Aflac Incorporated (AFL) has reported a 9.43 percent fall in profit for the quarter ended Mar. 31, 2015. The company has earned $663 million, or $1.51 a share in the quarter, compared with $732 million, or $1.60 a share for the same period last year.
Revenue during the quarter dropped 7.34 percent to $5,226 million from $5,640 million in the previous year period.
Operating income for the quarter was $1,013 million, compared with $1,104 million in the previous year period.
Net investment income was at $782 million for the quarter, down 5.44 percent or $45 million from year-ago period. The company has recorded a gain on investments of $13 million in the quarter compared with $46 million for the previous year period.
Operating cash flow declines
Aflac Incorporated has generated cash of $1,460 million from operating activities during the quarter, down 9.60 percent or $ 155 million, when compared with the last year period.
The company has spent $2,078 million cash to meet investing activities during the quarter as against cash outgo of $2,123 million in the last year period.
Cash flow from financing activities was $322 million for the quarter as against cash outgo of $32 million in the last year period. It has made net debt repayment of $989 million. It has spent net of $597 million on repurchase of common stocks.
Assets, liabilities decline
Total assets decreased 1.53 percent or $1,891 million over the year to $121,401 million on Mar. 31, 2015. On the other hand, total liabilities were at $102,764 million as on Mar. 31, 2015, down 4.51 percent or $4,852 million from year-ago.
Cash and cash equivalents were at $4,363 million as on Mar. 31, 2015, up 118.81 percent or $2,369 million from year-ago. Net premiums and other receivables decreased 4.37 percent or $32 million over the year to $700 million on Mar. 31, 2015.
Liability for future policy benefits, unpaid claims and claims adjustment expense was at $67,292 million as on Mar. 31, 2015, down 10.95 percent or $8,272 million from year-ago.
Total debt was at $6,282 million as on Mar. 31, 2015, up 27.86 percent or $1,369 million from year-ago. Shareholders equity stood at $18,637 million as on Mar. 31, 2015, up 18.89 percent or $2,961 million from year-ago. As a result, debt to equity ratio went up 2 basis points to 0.34 percent in the quarter from 0.31 percent in the last year period.
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