Logistics		Date and Time May 4, 2020 10:00 am		Place(1) Columbus Museum (in the Patrick Theatre) 1251 Wynnton Road, Columbus, Georgia		Record Date February 25, 2020

		Description		Board’s Recommendation
Proposal 1 Page 1
Proposal	To elect as Directors of the Company the eleven nominees named in the accompanying Proxy Statement to serve until the next Annual Meeting and until their successors are duly elected and qualified				FOR each of the eleven director nominees
Proposal 2 Page 29		To consider a non-binding advisory proposal on the Company’s executive compensation (“say-on-pay”)			FOR
Proposal 3 Page 62		To ratify the appointment of KPMG LLP as the Company’s independent registered public accounting firm for the year ending December 31, 2020
Board’s Recommendation		FOReach of the eleven director nominees				FOR     2021				FOR
Further Information

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2020 Proxy Statement     iii

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LETTER FROMLetter from the Chairman and Chief Executive Officer

March 18, 2021

Dear Fellow Shareholder:

When I wrote this letter last year, it would have been very difficult to foresee the gravity of what was soon to unfold for our society and for our company due to COVID-19. 2020 was certainly a year that tested the world, including all of us at Aflac Incorporated. While pandemic conditions are ongoing, I am proud to say that 2020 confirmed what I knew all along: the Company is strong, adaptable and resilient.

I want to thank you, our shareholders, as well as our employees and our sales distribution for supporting the people-first initiatives we spearheaded in both the U.S. and Japan in response to the COVID-19 pandemic. In Japan and the U.S., these actions included introducing work-from-home staffing models for our employees to ensure business continuity; expanding COVID-19 coverage and enhancing claims payment protocols to help get funds in the hands of policyholders when they needed us most; expanding premium payment grace periods; interest-free loans; virtual technology initiatives for our sales force; and charitable contributions to help frontline workers.

Consistent with our culture and identity as a socially responsible company, and given our remote working conditions, we stepped up our engagement with our employees through virtual town hall meetings and weekly touch-base letters in which we affirmed our commitment to being there for our policyholders, supporting our employees and sales teams personally and professionally, and creating an ongoing dialogue about social justice among other topics. We advanced our Environmental, Social, and Governance (ESG) disclosures with a dedicated report outlining our ESG policies and adoption of a formal reporting framework for going forward. We were pleased to appear on Fortune’s List of World’s Most Admired Companies for the 20^th time, ranking in the Life and Health Category at No. 5 for “Long-Term Investment Value” and No. 3 for both “Use of Corporate Assets” and “Global Competitiveness.”

Even amid the challenges of the current backdrop, we remain focused on helping to provide protection to our policyholders, growing our business, being a good corporate citizen, and driving shareholder value. In doing so, we’ve gained the trust of more than 50 million people worldwide. Following are some additional highlights that stand out from 2020:

GROWTH

While sales were impacted considerably in both Japan and the U.S. due to constrained face-to-face opportunities associated with social distancing protocol and the COVID-19 pandemic, we did anything but sit still. We maintained forward motion, accelerating investment in our platforms and technology while continuing strong earnings performance. In 2020, Aflac Incorporated generated $4.8 billion in net earnings, or $6.67 per diluted share, up 44.6% and 50.6% from last year, respectively, and an increase in adjusted earnings per diluted share on a currency-neutral basis of 10.8% to $4.92, driven by a reduction in the tax rate and higher share accretion. Our results are especially meaningful given pandemic conditions, the low-interest-rate environment in Japan, and absorbing our extensive investments in the business to drive future earned premium growth, which will remain a critical strategic focus for 2021.  

STRATEGIC CAPITAL DEPLOYMENT

We place significant importance on continuing to achieve strong capital ratios in the U.S. and Japan on behalf of our policyholders and shareholders. When it comes to capital deployment, we pursue value creation through a balance of actions including growth investments, stable dividend growth, and disciplined, tactical stock repurchase. Accordingly, our Board of Directors increased the cash dividend 3.7% in 2020, marking the 38^th consecutive year of dividend increases. We are very proud of and seek to extend this track record, which is supported by the strength of our capital and cash flows and evidenced by the announcement of a 17.9% increase in the quarterly cash dividend effective with the first quarter of 2021. Fortunately, we entered this pandemic in a very strong capital and liquidity position, which allowed us to confidently repurchase $1.5 billion, or 37.9 million of our shares, in 2020, consistent with our tactical

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Letter from the Chairman and Chief Executive Officer

approach. We believe our capital position, by any measure, remains robust given our risk profile, and we continue to have among the highest return on capital and lowest cost of capital in the industry. We place significant importance on continuing to achieve a strong risk-based capital (RBC) and solvency margin ratio (SMR) on behalf of our policyholders and shareholders alike in the U.S. and Japan. Through a combination of dividends and share repurchase, we returned about $2.3 billion to our shareholders in 2020.

CORPORATE CULTURE OF DOING THE RIGHT THING – THE AFLAC WAY

While this was a year filled with unparalleled challenges, our belief in fostering and welcoming all forms of diversity and viewpoints in our operations remains unchanged throughout our workforce, management team, and in the composition of our Board. Not only is this the right approach to take, but it enhances our ability to respond to all of our constituents and live up to the commitments we make to our customers, to our fellow employees and to all the people who rely on us.

At Aflac Incorporated, we have worked to be a good corporate citizen for decades. It’s the right thing to do. We have captured our actions in our Corporate Social Responsibility Report for more than 10 years, and will do so in our integrated Business and Sustainability Report going forward. I don’t think it’s a coincidence that we have achieved success while focusing on doing the right things for our policyholders, shareholders, employees, sales distribution, business partners, and communities. I’m proud of what we have accomplished in terms of both our social purpose and financial results, which have ultimately translated into strong, long-term shareholder return.

Doing the right thing is embodied in The Aflac Way, which is woven into the actions of those who represent the Company everywhere. One of the seven commitments of the Aflac Way I referred to in my letter last year was “Treat Everyone with Respect and Care,” and I am proud to say that this commitment was honored time and time again in 2020. This commitment extends to our outreach into the communities in which we do business and operate. This takes shape in various ways within the Aflac family, but most prominently in our dedication to children facing cancer and their families. In addition to marking the 65^th year since Aflac Incorporated’s founding and the Aflac Duck’s 20^th birthday, 2020 marked the 25^th anniversary of our partnership with the Aflac Cancer and Blood Disorders Center of Children’s Healthcare of Atlanta. It also marked the second year in the U.S. and the first full year in Japan of My Special Aflac Duck, our smart comforting companion that helps children feel less alone by using interactive technology during their cancer treatment.

In closing, I would like to express my gratitude to you, our shareholders, for putting your faith, confidence, trust, and resources in Aflac Incorporated. As we look ahead, delivering on our promise to be there for all of our constituents—you, our shareholders; our employees and sales force; and our policyholders and customers—will remain our priority because that is not only what sets us apart, it’s just who we are.

With these updates as a backdrop, it is my pleasure to invite you to virtually attend the 2021 Annual Meeting of Shareholders on Monday, May 3, 2021, where you can learn more about Aflac Incorporated’s recent business performance and strategy for the future. I encourage you to review the enclosed proxy materials and Annual Report on Form 10-K as well as Aflac Incorporated’s 2020 Business and Sustainability Report, which can be found at esg.aflac.com, to learn more about our company and our latest accomplishments. Then, please vote your shares, even if you plan to attend the virtual Annual Meeting. We want to be sure your shares and your viewpoints are represented.

Sincerely,

Daniel P. Amos

CHAIRMAN
AND CHIEF EXECUTIVE OFFICER

MARCH 19, 2020
Dear Fellow Shareholder:

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Letter from the Lead Non-Management Director

March 18, 2021

To My Fellow Shareholders:

I am privileged to serve as Lead Non-Management Director, working with an esteemed team of Board members who demonstrate expertise and acumen in a broad range of disciplines. In the face of an unimaginable, challenging year, the resolve of this Board was stronger than ever as we leveraged our expertise to oversee Aflac Incorporated’s effective and comprehensive response to the global COVID-19 pandemic. Throughout it all, we worked together as one team, while maintaining corporate governance practices and focusing on our business continuity and strategy. I want to share some of the key areas on which my fellow directors and I have focused this past year.

GLOBAL COVID-19 PANDEMIC RESPONSE: ILLUSTRATES THE IMPORTANCE OF A WELL-ROUNDED BOARD

Just as we promote diversity within our Company operations, we cultivate diversity and well-rounded expertise within our Board to ensure we have a 360-degree view of our operations. Looking at 2020, the importance and benefit from this approach cannot be overstated. For example, the Aflac Incorporated Board drew upon the experience of all its members, and in particular Dr. Barbara Rimer, dean of the University of North Carolina Gillings School of Global Public Health, whose public health expertise was invaluable in helping guide us through the pandemic. Together, the team worked in lockstep to ensure proper oversight and that management was fully engaged in taking care of employees, policyholders, shareholders, and the community as we navigated the pandemic. Notable action-items include the broad expertise in the medical arena that prompted us to pivot early to remote staffing models; the expertise in IT and cybersecurity that helped accelerate virtual technology and protect sensitive information; and the risk oversight that helped ensure controls were in place. While the number of formally planned meetings remained unchanged, the scope of information and communications increased substantially as the Board moved swiftly to take action during this unprecedented time.

STRATEGIC CORPORATE DEVELOPMENT

Early in 2020, it became clear that despite the challenges we were facing, it was vital to advance the momentum of our investment in the long-term growth of our Company. This momentum included integrating and building upon our 2019 acquisition of Argus (now Aflac Dental & Vision) for our planned national launch in 2021 as well as the 2020 closing of our acquisition of Zurich North America’s group benefits business. These two acquisitions help secure a more prominent spot when enrolling policyholders, which better positions Aflac U.S. for future success. Also in 2020, weclosed on a distribution alliance and ownership stake with Trupanion in the quickly growing market of pet insurance.

COMMITMENT TO SUSTAINABILITY

We began establishing, defining, and living Aflac Incorporated’s corporate purpose many years ago, even before this became a topic of interest among our investors. It was first thought of as the way we operate and later as the Aflac Way — guiding principles that exemplifies the compassion, ethics and spirit of the Company. The Aflac Way is an integral part of our corporate social responsibility and sustainability in creating long-term value for shareholders. We have seen moreinterest in Environmental, Social, and Governance (ESG) topics from investors and other stakeholders over the last several years. Consistent with our culture as a socially responsible company, we have advanced our ESG disclosures with a dedicated report outlining our ESG policies and capturing ourefforts through key disclosure frameworks, namely the Sustainability Accounting Standards Board (SASB) and the Task Force on Climate-related Financial Disclosures (TCFD). To be a steward of the planet, we are committing this year to expanding our carbon emissions goal to be net zero, including our Scope 3 emissions, by 2050. This global net-zero climate commitment will demand a comprehensive and transparent approach, and thus we will provide appropriate reporting and hold ourselves accountable along the way. We have enhanced our disclosure in other meaningful ways this past year by posting online our approach to ESG Investing, Tax, Carbon Neutrality, Human Rights, Human Capital Management, Diversity and Inclusion, Supply Chain Approach and Philosophy, Cybersecurity, and Aflac Global Investments ESG Investing. Visit Aflac Incorporated’s ESG site, esg.aflac.com, for these and additional disclosures that are aligned with our spirit of transparency and clarity on where we stand as a Company.

vi
It is my pleasure to invite you to attend the 2020 Annual Meeting of Shareholders on Monday, May 4, 2020, where you can learn more about Aflac Incorporated’s recent business performance and strategy for the future. I encourage you to review the enclosed proxy materials and Aflac Incorporated’s 2019 Year in Review and Annual Report on Form 10-K to learn more about your company and our latest accomplishments. Then, please vote your shares, even if you plan to attend the Annual Meeting. We want to be sure your shares and your viewpoints are represented. Aflac Incorporated continues to manage the business for the long term while keeping our more immediate financial objectives top of mind. We focus on providing protection to our policyholders, growing our business, being a good corporate citizen, and driving shareholder value. In doing so, we’ve gained the trust of more than 50 million people worldwide. We don’t seek out recognition for recognition’s sake, but when we receive it, we know we’re on the right track. In 2019, we appeared on Fortune’s List of World’s Most Admired Companies for the 19th time, and Aflac Incorporated ranks No.2 in its industry for “Long-Term Investment Value.” Following are some other highlights that stand out from 2019: GROWTH Aflac Incorporated generated $3.3 billion in net earnings or $4.43 per diluted share, up 13.2% and 17.5% from last year, respectively, and an increase in adjusted earnings per diluted share on a currency-neutral basis of 6.3% to $4.42, driven by strength in core margins. Our results are especially meaningful given the low-interest-rate environment in Japan and our extensive investments in the business to drive future earned premium growth, which will remain a critical strategic focus for 2020. CAPITAL DEPLOYMENT When it comes to capital deployment, significant value is achieved through a balance of growth investments, stable dividend growth and disciplined, tactical stock repurchase. In December 2016, we announced our intent to unlock around $1.7 billion in excess capital drawing down Aflac’s U.S. risk-based capital (RBC) ratio closer to 500% by the end of 2019, as part of our conversion of the Japan branch to a subsidiary. I am happy to report that by the end of 2019 we succeeded in unlocking $1.75 billion in excess capital and brought Aflac’s RBC ratio to 539%. However, we believe our capital position by any measure remains robust given our risk profile, and we continue to have among the highest return on capital and lowest cost of capital in the industry. Investing in our profitable business model remains the first priority for our capital, and this includes buy to build acquisitions like our November 2019 acquisition of Argus Holdings, LLC and its subsidiary Argus Dental & Vision, Inc., a benefits management organization and national network dental and vision company. This acquisition marks our strategic entry into network dental and vision in the U.S., which we will build out over the course of 2020 and roll out nationally in 2021. We also remain committed to returning capital to our shareholders in the form of dividends and share repurchase. Accordingly, our Board of Directors increased the cash dividend 3.8% in 2019, marking the 37thconsecutive year of dividend increases. It goes without saying that we are very proud of, and want to extend, this track record. In addition, we repurchased approximately $1.6 billion, or 32 million of our shares. We will continue to seek the right balance of investing in our business, continuing our long record of dividend growth, and repurchasing stock. Through a combination of dividends and share repurchase, we returned more than $2.4 billion to our shareholders in 2019.			We focus on providing protection to our policyholders, growing our business, being a good corporate citizen, and driving shareholder value... [and] we’ve gained the trust of more than 50 million people worldwide.

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Letter from the Lead Non-Management Director

We are proud our efforts to increase our transparency and improve our sustainability have received external recognition. The Company was recognized by Ethisphere as one of the World’s Most Ethical Companies for the 15th consecutive year, remaining the only insurance company in the world to receive this honor every year since this award was first introduced in 2007. For the second time, Aflac Incorporated was recognized on Bloomberg’s Gender-Equality Index, which tracks the financial performance of public companies committed to supporting gender equality through policy development, representation, and transparency.

RISK OVERSIGHT

It is important that our Board maintains its focus on identifying risks that are relevant to both the industry and to the Company. Along with carefully monitoring traditional risks associated with investments and our product risk profile, as well as maintaining strong capital ratios and managing operational risk, the Board has overseen significant advancements in information security. The Board has enhanced our information security policy with the goal of ensuring that the Company’s information assets and data, and the data of its customers, are appropriately protected.

As lead director, I will continue engaging our investors, gaining insight into their perspectives, and considering the viewpoints and positions of those who invest in our business.

The Board looks forward to continuing its ongoing dialogue with investors and acting upon that feedback, and we thank you for your support and the privilege of representing you and your shares in Aflac Incorporated. With these vital topics in mind, I encourage you to review the accompanying Proxy Statement and associated materials and to vote your shares before our virtual Annual Meeting on May 3, 2021. It is my pleasure, and my privilege, to serve on Aflac Incorporated’s Board, and I look forward, as a fellow shareholder, to the many ways the Company will continue upholding its promises.

Sincerely,

W. Paul Bowers

LEAD NON-MANAGEMENT DIRECTOR

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I’m in my 30th year as CEO of Aflac Incorporated, and since the end of August 1990 to the end of 2019, our stock has generated a total return to shareholders, including reinvested cash dividends, of more than 8,913%. This performance significantly exceeds the S&P Life & Health, S&P 500 and the Dow Jones Industrial Average over the same period. CORPORATE CULTURE OF DOING THE RIGHT THING – THE AFLAC WAY We believe that fostering and welcoming all forms of diversity in our daily operations, throughout our workforce, management team and in the composition of our Board, enhances our ability to respond to all of our constituents. Living up to the commitments we make to our customers, to our fellow employees and to all the people who rely on us is just the way we work. It’s the Aflac Way. One of the seven commitments of the Aflac Way is “Treat Everyone with Respect and Care.” One way of reinforcing this culture of understanding is by cultivating and fostering a diverse working environment and including people who represent different viewpoints. I’m proud of the fact that in the United States, 35% of our key senior leadership team are ethnic minorities or women, and 66% of our U.S. employees are women. I’m also proud of the fact that Aflac Japan achieved its goal of 30% female leadership at the company in 2019, one year ahead of schedule. By delivering on our promise to be there when policyholders need us most, paying claims fairly and promptly, and managing our business The Aflac Way, we’ve gained the trust of more than 50 million people worldwide. CORPORATE CITIZENSHIP At Aflac Incorporated, we have worked to be a good corporate citizen for decades because it’s the right thing to do, and we have captured this in our Corporate Responsibility Report for more than 10 years. I don’t think it’s a coincidence that we have achieved success while focusing on doing the right things for our policyholders, shareholders, employees, sales distribution, business partners and communities. I’m proud of what we have accomplished in terms of both our social purpose and financial results, which have ultimately translated into strong, long-term shareholder return. In 2019, we followed up the initial U.S. introduction ofMy Special Aflac Duck, a smart, comforting companion that helps children feel less alone by using interactive technology during their cancer treatment, by introducing it in Japan. This special fuzzy companion helps bring comfort to children during their cancer care journey through “feeling cards” that help them express a range of emotions and a compatible web-based app that enables the children to mirror their care routines. We will continue to drive shareholder value and do so by acting ethically and giving back to the communities in which we operate. Ultimately, we believe this is a more sustainable approach to business that will continue to increase shareholder value. By remaining disciplined and focusing on doing what we do best, I believe we will continue to generate results that build long-term shareholder value. I also would like to express my gratitude to you, our shareholders, for putting your faith, confidence, and resources in Aflac Incorporated. As we look ahead, delivering on more than a promise will remain our priority, because that is not only what sets us apart, it’s who we are. Sincerely, Daniel P. Amos CHAIRMAN AND CHIEF EXECUTIVE OFFICER			“Treat everyone with respect and care.”

2020 Proxy Statement         v

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LETTER FROM THE LEAD
NON-MANAGEMENT DIRECTOR

MARCH 19, 2020
To My Fellow Shareholders:

I am honored to have the opportunity to serve as Lead Non-Management Director, working with an experienced team of Board members who exemplify acumen in a broad range of disciplines. This team is dedicated to effectively and pragmatically overseeing Aflac Incorporated’s corporate governance and business strategy. I want to share some of the key areas on which my fellow directors and I have focused. Shareholder Engagement:As lead director, I will continue to engage our investors, gain insight into their perspectives and consider the viewpoints and positions of those who invest in our business. As a result, the Board has received valued feedback related to our Board practices and composition, executive compensation structure, and sustainability efforts, to name a few areas. This results in productive discussions and actions representing you, our shareholders. Board Composition:Just as we foster diversity within our Company operations, we foster diversity within our Board to ensure that we maintain a 360 degree view of our operations and to prompt productive and informative discussions covering the breadth and depth that our business requires. It is vital that we maintain an accomplished and cohesive Board composed of subject matter experts who are passionate about their respective areas of discipline. Our Board is made up of members whose skill sets align with the current and future needs of our Company. The Board engages in a regular self-evaluation process to ensure we maintain a cohesive, diverse, and well-constituted board of high integrity that exemplifies the right balance of perspective, experience, independence, skill sets, and subject matter experts required for prudent oversight of the Company. Over the last five years, six new directors have been added. Georgette Kiser is the most recent example of an outstanding addition to the Board, and we believe that she will prove to be a tremendous addition to the Audit and Risk Committee, too. In 2020, as a result of the Board’s annual self-evaluation process and feedback from shareholder engagements, we have determined that the Board would benefit from additional representation from Japan. We believe we found an excellent candidate in Nobuchika Mori. Commitment to Sustainability:We began establishing and defining Aflac Incorporated’s corporate purpose many years ago, even before investors began showing an interest. Establishing and defining the Company’s corporate purpose has been integral to our success. Each year, we highlight some of our efforts in Aflac Incorporated’s Year in Review and Corporate Social Responsibility reports, which I invite you to read. The Board has long recognized the importance of corporate social responsibility and sustainability in creating long-term value for shareholders. We have had a dedicated Board-level sustainability committee since 2007 and in 2017, we broadened the focus of that committee and renamed it the Corporate Social Responsibility and Sustainability Committee. In addition, we have witnessed increased interest in Environmental, Social and Governance, or ESG, from investors and others alike over the last two years. As a result, the Company has expanded and enhanced its disclosures with the launch of Aflac Incorporated’s ESG Hub, esg.aflac.com, which includes reporting using Sustainability Accounting Standards Board (SASB) and Task Force on Climate-related Financial Disclosures (TCFD) standards. The Company’s hard work to address ESG			As lead director, I will continue to engage our investors, gain insight into their perspectives and consider the viewpoints and positions of those who invest in our business.

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issues has been widely acknowledged. For example, in 2020, the Company was recognized by Ethisphere as one of the World’s Most Ethical Companies for the 14th consecutive year, remaining the only insurance company in the world to receive this honor every year since this award was inaugurated in 2007. Earlier this year, Bloomberg added Aflac Incorporated to its Gender-Equality Index, which tracks the financial performance of public companies committed to supporting gender equality through policy development, representation and transparency. I think that you will agree that the Company has a good story to tell, and we are excited to share it. Risk Oversight:It is vitally important that our Board continually works to identify risks that are relevant to both the industry and to the Company. Along with carefully monitoring traditional risks associated with investments and our product risk profile, as well as maintaining strong capital ratios and managing operational risk, the Board has overseen significant advancements in information security and has enhanced our information security policy with the goal of ensuring that the Company’s information assets and data, and the data of its customers, are appropriately protected. The addition of Ms. Kiser’s expertise to our Board has added depth to our IT and information security oversight that protects all aspects of our operations. With these vital topics in mind, I encourage you to review the accompanying Proxy Statement and associated materials and to vote your shares before our annual meeting on May 4, 2020. The Board looks forward to continuing our ongoing dialogue with investors and acting upon that feedback, and we thank you for your support and the privilege of representing you and your shares. It is my pleasure, and my privilege, to serve on Aflac Incorporated’s Board, and I look forward, as a fellow shareholder, to all of the ways the Company will continue to uphold its promises. Sincerely, W. Paul Bowers LEAD NON-MANAGEMENT DIRECTOR			We began establishing and defining Aflac Incorporated’s corporate purpose many years ago, even before investors began showing an interest. Establishing and defining Aflac Incorporated’s corporate purpose has been integral to our success.

2020 Proxy Statement       vii

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Proxy Summary

This summary highlights information contained elsewhere in this Proxy Statement, but it does not contain all of the information you should consider. For more information, please refer to the following:

AGENDA AND VOTING MATTERS

	To elect as Directors of the Company the eleven nominees named in this Proxy Statement			FOReach nominee
				PAGE2 1
	To consider a non-binding advisory proposal on the Company’s executive compensation (“say-on-pay”)			FOR
				PAGE27 29
	To ratify the appointment of KPMG LLP as the Company’s independent registered public accounting firm			FOR
				PAGE58 62

Please read the entire Proxy Statement before voting. This Proxy Statement and the accompanying proxy are being delivered to shareholders on or about March 19, 2020.18, 2021.

For more complete information regarding the Company’s 20192020 performance, please review the Company’s Annual Report on Form 10-K.10-K for the year ended December 31, 2020. In this Proxy Statement, the terms “Company,” “we,” or “our” refer to Aflac Incorporated. The term “Aflac” refers to the Company’s subsidiary, American Family Life Assurance Company of Columbus. The term “Aflac U.S.” refers collectively to the Company’s United States insurance subsidiaries:subsidiaries, Aflac; American Family Life Assurance Company of New York (Aflac New York), a wholly owned subsidiary of Aflac; and Continental American Insurance Company (CAIC), branded as Aflac Group Insurance.Insurance; and Tier One Insurance Company (TOIC); as well as Argus Dental & Vision, Inc. (Argus), a benefits management organization and national network dental and vision company. The term “Aflac Japan” refers to Aflac Life Insurance Japan Ltd. The term “Aflac Global Investments” refers to the Company’s asset management subsidiary, Aflac Asset Management LLC and its management subsidiary in Japan, Aflac Asset Management Japan Ltd.

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viii     Aflac Incorporated

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Proxy Summary

	Proposal 1
01	Proposal 1 Election of Directors
	Each Director stands for election annually. The following provides summary information about the nominees. Our Board believes it is appropriate to maintain a diverse balance of longer tenured members, who bring stability and valuable Company-specific knowledge with a historical perspective, and newer members, who bring fresh viewpoints and new ideas.
		The Board of Directors recommends a vote FOReach of the eleven nominees.		PAGE 21

DIRECTOR NOMINEES

					Committee Memberships
	Name	IND	Age	Director Since	AR	C	CD	CG	E	FI	CSR
	DANIEL P. AMOS Chairman and Chief Executive Officer, Aflac Incorporated		68	1983					●	●
	W. PAUL BOWERS Lead Director Chairman, President and Chief Executive Officer of Georgia Power Co.	●	63	2013	●		●		●		●
	TOSHIHIKO FUKUZAWA President and CEO, Chuo Real Estate Co., Ltd.	●	63	2016						●
	THOMAS J. KENNY Former Partner and Co-Head of Global Fixed Income, Goldman Sachs Asset Management	●	56	2015			●			●	●
	GEORGETTE D. KISER Operating Executive, The Carlyle Group	●	52	2019		●
	KAROLE F. LLOYD Certified Public Accountant and retired Ernst & Young LLP audit partner	●	61	2017	●				●	●
	NOBUCHIKA MORI Representative Director, Japan Financial and Economic Research Co. Ltd.	●	63	*
	JOSEPH L. MOSKOWITZ Retired Executive Vice President, Primerica, Inc.	●	66	2015	●	●	●
	BARBARA K. RIMER, DrPH Dean and Alumni Distinguished Professor, Gillings School of Global Public Health, University of North Carolina, Chapel Hill	●	71	1995				●			●
	KATHERINE T. ROHRER Vice Provost Emeritus, Princeton University	●	66	2017		●		●
	MELVIN T. STITH Dean Emeritus of the Martin J. Whitman School of Management at Syracuse University	●	73	2012				●	●		●

Director Nominees Summary

				Director	Committee Memberships
	Name	IND	Age	Since	AR	C	CD	CG	CSR	E	FI
	DANIEL P. AMOS Chairman and Chief Executive Officer, Aflac Incorporated		69	1983						●	●
	W. PAUL BOWERS Lead Director Chairman and Chief Executive Officer of Georgia Power Co.	●	64	2013	●		●		●	●
	TOSHIHIKO FUKUZAWA President and CEO, Chuo Real Estate Co., Ltd.	●	64	2016							●
	THOMAS J. KENNY Former Partner and Co-Head of Global Fixed Income, Goldman Sachs Asset Management	●	57	2015			●		●		●
	GEORGETTE D. KISER Operating Executive, The Carlyle Group	●	53	2019	●	●
	KAROLE F. LLOYD Certified Public Accountant and retired Ernst & Young LLP audit partner	●	62	2017	●					●	●
	NOBUCHIKA MORI Representative Director, Japan Financial and Economic Research Co. Ltd.	●	64	2020
	JOSEPH L. MOSKOWITZ Retired Executive Vice President, Primerica, Inc.	●	67	2015	●	●	●			●
	BARBARA K. RIMER, DrPH Dean and Alumni Distinguished Professor, Gillings School of Global Public Health, University of North Carolina, Chapel Hill	●	72	1995				●	●
	KATHERINE T. ROHRER Vice Provost Emeritus, Princeton University	●	67	2017		●		●
	MELVIN T. STITH Dean Emeritus of the Martin J. Whitman School of Management at Syracuse University	●	74	2012				●	●	●

AR	Audit & Risk	CG	Corporate Governance	E	Executive		●	Independent
C	Compensation	CSR	Corporate Social Responsibility & Sustainability	FI	Finance & Investment		●	Chair
CD	Corporate Development			CSR	Corporate Social Responsibility & Sustainability		●	Member

CG2021 Proxy Statement

Corporate Governanceix

*

First year nominated

		Information About Our Board Members
		BOARD TENURE
		2020 Independent Director nominees (10) 7 of our 10 Independent Director nominees are minority and/or women
		DIVERSITY OF SKILLS AND EXPERIENCE
		2020 all Director nominees (11)
		INDEPENDENT
		CURRENT OR FORMER CEO
		MARKETING AND PUBLIC RELATIONS
		JAPANESE MARKET EXPERTISE
		INVEST. AND FINANCIAL EXPERTISE
		OPERATIONS EXPERIENCE
		REG. AND RISK MGMT. EXPERIENCE
		INDUSTRY EXPERIENCE
		PUBLIC HEALTH EXPERIENCE
		DIGITAL/CYBER SECURITY
		WOMAN DIRECTOR
		MINORITY DIRECTOR

2020 Proxy Statement       ix

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Proxy Summary

BOARD TENURE

2021 Independent Director nominees (10)

7 of 10 Independent Director
nominees are minority and or women

DIVERSITY OF SKILLS, EXPERIENCE AND ATTRIBUTES

2021 all Director nominees (11)

Corporate Governance Highlights

CORPORATE GOVERNANCE HIGHLIGHTS

✓	Annual director elections
✓	Majority vote standard for director elections
✓	Independent Lead Director
✓	Active and responsive shareholder engagement process
✓	Annual Board evaluations, including individual director interviews
✓	Shareholder ability to call special meetings
✓	Shareholder right of proxy access
✓	Robust CEO succession planning process
✓	Director mandatory retirement age

CORPORATE SOCIAL RESPONSIBILITY AND SUSTAINABILITY HIGHLIGHTSHistorical Board Support

2020 AVERAGEDIRECTORSUPPORT		LAST FIVE-YEAR AVERAGEDIRECTORSUPPORT

percentage of the votes cast in favor of election of the nominees

Corporate Social Responsibility and Sustainability Highlights

We carefully consider the impact our actions will have on our communities and our planet – not only today, but in the years to come.

We are invested in an inclusive and equitable work environment.

We are proud of the accolades we have received, a handful of which are listed below, and we invite you to read Aflac’s Year in ReviewAflac Incorporated’s 2020 Business and Corporate Social Responsibility reportsSustainability Report, at esg.aflac.com, to learn more about our initiatives.

●	Fortune’s 100 Best Companies to Work for in America (20thconsecutive year)•
●	Fortune’s Most Admired Companies (19(20thtime)
●•	Ethisphere’s World’s Most Ethical Companies (14(15thconsecutive year)
●•	Named to Dow Jones Sustainability Indexes (8thconsecutive year)
●	Bloomberg’s Gender-Equality Index, which tracks the financial performance of public companies committed to supporting gender equality through policy development, representation, and transparency.transparency (2nd consecutive year)
•	Through its Women’s Empowerment Program, Aflac Japan surpassed its goal of reaching 30% of women in leadership positions (assistant manager or higher) one year ahead of schedule in 2019. Now, Aflac Japan has raised the bar and is on pace to a new target of filling 30% of manager or higher positions by women by the end of 2025.

x         Aflac Incorporated

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Proxy Summary

	Proposal 2
02	Proposal 2 Executive Compensation (“Say-on-Pay”)
	We are committed to achieving a high level of total return for our shareholders. From the end of August 1990, when Daniel P. Amos was appointed the CEO, through December 31, 2019,2020, the Company’s total return to shareholders, including reinvested cash dividends, has exceeded8,913%7,689%, compared with 2,111%2,326% for the Dow Jones Industrial Average, 1,748%2,088% for the S&P 500 Index, and 1,000%895% for the S&P 500 Life & Health Insurance Index over the same period.
		The Board of Directors recommends a vote FORour executive compensation.		PAGE 2729

EXECUTIVE COMPENSATION HIGHLIGHTS

Executive Compensation Highlights

Our executive compensation philosophy is to provide pay that is aligned with the Company’s results. We believe this is the most effective method for creating shareholder value and it has played a significant role in making the Company an industry leader. Our pay-for-performance compensation program is designed to align pay and performance and generally targets market median positioning and delivers the majority of direct compensation through performance-based elements. This ensures proper alignment with our shareholders and ties compensation for named executive officers to the Company’s performance.

The Company’s executive compensation program reflects our corporate governance best practices principles:

✓	The Board’s independent Compensation Committee oversees the program.
✓	The Compensation Committee retains an independent compensation consultant that reports only to that Committee.
✓	The independent compensation consultant briefs the full Board annually on CEO pay and performance alignment.
✓	We were the first public company in the U.S. to voluntarily provide shareholders with a say-on-pay vote–vote – three years before such votes became mandatory.
✓	Executive officers and Directors may not enter into 10b5-1 plans unless approved by the Compensation Committee or pledge the Company’s stock.
✓	All employees are prohibited from hedging Company stock.
✓	Executive officers and Directors have been subject to stock ownership guidelines for almost two decades.
✓	We have had a clawback policy since 2007.
✓	We do not provide for change-in-control excise tax gross-ups.
✓	All employment agreements contain double trigger change-in-control requirements.

The effect of COVID-19 created un-planned volatility in our results for the Aflac U.S. and Aflac Japan segments.

2020 Business Highlights

In 2020, the Company delivered strong operating results.

NET EARNINGS

$4.8B  (44.6%)▲

EPS                     ADJUSTED EPS*

50.6%▲ 10.8%▲

RETURN ON EQUITY

15.3%▲

ADJUSTED RETURN ON EQUITY (“AROE”)*

15.0%▲

REPURCHASED SHARES

$1.5B

CASH DIVIDEND

3.7%▲

3 YEAR TSR

+8.6%

		2019 BUSINESS HIGHLIGHTS•
		In 2019, the Company delivered strong operating results.
		NET EARNINGS $3.3B(13.2%)▲
		EPS 17.5%▲	ADJUSTED EPS* 6.3%▲
		RETURN ON EQUITY 12.6%▲
		ADJUSTED RETURN ON EQUITY (“AROE”)* 15.1%▲
		REPURCHASED SHARES $1.6B
		CASH DIVIDEND 3.8%▲
		3 YEAR TSR +62.5%

●	U.S. and Japan sales(1)were down 1.3%decreased by 30.8% and 16.9%36.2%, respectively.
●•	Total revenues increased 2.5%decreased 0.7% to $22.3$22.1 billion. Total adjusted revenues increased 1.2%0.3% to $22.3 billion reflective of continued growth of the inforcein-force business inat both United StatesAflac U.S. and Aflac Japan. Total adjusted revenues, on a currency-neutral basis* increased .4%excluding current period foreign currency impact* decreased 1.0% to $22.1$22.0 billion.
●•	Earnings per share (EPS) and Aflac U.S. earnings results were generally impacted positively with lower benefit ratios in the U.S. and overall lower expense run-rates. Aflac Japan’s strong performance was attributed almost entirely to net investment income as the positive impact on the benefit ratio from lower routine visits was offset by higher persistency.
•	We acquired Argus Holdings, LLCZurich Benefits which was a key step in the Company’s buy-to-build strategy to deliver best-in-class network dental and visiontrue group products to employers and unique solutions to distribution partners. Along with entering a growth market, we believe this portfolio expansion will increase producer productivity and assist with recruiting and retaining agents and expand broker markets.

*	Adjusted earnings per diluted share excluding foreign currency impact, total adjusted revenues, on a currency-neutral basis,excluding current period foreign currency impact, and AROE excluding foreign currency impact, are not calculated in accordance with generally accepted accounting principles in the United States (GAAP). See the Appendix to this Proxy Statement for definitions of these non-GAAP measures and reconciliation to the most comparable GAAP financial measure.
(1)	As defined in Item 1. Business in the Company’s 20192020 Annual Report on Form 10-K.

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Proxy Summary

2020 Executive Compensation

2019 EXECUTIVE COMPENSATION

The total target direct compensation mix for 20192020 for (1) our CEO and (2) our CEO together with our other NEOs is illustrated in the following charts, and reflects the performance-based nature of our compensation program:

CEO TARGET COMPENSATION MIX		CEO + NEOs AVERAGE TARGET COMPENSATION MIX

Recent Say-on-Pay Votes

2020 SAY-ON-PAYSUPPORT		FIVE-YEAR AVERAGE SAY-ON-PAY SUPPORT

RECENT SAY-ON-PAY VOTES

We are pleased that, for the past two consecutive years, 96%our executive compensation received the voting support of 98% of our shareholders voting on the say-on-pay proposal voted in favor of our executive compensation.shareholders. We believe this continued support reflects favorably on changes we have made to our executive compensation program over the past few years to more tightly link compensation metrics to our business strategy while incorporating feedback received from our shareholders. We work hard to ensure we implement best practices in executive compensation while staying focused on performance-based program elements that align with shareholder interests. As noted in the Program Changes for 2021 section of the Compensation Discussion and Analysis, the Compensation Committee has made changes to the Management Incentive Plan formula to include an ESG modifier for 2021. We will continue to review our compensation program each year to determine if additional changes are warranted.

Learn more in theCompensation Discussion & Analysisunder the heading “Outcome of 20192020 Say-on-Pay Vote”.

	Proposal 3
03	Proposal 3 Ratification of Auditors
	In February 2020,2021, the Audit and Risk Committee voted to appoint KPMG LLP, an independent registered public accounting firm, to perform the annual audit of the Company’s consolidated financial statements for fiscal year 2020,2021, subject to ratification by theits shareholders.
		The Board of Directors and the Audit and Risk Committee recommend a vote FORthe ratification of   the selection of KPMG LLP.		PAGE 5862

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Attending the Virtual Annual Meeting

We continue to monitor developments regarding the coronavirus (COVID-19). In the interest of the health and well-being of our shareholders, the Board has made the decision that the Annual Meeting be held solely by means of remote communication.

How to Join the Virtual Annual Meeting

Shareholders as of the close of business on February 23, 2021 (Record Date) are invited to attend the virtual Annual Meeting at www.virtualshareholdermeeting.com/AFL2021 by entering the 16-digit control number included on their proxy card or notice that they previously received. If you hold your shares in street name and did not receive a 16-digit unique control number with your proxy materials, please contact your bank, broker, or other holder of record as soon as possible to obtain a valid legal proxy and for instructions on how to obtain a control number to be admitted to and to vote at the Annual Meeting. Online access to the webcast will open 15 minutes prior to the designated start time. Shareholders may submit questions in writing through the virtual meeting platform. Those who do not have a control number may attend as guests, but will not be able to vote shares or submit questions during the webcast. While voting during the virtual meeting will be permitted, Aflac Incorporated encourages shareholders to vote in advance of the meeting.

Vote BEFORE the meeting:

Vote by one of the following methods by 11:59 p.m. Eastern Time on May 2, 2021 for shares held directly and by 11:59 p.m. Eastern Time on April 28, 2021 for shares held in a Plan:

Go to www.proxyvote.com, or

Call 1-800-690-6903, or

Mark, sign and date your proxy card and return it in the postage-paid envelope we previously provided.

Vote DURING the meeting:

Go to www.virtualshareholdermeeting.com/ AFL2021.

Shareholders may attend and vote during the virtual Annual Meeting by following the instructions on the website above.

The meeting webcast will begin promptly at 10 a.m., Eastern Standard Time, on Monday, May 3, 2021. We encourage you to access the meeting prior to the start time, as check-in will begin at 9:45 a.m. If you experience technical difficulties during the check-in process or during the meeting, please call the technical support number that will be posted on the virtual Annual Meeting log-in page for assistance.

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Table of Contents

Notice of 20202021 Annual Meeting of Shareholders
iii		How to Vote
Letter from the Chairman and CEOChief Executive Officer
Letter from the Lead Non-Management Director
Proxy Summary
ix		Information about our Board MembersDirector Nominees Summary
x		Corporate Governance Highlights
x	Historical Board Support
x	Corporate Social Responsibility/Responsibility and Sustainability Highlights
xi		Executive Compensation Highlights
xi		20192020 Business Highlights
xii		20192020 Executive Compensation
xii		Recent Say-On-PaySay-on-Pay Votes
		Attending the Virtual Annual Meeting
xiii	How to Join the Virtual Meeting
Corporate Governance Matters
1	2		PROPOSAL 11: Election of Directors
31		Board CompositionBoard’s Active Role in Responding to COVID-19
32		Director Skills Summary and The Link to Our StrategyBoard Composition
32	Information about the Board of Directors
3	Director Nominees
98	Board Succession Planning and Refreshment Process
9	Director Nominating Process
1110		Board Self-Evaluation
11		Director Independence
1211	Independent Director Tenure Mix
12	Our Board and Committees
12		Board Leadership Structure
13		Lead Non-Management Director
13		Committee Structure
21		Meeting Attendance
21		Board Responsibilities
21		Enterprise-Wide Risk Oversight
22		Code of Business Conduct and Ethics
22		Chief Executive Officer and Executive Management Succession Planning
23		Commitment to Social Responsibility and Sustainability
23		Shareholder Outreach
2423	Our Approach
24	Governance Documents
24		Director Compensation
24		Cash Compensation
25		Equity Compensation
25		Vesting
25		Retirement Plans
26		20192020 Director Compensation
27	CD&A At-A-Glance

Executive Compensation
29	PROPOSAL 2:
Executive Compensation
27		PROPOSAL 2 Executive Compensation (“Say-on-Pay”)
2729		Compensation Discussion &and Analysis
2830		Executive Summary
3235		Compensation Design and Philosophy
3637	Performance-Based Compensation: How Performance Goals Are Set
38	2019Importance of Measuring Management’s Performance Excluding the Impact of Currency
38	MIP Target-Setting Considerations
39	Equity Granting Policies
40	2020 Executive Compensation
4448		Additional Executive Compensation Plan Practice and Procedures
4549		Compensation Committee Report
4650		Executive Compensation Tables
4650		20192020 Summary Compensation Table
4751		20192020 All Other Compensation
4751		20192020 Perquisites
4852		20192020 Grants of Plan-Based Awards
4953		20192020 Outstanding Equity Awards at Fiscal Year-End
5054		20192020 Option Exercises and Stock Vested
5054		Pension Benefits
5256		Nonqualified Deferred Compensation
5357		Potential Payments Upon Termination or Change in Control
5660		CEO Pay Ratio
5761		Equity Compensation Plan Information
Audit Matters
62	PROPOSAL 3:
Audit Matters
58		PROPOSAL 3 Ratification of Auditors
5862		Audit Fees and Other Fees
5862		Pre-Approval Policies and Procedures
5963		Audit and Risk Committee Report
6064		Related Person Transactions
		Stock Ownership
Stock Ownership67
62		Beneficial Ownership of the Company’s Securities
6367		Security Ownership of Directors
6468		Security Ownership of Management
6468		Delinquent Section 16(a) Reports
Solicitation and Revocation of Proxy
Other Matters
Appendix – Definition of Non-U.S. GAAP Measures and Reconciliations to Corresponding U.S. GAAP Measures

2020 Proxy Statement         1

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Corporate Governance Matters

	01Corporate Governance Matters
		Proposal1 Election of Directors
	Each Director stands for election annually. The following provides summary information about the nominees. Our Board believes it is appropriate to maintain a diverse balance of longer tenured members, who bring stability and valuable Company-specific knowledge with a historical perspective, and newer members, who bring fresh viewpoints and new ideas.
		The Board of Directors recommends a voteFOReach of the eleven nominees.

