To help provide relief for California policyholders residing in Ventura and San Diego Counties affected by the winter storms, Aflac will provide a premium grace period starting Jan. 22, 2024, and ending Mar. 25, 2024. This grace period also provides an extension of filing deadlines for claims and leniency for any other action required under the policy. Aflac will provide a replacement copy of the policy upon request by the policyholder
To help provide relief for California policyholders residing in Los Angeles, Orange, Riverside, San Bernardino, San Diego, San Luis Obispo, Santa Barbara, and Ventura Counties affected by the winter storms, Aflac will provide a premium grace period starting Feb. 3, 2024, and ending Apr. 4, 2024. This grace period also provides an extension of filing deadlines for claims and leniency for any other action required under the policy. Aflac will provide a replacement copy of the policy upon request by the policyholder.
To help provide relief for California policyholders residing in Alameda, Butte, Glenn, Lake, Mendocino, Monterey, Sacramento, San Francisco, Santa Cruz, Sonoma, and Sutter Counties affected by the winter storms, Aflac will provide a premium grace period starting Feb. 3, 2024, and ending May 21, 2024. This grace period also provides an extension of filing deadlines for claims and leniency for any other action required under the policy. Aflac will provide a replacement copy of the policy upon request by the policyholder.
On Feb. 21, 2024, the cyber event reported by Change Healthcare, a company that assists healthcare providers with claims submissions and payments, has created a significant impact to health care providers, including hospitals, individual practitioners, practice groups, diagnostic centers, laboratories, and pharmacies. We have determined Aflac’s primary operations are not impacted. Further, Aflac and its subsidiaries do not have any direct connection to Change Healthcare systems in any of Aflac’s systems or applications. At this time, we are not aware of any impact to customer data but we are monitoring for any communications from our critical third-party suppliers. While Change Healthcare’s cyber event was not directed at Aflac, we will provide flexibility with claims submissions related to this incident should it be needed. If you believe you have a claim impacted by Change Healthcare’s event, please contact Aflac at 800-992-3522.
AFLAC Incorporated
(Photo: http://www.newscom.com/cgi-bin/prnh/20010525/AFLACLOGO )
Operating earnings, which exclude realized investment gains/losses and the impact of SFAS 133, were a record $192 million, compared with $177 million a year ago. On a per-share basis, operating earnings rose 9.1% to $.36 per diluted share, compared with $.33 per share in the first quarter of 2001. Excluding the negative impact of $.02 per share from the weaker yen to the dollar, operating earnings per share increased 15.2% for the quarter.
Commenting on the company's first quarter results, Chairman and Chief Executive Officer Daniel P. Amos, stated: "We are very pleased with our results for the first three months of the year. AFLAC Japan's new annualized premium sales were up 4.4%, which was much better than we had expected. In Japan, we have spent the last nine months assessing our business, and making significant changes to our management and organizational structure, as well as to our marketing strategy and tactics. Following some signs of improvement in the fourth quarter, I believe our first quarter results make it clear that our efforts in Japan are paying off. We continue to view Japan as a very attractive market for the types of insurance products we sell. We also believe that AFLAC Japan retains distinct competitive strengths that should help us maintain our market leadership and significantly outsell our competitors.
"At the same time, AFLAC U.S. continued its long record of rapid sales growth, with new annualized premium sales advancing 16.4% in the quarter. And because of continued sales gains and increased visibility, AFLAC U.S. is playing a greater role in the overall success of AFLAC Incorporated.
"I believe we are on track toward achieving the operating and financial objectives we had set for this year. For the full year, our goal is to increase AFLAC Japan's sales 5% to 10% in yen terms and AFLAC U.S. sales by 15%. Although the year is only one quarter complete, we believe our sales targets are reasonable and achievable. And of course, we are focused on achieving our primary financial objective this year of increasing operating earnings per diluted share by 15% excluding the impact of foreign currency translation. While the yen may continue to weaken in relation to the dollar and cloud the reported financial performance of AFLAC, we believe AFLAC is fundamentally very strong and well-positioned for strong growth in the two largest insurance markets in the world."
AFLAC Incorporated is an international holding company. A Fortune 500® company, AFLAC insures more than 40 million people worldwide. It is a leading writer of insurance products marketed at the worksite in the United States, offering policies to employees at more than 213,000 payroll accounts. The company is also the largest foreign life insurer in Japan in terms of profits, insuring one out of four Japanese households. In January 2002, AFLAC was the number one insurance company in Fortune magazine's list of "The 100 Best Companies to Work for in America" and was included in the overall listing for the fourth consecutive year. In February 2002, Fortune magazine also named AFLAC as the sixth most admired company in the life and health insurance sector in its annual listing of "America's Most Admired Companies." AFLAC's Internet address is aflac.com.
AFLAC Incorporated will webcast its first quarter conference call on the investor relations page of aflac.com at 8:45 a.m. (EDT), Wednesday, April 24.
AFLAC INCORPORATED AND SUBSIDIARIES CONSOLIDATED SUMMARY OF EARNINGS
(UNAUDITED -- IN MILLIONS, EXCEPT FOR SHARE AND PER-SHARE AMOUNTS)
THREE MONTHS ENDED MARCH 31, 2002 2001 % Change
Total revenues $2,371 $2,421 (2.0)%
Operating earnings * 192 177 8.7
Non-operating items:
Realized investment gains
(losses), net of tax (5) (2)
SFAS 133, net of tax (4) 3
Net earnings 183 178 2.5
Operating earnings per share - diluted * .36 .33 9.1
Non-operating items:
Realized investment gains
(losses), net of tax (.01) (.01)
SFAS 133, net of tax (.01) .01
Net earnings per share - diluted .34 .33 3.0
Net earnings per share - basic .35 .34 2.9
Cash dividends paid per share .05 .043 16.3
Shares used to compute
earnings per share (000):
Basic 519,473 528,180 (1.6)
Diluted 529,627 541,767 (2.2)
*Excludes realized investment gains/losses and the impact of SFAS 133, net
of tax
Forward-looking information: Certain statements contained in this press release are "forward looking statements" within the meaning of the federal securities laws. Although the company believes that these statements are reasonable, it can give no assurance that they will prove to be correct because they are prospective in nature. Actual future results may differ materially from those discussed herein. We caution readers that the following factors, in addition to other factors mentioned from time to time in our reports filed with the Securities and Exchange Commission, could cause actual results to differ materially: regulatory developments, assessments for insurance company insolvencies, competitive conditions, new products, ability to repatriate profits from Japan, general economic conditions in the United States and Japan, changes in U.S. and/or Japanese tax laws or accounting requirements, adequacy of reserves, credit and other risks associated with AFLAC's investment activities, significant changes in interest rates, and fluctuations in foreign currency exchange rates.
Analyst and investor contact - Kenneth S. Janke Jr., (800) 235-2667 - option 3, FAX: (706) 324-6330, or
Media contact - Mitzi K. Clayton, (706) 596-3493, FAX: (706) 320-2288, or
SOURCE: AFLAC Incorporated
Contact: investors, Kenneth S. Janke Jr., 800-235-2667, option 3,
or fax, +1-706-324-6330, or
+1-706-596-3493, or fax, +1-706-320-2288, or
of AFLAC
Website: http://www.aflac.com/
