AFLAC INC Quarterly Report for Q3 Ended Sep 30, 2024

Summary

Aflac Incorporated (AFL) reported a net loss of $93 million, or $(0.17) per diluted share, for the third quarter of 2024, a significant decrease from a net earning of $1.57 billion, or $2.64 per diluted share, in the same period last year. This decline was primarily driven by substantial foreign exchange-related losses due to the strengthening Japanese yen and significant net investment losses totaling $1.4 billion, compared to net investment gains of $423 million in the prior year's third quarter. For the nine-month period ended September 30, 2024, net earnings were $3.54 billion, or $6.23 per diluted share, down from $4.39 billion, or $7.28 per diluted share, in the same period last year. The year-to-date investment results also showed a decline, with net investment gains of $239 million compared to $1.1 billion in the prior year. Despite the reported net loss in the quarter, adjusted earnings showed a more favorable trend, increasing year-over-year due to strong performance in the Japan segment and expense control measures in the U.S. segment. The company continued its share repurchase program, repurchasing $2.1 billion of common stock during the first nine months.

Key Highlights

• 1Net loss of $(93) million in Q3 2024, compared to net earnings of $1.57 billion in Q3 2023.
• 2Diluted EPS of $(0.17) in Q3 2024, down from $2.64 in Q3 2023.
• 3Net investment losses of $1.4 billion in Q3 2024, a significant reversal from net investment gains of $423 million in Q3 2023.
• 4Nine-month net earnings of $3.54 billion, down from $4.39 billion in the prior year.
• 5Nine-month adjusted earnings increased to $3.21 billion from $3.00 billion year-over-year.
• 6Shareholders' equity was $24.8 billion at September 30, 2024, up from $22.0 billion at December 31, 2023.
• 7The company repurchased $2.1 billion of common stock during the first nine months of 2024.

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