AFLAC’S FINANCIAL 2019 ANALYSTS BRIEFING About This Book This book primarily contains slides and excerpts from Aflac Incorporated’s 2019 Financial Analysts Briefing held on September 25, 2019 at the New York Stock Exchange, along with additional information. All information is intended to provide a comprehensive discussion and analysis of Aflac’s operations. The information contained in this book was based on conditions that existed at the end of the second quarter 2019. Circumstances may have changed materially since these presentations were made. The company undertakes no obligation to update the presentations. This information was prepared as a supplement to the company’s annual and quarterly releases, 10-Ks and 10-Qs. This book does not include footnotes to the financial statements or certain items that appear in reports or registration statements filed with the Securities and Exchange Commission. We believe the information presented in this book was accurate at the time of the presentations, but its accuracy cannot be guaranteed. A webcast of this event’s presentations is available for one year following the event at investors.aflac.com. Forward-Looking Information 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; exposure to significant interest rate risk; concentration of business in Japan; foreign currency fluctuations in the yen/dollar exchange rate; limited availability of acceptable yen-denominated investments; U.S. tax audit risk related to conversion of the Japan branch to a subsidiary; deviations in actual experience from pricing and reserving assumptions; ability to continue to develop and implement improvements in information technology systems; competitive environment and ability to anticipate and respond to market trends; ability to protect the Aflac brand and the Company’s reputation; ability to attract and retain qualified sales associates, brokers, employees, and distribution partners; 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; failure to comply with restrictions on patient privacy and information security; extensive regulation and changes in law or regulation by governmental authorities; tax rates applicable to the Company may change; defaults and credit downgrades of investments; decline in creditworthiness of other financial institutions; significant valuation judgments in determination of amount of impairments taken on the Company’s investments; subsidiaries’ ability to pay dividends to the Parent Company; decreases in the Company’s financial strength or debt ratings; inherent limitations to risk management policies and procedures; concentration of the Company’s investments in any particular single-issuer or sector; differing judgments applied to investment valuations; ability to effectively manage key executive succession; catastrophic events including, but not necessarily limited to, epidemics, pandemics, tornadoes, hurricanes, earthquakes, tsunamis, war or other military action, terrorism or other acts of violence, and damage incidental to such events; changes in accounting standards; increased expenses and reduced profitability resulting from changes in assumptions for pension and other postretirement benefit plans; level and outcome of litigation; allegations or determinations of worker misclassification in the United States. Non-U.S. GAAP Financial Measures and Reconciliations In this presentation, Aflac Incorporated presents certain financial information that is not calculated in accordance with generally accepted accounting principles in the U.S. (“U.S. GAAP”). These “non-U.S. GAAP financial measures” are meant to be supplemental to the U.S. GAAP measures that Aflac Incorporated presents. Refer to the Appendix for definitions of these measures and a reconciliation of the non-U.S. GAAP financial measures used in this presentation to the most directly comparable GAAP measures, or an explanation of why such a reconciliation is not provided. 1 October 2019 Table of Contents Section I – Aflac Incorporated Strategic Overview of Aflac Incorporated ..........................................................Daniel P. Amos ...................................3 Growth Investments and Capital Allocation .......................................................Frederick J. Crawford .........................6 Financial Outlook and Capital Management ......................................................Max K. Brodén ................................. 10 Aflac Global Investments Update ......................................................................Eric M. Kirsch ................................... 14 Actuarial and Risk Discussion ...........................................................................Albert A. Riggieri ............................... 19 Section II - Aflac Japan Overview of Japan’s Political Economy .............................................................Charles D. Lake II .............................26 Overview of Aflac Japan ...................................................................................Masatoshi Koide ...............................31 Aflac Japan Growth Strategies ..........................................................................Koji Ariyoshi ......................................36 Section III - Aflac U.S. Overview of Aflac U.S. .....................................................................................Teresa L. White .................................42 Aflac U.S. Growth Strategies .............................................................................Richard L. Williams Jr. ......................46 Section IV - Other Information Appendix ...................................................................................................................................................................53 Aflac’s Historical Highlights in the United States .........................................................................................................55 Aflac’s Historical Highlights in Japan ..........................................................................................................................56 Executive Bios ...........................................................................................................................................................57 2 Section I Aflac Incorporated Strategic Overview of Aflac Incorporated Daniel P. Amos Chairman; Chief Executive Officer; Aflac and Aflac Incorporated This marks my 30th year as CEO, and I’ve had the I also want to give you my perspective on where we are privilege and the opportunity to lead this company through focused today. Financially, we are as strong as we have some challenging situations and markets. Despite these ever been in our 64-year history. Pretax margins are stable challenges, a big part of Aflac’s success can be attributed and as strong as any in the industry. Our capital position to our resilience and our core spirit as an innovator and by any measure is robust. Our investments are high-quality a pioneer in the insurance industry today. We cherish and diversified, and we have among the highest return on the culture of innovation we’ve created ever since the capital and lowest cost of capital in the industry. This places company’s founding in 1955. I believe this distinctive and us in a more defensive and sustainable position should innovative spirit will continue to propel our success into the economic weakness come in the future. It also arms us with future. an ability to be opportunistic when conditions are right. The Need For Aflac’s Products As I mentioned, our core franchise strengths are the envy of the industry in terms of brand, scale, and distribution breadth and depth. However, despite all these attributes,