Attached files
| file | filename |
|---|---|
| 8-K - COVER - Unum Group | unm41720128-kcover.htm |
Supplemental Exhibit | |||
(Unaudited) | |||
Financial Results as Adjusted for | |||
Accounting Standards Update for Deferred Acquisition Costs (ASU 2010 - 26) | |||
and Non-operating Retirement-related Loss | |||
(dollars in millions, except share data and where noted) | |||
Unum Group Consolidated Balance Sheets - Adjusted for ASU 2010-26
December 31, | |||||||
2011 | 2010 | ||||||
Assets | |||||||
Investments | |||||||
Fixed Maturity Securities | $ | 42,486.7 | $ | 40,035.6 | |||
Mortgage Loans | 1,612.3 | 1,516.8 | |||||
Policy Loans | 3,051.4 | 2,996.1 | |||||
Other Long-term Investments | 639.2 | 529.3 | |||||
Short-term Investments | 1,423.5 | 1,163.1 | |||||
Total Investments | 49,213.1 | 46,240.9 | |||||
Cash and Bank Deposits | 116.6 | 53.6 | |||||
Accounts and Premiums Receivable | 1,672.2 | 1,665.8 | |||||
Reinsurance Recoverable | 4,854.6 | 4,827.9 | |||||
Accrued Investment Income | 681.8 | 669.8 | |||||
Deferred Acquisition Costs | 1,677.1 | 1,816.1 | |||||
Goodwill | 201.2 | 201.2 | |||||
Property and Equipment | 493.3 | 476.8 | |||||
Other Assets | 645.3 | 650.6 | |||||
Total Assets | $ | 59,555.2 | $ | 56,602.7 | |||
Liabilities | |||||||
Policy and Contract Benefits | $ | 1,494.0 | $ | 1,565.0 | |||
Reserves for Future Policy and Contract Benefits | 43,051.9 | 39,715.0 | |||||
Unearned Premiums | 433.2 | 436.7 | |||||
Other Policyholders' Funds | 1,625.9 | 1,669.7 | |||||
Income Tax Payable | 38.2 | 135.7 | |||||
Deferred Income Tax | 44.7 | 171.7 | |||||
Short-term Debt | 312.3 | 225.1 | |||||
Long-term Debt - Non-recourse | 632.5 | 716.9 | |||||
Long-term Debt - All Other | 1,937.7 | 1,914.4 | |||||
Other Liabilities | 1,815.1 | 1,567.6 | |||||
Total Liabilities | 51,385.5 | 48,117.8 | |||||
Stockholders’ Equity | |||||||
Common Stock | 35.9 | 36.5 | |||||
Additional Paid-in Capital | 2,591.1 | 2,615.4 | |||||
Accumulated Other Comprehensive Income (Loss) | |||||||
Net Unrealized Gain on Securities | 614.8 | 416.1 | |||||
Net Gain on Cash Flow Hedges | 408.7 | 361.0 | |||||
Foreign Currency Translation Adjustment | (117.6 | ) | (107.1 | ) | |||
Unrecognized Pension and Postretirement Benefit Costs | (444.1 | ) | (318.6 | ) | |||
Retained Earnings | 6,611.0 | 6,591.8 | |||||
Treasury Stock | (1,530.1 | ) | (1,110.2 | ) | |||
Total Stockholders’ Equity | 8,169.7 | 8,484.9 | |||||
Total Liabilities and Stockholders’ Equity | $ | 59,555.2 | $ | 56,602.7 | |||
1
Unum Group Deferred Acquisition Costs by Segment - Adjusted for ASU 2010-26
Unum US | Unum UK | Colonial Life | Closed Block | Consolidated | |||||||||||||||
Balances at December 31, 2009 | $ | 932.4 | $ | 40.8 | $ | 593.5 | $ | 217.6 | $ | 1,784.3 | |||||||||
Capitalized | 207.8 | 15.1 | 196.8 | 2.8 | 422.5 | ||||||||||||||
Amortized | (192.6 | ) | (13.6 | ) | (150.1 | ) | (17.0 | ) | (373.3 | ) | |||||||||
Adjustment Related to Unrealized Investment Gains/Losses | (3.9 | ) | — | (12.2 | ) | — | (16.1 | ) | |||||||||||
Foreign Currency | — | (1.3 | ) | — | — | (1.3 | ) | ||||||||||||
Balances at December 31, 2010 | 943.7 | 41.0 | 628.0 | 203.4 | 1,816.1 | ||||||||||||||
Capitalized | 220.3 | 15.4 | 203.1 | 3.7 | 442.5 | ||||||||||||||
Amortized | (188.1 | ) | (15.3 | ) | (151.2 | ) | (11.1 | ) | (365.7 | ) | |||||||||
Impairment of Deferred Acquisition Costs | — | — | — | (196.0 | ) | (196.0 | ) | ||||||||||||
Adjustment Related to Unrealized Investment Gains/Losses | (4.1 | ) | — | (15.5 | ) | — | (19.6 | ) | |||||||||||
Foreign Currency | — | (0.2 | ) | — | — | (0.2 | ) | ||||||||||||
Balances at December 31, 2011 | $ | 971.8 | $ | 40.9 | $ | 664.4 | $ | — | $ | 1,677.1 | |||||||||
2
Unum Group Book Value Per Share - Adjusted for ASU 2010-26
December 31, | |||||||
2011 | 2010 | ||||||
Book Value per Share: | |||||||
As Reported | $ | 27.91 | $ | 26.80 | |||
Excluding Net Unrealized Gain on Securities and Net Gain on Cash Flow Hedges | $ | 24.41 | $ | 24.35 | |||
Excluding Foreign Currency Translation Adjustment | $ | 24.82 | $ | 24.69 | |||
Excluding Unrecognized Pension and Postretirement Benefit Costs | $ | 26.33 | $ | 25.69 | |||
See "Consolidated Balance Sheets" on page 1 of this Supplemental Exhibit for detail on the components of Accumulated Other Comprehensive Income (Loss) excluded from Total Stockholders' Equity in computing the book value per share measures listed above.
