(Bloomberg) — Aflac Inc. said the Patient and Protection and Affordable Care Act (PPACA) is hurting U.S. insurance sales.
Improving investment results helped fourth-quarter earnings, Aflac (NYSE:AFL) said.
The company is reporting $675 million in net income for the quarter on $5.8 billion in revenue, compared with $581 million in net income on $6.4 billion in revenue for the fourth quarter of 2012.
The U.S. business generated $205 million in pretax operating earnings on $1.4 billion in revenue, compared with $208 million in pretax operating earnings.
New annualized premium sales in Japan fell 33 percent to 32.9 billion yen, compared with a 1.5 percent increase a year earlier.
In the United States, sales decreased 10 percent ,to $397 million compared with a 0.7 percent decline in the same period last year.
“We remain disappointed with sales growth in the United States,” Amos said in the statement.