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AFLAC INC (AFL)
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| Income Statement |
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Annual | Quarterly | TTM |
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| In millions, except per share items | Mar-31-23 | Jun-30-22 | Mar-31-22 | Dec-31-21 | Sep-30-21 | Jun-30-21 | Mar-31-21 | Dec-31-20 |
| | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-Q | 10-Q | 10-K |
| Revenues: |
| Aflac Japan | 2,790.0 | 2,419.0 | 3,314.0 | 5,880.0 | 2,934.0 | 2,987.0 | 3,123.0 | 5,895.0 |
| Aflac U.S. | 1,660.0 | 1,394.0 | 1,639.0 | 2,266.0 | 1,393.0 | 1,408.0 | 1,422.0 | 2,217.0 |
| Corporate and other | 129.0 | | 74.0 | | | | | |
| Other | 221.0 | 1,587.0 | 146.0 | | 910.0 | 1,169.0 | 1,324.0 | |
| Total revenues | 4,800.0 | 5,400.0 | 5,173.0 | 5,436.0 | 5,237.0 | 5,564.0 | 5,869.0 | 5,913.0 |
| Revenue growth | -7.2% | -2.9% | -11.9% | -8.1% | -7.6% | 2.9% | 13.7% | 5.5% |
| Loss and loss adjustment expenses | 2,150.0 | 2,298.0 | 2,483.0 | 2,580.0 | 2,609.0 | 2,653.0 | 2,735.0 | 2,974.0 |
| Policy acquisition costs | 205.0 | 268.0 | 207.0 | 301.0 | 278.0 | 280.0 | 311.0 | 300.0 |
| Other underwriting costs | | | | | | | | |
| Other operating expenses | 1,055.0 | 1,078.0 | 1,133.0 | 1,266.0 | 1,180.0 | 1,196.0 | 1,158.0 | 1,361.0 |
| General and administrative | | | | 962.0 | | | | 1,038.0 |
| Equity in earnings | | | | | | | | |
| EBITDA | | | | 1,334.0 | | | | 1,319.0 |
| EBITDA margin | 29.0% | 32.5% | 26.1% | 24.5% | 22.3% | 25.8% | 28.4% | 22.3% |
| Depreciation | | | | 45.0 | | | | 41.0 |
| EBIT | 1,390.0 | 1,756.0 | 1,350.0 | 1,289.0 | 1,170.0 | 1,435.0 | 1,665.0 | 1,278.0 |
| EBIT margin | 29.0% | 32.5% | 26.1% | 23.7% | 22.3% | 25.8% | 28.4% | 21.6% |
| Interest expense | 48.0 | 55.0 | 56.0 | 57.0 | 57.0 | 62.0 | 62.0 | 61.0 |
| Interest expense | 48.0 | 55.0 | 56.0 | 57.0 | 57.0 | 62.0 | 62.0 | 61.0 |
| Pre-tax income | 1,342.0 | 1,701.0 | 1,294.0 | 1,232.0 | 1,113.0 | 1,373.0 | 1,603.0 | 1,217.0 |
| Income taxes | 154.0 | 313.0 | 247.0 | 193.0 | 225.0 | 268.0 | 310.0 | 265.0 |
| Tax rate | 11.5% | 18.4% | 19.1% | 15.7% | 20.2% | 19.5% | 19.3% | 21.8% |
| Net income | 1,188.0 | 1,388.0 | 1,047.0 | 1,039.0 | 888.0 | 1,105.0 | 1,293.0 | 952.0 |
| Net margin | 24.8% | 25.7% | 20.2% | 19.1% | 17.0% | 19.9% | 22.0% | 16.1% |
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| Basic EPS | $1.94 | $2.17 | $1.61 | $1.54 | $1.33 | $1.63 | $1.88 | $1.33 |
| Diluted EPS | $1.94 | $2.16 | $1.60 | $1.54 | $1.32 | $1.62 | $1.87 | $1.33 |
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| Shares outstanding (basic) | 611.2 | 640.7 | 649.8 | 673.6 | 668.8 | 678.1 | 688.9 | 713.7 |
| Shares outstanding (diluted) | 614.0 | 643.2 | 652.8 | 676.7 | 671.9 | 680.9 | 691.9 | 716.2 |
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| EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges. |
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