3
Unum Group Financial Results - Adjusted for ASU 2010-26
Year Ended | Three Months Ended | Year Ended | Three Months Ended | Year Ended | |||||||||||||||||||||||||||||||||||||||
12/31/2009 | 3/31/2010 | 6/30/2010 | 9/30/2010 | 12/31/2010 | 12/31/2010 | 3/31/2011 | 6/30/2011 | 9/30/2011 | 12/31/2011 | 12/31/2011 | |||||||||||||||||||||||||||||||||
Revenue | |||||||||||||||||||||||||||||||||||||||||||
Premium Income | $ | 7,475.5 | $ | 1,863.2 | $ | 1,849.8 | $ | 1,850.2 | $ | 1,868.2 | $ | 7,431.4 | $ | 1,869.5 | $ | 1,875.0 | $ | 1,881.2 | $ | 1,888.5 | $ | 7,514.2 | |||||||||||||||||||||
Net Investment Income | 2,346.6 | 613.0 | 629.8 | 618.4 | 634.3 | 2,495.5 | 618.7 | 637.1 | 629.2 | 634.6 | 2,519.6 | ||||||||||||||||||||||||||||||||
Net Realized Investment Gain (Loss) | 11.7 | 25.6 | (29.5 | ) | 1.1 | 27.5 | 24.7 | 15.2 | (3.6 | ) | (23.9 | ) | 7.4 | (4.9 | ) | ||||||||||||||||||||||||||||
Other Income | 257.2 | 59.8 | 60.5 | 58.2 | 63.1 | 241.6 | 59.7 | 56.0 | 59.1 | 74.3 | 249.1 | ||||||||||||||||||||||||||||||||
Total Revenue | 10,091.0 | 2,561.6 | 2,510.6 | 2,527.9 | 2,593.1 | 10,193.2 | 2,563.1 | 2,564.5 | 2,545.6 | 2,604.8 | 10,278.0 | ||||||||||||||||||||||||||||||||
Benefits and Expenses | |||||||||||||||||||||||||||||||||||||||||||
Benefits and Change in Reserves for Future Benefits | 6,291.6 | 1,568.9 | 1,579.6 | 1,587.5 | 1,618.1 | 6,354.1 | 1,593.0 | 1,599.4 | 1,635.6 | 2,381.5 | 7,209.5 | ||||||||||||||||||||||||||||||||
Commissions | 837.1 | 218.3 | 207.8 | 214.0 | 215.3 | 855.4 | 224.3 | 217.9 | 220.5 | 216.5 | 879.2 | ||||||||||||||||||||||||||||||||
Interest and Debt Expense | 125.4 | 33.4 | 34.1 | 35.2 | 39.1 | 141.8 | 37.9 | 35.1 | 35.1 | 35.2 | 143.3 | ||||||||||||||||||||||||||||||||
Deferral of Acquisition Costs | (410.9 | ) | (106.5 | ) | (103.6 | ) | (105.7 | ) | (106.7 | ) | (422.5 | ) | (112.2 | ) | (112.4 | ) | (110.1 | ) | (107.8 | ) | (442.5 | ) | |||||||||||||||||||||
Amortization of Deferred Acquisition Costs | 351.9 | 96.3 | 91.9 | 88.4 | 96.7 | 373.3 | 95.0 | 94.6 | 84.3 | 91.8 | 365.7 | ||||||||||||||||||||||||||||||||
Impairment of Deferred Acquisition Costs | — | — | — | — | — | — | — | — | — | 196.0 | 196.0 | ||||||||||||||||||||||||||||||||
Other Expenses | 1,612.0 | 393.5 | 394.8 | 385.0 | 397.9 | 1,571.2 | 397.7 | 395.4 | 391.5 | 408.9 | 1,593.5 | ||||||||||||||||||||||||||||||||
Total Benefits and Expenses | 8,807.1 | 2,203.9 | 2,204.6 | 2,204.4 | 2,260.4 | 8,873.3 | 2,235.7 | 2,230.0 | 2,256.9 | 3,222.1 | 9,944.7 | ||||||||||||||||||||||||||||||||
Income (Loss) Before Income Tax | 1,283.9 | 357.7 | 306.0 | 323.5 | 332.7 | 1,319.9 | 327.4 | 334.5 | 288.7 | (617.3 | ) | 333.3 | |||||||||||||||||||||||||||||||
Income Tax Expense (Benefit) | 436.6 | 130.1 | 97.7 | 104.6 | 108.8 | 441.2 | 103.8 | 106.9 | 86.7 | (248.3 | ) | 49.1 | |||||||||||||||||||||||||||||||
Net Income (Loss) | $ | 847.3 | $ | 227.6 | $ | 208.3 | $ | 218.9 | $ | 223.9 | $ | 878.7 | $ | 223.6 | $ | 227.6 | $ | 202.0 | $ | (369.0 | ) | $ | 284.2 | ||||||||||||||||||||
Net Income (Loss) Per Common Share | |||||||||||||||||||||||||||||||||||||||||||
Assuming Dilution | $ | 2.55 | $ | 0.68 | $ | 0.63 | $ | 0.67 | $ | 0.70 | $ | 2.69 | $ | 0.71 | $ | 0.74 | $ | 0.68 | $ | (1.26 | ) | $ | 0.94 | ||||||||||||||||||||
Basic | $ | 2.56 | $ | 0.69 | $ | 0.63 | $ | 0.68 | $ | 0.71 | $ | 2.70 | $ | 0.72 | $ | 0.74 | $ | 0.68 | $ | (1.26 | ) | $ | 0.94 | ||||||||||||||||||||
4
Unum Group Financial Results - Reconciliation of Non-GAAP Financial Measures
In the chart below and in the following segment financial data, "operating revenue" excludes net realized investment gains or losses. "Operating income" or "operating loss" excludes net realized investment gains or losses, non-operating retirement-related gains or loss, and income tax. A reconciliation of total operating revenue and operating income by segment to revenue and net income as reported in our consolidated statements of income follows.
Year Ended | Three Months Ended | Year Ended | Three Months Ended | Year Ended | |||||||||||||||||||||||||||||||||||||||
12/31/2009 | 3/31/2010 | 6/30/2010 | 9/30/2010 | 12/31/2010 | 12/31/2010 | 3/31/2011 | 6/30/2011 | 9/30/2011 | 12/31/2011 | 12/31/2011 | |||||||||||||||||||||||||||||||||
Operating Revenue by Segment | $ | 10,079.3 | $ | 2,536.0 | $ | 2,540.1 | $ | 2,526.8 | $ | 2,565.6 | $ | 10,168.5 | $ | 2,547.9 | $ | 2,568.1 | $ | 2,569.5 | $ | 2,597.4 | $ | 10,282.9 | |||||||||||||||||||||
Net Realized Investment Gain (Loss) | 11.7 | 25.6 | (29.5 | ) | 1.1 | 27.5 | 24.7 | 15.2 | (3.6 | ) | (23.9 | ) | 7.4 | (4.9 | ) | ||||||||||||||||||||||||||||
Revenue | $ | 10,091.0 | $ | 2,561.6 | $ | 2,510.6 | $ | 2,527.9 | $ | 2,593.1 | $ | 10,193.2 | $ | 2,563.1 | $ | 2,564.5 | $ | 2,545.6 | $ | 2,604.8 | $ | 10,278.0 | |||||||||||||||||||||
Operating Income (Loss) by Segment | $ | 1,315.7 | $ | 340.1 | $ | 343.6 | $ | 330.4 | $ | 313.3 | $ | 1,327.4 | $ | 320.2 | $ | 346.1 | $ | 320.6 | $ | (616.8 | ) | $ | 370.1 | ||||||||||||||||||||
Net Realized Investment Gain (Loss) | 11.7 | 25.6 | (29.5 | ) | 1.1 | 27.5 | 24.7 | 15.2 | (3.6 | ) | (23.9 | ) | 7.4 | (4.9 | ) | ||||||||||||||||||||||||||||
Non-operating Retirement-related Loss | (43.5 | ) | (8.0 | ) | (8.1 | ) | (8.0 | ) | (8.1 | ) | (32.2 | ) | (8.0 | ) | (8.0 | ) | (8.0 | ) | (7.9 | ) | (31.9 | ) | |||||||||||||||||||||
Income Tax (Expense) Benefit | (436.6 | ) | (130.1 | ) | (97.7 | ) | (104.6 | ) | (108.8 | ) | (441.2 | ) | (103.8 | ) | (106.9 | ) | (86.7 | ) | 248.3 | (49.1 | ) | ||||||||||||||||||||||
Net Income (Loss) | $ | 847.3 | $ | 227.6 | $ | 208.3 | $ | 218.9 | $ | 223.9 | $ | 878.7 | $ | 223.6 | $ | 227.6 | $ | 202.0 | $ | (369.0 | ) | $ | 284.2 | ||||||||||||||||||||
4.1
Unum Group Financial Results - Reconciliation of Non-GAAP Financial Measures - Continued
Year Ended | Three Months Ended | Year Ended | Three Months Ended | Year Ended | |||||||||||||||||||||||||||||||||||||||
12/31/2009 | 3/31/2010 | 6/30/2010 | 9/30/2010 | 12/31/2010 | 12/31/2010 | 3/31/2011 | 6/30/2011 | 9/30/2011 | 12/31/2011 | 12/31/2011 | |||||||||||||||||||||||||||||||||
Per Share*: | |||||||||||||||||||||||||||||||||||||||||||
After-tax Operating Income | $ | 2.64 | $ | 0.68 | $ | 0.70 | $ | 0.69 | $ | 0.67 | $ | 2.73 | $ | 0.70 | $ | 0.76 | $ | 0.75 | $ | 0.78 | $ | 2.98 | |||||||||||||||||||||
Net Realized Investment Gain (Loss) | — | 0.05 | (0.06 | ) | — | 0.05 | 0.05 | 0.03 | — | (0.05 | ) | 0.02 | (0.01 | ) | |||||||||||||||||||||||||||||
Non-operating Retirement-related Loss | (0.09 | ) | (0.02 | ) | (0.01 | ) | (0.02 | ) | (0.02 | ) | (0.06 | ) | (0.02 | ) | (0.02 | ) | (0.02 | ) | (0.02 | ) | (0.07 | ) | |||||||||||||||||||||
Deferred Acquisition Costs and Reserve Charges for Closed Block ** | — | — | — | — | — | — | — | — | — | (2.12 | ) | (2.04 | ) | ||||||||||||||||||||||||||||||
Special Tax Items ** | — | (0.03 | ) | — | — | — | (0.03 | ) | — | — | — | 0.08 | 0.08 | ||||||||||||||||||||||||||||||
Net Income (Loss) | $ | 2.55 | $ | 0.68 | $ | 0.63 | $ | 0.67 | $ | 0.70 | $ | 2.69 | $ | 0.71 | $ | 0.74 | $ | 0.68 | $ | (1.26 | ) | $ | 0.94 | ||||||||||||||||||||
* Amounts per diluted common share. | |||||||||||||||||||||||||||||||||||||||||||
** For further discussion of these items see Part II, Item 8, Notes 5, 6, and 15 of the "Notes to Consolidated Financial Statements" of our annual report on Form 10-K for the year ended December 31, 2011. | |||||||||||||||||||||||||||||||||||||||||||
We analyze our performance using non-GAAP financial measures. A non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. We believe operating income or loss which excludes the specified items listed in our reconciliation is a better performance measure and a better indicator of the profitability and underlying trends in our business. Realized investment gains and losses depend on market conditions and do not necessarily relate to decisions regarding the underlying business of our segments. Our investment focus is on investment income to support our insurance liabilities as opposed to the generation of realized investment gains and losses. A long-term focus is necessary to maintain profitability over the life of the business, although we may experience realized investment losses which will affect future earnings levels since our underlying business is long-term in nature and we need to earn the interest rates assumed in calculating our liabilities. Certain components of the net periodic benefit cost for our pensions and other postretirement benefit plans, namely the amortization of prior period actuarial gains and losses, are primarily driven by market performance and are not indicative of the operational results of our businesses. We believe that excluding the amortization of prior period actuarial gains and losses from operating income by segment provides investors with additional information for comparison and analysis of our operating results. However, although we manage our non-operating retirement-related gains or losses separately from the operational performance of our business, these gains or losses impact the overall profitability of our company and will increase or decrease over time, depending on market conditions and the resulting impact on the actuarial gains or losses in our pensions and other postretirement benefit plans. We may at other times exclude certain other items, as noted in our reconciliation of after-tax operating income to net income, from our discussion of financial ratios and metrics in order to enhance the understanding and comparability of our operational performance and the underlying fundamentals, but this exclusion is not an indication that similar items may not recur and does not replace net income or net loss as a measure of overall profitability.
