Aflac Incorporated : June Investor Update

Aflac Incorporated

Investor Presentation │June 2021

Forward-Looking Statements and Non-GAAP Financial Measures

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" to encourage companies to provide prospective information, so long as those informational statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those included in the forward-looking statements. The company desires to take advantage of these provisions. This document contains cautionary statements identifying important factors that could cause actual results to differ materially from those projected herein, and in any other statements made by company officials in communications with the financial community and contained in documents filed with the Securities and Exchange Commission (SEC). Forward-looking statements are not based on historical information and relate to future operations, strategies, financial results or other developments. Furthermore, forward-looking information is subject to numerous assumptions, risks and uncertainties. In particular, statements containing words such as "expect," "anticipate," "believe," "goal," "objective," "may," "should," "estimate," "intends," "projects," "will," "assumes," "potential," "target," "outlook" or similar words as well as specific projections of future results, generally qualify as forward-looking. Aflac undertakes no obligation to update such forward-looking statements.

The company cautions readers that the following factors, in addition to other factors mentioned from time to time, could cause actual results to differ materially from those contemplated by the forward-looking statements:

•	difficult conditions in global capital markets and the economy, including those caused by COVID-19	•	subsidiaries' ability to pay dividends to the Parent Company
•	defaults and credit downgrades of investments	• inherent limitations to risk management policies and procedures
• exposure to significant interest rate risk	• concentration of the Company's investments in any particular single-issuer or sector
• concentration of business in Japan	•	events related to the Japan Post investigation and other matters
• limited availability of acceptable yen-denominated investments	•	tax rates applicable to the Company may change
•	foreign currency fluctuations in the yen/dollar exchange rate	•	failure to comply with restrictions on policyholder privacy and information security
•	differing judgments appliedto investment valuations	•	extensive regulation and changes in lawor regulation by governmental authorities
• significant valuation judgments in determination of expected credit losses recorded on the	• competitive environment and ability to anticipate and respond to market trends
•	Company's investments	•	catastrophic events including, but not necessarily limitedto, epidemics, pandemics (such as the coronavirus COVID-
decreases in the Company's financial strength or debt ratings		19), tornadoes, hurricanes, earthquakes, tsunamis, war or other military action, terrorism or other acts of violence,
•	decline in creditworthiness of other financial institutions		and damage incidental to such events
•	the effects of COVID-19, and any resulting economic effects and government interventions, on the	•	ability to protect the Aflac brand and the Company's reputation
	Company's business and financial results	• ability to effectively manage key executive succession
•	ability to attract and retain qualified sales associates, brokers, employees, and distribution partners	•	changes in accounting standards
•	deviations in actual experience from pricing and reserving assumptions	•	level and outcome of litigation
•	ability to continue to develop and implement improvements in information technology systems	•	allegations or determinations of worker misclassification in the United States

• 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

Non-U.S. GAAP Financial Measuresand Reconciliations

This document may include 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 on book value 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).	2

2020 Highlights

Cash	Share
Dividend	Repurchase
+3.7%	$1.5 billion
EPS	Adjusted EPS
+50.6%	+10.8%
ROE	Adjusted ROE
15.3%	15.0%

• Our strategic focus:
• • Navigating the pandemic in a strong financial condition
  • Executing on key growth initiatives and efficiency and efficiency initiatives
  • Setting the stage for strong, post-pandemic recovery
  • Driving ESG initiatives across the enterprise

3

Major Subsidiary Overview

Aflac Japan Business Profile

• Aflac Japan insures 1 in 4 households1 in Japan and is the #1 cancer and medical insurer2.
• Our core third sector insurance - cancer and medical - helps policyholders cover out-of-pocket expenses not covered by Japan's national health insurance system.
• Aflac Japan's third sector product portfolio is complemented by a select offering of first sector protection products.
• Aflac Japan's goal is to be the leading company for "living in your own way."

2020 Net Earned Premiums

Aflac U.S. Business Profile

• Aflac is the # 1 provider of supplemental insurance at the worksite in the U.S., which accounts for approximately 95% of our sales.1
• Aflac's supplemental policies pay cash directly to the insured to help protect against rising out-of-pocket expenses when a qualifying medical event occurs.
• Aflac U.S.'s vision is to seek to further develop "a world where people are better prepared for unexpected health expenses."

2020 Net Earned Premiums

Third Sector

Medical and other health29% 29%

Cancer Life

48% 23% insurance

23%

Cancer 22%

	Other health
Accident /	27%
disability
46%	Life
	insurance
	5%

Strategic Areasof Focus

• Navigating pandemic conditions to drive recovery
• Refining product portfolio to address aging population
• Incubating businesses focused on cancer ecosystem
• Operating efficiency - enterprise paperless initiative

1Based on the 2020 number of households published by Japan's Ministry of Internal Affairs and Communications and the number of households with our holdings at January 2021.

2 Aflac is the number one insurer in terms of the total combined number of cancer insurance and medical insurance policies in force, according to Statistics of Life Insurance Business in Japan 2020.

Strategic Areasof Focus
 Navigating pandemic conditions to drive recovery
 Executing on growth initiatives:
	Dental & Vision
	Group Benefits
	Digital Direct to Consumer

 Critical operating and technology initiatives

1Eastbridge Consulting Group, Inc. "U.S. Voluntary/Worksite Sales Report. Carrier Results for 2019." Avon, CT: May 2020	4

1Q21 Core Insurance Margins vs. 1Q201

Aflac Incorporated

Aflac U.S.

Adj. ROE*

17.0%

Aflac Japan

Benefit

Ratio

39.1%

-900 bps

3rd Sector Benefit Ratio

58.0%

-100 bps

Adj. Expense	Pretax Profit
Ratio	Margin
38.5%	27.3%
10 bps	800 bps

Adj. Expense	Pretax Profit
Ratio	Margin
21.3%	23.1%
130 bps	60 bps

*Non-GAAP measure; please see Appendix for reconciliation. 1 Benefit ratios measured to earned premium; expense ratios and pretax margins relative to total revenue *	5