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AFLAC INCORPORATED REPORTS RECORD FIRST QUARTER EARNINGS, INCREASES SECOND QUARTER CASH DIVIDEND AND DECLARES 5-FOR-4 STOCK SPLIT

 COLUMBUS, Ga., April 27 /PRNewswire/ -- AFLAC Incorporated (NYSE: AFL) today reported record first quarter 1993 results.
 Operating earnings of $54.0 million (before accounting changes and realized investment gains/losses) were the best in the company's history. Except where noted, all per-share amounts have been adjusted to reflect the pending five-for-four stock split. Operating earnings per share increased 24.4 percent to $.51, compared to $.41 a year ago. Net earnings (before accounting changes but including realized investment gains/losses) were $53.7 million, or $.51 per share. Total revenues in the first quarter rose 20.0 percent to $1.1 billion.
 The company adopted three new accounting standards in the quarter through a one-time, cumulative adjustment to the statement of earnings. These standards include: SFAS No. 109, Accounting for Income Taxes; SFAS No. 106, Employers' Accounting for Postretirement Benefits Other Than Pensions; and SFAS No. 112, Employers' Accounting for Postemployment Benefits. The net effect of the cumulative adjustment for prior years was an earnings increase of $11.4 million, or $.11 per share. Net earnings including the accounting changes were $.62 per share.
 The board of directors increased the quarterly cash dividend from $.11 to $.125 per share (not adjusted for the pending five-for-four stock split). The second quarter cash dividend, which will be paid prior to the stock split, is payable on June 1 to shareholders of record at the close of business on May 14. This is the 11th consecutive year the dividend has been increased and the 79th consecutive quarterly cash dividend.
 The board of directors also declared a five-for-four stock split payable on June 15 to shareholders of record at the close of business on June 1.
 President and Chief Executive Officer Daniel P. Amos stated: "We are very pleased with AFLAC's record first-quarter performance. The decision to increase the cash dividend 13.6 percent and declare a five- for-four stock split is a strong reflection of our optimism for continued rapid growth."
 AFLAC Incorporated is an international holding company. Through its principal subsidiary, American Family Life Assurance Company (AFLAC), the company is one of the world's leading underwriters of supplemental insurance. AFLAC's primary markets are the United States and Japan. The company also owns seven network-affiliated television stations.
 AFLAC INCORPORATED AND SUBSIDIARIES
 Consolidated Summary of Earnings
 (Unaudited -- $000 omitted, except for per-share amounts)
 3 mos. ended March 31 1993 1992 Pct. chg.
 Total revenues $1,121,470 $ 934,466 20.0
 Operating earnings (excluding net
 realized investment gains/losses)(a) 53,964 42,194 27.9
 Net earnings (including net realized
 investment gains/losses)(a) 53,746 42,397 26.8
 Cumulative effect of acctg. changes 11,438 ---
 Net earnings after acctg. changes 65,184 42,397
 Earnings per share:
 Operating earnings per share(a) .51 .41 24.4
 Net earnings per share(a) .51 .41 24.4
 Cumulative effect of acctg. changes .11 ---
 Net earnings after acctg. changes .62 .41
 Dividends paid per share .088 .08 10.0
 Number of shares used to compute
 earnings per share (000) 105,093 102,356
 (a) Before cumulative effect of accounting changes
 NOTE: Share and per-share amounts have been adjusted to reflect the pending five-for-four stock split.
 -0- 4/27/93
 /CONTACT: Analysts: Kenneth S. Janke Jr., 800-235-2667 or, fax, 706-324-6330; Media: Kathelen V. Spencer, 706-596-3789, both of AFLAC/
 (AFL)


CO: American Family Corporation ST: Georgia IN: INS SU: ERN

BN-RA -- AT015 -- 1659 04/27/93 17:26 EDT
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Publication:PR Newswire
Date:Apr 27, 1993
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