AFLAC Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company's revenues rose 12.9% to $6.0 billion compared with $5.3 billion in the fourth quarter of 2010. Earnings before income taxes were $834 million against $667 million a year ago. Net earnings were $546 million, or $1.17 per basic and diluted share, compared with $437 million, or $0.92 per diluted share, a year ago. Net earnings included after-tax realized investment losses, net of realized investment gains, of $145 million, or $0.31 per diluted share compared with net after-tax losses of $191 million, or $0.41 per diluted share, a year ago. Operating earnings were $691 million compared with $628 million in the fourth quarter of 2010. Operating earnings per diluted share rose 11.3% to $1.48 compared with $1.33 a year ago. The stronger yen/dollar exchange rate increased operating earnings per diluted share by $0.06 during the fourth quarter. For the year, the company's total revenues were up 6.9% to $22.2 billion compared with $20.7 billion a year ago. Earnings before income taxes were $2,992 million against $3,585 million a year ago. Net earnings were $2.0 billion, or $4.18 per diluted share compared with $2.3 billion, or $4.95 per share, in 2010. Operating earnings were $3.0 billion or $6.33 per diluted share compared with $2.6 billion, or $5.53 per diluted share, in 2010. Excluding the benefit of $0.36 per share from the stronger yen, operating earnings per diluted share rose 8.0% for the year. The annualized return on average shareholders' equity in the fourth quarter was 16.6%. On an operating basis (excluding realized investment losses and the impact of derivative gains/losses on net earnings, and unrealized investment and derivative gains/losses in shareholders' equity), the annualized return on average shareholders' equity was 22.7% for the fourth quarter. The company reiterates the objective for 2012 is to increase operating earnings per diluted share 2% to 5% on a currency neutral basis. This range reflects the impact of portfolio derisking and investing significant cash flows at low interest rates. The company expects the rate of earnings growth in 2013 to improve over 2012. The board of directors declared the first quarter cash dividend. The first quarter dividend of $0.33 per share is payable on March 1, 2012, to shareholders of record at the close of business on February 15, 2012.