AFLAC INC
For the period ended Dec 31, 2023. Filed Feb 22, 2024.
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FY2023 · Filed Feb 22, 2024
AFL$126.64+1.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Financial Statements Consolidated Statements of Earnings
Consolidated Statements of Earnings
| (In millions, except for share and per-share amounts) | 2023 | 2022 | 2021 |
|---|---|---|---|
| Revenues: | |||
| Net earned premiums, principally supplemental health insurance (1) | $14,123 | $14,901 | $17,095 |
| Net investment income | 3,811 | 3,656 | 3,818 |
| Net investment gains (losses) | 590 | 363 | 468 |
| Other income (loss) | 177 | 220 | 173 |
| Total revenues | 18,701 | 19,140 | 21,554 |
| Benefits and expenses: | |||
| Benefits and claims, excluding reserve remeasurement | 8,594 | 9,102 | 10,623 |
| Reserve remeasurement (gains) losses | (383) | (215) | (147) |
| Total benefits and claims, net | 8,211 | 8,887 | 10,476 |
| Acquisition and operating expenses: | |||
| Amortization of deferred policy acquisition costs | 816 | 792 | 835 |
| Insurance commissions | 1,052 | 1,117 | 1,256 |
| Insurance and other expenses (2) | 3,165 | 3,249 | 3,541 |
| Interest expense | 195 | 226 | 238 |
| Total acquisition and operating expenses | 5,228 | 5,384 | 5,870 |
| Total benefits and expenses | 13,439 | 14,271 | 16,346 |
| Earnings before income taxes | 5,262 | 4,869 | 5,208 |
| Income tax expense (benefit): | |||
| Current | 1,663 | 1,181 | 1,095 |
| Deferred | (1,060) | (730) | (118) |
| Income taxes | 603 | 451 | 977 |
| Net earnings | $4,659 | $4,418 | $4,231 |
| Net earnings per share: | |||
| Basic | $7.81 | $6.96 | $6.28 |
| Diluted | 7.78 | 6.93 | 6.25 |
| Weighted-average outstanding common shares used in computing earnings per share (In thousands): | |||
| Basic | 596,173 | 634,816 | 673,617 |
| Diluted | 598,745 | 637,655 | 676,729 |
| Cash dividends per share | $1.68 | $1.60 | $1.32 |
(2)Includes expense of $48 in 2021 for the early extinguishment of debt.
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