Aflac, the direct marketing insurer based in Columbus, GA, reported a drop in fourth-quarter earnings from $186 million in 2002 to $73 million during the quarter just ended. During the quarter, the company sold all of its investment holdings in Parmalat, the troubled Italian firm, at a loss of $257 million. It also unloaded its stake in Levi Strauss at a loss of $38 million.
But the company
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