April 29 (Bloomberg) — Aflac Inc., the largest seller of supplemental health insurance, posted first-quarter profit that beat analysts' estimates, sending shares higher.
Net income declined 18 percent to $732 million, or $1.60 a share, from $892 million, or $1.90, a year earlier, Columbus, Georgia-based Aflac said today in a statement posted on its website. Operating earnings, which exclude some investing results, were $1.69 a share, beating the $1.58 average estimate of 19 analysts surveyed by Bloomberg.
Chief Executive Officer Dan Amos, 62, counts on Japan to generate about three-quarters of Aflac's profit. Results have been pressured as the country's currency weakened, and Aflac has been shifting some Japanese investments to U.S. bonds as yields on yen-denominated debt remain near record lows.
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