Aflac’s fourth-quarter profit rose despite slumping revenue, as the company faced a slowdown in its Japan business.
The Columbus, Ga.-based insurance company on Wednesday posted a profit of $268 million, or 46 cents a share, in the quarter ended Dec. 31, compared with $185 million, or 31 cents a share, a year earlier. Analysts polled by FactSet expected per-share earnings of $1.45.
Stripping out certain one-time items, adjusted per-share earnings came to $1.25, below the $1.45 forecast by analysts, according to FactSet.
Revenue fell 4.3% to $3.8 billion from a year earlier, missing the $4.3 billion expected by analysts polled by FactSet.
Aflac said net earned premiums in the U.S. rose 1.1% to $1.4 billion in the period. Revenue in the segment was up 1.1% to $1.6 billion.
In its Japan segment, net earned premiums were down 8.5% from a year earlier.