Aflac Incorporated’s AFL first-quarter 2016 operating earnings per share of $1.73 beat the Zacks Consensus Estimate by about 7% and improved 12.3% year over year.Including one-time items, Aflac’s net income in the reported quarter increased 15.2% year over year to $1.74 per share.Total revenue increased 4.3% year over year to $5.5 billion. The top-line improvement is attributable to a stronger yen-dollar exchange rate. Revenues surpassed the Zacks Consensus Estimate of $5.23 billion.Total acquisition and operating expenses increased 3.7% year over year to $1.3 billion, while benefits and claims increased 2.5% year over year to $3.0 billion.Detailed AnalysisTotal revenue from Aflac Japan increased 3% year over year to $3.8 billion,. Premium income increased 3.3% to $3.2 billion during the quarter, while investment income increased 1.4% to $622 million. Pretax operating earnings were up 2.4% to $838 million from the prior-year quarter.Aflac U.S. generated revenues of $1.5 billion, up 2.3% from the prior-year quarter. Net investment income grew 5.1% to $174 million, while premiums rose 2.1% to $1.4 billion. Consequently, total new annualized sales in Aflac U.S. increased 3.7% to $328 million. Pretax operating earnings in the U.S. soared 16.6% year over year to $332 million.Financial UpdateAs of Mar 31, 2016, total investment and cash was $114.3 billion compared with $105.9 billion at year-end 2015. Shareholder equity totaled $20.0 billion against $18.6 billion at 2015 end.Dividend UpdateAflac’s board of directors declared second-quarter 2016 cash dividend of 41 cents per share. The dividend is payable on Jun 1 to shareholders on record at the close of business as of May 18, 2016.Share Repurchase UpdateIn the first quarter, the company spent $600 million to buy back 10.2 million common shares. The company had 38.2 million shares remaining under its authorization.Guidance Reiterated Along with the release of first-quarter results, Aflac reiterated its 2016 guidance. The company expects operating earnings per share between $6.17 and $6.41.The same for the second quarter is expected between $1.55 and $1.82.For 2016, the company anticipates the new annualized premium growth for Aflac U.S. in the range of 3–5% as well as a long-term compound annual growth rate (CAGR) at or above the voluntary market growth rate of 5%.For Aflac Japan, the company expects the sales of third-sector products in mid single digits compared with robust production results in 2015. The long-term CAGR is expected in the range of 4–6%. Aflac also intends to repurchase $1.4 billion worth common stock through 2016.Zacks Rank and Performance of Other InsurersAflac presently carries a Zacks Rank #2 (Buy). Among the other insurers that recently released their first-quarter earnings results, The Travelers Companies, Inc. TRV missed the Zacks Consensus Estimate, First American Financial FAF and RLI Corp. RLI beat the same. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report AFLAC INC (AFL): Free Stock Analysis Report RLI CORP (RLI): Free Stock Analysis Report TRAVELERS COS (TRV): Free Stock Analysis Report FIRST AMER FINL (FAF): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research