On Tuesday, April 24, after the market closed, Aflac (NYSE:AFL) released first-quarter results for the period ended March 31. Here are the quick and dirty details for the quarter.

  • Total revenue grew 5% to $3.8 billion, as strong sales growth in the U.S. helped offset continued weakness in Japan.

  • Reported net income grew 10.9%, while earnings grew 13.5%. Operating earnings grew 13.9%. Management uses operating earnings calculations to detail operational results, excluding items such as realized investment gains and losses, nonrecurring items, and other accounting changes.

  • Aflac repurchased 5.1 million shares during the quarter and raised its dividend for the third straight quarter, this time by 10.8%.

  • Aflac expects a 15%-16% increase in operating earnings for 2007.

  • Stock Advisor recommendation Aflac carries a favorable four-star rating in Motley Fool CAPS, as does insurance peer Allianz (NYSE:AZ). Conseco (NYSE:CNO) and Delphi Financial (NYSE:DFG) carry lower two-star ratings, while Assurant (NYSE:AIZ) earns a coveted five stars.

(Figures in millions, except per-share data)

Income Statement Highlights

Q1 2007

Q1 2006

Change

Premiums Earned

$3,156

$3,005

5.0%

Net Investment Income

$566

$524

8.0%

Net Income

$416

$375

10.9%

EPS

$0.84

$0.74

13.5%

Diluted Operating Earnings

$0.82

$0.72

13.9%

Get back to basics with a look at the income statement.

Ratio Checkup

Q1 2007

Q1 2006

Change

Return on Assets - Aflac U.S.

6.82%

6.73%

0.09%

Return on Assets - Aflac Japan

4.10%

4.12%

(0.02%)

*Expressed in percentage points.

Margins are the earnings engine. See how they work.

Balance Sheet Highlights

Assets

Q1 2007

Q1 2006

Change

Investments

$53,268

$48,865

9.0%

Cash and Equivalents

$834

$1,155

(27.8%)

Liabilities

Policy Liabilities

$46,651

$43,358

7.6%

Notes Payable

$1,434

$1,400

2.4%

Learn the ways of the balance sheet.

Related Foolishness:

Aflac is a Motley Fool Stock Advisor recommendation. You can find out why with a 30-day free trial to the Gardner brothers' market-beating service.

Fool by Numbers is designed to give you the raw earnings information in a timely fashion, putting all the numbers you need in one easy-to-read place. But at The Motley Fool, we believe numbers tell only part of the story, so check Fool.com for more of our in-depth discussion of what the numbers mean.

Fool contributor Ryan Fuhrmann is long shares of Aflac but has no financial interest in any other company mentioned. Feel free to email him with feedback or to discuss any companies mentioned further. The Fool has an ironclad disclosure policy.