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AFLAC Reports Lower Second Quarter Net Income

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NU Online News Service, July 24, 5:22 p.m. – AFLAC Inc., Columbus, Ga., is reporting $153 million in net income for the second quarter on $2.35 billion in revenue, down from $202 million in net income on $2.36 billion in revenue for the second quarter of 2000.

Operating income, which excludes $21 million in adjustments on foreign exchange and interest rate swaps, increased 10%, to $177 million.

AFLAC sells supplemental insurance in the United States. It also has a large cancer insurance and supplemental insurance operation in Japan.

Sales in the United States grew more rapidly than AFLAC had expected, Daniel Amos, the chairman, said in a statement.

Sales in Japan were below expectations, but revenue and earnings showed solid growth when stated in yen, Amos said.

Because of the growing weakness of the yen relative to the dollar, the Japanese results suffered when translated into dollars, Amos said.