Fourth Quarter 2024 Q4 2024 Statistical Supplement and Notes
|
|
|
|
Statistical Supplement Fourth Quarter 2024 |
|
|
TABLE OF CONTENTS |
|
|
(in millions of dollars, except share data and where noted) |
|
|
Interim Results are Unaudited |
|
|
Page |
|
|
Financial Results by Segment |
7 |
|
Quarterly Historical Financial Results by Segment |
8 |
|
Financial Results and Selected Statistics by Segment |
|
|
Unum US |
9 |
|
|
10 |
|
Colonial Life |
11 |
|
Closed Block |
12 |
|
Corporate |
13 |
|
Investments |
14 |
|
Appendix to Statistical Supplement |
15 |
See "Appendix to Statistical Supplement" on page 15 for a summary of significant items and page 15.3 for a reconciliation of our non- GAAP financial measures.
N.M. = not a meaningful percentage
Consolidated
Adjusted Operating Revenue
Net Investment Loss
Total Revenue
Net Income
Net Income Per Common Share:
Basic
Assuming Dilution
Assets
Liabilities
Stockholders' Equity
Adjusted Stockholders' Equity
Adjusted Operating Retuon Equity
Unum US
Colonial Life
Core Operating Segments
Consolidated
Traditional
Net Realized Capital Gain (Loss), After Tax
Unum Group Financial Highlights
|
Three Months Ended |
Year Ended |
||||||||||||
|
|
|
|
|
|
|||||||||
|
$ |
2,631.1 |
$ |
2,551.7 |
$ |
10,497.4 |
$ |
10,046.0 |
$ |
9,616.5 |
||||
|
$ |
3,246.7 |
$ |
3,151.1 |
$ |
12,921.9 |
$ |
12,421.9 |
$ |
11,999.8 |
||||
|
(10.1) |
(6.0) |
(34.6) |
(36.0) |
(15.7) |
|||||||||
|
$ |
3,236.6 |
$ |
3,145.1 |
$ |
12,887.3 |
$ |
12,385.9 |
$ |
11,984.1 |
||||
|
$ |
348.7 |
$ |
330.6 |
$ |
1,779.1 |
$ |
1,283.8 |
$ |
1,407.2 |
||||
|
$ |
1.93 |
$ |
1.70 |
$ |
9.49 |
$ |
6.53 |
$ |
7.01 |
||||
|
$ |
1.92 |
$ |
1.69 |
$ |
9.46 |
$ |
6.50 |
$ |
6.96 |
||||
|
$ |
61,959.3 |
$ |
63,255.2 |
$ |
61,148.5 |
||||||||
|
$ |
50,998.2 |
$ |
53,603.8 |
$ |
52,413.5 |
||||||||
|
$ |
10,961.1 |
$ |
9,651.4 |
$ |
8,735.0 |
||||||||
|
$ |
12,801.6 |
$ |
12,292.6 |
$ |
11,459.1 |
||||||||
|
23.0 % |
24.3 % |
25.2 % |
23.1 % |
16.4 % |
|||||||||
|
14.6 % |
16.1 % |
15.6 % |
16.5 % |
20.7 % |
|||||||||
|
20.2 % |
15.5 % |
19.7 % |
18.1 % |
19.9 % |
|||||||||
|
21.4 % |
21.1 % |
22.7 % |
21.2 % |
17.7 % |
|||||||||
|
11.4 % |
11.5 % |
12.7 % |
12.7 % |
11.8 % |
|||||||||
|
$ |
304.8 |
$ |
228.9 |
$ |
1,337.0 |
$ |
1,351.5 |
$ |
965.4 |
||||
|
(13.7) |
(17.0) |
(14.6) |
(21.6) |
- |
|
Net Income |
$ |
291.1 |
$ |
211.9 |
$ |
1,322.4 |
$ |
1,329.9 |
$ |
965.4 |
||||
|
Capital and Surplus |
$ |
3,911.1 |
$ |
3,751.3 |
$ |
3,816.3 |
||||||||
|
Weighted Average Risk-based Capital Ratio |
~ 430% |
~ 415% |
~ 420% |
- Generally Accepted Accounting Principles
- Our traditional
U.S. life insurance companies areProvident Life and Accident Insurance Company ,Unum Life Insurance Company of America ,First Unum Life Insurance Company ,Colonial Life & Accident Insurance Company ,The Paul Revere Life Insurance Company ,Unum Insurance Company ,Provident Life and Casualty Insurance Company , andStarmount Life Insurance Company .
