Aflac to take on $600 million loss in 2nd quarter - WTVM.com-Columbus, GA News Weather & Sports

Aflac to take on $600 million loss in 2nd quarter

COLUMBUS, GA (WTVM) - The Atlanta-Journal Constitution reports Columbus-based Aflac will take on a huge monetary loss.

Aflac says due to bad European investments, it will suffer $610 million in losses.

This year alone, Aflac will write off close to $1 billion in troubled European investments.

In the first quarter, the supplemental insurer charged off $376 million in soured Greek bank investments. Aflac will report its second quarter results on July 27.

Aflac's current move will reduce its risk to not only Greek banks, but also Irish and Portuguese institutions.

[See also: Aflac continues investment portfolio derisking]

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