Attached files
| file | filename |
|---|---|
| 8-K - 8-K - Unum Group | unm041320178-kcover.htm |
Unum Group
Operating Results as Adjusted for
Retirement-related Gains or Losses
TABLE OF CONTENTS
(dollars in millions, except share data and where noted)
Interim Results are Unaudited
Unum Group Financial Results by Segment - Adjusted for Retirement-related Gains or Losses
We measure and analyze our segment performance on the basis of "operating revenue" and "operating income" or "operating loss", which differ from total revenue and income before income tax as presented in our consolidated statements of income due to the exclusion of net realized investment gains and losses as specified in the following pages. These performance measures are in accordance with GAAP guidance for segment reporting, but they should not be viewed as a substitute for total revenue, income before income tax, or net income. We previously excluded the amortization of prior period actuarial gains or losses, a component of the net periodic benefit cost for our pension and other postretirement benefit plans. Effective January 1, 2017, the amortization of prior period actuarial gains or losses is now reported in our Corporate segment as a component of "benefit and expenses" and the tax thereon is reported in "income tax" in the following charts. Amounts for periods prior to January, 1, 2017 have been adjusted to conform to current year reporting.
Three Months Ended | Year Ended | ||||||||||||||||||||
12/31/2016 | 12/31/2015 | % Change | 12/31/2016 | 12/31/2015 | % Change | ||||||||||||||||
Premium Income | |||||||||||||||||||||
Unum US | $ | 1,325.2 | $ | 1,251.6 | 5.9 | % | $ | 5,240.9 | $ | 4,960.0 | 5.7 | % | |||||||||
Unum UK | 121.9 | 150.4 | (18.9 | ) | 529.3 | 576.2 | (8.1 | ) | |||||||||||||
Colonial Life | 360.4 | 337.4 | 6.8 | 1,417.1 | 1,338.6 | 5.9 | |||||||||||||||
Closed Block | 291.7 | 298.4 | (2.2 | ) | 1,170.4 | 1,207.6 | (3.1 | ) | |||||||||||||
2,099.2 | 2,037.8 | 3.0 | 8,357.7 | 8,082.4 | 3.4 | ||||||||||||||||
Net Investment Income | |||||||||||||||||||||
Unum US | 206.3 | 220.3 | (6.4 | ) | 828.7 | 865.3 | (4.2 | ) | |||||||||||||
Unum UK | 28.8 | 34.8 | (17.2 | ) | 118.1 | 124.9 | (5.4 | ) | |||||||||||||
Colonial Life | 35.8 | 35.6 | 0.6 | 141.5 | 145.4 | (2.7 | ) | ||||||||||||||
Closed Block | 343.6 | 340.4 | 0.9 | 1,352.2 | 1,320.0 | 2.4 | |||||||||||||||
Corporate | 3.4 | 5.3 | (35.8 | ) | 18.5 | 25.6 | (27.7 | ) | |||||||||||||
617.9 | 636.4 | (2.9 | ) | 2,459.0 | 2,481.2 | (0.9 | ) | ||||||||||||||
Other Income | |||||||||||||||||||||
Unum US | 27.7 | 28.8 | (3.8 | ) | 113.3 | 119.2 | (4.9 | ) | |||||||||||||
