Aflac Incorporated Logo

2020 BUSINESS & SUSTAINABILITY REPORT

Selected Financial Data

(In millions, except for share and per-share amounts)

For the Year

2020

2019

2018

2017

2016

Revenues

Net Premium, principally supplemental health insurance $18,622 $18,780 $18,677 $18,531 $19,225
Net investment income $3,638 $3,578 $3,442 $3,220 $3,278
Net investment gains (losses) $(270) $(135) $(430) $(151) $(14)
Other $157 $84 $69 $67 $70
Total Revenues $22,147 $22,307 $21,758 $21,667 $22,559
 

Benefits and expenses

Benefits and claims, net $11,796 $11,942 $12,000 $12,181 $12,919
Total acquisition and operating expense $6,192 $5,920 $5,775 $5,468 $5,573
Total benefits and expenses $17,988 $17,682 $17,775 $17,649 $18,492
Pretax earnings $4,159 $4,445 $3,983 $4,018 $4,067
Income taxes expense (benefit) $(619) $1,141 $1,063 $(586) $1,408
Net Earnings $4,778 $3,304 $2,920 $4,604 $2,659
 
Share and Per-Share Amounts
Net earnings (basic) $6.69 $4.45 $3.79 $5.81 $3.23
Net earnings (diluted) $6.67 $4.43 $3.77 $5.77 $3.21
Items impacting net earnings:
Net investment (gains) losses $0.32 $0.02 $0.38 $- $(0.10)
Other and non-recurring (income) loss $0.04 $- $0.10 $0.08 $0.16
Income tax (benefit) expense on items excluded from adjusted earnings $(0.10) $- $(0.11) $(0.03) $(0.02)
Tax reform adjustment $- $(0.01) $0.02 $(2.42) $-
Tax valuation allowance release $(1.97) $- $- $- $-
Dividends paid per share $1.12 $1.08 $1.04 $0.87 $0.83
Shareholders' equity $48.46 $39.84 $31.06 $31.50 $25.24
Weighted-average common shares used to calculate basic EPS (in thousands) $713,702 $742,414 $765,588 $790,042 $822,942
Weighted-average common shares used to calculate diluted EPS (in thousands) $716,192 $746,430 $744,650 $797,861 $827,841

At Year End

2020

2019

2018

2017

2016

Assets
Investments and cash $149,753 $138,091 $126,243 $123,659 $116,361
Other $15,333 $14,677 $14,163 $13,558 $13,458
Total Assets $165,086 $152,768 $140,406 $137,217 $129,819
 
Liabilities and shareholders' equity:
Policy liabilities $114,391 $106,554 $103,188 $99,147 $93,726
Income taxes $4,661 $5,370 $4,020 $4,745 $5,387
Notes payable $7,899 $6,569 $5,778 $5,289 $5,360
Other liabilities $4,576 $5,316 $3,958 $3,438 $4,864
Shareholders' equity $33,559 $28,959 $23,462 $24,598 $20,482
Total liabilities and shareholders' equity $165,086 $152,768 $140,406 $137,217 $129,819
 
Supplemental Data
Stock price range:
High $53.46 $57.18 $48.19 $44.91 $37.25
Low $23.07 $44.28 $41.41 $33.25 $27.29
Close $44.47 $52.90 $45.56 $43.89 $34.80
Yen/dollar exchange rate at year-end (yen) ¥103.50 ¥109.56 ¥111.00 ¥113.00 ¥116.49
Weighted-average yen/dollar exchange rate (yen) ¥106.86 ¥109.07 ¥110.39 ¥112.16 ¥108.70
  • Prior-year amounts have been adjusted for the two-for-one stock split of the company’s common stock in March 2018.

Key Operational Metrics

2020

2019

2018

2017

2016

Aflac Japan
Policies and riders in force* 39,064 39,559 39,747 39,717 39,059
Annualized premiums in force** ¥1,426,546 ¥1,489,320 ¥1,527,056 ¥1,552,169 ¥1,606,110
New annualized premiums** ¥50,852 ¥79,697 ¥95,894 ¥94,851 ¥113,721
Aflac U.S.
Policies and certificates in force* 13,145 13,437 13,264 12,971 12,692
Annualized premiums in force** $6,099 $6,301 $6,231 $6,052 $5,896
New annualized premiums** $1,093 $1,580 $1,601 $1,552 $1,482
  • *In Thousands
  • **In Millions
Aflac Incorporated
1932 Wynnton Road, Columbus, GA 31999

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