AFLAC INC
For the period ended Dec 31, 2025. Filed Feb 25, 2026.
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FY2025 · Filed Feb 25, 2026
AFL$125.22+0.9%Stored close · as of Nov 9, 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) | 2025 | 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 $62,444 in 2025 and $61,455 in 2024) | $60,485 | $61,841 |
| Fixed maturity securities available-for-sale - consolidated variable interest entities, at fair value (amortized cost $2,819 in 2025 and $2,634 in 2024) | 3,636 | 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 $15,476 in 2025 and $16,772 in 2024) | 16,120 | 15,966 |
| Equity securities, at fair value | 887 | 796 |
| Commercial mortgage and other loans, net of allowance for credit losses of $426 in 2025 and $355 in 2024 (includes $7,896 in 2025 and $8,693 in 2024 of consolidated variable interest entities) | 9,765 | 10,869 |
| Other investments (includes $2,320 in 2025 and $2,176 in 2024 of consolidated variable interest entities) | 6,622 | 5,958 |
| Cash and cash equivalents | 6,245 | 6,229 |
| Total investments and cash | 103,760 | 105,087 |
| Receivables | 835 | 779 |
| Accrued investment income | 718 | 710 |
| Deferred policy acquisition costs | 9,034 | 8,758 |
| Property and equipment, at cost less accumulated depreciation | 351 | 387 |
| Other | 1,772 | 1,845 |
| Total assets | $116,470 | $117,566 |
| Liabilities and shareholders’ equity: | ||
| Liabilities: | ||
| Policy liabilities: | ||
| Future policy benefits | $62,320 | $70,381 |
| Unpaid policy claims | 495 | 381 |
| Unearned premiums | 1,323 | 1,286 |
| Other policyholders’ funds | 5,445 | 5,460 |
| Total policy liabilities | 69,583 | 77,508 |
| Income taxes | 1,368 | 573 |
| Payables for return of cash collateral on loaned securities | 3,989 | 2,037 |
| Notes payable and lease obligations | 8,409 | 7,498 |
| Other | 3,631 | 3,852 |
| Total liabilities | 86,980 | 91,468 |
| Commitments and contingent liabilities (Note 15) | ||
| Shareholders’ equity: | ||
| Common stock of $.10 par value. In thousands: authorized 1,900,000 shares in 2025 and 2024; issued 1,357,909 shares in 2025 and 1,356,763 shares in 2024 | 136 | 136 |
| Additional paid-in capital | 3,024 | 2,894 |
| Retained earnings | 54,682 | 52,277 |
| Accumulated other comprehensive income (loss): | ||
| Unrealized foreign currency translation gains (losses) | (4,847) | (4,998) |
| Unrealized gains (losses) on fixed maturity securities | (1,809) | 24 |
| Unrealized gains (losses) on derivatives | (13) | (20) |
| Effect of changes in discount rate assumptions | 8,035 | 2,006 |
| Pension liability adjustment | 86 | 10 |
| Treasury stock, at average cost | (29,804) | (26,231) |
| Total shareholders’ equity | 29,490 | 26,098 |
| Total liabilities and shareholders’ equity | $116,470 | $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.