	The Company proposes that the following eleven individuals be elected to the Board. These individuals have been nominated by the Board’s Corporate Governance Committee. If elected, they are willing to serve for a one-year term expiring at our 2022 Annual Meeting of Shareholders. Each Director will hold office until his or her successor has been elected and qualified or until the Director’s earlier death, resignation or removal. The people named in the accompanying proxy (or their substitutes) will vote to elect these nominees unless specifically instructed to the contrary. However, if any nominee becomes unable or unwilling to serve or is otherwise unavailable for election, the people named in the proxy (or their substitutes) will have discretionary authority to vote or to refrain from voting on any substitute nominee. The Board has no reason to believe that any of the nominees will be unable or unwilling to serve. All of the nominees are currently members of our Board. We expect all of our Directors to have a demonstrated ability to make a meaningful contribution to the Board’s oversight of the business and affairs of the Company. As shown below and on the following pages, our nominees have a range of skills and experience in areas that are critical to our industry and our operations. Board’s Active Role in Responding to COVID-19
	Barbara K. Rimer, DrPH	As we navigated pandemic conditions, the Board drew upon the experience of all of its members to ensure that proper oversight was in place and that management was fully engaged in taking care of employees, policyholders, distribution, shareholders, and the community. Just some action-item examples include the broad expertise in the medical arena that prompted us to pivot early to remote staffing models; the expertise in IT and cybersecurity that helped accelerate virtual technology and protect sensitive information; and the risk oversight that helped ensure that controls were in place. The Company had the unique benefit of significant COVID-19-relevant expertise on the Board, specifically Dr. Barbara Rimer, who is Dean and Alumni Distinguished Professor of the Gillings School of Global Public Health at The University of North Carolina at Chapel Hill. Early on at the outbreak of the coronavirus, Dr. Rimer advised the Company about the emerging threat of the virus, which prompted us to immediately implement travel restrictions, shift to working remotely, and instate several social distancing measures both in Japan and the U.S. We took immediate action to ramp up work-from-home staffing models with more than 75% of onsite employees in Japan and more than 90% of onsite employees in the U.S. working from home by the end of April 2020, which ensured business continuity with little disruption in operations. In addition, the Company adjusted its approach to employee benefits to accommodate the need for extended paid leave and to account for school closings. While the number of formally planned meetings remained unchanged, the scope of information exchanged between the Board and management expanded and communications with management increased exponentially during this unprecedented time, including receiving weekly COVID-19 reports from management’s global crisis management team.

2021 Proxy Statement

1

The Company proposes that the following eleven individuals be elected to the Board. These individuals have been nominated by the Board’s Corporate Governance Committee. If elected, they are willing to serve for a one-year term expiring at our 2021 Annual Meeting of Shareholders. Each Director will hold office until his or her successor has been elected and qualified or until the Director’s earlier death, resignation or removal. The people named in the accompanying proxy (or their substitutes) will vote to elect these nominees unless specifically instructed to the contrary. However, if any nominee becomes unable or unwilling to serve or is otherwise unavailable for election, the people named in the proxy (or their substitutes) will have discretionary authority to vote or to refrain from voting on any substitute nominee. The Board has no reason to believe that any of the nominees will be unable or unwilling to serve.

All but one of the nominees are currently members of our Board. Upon the recommendation of the Corporate Governance Committee, Mr. Nobuchika Mori has been nominated to serve on the Board. Mr. Mori was recommended for the Board by the Chairman of the Board most notably for his regulatory expertise and financial acumen gathered over a three-plus decade career in Japan and internationally as a financial regulator, including from July 2015-July 2018, as Commissioner of Japan’s Financial Services Agency.

We expect all of our Directors to have a demonstrated ability to make a meaningful contribution to the Board’s oversight of the business and affairs of the Company. As shown below, our nominees have a range of skills and experience in areas that are critical to our industry and our operations.

2         Aflac Incorporated

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Corporate Governance Matters

Board Composition

BOARD COMPOSITIONInformation about the Board of Directors

Director Skills Summary and The Link to Our Strategy

Skills and Experience
Independent
Marketing and Public Relations
Current or former CEO
Operations Experience
Japanese Market Experience
Investment and Financial Expertise
Regulatory and Risk Mgmt. Experience
Industry Experience
Public Health Experience
Digital/Cyber SecurityCybersecurity Experience
Race/Ethnicity:
White
Black or African American
Asian
Gender:
Male
Female

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Corporate Governance Matters

Director Nominees

Daniel P. Amos CHAIRMAN AND CHIEF EXECUTIVE OFFICER OF AFLAC INCORPORATED				AGE 68 DIRECTOR SINCE 1983 COMMITTEES Executive (Chair) Finance and Investment
Mr. Amos has been Chief Executive Officer of the Company and Aflac since 1990, Chairman since 2001, was President of Aflac from July 2017 to May 2018, and was President of Aflac Incorporated from February 2018 through December 2019. He has spent 40 years in various positions at Aflac.
SKILLS AND RECOGNITION Institutional Investormagazine has named Mr. Amos one of America’s Best CEOs in the life insurance category five times. Harvard Business Review has named Mr. Amos among the World’s Best Performing CEOs in each of the past four years.CR Magazinerecently honored him with a Lifetime Achievement Award for his dedication to corporate responsibility. Mr. Amos’ experience and approach deliver insightful expertise and guidance to the Board of Directors on topics relating to corporate governance, people management, and risk management.	OTHER BOARD OR LEADERSHIP POSITIONS, PROFESSIONAL MEMBERSHIPS OR AWARDS • ●Synovus Financial Corp.(2001-2011) ●•Southern Company(2000-2006)				AGE 69 DIRECTOR SINCE 1983 COMMITTEES Executive (Chair) Finance and Investment

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W. Paul Bowers CHAIRMAN PRESIDENT AND CHIEF EXECUTIVE OFFICER OF GEORGIA POWER CO.				INDEPENDENT LEAD NON-MANAGEMENT INDEPENDENT DIRECTOR AGE 63 DIRECTOR SINCE 2013 COMMITTEES Corporate Development (Chair) Audit and Risk* Corporate Social Responsibility & Sustainability Executive *Financial Expert
Mr. Bowers has been chairman president and chief executive officer of Georgia Power, the largest subsidiary of Southern Company, a gas and electricity utility holding company, since 2011. He also served as president of Georgia Power from 2011 until November 2020. Before that, Mr. Bowers served as chief financial officer of Southern Company from 2008 to 2010. Previously, he served in various senior executive positions across Southern Company in Southern Company Generation, Southern Power, and the company’s former U.K. subsidiary, where he was president and chief executive officer of South Western Electricity LLC/Western Power Distribution. Mr. Bowers has announced his anticipated retirement from Georgia Power in April this year.
SKILLS AND RECOGNITION Mr. Bowers brings to the Board a valuable and unique perspective from his considerable financial knowledge;knowledge, national and international business experience including experience in Japan and operating in a highly regulated industry;industry, and expertise in corporate development and managing the evolving risks associated with cyber security.cybersecurity.	OTHER BOARD OR LEADERSHIP POSITIONS, PROFESSIONAL MEMBERSHIPS OR AWARDS • ●Chair, Atlanta Committee for Progress(2016) ●•Nuclear Electric Insurance Ltd.(since 2009); current Chairman(2017-2019) ●•Board of Regents of the University System of Georgia(2014-2018) ●•Federal Reserve Bank of Atlanta’s Energy Policy Council(2008-2018) ●•Board of Brand Industrial Holding, Inc, (since(since 2019) and Audit Committee Chair (since(since 2019)				INDEPENDENT LEAD NON-MANAGEMENT DIRECTOR AGE 64 DIRECTOR SINCE 2013 COMMITTEES Corporate Development (Chair) Audit and Risk* Corporate Social Responsibility and Sustainability Executive *    Financial Expert

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Corporate Governance Matters

Toshihiko Fukuzawa PRESIDENT AND CEO OF CHUO REAL ESTATE CO., LTD				INDEPENDENT AGE 63 DIRECTOR SINCE 2016 COMMITTEES Finance and Investment
Mr. Fukuzawa has been the president and chief executive officer of Chuo Real Estate Co., Ltd., a real estate development and leasing company in Japan, since July 2018. Previously, he was the president and chief executive officer of Yushu Tatemono Co., Ltd., also a real estate development and leasing company in Japan, from June 2015 to June 2018. He served as deputy president at Mizuho Trust & Banking Co., Ltd. from April 2013 to March 2015, managing executive officer and head of the IT System Group at Mizuho Bank Ltd. from June 2011 to March 2013, and deputy president at Mizuho Information & Research Institute from June 2009 to June 2011. From 2002 to 2009, he held executive officer and general manager positions at Mizuho Bank, Ltd., part of Mizuho Financial Group, Inc.Mr.Inc. Mr. Fukuzawa held various positions of increasing responsibility at Dai-Ichi Kangyo Bank, Ltd., which he joined in 1979.
SKILLS AND RECOGNITION Over a 36-year career as a professional banker in Japan, Mr. Fukuzawa gained extensive business and IT knowledge and experience with a wide range of Japanese financial services institutions, including insurance companies. He provides the Board with valuable insight and expertise relevant to the Company’s Japanese business.					INDEPENDENT AGE 64 DIRECTOR SINCE 2016 COMMITTEES Finance and Investment

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Thomas J. Kenny FORMER PARTNER AND CO-HEAD OF GLOBAL FIXED INCOME, GOLDMAN SACHS ASSET MANAGEMENT				INDEPENDENT AGE 56 DIRECTOR SINCE 2015 COMMITTEES Finance and Investment (Chair) Corporate Development Corporate Social Responsibility & Sustainability
Mr. Kenny has served as a trustee of TIAA-CREF, a financial services organization, since 2011. He currently serves as the Chair of the TIAA-CREF Funds Board of Trustees, previously served as Chair of the Investment Committee, and also currently sits on the TIAA-CREF Funds Audit and Compliance, Investment and Nominating and Governance Committees. Prior to his role at TIAA-CREF, Mr. Kenny held a variety of leadership positions at Goldman Sachs for twelve years, most recently serving as partner and advisory director. He also served as co-head of the Global Cash and Fixed Income Portfolio team at Goldman Sachs Asset Management, where he was responsible for overseeing the management of more than $600 billion in assets across multiple strategies with teams in London, Tokyo, and New York. Before joining Goldman Sachs, Mr. Kenny spent thirteen years at Franklin Templeton. He is a CFA charter holder.
SKILLS AND RECOGNITION Mr. Kenny’s extensive experience in investment management and financial markets provides the Board with valuable insight and expertise.	OTHER BOARD OR LEADERSHIP POSITIONS, PROFESSIONAL MEMBERSHIPS OR AWARDS • ●CREF Board of Trustees, Chairman(since 2017) ●•TIAA-CREF Fund ComplexComplex: ●•Executive Committee, Chair(since 2017) ●•Investment Committee(since 2011) ●•Audit and Compliance Committee(since 2018) ●•Nominating and Governance Committee(since 2017)	•Ad Hoc CREF Special Projects Committee (since 2020)			INDEPENDENT AGE 57 DIRECTOR SINCE 2015 COMMITTEES Finance and Investment (Chair) Corporate Development Corporate Social Responsibility and Sustainability

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Corporate Governance Matters

Georgette D. Kiser OPERATING EXECUTIVE, THE CARLYLE GROUP				INDEPENDENT AGE 52 DIRECTOR SINCE 2019 COMMITTEES Compensation
Ms. Kiser is an Operating Executive at The Carlyle Group, a global alternative asset management firm, where she advises CARLYLECarlyle professionals through the investment process, from sourcing deals, conducting diligence, managing companies and exiting transactions. She also helps set IT strategy for Carlyle Portfolio companies and drives IT / digital diligence and advisory efforts. Ms. Kiser was a managing director and chief information officer at The Carlyle Group, where she was responsible for leading the firm’s global technology and solutions organization from February 2015 until May 2019. In this role, Ms. Kiser developed and drove information technology strategies across the global enterprise, which includes the firm’s application development, data, digital, infrastructure, cyber security,cybersecurity, and program management and outsourcing activities. Prior to joining The Carlyle Group, Ms. Kiser held positions of increasing responsibility at T. Rowe Price Associates, Inc., also a global alternative asset management firm, from 1996 to 2015, including the role of vice president, Enterprise Solutions and Capabilities within the services and technology organization.
SKILLS AND RECOGNITION Throughout Ms. Kiser’s three-plus decade career, she has established extensive experience and success developing and leading talented teams to deliver decision support systems and technical solutions, including cyber security,cybersecurity, for financial services firms. She has consistently been recognized for bringing credibility to solutions and technical organizations in addition to building strong business partnerships, leveraging human and technical resources, implementing investment and customer management systems, and producing advanced data management solutions.	OTHER BOARD OR LEADERSHIP POSITIONS, PROFESSIONAL MEMBERSHIPS OR AWARDS • ●Jacobs Engineering (since(since 2019) ●•Adtalem Global Education(since 2018) ●•NCR Corporation (since 2020) •YearUp.org (National Capital Region) Board of Trustees(since 2016) ●•The Boys’ Latin School of Maryland Board of Trustees(since 2009) ●•Previously served on the Boards of Trustees for the University of Baltimore Foundation, T. Rowe Price Foundation, the University of Baltimore Merrick School of Business Advisory Board, The Maryland Business Roundtable STEMnet board, and the Greater Baltimore Committee Leadership				INDEPENDENT AGE 53 DIRECTOR SINCE 2019 COMMITTEES Audit and Risk* Compensation *      Financial Expert

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Karole F. Lloyd CERTIFIED PUBLIC ACCOUNTANT AND RETIRED ERNST & YOUNG LLP AUDIT PARTNER				INDEPENDENT AGE 61 DIRECTOR SINCE 2017 COMMITTEES Audit and Risk* (Chair) Executive Finance and Investment *Financial Expert
Ms. Lloyd is a certified public accountant and retired as vice chair and regional managing partner for Ernst & Young, LLP (“EY”), a global accounting firm, in December 2016. She brings more than 37 years of work experience and leadership, most recently as part of the US Executive Board, Americas Operating Executive and the Global Practice Group for EY, and has extensive experience in the audits of large financial services, insurance, and health care companies. Ms. Lloyd served many of EY’s highest profile clients through mergers, IPOs, acquisitions, divestitures, and across numerous industries including banking, insurance, consumer products, transportation, real estate, manufacturing, and retail. She has served as an audit partner for publicly held companies in both the United States and Canada. Ms. Lloyd’s other experience includes leadership and consulting with respect to financial reporting, board governance and legal matters, regulatory compliance, internal audit, and risk management.
SKILLS AND RECOGNITION Ms. Lloyd’s extensive accounting and advisory experience across the financial service industry, combined with her leadership skills and strategic thinking, provide valuable perspective for our Audit and Risk Committee.	OTHER BOARD OR LEADERSHIP POSITIONS, PROFESSIONAL MEMBERSHIPS OR AWARDS • ●Churchill Downs Incorporated and Audit Committee (since 2018) ●•The University of Alabama President’s Advisory Council (since 2003) ●•The University of Alabama Board of Visitors for the Commerce and Business School (since 2001) ●•Atlanta Symphony Orchestra Board of Directors (since 2010) ●•Metro Atlanta Chamber of Commerce, Board of Trustees and Executive Committee(2009-2016)				INDEPENDENT AGE 62 DIRECTOR SINCE 2017 COMMITTEES Audit and Risk* (Chair) Executive Finance and Investment *      Financial Expert

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Corporate Governance Matters

Nobuchika Mori REPRESENTATIVE DIRECTOR, JAPAN FINANCIAL AND ECONOMIC RESEARCH CO. LTD.				INDEPENDENT AGE 63 DIRECTOR NOMINEE
Mr. Nobuchika Mori is representative director of the Japan Financial and Economic Research Co. Ltd., a research and consulting firm. In this role, he has been responsible for providing research and consulting services to companies in Japan and abroad since July 2018. He is currently also an adjunct professor and senior research scholar at Columbia University School of International and Public Affairs (since October 2018). From July 2015 until his retirement in July 2018, Mr. Mori served as commissioner of the Financial Services Agency of Japan (the “JFSA”), Japan’s integrated financial regulator. In this role, he led supervision of financial institutions including banks, securities firms and insurance companies, and directed legislative and regulatory planning to ensure financial stability and enhance economic growth in Japan. Before becoming the head of JFSA, he spent more than 30 years in senior positions at JFSA and Japan’s Ministry of Finance (the “MOF”), including JFSA Vice Commissioner for Policy Coordination, Director General for Inspection, and Director General for Supervision (July 2014 to July 2015). He also served in a range of diplomatic posts reflecting his expertise in international financial markets and regulatory standards, including as the Chief Representative in New York for the MOF, Minister of the Embassy of Japan in the United States of America, and as Deputy Treasurer at the Inter-American Development Bank.
SKILLS AND RECOGNITION Over a three-plus decade career immersed in Japan’s finance industry as a financial regulator, policymaker, and standard setter in Japan and internationally, Mr. Mori gained extensive specialized economic, policy, and financial regulatory expertise, knowledge and experience. He brings to the Board indispensable, significant insight with respect to the Company’s Japanese business operations from his considerable financial and economic knowledge, international business experience, and regulatory acumen spanning highly regulated industries in Japan and internationally.	OTHER BOARD OR LEADERSHIP POSITIONS, PROFESSIONAL MEMBERSHIPS OR AWARDS • ●Center on Japanese Economy and Business (CJEB) Professional Fellow(since 2018)				INDEPENDENT AGE 64 DIRECTOR SINCE 2020

6         Aflac Incorporated

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Joseph L. Moskowitz RETIRED EXECUTIVE VICE PRESIDENT, PRIMERICA, INC. Mr. Moskowitz retired from Primerica, Inc., an insurance and investments company, where he served as executive vice president from 2009 until 2014, leading the Product Economics and Financial Analysis Group. He joined Primerica in 1988, and served in various capacities, including managing the group responsible for financial budgeting, capital management support, earnings analysis, and analyst and stockholder communications support. He served as chief actuary from 1999 to 2004. Before joining Primerica, Mr. Moskowitz was vice president of Sun Life Insurance Company from 1985 to 1988 and was a senior manager at KPMG from 1979 to 1985. SKILLS AND RECOGNITION With forty years of actuarial experience and leadership roles in the financial services industry, Mr. Moskowitz provides insight into the analysis and evaluation of actuarial and financial models, which form the basis of various aspects of corporate planning, financial reporting, and risk assessment, to the Board. OTHER BOARD OR LEADERSHIP POSITIONS, PROFESSIONAL MEMBERSHIPS OR AWARDS •Fellow, Society of Actuaries	•Member, American Academy of Actuaries			INDEPENDENT AGE 66 67 DIRECTOR SINCE 2015 2015 COMMITTEES Audit and Risk* Compensation (Chair) Corporate Development Executive *Financial Expert

Mr. Moskowitz retired from Primerica, Inc., an insurance and investments company, where he served as executive vice president from 2009 until 2014, leading the Product Economics and Financial Analysis Group. He joined Primerica in 1988, and served in various capacities, including managing the group responsible for financial budgeting, capital management support, earnings analysis, and analyst and stockholder communications support. He served as chief actuary from 1999 to 2004. Before joining Primerica, Mr. Moskowitz was vice president of Sun Life Insurance Company from 1985 to 1988 and was a senior manager at KPMG from 1979 to 1985. 6

Aflac Incorporated

SKILLS AND RECOGNITION With forty years of actuarial experience and leadership roles in the financial services industry, Mr. Moskowitz provides insight into the analysis and evaluation of actuarial and financial models, which form the basis of various aspects of corporate planning, financial reporting, and risk assessment, to the Board.	OTHER BOARD OR LEADERSHIP POSITIONS ●Fellow, Society of Actuaries ●Member, American Academy of Actuaries

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Barbara K. Rimer, DrPH DEAN AND ALUMNI DISTINGUISHED PROFESSOR, GILLINGS SCHOOL OF GLOBAL PUBLIC HEALTH, UNIVERSITY OF NORTH CAROLINA, CHAPEL HILL				INDEPENDENT AGE 71 DIRECTOR SINCE 1995 COMMITTEES Corporate Social Responsibility & Sustainability (Chair) Corporate Governance
Dr. Rimer has been dean of the University of North Carolina Gillings School of Global Public Health since 2005, and alumni distinguished professor since 2003. Previously, she was director of the Division of Cancer Control and Population Sciences at the National Cancer Institute. She is a former director of Cancer Control Research and professor of community and family medicine at the Duke University School of Medicine. She was elected to the Institute of Medicine in 2008.
SKILLS AND RECOGNITION At the Gillings School of Public Health, Dr. Rimer works to improve public health, promote individual well-being, and eliminate health inequities across North Carolina and around the world. In 2012, Dr. Rimer was appointed Chairman of the President’s Cancer Panel and was reappointed twice since then. Her insight and leadership with respect to the public health sector are extremely relevant to the Company’s business and operations.	OTHER BOARD OR LEADERSHIP POSITIONS, PROFESSIONAL MEMBERSHIPS OR AWARDS • ●Chair, President’s Cancer Panel(2012-2019) ●•Elected to Institute of Medicine (2008) ●•Awarded the American Cancer Society Medal of Honor (2013) ●•University of North Carolina at Chapel Hill General Alumni Association’s Faculty Service Award (2020)				INDEPENDENT AGE 72 DIRECTOR SINCE 1995 COMMITTEES Corporate Social Responsibility and Sustainability (Chair) Corporate Governance

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Katherine T. Rohrer VICE PROVOST EMERITUS, PRINCETON UNIVERSITY				INDEPENDENT AGE 66 DIRECTOR SINCE 2017 COMMITTEES Compensation Corporate Governance
Dr. Rohrer is vice provost emeritus, Princeton University, having served as vice provost for Academic Programs from 2001 until 2015. Prior to assuming this role, starting in 1988, Dr. Rohrer held several senior leadership positions at Princeton University, including associate dean of the faculty and assistant dean of the college. Following her retirement, she served as interim associate dean of the graduate school in 2016-17. At Columbia University, she was an assistant professor from 1982 to 1988. Dr. Rohrer is also a trustee of Emory University, where she chairsserves on the executive committee as well as the academic affairs committee, and serves on the finance and executive committees.which she chaired from 2013 to 2020.
SKILLS AND RECOGNITION With more than 30 years as a university leader, Dr. Rohrer brings a wealth of experience highlighted by a commitment to academic rigor and financial management. Her operational expertise includes: executing on institutional budgetary decisions; leading academic governance and priority-setting; spearheading the recruitment of deans and other senior academic administrators; developing university-level messaging and communications; and managing endowments. Dr. Rohrer’s management career has included a focus on social responsibility, inclusion, and diversity.	OTHER BOARD OR LEADERSHIP POSITIONS, PROFESSIONAL MEMBERSHIPS OR AWARDS • ●Emory University Board of Trustees(since 2008; chair, 2008) •Academic Affairs Committee; member, Committee (Chair 2013-2020) •Executive Committee (since 2012) •Finance Committee)Committee (2014-2020) ●•Previously served on the boards of Morristown-Beard School, Morristown, NJ; Trinity Church, Princeton, NJ; Crisis Ministry of Trenton and Princeton (now “Arm in Arm”); and Dryden Ensemble.				INDEPENDENT AGE 67 DIRECTOR SINCE 2017 COMMITTEES Compensation Corporate Governance

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Melvin T. Stith DEAN EMERITUS OF THE MARTIN J. WHITMAN SCHOOL OF MANAGEMENT AT SYRACUSE UNIVERSITY				INDEPENDENT AGE 73 DIRECTOR SINCE 2012 COMMITTEES Corporate Governance (Chair) Corporate Social Responsibility & Sustainability Executive
Dr. Stith is dean emeritus of the Martin J. Whitman School of Management at Syracuse University, having served as dean from 2005 until 2013. Recently, Dr. Stith served as interim president of Norfolk State University from January 2018 to June 2019. Prior to assuming this role, Dr. Stith was the dean emeritus and the Jim Moran Professor of Business Administration at Florida State University for thirteen years. He has been a professor of marketing and business since 1977 following his service as a captain in the U.S. Army Military Intelligence Command.
SKILLS AND RECOGNITION Dr. Stith’s financial acumen and his leadership skills in consensus-building, risk management, and executive management add an important dimension to the composition of our Board.	OTHER BOARD OR LEADERSHIP POSITIONS, PROFESSIONAL MEMBERSHIPS OR AWARDS • ●Synovus Financial Corp. (1998-2019) ●•Flowers Foods, Inc. (since 2004) ●•Jim Moran Foundation (since 2000) ●•Previously served on the boards of Correctional Services Corporation, JM Family Enterprises Youth Automotive Training Center, the Keebler Company, United Telephone of Florida, and Rexall Sundown.
					INDEPENDENT AGE 74 DIRECTOR SINCE 2012 COMMITTEES Corporate Governance (Chair) Corporate Social Responsibility and Sustainability Executive

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Director Not Eligible for Re-election

Under the Company's Bylaws, Mr. Robert B. Johnson, who has turned 75 prior to our Annual Meeting, is not eligible to be nominated for re-election and, as a result, the Company has not nominated Mr. Johnson for election to the Board at the 2020 Annual Meeting. Mr. Johnson has served on our Board since 2002. We thank Mr. Johnson for his service to the Board.

Board Succession Planning and Refreshment Process

Our Board believes it is appropriate to maintain a diverse balance of longer tenured members, who bring stability and valuable Company-specific knowledge with a historical perspective, and newer members, who bring fresh viewpoints and new ideas. Our regular self-evaluation process ensures we maintain a cohesive, diverse, and well-constituted board of high integrity that exemplifies the right balance of perspectives, experience, independence, skill sets, and subject matter experts required for prudent oversight. Over the last five years, we have added sixfive new directors as we make it a priority to identify candidates with the skills needed to ensure effective oversight.

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Director Nominating Process

Our Corporate Governance Committee is responsible for establishing criteria, screening candidates and evaluating the qualifications of persons who may be considered for service as a Director.

Succession PlanningSUCCESSION PLANNING		Our Corporate Governance Committee considers the current and long-term needs of our business and seeks potential candidates in light of evolving needs, current Board structure, tenure, skills, experience, and diversity.

▼IDENTIFICATIONOF CANDIDATES
Identification of Candidates		The Committee may identify potential candidates from three sources: ●•   suggestions from current Directors and executive officers; ●•   firms that specialize in identifying director candidates; and/or ●•   as discussed below, candidates recommended by shareholders.

▼THRESHOLDQUALIFICATIONS
Threshold Qualifications		The Committee believes that, at a minimum, nominees for Director must have: ●•   a demonstrated ability to make a meaningful contribution to the Board’s oversight of the business and affairs of the Company; and ●•   an impeccable record and reputation for honest and ethical conduct in both professional and personal activities.

▼ADDITIONAL QUALIFICATIONS
Additional Qualifications		The Committee strives to build a diverse Board that is strong in its collective knowledge. In particular, the Committee looks for nominees with experience in the following areas:
		●•	accounting and finance	•	business operations	●•	corporate governance
		•	management and leadership	•	business judgment	●•	global markets
		•	vision and strategy	• ●business operations ●business judgment ●	industry knowledge	• ●corporate governance ●global markets ●	communication
		In addition, the Committee considers diversity in nominating Directors. Nominees must be between the ages of 21 and 74.
▼

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MEETING WITH CANDIDATES
Meeting with Candidates		Once the Committee identifies one or more potential nominees, its members: ●•   review publicly available information and contact candidates who warrant further consideration; ●•   request further information for those potential nominees willing to be considered for a Board seat; ●•   conduct one or more interviews with each prospective nominee; and ●•   may contact references provided by candidates and speak with members of the business community or other people who have firsthand knowledge of a candidate’s record. This process enables the Corporate Governance Committee to compare the accomplishments and qualifications of all potential nominees.

▼DECISION ANDNOMINATION
Decision and Nomination		The Committee nominates the candidates best qualified to serve the interests of the Company and all shareholders for nomination and approval by the Board.

▼ELECTION
Election		Shareholders consider the nominees and elect Directors at the Annual Meeting of Shareholders to serve one-year terms. The Board may also appoint Directors during the year when determined to be in the best interests of the Company and its shareholders.

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Consideration of Director Candidate from Shareholders

The Corporate Governance Committee will consider Director candidates recommended by shareholders. As with any prospective nominee, the Corporate Governance Committee will evaluate shareholder-nominated candidates in light of the needs of the Board and the qualifications of the particular individuals. In addition, the Corporate Governance Committee may consider the number of shares held by the recommending shareholder and the length of time such shares have been held.

To recommend a candidate for the Board, a shareholder must submit the recommendation in writing, including: (i) the name of the shareholder and evidence of the person’s ownership of common stock of the Company (“Common Stock”), including the number of shares owned and the length of time of ownership; and (ii) the name of the candidate, the candidate’s resume or qualifications to be a Director, and the candidate’s consent to be named as a Director if nominated by the Board.

The shareholder recommendation and information described above generally must be received by the Corporate Secretary not less than 90 nor more than 120 days prior to the anniversary date of the immediately preceding annual meeting of shareholders. However, if the annual meeting is called for a date that is not within 25 days before or after such anniversary date, notice by the shareholder, to be timely, must be received no later than the close of business on the tenth day following the day on which notice of the date of the annual meeting was mailed or public disclosure of that date was made, whichever occurs first.

Shareholder recommendations and accompanying information should be sent to the Corporate Secretary at Aflac Incorporated as described at the end of this Proxy Statement under the heading “Other Proposals or Director Nominations to be brought beforeBrought Before our 20212022 Annual Meeting.”

Our proxy access bylaw permits a shareholder (or group of up to twenty shareholders) owning shares of our outstanding Common Stock representing at least 3% of the votes entitled to be cast on the election of Directors to nominate and include in our proxy materials Director candidates constituting up to 20% of the Board. The nominating shareholder or group of shareholders must have owned their shares continuously for at least three years, and the nominating shareholder(s) and nominee(s) must satisfy other requirements specified in our Bylaws.

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Board Self-Evaluation

The effectiveness of our Board is of the utmost importance. The Board recognizes that we live in a dynamic world that requires regular self-evaluation to ensure that we have the best skill set and experience to serve the Company and that the Board is fulfilling its responsibilities.

ANNUALASSESSMENTOVERSIGHT
Annual Assessment Oversight		The Corporate Governance Committee is charged with overseeing an annual process of self-evaluationself-evaluation for the Board as a whole and for its individual members
▼		members.
COMMITTEESELF-EVALUATIONS
Committee Self-Evaluations		The charters of theeach Board committee also require annual evaluations of the performance of the committee, which are typically overseen by each committee’s chair
▼		chair.
ONE-ON-ONEDISCUSSIONS
One-on-One Discussions		The process, which includes completion of written questionnaires for the Board and for each committee on which the Director serves, involves an interview of each Director
▼		Director.
EXECUTIVESESSIONS
Executive Sessions		The Chairman discusses the results of the surveys and interviews with the full Board in executive sessions. In addition, the Lead Non-Management Director leads executive sessions with the Board, without the Chairman, to discuss the self-evaluation results
▼
		results.
Feedback IncorporatedFEEDBACK INCORPORATED		Based on the self-evaluation results, any follow-ups including changes in practices or procedures are considered and implemented, as appropriate.

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AGENDA TOPICS DISCUSSED •   Board structure and composition •   Effectiveness of oversight and other responsibilities •   Access to information, management, and other resources

•   Meetings and materials •   Quality of director participation •   Fulfillment of charter responsibilities

In addition to the formal self-evaluation process, the Non-employee Directors regularly meet in executive session, during which the Board’s performance and oversight responsibilities are frequently discussed.

Director Independence

The Board annually assesses the independence of each Director and Director nominee. Daniel P. Amos is an employee of the Company. The Board has determined that all of the other Director and Director nominees are “independent” under New York Stock Exchange (“NYSE”) listing standards. None of the independent nominees has a material relationship with the Company, either directly or as a partner, shareholder, or officer of an organization that has a relationship with the Company. The Board made its determination based on information furnished by all Directors regarding their relationships with the Company and research conducted by management.

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Independent Director Tenure Mix

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Our Board and Committees

OUR BOARD AND COMMITTEES

Board Leadership Structure

If the Chairman and Chief Executive Officer roles are filled by the same person, or if the Chairman is not independent, the Board believes that an independent Director should be appointed to serve as the Lead Non-Management Director. The Lead Non-Management Director is elected annually by the Board (effective at the first Board of Director’s meeting following the Annual Meeting of Shareholders) based upon a recommendation by the Corporate Governance Committee. Although subject to an annual election, the Lead Non-Management Director is generally expected to serve for more than one year, but no more than four years.

Daniel P. Amos Chairman and CEO			W. Paul Bowers Lead Non-Management Director
Mr. Amos has served as Chairman of the Board since 2001 and as CEO since 1990. The Board believes the most effective Board leadership structure for the Company is for the CEO to continue to serve as Chairman, working with a Lead Non-Management Director. This structure has served the Company well for many years. The CEO is ultimately responsible for the day-todayday-to-day operation of the Company and for executing the Company’s strategy, and the Company’s performance is an integral part of Board deliberations. Accordingly, the Board believes that Mr. Amos is the Director most qualified to act as Chairman. The Board believes that Mr. Amos’ in-depth, long-term knowledge of the Company’s operations and his vision for the Company’s development provides decisive and effective leadership for the Board. However, the Board retains the authority to modify this structure to best advance the interests of all shareholders if circumstances warrant such a change.
W. Paul Bowers Lead Non-Management Director	The Corporate Governance Committee has nominated Mr. Bowers to serve as Lead Non-Management Director, a position he has held since May 2019. Mr. Bowers’ experience at Southern Company, particularly his strong leadership and operational background, make him well-suited to serve as our Lead Non-Management Director. He has also served as Chair of the Corporate Development Committee and is a member of the Audit and Risk, Corporate Social Responsibility &and Sustainability and Executive Committees.

The Board believes its existing corporate governance practices achieve independent oversight and management accountability. These governance practices are reflected in the Company’s Guidelines on Significant Corporate Governance Issues and the Committee charters. In particular:

●	•	a substantial majority of our Board members are independent;
●	•	the Audit and Risk, Compensation, and Corporate Governance Committees all comprise independent Directors;
●	•	the Company has a Lead Non-Management Director with significant responsibilities, as described below; and
●	•	the Non-employee Directors meet at each regularly scheduled Board meeting in executive session without management present.

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Lead Non-Management Director

The responsibilities of the Lead Non-Management Director include:

●	•	consulting with the Chairman and Secretary to establish the agenda for each Board meeting;
●	•	setting the agenda for, and leading, all executive sessions of the Non-employee Directors;
●	•	when appropriate, discussing with the Chairman matters addressed at such executive sessions;
●	•	presiding over meetings of the Board at which the Chairman is not present;
●	•	presiding over discussions of the Board when the topic presents a potential conflict of interest for the Chairman;
●	•	facilitating discussions among the Non-employee Directors between Board meetings;
●	•	serving as a liaison between the Non-employee Directors and the Chairman;
●	•	when appropriate, serving as a liaison between management and the Board;
●	•	representing the Board in shareholder outreach; and
●	•	facilitating the annual Board self-evaluation in coordination with the Chairman, facilitating the annual Board self-evaluation.Chairman.

The Lead Non-Management Director has the authority to call meetings of the independent Directors.

Committee Structure

The Board has seven standing committees: Audit and Risk; Compensation; Corporate Development; Corporate Governance; Executive; Finance and Investment; and Corporate Social Responsibility and Sustainability.Sustainability Executive; and Finance and Investment. Each committee (other than the Executive Committee) operates under a written charter adopted by the Board. Charters for the Audit and Risk Committee, the Compensation Committee, and the Corporate Governance Committee all can be found on the Company’s website, aflac.com, under “Investors,” then “Governance,” and then “Governance Documents.”

All members of the Audit and Risk, Compensation and Corporate Governance Committees qualify as “outside” Directors as defined by Section 162(m) of the Internal Revenue Code, “Non-employee Directors” within the meaning of Rule 16b-3 under the Securities Exchange Act of 1934, and independent Directors under NYSE listing standards, as appropriate.

Board Committee Refreshment

The Corporate Governance Committee considers the periodic rotation of committee members and committee chairs to introduce fresh perspectives and to broaden and diversify the views and experience represented on Board committees. As Mr. Johnson is not being nominated to stand for re-election due to the Company’s mandatory retirement policy, theThe Corporate Governance Committee has nominated Mr. MoskowitzNobuchika Mori to serve as Chairman of the Compensation Committee and join the Executive Committee effective May 4, 2020. Also,on the Corporate Governance Committee has nominated Ms. Kiser to serve on the Audit and Risk Committee beginning May 4, 2020.3, 2021.

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The Audit and Risk Committee

MEMBERS*

Karole F. Lloyd
(Chair)

W. Paul Bowers

Georgette D. Kiser

Joseph L. Moskowitz

NUMBER OF MEETINGS IN 2020

12

MEMBERS**			RESPONSIBILITIES
Karole F. Lloyd (Chair) W. Paul Bowers Joseph L. Moskowitz NUMBER OF MEETINGS IN 2019 11 *All members of the committee are Financial Experts

RESPONSIBILITIES

●•   ensuring that management maintains the reliability and integrity of the reporting process and systems of internal controls of the Company and its subsidiaries regarding finance, accounting, and legal matters; ●•   issuing annually the Audit and Risk Committee Report set forth below; ●•   selecting, overseeing, evaluating, determining funding for, and, where appropriate, replacing or terminating the independent registered public accounting firm; ●•   monitoring the independence of the independent registered public accounting firm; ●•   pre-approving audit and non-audit services provided by the independent registered public accounting firm;

●•   pre-approving or ratifying all related person transactions that are required to be disclosed in this Proxy Statement; ●•   overseeing the performance of the Company’s internal auditing department; ●•   assisting with Board oversight of the Company’s compliance with legal and regulatory requirements; ●•   overseeing the Company’s policies, process, and structure related to enterprise risk engagement and management, including information security; and ●•   providing an open avenue of communication among the independent registered public accounting firm, management, the internal auditing department, and the Board. Relationship with Independent Registered Public Accounting Firm.The independent registered public accounting firm has direct access to the Audit and Risk Committee and may discuss any matters that arise in connection with its audits, the maintenance of internal controls, and any other matters relating to the Company’s financial affairs. The Audit and Risk Committee may authorize the independent registered public accounting firm to investigate any such matters, and may present its recommendations and conclusions to the Board. At least annually, the Audit and Risk Committee reviews the services performed and the fees charged by the independent registered public accounting firm. For additional information, see “Proposal 3: Ratification of Auditors” and the “Audit and Risk Committee Report” sections beginning on page 58. All Audit and Risk Committee members have been determined by the Board to be “audit committee financial experts,” as such term is defined in Item 401(h) of SEC Regulation S-K.

14       Aflac IncorporatedRelationship with Independent Registered Public Accounting Firm. The independent registered public accounting firm has direct access to the Audit and Risk Committee and may discuss any matters that arise in connection with its audits, the maintenance of internal controls, and any other matters relating to the Company’s financial affairs. The Audit and Risk Committee may authorize the independent registered public accounting firm to investigate any such matters, and may present its recommendations and conclusions to the Board. At least annually, the Audit and Risk Committee reviews the services performed and the fees charged by the independent registered public accounting firm. For additional information, see “Proposal 3: Ratification of Auditors” and the “Audit and Risk Committee Report” sections beginning on page 62.

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All Audit and Risk Committee members have been determined by the Board to be “audit committee financial experts,” as such term is defined in Item 401(h) of SEC Regulation S-K.

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The Compensation Committee

MEMBERS

Joseph L. Moskowitz
(Chair)

Georgette D. Kiser

 

Katherine T. Rohrer

NUMBER OF MEETINGS IN 2020

4

RESPONSIBILITIES

MEMBERS			RESPONSIBILITIES
Robert B. Johnson (Chairman until May 4, 2020) Joseph L. Moskowitz Georgette D. Kiser Katherine T. Rohrer NUMBER OF MEETINGS IN 2019 5			●•   reviewing and approving compensation levels, equity-linked incentive compensation, and annual incentive awards under the Company’s Management Incentive Plan; ●•   reviewing, at least annually, the goals and objectives of the Company’s executive compensation plans; ●•   evaluating annually the performance of the CEO with respect to such goals and objectives and determining the appropriate compensation level; ●•   evaluating annually the performance of the Company’s other executive officers in light of such goals and objectives and setting their compensation levels based on this evaluation and the recommendation of the CEO;	●•   reviewingviewing the Company’s incentive compensation programs to determine whether they encourage excessive risk taking, and evaluating compensation policies and practices that could mitigate any such risk; and ●•   reviewing the Company’s general compensation and benefit plans to ensure they promote our goals and objectives. Compensation Committee Interlocks and Insider Participation.No member of the Compensation Committee is a current or former employee or officer of the Company or any of its subsidiaries. During 2019, no Director was an executive officer of another entity on whose compensation committee any executive officer of the Company served. In addition, no member of the Compensation Committee had any relationship requiring disclosure under the section titled “Related Person Transactions” in this Proxy Statement.

The Compensation Committee may delegate power and authority as the Compensation Committee seems appropriate to any subcommittees.

