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SCHEDULE II
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
Aflac Incorporated (Parent Only)
Condensed Statements of Earnings
Years ended December 31,
(In millions)
2016
2015
2014
Revenues:
Dividends from subsidiaries
(1)
$ 2,020
$ 2,393
$ 1,483
Management and service fees from subsidiaries
(1)
265
260
272
Net investment income
18
22
13
Interest from subsidiaries
(1)
5
6
6
Realized investment gains (losses)
84
86
45
Change in fair value of the cross-currency interest rate swaps
(159)
(53)
314
Other income (loss)
0
0
(11)
Total revenues
2,233
2,714
2,122
Operating expenses:
Interest expense
213
231
243
Other operating expenses
277
(2)
321
(2)
88
Total operating expenses
490
552
331
Earnings before income taxes and equity in undistributed earnings of
subsidiaries
1,743
2,162
1,791
Income tax expense (benefit):
Current
3
2
1
Deferred
(105)
(82)
120
Total income taxes
(102)
(80)
121
Earnings before equity in undistributed earnings of subsidiaries
1,845
2,242
1,670
Equity in undistributed earnings of subsidiaries
(1)
814
291
1,281
Net earnings
$ 2,659
$ 2,533
$ 2,951
(1)
Eliminated in consolidation
(2)
Includes expense of $137 in 2016 and $230 in 2015 for the payments associated with the early extinguishment of debt
See the accompanying Notes to Condensed Financial Statements.
See the accompanying Report of Independent Registered Public Accounting Firm.