July 31, 2019 Newswires

Unum Profits Rise 4.6%, Beating Analysts Forecasts

Chattanooga Times Free Press (TN)

Jul. 30--Unum Group reported a 4.6% gain in its after-tax adjusted operating earnings during the second quarter as premium income grew another 6.8% in Unum's core business, helping the company to beat analysts' forecasts for the period by a penny per share.

The Chattanooga-based insurer said today its net income in the three months ended June 30 totaled $281.2 million, or $1.33 per share, compared to $285.5 million, or $1.29 per share, a year earlier.

Excluding after-tax realized investment gains and losses, Unum's adjusted operating income this spring was $286.9 million, $1.36 per share. Analysts who follow Unum had predicted the company would have adjusted earnings of $1.35 per share in the three-month period.

Buoyed by the continued upturn in profits, Unum also said today it repurchased another 2.9 million shares for about $100 million in the second quarter under its stock buyback program.

"We are very pleased with our financial results for the second quarter and the strong premium growth we are generating in our core business segments," Richard P. McKenney, president and chief executive officer, said in a statement today. "We are continuing to make strong progress as we execute on our strategic priorities and deliver on our purpose to provide essential financial protection to millions of workers and families."

Ahead of the earnings announcement after the close of trading, Unum's stock rose Tuesday by 30 cents per share, or 0.92%, to $32.80 per share. Although still below the peak levels reached in February, Unum shares have increased 14.2% so far this year.