

    First quarter benefit ratio for Aflac U.S. 44.0%

15. Slide 15: Total adjusted expense ratio for Aflac U.S.

    First quarter total adjusted expense ratio for Aflac U.S. 42.2%

16. Slide 16: Pretax profit margin for Aflac U.S.

    First quarter pretax profit margin for Aflac U.S. 19.8%

17. Slide 17: Strong capital position at the end of Q1

    Strong capital position at the end of Q1 Combined RBC SMR >600% >900%

18. Slide 18: Lowering Enterprise Exposure to Currency

    Lowering Enterprise Exposure to Currency Economic Hedge: Protecting current and future distributions of Japan’s economic value 4.5 ls Hedging Real Economic Events * Cash flows from the foreign subsidiary, Aflac Life Insurance Japan, to the holding company 26 * Future expectedcash flows ona present v

19. Slide 19: Share repurchase

    First quarter share repurchase $500 wi.

20. Slide 20: Dividends

    First quarter dividends $260 wi

21. Slide 21: Aflac Incorporated

    Afi#'ac. Incorporated

22. Slide 22: Appendix

    Appendix

23. Slide 23: 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 eamings for the period divided by the weighted aver

24. Slide 24: 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 March 31 Net earnings per diluted share Items impacting net earnings: Adjusted net investment (gains) losses Other and non-recurring (income) loss Income tax (benefit) expense on Items excluded

25. Slide 25: Reconciliation of Net Earnings to Adjusted Earnings

    Reconciliation of Net Earnings Adjusted Earnings’ Three Months Ended March 31 in millions of Dollars 2021 2020 % Change Net earnings $ 1,032 $ 1,293 (20.2)% Items impacting net earnings: Adjusted net investment (gains) losses (134) (304) Other and non-recurring (income) loss 1 6 Income tax (benefit)

26. Slide 26: 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 March 31 in millions of Dollars U.S. GAAP ROE — Net earnings? Impact of excluding unrealized foreign currency translation gains (losses) Impact of excluding unrealized gains (losses) on securities and derivatives Impact

27. Slide 27: Reconciliation of U.S. GAAP Book Value per Share

    Reconciliation of U.S. GAAP Book Value per Share’ Three Months Ended March 31 in millions of Dollars 022 021 % Change U.S. GAAP book value per common share $45.75 $47.16 (3.0)% Less: Unrealized foreign currency translation gains (losses) per common share (3.85) (2.46) Unrealized gains (losses) on se

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