Company Quick10K Filing
Quick10K
Aflac
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$50.49 745 $37,640
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 2019-05-09 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 2019-01-31 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
HD Home Depot 214,570
TDG TransDigm 25,160
GPS Gap 9,470
CEIX CONSOL Energy 847
TCRD THL Credit 220
PCOM Points International 173
QRHC Quest Resource Holding 32
BHNY Brighthouse Life Insurance Co of Ny 0
GEN Genesis Healthcare 0
XDSL Mphase Technologies 0
AFL 2019-03-31
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 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-10.50 afl33119ex1050.htm
EX-15 afl33119ex15.htm
EX-31.1 afl33119ex311.htm
EX-31.2 afl33119ex312.htm
EX-32 afl33119ex32.htm

Aflac Earnings 2019-03-31

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)
[ X ]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 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
aflaclogoa01a01a01a23.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)
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.
Class
 
April 17, 2019
Common Stock, $.10 Par Value
 
745,469,119



Aflac Incorporated and Subsidiaries
Quarterly Report on Form 10-Q
For the Quarter Ended March 31, 2019
Table of Contents
 
PART I.
 
Page
 
 
 
 
 
Item 1.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Three Months Ended March 31, 2019 and 2018
 
 
 
 
 
 
  Three Months Ended March 31, 2019 and 2018
 
 
 
 
 
 
  March 31, 2019, and December 31, 2018
 
 
 
 
 
 
  Three Months Ended March 31, 2019 and 2018
 
 
 
 
 
 
  Three Months Ended March 31, 2019 and 2018
 
 
 
 
 
 
 
 
 
 
 
Item 2.
 
 
 
 
 
Item 3.
 
 
 
 
 
Item 4.
 
 
 
 
PART II.
 
 
 
 
 
 
 
Item 1.
 
 
 
 
 
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 March 31, 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 March 31, 2019, the related consolidated statements of earnings, comprehensive income (loss), shareholders' equity, and cash flows for the three-month periods ended March 31, 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
April 26, 2019


2


Aflac Incorporated and Subsidiaries
Consolidated Statements of Earnings
  
Three Months Ended
March 31,
 
(In millions, except for share and per-share amounts - Unaudited)
2019
 
2018
 
Revenues:
 
 
 
 
 
 
Net premiums, principally supplemental health insurance
 
$
4,691

 
 
$
4,745

 
Net investment income
 
878

 
 
837

 
Realized investment gains (losses):
 
 
 
 
 
 
Other-than-temporary impairment losses realized
 
(2
)
 
 
(7
)
 
Other gains (losses)
 
73

 
 
(127
)
 
Total realized investment gains (losses)
 
71

 
 
(134
)
 
Other income (loss)
 
17

 
 
16

 
Total revenues
 
5,657

 
 
5,464

 
Benefits and expenses:
 
 
 
 
 
 
Benefits and claims, net
 
2,967

 
 
3,042

 
Acquisition and operating expenses:
 
 
 
 
 
 
Amortization of deferred policy acquisition costs
 
340

 
 
314

 
Insurance commissions
 
331

 
 
337

 
Insurance and other expenses
 
719

 
 
733

 
Interest expense
 
58

 
 
56

 
Total acquisition and operating expenses
 
1,448

 
 
1,440

 
Total benefits and expenses
 
4,415

 
 
4,482

 
Earnings before income taxes
 
1,242

 
 
982

 
Income taxes
 
314

 
 
265

 
Net earnings
 
$
928

 
 
$
717

 
Net earnings per share:
 
 
 
 
 
 
Basic
 
$
1.23

 
 
$
.92

 
Diluted
 
1.23

 
 
.91

 
Weighted-average outstanding common shares used in
computing earnings per share (In thousands):
 
 
 
 
 
 
Basic
 
751,423

 
 
778,550

 
Diluted
 
755,790

 
 
783,852

 
Cash dividends per share
 
$
.27

 
 
$
.26

 

See the accompanying Notes to the Consolidated Financial Statements.

