Aflac 1Q Profit Rises Despite Weakness in Japan

Dow Jones05-02

By Ben Glickman

Aflac posted higher profit in the first quarter despite a drop in net premiums in its Japanese business.

The Columbus, Ga.-based insurance provider reported a profit of $1.88 billion, or $3.25 a share in the quarter, compared with a profit of $1.19 billion, or $1.94 a share, a year earlier. Analysts polled by FactSet expected a per-share profit of $1.54.

Stripping out certain one-time items, the company posted an adjusted profit of $1.66 a share, ahead of the $1.58 expected by analysts surveyed by FactSet.

Revenue rose 13% to $5.44 billion, beating the $4.33 billion expected by analysts polled by FactSet.

In dollar terms, Aflac Japan's net earned premiums were down 16% compared to a year earlier. U.S. net premiums rose 3.3%.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

May 01, 2024 16:16 ET (20:16 GMT)

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