AFLAC INC
For the period ended Dec 31, 2025. Filed Feb 25, 2026.
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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.
FY2025 · Filed Feb 25, 2026
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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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| (In millions) | 2025 | 2024 | 2023 |
|---|---|---|---|
| Cash flows from operating activities: | |||
| Net earnings | $3,646 | $5,443 | $4,659 |
| Adjustments to reconcile net earnings to net cash provided (used) by operating activities: | |||
| Change in receivables and advance premiums | (66) | 51 | (133) |
| Capitalization of deferred policy acquisition costs | (1,105) | (1,056) | (1,086) |
| Amortization of deferred policy acquisition costs | 874 | 851 | 816 |
| Change in policy liabilities | (815) | (302) | (552) |
| Change in income tax liabilities | (278) | (393) | (967) |
| Net investment (gains) losses | 572 | (1,271) | (590) |
| Other, net | (273) | (616) | 1,043 |
| Net cash provided (used) by operating activities | 2,555 | 2,707 | 3,190 |
| Cash flows from investing activities: | |||
| Proceeds from investments sold or matured: | |||
| Fixed maturity securities available-for-sale | 11,049 | 7,205 | 3,811 |
| Equity securities | 491 | 782 | 404 |
| Fixed maturity securities held-to-maturity | 3 | 3 | 3 |
| Commercial mortgage and other loans | 2,167 | 2,435 | 1,641 |
| Costs of investments acquired: | |||
| Fixed maturity securities available-for-sale | (11,742) | (5,542) | (2,801) |
| Equity securities | (510) | (411) | (357) |
| Commercial mortgage and other loans | (1,484) | (1,376) | (996) |
| Other investments, net | (256) | (972) | (417) |
| Settlement of derivatives, net | (20) | (184) | 79 |
| Cash received (pledged or returned) as collateral, net | 2,158 | 780 | (401) |
| Other, net | (295) | 61 | (149) |
| Net cash provided (used) by investing activities | 1,561 | 2,781 | 817 |
| Cash flows from financing activities: | |||
| Purchases of treasury stock | (3,530) | (2,800) | (2,801) |
| Proceeds from borrowings | 1,039 | 823 | 204 |
| Principal payments under debt obligations | (84) | (194) | 0 |
| Dividends paid to shareholders | (1,198) | (1,087) | (966) |
| Change in investment-type contracts, net | (266) | (214) | (160) |
| Treasury stock reissued | 8 | 14 | 17 |
| Other, net | (38) | (28) | (17) |
| Net cash provided (used) by financing activities | (4,069) | (3,486) | (3,723) |
| Effect of foreign exchange rate changes on cash and cash equivalents | (31) | (79) | 79 |
| Net change in cash and cash equivalents | 16 | 1,923 | 363 |
| Cash and cash equivalents, beginning of period | 6,229 | 4,306 | 3,943 |
| Cash and cash equivalents, end of period | $6,245 | $6,229 | $4,306 |
| Supplemental disclosures of cash flow information: | |||
| Income taxes paid | $1,165 | $1,367 | $1,569 |
| Interest paid | 197 | 180 | 185 |
| Noncash interest | 23 | 17 | 10 |
| Noncash real estate acquired in satisfaction of debt | 247 | 468 | 217 |
| Noncash financing activities: | |||
| Lease obligations | 30 | 33 | 75 |
| Treasury stock issued for: | |||
| Associate stock bonus | 22 | 20 | 17 |
| Shareholder dividend reinvestment | 43 | 41 | 37 |
| Share-based compensation grants | 7 | 6 | 5 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.