4.2
Unum Group Financial Results for Unum US Segment - Adjusted for ASU 2010-26
Year Ended | Three Months Ended | Year Ended | Three Months Ended | Year Ended | |||||||||||||||||||||||||||||||||||||||
12/31/2009 | 3/31/2010 | 6/30/2010 | 9/30/2010 | 12/31/2010 | 12/31/2010 | 3/31/2011 | 6/30/2011 | 9/30/2011 | 12/31/2011 | 12/31/2011 | |||||||||||||||||||||||||||||||||
Operating Revenue | |||||||||||||||||||||||||||||||||||||||||||
Premium Income | $ | 4,278.4 | $ | 1,066.9 | $ | 1,067.0 | $ | 1,061.2 | $ | 1,060.3 | $ | 4,255.4 | $ | 1,068.8 | $ | 1,069.8 | $ | 1,074.4 | $ | 1,083.0 | $ | 4,296.0 | |||||||||||||||||||||
Net Investment Income | 934.3 | 229.3 | 237.8 | 232.1 | 242.3 | 941.5 | 233.7 | 238.9 | 240.0 | 238.8 | 951.4 | ||||||||||||||||||||||||||||||||
Other Income | 118.8 | 30.0 | 30.6 | 29.6 | 32.6 | 122.8 | 31.0 | 29.5 | 30.4 | 30.7 | 121.6 | ||||||||||||||||||||||||||||||||
Total | 5,331.5 | 1,326.2 | 1,335.4 | 1,322.9 | 1,335.2 | 5,319.7 | 1,333.5 | 1,338.2 | 1,344.8 | 1,352.5 | 5,369.0 | ||||||||||||||||||||||||||||||||
Benefits and Expenses | |||||||||||||||||||||||||||||||||||||||||||
Benefits and Change in Reserves for Future Benefits | 3,192.1 | 778.4 | 786.8 | 780.9 | 778.3 | 3,124.4 | 770.4 | 773.1 | 782.3 | 787.7 | 3,113.5 | ||||||||||||||||||||||||||||||||
Commissions | 448.3 | 120.3 | 114.2 | 113.3 | 112.8 | 460.6 | 123.0 | 118.2 | 119.5 | 113.3 | 474.0 | ||||||||||||||||||||||||||||||||
Interest and Debt Expense | 2.0 | 0.3 | 0.3 | 0.3 | 0.3 | 1.2 | 0.3 | 0.2 | 0.3 | 0.2 | 1.0 | ||||||||||||||||||||||||||||||||
Deferral of Acquisition Costs | (209.3 | ) | (54.1 | ) | (52.1 | ) | (51.1 | ) | (50.5 | ) | (207.8 | ) | (56.6 | ) | (56.6 | ) | (55.0 | ) | (52.1 | ) | (220.3 | ) | |||||||||||||||||||||
Amortization of Deferred Acquisition Costs | 180.1 | 49.9 | 47.1 | 46.2 | 49.4 | 192.6 | 49.6 | 49.4 | 41.6 | 47.5 | 188.1 | ||||||||||||||||||||||||||||||||
Other Expenses | 999.3 | 248.9 | 238.3 | 242.3 | 250.2 | 979.7 | 252.1 | 248.3 | 246.9 | 248.5 | 995.8 | ||||||||||||||||||||||||||||||||
Total | 4,612.5 | 1,143.7 | 1,134.6 | 1,131.9 | 1,140.5 | 4,550.7 | 1,138.8 | 1,132.6 | 1,135.6 | 1,145.1 | 4,552.1 | ||||||||||||||||||||||||||||||||
Operating Income | $ | 719.0 | $ | 182.5 | $ | 200.8 | $ | 191.0 | $ | 194.7 | $ | 769.0 | $ | 194.7 | $ | 205.6 | $ | 209.2 | $ | 207.4 | $ | 816.9 | |||||||||||||||||||||
Operating Ratios (% of Premium Income): | |||||||||||||||||||||||||||||||||||||||||||
Benefit Ratio | 74.6 | % | 73.0 | % | 73.7 | % | 73.6 | % | 73.4 | % | 73.4 | % | 72.1 | % | 72.3 | % | 72.8 | % | 72.7 | % | 72.5 | % | |||||||||||||||||||||
Other Expense Ratio | 23.4 | % | 23.3 | % | 22.3 | % | 22.8 | % | 23.6 | % | 23.0 | % | 23.6 | % | 23.2 | % | 23.0 | % | 22.9 | % | 23.2 | % | |||||||||||||||||||||
Operating Income Ratio | 16.8 | % | 17.1 | % | 18.8 | % | 18.0 | % | 18.4 | % | 18.1 | % | 18.2 | % | 19.2 | % | 19.5 | % | 19.2 | % | 19.0 | % | |||||||||||||||||||||
5
Unum Group Financial Results for Unum US Group Disability - Adjusted for ASU 2010-26
Year Ended | Three Months Ended | Year Ended | Three Months Ended | Year Ended | |||||||||||||||||||||||||||||||||||||||
12/31/2009 | 3/31/2010 | 6/30/2010 | 9/30/2010 | 12/31/2010 | 12/31/2010 | 3/31/2011 | 6/30/2011 | 9/30/2011 | 12/31/2011 | 12/31/2011 | |||||||||||||||||||||||||||||||||
Operating Revenue | |||||||||||||||||||||||||||||||||||||||||||
Premium Income | |||||||||||||||||||||||||||||||||||||||||||
Long-term Disability | $ | 1,726.9 | $ | 415.6 | $ | 413.1 | $ | 404.9 | $ | 405.8 | $ | 1,639.4 | $ | 397.0 | $ | 394.6 | $ | 393.7 | $ | 394.9 | $ | 1,580.2 | |||||||||||||||||||||
Short-term Disability | 432.8 | 106.2 | 107.6 | 108.7 | 108.4 | 430.9 | 111.0 | 112.8 | 115.2 | 116.2 | 455.2 | ||||||||||||||||||||||||||||||||
Total Premium Income | 2,159.7 | 521.8 | 520.7 | 513.6 | 514.2 | 2,070.3 | 508.0 | 507.4 | 508.9 | 511.1 | 2,035.4 | ||||||||||||||||||||||||||||||||
Net Investment Income | 629.4 | 151.3 | 155.9 | 150.2 | 157.2 | 614.6 | 147.7 | 153.5 | 153.0 | 150.8 | 605.0 | ||||||||||||||||||||||||||||||||
Other Income | 88.9 | 21.7 | 21.6 | 21.5 | 21.9 | 86.7 | 22.2 | 21.8 | 23.1 | 22.3 | 89.4 | ||||||||||||||||||||||||||||||||
Total | 2,878.0 | 694.8 | 698.2 | 685.3 | 693.3 | 2,771.6 | 677.9 | 682.7 | 685.0 | 684.2 | 2,729.8 | ||||||||||||||||||||||||||||||||
Benefits and Expenses | |||||||||||||||||||||||||||||||||||||||||||
Benefits and Change in Reserves for Future Benefits | 1,862.8 | 439.3 | 440.6 | 434.7 | 433.2 | 1,747.8 | 426.3 | 428.1 | 435.0 | 432.7 | 1,722.1 | ||||||||||||||||||||||||||||||||
Commissions | 162.2 | 41.1 | 39.6 | 38.5 | 40.5 | 159.7 | 40.8 | 39.5 | 39.9 | 39.3 | 159.5 | ||||||||||||||||||||||||||||||||
Interest and Debt Expense | 2.0 | 0.3 | 0.3 | 0.3 | 0.3 | 1.2 | 0.3 | 0.2 | 0.3 | 0.2 | 1.0 | ||||||||||||||||||||||||||||||||
Deferral of Acquisition Costs | (24.1 | ) | (4.9 | ) | (4.6 | ) | (4.5 | ) | (4.2 | ) | (18.2 | ) | (5.4 | ) | (5.3 | ) | (5.3 | ) | (5.9 | ) | (21.9 | ) | |||||||||||||||||||||