Unum UK | — | — | — | 0.2 | — | — | |||||||||||||||
Colonial Life | 0.2 | — | — | 1.2 | 0.1 | N.M. | |||||||||||||||
Closed Block | 20.7 | 21.8 | (5.0 | ) | 86.0 | 89.3 | (3.7 | ) | |||||||||||||
Corporate | 2.4 | 0.3 | N.M. | 4.9 | 2.9 | 69.0 | |||||||||||||||
51.0 | 50.9 | 0.2 | 205.6 | 211.5 | (2.8 | ) | |||||||||||||||
Total Operating Revenue | |||||||||||||||||||||
Unum US | 1,559.2 | 1,500.7 | 3.9 | 6,182.9 | 5,944.5 | 4.0 | |||||||||||||||
Unum UK | 150.7 | 185.2 | (18.6 | ) | 647.6 | 701.1 | (7.6 | ) | |||||||||||||
Colonial Life | 396.4 | 373.0 | 6.3 | 1,559.8 | 1,484.1 | 5.1 | |||||||||||||||
Closed Block | 656.0 | 660.6 | (0.7 | ) | 2,608.6 | 2,616.9 | (0.3 | ) | |||||||||||||
Corporate | 5.8 | 5.6 | 3.6 | 23.4 | 28.5 | (17.9 | ) | ||||||||||||||
$ | 2,768.1 | $ | 2,725.1 | 1.6 | $ | 11,022.3 | $ | 10,775.1 | 2.3 | ||||||||||||
1
Unum Group Financial Results by Segment - Adjusted for Retirement-related Gains or Losses - Continued
Three Months Ended | Year Ended | ||||||||||||||||||||
12/31/2016 | 12/31/2015 | % Change | 12/31/2016 | 12/31/2015 | % Change | ||||||||||||||||
Benefits and Expenses | |||||||||||||||||||||
Unum US | $ | 1,319.1 | $ | 1,286.5 | 2.5 | % | $ | 5,268.7 | $ | 5,094.5 | 3.4 | % | |||||||||
Unum UK | 120.8 | 148.2 | (18.5 | ) | 519.0 | 560.5 | (7.4 | ) | |||||||||||||
Colonial Life | 316.5 | 295.4 | 7.1 | 1,245.6 | 1,175.0 | 6.0 | |||||||||||||||
Closed Block | 621.4 | 632.5 | (1.8 | ) | 2,479.1 | 2,497.8 | (0.7 | ) | |||||||||||||
Corporate | 47.5 | 43.2 | 10.0 | 186.4 | 165.2 | 12.8 | |||||||||||||||
2,425.3 | 2,405.8 | 0.8 | 9,698.8 | 9,493.0 | 2.2 | ||||||||||||||||
Income (Loss) Before Income Tax and Net Realized Investment Gain (Loss) | |||||||||||||||||||||
Unum US | 240.1 | 214.2 | 12.1 | 914.2 | 850.0 | 7.6 | |||||||||||||||
Unum UK | 29.9 | 37.0 | (19.2 | ) | 128.6 | 140.6 | (8.5 | ) | |||||||||||||
Colonial Life | 79.9 | 77.6 | 3.0 | 314.2 | 309.1 | 1.6 | |||||||||||||||
Closed Block | 34.6 | 28.1 | 23.1 | 129.5 | 119.1 | 8.7 | |||||||||||||||
Corporate | (41.7 | ) | (37.6 | ) | (10.9 | ) | (163.0 | ) | (136.7 | ) | (19.2 | ) | |||||||||
342.8 | 319.3 | 7.4 | 1,323.5 | 1,282.1 | 3.2 | ||||||||||||||||
Income Tax | 113.1 | 90.7 | 24.7 | 407.9 | 388.9 | 4.9 | |||||||||||||||
Income Before Net Realized Investment Gain (Loss), Net of Tax | 229.7 | 228.6 | 0.5 | 915.6 | 893.2 | 2.5 | |||||||||||||||
Net Realized Investment Gain (Loss) (net of tax expense (benefit) of $10.1; $(0.2); $8.4; $(17.7)) | 18.3 | (2.5 | ) | N.M. | 15.8 | (26.1 | ) | 160.5 | |||||||||||||
Net Income | $ | 248.0 | $ | 226.1 | 9.7 | $ | 931.4 | $ | 867.1 | 7.4 | |||||||||||
