Aflac Q3 (NYSE:AFL) | Looking for Alpha

Aflac (NYSE:AFL) inventory slipped 2.2% in Monday after-hours buying and selling after the insurer posted weaker-than-expected Q3 earnings because the weak yen continued to harm outcomes.

“Pandemic situations in Japan and the U.S. continued to maneuver towards normalcy, contributing to optimistic gross sales progress in each segments in the third quarter and momentum into the fourth quarter,” mentioned Chairman and CEO Daniel P. Amos.

Its Japanese operations noticed gross sales bettering within the quarter with the launch of a brand new most cancers insurance coverage product by companies in August. Within the U.S., the corporate noticed continued enchancment in productiveness of brokers and brokers because it enters what is usually its strongest quarter.

Q3 adjusted EPS of $1.15, trailing the common analyst estimate of $1.22, declined from $1.46 in Q2 and from $1.53 within the year-ago quarter. The weaker yen/greenback change price damage adjusted EPS by $0.08.

Q3 income of $4.82B, exceeding the $4.58B consensus, declined from $5.40B in Q2 and from $5.24B in Q3 2021.

Whole investments and money on the finish of September have been $114.5B, down from $121.4B at June 30 and from $146.0B at Sept. 30, 2021. The Y/Y decline is primarily from the weaker yen and better rate of interest.

In greenback phrases, Aflac Japan’s (AFL) web earned premiums sank 23.6% Y/Y to $2.2B; adjusted web funding revenue dropped 13.1% Y/Y to $663M and whole adjusted income fell 21.4% to $2.9B.

Aflac U.S. web earned premiums of $1.4B, slipped 1.3% Y/Y. Adjusted web funding revenue fell 3.1% Y/Y to $185M and whole adjusted income declined 1.1% to $1.6B.

Convention name on Nov. 1 at 8:00 AM ET.

Earlier, Aflac (AFL) Q3 non-GAAP EPS of $1.15 misses by $0.07, income of $4.82B beats by $240M