AFL - Earnings call transcript Q3 2024

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good day and to the Aflac Inc.

Third Quarter 2024 Earnings Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to you, David Young, Vice President of Capital Markets. Please go ahead.

David Young

welcome. and morning, Good joining Aflac for earnings third call. us you Incorporated's for quarter Thank will for Stock join Briefing hope also I you us X the on at our New York Exchange. December Analyst Financial event will Registration reminders for go over few the out weeks. next this

Amos, States. Dan of CEO on Executive CFO and President Then, overview Max and provide in Japan of Aflac and and will update our Broden, our results Chairman and operations will provide Aflac and an current morning, This liquidity. Incorporated, of results the an Incorporated, United financial Vice capital

materials These financial topics are we also posted investors.aflac.com. on our addressed and in release the earnings with supplement

In the video quarterly outlook information for addition, XXXX. provided about includes his update, which Max also

of and to commercial We on under market also middle posted Financials details slides real our investment estate the updated loans. site related same

For of President Investment Japan; Director, Koide, of Virgil Global Life Director, Q&A Aflac and Investments. Officer, Aflac joined of Aflac U.S.; President Aflac we today, Representative by Global Chief Chairman Masatoshi Brad Dyslin, International; Representative President Lake, Miller, President are and and Charles Insurance

Before securities we in begin, forward-looking teleconference laws. of meaning some within the are statements federal this

no these be major. believe we differ Actual can they assurance prospective give are to reasonable, will could prove Although those accurate that are we we from they materially because statements in today. results discuss

our could impact on for some XX-K materially Form of to report risk you annual encourage various factors our We that at look the results.

investors.aflac.com includes GAAP measures. I mentioned earnings non-U.S. certain As reconciliations of available the is and earlier, release on

to Dan. hand Dan? over I'll now the call

Daniel Amos

joined you We're David, Thank morning. you, and glad good us.

basis increased the on loss losses the Incorporated the foreign a yen of the quarter, of primarily As U.S. $X.XX per reported to quarter. Aflac during diluted XX.X% a you strengthening and from exchange-related due share for GAAP saw,

for with we the rose $X.XX, June a XX.X% share to initial momentum drove Tsumitas. XX.X% per of year-over-year $X.XX. Beginning increase earnings the diluted Year-to-date, per adjusted in diluted to per Japan, the and XX.X% on from diluted maintaining share increased the basis quarter, were in quarter sales $X.XX. earnings earnings adjusted However, share launch a third

formation As of you'll sector option. our to customers our combines younger while nursing recall, new care introducing Tsumitas also It with policies. attract is third a strategy asset them and to part

Tsumitas role the agencies. I'm market very for growth years. that also cancer at sales continued sales through played in with been an especially WINGS Japan improvement channel, important in X the Post the insurance also pleased has in considering over the

we'll XX in be November On celebrating years XX, Japan.

and their additional margins even touch and and for of Our marketing our needs efforts sales driving around products. the record delivering a so more customers points job Overall, have focus on done Japan creating with in will great Koide-san his of quarter. profit team

sales the These results we to to growth Turning strong achieved management life, sales which in scale X.X% U.S., for platform. quarter. group that we reflects encouraging absence as continue up disability, growth and the is

In the good addition, our cancer in insurance to enhance given see to efforts to policyholders. cancer our continued increase value a sales, proposition it's

enrollment heaviest expense the fourth what optimizing growth, continue and and As tends our we dental be focus period, disciplined platform. profitable on we our enter vision quarter and will to to management

profit reinsurance to our job team margin ratios. his policyholders growth, good the and Virgil a proposition strong for value Bermuda. curbing platform the against cash balancing XX.X% contributed our proactively efforts the capital team the great deployable profitable in as flows doing well as Their defend job enhancing establish to Overall, Max are leading our expense of the has weakening and and yen, pretax a quarter. a done

yesterday. Board additional made to Audrey these recognize Tillman tremendous Max I and promotion taken have leaders of course The have responsibilities. contributions the executive the announcements as thrilled Over Virgil and as on this are year, with well their

continuing heard probably planning that I one with the future. for forward say conjunction roles, key them of is to for and responsibilities me work and times succession look the in my with many to key Board, them You prepare

investments. to Turning

pleased very with income minimal to net continues portfolio's performance our it impairments. have strong produce with investment We as losses been investment and

As an promises fulfill responsive policyholders primary our responsibility our the while make we insurance to our to being company, is of to needs the shareholders.