Amortization of Deferred Acquisition Costs | 24.2 | 5.3 | 5.3 | 5.1 | 4.8 | 20.5 | 5.0 | 4.9 | 5.0 | 4.9 | 19.8 | ||||||||||||||||||||||||||||||||
Other Expenses | 572.6 | 137.9 | 132.3 | 132.7 | 140.8 | 543.7 | 137.1 | 136.6 | 137.4 | 135.9 | 547.0 | ||||||||||||||||||||||||||||||||
Total | 2,599.7 | 619.0 | 613.5 | 606.8 | 615.4 | 2,454.7 | 604.1 | 604.0 | 612.3 | 607.1 | 2,427.5 | ||||||||||||||||||||||||||||||||
Operating Income | $ | 278.3 | $ | 75.8 | $ | 84.7 | $ | 78.5 | $ | 77.9 | $ | 316.9 | $ | 73.8 | $ | 78.7 | $ | 72.7 | $ | 77.1 | $ | 302.3 | |||||||||||||||||||||
Operating Ratios (% of Premium Income): | |||||||||||||||||||||||||||||||||||||||||||
Benefit Ratio | 86.3 | % | 84.2 | % | 84.6 | % | 84.6 | % | 84.2 | % | 84.4 | % | 83.9 | % | 84.4 | % | 85.5 | % | 84.7 | % | 84.6 | % | |||||||||||||||||||||
Other Expense Ratio | 26.5 | % | 26.4 | % | 25.4 | % | 25.8 | % | 27.4 | % | 26.3 | % | 27.0 | % | 26.9 | % | 27.0 | % | 26.6 | % | 26.9 | % | |||||||||||||||||||||
Operating Income Ratio | 12.9 | % | 14.5 | % | 16.3 | % | 15.3 | % | 15.1 | % | 15.3 | % | 14.5 | % | 15.5 | % | 14.3 | % | 15.1 | % | 14.9 | % | |||||||||||||||||||||
5.1
Unum Group Financial Results for Unum US Group Life and Accidental Death &Dismemberment - Adjusted for ASU 2010-26
Year Ended | Three Months Ended | Year Ended | Three Months Ended | Year Ended | |||||||||||||||||||||||||||||||||||||||
12/31/2009 | 3/31/2010 | 6/30/2010 | 9/30/2010 | 12/31/2010 | 12/31/2010 | 3/31/2011 | 6/30/2011 | 9/30/2011 | 12/31/2011 | 12/31/2011 | |||||||||||||||||||||||||||||||||
Operating Revenue | |||||||||||||||||||||||||||||||||||||||||||
Premium Income | |||||||||||||||||||||||||||||||||||||||||||
Group Life | $ | 1,057.7 | $ | 270.1 | $ | 271.4 | $ | 273.0 | $ | 275.8 | $ | 1,090.3 | $ | 273.4 | $ | 274.3 | $ | 277.6 | $ | 281.4 | $ | 1,106.7 | |||||||||||||||||||||
Accidental Death & Dismemberment | 104.9 | 26.0 | 26.3 | 27.0 | 26.8 | 106.1 | 27.1 | 26.8 | 27.7 | 27.6 | 109.2 | ||||||||||||||||||||||||||||||||
Total Premium Income | 1,162.6 | 296.1 | 297.7 | 300.0 | 302.6 | 1,196.4 | 300.5 | 301.1 | 305.3 | 309.0 | 1,215.9 | ||||||||||||||||||||||||||||||||
Net Investment Income | 126.5 | 31.8 | 31.5 | 32.5 | 33.8 | 129.6 | 34.2 | 33.7 | 33.7 | 33.9 | 135.5 | ||||||||||||||||||||||||||||||||
Other Income | 1.9 | 0.6 | 0.6 | 0.6 | 0.6 | 2.4 | 0.5 | 0.7 | 0.5 | 0.5 | 2.2 | ||||||||||||||||||||||||||||||||
Total | 1,291.0 | 328.5 | 329.8 | 333.1 | 337.0 | 1,328.4 | 335.2 | 335.5 | 339.5 | 343.4 | 1,353.6 | ||||||||||||||||||||||||||||||||
Benefits and Expenses | |||||||||||||||||||||||||||||||||||||||||||
Benefits and Change in Reserves for Future Benefits | 815.5 | 206.5 | 209.4 | 211.3 | 212.7 | 839.9 | 210.2 | 211.6 | 214.3 | 218.5 | 854.6 | ||||||||||||||||||||||||||||||||
Commissions | 85.4 | 22.3 | 21.4 | 22.2 | 23.4 | 89.3 | 23.5 | 23.4 | 24.2 | 24.4 | 95.5 | ||||||||||||||||||||||||||||||||
Deferral of Acquisition Costs | (16.4 | ) | (4.0 | ) | (3.9 | ) | (3.8 | ) | (3.7 | ) | (15.4 | ) | (4.7 | ) | (4.7 | ) | (4.3 | ) | (4.8 | ) | (18.5 | ) | |||||||||||||||||||||
Amortization of Deferred Acquisition Costs | 15.3 | 3.9 | 3.6 | 3.2 | 3.4 | 14.1 | 3.6 | 3.6 | 3.4 | 3.6 | 14.2 | ||||||||||||||||||||||||||||||||
Other Expenses | 197.6 | 49.3 | 48.9 | 49.1 | 49.2 | 196.5 | 51.0 | 49.6 | 49.6 | 49.1 | 199.3 | ||||||||||||||||||||||||||||||||
Total | 1,097.4 | 278.0 | 279.4 | 282.0 | 285.0 | 1,124.4 | 283.6 | 283.5 | 287.2 | 290.8 | 1,145.1 | ||||||||||||||||||||||||||||||||
Operating Income | $ | 193.6 | $ | 50.5 | $ | 50.4 | $ | 51.1 | $ | 52.0 | $ | 204.0 | $ | 51.6 | $ | 52.0 | $ | 52.3 | $ | 52.6 | $ | 208.5 | |||||||||||||||||||||
Operating Ratios (% of Premium Income): | |||||||||||||||||||||||||||||||||||||||||||
Benefit Ratio | 70.1 | % | 69.7 | % | 70.3 | % | 70.4 | % | 70.3 | % | 70.2 | % | 70.0 | % | 70.3 | % | 70.2 | % | 70.7 | % | 70.3 | % | |||||||||||||||||||||
Other Expense Ratio | 17.0 | % | 16.6 | % | 16.4 | % | 16.4 | % | 16.3 | % | 16.4 | % | 17.0 | % | 16.5 | % | 16.2 | % | 15.9 | % | 16.4 | % | |||||||||||||||||||||
Operating Income Ratio | 16.7 | % | 17.1 | % | 16.9 | % | 17.0 | % | 17.2 | % | 17.1 | % | 17.2 | % | 17.3 | % | 17.1 | % | 17.0 | % | 17.1 | % | |||||||||||||||||||||
5.2
Unum Group Financial Results for Unum US Supplemental and Voluntary - Adjusted for ASU 2010-26
Year Ended | Three Months Ended | Year Ended | Three Months Ended | Year Ended | |||||||||||||||||||||||||||||||||||||||
12/31/2009 | 3/31/2010 | 6/30/2010 | 9/30/2010 | 12/31/2010 | 12/31/2010 | 3/31/2011 | 6/30/2011 | 9/30/2011 | 12/31/2011 | 12/31/2011 | |||||||||||||||||||||||||||||||||
Operating Revenue | |||||||||||||||||||||||||||||||||||||||||||
Premium Income | |||||||||||||||||||||||||||||||||||||||||||
Individual Disability - Recently Issued | $ | 463.7 | $ | 118.4 | $ | 114.4 | $ | 116.7 | $ | 108.4 | $ | 457.9 | $ | 115.1 | $ | 116.6 | $ | 116.6 | $ | 116.4 | $ | 464.7 | |||||||||||||||||||||
Voluntary Benefits | 492.4 | 130.6 | 134.2 | 130.9 | 135.1 | 530.8 | 145.2 | 144.7 | 143.6 | 146.5 | 580.0 | ||||||||||||||||||||||||||||||||
