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Insurer Aflac beats quarterly profit estimates on higher U.S. premiums
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Insurer Aflac beats quarterly profit estimates on higher U.S. premiums
Jul 31, 2024 3:21 PM

(Reuters) - Life and health insurer Aflac ( AFL ) reported second-quarter profit above analysts' estimates on Wednesday, helped by higher premiums earned in its U.S. unit.

Its U.S. unit earned net premiums of $1.5 billion for the quarter ended June 30, up 2.1% from a year earlier.

Net earnings in the second quarter came in at $1.76 billion, compared with $1.63 billion a year earlier.

On an adjusted basis, the Columbus, Georgia-based company reported a quarterly per-share profit of $1.83 per share, compared to the analysts' average estimate of $1.60 per share, according to LSEG data.

The company's new product launch, which includes a future nursing care coverage feature, has helped revive sales, driving a 4.5% increase in sales for the quarter at its Japanese unit.

Aflac ( AFL ) did not comment on the sales forecast for its U.S. or Japan businesses.

However, the company earned net premium of 267.3 billion yen ($1.78 billion) in its Japan unit, down 5.7% due to impact of reinsurance and paid-up policies.

($1 = 149.8900 yen)

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