Unum Group Posts Comparable 4Q 2012 Results
In a release on
Adjusting for these items, income on an after-tax basis was
"I am pleased with the solid financial and operating results we produced in the fourth quarter and the growth in operating earnings per share for the full year 2012. We continued to generate solid results across much of the Company and showed modest improvement in those areas which had been operating below our expectations," said
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 losses, and income tax.
Unum US reported operating income of
Within the Unum US operating segment, the group disability line of business reported a 4.7 percent decline in operating income, with
The group life and accidental death and dismemberment line of business reported a 4.8 percent increase in operating income to
The supplemental and voluntary line of business reported a 7.6 percent increase in operating income to
Premium income increased 3.7 percent to
Persistency in the group long-term disability line of business was 84.0 percent for full-year 2012, compared to 86.6 percent for full-year 2011. Persistency in the group life line of business was 82.5 percent for full-year 2012, compared to 89.3 percent for full- year 2011. Sales decreased 40.7 percent to
Colonial Life reported a 5.1 percent increase in operating income to
Premium income for the fourth quarter of 2012 increased 4.4 percent to
Sales increased 0.2 percent to
The Closed Block segment reported operating income of
Premium income for this segment declined slightly in the fourth quarter of 2012 compared to the comparable year-ago quarter, primarily reflecting the expected run-off of this block of business. The interest adjusted loss ratio for the individual disability line of business was 83.7 percent in the fourth quarter of 2012, compared to 84.8 percent in the fourth quarter of 2011, excluding the reserve charge, reflecting higher claim recovery rates. The interest adjusted loss ratio for the long-term care line of business increased to 89.9 percent in the fourth quarter of 2012 from 86.4 percent in the fourth quarter of 2011, excluding the reserve charge, due to higher claim incidence rates and higher average new claim size.
The Corporate segment reported an operating loss of
The Company's average number of shares outstanding, assuming dilution, was 273.6 million for the fourth quarter of 2012, compared to 292.6 million for the fourth quarter of 2011. Shares outstanding totaled 270.2 million at
Leverage is measured as total debt to total capital, which the Company defines as debt plus stockholders' equity, excluding the net unrealized gain or loss on securities and the net gain or loss on cash flow hedges. Leverage also excludes the non-recourse debt and associated capital of
Book value per common share as of
The Company anticipates growth in after-tax operating income per share for full-year 2013 to be in the range of zero percent to six percent, including the effect of expected share repurchases.
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