1
|
Unum Group Capital Metrics |
||||||||||||||||||||||||
|
|
|
|
||||||||||||||||||||||
|
(in millions) |
per share |
(in millions) |
per share |
(in millions) |
per share |
|||||||||||||||||||
|
Total Stockholders' Equity (Book Value) |
$ |
10,961.1 |
$ |
61.38 |
$ |
9,651.4 |
$ |
49.91 |
$ |
8,735.0 |
$ |
44.17 |
||||||||||||
|
Excluding: |
||||||||||||||||||||||||
|
Net Unrealized Loss on Securities |
(2,755.2) |
(15.43) |
(1,919.1) |
(9.92) |
(3,028.4) |
(15.31) |
||||||||||||||||||
|
Effect of Change in Discount Rate Assumptions on the Liability for Future |
1,185.4 |
6.64 |
(648.4) |
(3.35) |
313.9 |
1.59 |
||||||||||||||||||
|
Policy Benefits |
||||||||||||||||||||||||
|
Net Loss on Derivatives |
(270.7) |
(1.51) |
(73.7) |
(0.39) |
(9.6) |
(0.05) |
||||||||||||||||||
|
Subtotal |
12,801.6 |
71.68 |
12,292.6 |
63.57 |
11,459.1 |
57.94 |
||||||||||||||||||
|
Excluding: |
||||||||||||||||||||||||
|
Foreign Currency Translation Adjustment |
(343.0) |
(1.93) |
(321.1) |
(1.66) |
(390.1) |
(1.98) |
||||||||||||||||||
|
Subtotal |
13,144.6 |
73.61 |
12,613.7 |
65.23 |
11,849.2 |
59.92 |
||||||||||||||||||
|
Excluding: |
||||||||||||||||||||||||
|
Unrecognized Pension and Postretirement Benefit Costs |
(340.2) |
(1.90) |
(345.7) |
(1.79) |
(334.1) |
(1.69) |
||||||||||||||||||
|
Total Stockholders' Equity, Excluding Accumulated Other |
$ |
13,484.8 |
$ |
75.51 |
$ |
12,959.4 |
$ |
67.02 |
$ |
12,183.3 |
$ |
61.61 |
||||||||||||
|
Comprehensive Loss |
||||||||||||||||||||||||
|
Dividends Paid |
$ |
296.6 |
$ |
1.57 |
$ |
277.1 |
$ |
1.39 |
$ |
255.3 |
$ |
1.26 |
||||||||||||
|
Three Months Ended |
Year Ended |
|||||||||||||||||||||||
|
|
|
|
|
|
||||||||||||||||||||
|
Shares Repurchased (millions) |
6.0 |
1.8 |
15.7 |
5.7 |
5.7 |
|||||||||||||||||||
|
Cost of Shares Repurchased (millions)1 |
$ |
474.5 |
$ |
76.6 |
$ |
979.3 |
$ |
252.0 |
$ |
200.1 |
||||||||||||||
|
Price (UNM closing price on last trading day of period) |
$ |
73.03 |
$ |
45.22 |
$ |
41.03 |
||||||||||||||||||
|
Leverage Ratio |
22.9 % |
22.1 % |
23.4 % |
|||||||||||||||||||||
|
Holding Company Liquidity (millions) |
$ |
1,987 |
$ |
1,650 |
$ |
1,571 |
1Includes
2
|
Unum Group Ratings |
||||||||
|
AM Best |
Fitch |
Moody's |
S&P |
|||||
|
Outlook |
Stable |
Positive |
Stable |
Stable |
||||
|
Senior Unsecured Debt Ratings |
bbb+ |
BBB |
Baa2 |
BBB |
||||
|
Financial Strength Ratings |
||||||||
|
|
A |
A |
A2 |
A |
||||
|
|
A |
A |
A2 |
A |
||||
|
|
A |
A |
A2 |
A |
||||
|
|
A |
A |
A2 |
A |
||||
|
|
A |
A |
A2 |
A |
||||
|
|
A |
A |
A2 |
NR |
||||
|
|
A |
A |
NR |
NR |
||||
|
|
A |
NR |
NR |
NR |
||||
|
|
NR |
NR |
NR |
A- |
||||
|
NR = not rated |
3
|
Unum Group Consolidated Statements of Income |
|||||||||||||||
|
Three Months Ended |
Year Ended |
||||||||||||||
|
|
|
|
|
|
|||||||||||
|
Revenue |
|||||||||||||||
|
|
$ |
2,631.1 |
$ |
2,551.7 |
$ |
10,497.4 |
$ |
10,046.0 |
$ |
9,616.5 |
|||||
|
Net Investment Income |
