Aflac Incorporated announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2016. Reflecting the stronger yen/dollar exchange rate, total revenues increased 12.0% to $6.0 billion during the fourth quarter of 2016, compared with $5.3 billion in the fourth quarter of 2015. Net earnings were $751 million, or $1.84 per diluted share, compared with $730 million, or $1.71 per share, a year ago. Operating earnings in the fourth quarter were $630 million, compared with $668 million in the fourth quarter of 2015, reflecting the impact of a pretax $52 million (¥6 billion) reserve adjustment on a closed block of business. Operating earnings per diluted share decreased 1.3% to $1.54 in the quarter, reflecting the reserve adjustment of $0.08 per diluted share, compared with $1.56 a year ago. The stronger yen/dollar exchange rate increased operating earnings per diluted share by $0.08 for the fourth quarter. Excluding the impact from the stronger yen, operating earnings per diluted share decreased 6.4%. Earnings before income taxes were $1,153 million against $1,110 million a year ago.

Results for the full year of 2016 were also magnified by the stronger yen. Total revenues were up 8.1% to $22.6 billion, compared with $20.9 billion for the full year of 2015. Net earnings for the full year of 2016 were $2.7 billion, or $6.42 per diluted share, compared with $2.5 billion, or $5.85 per diluted share, a year ago. Operating earnings for the full year of 2016 were $2.8 billion, or $6.79 per diluted share, compared with $2.7 billion, or $6.16 per diluted share, in 2015. Earnings before income taxes Earnings before income taxes were $4,067 million against $3,862 million a year ago.

The guidance remains for 2017 unchanged since December outlook call. Objective is to produce stable operating earnings per diluted share of $6.40 to $6.65, assuming the average exchange rate in 2016 of JPY 108.70 to the dollar.