Financial Data and Key Metrics - Adjusted earnings per diluted share increased 27.8% YoY to $1.84, with a $0.06 negative impact from FX [19] - Adjusted book value per share increased 10.3%, and the adjusted ROE was 15.6% [20] - Japan's net earned premium declined 2.8%, with an adjusted decline of 1.7% [21] - Japan's total benefit ratio was 65.1%, down 170 bps YoY, and the third sector benefit ratio was 54.8%, down 460 bps YoY [21] - US net earned premium increased 3.2%, with persistency up 80 bps YoY to 78.7% [24] - US total benefit ratio was 35.9%, 890 bps lower than Q3 2022 [24] - Pretax margin for Japan was 32.8%, up 350 bps YoY, and US pretax margin was 28.8% [23][26] Business Line Performance - Japan sales increased 12.4% YoY, driven by a 23% increase in cancer insurance sales [9] - US sales increased 7.5%, driven by group life and disability, consumer markets, and network dental and vision [11] - New medical insurance product launched in Japan on September 19, with early positive reception [10] - Cancer protection assurance policy in the US provides enhanced benefits at no additional cost [12] Market Performance - Japan Post and Japan Post Insurance contributed significantly to cancer insurance sales growth in Japan [9] - US group platform benefited from group life and disability sales [12] - Japan's expense ratio was 19%, down 100 bps YoY, driven by expense control and reinsurance transactions [22] - US expense ratio was 40.6%, up 70 bps YoY, including a 190 bps impact from software intangibles write-down [25] Strategy and Industry Competition - Company focuses on leveraging distribution channels and product bundling to drive growth [9][12] - Proactive steps taken to defend cash flow and deployable capital against a weakening yen [14] - Company emphasizes prudent liquidity and capital management, with strong capital ratios and tactical share repurchases [15][29] - Reinsurance platform continues to perform well, with plans for another tranche in Q4 [28] Management Commentary on Operating Environment and Future Outlook - Management remains committed to fulfilling promises to policyholders while balancing shareholder interests [14] - Company expects to maintain strong capital ratios and continue tactical capital deployment [15] - Management is optimistic about the product strategy in Japan and the momentum in the US [16] - Succession planning is in place, with internal candidates being prepared for leadership roles [17] Other Important Information - Board declared a 19% increase in the Q1 2024 dividend to $0.50 per share [15] - Company repurchased $700 million of its own stock in Q3 [29] - Commercial real estate watch list remains at approximately $1 billion, with active foreclosure proceedings on two-thirds of the properties [27] Q&A Session Summary Succession Planning - Dan Amos discussed the company's succession planning, emphasizing internal candidates and the Board's role in ensuring the best person for the job [34][35] Reserve Releases in the US - Max Broden explained that the reserve release in the US was influenced by lower hospitalizations due to COVID, with changes in treatment patterns factored into actuarial models [38][57][61] Tri-Agency Rules Impact - Virgil Miller and Dan Amos discussed the potential impact of tri-agency rules, noting that Aflac has historically sold policies without pretax benefits and is prepared to adapt if necessary [41][42][44] Commercial Real Estate (CRE) Watch List - Brad Dyslin provided insights into the CRE watch list, explaining the modest CECL reserves due to conservative LTVs and ongoing appraisal processes [46] FX Hedging Program - Max Broden confirmed that hedge costs in Q3 are expected to remain stable or slightly lower going forward, with adjustments made to reduce tail risks [49][52] Reinsurance Transaction - Max Broden indicated that capital freed up from the reinsurance transaction could be deployed within business units or returned to shareholders [54][80] Japan Post Partnership - Koichiro Yoshizumi and Dan Amos highlighted the strong performance of the Japan Post partnership, with continued focus on cancer insurance sales and agent training [65][67] Capital Management Priorities - Max Broden outlined capital management priorities, emphasizing strong capital ratios, share repurchases, and dividend increases [69][94] Digital Transformation in Japan - Fred Crawford discussed the long-term plan to digitize operations in Japan, focusing on digital applications and customer self-service, with expected efficiency gains over time [71][73] Middle Market Loan Portfolio - Brad Dyslin noted the strong performance of the middle market loan portfolio, with disciplined underwriting and modest leverage contributing to better-than-expected results [89]

s � ® Incorporated 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 meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those included in the forward-looking statements. The company desires to take ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-07434 _____________________________________________Aflac Incorporated _____________________________________________________ ...

Aflac Incorporated (NYSE:AFL) KBW Insurance Conference September 7, 2023 3:05 PM ET Company Participants David Young - VP, Investor and Rating Agency Relations Conference Call Participants Ryan Krueger - KBW Ryan Krueger We're going to get started. I'm Ryan Krueger from KBW. And it's great to have David Young from Aflac on stage with me. David is Vice President of Investor and Rating Agency Relations. Question-and-Answer Session Q - Ryan Krueger I'll just jump right in. Maybe we'll start with Japan first an ...

I Incorporated 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 meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those included in the forward-looking statements. The company desires to take adv ...

Aflac Incorporated (NYSE:AFL) Q2 2023 Results Earnings Conference Call August 2, 2023 8:00 AM ET Company Participants David Young - Vice President, Investor and Rating Agency Relations Daniel Amos - Chairman and Chief Executive Officer Frederick Crawford - President and Chief Operating Officer Bradley Dyslin - Executive Vice President and Global Chief Investment Officer; President of Aflac Global Investments Koichiro Yoshizumi - Executive Vice President; Director of Sales and Marketing, Alliance Strategy, A ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-07434 _____________________________________________Aflac Incorporated __________________________________________________________ ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-07434 _____________________________________________Aflac Incorporated _________________________________________________________ ...

Aflac Incorporated (NYSE:AFL) Q1 2023 Earnings Conference Call April 27, 2023 8:00 AM ET Company Participants David Young - Vice President of Investor and Ratings Agency Relations and ESG Dan Amos - Chairman and Chief Executive Officer Fred Crawford - President and Chief Operating Officer Brad Dyslin - Global Chief Investment Officer, President of Aflac Global Investments Masatoshi Koide - President and Representative Director Koichiro Yoshizumi - Executive Vice President and Director of Sales and Marketing ...

s � ® Incorporated 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 meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those included in the forward-looking statements. The company desires to take ...