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Sep 30, 2024
Aflac Q3 2024 Earnings Report
Aflac's Q3 2024 results were announced, with a net loss reported due to increased foreign exchange-related losses.
Key Takeaways
Aflac Incorporated reported a net loss of $93 million for the third quarter of 2024, primarily due to increased foreign exchange-related losses. Adjusted earnings were $1.2 billion, reflecting a 10.6% increase. The company deployed $500 million to repurchase 4.9 million of its common shares.
Total revenues were $2.9 billion, compared to $5.0 billion in the third quarter of 2023.
Net losses were $93 million, or $0.17 per diluted share, compared to earnings of $1.6 billion, or $2.64 per diluted share a year ago.
Adjusted earnings were $1.2 billion, compared with $1.1 billion in the third quarter of 2023, reflecting an increase of 10.6%.
Aflac Japan's total new annualized premium sales increased 12.3% to $117 million.
Aflac
Aflac
Aflac Revenue by Segment
Revenue by Segment
Aflac Japan Revenue
CapyFin.comAflac U.S. Revenue
CapyFin.com Forward Guidance
Aflac is focusing on profitable growth in the U.S. and Japan with new products and distribution strategies.
Positive Outlook
- Continued focus on generating profitable growth in the U.S. and Japan.
- Concentrating on third sector products and introducing policies to new and younger customers in Japan.
- Achieved 5.5% sales growth in the U.S. for the quarter.
- Focusing on more profitable growth and seeing improvement in net earned premiums in the U.S.
- Generating strong capital and cash flows while maintaining commitment to prudent liquidity and capital management.
Challenges Ahead
- Difficult conditions in global capital markets and the economy, including inflation.
- 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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income