Compensation Committee Interlocks and Insider Participation. No member of the Compensation Committee is a current or former employee or officer of the Company or any of its subsidiaries. During 2020, no Director was an executive officer of another entity on whose compensation committee any executive officer of the Company served. In addition, no member of the Compensation Committee had any relationship requiring disclosure under the section titled “Related Person Transactions” in this Proxy Statement       15Statement.

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The Corporate Development Committee

MEMBERS

W. Paul Bowers
(Chair)

Thomas J. Kenny

Joseph L. Moskowitz

NUMBER OF MEETINGS IN 2020

5

RESPONSIBILITIES

MEMBERS			RESPONSIBILITIES
W. Paul Bowers (Chairman) Thomas J. Kenny Joseph L. Moskowitz NUMBER OF MEETINGS IN 2019 3			●•   reviewing the Company’s corporate and strategic organizational development to identify, evaluate, and execute on appropriate opportunities that could enhance long-term growth and build shareholder value; ●•   assisting the Board in reviewing, evaluating, and approving specific strategic plans for corporate development activities, including mergers, acquisitions, dispositions, joint venture marketing and distribution arrangements, and strategic equity investments;	●•   assisting the Board in reviewing proposals to enter new geographic markets; ●•   reviewing corporate development proposals prepared by the Company’s officers and managers and other strategic projects as determined by the Board to ensure consistency with the Company’s long-term strategic objectives; and ●•   assisting the Board in monitoring the nature of investments made as part of Aflac Ventures in both the U.S. and Japan, including the Company’s overall corporate venture capital strategy.

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The Corporate Governance Committee

MEMBERS

Melvin T. Stith
(Chair)

Barbara K. Rimer, DrPH

Katherine T. Rohrer

NUMBER OF MEETINGS IN 2020

3

RESPONSIBILITIES

MEMBERS			RESPONSIBILITIES
Melvin T. Stith (Chairman) Robert B. Johnson (until May 4, 2020) Katherine T. Rohrer Barbara K. Rimer, DrPH NUMBER OF MEETINGS IN 2019 4			●•   selecting individuals qualified to serve as Directors to be nominated to stand for election to the Board; ●•   recommending assignments to the Board’s standing committees; ●•   advising the Board with respect to matters of Board structure, composition, and procedures; ●•   developing and recommending to the Board a set of corporate governance principles applicable to the Company;	●•   monitoring compliance with the Company’s political participation program; ●•   overseeing the evaluation of the Board; and ●•   ensuring that the Company’s management and succession plans are appropriate.

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The Corporate Social Responsibility and Sustainability Committee

MEMBERS

Barbara K. Rimer, DrPH
(Chair)

W. Paul Bowers

Thomas J. Kenny

Melvin T. Stith

NUMBER OF MEETINGS IN 2020

3

RESPONSIBILITIES

MEMBERS			RESPONSIBILITIES			We believe “sustainable growth” means being able to meet the needs of our shareholders and customers while taking into account the needs of future generations, and also ensuring the long-term preservation and enhancement of the Company’s financial, environmental, and social capital.
Barbara K. Rimer, DrPH (Chair) W. Paul Bowers Thomas J. Kenny Melvin T. Stith NUMBER OF MEETINGS IN 2019 3			CORPORATE SOCIAL RESPONSIBILITY ●•   overseeing the Company’s policies, procedures, and practices with respect to corporate social responsibility and sustainability, recognizing that these goals and initiatives vary widely among industries, organizations and geographies, in the context of what is appropriate and relevant to the Company, our people and the communities we serve; ●•   monitoring the impact of the Company’s activities on customers, employees, communities, and other stakeholders in light of the Board’s fundamental duty to preserve and promote long-term value creation for the Company’s shareholders; ●•   monitoring and reviewing the Company’s strategies, procedures, and practices related to social responsibility on a global basis, including significant philanthropic and community engagement activities; ●•   monitoring and reviewing the development of metrics, information systems, and procedures to track progress toward achievement of the Company’s social responsibility objectives; ●•   monitoring preparation of the Company’s annual Corporate Social Responsibility report, and reviewing such report before it is published; and ●•   monitoring and reviewing the Company’s support of charitable, educational, and business organizations.	SUSTAINABILITY SUSTAINABILITY ●•   monitoring and reviewing the Company’s policies, procedures, and practices related to corporate social responsibility and sustainability in light of the Company’s intent to foster the sustainable growth of the Company on a global basis; ●•   monitoring and reviewing the Company’s strategies, policies, procedures, and practices related to environmental and related health and safety matters; ●•   monitoring and reviewing the Company’s policies, procedures, and practices that enable us to proactively respond to evolving public sentiment and government regulations with regard to sustainability, especially in the areas of environmental stewardship, energy use, recycling, and carbon emissions (i.e., our carbon footprint); ●•   reviewing the goals and objectives of the Company’s environmental stewardship policy, and amending or, to the extent an amendment requires Board approval, recommending that the Board amend, these goals and objectives if the Committee deems appropriate; and ●•   reviewing the Company’s communication and marketing strategies related to sustainability.

18       Aflac Incorporated“We believe “sustainable growth” means being able to meet the needs of our shareholders and customers while taking into account the needs of future generations, and also ensuring the long-term preservation and enhancement of the Company’s financial, environmental, and social capital.

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Corporate Governance Matters

The Executive Committee

MEMBERS

Daniel P. Amos
(Chair)

W. Paul Bowers

Karole F. Lloyd

Joseph L. Moskowitz

Melvin T. Stith

NUMBER OF MEETINGS IN 2020

4

PURPOSE

During the intervals between meetings of the Board, the Executive Committee may exercise all of the powers of the Board that may be delegated under Georgia law.

COMPOSITION

Under the Company’s Bylaws, the Executive Committee must consist of at least five Directors, including the Chief Executive Officer, the Chairman of the Board, and such additional Directors as the Board may from time to time determine. Currently, the membership of the Executive Committee also includes the chairpersons of the Audit and Risk, Compensation, and Corporate Governance Committees, and includes the Company’s Lead Non-Management Director. The Chief Executive Officer (or another member of the Executive Committee chosen by him) is the Chairman of the Executive Committee.

MEMBERS2021 Proxy Statement

PURPOSE19

Daniel P. Amos (Chairman) W. Paul Bowers Robert B. Johnson (until May 4, 2020) Karole F. Lloyd Melvin T. Stith NUMBER OF MEETINGS IN 2019 4			During the intervals between meetings of the Board, the Executive Committee may exercise all of the powers of the Board that may be delegated under Georgia law.
		COMPOSITION
		Under the Company’s Bylaws, the Executive Committee must consist of at least five Directors, including the Chief Executive Officer, the Chairman of the Board, and such additional Directors as the Board may from time to time determine. Currently, the membership of the Executive Committee also includes the chairpersons of the Audit and Risk, Compensation, and Corporate Governance Committees, and includes the Company’s Lead Non-Management Director. The Chief Executive Officer (or another member of the Executive Committee chosen by him) is the Chairman of the Executive Committee.

2020 Proxy Statement       19

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The Finance and Investment Committee

MEMBERS			RESPONSIBILITIES
Thomas J. Kenny (Chairman) MEMBERS Thomas J. Kenny (Chair) Daniel P. Amos Daniel P. Amos Toshihiko Fukuzawa Karole F. Lloyd NUMBER OF MEETINGS IN 2019 42020			FINANCE RESPONSIBILITIES5 ●reviewing and reassessing significant financial policies and matters of Treasury and corporate finance, including the Company’s overall capital structure, dividend policy, share repurchase program and liquidity, and the issuance or retirement of debt and other capital securities; ●reviewing and providing guidance to the Board on significant reinsurance transactions and strategies; ●reviewing and providing guidance on the Company’s credit ratings, ratings strategy, and overall rating agency dialogue; ●reviewing and providing guidance to the Board on the financing strategy and capital impact of corporate development activities and multiyear strategic capital project expenditures; ●reviewing and reassessing the Company’s overall hedging strategy, including foreign exchange and cash flow hedging, and ensuring proper governance over policies and procedures associated with trading in derivative instruments; ●in partnership with the Compensation Committee, overseeing the Company’s processes for managing the finances of the employee pension and defined contribution benefit plans, including the related investment policies, actuarial assumptions, and funding policies; and ● RESPONSIBILITIES FINANCE RESPONSIBILITIES •   reviewing and reassessing significant financial policies and matters of Treasury and corporate finance, including the Company’s overall capital structure, dividend policy, share repurchase program and liquidity, and the issuance or retirement of debt and other capital securities; •   reviewing and providing guidance to the Board on significant reinsurance transactions and strategies; •   reviewing and providing guidance on the Company’s credit ratings, ratings strategy, and overall rating agency dialogue; •   reviewing and providing guidance to the Board on the financing strategy and capital impact of corporate development activities and multiyear strategic capital project expenditures; •   reviewing and reassessing the Company’s overall hedging strategy, including foreign exchange and cash flow hedging, and ensuring proper governance over policies and procedures associated with trading in derivative instruments; •   in partnership with the Compensation Committee, overseeing the Company’s processes for managing the finances of the employee pension and defined contribution benefit plans, including the related investment policies, actuarial assumptions, and funding policies; and •   in partnership with the Audit and Risk Committee, reviewing and providing guidance on the Company’s corporate insurance coverages. INVESTMENT RESPONSIBILITIES •   overseeing the investment process and the policies, strategies, and programs of the Company and its subsidiaries relating to investment risk management; •   periodically reviewing and assessing the adequacy of the Global Investment Policy of the Company and its subsidiaries, and approving any changes to that policy; •   reviewing investment transactions made on behalf of the Company and its subsidiaries; and •   reviewing the performance of the investment portfolios of the Company and its subsidiaries. 20 Aflac Incorporated Table of Contents Corporate Governance Matters Meeting Attendance The Board met 4 times in 2020, and all Directors attended at least 75% of the meetings of the Board and the committees on which they served. It is Company policy that each Director should attend the Annual Meeting. All Directors serving at the time attended the 2020 Annual Meeting, which was held virtually due to the COVID-19 pandemic. Board Responsibilities Enterprise-Wide Risk Oversight Our Board oversees our enterprise-wide risk management system, which is designed to achieve organizational and strategic objectives, improve long-term performance, and enhance shareholder value. Risk management requires more than just understanding the risks we face and the steps management takes to manage those risks. The Board also must understand what level of risk is appropriate for the Company. Our Directors are equipped to make all of these determinations because they are integral to the process of setting the Company’s business strategy. While the Board oversees the risk-management process generally, several Board and management committees have specific roles that correspond with their areas of responsibility. Role of Management The Company’s management is responsible for day-to-day risk management. Our enterprise risk-management framework, which is aligned with and overseen by the Board and its committees, includes several executive management committees whose roles incorporate risk management across the enterprise. For example, executive management’s Global Risk Committee oversees the processes for identifying, assessing, measuring, monitoring, controlling, and mitigating the key risks associated with the Company. Other management committees are responsible for implementing policies and risk-management processes relating to strategic, operational, investment, competitive, regulatory and legislative, product, reputational, and compliance risks. Audit and Risk Committee reviewing and providing guidance on the Company’s corporate insurance coverages. INVESTMENT RESPONSIBILITIES ●overseeing the investment process and the policies, strategies, and programs of the Company and its subsidiaries relating to investment risk management; ●periodically reviewing and assessing the adequacy of the Global Investment Policy of the Company and its subsidiaries, and approving any changes to that policy; ●reviewing and approving investment transactions made on behalf of the Company and its subsidiaries; and ●reviewing the performance of the investment portfolios of the Company and its subsidiaries.

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Meeting Attendance

The Board met 4 times in 2019, and all Directors attended at least 75% of the meetings of the Board and the committees on which they served. It is Company policy that each Director should attend the Annual Meeting. All Directors serving at the time attended the 2019 Annual Meeting.

BOARD RESPONSIBILITIES

Enterprise-Wide Risk Oversight

Our Board oversees an enterprise-wide approach to risk management designed to achieve organizational and strategic objectives, to improve long-term performance, and to enhance shareholder value. Risk management requires more than just understanding the risks we face and the steps management takes to manage those risks. The Board also must understand what level of risk is appropriate for the Company. Our Directors are equipped to make all of these determinations because they are integral to the process of setting the Company’s business strategy.

While the Board oversees the risk-management process generally, several Board and management committees have specific roles that correspond with their areas of responsibility.

Role of Management

The Company’s management is responsible for day-to-day risk management. Our enterprise risk-management framework, which is aligned with and overseen by the Board and its committees, includes several executive management committees whose roles incorporate risk management across the enterprise. For example, executive management’s Global Risk Committee oversees the processes for identifying, assessing, measuring, monitoring, controlling, and mitigating the key risks associated with the Company. Other management committees are responsible for implementing policies and risk-management processes relating to strategic, operational, investment, competitive, regulatory and legislative, product, reputational, and compliance risks.

Spotlight on Information Security Risk Oversight

The Board has adopted an information security policy directing management to establish and operate an information security program with the goal of ensuring that the Company’s information assets and data, and the data of its customers, are appropriately protected. The Board has delegated oversight of the Company’s information security program to the Audit and Risk Committee. The Company’s senior officers, including its Global Security and Chief Information Security Officer, are responsible for the operation of the information security program and regularly communicate with the Audit and Risk Committee on the program, including with respect to the state of the program, compliance with applicable regulations, current and evolving threats, and recommendations for changes in the information security program. The information security program also includes a cyber security incident response plan that is designed to provide a management framework across Company functions for a coordinated assessment and response to potential security incidents. This framework establishes a protocol to report certain incidents to the Global Security and Chief Information Security Officer and other senior officers, with the goal of timely assessing such incidents, determining applicable disclosure requirements and communicating with the Audit and Risk Committee. The incident response plan directs the executive officers to report certain incidents immediately and directly to the Lead Non-Management Director.

Audit and Risk Committee

Under its charter, the Audit and Risk Committee’s responsibilities include risk management and compliance oversight. Specifically, the Audit and Risk Committee:

●	discusses guidelines and policies governing the process by which senior management and the relevant departments of the Company assess and manage exposure to risk;
● • discusses guidelines and policies governing the process by which senior management and the relevant departments of the Company assess and manage exposure to risk; • reviews the Company’s risk assessment and enterprise risk-management framework, including risk-management guidelines, risk appetite, risk tolerances, key risk policies, and control procedures; 2020 Proxy Statement
•	reviews critical regulatory risk-management filings and enterprise risk-management material shared with regulators and rating agencies;
•21 Table of Contents Corporate Governance Matters ● reviews critical regulatory risk-management filings and enterprise risk-management material shared with regulators and rating agencies; ● reviews the general structure, staffing models, and engagement of the Company’s risk governance departments and practices; • reviews the Company’s major financial risk exposures and evaluates processes and controls that management has adopted to monitor and manage those risks; • meets in executive session with key senior leaders involved in risk management; • reviews with the internal auditors, the independent auditor, and the Company’s financial management team the adequacy and effectiveness of our internal controls, including information security policies and internal controls regarding information security, and any special steps adopted in light of material control deficiencies; and • reports to the Board, at least annually, with respect to matters related to key enterprise risks and risk management areas of concentration. 2021 Proxy Statement 21 Table of Contents Corporate Governance Matters Spotlight on Information Security Risk Oversight The Board has adopted an information security policy directing management to establish and operate an information security program with the goal of ensuring that the Company’s information assets and data, and the data of its customers, are appropriately protected. The Board has delegated oversight of the Company’s risk governance departmentsinformation security program to the Audit and practices;
●	reviewsRisk Committee. The Company’s senior officers, including its Global Security and Chief Information Security Officer, are responsible for the Company’s major financial risk exposuresoperation of the information security program and evaluates processes and controls that management has adopted to monitor and manage those risks;
●	meets in executive session with key senior leaders involved in risk management;
●	reviewscommunicate quarterly with the internal auditors,Audit and Risk Committee on the independent auditor, and the Company’s financial management team the adequacy and effectiveness of our internal controls,program, including information security policies and internal controls regarding information security, and any special steps adopted in light of material control deficiencies; and
●	reports to the Board, at least annually, with respect to matters relatedthe state of the program, compliance with applicable regulations, current and evolving threats, and recommendations for changes in the information security program. The information security program also includes a cybersecurity incident response plan that is designed to key enterprise risksprovide a management framework across Company functions for a coordinated assessment and risk management areasresponse to potential security incidents. This framework establishes a protocol to report certain incidents to the Global Security and Chief Information Security Officer and other senior officers, with the goal of concentration.

Finance and Investment Committeetimely assessing such incidents, determining applicable disclosure requirements and communicating with the Audit and Risk Committee. The incident response plan directs the executive officers to report certain incidents immediately and directly to the Lead Non-Management Director.

For more information, see the Aflac Incorporated Cybersecurity Disclosure on the Company’s ESG site at esg.aflac.com.

Finance and Investment Committee

The Finance and Investment Committee oversees the investment process and investment risk management of the Company and its subsidiaries by monitoring investment policies, strategies, and transactions and reviewing the performance of the investment portfolio and overall capital and liquidity position of the Company.

Investment process		The manner in which we invest cash flows of the Company and its subsidiaries and manage investments to emphasize safety, liquidity, returns, tax considerations, applicable laws and regulations, and conformity with the needs of the Company and its subsidiaries.
Investment risk	Includes liquidity risk, market risk, and credit risk.
Liquidity risk	When an investment is not marketable and cannot be bought or sold quickly enough to prevent or minimize a loss.
Market risk	The risk that market movements will cause fluctuations in the value of our assets, the amount of our liabilities, or the income from our assets.
Credit risk	The risk of loss arising from the failure of a counterparty to perform its contractual obligations.
Enterprise: Capital & Liquidity risk	Review of enterprise capital adequacy, access to capital, and maintenance of liquidity position to protect credit ratings and the Company’s ability to meet short and long-term obligations.

Compensation Committee

The Compensation Committee strives to create incentives that encourage a level of risk-taking behavior consistent with the Company’s business strategy. As more fully discussed in the Compensation Discussion and Analysis section of this Proxy Statement, the Compensation Committee establishes incentive compensation performance objectives for management that are realistically attainable so as not to encourage excessive risk taking.

Code of Business Conduct and Ethics

The Company’s Code of Business Conduct and Ethics applies to all Directors, executives, and employees of the Company and its subsidiariessubsidiaries. In addition, there are provisions specifically applicable to the Chief Executive Officer, the Chief Financial Officer, and manage investmentsthe Chief Accounting Officer. The Company intends to emphasize safety, liquidity, returns, tax considerations, applicable lawssatisfy any disclosure requirements regarding amendments to, or waivers of, any provision of the Code of Business Conduct and regulations,Ethics by posting such information on our website, aflac.com, under “Investors,” then “Governance,” then “Governance Documents.”

Chief Executive Officer and conformityExecutive Management Succession Planning

The Board, in coordination with the needsCorporate Governance Committee, is responsible for succession planning for key executives to ensure continuity in senior management. As part of that effort, the Board and the Corporate Governance Committee ensure that the Company and its subsidiaries.Investment riskIncludes liquidity risk, market risk, and credit risk.Liquidity riskWhenhas an investment is not marketableappropriate process for addressing Chief Executive Officer succession as a matter of regular planning and cannot be bought or sold quickly enough to prevent or minimize a loss.Market riskThe risk that market movements will cause fluctuations in the valueevent of our assets,extraordinary circumstances.

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The Chief Executive Officer plays an active role in the amount of our liabilities, orsuccession-planning process for other executive management positions. In coordination with the income from our assets.Credit riskThe risk of loss arising fromCompany’s executive management team, including the failure of a counterparty to perform its contractual obligations.Enterprise:
Capital & Liquidity riskReview of enterprise capital adequacy, access to capital, and maintenance of liquidity position to protect credit ratingsGeneral Counsel and the Director of Human Resources, the Chief Executive Officer periodically evaluates potential successors, reviews development plans recommended for such individuals, and makes recommendations to the Corporate Governance Committee. Together these parties also identify potential successors for other critical executive management positions. In addition, the Chief Executive Officer reviews executive succession planning and management development at an annual executive session of independent Directors.

Commitment to Social Responsibility and Sustainability

As noted above, the Company has a dedicated, Board-level committee, which oversees the Company’s abilitypolicies, procedures, and practices with respect to meet shortcorporate social responsibility (CSR) and long-term obligations.

Compensation Committeesustainability. Specifically, the Board, through this committee, receives updates on the business’ focus on certain U.N. Sustainable Development Goals, environmental initiatives, workplace diversity and inclusion efforts, and philanthropic activities. The Corporate Social Responsibility and Sustainability Committee also monitors the preparation of and reviews the Company’s annual report that provides more detail around CSR and sustainability initiatives. To see Aflac Incorporated’s 2020 Business and Sustainability Report and the policy statements around ESG Investing, Tax, Carbon Neutrality, Human Rights, Human Capital Management, Diversity and Inclusion, and Supply Chain Approach and Philosophy, please visit esg.aflac.com.

Shareholder Outreach

The Company has a long history of engaging shareholders to learn about the issues and concerns that are important to them. We believe that open communications can have a positive influence on our performance as we address key concerns around corporate governance, environmental, and social topics. For example, we are proud to have been the first publicly traded company in the United States to voluntarily allow shareholders a say-on-pay vote. In keeping with this governance philosophy, we communicate with our shareholders on a regular basis and incorporate their feedback into our decision-making process.

Our Approach

The Compensation Committee strives to create incentives that encourage a level of risk-taking behavior consistent with the Company’s business strategy. As more fully discussed in the Compensation Discussion and Analysis section of this Proxy Statement, the Compensation Committee establishes incentive compensation performance objectives for management that are realistically attainable so as not to encourage excessive risk taking.

Code of Business Conduct and Ethics

The Company’s Code of Business Conduct and Ethics applies to all Directors, executives, and employees of the Company and its subsidiaries. In addition, there are provisions specifically applicable to the Chief Executive Officer, the Chief Financial Officer, and the Chief Accounting Officer. The Company intends to satisfy any disclosure requirements regarding amendments to, or waivers of, any provision of the Code of Business Conduct and Ethics by posting such information on our website, aflac.com, under “Investors,” then “Governance,” then “Governance Documents.”

Chief Executive Officer and Executive Management Succession Planning

The Board, in coordination with the Corporate Governance Committee, is responsible for succession planning for key executives to ensure continuity in senior management. As part of that effort, the Board and the Corporate Governance Committee ensure that the Company has an appropriate process for addressing Chief Executive Officer succession as a matter of regular planning and in the event of extraordinary circumstances.

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The Chief Executive Officer plays an active role in the succession-planning process for other executive management positions. In coordination with the Company’s executive management team, including the General Counsel and the Director of Human Resources, the Chief Executive Officer periodically evaluates potential successors, reviews development plans recommended for such individuals, and makes recommendations to the Corporate Governance Committee. Together these parties also identify potential successors for other critical executive management positions. In addition, the Chief Executive Officer reviews executive succession planning and management development at an annual executive session of independent Directors.

Commitment to Social Responsibility and Sustainability

As noted above, the Company has a dedicated, Board-level committee, which oversees the Company’s policies, procedures, and practices with respect to corporate social responsibility and sustainability. Specifically, the Board, through this committee, receives updates on the business’ focus on certain U.N. Sustainable Development Goals, environmental initiatives, workplace diversity and inclusion efforts, and philanthropic activities. The Corporate Social Responsibility and Sustainability Committee also monitors the preparation of and reviews the Company’s annual Corporate Social Responsibility report, which provide more detail around CSR and sustainability initiatives and which are available on our website, aflac.com, under “About Aflac,” then “Corporate Citizenship.”

Recently, the Company launched a digital ESG hub at esg.aflac.com. The purpose of the hub is to provide enhanced disclosures of the Company’s environmental and social efforts. These disclosures align with the Global Reporting Initiative, United Nations Sustainable Development Goals, Task Force on Climate-Related Financial Disclosures, and the Sustainability Accounting Standards Board.

Shareholder Outreach

The Company has a long history of engaging shareholders to learn about the issues and concerns that are important to them. We believe that open communications can have a positive influence on our corporate governance practices. For example, we are proud to have been the first publicly traded company in the United States to voluntarily allow shareholders a say-on-pay vote. In keeping with this governance philosophy, we communicate with our shareholders on a regular basis and incorporate their feedback into our decision-making process.

Our Approach

•  Business Update & COVID-19 Response: Provided an update on our business and focus areas in light of the ongoing COVID-19 pandemic, including actions we have taken to support our employees and customers through this challenging time;

•  Environmental & Social Initiatives: Discussed our sustainability goals and diversity and inclusion initiatives, our focus on human capital management and fostering a supportive corporate culture for employees, and recent enhancements to our sustainability reporting;

YEAR-ROUND ENGAGEMENT

Aflac Incorporated’s Investor and Rating Agency Relations team proactively engages year-round with shareholders and fixed income investors, both:including: ●•  current and prospective ●•  retail and institutional ●•portfolio management and stewardship teams These efforts often include executive management and occasionally the Lead Non-Management Director and extend to: ●•  proxy advisory firms, ●•  ESG rating firms and ●•  credit rating agencies Both outside of and leading up to the annual meeting, the Vice President of Investor Relations and Corporate Secretary conduct meetings (in person when possible and by telepresence) and calls to update investors and regularly relay feedback to the Chairman, Lead Non-Management Director and the Board. During 2020 engagements, we discussed our policy statements on the recently launched esg.aflac.com as well as the following topics:

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Communications with Directors

Shareholders and other interested parties may contact members of the Board by mail. If you wish to communicate with the Board, any individual Director, or any group or committee of Directors, address your correspondence to the Board or to such individual Director, group, or committee, c/o the Corporate Secretary of Aflac Incorporated, 1932 Wynnton Road, Columbus, Georgia 31999. The Corporate Secretary will forward any message that is not in the nature of advertising, promotions of a product or service, or patently offensive material.

Governance Documents

Charters for the Audit and Risk Committee, the Compensation Committee, and the Corporate Governance Committee, as well as the Company’s Guidelines on Significant Corporate Governance Issues, the Code of Business Conduct and Ethics and other governance-related documents, all can be found on the Company’s website, aflac.com, under “Investors,” then “Governance,” then “Governance Documents.” Shareholders can request printed copies of these documents by submitting a request to the Corporate Secretary at the address shown above.

DIRECTOR COMPENSATION

•	Board Composition: Discussed the alignment of board composition and skills with company strategy; and
•	Executive Compensation: Reviewed key features of our compensation program and its continued alignment with company strategy and performance.

Over the course of these meetings, two topics were consistently discussed: climate change and diversity and inclusion. The feedback received as part of these conversations were informative and valuable in forming corporate strategy in 2021 as it relates to these issues. For example, as a result of discussion of our environmental and social goals, the Corporate Social Responsibility and Sustainability Committee has recommended to the Compensation Committee an ESG compensation modifier for 2021. Also, following investor dialogue regarding best practices and expectations around reducing our carbon footprint, the Company has made a commitment to include Scope 3 emissions to its existing 2040 carbon neutrality goal.

Communications with Directors

Shareholders and other interested parties may contact members of the Board by mail. If you wish to communicate with the Board, any individual Director, or any group or committee of Directors, address your correspondence to the Board or to such individual Director, group, or committee, c/o the Corporate Secretary of Aflac Incorporated, 1932 Wynnton Road, Columbus, Georgia 31999. The Corporate Secretary will forward any message that is not in the nature of advertising, promotions of a product or service, or patently offensive material.

Governance Documents

Charters for the Audit and Risk Committee, the Compensation Committee, and the Corporate Governance Committee, as well as the Company’s Guidelines on Significant Corporate Governance Issues, the Code of Business Conduct and Ethics and other governance-related documents, all can be found on the Company’s website, aflac.com, under “Investors,” then “Governance,” then “Governance Documents.” Shareholders can request printed copies of these documents by submitting a request to the Corporate Secretary at the address shown above.

Director Compensation

Directors who also serve as employees of the Company or its subsidiaries do not receive compensation as Board members. The Compensation Committee reviews the policy regarding total compensation for Non-employee Directors at least every other year and recommends compensation to the Board consistent with that policy. When making its recommendation, the Compensation Committee considers a variety of factors, including the Non-employee Director pay packages at our peer group companies, the skills and backgrounds required of Non-employee Directors to serve on the Company’s Board, and the balance between the cash and equity components of the package. The Board makes final determinations regarding Non-employee Director compensation.

The Compensation Committee assessassesses Director compensation and uses its independent compensation consultant to benchmark against peers every other year. Cash Compensation

Cash Compensation

Cash compensation for the Non-employee Directors was as follows:

	May 1, 2019 to April 30, 2020	May 1, 2018 to April 30, 2019
All Non-employee Directors		$135,000 annually	$115,000 annually
Audit and Risk Committee members	Additional $10,000 annually
Audit and Risk Committee members		Additional $10,000 annually
Chairs—Corporate Governance, Corporate Social Responsibility and Sustainability, Corporate Development, Finance and Investment		Additional $20,000 annually
Chair—Audit and Risk		Additional $30,000 annually
Chair—Compensation		Additional $25,000 annually
Lead Non-Management Director		Additional $50,000 annually

Non-employee Directors may elect to have all or a portion of their Board annual retainer paid in the form of immediately vested nonqualified stock options, restricted stock that vests after one year of continued service, or a combination thereof as determined by the Board. In 2020, one Non-employee Director elected to receive restricted stock in lieu of a cash annual retainer.

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Corporate Governance Corporate Social Responsibility and Sustainability, Corporate Development, Finance and InvestmentAdditional $20,000 annuallyAdditional $20,000 annuallyChair—Audit and RiskAdditional $30,000 annuallyAdditional $30,000 annuallyChair—Matters

Equity CompensationAdditional $25,000 annuallyAdditional $20,000 annuallyLead Non-Management DirectorAdditional $50,000 annuallyAdditional $35,000 annually

Non-employee Directors may elect to have all or a portion of their Board annual retainer paid in the form of immediately vested nonqualified stock options, restricted stock that vests after one year of continued service, or a combination thereof as determined by the Board. In 2019, one Non-employee Director elected to receive restricted stock in lieu of a cash annual retainer, and no Non-employee Director elected to receive stock options.

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Equity Compensation

As shown below, Non-employee Directors also receive equity on a regular basis to ensure that their interests are aligned with those of our shareholders.

Timing of equity grant		Form of equity grant(1)		Value of equity grant(2)	Form of equity grant(1)	Value of equity grant(2)
Upon joining the Board		nonqualified stock options, stock appreciation rights, restricted stock, or a combination thereof		aggregate value as determined by the Board not in excess of the value of a nonqualified stock option covering 20,000 shares of Common Stock
Annually, at the discretion of the Board		restricted stock, nonqualified stock options, stock appreciation rights, or a combination thereof		aggregate dollar value of approximately $155,000

(1)	If the Board grants restricted stock, it may permit Non-employee Directors to elect to receive nonqualified stock options instead. In 2020, three Non-employee Directors to elect to receive nonqualified stock options instead. In 2019, no one made this election. Two Non-employee Directors elected to receive all stock options and one Non-employee Director elected to receive half of the grant value in the form of nonqualified stock options.
(2)	The values of any stock options or stock appreciation rights are determined based upon the most current Black-Scholes-Merton three-year period valuation price of option shares as determined by the Compensation Committee’s independent compensation consultant. For grants made in the three-year period of 2019 to 2021, our deemed fair value of a stock option is $6.54.
(2)	The values of any stock options or stock appreciation rights are determined based upon the most current Black-Scholes-Merton three-year period valuation price of option shares as determined by the Compensation Committee’s independent compensation consultant. For grants made in the three-year period of 2019 to 2021, our deemed fair value of a stock option is $6.54.

Non-employee Directors are required to hold shares worth at least four times the amount of the annual cash retainer.

For additional information, please see “Stock Ownership Guidelines; Hedging and Pledging Restrictions” on page 48.

Vesting

For additional information, please see “Stock Ownership Guidelines; Hedging and Pledging Restrictions” on page 44.

Grants of stock options or, if elected, restricted stock, made to Non-employee Directors upon joining the Board become vested one year from the grant date, generally subject to continued service. Grants of restricted stock or, if elected, stock options, made to Non-employee Directors at the time of an annual meeting become vested at the next annual meeting, generally subject to continued service. Upon death or disability or a change in control of the Company, Non-employee Directors will become 100% vested in all outstanding options and stock awards.

Vesting

Grants of stock options or, if elected, restricted stock, made to Non-employee Directors upon joining the Board become vested one year from the grant date, generally subject to continued service. Grants of restricted stock or, if elected, stock options, made to Non-employee Directors at the time of an annual meeting become vested at the next annual meeting, generally subject to continued service. Upon death or disability or a change in control of the Company, Non-employee Directors will become 100% vested in all outstanding options and stock awards.

Retirement Plans

The Company maintains a retirement plan for Non-employee Directors who have attained age 55 and completed at least five years of service on the Board, but that plan was closed to new participants effective 2002 and Dr. Rimer is the only Non-employee Director who participates in the retirement plan. The dollar value and length of payment of the annual retirement benefits were frozen effective May 3, 2010. For qualifying participants, payments under the plan begin upon termination of service as a Non-employee Director and continue for the shorter of the number of years the participant served as Non-employee Director prior to May 3, 2010, or the life of the participant (or, if applicable, his or her surviving spouse). On an annual basis, such payments are equal to the annual compensation paid to a participant during his or her service as a Non-employee Director during the 12-month period immediately preceding May 3, 2010, excluding committee fees, and subject to a cap of $30,000 for the annual retainer fee and $2,000 per meeting. The Non-employee Directors do not participate in any nonqualified deferred compensation plans.

2020 Proxy Statement       25

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Corporate Governance Matters

2019 Director Compensation

The following table identifies each item of compensation paid to Non-employee Directors for 2019.

Name(1)		Fees Earned or Paid in Cash(2) ($)		Stock Awards(3) ($)		Option Awards(4) ($)		Change in Pension Value and Nonqualified Deferred Compensation Earnings(5) ($)		All Other Compensation ($)		Total ($)
W. Paul Bowers		205,000		155,046		—		—		—		360,046
Toshihiko Fukuzawa		125,000		155,046		—		—		—		280,046
Douglas W. Johnson*		62,500		—		—		—		—		62,500
Robert B. Johnson		150,000		155,046		—		—		—		305,046
Thomas J. Kenny		145,040		155,046		—		—		—		300,086
Georgette D. Kiser		77,083		130,847		—		—		—		207,930
Karole F. Lloyd		165,000		155,046		—		—		—		320,046
Joseph L. Moskowitz		135,000		155,046		—		—		—		290,046
Barbara K. Rimer, DrPH		145,000		155,046		—		17,115		—		317,161
Katherine T. Rohrer		125,000		155,046		—		—		—		280,046
Melvin T. Stith		145,000		155,046		—		—		—		300,046

*	Douglas W. Johnson’s term on the Board of Directors ended May 6, 2019.
(1)	Daniel P. Amos is not included in the table because he is an employee and thus did not receive compensation for his services as a Director. The compensation received by Mr. Amos as an employee is shown in the Summary Compensation Table.
(2)	Thomas J. Kenny elected to receive a portion of his annual retainer in restricted stock. The value of these shares on the grant date was $135,040.
(3)	This column represents the dollar amount recognized in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 718 (“ASC 718”) for financial statement purposes with respect to the 2019 fiscal year for the fair value of restricted stock granted in 2019. The fair values of the awards granted in 2019 were calculated using the closing per-share stock price on the date of grant of $50.52 for the awards granted on May 6, 2019. As of December 31, 2019, the following Non-employee Directors held the following number of restricted stock awards: W. Paul Bowers, 3,069; Toshihiko Fukuzawa, 3,069; Robert B. Johnson, 3,069; Thomas J. Kenny, 5,742; Georgette D. Kiser, 2,590; Karole F. Lloyd, 3,069; Joseph L. Moskowitz, 3,069; Barbara K. Rimer, 3,069; Katherine T. Rohrer, 3,069; and Melvin T. Stith, 3,069.
(4)	No Directors received stock options in 2019. As of December 31, 2019, the following Non-employee Directors held stock options covering the following number of shares of Common Stock: Thomas J. Kenny, 29,470; Joseph L. Moskowitz, 41,729; and Barbara K. Rimer, 108,348.
(5)	Represents change in pension value. Barbara K. Rimer participates in the Directors’ retirement plan. The other directors do not participate in the Directors’ retirement plan since they first became Directors after the plan was closed to new participants effective 2002 and Dr. Rimer is the only Non-employee Director who participates in 2002.

26       Aflac Incorporatedthe retirement plan. The dollar value and length of payment of the annual retirement benefits were frozen effective May 3, 2010. For qualifying participants, payments under the plan begin upon termination of service as a Non-employee Director and continue for the shorter of the number of years the participant served as Non-employee Director prior to May 3, 2010, or the life of the participant (or, if applicable, his or her surviving spouse). On an annual basis, such payments are equal to the annual compensation paid to a participant during his or her service as a Non-employee Director during the 12-month period immediately preceding May 3, 2010, excluding committee fees, and subject to a cap of $30,000 for the annual retainer fee and $2,000 per meeting. The Non-employee Directors do not participate in any nonqualified deferred compensation plans.

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Executive Compensation

Table of Contents02

Proposal 2
Executive

Corporate Governance Matters

2020 Director Compensation (“Say-on-Pay”)

The following table identifies each item of compensation paid to Non-employee Directors for 2020.

Name(1)		Fees Earned or Paid in Cash(2) ($)		Stock Awards(3) ($)		Option Awards(4) ($)		Change in Pension Value and Nonqualified Deferred Compensation Earnings(5) ($)		All Other Compensation ($)		Total ($)
W. Paul Bowers		266,667		-		150,027		-		-		416,694
Toshihiko Fukuzawa		138,333		155,012		-		-		-		293,345
Robert B. Johnson*		48,333		-		-		-		-		48,333
Thomas J. Kenny		110,000		-		150,027		-		-		260,027
Georgette D. Kiser		145,000		155,012		-		-		-		300,012
Karole F. Lloyd		178,333		155,012		-		-		-		333,345
Nobuchika Mori**		90,000		130,809		-				-		220,809
Joseph L. Moskowitz		173,333		77,506		75,017		-		-		325,856
Barbara K. Rimer, DrPH		158,333		155,012		-		33,411		-		346,756
Katherine T. Rohrer		139,167		155,012		-		-		-		294,179
Melvin T. Stith		138,333		155,012		-		-		-		293,345

*	Robert B. Johnson’s term on the Board of Directors ended May 4, 2020.
**	Nobuchika Mori was elected to the Board of Directors on May 4, 2020.
(1)	Daniel P. Amos is not included in the table because he is an employee and thus did not receive compensation for his services as a Director. The compensation received by Mr. Amos as an employee is shown in the Summary Compensation Table.
(2)	W. Paul Bowers elected to receive his annual retainer in restricted stock. The value of these shares on the grant date was $215,000.
(3)	This column represents the dollar amount recognized in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 718 (“ASC 718”) for financial statement purposes with respect to the 2020 fiscal year for the fair value of restricted stock granted in 2020. The fair values of the awards granted in 2020 were calculated using the closing per-share stock price on the date of grant of $35.75 for the awards granted on May 4, 2020. As of December 31, 2020, the following Non-employee Directors held the following number of restricted stock awards: W. Paul Bowers, 6,145; Toshihiko Fukuzawa, 4,430; Georgette D. Kiser, 4,430; Karole F. Lloyd, 4,430; Nobuchika Mori, 3,738; Joseph L. Moskowitz, 2,215; Barbara K. Rimer, 4,430; Katherine T. Rohrer, 4,430; and Melvin T. Stith, 4,430.
(4)	In accordance with the SEC’s reporting requirements, this column represents the dollar amount recognized in accordance with ASC 718 for financial statement purposes with respect to the 2020 stock option grants. The Company’s valuation assumptions are described in Note 12 “Share-Based Compensation” in the Notes to the Consolidated Financial Statements in the Company’s Annual Form 10-K filed with the SEC for the year ended December 31, 2020. Stock options granted to Non-employee Directors vest after one year generally subject to continued service. As of December 31, 2020, each Non-employee Director held stock options covering the following number of shares of Common Stock: William P. Bowers, 23,701; Thomas J. Kenny, 23,701; Joseph L. Moskowitz, 53,580; and Barbara K. Rimer, 97,322.
(5)	Represents change in pension value. Barbara K. Rimer participates in the Directors’ retirement plan. The other directors do not participate in the Directors’ retirement plan since they first became Directors after the plan was closed to new participants in 2002.
	We are committed to achieving a high level of total return for our shareholders. From the end of August 1990, when Daniel P. Amos was appointed the CEO, through December 31, 2019, the Company’s total return to shareholders, including reinvested cash dividends, has exceeded 8,913%, compared with 2,111% for the Dow Jones Industrial Average, 1,748% for the S&P 500 Index, and 1,000% for the S&P 500 Life & Health Insurance Index over the same period.

26	The Board of Directors recommends a vote FOR our executive compensation.

We believe our compensation policies and procedures are centered on a pay-for-performance culture and are strongly aligned with the long-term interests of our shareholders. Beginning in 2008, we voluntarily provided our shareholders an annual advisory vote (commonly known as “Say-on-Pay”), which is now required by the Dodd-Frank Wall Street Reform and Consumer Protection Act. In accordance with Section 14A of the Securities Exchange Act of 1934, this vote gives you as a shareholder the opportunity to endorse or not endorse the compensation of our named executive officers through the following resolution:

“Resolved, on an advisory basis, the shareholders of Aflac Incorporated approve the compensation of the named executive officers, as disclosed pursuant to the compensation disclosure rules of the Securities and Exchange Commission, including the Compensation Discussion and Analysis and accompanying tables and narrative in the Notice of 2020 Annual Meeting of Shareholders and Proxy Statement.”

Because your vote is advisory, it will not be binding upon the Board. However, the Compensation Committee will take into account the outcome of the vote when considering future executive compensation arrangements.

COMPENSATION DISCUSSION & ANALYSIS

This Compensation Discussion and Analysis (“CD&A”) provides a detailed description of our executive compensation philosophy and programs, the decisions made by the Compensation Committee related to those programs, and the factors considered when making those decisions.

TABLE OF CONTENTS

28		Executive Summary
32		Compensation Design and Philosophy
36		2019 Executive Compensation
44		Additional Executive Plan Compensation Practices and Procedures
45		Compensation Committee Report

2020 Proxy Statement       27

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Executive Compensation

This CD&A focuses on our named executive officers (“NEOs”) for 2019, who were:

		DANIEL P. AMOS Chairman, Chief Executive Officer and President*
		FREDERICK J. CRAWFORD Executive Vice President, Chief Financial Officer*
		ERIC M. KIRSCH Executive Vice President, Global Chief Investment Officer; President, Aflac Global Investments
		CHARLES D. LAKE II President, Aflac International; Chairman and Representative Director, Aflac Life Insurance Japan
		MASATOSHI KOIDE President and Representative Director, Aflac Life Insurance Japan

*

Effective January 1, Table of Contents Corporate Governance Matters CD&A At-A-Glance This summary highlights information contained in the Compensation Discussion and Analysis, but it does not contain all of the information you should consider. 2020 Mr. Crawford was promoted to President, Chief Operating Officer.

