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Aflac Inc. (NYSE: AFL) is a globally recognized insurance company providing supplemental health and life insurance solutions across the United States and Japan. Established over 68 years ago, Aflac has been at the forefront of offering financial protection and peace of mind to millions of policyholders. The company's product portfolio includes cancer policies, accident insurance, dental and vision coverage, disability, and long-term care insurance.
In the United States, Aflac is the leading provider of supplemental health insurance products, reaching over 50 million people worldwide. In Japan, Aflac Life Insurance Japan holds the top position for cancer and medical insurance in terms of policies in force. The company operates through two main segments: Aflac U.S. and Aflac Japan, with the latter generating the majority of its revenue.
Aflac's innovative approach extends beyond traditional insurance. The company utilizes independent distributors to market its products, often selling directly to consumers at their workplaces, and leveraging digital mediums to reach a broader audience. The wide array of products available helps businesses of all sizes offer their employees comprehensive benefits, enhancing employee satisfaction without incurring direct costs to the employers.
Recent achievements highlight Aflac's commitment to growth and innovation. Aflac Global Investments has expanded its portfolio by acquiring a 40% stake in Tree Line Capital Partners, enhancing its capabilities in middle-market direct lending. Additionally, Aflac's strategic partnership with Nayya aims to revolutionize the claims experience for customers by integrating advanced data analytics and personalized digital benefits guidance.
The company's financial health is robust, with first-quarter 2024 revenues reported at $5.4 billion, reflecting a substantial increase from $4.8 billion in the first quarter of 2023. Net earnings also saw a significant rise to $1.9 billion, driven by net investment gains and strategic financial management.
Aflac's dedication to corporate social responsibility and sustainability is evident through its numerous accolades. The company has been recognized as one of the World's Most Ethical Companies by Ethisphere for 18 consecutive years and included in Fortune's World's Most Admired Companies for 23 years. Aflac's philanthropic efforts include the My Special Aflac Duck program, providing comfort to pediatric cancer patients, and significant contributions to cancer research and treatment.
For more information on Aflac's products, services, and ongoing initiatives, visit aflac.com.
Aflac Incorporated reported third quarter 2024 results with total revenues of $2.9 billion, a decline from $5.0 billion in Q3 2023. The company posted net losses of $93 million ($0.17 per diluted share) compared to earnings of $1.6 billion ($2.64 per diluted share) a year ago, primarily due to foreign exchange-related losses from yen strengthening by 12.9%.
Net investment losses were $1.4 billion, driven by losses on derivatives and foreign currency activities. However, adjusted earnings increased by 10.6% to $1.2 billion, with adjusted EPS rising 17.4% to $2.16.
Shareholders' equity grew to $24.8 billion ($44.60 per share) from $22.7 billion ($38.63 per share) a year ago. Aflac declared a fourth quarter dividend of $0.50 per share and repurchased $500 million in common shares.
In Japan, net earned premiums in yen fell 10.5%, while in the U.S., net earned premiums increased 2.8%. The company emphasized continued focus on profitable growth in both markets.
Aflac has won the 2024 CSO Award for its 'Quackcess Granted' Passkey Authentication Initiative, powered by Transmit Security. The project implemented passkey authentication as a secure alternative to traditional passwords, achieving a 96% login success rate and 32% adoption rate among policyholders, surpassing the initial 10% target. Over 265,000 Aflac policyholders have enrolled in the program, with no reported login failures and minimal technical support needs. The initiative, built on FIDO standards, allows customers to sync biometric credentials across devices through cloud technology, eliminating passwords and outdated multi-factor authentication methods.
According to the 2024 Aflac Wellness Matters Survey, 3 in 5 Americans have avoided recommended health screenings. The survey reveals that cancer patients were more likely to have avoided screenings, though 56% of diagnoses came from routine exams. Aflac employees shared personal experiences highlighting the importance of regular screenings, particularly regarding skin cancer detection. Multiple cases demonstrated how routine check-ups led to early detection and successful treatment of melanoma and other skin cancers, emphasizing the critical role of preventive care and regular wellness appointments.
In September, My Special Aflac Duck® visited New York City, bringing joy to pediatric cancer and sickle cell patients at The Children's Hospital at Montefiore Einstein. Aflac partnered with Sunrise Day Camp to provide fun activities for children and families. My Special Aflac Duck is a social robot that helps kids prepare for medical procedures and communicate their feelings.
