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尤纳姆集团报告2024年第三季度业绩
•2024年第三季度净利润为64570万美元（每股摊薄普通股为3.46美元）；税后调整后的营业利润为39800万美元（每股摊薄普通股为2.13美元）。
•核心运营收入在货币常量基础上增长4.6%，各业务保持强劲的利润率。
•资产负债表强劲，控股公司流动性达到14亿美元，加权平均风险资本比率约为470%，远超目标；法定运营收益为31560万美元。
•每股公共股票的账面价值为59.36美元，比去年同期增长了20.4％；每股公共股票的账面价值，不包括累计其他综合收益(AOCI)的74.15美元，比去年同期增长了13.3％。
•完成了我们的年度GAAP储备假设更新；长期护理和其他产品线的积极趋势推动了税前净储备减少35740万美元。
田纳西州查塔努加 （2024年10月29日） — 尤纳姆集团（纽交所：UNM）今天报告，2024年第三季度净利润为64570万美元（每股摊薄普通股收益3.46美元），相比于2023年第三季度净利润为20200万美元（每股摊薄普通股收益1.02美元）。
2024年第三季度的净利润中包括：后税分期摊销再保险成本的820万美元（每股摊薄普通股0.04美元），非同时再保险导致的后税影响480万美元（每股摊薄普通股0.03美元），与假设更新相关的后税净准备金减少28260万美元（每股摊薄普通股1.51美元），因法律和解导致的后税损失1210万美元（每股摊薄普通股0.06美元），以及公司投资组合的净后税投资损失980万美元（每股摊薄普通股0.05美元）。2023年第三季度的净利润中包括：后税分期摊销再保险成本的870万美元（每股摊薄普通股0.04美元），非同时再保险导致的后税影响730万美元（每股摊薄普通股0.04美元），与假设更新相关的后税净准备金增加13930万美元（每股摊薄普通股0.71美元），以及公司投资组合的净后税投资损失2440万美元（每股摊薄普通股0.13美元）。除上述项目外，2024年第三季度的调整后税营运收入为39800万美元（每股摊薄普通股2.13美元），2023年第三季度为38170万美元（每股摊薄普通股1.94美元）。
“我们第三季度的业绩表现展示出了我们在整个2024年期间所展示的全面稳固的表现。我们继续执行我们的策略，导致保费和营业收入增长，集团人寿保险表现尤为强劲，”总裁兼首席执行官Richard P. McKenney说道。“进入第四季度，我们处于良好的位置。市场环境仍然有利，我们继续投资于业务增长同时将资本返还给股东。我们对自己能够实现2024年全年收益预期感到充满信心。”
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按部门分类的结果
我们根据"调整营业利润"或"调整营业亏损"来衡量和分析我们的业务板块表现，这与在我们的合并利润表中呈报的税前收入有所不同，因为排除了投资收益和损失、再保成本摊销、非同时性再保险影响、储备假设更新以及下面所列调解中指定的其他特定项目。投资收益或损失主要包括已实现的投资收益或损失、预期投资信用损失以及衍生品的收益或损失。储备假设更新可能导致收入增加或减少。这些业绩指标符合会计准则关于板块报告的指导，但不应被视为税前收入、净利润或净亏损的替代。
Unum美国分部
Unum US报告称，2024年第三季度调整后营业收入为36330万美元，比2023年第三季度的35780万美元增加了1.5％，不包括每个阶段的储备假设更新。 2024年第三季度的保费收入增加了4.0％，达到172350万美元，而2023年第三季度为165770万美元。 净投资收益在2024年第三季度下降了3.1％，达到16100万美元，低于2023年第三季度的16620万美元。
在美国Unum运营部门内，集团残疾业务的调整运营收入在2024年第三季度报告为15670万美元，相比2023年第三季度的17010万美元有7.9%的下降，这不包括分别与2024年和2023年第三季度的假设更新相关的9000万美元和12100万美元的减少。集团残疾业务的保费收入在2024年第三季度增加了2.4%至79340万美元，而2023年第三季度为77500万美元，受有利续存率和往期销售推动。净投资收入在2024年第三季度为7870万美元，相比2023年第三季度的8420万美元下降了6.5%，这是由于投资资产水平的降低，部分地抵消了投资资产收益率的增加。不考虑储备假设更新，2024年第三季度的利益比率为59.1%，相比2023年第三季度的57.5%有所增加，这是由于我们的长期残疾和短期残疾产品线发生率较高以及长期残疾产品线的平均索赔金额较高，部分地抵消了长期残疾产品线的有利回收。集团长期残疾销售在2024年第三季度为2440万美元，较2023年第三季度的3660万美元下降了33.3%。集团短期残疾销售在2024年第三季度为1590万美元，较2023年第三季度的3050万美元下降了47.9%。长期残疾产品线的续存率在2024年前九个月为93.5%，相比2013年同期的90.8%有所增加。短期残疾产品线的续存率在2024年前九个月为91.9%，相比2013年同期的89.1%有所增加。
