AFLAC INC
For the period ended Dec 31, 2024. Filed Feb 26, 2025.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Feb 26, 2025
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Financial Statements and Supplementary Data
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| Report of Independent Registered Public Accounting Firm | 80 |
|---|---|
| Consolidated Financial Statements | 84 |
| Consolidated Statements of Earnings | 84 |
| Consolidated Statements of Comprehensive Income (Loss) | 85 |
| Consolidated Balance Sheets | 86 |
| Consolidated Statements of Shareholders' Equity | 87 |
| Consolidated Statements of Cash Flows | 89 |
| Notes to the Consolidated Financial Statements | 90 |
| Note 1. Summary of Significant Accounting Policies | 90 |
| Note 2. Business Segment and Selected Foreign Currency Translation Items | 100 |
| Note 3. Investments | 104 |
| Note 4. Derivative Instruments | 121 |
| Note 5. Fair Value Measurements | 131 |
| Note 6. Deferred Policy Acquisition Costs | 145 |
| Note 7. Policy Liabilities | 146 |
| Note 8. Reinsurance | 155 |
| Note 9. Notes Payable and Lease Obligations | 157 |
| Note 10. Income Taxes | 164 |
| Note 11. Shareholders' Equity | 167 |
| Note 12. Share-Based Compensation | 171 |
| Note 13. Statutory Accounting and Dividend Restrictions | 174 |
| Note 14. Benefit Plans | 176 |
| Note 15. Commitments and Contingent Liabilities | 182 |
Management's Annual Report on Internal Control Over Financial Reporting
Management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rule 13a-15(f) under the Exchange Act. Under the supervision and with the participation of the Company's management, including its principal executive officer and principal financial officer, the Company conducted an evaluation of the effectiveness of its internal control over financial reporting based on the framework in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on the Company's evaluation under this framework, management has concluded that the Company's internal control over financial reporting was effective as of December 31, 2024.
KPMG LLP (PCAOB Firm ID 185), an independent registered public accounting firm, has issued an attestation report from the firm's location in Atlanta, Georgia on the effectiveness of internal control over the Company's financial reporting as of December 31, 2024, which is included herein.
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