Aflac Inc - AFL STOCK NEWS

Aflac Incorporated (NYSE: AFL) reported third-quarter results for 2022, with total revenues reaching $4.8 billion, down from $5.2 billion year-over-year. Net earnings rose to $1.6 billion or $2.53 per diluted share, boosted by a $695 million release of deferred taxes. Adjusted earnings fell 29.7% to $725 million, impacted by a 40 million variable investment income loss. Japan segment sales increased 10.2% due to a new product launch, while U.S. sales rose 11.8%. A dividend of $0.40 per share was declared, marking the 40th consecutive year of increases.

Aflac Incorporated announced the retirement of Eric Kirsch, Executive Vice President and Global Chief Investment Officer, effective March 31, 2023. He will be succeeded by Bradley Dyslin, who will take on his new role as of January 1, 2023. Kirsch, who joined Aflac 11 years ago, was instrumental in building a successful global investment team managing over $120 billion in assets. Dyslin, a key hire of Kirsch, has over 30 years of experience and has significantly improved portfolio quality. Both executives emphasized a commitment to strong performance and seamless leadership transition.

Aflac has launched new Dental, Vision and Hearing insurance plans tailored for individuals and families not covered by traditional worksite insurance. This initiative addresses the growing number of Americans in the gig economy and retirees, with 50% of adults 55 and older reportedly out of the labor force due to retirement. The new plans offer three coverage tiers, featuring benefits such as preventive service benefits with no out-of-pocket costs, and decreasing costs for services over time. Aflac aims to fill the insurance coverage gap for those outside traditional employment.

Aflac Incorporated (NYSE: AFL) will release its third quarter 2022 financial results after the market closes on October 31, 2022. Earnings materials, including an earnings release and financial update video from CFO Max Brodén, will be available on its Investor Relations website. A conference call is scheduled for 8:00 a.m. (ET) on November 1, 2022, where management will discuss results and outlook, with a Q&A session following. Aflac, a leader in supplemental health insurance, serves over 50 million people globally.

Aflac recently delivered 50 My Special Aflac Ducks to pediatric cancer and sickle cell patients at Children's Hospital New Orleans. This initiative, part of Aflac's commitment to these illnesses, aligns with Childhood Cancer Awareness Month and National Sickle Cell Awareness Month. Since its launch in 2018, over 17,000 ducks have been distributed free of charge. The ducks are designed to comfort children undergoing medical treatments, featuring interactive elements and an innovative design based on extensive research. Aflac has invested over $161 million in support of these communities.

AM Best has assigned a Long-Term Issue Credit Rating of 'a' (Excellent) to the new JPY 73 billion yen-denominated senior unsecured notes from Aflac. The offering includes various maturities and interest rates. Proceeds will help fund Aflac's upcoming debt obligations, increasing its adjusted financial leverage to approximately 25.7% temporarily. Aflac maintains a solid liquidity position with over USD 5.1 billion in cash and equivalents. The outlook for the ratings is stable.

Aflac has partnered with Be The Match to promote diversity in the national blood stem cell donor registry, addressing healthcare inequities for patients with blood cancers. The initiative, supported by NBA player Marcus Smart, aims to register more Aflac employees as donors. Aflac has contributed over $160 million to cancer care since 1995. Following a series of activations in September, including educational programs and a social media campaign, the partnership highlights the disparity in donor matches based on ethnicity, emphasizing the need for diverse representation in donor registries.