Aflac improves in second quarter
Columbus-based insurer Aflac reported on Tuesday a 77 percent gain in net income in the second quarter, though investment troubles in Europe continue to weigh on the company's results.
Aflac said its revenue grew 16 percent to $5.9 billion, reflecting a beneficial yen-to-dollar exchange rate and strong sales of life insurance in Japan, Aflac's largest market.
Investments in Europe have hurt the company, however, with net after-tax realized investment losses of $272 million. That was an improvement over the second quarter a year ago when Aflac reported $453 million of such losses.
Aflac said it earned $483 million, or $1.03 per share in second quarter 2012, compared to. $274 million, or 58 cents per share a year ago.
Aflac said it expects earnings for the year of $6.45 to $6.52 per share, which was lowered a bit, reflecting lower investment yields.
About the Author
J. Scott Trubey is the senior editor over business, climate and environment coverage at The Atlanta Journal-Constitution. He previously served as a business reporter for the AJC covering banking, real estate and economic development. He joined the AJC in 2010.
