Insurer Aflac Inc. (AFL) will raise its quarterly dividend by 3.7 percent to $0.28 per share in the first quarter of 2020. This follows a 3.8 percent dividend hike by the Dividend Aristocrat last year.

The increased dividend is payable on March 2, 2020 to shareholders of record at the close of business onFebruary 19, 2020. The new annualized dividend rate of $1.12 per share yields 2.1% at a stock price of $53.

Commenting on the company's results in today's press release, Chairman and Chief Executive Officer Daniel P. Amos stated: "We are pleased with the company's overall performance for the year. Total pretax adjusted earnings increased 2.5%, which is particularly impressive considering our extensive investments to drive future earned premium growth, which will remain a critical strategic focus for 2020. I am pleased with the Board's decision to increase the dividend, coming off our 37th consecutive year of dividend increases and a recognition of the stability of our earnings and capital generation. It also demonstrates our commitment to rewarding our shareholders.

Aflac Incorporated is engaged in supplemental health and life insurance. The company is a provider of voluntary insurance at the worksite in the United States and medical and cancer insurance in Japan. The Company offers cancer plans, critical illness plans, and critical care and recovery plans. When a policyholder gets sick or hurt, Aflac pays cash benefits fast, giving policyholders the opportunity to direct cash where it’s needed most when a specific health event or life situation causes financial challenges. This is often due to income loss from missed work as well as asset loss from many medical and non-medical out-of-pocket expenses that often arise. Aflac was founded in 1955 and has increased its dividend every year since 1982.