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Aflac Incorporated Announces First Quarter Results, Declares Second Quarter Cash Dividend
Date:4/23/2008

ac Japan's yen-denominated income statement from yen into dollars using an average exchange rate for the reporting period, and we translate the balance sheet using the exchange rate at the end of the period. However, except for a limited number of transactions, we do not actually convert yen into dollars. As a result, we view foreign currency translation as a financial reporting issue for Aflac and not as an economic event to our company or shareholders. Because changes in exchange rates distort the growth rates of our operations, we also encourage readers of our financial statements to evaluate our financial performance excluding the impact of foreign currency. The chart at the end of this release presents a comparison of selected income statement items with and without foreign currency changes to illustrate the effect of currency.

Operating earnings in the first quarter of 2008 were $475 million, compared with $407 million in the first quarter of 2007. Operating earnings per diluted share rose 19.5% in the quarter to $.98, compared with $.82 a year ago. The stronger yen/dollar exchange rate increased operating earnings per diluted share by $.05 during the quarter. Excluding the impact from the stronger yen, operating earnings per share increased 13.4%.

During the first quarter, we acquired 12.5 million shares of Aflac stock through a previously announced accelerated share repurchase program. At the end of the first quarter, we had approximately 43 million shares available for repurchase under authorizations by the board of directors.

AFLAC JAPAN

Aflac Japan's financial results in the first quarter were solid and consistent with our expectations. Total revenues rose 2.7%. Premium income in yen increased 3.6% in the first quarter of 2008, and net investment income rose .2%. Investment income growth in yen terms was suppressed by the stronger yen/dollar exchange rate because approximately 37% of Aflac Japan's first quarter investment incom
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SOURCE Aflac Incorporated
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