Executive SummaryBusiness Overview

CASH		3 YEAR TSR
DIVIDEND
+3.7%		+8.6%
RETURN ON		NET EARNINGS		ADJUSTED EPS
EQUITY
15.3%		$4.8B		+10.8%*
SHARE		AFLAC JAPAN SOLVENCY		AFLAC RISK
REPURCHASE		MARGIN RATIO		BASED CAPITAL
$1.5B		960%		508%

Pay-For-Performance Compensation Philosophy

Our compensation programs are designed to ensure that a substantial amount of executive pay is directly linked to the Company’s results. We believe this is the most effective method for creating shareholder value and that it has played a significant role in making the Company an industry leader. Importantly, performance-based elements of our compensation programs apply to all levels of Company management—not just the executive officers. In fact, pay-for-performance components permeate compensation at every employee level. As a result, we are able to attract, retain, motivate, and reward talented individuals who have the necessary skills to manage our growing global business on a day-to-day basis and to position the Company for success in the future.

The Board’s independent compensation consultant, Mercer LLC, works with the Compensation Committee to review executive compensation practices, including the competitiveness of pay levels, design issues, market trends, and other technical considerations.

*

Adjusted earnings per diluted share excluding foreign currency impact is not calculated in accordance with generally accepted accounting principles in the U.S. (GAAP). See the Appendix to this Proxy Statement for the definition of this non-GAAP measure and reconciliation to the most comparable GAAP financial measure.

PAY-FOR-PERFORMANCE COMPENSATION PHILOSOPHY

Our executive compensation program is designed to drive shareholder value via three critical features:

1. A pay-for-performance philosophy and compensation program structure that directly motivates our executives to achieve our annual and long-term strategic and operational goals 2. Compensation elements that help us attract and retain high-caliber talent to lead the Company 3. “Best practice” compensation governance policies, such as stock ownership guidelines, clawback provisions, and no change-in-control excise tax gross-ups Elements of Our Executive Compensation Program We consider annual and long-term strategicincentive compensation to be the most important compensation awarded; these pay elements represent the largest part of total rewards for executives and operational goals

Compensation elements that help us attractprovide the strongest link to Company results and retain high-caliber talent to leadshareholder value creation. CEO TARGET COMPENSATION MIX CEO + NEOs AVERAGE TARGET MIX 2021 Proxy Statement 27 Table of Contents Corporate Governance Matters 2020 Management Incentive Plan Performance Performance Result Corporate Metric: Adjusted earnings per diluted share on a consolidated basis for the Company (excluding foreign currency effect) $4.89 Exceeded Maximum Goal U.S. Segment Metrics: Increase (decrease) in New Annualized Premium (31.14%) Below Minimum Goal Increase (decrease) in Earned Premium (1.17%) Below Minimum Goal Japan Segment Metrics: New Annualized Premium (in billions of Yen) (excluding Japan Post sales) ¥50.2 Below Minimum Goal Decrease in Earned Premium (third sector and first sector protection sales) (0.98%) Above Minimum Goal Global Investments Metrics: Net Investment Income (U.S. and Japan GAAP segments only) Budget plus 4.76% Exceeded Maximum Goal Credit Losses/Impairments ($125 million) Above Target Goal 2018-2020 Long-Term Incentive Performance Results Performance Result Metrics: Currency Neutral AROE Result (70% weighted) 15.1% Above Target Goal SMR (15% weighted) 953% Exceeded Maximum Goal RBC (15% weighted) 543% Above Target Goal 28 Aflac Incorporated Table of Contents Executive Compensation Proposal 2 Executive Compensation (“Say-on-Pay”) We are committed to achieving a high level of total return for our shareholders. From the end of August 1990, when Daniel P. Amos was appointed the CEO, through December 31, 2020, the Company’s total return to shareholders, including reinvested cash dividends, has exceeded 7,689%, compared with 2,326% for the Dow Jones Industrial Average, 2,088% for the S&P 500 Index, and 895% for the S&P 500 Life & Health Insurance Index over the same period. The Board of Directors recommends a vote FOR our executive compensation. We believe our compensation policies and procedures are centered on a pay-for-performance culture and are strongly aligned with the Company

“Best practice” compensation governance policies, suchlong-term interests of our shareholders. Beginning in 2008, we voluntarily provided our shareholders an annual advisory vote (commonly known as stock ownership guidelines, clawback provisions,“Say-on-Pay”), which is now required by the Dodd-Frank Wall Street Reform and no change-incontrol excise tax gross-ups

28       Aflac Incorporated

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2019 Business Overview

TSR	The Company’s stock hit an all-time highduring the year.	CASH DIVIDEND +3.8%	ANNUAL TSR +18.6%	3 YEAR TSR +62.5%
		We increased our cash dividend by3.8%, marking the37thconsecutive year of increasing the dividend.	Our annual total shareholder return* was18.6%, versus 23.2% for the S&P 500 Life and Health Insurance subindex.	Our annual total shareholder return* was62.5%, versus 13.6% for the S&P 500 Life and Health Insurance subindex.
Financial Highlights	RETURN ON EQUITY 12.6%	NET EARNINGS $3.3B	ADJUSTED EPS(1) +6.3%
	We generated a strong return on equity of 12.6%, and our AROE for the full year was 15.1%.	We generated net earnings of$3.3 billion, an increase of 13.2% over 2018.	Adjusted earnings per diluted share, excluding the impact of foreign currency, grew6.3%.
Capital	SHARE REPURCHASE $1.6B		REGULATORY CAPITAL RATIOS* 1,043%
	We repurchased approximately 32.0 millionConsumer Protection Act. In accordance with Section 14A of the Company’s sharesSecurities Exchange Act of 1934, this vote gives you as parta shareholder the opportunity to endorse or not endorse the compensation of a balanced capital allocation program.		our named executive officers through the following resolution: “Resolved, on an advisory basis, the shareholders of Aflac Japan Solvency Margin Ratio 539% Aflac Risk Based Capital

*	As of December 31, 2019
(1)	The adjusted earnings per share, excludingIncorporated approve the impact of foreign currency, metric is onecompensation of the principal financial measures usednamed executive officers, as disclosed pursuant to evaluate management’s performance,the compensation disclosure rules of the Securities and we believeExchange Commission, including the Compensation Discussion and Analysis and accompanying tables and narrative in the Notice of 2021 Annual Meeting of Shareholders and Proxy Statement.” Because your vote is advisory, it continueswill not be binding upon the Board. However, the Compensation Committee will take into account the outcome of the vote when considering future executive compensation arrangements. Compensation Discussion and Analysis This Compensation Discussion and Analysis (“CD&A”) provides a detailed description of our executive compensation philosophy and programs, the decisions made by the Compensation Committee related to be a key driverthose programs, and the factors considered when making those decisions. SIGNIFICANT INFORMATION IN THIS SECTION 30 Pay-For-Performance Compensation Philosophy 31 2020 Business Overview 34 Summary of Our Executive Compensation Program 35 Outcome of 2020 Say-on-Pay Vote 35 Compensation Design and Philosophy 40 Management Incentive Plan 44 Long-Term Incentives 48 Stock Ownership Guidelines; Hedging and Pledging Restrictions 2021 Proxy Statement 29 Table of shareholder value.Contents Executive Compensation This CD&A focuses on our named executive officers (“NEOs”) for 2020, who were: Daniel P. Amos Chairman and Chief Executive Officer (CEO) On December 3, 2018, the Company gave guidance for 2019 consolidated adjusted earnings per diluted share of $4.10 to $4.30 using an exchange rate of 110 ¥/$, which on a currency-neutral basis and normalized for certain tax items identified in 2018 equated to approximately a 3% increase. With the release of first quarter 2019 earnings, the Company affirmed the outlook at the 2018 weighted-average exchange rate of 110.39 ¥/$. After consistent strong performance in the first three quarters of 2019, the Company upwardly revised the range to $4.35 to $4.45. Ultimately, the Company reported adjusted earnings per diluted share of $4.44, or $4.42 excluding the effect of foreign currency, after continued strong performance driven by strong pretax profit margins supported by favorable benefit ratios and net investment income in Japan and the U.S., and disciplined capital management.
		Max K. Brodén Executive Vice President, Chief Financial Officer (CFO) and Treasurer
		Frederick J. Crawford President, Chief Operating Officer (COO)
		Eric M. Kirsch Executive Vice President, Global Chief Investment Officer; President, Aflac Global Investments
		Audrey Boone Tillman Executive Vice President, General Counsel

Executive Summary

Pay-For-Performance Compensation Philosophy

Our compensation programs are designed to ensure that a substantial amount of executive pay is directly linked to the Company’s results. We believe this is the most effective method for creating alignment with shareholder interests and that it has played a significant role in making the Company an industry leader. Importantly, performance-based elements of our compensation programs apply to all levels of Company management—not just the executive officers. In fact, pay-for-performance components permeate compensation at every employee level. As a result, we are able to attract, retain, motivate, and reward talented individuals who have the necessary skills to manage our growing global business on a day-to-day basis and to position the Company for success in the future.

The Board’s independent compensation consultant, Mercer LLC, works with the Compensation Committee to review executive compensation practices, including the competitiveness of pay levels, design issues, market trends, and other technical considerations.

Our executive compensation program is designed to drive shareholder value via three critical features:

A pay-for-performance philosophy and compensation program structure that directly motivates our executives to achieve our annual and long-term strategic and operational goals

Compensation elements that help us attract and retain high-caliber talent to lead the Company

“Best practice” compensation governance policies, such as stock ownership guidelines, clawback provisions, and no change-in-control excise tax gross-ups

30	Aflac Incorporated

Table of Contents

Executive Compensation

2020 Business Overview

TSR		CASH DIVIDEND +3.7% We increased our cash dividend, marking the38th consecutive year of increasing the dividend.		3 YEAR TSR +8.6% Our three-year total shareholder return* was 8.6%, versus -11.7% for the S&P 500 Life and Health Insurance subindex. Our annual total shareholder return* was -13.6%, versus -9.5% for the S&P 500 Life and Health Insurance index.		3 YEAR TSR COMPARED TO PEERS Percentile Rank 63%
FinancialHighlights		RETURN ON EQUITY 15.3% We generated a strong returnon equity, and our AROE(1) forthe full year was 15.0%.		NET EARNINGS(2) $4.8B Net earnings increased 44.6% over 2019.		ADJUSTED EPS(1) +10.8% Adjusted earnings per diluted share, excluding the impact of foreign currency.
		Aflac U.S.: Sales were down 30.8%.		Aflac Japan: Sales were down 36.2%.
		Earned Premium was down1.17%.		Earned Premium wasdown 0.98%.
Capital		SHARE REPURCHASE $1.5B We repurchased approximately 37.9 million of the Company’s shares as part of a balanced capital allocation program.				REGULATORY CAPITAL RATIOS* 960% Aflac Japan Solvency Margin Ratio 508% Aflac Risk Based Capital

*	As of December 31, 2020
(1)	The adjusted return on equity, excluding the impact of foreign currency, (AROE) and adjusted earnings per share, excluding the impact of foreign currency, (adjusted EPS) metrics are principal financial measures used to evaluate management’s performance, and we believe they continue to be a key driver of shareholder value. See the Appendix to this Proxy Statement for definitions of these non-GAAP measures and reconciliation to the most comparable GAAP financial measures.
(2)	The Company recognized a one-time income tax benefit of $1.4 billion due to the release of valuation allowances which were predominantly established on the Company’s deferred foreign tax credit benefits.

 

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2020 Operating Results

In 2020, Proxy Statement      29

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Executive Compensation

In 2019 the Company advanced the vision of offering high-quality supplemental products solutions, and service through diverse distribution outlets, building upon our market-leading position to drive long-term shareholder value.

● Pandemic Impact At the onset of the COVID-19 global pandemic, the majority of the Company’s employees in Japan and the U.S. shifted to remote working environments with limited returns to office mainly in Japan undertaken as warranted by local conditions. Both Aflac Japan and Aflac U.S. took measures to address employee health and safety and increase employees’ ability to develop and maintain more flexible working conditions. The Company also provided financial support to agents and agencies with interest-free loans to help manage through this difficult period and granted grace periods for premium payments giving policyholders relief without fear of their coverage being cancelled. To support front-line efforts to combat the virus in both countries, the Company contributed more than a combined $10 million to organizations oriented around first-responders. In addition, the Company accelerated investments in digital tools to accommodate both our customers and distribution in a virtual environment. In line with business continuity planning, the Company established command centers to monitor and communicate developments, and operations remained stable throughout the year. Enterprise crisis management meetings were chaired by the President and COO with the Chair of the Audit and Risk Committee of the Board attending. Aflac Japan and Aflac U.S. both experienced a significant decrease in sales due to the effects of the pandemic and related government responses like emergency orders, resulting in a steep decline in face-to-face meetings between sales people and customers. In response, both Aflac Japan and Aflac U.S. accelerated investments in digital initiatives to improve productivity, efficiency, and customer service over the long term. The pandemic weighed on revenue performance, however, profit margins and earnings-per-share remained strong as benefit ratios were positively impacted by lower routine medical claims and absorbed an increase in claims related to COVID-19. The Company also defended investment income despite economic conditions driving down interest rates. Finally, the Company also took prompt action to strengthen its capital and liquidity position should pandemic conditions trend negative, and continued to undertake de-risking activity in its investment portfolios adjusting to market conditions throughout the year. Aflac Incorporated On December 2, 2019, the Company gave guidance for 2020 consolidated adjusted earnings per diluted share of $4.30 to $4.50 using an exchange rate of 110 yen to the dollar, which on a currency-neutral basis and normalized for 2019 equated to approximately a 1% increase. On April 29, 2020, recognizing the challenges to production and potential volatility in core earnings drivers associated with the evolving nature of the global pandemic, the Company withdrew earnings guidance for 2020 with the release of its first quarter results. Ultimately, the Company reported adjusted earnings per diluted share of $4.96, or $4.92 excluding the effect of foreign currency, which were positively impacted by the release of valuation allowances on deferred foreign tax credits, which were allowed due to U.S. tax regulations released in the third quarter of 2020. Aside from the favorable tax outcome, earnings per share benefited from stable pre-tax profit margins, benefited by lower routine medical claims and cost control measures, and favorable investment income. For the year, the Company generated a strong return on equity of 15.3% and our AROE, excluding the impact of foreign currency, for the full year was 15.0%. The combination of strength in pre-tax profit margins supported by generally favorable benefit ratios and investment income with strength in capital and cash flow supported the proactive return of capital in the form of share repurchase and common dividend increases. Management and the Board are committed to ensuring comprehensive risk management and to safeguarding the Company’s financial strength. In 2020, core capital strength measures remained very strong including core metrics of holding company leverage within a conservative range of 20% to 25%, Aflac Japan’s SMR ratio above 900%, and Aflac U.S. RBC ratio above 500%. The Company’s strong capital and cash flow positions continue to support our financial strength ratings, which are among the highest in the industry, and our 38-year track record of increased Common Stock dividends. Aflac U.S. The Aflac U.S. sales team has worked to adjust its sales approach given the reduction in face-to-face sales since the onset of the pandemic. Key elements to this approach include realizing sales at the worksite through an enrollment call center, video enrollment through co-browsing and self-enrollment. The traditional agent sales team is also using virtual recruiting and training through video conferencing to maintain the recruiting pipeline. The Aflac U.S. broker sales team is focused on product enhancements due to COVID-19 as well as leveraging technology-based solutions to drive enrollment. Aflac U.S. has also accelerated investments in digital initiatives designed to improve long-term productivity, efficiency, and customer service. 32 Aflac Incorporated Table of Contents Executive Compensation Aflac U.S. management continued to focus on serving the benefit needs of small businesses with its extensive agent distribution channel, as well as the needs of larger employers by continuing to build relationships with brokers. The pandemic’s impact on sales also pressured premium growth rates in the U.S., which has been partially offset by lower lapse rates. While 2020 sales were depressed, the Company’s distribution platform has pivoted to utilizing digital means to drive sales and enrollment, thus gradually reducing the remaining gap between pre- and post-pandemic declines in sales. While the Company has been known for its organic growth, 2020 was also marked by prudent investments to promote growth and to drive efficiencies. Aflac U.S. has set the direction for its strategy for the next five years and plans to increase its attractiveness in the large case market by accelerating an integrated platform and go-to-market strategy for a full suite of group benefits. Most notably, Aflac and Aflac New York, took an opportunity to accelerate growth through a measured buy-to-build transaction with the acquisition of Zurich North America’s U.S. group life disability and absence management business (“2020 Zurich business acquisition”) in November 2020 for total consideration of approximately $140 million. This strategy is also supported by the 2019 acquisition of Argus Dental and Vision. In 2020, we piloted Aflac’s new network dental and vision product in 10 states under limited distribution in preparation for a national launch in early 2021. Aflac U.S. is also in its second year of the build-out of its consumer markets for the digital direct-to-consumer sale of insurance, and sales made through that platform have continued to grow. While these investments were largely responsible for the elevated expense ratio, Aflac U.S.’s pretax profit margin ended the year in the middle of the forecasted range. Finally, in the fourth quarter of 2020, Aflac Incorporated made a $200 million strategic investment in Trupanion, a leading U.S. and Canadian pet insurer. The alliance is a multi-year build with planning in 2021 and then building-out Aflac and Trupanion co-branded product distribution in the worksite. Aflac Japan Similarly, to counter the challenging face-to-face sales environment brought on by the pandemic, Aflac Japan focused on generating new business through direct mail to existing and prospective customers, digital and web-based sales to groups, and a new smartphone-enabled insurance application that allows the customer and an Aflac Japan operator to see the same screen. In Japan, management continued to strengthen relationships with customers and agencies by focusing on a new cancer rider strategy. This rider strategy allowed Aflac Japan medicalcancer policyholders to updatea simple way of updating their existing coverage for advances in medical treatment as well as their stage in life by adding a mid-term rider to their existing policy without having to lapse. With this more flexible approach, Aflac Japan not only attractsexpects this simplified approach to appeal to younger customers and retains new customers, butsales agents, while also lowerslowering new product refreshment costs and improvesbenefiting persistency. This strategy was instrumental in maintaining the Company’s status as the leading provider of both medical and cancerCancer insurance in Japan. Results reflectsales results also reflected a sharp decline in the sale of cancer products afteras Japan Post Group announced anHoldings Co., Ltd. (“Japan Post”) continued to focus on restoring customer trust after the internal investigation intoof the sale of insuranceJapan Post Insurance products through Japan Post Co., Ltd. and Japan Post Insurance Co., Ltd. While the investigation and eventual suspension of sale of Japan Post Insurance products did not involve the sale of Aflac Japan cancer policies, the events had a negative impact on cancer sales in the postal network. During 2020, Aflac Japan also accelerated investments in digital and paperless initiatives designed to increase long-term productivity, efficiency, customer service and business continuity. The paperless initiative represents a ¥10 billion multi-year investment, that when completed, will result in ¥3 billion of annual savings, create a more nimble operating platform for disaster recovery purposes, and helps to reduce our carbon footprint in Japan. Aflac Japan is investing to increase operational efficiency while carrying out activities to expand sales of our existing products and also paying close attention to profitability and investment risk, which is especially important given the uncertainty ushered in by COVID-19. Despite the competitive market for cancer and medical insurance products, the persistent low interest rate environment in Japan and higher expenses related to technology investments and marketing, the Company exceeded its financial objectives—driving Aflac Japan’sJapan still delivered a strong pretax profit margin to the high end of the forecasted range. Global Investments Given the volatile market environment, our net investment income performed very well. Net investment income benefited from continued expansion of floating rate loan and alternative investments, which served to combat persistently lower interest rates in both the U.S. and Japan. Net investment income also benefited from our decision to hedge against falling interest rates, net of locking in hedge costs; tactical asset allocation decisions; and a significant increase in call income as issuers redeemed bonds due to lower refinancing rates. Net investment losses were primarily comprised of allowances for credit losses, currency effect revaluation losses on our Aflac Japan U.S. dollar loans, and mark-downs on equity securities. Partially offsetting this was a net gain on security sales and our derivative hedging program. Strategically, the Aflac Global Investments strategic alliance and investment in Varagon Capital Partners continued to perform well and contributed to corporate investment income during 2020. 2021 Proxy Statement 33 ● In keeping Table of Contents Executive Compensation Summary of Our Executive Compensation Program As a leader in our industry segment, we recognize that a sound executive management compensation program is one element of why we are an employer of choice. Our executive compensation program directly links compensation incentives with our visionbusiness goals and shareholder interests. We consider annual and long-term incentive compensation to be the number one distributormost important compensation awarded because these pay elements represent the largest part of benefit solutions supportingtotal rewards for executives and provide the U.S. workforce, Aflac U.S. management continuedstrongest link to Company results and shareholder value creation. Moreover, incentive compensation enables us to attract, retain, motivate, and reward talented individuals who have the necessary skills to manage our growing global enterprise now and for the future. Due to our focus on servingincentive compensation, base salary is the benefit needssmallest component of small businesses with its extensive agent distribution channel, as well as the needs of larger employers by continuing to build relationships with brokers. Results partially reflect a decline in recruiting and retention of commission-only agents in a strong economic environment. At the same time, Aflac U.S. continued to advance efforts to reach workers through a direct-to-consumer platform and associate partnerships. While the Company has been known for its organic growth, 2019 was also marked by prudent investments to promote growth and to drive efficiencies. Most notably, Aflac took an opportunity to accelerate growth through a measured buy-to-build transaction with the acquisition of Argus Dental and Vision. While these investments were largely responsiblecompensation for the elevated expense ratio, Aflac U.S.’s pretax profit margin ended the year in the middle of the forecasted range.

Management and the Board are committed to ensuring comprehensive risk management and to safeguarding the Company’s financial strength. In 2019, core capital strength measures remained very strong. The Company’s strong capital and cash flow positions continue to support our financial strength ratings, which are among the highest in the industry, and our 37-year track record of increased Common Stock dividends.NEOs.

Summary of Our Executive Compensation Program

As a leader in our industry segment, we recognize that a sound executive management compensation program is one of the things that make us an employer of choice. Our executive compensation program directly links compensation incentives with our business goals and shareholder interests.

We consider annual and long-term incentive compensation to be the most important compensation awarded; these pay elements represent the largest part of total rewards for executives and provide the strongest link to Company results and shareholder value creation. Moreover, incentive compensation enables us to attract, retain, motivate, and reward talented individuals who have the necessary skills to manage our growing global enterprise now and for the future. Due to our focus on incentive compensation, base salary is the smallest component of compensation for the NEOs.

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KEY ELEMENTS OF OUR 20192020 EXECUTIVE COMPENSATION PROGRAM CEO pay mix and Element Terms Performance Measure(s) Objective(s)
	Base Salary		The fixed amount of annual cash compensation for performing day-to-day responsibilities. Generally reviewed biennially for potential increase based on a number of factors, including market levels, performance, and internal equity.		Levels set based on market data, job scope, responsibilities, experience, and individual performance.		•  Attract and retain talent
	Management Incentive Plan (“MIP”)		Annual variable cash compensation based on the achievement of predetermined annual performance goals.		Performance metrics align with our business strategy, geographic segment goals, and key value drivers: •  Corporate goal: adjusted earnings per diluted share, excluding the impact of foreign currency •  U.S. goals: increase in new annualized premium, increase in earned premium •  Japan goals: new annualized premium (excluding Japan Post sales), decrease in earned premium (third sector and first sector protection sales) •  Global Investments goals: net investment income; credit losses/impairments Performance goals are rigorous and set to align the Company’s business plan with the expectation of achieving target performance.		•  Motivate executives and reward annual operational and strategic performance •  Drive enterprise growth •  Focus on key near-term drivers of long-term value for our business •  Retain key talent •  Exercise sound risk-management practices
	Long-term Incentives CEO pay mix and Element Terms Performance Measure(s) Objective(“LTI”) Long-term variable equity awards granted annually in performance-based restricted stock (“PBRS”) (100% of LTI for the CEO and other NEOs) under the Company’s Long-Term Incentive Plan. PBRS vests based on three-year financial performance. AROE, Risk-Based Capital (“RBC”), and Solvency Margin Ratio (“SMR”) are metrics that affect our long-term business strategy and operating environment. Payout is also contingent on a relative TSR modifier. •  Motivate executives and reward long-term operational and strategic performance •  Focus on key long-term value drivers for our business •  Align executives’ interests with shareholders’ interests •  Retain key talent •  Exercise sound risk-management practices 34 Aflac Incorporated Base salary	The fixed amount Table of annual cash compensation for performing day-to-day responsibilities. Generally reviewed biennially for potential increase based on a numberContents Executive Compensation Outcome of factors, including market levels, performance, and internal equity.	Levels set based on market data, job scope, responsibilities, experience, and individual performance.	Attract and retain talent
	Management Incentive Plan (“MIP”)	Annual variable cash compensation based on the achievement of predetermined annual performance goals.	Performance metrics align with our business strategy, geographic segment goals, and key value drivers: ●Corporate goal: adjusted earnings per diluted share, excluding the impact of foreign currency ●U.S. goals: increase in new annualized premium, increase in earned premium ●Japan goals: new annualized premium (third sector and first sector protection sales), increase in earned premium (third sector and first sector protection sales), increase in pretax adjusted earnings ●Global Investments goals: net investment income; credit losses/impairments Performance goals are rigorous and set to align the Company’s business plan with the expectation of achieving target performance.	●Motivate executives and reward annual operational and strategic performance ●Drive enterprise growth ●Focus on key near-term drivers of long-term value for our business ●Retain key talent ●Exercise sound risk-management practices
	Long-term incentives (“LTI”)	Long-term variable equity awards granted annually in performance-based restricted stock (“PBRS”) (100% of LTI for the CEO and other NEOs) under the Company’s Long Term Incentive Plan. PBRS vests based on three-year financial performance.	AROE, Risk-Based Capital (“RBC”), and Solvency Margin Ratio (“SMR”) are metrics that affect our long-term business strategy and operating environment. Payout is also contingent on a relative TSR modifier.	●Motivate executives and reward long-term operational and strategic performance ●Focus on key long-term value drivers for our business ●Align executives’ interests with shareholders’ interests ●Retain key talent ●Exercise sound risk-management practices

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Outcome of 2019 Say-on-Pay Vote2020 Say-on-Pay Vote

The Company has a history and a well-earned reputation with its shareholders as a transparent organization. That commitment to transparency on all levels was a driving force behind our decision in 2008 to allow shareholders a “say-on-pay” advisory vote, years before such votes became mandatory for most public companies. In 2019, 96% of our shareholders voted in favor of our executive compensation program.

Consistent with our approach in prior years, the Company engaged in shareholder outreach efforts throughout 2019. The feedback from these conversations, together with a thorough analysis of best practices and guidance from our compensation consultant, was incorporated into the Compensation Committee’s regular review of our compensation programs.

Compensation program changes, if any, are made with a focus on ensuring that pay is aligned with Company performance and corporate strategy. We continually analyze our compensation program to ensure that we remain current in our approaches, a leader in executive compensation best practices, and cognizant of shareholder concerns. Moreover, we pride ourselves on incorporating ethics and transparency into everything we do, including compensation disclosure. Accordingly, we will continue our review and dialogue with investors to determine if additional changes are warranted.

Compensation Design and Philosophy

Strong Compensation Governance Policies and Leader in Best Practices

The Company has long been a leader in corporate governance best practices. Our executive compensation programs reflect the strong, long-standing governance policies outlined below.

What We Do				What We Don’t Do
✓First public company in the U.S. to provide shareholders with a say-on-pay vote (voluntary action starting in 2008, three years before such votes were required) ✓Prioritize active engagementbecame mandatory for most public companies. In 2020, 98% of our shareholders voted in favor of our executive compensation program. Consistent with our shareholders regardingapproach in prior years, the Company engaged in shareholder outreach efforts throughout 2020. The feedback from these conversations, together with a thorough analysis of best practices and guidance from our compensation program ✓History of responding to our shareholders’ feedback ✓Adherence to a rigorous pay-for-performance philosophy in establishing program design and targeted pay levels for NEOs ✓Independent Compensation Committee oversees the program ✓Independent compensation consultant is hired by and reports to the Compensation Committee ✓Annual report by the independent compensation consultant, was incorporated into the Compensation Committee’s regular review of our compensation programs. Compensation program changes, if any, are made with a focus on ensuring that pay is aligned with Company performance and corporate strategy. We continually analyze our compensation program to the full Boardensure that we remain current in our approaches, a leader in executive compensation best practices, and cognizant of shareholder concerns. Moreover, we pride ourselves on CEO payincorporating ethics and performance alignment ✓Long-standing stock ownership guidelines for executive officerstransparency into everything we do, including compensation disclosure. Accordingly, we will continue our review and Directors ✓Long-standing clawback policy ✓Double trigger requirements in all employment agreementsdialogue with change-in-control provisions				✕No golden parachute payments for CEO following a change in control ✕Officers and Directors may not implement 10b5-1 plans unless approved byinvestors to determine if additional changes are warranted. After careful consideration, the Compensation Committee did not make any changes to our executive compensation program and policies, neither due to the impacts of COVID-19 nor as a result of the most recent say-on-pay vote in 2020. As noted in the Program Changes for 2021 section below, the Compensation Committee has made changes to the MIP formula to include an ESG modifier for 2021. Compensation Design and Philosophy Strong Compensation Governance Policies and Leader in Best Practices The Company has long been a leader in corporate governance best practices. Our executive compensation programs reflect the strong, long-standing governance policies outlined below. What We Do   What We Don’t Do    First public company in the U.S. to provide shareholders with a say-on-pay vote (voluntary action starting in 2008, three years before such votes were required)  Prioritize active engagement with our shareholders regarding our compensation program  History of responding to our shareholders’ feedback  Adherence to a rigorous pay-for-performance philosophy in establishing program design and targeted pay levels for NEOs  Independent Compensation Committee oversees the program  Independent compensation consultant is hired by and reports to the Compensation Committee  Annual report by the independent compensation consultant to the full Board on CEO pay and performance alignment  Long-standing stock ownership guidelines for executive officers and Directors  Long-standing clawback policy  Double trigger requirements in all employment agreements with change-in-control provisions   No golden parachute payments for CEO following a change in control   Officers and Directors may not implement 10b5-1 plans unless approved by the Compensation Committee   All employees are prohibited from hedging or engaging in short sales of Company stock   Executive officers and Directors may not pledge Company stock   No repricing underwater stock options   No change-in-control excise tax gross-ups 2021 Proxy Statement 35 ✕All employees are prohibited from hedging or engaging in short salesTable of Company stockContents ✕ Executive officers and Directors may not pledge Company stock ✕No repricing underwater stock options ✕No change-in-control excise tax gross-ups

Process of Setting Executive Compensation

Process of Setting Executive Compensation

Independent Compensation Consultant

The Compensation Committee has retained a nationally recognized compensation consultant, Mercer LLC (“Mercer”), to assist and advise the Compensation Committee in designing and refining the Company’s executive compensation program. Mercer typically assists in the following areas:

●•	providing comparative company performance to determine NEO compensation;
●•	evaluating the competitiveness of the Company’s executive compensation and benefit programs;
●•	reviewing plan design issues and recommending improvements;

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●•	apprising the Compensation Committee of trends and developments in the marketplace;
●•	assessing the relationship between executive pay and performance;
●•	assessing proposed performance goals and ranges for incentive plans;
●•	conducting training sessions for the Compensation Committee; and
●•	proposing the compensation for Non-employee Directors.

Fees paid to Mercer for these services totaled $220,225$169,074 in 2019.2020. Management retained certain Mercer affiliates to provide additional services not pertaining to executive compensation during 2019,2020, and approved payments for those services totaling $36,255.$24,705. In addition, as the Company grows the sales of its insurance products through brokers in the U.S., this has resulted in commission payments totaling $34,834,880$36,749,804 during 20192020 to the broker subsidiaries of Mercer. These subsidiaries are separate from the subsidiary that provides compensation consulting to the Company. As reported by Mercer to the Compensation Committee, the total payments from the Company represented less than 0.21%0.22% of Mercer’s parent company’s annual revenue. The Compensation Committee assessed Mercer’s independence pursuant to SEC rules and concluded that no conflict of interest exists with respect to the work Mercer performs for the Committee.

Importance of the Peer Group

The Compensation Committee sets target compensation for the NEOs at market competitive levels with the assistance of its independent compensation consultant. Factors considered include target pay levels in the market for comparable roles, the primary duties and responsibilities of the role at the Company, and the individual’s relevant experience and performance.

As discussed in this CD&A, the Compensation Committee considers our peer group when setting compensation amounts and targets. Each year, the Compensation Committee, with the assistance of its independent compensation consultant, reviews the composition of the peer group to ensure it remains appropriate. Key factors the Compensation Committee considers during this annual review include operating characteristics, revenue size, asset size, profitability, market value, and total number of employees. Based on the annual review, the Compensation Committee selects a peer group of companies that are engaged in businesses similar to that of the Company, are of a similar size as the Company, and compete against the Company for talent. In terms of the size factors considered, the Company is positioned near the middle of this group.

20192020 Peer Group
●•The Allstate Corporation ●•Assurant, Inc. ●•Brighthouse Financial ●•The Chubb Corporation ●•CNO Financial Group, Inc.	●•The Hartford Financial Services Group, Inc. ●•Humana Inc. ●•Lincoln National Corporation		●•Manulife Financial Corporation ●•MetLife, Inc.	●•Principal Financial Group, Inc. ●•The Progressive Corporation ●•Prudential Financial, Inc. ●•The Travelers Companies, Inc. ●•Unum Group

The 2019

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There were no changes to the 2020 peer group reflects two changes from the peer group used in 2018. First, Aetna Inc. was removed because it was acquired by CVS Health, and its operating characteristics are unlike the Company’s other peers. Second, CIGNA Corporation was removed following its acquisition of Express Scripts and is much larger in revenue size than the peer group norm.

2019. The data below shows how the Company’s revenues, total assets, and market value compare to the peer group medians:

($ millions)		Revenue(1)		Total Assets(2)		Market Value(2)
Aflac Incorporated		$22,307		$152,768		$38,830
Peer Median		$31,581		$119,950		$35,349
Percentile Rank for Aflac Incorporated vs. Peers		44th		54th		69th

($ millions)		Revenue(1)		Total Assets(2)		Market Value(2)
Aflac Incorporated		$22,147		$165,086		$31,238
Peer Median		$31,981		$125,987		$30,869
Percentile Rank for Aflac Incorporated vs. Peers		44th		54th		51st

(1)	For the year ending December 31, 2019.2020
(2)	As of December 31, 2019.2020

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Performance-Based Compensation: How Performance Goals Are Set

The Board and the Compensation Committee believe it is important for the Company to manage the business to provide long-term value to our shareholders. Therefore, performance goals under the MIP and LTI programprograms involve metrics that drive shareholder returns, and payouts dependsdepend entirely upon the level of achievement of those goals. The following sections provide detail on how we select metrics under the MIP and LTI program, determine performance target amounts and other important considerations in setting these targets.

We have used the same methodology for setting MIP goals for many years. MIP segment metrics for Aflac U.S., Aflac Japan, and Global Investments are consistent with assumptions used in developing segment financial projections (described below) based on the Company’s best estimates for the coming year. The segment projections are consolidated into the corporate financial projection used to develop earnings per share guidance.

The goal-setting process generally proceeds in two stages.

1.

The Company’s CEO, President and COO, and CFO recommend to the Compensation Committee the specific Company performance objectives that are aligned with corporate strategy, and thus will drive shareholder value and ensure financial soundness. Recommended ranges are based, in part, on past performance results and scenario tests of the Company’s financial outlook as projected by a complex financial model. The model projects the impact on various financial measures using different levels of total new annualized premium, investment returns, budgeted expenses, morbidity, and persistency.

2.

The Compensation Committee refers to these modeled results to establish a target performance level, as well as a minimum and maximum level, for each performance measure. The target goal is not equidistant between the minimum and maximum goals. Instead, for the majority ofcertain key metrics the MIP payout curve is “sloped” to require significant above-target performance to achieve a maximum payout. Correspondingly, the payout for a minimum result is one-half of the target payout, while the payout for the maximum goal (or better) is twice the target payout. No payouts are made for performance below the minimum goal. Interpolation is used to calculate incentive payouts for results between minimum and target goals or target and maximum goals. The 20192020 MIP goals were approved by the Compensation Committee in February 2019.March 2020.

For 2019,2020, the Compensation Committee established the following metrics under the MIP:

●•	Corporate Metric: Adjusted earnings per diluted share excluding foreign currency effect
●•	U.S. Segment: New Annualized Premium and Earned Premium
●•	Japan Segment: New Annualized Premium and Earned Premium and Pretax Adjusted Earnings
●•	Global Investment Metrics: Net Investment Income (U.S. and Japan GAAP Segments only) and Credit Losses/Impairments

Considerations in setting the target goal amount for each of these MIP metrics are described in more detail below.

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Importance of Measuring Management’s Performance Excluding the Impact of Currency

Since 1991, the Company has communicated external earnings guidanceresults that excludesexclude foreign currency effects. Similarly, MIP objectives are set on a currency-neutral basis.

Aflac Japan’s performance is important to our results, as the Japan segment reflects approximately 69%68% of total revenues for the year ending December 31, 2019.2020. The Company’s reported U.S. generally accepted accounting principles (“GAAP”) revenue, earnings, assets, book value, and cash flow are affected by changes in the relative values of the yen and the dollar, which is outside management’s control. Recognizing that strengthening and weakening of the yen can affect the value of the Company’s shares, the Compensation Committee believes it is important to ensure that executives bear the same exposure to the yen/dollar exchange rate as our shareholders and that equity awards under the LTI program and stock ownership requirements serve to align management with shareholders. When setting the MIP objectives, the Compensation Committee strongly believes that management should not be unduly rewarded because of short-term movement in the yen/dollar exchange rate when the yen is strong or penalized in periods of yen weakening when those currency shifts influence key incentive compensation metrics.

MIP Target-Setting Considerations

In addition to currency neutrality, the Compensation Committee considers the prior year’s results, current business operating environment and the forecasts emerging from the Company’s strategic planning process when setting MIP objectives for each metric. For example, new product launches and distribution expansion can materially affect the Company’s sales results in Japan from one year to the next. In addition, low interest rates were expected to continue in 2019,2020, especially in Japan. A low-rate environment would continue to pressure Aflac Japan’s net investment income, as private placement investments were called or matured, and lead the Company to continue actively managing down sales of first sector savings-type products, which have returns that are more interest-rate sensitive. The goals for these metrics, having been established before the onset of the global pandemic, are generally consistent with the Company’s public guidance as provided during the annual2019 December Outlook Call.

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Executive CompensationCorporate Metric

CORPORATE METRIC

In 2018,2019, the Company generated $2.9$3.3 billion in net earnings and anor $4.43 per diluted share, which was up 17.5% for the year. The Company also reported a 2.7% increase in adjusted earnings for the year, which were $3.3 billion, and adjusted earnings per diluted share on a currency-neutral basis of 21.5% to $4.13, driven by strength in core margins, investment income and a lower effective tax rate resulting from the Tax Cuts and Jobs Act signed into law on December 22, 2017 (“U.S. Tax Reform”)$4.42, which was up 6.3%. These results were aboveat the (split-adjusted)upper end of our upwardly revised guidance range of $3.90$4.35 to $4.06$4.45 a share, assuming the 20172018 weighted-average exchange rate of 112.16110.39 yen to the dollar, whichdollar. When looking at the Company’s currency-neutral adjusted EPS estimates for 2020 and normalizing for roughly $0.05 per share of items identified and called out in 2019, the range equated to relatively flat adjusted EPS growth for 2020. The Company’s forecast for enterprise-wide variable investment income was upwardly revised with the release of better than expected earningsapproximately $60 million or $0.05 per share for the first half of 2018. In addition, these results were especially meaningful given the low-interest-rate environment2020. This outlook incorporated headwinds related to low interest rates, continued strength in Japan and increased expenses associated withbenefit ratios, elevated expense ratios tied to the build-out of our technology platformAflac Dental & Vision and consumer markets, proactive de-risking activity and investments to address the challenges we face to grow the top line in both segments. Within the context of Japan’s low-rate environment, we planned to continue shifting capital away from lower return, asset-leveraged first sector savings products to higher return third sector business. The impact of this strategy emerges over time in the form of improved Japan regulatory earnings and cash flow but pressured GAAP revenues and earnings over the course of the transition. We expect our third sector benefit ratio to continue benefiting from favorable claims trends. Likewise, in the U.S., our assumptions included a continuation of experiencing favorable benefit ratios and underlying claims trends. At the same time, we expected expense ratios to be elevated in both segments as a result of continued investment in IT platforms and digital growth initiatives. We assumed net investment income to be stabilized in Japan but still pressured by low rates, while also challenged by our planned capital draw down in the U.S. When taken all together,and return of capital to shareholders. Of note, the Compensation Committee increasedU.S. investments to build Aflac Network Dental and Vision as well as the 2019consumer markets business represented a 1% headwind to adjusted earnings per diluted share, excluding the impact of foreign currency, targetEPS alone.

U.S. and range from 2018 levels, and “sloped” those goals as described above in order to properly challenge management to achieve maximum payout results.Japan Segment Metrics

U.S. AND JAPAN SEGMENT METRICS

In 2018,2019, Aflac U.S. sales increased 3.16%decreased 1.3% to $1.6 billion which amounted to the largestThe 2019 sales yearresults partially reflect a decline in the historyrecruiting and retention of Aflac U.S. The 2018 sales were driven by improvementscommission-only agents in productivity anda strong growth in broker distribution.economic environment. In addition, net earned premium increased 2.61%1.8% and benefited from strong sales and record persistency, which was 78.7%77.7% at the end of 2018.2019.

Looking

Moving into 2019,2020, Aflac U.S. expected sales growth to maintain its dominancerecover in the small case market (i.e., employers with less than 100 employees) through agency distribution and an expanding broker business, which was growing atlow- to mid-single digits. As a faster rate than agency distribution. In the U.S., metrics take into account long-term growth strategies that require near-term investment such as expansion of network dental and vision and direct to consumer digital sale of insurance products. On the back of such success in 2018,result, the Company expected Aflac U.S. to deliver stable sales growth in 20192020 within a range of 3%3.5% to 5.5% driven by improved6.0% as we continued to invest in the existing platforms, including product development and efforts to facilitate producer growth and productivity. The Company expected increased productivity of agents and brokers and stablestrong persistency which ledwould lead to 2%0.00% to 3%1.25% growth of net earned premium in 2019.2020.

