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Aflac's adjusted earnings rise YOY in Q3, revenues tick down

Aflac Inc. reported third-quarter adjusted earnings of $863 million, or $1.16 per share, versus $792 million, or $1.03 per share, a year ago.

Net earnings were $777 million, or $1.04 per share, compared with $845 million, or $1.09 per share, in the year-ago period.

Net earnings included pretax net realized investment losses of $119 million, or 16 cents per share, versus pretax net gains of $88 million, or 11 cents per share, a year earlier.

The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was $1.07 per share.

Total revenues decreased year over year to $5.54 billion from $5.58 billion in the third quarter of 2018.

Aflac Japan premium income increased 2.6% to $3.2 billion in the third quarter. Net investment income, net of amortized hedge costs, increased 8.7% to $659 million, while total revenues rose 3.6% to $3.9 billion.

The pretax adjusted profit margin for the Japan segment was 21.4%, versus 20.1% a year earlier. The average yen/dollar exchange rate in the third quarter was 107.31, or 3.9% stronger than the average rate of 111.48 a year earlier.

Aflac U.S. premium income increased 1.3% to $1.4 billion in the period. Net investment income decreased 2.1% to $183 million. Total revenues rose 0.9% to $1.6 billion. Pretax adjusted earnings were $335 million, up 0.3%, driven by an improvement in the benefit ratio partially offset by higher anticipated expenses in the quarter. The pretax adjusted profit margin for the U.S. segment was 20.6%, compared with 20.7% a year earlier.

Aflac U.S. sales decreased 4.2% to $344 million.