1. 1
Unum Group Quarterly Historical Financial Results by Segment - Adjusted for Retirement-related Gains or Losses
12/31/16 | 9/30/16 | 6/30/16 | 3/31/16 | 12/31/15 | 9/30/15 | 6/30/15 | 3/31/15 | 12/31/14 | |||||||||||||||||||||||||||
Premium Income | |||||||||||||||||||||||||||||||||||
Unum US | $ | 1,325.2 | $ | 1,315.0 | $ | 1,299.4 | $ | 1,301.3 | $ | 1,251.6 | $ | 1,241.8 | $ | 1,236.4 | $ | 1,230.2 | $ | 1,186.8 | |||||||||||||||||
Unum UK | 121.9 | 127.3 | 140.8 | 139.3 | 150.4 | 144.6 | 142.2 | 139.0 | 148.9 | ||||||||||||||||||||||||||
Colonial Life | 360.4 | 354.1 | 351.4 | 351.2 | 337.4 | 333.1 | 335.9 | 332.2 | 321.1 | ||||||||||||||||||||||||||
Closed Block | 291.7 | 293.0 | 290.0 | 295.7 | 298.4 | 301.3 | 303.0 | 304.9 | 311.1 | ||||||||||||||||||||||||||
2,099.2 | 2,089.4 | 2,081.6 | 2,087.5 | 2,037.8 | 2,020.8 | 2,017.5 | 2,006.3 | 1,967.9 | |||||||||||||||||||||||||||
Net Investment Income | |||||||||||||||||||||||||||||||||||
Unum US | 206.3 | 207.3 | 207.7 | 207.4 | 220.3 | 214.3 | 215.7 | 215.0 | 223.2 | ||||||||||||||||||||||||||
Unum UK | 28.8 | 28.5 | 34.0 | 26.8 | 34.8 | 28.0 | 38.6 | 23.5 | 38.7 | ||||||||||||||||||||||||||
Colonial Life | 35.8 | 36.1 | 35.6 | 34.0 | 35.6 | 35.9 | 36.9 | 37.0 | 37.6 | ||||||||||||||||||||||||||
Closed Block | 343.6 | 334.1 | 341.1 | 333.4 | 340.4 | 327.5 | 331.7 | 320.4 | 323.0 | ||||||||||||||||||||||||||
Corporate | 3.4 | 5.4 | 4.9 | 4.8 | 5.3 | 6.4 | 7.8 | 6.1 | 10.2 | ||||||||||||||||||||||||||
617.9 | 611.4 | 623.3 | 606.4 | 636.4 | 612.1 | 630.7 | 602.0 | 632.7 | |||||||||||||||||||||||||||
Other Income | |||||||||||||||||||||||||||||||||||
Unum US | 27.7 | 28.7 | 27.9 | 29.0 | 28.8 | 28.1 | 31.4 | 30.9 | 30.7 | ||||||||||||||||||||||||||
Unum UK | — | — | 0.2 | — | — | — | — | — | (0.1 | ) | |||||||||||||||||||||||||
Colonial Life | 0.2 | 0.4 | 0.3 | 0.3 | — | 0.1 | — | — | — | ||||||||||||||||||||||||||
Closed Block | 20.7 | 21.5 | 21.4 | 22.4 | 21.8 | 21.5 | 22.8 | 23.2 | 22.3 | ||||||||||||||||||||||||||
Corporate | 2.4 | 0.9 | 1.3 | 0.3 | 0.3 | 1.8 | 0.5 | 0.3 | 2.8 | ||||||||||||||||||||||||||
51.0 | 51.5 | 51.1 | 52.0 | 50.9 | 51.5 | 54.7 | 54.4 | 55.7 | |||||||||||||||||||||||||||
Total Operating Revenue | |||||||||||||||||||||||||||||||||||
Unum US | 1,559.2 | 1,551.0 | 1,535.0 | 1,537.7 | 1,500.7 | 1,484.2 | 1,483.5 | 1,476.1 | 1,440.7 | ||||||||||||||||||||||||||
Unum UK | 150.7 | 155.8 | 175.0 | 166.1 | 185.2 | 172.6 | 180.8 | 162.5 | 187.5 | ||||||||||||||||||||||||||
Colonial Life | 396.4 | 390.6 | 387.3 | 385.5 | 373.0 | 369.1 | 372.8 | 369.2 | 358.7 | ||||||||||||||||||||||||||
