Aflac said total revenues were $5.4 billion in the first three months of Q1 2024 ($4.8 billion in the same period a year earlier), with net earnings of $1.9 billion and diluted earnings per share of $3.25 ($1.2 billion, or $1.94 per share, a year earlier). The company said total revenues reflected net investment gains.

1. 01

   Aflac said total revenues were $5.4 billion in the first three months of Q1 2024 ($4.8 billion in the same period a year earlier), with net earnings of $1.9 billion and diluted earnings per share of $3.25 ($1.2 billion, or $1.94 per share, a year earlier). The company said total revenues reflected net investment gains.

2. 02

   The company said pretax net investment gains for Q1 2024 were $951 million, compared with $123 million a year earlier. The gains included an increase in credit loss allowances of $1 million, net gains of $703 million from derivatives and foreign currency activities, net gains of $76 million on equity securities and net gains of $173 million from sales and redemptions.

3. 03

   The company said adjusted earnings for Q1 2024 were $961 million, or $1.66 per diluted share, compared with $953 million, or $1.55 per diluted share, a year earlier. The average yen/dollar exchange rate was 148.67, which was 11.0% weaker than 132.30 a year earlier. It said the weaker yen/dollar exchange rate reduced adjusted earnings per diluted share by $.08.

4. 04

   The company said it held cash and cash equivalents of $5.1 billion for stress conditions as of March 31, 2024, including the Parent Company's target minimum amount of approximately $1.8 billion. It said its cash and cash flow from operations are sufficient to meet its short-term and long-term cash needs.

Key figures

Quarter ended March 31, 2024

Revenue

$5.4B

Net income

$1.9B

EPS

$3.25

Operating cash flow

$849M

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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