Aflac Inc. (AFL): Aflac Quacks Up A Good Quarter, Good Han...

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Thursday, 04/28/2011 4:42:40 PM

Thursday, April 28, 2011 4:42:40 PM

Aflac Quacks Up A Good Quarter, Good Hands Hits A Homer
04.28.11, 11:25 AM ET

Late yesterday, Aflac reported first quarter profits of $395 million, or $0.84 per share, compared to $636 million, or $1.35 per share, last year.

The company said total revenues were up 1% to $5.12 billion, reflecting a stronger yen and realized investment losses.

Adjusted earnings of $1.63 per share beat analyst expectations.

The insurer said that it expects operating earnings of $6.09 to $6.34 for the full year, if the yen averages 80 to 85 on the dollar for the year. It said its expected rate of earnings growth is lower for 2012 due to portfolio derisking activities and continued low interest rates in Japan.

Also late yesterday, Allstate posted first quarter earnings that jumped to $519 million, or $0.97 per share, from $120 million, or $0.22 per share, last year.

The revenue surge was due to lower catastrophe losses as well as investment gains, the company said. Consolidated revenue rose 4.5%, to $8.1 billion.

http://www.forbes.com/2011/04/28/insurance-earnings-aflac-allstate-marketnewsvideo.html