Closed Block | 656.0 | 648.6 | 652.5 | 651.5 | 660.6 | 650.3 | 657.5 | 648.5 | 656.4 | ||||||||||||||||||||||||||
Corporate | 5.8 | 6.3 | 6.2 | 5.1 | 5.6 | 8.2 | 8.3 | 6.4 | 13.0 | ||||||||||||||||||||||||||
$ | 2,768.1 | $ | 2,752.3 | $ | 2,756.0 | $ | 2,745.9 | $ | 2,725.1 | $ | 2,684.4 | $ | 2,702.9 | $ | 2,662.7 | $ | 2,656.3 | ||||||||||||||||||
2
Unum Group Quarterly Historical Financial Results by Segment - Adjusted for Retirement-related Gains or Losses - Continued
12/31/16 | 9/30/16 | 6/30/16 | 3/31/16 | 12/31/15 | 9/30/15 | 6/30/15 | 3/31/15 | 12/31/14 | |||||||||||||||||||||||||||
Benefits and Expenses | |||||||||||||||||||||||||||||||||||
Unum US | $ | 1,319.1 | $ | 1,320.0 | $ | 1,307.8 | $ | 1,321.8 | $ | 1,286.5 | $ | 1,265.5 | $ | 1,280.7 | $ | 1,261.8 | $ | 1,231.2 | |||||||||||||||||
Unum UK | 120.8 | 127.6 | 138.1 | 132.5 | 148.2 | 139.9 | 142.5 | 129.9 | 149.3 | ||||||||||||||||||||||||||
Colonial Life | 316.5 | 311.6 | 309.4 | 308.1 | 295.4 | 292.8 | 295.2 | 291.6 | 284.7 | ||||||||||||||||||||||||||
Closed Block | 621.4 | 620.0 | 619.9 | 617.8 | 632.5 | 622.6 | 620.9 | 621.8 | 1,325.2 | ||||||||||||||||||||||||||
Corporate | 47.5 | 52.0 | 45.9 | 41.0 | 43.2 | 38.1 | 44.6 | 39.3 | 38.8 | ||||||||||||||||||||||||||
2,425.3 | 2,431.2 | 2,421.1 | 2,421.2 | 2,405.8 | 2,358.9 | 2,383.9 | 2,344.4 | 3,029.2 | |||||||||||||||||||||||||||
Income (Loss) Before Income Tax, Net Realized Investment Gain (Loss), and Pension Settlement Loss | |||||||||||||||||||||||||||||||||||
Unum US | 240.1 | 231.0 | 227.2 | 215.9 | 214.2 | 218.7 | 202.8 | 214.3 | 209.5 | ||||||||||||||||||||||||||
Unum UK | 29.9 | 28.2 | 36.9 | 33.6 | 37.0 | 32.7 | 38.3 | 32.6 | 38.2 | ||||||||||||||||||||||||||
Colonial Life | 79.9 | 79.0 | 77.9 | 77.4 | 77.6 | 76.3 | 77.6 | 77.6 | 74.0 | ||||||||||||||||||||||||||
Closed Block | 34.6 | 28.6 | 32.6 | 33.7 | 28.1 | 27.7 | 36.6 | 26.7 | (668.8 | ) | |||||||||||||||||||||||||
Corporate | (41.7 | ) | (45.7 | ) | (39.7 | ) | (35.9 | ) | (37.6 | ) | (29.9 | ) | (36.3 | ) | (32.9 | ) | (25.8 | ) | |||||||||||||||||
342.8 | 321.1 | 334.9 | 324.7 | 319.3 | 325.5 | 319.0 | 318.3 | (372.9 | ) | ||||||||||||||||||||||||||
Income Tax Expense (Benefit) | 113.1 | 92.4 | 101.9 | 100.5 | 90.7 | 104.4 | 98.4 | 95.4 | (143.8 | ) | |||||||||||||||||||||||||
Income (Loss) Before Net Realized Investment Gain (Loss) and Pension Settlement Loss, Net of Tax | 229.7 | 228.7 | 233.0 | 224.2 | 228.6 | 221.1 | 220.6 | 222.9 | (229.1 | ) | |||||||||||||||||||||||||
Net Realized Investment Gain (Loss) | 28.4 | 11.0 | 5.3 | (20.5 | ) | (2.7 | ) | (26.6 | ) | 0.8 | (15.3 | ) | (17.3 | ) | |||||||||||||||||||||