Also, 2018 marked Aflac Japan’s largest combined sales

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Japan Post offices. Aflac Japan plannedsales were expected to continue focusing on third sector sales complemented to a lesser degree by the sales of first sector protection insurance productsfurther decline in 2019 primarily in exclusive agencies. However, the successful launch of new cancer insurance products in 2018 presented challenging comparable sales for 2019, and2020 from the 2019 level, given that Japan Post was focused on restoring customer trust before restarting sales strategy included the introduction of a new mid-term rider strategy for medical insurance policies. While this mid-term rider strategy preserves and builds upon the favorable economics of Aflac Japan’s inforce policies, the strategy naturally pressures sales as defined by incremental annual rider premium versus the additional premium that would accompany the sale of a whole policy. Therefore, the Company expected third sector and first sector protection sales to decline in the low-single-digit range. At the same time, certain medical policies sold on a limited pay basis in prior years would reach paid up status, and the related negative impact would be reflected in third sector earned premium.earnest. As a result, the Compensation Committee concludeddetermined to exclude Japan Post from sales in 2020 and that a lower range for sales andwas appropriate for 2020. Additionally, earned premium for third and first sector protection products that incorporated the success of the prior yearwere expected to decline largely due to both third and new rider strategy was justified for 2019.first sector policies becoming paid-up. The Compensation Committee set a range of ¥86.4¥59.0 billion to ¥94.4¥66.6 billion for sales excluding Japan Post and set a range of -1.1% to -0.2% for third sector and first sector protection sales and third sector and first sector protection earned premium to increase 0.75% to 1.6%.premium.

GLOBAL INVESTMENTS METRICS

Global Investments Metrics

For 2019,2020, Aflac Japan net investment income including hedge costs was expected to modestly decline, driven by higher yielding calls and maturities with lower projected reinvestment yields, reducing yen stable net investment income. In addition, we expected overall spread compression on fixed rate yen and dollar asset classes including floaters. Partially offsetting these headwinds,this headwind, the Company planned increased net investment income from the build-out of the U.S. dollar floating rate portfolio and growth in the alternatives portfolio, which increased variable net investment income.

The Company also expected net investment income for Aflac U.S. to decline, partially reflecting lower yields and spreads as well as a reduction of assets as part of the RBC drawdown strategy, which modestly shifted net investment income from our Aflac U.S. segment to Aflac Incorporated.

Strong outperformance in 2018 as well as the growing floating rate and alternatives portfolios resulted in widening and sloping of the net investment income MIP metrics.

In order to properly balance income and risk, targets for 20192020 were expressed as a range around budget based on a bottom-up review of asset allocation and cash flows and were sloped accordinglyflows. As in 2019, we continued to slope the ranges to require above budget performance for maximum payout, while not encouraging excessive risk-taking.

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Equity Granting Policies

Each year, typically in February, the Compensation Committee meets shortly after the Company’s fiscal year results are released to the public. At that time, the Compensation Committee reviews recommendations developed by the CEO, President and COO, and CFO (with input from Mercer) for LTI awards of PBRS, stock options, and time-based restricted stock. Option grants are awarded on the date of the meeting, and have a per share exercise price set at the closing price on the date of grant. The Company has never engaged in “backdating” of options. For PBRS, the specific Company performance objectives are aligned with long-term corporate strategy, and thus are intended to drive shareholder value and ensure financial soundness.

For 2019,2020, the Compensation Committee established the following metrics for the 20192020 PBRS grant:

●•	Adjusted Return on Shareholders’ Equity
●•	Risk Based Capital
●•	Solvency Margin Ratio

Total Shareholder Return Relative to Peer Group (RTSR) acts as a modifier. The Company may periodically make additional equity grants during the course of the year, but as a matter of policy does not make equity grants in advance of material news releases.

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2020 Executive Compensation

Elements of Our Executive Compensation Program

Base Salary

The base salaries of our executive officers are competitively positioned relative to comparable executives at our peers and in the broader insurance sector, generally targeting market median, but also reflect each individual’s scope of responsibilities and performance. The Compensation Committee uses comparative market data for salaries in reviewing and determining the CEO’s salary, and the CEO uses the market data to inform his recommendations to the Compensation Committee regarding the salaries of the other executive officers.

Mr. Amos has not received a salary increase in the last eightnine years. Mr. CrawfordBrodén and Mr. LakeCrawford received base salary increases for their respective promotions effective January 1, 2020 of approximately 12% and 13.8%, respectively, in light of the related increased responsibilities and leadership. Mr. Brodén and Mr. Crawford were promoted to Executive Vice President, CFO and President, COO, respectively, effective January 1, 2020. Mr. Kirsch did not receive a salary increase in 2019. Mr. Kirsch and Mr. Koide2020. Mrs. Tillman received a base salary increasesincrease of approximately 9.5% and 15%, respectively,3% to align theirher base salariessalary competitively relative to similar roles in the market and to help secure theirher continued service and leadership for the Company.

Management Incentive Plan

All NEOs are eligible to participate in the MIP, an annual non-equity incentive plan, which was originally submitted to and approved by shareholders in 2012. The current MIP, which became effective January 1, 2018, was approved by shareholders in 2017.

TARGET

Target MIP

The Compensation Committee, with assistance from its independent compensation consultant, established target MIP levels for 20192020 for the NEOs. These targets, shown below, were determined to be competitive generally relative to market median targets for executives with comparable positions within our peer group. The target MIP payout for Mr. Brodén and Mr. Crawford was increased from 75% to 100% and 125% to 200%, respectively, based on their promotions effective January 1, 2020.

The MIP payouts for the NEOs cannot exceed two times their target.

		Target MIP
Named Executive Officer		Target MIP (as percent of base salary)
Daniel P. Amos		220%
Max K. Brodén		100%
Frederick J. Crawford		125%200%
Eric M. Kirsch		200%
Charles D. Lake IIAudrey Boone Tillman		100%
Masatoshi Koide		115%120%

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MIP PERFORMANCE METRICSPerformance Metrics

The performance measures are weighted differently for each NEO and for all other officer levels in the Company. We vary the weightings to reflect how each position can and should influence the outcome of particular metrics.

Metric		Compensation Rationale		Weighting
				Daniel P. Amos		Frederick J. Crawford		Eric M. Kirsch		Charles D. Lake II		Masatoshi Koide
Corporate Objective
Adjusted earnings per diluted share on a consolidated basis for the Company (excluding foreign currency effect) This is calculated as: Adjusted earnings, excluding the impact of foreign currency* ÷ Weighted-average diluted shares outstanding		Growth in adjusted earnings per diluted share, excluding the impact of foreign currency, is computed using the average yen/dollar exchange rate for the prior year, which eliminates fluctuations from currency rates that can magnify or suppress reported results in dollar terms.		45.45%		41.60%		22.50%		24.00%		29.57%
Subtotal				45.45%		41.60%		22.50%		24.00%		29.57%
U.S. Segment
New Annualized Premium (increase over 2018)		New annualized premium is policies sold and converted during the reporting period.		9.09%		8.00%		2.50%		—		—
Earned Premium (increase over 2018)				9.09%		8.00%		2.50%		—		—
Subtotal				18.18%		16.00%		5.00%		—		—
Japan Segment
New Annualized Premium (third sector and first sector protection sales)		Focuses on maintaining our leadership position in cancer and medical (third sector) insurance while also offering first sector protection products. Both third sector and first sector protection products are less interest-rate sensitive than savings-type products and have strong and stable margins.		13.64%		17.20%		3.75%		32.00%		25.22%
Earned Premium (increase in third sector and first sector protection sales)				13.64%		17.20%		3.75%		32.00%		14.78%
Pretax Adjusted Earnings (increase over 2018)				—		—		—		—		30.43%
Subtotal				27.28%		34.40%		7.50%		64.00%		70.43%
Global Investments
Net Investment Income (U.S. and Japan GAAP Segments only)		Recognizes the need to responsibly invest the premium and other cash flows to maximize the risk-adjusted performance of our portfolio, subject to our liability profile and capital requirements.		9.09%		8.00%		45.00%		12.00%		—
Credit Losses/Impairments				—		—		20.00%		—		—
Subtotal				9.09%		8.00%		65.00%		12.00%		—
Total				100%		100%		100%		100%		100%

Metric		Compensation Rationale		Daniel P. Amos		Max K. Brodén		Frederick J. Crawford		Eric M. Kirsch		Audrey Boone Tillman
Corporate Objective
Adjusted earnings per diluted share on a consolidated basis for the Company (excluding foreign currency effect)   This is calculated as: Adjusted earnings, excluding the impact of foreign currency* ÷ Weighted-average diluted shares outstanding		Growth in adjusted earnings per diluted share, excluding the impact of foreign currency, is computed using the average yen/dollar exchange rate for the prior year, which eliminates fluctuations from currency rates that can magnify or suppress reported results in dollar terms.		45.45%		42.00%		42.50%		22.50%		37.50%
Subtotal				45.45%		42.00%		42.50%		22.50%		37.50%
U.S. Segment
New Annualized Premium (increase over 2019)		New annualized premium is policies sold and converted during the reporting period.		9.09%		8.00%		10.00%		2.50%		15.625%
Earned Premium (increase over 2019)				9.09%		8.00%		10.00%		2.50%		15.625%
Subtotal				18.18%		16.00%		20.00%		5.00%		31.25%
Japan Segment
New Annualized Premium (excluding Japan Post sales)		Focuses on maintaining our leadership position in cancer and medical (third sector) insurance while also offering first sector protection products. Both third sector and first sector protection products are less interest-rate sensitive than savings-type products and have strong and stable margins.		13.64%		17.00%		15.00%		3.75%		15.625%
Earned Premium (decrease in third sector and first sector protection sales)				13.64%		17.00%		15.00%		3.75%		15.625%
Subtotal				27.28%		34.00%		30.00%		7.50%		31.25%
Global Investments
Net Investment Income (U.S. and Japan GAAP Segments only)		Recognizes the need to responsibly invest the premium and other cash flows to maximize the risk-adjusted performance of our portfolio, subject to our liability profile and capital requirements.		9.09%		8.00%		7.50%		45.00%		—
Credit Losses/Impairments				—		—		—		20.00%		—
Subtotal				9.09%		8.00%		7.50%		65.00%		—
Total				100%		100%		100%		100%		100%

*	Adjusted earnings, excluding the impact of foreign currency, is not calculated in accordance with GAAP. See the Appendix to this Proxy Statement for a definition for this non-GAAP financial measure and a reconciliation to the most directly comparable GAAP measure.

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2019

2020 MIP TARGETS AND ACTUAL PERFORMANCETargets and Actual Performance

Corporate Metric

Adjusted earnings per share on a currency-neutral basis for the full year came in at $4.42$4.92 per share, atand the upper endMIP definition of our upwardly revised guidance range of $4.35the metric reduced the achieved result to $4.45 per share.$4.89. Adjusted earnings reflect stronger than expected net investment income, especiallywere impacted by a lower effective tax rate as a result of a favorable tax ruling allowing the Company to take credit for excess tax payments in Japan and lower expenses.at a 28% corporate rate.

U.S. Segment Metrics

Aflac U.S. sales and U.S. earned premium decreased 1.3%31.1% and 1.8%1.2%, respectively, in 2019,2020, which resulted in zero MIP payout for these metrics. Sales belowThe pandemic dramatically impacted the target rangesales and earned premium zero payouts.

Japan Segment Metrics

The pandemic’s impact on sales resulted in a zero payout for 2020. For earned premium, sales were the major driver for the near-minimum payout for the Aflac Japan metrics. Earned premium achievement was aided by persistency remaining strong during the period (Japan 2020 persistency improved 70 basis points). We attribute the improvement in Japan to lower “lapse and reissue” activity with no new products introduced.

Global Investments Metrics

Net investment income performed very well during a volatile market environment, with central bank and fiscal stimulus dramatically improving the performance of all market sectors including much lower interest rates globally and higher than anticipated lapse rates have led to earned premium growth below the bottom of the range. Results partially reflect a decline in recruiting and retention of commission-only agents in a strong economic environment.

Japan Segment Metrics

Aflac Japan’s sales decreased in 2019 primarily due to the impact of lower Japan Post sales following the very successful cancer insurance launch in the 2^ndquarter of 2018. Results reflect a sharp decline in the sale of cancer products after Japan Post Group announced an internal investigation into the sale of insurance products through Japan Post Co., Ltd. and Japan Post Insurance Co., Ltd. While the investigation and eventual suspension of sale of Japan Post Insurance products did not involve the sale of Aflac Japan cancer policies, the events had a negative impact on cancer sales in the postal network. While non-Japan Post channels have performed as planned for the year, our other distribution channels did not fully offset the decline in Japan Post group sales. However, Japan third sector and first sector protection earned premium remained on track and increased 1.3%, in line with our expectations.

Global Investments Metrics

In 2019, interest rates fell in both Japan and the U.S., including the London Interbank Offered Rate (LIBOR), U.S. Treasury rates, and Japanese Government Bond rates. The higher allocation and accelerated investment in dollar-denominated floating rate and alternative assets for both Aflac Japan and Aflac U.S. helped drive net investment income forstock market valuations throughout the year. Pretax variable investment income for the full year was $32 million,The main drivers of which $21 million was above the target for 2019. Hedge costs for Aflac Japan’s U.S. dollar portfolio for the full yearour performance were $257 million, 8.9% higher than the prior year but favorable to target for 2019. Overall credit conditions and asset quality remained strong for the year and allowed us to do some targeted de-risking across the portfolio. This included reducing our exposure to public equity markets.as follows:

•	our decision to hedge against falling interest rates paid off more than anticipated in the year, net of locking in hedge costs;
•	tactical asset allocation decisions balancing lower deployment in floating rate loans; and
•	significant increase in call income as issuers redeemed bonds due to lower refinancing rates.

Please refer to the 20192020 Business Overview section beginning on page 2931 for additional information.

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Actual performance relative to 20192020 MIP targets was determined after the end of the year and presented to the Compensation Committee for discussion and approval at its February 2021 meeting. After careful consideration, the Compensation Committee did not make any changes to our executive compensation program and policies due to the impacts of COVID-19. All metrics exclude the impact of the 2020 meeting.Zurich business acquisition, which did not materially impact revenue and earnings in 2020. For performance, linear interpolation was used to determine payouts for performance between the corresponding goals (i.e., minimum to target, or target to maximum). The following table shows the corporate and business segment metrics, objectives, and results for the 20192020 MIP awards.

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		Minimum Goal		Target Goal		Maximum Goal		20192020 Payout Percentages vs Target
Corporate Metric: Adjusted earnings per diluted share on a consolidated basis for the Company (excluding (excluding foreign currency effect)(1)(2)(3)						200%
U.S. Segment Metrics: Increase in New Annualized Premium						0%
Increase in Earned Premium						0%
Japan Segment Metrics: Increase in New Annualized Premium in billions of Yen (thirdexcluding Japan Post sales)						0%
Decrease in Earned Premium (third sector and first sector protection sales)						0%63.73%
Increase in Earned Premium (third sector and first sector protection sales)								136.07%
Increase in Pretax Adjusted Earnings(2)								181.92%
Global Investments Metrics: Net Investment Income (U.S. and Japan GAAP segments only)(2)(3)						191.57%200%
Credit Losses/Impairments (in millions)(4)						200%166.67%

(1)	The target corresponds to a .96% increase from the 2018same 2019 base of $4.16$4.42 per diluted share (net of foreign currency effect).
(2)	In February 2020,2021, the Compensation Committee excluded the net make-wholeinvestment income over $15 million (exclusion of $11from the unplanned cash flow boosted by delaying dividends to the Company from subsidiaries during 2020 ($12 million) and the accretion from previously impaired securities totaling approximately $14 million.for all MIP participants. This change was made due to net make-whole income was much higher than anticipated, and for the change in accounting for the accretion from previously impaired securities. This change hadhas no impact on the Adjusted Earnings Per ShareGlobal Net Investment Income payout. For Japan Pretax Adjusted Earnings, the payout percentage for prepaid tax adjusted earnings would have been 200% without this exclusion.
(3)	Excludes Aflac Incorporatedcorporate and other portfolio income alternative investmentsand includes only the U.S. and Japan Segments. Net call and make-whole income are included in the net investment income, but capped at $15 million on a consolidated level (call premium income less lost net investment income on reinvestment). Variable net investment income (externally managed private equity and real estate equity). Net make-whole income is included but capped at $15 million (security specific make-whole income less lost NII on reinvestment).within a range of -10% to +10% of variable net investment income. Adjusted for any corporate shift in USDU.S. dollar hedging strategy. In February 2020,Includes asset management equity income for investments within Aflac Incorporated. These exclusions and limits had no impact on the Compensation Committee also excluded accretion from previously impaired securities totaling approximately $14 million. The payout percentage would have been 200% without this exclusion.percentage.
(4)	This measure excludes realized losses on securities sold for pre-approved tax purposes, Japan principal reserve matching and segregated portfolio asset liability management, corporate shift in RBC drawdown plan, switch trades in excess of $100 million in assets, and compliance with internal risk limits. Excludes accounting policy driven mark-to-market losses on equities, alternatives, and perpetual securities.

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2019

2020 MIP PAYOUTS

The table below reflects target and earned percentages of salary for each NEO for the MIP based on 20192020 performance results.

The Compensation Committee has the discretion in certain limited circumstances to adjust the MIP results related to particular performance measures if the Committee determines that a class of MIP participants would be unduly penalized or rewarded because a payout is incompatible with the performance measure. There were no adjustments to the NEOs’ MIP payouts for 2019,2020, and these awards were paid in February 2020.2021.

		As a % of base salary
NEO		Target		Earned
Daniel P. Amos		220%		279%
Frederick J. Crawford		125%		152%
Eric M. Kirsch		200%		353%
Charles D. Lake II		100%		115%
Masatoshi Koide		115%		135%

	As a % of base salary
NEO	Target		Earned
Daniel P. Amos	220%		259%
Max K. Brodén	100%		111%
Frederick J. Crawford	200%		219%
Eric M. Kirsch	200%		341%
Audrey Boone Tillman	120%		102%

For additional information about the MIP, please refer to the 20192020 Grants of Plan-Based Awards table below, which shows the threshold, target, and maximum award amounts payable under the MIP for 2019,2020, and the 20192020 Summary Compensation Table, which shows the actual amount of non-equity incentive plan compensation paid to the NEOs for 2019.2020.

Long-Term Incentives

OVERVIEW OF LTI PROGRAM

The Compensation Committee administers the Long-Term Incentive Plan. In February 2019,2020, the Compensation Committee authorized grants of LTI variable equity awards to executive officers, including NEOs, in the form of PBRS. All eligible non-executive officers received time-based restricted stock units.

In determining the number of shares of PBRS to be granted to NEOs, the Compensation Committee is advised by its independent compensation consultant. The Compensation Committee’s decision is informed by market data regarding comparable executive positions within the Company’s peer group and the broader insurance sector, and each NEO’s tenure and performance. Based on these considerations, the Committee determines award levels that it believes are competitive within the Company’s peer group and the broader insurance sector, generally targeting the market median, and will be effective at aligning the NEO’s compensation with performance and the interests of our shareholders. Future payouts (if any) on the February 20192020 PBRS awards will be based on the Company’s performance from 20192020 through 20212022 and will vary between 0% and 200% of the target number of shares of PBRS granted, which is consistent with typical market practices.

LTI awards will vest three years from the issuance date, subject to satisfaction of performance conditions and final Compensation Committee authorization.

TARGET LTI AWARDS

The pay program for the CEO follows a market-based approach. The Company granted the CEO his target annual LTI award in February 20192020 at a market-competitive level, based primarily on peer market data. Specifically, the CEO’s target LTI was set at an amount that approximates the 50th 50^th percentile LTI of his fellow CEOs at the Company’s peers for 2019.2020. This resulted in the CEO’s target LTI being 557%589% of his base salary.

2019

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2020 annual LTI award targets as a percent of base salary for the other NEOs were as shown below:

NEO		Target LTI (as percent of base salary)
Max K. Brodén	175%
Frederick J. Crawford		250%
Eric M. Kirsch		200%
Charles D. Lake IIAudrey Boone Tillman		200%
Masatoshi Koide		200%250%

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LTI PERFORMANCE METRICS

The PBRS will vest based on the Company’s achievement on three measures—AROE, RBC, and SMR—for the cumulative three-year performance period beginning January 1, 20192020 and ending December 31, 2021.2022. As described below, each metric has been assigned a weight that determines its effect on the LTI payout. Once a payout is calculated based on the weighted average achievement on these three metrics, that amount will be modified (up to +/-20%) based on our total shareholder return relative to the members of our peer group. We refer to this fourth metric as relative total shareholder return, or RTSR.

As noted in the descriptions below, in designing the LTI program, the Compensation Committee recognizes the importance of maximizing profitability and return on equity to shareholders, but also believes it is appropriate to pursue those objectives within the context of a solid risk framework.

Metric		Compensation Committee Rationale		Weighting
Adjusted Return on Shareholders’ Equity (AROE) We define AROE (or currency neutral AROE) as: Adjusted Earnings, excluding the impact of foreign currency ÷ Adjusted Book Value*		●•Enables shareholders to evaluate our financial achievements relative to other organizations in terms of how effectively we use capital to generate earnings ●•We believe this metric has a significant influence on the value our shareholders place on the Company.		70%
Risk-Based Capital (RBC)			●•Capital adequacy is a significant concern for the financial markets and shareholder confidence. ●•Current regulatory solvency measure in the U.S.		15%
Solvency Margin Ratio (SMR)			●•Capital Adequacy is a significant concern for the financial markets and shareholder confidence. ●•Principal capital adequacy measure in Japan		15%
Total Shareholder Return Relative to Peer Group (RTSR)		●•Align LTI payouts with relative performance to peer group		Modifier (up to ± 20%)

*	AROE, adjusted earnings, excluding the impact of foreign currency, and adjusted book value are not calculated in accordance with GAAP. See the Appendix to this Proxy Statement for definitions for these non-GAAP financial measures and reconciliations to the most directly comparable GAAP measures.

2019

2020 LTI PERFORMANCE TARGETS

The following illustrates the terms of the 20192020 PBRS grant.

2019(1)	Excludes the 2022 adoption of new GAAP accounting for long-duration contracts.
(2)	Excludes impact of unrealized gains on available for sale securities.
(3)	RBC measured on an Aflac-only basis and excludes the impact of the 2020 Zurich business acquisition of approximately 25 percentage points.

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•	For financial performance (AROE, SMR, and RBC), linear interpolation will be used to determine payouts for performance between the corresponding goals (i.e., threshold to target, or target to maximum).
•	2021For RTSR, adjustments of 1.20x or 0.80x will be made only if the Company’s RTSR is in the upper or lower quartile, respectively, versus our peers. There will not be any adjustments to the payout if RTSR falls between the 25th and 75th percentiles of the peers.
•		Payout 2022Maximum potential payouts will be capped at 200% of target.

Performance Level		3-yr. avg. currency- neutral AROE goal		3-yr. avg. SMR goal		3-yr. avg. RBC goal		Payout (% of Target)		3-yr. RTSR percentile rank vs. peers		Modifier to earned amounts
Maximum		16.5%		700%		500%		200%		75th percentile or greater		1.20x
Target		14%		600%		400%		100%	×	Between 25th and 75th percentile		1.00x
Threshold		12.5%		500%		350%		50%		25th percentile or worse		0.80x

●For financial performance (AROE, SMR, and RBC), linear interpolation will be used to determine payouts for performance between the corresponding goals (i.e., threshold to target, or target to maximum).

●For RTSR, adjustments of 1.20x or 0.80x will be made only if the Company’s RTSR is in the upper or lower quartile, respectively, versus our peers. There will not be any adjustments to the payout if RTSR falls between the 25th and 75th percentiles of the peers.

●Maximum potential payouts will be capped at 200% of target.

The goals for these metrics are generally consistent with the Company’s public guidance aspreviously provided during the annual December Outlook Call.Calls.

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2017-20192018-2020 Performance Period

In February 2020,2021, the NEOs except for Mr. Koide received payouts with respect to the performance shares that were granted in February 20172018 for the three year-performance period ended December 31, 2019. Mr. Koide did not receive any performance shares in 2017.2020. These awards were paid at 200%155.9% times the target number of shares initially awarded based on the three-year average results for each of the currency neutral AROE, SMR, and RBC metrics. Earned amounts were modified based on theThe Company’s TSR performance relative to our peers.peers was in the 63^rd percentile rank, therefore, the earned amounts were not modified.

	GOALS (3-year average)(1)							RELATIVE TSR (RTSR) MODIFIER
	50% CURRENCY- NEUTRAL AROE* RESULT 15% (50% * 134.8%)	+	25% SMR RESULT 624% (25% * 200%)	+	25% RBC RESULT 1,024% (25% * 200%)		×	RTSR MODIFIER 1.2	=	PAYOUT 201% (Maximum payout 200%)

*	The performance metric operating return on equity (“OROE”), excluding the impact of foreign currency, was renamed in 2018 to AROE (calculation has not changed).
(2)	RBC measured on an Aflac-only basis and results exclude the impact of the 2020 Zurich business acquisition.

The final shares awarded, excluding dividends, to the NEOs in February 20202021 for the 20172018 to 20192020 performance period were:

NEO

Target Number of Shares Awarded46

Actual number of Shares Awarded Aflac Incorporated

Daniel P. Amos
Frederick J. Crawford
Eric M. Kirsch
Charles D. Lake II
Masatoshi Koide

N/A

N/A

SPECIAL AWARDSTable of Contents

From timeExecutive Compensation

Program Changes for 2021

The Company continually analyzes our compensation program to time,ensure that we may make special awardsremain current in our approaches, a leader in executive compensation best practices, and cognizant of shareholder feedback. The feedback from these conversations, together with a thorough analysis of best practices and guidance from our independent compensation consultant, was incorporated into the formCompensation Committee’s regular review of restricted stock units (“RSUs”) to recognize major milestones, to secure leadership stability, or to achieve other strategic objectives. On November 12, 2019,our compensation practices.

After this review, the Compensation Committee awardeddecided to incorporate an RSU grantESG modifier into the MIP compensation formula for 2021. The ESG modifier allows for a -5%, flat, or +5% adjustment to Mr. Crawford to recognize his impending promotion to President, Chief Operating Officer, which became effective January 1, 2020. The granttotal MIP compensation for all MIP participants based on achieving specific critical path ESG objectives for 2021. In addition, recognizing volatility associated with the ongoing pandemic in the U.S. and Japan, MIP thresholds will vestbe widened around target levels while maintaining sloping on the third anniversary of the grant date generally subject to continued service through the vesting date. On February 14, 2019, the Compensation Committee awarded RSU grants to Messrs. Lake and Koide for their roles in origination, extensive negotiations, relationship management and overall leadership in securing the Japan Post Holdings alliance. Messrs. Lake’s and Koide’s grants will vest on the third anniversary of the grant date generally subject to continued service through the vesting date; an additional vesting condition requiring regulatory approval for the Japan Post Holdings alliance was achieved. For more information regarding the special awards see the 2019 Grants of Plan-Based Awards table on page 48.certain metrics.

Other Compensation

The retirement, deferral, and savings plans described in the tables below were established in order to provide competitive post-termination benefits for officers and employees, including the NEOs, in recognition of their service and contributions to the Company.

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Defined Benefit Pension Plans

As described further in “Pension Benefits” below, the Company maintains tax-qualified, noncontributory defined benefit pension plans covering substantially all U.S. employees, including the NEOs, who satisfy the eligibility requirements. Mr. Lake, a former U.S. employee who became a Japan employee on August 1, 2013, has benefits accrued in the U.S. tax-qualified plan from his 14 years as a U.S. employee. The Company also maintains nonqualified supplemental retirement plans covering some of the NEOs. No change has been made to the pension plans and the benefit level remains the same as last year. Messrs. Lake and Koide currently participate in a Japan nonqualified supplemental retirement plan, which is described on page 51.

Executive Deferred Compensation Plan

The NEOs, (other than Messrs. Lake and Koide), together with other U.S.-based eligible executives, are entitled to participate in the Executive Deferred Compensation Plan (“EDCP”). Messrs. Amos, Brodén, Crawford and CrawfordMrs. Tillman are the only NEOs currently participating in this plan. Mr. Lake has funds in the plan from his 14 years as a U.S. employee, but he no longer actively participates in the plan. The EDCP is discussed in more detail below under “Nonqualified Deferred Compensation.”

401(k) Savings and Profit Sharing Plan

The Company maintains a tax-qualified 401(k) Savings and Profit Sharing Plan (the “401(k) Plan”) in which all U.S.-based employees, including the U.S.-based NEOs, are eligible to participate on the same terms. The Company provides matching contributions to 100% of each employee’s contributions up to 4% of the employee’s annual cash compensation. Employee contributions made to the 401(k) Plan are 100% vested.

The Company provides a nonelective contribution to the 401(k) Plan of 2% of annual cash compensation for employees who elected to opt out of the future benefits of the U.S. defined benefit plan and for U.S. employees who started working for the Company after September 30, 2013, the date on which the U.S. defined benefit plan was frozen with respect to new participants. Mr.Messrs. Brodén and Crawford isare the only NEONEOs who isare eligible to receive a nonelective contribution. Effective January 1, 2021, the Company increased this nonelective contribution to 4% of annual compensation.

Employees vest in Company contributions at the rate of 20% for each complete year of service. After five years of service, employees are fully vested in all Company contributions.

Other Benefits

The Company provides NEOs with other benefits that we believe are reasonable, competitive, and consistent with our overall executive compensation program. For details, see the “All Other Compensation” column in the 20192020 Summary Compensation Table on page 46. Included in Mr. Lake’s employment agreement are certain perquisites including tax equalization between the U.S. and Japan on unvested earnings distributed after August 1, 2013, upon becoming an Aflac Japan employee, payment of premiums for a life insurance policy for $10 million (including tax gross-up) and tax consultant fees. The Company also pays for Messrs. Lake’s and Koide’s use of a leased car, driver compensation and related expenses, which are customary perquisites for senior executives at Aflac Japan.

50. The Company maintains medical and dental insurance, group life insurance, accidental death insurance, cancer insurance, and disability insurance programs for all employees, as well as paid time off, leave of absence, and other similar policies. The U.S.-based NEOs and other officers are eligible to participate in these programs along with, and on the same basis as, the Company’s other salaried employees. In addition, the NEOs are eligible to receive reimbursement for medical examination expenses.

For security and time-management reasons, certain officers of the Company occasionally travel on corporate aircraft for business and personal purposes. Personal travel on corporate aircraft and security services are provided where considered by the Board to be in the best interest of the Company and its business objectives.

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Additional Executive Compensation Plan Practice and Procedures

Stock Ownership Guidelines; Hedging and Pledging Restrictions

The Company believes its executive officers and Directors should have a significant equity interest in the Company and has enforced stock ownership guidelines for executive officers and non-employeeNon-employee Directors for almost two decades. The stock ownership guidelines, as amended on February 14, 2019, are as follows:

Position		Ownership guideline
Chairman of the Board/CEO		8xbase salary
President of Aflac Incorporated		5xbase salary
Chairman/Vice Chairman/President of Aflac U.S.		4xbase salary
Chairman/Vice Chairman/President of Aflac Japan		4xbase salary
All other executive officers		3xbase salary
Non-employee Directors		4xcash annual retainer

Officers have four years from their hire or promotion date to satisfy their respective stock ownership requirements. Non-employee Directors have five years from the date first elected to the Board to satisfy these requirements. Upon any increase in these stock ownership guidelines or an increase in base salary or annual retainer, impacted individuals will have an additional two years from the effective date of the change to comply with the increased requirements.

Ownership includes all shares held by the officer or Director and the individual’s spouse, as well as time-based, unvested restricted shares. PBRS and stock options (vested or unvested) do not count toward these stock ownership guidelines.

Each current NEO and Director has stock ownership that exceeds the ownership guidelines or is working toward meeting the requisite guideline within the allowed time frame. Progress toward meeting the guidelines is reviewed regularly and reported to the Board.

The Company’s insider trading policy prohibits our Directors, officers and other covered individuals from purchasing financial instruments (including derivatives and exchange funds), or otherwise engaging in transactions that hedge or offset, or are designed to hedge or offset, any decrease in the market value of our Common Stock (collectively, “hedges”), or entering into a 10b5-1 plan unless that plan is approved by the Compensation Committee. In addition, executive officers and Directors are prohibited from pledging the Company’s stock. All other covered individuals under the Company’s insider trading policy must obtain preapproval from the policy’s compliance officer before pledging Company stock as collateral for a margin account or other loan. The Company’s anti-hedging policy prohibits all other employees from engaging in hedges after February 13, 2020.

Employment Agreements

The Company has employment agreements with the NEOs (other than Mr. Brodén) and certain other executives in key roles. The agreements generally address role and responsibility; rights to compensation and benefits during active employment; termination in the event of death, disability, or retirement; termination for cause or without cause; and resignation by the employee. Some agreements also contain termination and related pay provisions in the event of a change in control. These change-in-control provisions do not apply unless there is both a change in control and either a termination by the Company without cause or a resignation by the executive for good reason. This is commonly referred to as a “double trigger” requirement. No agreement provides for excise tax gross-ups. Further, each agreement stipulates that the subject executive may not compete with the Company for a prescribed period following termination of employment, or disclose confidential information. Mr. Amos has voluntarily waived all “golden parachute” and other severance components in his employment agreement. The payments that may be made under each NEO’s employment agreement upon termination of employment under specified circumstances are described in more detail below under “Potential Payments Upon Termination or Change in Control.”

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Change-in-Control Policy and Severance Agreements

The Company has no formal change-in-control or severance policy. However, as noted above, individual employment agreements incorporate provisions related to these matters.

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Compensation Recovery (“Clawback”) Policy

The Company has a “clawback” policy that allows the Compensation Committee to review any adjustment or restatement of performance measures and determine whether that adjustment or restatement warrants modifying or recovering non-equity incentive awards. If it is deemed that such a modification or recovery is appropriate, the Compensation Committee is charged with determining the amount of recovery and the officer group to be affected.

Certain Tax Implications of Executive Compensation

Section 162(m) of the Internal Revenue Code generally limits to $1 million annually the federal income tax deduction that a publicly held corporation may claim for compensation payable to certain of its current and former executive officers, but that deduction limitation historically did not apply to performance-based compensation that met certain requirements. As part of the U.S. Tax Reform, Section 162(m) was amended, effective for taxable years beginning after December 31, 2017, to expand the range of executive officers subject to the deduction limitation and also to eliminate the exception for performance-based compensation—though the exception generally continues to be available on a “grandfathered” basis for compensation payable under a written binding contract in effect on and not materially modified after November 2, 2017.

In determiningevaluating the Company’s executive compensation for our executive officers,structure, the Compensation Committee considers the extent to whichtax and accounting treatment, balancing the effects on the individual and the Company. The Compensation Committee believes that the potential deductibility of the compensation is deductible, includingpayable under those programs should be only one of a number of relevant factors taken into consideration, and not the effect of Section 162(m). In prior years,sole or primary factor, in establishing the Compensation Committee generally sought to structure ourcash and equity compensation programs for the executive incentive compensation awards to qualify as performance-based compensation exempt from theofficers. Section 162(m) deduction limitation where doing so was consistentof the Code generally limits to $1.0 million the amount of remuneration that the Company may deduct in any calendar year for certain executive officers. Prior to 2018, the Company structured annual incentive awards and long-term incentive awards with the Company’sintention of meeting the exception to this limitation for “performance-based” compensation, objectives, butas defined in Section 162(m) of the Code, so that these amounts could be fully deductible for income tax purposes. The performance-based exception was eliminated effective as of January 1, 2018, and compensation paid to the NEOs in excess of $1.0 million will generally not be deductible unless it reserved the rightqualifies for transition relief applicable to award nondeductible compensation, and on occasion did so.certain arrangements in place as of November 2, 2017. While the Compensation Committee continues to consider the effect of the Section 162(m) deduction limit when designing the Company’s compensation programs, the Compensation Committee’s primary focus in its compensation decisions will remain on most productively furthering the Company’s business objectives and not on whether the compensation is deductible. Accordingly, the Compensation Committee will continue to maintain flexibility and the ability to pay competitive compensation by not requiring all compensation to be deductible.

The Compensation Committee did not make significant changes to the Company’s executive compensation program for 20192020 in response to the tax code changes.

Compensation Committee Report

The Compensation Committee has reviewed and discussed the preceding CD&A with management and, based on that review and discussion, has recommended to the Board to include the CD&A in this Proxy Statement.

Compensation Committee

Robert B. Johnson, ChairmanJoseph L. Moskowitz, Chair
Georgette D. Kiser
Joseph L. Moskowitz
Katherine T. Rohrer

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EXECUTIVE COMPENSATION TABLESExecutive Compensation Tables

20192020 Summary Compensation Table

The following table provides information concerning total compensation earned or paid for 20192020 and, to the extent required by the SEC disclosure rules, 20182019 and 20172018 to our CEO, CFO, and the three other most highly compensated executive officers who were serving as executive officers during 2019.2020. These five officers are referred to as our NEOs in this Proxy Statement.

Name and Principal Position		Year		Salary(1) ($)		Bonus ($)		Stock Awards(2)(3) ($)		Option Awards(3) ($)		Non-equity Incentive Plan Compensation ($)		Change in Pension Value and Nonqualified Deferred Compensation Earnings(4) ($)		All Other Compensation(5) ($)		Total ($)		Total without Change in Pension Value* ($)
Daniel P. Amos		2019		1,441,100		—		8,272,062		—		4,002,594		—		393,096		14,108,852		14,108,852
Chairman, CEO		2018		1,441,100		—		8,922,142		—		4,638,345		2,166,871		366,940		17,535,398		15,368,527
and President		2017		1,441,100		—		8,607,889		—		5,946,758		6,487,909		347,328		22,830,984		16,343,075
Frederick J. Crawford		2019		725,000		—		3,066,265		—		1,104,981		—		322,446		5,218,692		5,218,692
Executive Vice		2018		725,000		—		4,905,453		—		1,391,688		—		366,214		7,388,355		7,388,355
President, CFO		2017		700,000		—		2,793,738		—		1,643,851		—		390,911		5,528,500		5,528,500
Eric M. Kirsch		2019		650,000		—		1,338,520		—		2,291,995		80,568		29,729		4,390,812		4,310,244
Executive Vice President,		2018		593,800		—		2,248,570		—		2,150,087		22,820		28,620		5,043,897		5,021,077
Global Chief Investment		2017		593,800		—		1,217,238		—		2,210,442		47,012		25,592		4,094,084		4,047,072
Officer; President, Aflac
Global Investments
Charles D. Lake II(6)		2019		605,116		—		1,731,279		—		693,044		62,599		869,272		3,961,310		3,898,711
President, Aflac		2018		597,880		—		1,237,224		—		874,799		282,725		837,230		3,829,858		3,547,133
International; Chairman		2017		444,009		—		1,563,541		—		716,885		39,691		1,192,582		3,956,708		3,917,017
and Representative
Director, Aflac Life
Insurance Japan
Masatoshi Koide(6)		2019		595,948		—		1,712,614		—		922,550		162,806		206,489		3,600,407		3,437,601
President and
Representative Director,
Aflac Life Insurance Japan

Name and Principal Position		Year			Salary(1)  ($)			Bonus ($)			Stock Awards(2) ($)			Option  Awards(2) ($)			Non-equity Incentive  Plan Compensation ($)			Change in Pension Value and Nonqualified Deferred Compensation Earnings(3)  ($)			All Other Compensation(4) ($)			Total ($)				Total without  Change in Pension Value* ($)
Daniel P. Amos			2020			1,441,100			—			8,471,063			—			3,734,173			8,514,587			452,804			22,613,727				14,099,140
Chairman and CEO			2019			1,441,100			—			8,272,062			—			4,002,594			—			393,096			14,108,852				14,108,852
			2018			1,441,100						8,922,142			—			4,638,345			2,166,871			366,940			17,535,398				15,368,527
Max K. Brodén**			2020			560,000			—			978,137			—			620,672			—			195,451			2,354,260				2,354,260
Executive Vice President, CFO and Treasurer
Frederick J. Crawford			2020			825,000			—			2,058,586			—			1,807,738			—			439,337			5,130,661				5,130,661
President, COO			2019			725,000			—			3,066,265			—			1,104,981			—			322,446			5,218,692				5,218,692
			2018			725,000			—			4,905,453			—			1,391,688			—			366,214			7,388,355				7,388,355
Eric M. Kirsch			2020			650,000			—			1,297,533			—			2,219,400			64,131			30,615			4,261,679				4,197,548
Executive Vice			2019			650,000			—			1,338,520			—			2,291,995			80,568			29,729			4,390,812				4,310,244
President, Global Chief Investment Officer; President, Aflac Global Investments			2018			593,800						2,248,570						2,150,087			22,820			28,620			5,043,897				5,021,077
Audrey Boone Tillman			2020			700,000			—			1,746,677			—			713,650			1,910,129			11,560			5,082,016				3,171,887
Executive Vice			2019			680,000			—			1,400,319			—			850,830			2,636,646			38,695			5,606,490				2,969,844
President, General Counsel			2018			670,333			—			1,429,765			—			1,121,759			1,135,561			13,739			4,371,157				3,235,596

*	Total without Change in Pension Value represents total compensation, as determined under applicable SEC rules, minus the change in pension value reported in the Change in Pension Value and Nonqualified Deferred Compensation Earnings column. This additional column has been included to show the effect that the year-over-year change in pension value had on total compensation as determined under applicable SEC rules. The amounts reported in the Total without Change in Pension Value column differ from the amounts reported in the Total column required under SEC rules and are not a substitute for total compensation. The change in pension value, as discussed in footnote 43 below, is subject to many external variables that are not related to the Company’s performance.
**	Mr. Brodén was promoted to CFO on January 1, 2020, and became an NEO on that date.
(1)	In each of the three years above, includes $441,100 deferred for Mr. Amos. This amount is included in the 20192020 Nonqualified Deferred Compensation table below. See “Elements of Our Executive Compensation Program — Base Salary” in the Compensation Discussion and Analysis section of this Proxy Statement for information about adjustments to base salaries in 2019.2020.
(2)	In addition to his 2019 annual LTI grants, on November 12, 2019, Mr. Crawford received a special recognition grant of 22,235 time-based restricted stock units. Mr. Crawford’s grant will vest on the third anniversary of the grant date, generally subject to continued service through the vesting date. In addition to their 2019 annual LTI grants, on February 14, 2019, Messrs. Lake and Koide received a special recognition grant of 10,289 time-based restricted stock units. Messrs. Lake’s and Koide’s grants will vest on the third anniversary of the grant date, subject to continued service through the vesting date; an additional vesting condition requiring and regulatory approval for the Japan Post Holdings alliance was achieved.
(3)	In accordance with the SEC’s reporting requirements, we report all equity awards at their full grant date fair value under ASC 718 at target-level performance for PBRS, which is the targetprobable achievement level of the performance for PBRS.conditions. The Company’s valuation assumptions are described in Note 12, “Share-Based Compensation,” in the Notes to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2019.2020. See “Elements of Our Executive Compensation Program — Long-term EquityLong-Term Incentives” in the Compensation Discussion and Analysis section of this Proxy Statement for additional information about these long-term incentives and their terms. Assuming achievement of performance goals at the maximum level, the aggregate grant date fair value of the PBRS would be: Daniel P. Amos, $16,544,125;$16,942,126; Max K. Brodén, $1,956,274; Frederick J. Crawford, $3,732,484;$4,117,172; Eric M. Kirsch, $2,677,040; Charles D. Lake II, $2,462,468, and Masatoshi Koide, $2,425,139.$2,595,066; Audrey Boone Tillman, $3,493,354. See page 4953 for a more detailed discussion of our outstanding equity grants compared to fair market value as of December 31, 2019.2020.
(4)(3)	No amount in this column is attributable to above-market earnings on deferred compensation. The aggregate change in pension value was driven largely by the actuarial present value of the accumulated benefit obligation of the defined benefit plandecrease in discount rate from 3.25% in 2019 to 2.68% in 2020. Messrs. Brodén and Retirement Plan for Senior Officers for Mr. Amos was a decrease of $8,715,995. Mr. Crawford isare not eligible to participate in the Company’s defined benefit plans because the plans were frozen to new participants before hethey joined the Company. See the “Pension Benefits” section and the accompanying table beginning on page 5054 for a more detailed discussion of the retirement plans.