寿险和意外死亡伤残险业务的调整营业收入在2024年第三季度大幅增加80.8%，达到9400万美元，与2024年第三季度相关的保险减少1300万美元的假设更新相比，2023年第三季度为5200万美元。该业务的保费收入在2024年第三季度增长了6.0%，达到49490万美元，主要原因是有利的续期和往期销售，较2023年第三季度的46710万美元有所增加。净投资收益在2024年第三季度下降了6.8%，达到2210万美元，与2023年第三季度的2370万美元相比，由于投资资产水平下降，部分抵消了投资资产收益率的提高。不考虑保险减少的假设更新，2024年第三季度的受益比率为65.0%，与2023年第三季度的73.3%相比，主要是由于寿险产品线中的不利事件。寿险和意外死亡伤残险的销售额在2024年第三季度为2650万美元，比2023年第三季度的2520万美元增加了5.2%。2024年前九个月，寿险产品线的续期率为92.0%，而2023年前九个月为89.3%。意外死亡伤残险产品线的续期率在2024年前九个月为91.2%，而2023年前九个月为88.2%。
在2024年第三季度，附属和自愿业务的调整运营收入下降了17.0％，为11260万美元，而去年同期为13570万美元，不包括
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2024年和2023年第三季度的净储备金分别减少了4,060万美元和780万美元。补充和自愿业务的保费收入在2024年第三季度增长了4.7％，达到4.352亿美元，而2023年第三季度为4.156亿美元，这要归因于自愿福利和牙科和视力产品系列的良好持续性以及自愿福利和个人残疾产品系列的前一时期销售额增加。2024年第三季度的净投资收入增长了3.3％，达到6,020万美元，而2023年第三季度为5,830万美元，这主要是由于投资资产收益率的增加。自愿福利产品系列的福利比率在2024年第三季度为45.8％，而2023年第三季度为39.1％，其中不包括与2024年第三季度假设更新相关的1,220万美元准备金增加额和1,040万美元的准备金减少， 这是由于在危疾和人寿产品系列中的经验不太好。 个人残疾产品系列的补助比率在2024年和2023年第三季度分别减少的5,280万美元和260万美元的准备金增加在内，2024年第三季度为42.8％，而2023年第三季度为45.4％，这主要是由于有利的回收率，但部分被索赔规模的增加所抵消。2024年第三季度，牙科和视力产品系列的收益率为74.6％，而2023年第三季度为67.4％，主要原因是 到更高的索赔发生率和更高的平均索赔规模。与2023年第三季度相比，自愿福利产品系列的销售额在2024年第三季度增长了16.9％，达到4560万美元。2024年第三季度，个人残疾产品系列的销售额增长了14.8％，达到2940万美元。2024年第三季度，牙科和视觉产品线的销售额下降了10.7％，至1,250万美元。2024年前九个月自愿福利产品系列的持续性为76.4％，而2023年前九个月的这一比例为75.5％。2024年前九个月，个人残疾产品系列的持续性为89.0％，而2023年前九个月的这一比例为89.3％。2024年前九个月，牙科和视觉产品线的持续性为81.4％，而2023年前九个月为76.2％。
Unum International Segment
The Unum International segment reported adjusted operating income of $40.3 million in the third quarter of 2024, an increase of 9.5 percent from $36.8 million in the third quarter of 2023, which excludes the reserve increase related to assumption updates of $7.5 million and $17.9 million during the third quarters of 2024 and 2023, respectively. Premium income increased 17.1 percent to $246.6 million in the third quarter of 2024, compared to $210.6 million in the third quarter of 2023. Net investment income increased 11.4 percent to $30.4 million in the third quarter of 2024, compared to $27.3 million in the third quarter of 2023. Sales increased 26.5 percent to $38.2 million in the third quarter of 2024, compared to $30.2 million in the third quarter of 2023.
