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FOR IMMEDIATE RELEASE Affac Incorporated News Release Aflac Incorporated Announces First Quarter Results , Reports First Quarter Net Earnings of $ 1.3 Billion , Declares Second Quarter Cash Dividend COLUMBUS , Ga . - April 28 , 2021 - Aflac Incorporated ( NYSE : AFL ) today reported its first quarter results . Total revenues were $ 5.9 billion in the first quarter of 2021 , compared with $ 5.2 billion in the first quarter of 2020. Net earnings were $ 1.3 billion , or $ 1.87 per diluted share , compared with $ 566 million , or $ 0.78 per diluted share a year ago , driven by higher net investment gains . Net earnings in the first quarter of 2021 included pretax adjusted net investment gains * of $ 304 million , or $ 0.44 per diluted share , compared with pretax adjusted net investment losses of $ 448 million , or $ 0.62 per diluted share a year ago , which are excluded from adjusted earnings . The adjusted net investment gains were driven by net gains from certain derivatives and foreign currency activities of $ 361 million and a decrease in the allowances associated with the company's estimate of current expected credit gains ( CECL ) of $ 22 million , offset by a decrease in the fair value of equity securities of $ 68 million and net losses of $ 11 million from sales and redemptions . The average yen / dollar exchange rate * in the first quarter of 2021 was 105.88 , or 2.8 % stronger than the average rate of 108.84 in the first quarter of 2020 . Total investments and cash at the end of March 2021 were $ 143.3 billion , compared with $ 137.0 billion at March 31 , 2020 . In the first quarter , Aflac Incorporated repurchased $ 650 million , or 13.4 million of its common shares . At the end of March 2021 , the company had 85.7 million remaining shares authorized for repurchase . Shareholders ' equity was $ 32.1 billion , or $ 47.16 per share , at March 31 , 2021 , compared with $ 26.4 billion , or $ 36.75 per share , at March 31 , 2020. Shareholders ' equity at the end of the first quarter included a net unrealized gain on investment securities and derivatives of $ 8.8 billion , compared with a net unrealized gain of $ 6.0 billion at March 31 , 2020. Shareholders ' equity at the end of the first quarter also included an unrealized foreign currency translation loss of $ 1.7 billion , compared with an unrealized foreign currency translation loss of $ 1.5 billion at March 31 , 2020. The annualized return on average shareholders ' equity in the first quarter was 15.8 % . Adjusted earnings * in the first quarter were $ 1.1 billion , compared with $ 882 million in the first quarter of 2020 , reflecting an increase of 20.0 % driven by lower - than - expected benefit ratios in the United States and favorable effective tax rates . Adjusted earnings included pretax variable investment income of $ 34 million on alternative investments , which was $ 25 million above long - term return expectations . Adjusted earnings per diluted share * increased 26.4 % to $ 1.53 in the quarter . The stronger yen / dollar exchange rate impacted adjusted earnings per diluted share by $ 0.02 .