3


Aflac Incorporated and Subsidiaries
Consolidated Statements of Comprehensive Income (Loss)
  
Three Months Ended
March 31,
(In millions - Unaudited)
2019
2018
Net earnings
 
$
928

 
 
$
717

 
Other comprehensive income (loss) before income taxes:
 
 
 
 
 
 
Unrealized foreign currency translation gains (losses) during
period
 
(1
)
 
 
824

 
Unrealized gains (losses) on fixed maturity securities:
 
 
 
 
 
 
Unrealized holding gains (losses) on fixed maturity securities
during period
 
3,196

 
 
(1,931
)
 
Reclassification adjustment for realized (gains) losses on
fixed maturity securities included in net earnings
 
(17
)
 
 
(2
)
 
Unrealized gains (losses) on derivatives during period
 
(3
)
 
 
6

 
Pension liability adjustment during period
 
7

 
 
(3
)
 
Total other comprehensive income (loss) before income taxes
 
3,182

 
 
(1,106
)
 
Income tax expense (benefit) related to items of other comprehensive
income (loss)
 
852

 
 
(763
)
 
Other comprehensive income (loss), net of income taxes
 
2,330

 
 
(343
)
 
Total comprehensive income (loss)
 
$
3,258

 
 
$
374

 

See the accompanying Notes to the Consolidated Financial Statements.

4


Aflac Incorporated and Subsidiaries
Consolidated Balance Sheets
(In millions, except for share and per-share amounts)
March 31,
2019
(Unaudited)
 
December 31,
2018
Assets:
 
 
 
 
 
 
 
Investments and cash:
 
 
 
 
 
 
 
Fixed maturity securities available for sale, at fair value
(amortized cost $74,950 in 2019 and $73,007 in 2018)
 
$
83,381

 
 
 
$
78,429

 
Fixed maturity securities available for sale - consolidated variable interest entities, at fair value
(amortized cost $3,756 in 2019 and $3,849 in 2018)
 
4,543

 
 
 
4,466

 
Fixed maturity securities held to maturity, at amortized cost
(fair value $37,446 in 2019 and $36,722 in 2018)
 
30,163

 
 
 
30,318

 
Equity securities, at fair value
 
1,041

 
 
 
987

 
Commercial mortgage and other loans
(includes $5,892 in 2019 and $5,528 in 2018 of consolidated variable interest entities)
 
7,180

 
 
 
6,919

 
Other investments
(includes $374 in 2019 and $328 in 2018 of consolidated variable interest entities)
 
1,238

 
 
 
787

 
Cash and cash equivalents
 
3,892

 
 
 
4,337

 
Total investments and cash
 
131,438

 
 
 
126,243

 
Receivables
 
858

 
 
 
851

 
Accrued investment income
 
728

 
 
 
773

 
Deferred policy acquisition costs
 
9,892

 
 
 
9,875

 
Property and equipment, at cost less accumulated depreciation (1)
 
559

 
 
 
443

 
Other
 
2,204

 
 
 
2,221

 
Total assets
 
$
145,679

 
 
 
$
140,406

 
Liabilities and shareholders’ equity:
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
Policy liabilities:
 
 
 
 
 
 
 
Future policy benefits
 
$
87,011

 
 
 
$
86,368

 
Unpaid policy claims
 
4,625

 
 
 
4,584

 
Unearned premiums
 
4,859

 
 
 
5,090

 
Other policyholders’ funds
 
7,185

 
 
 
7,146

 
Total policy liabilities
 
103,680

 
 
 
103,188

 
Income taxes
 
5,182

 
 
 
4,020

 
Payables for return of cash collateral on loaned securities
 
1,969

 
 
 
1,052

 
Notes payable and lease obligations (1)
 
5,900

 
 
 
5,778

 
Other
 
2,899

 
 
