Aflac second-quarter profit falls 8.9 percent

MarketsAssociated Press

Aflac Inc. (AFL) on Tuesday reported earnings that declined by 8.9 percent in its second quarter, but beat analysts' expectations.

The Columbus, Georgia-based company said profit dropped to $810 million, or $1.78 per share, from $889 million, or $1.90 per share, in the same quarter a year earlier.

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Earnings, adjusted for investment gains, came to $1.66 per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $1.59 per share.

The insurer said revenue dropped 3.4 percent to $5.84 billion from $6.04 billion in the same quarter a year earlier. The results met Wall Street forecasts.

Shares fell $1.14, or 1.8 percent, to $62 in after-hours trading. The stock closed down 51 cents to $63.14 Tuesday and has dropped 5.5 percent this year.