Total Premium Income | 956.1 | 249.0 | 248.6 | 247.6 | 243.5 | 988.7 | 260.3 | 261.3 | 260.2 | 262.9 | 1,044.7 | ||||||||||||||||||||||||||||||||
Net Investment Income | 178.4 | 46.2 | 50.4 | 49.4 | 51.3 | 197.3 | 51.8 | 51.7 | 53.3 | 54.1 | 210.9 | ||||||||||||||||||||||||||||||||
Other Income | 28.0 | 7.7 | 8.4 | 7.5 | 10.1 | 33.7 | 8.3 | 7.0 | 6.8 | 7.9 | 30.0 | ||||||||||||||||||||||||||||||||
Total | 1,162.5 | 302.9 | 307.4 | 304.5 | 304.9 | 1,219.7 | 320.4 | 320.0 | 320.3 | 324.9 | 1,285.6 | ||||||||||||||||||||||||||||||||
Benefits and Expenses | |||||||||||||||||||||||||||||||||||||||||||
Benefits and Change in Reserves for Future Benefits | 513.8 | 132.6 | 136.8 | 134.9 | 132.4 | 536.7 | 133.9 | 133.4 | 133.0 | 136.5 | 536.8 | ||||||||||||||||||||||||||||||||
Commissions | 200.7 | 56.9 | 53.2 | 52.6 | 48.9 | 211.6 | 58.7 | 55.3 | 55.4 | 49.6 | 219.0 | ||||||||||||||||||||||||||||||||
Deferral of Acquisition Costs | (168.8 | ) | (45.2 | ) | (43.6 | ) | (42.8 | ) | (42.6 | ) | (174.2 | ) | (46.5 | ) | (46.6 | ) | (45.4 | ) | (41.4 | ) | (179.9 | ) | |||||||||||||||||||||
Amortization of Deferred Acquisition Costs | 140.6 | 40.7 | 38.2 | 37.9 | 41.2 | 158.0 | 41.0 | 40.9 | 33.2 | 39.0 | 154.1 | ||||||||||||||||||||||||||||||||
Other Expenses | 229.1 | 61.7 | 57.1 | 60.5 | 60.2 | 239.5 | 64.0 | 62.1 | 59.9 | 63.5 | 249.5 | ||||||||||||||||||||||||||||||||
Total | 915.4 | 246.7 | 241.7 | 243.1 | 240.1 | 971.6 | 251.1 | 245.1 | 236.1 | 247.2 | 979.5 | ||||||||||||||||||||||||||||||||
Operating Income | $ | 247.1 | $ | 56.2 | $ | 65.7 | $ | 61.4 | $ | 64.8 | $ | 248.1 | $ | 69.3 | $ | 74.9 | $ | 84.2 | $ | 77.7 | $ | 306.1 | |||||||||||||||||||||
Operating Ratios (% of Premium Income): | |||||||||||||||||||||||||||||||||||||||||||
Benefit Ratios: | |||||||||||||||||||||||||||||||||||||||||||
Individual Disability - Recently Issued | 51.4 | % | 50.5 | % | 53.5 | % | 54.3 | % | 55.1 | % | 53.3 | % | 52.2 | % | 52.0 | % | 52.1 | % | 52.4 | % | 52.2 | % | |||||||||||||||||||||
Voluntary Benefits | 56.0 | % | 55.7 | % | 56.3 | % | 54.6 | % | 53.8 | % | 55.1 | % | 50.8 | % | 50.3 | % | 50.3 | % | 51.5 | % | 50.7 | % | |||||||||||||||||||||
Other Expense Ratio | 24.0 | % | 24.8 | % | 23.0 | % | 24.4 | % | 24.7 | % | 24.2 | % | 24.6 | % | 23.8 | % | 23.0 | % | 24.2 | % | 23.9 | % | |||||||||||||||||||||
Operating Income Ratio | 25.8 | % | 22.6 | % | 26.4 | % | 24.8 | % | 26.6 | % | 25.1 | % | 26.6 | % | 28.7 | % | 32.4 | % | 29.6 | % | 29.3 | % | |||||||||||||||||||||
Interest Adjusted Loss Ratio: | |||||||||||||||||||||||||||||||||||||||||||
Individual Disability - Recently Issued | 32.5 | % | 30.7 | % | 32.8 | % | 33.8 | % | 32.8 | % | 32.5 | % | 30.9 | % | 30.7 | % | 30.7 | % | 30.8 | % | 30.8 | % | |||||||||||||||||||||
5.3
Unum Group Financial Results for Unum UK Segment - Adjusted for ASU 2010-26
Year Ended | Three Months Ended | Year Ended | Three Months Ended | Year Ended | |||||||||||||||||||||||||||||||||||||||
12/31/2009 | 3/31/2010 | 6/30/2010 | 9/30/2010 | 12/31/2010 | 12/31/2010 | 3/31/2011 | 6/30/2011 | 9/30/2011 | 12/31/2011 | 12/31/2011 | |||||||||||||||||||||||||||||||||
Operating Revenue | |||||||||||||||||||||||||||||||||||||||||||
Premium Income | |||||||||||||||||||||||||||||||||||||||||||
Group Long-term Disability | $ | 482.4 | $ | 109.3 | $ | 99.6 | $ | 101.8 | $ | 110.5 | $ | 421.2 | $ | 103.4 | $ | 107.6 | $ | 107.3 | $ | 101.3 | $ | 419.6 | |||||||||||||||||||||
Group Life | 147.8 | 42.8 | 39.5 | 44.5 | 44.8 | 171.6 | 47.6 | 51.9 | 52.1 | 52.0 | 203.6 | ||||||||||||||||||||||||||||||||
Supplemental and Voluntary | 55.9 | 13.7 | 13.8 | 15.1 | 15.2 | 57.8 | 16.1 | 16.3 | 16.1 | 15.9 | 64.4 | ||||||||||||||||||||||||||||||||
Total Premium Income | 686.1 | 165.8 | 152.9 | 161.4 | 170.5 | 650.6 | 167.1 | 175.8 | 175.5 | 169.2 | 687.6 | ||||||||||||||||||||||||||||||||
Net Investment Income | 124.5 | 39.8 | 43.1 | 39.0 | 48.6 | 170.5 | 44.9 | 51.1 | 43.3 | 50.6 | 189.9 | ||||||||||||||||||||||||||||||||
Other Income | 2.4 | 0.5 | 0.4 | 0.2 | 0.1 | 1.2 | 0.1 | — | — | 0.2 | 0.3 | ||||||||||||||||||||||||||||||||
Total | 813.0 | 206.1 | 196.4 | 200.6 | 219.2 | 822.3 | 212.1 | 226.9 | 218.8 | 220.0 | 877.8 | ||||||||||||||||||||||||||||||||
Benefits and Expenses | |||||||||||||||||||||||||||||||||||||||||||
Benefits and Change in Reserves for Future Benefits | 373.6 | 104.6 | 100.9 | 108.0 | 122.3 | 435.8 | 115.8 | 122.7 | 138.3 | 117.0 | 493.8 | ||||||||||||||||||||||||||||||||
Commissions | 46.7 | 10.3 | 9.9 | 11.7 | 12.2 | 44.1 | 10.9 | 11.4 | 11.0 | 12.4 | 45.7 | ||||||||||||||||||||||||||||||||
Deferral of Acquisition Costs | (13.7 | ) | (3.4 | ) | (3.8 | ) | (3.7 | ) | (4.2 | ) | (15.1 | ) | (3.5 | ) | (4.1 | ) | (3.6 | ) | (4.2 | ) | (15.4 | ) | |||||||||||||||||||||
Amortization of Deferred Acquisition Costs | 12.7 | 3.6 | 3.3 | 3.3 | 3.4 | 13.6 | 3.8 | 3.8 | 3.9 | 3.8 | 15.3 | ||||||||||||||||||||||||||||||||
Other Expenses | 141.7 | 30.4 | 33.3 | 33.5 | 37.7 | 134.9 | 36.2 | 37.9 | 34.5 | 39.1 | 147.7 | ||||||||||||||||||||||||||||||||
