Aflac Inc. Files 10-Q for Q3 2024
Ticker: AFL · Form: 10-Q · Filed: Nov 1, 2024 · CIK: 4977
Sentiment: neutral
Topics: 10-Q, financials, insurance
TL;DR
**AFLAC Q3 2024 10-Q FILED. CHECK FINANCIALS.**
AI Summary
Aflac Inc. filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and position. Key financial data and operational highlights are presented within this report.
Why It Matters
This filing provides investors and analysts with a detailed look at Aflac's financial health and operational performance for the third quarter of 2024, influencing investment decisions.
Risk Assessment
Risk Level: low — This is a routine quarterly financial filing and does not inherently present new risks.
Key Numbers
- 20240930 — Period End Date (The end of the reporting quarter.)
- 20241101 — Filing Date (The date the report was officially submitted.)
Key Players & Entities
- AFLAC INC (company) — Filer of the 10-Q
- 20240930 (date) — Conformed period of report
- 20241101 (date) — Filed as of date
- GA (location) — State of incorporation
- 6321 (other) — Standard Industrial Classification for Accident & Health Insurance
FAQ
What is the primary business of Aflac Inc. according to the filing?
Aflac Inc. is primarily engaged in Accident & Health Insurance, as indicated by its Standard Industrial Classification code 6321.
For what period is this 10-Q report filed?
This 10-Q report is filed for the period ended September 30, 2024.
When was this 10-Q filing submitted to the SEC?
The filing was submitted on November 1, 2024.
In which state is Aflac Inc. incorporated?
Aflac Inc. is incorporated in Georgia (GA).
What is the fiscal year end for Aflac Inc.?
Aflac Inc.'s fiscal year ends on December 31 (1231).
Filing Stats: 4,786 words · 19 min read · ~16 pages · Grade level 17.2 · Accepted 2024-11-01 08:25:31
Filing Documents
- afl-20240930.htm (10-Q) — 6864KB
- afl93024ex311.htm (EX-31.1) — 11KB
- afl93024ex312.htm (EX-31.2) — 11KB
- afl93024ex32.htm (EX-32) — 9KB
- afl-20240930_g1.jpg (GRAPHIC) — 17KB
- 0000004977-24-000167.txt ( ) — 34626KB
- afl-20240930.xsd (EX-101.SCH) — 111KB
- afl-20240930_cal.xml (EX-101.CAL) — 104KB
- afl-20240930_def.xml (EX-101.DEF) — 990KB
- afl-20240930_lab.xml (EX-101.LAB) — 1376KB
- afl-20240930_pre.xml (EX-101.PRE) — 1193KB
- afl-20240930_htm.xml (XML) — 9620KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION: Page
Financial Statements (Unaudited)
Item 1. Financial Statements (Unaudited) Consolidated Statements of Earnings Three Months Ended September 30, 2024 and 2023 Nine Months Ended September 30, 2024 and 2023 1 Consolidated Statements of Comprehensive Income (Loss) Three Months Ended September 30, 2024 and 2023 Nine Months Ended September 30, 2024 and 2023 2 Consolidated Balance Sheets September 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 Three Months Ended September 30, 2024 and 2023 4 Consolidated Statements of Cash Flows Nine Months Ended September 30, 2024 and 2023 8 Notes to the Consolidated Financial Statements 9
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 80
Quantitative and Qualitative Disclosures about Market Risk
Item 3. Quantitative and Qualitative Disclosures about Market Risk 119
Controls and Procedures
Item 4. Controls and Procedures 119
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 120
Other Information
Item 5. Other Information 120
Exhibits
Item 6. Exhibits 121 Glossary of Selected Terms 122 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 September 30, Nine Months Ended September 30, (In millions, except for share and per-share amounts - Unaudited) 2024 2023 2024 2023 Revenues: Net earned premiums, principally supplemental health insurance (1) $ 3,328 $ 3,476 $ 10,109 $ 10,737 Net investment income 1,006 1,004 3,100 2,946 Net investment gains (losses) ( 1,408 ) 423 239 1,101 Other income (loss) 23 47 76 139 Total revenues 2,949 4,950 13,524 14,923 Benefits and expenses: Benefits and claims, excluding reserve remeasurement 2,003 2,065 6,042 6,420 Reserve remeasurement (gains) losses ( 408 ) ( 205 ) ( 515 ) ( 312 ) Total benefits and claims, net 1,595 1,860 5,527 6,108 Acquisition and operating expenses: Amortization of deferred policy acquisition costs 214 201 638 608 Insurance commissions 251 250 751 797 Insurance and other expenses 747 785 2,179 2,290 Interest expense 50 49 147 148 Total acquisition and operating expenses 1,262 1,285 3,715 3,843 Total benefits and expenses 2,857 3,145 9,242 9,951 Earnings before income taxes 92 1,805 4,282 4,972 Income taxes 185 236 741 581 Net earnings $ ( 93 ) $ 1,569 $ 3,541 $ 4,391 Net earnings per share: Basic $ ( .17 ) $ 2.65 $ 6.26 $ 7.31 Diluted ( .17 ) 2.64 6.23 7.28 Weighted-average outstanding common shares used in computing earnings per share (In thousands): Basic 557,899 591,246 565,757 600,991 Diluted 560,414 593,596 568,216 603,419 Cash dividends per share $ .50 $ .42 $ 1.50 $ 1.26 (1) Includes a gain (loss) of $( 75 ) and $ 22 for the three-month periods and $( 80 ) and $ 22 for the nine-month periods ended September 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