COLUMBUS, Ga., Jan. 29 /PRNewswire-FirstCall/ -- Aflac Incorporated
(NYSE: AFL) announced today that it intends on conducting an accelerated
repurchase of approximately 12 million shares of its common stock in the
first quarter of 2008. This accelerated share repurchase will be funded
with internal capital.
(Logo: http://www.newscom.com/cgi-bin/prnh/20041202/CLTH019LOGO )
To provide for future share repurchase activities, the board of
directors today authorized the purchase of up to an additional 30 million
shares of its common stock. This authorization is in addition to the 25.6
million shares that remained under a previous authorization as of December
31, 2007, bringing the total number of shares available for purchase to
55.6 million.
The board of directors also approved a 17.1% increase in the quarterly
cash dividend, effective with the first quarter payment. The first quarter
dividend of $.24 per share is payable on March 3, 2008, to shareholders of
record at the close of business on February 20, 2008.
Commenting on the news, Chairman and Chief Executive Officer Daniel P.
Amos stated: "I am very pleased with today's actions by our board of
directors. These steps are consistent with our intention of deploying
excess capital in a manner that benefits our shareholders, while still
maintaining very strong capital adequacy ratios to support our ratings.
"In addition to accelerating our planned annual repurchase of 12
million shares, we also anticipate buying more shares later in the year,
depending on market conditions. Purchasing 12 to 18 million shares this
year gives us greater confidence in achieving the high end of our 13% to
15% range for operating earnings per share growth for 2008. We will also be
better positioned to extend our lengthy record of strong earnings growth
into 2009. I remain focused on increasing operating earnings per share by
at least 15%, excluding the impact of the yen, through 2009, which will
mark my first 20 years as CEO. I still believe that goal is achievable, and
I continue to believe we are poised for strong growth beyond 2009 as well.
"I am also pleased with the increase in our cash dividend. Aflac's
annual cash dividend payment to shareholders has compounded at 21.7%
annually over the last 10 years. This increase marks the 26th consecutive
year in which we have raised the dividend payment. I believe the
combination of strong earnings growth and increasing cash dividends is an
effective means for enhancing value to Aflac's shareholders."
For more than 50 years, Aflac products have given policyholders the
opportunity to direct cash where it is needed most when a life-interrupting
medical event causes financial challenges. Aflac is the number one provider
of guaranteed-renewable insurance in the United States and the number one
insurance company in terms of individual insurance policies in force in
Japan. Our insurance products provide protection to more than 40 million
people worldwide. Aflac has been included in Fortune magazine's listing of
America's Most Admired Companies for seven consecutive years and in Fortune
magazine's list of the 100 Best Companies to Work For in America for ten
consecutive years. Aflac has also been recognized three times by both
Fortune magazine's listing of the Top 50 Employers for Minorities and
Working Mother magazine's listing of the 100 Best Companies for Working
Mothers. Aflac Incorporated is a Fortune 500 company listed on the New York
Stock Exchange under the symbol AFL. To find out more about Aflac, visit
http://www.aflac.com.
The Private Securities Litigation Reform Act of 1995 provides a "safe
harbor" to encourage companies to provide prospective information, so long
as those informational statements are identified as forward-looking and are
accompanied by meaningful cautionary statements identifying important
factors that could cause actual results to differ materially from those
included in the forward-looking statements. We desire to take advantage of
these provisions. This document contains cautionary statements identifying
important factors that could cause actual results to differ materially from
those projected herein, and in any other statements made by company
officials in communications with the financial community and contained in
documents filed with the Securities and Exchange Commission (SEC).
Forward-looking statements are not based on historical information and
relate to future operations, strategies, financial results or other
developments. Furthermore, forward- looking information is subject to
numerous assumptions, risks, and uncertainties. In particular, statements
containing words such as "expect," "anticipate," "believe," "goal,"
"objective," "may," "should," "estimate," "intends," "projects," "will,"
"assumes," "potential," "target," or similar words as well as specific
projections of future results, generally qualify as forward-looking. Aflac
undertakes no obligation to update such forward-looking statements.
We caution readers that the following factors, in addition to other
factors mentioned from time to time could cause actual results to differ
materially from those contemplated by the forward-looking statements:
legislative and regulatory developments; assessments for insurance company
insolvencies; competitive conditions in the United States and Japan; new
product development and customer response to new products and new marketing
initiatives; ability to attract and retain qualified sales associates and
employees; ability to repatriate profits from Japan; changes in U.S. and/or
Japanese tax laws or accounting requirements; credit and other risks
associated with Aflac's investment activities; significant changes in
investment yield rates; fluctuations in foreign currency exchange rates;
deviations in actual experience from pricing and reserving assumptions
including, but not limited to, morbidity, mortality, persistency, expenses,
and investment yields; level and outcome of litigation; downgrades in the
company's credit rating; changes in rating agency policies or practices;
subsidiary's ability to pay dividends to parent company; ineffectiveness of
hedging strategies; catastrophic events; and general economic conditions in
the United States and Japan, including increased uncertainty in the U.S.
and international financial markets.
Analyst and investor contact -- Kenneth S. Janke Jr., 800.235.2667 --
option 3, FAX: 706.324.6330, or kjanke@aflac.com
Media contact -- Laura Kane, 706.596.3493, FAX: 706.320.2288, or
lkane@aflac.com
SOURCE Aflac Incorporated
 back to top
Related links:
http://www.aflac.com
Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/20041202/CLTH019LOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Analysts and Investors, Kenneth S. Janke Jr.,
+1-800-235-2667, option 3, fax: +1-706-324-6330,
kjanke@aflac.com, or Media, Laura Kane, +1-706-596-3493, fax:
+1-706-320-2288, lkane@aflac.com, both of Aflac Incorporated
|
