AFLAC INC
For the period ended Nov 4, 2026. Filed Nov 4, 2026.
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Nov 4, 2026 · Filed Nov 4, 2026
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Contents
EX-99.2 · Long-Term Debt Data
| Aflac Incorporated and Subsidiaries | ||||||||
|---|---|---|---|---|---|---|---|---|
| Long-Term Debt Data | ||||||||
| Adjusted Leverage Ratios | ||||||||
| (In Millions) | ||||||||
| December 31, · September 30, | ||||||||
| 2021 · 2022 · 2023 · 2024 · 2025 · 2025 · 2026 | ||||||||
| Notes payable | $7,956 | $7,442 | $7,364 | $7,498 | $8,409 | $8,685 | $8,900 | |
| 50% of subordinated debentures and perpetual bonds | (389) | (337) | (315) | (282) | (285) | (300) | (285) | |
| Pre-funding of debt maturities | — | — | (211) | — | (399) | (399) | (680) | |
| 1 | Adjusted debt (1) | 7,568 | 7,105 | 6,839 | 7,216 | 7,725 | 7,986 | 7,935 |
| Total Shareholders' Equity | 17,031 | 20,140 | 21,985 | 26,098 | 29,490 | 28,688 | 29,283 | |
| Accumulated other comprehensive (income) loss: | ||||||||
| Unrealized foreign currency translation (gains) losses | 1,985 | 3,564 | 4,069 | 4,998 | 4,847 | 4,504 | 4,925 | |
| Unrealized (gains) losses on fixed maturity securities | (9,602) | 702 | (1,139) | (24) | 1,809 | 1,701 | 4,995 | |
| Unrealized (gains) losses on derivatives | 30 | 27 | 22 | 20 | 13 | 16 | 16 | |
| Effect on change in discount rate assumptions | 15,832 | 2,100 | 2,560 | (2,006) | (8,035) | (6,832) | (12,264) | |
| Pension liability adjustment | 166 | 36 | 8 | (10) | (86) | (42) | (85) | |
| Adjusted book value (1) | $25,442 | $26,569 | $27,505 | $29,076 | $28,038 | $28,035 | $26,870 | |
| Total capitalization (5) | $24,987 | $27,582 | $29,349 | $33,596 | $37,899 | $37,373 | $38,183 | |
| Debt to capitalization | 31.8% | 27.0% | 25.1% | 22.3% | 22.2% | 23.2% | 23.3% | |
| 2 | Adjusted capitalization ex-AOCI (1)(2) | $33,398 | $34,011 | $34,658 | $36,574 | $36,048 | $36,321 | $35,090 |
| Adjusted debt to adjusted capitalization ex-AOCI | 22.7% | 20.9% | 19.7% | 19.7% | 21.4% | 22.0% | 22.6% | |
| 3 | Adjusted capitalization (1)(3) | $31,247 | $30,411 | $30,581 | $31,586 | $31,287 | $31,859 | $30,250 |
| Adjusted debt to adjusted capitalization | 24.2% | 23.4% | 22.4% | 22.8% | 24.7% | 25.1% | 26.2% | |
| 4 · Debt Maturities Remaining (4) | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| (In Millions) | |||||||||||
| 2026 | 2027-2031 | 2032-2036 | 2037-2046 | 2047+ | Total | ||||||
| Senior Notes | $300 | $3,191 | $2,537 | $1,386 | $877 | $8,291 | |||||
| Subordinated debt | 572 | 572 | |||||||||
| Total | $300 | $3,191 | $2,537 | $1,386 | $1,449 | $8,863 | |||||
(1) See non-U.S. GAAP financial measures for definition of: adjusted debt; adjusted book value; adjusted debt, including 50% of subordinated debentures and perpetual bonds; and adjusted book value, including unrealized foreign currency translation gains and losses and pension liability adjustment
(2) Adjusted capitalization ex-AOCI is the sum of adjusted debt, including 50% of subordinated debentures and perpetual bonds, plus adjusted book value
(3) Adjusted capitalization is sum of adjusted debt, including 50% of subordinated debentures and perpetual bonds, plus adjusted book value, including unrealized foreign currency translation gains and losses and pension liability adjustment
(4) Debt maturity amounts do not include discounts, premiums, deferred charges, or capital lease obligations.
(5) Total capitalization is sum of notes payable and shareholders' equity.
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