- Wednesday, October 16, 2024
Aflac, the Columbus, Georgia-based insurance company, reported a rise in fourth-quarter profit, despite a significant drop in revenue within its Japan business. In the quarter ended December 31, the company posted a profit of $268 million, or 46 cents per share, compared to $185 million, or 31 cents per share, in the same period last year. However, analysts were disappointed as they had expected per-share earnings of $1.45, according to FactSet.
Adjusting for certain one-time items, the company's earnings per share stood at $1.25, falling short of the analysts' forecast of $1.45. Additionally, revenue declined by 4.3% to $3.8 billion compared to the previous year, missing the expected $4.3 billion projected by analysts.
While Aflac reported a slight increase in net earned premiums in the U.S., rising 1.1% to $1.4 billion during the period, its Japan segment experienced a significant decrease with net earned premiums down 8.5% from the previous year.
Overall, Aflac's fourth-quarter performance showcased a rise in profit but was hampered by slumping revenue, particularly in its Japan business.
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