Company Quick10K Filing
Quick10K
Aflac
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$51.86 745 $38,660
10-Q 2019-09-30 Quarter: 2019-09-30
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-11-12 Officers, Exhibits
8-K 2019-10-24 Earnings, Exhibits
8-K 2019-09-30 Regulation FD, Exhibits
8-K 2019-08-22 Regulation FD
8-K 2019-08-21 Regulation FD
8-K 2019-08-13 Other Events
8-K 2019-07-28 Other Events, Exhibits
8-K 2019-07-25 Earnings, Exhibits
8-K 2019-05-09 Shareholder Vote
8-K 2019-05-07 Regulation FD
8-K 2019-04-25 Earnings, Exhibits
8-K 2019-04-12 Other Events, Exhibits
8-K 2019-02-28 Enter Agreement, Regulation FD
8-K 2019-01-31 Earnings, Exhibits
8-K 2018-12-19 Enter Agreement, Other Events, Exhibits
8-K 2018-10-31 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-10-24 Earnings, Exhibits
8-K 2018-10-18 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-10-12 Enter Agreement, Exhibits
8-K 2018-07-26 Earnings, Exhibits
8-K 2018-05-10 Shareholder Vote
8-K 2018-05-03 Regulation FD
8-K 2018-04-25 Earnings, Exhibits
8-K 2018-03-23 Officers
8-K 2018-02-13 Other Events, Exhibits
8-K 2018-02-12 Regulation FD
8-K 2018-01-31 Earnings, Exhibits
8-K 2018-01-16 Regulation FD
MS Morgan Stanley 66,936
L Loews 14,659
PFG Principal Financial Group 14,627
AIZ Assurant 7,430
UNM Unum Group 5,570
HPP Hudson Pacific Properties 5,139
CNO CNO Financial Group 2,254
VCTR Victory Capital 1,134
GTS Triple-S Management 462
FRBK Republic First Bancorp 238
AFL 2019-09-30
Part I. Financial Information
Item 1. Financial Statements.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-15 afl93019ex15.htm
EX-31.1 afl93019ex311.htm
EX-31.2 afl93019ex312.htm
EX-32 afl93019ex32.htm

Aflac Earnings 2019-09-30

AFL 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission File Number: 001-07434
aflaclogoa01a01a01a29.jpg
Aflac Incorporated
_________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
(Exact name of registrant as specified in its charter)
Georgia
 
 
 
58-1167100
(State or other jurisdiction of incorporation or organization)
 
 
 
(I.R.S. Employer Identification No.)
 
 
1932 Wynnton Road
 
Columbus
Georgia
31999
(Address of principal executive offices)
 
 
 
(ZIP Code)
706. 323.3431
(Registrant's telephone number, including area code)
(Former name, former address and former fiscal year, if changed since last report)
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Stock, $.10 Par Value
 
AFL
 
New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  þ  Yes  ¨  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).            þ  Yes  ¨  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
þ
Accelerated filer
Non-accelerated filer   
¨ (Do not check if a smaller reporting company)
Smaller reporting company  
 
 
Emerging growth company  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  þ  No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. 734,018,010 shares of the issuer's common stock were outstanding as of October 17, 2019.



Aflac Incorporated and Subsidiaries
Quarterly Report on Form 10-Q
For the Quarter Ended September 30, 2019
Table of Contents
 
PART I.
 
Page
 
 
 
 
 
Item 1.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Three Months Ended September 30, 2019 and 2018
  Nine Months Ended September 30, 2019 and 2018
 
 
 
 
 
 
  Three Months Ended September 30, 2019 and 2018
  Nine Months Ended September 30, 2019 and 2018
 
 
 
 
 
 
  September 30, 2019, and December 31, 2018
 
 
 
 
 
 
  Three Months Ended March 31, 2019 and 2018
  Three Months Ended June 30, 2019 and 2018
  Three Months Ended September 30, 2019 and 2018
 
 
 
 
 
 
  Nine Months Ended September 30, 2019 and 2018
 
 
 
 
 
 
 
 
 
 
 
Item 2.
 
 
 
 
 
Item 3.
 
 
 
 
 
Item 4.
 
 
 
 
PART II.
 
 
 
 
 
 
 
Item 1.
 
 
 
 
 
Item 1A.
 
 
 
 
 
Item 2.
 
 
 
 
 
Item 6.
Items other than those listed above are omitted because they are not required or are not applicable.



PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

Review by Independent Registered Public Accounting Firm

The September 30, 2019, and 2018, consolidated financial statements included in this filing have been reviewed by KPMG LLP, an independent registered public accounting firm, in accordance with established professional standards and procedures for such a review.

The report of KPMG LLP commenting upon its review is included on the following page.

1


Report of Independent Registered Public Accounting Firm


To the Shareholders and Board of Directors
Aflac Incorporated:

Results of Review of Interim Financial Information
We have reviewed the consolidated balance sheet of Aflac Incorporated and subsidiaries (the Company) as of September 30, 2019, the related consolidated statements of earnings and comprehensive income (loss) for the three-month and nine-month periods ended September 30, 2019 and 2018, the related consolidated statements of shareholders’ equity for the three-month periods ended March 31, June 30 and September 30, 2019 and 2018, the related consolidated statements of cash flows for the nine-month periods ended September 30, 2019 and 2018, and the related notes (collectively, the consolidated interim financial information). Based on our reviews, we are not aware of any material modifications that should be made to the consolidated interim financial information for it to be in conformity with U.S. generally accepted accounting principles.
We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Company as of December 31, 2018, and the related consolidated statements of earnings, comprehensive income (loss), shareholders’ equity, and cash flows for the year then ended (not presented herein); and in our report dated February 25, 2019, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet as of December 31, 2018, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results
This consolidated interim financial information is the responsibility of the Company’s management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our reviews in accordance with the standards of the PCAOB. A review of consolidated interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.



/s/ KPMG LLP

Atlanta, Georgia
October 25, 2019


2


Aflac Incorporated and Subsidiaries
Consolidated Statements of Earnings
  
Three Months Ended
September 30,
Nine Months Ended
September 30,
 
(In millions, except for share and per-share amounts - Unaudited)
2019
2018
2019
 
2018
 
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
Net premiums, principally supplemental health insurance
 
$
4,736

 
 
$
4,636

 
 
$
14,109

 
 
$
14,086

 
Net investment income
 
936

 
 
870

 
 
2,692

 
 
2,569

 
Realized investment gains (losses):
 
 
 
 
 
 
 
 
 
 
 
 
Other-than-temporary impairment losses realized and loan loss reserves
 
(18
)
 
 
(5
)
 
 
(21
)
 
 
(17
)
 
Other gains (losses)
 
(135
)
 
 
61

 
 
(126
)
 
 
(59
)
 
Total realized investment gains (losses)
 
(153
)
 
 
56

 
 
(147
)
 
 
(76
)
 
Other income (loss)
 
17

 
 
15

 
 
50

 
 
53

 
Total revenues
 
5,536

 
 
5,577

 
 
16,704

 
 
16,632

 
Benefits and expenses:
 
 
 
 
 
 
 
 
 
 
 
 
Benefits and claims, net
 
3,027

 
 
3,002

 
 
8,958

 
 
9,075

 
Acquisition and operating expenses:
 
 
 
 
 
 
 
 
 
 
 
 
Amortization of deferred policy acquisition costs
 
317

 
 
315

 
 
967

 
 
932

 
Insurance commissions
 
330

 
 
331

 
 
990

 
 
1,007

 
Insurance and other expenses
 
769

 
 
730

 
 
2,230

 
 
2,193

 
Interest expense
 
57

 
 
53

 
 
171

 
 
164

 
Total acquisition and operating expenses
 
1,473

 
 
1,429

 
 
4,358

 
 
4,296

 
Total benefits and expenses
 
4,500

 
 
4,431

 
 
13,316

 
 
13,371

 
Earnings before income taxes
 
1,036

 
 
1,146

 
 
3,388

 
 
3,261

 
Income taxes
 
259

 
 
301

 
 
865

 
 
866

 
Net earnings
 
$
777

 
 
$
845

 
 
$
2,523

 
 
$
2,395

 
Net earnings per share:
 
 
 
 
 
 
 
 
 
 
 
 
Basic
 
$
1.05

 
 
$
1.10

 
 
$
3.38

 
 
$
3.10

 
Diluted
 
1.04

 
 
1.09

 
 
3.37

 
 
3.08

 
Weighted-average outstanding common shares used in
computing earnings per share (In thousands):
 
 
 
 
 
 
 
 
 
 
 
 
Basic
 
739,946

 
 
767,049

 
 
745,465

 
 
772,807

 
Diluted
 
743,842

 
 
772,070

 
 
749,452

 
 
777,867

 
Cash dividends per share
 
$
.27

 
 
$
.26

 
 
$
.81

 
 
$
.78

 
See the accompanying Notes to the Consolidated Financial Statements.

3