How did COVID affect Aflac, Global Payments, Synovus in Q1 2021? Here are the numbers
More than a year into the COVID-19 pandemic, major Columbus companies continue to feel its effects and ripples. But there appear to be some positive signs.
Aflac, Global Payments and Synovus have reported financial earnings for the first quarter ending March 31, 2021. Here’s what you need to know about the Columbus-affiliated companies and their earnings.
Aflac
Aflac Incorporated, a Fortune 500 company and insurer based in Columbus, reported a Q1 profit of $1.3 billion ($1.87 per diluted share), up from net earnings of $566 million ($0.78 per diluted share) over the same period last year.
Some other key points include:
- Q1 total revenues were up slightly. Aflac reported total revenues of $5.9 billion, up from $5.2 billion in Q1 2020.
Total investments and cash at the end of March 2021 were $143.3 billion, compared with $137.0 billion on March 31, 2020.
In the first quarter, Aflac repurchased $650 million, or 13.4 million of its common shares. At the end of March 2021, the company had 85.7 million remaining shares authorized for repurchase.
In a statement, Chairman and Chief Executive Officer Dan Amos said earnings were off to a strong start, but those figures are “largely supported by low benefit ratios associated with pandemic conditions.”
According to filings with the Securities and Exchange Commission, Aflac U.S. “experienced a significant decrease in sales, compared to pre-pandemic levels of the first quarter of 2020” while Aflac Japan sales were flat compared to Q1 2020.
Amos said there should be an improvement in the second half of the year as communities and businesses open up. Both Aflac Japan and Aflac U.S. have taken measures to address employee safety and increased their ability to develop and maintain more flexible working conditions, according to the company’s report.
“We are encouraged by the production and distribution of COVID-19 vaccines, but we also recognize that vaccination efforts are still in the early stages around the world,” he said. “In the interim, we are cautiously optimistic and remain vigilant, and our thoughts and prayers are with everyone affected.”
Global Payments
Global Payments, a financial technology services company with dual headquarters in Atlanta and Columbus, reported a Q1 2021 profit of $198.4 million, up from a total reported net income of $150.6 million over the same period last year.
Other key points include:
- Total revenues were up slightly. In Q1 2021, Global Payments reported $1.99 billion, up from $1.90 billion in Q1 2020.
- Diluted earnings per share were $0.66, up from $0.48 over the same period last year.
“We returned to growth in the first quarter and delivered the fastest rate of sequential expansion across our markets since the end of 2019,” Jeff Sloan, Chief Executive Officer of Global Payments, said in a statement.
Global Payments also announced Tuesday that it reached a $925 million agreement to acquire Zego, a real estate management and payments software, from VistaEquity Partners.
Synovus
Synovus, the Columbus-based banking and financial services provider, reported a profit of roughly $187 million, up from a reported total net income of roughly $38.5 million over the same period last year.
Some other key points include:
- Total loans for Q1 2021 were slightly up. Loans were $38.8 billion, up from $38.3 billion in Q1 2020.
- Total deposits increased. In Q1 2021, Synovus reported roughly $47.4 billion in deposits, up from $39.8 billion in Q1 2020.
- Adjusted diluted earnings per share were $1.21, up $0.13 sequentially and $1.00 compared to the prior year.
The company is also undergoing a leadership transition. Kevin Blair succeeded Kessel Stelling as CEO in late April.
This story was originally published May 5, 2021 at 11:52 AM.