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(5)(4)

Additional information regarding all other compensation is provided in detail in the “All Other Compensation” and “Perquisites” table below.

(6)50

Includes payments made to Messrs. Lake and Koide in yen for salary, non-equity incentive plan compensation, and some perquisites, and converted to dollars by dividing the actual yen-denominated payments by the 2019 annual weighted average exchange rate of 109.07 yen to the dollar.Aflac Incorporated

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20192020 All Other Compensation

The following table identifies the amount of each item included for 20192020 in the All Other Compensation column in the 20192020 Summary Compensation Table.

Name		Perquisites and Other Personal Benefits(1) ($)		Company Contributions to 401(k) Plan ($)		Company Contribution to Nonqualified Deferred Compensation(2) ($)		Total ($)
Daniel P. Amos		381,896		11,200		—		393,096
Frederick J. Crawford		31,149		16,800		274,497		322,446
Eric M. Kirsch		18,529		11,200		—		29,729
Charles D. Lake II		869,272		—		—		869,272
Masatoshi Koide		206,489		—		—		206,489

Name		Perquisites and  Other Personal  Benefits(1)  ($)				Company  Contributions  to 401(k) Plan  ($)				Company  Contribution  to Nonqualified  Deferred  Compensation(2)  ($)				Total  ($)
Daniel P. Amos			441,404				11,400				—				452,804
Max K. Brodén			1,250				17,100				177,101				195,451
Frederick J. Crawford			27,326				17,100				394,911				439,337
Eric M. Kirsch			19,215				11,400				—				30,615
Audrey Boone Tillman			160				11,400				—				11,560

(1)	Perquisites are more fully described in the Perquisites table.
(2)	Includes $177,101 and $394,911 of a Company deferred compensation contribution for Messrs. Brodén and Crawford, respectively. This amount is included in the 20192020 Nonqualified Deferred Compensation table.

20192020 Perquisites

The following table identifies the incremental cost to the Company of each perquisite included for 20192020 in the All Other Compensation table.

Name		Personal Use of Company Aircraft(1) ($)		Security Services(2) ($)		Life Insurance(3) ($)		Tax Related Reimbursements(4) ($)		Car Allowance(5) ($)		Other(6) ($)		Total Perquisites and Other Personal Benefits(7) ($)
Daniel P. Amos		186,139		191,846		—		456		—		3,455		381,896
Frederick J. Crawford		26,125		420		—		—		734		3,870		31,149
Eric M. Kirsch		—		—		—		24		—		18,505		18,529
Charles D. Lake II		—		—		90,684		568,176		196,230		14,182		869,272
Masatoshi Koide		—		—		—		—		200,159		6,330		206,489

Name		Personal Use of  Company Aircraft(1)  ($)				Security  Services(2)  ($)				Other(3)  ($)				Total Perquisites  and Other Personal  Benefits(4)  ($)
Daniel P. Amos			259,490				181,914				—				441,404
Max K. Brodén			—				—				1,250				1,250
Frederick J. Crawford			26,878				420				28				27,326
Eric M. Kirsch			—				—				19,215				19,215
Audrey Boone Tillman			—				—				160				160

(1)	Incremental cost for the personal use of corporate aircraft is the calculated standard hourly cost rate based upon actual operating expenses for corporate aircraft, including fuel costs, airport fees, catering, in-flight phone, crew travel expenses, and maintenance cost. This rate is recalculated annually. The personal use of corporate aircraft has been authorized by the Board for security reasons and to maximize the effectiveness of the executives’ time.
(2)	Incremental costs for security services include the salaries and benefits of security officers and the actual costs of any security equipment, monitoring, and maintenance fees.
(3)	Amounts included in the Life Insurance column for Mr. Lake represent life insurance premiums paid for his policy during 2019.
(4)	Amounts included in the Japan tax-related reimbursements for Mr. Lake represent tax equalization and tax gross-up payments paid during 2019.
(5)	Amounts included in the Car Allowance column for Mr. Crawford are charges for the use of Company automobile transportation in the U.S. The amount included in the Car Allowance column for Messrs. Lake and Koide includes the cash cost to the Company for the use of a leased car, driver compensation and related expenses.
(6)	Amounts included in the Other column are charges incurred by Mr. Kirsch totaling $19,215 for personal tax return preparation and financial planning in the amount of $18,480 for Mr. Kirsch. Mr. Lake also incurred amounts totaling $10,021 for tax return consulting.planning.
(7)(4)	Other than tax gross-ups reflected in the tax-related reimbursements, theThe Company did not gross up for tax purposes any of the other perquisites described in this table.

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20192020 Grants of Plan-Based Awards

The following table provides information with respect to the 20192020 grants of plan-based awards to the NEOs.

		Grant Date		Estimated Possible Payouts Under Non-Equity Incentive Plan Awards(1)						Estimated Future Payouts Under Equity Incentive Plan Awards(2)						All Other Stock Awards: Number of Shares of Stock or Units(3) (#)		Grant Date Fair Value of Stock and Option Awards ($)
Name and Principal Position				Threshold ($)		Target ($)		Maximum ($)		Threshold (#)		Target (#)		Maximum (#)
Daniel P. Amos		2/14/2019		—		—		—		82,655		165,309		330,618		—		8,272,062
		N/A		1,585,210		3,170,420		6,340,840		—		—		—		—		—
Frederick J.		2/14/2019		—		—		—		18,648		37,295		74,590		—		1,866,242
Crawford		11/12/2019		—		—		—		—		—		—		22,235		1,200,023
		N/A		453,125		906,250		1,812,500		—		—		—		—		—
Eric M. Kirsch		2/14/2019		—		—		—		13,375		26,749		53,498		—		1,338,520
		N/A		650,000		1,300,000		2,600,000		—		—		—		—		—
Charles D. Lake II		2/14/2019		—		—		—		12,303		24,605		49,210		—		1,231,234
		2/14/2019		—		—		—		—		—		—		10,289		500,045
		N/A		302,558		605,116		1,210,232		—		—		—		—		—
Masatoshi Koide		2/14/2019		—		—		—		12,116		24,232		48,464		—		1,212,569
		2/14/2019		—		—		—		—		—		—		10,289		500,045
		N/A		342,670		685,340		1,370,680		—		—		—		—		—

																														All Other
						Estimated Possible Payouts												Estimated Future Payouts												Stock Awards:				Grant Date
						Under Non-Equity												Under Equity												Number of				Fair Value
						Incentive Plan Awards(1)												Incentive Plan Awards(2)												Shares of				of Stock and
Name and		Grant				Threshold				Target				Maximum				Threshold				Target				Maximum				Stock or Units				Option Awards
Principal Position		Date				($)				($)				($)				(#)				(#)				(#)				(#)				($)
Daniel P. Amos			2/13/2020				—				—				—				80,893				161,785				323,570				—				8,471,063
			N/A				1,585,210				3,170,420				6,340,840				—				—				—				—				—
Max K. Brodén			2/13/2020				—				—				—				9,341				18,681				37,362				—				978,137
			N/A				280,000				560,000				1,120,000				—				—				—				—
Frederick J. Crawford			2/13/2020				—				—				—				19,658				39,316				78,632				—				2,058,586
			N/A				825,000				1,650,000				3,300,000				—				—				—				—				—
Eric M. Kirsch			2/13/2020				—				—				—				12,391				24,781				49,562				—				1,297,533
			N/A				650,000				1,300,000				2,600,000				—				—				—				—				—
Audrey Boone Tillman			2/13/2020				—				—				—				16,680				33,359				66,718				—				1,746,677
			N/A				420,000				840,000				1,680,000				—				—				—				—				—

(1)

The amounts shown in Estimated Possible Payouts Under Non-Equity Incentive Plan Awards reflect the payout levels for the NEOs under the Company’s MIP, based on the potential achievement of certain performance goals approved by the Compensation Committee on February 28, 2019.March 2, 2020. For additional information, please see “Elements of Our Executive Compensation Program—Management Incentive Plan (MIP)”Plan” beginning on page 36.40. For each Company performance goal, a minimum, target, and maximum performance level is specified. The amount paid for each performance goal depends on the results attained.

(2)

The amounts shown under Estimated Future Payouts Under Equity Incentive Plan Awards for February 14, 2019,13, 2020 reflect the number of shares of PBRS. Those shares incorporate restrictions that will lapse upon the attainment of performance goals set by the Compensation Committee. Awards vest on the third anniversary of the grant date, based on the attainment of the cumulative three-year average target performance goals for Company AROE and the RBC and SMR ratios. For the cumulative three-year average performance period from 20192020 to 2021,2022, shares of PBRS will vest at 50% of target if the Company attains the minimum goals and at 200% if the Company reaches or exceeds the maximum goals. Earned amounts may then be modified based on the Company’s TSR performance versus peers. All NEOs possess the same rights as all other holders of Common Stock in respect of the shares underlying the PBRS, including all incidents of ownership (except the right to transfer the shares while they remain subject to forfeiture) and the right to vote such shares. The dividends accrued on the PBRS will be reinvested in Common Stock at the same dividend rate received by other holders of Common Stock. Those additional restricted shares will be held in book entry form in the custody of the Company subject to the same terms and conditions attributable to the original grant until such time as all restrictions have lapsed on the shares of Common Stock with respect to which the dividend was accrued.

(3)52

On November 12, 2019, the Compensation Committee awarded shares of time-based restricted stock units to Mr. Crawford. The time-based restricted stock units will vest for Mr. Crawford on the third anniversary of the grant date (generally subject to continued employment). On February 14, 2019, the Compensation Committee awarded shares of time-based restricted stock units to Messrs. Lake and Koide. The time-based restricted stock units will vest for Messrs. Lake and Koide on the third anniversary of the grant date (generally subject to continued employment; an additional vesting condition requiring regulatory approval for the Japan Post Holdings alliance was achieved.).Aflac Incorporated

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20192020 Outstanding Equity Awards at Fiscal Year-End

The following table provides certain information with respect to the equity awards outstanding at the 20192020 fiscal year-end for the NEOs.

		Option Awards										Stock Awards
																		Equity Incentive Plan Awards:
Name		Option Grant Date		Number of Securities Underlying Unexercised Options				Option Exercise Price ($)		Option Expiration Date		Stock Award Grant Date		Number of Shares or Units of Stock That Have Not Vested(1) (#)		Market Value of Shares or Units of Stock That Have Not Vested(2) ($)		Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)			Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested(2) ($)
				Exercisable (#)		Unexercisable (#)
Daniel P. Amos												2/14/17						505,046	3		26,716,933
												2/13/18						412,133	4		21,801,836
												2/14/19						337,652	5		17,861,791
Frederick J. Crawford		7/01/15		42,696				31.215		7/01/25
		2/09/16		45,068				28.965		2/09/26
												2/14/17						105,239	3		5,567,143
												8/08/17		25,992		1,374,977
												2/13/18						88,015	4		4,655,994
												8/14/18		66,621		3,524,251
												2/14/19						76,177	5		4,029,763
												11/12/19		22,347		1,182,156
Eric M. Kirsch		2/09/16		38,230				28.965		2/09/26
												2/14/17						71,418	3		3,778,012
												2/13/18						57,672	4		3,050,849
												12/11/18		23,952		1,267,061
												2/14/19						54,636	5		2,890,244
Charles D. Lake II		2/11/14		16,040				31.205		2/11/24
		2/10/15		22,378				30.725		2/10/25
												2/14/17						33,061	3		1,748,927
												8/08/17		8,663		458,273
												2/13/18						57,150	4		3,023,235
												2/14/19						50,257	5		2,658,595
												2/14/19		10,508		555,873
Masatoshi Koide		2/14/17				3,201		35.520		2/14/27
												2/14/17		2,935		155,262
												2/13/18						36,692	4		1,941,007
												2/14/19						49,495	5		2,618,286
												2/14/19		10,508		555,873

		Option Awards																		Stock Awards
																																Equity Incentive
																																Plan Awards:
																								Number of				Market				Number of				Market or
																								Shares or				Value of				Unearned				Payout Value
																								Units				Shares or				Shares, Units				of Unearned
				Number of Securities																				of Stock				Units of				or Other				Shares, Units
				Underlying								Option								Stock				That Have				Stock That				Rights That				or Other Rights
		Option		Unexercised Options								Exercise				Option				Award				Not				Have Not				Have Not				That Have Not
		Grant		Exercisable				Unexercisable				Price				Expiration				Grant				Vested(1)				Vested(2)				Vested				Vested(2)
Name		Date		(#)				(#)				($)				Date				Date				(#)				($)				(#)				($)
Daniel P.																					2/13/18												423,748	(3)			18,844,074
Amos																					2/14/19												347,169	(4)			15,438,605
																					2/13/20												332,690	(5)			14,794,724
Max K. Brodén		6/26/17			4,668								38.755				6/26/27
																					2/13/18												26,213	(3)			1,165,692
																					2/14/19												27,224	(4)			1,210,651
																					2/14/19				1,081				48,072
																					2/13/20												38,415	(5)			1,708,315
Frederick J.		7/01/15			42,696								31.215				7/01/25
Crawford		2/09/16			45,068								28.965				2/09/26
																					2/13/18												90,496	(3)			4,024,357
																					8/14/18				68,499				3,046,151
																					2/14/19												78,324	(4)			3,483,068
																					11/12/19				22,977				1,021,787
																					2/13/20												80,848	(5)			3,595,311
Eric M. Kirsch		2/09/16			38,230								28.965				2/09/26
																					2/13/18												59,298	(3)			2,636,982
																					12/11/18				24,627				1,095,163
																					2/14/19												56,176	(4)			2,498,147
																					2/13/20												50,959	(5)			2,266,147
Audrey Boone		2/14/12			13,900								24.280				2/14/22
Tillman		2/12/13			13,900								24.750				2/12/23
		2/11/14			13,194								31.205				2/11/24
		8/12/14			3,086								29.665				8/12/24
		2/10/15			24,744								30.725				2/10/25
		2/09/16			19,314								28.965				2/09/26
																					2/13/18												67,905	(3)			3,019,735
																					2/14/19												58,770	(4)			2,613,502
																					2/13/20												68,598	(5)			3,050,553

(1)	The RSU awards include accrued but unpaid dividend equivalents payable in additional RSUs calculated at the normal dividend rate and settled in shares of our common stockCommon Stock only upon distribution of the vested award.
(2)	Based on the per share closing price of our Common Stock of $52.90$44.47 as of December 31, 2019.2020.
(3)	Represents PBRS granted in connection with the 2017-20192018-2020 performance cycle and vested on February 14, 2020,12, 2021, plus accrued dividends. Since our performance as of the end of the performance period exceeded the target performance measures, these awards are shown at maximum (200% of target), plus accrued dividends. These awards vested at 200%155.9% of target, plus accrued dividends, based on the actual performance certified by the Compensation Committee on February 13, 2020.

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(4)	Represents PBRS granted in connection with the 2018-2020 performance cycle. Since our performance as of the end of the last fiscal for this performance cycle exceeded the target performance measures, these awards are shown at maximum (200% of target), plus accrued dividends. However, the amount, if any, of these awards that will be paid out will depend upon the actual performance over the full performance period and the Compensation Committee’s certification of the performance after completion of the performance cycle, which should occur in the first quarter of11, 2021.
(5)(4)	Represents PBRS granted in connection with the 2019-2021 performance cycle. Since our performance as of the end of the last fiscal for this performance cycle exceeded the target performance measures, these awards are shown at maximum (200% of target), plus accrued dividends. However, the amount, if any, of these awards that will be paid out will depend upon the actual performance over the full performance period and the Compensation Committee’s certification of the performance after completion of the performance cycle, which should occur in the first quarter of 2022.
(5)	Represents PBRS granted in connection with the 2020-2022 performance cycle. Since our performance as of the end of the last fiscal for this performance cycle exceeded the target performance measures, these awards are shown at maximum (200% of target), plus accrued dividends. However, the amount, if any, of these awards that will be paid out will depend upon the actual performance over the full performance period and the Compensation Committee’s certification of the performance after completion of the performance cycle, which should occur in the first quarter of 2023.

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Stock Award Grant Date		Stock Award Vesting Schedule
02/13/18, 02/14/17,19 and 02/13/18 and 02/14/1920		Cliff vesting on the third anniversary of the grant date based on the attainment of the cumulative three-year average target performance goals for AROE, SMR, and RBC for three consecutive calendar years beginning with the year of grant. For the three-year period, stock will vest at 50% if the threshold of the three ratios is achieved, and 200% if the maximum is attained. Earned amounts can then be modified based on the Company’s TSR performance versus peers (maximum payout up to 200%).
02/14/17		For the award granted to Mr. Koide, vesting ratably on the first, second and third anniversaries of the grant date.
08/08/17		For the award granted to Mr. Crawford, cliff vesting on the third anniversary of the grant date. For Mr. Lake, vesting ratably on the first, second and third anniversaries of the grant date.
08/14/18, 12/11/18 and 11/12/19		Cliff vesting on the third anniversary of the grant date.
02/14/19		For the restricted stock unit grant, cliff vesting on the third anniversary of the grant date; an additional vesting condition requiring regulatory approval for the Japan Post Holdings alliance was achieved.

20192020 Option Exercises and Stock Vested

The following table provides information with respect to options exercised and stock awards vested during 20192020 for each of the NEOs.

		Option Awards				Stock Awards
Name		Number of Shares Acquired on Exercise (#)		Value Realized on Exercise ($)		Number of Shares Acquired on Vesting (#)		Value Realized on Vesting ($)
Daniel P. Amos		—		—		446,082		21,679,596
Frederick J. Crawford		—		—		50,205		2,477,547
Eric M. Kirsch		—		—		35,142		1,707,901
Charles D. Lake II		53,558		1,109,666		22,985		1,153,778
Masatoshi Koide		42,387		776,534		11,023		532,284

		Option Awards								Stock Awards
		Number of								Number of
		Shares Acquired				Value Realized				Shares Acquired				Value Realized
		on Exercise				on Exercise				on Vesting				on Vesting
Name		(#)				($)				(#)				($)
Daniel P. Amos											505,046				26,671,464
Max K. Brodén											1,430				49,600
Frederick J. Crawford											131,596				6,520,220
Eric M. Kirsch											71,418				3,771,599
Audrey Boone Tillman			3,454				56,215				59,659				3,007,503

Pension Benefits

The Company maintains a tax-qualified, noncontributory defined benefit pension plansplan that cover the NEOs other than Mr.Messrs. Brodén and Crawford, and nonqualified supplemental retirement plans covering the NEOs other than Messrs. Brodén, Crawford and Kirsch. All of these plans were frozen before Mr.Messrs. Brodén and Crawford joined the Company.

The Company does not credit extra years of service under any of its retirement plans, unless required by employment agreements upon certain termination events. Mr. Amos is eligible to receive immediate retirement benefits, which fall under the provisions of the U.S. tax-qualified plan and the Retirement Plan for Senior Officers. For Mr. Kirsch, retirement benefits fall under the U.S. tax-qualified plan. For Mr. Lake,Mrs. Tillman is eligible to receive immediate retirement benefits, which fall under the provisions of the U.S. tax-qualified plan for services when employed in an Aflac U.S. company and the Aflac Japan OfficerU.S. Supplemental Executive Retirement Plan for current and previous services with Aflac Japan. For Mr. Koide, retirement benefits fall under the Aflac Japan Officer Retirement Plan for current services with Aflac Japan.Plan.

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Qualified Defined Benefit Pension Plan

The Aflac Incorporated Defined Benefit Pension Plan (“Plan”) is a funded tax-qualified retirement program that covers all eligible U.S.-based employees. Benefits under the Plan are calculated in accordance with the following formula:

1% of average final monthly compensation

x

×

years of credited service up to to 25 years

+

0.5% of average final monthly compensation

x

×

years of credited service in excess of of 25 years

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For purposes of the Plan, final average monthly compensation is the participant’s highest average compensation (salary and non-equity incentive plan compensation) during any five consecutive years of service within the ten consecutive plan years of service immediately preceding retirement. Participants are eligible to receive full retirement benefits upon attaining a retirement age of 65 or, if earlier, when their years of credited service plus age equals or exceeds 80. Participants with at least fifteen years of credited service are eligible to receive reduced retirement benefits upon reaching an early retirement age of 55. The Plan was frozen to new employees hired, or former employees rehired, on or after October 1, 2013.

Benefits payable under the Plan are not subject to adjustment for Social Security benefits or other offsets. The benefits are paid monthly over the life of the participant, with joint and survivor options available at actuarially reduced rates. The maximum annual retirement benefit was limited, in accordance with Section 415 of the Internal Revenue Code, to $225,000$230,000 for 2019.2020. The maximum annual compensation that may be taken into account when calculating retirement benefits was limited, in accordance with Section 401(a)(17) of the Internal Revenue Code, to $280,000$285,000 for 2019.2020. The limitation amounts for future years will be indexed for cost-of-living adjustments.

Executive Retirement Plan

The Company’s Japan OfficerU.S. Supplemental Executive Retirement Plan (“SERP”) is a non-fundedan unfunded and unsecured obligation of the Company and is not a tax-qualified plan. The SERP provides retirement benefits to certain officers of the Company in addition to those provided by the qualified Plan. Participation in the SERP is limited to certain key employees as periodically designated by the Compensation Committee. Currently, Mrs. Tillman is the only NEO who participates in the SERP. To be eligible for benefits under the SERP, participants generally must be employed with the Company or a subsidiary at age 55. The SERP was frozen to new participants effective January 1, 2015.

The SERP includes a four-tiered benefit formula that provides for a benefit based on final three-year average compensation (base salary and non-equity incentive plan compensation) earned for a calendar year as described below. The annual benefit varies based on the participant’s age at retirement: 40% is paid to someone who retires between the ages of 55 and 59, 50% is paid to someone who retires between the ages of 60 and 64, and 60% is paid to someone who retires at or after the age of 65. Mrs. Tillman has met the SERP retirement benefit level of 40%. A reduced 30% benefit is available to participants with at least fifteen years of service who terminate employment prior to age 55.

Benefits generally are payable in the form of an annuity for the plan islife of the participant. The participant may elect to receive reduced lifetime benefits, in which case any surviving spouse will receive a benefit equal to 50% of the amount paid to the participant. Benefits are calculated as follows: for each year of service (with a minimum of two years and maximum of twelve), a Japan participating officer would receive one month salary plus one year salarybased upon the average annual compensation for the last year. The total amount calculated isthree consecutive calendar years out of the final ten consecutive calendar years of employment that yield the highest average. Benefits under the SERP are subject to offset for amounts paid in a lump-sum at retirement. Currently, Messrs. Lake and Koide areunder the only NEOs who participate in the Japan Officer Retirement Plan, and Mr. Lake has accumulated the maximum service.qualified Plan.

Retirement Plan for Senior Officers

The CEO is the only active employee who participates in the Retirement Plan for Senior Officers (“RPSO”). Participants in the RPSO receive full compensation (base salary and MIP) for the first twelve months after retirement. Thereafter, a participant may elect to receive annual lifetime retirement benefits equal to 60% of final compensation (base salary plus non-equity incentive), or 54% of final compensation with 50% of final compensation to be paid to a surviving spouse for a specified period after death of the participant. Final compensation is deemed to be the higher of either (i) the compensation paid during the last twelve months of active employment with the Company, or (ii) the highest compensation received in any calendar year of the last ten years preceding the date of retirement.

Generally, no benefits are payable until the participant accumulates ten years of credited service at age 60, or twenty years of credited service. Reduced benefits may be paid to a participant who retires (other than for disability) before age 65 with less than twenty years of credited service. Mr. Amos has 4647 years of credited service, meaning he is fully vested for retirement benefits under the RPSO. The RPSO was frozen to new participants on January 1, 2009.

All benefits under the RPSO are subject to annual cost-of-living increases as approved by the Compensation Committee. Retired participants and their spouses also are entitled to receive full medical expense benefits for their lifetimes. The benefits payable under the RPSO are not subject to Social Security or qualified Plan offsets.

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2019

2020 Pension Benefits

The following table provides certain information regarding the Company’s pension benefits at December 31, 2019,2020 and for the year then ended.

Name		Plan Name		Number of Years Credited Service (#)		Present Value of Accumulated Benefit* ($)		Change from Prior Year ($)		Payments During Last Fiscal Year ($)
Daniel P. Amos		Retirement Plan for Senior Officers		46		51,322,174		(8,993,908)		—
		Aflac Incorporated Defined Benefit Pension Plan		46		1,719,982		277,913		—
Eric M. Kirsch		Aflac Incorporated Defined Benefit Pension Plan		8		283,897		80,568		—
Charles D. Lake II		Aflac Incorporated Defined Benefit Pension Plan		15		413,483		79,158		—
		Japan Officer Retirement Plan		12		1,234,617		(16,559)		—
Masatoshi Koide		Japan Officer Retirement Plan		11		764,726		162,806		—

Name		Plan Name		Number of Years Credited Service (#)		Present Value of Accumulated Benefit* ($)		Change from Prior Year ($)		Payments During Last Fiscal Year ($)
Daniel P. Amos		Retirement Plan for Senior Officers		47		59,682,833		8,360,659		—
		Aflac Incorporated Defined Benefit Pension Plan		47		1,873,910		153,928		—
Eric M. Kirsch		Aflac Incorporated Defined Benefit Pension Plan		9		348,028		64,131		—
Audrey Boone Tillman		Supplemental Executive Retirement Plan		25		11,745,399		1,739,319		—
		Aflac Incorporated Defined Benefit Pension Plan		25		1,365,297		170,810		—

*

Assumptions used to calculate pension benefits are based on GAAP assumptions, as more fully described in Note 14, “Benefit Plans,” in the Notes to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2019,2020, except that, for all NEOs other than Mr. Amos, the assumed retirement age is the earliest retirement age for unreduced benefits and, for Mr. Amos, who has exceeded such age, is his actual expected retirement age as determined for GAAP purposes.

Nonqualified Deferred Compensation

The following table provides information on the NEOs’ participation in the Aflac Incorporated Executive Deferred Compensation Plan (“EDCP”).

2019

2020 Nonqualified Deferred Compensation

Name		Executive Contributions in Last Fiscal Year ($)		Registrant Contributions in Last Fiscal Year ($)		Aggregate Earnings (Loss) in Last Fiscal Year(3) ($)		Aggregate Withdrawals/ Distributions ($)		Aggregate Balance at Last Fiscal Year-End(4) ($)
Daniel P. Amos(1)		—		441,100		1,940,690		—		10,191,086
Frederick J. Crawford(2)		—		274,497		139,241		—		1,414,243
Eric M. Kirsch		—		—		—		—		—
Charles D. Lake II		—		—		1,972,227		—		9,386,139
Masatoshi Koide		—		—		—		—		—

Name		Executive Contributions in Last Fiscal Year ($)		Registrant Contributions in Last Fiscal Year ($)		Aggregate Earnings (Loss) in Last Fiscal Year(3) ($)		Aggregate Withdrawals/ Distributions ($)		Aggregate Balance at Last Fiscal Year-End(4) ($)
Daniel P. Amos(1)		—		441,100		1,933,612		—		12,565,798
Max K. Brodén(2)		—		177,101		135,689		—		579,124
Frederick J. Crawford(2)		—		394,911		205,632		—		2,014,785
Eric M. Kirsch		—		—		—		—		—
Audrey Boone Tillman		42,000		—		126,014		—		1,670,394

(1)	The Company contribution of $441,100, forwhich is a portion of Mr. AmosAmos’ salary, is compensation deferred at the direction of the Compensation Committee and is included in the Salary column of the Summary Compensation Table for the current year. The funds are 100% vested.
(2)	The $274,497$177,101 and $394,911 deferred compensation for Mr.Messrs. Brodén and Crawford, respectively, represents unvested Company-funded executive employer contributions in the amount of 15% of Mr. Crawford’stheir annual compensation (base salary plus MIP). The funds for 20192020 were credited to the EDCP in March 2020.2021. This is an annual contribution approved by the Compensation Committee since Mr.Messrs. Brodén and Crawford isare not eligible to participate in the Pension Plan or any other executive retirement plan. Annual contributions will be 100% vested on the earlier of (i) the later of 15 years of employment or 5 years participation, (ii) age 65, (iii) change in control, (iv) death, or (v) disability. The amount shown in the table is included in the Summary Compensation Table for the current year in the All Other Compensation column. Additionally, previous years’ deferrals included in the Aggregate Balance column were reported as compensation in prior periods.
(3)	The Company does not pay or credit above-market earnings on amounts deferred by or on behalf of executives.
(4)	Previous years’ deferrals includedThe amounts reported represent balances from the EDCP and include various amounts previously reported in this column were reportedthe Summary Compensation Table as compensation in prior periods.Salary, Non-equity Incentive Plan Compensation or All Other Compensation.

The EDCP allows certain U.S.-based officers, including the NEOs (the “Participants”), to defer up to 75% of their base salaries and their annual non-equity incentive awards. The Company may make discretionary matching or other discretionary contributions in such amounts, if any, that the Compensation Committee may determine each year.

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The EDCP is subject to the requirements of Section 409A of the Internal Revenue Code. Deferred amounts earned and vested prior to 2005 (“grandfathered” amounts) under the EDCP are not subject to Section 409A’s requirements and continue to be governed generally under the terms of the EDCP and the tax laws in effect before January 1, 2005. All NEOs have met the applicable vesting requirements with the exception of Mr.Messrs. Brodén and Crawford.

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The amounts in the Aggregate Balance at Last Fiscal Year-End column include investment earnings (and losses) determined under phantom investments. Account balances may be invested in phantom investments selected by Participants from an array of investment options that substantially mirror the funds available under the Company’s 401(k) Plan, except for Common Stock. Participants can change their investment selections (unless prohibited by the fund) in the same manner that applies to participants in the 401(k) Plan.

Each year, when Participants elect whether to defer compensation under the EDCP for the following year, they also elect the timing and form of future distributions arising from those deferrals, with a separate election permitted for each type of deferral (i.e., salary and non-equity incentive award). Specifically, a Participant may elect distributions beginning in a specific year (even if employment has not then ended) or beginning six months after the termination of employment. Participants may choose to have any distribution made in a lump sum or in up to ten annual installments. Employee deferrals are 100% vested. Distributions attributable to discretionary contributions are made in the form and at the time specified by the Company.

A Participant may delay the timing and form of distributions attributable to deferrals as long as the change is made at least twelve months before the initial distribution date. With respect to non-grandfathered amounts, new elections also must satisfy the additional requirements of Section 409A. In general, Section 409A provides that distributions may not be accelerated (other than for hardships) and any delayed distribution may not begin earlier than five years after the original distribution date.

Deferral amounts for which no distribution elections have been made are distributed in a lump sum six months after a Participant separates from service.

Potential Payments Upon Termination or Change in Control

The Company has employment agreements with each of the NEOs.NEOs with the exception of Mr. Brodén. Except as described below, the agreements are similar in nature and contain provisions relating to termination, disability, death, and a change in control of the Company.

Mr. Amos has voluntarily waived all “golden parachute” and other severance components in his employment agreement. Mr. Koide’s employment agreement (consisting of his employment agreement, Japan Officer Regulations, and Japan Procedures for Treatment of Officers) does not provide for any “golden parachute” or other severance payments or benefits (other than a retirement benefit as described below). The elimination and absence, respectively, of these potential payments are reflected in the 20192020 Potential Payments Upon Termination or Change in Control table.

For each remaining NEO (other than Mr. Brodén), the Company remains obligated to continue compensation and benefits for the scheduled term of the agreement if the NEO’s employment is terminated by the Company without “good cause” or by the NEO with “good reason.” The remaining term for each of these NEOs as of December 31, 20192020 is as follows: Mr. Crawford, 30 months; Mr. Kirsch, 24 months; and Mr. Lake, 24Mrs. Tillman, 29 1/3 months. In addition, upon a termination by the Company without “good cause” or by any of the NEOs (including Mr. Amos but excluding Mr. Koide)Amos) for “good reason,” all outstanding equity awards become fully vested, except that equity awards of the NEOs subject to Company performance will remain subject to that performance. Regardless ofMrs. Tillman will not be entitled to continued compensation once she earns the reason for Mr. Lake’s termination,maximum benefit under his agreement, he will receive a lump sum retirement benefit equal to two times his base salary. Unless Mr. Koide is dismissed by the Company for cause or violates his restrictive covenants, he will receive a retirement benefit determined under a formulaSERP, but she has not yet earned the maximum SERP benefit. Messrs. Brodén, Crawford, and Kirsch do not participate in his employment agreement, and the amount of the retirement benefit will be reduced by the amount of the retirement benefit paid to him when he previously retired in 2006. For purposes of Mr. Koide’s retirement benefit, a “dismissal for cause” is a dismissal effected by resolution of the Board due to Mr. Koide’s (i) material violation of his obligations under his employment agreement; (ii) repeated violation of his employment agreement after warning to correct; (iii) commission of a crime or a reasonable suspicion that he has done so; (iv) interference with Company business operations by failing to create cooperative relations with Company employees or by acting in bad faith; (v) actions in conflict with the Company’s interest, thereby possibly harming the Company’s interest; (vi) becoming insolvent or his credit standing is acknowledged to have deteriorated; (vii) conduct that is suspected as illegal, unjust or in breach of faith as an officer; (viii) lack of aptitude necessary for his position or to fulfill the requirements of his employment agreement, as judged by the Company; (ix) behavior or words contrary to his employment agreement, Company regulations or his duties; or (x) judgment by the Company that he is not appropriate as an officer.SERP.

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If an NEO’s employment (other than that of Mr. Koide) is terminated by the Company for “good cause,” or by the NEO without “good reason,” the Company generally is obligated to pay compensation and benefits only to the extent accrued by the date of termination (except that Mr. Lake is entitled to his retirement benefit of two times his base salary regardlesstermination. Under the employment agreements of the reason for his termination). Under the NEOs’ employment agreementsNEOs (other than that of Mr. Koide)Brodén), “good cause” generally means the Company has determined that any of the following have occurred or exist: (i) the willful failure by the NEO to substantially perform assigned management duties (other than due to sickness, injury, or disability); (ii) intentional conduct by the NEO causing substantial injury to the Company; or (iii) the NEO’s conviction of or plea of guilty to a felony. “Good reason” (except in the case of Mr. Koide)Brodén) generally is defined to include (i) a material breach of the employment agreement by the Company in regard to compensation or benefits, or termination of the employment agreement; (ii) a material diminution or change in the NEO’s title, duties, or authority; (iii) a material relocation of the Company’s principal offices (or in Mr. Kirsch’s case, the Company’s principal New York office or his own office; or in Mr. Lake’s case, the Japan operation’s office or his own office); or (iv) the failure of the Company’s successor to assume the employment agreement. Upon voluntary termination without “good reason” or termination by the Company for “good cause,” an NEO (other than Mr. Koide)Brodén) is prohibited for a two-year period from directly or indirectly competing with the Company. Upon Mr. Koide’s termination

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Table of employment for any reason, he is prohibited for a one-year period from competing with the Company and from soliciting employees.Contents

Executive Compensation

The NEOs’ employment agreements provide that compensation and benefits continue for certain specified periods in the event the NEO becomes totally disabled. Upon the death of an NEO, (other than Mr. Koide), the NEO’s estate is to be paid an amount, over a three-year period, equal to the NEO’s base salary and any non-equity incentive awards actually paid during the last three years of the NEO’s life. In addition, all outstanding equity awards (including those of Mr. Koide) will be honored and vest upon the date of death or disability.

Upon a “change in control” of the Company, employment agreements for the NEOs (other than Messrs. Amos and Koide)Brodén) are extended for an additional three-year period. If, following a “change in control”,control,” the employment of an NEO (other than Messrs. Amos and Koide)Brodén) is terminated by the Company without “good cause” or by the NEO for “good reason,” the Company must pay to the NEO, among other payments but in lieu of any further salary payments, a lump-sum severance payment equal to three times the sum of the NEO’s base salary and non-equity incentive award under the MIP (as paid during periods specified in the agreement). Amounts payable upon a “change in control” will be reduced to the extent they are not deductible by the Company for income tax purposes. If, following a “change in control”,control,” the employment of aan NEO is terminated by the Company without “good cause” or by the NEO for “good reason,” all of that NEO’s outstanding equity awards (except in the case of Messrs. Amos and Koide)Brodén) will become fully vested, and all performance criteria will be considered satisfied at the maximum performance level.

A “change in control” generally is deemed to occur when (i) a person or group acquires ownership of 50% or more of the Common Stock; (ii) a person or group acquires ownership of 30% or more of the Common Stock over a consecutive twelvemonthtwelve-month period; (iii) during any period of twelve consecutive months, a majority of individuals who constitute the Board are replaced without endorsement by a majority of the Board members at the beginning of the period; or (iv) a person or group acquires ownership of 40% or more of the total gross fair market value of the Company’s assets.

Mrs. Tillman is a fully vested participant in the SERP. Under the SERP, in the event the Company terminates a participant’s employment within two years after a “change in control” other than for cause, or a participant terminates employment during such period for “good reason,” the participant will become 100% vested in her retirement benefits and entitled to receive a lump-sum amount equal to the actuarial equivalent of the annual retirement benefit to which she would have been entitled had she remained in the employ of the Company until (i) age 55 (in the case of a participant who is not yet 55); (ii) age 60 (in the case of a participant who is at least 55, but not yet 60); or (iii) age 65 (in the case of a participant who is at least 60, but not yet 65), as the case may be. A “change in control” will be deemed to occur under the same circumstances described above, but only with respect to the Company. “Cause” for this purpose generally means (i) the participant’s continued failure to substantially perform her duties with the Company (other than due to illness or after a participant gives notice of termination of employment for “good reason”) after a written demand for substantial performance is delivered to the participant by the Board, (ii) the participant’s engaging in conduct materially injurious to the Company, or (iii) the participant’s conviction of, or plea of guilty or no contest to, a felony or crime involving moral turpitude. “Good reason” is generally defined for this purpose to include various adverse changes in employment status, duties, or compensation and benefits following a “change in control.”

The following table reflects the amount of compensation payable to each of the NEOs in the event of termination of such executive’s employment under various termination scenarios. The amounts shown assume in all cases that the termination was effective on December 31, 2019,2020, and, therefore, include amounts earned through such time and estimates of the amounts that would be paid to the NEOs upon their termination. The Company and Mr. Koide agreed to renew his employment agreement for one year through December 31, 2020, but this extension does not impact the amounts shown in the table. Because a number of factors affect the nature and amount of any benefits actually paid, amounts paid or distributed may be different from those shown below. Messrs.Mr. Amos Lake and KoideMrs. Tillman are the only NEOs who are eligible to receive immediate retirement benefits. See “Pension Benefits” and “Nonqualified Deferred Compensation” above for more information.

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As noted in the following table, below, the benefits provided, and requirements imposed vary with the circumstances under which the termination occurs.