Tax Expense (Benefit) on Net Realized Investment Gain (Loss) | 10.1 | 3.7 | 1.5 | (6.9 | ) | (0.2 | ) | (9.3 | ) | (2.9 | ) | (5.3 | ) | (6.1 | ) | ||||||||||||||||||||
Pension Settlement Loss | — | — | — | — | — | — | — | — | (64.4 | ) | |||||||||||||||||||||||||
Tax Benefit on Pension Settlement Loss | — | — | — | — | — | — | — | — | (22.5 | ) | |||||||||||||||||||||||||
Net Income (Loss) | $ | 248.0 | $ | 236.0 | $ | 236.8 | $ | 210.6 | $ | 226.1 | $ | 203.8 | $ | 224.3 | $ | 212.9 | $ | (282.2 | ) | ||||||||||||||||
Net Income (Loss) Per Common Share - Assuming Dilution | $ | 1.07 | $ | 1.01 | $ | 1.00 | $ | 0.88 | $ | 0.93 | $ | 0.83 | $ | 0.90 | $ | 0.84 | $ | (1.12 | ) | ||||||||||||||||
2. 1
Unum Group Financial Results for Unum US Segment
Three Months Ended | Year Ended | ||||||||||||||||||
12/31/2016 | 12/31/2015 | 12/31/2016 | 12/31/2015 | 12/31/2014 | |||||||||||||||
Operating Revenue | |||||||||||||||||||
Premium Income | $ | 1,325.2 | $ | 1,251.6 | $ | 5,240.9 | $ | 4,960.0 | $ | 4,659.7 | |||||||||
Net Investment Income | 206.3 | 220.3 | 828.7 | 865.3 | 878.9 | ||||||||||||||
Other Income | 27.7 | 28.8 | 113.3 | 119.2 | 122.1 | ||||||||||||||
Total | 1,559.2 | 1,500.7 | 6,182.9 | 5,944.5 | 5,660.7 | ||||||||||||||
Benefits and Expenses | |||||||||||||||||||
Benefits and Change in Reserves for Future Benefits | 911.6 | 890.4 | 3,624.3 | 3,476.7 | 3,288.1 | ||||||||||||||
Commissions | 140.6 | 140.4 | 580.4 | 562.2 | 528.7 | ||||||||||||||
Deferral of Acquisition Costs | (74.3 | ) | (76.6 | ) | (314.1 | ) | (307.3 | ) | (292.7 | ) | |||||||||
Amortization of Deferred Acquisition Costs | 61.2 | 55.9 | 275.2 | 272.3 | 248.1 | ||||||||||||||
Other Expenses | 280.0 | 276.4 | 1,102.9 | 1,090.6 | 1,043.6 | ||||||||||||||
Total | 1,319.1 | 1,286.5 | 5,268.7 | 5,094.5 | 4,815.8 | ||||||||||||||
Operating Income | $ | 240.1 | $ | 214.2 | $ | 914.2 | $ | 850.0 | $ | 844.9 | |||||||||
Operating Ratios (% of Premium Income): | |||||||||||||||||||
Benefit Ratio | 68.8 | % | 71.1 | % | 69.2 | % | 70.1 | % | 70.6 | % | |||||||||
Other Expense Ratio | 21.1 | % | 22.1 | % | 21.0 | % | 22.0 | % | 22.4 | % | |||||||||
Operating Income Ratio | 18.1 | % | 17.1 | % | 17.4 | % | 17.1 | % | 18.1 | % | |||||||||
3
Unum Group Financial Results for Unum US Group Disability
Three Months Ended | Year Ended | ||||||||||||||||||
12/31/2016 | 12/31/2015 | 12/31/2016 | 12/31/2015 | 12/31/2014 | |||||||||||||||
Operating Revenue | |||||||||||||||||||
Premium Income | |||||||||||||||||||
Group Long-term Disability | $ | 435.0 | $ | 415.7 | $ | 1,726.6 | $ | 1,644.7 | $ | 1,553.5 | |||||||||