Total | 561.0 | 145.5 | 143.6 | 152.8 | 171.4 | 613.3 | 163.2 | 171.7 | 184.1 | 168.1 | 687.1 | ||||||||||||||||||||||||||||||||
Operating Income | $ | 252.0 | $ | 60.6 | $ | 52.8 | $ | 47.8 | $ | 47.8 | $ | 209.0 | $ | 48.9 | $ | 55.2 | $ | 34.7 | $ | 51.9 | $ | 190.7 | |||||||||||||||||||||
Operating Ratios (% of Premium Income): | |||||||||||||||||||||||||||||||||||||||||||
Benefit Ratio | 54.5 | % | 63.1 | % | 66.0 | % | 66.9 | % | 71.7 | % | 67.0 | % | 69.3 | % | 69.8 | % | 78.8 | % | 69.1 | % | 71.8 | % | |||||||||||||||||||||
Other Expense Ratio | 20.7 | % | 18.3 | % | 21.8 | % | 20.8 | % | 22.1 | % | 20.7 | % | 21.7 | % | 21.6 | % | 19.7 | % | 23.1 | % | 21.5 | % | |||||||||||||||||||||
Operating Income Ratio | 36.7 | % | 36.6 | % | 34.5 | % | 29.6 | % | 28.0 | % | 32.1 | % | 29.3 | % | 31.4 | % | 19.8 | % | 30.7 | % | 27.7 | % | |||||||||||||||||||||
6
Unum Group Financial Results for Unum UK Segment - Adjusted for ASU 2010-26 - Continued
(in millions of pounds, except exchange rate) | |||||||||||||||||||||||||||||||||||||||||||
Year Ended | Three Months Ended | Year Ended | Three Months Ended | Year Ended | |||||||||||||||||||||||||||||||||||||||
12/31/2009 | 3/31/2010 | 6/30/2010 | 9/30/2010 | 12/31/2010 | 12/31/2010 | 3/31/2011 | 6/30/2011 | 9/30/2011 | 12/31/2011 | 12/31/2011 | |||||||||||||||||||||||||||||||||
Operating Revenue | |||||||||||||||||||||||||||||||||||||||||||
Premium Income | |||||||||||||||||||||||||||||||||||||||||||
Group Long-term Disability | £ | 309.0 | £ | 70.0 | £ | 66.7 | £ | 65.7 | £ | 69.9 | £ | 272.3 | £ | 64.5 | £ | 66.0 | £ | 66.6 | £ | 64.5 | £ | 261.6 | |||||||||||||||||||||
Group Life | 94.1 | 27.4 | 26.5 | 28.7 | 28.3 | 110.9 | 29.7 | 31.8 | 32.4 | 33.1 | 127.0 | ||||||||||||||||||||||||||||||||
Supplemental and Voluntary | 35.6 | 8.7 | 9.3 | 9.7 | 9.7 | 37.4 | 10.0 | 10.0 | 10.1 | 10.0 | 40.1 | ||||||||||||||||||||||||||||||||
Total Premium Income | 438.7 | 106.1 | 102.5 | 104.1 | 107.9 | 420.6 | 104.2 | 107.8 | 109.1 | 107.6 | 428.7 | ||||||||||||||||||||||||||||||||
Net Investment Income | 79.6 | 25.4 | 28.9 | 25.2 | 30.7 | 110.2 | 28.0 | 31.3 | 26.9 | 32.2 | 118.4 | ||||||||||||||||||||||||||||||||
Other Income | 1.6 | 0.4 | 0.3 | — | 0.2 | 0.9 | 0.1 | — | — | — | 0.1 | ||||||||||||||||||||||||||||||||
Total | 519.9 | 131.9 | 131.7 | 129.3 | 138.8 | 531.7 | 132.3 | 139.1 | 136.0 | 139.8 | 547.2 | ||||||||||||||||||||||||||||||||
Benefits and Expenses | |||||||||||||||||||||||||||||||||||||||||||
Benefits and Change in Reserves for Future Benefits | 238.3 | 66.9 | 67.5 | 69.7 | 77.3 | 281.4 | 72.3 | 75.2 | 85.8 | 74.4 | 307.7 | ||||||||||||||||||||||||||||||||
Commissions | 29.8 | 6.6 | 6.6 | 7.6 | 7.7 | 28.5 | 6.8 | 7.0 | 6.8 | 7.9 | 28.5 | ||||||||||||||||||||||||||||||||
Deferral of Acquisition Costs | (8.7 | ) | (2.1 | ) | (2.5 | ) | (2.4 | ) | (2.6 | ) | (9.6 | ) | (2.2 | ) | (2.5 | ) | (2.2 | ) | (2.6 | ) | (9.5 | ) | |||||||||||||||||||||
Amortization of Deferred Acquisition Costs | 8.2 | 2.2 | 2.2 | 2.1 | 2.1 | 8.6 | 2.4 | 2.3 | 2.4 | 2.3 | 9.4 | ||||||||||||||||||||||||||||||||
Other Expenses | 90.2 | 19.5 | 22.4 | 21.5 | 24.0 | 87.4 | 22.6 | 23.1 | 21.7 | 24.7 | 92.1 | ||||||||||||||||||||||||||||||||
Total | 357.8 | 93.1 | 96.2 | 98.5 | 108.5 | 396.3 | 101.9 | 105.1 | 114.5 | 106.7 | 428.2 | ||||||||||||||||||||||||||||||||
Operating Income | £ | 162.1 | £ | 38.8 | £ | 35.5 | £ | 30.8 | £ | 30.3 | £ | 135.4 | £ | 30.4 | £ | 34.0 | £ | 21.5 | £ | 33.1 | £ | 119.0 | |||||||||||||||||||||
Weighted Average Pound/Dollar Exchange Rate | 1.554 | 1.562 | 1.486 | 1.553 | 1.577 | 1.543 | 1.607 | 1.628 | 1.608 | 1.570 | 1.603 | ||||||||||||||||||||||||||||||||
6.1
Unum Group Financial Results for Colonial Life Segment - Adjusted for ASU 2010-26
Year Ended | Three Months Ended | Year Ended | Three Months Ended | Year Ended | |||||||||||||||||||||||||||||||||||||||
12/31/2009 | 3/31/2010 | 6/30/2010 | 9/30/2010 | 12/31/2010 | 12/31/2010 | 3/31/2011 | 6/30/2011 | 9/30/2011 | 12/31/2011 | 12/31/2011 | |||||||||||||||||||||||||||||||||
Operating Revenue | |||||||||||||||||||||||||||||||||||||||||||
Premium Income | |||||||||||||||||||||||||||||||||||||||||||
Accident, Sickness, and Disability | $ | 625.8 | $ | 162.8 | $ | 164.2 | $ | 166.1 | $ | 167.9 | $ | 661.0 | $ | 172.3 | $ | 173.1 | $ | 174.3 | $ | 175.6 | $ | 695.3 | |||||||||||||||||||||
Life | 165.6 | 43.5 | 44.1 | 43.4 | 45.5 | 176.5 | 46.2 | 46.8 | 47.0 | 50.7 | 190.7 | ||||||||||||||||||||||||||||||||
Cancer and Critical Illness | 223.7 | 58.8 | 59.4 | 59.8 | 60.2 | 238.2 | 61.9 | 62.1 | 62.4 | 62.9 | 249.3 | ||||||||||||||||||||||||||||||||
Total Premium Income | 1,015.1 | 265.1 | 267.7 | 269.3 | 273.6 | 1,075.7 | 280.4 | 282.0 | 283.7 | 289.2 | 1,135.3 | ||||||||||||||||||||||||||||||||
Net Investment Income | 114.3 | 29.9 | 29.3 | 31.9 | 31.4 | 122.5 | 31.3 | 35.8 | 32.5 | 32.8 | 132.4 | ||||||||||||||||||||||||||||||||
Other Income | 0.5 | 0.2 | 0.1 | 0.2 | 0.2 | 0.7 | 0.1 | 0.2 | 0.1 | 0.1 | 0.5 | ||||||||||||||||||||||||||||||||