The Unum UK line of business reported adjusted operating income, in local currency, of £29.5 million in the third quarter of 2024, an increase of 3.9 percent from £28.4 million in the third quarter of 2023, which excludes the reserve increase related to the assumption updates of $6.4 million and $16.3 million during the third quarters of 2024 and 2023, respectively. Premium income was £158.9 million in the third quarter of 2024, an increase of 11.7 percent from £142.2 million in the third quarter of 2023, due primarily to in-force block growth. Net investment income was £21.2 million in the third quarter of 2024, an increase of 8.7 percent from £19.5 million in the third quarter of 2023, primarily due to higher yield on invested assets, partially offset by lower investment income from inflation-indexed linked bonds. The benefit ratio, excluding the reserve assumption updates, was 69.5 percent in the third quarter of 2024, compared to 67.4 percent in the third quarter of 2023, due primarily to higher incidence in the group long-term disability and group life product lines, partially offset by favorable incidence in the supplemental product line and favorable recoveries in the group long-term disability product line. Sales increased 26.9 percent to £23.1 million in the third quarter of 2024, compared to £18.2 million in the third quarter of 2023. Persistency in the group long-term disability product line was 92.3 percent for the first nine months of 2024, compared to 92.4 percent for the first nine months of 2023. Persistency in the group life product line was 88.6 percent for the first nine months of 2024, compared to 83.6 percent for the first nine months of 2023. Persistency in the supplemental product line was 90.4 percent for the first nine months of 2024, compared to 91.0 percent for the first nine months of 2023.
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Colonial Life Segment
Colonial Life reported adjusted operating income of $113.4 million in the third quarter of 2024, a 10.2 percent increase compared to $102.9 million in the third quarter of 2023, which excludes the reserve decrease related to the assumption updates of $46.0 million and $80.7 million, during the third quarter of 2024 and 2023, respectively. Premium income increased 2.5 percent to $441.9 million in the third quarter of 2024, compared to $431.2 million in the third quarter of 2023, due to higher prior period sales and generally stable persistency. Net investment income was $39.6 million in the third quarter of 2024, which was generally consistent with the $39.3 million in the third quarter of 2023. The benefit ratio, excluding the reserve assumption updates, was 47.6 percent in the third quarter of 2024, compared to 49.1 percent in the third quarter of 2023, primarily due to favorable benefit experience in the cancer and critical illness and life product lines. Sales decreased 0.3 percent to $120.9 million in the third quarter of 2024, compared to $121.3 million in the third quarter of 2023. Persistency in the Colonial Life segment was 78.0 percent for the first nine months of 2024, compared to 77.9 percent for the first nine months of 2023.
