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

ong financial results in the first quarter. Total revenues were up 8.4% to $1.2 billion. Premium income increased 9.3% to $1.1 billion. In late 2007, we transferred $450 million from Aflac U.S. to Aflac Incorporated, which resulted in reduced invested assets and slower investment income growth for Aflac U.S. in the first quarter. Net investment income rose 1.3% to $123 million. Pretax operating earnings were $191 million, an increase of 12.6% over the first quarter of 2007.

As expected, Aflac U.S. sales were weak in the first quarter. Total new annualized premium sales were $353 million, or .4% above the first quarter of 2007. Our sales results primarily reflected a sharp decline in January due to an administrative change in the processing of conversions. That processing change shifted approximately $8 million of conversion premium from the first quarter of this year to the fourth quarter of 2007. Sales improved in February and March, rising at mid-single-digit rates. The hospital indemnity category continued to perform well, increasing 14.3% for the first three months of the year.

We remain committed and focused on enhancing the distribution side of our business. We were pleased with recruitment in the quarter. We recruited approximately 6,500 new sales associates, an increase of 8.6%, compared with a year ago. The number of average weekly producing sales associates rose .2% in the quarter.

DIVIDEND

The board of directors declared the second quarter cash dividend of $.24 per share. The second quarter dividend is payable on June 2, 2008, to shareholders of record at the close of business on May 21, 2008.

OUTLOOK

Commenting on the company's first quarter results, Chairman and Chief Executive Officer Daniel P. Amos stated: "Although we have completed just one quarter, I believe we are on track for another record year from a financial perspective.

"Aflac Japan posted a very good quarter, producing financial results that
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SOURCE Aflac Incorporated
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