Our tactical our strong strength as commitment ratios. capital our to balance supports deployment. We our solid portfolio this with policyholders, promise capital maintaining financial does to

to our treasure continue track flows. with quarter dividend our of the of dividend We capital our of cash of now share Board intend repurchase. what preserve and record of XX the to We both years track our and Directors' consecutive is capital liquidity managing prudently growth the This of fourth $X.XX. record and supports strength tactical dividend declaration

million during driving continue quarter We to the of in repurchased and efficiencies. and $XXX tactical shares approach growth investing balanced, our long-term intend in operating

need sales continue and business, policyholders employees they team, of to be being us distribution promised. as just management most, the Our we when dedicated there for stewards our

long-term United the the we deliver goal largest promise in well growth customers our while to our the best life insurance the providing This business the and strengths continued is Aflac We and two supplemental exemplifies policyholders. underlying markets as our work United of positioned the we our world. in believe growth and value the in States, products for on in of insurance also Japan. toward of with States Japan in our achieving potential ensuring

Max Max? I'll cover now turn more of the program the results. details over financial to to

Max Broden

Dan. I'll for provide Incorporated's joining a quarter me Thank XXXX. third Aflac as for the update financial results you on of you, Thank

totaled $X.XX an offsetting profit liability the $X.XX, expectations. negative remeasurement For reducing long-term FX diluted return below $XX from gains the quarter, our deferred on reduced XX.X% while $XX million. Japan premium investment benefits, the $XXX per million income of unlock earned in with In year-over-year reserves million, quarter. earnings the quarter, adjusted Variable ran in by impact to share a increased

an view results was spread the our per translation quarter capital. we ROE and Adjusted gains solid. cost value foreign to the as XX.X%, book acceptable including and in X.X%, these of increased adjusted share, currency losses, Overall,

our internal executed negative from an quarter paid-up cancer segment. This quarter JPY JPY premiums the and with transaction, fourth earned Japan Starting for from a policies. billion impact X.X XX.X%. of X.X negative impact reinsurance reflects declined Net the decline XXXX, billion in

In liability, deferred At which time, same is in declined the majority XX.X a there force impact from addition, the assumptions. impact a profit unlocking of negative LDTI JPY onetime is billion from of policies X.X%.

percentage down benefit percentage total Japan's the was sector points XX.X% came XX.X in third XX benefit year-over-year. the ratio And for down at XX.X%, approximately ratio year-over-year. quarter, points

to percentage trends, in to and the impact continued underwriting estimate favorable relates gains treatment favorable We the points QX of it leading cancer experience. continue ratio to in be place, to approximately Long-term XX experience be hospitalization, benefit from as remeasurement to XXXX.

to Given down points expect XX%. This end in the change of which XX impact XX% in full-year to our in year-over-year. benefit expectations. rate up line the now remained from ratio the range persistency with basis XX.X%, solid is was with Persistency unlocking, we of a

assets Aflac lower foreign offset by volume investments currency favorable by as XX%, hedge points largely shift was from investment lower to Adjusted in expense in driven up floating and terms in Japan in Re, the primarily basis continued costs were XXX decline a to ratio net revenues. benefits up Our impact was income terms year-over-year, X.X% from Aflac lower as rate dollar on we and Bermuda. have yen Japan income U.S. yen from

XX.X points for a result. good margin XX.X%, in Japan pretax the quarter was percentage year-over-year, very up The

For now to in to the the the expect pretax range full XX% year, we margin of be XX%.

our XX.X%. the XX Turning Considering points be of Persistency and to our year-to-date results. X% net results, expect X%. to end full-year towards was lower increased earned U.S. year-over-year guidance basis earned premium of Net to to range now up we X.X%, premium