Closed Block Segment
The Closed Block segment reported adjusted operating income of $34.2 million in the third quarter of 2024, which excludes the amortization of cost of reinsurance of $10.4 million and the impact of non-contemporaneous reinsurance of $6.0 million related to the Closed Block individual disability reinsurance transaction as well as the net reserve decrease related to the assumption updates of $175.3 million, compared to $34.2 million in the third quarter of 2023, which excludes the amortization of cost of reinsurance of $11.1 million and the impact of non-contemporaneous reinsurance of $9.2 million related to the Closed Block individual disability reinsurance transaction and the net reserve increase related to the assumption updates of $368.8 million. Premium income for this segment is largely driven by our long-term care product line, and in the third quarter of 2024, premium income for long-term care was generally consistent with the same period of 2023. Net investment income increased 3.4 percent to $284.3 million in the third quarter of 2024, compared to $274.9 million in the third quarter of 2023, primarily due to an increase in the level of invested assets.
Policy benefits including remeasurement loss (gain), excluding the impacts of non-contemporaneous reinsurance and the reserve assumption updates, for the Closed Block segment were generally consistent during the third quarter of 2024 relative to the same period of 2023. The net premium ratio for the long-term care product line increased to 94.5 percent at September 30, 2024 from 93.4 percent at September 30, 2023, due primarily to policyholder terminations and the assumption updates in the third quarter of 2024. Compared to June 30, 2024, the net premium ratio increased from 93.7 percent to 94.5 percent due to the assumption updates in the third quarter of 2024. Overall claim experience for long-term care continued to improve sequentially, as expected.
Corporate Segment
The Corporate segment reported an adjusted operating loss of $49.4 million in the third quarter of 2024, which excludes the loss on legal settlement of $15.3 million, compared to an adjusted operating loss of $41.5 million in the third quarter of 2023, due primarily to a decrease in net investment income, driven by increased allocations to our lines of business.
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OTHER INFORMATION
Shares Outstanding
The Company’s weighted average number of shares outstanding, assuming dilution, was 186.9 million for the third quarter of 2024, compared to 197.1 million for the third quarter of 2023. Shares outstanding totaled 184.5 million at September 30, 2024. During the third quarter of 2024, the Company repurchased 3.7 million shares at a total cost of $202.0 million.
Capital Management
At September 30, 2024, the weighted average risk-based capital ratio for the Company’s traditional U.S. insurance companies was approximately 470 percent, and the holding companies had available holding company liquidity of $1,393.0 million.
Book Value
Book value per common share as of September 30, 2024 was $59.36, compared to $49.32 at September 30, 2023. Book value per common share excluding AOCI as of September 30, 2024 was $74.15, compared to $65.47 at September 30, 2023.
Effective Tax Rate
The effective tax rate on adjusted operating earnings was 20.7 percent in the third quarter of 2024.
Outlook
Full-year 2024 outlook of an increase in after-tax adjusted operating income per share of 10 percent to 15 percent when comparing to full-year 2023.
NON-GAAP FINANCIAL MEASURES
We analyze our performance using non-GAAP financial measures. A non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. We believe the following non-GAAP financial measures are better performance measures and better indicators of the revenue and profitability and underlying trends in our business:
•After-tax adjusted operating income or loss, which excludes investment gains or losses, amortization of the cost of reinsurance, non-contemporaneous reinsurance, reserve assumption updates, as well as certain other items, as applicable;
•Book value per common share, which is calculated excluding AOCI.
Investment gains or losses primarily include realized investment gains or losses, expected investment credit losses, and gains or losses on derivatives. Investment gains or losses and unrealized gains or losses on securities depend on market conditions and do not necessarily relate to decisions regarding the underlying business of our Company. We believe after-tax adjusted operating income is a better performance measure and better indicator of the profitability and underlying trends in our business. Book value per common share excluding AOCI provides a more comparable and consistent view of our results, as AOCI tends to fluctuate depending on market conditions and general economic trends.
