Aflac Inc. Files 10-Q for Q2 2024
Ticker: AFL · Form: 10-Q · Filed: Aug 1, 2024 · CIK: 4977
Sentiment: neutral
Topics: 10-Q, financials, insurance
TL;DR
Aflac's Q2 2024 10-Q is in. Check the numbers.
AI Summary
Aflac Inc. reported its second quarter results for the period ending June 30, 2024. The company's filing provides financial details and operational updates. Specific financial figures and performance metrics for the quarter are detailed within the report.
Why It Matters
This filing provides investors and analysts with the latest financial performance and operational details of Aflac Inc. for the second quarter of 2024, influencing investment decisions.
Risk Assessment
Risk Level: low — This is a routine quarterly financial filing with no immediate red flags.
Key Numbers
- 20240630 — Period End Date (Financial reporting period)
- 20240801 — Filing Date (Date the report was submitted)
Key Players & Entities
- AFLAC INC (company) — Filer
- 20240630 (date) — Period of Report
- 20240801 (date) — Filed as of Date
- AMERICAN FAMILY CORP (company) — Former Company Name
FAQ
What is the primary business of Aflac Inc. according to the filing?
Aflac Inc. is primarily engaged in the Accident & Health Insurance industry, with SIC code 6321.
What is the fiscal year end for Aflac Inc.?
Aflac Inc.'s fiscal year ends on December 31st.
What was the previous name of Aflac Inc.?
The former company name was AMERICAN FAMILY CORP, with a date of name change on 19920306.
What is the SEC file number for Aflac Inc.?
The SEC file number for Aflac Inc. is 001-07434.
What is the state of incorporation for Aflac Inc.?
Aflac Inc. is incorporated in Georgia (GA).
Filing Stats: 4,780 words · 19 min read · ~16 pages · Grade level 16.2 · Accepted 2024-08-01 11:05:23
Filing Documents
- afl-20240630.htm (10-Q) — 6688KB
- afl63024ex311.htm (EX-31.1) — 12KB
- afl63024ex312.htm (EX-31.2) — 12KB
- afl63024ex32.htm (EX-32) — 10KB
- afl-20240630_g1.jpg (GRAPHIC) — 17KB
- 0000004977-24-000140.txt ( ) — 34022KB
- afl-20240630.xsd (EX-101.SCH) — 111KB
- afl-20240630_cal.xml (EX-101.CAL) — 104KB
- afl-20240630_def.xml (EX-101.DEF) — 964KB
- afl-20240630_lab.xml (EX-101.LAB) — 1351KB
- afl-20240630_pre.xml (EX-101.PRE) — 1166KB
- afl-20240630_htm.xml (XML) — 9490KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION: Page
Financial Statements (Unaudited)
Item 1. Financial Statements (Unaudited) Consolidated Statements of Earnings Three Months Ended June 30, 2024 and 2023 Six Months Ended June 30, 2024 and 2023 1 Consolidated Statements of Comprehensive Income (Loss) Three Months Ended June 30, 2024 and 2023 Six Months Ended June 30, 2024 and 2023 2 Consolidated Balance Sheets June 30, 2024, and December 31, 2023 3 Consolidated Statements of Shareholders' Equity Three Months Ended March 31, 2024 and 2023 Three Months Ended June 30, 2024 and 2023 4 Consolidated Statements of Cash Flows Six Months Ended June 30, 2024 and 2023 6 Notes to the Consolidated Financial Statements 7
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 77
Quantitative and Qualitative Disclosures about Market Risk
Item 3. Quantitative and Qualitative Disclosures about Market Risk 114
Controls and Procedures
Item 4. Controls and Procedures 114
OTHER INFORMATION
PART II. OTHER INFORMATION:
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 115
Other Information
Item 5. Other Information 115
Exhibits
Item 6. Exhibits 116 Glossary of Selected Terms 117 Items other than those listed above are omitted because they are not required or are not applicable.
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements. Aflac Incorporated and Subsidiaries Consolidated Statements of Earnings Three Months Ended June 30, Six Months Ended June 30, (In millions, except for share and per-share amounts - Unaudited) 2024 2023 2024 2023 Revenues: Net earned premiums, principally supplemental health insurance (1) $ 3,325 $ 3,573 $ 6,781 $ 7,262 Net investment income 1,095 999 2,095 1,942 Net investment gains (losses) 696 555 1,647 678 Other income (loss) 22 45 52 90 Total revenues 5,138 5,172 10,575 9,972 Benefits and expenses: Benefits and claims, excluding reserve remeasurement 1,972 2,152 4,039 4,354 Reserve remeasurement (gains) losses ( 51 ) ( 54 ) ( 107 ) ( 107 ) Total benefits and claims, net 1,921 2,098 3,932 4,247 Acquisition and operating expenses: Amortization of deferred policy acquisition costs 208 202 424 407 Insurance commissions 246 268 501 547 Insurance and other expenses 694 728 1,431 1,505 Interest expense 50 51 97 99 Total acquisition and operating expenses 1,198 1,249 2,453 2,558 Total benefits and expenses 3,119 3,347 6,385 6,805 Earnings before income taxes 2,019 1,825 4,190 3,167 Income taxes 264 191 556 345 Net earnings $ 1,755 $ 1,634 $ 3,634 $ 2,822 Net earnings per share: Basic $ 3.11 $ 2.72 $ 6.38 $ 4.66 Diluted 3.10 2.71 6.35 4.64 Weighted-average outstanding common shares used in computing earnings per share (In thousands): Basic 564,573 600,742 569,730 605,945 Diluted 566,838 602,929 572,160 608,411 Cash dividends per share $ .50 $ .42 $ 1.00 $ .84 (1) Includes a gain (loss) of $( 2 ) and $( 1 ) for the three-month periods and $( 5 ) and $( 1 ) for the six-month periods ended June 30, 2024 and 2023, respectively, related to remeasurement of the deferred profit liability for limited-payment contracts. See the accompanying Notes to the Consolidated Financial Statements. 1 Aflac Incorporated and Subsidiaries Consolidated Statements of Comprehensive Income (Loss) Three Months Ended June 30,