QX lower rebounded than a quarter. that Our remeasurement in basis in the are year our total depressed expectations. benefit XX.X%, the now gains XXX ratio XX.X XXXX, the by driven ago. by at We gains ratio in Claims utilization has pandemic more line long-term levels points points the remeasurement during higher from impacted and came with approximately benefit percentage than estimate

to towards expect XX%. to we our For the benefit guidance year, XX% the higher end ratio full range of would be of the

XX%, the primarily by basis U.S. management. ratio points XXX Our expense improving platforms down strong in expense was scale and driven year-over-year,

but expect year. our to for with seasonality, we expense remain business Given in QX, range for XX% full XX% would the an of ratio guidance uptick to

and This businesses to profitability. is points. group initiatives, disability, direct-to-consumer and and and our this in ratio scale basis improve decrease, growth Our these their dental increased and impact we network vision line expectations, forward, expect our life as to grow XXX with total by expense would going

XX.X%, was net U.S. the in was fixed margin investment U.S. driven solid a pretax good rate income. income also higher with by in a up X.X%, the Adjusted Profitability segment result. of mainly

currently. foreclosure $X approximately than estate process watch less real of in loan remains commercial $XXX total Our billion, million with list

associated of As by X valuation a estate-owned. CECL into marks, with low foreclosure loans increased had real net result We've quarter $X in our million this current these moved of we these charge-offs. reserves

continue them value and believe We true this our we ability to take our market that maximize portfolio, of the our recoveries. intrinsic of reflect confident through current ownership assets, to is are does the in which why not these distressed manage cycle

well first-lien losses for market cycle. below of continued in senior to expectations perform our portfolio this loans with secured point Our middle the

reinsurance balances, combination recorded million and income transactions QX in we pretax investments. the well of last year of credit $XX higher as segment, $XX impact gain Adjusted million. Corporate than included our which lower rates a as tax of a was of to volume investment asset net In of XXXX due continued higher

investment GAAP an quarter. line. positive by line investments with date, with million are impact the to impacted bottom a tax expectations. These our net credit was Corporate $XX investments million credit well U.S. in to the these [ performing line our for purposes in $X the line the negatively ] tax quarter and To in The associated income net

to fourth to structure we We performance. another reinsurance with internal execute and out tranche similar In outcome with and economics pleased in our the terms to build October yen are intend the and continuing I'm platform, transaction. our XXXX quarter,

SMR be actively combined credit And strong RBC, quarter monitor, capital finalized, position capital are cycles remained as about withstand strong, to stress and our manage greater XXX%. than to an shocks. we while which ended not Our as These we X,XXX%. the external we ratios, and with well estimate

and with and in well capital. earnings impairments impairments additional This were within impact no statutory Japan to were FSA million, there QX. and $XX U.S. both our expectations limited is

yen, rate, hold our range in of target XX%. result to well as As in the debt the yen-dollar a within XX% we move approximately increased to of our XX% leverage XX% of our exchange

hedging terms. leverage yen-dollar the is the dollar the U.S. in enterprise Our and intentional fluctuate economic Japan movements of our protecting Aflac program value will of with part in rate. This

relative $X.X own of deployments. IRR on $XXX million paid repurchased at We minimum stood liquidity our $XXX $X.X company good holding dividends QX, billion, million of in balance. and above capital our these Unencumbered offering billion stock

We to a and to cost will how to we manage ROE be and balance meaningful flexible the drive tactical our in of strong spread capital. order in continue capital with sheet deploy risk-adjusted

now will I And hand over you. to to Thank begin David Q&A.

David Young

Max. you, Instructions]. Thank [Operator

Operator

question [Operator first Instructions] Joel And Dowling comes Hurwitz our from & from Partners.

