NEW YORK (AP) — Shares of Aflac Inc. rose more than 6 percent Thursday after the disability and supplemental insurance provider beat Wall Street expectations and showed continued progress in de-risking its investment portfolio.
THE SPARK: On Wednesday, Aflac said its operating earnings were $1.56 for the second quarter, which was better than the $1.54 per share analysts were expecting, according to FactSet. But the company also recorded after-tax investment losses of $453 million as it moved to shed risk from its investments. Including the impact of such one-time charges, the company's net income was 60 cents per share.
THE BIG PICTURE: The company declared a dividend of 30 cents per share for the third quarter and said it expects operating earnings for the year to be in the range of $6.09 to $6.34 per share. Analysts had forecast a profit of $6.23 per share for 2011. Total revenue for the quarter was $5.09 billion, up slightly from $4.98 billion a year ago.
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