The Company repurchased $900 million of its common stock during the quarter, demonstrating a commitment to returning capital to shareholders. This activity suggests management believes the company's shares are undervalued.

A new cancer insurance product, Miraito, was launched in Japan and was available in all sales channels starting in the second quarter of 2025. Strong sales of Tsumitasu and Miraito drove an increase in new annualized premium sales on a yen basis.

The increase in new annualized premium sales for Aflac U.S. in the first quarter of 2025 was primarily driven by sales of group products. This suggests a strategic focus on expanding the group insurance business in the U.S.

Aflac U.S. total adjusted expenses decreased, indicating improved expense efficiency. This suggests management's efforts to control costs in the U.S. segment are yielding positive results.

The Company recognized a settlement charge of $55 million in the first quarter of 2025 related to the U.S. defined benefit plan. This indicates a significant change in the benefit plan structure and management's decision to settle the obligations.

The company continues to implement its internal reinsurance strategy with Aflac Re, as evidenced by the impact on net earned premiums and benefits and claims in both Aflac Japan and Corporate and other segments. This suggests ongoing efforts to optimize capital and risk management.

The MD&A highlights that fluctuations in the yen/dollar exchange rate can significantly affect reported results due to the size of Aflac Japan. This underscores the ongoing risk associated with currency fluctuations and the need for continued hedging strategies.

The company's sensitivity to interest rate risk is noted, and the company uses interest rate swaps and swaptions to mitigate the impact of interest rate fluctuations. This indicates an ongoing effort to manage this market risk.

The company has investments in commercial mortgage loans and other loans, which are subject to credit risk. The company monitors the credit ratings periodically, but not less frequently than quarterly.

Aflac Japan exceeded 22 million individual policies in force in Japan, with approximately 14 million cancer policies in force. This demonstrates the company's continued dominance in this key market.

The company's ability to attract and retain qualified sales associates, brokers, employees, and distribution partners is a risk factor. This highlights the competitive pressures in attracting and retaining talent in the U.S. market.

The company launched a new cancer insurance product, Miraito, in Japan. This suggests that the company is actively innovating and adapting its product offerings to meet market demands.

Aflac U.S. total adjusted expenses decreased, indicating improved expense efficiency. This suggests management's efforts to control costs in the U.S. segment are yielding positive results.

Aflac Japan's focus on supporting agencies with strong management frameworks, high productivity and more producing agents has led to a decline in the number of sales agencies. This highlights a strategic shift towards higher-quality, more efficient distribution channels.

Total adjusted expenses increased primarily due to an increase in technology expenses, partially offset by the impact of the internal reinsurance transaction with Aflac Re established in the fourth quarter of 2024. This indicates a focus on technology investments.

Aflac Japan continues to promote digital and web-based sales to groups and use of its system that enables smart device-based insurance application. This indicates a commitment to digital transformation.

Total adjusted expenses increased primarily due to an increase in technology expenses, partially offset by the impact of the internal reinsurance transaction with Aflac Re established in the fourth quarter of 2024. This suggests a focus on technology investments.

Aflac Japan continues to utilize its virtual sales tool that enables online consultations and policy applications to be completed entirely online. This indicates a commitment to digital transformation.

The Company repurchased $900 million of its common stock during the quarter, demonstrating a commitment to returning capital to shareholders. This activity suggests management believes the company's shares are undervalued.

The board of directors declared a second quarter cash dividend of $.58 per share, an increase of 16.0% compared with the same period in 2024. This indicates a strong financial position and confidence in future performance.

The Company has committed up to $400 million to Aflac Ventures, indicating a strategic focus on supporting organic growth and business development needs. This suggests a forward-looking approach to capital allocation.

1.125% senior sustainability notes due March 2026 are listed in the notes payable section. This indicates a commitment to ESG initiatives.

Fluctuations in the yen/dollar exchange rate significantly affect reported results due to the size of Aflac Japan. This highlights the impact of macroeconomic factors on the company's financial performance.

The Company is committed to maintaining strong capital levels, consistent with maintaining current insurance financial strength and credit ratings. This indicates a focus on regulatory compliance and financial stability.

The FSA will introduce an economic value-based solvency regime based on the Insurance Capital Standards (ICS) for insurance companies in Japan. The initial report on the Economic Solvency Ratio (ESR) will be issued as of March 31, 2026, which is Aflac Japan's 2025 fiscal year-end. This indicates a change in the regulatory environment.