Joel Hurwitz

on start sales. Japan to wanted I

be challenged. So just both bit to Can cancer medical? plans third related And a the about what from for you promotions sector you sales and anniversary? sales expecting continues talk to XXth are

Koichiro Yoshizumi

In in Sales is charge Japan. Yoshizumi, This [Interpreted] Marketing and of

can let how reason product paid plus successful. which off has product because or nursing once nursing also formation launched, And coverage. converted benefit. we care this asset the So first a becomes is me that death new feature it start product medical, for with up, that is this that into an of care the we've be And this are

preparations developed of all, expansion the middle-aged of Tsumitas from customers' this third formation to sector for sales to again, June First XX.X% considerable through contribute for and and sales. young meet third asset led quarter the And to was needs growth.

sector purpose and as customers to was proposing activities the led also to cross-sell And revitalizing as to third sales products associates. middle-aged of customers the this young approach sales of has and new products. new the additional and And well

So as would we result, Tsumitas. our increase a what grow, sales by that selling third sector are is expecting

meaning trying a or our turn anniversary And has insurance. as cancer that to we as XXth me X are it cancer mentioned, let ago, may and to insurance. as insurance using cross-sell our insurance sell gone Now you X launched years cancer our was hook, you trigger cancer already. And by years know,

trying [ We spring In to the consultation to no using And what a that words, by are is is called ]. other Concierge able called company support have Service other this Cancer service is offer. Urico service to do to we we next product appeal year. commercials and launch are we TV of using appeal product new around a service, to also and this considering web the and product are really service. value And this advertisement

are sales as result, increase. that cancer So expecting a we our will

words, and and its that to [ only is changed the one We've in really of coverage, of this Tsumitas. Aflac of other that name company attracting mostly terms medical product we also feature has. no to like ]. attention rebranded the has market. Now we the In this of sale And it's this insurance. And would other product have turning grow with together kind coverage the

plan old. a over for launched middle- older-aged XX new also customers years we've And and

a we as result, seeing we good recovery sales, So in gradual are sales from expecting a and are it. medical

too. increase And are sector, for that we I've because third in our all product successful overall, sales and have mentioned. agents expecting of been the and sector the quite for that At are we sales the me. same force, recruiting we third reasons strengthening That's will our recover time, sales

Operator

Tom from ISI. Gallagher Evercore question comes The from next

Thomas Gallagher

I'll First a quick just question capital then sales. allocation, have follow-up just on on

heading So how trade it? Would you you stock strong you you're special this year? say buybacks, does M&A, Any know lower levels, continue to do was have good capital I about about your as next the be? other excess can if -- would these thinking you about what at of the talk consider a allocation, still let's options? on would levels dividend, quarter, think Or plans strong a broader just capital buyback a accumulating. thoughts you the bit of level bit but into

Max Broden

Tom. you, Thank

capital You're are our right they that in strong. acknowledging ratios,

throughout well, significant up doing we plus additional our of We capital freeing what are levels as are also reinsurance organically around capital. generating both operations,

we So where us term. and XX get on evaluate and the we take front. period. is evaluate time when that you but it X, years long all things look of consideration. you M&A, mentioned, XX, that we And especially returns those strong put around X, next generate we more into to opportunities you we over When not over have at about X, best very think business, capital the to on then anything about X, what off going XX, for return highest are the strategically would that importantly, table. think . And that our currently, I can We think like that the

mean the those where I generation then get. returns can that things things really the that terms we consideration, you what to anything coming we will that it see not is we the our us That dynamic into that And returns in So about capital it are say when these a are go are. thinking have, much off obviously, of, includes, and allocation obviously, how these both ultimately, world how table. everything we we but are we capital changing, mentioned. And take

Thomas Gallagher

buying customers you're the give Okay. the are you between And just a that product the between that product? follow-up a sense Can of -- on for split first sector selling? sales. What's existing new customers split versus

Koichiro Yoshizumi

it we And the a more new new as are also and to to that the trying middle-aged -- well, level existing And customers first is of right customers. try we that larger we using the when sector kind increasing. And this product, we that when than basis, are you're what -- case on new do to we purely young new So is monthly a And just a new [Interpreted] the launch sales moment. forward product. means of now, is if customers customer cross-sell move customers. do and explore sector acquire always meeting are about first cross-sell, of of rate we this customers of we and Tsumitas, ratio sale, more those expected asking acquire always at there's the when sales means to

to cycle strategy around customers, increase the That's we of Thank to you. our are customers and that's new approaching what after we existing strategy. our go doing. our that's So all. And