 
2,906

 
Total liabilities
 
119,630

 
 
 
116,944

 
Commitments and contingent liabilities (Note 12)
 


 
 
 


 
Shareholders’ equity:
 
 
 
 
 
 
 
Common stock of $.10 par value. In thousands: authorized 1,900,000
shares in 2019 and 2018; issued 1,348,600 shares in 2019 and 1,347,540
shares in 2018
 
135

 
 
 
135

 
Additional paid-in capital
 
2,208

 
 
 
2,177

 
Retained earnings
 
32,513

 
 
 
31,788

 
Accumulated other comprehensive income (loss):
 
 
 
 
 
 
 
Unrealized foreign currency translation gains (losses)
 
(1,848
)
 
 
 
(1,847
)
 
Unrealized gains (losses) on fixed maturity securities
 
6,561

 
 
 
4,234

 
Unrealized gains (losses) on derivatives
 
(26
)
 
 
 
(24
)
 
Pension liability adjustment
 
(206
)
 
 
 
(212
)
 
Treasury stock, at average cost
 
(13,288
)
 
 
 
(12,789
)
 
Total shareholders’ equity
 
26,049

 
 
 
23,462

 
Total liabilities and shareholders’ equity
 
$
145,679

 
 
 
$
140,406

 
(1) See Note 1 of the Notes to the Consolidated Financial Statements for the adoption of accounting guidance on January 1, 2019 related to leases.
See the accompanying Notes to the Consolidated Financial Statements.


5


Aflac Incorporated and Subsidiaries
Consolidated Statements of Shareholders’ Equity
 

(In millions, except for per share amounts - Unaudited)
Common Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Treasury Stock
Total
Shareholders'
Equity
Balance at December 31, 2018
$
135

$
2,177

$
31,788

$
2,151

$
(12,789
)
$
23,462

Net earnings
0

0

928

0

0

928

Unrealized foreign currency translation
gains (losses) during period, net of
income tax
0

0

0

(1
)
0

(1
)
Unrealized gains (losses) on fixed maturity
securities during period, net of income
taxes and reclassification adjustments
0

0

0

2,327

0

2,327

Unrealized gains (losses) on derivatives
during period, net of income taxes
0

0

0

(2
)
0

(2
)
Pension liability adjustment during period,
net of income taxes
0

0

0

6

0

6

Dividends to shareholders
($.27 per share)
0

0

(203
)
0

0

(203
)
Exercise of stock options
0

11

0

0

0

11

Share-based compensation
0

8

0

0

0

8

Purchases of treasury stock
0

0

0

0

(517
)
(517
)
Treasury stock reissued
0

12

0

0

18

30

Balance at March 31, 2019
$
135

$
2,208

$
32,513

$
4,481

$
(13,288
)
$
26,049

 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In millions, except for per share amounts - Unaudited)
Common Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Treasury Stock
Total Shareholders'
Equity
Balance at December 31, 2017
$
135

$
2,052

$
29,895

$
4,028

$
(11,512
)
$
24,598

Cumulative effect of change in
accounting principles, net of
income tax
(1)
0

0

(226
)
226

0

0

Net earnings
0

0

717

0

0

717

Unrealized foreign currency translation
gains (losses) during period, net of
income tax
0

0

0

447

0

447

Unrealized gains (losses) on fixed maturity
securities during period, net of income
taxes and reclassification adjustments
(1)
0

0

0

(984
)
0

(984
)
Unrealized gains (losses) on derivatives
during period, net of income taxes
0

0

0

2

0

2

Pension liability adjustment during period,
net of income taxes
0

0

0

(34
)
0

(34
)
Dividends to shareholders
($.26 per share)
0

0

(203
)
0

0

(203
)
Exercise of stock options
0

14

0

0

0

14

Share-based compensation
0

10

0

0

0

10

Purchases of treasury stock
0

0

0

0

(309
)