March Debt Investor Update

Aflac Incorporated Highlights

As of 12/31/2024

	$18.9bn		$7.5bn
Revenues		Debt1
	$197mm		$26.1bn
Interest Expense2		Book Value
	$5.4bn		19.7%
Net Earnings		Adjusted Leverage3
	$4.1bn		14.4%
Adjusted Earnings3		Adjusted ROE3
a	A-	A3	AA-	A+
AM Best	S&P	Moody's	JCR4	R&I
	Long-term Senior Debt Ratings

Adjusted Pretax

Earnings5

29%

Consolidated Earnings

Adjusted Leverage1

Over 50-years

of success in

Japan

Demographic

trends

contributing to increased awareness

Aflac Japan

takes a

strategic

approach to

market

development

• Since its establishment in Japan in 1974, Aflac has developed an attractive productline-upand broad distribution network to become Japan's leading provider of cancer and medical insurance with over 22 million individual policiesin-force.
• Japan's shrinking and aging populationis placing increased financial strain on the country's social security and national health insurance systems and helping create awareness of the need for Aflac's core third sector cancer and medical policies
• In this rapidly changing and increasingly competitive business environment, Aflac has remaineddisciplined and focused on its core third sector business
• Aflac Japan's three-year Management Strategy provides direction for achieving the Company's mid- to long-term objectives
• The 2025 rollout of a Marketing and Sales Transformation will further tailor our marketing efforts to our core product areas - cancer, medical, and asset formation and nursing care - to meet customer needs and acquire new and younger policyholders

• Maintaining #1 positions in the cancer insurance market
• Launching a new product in stages from March to April, which includes insurance coverage that offers enhanced protection before, during and after cancer treatment providing comprehensive protection flexibly to meet our customer's needs
• Provides customers with value that no other company can offer, through a product that integrates our unique "Yori- sou Cancer Consultation Support" services along with cancer insurance

• Integrated the innovative feature of monthly coverage in accordance with the national system, along with strengthened services that offer comprehensive support for customers' entire lives
• Continue to enhance coverage with new, more attractive medical products and services

• To meet the young and middle-aged customers' growing need to build their assets, launched as asset formation product, Tsumitasu that also provides future nursing care coverage in June 2024
• Promote comprehensive protection proposals by combining the asset formation product with our main third- sector products

1Distribution figures reported on this slide are as of March 31, 2024

• Partnered with 360 financial institutions, among the most in Japan's life insurance industry
• Offering cancer insurance, medical insurance, etc., primarily through regional banks and shinkin banks

8

Medical and Other health 32.7%

Life

Insurance80% 17.3%

60%

40%

20%

0%

Premium Persistency (12-Month Rolling)