Max Broden | executive |
Thank you for joining me as I provide a financial update on Aflac Inc's results for the third quarter of 2023.
For the third quarter, adjusted earnings per diluted share increased 27.8% year-over-year to $1.84, with a $0.06 negative impact from FX in the quarter. With this being the third quarter under the new LDTI accounting regime, we evaluate our reserve assumptions for morbidity, persistency and mortality, at least annually, to see if an update is needed. If necessary, these assumptions will be unlocked on a prospective basis as they were in this quarter, leading to remeasurement gains of $205 million.
Variable investment income ran $13 million or $0.02 per share below our long-term return expectations.