Group Short-term Disability | 156.9 | 154.9 | 626.1 | 607.4 | 558.1 | ||||||||||||||
Total Premium Income | 591.9 | 570.6 | 2,352.7 | 2,252.1 | 2,111.6 | ||||||||||||||
Net Investment Income | 118.8 | 124.6 | 479.5 | 496.5 | 515.9 | ||||||||||||||
Other Income | 22.9 | 22.9 | 91.1 | 92.9 | 91.0 | ||||||||||||||
Total | 733.6 | 718.1 | 2,923.3 | 2,841.5 | 2,718.5 | ||||||||||||||
Benefits and Expenses | |||||||||||||||||||
Benefits and Change in Reserves for Future Benefits | 459.8 | 466.1 | 1,863.8 | 1,834.0 | 1,746.4 | ||||||||||||||
Commissions | 43.9 | 43.3 | 178.2 | 172.2 | 161.2 | ||||||||||||||
Deferral of Acquisition Costs | (11.1 | ) | (11.4 | ) | (46.4 | ) | (43.2 | ) | (40.2 | ) | |||||||||
Amortization of Deferred Acquisition Costs | 8.9 | 8.5 | 35.9 | 33.7 | 26.3 | ||||||||||||||
Other Expenses | 142.6 | 145.5 | 572.1 | 572.4 | 550.0 | ||||||||||||||
Total | 644.1 | 652.0 | 2,603.6 | 2,569.1 | 2,443.7 | ||||||||||||||
Operating Income | $ | 89.5 | $ | 66.1 | $ | 319.7 | $ | 272.4 | $ | 274.8 | |||||||||
Operating Ratios (% of Premium Income): | |||||||||||||||||||
Benefit Ratio | 77.7 | % | 81.7 | % | 79.2 | % | 81.4 | % | 82.7 | % | |||||||||
Other Expense Ratio | 24.1 | % | 25.5 | % | 24.3 | % | 25.4 | % | 26.0 | % | |||||||||
Operating Income Ratio | 15.1 | % | 11.6 | % | 13.6 | % | 12.1 | % | 13.0 | % | |||||||||
Persistency: | |||||||||||||||||||
Group Long-term Disability | 91.0 | % | 92.1 | % | 90.6 | % | |||||||||||||
Group Short-term Disability | 87.7 | % | 88.1 | % | 89.6 | % | |||||||||||||
3. 1
Unum Group Financial Results for Unum US Group Life and Accidental Death & Dismemberment
Three Months Ended | Year Ended | ||||||||||||||||||
12/31/2016 | 12/31/2015 | 12/31/2016 | 12/31/2015 | 12/31/2014 | |||||||||||||||
Operating Revenue | |||||||||||||||||||
Premium Income | |||||||||||||||||||
Group Life | $ | 356.4 | $ | 339.9 | $ | 1,410.0 | $ | 1,347.4 | $ | 1,262.3 | |||||||||
Accidental Death & Dismemberment | 35.5 | 33.7 | 140.3 | 131.7 | 125.9 | ||||||||||||||
Total Premium Income | 391.9 | 373.6 | 1,550.3 | 1,479.1 | 1,388.2 | ||||||||||||||
Net Investment Income | 27.9 | 33.1 | 113.4 | 135.1 | 135.2 | ||||||||||||||
Other Income | 1.2 | 0.6 | 4.5 | 2.1 | 1.4 | ||||||||||||||
Total | 421.0 | 407.3 | 1,668.2 | 1,616.3 | 1,524.8 | ||||||||||||||
Benefits and Expenses | |||||||||||||||||||
Benefits and Change in Reserves for Future Benefits | 280.1 | 269.1 | 1,112.6 | 1,061.6 | 975.8 | ||||||||||||||
Commissions | 32.0 | 30.7 | 126.8 | 121.2 | 113.3 | ||||||||||||||
Deferral of Acquisition Costs | (8.3 | ) | (8.6 | ) | (35.7 | ) | (33.3 | ) | (31.3 | ) | |||||||||