Total | 1,129.9 | 295.2 | 297.1 | 301.4 | 305.2 | 1,198.9 | 311.8 | 318.0 | 316.3 | 322.1 | 1,268.2 | ||||||||||||||||||||||||||||||||
Benefits and Expenses | |||||||||||||||||||||||||||||||||||||||||||
Benefits and Change in Reserves for Future Benefits | 480.6 | 124.8 | 129.4 | 134.3 | 146.2 | 534.7 | 144.1 | 144.3 | 149.1 | 151.9 | 589.4 | ||||||||||||||||||||||||||||||||
Commissions | 215.3 | 57.7 | 54.5 | 59.5 | 60.9 | 232.6 | 61.2 | 60.5 | 61.8 | 62.4 | 245.9 | ||||||||||||||||||||||||||||||||
Deferral of Acquisition Costs | (182.3 | ) | (48.3 | ) | (47.0 | ) | (50.2 | ) | (51.3 | ) | (196.8 | ) | (51.3 | ) | (50.8 | ) | (50.6 | ) | (50.4 | ) | (203.1 | ) | |||||||||||||||||||||
Amortization of Deferred Acquisition Costs | 143.6 | 38.5 | 37.2 | 34.7 | 39.7 | 150.1 | 38.1 | 37.7 | 35.7 | 39.7 | 151.2 | ||||||||||||||||||||||||||||||||
Other Expenses | 203.6 | 52.3 | 51.9 | 52.1 | 52.3 | 208.6 | 53.2 | 54.4 | 53.6 | 53.5 | 214.7 | ||||||||||||||||||||||||||||||||
Total | 860.8 | 225.0 | 226.0 | 230.4 | 247.8 | 929.2 | 245.3 | 246.1 | 249.6 | 257.1 | 998.1 | ||||||||||||||||||||||||||||||||
Operating Income | $ | 269.1 | $ | 70.2 | $ | 71.1 | $ | 71.0 | $ | 57.4 | $ | 269.7 | $ | 66.5 | $ | 71.9 | $ | 66.7 | $ | 65.0 | $ | 270.1 | |||||||||||||||||||||
Operating Ratios (% of Premium Income): | |||||||||||||||||||||||||||||||||||||||||||
Benefit Ratio | 47.3 | % | 47.1 | % | 48.3 | % | 49.9 | % | 53.4 | % | 49.7 | % | 51.4 | % | 51.2 | % | 52.6 | % | 52.5 | % | 51.9 | % | |||||||||||||||||||||
Other Expense Ratio | 20.1 | % | 19.7 | % | 19.4 | % | 19.3 | % | 19.1 | % | 19.4 | % | 19.0 | % | 19.3 | % | 18.9 | % | 18.5 | % | 18.9 | % | |||||||||||||||||||||
Operating Income Ratio | 26.5 | % | 26.5 | % | 26.6 | % | 26.4 | % | 21.0 | % | 25.1 | % | 23.7 | % | 25.5 | % | 23.5 | % | 22.5 | % | 23.8 | % | |||||||||||||||||||||
7
Unum Group Financial Results for Closed Block Segment - Adjusted for ASU 2010-26
Year Ended | Three Months Ended | Year Ended | Three Months Ended | Year Ended | |||||||||||||||||||||||||||||||||||||||
12/31/2009 | 3/31/2010 | 6/30/2010 | 9/30/2010 | 12/31/2010 | 12/31/2010 | 3/31/2011 | 6/30/2011 | 9/30/2011 | 12/31/2011 | 12/31/2011 | |||||||||||||||||||||||||||||||||
Operating Revenue | |||||||||||||||||||||||||||||||||||||||||||
Premium Income | |||||||||||||||||||||||||||||||||||||||||||
Individual Disability | $ | 898.5 | $ | 214.0 | $ | 212.5 | $ | 208.5 | $ | 212.0 | $ | 847.0 | $ | 202.3 | $ | 196.3 | $ | 196.4 | $ | 192.0 | $ | 787.0 | |||||||||||||||||||||
Long-term Care | 594.7 | 149.2 | 149.5 | 149.4 | 151.1 | 599.2 | 150.6 | 150.8 | 152.1 | 154.6 | 608.1 | ||||||||||||||||||||||||||||||||
All Other | 2.7 | 2.2 | 0.2 | 0.4 | 0.7 | 3.5 | 0.3 | 0.3 | (0.9 | ) | 0.5 | 0.2 | |||||||||||||||||||||||||||||||
Total Premium Income | 1,495.9 | 365.4 | 362.2 | 358.3 | 363.8 | 1,449.7 | 353.2 | 347.4 | 347.6 | 347.1 | 1,395.3 | ||||||||||||||||||||||||||||||||
Net Investment Income | 1,106.8 | 290.8 | 293.0 | 290.8 | 291.8 | 1,166.4 | 294.3 | 294.5 | 300.1 | 300.8 | 1,189.7 | ||||||||||||||||||||||||||||||||
Other Income | 131.1 | 28.6 | 28.6 | 27.8 | 28.6 | 113.6 | 27.5 | 26.7 | 26.4 | 25.5 | 106.1 | ||||||||||||||||||||||||||||||||
Total | 2,733.8 | 684.8 | 683.8 | 676.9 | 684.2 | 2,729.7 | 675.0 | 668.6 | 674.1 | 673.4 | 2,691.1 | ||||||||||||||||||||||||||||||||
Benefits and Expenses | |||||||||||||||||||||||||||||||||||||||||||
Benefits and Change in Reserves for Future Benefits | 2,245.3 | 561.1 | 562.5 | 564.3 | 571.3 | 2,259.2 | 562.7 | 559.3 | 565.9 | 1,324.9 | 3,012.8 | ||||||||||||||||||||||||||||||||
Commissions | 126.8 | 30.0 | 29.2 | 29.5 | 29.4 | 118.1 | 29.2 | 27.8 | 28.2 | 28.4 | 113.6 | ||||||||||||||||||||||||||||||||
Interest and Debt Expense | 16.6 | 2.8 | 3.0 | 3.1 | 2.8 | 11.7 | 2.7 | 2.6 | 2.6 | 2.6 | 10.5 | ||||||||||||||||||||||||||||||||
Deferral of Acquisition Costs | (5.6 | ) | (0.7 | ) | (0.7 | ) | (0.7 | ) | (0.7 | ) | (2.8 | ) | (0.8 | ) | (0.9 | ) | (0.9 | ) | (1.1 | ) | (3.7 | ) | |||||||||||||||||||||
Amortization of Deferred Acquisition Costs | 15.5 | 4.3 | 4.3 | 4.2 | 4.2 | 17.0 | 3.5 | 3.7 | 3.1 | 0.8 | 11.1 | ||||||||||||||||||||||||||||||||
Impairment of Long-term Care Deferred Acquisition Costs | — | — | — | — | — | — | — | — | — | 196.0 | 196.0 | ||||||||||||||||||||||||||||||||
Other Expenses | 211.2 | 51.4 | 61.7 | 46.8 | 48.0 | 207.9 | 45.8 | 45.7 | 44.4 | 44.1 | 180.0 | ||||||||||||||||||||||||||||||||
Total | 2,609.8 | 648.9 | 660.0 | 647.2 | 655.0 | 2,611.1 | 643.1 | 638.2 | 643.3 | 1,595.7 | 3,520.3 | ||||||||||||||||||||||||||||||||
Operating Income (Loss), as reported | $ | 124.0 | $ | 35.9 | $ | 23.8 | $ | 29.7 | $ | 29.2 | $ | 118.6 | $ | 31.9 | $ | 30.4 | $ | 30.8 | $ | (922.3 | ) | $ | (829.2 | ) | |||||||||||||||||||
Interest Adjusted Loss Ratios, as reported: | |||||||||||||||||||||||||||||||||||||||||||
Individual Disability | 81.6 | % | 84.5 | % | 85.4 | % | 85.5 | % | 84.7 | % | 85.0 | % | 84.7 | % | 84.3 | % | 84.9 | % | 180.4 | % | 108.0 | % | |||||||||||||||||||||
