Fourth Quarter 2024 Q4 2024 Statistical Supplement and Notes
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Statistical Supplement Fourth Quarter 2024 |
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TABLE OF CONTENTS |
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(in millions of dollars, except share data and where noted) |
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Interim Results are Unaudited |
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Page |
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Financial Results by Segment |
7 |
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Quarterly Historical Financial Results by Segment |
8 |
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Financial Results and Selected Statistics by Segment |
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Unum US |
9 |
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10 |
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Colonial Life |
11 |
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Closed Block |
12 |
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Corporate |
13 |
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Investments |
14 |
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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
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Three Months Ended |
Year Ended |
||||||||||||
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|
|
|
|
|||||||||
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$ |
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 |
||||||||
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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 % |
|||||||||
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$ |
304.8 |
$ |
228.9 |
$ |
1,337.0 |
$ |
1,351.5 |
$ |
965.4 |
||||
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(13.7) |
(17.0) |
(14.6) |
(21.6) |
- |
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Net Income |
$ |
291.1 |
$ |
211.9 |
$ |
1,322.4 |
$ |
1,329.9 |
$ |
965.4 |
||||
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Capital and Surplus |
$ |
3,911.1 |
$ |
3,751.3 |
$ |
3,816.3 |
||||||||
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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
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Unum Group Capital Metrics |
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(in millions) |
per share |
(in millions) |
per share |
(in millions) |
per share |
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Total Stockholders' Equity (Book Value) |
$ |
10,961.1 |
$ |
61.38 |
$ |
9,651.4 |
$ |
49.91 |
$ |
8,735.0 |
$ |
44.17 |
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Excluding: |
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Net Unrealized Loss on Securities |
(2,755.2) |
(15.43) |
(1,919.1) |
(9.92) |
(3,028.4) |
(15.31) |
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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 |
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Policy Benefits |
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Net Loss on Derivatives |
(270.7) |
(1.51) |
(73.7) |
(0.39) |
(9.6) |
(0.05) |
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Subtotal |
12,801.6 |
71.68 |
12,292.6 |
63.57 |
11,459.1 |
57.94 |
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Excluding: |
||||||||||||||||||||||||
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Foreign Currency Translation Adjustment |
(343.0) |
(1.93) |
(321.1) |
(1.66) |
(390.1) |
(1.98) |
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Subtotal |
13,144.6 |
73.61 |
12,613.7 |
65.23 |
11,849.2 |
59.92 |
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Excluding: |
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Unrecognized Pension and Postretirement Benefit Costs |
(340.2) |
(1.90) |
(345.7) |
(1.79) |
(334.1) |
(1.69) |
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Total Stockholders' Equity, Excluding Accumulated Other |
$ |
13,484.8 |
$ |
75.51 |
$ |
12,959.4 |
$ |
67.02 |
$ |
12,183.3 |
$ |
61.61 |
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Comprehensive Loss |
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Dividends Paid |
$ |
296.6 |
$ |
1.57 |
$ |
277.1 |
$ |
1.39 |
$ |
255.3 |
$ |
1.26 |
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Three Months Ended |
Year Ended |
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Shares Repurchased (millions) |
6.0 |
1.8 |
15.7 |
5.7 |
5.7 |
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Cost of Shares Repurchased (millions)1 |
$ |
474.5 |
$ |
76.6 |
$ |
979.3 |
$ |
252.0 |
$ |
200.1 |
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Price (UNM closing price on last trading day of period) |
$ |
73.03 |
$ |
45.22 |
$ |
41.03 |
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Leverage Ratio |
22.9 % |
22.1 % |
23.4 % |
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Holding Company Liquidity (millions) |
$ |
1,987 |
$ |
1,650 |
$ |
1,571 |
1Includes
2
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Unum Group Ratings |
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AM Best |
Fitch |
Moody's |
S&P |
|||||
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Outlook |
Stable |
Positive |
Stable |
Stable |
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Senior Unsecured Debt Ratings |
bbb+ |
BBB |
Baa2 |
BBB |
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Financial Strength Ratings |
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|
A |
A |
A2 |
A |
||||
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|
A |
A |
A2 |
A |
||||
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|
A |
A |
A2 |
A |
||||
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|
A |
A |
A2 |
A |
||||
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|
A |
A |
A2 |
A |
||||
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|
A |
A |
A2 |
NR |
||||
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|
A |
A |
NR |
NR |
||||
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|
A |
NR |
NR |
NR |
||||
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|
NR |
NR |
NR |
A- |
||||
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NR = not rated |
3
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Unum Group Consolidated Statements of Income |
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Three Months Ended |
Year Ended |
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|
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|
