Aflac 2013 Annual Report Download - page 30

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For the Year (In millions, except for share and per-share amounts) 2013 2012 2011 2010
Revenues:
Net premiums, principally supplemental health insurance $ 20,135 $ 22,148 $ 20,362 $ 18,073
Net investment income 3,293 3,473 3,280 3,007
Realized investment gains (losses) 399 (349) (1,552) (422)
Other income 112 92 81 74
Total revenues 23,939 25,364 22,171 20,732
Benefits and expenses:
Benefits and claims, net 13,813 15,330 13,749 12,106
Expenses 5,310 5,732 5,472 5,065
Total benefits and expenses 19,123 21,062 19,221 17,171
Pretax earnings 4,816 4,302 2,950 3,561
Income taxes 1,658 1,436 1,013 1,233
Net earnings $ 3,158 $ 2,866 $ 1,937 $ 2,328
Share and Per-Share Amounts
Net earnings (basic) $ 6.80 $ 6.14 $ 4.16 $ 4.96
Net earnings (diluted) 6.76 6.11 4.12 4.92
Items impacting net earnings, net of tax:
Realized investment gains (losses):
Securities transactions and impairments $ .09 $ (.69) $ (1.81) $ (.58)
Impact of derivative and hedging activities:
Hedge costs related to foreign currency investments (.04) (.01) – –
Other derivative and hedging activities* .49 .22 (.34) –
Other and non-operating income (loss) .04 (.01) – –
Cash dividends paid $ 1.42 $ 1.34 $ 1.23 $ 1.14
Shareholders’ equity 31.82 34.16 27.76 22.44
Weighted-average common shares used to calculate basic EPS (In thousands) 464,502 466,868 466,519 469,038
Weighted-average common shares used to calculate diluted EPS (In thousands) 467,408 469,287 469,370 473,085
At Year-end
Assets:
Investments and cash $ 108,459 $ 118,219 $ 103,462 $ 88,230
Other 12,848 12,875 12,775 12,013
Total assets $ 121,307 $ 131,094 $ 116,237 $ 100,243
Liabilities and shareholders’ equity:
Policy liabilities $ 89,402 $ 97,720 $ 94,593 $ 82,456
Income taxes 3,718 3,858 2,308 1,689
Notes payable 4,897 4,352 3,285 3,038
Other liabilities 8,670 9,186 3,105 2,520
Shareholders’ equity 14,620 15,978 12,946 10,540
Total liabilities and shareholders’ equity $ 121,307 $ 131,094 $ 116,237 $ 100,243
Supplemental Data
Stock price range: High $ 67.62 $ 54.93 $ 59.54 $ 58.31
Low 48.17 38.14 31.25 39.91
Close 66.80 53.12 43.26 56.43
Yen/dollar exchange rate at year-end (yen) ¥ 105.39 ¥ 86.58 ¥ 77.74 ¥ 81.49
Weighted-average yen/dollar exchange rate (yen) 97.54 79.81 79.75 87.73
*Includes impact from ASC 815 for all years presented prior to 2011
Amounts in 2010 and 2011 have been adjusted for retrospective adoption of revised accounting guidance related to deferral of policy acquisition costs effective January 1, 2012.
Amounts in 2003 and 2004 have been adjusted for adoption of SFAS 123R on January 1, 2005.
SELECTED FINANCIAL DATA
28 AFLAC INCORPORATED 2013 YEAR IN REVIEW