April 30 (Reuters) - Aflac ( AFL ) missed profit
estimates for the first quarter on Wednesday, weighed down by
lower premiums in its Japanese division.
The health and life insurance provider offers accident and
pet insurance plans through its units in the United States and
Japan. It also offers supplemental insurance for out-of-pocket
expenses by providing specific coverage for critical illnesses,
dental and vision care, among others.
Aflac's ( AFL ) Japan unit earned net premiums of 256.5 billion yen
($1.79 billion) during the reported quarter, 5% lower than a
year ago, mainly due to internal cancer reinsurance transactions
and limited-pay policies reaching paid-up status.
The company's U.S. unit earned net premiums of $1.5 billion
for the first quarter, up 1.8% from a year earlier.
The insurer reported total revenue of $3.4 billion, which
missed analysts' estimates of $4.28 billion, according to data
compiled by LSEG.
On an adjusted basis, profit for the quarter ended March 31
was $1.66 per share, below the estimated $1.67 per share.
($1 = 142.9900 yen)