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Sep 30, 2023
Aflac Q3 2023 Earnings Report
Aflac reported strong Q3 2023 earnings, driven by growth initiatives and favorable performance in both the U.S. and Japan segments.
Key Takeaways
Aflac Incorporated reported third-quarter net earnings of $1.6 billion, or $2.64 per diluted share, compared to $1.8 billion, or $2.82 per diluted share a year ago. Total revenues were $5.0 billion, up from $4.7 billion in the third quarter of 2022. Adjusted earnings increased by 20.3% to $1.1 billion, with adjusted earnings per diluted share rising by 27.8% to $1.84.
Total revenues increased to $5.0 billion, compared to $4.7 billion in the third quarter of 2022.
Net earnings were $1.6 billion, or $2.64 per diluted share.
Adjusted earnings increased by 20.3% to $1.1 billion.
Aflac Japan's pretax adjusted earnings increased 11.4% in yen terms.
Aflac
Aflac
Aflac Revenue by Segment
Revenue by Segment
Corporate and Other Revenue
CapyFin.com Forward Guidance
Aflac is focused on numerous initiatives in the U.S. and Japan around new products and distribution strategies to set the stage for future growth. The company continues to generate strong capital and cash flows while maintaining its commitment to prudent liquidity and capital management.
Positive Outlook
- Improvements through agencies and alliances, including Japan Post, Dai-ichi Life and Daido Life.
- Early indications show that the new medical product introduced in mid-September is being well-received.
- Products like WAYS and Child Endowment as door-openers to gain new customers.
- Continued improvement in the productivity of agents and brokers in the U.S.
- Contribution from growth initiatives, including group life and disability; network dental and vision; and consumer markets in the U.S.
Challenges Ahead
- Difficult conditions in global capital markets and the economy, including inflation and the continued effects caused by COVID-19
- Defaults and credit downgrades of investments
- Global fluctuations in interest rates and exposure to significant interest rate risk
- Concentration of business in Japan
- Limited availability of acceptable yen-denominated investments