543.6 |
530.8 |
2,130.0 |
2,096.7 |
2,122.2 |
||||||||||
|
Net Investment Loss |
(10.1) |
(6.0) |
(34.6) |
(36.0) |
(15.7) |
||||||||||
|
Other Income |
72.0 |
68.6 |
294.5 |
279.2 |
261.1 |
||||||||||
|
Total Revenue |
3,236.6 |
3,145.1 |
12,887.3 |
12,385.9 |
11,984.1 |
||||||||||
|
Benefits and Expenses |
|||||||||||||||
|
Policy Benefits Including Remeasurement Loss or Gain |
1,861.2 |
1,820.1 |
6,917.9 |
7,257.1 |
6,994.6 |
||||||||||
|
Commissions |
310.8 |
300.4 |
1,258.6 |
1,170.1 |
1,086.4 |
||||||||||
|
Interest and Debt Expense |
52.5 |
49.2 |
201.1 |
194.8 |
188.5 |
||||||||||
|
Cost Related to Early Retirement of Debt |
- |
- |
- |
- |
4.2 |
||||||||||
|
Deferral of Acquisition Costs |
(156.2) |
(164.7) |
(651.5) |
(632.2) |
(556.9) |
||||||||||
|
Amortization of Deferred Acquisition Costs |
133.1 |
122.7 |
521.0 |
481.4 |
421.1 |
||||||||||
|
Other Expenses |
589.7 |
588.7 |
2,388.9 |
2,274.6 |
2,096.2 |
||||||||||
|
Total Benefits and Expenses |
2,791.1 |
2,716.4 |
10,636.0 |
10,745.8 |
10,234.1 |
||||||||||
|
Income Before Income Tax |
445.5 |
428.7 |
2,251.3 |
1,640.1 |
1,750.0 |
||||||||||
|
Income Tax Expense |
96.8 |
98.1 |
472.2 |
356.3 |
342.8 |
||||||||||
|
Net Income |
$ |
348.7 |
$ |
330.6 |
$ |
1,779.1 |
$ |
1,283.8 |
$ |
1,407.2 |
|||||
|
Weighted Average Shares Outstanding |
|||||||||||||||
|
Basic |
181.0 |
194.7 |
187.5 |
196.7 |
200.6 |
||||||||||
|
Assuming Dilution |
181.6 |
195.5 |
188.1 |
197.6 |
202.1 |
||||||||||
|
Actual Number of Shares Outstanding |
178.6 |
193.4 |
197.8 |
4
|
Unum Group Sales Data for Unum US Segment |
||||||||||||||||||
|
Three Months Ended |
Year Ended |
|||||||||||||||||
|
|
|
% Change |
|
|
|
|||||||||||||
|
Sales by Product |
||||||||||||||||||
|
Group Disability and Group Life and AD&D |
||||||||||||||||||
|
Group Long-term Disability |
$ |
154.5 |
$ |
136.6 |
13.1 % |
$ |
298.3 |
$ |
292.7 |
$ |
295.3 |
|||||||
|
Group Short-term Disability |
122.4 |
112.4 |
8.9 |
216.5 |
229.5 |
184.3 |
||||||||||||
|
Group Life and AD&D |
210.3 |
152.5 |
37.9 |
361.5 |
305.4 |
232.4 |
||||||||||||
|
Subtotal |
487.2 |
401.5 |
21.3 |
876.3 |
827.6 |
712.0 |
||||||||||||
|
Supplemental and Voluntary |
||||||||||||||||||
|
Voluntary Benefits |
60.7 |
50.7 |
19.7 |
293.7 |
263.2 |
238.7 |
||||||||||||
|
Individual Disability |
25.6 |
27.9 |
(8.2) |
101.7 |
108.9 |
90.8 |
||||||||||||
|
Dental and Vision |
51.9 |
41.6 |
24.8 |
95.3 |
84.1 |
73.8 |
||||||||||||
|
Subtotal |
138.2 |
120.2 |
15.0 |
490.7 |
456.2 |
403.3 |
||||||||||||
|
Total Sales |
$ |
625.4 |
$ |
521.7 |
19.9 |
$ |
1,367.0 |
$ |
1,283.8 |
$ |
1,115.3 |
|||||||
|
Sales by Market Sector |
||||||||||||||||||
|
Group Disability and Group Life and AD&D |
||||||||||||||||||
|
Core Market (<>2,000 employees) |
$ |
265.5 |
$ |
266.2 |
(0.3)% |
$ |
512.6 |
$ |
521.3 |
$ |
457.5 |
|||||||
|
Large Case Market |
221.7 |
135.3 |
63.9 |
363.7 |
306.3 |
254.5 |
||||||||||||
