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Aflac Incorporated and Subsidiaries
Consolidated Statements of Earnings
Years Ended December 31,
(In millions, except for share and per-share amounts)
2016
2015
2014
Revenues:
Net premiums, principally supplemental health insurance
$ 19,225
$ 17,570
$ 19,072
Net investment income
3,278
3,135
3,319
Realized investment gains (losses):
Other-than-temporary impairment losses realized
(83)
(153)
(31)
Sales and redemptions
215
303
215
Derivative and other gains (losses)
(255)
(10)
31
Total realized investment gains (losses)
(123)
140
215
Other income (loss)
179
27
122
Total revenues
22,559
20,872
22,728
Benefits and expenses:
Benefits and claims, net
12,919
11,746
12,937
Acquisition and operating expenses:
Amortization of deferred policy acquisition costs
1,141
1,066
1,108
Insurance commissions
1,368
1,303
1,436
Insurance expenses
2,452
2,214
2,261
Interest expense
268
289
317
Other expenses
344
(1)
392
(1)
178
Total acquisition and operating expenses
5,573
5,264
5,300
Total benefits and expenses
18,492
17,010
18,237
Earnings before income taxes
4,067
3,862
4,491
Income tax expense:
Current
884
1,288
1,079
Deferred
524
41
461
Income taxes
1,408
1,329
1,540
Net earnings
$ 2,659
$ 2,533
$ 2,951
Net earnings per share:
Basic
$ 6.46
$ 5.88
$ 6.54
Diluted
6.42
5.85
6.50
Weighted-average outstanding common shares used in
computing earnings per share (In thousands):
Basic
411,471
430,654
451,204
Diluted
413,921
433,172
454,000
(1)
Includes expense of $137 in 2016 and $230 in 2015 for the payments associated with the early extinguishment of debt
See the accompanying Notes to the Consolidated Financial Statements.
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