Products & Liabilities
As of December 31, 2024 (FY2024 10-K). Japan entity uses March 31, 2025 (FY2024 J-GAAP year-end).· Source: curated SEC 10-K filing analysis· 10 of 42 tables shown
Confidence:HighMediumLow
| # | Product | U.S. GAAP Product Category | Liability Type | FPB Net Liability (Dec 2024, $M) | Reinsurance Recoverable ($M) | Risk Type | Distribution | Status | Confidence |
|---|---|---|---|---|---|---|---|---|---|
| 1 | Cancer Insurance (Gan Hoken) | Cancer | FPB | $26,597 | $5,085 | Morbidity (cancer incidence, treatment duration) | Agencies, Japan Post | Actively sold | High |
| 2 | Medical Insurance (Iryo Hoken) | Medical and other health | FPB | $8,789 | $1,245 | Morbidity (hospitalization, surgery, medical procedures) | Agencies, Japan Post | Actively sold | High |
| 3 | Nursing Care Insurance (Kaigo Hoken) | Medical and other health | FPB | within $8,789 | within $1,245 | Morbidity (long-term care trigger) + longevity | Agencies | Actively sold | Medium |
| 4 | Income Protection Insurance | Medical and other health | FPB | within $8,789 | within $1,245 | Morbidity (disability/income loss) | Agencies | Actively sold | Medium |
| 5 | Three Major Disease Whole Life | Medical and other health | FPB | within $8,789 | within $1,245 | Morbidity (cancer, heart, stroke) + mortality | Agencies | Actively sold | Medium |
| 6 | One-Time Critical Illness Insurance | Medical and other health | FPB | within $8,789 | within $1,245 | Morbidity (critical illness lump sum) | Agencies | Closed/run-off | Medium |
| 7 | Life Insurance (Whole Life, Term, Savings, Child Endowment) | Life insurance | FPB | $19,109 | $0 | Mortality + lapse + interest rate | Agencies | Actively sold | High |
| 8 | Injury Insurance | Other | FPB | within $3,379 | $0 | Morbidity (accident) | Agencies | Actively sold (minimal) | Medium |
| 9 | Other Japan Products | Other | FPB | $3,379 | $0 | Mixed (mortality, morbidity) | Agencies | Various | High |
| 10 | Fixed Annuities (including WAYS conversions) | N/A (Other policyholders' funds) | PAB-equivalent | $5,221 (account balance) | $0 | Interest rate + longevity | Agencies, bank channel | Actively sold (new premiums $104M in 2024) | High |
| # | Product | U.S. GAAP Product Category | Liability Type | FPB Net Liability (Dec 2024, $M) | Reinsurance Recoverable ($M) | Risk Type | Distribution | Status | Confidence |
|---|---|---|---|---|---|---|---|---|---|
| 11 | Accident Insurance | Accident | FPB | $630 | $0 | Morbidity (accident frequency/severity) | Worksite/payroll deduction (employer groups) | Actively sold | High |
| 12 | Short-Term Disability Insurance | Disability | FPB | $695 | $0 | Morbidity (short-term disability) | Worksite/payroll deduction | Actively sold | High |
| 13 | Critical Care / Critical Illness Insurance | Critical care | FPB | $6,800 | $0 | Morbidity (cancer, heart attack, stroke, etc.) | Worksite/payroll deduction | Actively sold | High |
| 14 | Hospital Indemnity Insurance | Hospital indemnity | FPB | $775 | $0 | Morbidity (hospitalization) | Worksite/payroll deduction | Actively sold | High |
| 15 | Dental/Vision Insurance | Dental/vision | FPB | $245 | $0 | Morbidity (dental/vision utilization) | Worksite/payroll deduction; Argus Dental & Vision subsidiary | Actively sold | High |
| 16 | Life Insurance (Term and Whole Life) | Life insurance | FPB | $938 | $18 | Mortality + lapse | Worksite/payroll deduction | Actively sold | High |
| 17 | Other U.S. Products | Other | FPB | $462 | $0 | Mixed | Worksite/payroll deduction | Various | High |
| # | Product | Liability Type | Risk Type | Distribution | Status | Confidence |
|---|---|---|---|---|---|---|
| 18 | Group Accident & Critical Illness (ceded 50% to Aflac-Columbus via Modco) | FPB | Morbidity | Group worksite | Actively sold | High |
| 19 | Group Whole Life (ceded 85% premiums/100% claims to Aflac-Columbus) | FPB | Mortality | Group worksite | Run-off/legacy block | High |
| 20 | Group Life (Term) (50% ceded to RGA per life up to $150K) | FPB | Mortality | Group worksite | Actively sold | High |
| # | Product | Liability Type | Risk Type | Distribution | Status | Confidence |
|---|---|---|---|---|---|---|
| 21 | Supplemental Health & Life (NY market): Cancer, critical illness, hospital indemnity, accident, life insurance | FPB | Morbidity + mortality | Worksite/payroll deduction (NY employers) | Actively sold | High |
| Attribute | Detail |
|---|---|
| Entity | Aflac Life Insurance Japan Ltd. (ALIJ) |
| Segment | Aflac Japan |
| U.S. GAAP product category | Cancer |
