AFLAC INC
For the period ended Dec 31, 2023. Filed Feb 22, 2024.
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FY2023 · Filed Feb 22, 2024
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) | 2023 | 2022 |
|---|---|---|
| Assets: | ||
| Investments and cash: | ||
| Fixed maturity securities available-for-sale, at fair value (no allowance for credit losses in 2023 and 2022, amortized cost $67,807 in 2023 and $72,246 in 2022) | $69,578 | $71,936 |
| Fixed maturity securities available-for-sale - consolidated variable interest entities, at fair value (amortized cost $2,882 in 2023 and $3,223 in 2022) | 3,712 | 3,805 |
| Fixed maturity securities held-to-maturity, at amortized cost, net of allowance for credit losses of $5 in 2023 and $7 in 2022 (fair value $19,657 in 2023 and $21,210 in 2022) | 17,819 | 19,056 |
| Equity securities, at fair value | 1,088 | 1,091 |
| Commercial mortgage and other loans, net of allowance for credit losses of $274 in 2023 and $192 in 2022 (includes $10,150 in 2023 and $10,832 in 2022 of consolidated variable interest entities) | 12,527 | 13,496 |
| Other investments (includes $2,381 in 2023 and $1,909 in 2022 of consolidated variable interest entities) | 4,530 | 4,070 |
| Cash and cash equivalents | 4,306 | 3,943 |
| Total investments and cash | 113,560 | 117,397 |
| Receivables | 848 | 647 |
| Accrued investment income | 731 | 745 |
| Deferred policy acquisition costs | 9,132 | 9,239 |
| Property and equipment, at cost less accumulated depreciation | 445 | 530 |
| Other | 2,008 | 3,180 |
| Total assets | $126,724 | $131,738 |
| Liabilities and shareholders’ equity: | ||
| Liabilities: | ||
| Policy liabilities: | ||
| Future policy benefits | $83,718 | $88,241 |
| Unpaid policy claims | 261 | 201 |
| Unearned premiums | 1,451 | 1,825 |
| Other policyholders’ funds | 6,169 | 6,643 |
| Total policy liabilities | 91,599 | 96,910 |
| Income taxes | 154 | 698 |
| Payables for return of cash collateral on loaned securities | 1,503 | 1,809 |
| Notes payable and lease obligations | 7,364 | 7,442 |
| Other | 4,119 | 4,739 |
| Total liabilities | 104,739 | 111,598 |
| Commitments and contingent liabilities (Note 15) | ||
| Shareholders’ equity: | ||
| Common stock of $.10 par value. In thousands: authorized 1,900,000 shares in 2023 and 2022; issued 1,355,398 shares in 2023 and 1,354,079 shares in 2022 | 136 | 135 |
| Additional paid-in capital | 2,771 | 2,641 |
| Retained earnings | 47,993 | 44,367 |
| Accumulated other comprehensive income (loss): | ||
| Unrealized foreign currency translation gains (losses) | (4,069) | (3,564) |
| Unrealized gains (losses) on fixed maturity securities | 1,139 | (702) |
| Unrealized gains (losses) on derivatives | (22) | (27) |
| Effect of changes in discount rate assumptions | (2,560) | (2,100) |
| Pension liability adjustment | (8) | (36) |
| Treasury stock, at average cost | (23,395) | (20,574) |
| Total shareholders’ equity | 21,985 | 20,140 |
| Total liabilities and shareholders’ equity | $126,724 | $131,738 |
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