Second Quarter 2026 Quarterly Presentation

Second Quarter 2026 Update Max K. Brodén

Senior Executive Vice President CFO, Aflac Incorporated

Earnings Per Share

Net EPS (diluted)

Adjusted EPS (diluted)1

Adjusted EPS ex-FX1

46.8%

$1.78

$1.63

(1.7)%

$1.75

$1.78

1.1%

$1.80

$1.11

2Q25 2Q26

2Q25 2Q26

2Q25 2Q26

1Non-U.S. GAAP Financial Measure; see "Glossary of Non-U.S. GAAP Financial Measures" in Appendix for information about this measure.

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Return on Equity

16.6% 16.6%

13.7%

12.7%

10.9%

9.0%

2Q25 2Q26

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.

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Aflac Japan

For three months ended June 30

5

Aflac U.S.

For three months ended June 30

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Adjusted Leverage Ratio1

Target range of 20-25%

22.5%

23.2%

22.0%

22.2%

21.4%

20.9%

21.2%

22.4%

21.8%

24.7%

2Q25 3Q25 4Q25 1Q26 2Q26

GAAP Leverage Ratio Adjusted Leverage Ratio

1Adjusted Leverage ratio is computed as: Adjusted debt to Adjusted capitalization ex-AOCI. See "Adjusted Leverage Ratios" in Appendix for more information

about this measure and its calculation.

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Strong Capital Ratios1

Estimates as of June 30, 2026

>600%

240%

226%

230%

170%

450%

350%

Regulatory ESR 2 with USP (Japan)

Combined RBC Ratio 3 (U.S.)

1The target minimum and maximum are based on our internal operating ranges

2Estimated regulatory ESR with undertaking-specific parameter (USP); USP adds an estimated 14 points to regulatory ESR

3Estimated Combined RBC ratio is the aggregated ratio of four subsidiaries: American Family Life Assurance Company of Columbus, Continental American Insurance Company, American Family Life Assurance Company of New York and Tier One Insurance Company.

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Capital Deployment

Dividends and Share Repurchase (In Millions)

$1,309

$1,315 $1,292

$1,141

$1,103

829

1,000

1,000

983

800

312

309

303

315

309

2Q25 3Q25 4Q25 1Q26 2Q26

Dividends Share Repurchase

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Thank You

Investors.Aflac.com

Appendix

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 weighted average outstanding shares (basic or diluted) for the period presented. The adjustments to both revenues and expenses account for certain items that are outside of management's control because they tend to be driven by general economic conditions and events or are related to infrequent activities not directly associated with insurance operations. Adjusted revenues are U.S. GAAP total revenues excluding adjusted net investment gains and losses. Adjusted expenses are U.S. GAAP total acquisition and operating expenses including the impact of interest from derivatives associated with notes payable but excluding any non-recurring or other items not associated with the normal course of the Company's insurance operations and that do not reflect the Company's underlying business performance. Management uses adjusted earnings and adjusted earnings per diluted share to evaluate the financial performance of the Company's insurance operations on a consolidated basis and believes that a presentation of these financial measures is vitally important to an understanding of the underlying profitability drivers and trends of the Company's insurance business. The most comparable U.S. GAAP financial measures for adjusted earnings and adjusted earnings per share (basic or diluted) are net earnings and net earnings per share, respectively.

• Adjusted net investment gains and losses are net investment gains and losses adjusted for i) amortized hedge cost/income related to foreign currency exposure management strategies and certain derivative activity, ii) net interest income/expense from foreign currency and interest rate derivatives associated with certain investment strategies, which are both reclassified to net investment income, and iii) the impact of interest from derivatives associated with notes payable, which is reclassified to interest expense as a component of total adjusted expenses. The Company considers adjusted net investment gains and losses important as it represents the remainder amount that is considered outside management's control, while excluding the components that are within management's control and are accordingly reclassified to net investment income and interest expense. The most comparable U.S. GAAP financial measure for adjusted net investment gains and losses is net investment gains and losses.