Cash flow assumptions used to calculate our liability for future policy benefits are reviewed at least annually and updated, as needed, with the resulting impact reflected in net income. While the effects of these assumption updates are recorded in the reporting period in which the review is completed, these updates reflect experience emergence and changes to expectations spanning multiple periods. We believe that by excluding the impact of reserve assumption updates we are providing a more comparable and consistent view of our quarterly results.
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We exited a substantial portion of our Closed Block individual disability product line through the two phases of the reinsurance transaction that were executed in December 2020 and March 2021. As a result, we exclude the amortization of the cost of reinsurance that we recognized upon the exit of the business related to the policies on claim status as well as the impact of non-contemporaneous reinsurance that resulted from the adoption of Accounting Standards Update 2018-12 (ASU 2018-12). Due to the execution of the second phase of the reinsurance transaction occurring after January 1, 2021, the transition date of ASU 2018-12, in accordance with the provisions of the ASU related to non-contemporaneous reinsurance, we were required to establish the ceded reserves using an upper-medium grade fixed-income instrument as of the reinsurance transaction date in March 2021, which resulted in higher ceded reserves compared to that which was reported historically. However, the direct reserves for the block reinsured in the second phase were calculated using the original discount rate utilized as of the transition date. Both the direct and ceded reserves are then remeasured at each reporting period using a current discount rate reflective of an upper-medium grade fixed-income instrument, with the changes recognized in other comprehensive income (loss). While the total equity impact is neutral, the different original discount rates utilized for direct and ceded reserves result in disproportionate earnings impacts. The impact of non-contemporaneous reinsurance will fluctuate depending on the magnitude of reserve changes during the period. We believe that the exclusion of these items provides a better view of our results from our ongoing businesses.
We may at other times exclude certain other items from our discussion of financial ratios and metrics in order to enhance the understanding and comparability of our operational performance and the underlying fundamentals, but this exclusion is not an indication that similar items may not recur and does not replace net income or net loss as a measure of our overall profitability.
CONFERENCE CALL INFORMATION
Members of Unum Group senior management will host a conference call on Wednesday, October 30, 2024, at 8:00 am (Eastern Time) to discuss the results of operations for the third quarter of 2024. Topics may include forward-looking information, such as the Company’s outlook on future results, trends in operations, and other material information.
To receive dial in information for the call, please register in advance by using the following URL:
https://registrations.events/direct/Q4I3307929. Upon registration you will receive a dial-in number to use to access the event. It is recommended that you register at least 10 minutes before the start of the event. In addition, a live webcast of the call will also be available at www.investors.unum.com in a listen-only mode. It is recommended that webcast viewers access the “Investors” section of the Company’s website and opt-in to the webcast approximately 5-10 minutes prior to the start of the call. A replay of the webcast will be available on the Company's website. A replay of the call will also be available through Wednesday, November 6 by using the registration URL noted above.
In conjunction with today’s earnings announcement, the Company’s Statistical Supplement for the third quarter of 2024 is available on the “Investors” section of the Company’s website.
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ABOUT UNUM GROUP
Unum Group (NYSE: UNM), a leading international provider of workplace benefits and services, has been helping workers and their families thrive for more than 175 years. Through its Unum and Colonial Life brands, the company offers disability, life, accident, critical illness, dental, and vision insurance; leave and absence management support; and behavioral health services. In 2023, Unum Group reported revenues of more than $12 billion and paid approximately $8 billion in benefits. The Fortune 500 company is recognized as one of the World’s Most Ethical Companies by Ethisphere®.
Visit the Unum Group newsroom (https://www.unumgroup.com/newsroom) for more information, and connect with us on LinkedIn (https://www.linkedin.com/company/unum), Facebook (https://www.facebook.com/unumbenefits/), and Instagram (https://www.instagram.com/unumbenefits/).
