Aug 01, 2023 / NTS GMT
Max Kristian Broden - Aflac Incorporated - Executive VP & CFO
Hello, and thank you for joining me as I provide a financial update on Aflac Inc.'s results for the second quarter of 2023. For the second quarter, adjusted earnings per diluted share increased 7.5% year-over-year to $1.58, with a $0.04 negative impact from FX in the quarter.
We benefited from low benefit ratios both in Japan and the U.S. as claims utilization remained below our long-term expectations, leading to remeasurement gains of $54 million. This is the second quarter reported under the new accounting regime, LDTI, under which we periodically will unlock assumptions and remeasure reserves, leading to these gains and losses. In this quarter, we did not unlock any assumptions, but we anticipate doing so in Q3 as part of our annual process. Variable investment income ran $29 million or $0.04 per share below our long-term return expectations.
Adjusted book value per share, including foreign currency translation gains and losses, increased 7.4%. And the adjusted ROE was 13.9% and or 14.3%, excluding the impact of foreign
Q2 2023 Aflac Inc Earnings Call(Pre-Recorded) Transcript
Jan 22, 2024
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