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Revenue |
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|
$ |
2,631.1 |
$ |
2,551.7 |
$ |
10,497.4 |
$ |
10,046.0 |
$ |
9,616.5 |
|||||
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Net Investment Income |
543.6 |
530.8 |
2,130.0 |
2,096.7 |
2,122.2 |
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Net Investment Loss |
(10.1) |
(6.0) |
(34.6) |
(36.0) |
(15.7) |
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Other Income |
72.0 |
68.6 |
294.5 |
279.2 |
261.1 |
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Total Revenue |
3,236.6 |
3,145.1 |
12,887.3 |
12,385.9 |
11,984.1 |
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Benefits and Expenses |
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Policy Benefits Including Remeasurement Loss or Gain |
1,861.2 |
1,820.1 |
6,917.9 |
7,257.1 |
6,994.6 |
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Commissions |
310.8 |
300.4 |
1,258.6 |
1,170.1 |
1,086.4 |
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Interest and Debt Expense |
52.5 |
49.2 |
201.1 |
194.8 |
188.5 |
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Cost Related to Early Retirement of Debt |
- |
- |
- |
- |
4.2 |
||||||||||
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Deferral of Acquisition Costs |
(156.2) |
(164.7) |
(651.5) |
(632.2) |
(556.9) |
||||||||||
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Amortization of Deferred Acquisition Costs |
133.1 |
122.7 |
521.0 |
481.4 |
421.1 |
||||||||||
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Other Expenses |
589.7 |
588.7 |
2,388.9 |
2,274.6 |
2,096.2 |
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Total Benefits and Expenses |
2,791.1 |
2,716.4 |
10,636.0 |
10,745.8 |
10,234.1 |
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Income Before Income Tax |
445.5 |
428.7 |
2,251.3 |
1,640.1 |
1,750.0 |
||||||||||
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Income Tax Expense |
96.8 |
98.1 |
472.2 |
356.3 |
342.8 |
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Net Income |
$ |
348.7 |
$ |
330.6 |
$ |
1,779.1 |
$ |
1,283.8 |
$ |
1,407.2 |
|||||
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Weighted Average Shares Outstanding |
|||||||||||||||
|
Basic |
181.0 |
194.7 |
187.5 |
196.7 |
200.6 |
||||||||||
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Assuming Dilution |
181.6 |
195.5 |
188.1 |
197.6 |
202.1 |
||||||||||
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Actual Number of Shares Outstanding |
178.6 |
193.4 |
197.8 |
4
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Unum Group Sales Data for Unum US Segment |
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Three Months Ended |
Year Ended |
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|
|
% Change |
|
|
|
|||||||||||||
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Sales by Product |
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Group Disability and Group Life and AD&D |
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Group Long-term Disability |
$ |
154.5 |
$ |
136.6 |
13.1 % |
$ |
298.3 |
$ |
292.7 |
$ |
295.3 |
|||||||
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Group Short-term Disability |
122.4 |
112.4 |
8.9 |
216.5 |
229.5 |
184.3 |
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Group Life and AD&D |
210.3 |
152.5 |
37.9 |
361.5 |
305.4 |
232.4 |
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Subtotal |
487.2 |
401.5 |
21.3 |
876.3 |
827.6 |
712.0 |
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Supplemental and Voluntary |
||||||||||||||||||
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Voluntary Benefits |
60.7 |
50.7 |
19.7 |
293.7 |
263.2 |
238.7 |
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Individual Disability |
25.6 |
27.9 |
(8.2) |
101.7 |
108.9 |
90.8 |
||||||||||||
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Dental and Vision |
51.9 |
41.6 |
24.8 |
95.3 |
84.1 |
73.8 |
||||||||||||
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Subtotal |
138.2 |
120.2 |
15.0 |
490.7 |
456.2 |
403.3 |
||||||||||||
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Total Sales |
$ |
625.4 |
$ |
521.7 |
19.9 |
$ |
1,367.0 |
$ |
1,283.8 |
$ |
1,115.3 |
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Sales by Market Sector |
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Group Disability and Group Life and AD&D |
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Core Market (<>2,000 employees) |
$ |
265.5 |
$ |
266.2 |
(0.3)% |
$ |
512.6 |
$ |
521.3 |
$ |
457.5 |
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Large Case Market |
221.7 |
135.3 |
63.9 |
363.7 |
306.3 |
254.5 |
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Subtotal |
487.2 |
401.5 |
21.3 |
876.3 |
827.6 |
712.0 |
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Supplemental and Voluntary |
138.2 |
120.2 |
15.0 |
490.7 |
456.2 |
403.3 |
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Total Sales |
$ |
625.4 |
$ |
521.7 |
19.9 |
$ |
1,367.0 |
$ |
1,283.8 |
$ |
1,115.3 |
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5
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Unum Group Sales Data for Unum International Segment |
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Three Months Ended |
Year Ended |
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(in millions of dollars) |
|
|
% Change |
|
|
|
||||||||||||
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Sales by Product |
||||||||||||||||||
|
Unum |
||||||||||||||||||
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Group Long-term Disability |
$ |
7.0 |
$ |
9.3 |
(24.7)% |
$ |
47.3 |
$ |
48.3 |
$ |
43.3 |
|||||||
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Group Life |
15.2 |
11.6 |
31.0 |
68.3 |
61.4 |
55.5 |
||||||||||||
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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 |
||||||||||||
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Total Sales |
$ |
38.8 |
$ |
34.3 |
13.1 |
$ |
186.9 |
$ |
170.9 |
$ |
133.7 |
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Sales by Market Sector |
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Unum |
||||||||||||||||||
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Group Long-term Disability and Group Life |
||||||||||||||||||
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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



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Fourth Quarter 2024 Quarterly Financial Supplement
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