Common stock, par value (in dollars per share)

  
Aflac Incorporated and SubsidiariesConsolidated Balance Sheets

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (In millions, except for share and per-share amounts) | June 30,2022(Unaudited) |  | December 31,2021 |
| Assets: |  |  |  |  |  |  |  |
| Investments and cash: |  |  |  |  |  |  |  |
| Fixed maturity securities available for sale, at fair value, (no allowance for credit losses in   2022 and 2021, amortized cost $71,551 in 2022 and $82,105 in 2021) |  | $ | 75,611  |  |  |  |  | $ | 94,206  |  |  |
| Fixed maturity securities available for sale - consolidated variable interest entities, at fair value   (amortized cost $2,995 in 2022 and $3,264 in 2021) |  | 3,820  |  |  |  |  | 4,490  |  |  |
| Fixed maturity securities held to maturity, at amortized cost, net of allowance  for credit losses of $7 in 2022 and $8 in 2021 (fair value $21,532 in 2022 and $26,869 in 2021) |  | 18,507  |  |  |  |  | 22,000  |  |  |
| Equity securities, at fair value |  | 1,149  |  |  |  |  | 1,603  |  |  |
| Commercial mortgage and other loans, net of allowance for credit losses of $170 in 2022 and $174   in 2021 (includes $10,630 in 2022 and $9,740 in 2021 of consolidated variable interest entities) |  | 13,053  |  |  |  |  | 11,786  |  |  |
| Other investments   (includes $1,823 in 2022 and $1,535 in 2021 of consolidated variable interest entities) |  | 4,102  |  |  |  |  | 3,842  |  |  |
| Cash and cash equivalents |  | 5,173  |  |  |  |  | 5,051  |  |  |
| Total investments and cash |  | 121,415  |  |  |  |  | 142,978  |  |  |
| Receivables |  | 687  |  |  |  |  | 693  |  |  |
| Accrued investment income |  | 714  |  |  |  |  | 737  |  |  |
| Deferred policy acquisition costs |  | 8,458  |  |  |  |  | 9,525  |  |  |
| Property and equipment, at cost less accumulated depreciation |  | 512  |  |  |  |  | 538  |  |  |
| Other |  | 3,843  |  |  |  |  | 3,071  |  |  |
| Total assets |  | $ | 135,629  |  |  |  |  | $ | 157,542  |  |  |
| Liabilities and shareholders’ equity: |  |  |  |  |  |  |  |
| Liabilities: |  |  |  |  |  |  |  |
| Policy liabilities: |  |  |  |  |  |  |  |
| Future policy benefits |  | $ | 78,210  |  |  |  |  | $ | 90,588  |  |  |
| Unpaid policy claims |  | 4,453  |  |  |  |  | 4,836  |  |  |
| Unearned premiums |  | 1,971  |  |  |  |  | 2,576  |  |  |
| Other policyholders’ funds |  | 5,984  |  |  |  |  | 7,072  |  |  |
| Total policy liabilities |  | 90,618  |  |  |  |  | 105,072  |  |  |
| Income taxes |  | 2,275  |  |  |  |  | 4,339  |  |  |
| Payables for return of cash collateral on loaned securities |  | 3,261  |  |  |  |  | 2,162  |  |  |
| Notes payable and lease obligations |  | 7,416  |  |  |  |  | 7,956  |  |  |
| Other |  | 5,672  |  |  |  |  | 4,760  |  |  |
| Total liabilities |  | 109,242  |  |  |  |  | 124,289  |  |  |
| Commitments and contingent liabilities (Note 12) |  |  |  |  |  |  |  |
| Shareholders’ equity: |  |  |  |  |  |  |  |
| Common stock of $.10 par value. In thousands: authorized 1,900,000    shares in 2022 and 2021; issued 1,353,871 shares in 2022 and 1,352,739 shares in 2021 |  | 135  |  |  |  |  | 135  |  |  |
| Additional paid-in capital |  | 2,589  |  |  |  |  | 2,529  |  |  |
| Retained earnings |  | 43,547  |  |  |  |  | 41,381  |  |  |
| Accumulated other comprehensive income (loss): |  |  |  |  |  |  |  |
| Unrealized foreign currency translation gains (losses) |  | (3,289) |  |  |  |  | (2,013) |  |  |
| Unrealized gains (losses) on fixed maturity securities |  | 2,930  |  |  |  |  | 9,602  |  |  |
| Unrealized gains (losses) on derivatives |  | (29) |  |  |  |  | (30) |  |  |
| Pension liability adjustment |  | (160) |  |  |  |  | (166) |  |  |
| Treasury stock, at average cost |  | (19,336) |  |  |  |  | (18,185) |  |  |
| Total shareholders’ equity |  | 26,387  |  |  |  |  | 33,253  |  |  |
| Total liabilities and shareholders’ equity |  | $ | 135,629  |  |  |  |  | $ | 157,542  |  |  |

See the accompanying Notes to the Consolidated Financial Statements.  
  
  
  
  
3
