Summary
This 8-K filing from AFLAC Incorporated, dated October 4, 2001, provides an update on the company's third-quarter sales results. The report indicates continued weakness in new premium sales in Japan, with an estimated decline of approximately 17% in yen for the third quarter of 2001 compared to the same period in 2000. This is a more significant decline than previously anticipated by the company. Conversely, AFLAC's U.S. operations demonstrated robust performance, with new annualized premium sales increasing by approximately 22% year-over-year. Despite a temporary slowdown following the September 11th attacks, U.S. sales have shown signs of recovery. Management remains confident in achieving its full-year earnings per share (EPS) growth target of 15% to 17% at the high end of the range, excluding the impact of currency fluctuations. Furthermore, AFLAC anticipates sustaining this EPS growth objective in 2002 and 2003, also before considering currency translation effects. The company emphasizes its ongoing commitment to its growth targets despite the mixed sales performance across its geographic segments.
Key Highlights
- 1AFLAC Japan's new annualized premium sales declined approximately 17% in yen during Q3 2001, exceeding the previously expected 10-12% decline.
- 2New annualized premium sales in the United States showed strong growth, increasing approximately 22% in Q3 2001 compared to Q3 2000.
- 3U.S. sales experienced a slowdown post-September 11th but have since regained some momentum.
- 4AFLAC reiterates its confidence in achieving full-year EPS growth of 15% to 17% (high end of range), excluding yen impact.
- 5The company projects 15% to 17% EPS growth for 2002 and 2003, also excluding currency translation effects.
- 6The report includes a news release dated October 4, 2001, as an exhibit.