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FOR IMMEDIATE RELEASE Affac Incorporated News Release Aflac Incorporated Announces Second Quarter Results , Reports Second Quarter Net Earnings of $ 1.1 Billion , Declares Third Quarter Cash Dividend COLUMBUS , Ga . - July 28 , 2021 - Aflac Incorporated ( NYSE : AFL ) today reported its second quarter results . Total revenues were $ 5.6 billion in the second quarter of 2021 , compared with $ 5.4 billion in the second quarter of 2020 . Net earnings were $ 1.1 billion , or $ 1.62 per diluted share , compared with $ 805 million , or $ 1.12 per diluted share a year ago , driven by higher net investment gains . Net earnings in the second quarter of 2021 included pretax adjusted net investment gains * of $ 85 million , or $ 0.12 per diluted share , compared with pretax adjusted net investment losses of $ 166 million , or $ 0.23 per diluted share a year ago , which are excluded from adjusted earnings * . The adjusted net investment gains were driven by an increase in the fair value of equity securities of $ 170 million , a decrease in the allowance associated with the company's estimate of current expected credit losses ( CECL ) of $ 12 million , net gains from sales and redemptions of $ 6 million , all of which were partially offset by net losses from certain derivatives and foreign currency activities of $ 103 million . The average yen / dollar exchange rate * in the second quarter of 2021 was 109.48 , or 1.7 % weaker than the average rate of 107.65 in the second quarter of 2020. For the first six months , the average exchange rate was 107.79 , or 0.4 % stronger than the rate of 108.25 a year ago . Total investments and cash at the end of June 2021 were $ 146.7 billion , compared with $ 142.2 billion at June 30 , 2020. In the second quarter , Aflac Incorporated repurchased $ 500 million , or 9.2 million of its common shares . At the end of June 2021 , the company had 76.5 million remaining shares authorized for repurchase . Shareholders ' equity was $ 33.7 billion , or $ 50.20 per share , at June 30 , 2021 , compared with $ 29.4 billion , or $ 41.21 per share , at June 30 , 2020. Shareholders ' equity at the end of the second quarter included a net unrealized gain on investment securities and derivatives of $ 10.0 billion , compared with a net unrealized gain of $ 8.5 billion at June 30 , 2020. Shareholders ' equity at the end of the second 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 June 30 , 2020. The annualized return on average shareholders ' equity in the second quarter was 13.4 % . Adjusted earnings in the second quarter were $ 1.1 billion , compared with $ 921 million in the second quarter of 2020 , reflecting an increase of 17.3 % driven by lower - than - expected benefit ratios and higher net investment income , primarily in Japan , and a favorable effective tax rate . Adjusted earnings included pretax variable investment income of $ 137 million on alternative investments , which was $ 112 million above long - term return expectations . Adjusted earnings per diluted share * increased 24.2 % to $ 1.59 in the quarter . The weaker yen / dollar exchange rate impacted adjusted earnings per diluted share by $ 0.01 .