AFLAC INC
For the period ended Dec 31, 2024. Filed Feb 26, 2025.
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FY2024 · Filed Feb 26, 2025
AFL$124.06-1.7%Stored close · as of Nov 6, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Balance Sheets
December 31,
| (In millions, except for share and per-share amounts) | 2024 | 2023 |
|---|---|---|
| Assets: | ||
| Investments and cash: | ||
| Fixed maturity securities available-for-sale, at fair value (no allowance for credit losses in 2024 and 2023, amortized cost $61,455 in 2024 and $67,807 in 2023) | $61,841 | $69,578 |
| Fixed maturity securities available-for-sale - consolidated variable interest entities, at fair value (amortized cost $2,634 in 2024 and $2,882 in 2023) | 3,428 | 3,712 |
| Fixed maturity securities held-to-maturity, at amortized cost, net of allowance for credit losses of $5 in 2024 and $5 in 2023 (fair value $16,772 in 2024 and $19,657 in 2023) | 15,966 | 17,819 |
| Equity securities, at fair value | 796 | 1,088 |
| Commercial mortgage and other loans, net of allowance for credit losses of $355 in 2024 and $274 in 2023 (includes $8,693 in 2024 and $10,150 in 2023 of consolidated variable interest entities) | 10,869 | 12,527 |
| Other investments (includes $2,176 in 2024 and $2,381 in 2023 of consolidated variable interest entities) | 5,958 | 4,530 |
| Cash and cash equivalents | 6,229 | 4,306 |
| Total investments and cash | 105,087 | 113,560 |
| Receivables | 779 | 848 |
| Accrued investment income | 710 | 731 |
| Deferred policy acquisition costs | 8,758 | 9,132 |
| Property and equipment, at cost less accumulated depreciation | 387 | 445 |
| Other | 1,845 | 2,008 |
| Total assets | $117,566 | $126,724 |
| Liabilities and shareholders’ equity: | ||
| Liabilities: | ||
| Policy liabilities: | ||
| Future policy benefits | $70,381 | $83,718 |
| Unpaid policy claims | 381 | 261 |
| Unearned premiums | 1,286 | 1,451 |
| Other policyholders’ funds | 5,460 | 6,169 |
| Total policy liabilities | 77,508 | 91,599 |
| Income taxes | 573 | 154 |
| Payables for return of cash collateral on loaned securities | 2,037 | 1,503 |
| Notes payable and lease obligations | 7,498 | 7,364 |
| Other | 3,852 | 4,119 |
| Total liabilities | 91,468 | 104,739 |
| Commitments and contingent liabilities (Note 15) | ||
| Shareholders’ equity: | ||
| Common stock of $.10 par value. In thousands: authorized 1,900,000 shares in 2024 and 2023; issued 1,356,763 shares in 2024 and 1,355,398 shares in 2023 | 136 | 136 |
| Additional paid-in capital | 2,894 | 2,771 |
| Retained earnings | 52,277 | 47,993 |
| Accumulated other comprehensive income (loss): | ||
| Unrealized foreign currency translation gains (losses) | (4,998) | (4,069) |
| Unrealized gains (losses) on fixed maturity securities | 24 | 1,139 |
| Unrealized gains (losses) on derivatives | (20) | (22) |
| Effect of changes in discount rate assumptions | 2,006 | (2,560) |
| Pension liability adjustment | 10 | (8) |
| Treasury stock, at average cost | (26,231) | (23,395) |
| Total shareholders’ equity | 26,098 | 21,985 |
| Total liabilities and shareholders’ equity | $117,566 | $126,724 |
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