Sluggish sales guidance from Aflac


Operating earnings of $757M or $1.66 per share vs. $759M and $1.62 one year ago. Weaker yen cut operating earnings by $0.03 per share in Q2.

$100M, or 1.6M shares repurchased during Q2, bringing 2014 purchases to $515M or 8.1M shares. 4.1M shares remain in buyback authorization.

Annualized operating ROE of 21.3%, or 22.3% excluding impact of the yen.

Outlook: Aflac Japan third sector sales for the full year are expected to increase at the low end of previously guided 2-7% range. Aflac U.S. sales "remain disappointing" and are expected to fall 4-8%. EPS is expected to rise 2-5%, with FY EPS of $6.16-$6.30, assuming yen averages 100-105 to the dollar.

Company has reshuffled the organizational chart, introducing the new position of market director and eliminating the commission-based position of state sales coordinator.

Conference call tomorrow at 9 ET

AFL -0.9% AH

Previously: AFLAC beats by $0.07, beats on revenue

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