Aflac Incorporated reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported total revenues of $5,424 million against $5,955 million a year ago. Earnings before income taxes were $999 million against $1,153 million a year ago. Net earnings were $2,351 million or $5.95 per diluted share against $751 million or $1.84 per diluted share a year ago. The increase in net earnings in the fourth quarter of 2017 reflects an estimated $1.7 billion benefit as a result of the recent U.S. Tax Cut and Jobs Act. Operating earnings were $633 million or $1.60 per diluted share against $589 million or $1.44 per diluted share a year ago.

For the year, the company reported total revenues of $21,667 million against $22,559 million a year ago. Earnings before income taxes were $4,018 million against $4,067 million a year ago. Net earnings were $4,371 million or $10.96 per diluted share against $2,659 million or $6.42 per diluted share a year ago. Operating earnings were $2,716 million or $6.81 per diluted share against $2,691 million or $6.50 per diluted share a year ago. U.S. GAAP book value per common share as at December 31, 2017 was $62.40 against $50.47 a year ago. Adjusted book value per common share as at December 31, 2017 was $52.09 against $43.99 a year ago.

As the company looks to 2018 and take into account U.S. tax reform, the company's objective is to produce stable operating earnings per diluted share of $7.45 to $7.75. The company provided earnings guidance for the year 2018. The company does see a tremendous opportunity in the broker market. There are some areas that the company believes it can improve over time, specifically in that middle market segment and that's where the company's focus will be in 2018. But as to the company's results, overall, the company believes that it will be within that range of 3% to 5%. In 2018, the company anticipates new annualized premium growth in the range of 3% to 5%, resulting in a 2% to 3% growth in earned premium. Looking ahead to 2018, sales of third sector products face challenging comparisons, especially in the early part of the year due to the conversion of the Japan branch. However, the company expects to see improvements in the second half of 2018 following the completion of the conversion. And with the help of third sector product launch, the company is planning upon conversion. The company is assuming an effective tax rate in 2018 of 26.5%. This derived from Japan's corporate tax rate of 28%, the U.S. rate of 21% and assuming a stable mix of earnings. The company estimates operating earnings per share will increase approximately $0.80 a share and have reset 2018 EPS guidance range accordingly. Looking ahead to 2018, the company is well positioned in terms of core margins and capital strength. For 2018, the company objective on a split-adjusted basis is to produce operating earnings per diluted share of $3.72 to $3.88 assuming an average exchange rate of JPY 112.16 to the dollar.