• Aflac average debt/equity ratio for 2023 was 0.34, a 9.68% decline from 2022.
• Aflac average debt/equity ratio for 2022 was 0.31, a 29.17% increase from 2021.
• Aflac average debt/equity ratio for 2021 was 0.24, a 4% increase from 2020.

Debt/equity ratio can be defined as a measure of a company's financial leverage calculated by dividing its long-term debt by stockholders' equity.