1 unchanged sentence
Insider Trading Arrangements
−Removed: During the third quarter of 2024, no directors or executive officers adopted or terminated a contract, instruction or written plan for the purchase or sale of the Parent Company's securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or a non-Rule 10b5-1 trading arrangement as defined in Regulation S-K Item 408(c).
+Added: During the first quarter of 2025, no directors or executive officers adopted or terminated a contract, instruction or written plan for the purchase or sale of the Parent Company's securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or a non-Rule 10b5-1 trading arrangement as defined in Regulation S-K Item 408(c).
(a) EXHIBIT INDEX
1 unchanged sentence
- Bylaws of Aflac Incorporated, as amended and restated – incorporated by reference from Form 8-K dated November 17, 2023, Exhibit 3.1.
−Removed: - Certification of CEO dated November 1, 2024, required by Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934.
−Removed: - Certification of CFO dated November 1, 2024, required by Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934.
−Removed: - Certification of CEO and CFO dated November 1, 2024, pursuant to 18 U.S.C.
+Added: - Certification of CEO dated May 7, 2025, required by Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934.
+Added: - Certification of CFO dated May 7, 2025, required by Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934.
+Added: - Certification of CEO and CFO dated May 7, 2025, pursuant to 18 U.S.C.
Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
8 unchanged sentences
Throughout this Quarterly Report on Form 10-Q, the Company may use certain performance metrics and other terms which are defined below.
−Removed: Adjusted Net Investment Income - Net Investment Income adjusted for i) amortized hedge cost/income related to foreign currency exposure management strategies and certain derivative activity and ii) net interest income/expense from foreign currency and interest rate derivatives associated with certain investment strategies, which are reclassified from net investment gains and losses to net investment income.
+Added: Adjusted Net Investment Income – Net Investment Income adjusted for i) amortized hedge cost/income related to foreign currency exposure management strategies and certain derivative activity and ii) net interest income/expense from foreign currency and interest rate derivatives associated with certain investment strategies, which are reclassified from net investment gains (losses) to net investment income.
The Company considers adjusted net investment income important because it provides a more comprehensive understanding of the costs and income associated with the Company's investments and related hedging strategies.
3 unchanged sentences
The growth of net earned premiums (defined below) is directly affected by the change in premiums in force and by the change in weighted-average yen/dollar exchange rates.
−Removed: Average Weekly Producer – The total number of writing agents who have produced greater than $0.00 during the production week - excluding any manual adjustments - divided by the number of weeks in the time period.
+Added: Average Weekly Producer – The total number of writing agents, including brokers, who have produced greater than $0.00 during the production week - excluding any manual adjustments - divided by the number of weeks in the time period.
The Company believes this metric allows sales management to monitor progress and needs, as well as serve as a leading indicator of future production capacity.
2 unchanged sentences
Earnings Per Diluted Share – Net earnings divided by the weighted-average number of shares outstanding for the period plus the weighted-average shares for the dilutive effect of share-based awards outstanding.
+Added: Economic Solvency Ratio (ESR) – An economic value-based soundness indicator that demonstrates whether the insurance company has sufficient capital to cover future risks.
+Added: Assets and liabilities are evaluated at economic value, the risk amount incurred in a stressed
+Added: environment is measured, and the capital sufficiency for this risk is assessed.
+Added: The ESR level, which is the basis for supervisory intervention by the authorities, is set at 100%.
Group Insurance – Insurance issued to a group, such as an employer or trade association, that covers employees or association members and their dependents through certificates of coverage.
1 unchanged sentence
In force Policies – A count of policies that are active contracts at the end of a period.
−Removed: Liquidity Support – Internally defined and established dollar amount of liquidity reserved for supporting potential collateral and settlements of derivatives at the Parent Company.
+Added: Liquidity Support – Internally defined and established dollar amount of liquidity reserved for supporting potential collateral and settlements of derivatives at the Parent Company and short-term funding needs.
Net Investment Income – The income derived from interest and dividends on invested assets, after deducting investment expenses.
6 unchanged sentences
Policy conversions are defined as the positive difference in the annualized premium when a policy upgrades in the current reporting period.
−Removed: The Company believes that this metric is a key indicator of the Company's future source of earnings.
+Added: The Company believes that this metric is a key
+Added: indicator of the Company's future source of earnings.
New Money Yield – Gross yields earned on purchases of fixed maturities, loan receivables, and equities.
1 unchanged sentence
New money yield for equities is based on the assumed dividend yield at the time of purchase.
−Removed: The new money yield for Aflac Japan excludes the impact of any derivatives and associated amortized hedge costs associated with USD-denominated investments.
+Added: The new money yield for Aflac Japan excludes the
+Added: impact of any derivatives and associated amortized hedge costs associated with USD-denominated investments.
Management uses this metric as a leading indicator of future investment earning potential.
16 unchanged sentences
Statutory Earnings – Earnings determined according to accounting rules prescribed by the National Association of Insurance Commissioners (NAIC), as modified by the insurance department in the insurance company’s state of domicile.
−Removed: These statutory accounting rules are different from U.S.
+Added: These statutory accounting rules are
+Added: different from U.S.
GAAP and are intended to emphasize policyholder protection and company solvency.
3 unchanged sentences
Aflac Incorporated
−Removed: November 1, 2024 /s/ Max K.
−Removed: Executive Vice President;
+Added: May 7, 2025 /s/ Max K.
+Added: Senior Executive Vice President;
Chief Financial Officer
−Removed: November 1, 2024 /s/ Robin L.
+Added: May 7, 2025 /s/ Robin L.
Senior Vice President, Financial Services;
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.