NEW YORK (AP) — Aflac Inc. on Wednesday posted an 8 percent rise in third-quarter net income, reaping the benefit of a stronger yen.
The company does a significant portion of its business in Japan, so a stronger yen means its revenue there brings in more dollars.
Aflac, which provides disability and supplemental insurance primarily in Japan and the U.S., also hiked its fourth-quarter dividend to 33 cents per share, up from 30 cents per share.
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The company said it earned $744 million, or $1.59 per share, during the three months ended Sept. 30. That's compared with $690 million, or $1.46 per share, a year ago.
Not including one-time items from investment gains, the company said operating earnings were $778 million, or $1.66 per share. That included a 9-cents-per-share gain from favorable exchange rates. By that measure, analysts on average expected profit of $1.60 per share, according to FactSet.
The company, based in Columbus, Ga., said quarterly revenue increased 11 percent to $5.99 billion, up from $5.39 billion a year ago.
Aflac Japan's total revenue in yen increased 5 percent in the quarter. When converted to dollars, however, the stronger exchange rate meant the unit's total revenue increased 16 percent to $4.7 billion.
Total revenue for Aflac U.S. rose 4 percent to $1.3 billion in the quarter.
The company said it expects fourth-quarter operating earnings of $1.45 to $1.52 per share; analysts had forecast $1.55 per share.
Shares of Aflac slipped 3 cents to $43 in after-hours electronic trading, after closing up $1.29 at $43.03 during the regular session.
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