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AFLAC Reports Higher 1st Quarter Net Income

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NU Online News Service, April 23, 2003, 5:06 p.m. EDT – AFLAC Inc., Columbus, Ga., is reporting $237 million in net income for the first quarter on $2.8 billion in revenue, up from $183 million in net income on $2.4 billion in revenue for the first quarter of 2002.

AFLAC, which sells supplemental life and health insurance in the United States and Japan, says new medical riders and a new stand-alone medical product performed well in Japan.

U.S. sales increased 8.8%, to $256 million. That rate of growth was below AFLAC’s target, and the company is “making several changes” to its sales organization to improve results, the company says.