|
Subtotal |
487.2 |
401.5 |
21.3 |
876.3 |
827.6 |
712.0 |
||||||||||||
|
Supplemental and Voluntary |
138.2 |
120.2 |
15.0 |
490.7 |
456.2 |
403.3 |
||||||||||||
|
Total Sales |
$ |
625.4 |
$ |
521.7 |
19.9 |
$ |
1,367.0 |
$ |
1,283.8 |
$ |
1,115.3 |
|||||||
5
|
Unum Group Sales Data for Unum International Segment |
||||||||||||||||||
|
Three Months Ended |
Year Ended |
|||||||||||||||||
|
(in millions of dollars) |
|
|
% Change |
|
|
|
||||||||||||
|
Sales by Product |
||||||||||||||||||
|
Unum |
||||||||||||||||||
|
Group Long-term Disability |
$ |
7.0 |
$ |
9.3 |
(24.7)% |
$ |
47.3 |
$ |
48.3 |
$ |
43.3 |
|||||||
|
Group Life |
15.2 |
11.6 |
31.0 |
68.3 |
61.4 |
55.5 |
||||||||||||
|
Supplemental |
4.8 |
4.0 |
20.0 |
34.9 |
28.0 |
17.1 |
||||||||||||
|
|
11.8 |
9.4 |
25.5 |
36.4 |
33.2 |
17.8 |
||||||||||||
|
Total Sales |
$ |
38.8 |
$ |
34.3 |
13.1 |
$ |
186.9 |
$ |
170.9 |
$ |
133.7 |
|||||||
|
Sales by Market Sector |
||||||||||||||||||
|
Unum |
||||||||||||||||||
|
Group Long-term Disability and Group Life |
||||||||||||||||||
|
Core Market (<>500 employees) |
$ |
11.1 |
$ |
10.9 |
1.8 % |
$ |
41.8 |
$ |
51.2 |
$ |
42.7 |
|||||||
|
Large Case Market |
11.1 |
10.0 |
11.0 |
73.8 |
58.5 |
56.1 |
||||||||||||
|
Subtotal |
22.2 |
20.9 |
6.2 |
115.6 |
109.7 |
98.8 |
||||||||||||
|
Supplemental |
4.8 |
4.0 |
20.0 |
34.9 |
28.0 |
17.1 |
||||||||||||
|
|
11.8 |
9.4 |
25.5 |
36.4 |
33.2 |
17.8 |
||||||||||||
|
Total Sales |
$ |
38.8 |
$ |
34.3 |
13.1 |
$ |
186.9 |
$ |
170.9 |
$ |
133.7 |
|||||||
|
(in millions of pounds) |
||||||||||||||||||
|
Unum |
||||||||||||||||||
|
Group Long-term Disability |
ÂŁ |
5.5 |
ÂŁ |
7.5 |
(26.7)% |
ÂŁ |
37.2 |
ÂŁ |
38.8 |
ÂŁ |
34.5 |
|||||||
|
Group Life |
11.9 |
9.3 |
28.0 |
53.4 |
49.4 |
45.4 |
||||||||||||
|
Supplemental |
3.7 |
3.3 |
12.1 |
27.5 |
22.6 |
13.5 |
||||||||||||
|
Total Sales |
ÂŁ |
21.1 |
ÂŁ |
20.1 |
5.0 |
ÂŁ |
118.1 |
ÂŁ |
110.8 |
ÂŁ |
93.4 |
|||||||
|
Unum |
||||||||||||||||||
|
Group Long-term Disability and Group Life |
||||||||||||||||||
|
Core Market (<>500 employees) |
ÂŁ |
8.7 |
ÂŁ |
8.7 |
- % |
ÂŁ |
32.8 |
ÂŁ |
41.2 |
ÂŁ |
34.4 |
|||||||
|
Large Case Market |
8.7 |
8.1 |
7.4 |
57.8 |
47.0 |
45.5 |
||||||||||||
|
Subtotal |
17.4 |
16.8 |
3.6 |
90.6 |
88.2 |
79.9 |
||||||||||||
|
Supplemental |
3.7 |
3.3 |
12.1 |
27.5 |
22.6 |
13.5 |
||||||||||||
|
Total Sales |
ÂŁ |
21.1 |
ÂŁ |
20.1 |
5.0 |
ÂŁ |
118.1 |
ÂŁ |
110.8 |
ÂŁ |
93.4 |
|||||||
5. 1
|
Unum Group Sales Data for Colonial Life Segment |
||||||||||||||||||
|
Three Months Ended |
Year Ended |
|||||||||||||||||
|
|
|
% Change |
|
|
|
|||||||||||||
|
Sales by Product |
||||||||||||||||||
|
Accident, Sickness, and Disability |
$ |
111.2 |
$ |
115.0 |
(3.3)% |
$ |
326.3 |
$ |
329.5 |
$ |
310.6 |
|||||||
|
Life |
44.8 |
45.8 |
(2.2) |
127.9 |
132.1 |
121.5 |
||||||||||||
|
Cancer and Critical Illness |
29.4 |
28.7 |
2.4 |
78.0 |
78.0 |
76.0 |
||||||||||||
|
Total Sales |
$ |
