Aflac 2Q profit rises 16 percent on exchange rate

COLUMBUS, Ga. - Insurer Aflac Inc. said Wednesday its second-quarter profit rose 16 percent, helped by the strength of the Japanese yen relative to the U.S. dollar. But the company's outlook for both the third quarter and full year came in short of analyst expectations, and shares fell in aftermarket trading. Earnings for the three months ended June 30 climbed to $483 million, or $1 per share, from $415 million, or 84 cents per share, in the corresponding period last year. Operating income, which excludes investment gains and losses and excluding foreign currency exchanges, totaled $487 million, or $1.01 per share. By that measure, the insurance company's results matched Wall Street's expectations, according to a Thomson Financial survey of analysts. Revenue increased 15 percent to $4.34 billion from $3.76 billion in the... [read full story]