Aflac swings to third-quarter net loss on stronger yen

Aflac

30/10/2024 20:58

Oct 30 (Reuters) - Health and life insurance provider
Aflac  AFL.N  swung to a third-quarter net loss on Wednesday,
due to increased foreign exchange-related losses from a
strengthening yen.
    Shares of the company were down 1.7% at $108.17 after the
bell. 
    Net loss during the quarter ended Sept. 30 came in at $93
million, compared with a net profit of $1.6 billion a year
earlier as the yen strengthened by 12.9% during the quarter,
Aflac said.
    The insurer reported revenue of $2.9 billion, down from $5
billion a year ago. It also missed analysts' estimates of $4.42
billion, as per data compiled by LSEG. 
    Aflac's Japan unit earned net premiums of 255.4 billion yen 
($1.67 billion) during the reported quarter, or 10.5% lower from
a year ago.   
    The company's U.S. unit earned net premiums of $1.5 billion
for the third-quarter, up 2.8% from a year earlier, reflecting
improved sales. 
    On an adjusted basis, the Columbus, Georgia-based company
reported a profit of $2.16 per share, beating estimates of $1.69
per share, as per data compiled by LSEG.
    The company did not provide commentary on sales forecast for
its U.S. or Japan business.
    

($1 = 153.3400 yen)

 (Reporting by Sneha S K in Bengaluru; Editing by Shailesh
Kuber)
 ((Sneha.SK@thomsonreuters.com;))