Long-term Care | 76.5 | % | 78.5 | % | 80.8 | % | 80.9 | % | 83.1 | % | 80.8 | % | 83.0 | % | 84.3 | % | 86.0 | % | 457.5 | % | 179.3 | % | |||||||||||||||||||||
Operating Ratios (% of Premium Income): | |||||||||||||||||||||||||||||||||||||||||||
Other Expense Ratio | 14.1 | % | 14.1 | % | 17.0 | % | 13.1 | % | 13.2 | % | 14.3 | % | 13.0 | % | 13.2 | % | 12.8 | % | 12.7 | % | 12.9 | % | |||||||||||||||||||||
Operating Income (Loss) Ratio, as reported | 8.3 | % | 9.8 | % | 6.6 | % | 8.3 | % | 8.0 | % | 8.2 | % | 9.0 | % | 8.8 | % | 8.9 | % | (265.7 | )% | (59.4 | )% | |||||||||||||||||||||
8
Unum Group Financial Results for Closed Block Segment - Adjusted for ASU 2010-26 - Continued
Year Ended | Three Months Ended | Year Ended | Three Months Ended | Year Ended | |||||||||||||||||||||||||||||||||||||||
12/31/2009 | 3/31/2010 | 6/30/2010 | 9/30/2010 | 12/31/2010 | 12/31/2010 | 3/31/2011 | 6/30/2011 | 9/30/2011 | 12/31/2011 | 12/31/2011 | |||||||||||||||||||||||||||||||||
Operating Income (Loss), as reported | $ | 124.0 | $ | 35.9 | $ | 23.8 | $ | 29.7 | $ | 29.2 | $ | 118.6 | $ | 31.9 | $ | 30.4 | $ | 30.8 | $ | (922.3 | ) | $ | (829.2 | ) | |||||||||||||||||||
Individual Disability Reserve Charge | — | — | — | — | — | — | — | — | — | 183.5 | 183.5 | ||||||||||||||||||||||||||||||||
Long-term Care Reserve Charge | — | — | — | — | — | — | — | — | — | 573.6 | 573.6 | ||||||||||||||||||||||||||||||||
Impairment of Long-term Care Deferred Acquisition Costs | — | — | — | — | — | — | — | — | — | 196.0 | 196.0 | ||||||||||||||||||||||||||||||||
Operating Income, as adjusted | $ | 124.0 | $ | 35.9 | $ | 23.8 | $ | 29.7 | $ | 29.2 | $ | 118.6 | $ | 31.9 | $ | 30.4 | $ | 30.8 | $ | 30.8 | $ | 123.9 | |||||||||||||||||||||
Interest Adjusted Loss Ratios, as adjusted: | |||||||||||||||||||||||||||||||||||||||||||
Individual Disability | 81.6 | % | 84.5 | % | 85.4 | % | 85.5 | % | 84.7 | % | 85.0 | % | 84.7 | % | 84.3 | % | 84.9 | % | 84.8 | % | 84.7 | % | |||||||||||||||||||||
Long-term Care | 76.5 | % | 78.5 | % | 80.8 | % | 80.9 | % | 83.1 | % | 80.8 | % | 83.0 | % | 84.3 | % | 86.0 | % | 86.4 | % | 84.9 | % | |||||||||||||||||||||
Operating Ratios (% of Premium Income): | |||||||||||||||||||||||||||||||||||||||||||
Other Expense Ratio | 14.1 | % | 14.1 | % | 17.0 | % | 13.1 | % | 13.2 | % | 14.3 | % | 13.0 | % | 13.2 | % | 12.8 | % | 12.7 | % | 12.9 | % | |||||||||||||||||||||
Operating Income Ratio, as adjusted | 8.3 | % | 9.8 | % | 6.6 | % | 8.3 | % | 8.0 | % | 8.2 | % | 9.0 | % | 8.8 | % | 8.9 | % | 8.9 | % | 8.9 | % | |||||||||||||||||||||
8.1
Unum Group Financial Results for Corporate Segment - Adjusted for Non-operating Retirement-related Loss
Year Ended | Three Months Ended | Year Ended | Three Months Ended | Year Ended | |||||||||||||||||||||||||||||||||||||||
12/31/2009 | 3/31/2010 | 6/30/2010 | 9/30/2010 | 12/31/2010 | 12/31/2010 | 3/31/2011 | 6/30/2011 | 9/30/2011 | 12/31/2011 | 12/31/2011 | |||||||||||||||||||||||||||||||||
Operating Revenue | |||||||||||||||||||||||||||||||||||||||||||
Net Investment Income | $ | 66.7 | $ | 23.2 | $ | 26.6 | $ | 24.6 | $ | 20.2 | $ | 94.6 | $ | 14.5 | $ | 16.8 | $ | 13.3 | $ | 11.6 | $ | 56.2 | |||||||||||||||||||||
Other Income | 4.4 | 0.5 | 0.8 | 0.4 | 1.6 | 3.3 | 1.0 | (0.4 | ) | 2.2 | 17.8 | 20.6 | |||||||||||||||||||||||||||||||
Total | 71.1 | 23.7 | 27.4 | 25.0 | 21.8 | 97.9 | 15.5 | 16.4 | 15.5 | 29.4 | 76.8 | ||||||||||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||||||||||||||||
Interest and Debt Expense | 106.8 | 30.3 | 30.8 | 31.8 | 36.0 | 128.9 | 34.9 | 32.3 | 32.2 | 32.4 | 131.8 | ||||||||||||||||||||||||||||||||
Other Expenses | 56.2 | 10.5 | 9.6 | 10.3 | 9.7 | 40.1 | 10.4 | 9.1 | 12.1 | 23.7 | 55.3 | ||||||||||||||||||||||||||||||||
Total | 163.0 | 40.8 | 40.4 | 42.1 | 45.7 | 169.0 | 45.3 | 41.4 | 44.3 | 56.1 | 187.1 | ||||||||||||||||||||||||||||||||
Operating Loss, as previously reported | $ | (91.9 | ) | $ | (17.1 | ) | $ | (13.0 | ) | $ | (17.1 | ) | $ | (23.9 | ) | $ | (71.1 | ) | $ | (29.8 | ) | $ | (25.0 | ) | $ | (28.8 | ) | $ | (26.7 | ) | $ | (110.3 | ) | ||||||||||
Non-operating Retirement-related Loss* | 43.5 | 8.0 | 8.1 | 8.0 | 8.1 | 32.2 | 8.0 | 8.0 | 8.0 | 7.9 | 31.9 | ||||||||||||||||||||||||||||||||
Operating Loss | $ | (48.4 | ) | $ | (9.1 | ) | $ | (4.9 | ) | $ | (9.1 | ) | $ | (15.8 | ) | $ | (38.9 | ) | $ | (21.8 | ) | $ | (17.0 | ) | $ | (20.8 | ) | $ | (18.8 | ) | $ | (78.4 | ) | ||||||||||
*We previously allocated the amortization of prior period actuarial gains and losses, the component of the net periodic benefit costs for our pensions and other postretirement benefit plans which we consider to be non-operating, to our Corporate segment. During the first quarter of 2012, we determined that we would modify our segment reporting. Effective January 1, 2012, these gains or losses are no longer included in operating income or operating loss by segment. Prior period amounts for our Corporate segment have been adjusted to conform to current year reporting.
9