Amortization of Deferred Acquisition Costs | 7.2 | 6.6 | 29.2 | 26.2 | 21.4 | ||||||||||||||
Other Expenses | 53.9 | 55.2 | 213.5 | 215.7 | 205.2 | ||||||||||||||
Total | 364.9 | 353.0 | 1,446.4 | 1,391.4 | 1,284.4 | ||||||||||||||
Operating Income | $ | 56.1 | $ | 54.3 | $ | 221.8 | $ | 224.9 | $ | 240.4 | |||||||||
Operating Ratios (% of Premium Income): | |||||||||||||||||||
Benefit Ratio | 71.5 | % | 72.0 | % | 71.8 | % | 71.8 | % | 70.3 | % | |||||||||
Other Expense Ratio | 13.8 | % | 14.8 | % | 13.8 | % | 14.6 | % | 14.8 | % | |||||||||
Operating Income Ratio | 14.3 | % | 14.5 | % | 14.3 | % | 15.2 | % | 17.3 | % | |||||||||
Persistency: | |||||||||||||||||||
Group Life | 90.7 | % | 89.2 | % | 90.8 | % | |||||||||||||
Accidental Death & Dismemberment | 90.3 | % | 89.8 | % | 91.1 | % | |||||||||||||
3. 2
Unum Group Financial Results for Unum US Supplemental and Voluntary
Three Months Ended | Year Ended | ||||||||||||||||||
12/31/2016 | 12/31/2015 | 12/31/2016 | 12/31/2015 | 12/31/2014 | |||||||||||||||
Operating Revenue | |||||||||||||||||||
Premium Income | |||||||||||||||||||
Individual Disability | $ | 105.9 | $ | 123.0 | $ | 480.3 | $ | 478.9 | $ | 466.1 | |||||||||
Voluntary Benefits | 194.4 | 184.4 | 796.5 | 749.9 | 693.8 | ||||||||||||||
Dental and Vision | 41.1 | — | 61.1 | — | — | ||||||||||||||
Total Premium Income | 341.4 | 307.4 | 1,337.9 | 1,228.8 | 1,159.9 | ||||||||||||||
Net Investment Income | 59.6 | 62.6 | 235.8 | 233.7 | 227.8 | ||||||||||||||
Other Income | 3.6 | 5.3 | 17.7 | 24.2 | 29.7 | ||||||||||||||
Total | 404.6 | 375.3 | 1,591.4 | 1,486.7 | 1,417.4 | ||||||||||||||
Benefits and Expenses | |||||||||||||||||||
Benefits and Change in Reserves for Future Benefits | 171.7 | 155.2 | 647.9 | 581.1 | 565.9 | ||||||||||||||
Commissions | 64.7 | 66.4 | 275.4 | 268.8 | 254.2 | ||||||||||||||
Deferral of Acquisition Costs | (54.9 | ) | (56.6 | ) | (232.0 | ) | (230.8 | ) | (221.2 | ) | |||||||||
Amortization of Deferred Acquisition Costs | 45.1 | 40.8 | 210.1 | 212.4 | 200.4 | ||||||||||||||
Other Expenses | 83.5 | 75.7 | 317.3 | 302.5 | 288.4 | ||||||||||||||
Total | 310.1 | 281.5 | 1,218.7 | 1,134.0 | 1,087.7 | ||||||||||||||
Operating Income | $ | 94.5 | $ | 93.8 | $ | 372.7 | $ | 352.7 | $ | 329.7 | |||||||||
Operating Ratios (% of Premium Income): | |||||||||||||||||||
Benefit Ratios: | |||||||||||||||||||
Individual Disability | 54.7 | % | 54.1 | % | 52.9 | % | 51.8 | % | 51.6 | % | |||||||||
Voluntary Benefits | 44.6 | % | 48.0 | % | 44.3 | % | 44.4 | % | 46.9 | % | |||||||||
Dental and Vision | 65.9 | % | — | % | 66.6 | % | — | % | — | % | |||||||||