Daniel Amos

would we a it's started make that say with expectations. comment over thought are I'd XX%. in be it I hoped like that. falling XX%. it's to XX%, line at the up XX%, would it would to moved Sure to about our enough, about closer We and be numbers

maybe little range in had a And we that's or better. so what anticipated even of the

with customers middle bringing very Tsumitas young we're what how us, age. for So pleased and is place it's new on taking and and

question. So that should answer your

Operator

from comes Research. Carmichael Autonomous question from Next Wes

Wesley Carmichael

From like is, Tsumitas. leaning guess greater question like really we sales of is it first Yoshizumi-san's really change, contemplate force into a I remarks, sales a where does sounds forward? my kind see the this contribution from fee going should sector

sector similar returns of products. third Max, reinsurance I after said And the to kind know, you are

want So be understand forward, really sector first going we and that mix to more strategically should third? between if just balanced, expect to

Max Broden

would and Japan I Given what going expect... through is

Koichiro Yoshizumi

of divided we ensure that Tsumitas, to And using from be new is, reinsurance. profits [Interpreted] And I've as are is, strategy bringing way, can perspective. that also selling So two sector. in by by One in third the and to earlier, profitability other trying our we parts. course, are mentioned secure revenue

Max Broden

Let me as fact Tsumitas is us, increase in Japan retirement needs And be we to obviously, add of answer. has important retirement as a and That is to is to society, of comment important become with it aspects country to going expect going asset industry Japan And parts well pushing business. that, more both policies. significant a tool the harder our products aging. is management that to And are means retirement a funding. a the there an financial many that forward. for that going would more and with that for

to third how also seen Yoshizumi-san using have our sector outlined how we then And Tsumitas cross-sell you are business.

meaningful think first that a sector but more portfolio, a be past. company, of of where sector in more we will part business component than third the be total sales. our a be been our savings has will it I predominantly definitely expect it a I meaningful would going what forward, So recent still to

Operator

Ryan from from comes KBW. Krueger question next The

Ryan Krueger

on had ratio. I a Japan question the benefit

I year-to-date expect assumptions coming would year was to guess I XX the and quarter. the your you XX. implied when something fourth to looks improved guidance the in guess into guidance from full experience, we original year, that going I think about XX to like forward? it the your closer the expectation, XX unlocking for think be maybe to

Max Broden

the we basis premium unlock roughly ratio that points. from future lowered this impact by XXX have The is net

what basis equal, all roughly unlock. benefit that expect business that being going the ratio lower points things than we for forward XXX expected our to previously our So before in-force would be means we

impact and that ratios So going apply it does as would benefit as future well, an XXXX for well. have into

Ryan Krueger

just give you one. then for And expectations credit the a zero point, Can quick Corporate impact? segment say, at earnings guess, I assuming your us rate tax let's run this

Max Broden

So roughly $XX profit on had $XX by pretax quarter, in million a credit this the that lowered tax pretax basis. number we a investments and million

will run rate you that of quarter. this to closer the So as get

I would sensitive yields. short-term is an acknowledge that where are area we this to

short-term coming number. segment, would to being we a profitability that the So that should that equal be for all down, run will near current expect things pressure profitable yields our But be I that if term, a rate run have you little continue in on would bit that's in the put that rate. --

Operator

The Piper Sandler. from Barnidge from next comes John question

John Barnidge

you My question XXX basis to that actuarial points? long-term continues basis is that's, the benefit of be benefit incremental [ short-term or experience? sticks future experience that Would to do XXX points ratio there, on into be favorable, account take ]

Max Broden

that -- future acknowledge trend have. Obviously, And ask future related incorporated we've could assumptions. there there a Alycia, do to to in tends But in were concluded, it do our lead deviate in all is to increases then that to of Actuary, comments experience a that try deep-dive either unlocking or she as also assumptions, that a if date, to off, trend, an future I incorporated would fill unlocks these releases to future but In if when further to start I'll any that. Chief that. to as future is experience study, the well. want we element and trend may just obviously those had we me incorporate we Global Let with