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SAFE HARBOR STATEMENT
Certain information in this news release constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those not based on historical information, but rather relate to our outlook, future operations, strategies, financial results, or other developments and speak only as of the date made. These forward-looking statements, including statements about anticipated growth in after-tax adjusted operating income per share, are subject to numerous assumptions, risks, and uncertainties, many of which are beyond our control. The following factors, in addition to other factors mentioned from time to time, may cause actual results to differ materially from those contemplated by the forward-looking statements: (1) fluctuation in insurance reserve liabilities and claim payments due to changes in claim incidence, recovery rates, mortality and morbidity rates, and policy benefit offsets due to, among other factors, the rate of unemployment and consumer confidence, the emergence of new diseases, epidemics, or pandemics, new trends and developments in medical treatments, the effectiveness of our claims operational processes, and changes in governmental programs; (2) sustained periods of low interest rates; (3) unfavorable economic or business conditions, both domestic and foreign, that may result in decreases in sales, premiums, or persistency, as well as unfavorable claims activity or unfavorable returns on our investment portfolio; (4) the impact of pandemics and other public health issues on our business, financial position, results of operations, liquidity and capital resources, and overall business operations; (5) changes in, or interpretations or enforcement of, laws and regulations; (6) a cybersecurity attack or other security breach resulting in compromised data or the unauthorized acquisition of confidential data; (7) the failure of our business recovery and incident management processes to resume our business operations in the event of a natural catastrophe, cybersecurity attack, or other event; (8) investment results, including, but not limited to, changes in interest rates, defaults, changes in credit spreads, impairments, and the lack of appropriate investments in the market which can be acquired to match our liabilities; (9) increased competition from other insurers and financial services companies due to industry consolidation, new entrants to our markets, or other factors; (10) ineffectiveness of our derivatives hedging programs due to changes in forecasted cash flows, the economic environment, counterparty risk, ratings downgrades, capital market volatility, changes in interest rates, and/or regulation; (11) changes in our financial strength and credit ratings; (12) actual experience in the broad array of our products that deviates from our assumptions used in pricing, underwriting, and reserving; (13) Our ability to hire and retain qualified employees; (14) our ability to develop digital capabilities or execute on our technology systems upgrades or replacements; (15) availability of reinsurance in the market and the ability of our reinsurers to meet their obligations to us; (16) ability to generate sufficient internal liquidity and/or obtain external financing; (17) damage to our reputation due to, among other factors, regulatory investigations, legal proceedings, external events, and/or inadequate or failed internal controls and procedures; (18) disruptions to our business or our ability to leverage data caused by the use and reliance on third-party vendors, including vendors providing web and cloud-based applications; (19) recoverability and/or realization of the carrying value of our intangible assets, long-lived assets, and deferred tax assets; (20) effectiveness of our risk management program; (21) contingencies and the level and results of litigation; (22) fluctuation in foreign currency exchange rates; and (23) our ability to meet environmental, social, and governance standards and expectations of investors, regulators, customers, and other stakeholders.
For further discussion of risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements, see Part 1, Item 1A “Risk Factors” of our annual report on Form 10-K for the year ended December 31, 2023. The forward-looking statements in this news release are being made as of the date of this news release, and we expressly disclaim any obligation to update or revise any forward-looking statement contained herein, even if made available on our website or otherwise.
