2022 Business and Sustainability Report

About Aflac Incorporated

Aflac Incorporated (NYSE: AFL) is a Fortune 500 company helping provide protection to our policyholders through its subsidiaries in Japan and the U.S., where it is a leading supplemental insurer by paying cash fast when policyholders get sick or injured. For more than 67 years, insurance policies of Aflac Incorporated's subsidiaries have given policyholders the opportunity to focus on recovery, not financial stress. In the U.S., Aflac is the number one provider of supplemental health insurance products.* Aflac Life Insurance Japan is the leading provider of cancer and medical insurance in Japan.

Our Promise

For more than 67 years, Aflac has had the unique privilege of helping to provide financial protection and peace of mind to our millions of policyholders and customers worldwide. While many things have changed over the decades, one thing that has not wavered is Aflac's commitment to all of its stakeholders. Each and every day, we deliver on this commitment to be there for our policyholders when an illness, health event or life situation occurs-those challenging times when our policyholders need us most. We are dedicated to championing people's pursuit of their dreams and careers as employees and independent sales agents and through our diverse distribution networks. We are committed to our decades-long track record of creating value for our shareholders for the investment and trust they place in Aflac Incorporated. We consider ourselves privileged to be in a position to give back and help improve our communities where we can with our philanthropic commitments, including helping children who are facing cancer and other serious illnesses.

Aflac Incorporated's Goal

To provide customers with the best value in supplemental insurance products in the United States and Japan.

Long-Term Growth Strategy

Table of

Contents

• A Message from Daniel P. Amos, Aflac Incorporated Chairman and CEO

4 SustainabilityAflac at

• About This Report

• About Aflac U.S. and Aflac Japan

In 2022 we reported net earnings per diluted share of $6.59 and adjusted earnings per diluted share of $5.67, excluding the impact of foreign currency,* which was the company's second-best year in history following a record 2021. This latter measure of profitability is one of the principal financial measures used to evaluate management's performance and allows us to continue fulfilling our purpose as a socially responsible corporation that benefits shareholders and stakeholders alike over the long term. We are continually working on our foundation of sustainable growth, especially related to leveraging these particular strategic areas of focus:

• Diversified and productive distribution
• Recognized, trusted and powerful brand
• Product innovation and customized, high-quality service
• Strong capital position marked by stable earnings and strong cash flows
• Industry-leadingmarket share and scale in Japan and the U.S.

We are pleased to share one remarkable achievement in 2022- our 40th consecutive year of increasing our dividend. We are proud to be able to continue that long track record even amid the backdrop of a global pandemic.

We at Aflac remain committed to being there for our policyholders in their time of need. We will continue to build our business and take care of those who depend on us: our policyholders, shareholders, customers, employees, distribution channels and the communities in which we operate.

"We are continually working on leveraging our diverse and productive distribution; recognized, trusted and powerful brand; product innovation and customized, high-quality service; strong capital position … and industry- leading market share and scale in Japan and the U.S."

Throughout this report, you will read about Aflac Incorporated's financial performance, operations, and some of our

many achievements in our environmental, social and governance initiatives.

I continue to believe that our compassionate approach and the trust we build with those who depend upon us establishes a stronger brand that consumers, employees and all of our stakeholders want to associate with. This approach ultimately helps us generate long-term value for shareholders. We hope that you will enjoy what you find on the pages of this report, as well as future updates.

Daniel P. Amos

CHAIRMAN AND CHIEF EXECUTIVE OFFICER