Alycia Slyck

this you, trend future into incorporated year. Thank unlock Max. we our Yes, our

expectations. We new to annually but we investigate do reflected believe all review of has our of assumptions we all been unlock. have reflected currently our experience So current that and in trends, this

John Barnidge

follow-up my that's question related. And

from that to long you total the Bermuda? do an for increases Following market benefit that, term that addressable view unlock, the go could liabilities XX-point over potentially the

Max Broden

This or the would impact our is no unlock as only, and I reserves. U.S. impact results with results FSA a unlock Yes. view GAAP in U.S. U.S. them our to somewhat statutory to no and unrelated. reserves FSA

link. not So would I draw that

Operator

comes Our from from Bhullar next question Jimmy JPMorgan.

Jamminder Bhullar

had going to Or of was your they're how quarters? on a expected few I to Should demand next for going we keep from assume question over that the growing sales to sales sort trend. pent-up will phenomena expectations Tsumitas' just First, are there a here? -- your to begin fade where

Koichiro Yoshizumi

[Interpreted] Thank you questions. for the

customers, answer once for month, me and had very Yoshizumi launch. July the popular and have sales new is sales. had from taken we And to and well this why we expecting. in were launched we mentioned And able product. successful, as product Tsumitas do it in in several And that very and we Tsumitas meeting was by were question. Let have have fully June, very so because of prepared it's times been I in a that June is well as Tsumitas level reason And advance is market. a the that big it the known again. Well, is This the in been very a on,

the what perhaps are thinking end we until able So of should a the stable as result, from a Tsumitas. generate is number quarter, to that be next very we year,

means people. this from a as nursing the nursing then after can death is why as because care. of have And popular is And young or period, what medical would earlier payment during among that And care have asset choose this among benefit. very that this their they mentioned young the customer the young And product meet popular formation people well I product these reason people. as function period, is does that needs product that's that so

are sales for certain Tsumitas from to all So well. of That's have we expecting conclusion as going that me. forward level my a is

Jamminder Bhullar

Okay. lot other products And usage higher far years. they U.S. pick some in then factors have the mix claims on running there like in Or are last driving that? so are of you business, it a issue? than year the Is seems up? seeing Or incurred just that a this several the are

Virgil Miller

from This part. in -- is on U.S. some of say and value put make the It that definitely intentional hands benefits we to the it I would is Virgil is that of We want our the the of sure deliberate the policyholders.

But we don't want to over toggle.

So on what for to is type increased no we've of long-term of year gone we that it turns a We've business pushed into done condition. this and we've cost. benefits problem make benefits additional file ] to at certain try consumers catch wellness lines any before out to campaigns sure [

up say been I bring mentioned mix thing would turnover had we I then stronger pushing sales about for the this business on we're year-to-date last And underwriting and is for the business over the on to looking about yielding before, thing our VB our with does you, then last though, introduced, long term. with to X%. we've matter. success us And I And better now benefits. say the our line We've thus high really and and on cancer good persistency is discipline of that would individual business,

factoring move are things All drive and help ratio. that of benefit to these in

We to within though, monitoring, tolerance. constantly that make are sure we're our

Max Broden

XXs U.S. and as group benefit sort And and there that mix we our a in-force, the would our of ratio segment. greater is is proportion that one over low that, to time, more becomes run that disability the drive of grow business, expect we for up group to is U.S. that will, just ratio. life through at life impact the to and then a results. add disability running benefit The business And

So equal, ratio to push that continue all will benefit that things being higher.

