UBS reiterated its Neutral rating on AFLAC Incorporated AFL following a Q2 earnings announcement.
The company reported 2Q16 operating EPS of $1.71, in line with UBS's estimate. "Consolidated earnings were within 1 percent of our forecast with minimal differences at both AFL Japan and AFL U.S in terms of earnings, benefit ratios and margins," the note said.
Aflac's 2Q Japan sales dropped 1.1 percent versus the analysts' estimate of 3.6 percent decline, and the U.S. sales were up 1 percent versus the estimate of 4 percent growth.
The company implemented share buybacks of about $400 million in 2Q, consistent with the forecast. "AFL continues to guide to $1.4 billion of buybacks for 2016, of which $1.0 billion has already been completed," wrote UBS. The bank maintained its Neutral rating on the shares with $71 price target; at time of writing, Aflace was down 0.22 percent on the day at $73.16.
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