Other Expense Ratio | 24.5 | % | 24.6 | % | 23.7 | % | 24.6 | % | 24.9 | % | |||||||||
Operating Income Ratio | 27.7 | % | 30.5 | % | 27.9 | % | 28.7 | % | 28.4 | % | |||||||||
Persistency: | |||||||||||||||||||
Individual Disability | 91.1 | % | 90.3 | % | 90.0 | % | |||||||||||||
Voluntary Benefits | 76.9 | % | 75.9 | % | 77.6 | % | |||||||||||||
Dental and Vision | 84.6 | % | — | % | — | % | |||||||||||||
3. 3
Unum Group Financial Results for Unum UK Segment
Three Months Ended | Year Ended | ||||||||||||||||||
12/31/2016 | 12/31/2015 | 12/31/2016 | 12/31/2015 | 12/31/2014 | |||||||||||||||
Operating Revenue | |||||||||||||||||||
Premium Income | |||||||||||||||||||
Group Long-term Disability | $ | 81.1 | $ | 100.9 | $ | 355.2 | $ | 397.4 | $ | 418.9 | |||||||||
Group Life | 24.8 | 30.9 | 105.7 | 121.5 | 133.2 | ||||||||||||||
Supplemental | 16.0 | 18.6 | 68.4 | 57.3 | 55.1 | ||||||||||||||
Total Premium Income | 121.9 | 150.4 | 529.3 | 576.2 | 607.2 | ||||||||||||||
Net Investment Income | 28.8 | 34.8 | 118.1 | 124.9 | 151.0 | ||||||||||||||
Other Income | — | — | 0.2 | — | — | ||||||||||||||
Total | 150.7 | 185.2 | 647.6 | 701.1 | 758.2 | ||||||||||||||
Benefits and Expenses | |||||||||||||||||||
Benefits and Change in Reserves for Future Benefits | 82.6 | 105.3 | 367.4 | 394.8 | 431.0 | ||||||||||||||
Commissions | 11.0 | 8.2 | 38.9 | 41.8 | 42.8 | ||||||||||||||
Deferral of Acquisition Costs | (2.1 | ) | (2.4 | ) | (8.2 | ) | (9.6 | ) | (10.5 | ) | |||||||||
Amortization of Deferred Acquisition Costs | 2.3 | 2.5 | 9.7 | 11.3 | 12.5 | ||||||||||||||
Other Expenses | 27.0 | 34.6 | 111.2 | 122.2 | 134.6 | ||||||||||||||
Total | 120.8 | 148.2 | 519.0 | 560.5 | 610.4 | ||||||||||||||
Operating Income | $ | 29.9 | $ | 37.0 | $ | 128.6 | $ | 140.6 | $ | 147.8 | |||||||||
4
Unum Group Financial Results for Unum UK Segment - Continued
Three Months Ended | Year Ended | ||||||||||||||||||
(in millions of pounds, except exchange rate) | 12/31/2016 | 12/31/2015 | 12/31/2016 | 12/31/2015 | 12/31/2014 | ||||||||||||||
Operating Revenue | |||||||||||||||||||
Premium Income | |||||||||||||||||||
Group Long-term Disability | £ | 65.3 | £ | 66.5 | £ | 262.0 | £ | 259.9 | £ | 254.4 | |||||||||
Group Life | 20.0 | 20.4 | 78.0 | 79.5 | 80.8 | ||||||||||||||
Supplemental | 12.9 | 12.2 | 50.5 | 37.5 | 33.4 | ||||||||||||||
Total Premium Income | 98.2 | 99.1 | 390.5 | 376.9 | 368.6 | ||||||||||||||
Net Investment Income | 23.2 | 22.9 | 87.3 | 81.6 | 91.6 | ||||||||||||||
Other Income | — | — | 0.1 | — | 0.1 | ||||||||||||||
Total | 121.4 | 122.0 | 477.9 | 458.5 | 460.3 | ||||||||||||||