Table of Contents Table of Contents
Aflac’s 2016 10-K Next Page
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Aflac’s 2016 10-K Next Page

 


Cover Page 		1
Table of Contents 		2
PART I 		3
ITEM 1. BUSINESS 		3
ITEM 1A. RISK FACTORS 		15
ITEM 1B. UNRESOLVED STAFF COMMENTS 		29
ITEM 2. PROPERTIES 		29
ITEM 3. LEGAL PROCEEDINGS 		30
ITEM 4. MINE SAFETY DISCLOSURES 		30
PART II 		31
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 		31
ITEM 6. SELECTED FINANCIAL DATA 		34
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS 		36
FORWARD-LOOKING INFORMATION 		36
MD&A OVERVIEW 		37
OUR BUSINESS 		37
PERFORMANCE HIGHLIGHTS 		37
CRITICAL ACCOUNTING ESTIMATES 		38
RESULTS OF OPERATIONS 		42
INSURANCE OPERATIONS 		46
AFLAC JAPAN SEGMENT 		46
AFLAC US SEGMENT 		55
OTHER OPERATIONS 		55
ANALYSIS OF FINANCIAL CONDITION 		55
CAPITAL RESOURCES AND LIQUIDITY 		72
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 		72
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 		79
Report of Independent Registered Public Accounting Firm 		80
Consolidated Statements of Earnings 		82
Consolidated Statements of Comprehensive Income 		83
Consolidated Balance Sheets 		84
Consolidated Statements of Shareholders’ Equity 		86
Consolidated Statements of Cash Flows 		87
Notes to the Consolidated Financial Statements 		88
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 		88
2. BUSINESS SEGMENT AND FOREIGN INFORMATION 		100
3. INVESTMENTS 		103
Net Investment Income 		103
Investment Holdings 		103
Contractual and Economic Maturities 		107
Investment Concentrations 		108
Realized Investment Gains and Losses 		108
Unrealized Investment Gains and Losses 		109
VIEs 		112
Securities Lending and Pledged Securities 		114
4. DERIVATIVE INSTRUMENTS 		115
5. FAIR VALUE MEASUREMENTS 		133
FAIR VALUE MEASUREMENTS - Level 3 Rollforward 		133
FAIR VALUE MEASUREMENTS - Level 3 sensitivity 		136-137
FAIR VALUE MEASUREMENTS - Level 3 sensitivity discussion 		144
6. DEFERRED POLICY ACQUISITION COSTS AND INSURANCE EXPENSES 		145
7. POLICY LIABILITIES 		146
8. REINSURANCE 		149
9. NOTES PAYABLE 		150
10. INCOME TAXES 		153
11. SHAREHOLDERS’ EQUITY 		155
12. SHARE-BASED COMPENSATION 		159
13. STATUTORY ACCOUNTING AND DIVIDEND RESTRICTIONS 		162
14. BENEFIT PLANS 		163
15. COMMITMENTS AND CONTINGENT LIABILITIES 		168
16. UNAUDITED CONSOLIDATED QUARTERLY FINANCIAL DATA 		169
17. SUBSEQUENT EVENTS 		170
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 		171
ITEM 9A. CONTROLS AND PROCEDURES 		171
ITEM 9B. OTHER INFORMATION 		171
PART III 		172
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 		172
ITEM 11. EXECUTIVE COMPENSATION 		172
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 		172
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 		172
ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES 		172
PART IV 		173
ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES 		173
(a) 1. FINANCIAL STATEMENTS 		173
(b) EXHIBIT INDEX 		174
(c) FINANCIAL STATEMENT SCHEDULES 		178
Report of Independent Registered Public Accounting Firm on Financial Statement Schedules 		178
SCHEDULE II CONDENSED FINANCIAL INFORMATION OF REGISTRANT 		179
Condensed Statements of Earnings 		179
Condensed Statements of Comprehensive Income (Loss) 		180
Condensed Balance Sheets 		181
Condensed Statements of Cash Flows 		182
Notes to Condensed Financial Statements 		183
(A) Notes Payable 		183
(B) Derivatives 		184
(C) Income Taxes 		184
(D) Dividend Restrictions 		184
(E) Supplemental Disclosures of Cash Flow Information 		184
SCHEDULE III Supplementary Insurance Information as of December 31, 2010 and 2009, and for each of the years in the three-year period ended December 31, 2010 		185
SCHEDULE IV Reinsurance for each of the years in the three-year period ended December 31, 2010 		186
Signatures 		187
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