AFLAC INC
For the period ended Sep 30, 2025. Filed Nov 5, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 5, 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
| (In millions, except for share and per-share amounts) | September 30,2025(Unaudited) | December 31,2024 |
|---|---|---|
| Assets: | ||
| Investments and cash: | ||
| Fixed maturity securities available-for-sale, at fair value (no allowance for credit losses in 2025 and 2024, amortized cost $65,305 in 2025 and $61,455 in 2024) | $63,584 | $61,841 |
| Fixed maturity securities available-for-sale - consolidated variable interest entities, at fair value (amortized cost $2,966 in 2025 and $2,634 in 2024) | 3,692 | 3,428 |
| Fixed maturity securities held-to-maturity, at amortized cost, net of allowance for credit losses of $5 in 2025 and $5 in 2024 (fair value $16,770 in 2025 and $16,772 in 2024) | 16,955 | 15,966 |
| Equity securities, at fair value | 885 | 796 |
| Commercial mortgage and other loans, net of allowance for credit losses of $422 in 2025 and $355 in 2024 (includes $8,183 in 2025 and $8,693 in 2024 of consolidated variable interest entities) | 10,137 | 10,869 |
| Other investments (includes $2,305 in 2025 and $2,176 in 2024 of consolidated variable interest entities) | 7,495 | 5,958 |
| Cash and cash equivalents | 6,768 | 6,229 |
| Total investments and cash | 109,516 | 105,087 |
| Receivables | 852 | 779 |
| Accrued investment income | 702 | 710 |
| Deferred policy acquisition costs | 9,216 | 8,758 |
| Property and equipment, at cost less accumulated depreciation | 367 | 387 |
| Other | 1,653 | 1,845 |
| Total assets | $122,306 | $117,566 |
| Liabilities and shareholders’ equity: | ||
| Liabilities: | ||
| Policy liabilities: | ||
| Future policy benefits | $67,143 | $70,381 |
| Unpaid policy claims | 460 | 381 |
| Unearned premiums | 1,349 | 1,286 |
| Other policyholders’ funds | 5,785 | 5,460 |
| Total policy liabilities | 74,737 | 77,508 |
| Income taxes | 1,477 | 573 |
| Payables for return of cash collateral on loaned securities | 5,429 | 2,037 |
| Notes payable and lease obligations | 8,685 | 7,498 |
| Other | 3,290 | 3,852 |
| Total liabilities | 93,618 | 91,468 |
| Commitments and contingent liabilities (Note 13) | ||
| Shareholders’ equity: | ||
| Common stock of $.10 par value. In thousands: authorized 1,900,000 shares in 2025 and 2024; issued 1,357,841 shares in 2025 and 1,356,763 shares in 2024 | 136 | 136 |
| Additional paid-in capital | 2,977 | 2,894 |
| Retained earnings | 53,923 | 52,277 |
| Accumulated other comprehensive income (loss): | ||
| Unrealized foreign currency translation gains (losses) | (4,504) | (4,998) |
| Unrealized gains (losses) on fixed maturity securities | (1,701) | 24 |
| Unrealized gains (losses) on derivatives | (16) | (20) |
| Effect of changes in discount rate assumptions | 6,832 | 2,006 |
| Pension liability adjustment | 42 | 10 |
| Treasury stock, at average cost | (29,001) | (26,231) |
| Total shareholders’ equity | 28,688 | 26,098 |
| Total liabilities and shareholders’ equity | $122,306 | $117,566 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.