Aflac first-quarter profits grow 10.9%

Aflac Inc.’s net income increased 10.9% in the first quarter, despite lagging sales in Japan, the Columbus, Ga.-based insurance company reported. Aflac posted net income of $416 million on $3.8 billion in revenues, compared with net income of $375 million on $3.6 billion in revenues in the first quarter of 2006. First-quarter earnings rose 13.5 percent to 84 cents a share. Operating earnings in the first quarter were $407 million, compared with $364 million in the first quarter of 2006. Aflac Japan's total new annualized premium sales decreased 10.6 percent to $221 million in the first quarter, but total revenues rose 5.7%. "Overall, we are pleased with Aflac's results for the first quarter of 2007 and with our outlook for the remainder of the year, said chairman and chief executive Daniel P. Amos. "Although Japan remains a challenging market from a sales perspective, Aflac Japan's financial results continue to reflect the many attractive attributes of our business.