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Aflac Reports Q2 Results, Plans To Acquire Continental American Insurance

CAIC specialises in offering voluntary group insurance products

Aflac Incorporated has reported total revenues of $4.3 billion during the second quarter of 2009. The net earnings were $314 million, or $.67 per diluted share, compared with $483 million, or $1.00 per share, a year ago.

Net earnings in the second quarter of 2009 included after-tax realised investment losses of $249 million, or $.53 per diluted share, as compared to realised investment losses of $1 million, or nil per share in the second quarter of 2008.

Operating earnings in the second quarter were $562 million, compared to $487 million in the second quarter of 2008. Operating earnings per diluted share rose 18.8% to $1.20, compared to $1.01 a year ago.

Aflac has also announced its planned acquisition of Continental American Insurance Company (CAIC) for $100 million. The purchase will be funded with internal capital, and the transaction is expected to close in the fourth quarter of 2009.

CAIC, which is currently privately owned and headquartered in Columbia, South Carolina, specialises in offering voluntary group insurance products.