Aflac Incorporated has recently released its 10-Q report, providing a detailed look into the company's financial condition and results of operations for the nine-month periods ended September 30, 2024, and 2023. Aflac Incorporated, through its subsidiaries, offers supplemental health and life insurance products in Japan and the United States. The company operates through Aflac Japan and Aflac U.S. segments, providing a range of insurance products in each market.
In the third quarter of 2024, Aflac reported total revenues of $2.9 billion, a decrease from $5.0 billion in the third quarter of 2023. Net earnings were reported at $(93) million, or $(.17) per diluted share, in the third quarter of 2024, compared with $1.6 billion, or $2.64 per diluted share, in the third quarter of 2023. This decrease was primarily attributed to increased foreign exchange-related losses due to the yen strengthening by 12.9% during the quarter.
For the first nine months of 2024, Aflac reported total revenues of $13.5 billion, down from $14.9 billion in the first nine months of 2023. Net earnings for the same period were $3.5 billion, or $6.23 per diluted share, compared with $4.4 billion, or $7.28 per diluted share, in the first nine months of 2023.
The third quarter of 2024 saw pretax net investment losses of $1.4 billion, compared with pretax net investment gains of $423 million in the third quarter of 2023. Similarly, for the first nine months of 2024, pretax net investment gains were reported at $239 million, down from $1.1 billion in the first nine months of 2023.
The average yen/dollar exchange rate for the three-month period ended September 30, 2024, weakened by 2.0% compared to the same period in 2023. This weaker exchange rate negatively impacted adjusted earnings per diluted share by $.03 in the third quarter of 2024.
Aflac Incorporated also repurchased $2.1 billion, or 23.4 million of its common shares in the first nine months of 2024 as part of its share repurchase program. At September 30, 2024, the company had 54.3 million remaining shares authorized for repurchase.
Shareholders' equity was reported at $24.8 billion, or $44.60 per share, at September 30, 2024, compared with $22.0 billion, or $38.00 per share, at December 31, 2023. Shareholders' equity at September 30, 2024, included a cumulative decrease of $67 million from the effect of changes in discount rate assumptions on insurance contracts, compared with a corresponding cumulative decrease of $2.6 billion at December 31, 2023.
Aflac Incorporated's financial performance measures are not calculated in accordance with United States generally accepted accounting principles (U.S. GAAP). The company evaluates its financial performance both including and excluding the impact of foreign currency translation to monitor cumulative currency impacts and currency-neutral operating performance over time. Today the company's shares have moved 0.1% to a price of $104.88. For the full picture, make sure to review Aflac's 10-Q report.