185.4 |
$ |
189.5 |
(2.2) |
$ |
532.2 |
$ |
539.6 |
$ |
508.1 |
|||||||
|
Sales by Market Sector |
||||||||||||||||||
|
Commercial |
||||||||||||||||||
|
Core Market (<>1,000 employees) |
$ |
111.5 |
$ |
115.8 |
(3.7)% |
$ |
331.9 |
$ |
347.4 |
$ |
332.4 |
|||||||
|
Large Case Market |
27.8 |
30.0 |
(7.3) |
65.1 |
62.3 |
58.1 |
||||||||||||
|
Subtotal |
139.3 |
145.8 |
(4.5) |
397.0 |
409.7 |
390.5 |
||||||||||||
|
Public Sector |
46.1 |
43.7 |
5.5 |
135.2 |
129.9 |
117.6 |
||||||||||||
|
Total Sales |
$ |
185.4 |
$ |
189.5 |
(2.2) |
$ |
532.2 |
$ |
539.6 |
$ |
508.1 |
|||||||
5. 2
|
Unum Group Consolidated Balance Sheets |
||||||
|
|
||||||
|
2024 |
2023 |
|||||
|
Assets |
||||||
|
Investments |
||||||
|
|
$ |
35,629.9 |
$ |
36,833.9 |
||
|
Mortgage Loans |
2,224.5 |
2,318.2 |
||||
|
Policy Loans |
3,617.2 |
3,620.2 |
||||
|
Other Long-term Investments |
1,694.4 |
1,579.4 |
||||
|
Short-term Investments |
2,540.3 |
1,610.7 |
||||
|
Total Investments |
45,706.3 |
45,962.4 |
||||
|
Other Assets |
||||||
|
Cash and Bank Deposits |
162.8 |
146.0 |
||||
|
Accounts and Premiums Receivable |
1,459.0 |
1,543.7 |
||||
|
Reinsurance Recoverable |
8,296.4 |
9,108.4 |
||||
|
Accrued Investment Income |
649.8 |
633.9 |
||||
|
Deferred Acquisition Costs |
2,842.8 |
2,714.5 |
||||
|
|
349.1 |
349.9 |
||||
|
Property and Equipment |
487.6 |
485.3 |
||||
|
Deferred Income Tax |
369.7 |
649.4 |
||||
|
Other Assets |
1,635.8 |
1,661.7 |
||||
|
Total Assets |
$ |
61,959.3 |
$ |
63,255.2 |
||
6
Attachments
Disclaimer



Paramount Announces Release Date for Fourth Quarter 2024 Results
Fourth Quarter 2024 Quarterly Financial Supplement
Advisor News
- Top firms’ 2026 market forecasts every financial advisor should know
- Retirement optimism climbs, but emotion-driven investing threatens growth
- US economy to ride tax cut tailwind but faces risks
- Investor use of online brokerage accounts, new investment techniques rises
- How 831(b) plans can protect your practice from unexpected, uninsured costs
More Advisor NewsAnnuity News
- Judge denies new trial for Jeffrey Cutter on Advisors Act violation
- Great-West Life & Annuity Insurance Company Trademark Application for “EMPOWER BENEFIT CONSULTING SERVICES” Filed: Great-West Life & Annuity Insurance Company
- 2025 Top 5 Annuity Stories: Lawsuits, layoffs and Brighthouse sale rumors
- An Application for the Trademark “DYNAMIC RETIREMENT MANAGER” Has Been Filed by Great-West Life & Annuity Insurance Company: Great-West Life & Annuity Insurance Company
- Product understanding will drive the future of insurance
More Annuity NewsHealth/Employee Benefits News
Life Insurance News
- One Bellevue Place changes hands for $90.3M
- To attract Gen Z, insurance must rewrite its story
- Baby On Board
- 2025 Top 5 Life Insurance Stories: IUL takes center stage as lawsuits pile up
- Private placement securities continue to be attractive to insurers
More Life Insurance News