By Kathryn Hardison
Aflac Inc. logged a plunge in fourth-quarter profit as the company faced significant net investment losses related to foreign exchange.
The holding company for financial protection services said net earnings were $185 million, or 30 cents per share, compared with $1.04 billion, or $1.57 per share a year ago.
Aflac said the large decline reflects foreign exchange-related net investment losses recognized in the recent quarter, compared with net realized gains a year ago.
Adjusted per-share earnings, which exclude the impact of foreign currency, came to $1.40, above the $1.21 analysts were expecting.
Revenue was $4.01 billion, down from $5.43 billion a year ago. Analysts expected $4.49 billion.
Chief Executive Officer Daniel Amos said pandemic conditions are gradually improving in Japan but weighed on results throughout the year. The pandemic-related impact on U.S. operations has largely subsided, he said.
Write to Kathryn Hardison at kathryn.hardison@wsj.com
