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Aflac Incorporated Announces Fourth Quarter Results
Date:1/30/2008

age rate of 117.88 in the fourth quarter of 2006. Although the yen strengthened in relation to the dollar in the fourth quarter of 2007, the average yen/dollar exchange rate was weaker for the full year, compared with 2006. For the year, the average exchange rate was 117.93 in 2007, or 1.4% weaker than the rate of 116.31 a year ago.

Benefiting from the stronger average yen in the fourth quarter, premium income in dollars increased 8.3% to $2.4 billion. Net investment income rose 8.9% to $466 million. Total revenues advanced 8.5% to $2.9 billion. Pretax operating earnings were $428 million, or 10.2% higher than a year ago. For the year, Aflac Japan's results in dollar terms were suppressed by the weaker yen/dollar exchange rate in 2007. Premium income was $9.0 billion, up 3.1% from a year ago. Net investment income rose 6.7% to $1.8 billion. Total revenues were up 3.7% to $10.9 billion. Pretax operating earnings were $1.8 billion, or 10.2% higher than a year ago.

Aflac Japan again posted sales gains that were in line with our expectations. Total new annualized premium sales rose 2.7% to 30.3 billion yen, or $268 million, in the fourth quarter. For the year, total new annualized premium sales were down 2.4% to 114.6 billion yen, or $974 million. Although overall sales growth was again constrained by weakness in Rider MAX sales, stand-alone medical sales were strong, rising 16.8% for the quarter. Sales of medical insurance benefited from our new nonstandard medical product, Gentle EVER. At the same time, we were pleased with the sale of our cancer life insurance. Cancer life sales were down only slightly in the quarter, compared with a year ago. Our fourth quarter cancer life sales followed a very strong third quarter that reflected our agents' focus on selling the product in advance of a premium rate increase. We believe the consumer acceptance of our newly introduced Cancer Forte product helped to mitigate some of the sharp falloff in sales that usually
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SOURCE Aflac Incorporated
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