Insurer Aflac misses quarterly profit estimates on stronger dollar

Aug 6 (Reuters) – Health and life insurer Aflac missed analysts’ estimates for second-quarter profit on Thursday, hurt by a stronger dollar as well as weakness in its Japan unit.

The company posted an adjusted profit of $1.75 per share, compared with analysts’ average estimate of $1.77, according to data compiled by LSEG.

Here are more details:

• The weaker yen/dollar exchange rate had a negative 5-cent impact on adjusted profit, the company said.

• The Columbus, Georgia-based company reported total revenue of $4.1 billion for the quarter, compared with analysts’ estimate of $4.16 billion.

• Aflac provides accident and pet insurance plans through its units in the U.S. and Japan.

• It also offers supplemental insurance to help cover out-of-pocket costs, including specialized coverage for critical illnesses, dental care and ophthalmological requirements.

• Quarterly net premiums earned by its Japan unit fell 12.7% to $1.5 billion.

• The company’s U.S. unit earned net premiums of $1.5 billion for the second quarter, up 2.3% from a year earlier.

• Aflac’s U.S. sales rose 2.6% in the quarter to $349 million, primarily benefiting from sales of group voluntary products and network dental and vision products.

(Reporting by Sneha S K in Bengaluru; Editing by Diti Pujara)