Aflac 3Q earnings climb 14 percent |
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Tue, 23 Oct 2007 22:00
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COLUMBUS, Ga. (AP) - Insurance provider Aflac Inc. said Tuesday third-quarter earnings rose 14 percent on higher premium and investment income in both its United States and Japan operations.Net income rose to $420 million, or 85 cents per share, from $367 million, or 73 cents per share, in the year-ago period. Excluding realized investment gains and other items, operating earnings totaled $417 million, or 85 cents per share, compared with $363 million, or 72 cents per share, a year ago.Reflecting a weaker yen to the dollar, total revenue rose 5 percent to $3.86 billion from $3.67 billion a year ago.Analysts surveyed by Thomson Financial, on average, estimated earnings of 82 cents per share on revenue of $3.84 billion.Aflac said U.S. premium income rose 11 percent to $993 million, and net investment income grew 5 percent to $127 million. Total U.S. revenue grew to $1.1 billion.Chairman and Chief Executive Daniel P. Amos said both the U.S. and Japan operations have continued to exceed expectations.At Aflac Japan, premium income in yen rose 4.2 percent in the third quarter. Net investment income increased 7.7 percent and total revenue rose 4.3 percent.At Aflac U.S. premium income jumped 10.7 percent to $993 million in the third quarter. Net investment income rose 5.4 percent to $127 million and total revenue climbed 10 percent to $1.1 billion.Looking ahead, Aflac expects fourth-quarter operating earnings of 75 cents to 79 cents per share. Analysts project 82 cents per share.Aflac anticipates full-year operating earnings of $3.28 to $3.31 per share excluding foreign currency translation, or $3.24 to $3.28 per share reflecting foreign currency translation. Analysts estimate 2007 earnings of $3.29 per share.Shares rose 89 cents to close at $59.10, after hitting a new high of $59.27 earlier in the session.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Aflac 3Q earnings rise, top expectations 