Aflac's Q3 profit up 36 pct amid investment gains
COLUMBUS, Ga. (AP) — Insurance company Aflac Inc. said Tuesday its third-quarter profit jumped nearly 36 percent as it reaped gains on investments and benefitted from a lower effective tax rate.
Aflac reported net income of $1.02 billion, or $2.16 per share, in the July-September quarter, up from $736 million, or $1.57 per share, in the third quarter of 2011.
Revenue rose 14.4 percent, to $6.8 billion from $6 billion a year earlier. The increase reflected a slight weakening of the Japanese yen against the dollar during the quarter, Aflac said. The company provides disability and supplemental insurance, primarily in Japan and the U.S.
Excluding one-time items from investment gains and losses, Aflac said third-quarter operating earnings were $831 million, or $1.77 per share.
Aflac said it anticipates operating earnings for the year of $6.58 to $6.63 per share.
The company, based in Columbus, Ga., also declared a fourth-quarter dividend of 35 cents. The dividend will be paid on Dec. 3 to shareholders of record as of Nov. 14.
Aflac shares fell 53 cents to close at $49.66 in regular trading. They rose 80 cents, to $50.46, in after-hours trading.