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Sankey diagram of Aflac Incorporated. A complete text table follows the diagram.
Supplemental-health premiums fund claims today and a $103B investment pool that earns alongside the policies
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Segment flows use Aflac's management-defined adjusted revenue and pretax adjusted earnings, followed by the filing's exact GAAP reconciliation. The $103M reconciliation comprises reported net investment gains and hedge/derivative items; it is shown separately so market movements are not confused with recurring insurance underwriting.
Labels and narrative explain the filing. A category marked “arithmetic bridge” or “residual” is calculated from reported totals, rather than a separately reported line.
| Category | Stage | Value | Notes |
|---|---|---|---|
| Japan premiums | 1 | $1.6B | Cancer, medical and life coverage |
| Japan investment income | 1 | $591M | Income on the Japanese float |
| Japan other income | 1 | $8M | Other adjusted revenue |
| U.S. premiums | 1 | $1.6B | Accident, disability and critical care |
| U.S. investment income | 1 | $201M | Income on the U.S. float |
| U.S. other income | 1 | $23M | Other adjusted revenue |
| Corporate premiums | 1 | $182M | Reinsurance and other business |
| Corporate investment income | 1 | $109M | Parent investment portfolio |
| Corporate other income | 1 | $1M | Other adjusted revenue |
| Aflac Japan adjusted revenue | 2 | $2.2B | 51% of adjusted revenue |
| Aflac U.S. adjusted revenue | 2 | $1.8B | Premiums grew 3.5% |
| Corporate & other revenue | 2 | $292M | Parent and reinsurance activity |
| Japan pretax adjusted earnings | 3 | $759M | 35.0% margin; +5.1% |
| Japan policy benefits | 3 | $990M | 45.6% of adjusted revenue |
| Japan acquisition & operating expense | 3 | $423M | 19.5% of adjusted revenue |
| U.S. pretax adjusted earnings | 3 | $363M | 20.4% margin; +1.4% |
| U.S. policy benefits | 3 | $734M | 41.3% of adjusted revenue |
| U.S. acquisition & operating expense | 3 | $682M | 38.3% of adjusted revenue |
| Corporate benefits & expense | 3 | $292M | Break-even adjusted result |
| Pretax adjusted earnings | 4 | $1.1B | Recurring insurance view |
| Investment & hedge reconciliation | 4 | $103M | Includes $49M net investment gain |
| GAAP pretax earnings | 5 | $1.2B | After market and hedge effects |
| Net earnings | 6 | $1.0B | $1.98 diluted EPS |
| Income tax | 6 | $206M | 16.8% effective rate |
| From | To | Value |
|---|---|---|
| Japan premiums | Aflac Japan adjusted revenue | $1.6B |
| Japan investment income | Aflac Japan adjusted revenue | $591M |
| Japan other income | Aflac Japan adjusted revenue | $8M |
| U.S. premiums | Aflac U.S. adjusted revenue | $1.6B |
| U.S. investment income | Aflac U.S. adjusted revenue | $201M |
| U.S. other income | Aflac U.S. adjusted revenue | $23M |
| Corporate premiums | Corporate & other revenue | $182M |
| Corporate investment income | Corporate & other revenue | $109M |
| Corporate other income | Corporate & other revenue | $1M |
| Aflac Japan adjusted revenue | Japan pretax adjusted earnings | $759M |
| Aflac Japan adjusted revenue | Japan policy benefits | $990M |
| Aflac Japan adjusted revenue | Japan acquisition & operating expense | $423M |
| Aflac U.S. adjusted revenue | U.S. pretax adjusted earnings | $363M |
| Aflac U.S. adjusted revenue | U.S. policy benefits | $734M |
| Aflac U.S. adjusted revenue | U.S. acquisition & operating expense | $682M |
| Corporate & other revenue | Corporate benefits & expense | $292M |
| Japan pretax adjusted earnings | Pretax adjusted earnings | $759M |
| U.S. pretax adjusted earnings | Pretax adjusted earnings | $363M |
| Pretax adjusted earnings | GAAP pretax earnings | $1.1B |
| Investment & hedge reconciliation | GAAP pretax earnings | $103M |
| GAAP pretax earnings | Net earnings | $1.0B |
| GAAP pretax earnings | Income tax | $206M |