• Adjusted earnings excluding current period foreign currency impact are computed using the average foreign exchange rate for the comparable prior-year period, which eliminates fluctuations driven solely by foreign exchange rate changes. Adjusted earnings per diluted share excluding current period foreign currency impact is adjusted earnings excluding current period foreign currency impact divided by the weighted average outstanding diluted shares for the period presented. The Company considers adjusted earnings excluding current period foreign currency impact and adjusted earnings per diluted share excluding current period foreign currency impact important because a significant portion of the Company's business is conducted in Japan and foreign exchange rates are outside management's control; therefore, the Company believes it is important to understand the impact of translating foreign currency (primarily Japanese yen) into U.S. dollars. The most comparable

  U.S. GAAP financial measures for adjusted earnings excluding current period foreign currency impact and adjusted earnings per diluted share excluding current period foreign currency impact are net earnings and net earnings per share, respectively.

• Adjusted return on equity is annualized adjusted earnings divided by average shareholders' equity, excluding accumulated other comprehensive income. Management uses adjusted return on equity to evaluate the financial performance of the Company's insurance operations on a consolidated basis and believes that a presentation of this financial measure is vitally important to an understanding of the underlying profitability drivers and trends of the Company's insurance business. The Company considers adjusted return on equity important as it excludes components of accumulated other comprehensive income, which fluctuate due to market movements that are outside management's control. The most comparable U.S. GAAP financial measure for adjusted return on equity is return on equity as determined using annualized net earnings and average total shareholders' equity.

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  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 comprehensive income and the cumulative (beginning January 1, 2021) foreign currency gains/losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. The Company considers adjusted return on equity excluding foreign currency remeasurement important because it excludes both accumulated other comprehensive income and the cumulative foreign currency remeasurement gains/losses, which fluctuate due to market movements that are outside management's control. The most comparable U.S. GAAP financial measure for adjusted return on equity excluding foreign currency remeasurement is return on equity as determined using annualized net earnings and average total shareholders' equity.

• Adjusted debt is the sum of notes payable, as recorded on the U.S. GAAP balance sheet, excluding 50% of subordinated debentures and perpetual bonds and all pre-funding of debt maturities. The Company considers adjusted debt important as it measures outstanding debt consistently with expectations of the Company's rating agency stakeholders. The most comparable U.S. GAAP financial measure for adjusted debt is notes payable.

• Adjusted debt including 50% of subordinated debentures and perpetual bonds is the sum of notes payable, as recorded on the U.S. GAAP balance sheet, excluding pre-funding of debt maturities. The Company considers adjusted debt including 50% of subordinated debentures and perpetual bonds important as it measures outstanding debt consistently with expectations of the Company's rating agency stakeholders. The most comparable U.S. GAAP financial measure for adjusted debt including 50% of subordinated debentures and perpetual bonds is notes payable.

• Adjusted book value is the U.S. GAAP book value (representing total shareholders' equity), less accumulated other comprehensive income as recorded on the U.S. GAAP balance sheet. Adjusted book value per common share is adjusted book value at the period end divided by the ending outstanding common shares for the period presented. The Company considers adjusted book value and adjusted book value per common share important as they exclude accumulated other comprehensive income, which fluctuates due to market movements that are outside management's control. The most comparable U.S. GAAP financial measures for adjusted book value and adjusted book value per common share are total book value and total book value per common share, respectively.

