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Dec 31, 2022
Aflac Q4 2022 Earnings Report
Aflac reported a decrease in net earnings for Q4 2022, impacted by foreign exchange-related net investment losses.
Key Takeaways
Aflac's Q4 2022 total revenues were $4.0 billion, compared to $5.4 billion in Q4 2021. Net earnings were $185 million, or $0.30 per diluted share, compared to $1.0 billion, or $1.57 per diluted share a year ago. Adjusted earnings were $806 million, compared to $850 million in Q4 2021. Adjusted earnings per diluted share increased 0.8% to $1.29 in the quarter.
Total revenues for Q4 2022 were $4.0 billion, a decrease from $5.4 billion in Q4 2021.
Net earnings for Q4 2022 were $185 million, or $0.30 per diluted share, a significant decrease from $1.0 billion, or $1.57 per diluted share a year ago, mainly due to foreign exchange-related net investment losses.
Adjusted earnings for Q4 2022 were $806 million, a decrease of 5.2% from $850 million in Q4 2021.
Aflac U.S. sales increased 17.4% in the quarter, while Aflac Japan sales increased 11.4%.
Aflac
Aflac
Aflac Revenue by Segment
Aflac Revenue by Geographic Location
Revenue by Segment
Corporate and Other Revenue
CapyFin.comRevenue by Geographic Location
Japan Revenue
CapyFin.comUS Revenue
CapyFin.com Forward Guidance
Aflac is encouraged by the sales increase of 11.4% in the fourth quarter in Japan and 17.4% in the U.S., reflecting a new cancer product launch and first sector product updates. The company is committed to prudent liquidity and capital management and continues to generate strong investment results while remaining in a defensive position as it monitors evolving economic conditions.
Positive Outlook
- Aflac is encouraged by the sales increase of 11.4% in the fourth quarter in Japan.
- Aflac is pleased with the 17.4% sales increase in the fourth quarter in the U.S.
- The company is committed to prudent liquidity and capital management.
- Aflac continues to generate strong investment results.
- The company remains in a defensive position as it monitors evolving economic conditions.
Challenges Ahead
- Pandemic conditions in Japan are gradually improving, but impacted operations throughout the year.
- The weaker yen/dollar exchange rate negatively impacted adjusted earnings per share.
- The decline in the portfolio is principally driven by the weaker yen and higher interest rates.
- Net earnings in the fourth quarter of 2022 included net investment losses of $521 million.
- Adjusted earnings included a variable investment income loss of $21 million from alternative investments.