Aflac (NYSE: AFL) reported Q1 EPS of $1.21, $0.11 better than the analyst estimate of $1.10. Revenue for the quarter came in at $5.2 billion versus the consensus estimate of $5.5 billion.

OUTLOOK

Commenting on the company's results, Chairman and Chief Executive Officer Daniel P. Amos stated: "Throughout this incredibly challenging and unprecedented time prompted by the global COVID-19 pandemic, I am very appreciative of the flexibility, compassion and spirit of our management, employees, and sales agents. Their safety and health, along with that of our policyholders, is our greatest priority, and we strive each day to be there for our policyholders in their time of need.

"We ended the first quarter and entered this crisis with strong earnings, a strong, well-diversified portfolio, strong capital ratios and ample holding company liquidity further strengthened by recent debt offerings. However, sales production in both Japan and the U.S. did begin to fall off in March, and the decline accelerated in the month of April, impacted by a reduction in face-to-face activity. While our respective sales platforms and distribution partners are working to adapt to the new environment, we believe these trends point to depressed sales at least until we see COVID-19 restrictions subside.

"Recognizing challenges to production and the potential for volatility in core earnings drivers associated with the evolving nature of the global COVID-19 pandemic, it is challenging to forecast with reasonable accuracy the full duration, magnitude, and pace of recovery across our distribution and operations. Therefore, we believe it is prudent to withdraw adjusted earnings guidance for 2020. However, we will continue to provide color on the drivers of our earnings and any trends that we see for the remainder of the year.

"With this in mind, we also remain committed to prudent liquidity and capital management. We are understandably taking a tactical approach to capital allocation, leaving all of our options open for deployment and defense. In terms of repurchase guidance, we remain in the market at reduced levels, and are being tactical in our approach to repurchasing our stock. This will provide us additional flexibility to maintain strong capital ratios on behalf of our policyholders in both the U.S. and Japan. We remain committed to defending and extending our 37-year track record of annual dividend increases. We will also continue to invest opportunistically in our platform and strengthen our franchise through growth investments such as our recent definitive agreement to acquire Zurich North America's U.S. Corporate Life and Pensions (Group Benefits) business. By doing so, we look to emerge from this period in a continued position of strength and leadership."

*See Non-U.S. GAAP Financial Measures section for an explanation of foreign exchange and its impact on the financial statements and definitions of the non-U.S. GAAP financial measures used in this earnings release, as well as a reconciliation of such non-U.S. GAAP financial measures to the most comparable U.S. GAAP financial measures.

For earnings history and earnings-related data on Aflac (AFL) click here.