Wednesday, Jul. 28, 2010

Aflac profits up 85% in 2nd Quarter

By ANDREA V. HERNANDEZ - ahernandez@ledger-enquirer.com

A stronger yen and lower realized investment losses helped Aflac Inc. in this year’s second quarter. Company profits soared about 85 percent over the same period a year ago.

The supplemental insurance firm’s net earnings came in at $581 million, or $1.23 per diluted share, Aflac reported Tuesday. That’s compared to about $314 million, or 67 cents per share, during the second quarter of 2009.

Aflac’s total revenues also climbed 15.5 percent to $5 billion, compared to $4.3 billion for the same time last year.

Net earnings did not meet the expectations of 20 Thomsen Reuters analysts, but operating earnings did. The Columbus-based firm’s operating earnings — which Aflac prefers to look at when measuring financial performance — beat analysts’ predictions of $1.33 per share by two cents.

Second quarter operating earnings increased about 13.8 percent to $639 million, or $1.35 per diluted share, from $562 million, or $1.20 per share, a year ago. Operating earnings exclude realized investment gains and losses and other one-time events.

“We are pleased with Aflac’s financial performance in the second quarter of 2010 and believe we have made significant progress toward our annual objectives for operating earnings growth and capital strength,â€