Insurer Aflac beats quarterly profit estimates on higher U.S. premiums

Aflac

31/07/2024 22:51

July 31 (Reuters) - Life and health insurer Aflac
 AFL.N  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 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)

 (Reporting by Sruthi Narasimha Chari in Bengaluru; Editing by
Tasim Zahid)
 ((SruthiNarasimha.Chari@thomsonreuters.com;))