• Adjusted book value excluding foreign currency remeasurement is the U.S. GAAP book value (representing total shareholders' equity), less accumulated other comprehensive income as recorded on the U.S. GAAP balance sheet and excluding the cumulative (beginning January 1, 2021) foreign currency gains/losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. Adjusted book value excluding foreign currency remeasurement per common share is adjusted book value excluding foreign currency remeasurement at the period end divided by the ending outstanding common shares for the period presented. The Company considers adjusted book value excluding foreign currency remeasurement and adjusted book value excluding foreign currency remeasurement per common share important as they exclude both accumulated other comprehensive income and the cumulative foreign currency remeasurement gains/losses, which fluctuate due to market movements that are outside management's control. The most comparable U.S. GAAP financial measures for adjusted book value excluding foreign currency remeasurement and adjusted book value excluding foreign currency remeasurement per common share are total book value and total book value per common share, respectively.

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  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 percentage of total revenues and (2) Ratios to total premium, including benefit ratio. Operating ratios include: Benefit Ratio and Expense Ratio.

• Premium persistency is the percentage of premiums remaining in force at the end of a period, usually one year, and presented on a trailing 12-month average basis. For example, 95% persistency would mean that 95% of the premiums in force at the beginning of a period are still in force at the end of the period. The Company believes that this metric is a key driver of in force levels, which is a key measure of the size of the Company's business and future sources of earnings.

• Aflac Inc. unencumbered liquidity predominately includes assets that are comprised of cash and cash equivalents, short-term investments, and certain marketable fixed-maturity securities, excluding assets that are pledged or otherwise committed. The Company believes this measure is important in understanding holding company liquidity.

• Aflac Japan's underlying earned premiums is a measure that is calculated in Japanese yen and adjusts Aflac Japan's net earned premiums for significant variables including the increase in paid-up policies between beginning of the comparable period and the end of the period presented, the change in deferred profit liability on limited payment contracts, and all Aflac Japan ceded premiums through both internal and external reinsurance. The change in Aflac Japan's underlying earned premiums is reflected as a percentage change. The Company believes this measure is useful for investors to understand the impacts these items have on Aflac Japan's net earned premiums.

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Reconciliation of Net Earnings Per Diluted Share to Adjusted Earnings Per Diluted Share

Three Months Ended June 30

1Prior period foreign currency impact reflected as "N/A" to isolate change for current period only

2Amounts excluding current period foreign currency impacts are computed using the average foreign currency exchange rate for the comparable prior year

period, which eliminates fluctuations driven solely by foreign currency exchange rate changes.

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Reconciliation of Net Earnings to Adjusted Earnings

Three Months Ended June 30 (In Millions)

1Prior period foreign currency impact reflected as "N/A" to isolate change for current period only

2Amounts excluding current period foreign currency impacts are computed using the average foreign currency exchange rate for the comparable prior year

period, which eliminates fluctuations driven solely by foreign currency exchange rate changes.

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Reconciliation of Net Investment (Gains) Losses to Adjusted Net Investment (Gains) Losses

Three Months Ended June 30 (In Millions)

1Amounts are included with interest expenses that are a component of adjusted expenses.

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Reconciliation of U.S. GAAP Return on Equity (ROE) to Adjusted ROE

Three Months Ended June 30

1 U.S. GAAP ROE is calculated by dividing net earnings (annualized) by average shareholders' equity.

2 See separate reconciliation of net earnings to adjusted earnings.

3 Impact of gains/losses associated with foreign currency remeasurement is calculated by excluding the cumulative (beginning January 1, 2021) foreign currency gains/ losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. The impact is the difference of adjusted return on equity -reported compared with adjusted return on equity, excluding from shareholders' equity, gains/losses associated with foreign currency remeasurement.

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Reconciliation of U.S. GAAP Book Value Per Share to Adjusted Book Value Per Share

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1 Non-U.S. GAAP Financial Measure; see "Glossary of Non-U.S. GAAP Financial Measures" in Appendix for information about adjusted debt; adjusted book value;

adjusted debt, including 50% of subordinated debentures and perpetual bonds.

2 Adjusted capitalization ex-AOCI is the sum of adjusted debt, including 50% of subordinated debentures and perpetual bonds, plus adjusted book value.

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