Subsidiaries
75
legal entities disclosed
Jurisdictions
11
states + countries
US / International
72% US
54 US · 21 intl
By functional typewhat each entity does, inferred from its legal name
Strategy & geographywhere the structure sits, and why
US onshore46 · 61%
Fund / SPV15 · 20%
International operations14 · 19%
0%
Offshore reins.
20%
Fund / SPV
5
Countries
International footprint
Asia-Pacific
10
Offshore centres
2
Other
1
Europe
1
What changed in the structurethis filing vs the prior annual report (2025-02-26) · 68 → 75 entities
+ Added (13)
AVJ Fund No.1 Investment Limited Partnership (21)Japan
AVJ Fund No.2 Investment Limited Partnership (21)Japan
Lurin Real Estate Holdings LII LLC (13)Delaware
Lurin Real Estate Holdings LV LLC (14)Delaware
Lurin Real Estate Holdings LVIII LLC (16)Delaware
Phoenicia Real Estate Holdings IV LLC (1)Delaware
Phoenicia Real Estate Holdings X LLC (7)Delaware
Phoenicia Real Estate Holdings XI LLC (7)Delaware
Portals Owner, LLC (18)Delaware
Taghkanic Real Estate Holdings IV LLC (12)Delaware
Taghkanic Real Estate Holdings V LLC (15)Delaware
Taghkanic Real Estate Holdings VI LLC (11)Delaware
Trident Tree Line Management, Inc. (23)Delaware
− Removed (6)
Aflac Pet Small-amount-and-Short-term Insurance Co., Ltd. (7)Japan
Lapetus Solutions, Inc. (4)Delaware
Paragon Real Estate Holdings I, LLC (8)Delaware
Paragon Real Estate Holdings II, LLC (8)Delaware
Portals Owners, LLC (13)Delaware
Wildfire Direct Lending Management MGP, LLC (17)Delaware
Entities present in one annual Exhibit 21 but not the other, matched on a normalized legal name. Additions can be new formations, acquisitions, or first-time disclosures; removals can be wind-downs, mergers, or sales. Indicative.
By jurisdiction (top 11)
Delaware
43
Japan
13
Cayman Islands
5
Nebraska
4
Georgia
4
Jurisdiction
1
New York
1
Bermuda
1
Northern Ireland, U.K
1
Florida
1
North Carolina
1
Subsidiaries
| Company | Jurisdiction |
| American Family Life Assurance Company of Columbus (Aflac) | Nebraska |
| American Family Life Assurance Company of New York (1) | New York |
| Aflac Re Bermuda Ltd. (1) | Bermuda |
| Aflac InfoSec Services LLC (1) | Delaware |
| Phoenicia Real Estate Holdings I LLC (1) | Delaware |
| Phoenicia Real Estate Holdings IV LLC (1) | Delaware |
| Aflac Asset Management LLC | Delaware |
| Aflac Asset Management Japan Ltd. (2) | Japan |
| Global Alternatives Fund SPC (2) | Cayman Islands |
| Global Alternatives Real Estate Portfolio SP (2) | Cayman Islands |
| Global Alternatives Private Equity Portfolio SP (2) | Cayman Islands |
| Aflac International, Inc. | Georgia |
| Aflac Information Technology, Inc. | Georgia |
| Aflac Global Ventures LLC | Delaware |
| Aflac Ventures Labs LLC (3) | Delaware |
| Aflac Ventures Seed Fund LLC (3) | Delaware |
| Aflac Ventures India Fund LLC (3) | Delaware |
| Aflac Ventures LLC (3) | Delaware |
| Aflac Benefits Advisors, Inc. | Georgia |
| Communicorp, Inc. | Georgia |
| Continental American Insurance Company | Nebraska |
| Aflac Holdings LLC | Nebraska |
| Aflac Life Insurance Japan Ltd. (4) | Japan |
| Tsusan Co., Ltd. (5) | Japan |
| Aflac Insurance Services Co., Ltd. (5) | Japan |
| Aflac Payment Services Co., Ltd. (5) | Japan |
| Aflac Small-amount Short-term Insurance Co., Ltd. (5) | Japan |
| Aflac Digital Services Co., Ltd. (5) | Japan |
| Aflac Ventures Japan KK (5) | Japan |
| Hatch Healthcare KK (5) | Japan |
| Global Investment Fund I (5) | Delaware |
| Oconee Real Estate Holdings I LLC (6) | Delaware |
| Oconee Real Estate Holdings III LLC (6) | Delaware |
| Phoenicia US TRE IV REO LLC (6) | Delaware |
| Phoenicia Real Estate Holdings III LLC (7) | Delaware |
| Phoenicia Real Estate Holdings V LLC (7) | Delaware |
| Phoenicia Real Estate Holdings VI LLC (7) | Delaware |
| Phoenicia Real Estate Holdings VII LLC (7) | Delaware |
| Phoenicia Real Estate Holdings VIII LLC (7) | Delaware |
| Phoenicia Real Estate Holdings IX LLC (7) | Delaware |
| Phoenicia Real Estate Holdings X LLC (7) | Delaware |
| Phoenicia Real Estate Holdings XI LLC (7) | Delaware |
| Oconee Real Estate Holdings II LLC (8) | Delaware |
| Taghkanic Real Estate Holdings I LLC (9) | Delaware |
| Taghkanic Real Estate Holdings II LLC (9) | Delaware |
| HJ SF Holdings LLC (10) | Delaware |
| SH SF Holdings LLC (10) | Delaware |
| HF SF Holdings LLC (10) | Delaware |
| HG SF Holdings LLC (10) | Delaware |
| Taghkanic Real Estate Holdings III LLC (11) | Delaware |
| Taghkanic Real Estate Holdings IV LLC (12) | Delaware |
| Lurin Real Estate Holdings LII LLC (13) | Delaware |
| Taghkanic Real Estate Holdings VI LLC (11) | Delaware |
| Lurin Real Estate Holdings LV LLC (14) | Delaware |
| Taghkanic Real Estate Holdings V LLC (15) | Delaware |
| Lurin Real Estate Holdings LVIII LLC (16) | Delaware |
| Portals Holdings, LLC (17) | Delaware |
| Portals Owner, LLC (18) | Delaware |
| Aflac Heartful Services Co., Ltd. (19) | Japan |
| Global Alternatives Private Equity Sub-Trust A (20) | Cayman Islands |
| Global Alternatives Real Estate Equity Sub-Trust B (20) | Cayman Islands |
| AVJ Fund No.2 Investment Limited Partnership (21) | Japan |
| AVJ Fund No.1 Investment Limited Partnership (21) | Japan |
| Medical Note, Inc. (22) | Japan |
| Tier One Insurance Company | Nebraska |
| Aflac Northern Ireland, Ltd. | Northern Ireland, U.K |
| Aflac Benefits Solutions Inc. | Florida |
| Empowered.Insure LLC | North Carolina |
| Aflac GI Holdings LLC | Delaware |
| Denham Sustainable Infra GP LLC (23) | Delaware |
| Denham Sustainable Infra Management LP (23) | Delaware |
| Sound Point Commercial Real Estate Finance LLC (23) | Delaware |
| Trident Tree Line Management, Inc. (23) | Delaware |
| Tree Line Capital Partners, LLC (23) | Delaware |
Subsidiaries as disclosed in the company's annual report (Exhibit 21 — Subsidiaries of the Registrant). Functional type is inferred from each entity's legal name and is indicative.