2019 POTENTIAL PAYMENTS UPON TERMINATION OR CHANGE IN CONTROL
				Before Change in Control
Name		Benefit		Company Termination without “Good Cause” or by Employee for “Good Reason”(1) ($)		Company Termination for “Good Cause”(2) ($)		Voluntary Termination without “Good Reason” and No Competition(3) ($)		Voluntary Termination with Competition(4) ($)		Death(5) ($)		Disability(6) ($)		Change in Control Termination without “Good Cause” or for “Good Reason”(7) ($)
Daniel P. Amos		Salary		—		—		—		—		4,323,300		2,161,650		—
		Non-equity Incentive Award(8)		—		—		—		—		15,469,545		4,002,594		—
		Severance		—		—		—		—		—		—		—
		Retirement(9)		51,322,174		51,322,174		51,322,174		—		39,322,496		51,393,784		51,322,174
		Health & Welfare Benefits(10)		2,364,803		2,364,803		2,364,803		—		188,109		2,388,041		2,364,803
		Equity Awards(11)		66,380,507		—		48,518,716		48,518,716		66,380,507		66,380,507		66,380,507
		Totals		120,067,484		53,686,977		102,205,693		48,518,716		125,683,957		126,326,576		120,067,484
Frederick J. Crawford		Salary		1,812,500		—		—		—		2,150,000		1,087,500		—
		Non-equity Incentive Award(8)		2,762,453		—		—		—		4,436,219		1,104,981		—
		Severance		—		—		—		—		—		—		6,350,004
		Retirement(9)		42,000		—		—		—		1,414,242		3,560,805		1,414,242
		Health & Welfare Benefits(10)		40,578		—		—		—		—		24,347		48,693
		Equity Awards(11)		20,334,443		—		—		—		20,334,443		20,334,443		20,334,443
		Totals		24,991,974		—		—		—		28,334,904		26,112,076		28,147,382
Eric M. Kirsch		Salary		1,300,000		—		—		—		1,837,600		975,000		—
		Non-equity Incentive Award(8)		4,583,990		—		—		—		6,266,935		2,291,995		—
		Severance		—		—		—		—		—		—		8,400,261
		Retirement(9)		39,762		—		—		—		—		76,443		—
		Health & Welfare Benefits(10)		27,476		—		—		—		—		20,607		41,214
		Equity Awards(11)		10,986,166		—		—		—		10,986,166		10,986,166		10,986,166
		Totals		16,937,394		—		—		—		19,090,701		14,350,211		19,427,641
Charles D. Lake II(12)		Salary		1,210,232		—		—		—		1,647,005		1,210,232		—
		Non-equity Incentive Award(8)		1,749,598		—		—		—		2,266,811		693,044		—
		Severance		—		—		—		—		—		—		4,439,745
		Retirement(9)		1,210,232		1,210,232		1,210,232		1,210,232		1,210,232		1,210,232		1,210,232
		Health & Welfare Benefits(10)		201,453		—		—		—		—		151,090		302,179
		Equity Awards(11)		8,444,903		—		—		—		8,444,903		8,444,903		8,444,903
		Totals		12,816,418		1,210,232		1,210,232		1,210,232		13,568,951		11,709,501		14,397,059
Masatoshi Koide(12)		Salary		—		—		—		—		—		297,974		—
		Non-equity Incentive Award(8)		—		—		—		—		—		—		—
		Severance		—		—		—		—		—		—		—
		Retirement(9)		768,161		—		768,161		768,161		768,161		768,161		768,161
		Health & Welfare Benefits(10)		—		—		—		—		—		—		—
		Equity Awards(11)		5,326,113		—		—		—		5,326,113		5,326,113		5,326,113
		Totals		6,094,274		—		768,161		768,161		6,094,274		6,392,248		6,094,274

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2020 POTENTIAL PAYMENTS UPON TERMINATION OR CHANGE IN CONTROL

				Before Change in Control
Name		Benefit		Company Termination without “Good Cause” or by Employee for “Good Reason”(1) ($)		Company Termination for “Good Cause”(2) ($)		Voluntary Termination without “Good Reason” and No Competition(3) ($)		Voluntary Termination with Competition(4) ($)		Death(5) ($)		Disability(6) ($)		Change in Control Termination without “Good Cause” or for “Good Reason”(7) ($)
Daniel P. Amos		Salary		—		—		—		—		4,323,300		2,161,650		—
		Non-equity		—		—		—		—		14,587,697		3,734,173		—
		Incentive Award(8)
		Severance		—		—		—		—		—		—		—
		Retirement(9)		59,682,833		59,682,833		59,682,833		—		32,967,208		59,763,854		59,682,833
		Health & Welfare Benefits(10)		2,426,412		2,426,412		2,426,412		—		200,464		2,449,715		2,426,412
		Equity Awards(11)		49,077,359		—		34,282,635		34,282,635		49,077,359		49,077,359		49,077,359
		Totals		111,186,604		62,109,245		96,391,880		34,282,635		101,156,028		117,186,751		111,186,604
Max K. Brodén		Salary		—		—		—		—		—		—		—
		Non-equity Incentive Award(8)		—		—		—		—		—		—		—
		Severance		—		—		—		—		—		—		—
		Retirement(9)		—		—		—		—		411,456		411,456		—
		Health & Welfare Benefits(10)		—		—		—		—		—		—		—
		Equity Awards(11)		—		—		—		—		4,132,819		4,132,819		—
		Totals		—		—		—		—		4,544,275		4,544,275		—
Frederick J.		Salary		2,062,500		—		—		—		2,275,000		1,237,500		—
Crawford		Non-equity Incentive Award(8)		4,519,345		—		—		—		4,140,500		1,807,738		—
		Severance		—		—		—		—		—		—		5,789,943
		Retirement(9)		42,750		—		—		—		2,014,786		2,632,802		2,014,786
		Health & Welfare Benefits(10)		44,419		—		—		—		—		26,652		53,303
		Equity Awards(11)		15,170,674		—		—		—		15,170,674		15,170,674		15,170,674
		Totals		21,839,688		—		—		—		23,600,960		20,875,366		23,028,706
Eric M. Kirsch		Salary		1,300,000		—		—		—		1,893,800		975,000		—
		Non-equity Incentive Award(8)		4,438,800		—		—		—		6,652,524		2,219,400		—
		Severance		—		—		—		—		—		—		8,825,985
		Retirement(9)		41,556		—		—		—		—		79,434		—
		Health & Welfare Benefits(10)		29,561		—		—		—		—		22,171		44,341
		Equity Awards(11)		8,496,394		—		—		—		8,496,394		8,496,394		8,496,394
		Totals		14,306,311		—		—		—		17,042,718		11,792,399		17,366,720
Audrey Boone		Salary		1,711,111		—		—		—		2,050,333		1,050,000		—
Tillman		Non-equity Incentive Award(8)		1,744,478		—		—		—		2,802,433		713,650		—
		Severance		—		—		—		—		—		—		4,652,490
		Retirement(9)		22,800		—		—		—		5,138,359		11,803,095		12,886,227
		Health & Welfare Benefits(10)		43,433		—		—		—		—		26,652		53,304
		Equity Awards(11)		8,683,835		—		5,633,282		5,633,282		8,683,835		8,683,835		8,683,835
		Totals		12,205,657		—		5,633,282		5,633,282		18,674,960		22,277,232		26,275,856

(1)

Messrs. Crawford and Kirsch and LakeMrs. Tillman are entitled to salary continuation and non-equity incentive award payments for the remaining term of their respective employment agreements. Mr. Amos voluntarily gave up his right to such payments. Health and welfare benefits would continue for the remainder of the contract term, except for Mr. Amos, who is entitled to health and welfare benefits under the RPSO.

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(2)

Termination for good cause eliminates the salary continuation and non-equity incentive award obligation for the remainder of the contract period and causes a forfeiture of the executive’s participation in any supplemental retirement plan (except for Mr. Amos and Mr. Lake)Amos). In addition, all equity awards, whether vested or unvested, are forfeited.

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(3)	Voluntary termination by the executive without good reason eliminates the salary continuation and non-equity incentive award obligations for the remainder of the contract term. In addition, nonvested equity awards will be forfeited, except in the case of Mr. Amos and Mrs. Tillman, who isare retirement-eligible under the terms of the Company’s equity agreements and will vest in all equity awards granted at least one year before the date his or her employment terminates (subject to satisfaction of performance goals).
(4)	Any executive who competes with the Company after termination will forfeit the right to any further salary and non-equity incentive award payments and any benefits under the RPSO (however, Messrs. Lake’s and Koide retirement benefits will still be paid based on the plan document).RPSO. In addition, nonvested equity awards will be forfeited, except in the case of Mr. Amos and Mrs. Tillman, who isare retirement-eligible under the terms of the Company’s equity agreements and will vest in all equity awards granted at least one year before the date his or her employment terminates (subject to satisfaction of performance goals).
(5)	When an executive (other than Mr. Koide) dies, the executive’s estate is entitled to receive terminal pay (paid in equal installments over 36 months) equal to the amount of the executive’s base pay and non-equity incentive award paid in the previous 36 months, or, if the executive was employed less than 36 months, the amount the executive would have been paid if he or she had survived for the full 36-month period. Additionally, retirement benefits in this column include the present value of the accumulated benefit obligation for a surviving spouse annuity under the RPSO for Mr. Amos,Amos. Messrs. Brodén and include the entirety of the retirement benefit under Messrs. Lake’s and Koide’s agreements. Mr. Crawford participatesparticipate in the Company-funded EDCP, which will vest at death. The NEOs and other officers also are eligible for life insurance benefits along with, and on the same basis as, the Company’s other salaried employees. Mr. Lake also has a life insurance policy as part of his perquisites.
(6)	Disability benefits are payable for 18 months or, if shorter, until the end of the term of the applicable agreement, while the executive remains employed during hishis/ her disability except for Mr. Koide.Brodén. For all NEOs, other than Mr. Lake and Mr. Koide, any disability benefits paid in the form of salary continuation or non-equity incentive awards (as shown in the table) would be offset by the maximum annual amount allowed ($144,000) under the Company-sponsored disability income plan. Mr. Brodén and Crawford participatesparticipate in the Company-funded EDCP, which would vest at disability. Mr. Koide is eligible to receive disability benefits paid in the form of salary continuation until he reaches age 60.
(7)	Upon termination after a change in control, Messrs. Crawford and Kirsch and LakeMrs. Tillman would each be entitled to a lump-sum severance payment of three times the sum of (i) annual base salary in effect immediately prior to the change in control, and (ii) the non-equity incentive award paid in the year preceding the termination date or the year preceding the change in control, whichever amount is higher. Mr. Amos has waived his entitlement to receive a severance payment.
(8)	The non-equity incentive award amounts on this line do not include the 20192020 non-equity incentive awards that were paid to the NEOs in February 2020,2021 and which were nonforfeitable as of December 31, 2019,2020, under all circumstances other than termination for competition.
(9)	Amounts in this row generally include (i) the present value of the applicable benefits payable under the RPSO and the SERP, and (ii) certain additional amounts determined under the executive’s employment agreement in lieu of continued participation in the Company’s broad-based retirement plans. The amountHowever, amounts included in this column reflecting benefits payable under the SERP may differ from the amounts shown in the Pension Benefits table due to reduced SERP benefits payable upon termination for Mr. Lake is based on the retirement provision in his agreement, which provides for a benefit equal to two times his base salary at the time he retires, without regard to the reason for his termination (including if for cause). The amount shown for Mr. Koide is based on the retirement provision in his agreement, which provides for a benefit equal to two times his base salary less the retirement benefit paid previously (40.8 million yen) at the time he retires, without regard to the reason for his termination (excluding if for cause).“good cause” or death.
(10)	Amounts in this row generally represent the estimated lump-sum present value of all premiums that would be paid by the Company for applicable health and welfare benefits. The value shown for Mr. Amos includes his post-employment medical benefits under the RPSO for his life and the life of his spouse, the value of certain other welfare benefits, and non-medical fringe benefits (including office space) for his life. These amounts would not be payable if Mr. Amos engages in any activity that competes with the Company. The value of health coverage for each of Messrs. Crawford and Kirsch and LakeMrs. Tillman is the monthly cost of Company-paid premiums for active employee coverage under the health plan, multiplied by the number of months of Company-paid continued coverage for which the executive is eligible as determined under his employment agreement.
(11)	Amounts in this row represent the estimated value of accelerated vesting of stock options and restricted stock awards. The value for stock options was determined as follows: the excess of the per share closing price on the NYSE on the last business day of the year over the per share option exercise price, multiplied by the number of unvested option shares. The value for restricted stock awards was determined by multiplying the number of unvested stock awards by the same per share closing price used for options. The values of these awards that are performance-based assume maximum performance goals were achieved.
(12)	All yen-denominated payments for Messrs. Lake and Koide are converted to dollars by dividing the payments by the 2019 annual weighted average exchange rate. The weighted average exchange rate was 109.07 yen to the dollar for 2019.

CEO PAY RATIOPay Ratio

The Company believes that executive pay should be internally consistent and equitable to motivate the Company’s employees and create shareholder value. To demonstrate the Company’s commitment to that principle, and as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act and SEC rules adopted thereunder, we are disclosing the ratio of the annual total compensation of the CEOChairman and Chairman,CEO, Mr. Daniel P. Amos, to the annual total compensation of the individual we have identified as the median employee for this purpose.

As determined in accordance with applicable SEC rules, for 2019,2020, the last completed fiscal year:

●•	The annual total compensation of the CEO, as reported in the 20192020 Summary Compensation Table included on page 46,50, was $14,108,852;$22,613,727; and
●•	The annual total compensation of the median employee determined on this same basis was $56,371.$63,740.

Based on this information, the ratio of the annual total compensation of our Chief Executive Officer to the median of the annual total compensation of all employees is 355 to 1.

60	Aflac Incorporated

Based on this information, the ratio of the annual total compensation of our Chief Executive Officer to the median of the annual total compensation of all employees is 250 to 1.

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To

SEC rules permit us to identify our median employee once every three years so long as there has not been a change in our employee population or employee compensation arrangements during the 2020 fiscal year that we reasonably believe would significantly impact our pay ratio disclosure. There has not been a significant change in our employee population or employee compensation arrangements from 2019. Therefore, the CEO pay ratio for the 2020 fiscal year is calculated using the same median employee identified with respect to the 2019 fiscal year. The steps described below were performed in 2019 to identify the annual total compensation of the median employee, theemployee. The Company first determined the compensation for all the Company’s employees other than the CEO as of December 31, 2019, taking into account the annual sum of cash wages, overtime, and bonus from payroll records, in each case determined without regard to cost-of-living adjustments. As of such date, the Company’s employee population consisted of approximately 12,311 individuals working at the parent companyAflac Incorporated and its consolidated subsidiaries, with 43% of these individuals located in the United States and 57% located in Japan. We excluded 146 employees of Argus Holdings, LLC, which the Company acquired during fiscal 2019 in a transaction that closed on November 7, 2019 and 69 employees of Tsusan Co., Ltd, which Aflac Japan acquired on May 8, 2019. The employee population above includes part-time and temporary employees as of December 31, 2019 (excluding employees on unpaid leave as of December 31, 2019), as compared to the employee population disclosed in the December 31, 2019, Form 10-K, which includes only full-time employees. For employees located in Japan, the compensation in Japanese yen was converted to U.S. dollars using the annual weighted average exchange rate of Japanese yen to U.S. dollars of 109.07 to 1 on December 31, 2019.

The Company determined that, on this basis,

To calculate the median employee was a full-time, salaried employee located in the U.S., with wages, overtime and bonusCEO pay ratio for the 12-month period ended December 31, 2019, in the amount of $53,180.

With respect to the median employee,2020, the Company then identified and calculated the elements of such employee’s compensation for the entirety of 20192020 in accordance with the requirements of Item 402(c)(2)(x) of Regulation S-K (the basis for determining annual total compensation as reported in the Summary Compensation Table), resulting in annual total compensation in the amount of $56,371. The difference between such employee’s wages, overtime and bonus pay and the employee’s annual total compensation represents the value of such employee’s Company-paid benefits ($3,191).$63,740.

Mr. Amos has been CEO of the Company since 1990 and Chairman since 2001. His longstandinglong-standing tenure, coupled with normal changes in the calculation of his pension due to discount rate changes, causes his pension value (when calculated according to Item 402(c)(2)(x) of Regulation S-K) to vary greatly from year to year, which could cause large changes in the ratio.

EQUITY COMPENSATION PLAN INFORMATIONEquity Compensation Plan Information

The following table provides information with respect to compensation plans under which our equity securities are authorized for issuance to our employees or Non-employee Directors, as of December 31, 2019.2020.

Plan Category		Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights(a)		Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights(b)		Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans Excluding Securities Reflected in Column(a)(c)
Equity Compensation Plans		4,958,703		$29.65		39,327,771*
Approved by Shareholders
Equity Compensation Plans		—		—		—
Not Approved by Shareholders
Total		4,958,703		$29.65		39,327,771

Plan Category		Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights (a)		Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights (b)		Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans Excluding Securities Reflected in Column(a) (c)
Equity Compensation Plans Approved by Shareholders		3,045,335		$30.25		37,981,226	*
Equity Compensation Plans Not Approved by Shareholders		—		—		—
Total		3,045,335		$30.25		37,981,226

*	Of the shares listed in column (c), 34,447,79833,738,935 shares are available for grant other than in the form of options, warrants, or rights (i.e., in the form of restricted stock or restricted stock units).

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Audit Matters

Audit Matters
03	Proposal 3
	Ratification of Auditors
	In February 2020,2021, the Audit and Risk Committee voted to appoint KPMG LLP, an independent registered public accounting firm, to perform the annual audit of the Company’s consolidated financial statements for fiscal year 2020,2021, subject to ratification by the shareholders.
		The Board of Directors and the Audit and Risk Committee recommend a voteFORthe ratification of the selection of KPMG LLP.

Representatives of KPMG LLP are expected to attend the 20202021 Annual Meeting of Shareholders. These representatives may make a statement if they desire to do so, and will be available to respond to appropriate questions.

Audit Fees and Other Fees

The aggregate fees for professional services rendered to the Company by KPMG LLP for the two most recent calendar years were as follows:

		2019 ($)	2018 ($)
Audit fees — Audit of the Company’s consolidated financial statements		8,806,395	8,006,762
for the years ended December 31(1)
Audit-related fees(2)		802,700	1,151,745
Tax fees(3)		2,106	129,614
All Other fees		—	—
Total fees:		9,611,201	9,288,121

		2020 ($)		2019 ($)
Audit fees — Audit of the Company’s consolidated financial statements for the years ended December 31(1)		8,280,126		8,806,395
Audit-related fees(2)		753,200		802,700
Tax fees(3)		43,170		2,106
All Other fees		—		—
Total fees:		9,076,496		9,611,201

(1)	Includes $1,043,848$777,078 and $798,956,$1,043,848, respectively, for the 20192020 and 20182019 audits of Aflac Japan regulatory financial statements.
(2)	Includes fees relating to audits of the Company’s benefit plans, service organization control reports, accounting consultations in connection with proposed transactions or emerging accounting standards and other attestation reports.
(3)	Tax fees include all services performed by professional staff in the independent Accountant’s tax division for tax return and related compliance services, except for those tax services related to the integrated audit.

Pre-Approval Policies and Procedures

The Audit and Risk Committee of the Board has considered whether the provision of the non-audit professional services is compatible with maintaining KPMG LLP’s independence and has concluded that it is. The Audit and Risk Committee pre-approves all audit and non-audit services provided by KPMG LLP in accordance with SEC rules, subject to the de minimis exceptions for non-audit services.

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Audit and Risk Committee Report

AUDIT AND RISK COMMITTEE REPORT

The Audit and Risk Committee of the Company’s Board is composed of threefour Directors. The Board has determined that each member of the Audit and Risk Committee is independent as defined by the NYSE listing standards and SEC rules, is financially literate, and qualifies as an audit committee financial expert as defined by SEC rules. The Audit and Risk Committee operates under a written charter adopted by the Board. The charter, which is reviewed annually and complies with all current regulatory requirements, is available on the Company’s website, www.aflac.com, by clicking on “Investors,” then “Governance,” then “Governance Documents,” then “Audit & Risk Committee.”

In 2019,2020, the Audit and Risk Committee met eleventwelve times. During these meetings committee members reviewed and discussed a variety of topics with management, KPMG (the Company’s independent registered public accounting firm), the internal auditors, the chief risk officer, the general counsel, the global security and chief information security officer, and others, including the Company’s earnings releases and SEC filings related to quarterly and annual financial statements, statutory insurance financial statement filings, and the Company’s system of internal control over financial reporting, including information security policies. The Audit and Risk Committee has discussed with, and received regular status reports from, the Company’s director of internal audit and KPMG on the overall scope and plans for their audits of the Company. The Audit and Risk Committee met with the internal auditors and KPMG, with and without management present, to discuss the results of their examinations, their evaluations of the Company’s internal controls, and the overall quality of the Company’s financial reporting.

The Audit and Risk Committee has monitored the Company’s compliance with Section 404 of the Sarbanes-Oxley Act regarding the reporting related to internal control over financial reporting. The monitoring process has included regular reports and representations by financial management of the Company, the internal auditors, and by KPMG. The Audit and Risk Committee also has reviewed the certifications of Company executive officers contained in the Annual Report on Form 10-K for the year ended December 31, 2019,2020, as well as reports issued by KPMG related to its audit of the consolidated financial statements and the effectiveness of internal control over financial reporting.

The Audit and Risk Committee is responsible for the appointment, compensation, retention, and oversight of the Company’s independent registered public accounting firm. In accordance with SEC rules and KPMG’s policies, audit partners are subject to rotation requirements to limit the number of consecutive years an individual partner may provide service to the Company. The maximum number of consecutive years of service as lead audit partner is five years. The process for selecting the lead audit partner for the Company pursuant to this rotation policy involves a meeting between the Chair of the Audit and Risk Committee and prospective candidates, as well as discussions with the full Audit and Risk Committee and with management. The Audit and Risk Committee evaluates the performance of KPMG, including the senior members of the audit engagement team, each year and determines whether to re-engage KPMG or to consider other audit firms. In doing so, the Audit and Risk Committee considers the quality and efficiency of the services provided; the firm’s global capabilities, particularly in the U.S. and Japan; its technical expertise; its tenure as the Company’s independent registered public accounting firm (KPMG has served in this capacity since 1963); and its knowledge of the Company’s operations and industry. Based on this review and discussions with members of senior management, the Audit and Risk Committee concluded it was in the best interest of the Company and the shareholders to recommend KPMG to the Board to serve as the Company’s independent registered public accounting firm during 2019.2020. Although the Audit and Risk Committee has the sole authority to appoint the independent auditors, the Audit and Risk Committee will continue its long-standing practice of recommending that the Board ask the shareholders to ratify this appointment for 2021 (see Ratification of Appointment of Independent Registered Public Accounting Firm (Proposal 3)).

The Audit and Risk Committee also discussed with KPMG those matters required to be discussed by the applicable requirements of the Public Company Accounting Oversight Board (the PCAOB) and the Commission. The Audit and Risk Committee received the written disclosures and the letter from KPMG required by applicable requirements of the PCAOB regarding the independent auditors’ communications with the Audit and Risk Committee concerning independence, and has discussed with KPMG its independence. The Audit and Risk Committee considered with KPMG whether the provision of non-audit services provided by it to the Company during 20192020 was compatible with its independence.

In performing all of these functions the Audit and Risk Committee acts in an oversight capacity. The Audit and Risk Committee reviews the Company’s quarterly and annual reports on Form 10-Q and Form 10-K prior to filing with the SEC. In its oversight role the Audit and Risk Committee relies on the work and assurances of the Company’s management, which has the primary responsibility for establishing and maintaining adequate internal control over financial reporting and for preparing the financial statements and other reports, and of KPMG, which is engaged to audit and report on the consolidated financial statements

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of the Company and the effectiveness of the Company’s internal control over financial reporting. In reliance on these reviews and discussions, and the reports of KPMG, the Audit and Risk Committee has recommended to the Board, and the Board has approved, the audited financial statements to be included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019,2020, for filing with the SEC.

For additional information, see the “The Audit and Risk Committee” section on page 14.

Audit and Risk Committee

Karole F. Lloyd, Chair

W. Paul Bowers

Georgette D. Kiser

Joseph L. Moskowitz

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Audit Matters

Related Person Transactions

RELATED PERSON TRANSACTIONS

The Company recognizes that transactions between the Company and any of its Directors or executives can present potential or actual conflicts of interest and create the appearance that decisions are based on considerations other than the best interests of the Company and its shareholders. Accordingly, consistent with our Code of Business Conduct and Ethics, it is the Company’s preference to avoid such transactions. Nevertheless, there are situations where such transactions may be in, or not inconsistent with, the best interests of the Company and its shareholders. Therefore, the Company has adopted a written policy that requires the Audit and Risk Committee to review and, if appropriate, to approve or ratify any such transactions. Pursuant to the policy, the Audit and Risk Committee will review any transaction in which the Company is or will be a participant and the amount involved exceeds $120,000 in any fiscal year, and in which any of the following had, has, or will have a direct or indirect material interest: (i) a Director, (ii) an executive officer, (iii) a holder of more than 5% of the Company’s outstanding shares, (iv) an immediate family member of any of these persons, or (v) any firm, corporation, or other entity in which one of these persons is employed or is a general partner or principal or in a similar position, or in which such person has a 5% or greater beneficial interest. During its review, the Audit and Risk Committee considers a number of factors, including whether the related person transaction is on terms no less favorable to the Company than may reasonably be expected in arm’s-length transactions. The Audit and Risk Committee will only approve or ratify those transactions that it determines in good faith are in, or are not inconsistent with, the best interests of the Company and its shareholders.

Each of the following ongoing transactions has been reviewed and ratified by the Audit and Risk Committee:

Mr. Paul S. Amos II, Daniel P. Amos’ son, entered into a separation agreement with a Company affiliate on June 6, 2017, and his employment ended on July 1, 2017. Under the agreement, Mr. Paul S. Amos II provided an undertaking to protect corporate property for 24 months after the end of his employment and may not solicit Company employees or independent contractors to leave the Company. The agreement provided for Mr. Paul S. Amos II to receive an aggregate payment of $3,404,494 over the life of the agreement, which is equal to the sum of thirty months of base salary continuation, an annual incentive award with respect to fiscal year 2017, and the cost of eighteen months of premiums under the Company’s health insurance plan. The Company paid $700,000 during 2019. Per the terms of his agreement, no additional payments will be made to Mr. Paul S. Amos II.

In 2013, Aflac Japan (then operating as a branch of Aflac) entered a lease for office space at the Marunouchi Center Building in Tokyo, Japan, which is owned by Chuo Real Estate Co., Ltd. The current lease has a term of 2 years. Mr. Toshihiko Fukuzawa who serves on the Company’s Board, was appointed as President and CEO of Chuo Real Estate Co., Ltd. in July 2018. The lease was in place prior to Mr. Fukuzawa’s service with Chuo Real Estate Co., Ltd., and he had no involvement in negotiations of the lease or in Aflac Japan’s decision to lease space in the Marunouchi Center Building. Mr. Fukuzawa receives no compensation from either the Company or Chuo Real Estate Co., Ltd. related to the lease. At the 20192020 weighted average rate of 109.07106.86 yen to the dollar, Aflac Japan paid the yen equivalent of $2,359,493$2,286,691 in rent under the lease during the 20192020 calendar year.

At the end of 2019,

Mr. Max K. Brodén was the Senior Vice President, Deputy Chief Financial Officer and Treasurer of the Company. As of January 1, 2020, he is the Executive Vice President, Chief Financial Officer and Treasurer of the Company. His spouse, Sabrina Pasini Brodén, has been employed with Aflac since January 28, 2019. Prior to her employment with Aflac, she was an independent consultant in the marketing department. She is currently a Customer and User Experience Consultant. In 2019,2020, her total compensation, including salary, bonuses, commissions to the employment agency and other benefits, was $120,916.$128,087. The compensation for Sabrina Pasini Brodén is commensurate with that of her peers.

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Mr. J. Todd Daniels is the Director, Executive Vice President, and Chief Financial Officer of Aflac Japan. Mr. Daniels married Amy Jarreau Daniels in May 2019.His spouse, Amy Jarreau Daniels, has been an employee of Aflac since April 2014. She is currently employed as a Sales Manager I. In 2019,2020, her total compensation, including salary, bonuses and other benefits, was $332,193.$722,879. The variable compensation structure for Amy Jarreau Daniels is commensurate with that of her peers.

As previously announced, on

On December 19, 2018, the Company, and Aflac Japan and Japan Post Holdings Co., Ltd. (“Japan Post Holdings”), the Company, and Aflac Japan entered in tointo a Basic Agreement regarding the “Strategic Alliance Based on Capital Relationship.” Pursuant to the Basic Agreement, Japan Post Holdings committed to acquire approximately 7% of the outstanding shares of the Company’s Common Stock via a trust and to treat the Company as an equity-method affiliate after application of the “10-for-1 rule” (the rule included in the Company’s Articles of Incorporation, as amended, pursuant to which, and subject to certain limited exceptions, each Common Share is entitled to ten votes after it has been held for 48 consecutive months by the same beneficial owner). Further, Japan Post Holdings and Aflac Japan agreed to reconfirm existing initiatives regarding cancer insurance and make reasonable efforts to further develop initiatives related to the continued growth of cancer insurance sales, such as positioning Aflac Japan cancer insurance as a product as important as Japan Post Insurance Co., Ltd (“JPI”) products in the sales strategies of Japan Post Holdings, Japan Post Co., Ltd. (“JPC”) and JPI, and promoting cancer insurance sales and managing promotion based on established sales targets. Under the Basic Agreement, Japan Post Holdings and Aflac Japan also agreed to consider new joint initiatives, including leveraging digital technology in various processes, cooperating in new product development to promote customer-centric business management, cooperating in domestic and/or overseas business expansion and joint investment in third party entities and cooperating with regard to asset management.

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On February 28, 2019, the Company entered into a Shareholders Agreement (the “Shareholders Agreement”) with Japan Post Holdings and certain of its affiliates. Pursuant to the Shareholders Agreement, Japan Post Holdings agreed to cause the J&A Alliance Trust, a New York voting trust (the “Trust”) to use commercially reasonable efforts to acquire, through open market or private block purchases in the United States, beneficial ownership of approximately 7% of the Common Stock in connection with the Basic Agreement. According to a Schedule 13G/A filed by Japan Post Holdings with the SEC on January 8,6, 2021, as of December 31, 2020 the Trust had beneficially acquired 6.47%7.45% of the outstandingnumber of Common Shares as of December 31, 2019.outstanding on October 19, 2020. Japan Post Holdings is the sole beneficiary of the Trust. According to a press release by Japan Post Holdings on February 14, 2020, the Trust had completed the planned beneficial acquisition of approximately 7% of the outstanding Common Shares as of February 13, 2020.

Since 2008, the Company and Aflac Japan have maintained various commercial and contractual arrangements with Japan Post Holdings and certain of its affiliates. Under these arrangements, affiliates of Japan Post Holdings conduct the sale of Aflac cancer insurance policies in Japan and, among other things, provide supplemental support necessary or beneficial to effectuating the sale and servicing of such policies. Aflac Japan’s cancer insurance policies issued pursuant to these contractual arrangements constituted approximately 4.4% of earned premium for 2019,2020, representing approximately 3.0%3.1% of Aflac Incorporated’s total consolidated earned premium for 2019.2020. In exchange for facilitating such sales and other services including JPI’s acting as reinsurer for a certain percentage of the underwriting risk for Aflac Japan cancer insurance sold by JPC and JPI, affiliates of Japan Post Holdings collectively received approximately $186$101 million in commission and other payments from Aflac Japan during 2019.2020.

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Stock Ownership

BENEFICIAL OWNERSHIP OF THE COMPANY’S SECURITIESBeneficial Ownership of the Company’s Securities

As of February 25, 2020,23, 2021, no person was the owner of record or, to the knowledge of the Company, beneficial owner of more than 5% of the outstanding shares of Common Stock or of the available votes of the Company other than as shown below.

Name and Address of Beneficial Owner		Title of Class Common Stock		Amount of Beneficial Ownership Shares		Amount of Beneficial Ownership Votes		Percent of Class		Percent of Available Votes
J&A Alliance Holdings Corporation*		1 Vote Per		47,502,023		47,502,023		6.6		4.0
1007 Fukoku Seimei Building		Share
2-2-2 Uchisaiwai-cho, Chiyoda-ku
Tokyo 100-0011, Japan
BlackRock, Inc.*		1 Vote Per		56,013,765		56,013,765		7.7		4.7
55 East 52nd Street		Share
New York, NY 10055
The Vanguard Group*		1 Vote Per		65,796,643		65,796,643		9.1		5.5
100 Vanguard Boulevard		Share
Malvern, PA 19355
State Street Corporation*		1 Vote Per		38,568,886		38,568,886		5.3		3.2
State Street Financial Center		Share
One Lincoln Street
Boston, MA 02111

Name and Address of Beneficial Owner		Title of Class Common Stock		Amount of Beneficial Ownership Shares		Amount of Beneficial Ownership Votes		Percent of Class		Percent of Available Votes
J&A Alliance Holdings Corporation* 1007 Fukoku Seimei Building 2-2-2 Uchisaiwai-cho, Chiyoda-ku Tokyo 100-0011, Japan		1 Vote Per Share		52,300,000		52,300,000		7.6		4.7
BlackRock, Inc.* 55 East 52nd Street New York, NY 10055		1 Vote Per Share		45,522,910		45,522,910		6.6		4.1
The Vanguard Group* 100 Vanguard Boulevard Malvern, PA 19355		1 Vote Per Share		59,888,649		59,888,649		8.7		5.4
State Street Corporation* State Street Financial Center One Lincoln Street Boston, MA 02111		1 Vote Per Share		34,135,472		34,135,472		5.0		3.1

*

The above information is derived from Schedule 13G filings filed with the Securities and Exchange Commission, dated January 8, 2020,6, 2021, by J&A Alliance Holdings Corporation, dated February 5, 2020,January 29, 2021, by BlackRock, Inc., dated February 12, 2020,10, 2021, by The Vanguard Group, and dated February 13, 2020,12, 2021, by State Street Corporation. According to the Schedule 13G filings;filings: J&A Alliance Holdings Corporation, has shared voting power with respect to 47,502,023 shares.52,300,000 shares; BlackRock, Inc., has sole voting power with respect to 48,668,41939,235,646 shares and sole dispositive power with respect to 56,013,765 shares.45,522,910 shares; The Vanguard Group has sole voting power with respect to 1,094,696 shares, shared voting power with respect to 272,4361,080,868 shares, sole dispositive power with respect to 64,500,17356,940,688 shares and shared dispositive power with respect to 1,296,470 shares.2,947,961 shares; and State Street Corporation has shared voting power with respect to 34,477,26130,600,239 shares and shared dispositive power with respect to 38,498,84134,107,499 shares.

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Security Ownership of Directors

The following information is provided with respect to each Director and Director nominee:

Name		Shares of Common Stock Beneficially Owned on February 25, 2020(1)		Percent of Outstanding Shares		Voting Rights on February 25, 2020		Percent of Available Votes
Daniel P. Amos		4,468,935		.6		35,431,707		3.0
W. Paul Bowers		31,402		*		169,020		*
Toshihiko Fukuzawa		3,011,364		.4		30,011,364		2.5
Robert B. Johnson		39,120		*		240,576		*
Thomas J. Kenny		58,753		*		338,167		*
Georgette D. Kiser		2,631		*		2,631		*
Karole F. Lloyd		28,196		*		73,196		*
Nobuchika Mori		*		*		*		*
Joseph L. Moskowitz		57,067		*		84,067		*
Barbara K. Rimer, DrPH		134,266		*		929,362		.1
Katherine T. Rohrer		8,359		*		23,542		*
Melvin T. Stith		36,795		*		253,750		*

Name		Shares of Common Stock Beneficially Owned on February 23, 2021(1)		Percent of Outstanding Shares		Voting Rights on February 23, 2021		Percent of Available Votes
Daniel P. Amos		4,642,443		.7		34,708,192		3.1
W. Paul Bowers		38,403		*		206,911		*
Toshihiko Fukuzawa		3,012,814		.4		30,012,814		2.6
Thomas J. Kenny		30,107		*		163,905		*
Georgette D. Kiser		7,077		*		7,077		*
Karole F. Lloyd		33,646		*		145,984		*
Nobuchika Mori		3,738		*		3,738		*
Joseph L. Moskowitz		58,349		*		233,183		*
Barbara K. Rimer, DrPH		125,731		*		730,558		.1
Katherine T. Rohrer		12,990		*		12,990		*
Melvin T. Stith		42,251		*		291,506		*

*

Percentage not listed if less than .1%.

(1)

Includes 536,677526,588 shares of restricted stock awarded under the Long-Term Incentive Plan for Daniel P. Amos that he has the right to vote. These shares will vest three years from the date of grant if the Company attains certain performance goals. Includes options to purchase shares, which are exercisable within 60 days for: Thomas J. Kenny, 29,470; Joseph L Moskowitz, 41,729 and Barbara K. Rimer, DrPH, 108,348.97,322. Also includes shares of restricted stock awarded under the Long-Term Incentive Plan for W. Paul Bowers, TohsihikoToshihiko Fukuzawa, Robert B. Johnson,Georgette D. Kiser, Karole F. Lloyd, Joseph L. Moskowitz, Barbara K. Rimer, DrPH, Katherine T. Rohrer, and Melvin T. Stith 3,1174,430 each, Thomas J. Kenny, 5,832W. Paul Bowers, 6,144, Nobuchika Mori, 3,738, and Georgette D. Kiser 2,631,Joseph L. Moskowitz, 2,215, for which these individuals have the right to vote. These shares will vest one year from the date of grant.

Also includes the following shares:

●•	Daniel P. Amos: 84,5285,017 shares owned by his spouse; 991,826936,826 shares owned by a partnership of which he is a partner; 908,632 shares owned by trusts of which he is trustee; 238,008444,708 shares owned by the Daniel P. Amos Family Foundation, Inc.; 958,1391,173,439 owned by the Soma Foundation, Inc.
●•	Toshihiko Fukuzawa: 3,000,000 shares owned by The Mizuho Trust & Banking Co., Ltd. Mr. Fukuzawa represents the power to vote these shares.

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Stock Ownership

Security Ownership of Management

The following table sets forth, as of February 25, 2020,23, 2021, the number of shares and percentage of outstanding shares of Common Stock beneficially owned by: (i) our named executive officers, comprising our CEO, CFO, and the three other most highly compensated executive officers as listed in the Executive Compensation section of this Proxy Statement whose information was not provided under the heading “Proposal 1: Election of Directors,” and (ii) all Directors and executive officers as a group.

COMMON STOCK BENEFICIALLY OWNED AND APPROXIMATE PERCENTAGE OF CLASS AS OF FEBRUARY 23, 2021

Name		Shares(1)		Percent of Shares		Votes		Percent of Votes
Max K. Brodén		81,108		*		81,108		*
Frederick J. Crawford		399,834		.1		1,189,710		.1
Eric M. Kirsch		296,568		*		640,638		.1
Audrey Boone Tillman		353,907		.1		1,147,185		.1
All Directors, nominees, and executive officers as a group (22 individuals)		10,164,500		1.5		73,191,622		6.5

COMMON STOCK BENEFICIALLY OWNED AND APPROXIMATE PERCENTAGE OF CLASS AS OF FEBRUARY 25, 2020*

Name		Shares(1)		Percent of Shares		Votes		Percent of Votes
Frederick J. Crawford		316,316		*		1,249,598		.1
Eric M. Kirsch		291,834		*		1,506,888		.1
Charles D. Lake II		196,546		*		936,850		.1
Masatoshi Koide		99,405		*		197,685		*
All Directors, nominees, and executive officers as a group (25 individuals)		10,019,922		1.4		77,797,659		6.6

*

Percentage not listed if less than .1%.

(1)

Includes options that are exercisable within 60 days for Max K. Brodén, 4,668; Frederick J. Crawford, 87,764; Eric M. Kirsch, 38,230; Charles D. Lake II, 38,418; Matoshi Koide, 3,201;Audrey Boone Tillman, 88,138; and for all Directors and executive officers as a group to purchase 685,865594,063 shares. Includes the following shares of restricted stock awarded under the Long-Term Incentive Plan: in 2019, 2020 and 2021 for Max K. Brodén, 59,264; Frederick J. Crawford, 123,572; Eric M. Kirsch, 81,292; and Audrey Boone Tillman, 101,006. These shares will vest 3 years from the date of grant if the Company attains certain performance goals. Also includes the following shares of restricted stock awarded under the Long-Term Incentive Plan: in 2018, 2019 and 2020 for Frederick J. Crawford, 121,413; Eric M. Kirsch, 80,935; Charles D. Lake II, 77,167; Masatoshi Koide, 65,815; andPlan for all Directors and executive officers as a group of 1,301,207.1,292,905. The grantees have the right to vote their restricted stock, but they may not transfer the shares until they have vested. No Director nominee or executive officer has any pledged shares. For information on the Company’s pledging policy, please see “Stock Ownership Guidelines; Hedging and Pledging Restrictions” on page 44. 48.

DELINQUENT SECTIONDelinquent Section 16(a) REPORTSReports

Pursuant to Section 16 of the Securities Exchange Act of 1934, executive officers, Directors, and holders of more than 10% of the Common Stock are required to file reports of their trading in Company equity securities with the SEC. Based solely on a review of the copies of such reports received by the Company, or written representations from certain reporting persons, the Company believes that all filings required to be made by its reporting persons complied with all applicable Section 16 filing requirements during the last fiscal year with one exception: Mr. J. Todd Daniels, an executive officer,Dr. Barbara K. Rimer, a Director, did not timely report the sale of 1,005 shares of stock on his July 2019December 11, 2020. A Form 4 the shares owned by his new spouse.for this transaction was filed on December 16, 2020.

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Solicitation and Revocation of Proxy

This Proxy Statement is furnished to shareholders in connection with the solicitation of proxies by the Company’s Board of Directors (the “Board”), on behalf of the Company, for use at the Annual Meeting of Shareholders to be held on Monday, May 4,3, 2021 for the purposes set forth in the accompanying Notice of Annual Meeting and described in detail herein, and any adjournment of that meeting. The Annual Meeting will be held at 10 a.m. at the Columbus Museum (in the Patrick Theatre), 1251 Wynnton Road, Columbus, Georgia.Eastern Time. We continue to monitor developments regarding the coronavirus (COVID-19). In the interest of the health and well-being of our shareholders, we are planning for the possibility that the Annual Meeting maywill be held solely by means of remote communication. If we make this change, we will announce the decision to do socommunication in advance and provide detailsa virtual meeting format. Details on how to participate are available at www.virtualshareholdermeeting.com/AFL2021 and investors.aflac.com.

The mailing address of our principal executive offices is Aflac Incorporated, 1932 Wynnton Road, Columbus, Georgia 31999.

All properly executed proxies returned to the Company will be voted in accordance with the instructions contained thereon. If you return your signed proxy with no voting instructions indicated, the proxy will be voted FOR the election of all Director nominees named in this Proxy Statement, FOR approval of Proposals 2 and 3, and according to the discretion of the proxy holders on any other matters that may properly come before the Annual Meeting or any postponement or adjournment thereof. If you are a shareholder of record, you also may submit your proxy online or by telephone in accordance with the procedures set forth in the enclosed proxy, or you may vote in person at the Annual Meeting.proxy. Shareholders can revoke a proxy at any time before it is exercised by giving written notice to that effect to the Secretary of the Company or by submitting a later-dated proxy or subsequent internet or telephonic proxy. Shareholders who attend the Annual Meeting may revoke any proxy previously granted and vote in person orally or by written ballot.

This Proxy Statement and the accompanying proxy are being delivered to shareholders on or about March 19, 2020.18, 2021.

SOLICITATION OF PROXIES

Solicitation of Proxies

The Company will pay the cost of soliciting proxies. The Company will make arrangements with brokerage firms, custodians, and other fiduciaries to send proxy materials to their customers, and will reimburse these entities for the associated mailing and related expenses. In addition, certain officers and other employees of the Company may solicit proxies by telephone and by personal contacts, but those individuals will not receive additional compensation for these efforts. The Company has retained Georgeson LLC to assist in the solicitation of proxies for a fee of $9,500,$10,000, plus reimbursement of reasonable out-of-pocket expenses.

