Insurer Aflac tops quarterly profit estimates on steady US premium gains
However, shares of the company fell 2.2% after the insurer reported second-quarter revenue that declined from a year earlier and missed analysts' estimates, weighed down by net investment losses of $421 million.
Aflac provides accident and pet insurance plans through its units in the United States and Japan, as well as supplemental insurance to help cover out-of-pocket costs, including specialized coverage for critical illnesses, dental care, and ophthalmological requirements.
The company's U.S. unit earned net premiums of $1.5 billion for the second quarter, up 3.4% from a year earlier.
The insurer reported total revenue of $4.2 billion for the second quarter, missing analysts' estimates of $4.33 billion, according to data compiled by LSEG.
On an adjusted basis, profit for the quarter ended June 30 was $1.78 per share, beating analyst estimates of $1.70 per share.
Aflac's board declared a third-quarter dividend of $0.58 per share, payable September 2 to shareholders of record as of August 20.
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