Operator

from comes James. from question Wilma next The Burdis Raymond

Wilma Jackson Burdis

one for guess, Dan. I

Given little from about most the what years? could and the on focused you bit couple of next development recent succession you're perspective promotions, a over talk a

Max Broden

question you asked What something the asking? was start. very that when Wilma, you at there moved were the

Wilma Jackson Burdis

the Sorry, for development about I a what little focused perspective more could years? given from you said a for recent talk on the succession Dan, and of couple you're promotions, bit next

Daniel Amos

at happen, shareholders decisions want there enjoying first depth serve the think does final and time, disruption. succession continue in my And specifically me a and it. But there's that. how my the frankly, what ability plans? on without question at really are is, Board the make the enjoy what on haven't and I They changed. I'm is relate Well, and I it ultimately they plans it to make pleasure to same our doing Board of that I the to owe a to the plan there's show but management to to sure the

take people believe over to with certainly, that top got think And day. is we've potential that the suggested I Virgil have And the opportunity. internally and that first, have at And in place to the -- I one several list. begin Board people the that they they of to place someone

was to years become I'm company I than U.S. have it's ago. say the with a X much because different it very pleased

looked not business. ] we've in at it PLADS As of about, group mentioned and was -- Virgil business we've gotten into how we're right types that the I [ seen was and talking business Max that certain think

on really our going distribution distribution have got and we've we the then there unusual. building channel, is which And the that then And in agents people aren't very business from the independent channel there There broker on that perspective. many out U.S. have what's

when do pot retire I at time. the will deserves for in And place he some I certainly opportunity take name what his the have so, in yes, to point think

doing gone doing. think if I is this the on was strength his what showing year. as it that job And Fred in Max was and he he's left uninterrupted he's the call today with before

with And that. so pleased I've been very

understanding that out all Audrey for then not understanding just aspects be review might independent an understanding us there counsel, it. the always has of employees, concerns outstanding law, from but that, issue that those And any from the been person of of

I good these very promotions. feel So about

others. And had then we several

-- IT IT X She's XX ] in a [ America is the she Our of in great being XXX President, Vice job. rated of and doing area. Head women Executive best the

So we're to have lucky her.

Alycia, little been has right jumped year, heard and us she a with a over has You in.

So Accounting new. got done Officer I'm Eric's with the Brad Robin, the We've We've position. got in who's of company, terms Fred has now of uninterrupted over pleased very has been Samar bench. ]. Chief Certainly, taking what [

relatively all, strong. Brad, all cases, bench is Most responsibility in of our are the in have that of They've picked had added in to in tell So I the them to is you more. certain more case as positions. them up new he's

Max place. with taking You've seen what's and it

in all, where I'll on. that's that happy So tell And and I you just continue all am. we'll I'm

want happened be something plenty what would smooth as that options a deem someone I transition, Board to of do has and the tomorrow, necessary. But there if they

Wilma Jackson Burdis

as And discuss and you Virgil. Virgil, environment macro and/or you're impacts maybe for congrats that the well. any recruiting? sales Max employment Could or One seeing that in are U.S. to Audrey impacting

Virgil Miller

I increase. up able put to out the you the that Yes. negative with really that the and And of started question. forward the future. I gate saw at were for quarter, then partnering I'm earlier we opportunity it say about the a Aflac Thank pushing the thank the second X.X% rebound And look what slow that we would for for in and increase. a year, you the here about with for excited my a congratulations. this you quarter, exceeded colleagues our coming to up sales, quarter X.X% expect in forward with

opportunity of is Max couple means right both that we though, perspective, relationships more we in things. also about talking space. the ] about strong compete and product an forged than Dan that X,XXX [ the market. the with business. that with Generally, now in a accumulating What And employer the in then it's from my from mentioned brokers jumbo really PLADS talking a to base we're case And employees. groups we're have

At recruiting. with though, increase our focus in come that seeing, recruitment. able same were were field though, the to continue this increase a a again, time, able We to movement we in And recruiting. up back we quarter, channel on pleased, with quarter, And what force positive you're bank. on come in is building slow to career I'm first XX%

there some all making getting veterans. are things that we've that and economics you our and talented sure happening got about building So us, of become up therefore, I will around recruits field but tell it's

will pipeline and Our year look is this strong. stronger

Our weekly to into them average is goal producer. convert

So relationship make you're we to reputation continue see that market, And saying. we're then the to our forge we in in up to consistency that and in small case play broker space. continue U.S. to like think would that environment, the going build sure I case in continue larger

Operator

Fargo. next from Annitto from comes Nick Wells question The

Nicholas Annitto

just a bit on driving Just on U.S., persistency some assuming strength the of can there, mix? and the it's sort you touch little what's

Virgil Miller

Yes.