PROXY MATERIALS AND ANNUAL REPORT

Proxy Materials and Annual Report

As permitted by SEC rules, we are making these proxy materials available to our shareholders electronically. We believe providing online access to our critical documents will conserve natural resources and reduce the costs of printing and distributing our proxy materials. Accordingly, we have mailed to most of our shareholders a notice about the internet availability of this Proxy Statement and the Company’s 2019 Year in Review and Annual Report on Form 10-K for the year ended December 31, 2019 (together, the “Annual2020 (“Annual Report”) instead of paper copies of those documents. The notice contains instructions on how to access our reports online, how to vote at proxyvote.com, and how to request and receive a paper copy of our proxy materials, including this Proxy Statement and our Annual Report. If you select the online access option for the Proxy Statement, Annual Report, and other account mailings, throughaflinc®, the Company’s secure online account management system, you will receive an electronic notice of availability of your proxy materials. If you do not receive a notice and did not already elect online access, you will receive a paper copy of the proxy materials by mail.

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For future documents, registered shareholders may select a method of delivery by visiting https://shareholder.broadridge.com/aflac. If you own shares indirectly through a broker, bank, or other nominee, please contact your financial institution for additional information regarding delivery options.

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MULTIPLE SHAREHOLDERS SHARING THE SAME ADDRESS

Multiple Shareholders Sharing the Same Address

The Company is sending only one Annual Report and one Proxy Statement or notice of availability of these materials to shareholders who consented and who share a single address. This is known as “householding.” However, any registered shareholder who wishes to receive a separate Annual Report or Proxy Statement may contact Shareholder Services by phone at (800) 227-4756,(706) 596-3581, by email at shareholder@aflac.com, or by mail at the address set forth above and we will promptly provide additional copies. If you receive multiple copies of the Annual Report or Proxy Statement or notice of availability of these materials, you may request householding by contacting Shareholder Services (if you are a registered shareholder) or by contacting the holder of record (if you own the Company’s shares through a bank, broker, or other holder of record).

DESCRIPTION OF VOTING RIGHTS

Description of Voting Rights

The Company believes that long-term shareholders should have a greater say in our success. Accordingly, the Company’s Articles of Incorporation provide that each share of the Company’s Common Stock is entitled to one vote until it has been held by the same beneficial owner for a continuous period of longer than 48 months prior to the record date of the meeting, at which time each share becomes entitled to ten votes. If a share is transferred by gift, devise, or bequest, or otherwise through the laws of inheritance, descent, or distribution from the estate of the transferor, or by distribution to a beneficiary of shares held in trust, the transferee is deemed to be the same beneficial owner as the transferor for purposes of determining the number of votes per share. Shares acquired as a direct result of a stock split, stock dividend, or other distribution with respect to existing shares are deemed to have been acquired and held continuously from the date on which the underlying shares were acquired. Shares of Common Stock acquired pursuant to the exercise of a stock option are deemed to have been acquired on the date the option was granted.

Shares of Common Stock held in “street” or “nominee” name are presumed to have been held for less than 48 months and are entitled to one vote per share unless this presumption is rebutted by evidence to the contrary. If you wish to demonstrate that you have held your Common Stock in street name for longer than 48 months, please complete and execute the affidavit appearing on the reverse side of your proxy. The Board may require evidence to support the affidavit.

QUORUM AND VOTE REQUIREMENTS

Quorum and Vote Requirements

Holders of record of Common Stock at the close of business on February 25, 2020,23, 2021, will be entitled to vote at the Annual Meeting. At that date, the number of outstanding shares of Common Stock entitled to vote was 722,511,510.687,600,156. According to the Company’s records, this represents the following voting rights:

Number of shares		Votes per share		Yields this many votes
671,493,763	@	1	=	671,493,763
51,017,747	@	10	=	510,177,470
722,511,510		Total		1,181,671,233

Number of shares		Votes per share		Yields this many votes
640,276,788	@	1	=	640,276,788
47,323,368	@	10	=	473,233,680
687,600,156		Total		1,113,510,468

If all of the outstanding shares were entitled to ten votes per share, the total number of possible votes would be 7,225,115,100.6,876,001,560. However, for purposes of this Proxy Statement, we assume that the total number of votes that may be cast at the Annual Meeting will be 1,181,671,233.1,113,510,468.

The holders of shares representing a majority of the voting rights entitled to vote at the Annual Meeting, present in person or represented by proxy, will constitute a quorum for the transaction of any business that comes before the meeting. Abstentions are counted as “shares present” for purposes of determining whether a quorum exists. A broker non-vote occurs when a nominee holding shares for a beneficial owner does not vote on a particular proposal because the nominee does not have discretionary voting power with respect to that item and has not received voting instructions from the beneficial owner. Broker non-votes are counted as “shares present” at the Annual Meeting for purposes of determining whether a quorum exists.

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Solicitation and Revocation of Proxy

The following table shows the voting requirements for each proposal we expect at the Annual Meeting.

Proposal		Vote required to Pass		Effect of abstentions and broker non-votes
Uncontested election of directors		Votes cast for a nominee exceed votes cast against that nominee		Abstentions and broker non-votes are not counted as votes cast and have no effect
Advisory say-on-pay		Majority of the votes cast		Abstentions and broker non-votes are not counted as votes cast and have no effect
Ratification of the Independent Registered Public Accounting Firm		Majority of the votes cast		Abstentions are not counted as votescastvotes cast and have no effect. Brokers and other nominees may vote without instructions with respect to this proposal, so we do not expect broker non-votes.

If a nominee who is already serving as a Director is not re-elected at the Annual Meeting in an uncontested election, Georgia law provides that Director would continue to serve on our Board as a “holdover director.” However, our Director Resignation Policy, which is part of the Company'sCompany’s Guidelines on Significant Corporate Governance Issues, provides that holdover directors must tender a resignation to our Chairman of the Board. The Corporate Governance Committee will consider such resignation and recommend to the Board whether to accept or reject it. In considering whether to accept or reject the tendered resignation, the Corporate Governance Committee will consider all factors its members deem relevant, including the stated reasons why shareholders voted against such Director, the qualifications of the Director, and whether the resignation would be in the best interests of the Company and its shareholders. The Board will formally act on the Corporate Governance Committee’s recommendation no later than ninety days following the date of the Annual Meeting at which the election occurred. The Company will, within four business days after such decision were made, publicly disclose that decision in a Form 8-K filed with the SEC, together with a full explanation of the process by which the decision was made and, if applicable, the reasons for rejecting the tendered resignation. If there were a nominee who was not already serving as a Director, and that individual was not elected at the Annual Meeting, that nominee would not become a Director or a holdover director.

In a contested election at an annual meeting of shareholders (meaning the number of nominees exceeds the number of Directors to be elected), the standard for election of Directors would be a plurality of the shares represented in person or by proxy at such meeting and entitled to vote on the election of Directors.

EFFECT OF NOT CASTING A VOTE

Effect of Not Casting a Vote

If you hold your shares in street name, it is critical that you provide voting instructions to the record owner. Your bank or broker is not permitted to vote shares you hold in street name without your instructions in the election of Directors (Proposal 1) or on the advisory vote on executive compensation (Proposal 2). Broker non-votes on these matters will have no effect on the outcome of the proposals. Your bank or broker may vote uninstructed shares on the ratification of the appointment of the Company’s independent registered public accounting firm (Proposal 3).

If you are a shareholder of record and you do not return your proxy card, no votes will be cast on your behalf on any item of business at the Annual Meeting.

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Other Matters

The Board is not aware of any matters that are expected to come before the 20202021 Annual Meeting other than those referred to in this Proxy Statement. If any other matter should come before the Annual Meeting, the people named in the accompanying proxy (or their substitutes) intend to vote the proxies in accordance with their best judgment.

SUBMISSION OF SHAREHOLDER PROPOSALS AND NOMINATIONS FOR THE 2021 ANNUAL MEETING

Submission of Shareholder Proposals and Nominations for the 2022 Annual Meeting

Proposals for Inclusion in our 20212022 Proxy Materials

SEC rules permit shareholders to submit proposals to be included in our materials if the shareholder and the proposal satisfy the requirements specified in Rule 14a-8 under the Securities Exchange Act of 1934. For a shareholder proposal to be considered for inclusion in our proxy materials for the 20212022 Annual Meeting of Shareholders, the proposal must be received at the address provided below by November 19, 2020.18, 2021.

Director Nominations for Inclusion in our 20212022 Proxy Materials Pursuant to our Proxy Access Bylaw

Our proxy access Bylaw permits a shareholder (or a group of up to twenty shareholders) who owns shares of our outstanding Common Stock representing at least 3% of the votes entitled to be cast on the election of Directors, and who has owned such shares continuously for at least three years, to nominate and include in our proxy materials Director candidates constituting up to 20% of the Board, if the nominating shareholder(s) and the nominee(s) satisfy the requirements specified in our Bylaws. For the 20202022 Annual Meeting of Shareholders, notice of a proxy access nomination must be received at the address provided below between October 20, 2020,19, 2021, and November 19, 2020.18, 2021.

Other Proposals or Director Nominations to be Brought Before our 20212022 Annual Meeting

Our Bylaws set forth procedures for shareholders who wish to propose items of business or to nominate Director candidates that are not intended to be included in our proxy materials. For the 20212022 Annual Meeting of Shareholders, notice of such proposals or nominations must be received at the address provided below between January 4, 2021,3, 2022, and February 3, 2021.2, 2022. In the unlikely event the Company moves the 20212022 Annual Meeting of Shareholders to a date that is more than 25 days before or after the date that is the one yearone-year anniversary of this year’s Annual Meeting date (i.e., May 4, 2020)3, 2021), the Company must receive such notice no later than the close of business on the 10th 10^th day following the day on which notice of the meeting date is first mailed to shareholders or the Company makes a public announcement of the meeting date, whichever occurs first.

Address for Submission of Notices and Additional Information

All shareholder nominations of individuals for election as Directors or proposals of other items of business to be considered by shareholders at the 20212022 Annual Meeting of Shareholders (whether or not intended for inclusion in our proxy materials) must be submitted in writing to our Corporate Secretary at Aflac Incorporated, 1932 Wynnton Road, Columbus, Georgia 31999.

Both the proxy access and the advance notice provisions of our Bylaws require a shareholder’s notice of a nomination or other item of business to include certain information. Director nominees also must meet certain eligibility requirements. If you wish to introduce a nomination or other item of business, please review our Bylaws.

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Other Matters

ANNUAL REPORT

Annual Report

The Company has delivered a copy of its 20192020 Annual Report on Form 10-K to each shareholder entitled to vote at the 20202021 Annual Meeting of Shareholders. It is also available via the Internet by going to https://investors.aflac.com and selecting “SEC Filings” under the “Financials” section as well as at the website of the United States Securities and Exchange Commission at www.sec.gov. For a printed copy, write to:contact Shareholder Services by phone at (706) 596-3581, by email at shareholder@aflac.com, or by mail at:

David A. YoungShareholder Services
Vice President, Investor and Rating Agency Relations
Aflac Incorporated
Worldwide Headquarters
1932 Wynnton Road
Columbus, Georgia 31999

EXERCISE YOUR RIGHT TO VOTE

Exercise Your Right to Vote

The Company encourages you to vote. Please vote by internet or telephone, or sign, date, and return your proxy or voting instruction form in the prepaid envelope you received if you requested paper copies of our proxy materials. We encourage you to attend our 2020virtual 2021 Annual Meeting on May 4, 2020. To ensure that attendance is limited to shareholders3, 2021. For more information on voting and their proxies or qualified representatives, if you are not a registered shareholder, please bring with you proof of Common Stock ownership, such as a current brokerage statement, and a photo ID. If you are attending the virtual Annual Meeting, as a proxy or qualified representativeplease see the “Notice of a shareholder, please bring a photo ID2021 Annual Meeting of Shareholders” and written evidence of your authority to act on behalf of the shareholder. Cameras, cellphones, and other electronic or recording devices may not be used in“Attending the meeting room.Virtual Annual Meeting” sections.

By order of the Board of Directors,

J. Matthew Loudermilk
Secretary
March 19, 202018, 2021

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Appendix – Definition of Non-U.S. GAAP Measures and Reconciliations to Corresponding U.S. GAAP Measures

The Proxy Statement includes references to the Company’s performance measures; adjusted earnings; adjusted earnings per diluted share, excluding current period foreign currency impact; adjusted revenues, on a currency-neutral basis;excluding current period foreign currency impact; amortized hedge costs/income; and adjusted return on equity (“AROE”). (References in this Proxy Statement such as “currency-neutral” or “excluding the impact of foreign currency” are synonymous with “excluding foreign currency impact.”) These measures are not calculated in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”),“U.S. GAAP,” but this appendix provides reconciliations to each of the most comparable U.S. GAAP measures.

These measures exclude items that the Company believes may obscure the underlying fundamentals and trends in insurance operations because they tend to be driven by general economic conditions and events, or are related to infrequent activities not directly associated with insurance operations. ManagementThe Company’s management uses adjusted earnings and adjusted earnings per diluted share, excluding foreign currency impact, to evaluate the financial performance of the Company’s insurance operations on a consolidated basis, and believes that a presentation of these measures is vitally important to an understanding of the underlying profitability drivers and trends of the Company’s insurance business.

The Company defines adjusted earnings (a non-U.S. GAAP financial measure) as the profits derived from operations. The most comparable U.S. GAAP measure is net earnings. Adjusted earnings are adjusted revenues less benefits and adjusted expenses. The adjustments to both revenues and expenses account for certain items that cannot be predicted or that are outside management’s control. Adjusted revenues are U.S. GAAP total revenues excluding realizednet investment gains and losses, except for amortized hedge costs/income related to foreign currency exposure management strategies and net interest cash flows from derivatives associated with certain investment strategies. Adjusted expenses are U.S. GAAP total acquisition and operating expenses including the impact of interest cash flows from derivatives associated with notes payable but excluding any nonrecurring or other items not associated with the normal course of the Company’s insurance operations and that do not reflect the Company’s underlying business performance.

The Company believes that amortized hedge costs/income, which are a component of adjusted earnings, measure the periodic currency risk management costs associated with hedging a portion of Aflac Japan’s U.S. dollar-denominated investments and are an important component of net investment income.

Amortized hedge costs/income represent costs/income incurred or recognized inas a result of using foreign currency forward contractsderivatives to hedge certain foreign exchange risks in the company’sCompany’s Japan segment (costs) or in the Corporate and Other segment (income).segment. These amortized hedge costs/income are derived fromestimated at the difference betweeninception of the foreign currency spot rate at timederivatives based on the specific terms of trade inceptioneach contract and the contractual foreign currency forward rate,are recognized on a straight line basis over the term of the hedge. There is no comparable U.S. GAAP financial measure for amortized hedge costscosts/income. The Company believes that amortized hedge costs/income, which are a component of adjusted earnings, measure the periodic currency risk management costs/income related to hedging certain foreign currency exchange risks and are an important component of net investment income.

Adjusted return on equity (ROE) excluding foreign currency impact is calculated using adjusted earnings excluding current period foreign currency impact divided by average shareholders’ equity, excluding accumulated other comprehensive income. The most comparable U.S. GAAP financial measure is return on average equity as determined using net earnings and average total shareholders’ equity.

Adjusted earnings excluding current period foreign currency impact are computed using the average foreign currency exchange rate for the comparable prior-year period, which eliminates fluctuations driven solely by foreign currency exchange rate changes. The most comparable U.S. GAAP measure is net earnings.

Adjusted earnings per diluted share (basic or diluted)excluding current period foreign currency impact are the adjusted earnings for theexcluding current period foreign currency impact divided by the weighted average outstanding diluted shares (basic or diluted) for the period presented. The most comparable U.S. GAAP measure is net earnings per share.

Adjusted return on equity excludes foreign currency impact and is calculated using adjusted earnings excluding the impact of the yen/dollar exchange rate, as reconciled with total U.S. GAAP net earnings, divided by average shareholders’ equity, excluding accumulated other comprehensive income.

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Appendix – Definition of Non-U.S. GAAP Measures and Reconciliations to Corresponding U.S. GAAP Measures

Adjusted earningsrevenues, excluding current period foreign currency impact are computedadjusted revenues calculated using the average yen/dollar exchange rate for the comparable prior-year period, which eliminates fluctuations driven solely by yen-to-dollar currency rate changes.

Adjusted earnings per diluted share excluding current period foreign currency impact are computed using the average yen/dollar exchange rate for the comparable prior year period, which eliminates fluctuations driven solely by yen-to-dollarforeign currency exchange rate changes. The most comparable U.S. GAAP measure is total revenues.

Due to the size of Aflac Japan, where thewhose functional currency is the Japanese yen, fluctuations in the yen/dollar exchange rate can have a significant effect on the Company’s reported results. In periods when the yen weakens, translating yen into dollars results in fewer dollars being reported. When the yen strengthens, translating yen into dollars results in more dollars being reported. Consequently, yen weakening has the effect of suppressing current period results in relation to the comparable prior period, while yen strengthening has the effect of magnifying current period results in relation to the comparable prior period. A significant portion ofManagement evaluates the Company’s business is conducted in yenfinancial performance both including and never converted to dollars but translated in dollars for U.S. GAAP reporting purposes, which results in foreign currency impacts to earnings, cash flows and book value on a U.S. GAAP basis. Because foreign currency rates are outside management’s control, the Company believes it is important to understandexcluding the impact of translating yen to U.S. dollars. Adjusted earnings, adjusted earnings per diluted share “excluding current period foreign currency impact,”translation to monitor, respectively, cumulative currency impacts on book value and adjusted revenues on athe currency-neutral basis are computed using the average yen/dollar exchange rate for the comparable prior-year period, which eliminates dollar-based fluctuations driven solely by currency rate changes.operating performance over time.

RECONCILIATIONS OF NON-U.S.

Reconciliations of Non-U.S. GAAP MEASURES⁽¹⁾Measures

The tables on the following pages provide reconciliations of adjusted earnings and adjusted earnings per diluted share, each excluding foreign currency impact, adjusted return on equity excluding foreign currency, and adjusted revenues excluding current period foreign currency impact, to the most directly comparable U.S. GAAP measures for the years ended December 31, 20192020 and 2018.2019.

RECONCILIATION OF U.S. GAAP NET EARNINGS TO ADJUSTED EARNINGS(1) (EXCLUDING FOREIGN CURRENCY)

		In Millions								Per Diluted Share
Twelve Months Ended December 31,		2019				2018				2019				2018
Net earnings		$	3,304			$	2,920			$	4.43			$	3.77
Items impacting net earnings:
Realized investment (gains) losses(2),(3),(4),(5)			15				297				.02				.38
Other and non-recurring (income) loss			1				75				.00				.10
Income tax (benefit) expense on items excluded from adjusted earnings			(3	)			(83	)			.00				(.11	)
Tax reform adjustment(6)			(4	)			18				(.01	)			.02
Adjusted earnings			3,314				3,226				4.44				4.16
Current period foreign currency impact(7)			(15	)			N/A				(.02	)			N/A
Adjusted earnings excluding current period foreign currency impact		$	3,299			$	3,226			$	4.42			$	4.16

RECONCILIATION OF U.S. GAAP NET EARNINGS TO ADJUSTED EARNINGS⁽¹⁾

(EXCLUDING FOREIGN CURRENCY)

		In Millions								Per Diluted Share
Twelve Months Ended December 31,		2020				2019				2020				2019
Net earnings		$	4,778			$	3,304			$	6.67			$	4.43
Items impacting net earnings:
Net investment (gains) losses(2),(3),(4),(5)			229				15				.32				.02
Other and non-recurring (income) loss			28				1				.04				.00
Income tax (benefit) expense on items excluded from adjusted earnings			(72	)			(3	)			(.10	)			.00
Tax reform adjustment(6)			0				(4	)			.00				(.01	)
Tax valuation allowance release(7)			(1,411	)			0				(1.97	)			.00
Adjusted earnings			3,552				3,314				4.96				4.44
Current period foreign currency impact(8)			(31	)			N/A				(.04	)			N/A
Adjusted earnings excluding current period foreign currency impact		$	3,521			$	3,314			$	4.92			$	4.44

(1)	Amounts may not foot due to rounding.
(2)	Amortized hedge costs of $206 in 2020 and $257 in 2019, and $236 in 2018, related to certain foreign currency exposure management strategies have been reclassified from realizednet investment gains (losses) and included in adjusted earnings as a decrease to net investment income. See “Hedge Costs/Income” discussion below for further information.
(3)	Amortized hedge income of $97 in 2020 and $89 in 2019, and $36 in 2018, related to certain foreign currency exposure management strategies have been reclassified from realized investment gains (losses) and included in adjusted earnings as increase to net investment income. See “Hedge Costs/Income” discussion below for further information.
(4)	Net interest cash flows from derivatives associated with certain investment strategies of $12 in 2020 and $(17) in 2019 and an immaterial amount for 2018 have been reclassified from realizednet investment gains (losses) and included in adjusted earnings as a component of net investment income.
(5)	A gain of $56 in 2020 and $66 in 2019, and $67 in 2018, respectively, related to the interest rate component of the change in fair value of foreign currency swaps on notes payable have been reclassified from realizednet investment gains (losses) and included in adjusted earnings as a component of interest expense.
(6)	The impact of Tax Reform was adjusted in 2018 for return-to-provision adjustments, various amended returns filed by the company, and final true-ups of deferred tax liabilities. Further impacts were recorded in 2019 as a result of additional guidance released by the IRS.
(7)	One-time tax benefit recognized in 2020 representing the release of valuation allowances on deferred foreign tax credits due to new tax regulations
(8)	Prior period foreign currency impact reflected as “N/A” to isolate change for current period only.

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Appendix – Definition of Non-U.S. GAAP Measures and Reconciliations to Corresponding U.S. GAAP Measures

RECONCILIATION OF U.S. GAAP RETURN ON EQUITY (ROE) TO ADJUSTED ROE⁽¹⁾

RECONCILIATION OF U.S. GAAP RETURN ON EQUITY (ROE) TO ADJUSTED ROE(1) (EXCLUDING FOREIGN CURRENCY)

Twelve Months Ended December 31,		2019			2018
Net earnings - U.S. GAAP ROE(2)		12.6	%		12.2	%
Impact of excluding unrealized foreign currency translation gains (losses)		(1.0	)		(1.0	)
Impact of excluding unrealized gains (losses) on securities and derivatives		3.6			3.0
Impact of excluding pension liability adjustment		(0.1	)		(0.1	)
Impact of excluding AOCI		2.5			1.8
U.S. GAAP ROE - less AOCI		15.1			13.9
Differences between adjusted earnings and net earnings(3)		—			1.5
Adjusted ROE - reported		15.2			15.4
Less: Impact of foreign currency(4)		0.1			N/A
Adjusted ROE, excluding impact of foreign currency		15.1			15.4

(EXCLUDING FOREIGN CURRENCY)

Twelve Months Ended December 31,		2020				2019
Net earnings - U.S. GAAP ROE(2)			15.3	%			12.6	%
Impact of excluding unrealized foreign currency translation gains (losses)			(0.9	)			(1.0	)
Impact of excluding unrealized gains (losses) on securities and derivatives			6.2				3.6
Impact of excluding pension liability adjustment			(0.2	)			(0.1	)
Impact of excluding AOCI			5.1				2.5
U.S. GAAP ROE - less AOCI			20.3				15.1
Differences between adjusted earnings and net earnings(3)			(5.2	)			—
Adjusted ROE - reported			15.1				15.2
Less: Impact of foreign currency(4)			0.1				N/A
Adjusted ROE, excluding impact of foreign currency			15.0				15.2

(1)	Amounts presented may not foot due to rounding.
(2)	U.S. GAAP ROE is calculated by dividing net earnings (annualized) by average shareholders’ equity.
(3)	See separate reconciliation of net incomeearnings to adjusted earnings.
(4)	Impact of foreign currency is calculated by restating all yen components of the income statement to the weighted average yen rate for the comparable prior year period. The impact is the difference of the restated adjusted earnings compared to reported adjusted earnings. For comparative purposes, only current period income is restated using the weighted average prior period exchange rate, which eliminates the foreign currency impact for the current period. This allows for equal comparison of this financial measure.

RECONCILIATION OF U.S. GAAP TOTAL REVENUES TO ADJUSTED REVENUES(1) (EXCLUDING FOREIGN CURRENCY)

Twelve Months Ended December 31,		2019				2018
Total Revenue - U.S. GAAP		$	22,307			$	21,758
Add: Total U.S. GAAP Realized Losses			135				430
Add: Realized capital gain/loss items included in Adjusted Revenue
Amortized hedge costs			(168	)			(200	)
Interest cash flows on derivatives associated with investment strategies			(17	)			1
Differences between adjusted revenues and total revenues
Adjusted revenues		$	22,256			$	21,988
Less: Impact of foreign currency(2)			176				N/A
Adjusted revenues, excluding impact of foreign currency		$	22,080			$	21,988

RECONCILIATION OF U.S. GAAP TOTAL REVENUES TO ADJUSTED REVENUES⁽¹⁾

(EXCLUDING CURRENT PERIOD FOREIGN CURRENCY IMPACT)

Twelve Months Ended December 31,		2020				2019
Total Revenue - U.S. GAAP		$	22,147			$	22,307
Add: Total U.S. GAAP Net Investment Losses			270				135
Add: Net investment gain/loss items included in Adjusted Revenue
Amortized hedge (costs)/income			(109	)			(168	)
Interest cash flows on derivatives associated with investment strategies			12				(17	)
Differences between adjusted revenues and total revenues
Adjusted revenues		$	22,320			$	22,256
Less: Impact of foreign currency(2)			295				N/A
Adjusted revenues, excluding foreign currency impact		$	22,025			$	22,256

(1)

Amounts presented may not foot due to rounding.

(2)

Impact of foreign currency is calculated by restating all yen components of the income statement to the weighted average yen rate for the comparable prior year period. The impact is the difference of the restated adjusted revenues compared to reported adjusted revenues. For comparative purposes, only current period income is restated using the weighted average prior period exchange rate, which eliminates the foreign currency impact for the current period. This allows for equal comparison of this financial measure.

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Environmental, Social, and Governance

After publishing our first ESG Report in 2020, we have taken an additional step of further integrating our reporting by combining key elements of the Year in Review, which provided a high-level view of operations and financials; and the Corporate CitizenshipSocial Responsibility Report and the ESG Report, both of which featured the special way by which we balance profit and purpose to make a difference. The result of our efforts are found in one place, the Aflac Incorporated’s 2020 Business and Sustainability Report, at esg.aflac.com to make it easier for our shareholders and stakeholders to find this information. These disclosures align with the Global Reporting Initiative, United Nations Sustainable Development Goals, Task Force on Climate-Related Financial Disclosures, and the Sustainability Accounting Standards Board.

At Aflac Incorporated, we strongly believesbelieve that ethics, corporate citizenship, and success go hand in hand. All things being equal, we believe most people prefer doing business with a company that’sthat is also a good corporate citizen. Whether it’sit is helping families facing childhood cancer, conducting business with ethics and grace, providing opportunity for our workforce, or being ever-mindful of our environment, serving the community while helping others is not only the right thing to do, it makes good business sense. This philosophy is a part of Aflac Incorporated’sour daily operations, our culture, and our actions in the community.

The Company has launched a digital ESG hub at esg.aflac.com. The hub is to provides enhanced disclosures of the Aflac Incorporated’s environmental and social efforts. These disclosures align with the Global Reporting Initiative, United Nations Sustainable Development Goals, Task Force on Climate-Related Financial Disclosures, and the Sustainability Accounting Standards Board.

GOVERNANCE

WORKPLACEEnvironment

●•Named a World’s Most Ethical Company by the Ethisphere Institute for14 consecutive years ●Won IDG’s 2020 CSO50 Awards for security projects and initiatives demonstratingoutstanding business valueandthought leadership ●Placed #1by Security Magazine’s Security 500rankings in the Insurance/ Reinsurance sector in 2019	●In the United States,35%of our key senior leadership team areethnic minorities or women and 66% of our U.S. employees arewomen ●Made Fortune’s World’s Most Admired Companies list ●Included in Black Enterprise magazine’s list of the50 Best Companies for Diversityand LATINA Style’slist of50 Best Companies for Latinas to Workfor in the United States ●Added to the Bloomberg Gender-Equality Index, which tracks the financial performance of public companies committed to supporting gender equality through policy development, representation and transparency
PHILANTHROPY	SUSTAINABILITY
●More than17,000Aflac independent sales associates contribute more than$500,000from their commission checks to the Aflac Cancer Center each month. ●In 2019, our employees in the United States put in more than16,000 volunteer hours with community and charitable organizations.	●More than85% of the eligible buildingsthe Company owns and operates in the United States have earnedEnergy Star certification. as measured by square footage. Energy Star certified buildings use less energy and contribute fewer greenhouse gas emissions to the environment.
●•	Became thefirst insurance companyin the United States to achieve bothISO 50001 Energy Management System and ISO 14001 Environmental Management Systems certifications, which help to implement technical and management strategies that significantly cut energy costs and greenhouse gas emissions – and sustain those savings over time.
●•	Aflac Incorporated has reduced its combined Scope 1 and Scope 2 ghggreenhouse gas emissions by more than 50% compared to its 2007 base line.

Social

•	Nearly 17,000 Aflac independent sales associates contribute more than $500,000 from their commission checks to the Aflac Cancer Center each month.
•	In 2020, our employees in the United States put in nearly 11,000 volunteer hours with community and charitable organizations.

		Named to Fortune’s list of World’s Most Admired Companies for the 20th time.				Included in Black Enterprise magazine’s list of the 50 Best Companies for Diversity for 13 years.
		LATINA Style’s list of 50 Best Companies for Latinas to Work for in the United States for 21 years.				For the second consecutive year, on the Bloomberg Gender-Equality Index, which tracks the financial performance of public companies committed to supporting gender equality through policy development, representation, and transparency.

Governance

•	Named a World’s Most Ethical Company by the Ethisphere Institute for 15 consecutive years
•	Won IDG’s 2020 CSO50 Awards for security projects and initiatives demonstrating outstanding business value and thought leadership
•	Placed #1 by Security Magazine’s Security 500 rankings in the Insurance/Reinsurance sector in 2020

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Aflac and Sproutel introduced My Special Aflac Duck®, a “smart” robotic companion designed to help children who are undergoing cancer treatments. Aflac aims to put a My Special Aflac Duck in the hands of every child, above the age of 3, diagnosed with cancer in the U.S. and Japan – free of charge.

2020 marked an important milestone for the Aflac Cancer and Blood Disorders Center at Children’s Healthcare of Atlanta: the 25th anniversary of its establishment. Since its doors first opened in 1995, Aflac employees, The Aflac Foundation, Inc. and independent sales agents have contributed more than $150 million to childhood cancer research and treatment.

1932 Wynnton Road, Columbus GA 31999

aflac.com

Visit AflacChildhoodCancer.org to learn more.

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AFLAC INCORPORATED
WORLDWIDE HEADQUARTERSC/O BROADRIDGE CORPORATE ISSUER SOLUTIONS
1932 WYNNTON ROADP.O. BOX 1342
COLUMBUS, GA 31999BRENTWOOD, NY 11717

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VOTE BY INTERNET - www.proxyvote.com
Before The Meeting - Go to www.proxyvote.com

Use the Internet to transmit your voting instructions and for electronic delivery of information. Vote by 11:59 p.m. Eastern Time on May 4, 20202, 2021 for shares held directly and by 11:59 p.m. Eastern Time on April 29, 202028, 2021 for shares held in a Plan. Have your proxy card in hand when you access the web site and follow the instructions to obtain your records and to create an electronic voting instruction form.

ELECTRONIC DELIVERY OF FUTURE PROXY MATERIALS
During The Meeting If you would like- Go to reducewww.virtualshareholdermeeting.com/AFL2021

You may attend the costs incurred by our company in mailing proxy materials, you can consent to receiving all future proxy statements, proxy cards and annual reports electronicallymeeting via e-mail or the Internet. To sign up for electronic delivery, please follow the instructions above to vote using the Internet and when prompted, indicatevote during the meeting. Have the information that you agree to receive or access proxy materials electronicallyis printed in future years.the box marked by the arrow available and follow the instructions.

VOTE BY PHONE - 1-800-690-6903
Use any touch-tone telephone to transmit your voting instructions. Vote by 11:59 p.m. Eastern Time on May 4, 20202, 2021 for shares held directly and by 11:59 p.m. Eastern Time on April 29, 202028, 2021 for shares held in a Plan. Have your proxy card in hand when you call and then follow the instructions.

VOTE BY MAIL
Mark, sign and date your proxy card and return it in the postage-paid envelope we have provided or return it to Vote Processing, c/o Broadridge, 51 Mercedes Way, Edgewood, NY 11717.

TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:
E92578-P34746D35838-P48933		KEEP THIS PORTION FOR YOUR RECORDS
		DETACH AND RETURN THIS PORTION ONLY
THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.

AFLAC INCORPORATED
	THE BOARD OF DIRECTORS RECOMMENDS A VOTE "FOR" ALL DIRECTOR NOMINEES IN PROPOSAL 1 AND "FOR" PROPOSALS 2 AND 3.
	The following proposals are being submitted to the Shareholders:

	1.	to elect as Directors of the Company the eleven nominees named in the accompanying Proxy Statement to serve until the next Annual Meeting and until their successors are duly elected and qualified;

		Nominees:			For		Against		Abstain
		1a.	Daniel P. Amos		☐		☐		☐
		1b.	W. Paul Bowers		☐		☐		☐
		1c.	Toshihiko Fukuzawa		☐		☐		☐
		1d.	Thomas J. Kenny		☐		☐		☐
		1e.	Georgette D. Kiser		☐		☐		☐
		1f.	Karole F. Lloyd		☐		☐		☐
		1g.	Nobuchika Mori		☐		☐		☐
		1h.	Joseph L. Moskowitz		☐		☐		☐
		1i.	Barbara K. Rimer, DrPH		☐		☐		☐

			For		Against		Abstain
	1j. Katherine T. Rohrer		☐		☐		☐
	1k. Melvin T. Stith		☐		☐		☐
2.	to consider the following non-binding advisory proposal:		☐		☐		☐
	"Resolved, on an advisory basis, the shareholders of Aflac Incorporated approve the compensation of the named executive officers, as disclosed pursuant to the compensation disclosure rules of the Securities and Exchange Commission, including the Compensation Discussion and Analysis and accompanying tables and narrative in the Notice of 20202021 Annual Meeting of Shareholders and Proxy Statement"
3.	to consider and act upon the ratification of the appointment of KPMG LLP as independent registered public accounting firm of the Company for the year ending December 31, 20202021		☐		☐		☐

Sign here as name(s) appear(s) on account. If acting as Attorney, Executor, Trustee or in other representative capacity, please sign name and title.

Signature [PLEASE SIGN WITHIN BOX]	Date		Signature (Joint Owners)	Date

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Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting:

The Notice and Proxy Statement as well as the Annual Report on Form 10-K and 2019 Year in Reviewfor the year ended December 31, 2020 are available at www.proxyvote.com.

We have been advised that many states are strictly enforcing escheatment laws and requiring shares held in “inactive” accounts to be escheated to the state in which the shareholder was last known to reside. One way you can ensure your account is active is to vote your shares.

Therefore, it is very important that you vote. If you have moved, please provide your new address to Aflac Incorporated: Attn: Shareholder Services, 1932 Wynnton Road, Columbus, GA 31999; by phone 800.227.4756 or by email shareholder@aflac.com.

Please inform us if you have multiple accounts under more than one name.

We continue to monitor developments regarding the coronavirus (COVID-19). In the interest of the health and well-being of our shareholders, we are planning for the possibility that the Annual Meeting may be held solely by means of remote communication. If we make this change, we will announce the decision to do so in advance and provide details on how to participate at investors.aflac.com.

E92579-P34746D35839-P48933

AFLAC INCORPORATED
Worldwide Headquarters
1932 Wynnton Road, Columbus, Georgia 31999

THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS

The undersigned hereby appoints Daniel P. Amos Frederick J. Crawford, and J. Matthew Loudermilk,Audrey Boone Tillman as Proxies or any oneeither of them, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side, all the shares of Common Stock of Aflac Incorporated held of record by the undersigned on February 25, 2020,23, 2021, at the Annual Meeting of the Shareholders to be held on Monday, May 4, 2020,3, 2021, at 10:00 a.m., or any adjournment thereof.

THIS PROXY WHEN PROPERLY EXECUTED WILL BE VOTED IN ACCORDANCE WITH THE INSTRUCTIONS OF THE UNDERSIGNED SHAREHOLDER. IN THE ABSENCE OF SPECIFIC INSTRUCTIONS, THIS PROXY WILL BE VOTED "FOR" ALL DIRECTOR NOMINEES IN PROPOSAL 1 AND "FOR" PROPOSALS 2 AND 3, AND ACCORDING TO THE DISCRETION OF THE PROXY HOLDERS ON ANY OTHER MATTERS THAT MAY PROPERLY COME BEFORE THE MEETING OR ANY POSTPONEMENT OR ADJOURNMENT THEREOF.

DESCRIPTION OF VOTING RIGHTS

In accordance with the Company's Articles of Incorporation, shares of the Company's Common Stock, par value $.10 per share (the "Common Stock") are entitled to one vote per share until they have been held by the same beneficial owner for a continuous period of greater than 48 months prior to the record date of the meeting, at which time they become entitled to 10 votes per share. Where a share is transferred to a transferee by gift, devise, or bequest, or otherwise through the laws of inheritance, descent, or distribution from the estate of the transferor, or by distribution to a beneficiary of shares held in trust for such beneficiary, the transferee is deemed to be the same beneficial owner as the transferor for purposes of determining the number of votes per share. Shares acquired as a direct result of a stock split, stock dividend, or other distribution with respect to existing shares ("dividend shares") are deemed to have been acquired and held continuously from the date on which the shares with regard to which the issued dividend shares were acquired. Shares of Common Stock acquired pursuant to the exercise of a stock option are deemed to have been acquired on the date the option was granted.

Shares of Common Stock held in "street" or "nominee" name are presumed to have been held for less than 48 months and are entitled to one vote per shareunless this presumption is rebutted by providing evidence to the contrary to the Board of Directors of the Company.Shareholders desiring to rebut this presumption should complete and execute the affidavit. The Board of Directors reserves the right to require evidence to support the affidavit.

Only if you do not agree with the voting rights shown on the front of this Proxy should you complete the following:

Affidavit
Under the penalties of perjury, I do solemnly swear that I am entitled to the number of votes set forth below because

I agree to provide evidence to support this statement at the request of the Company.						Shares @		1 Vote/Share	=		Votes
Sign here	X					Shares @		10 Votes/Share	=		Votes
	X			Date		, 20202021		Total	=		Votes

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THIS IS A VOTING INSTRUCTION FORM. You are receiving this voting instruction form because you hold shares in the above Security. You have the right to vote on proposals being presented at the upcoming Annual Meeting to be held on

	VOTING INSTRUCTIONS

E92711-P33943

THIS VOTING INSTRUCTION FORM IS VALID ONLY WHEN SIGNED AND DATED. PLEASE USE BLUE OR BLACK INK AND RETURN ONLY THE BOTTOM PORTION.

The Board recommends you vote FOR the following proposal(s): 1 through 3
1.	to elect as Directors of the Company the eleven nominees named in the accompanying Proxy Statement to serve until the next Annual Meeting and until their successors are dulyelected and qualified;
	Nominees:	For	Against	Abstain
1a.	Daniel P. Amos	☐	☐	☐
1b.	W. Paul Bowers	☐	☐	☐
1c.	Toshihiko Fukuzawa	☐	☐	☐
1d.	Thomas J. Kenny	☐	☐	☐
1e.	Georgette D. Kiser	☐	☐	☐
1f.	Karole F. Lloyd	☐	☐	☐
1g.	Nobuchika Mori	☐	☐	☐
1h.	Joseph L. Moskowitz	☐	☐	☐
1i.	Barbara K. Rimer, DrPH	☐	☐	☐
1j.	Katherine T. Rohrer	☐	☐	☐
1k.	Melvin T. Stith	☐	☐	☐
		Yes	No
HOUSEHOLDING ELECTION- Please indicate if you consent to receive certain future investor communications in a single package per household.		☐	☐

Signature [PLEASE SIGN WITHIN BOX]	Date

	Please check this box if you plan to attend the Meeting and vote these shares in person.	☐
2.	to consider the following non-binding advisory proposal:	For	Against		Abstain
	"Resolved, on an advisory basis, theshareholders of Aflac Incorporated approvethe compensation of the named executiveofficers, as disclosed pursuant to the compensation disclosure rules of the Securities and Exchange Commission, including the Compensation Discussion and Analysis and accompanying tables and narrativeinthe Notice of 2020 Annual Meeting of Shareholders and Proxy Statement"	☐	☐		☐
3.	to consider and act upon the ratification ofthe appointment of KPMG LLP as independentregistered public accounting firm of theCompany for the year ending December 31, 2020	☐	☐		☐
NOTE:Such other business as may properly come before the meeting or any adjournment thereof.

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E92712-P33943

DESCRIPTION OF VOTING RIGHTS

In accordance with the Company's Articles of Incorporation, shares of the Company's Common Stock, par value $.10 per share (the "Common Stock") are entitled to one vote per share until they have been held by the same beneficial owner for a continuous period of greater than 48 months prior to therecord date of the meeting, at which time they become entitled to 10 votes per share. Where a share is transferred to a transferee by gift, devise, orbequest, or otherwise through the laws of inheritance, descent, or distribution from the estate of the transferor, or by distribution to a beneficiary of shares held in trust for such beneficiary, the transferee is deemed to be the same beneficial owner as the transferor for purposes of determining thenumber of votes per share. Shares acquired as a direct result of a stock split, stock dividend, or other distribution with respect to existing shares ("dividend shares") are deemed to have been acquired and held continuously from the date on which the shares with regard to which the issued dividendshares were acquired. Shares of Common Stock acquired pursuant to the exercise of a stock option are deemed to have been acquired on the date the option was granted.

Sharesof Common Stock held in "street" or "nominee" name are presumed to have been held for less than 48 months and are entitled to one vote pershare unlessthis presumption is rebutted by providing evidence to the contrary to the Board of Directors of the Company.Shareholders desiring to rebutthis presumption should complete and execute the affidavit. The Board of Directors reserves the right to require evidence to support the affidavit.

Affidavit

Under the penalties of perjury, I do solemnly swear that I am entitled to the number of votes set forth below because

I agree to provide evidence to support this statement at the request of the Company.						Shares @		1 Vote/Share	=		Votes
Sign here	X					Shares @		10 Votes/Share	=		Votes
	X					, 2020		Total	=		Votes

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