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FOR IMMEDIATE RELEASE Afiac . Incorporated News Release Aflac Incorporated Announces Third Quarter Results , Reports Third Quarter Net Earnings of $ 888 Million , Declares Fourth Quarter Cash Dividend COLUMBUS , Ga . - October 27 , 2021 - Aflac Incorporated ( NYSE : AFL ) today reported its third quarter results . Total revenues were $ 5.2 billion in the third quarter of 2021 , compared with $ 5.7 billion in the third quarter of 2020. Net earnings were $ 888 million , or $ 1.32 per diluted share , compared with $ 2.5 billion , or $ 3.44 per diluted share a year ago . Net earnings in 2020 reflect a $ 1.4 billion benefit from the release of valuation allowances on deferred tax benefits due to changes in U.S. tax regulations . Net earnings in the third quarter of 2021 included pretax adjusted net investment losses * of $ 172 million , or $ 0.26 per diluted share , compared with pretax adjusted net investment gains of $ 117 million , or $ 0.16 per diluted share a year ago , which are excluded from adjusted earnings * . The adjusted net investment losses were driven by a decrease in the fair value of equity securities of $ 119 million , net losses from certain derivatives and foreign currency activities of $ 39 million , net losses from sales and redemptions of $ 14 million , partially offset by a decrease in the allowance associated with the company's estimate of current expected credit losses ( CECL ) of $ 1 million . The average yen / dollar exchange rate * in the third quarter of 2021 was 110.11 , or 3.5 % weaker than the average rate of 106.23 in the third quarter of 2020. For the first nine months , the average exchange rate was 108.58 , or 0.9 % weaker than the rate of 107.63 a year ago . Total investments and cash at the end of September 2021 were $ 146.0 billion , compared with $ 146.1 billion at September 30 , 2020. In the third quarter , Aflac Incorporated deployed $ 525 million in capital to repurchase 9.6 million of its common shares . At the end of September 2021 , the company had 67.0 million remaining shares authorized for repurchase . Shareholders ' equity was $ 33.6 billion , or $ 50.62 per share , at September 30 , 2021 , compared with $ 32.5 billion , or $ 46.16 per share , at September 30 , 2020. Shareholders ' equity at the end of the third quarter included a net unrealized gain on investment securities and derivatives of $ 9.7 billion , compared with a net unrealized gain of $ 9.5 billion at September 30 , 2020. Shareholders ' equity at the end of the third quarter also included an unrealized foreign currency translation loss of $ 1.8 billion , compared with an unrealized foreign currency translation loss of $ 1.3 billion at September 30 , 2020. The annualized return on average shareholders ' equity in the third quarter was 10.6 % . Adjusted earnings in the third quarter were $ 1.0 billion , compared with $ 994 million in the third quarter of 2020 , reflecting an increase of 3.7 % driven by lower - than - expected benefit ratios and higher net investment income , primarily in Japan , partially offset by a higher effective tax rate . Adjusted earnings included pretax variable investment income of $ 112 million on alternative investments , which was $ 96 million above long - term return expectations . Adjusted earnings per diluted share * increased 10.1 % to $ 1.53 in the quarter . The weaker yen / dollar exchange rate impacted adjusted earnings per diluted share by $ 0.02 . For the first nine months of 2021 , total revenues were up 2.7 % to $ 16.7 billion , compared with $ 16.2 billion in the first nine months of 2020. Net earnings were $ 3.3 billion , or $ 4.82 per diluted share , compared with $ 3.8 billion , or $ 5.31 per diluted share , for the first nine months of 2020. Adjusted earnings for the first nine months of 2021 were $ 3.2 billion , or $ 4.65 per diluted share , compared with $ 2.8 billion , or $ 3.88 per diluted share , in 2020. Adjusted earnings included $ 283 million of pretax variable investment income on alternative investments , which was $ 232 million above long - term return