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Aflac Incorporated Announces Fourth Quarter Results, Sees 2008 RBC Ratio Above 450%, Affirms 2009 Operating EPS Target
Date:2/2/2009

COLUMBUS, Ga., Feb. 2 /PRNewswire-FirstCall/ -- Aflac Incorporated today reported its fourth quarter results.

Total revenues benefited from the strengthening of the yen to the dollar in the fourth quarter, rising 6.0% to $4.3 billion, compared with $4.0 billion in the fourth quarter of 2007. Net earnings were $197 million, or $.42 per diluted share, compared with $382 million, or $.78 per share, a year ago.

For the full year of 2008, our results also benefited from the stronger yen/dollar exchange rate, compared with 2007. Total revenues were $16.6 billion, an increase of 7.5% over 2007. Net earnings were $1.3 billion, or $2.62 per diluted share, compared with $1.6 billion, or $3.31 per share, in 2007. The decline in net earnings for the full year was attributable to realized investment losses. Realized investment losses were $655 million in 2008, or $1.37 per diluted share, compared with realized investment gains of $19 million, or $.04 per share, in 2007. The impact of SFAS 133 was immaterial for both 2008 and 2007.

Net earnings in the fourth quarter included realized investment losses of $262 million, or $.56 per diluted share, compared with a loss of $1 million, or nil per diluted share in the fourth quarter of 2007. Approximately $117 million of the after-tax investment losses in the fourth quarter related to the previously announced impairment of the company's investment in three Icelandic banks. Following an impairment analysis in the fourth quarter, the company concluded there was an increased probability that the contractual terms of interest and principal payments may not be met for certain collateralized debt obligations (CDOs). As a result, the company realized $125 million of after-tax losses related to the impairment of CDOs.

As discussed in the company's third quarter earnings announcement, Aflac owns a portfolio of perpetual debentures, or so-called "hyb
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SOURCE Aflac Incorporated
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