January Debt Investor Update

Forward-Looking Statements and Non-GAAP Financial Measures

This presentation material has been prepared by Aflac Life Insurance Japan Ltd. (the "Company") solely for the information purpose only of the corporate information of the Company and/or Aflac Incorporated and its subsidiaries, and does not constitute a solicitation for the purchase or offer for sale of any securities in Japan, the U.S. or any other jurisdiction. None of the securities issued by the Company may be offer or sold in Japan, the U.S. or any other jurisdiction without registration, or exempted from registration under applicable laws and regulations. In preparing this presentation material, we have relied upon and assumed the truthfulness, accuracy and completeness of the information available to us at the time of preparation, and we make no representations as to its truthfulness, accuracy or completeness. The information contained in this presentation material is subject to change without any prior notice. Neither this presentation material nor any of its contents may be disclosed to or used by any third party for any purpose, without the prior written consent of the Company.

This presentation material contains "forward-looking statements" with respect to the future businesses and operating performance of the Company or Aflac Incorporated or its subsidiaries, which are not based on historical information and relate to future operations, strategies, financial results or other developments. Such forward-looking statements can be identified in certain cases by the use of terms such as "expect," "anticipate," "believe," "goal," "objective," "may," "should," "estimate," "intends," "projects," "will," "assumes," "potential," "target," "outlook" or similar terminologies, and includes description of future business activities, results of operations, events, and circumstances.

Forward-looking statements are based on the management's judgement of the Company or Aflac Incorporated or its subsidiaries based on the information available at the time of such preparation of the statements. These statements are inherent with various assumptions, risks and uncertainties, including the following factors:

• difficult conditions in global capital markets and the economy, including inflation and the continued effects caused by COVID-19
• defaults and credit downgrades of investments
• global fluctuations in interest rates and exposure to significant interest rate risk
• concentration of business in Japan
• limited availability of acceptable yen-denominated investments
• foreign currency fluctuations in the yen/dollar exchange rate
• differing interpretations applied to investment valuations
• significant valuation judgments in determination of expected credit losses recorded on the Company's investments
• decreases in the Company's financial strength or debt ratings
• decline in creditworthiness of other financial institutions
• concentration of the Company's investments in any particular single-issuer or sector
• major public health issues, including COVID-19 and any resulting or coincidental economic effects, on the Company's business and financial results
• the Company's ability to attract and retain qualified sales associates, brokers, employees, and distribution partners
• damages incidental to the occurrence of improper acts by sales associates, brokers, employees and distribution partners
• deviations in actual experience from pricing and reserving assumptions
• ability to continue to develop and implement improvements in information technology systems and on successful execution of revenue growth and expense management initiatives
• interruption in telecommunication, information technology and other operational systems, or a failure to maintain the security, confidentiality or privacy of sensitive data residing on such systems
• subsidiaries' ability to pay dividends to the Parent Company
• inherent limitations to risk management policies and procedures
• operational risks of third party vendors
• tax rates applicable to the Company may change
• failure to comply with restrictions on policyholder privacy and information security
• extensive regulation and changes in law or regulation by governmental authorities
• incomparability of economic solvency ratio ("ESR") calculated based on internal model of the Company and the ESRs voluntarily calculated and disclosed by peer insurance companies
• competitive environment and ability to anticipate and respond to market trends
• catastrophic events, including, but not limited to, as a result of climate change, epidemics, pandemics (such as COVID-19), tornadoes, hurricanes, earthquakes, tsunamis, war or other military action, terrorism or other acts of violence, and damage incidental to such events
• ability to protect the Aflac brand and the Company's reputation
• ability to effectively manage key executive succession
• changes in accounting standards
• level and outcome of litigation
• allegations or determinations of worker misclassification in the United States

These forward-looking statements may depend on various risks and uncertainties, and actual future business activities and financial results may differ materially from those explicitly or implicitly stated in the forward-looking statements included in this presentation material. Consequently, you are cautioned not to place undue reliance on such forward-looking statements. The Company disclaims any obligation to revise, update or correct any forward-looking statements in the light of new information, future events or other findings.

Non-U.S. GAAP Financial Measures and Reconciliations

This document includes references to the Company's financial performance measures which are not calculated in accordance with United States generally accepted accounting principles (U.S. GAAP) (non-U.S. GAAP). The financial measures exclude items that the Company believes may obscure the underlying fundamentals and trends in insurance operations because they tend to be driven by general economic conditions and events or related to infrequent activities not directly associated with insurance operations.

Definitions of the Company's non-U.S. GAAP financial measures and applicable reconciliations to the most comparable U.S. GAAP measures are provided as appropriate.

Due to the size of Aflac Japan, where the functional currency is the Japanese yen, fluctuations in the yen/dollar exchange rate can have a significant effect on reported results. In periods when the yen weakens, translating yen into dollars results in fewer dollars being reported. When the yen strengthens, translating yen into dollars results in more dollars being reported. Consequently, yen weakening has the effect of suppressing current period results in relation to the comparable prior period, while yen strengthening has the effect of magnifying current period results in relation to the comparable prior period. A significant portion of the Company's business is conducted in yen and never converted into dollars but translated into dollars for U.S. GAAP reporting purposes, which results in foreign currency impact to earnings, cash flows and book value on a U.S. GAAP basis. Management evaluates the Company's financial performance both including and excluding the impact of foreign currency translation to monitor, respectively, cumulative currency impacts and the currency-neutral operating performance over time. The average yen/dollar exchange rate is based on the published MUFG Bank, Ltd. telegraphic transfer middle rate (TTM).

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Aflac Incorporated Highlights

YTD through 9/30/2023

* Non-GAAP measure; please see Appendix for definitions and reconciliations. "Adjusted Leverage" is "Adjusted debt to adjusted capitalization ex-AOCI"

Aflac Incorporated Financial Performance

In $ millions

• Adjusted earnings, Adjusted debt, Adjusted capitalization ex-AOCI and Adjusted leverage (Adjusted debt / Adjusted capitalization ex-AOCI) are non-GAAP measures; please

Aflac Japan: Third Sector Leader

Reaching More Customers through Diverse Distribution:

Being Where People Want to Purchase Protection

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Aflac Japan Financials Update

Japan Insurance Market Size and Penetration

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