WASHINGTON (dpa-AFX) - Aflac Inc. (AFL) Monday reported an increase in profit for the fourth quarter, as lower revenues were offset by a decline in acquisition and operating costs. Operating earnings also increased and trumped Wall Street analysts' estimates, while revenues also surpassed expectations.
The insurance company's revenues continued to impacted by the effects of a weaker yen against a strong dollar. Aflac generates majority of its revenues from Japan.
For the fourth quarter, Aflac reported a profit of $730 million or $1.72 per share, compared with $703 million or $1.57 per share a year earlier. Operating earnings, which exclude hedging and other items, rose to $1.56 per share from $1.29 per share.
Revenue for the quarter fell 3.5 percent to $5.32 billion from $5.51 billion last year.
Analysts polled by Thomson Reuters projected operating earnings of $1.47 per share on revenues of $5.21 billion for the quarter. Analysts' estimates typically exclude one-time items.
Looking forward to the full year 2016, Aflac continues to expect operating earnings of $6.17 to $6.41 per share. Analysts currently estimate earnings of $6.32 per share.
AFL closed Monday's trading at $56.51, down $1.45 or 2.50%, on the NYSE. The stock, however, rose $0.83 or 1.47% in the after-hours trade.
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