UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 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 (Exact name of registrant as specified in its charter) Registrant's telephone number, including area code: ...

Aflac Incorporated Conference Call Summary Company Overview - **Company**: Aflac Incorporated (NYSE:AFL) - **Industry**: Supplemental Health Insurance - **Conference Date**: February 14, 2023 - **Participants**: Dan Amos (Chairman and CEO), David Young (VP of Investor Relations and ESG), Josh Shanker (Bank of America Securities) Key Points Company Performance and Strategy - Aflac's revenue grew from $2.7 billion in 1990 to $19.5 billion in 2022, indicating strong growth under Dan Amos's leadership [3][4] - Aflac operates in two major insurance markets: Japan and the U.S., covering over 50 million people [6] - The company focuses on supplemental health insurance products that help offset rising out-of-pocket expenses not covered by national health care in Japan or major medical insurance in the U.S. [6][7] Brand Recognition and Marketing - Aflac Duck advertising campaign has significantly contributed to brand recognition, achieving over 90% in the U.S. and 96% in Japan [8] - The company emphasizes educating consumers about the risks of medical events and the value of their products [9] Social Responsibility Initiatives - Aflac has raised $165 million for childhood cancer research and treatment, showcasing its commitment to social responsibility [10] - The introduction of "My Special Aflac Duck," an animatronic companion for children undergoing cancer treatment, has been well-received, with over 20,300 units delivered [12][13] Market Dynamics in Japan - Aflac Japan accounts for nearly two-thirds of the company's adjusted revenues and insures one in four Japanese households [14] - The aging population and rising healthcare costs in Japan are driving demand for supplemental insurance products [15] - Aflac Japan launched a new cancer product, WINGS, which saw a 10.8% sales increase in the second half of 2022 [17] U.S. Market Insights - Aflac U.S. leads in worksite supplemental health insurance, with a 29% market share [24][27] - 46% of Americans are unprepared for out-of-pocket expenses related to unexpected illnesses, highlighting the need for Aflac's products [25] - Aflac U.S. experienced a 17.4% sales increase in Q4 2022, marking the largest quarterly premium in its history [28] Financial Performance - Aflac's net earned premium declined by 0.8% in 2022, impacted by early lapses and lower sales during the pandemic [30] - The company maintained a strong profit margin of 20.4% in the U.S. despite challenges [30] - Aflac has a strong capital profile, with unencumbered holding company liquidity at $3.1 billion, exceeding the minimum balance [32] Shareholder Returns - Aflac has increased its dividend for 40 consecutive years, with a 54% increase since 2018 [33] - In 2022, the company returned $3.4 billion to shareholders through dividends and share repurchases [34] Future Outlook - Aflac aims to continue growing its market share in both Japan and the U.S. through innovative products and strategic partnerships [20][22] - The company is focused on enhancing its distribution channels and improving sales productivity [21][27] Cultural Differences in Market Approach - The cultural context in Japan has facilitated the acceptance of cancer and critical care products, which Aflac is working to replicate in the U.S. market [36][37] - The distribution model in Japan differs significantly from the U.S., impacting how products are marketed and sold [38][39] Additional Insights - Aflac's brand value is estimated to be between $7 billion to $10 billion, emphasizing the importance of brand recognition in its marketing strategy [41] - The company is adapting its approach to better communicate the value of its products in the U.S. market, particularly in light of evolving consumer habits [25][40] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting Aflac's performance, market strategies, and future outlook in both Japan and the U.S.

Aflac Incorporated (NYSE:AFL) Q4 2022 Results Conference Call February 2, 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 & Chief Operating Officer Max Broden - Executive Vice President & Chief Financial Officer Virgil Miller - President, Aflac U.S Brad Dyslin - Global Chief Investment Officer and President of Aflac Global Investments Al Roziere - Global Chief Risk Off ...

Aflac Incorporated (NYSE:AFL) Q3 2022 Results Conference Call November 1, 2022 8:00 AM ET Company Participants David Young - VP, IR Dan Amos - Chairman & CEO Fred Crawford - President & COO Max Broden - EVP & CFO Teresa White - President, Aflac US Virgil Miller - Deputy President of Aflac U.S. Eric Kirsch - Global Chief Investment Officer and President of Aflac Global Investments Brad Dyslin - Deputy Global Chief Investment Officer Al Riggieri - Global Chief Risk Officer and Chief Actuary June Howard - Chie ...

Aflac, Inc. (NYSE:AFL) Q2 2022 Earnings Conference Call August 2, 2022 8:00 AM ET Company Participants David Young - VP, IR Daniel Amos - Chairman & CEO Frederick Crawford - President & COO Max Broden - EVP & CFO Koichiro Yoshizumi - Director, Deputy President and Director of Sales and Marketing Bradley Dyslin - Deputy Global Chief Investment Officer Eric Kirsch - EVP, Global CIO & President Teresa White - President, Aflac US Masatoshi Koide - President, CEO & Representative Director, Aflac Life Insurance ...

Aflac Incorporated (NYSE:AFL) Q1 2022 Earnings Conference Call April 28, 2022 8:00 AM ET Company Participants David Young - Vice President of Investor and Rating Agency Relations and ESG Daniel Amos - Chairman and Chief Executive Officer Frederick Crawford - President, Chief Operating Officer Max Brodén - Executive Vice President; Chief Financial Officer Teresa White - President, Aflac U.S. Virgil Miller - Deputy President, Aflac U.S. Eric Kirsch - Executive Vice President and Global Chief Investment Office ...