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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
[ X ]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2018
or
[    ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission File Number: 001-07434
aflaclogoa01a01a01a18.jpg
Aflac Incorporated
_________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
(Exact name of registrant as specified in its charter)
Georgia
 
58-1167100
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
 
 
1932 Wynnton Road, Columbus, Georgia
 
31999
(Address of principal executive offices)
 
(ZIP Code)
706.323.3431
(Registrant's telephone number, including area code)
(Former name, former address and former fiscal year, if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  þ  Yes  ¨  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).            þ  Yes  ¨  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
   Large accelerated filer  þ
 
Accelerated filer ¨
   Non-accelerated filer    ¨ (Do not check if a smaller reporting company)
 
Smaller reporting company  ¨
 
 
Emerging growth company  ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  ¨  Yes  þ  No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class
 
October 24, 2018
Common Stock, $.10 Par Value
 
761,279,345


Aflac Incorporated and Subsidiaries
Quarterly Report on Form 10-Q
For the Quarter Ended September 30, 2018
Table of Contents
 
PART I.
 
Page
 
 
 
 
 
Item 1.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Three Months Ended September 30, 2018 and 2017
  Nine Months Ended September 30, 2018 and 2017
 
 
 
 
 
 
  Three Months Ended September 30, 2018 and 2017
  Nine Months Ended September 30, 2018 and 2017
 
 
 
 
 
 
  September 30, 2018, and December 31, 2017
 
 
 
 
 
 
  Nine Months Ended September 30, 2018 and 2017
 
 
 
 
 
 
  Nine Months Ended September 30, 2018 and 2017
 
 
 
 
 
 
 
 
 
 
 
Item 2.
 
 
 
 
 
Item 3.
 
 
 
 
 
Item 4.
 
 
 
 
PART II.
 
 
 
 
 
 
 
Item 1.
 
 
 
 
 
Item 1A.
 
 
 
 
 
Item 2.
 
 
 
 
 
Item 6.
Items other than those listed above are omitted because they are not required or are not applicable.


PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

Review by Independent Registered Public Accounting Firm

The September 30, 2018, and 2017, consolidated financial statements included in this filing have been reviewed by KPMG LLP, an independent registered public accounting firm, in accordance with established professional standards and procedures for such a review.

The report of KPMG LLP commenting upon its review is included on the following page.

1

Report of Independent Registered Public Accounting Firm


To the Shareholders and Board of Directors
Aflac Incorporated:

Results of Review of Interim Financial Information
We have reviewed the consolidated balance sheet of Aflac Incorporated and subsidiaries (the Company) as of September 30, 2018, the related consolidated statements of earnings, and comprehensive income (loss) for the three-month and nine-month periods ended September 30, 2018 and 2017, the related consolidated statements of shareholders' equity, and cash flows for the nine-month periods ended September 30, 2018 and 2017, and the related notes (collectively, the consolidated interim financial information). Based on our reviews, we are not aware of any material modifications that should be made to the consolidated interim financial information for it to be in conformity with U.S. generally accepted accounting principles.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Company as of December 31, 2017, and the related consolidated statements of earnings, comprehensive income (loss), shareholders’ equity, and cash flows for the year then ended (not presented herein); and in our report dated February 22, 2018, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet as of December 31, 2017, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results
This consolidated interim financial information is the responsibility of the Company’s management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our reviews in accordance with the standards of the PCAOB. A review of consolidated interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.



/s/ KPMG LLP

Atlanta, Georgia
November 1, 2018


2

Aflac Incorporated and Subsidiaries
Consolidated Statements of Earnings
  
Three Months Ended
September 30,
Nine Months Ended
September 30,
 
(In millions, except for share and per-share amounts - Unaudited)
2018
2017
2018
 
2017
 
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
Net premiums, principally supplemental health insurance
 
$
4,636

 
 
$
4,648

 
 
$
14,086

 
 
$
13,951

 
Net investment income
 
870

 
 
811

 
 
2,569

 
 
2,408

 
Realized investment gains (losses):
 
 
 
 
 
 
 
 
 
 
 
 
Other-than-temporary impairment losses realized
 
(5
)
 
 
(8
)
 
 
(17
)
 
 
(27
)
 
Other gains (losses) (1)
 
61

 
 
38

 
 
(59
)
 
 
(139
)
 
Total realized investment gains (losses)
 
56

 
 
30

 
 
(76
)
 
 
(166
)
 
Other income (loss)
 
15

 
 
17

 
 
53

 
 
50

 
Total revenues
 
5,577

 
 
5,506

 
 
16,632

 
 
16,243

 
Benefits and expenses:
 
 
 
 
 
 
 
 
 
 
 
 
Benefits and claims, net
 
3,002

 
 
3,083

 
 
9,075

 
 
9,174

 
Acquisition and operating expenses:
 
 
 
 
 
 
 
 
 
 
 
 
Amortization of deferred policy acquisition costs
 
315

 
 
271

 
 
932

 
 
848

 
Insurance commissions
 
331

 
 
332

 
 
1,007

 
 
996

 
Insurance and other expenses
 
730

 
 
686

 
 
2,193

 
 
2,025

 
Interest expense
 
53

 
 
59

 
 
164

 
 
181

 
Total acquisition and operating expenses
 
1,429

 
 
1,348

 
 
4,296

 
 
4,050

 
Total benefits and expenses
 
4,431

 
 
4,431

 
 
13,371

 
 
13,224

 
Earnings before income taxes
 
1,146

 
 
1,075

 
 
3,261

 
 
3,019

 
Income taxes
 
301

 
 
359

 
 
866

 
 
998

 
Net earnings
 
$
845

 
 
$
716

 
 
$
2,395

 
 
$
2,021

 
Net earnings per share:
 
 
 
 
 
 
 
 
 
 
 
 
Basic
 
$
1.10

 
 
$
.91

 
 
$
3.10

 
 
$
2.54

 
Diluted
 
1.09

 
 
.90

 
 
3.08

 
 
2.52

 
Weighted-average outstanding common shares used in
computing earnings per share (In thousands):
 
 
 
 
 
 
 
 
 
 
 
 
Basic
 
767,049

 
 
788,958

 
 
772,807

 
 
794,645

 
Diluted
 
772,070

 
 
794,762

 
 
777,867

 
 
800,483

 
Cash dividends per share
 
$
.26

 
 
$
.22

 
 
$
.78

 
 
$
.65

 

(1) See Note 1 of the Notes to the Consolidated Financial Statements for the adoption of accounting guidance on January 1, 2018 related to financial instruments.
See the accompanying Notes to the Consolidated Financial Statements.

3

Aflac Incorporated and Subsidiaries
Consolidated Statements of Comprehensive Income (Loss)
  
Three Months Ended
September 30,
Nine Months Ended
September 30,
(In millions - Unaudited)
2018
2017
2018
2017
Net earnings
 
$
845

 
 
$
716

 
 
$
2,395

 
 
$
2,021

 
Other comprehensive income (loss) before income taxes:
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized foreign currency translation gains (losses) during
period
 
(383
)
 
 
(58
)
 
 
(51
)
 
 
325

 
Unrealized gains (losses) on fixed maturity securities: (1)
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized holding gains (losses) on fixed maturity securities
during period
 
(866
)
 
 
457

 
 
(3,099
)
 
 
1,006

 
Reclassification adjustment for realized (gains) losses on
fixed maturity securities included in net earnings
 
(37
)