A recent study showed reduced distress, nausea, pain, and anxiety in children who received the duck. Since 2018, Aflac has distributed over 32,000 ducks free of charge to patients aged 3 and up. This program is part of Aflac's $184 million contribution to pediatric cancer and blood disorder research and programs. Health care providers and families can order the duck for free at MySpecialAflacDuck.com.
Aflac's philanthropic mission focuses on supporting childhood cancer and sickle cell patients. Over nearly three decades, the company has donated more than $184 million and delivered over 32,000 My Special Aflac Ducks to pediatric patients. The annual 'Bridge to Brighter' initiative, launched in September 2023, aims to raise awareness about these illnesses.
This year's campaign includes news anchors wearing burgundy and gold ribbons, celebrity partnerships, and the first official My Special Aflac Duck delivery event in New York City. The initiative also provides resources for supporters, including tips on offering help, donation options, and pre-made social media posts. Aflac encourages public participation in building a bridge to a brighter future for those facing cancer and blood disorders through their website Aflac.com/BridgeToBrighter.
Aflac Incorporated (NYSE: AFL) has announced the release of its third quarter 2024 financial results after market close on October 30, 2024. The company will make available its quarterly earnings release, financial supplement, and a financial update video from CFO Max Brodén on its Investor Relations website.
Additionally, Aflac will host a webcast conference call on October 31, 2024, at 8:00 a.m. (ET). During this call, Chairman, CEO, and President Daniel P. Amos, along with CFO Max Brodén, will discuss the quarterly results and outlook. They will also answer questions with other executive management members from the U.S. and Japan.
Interested parties can register for the webcast at investors.aflac.com five to seven minutes before the scheduled start time.
Aflac and Prudential Financial conducted dual studies on the impact of paid leave in the workplace, revealing significant stress on employees covering for absent coworkers. Key findings include:
- 73% of workers experienced stress and anxiety while covering for a coworker on leave
- 42% experienced burnout when covering for leaves extending beyond 9 weeks
- 48% of employers have seen an increase in employee leaves in the past 12 months
- 94% of employers report taking action to support employees covering for coworkers, but only 74% of employees acknowledge this
The studies highlight the need for effective communication and recognition to support employees maintaining business continuity during coworkers' absences. Employers are encouraged to evaluate their work environment and implement strategies to preserve employee well-being while managing increased leaves.
Aflac is raising awareness for National Childhood Cancer and Sickle Cell Disease Awareness Month this September. The company offers tips on how to support affected families, including providing meals, spending time together, sending supportive messages, helping with tasks, assisting with caregiving, and offering comfort items.
Aflac has donated over $184 million since 1995 to support children with cancer and blood disorders. They created My Special Aflac Duck, a free robotic companion for children with cancer or sickle cell disease, clinically proven to reduce stress. To date, over 32,000 ducks have been distributed.
The company encourages people to visit Aflac.com/BridgeToBrighter for inspirational stories, comfort tips, and information on requesting a duck for eligible children.
Aflac, a leading U.S. health supplemental insurance provider, is renewing its Bridge to Brighter program for Childhood Cancer and Sickle Cell Awareness Month in September. The company has raised nearly $184 million since 1995 for pediatric cancer and blood disorder initiatives, including support for the Aflac Cancer and Blood Disorders Center at Children's Hospital of Atlanta. Aflac has launched a dedicated webpage offering resources such as:
- A broadcast news video
- Information about the My Special Aflac Duck robotic companion
- Messages from sports coaches
- Donation opportunities
- Digital toolkit and social media resources
Additionally, the Aflac Childhood Cancer Foundation is providing $15,000 in grants to support Child Life Specialist programs nationwide.
Aflac Incorporated, a leading health supplemental insurance provider in the U.S., has donated 40 My Special Aflac Ducks to pediatric cancer and sickle cell patients at Children's Hospital at Montefiore (CHAM) in The Bronx. This marks Aflac's first delivery in New York, bringing the total number of ducks distributed since 2018 to over 31,000. My Special Aflac Duck is a social robot designed to help children prepare for medical procedures, communicate feelings, and practice distraction techniques.
A recent three-year study showed that the duck helps reduce distress, nausea, pain, and treatment anxiety in children. The program is part of Aflac's broader commitment to pediatric cancer and blood disorder research, with over $184 million donated to date. Health care providers and families can order My Special Aflac Duck free of charge for eligible children at MySpecialAflacDuck.com.
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