COLUMBUS, Ga. , Oct. 30, 2024 /PRNewswire/ -- Aflac Incorporated (NYSE: AFL ) today reported its third quarter results.
Total revenues were $2.9 billion in the third quarter of 2024, compared with $5.0 billion in the third quarter of 2023.
Net losses were $93 million , or losses of $0.17 per diluted share, compared with earnings of $1.6 billion , or $2.
64 per diluted share a year ago, primarily due to increased foreign exchange-related losses from yen strengthening by 12.9% during the quarter. Net losses in the third quarter of 2024 included net investment losses of $1.
4 billion , or $2.51 per diluted share, compared with net investment gains of $423 million , or $0.71 per diluted share a year ago.
These net investment losses were driven by net losses of $1.4 billion on certain derivatives and foreign currency activities; net gains from sales and redemptions of $105 million ; a $13 million gain from an increase in the fair value of equity securities; an $86 million increase in credit losses; and a $55 million impairment due to the anticipated sale of investments with unrealized losses. Adjusted earnings* in the third quarter were $1.
2 billion , compared with $1.1 billion in the third quarter of 2023, reflecting an increase of 10.6%.
Adjusted earnings per diluted share* increased 17.4% to $2.16 in the quarter.
Variable investment income ran $27 million below the company's long-term return expectations. The weaker yen/dollar exchange rate negatively impacted adjusted earnings p.