| J-GAAP classification | Third-sector insurance (gan hoken) |
| Liability type | FPB (future policy benefits) |
| Separate account | No |
| MRB | No |
| FPB net liability (Dec 2024) | $26,597M (PV future benefits $40,781M minus PV future net premiums $14,184M) |
| Reinsurance recoverable (FPB basis) | $5,085M (ceded to Aflac Re) |
| Net FPB after reinsurance | $21,512M |
| Policies in force | 13,984,314 (March 2025) -- 64.0% of all ALIJ policies |
| In-force amount (face) | JPY 724,125M (~$4.8B) |
| Annualized premiums in force | JPY 667,094M (~$4.5B) -- 56.3% of ALIJ individual insurance premiums |
| New policies sold (FY2024) | 512,685 (66.5% of all new ALIJ policies) |
| New annualized premiums | Within JPY 54,600M total |
| Third-sector loss ratio | 53.6% cancer (FY2024), up from 52.2% (FY2023) |
| Risk type | Morbidity (cancer incidence rates, treatment patterns, claim duration) |
| Interest rate risk | Moderate -- long-duration liabilities with original discount rates ranging 2.1%-3.9% |
| Lapse risk | Moderate -- Japan lapse/surrender rate 4.7% (all products combined) |
| Distribution | Exclusive agencies (6,813 associates), Japan Post, bank channels |
| Status | Actively sold -- largest cancer insurance franchise in Japan |
| FPB duration | 12.6 years (weighted-average) |
| Original discount rate | 3.9% (weighted-average, U.S. GAAP) |
| Current discount rate | 2.2% (yen single-A corporate curve) |
| Treaty | Counterparty | Structure | Cession % | Reserves Ceded | Effective Date |
|---|---|---|---|---|---|
| ALIJ -> Aflac Re (1) | Aflac Re Bermuda | Fixed quota-share coinsurance | 28% | ~$2.1B | Jan 2023 |
| ALIJ -> Aflac Re (2) | Aflac Re Bermuda | Fixed quota-share coinsurance | 30% | ~$1.9B | Oct 2023 |
| ALIJ -> Aflac Re (3) | Aflac Re Bermuda | Fixed quota-share coinsurance | 30% | ~$1.8B | Oct 2024 |
| ALIJ -> External (novated) | Unnamed A+-rated reinsurer (novated to Aflac Re Dec 2023) | Fixed quota-share coinsurance | 1.5% | Not disclosed | Jan 2023 (novated Dec 2023) |
| Attribute | Detail |
|---|---|
| Entity | ALIJ |
| Segment | Aflac Japan |
| U.S. GAAP product category | Medical and other health |
| Liability type | FPB |
| FPB net liability (Dec 2024) | $8,789M (PV benefits $20,606M minus PV net premiums $11,817M) |
| Reinsurance recoverable (FPB basis) | $1,245M (ceded to Aflac Re -- medical block novation Dec 2023) |
| Net FPB after reinsurance | $7,544M |
| Policies in force | 5,404,339 (March 2025) -- 24.7% of all ALIJ policies |
| In-force amount (face) | JPY 22,920M (~$153M) -- small face amounts per policy (daily hospitalization benefit) |
| Annualized premiums in force | JPY 277,438M (~$1.9B) -- 23.4% of ALIJ individual insurance premiums |
| New policies sold (FY2024) | 142,862 (18.5% of new policies) |
| Third-sector loss ratio | 44.0% medical (FY2024), up from 41.6% (FY2023) |
| Risk type | Morbidity (hospitalization rates, procedure frequency, medical inflation) |
| FPB duration | 23.5 years (weighted-average) |
| Original discount rate | 2.5% |
| Current discount rate | 2.8% |
| Distribution | Agencies, Japan Post |
| Status | Actively sold |
| Attribute | Detail |
|---|---|
| Entity | ALIJ |
| Segment | Aflac Japan |
| U.S. GAAP product category | Medical and other health (aggregated) |
| Liability type | FPB |
| Policies in force | 461,812 (March 2025) -- 2.1% of ALIJ policies |
| In-force amount | JPY 474,957M (~$3.2B) |
| Annualized premiums | JPY 20,451M (~$137M) |
| New policies (FY2024) | 73,987 (9.6%) |
| Third-sector loss ratio | 37.0% (FY2024) |
| Risk type | Morbidity (long-term care trigger) + longevity |
| Distribution | Agencies |
| Status | Actively sold |
| Attribute | Detail |
|---|---|
| Entity | ALIJ |
| Segment | Aflac Japan |
| U.S. GAAP product category | Medical and other health (aggregated) |
| Liability type | FPB |
| Policies in force | 89,409 (March 2025) -- 0.4% of ALIJ policies |
| Annualized premiums | JPY 3,441M (~$23M) |
| New policies (FY2024) | 4,515 |
| Risk type | Morbidity (income loss from disability) |
| Distribution | Agencies |
| Status | Actively sold (small and declining) |
| Attribute | Detail |
|---|---|
| Entity | ALIJ |
| Segment | Aflac Japan |
| U.S. GAAP product category | Medical and other health (aggregated) |
| Liability type | FPB |
| Policies in force | 102,396 (March 2025) -- 0.5% |
| In-force amount | JPY 220,360M (~$1.5B) |
| Annualized premiums | JPY 4,935M (~$33M) |
| Risk type | Morbidity (cancer, heart disease, stroke) + mortality (whole life component) |
| Distribution | Agencies |
| Status | Actively sold |