Let mix Virgil, me me of is Max the start again. let with start mentioned and This dimension that earlier.

matter. does Mix

you on as would it So continue if also say I our are and to some we back we start our does at business improvement But now absence and life brought business, scale just seeing there. we board, kind look go influence that of original disability up to overall. individual and

That is driven efforts. by intentional some

on in focus we higher known a is is mentioned started Cancer reputation of insurance a earlier, the So business sure doing, us. extremely I company. insurance important making still things cancer with to that of those the have products this We persistency. we're some

We push continue that success. and have on to product

And numbers. this though intentional also some more we're tell the to Therefore, and as likely ratio. Dan are see it, you that cancer is would efforts, the they movement is people benefit we doing a have of age. and you're that absolutely in of in keep seeing disease I would why once it say, also our

to We continue drive benefits. wellness our

some what increases our like and additional out on we benefit adding policy We've our consumers. though the some pay benefit also demonstrating on increased of made things on value those for group, actually We've though, policies.

have As to building we're with long along things. loyalty, those We that products. mentioned. it's keep likelihood continue we influence you as want to of mix And having going demonstrate value, to that persistency the think consumer the a can our do we we that

Operator

Scott from next comes question The Barclays. from Alex

Unknown Analyst

is for [ Jack Trivison on This ] Alex.

environment the do So sales products? you specifically and color you're initiatives I the more sector seeing competitive mind over appreciate third there all about Japan. around in in talking But

Koichiro Yoshizumi

your questions. [Interpreted] again. This will is be Okay. Yoshizumi I once answering

when And medical as be very sector, about severe. third you competition basically know, it's continues And about the you talk to insurance. may

launch changed. that situation company product, one another will a and where has then situation launch product and the company So not their

product. also would do feature. features needed need and top in customers' to would order be first to we of is, for would easy-to-understand a flexibility that, to the on These we that sell competitive needs distribution channel uniqueness in and that of So would to all, serve then in be And need a product. this survive what kind the environment, us of this some have

which product And medical the currently flexible which reasonable has called well market. a now and very features, very is received new coverage, has feature also this is too. by monthly Aflac this very And

product's we lot through the same that products that channel, this that is that and and volume loyal in products cancer. our attention have about which competition of the as this our a sales talk agencies a large attracting time, our as very Aflac sell And are we well is customers. of really flexibility, agencies only at is also market. And increasing our product channels. And talking large we because young the distribution believe products. strength me win there about these firmly the ours, So uniqueness they're with of of in And register by now nonexclusive let middle-aged to can

XX We insurance. years cancer [ history ] of with have

and gathered that has. that intelligence that something a politics network any no So this we something areas company that is the other we've And expertise have not have the company of businesses. with is And we other other also also government has. relationship and that

do fully Japan we Cancer insurance. third that believe And and sector channel, very both very And by #X And company's Aflac Insurance. can sector high we I Japan #X good or also medical we the have leveraging sells are this big have have Japan and firmly as future does for future a cancer the sell other and Post. truly we Post power expectation any Well, cancer a third not become in Post company.

products customers' and And course, of respond be competitors. against needs launching win We the we'll our of And looking and way the the my is will that and market. at needs develop constantly to and meet to be thinking. grow our channel distribution

Operator

our I remarks. conference concludes turn closing David like the back to question-and-answer This for to would any Young session. over

David Young

all you'll December Analyst Financial today. Briefing. X our at for join us on hope We you joining Thank us

it. have Agency Rating Investor any you questions, and and If follow Have a with please appreciate we good up day. Relations,

Operator

Thank has you now for conference concluded. attending presentation. The today's

may now You disconnect.

Aflac (AFL) 31 Oct 242024 Q3 Earnings call transcript