Aflac Q1 Profit Meets Estimate

(RTTNews) - Aflac Inc. (AFL) reported net earnings for the first quarter of $663 million or $1.51 per share, compared to $732 million or $1.60 per share for the year-ago quarter.

Operating earnings for the first quarter were $678 million or $1.54 per share, compared to $774 million or $1.69 per share in the prior year quarter.

Total revenues for the first quarter fell 7.3% to $5.23 billion from $5.64 billion a year earlier.

Analysts polled by Thomson Reuters expected the company to earn $1.54 per share on revenue of $5.30 billion for the first quarter. Analysts' estimates typically exclude special items.

Aflac Chairman and Chief Executive Officer Daniel Amos said, "I want to reiterate that our objective for 2015 is to increase operating earnings per diluted share 2% to 7% on a currency neutral basis. If the yen averages 120 to 125 to the dollar for the second quarter, we would expect earnings in the second quarter to be approximately $1.46 to $1.57 per diluted share. Using that same exchange rate assumption, we would expect full-year reported operating earnings to be about $5.74 to $6.15 per diluted share."

In April, the company executed a make-whole deal to enhance its consolidated capital position. As a result of the deal, the company said it will incur a non-operating charge of about $0.34 in the second quarter. However, operating earnings per share for the remainder of 2015 will benefit by about $0.07 due to a net reduction in interest expense.

Analysts currently expect the company to earn $1.53 per share for the second quarter and $6.00 per share for the full year 2015.