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Unum Group
FINANCIAL HIGHLIGHTS
(Unaudited)
| ($ in millions, except share data) | |||||||||||||||||||||||
| Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Revenue | |||||||||||||||||||||||
| Premium Income | $ | 2,628.8 | $ | 2,525.9 | $ | 7,866.3 | $ | 7,494.3 | |||||||||||||||
| Net Investment Income | 527.8 | 526.0 | 1,586.4 | 1,565.9 | |||||||||||||||||||
| Net Investment Loss | (12.9) | (31.0) | (24.5) | (30.0) | |||||||||||||||||||
| Other Income | 73.3 | 71.6 | 222.5 | 210.6 | |||||||||||||||||||
| Total Revenue | 3,217.0 | 3,092.5 | 9,650.7 | 9,240.8 | |||||||||||||||||||
| Benefits and Expenses | |||||||||||||||||||||||
Policy Benefits Including Remeasurement Loss or Gain | 1,461.9 | 1,947.0 | 5,056.7 | 5,437.0 | |||||||||||||||||||
| Commissions | 315.1 | 289.7 | 947.8 | 869.7 | |||||||||||||||||||
| Interest and Debt Expense | 49.2 | 48.6 | 148.6 | 145.6 | |||||||||||||||||||
| Deferral of Acquisition Costs | (163.3) | (153.3) | (495.3) | (467.5) | |||||||||||||||||||
| Amortization of Deferred Acquisition Costs | 133.8 | 129.1 | 387.9 | 358.7 | |||||||||||||||||||
| Other Expenses | 605.7 | 569.7 | 1,799.2 | 1,685.9 | |||||||||||||||||||
| Total Benefits and Expenses | 2,402.4 | 2,830.8 | 7,844.9 | 8,029.4 | |||||||||||||||||||
| Income Before Income Tax | 814.6 | 261.7 | 1,805.8 | 1,211.4 | |||||||||||||||||||
| Income Tax Expense | 168.9 | 59.7 | 375.4 | 258.2 | |||||||||||||||||||
| Net Income | $ | 645.7 | $ | 202.0 | $ | 1,430.4 | $ | 953.2 | |||||||||||||||
| PER SHARE INFORMATION | |||||||||||||||||||||||
| Net Income Per Common Share | |||||||||||||||||||||||
| Basic | $ | 3.46 | $ | 1.03 | $ | 7.54 | $ | 4.83 | |||||||||||||||
| Assuming Dilution | $ | 3.46 | $ | 1.02 | $ | 7.52 | $ | 4.81 | |||||||||||||||
| Weighted Average Common Shares - Basic (000s) | 186,400.7 | 196,083.2 | 189,665.1 | 197,289.5 | |||||||||||||||||||
| Weighted Average Common Shares - Assuming Dilution (000s) | 186,882.4 | 197,131.8 | 190,209.7 | 198,295.1 | |||||||||||||||||||
| Outstanding Shares - (000s) | 184,501.2 | 195,017.0 | |||||||||||||||||||||
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Reconciliation of Non-GAAP Financial Measures
| Three Months Ended September 30 | |||||||||||||||||||||||
| 2024 | 2023 | ||||||||||||||||||||||
| (in millions) | per share * | (in millions) | per share * | ||||||||||||||||||||
| Net Income | $ | 645.7 | $ | 3.46 | $ | 202.0 | $ | 1.02 | |||||||||||||||
| Excluding: | |||||||||||||||||||||||
Net Investment Loss (net of tax benefit of $3.1; $6.6) | (9.8) | (0.05) | (24.4) | (0.13) | |||||||||||||||||||
Amortization of the Cost of Reinsurance (net of tax benefit of $2.2; $2.4) | (8.2) | (0.04) | (8.7) | (0.04) | |||||||||||||||||||
Non-Contemporaneous Reinsurance (net of tax benefit of $1.2; $1.9) | (4.8) | (0.03) | (7.3) | (0.04) | |||||||||||||||||||
Reserve Assumption Updates (net of tax expense (benefit) of $74.8; $(37.9)) | 282.6 | 1.51 | (139.3) | (0.71) | |||||||||||||||||||
Loss on Legal Settlement (net of tax benefit $3.2; $—) | (12.1) | (0.06) | — | — | |||||||||||||||||||
| After-tax Adjusted Operating Income | $ | 398.0 | $ | 2.13 | $ | 381.7 | $ | 1.94 | |||||||||||||||
| * Assuming Dilution | |||||||||||||||||||||||
| September 30 | |||||||||||||||||||||||
| 2024 | 2023 | ||||||||||||||||||||||
| (in millions) | per share | (in millions) | per share | ||||||||||||||||||||
| Total Stockholders' Equity (Book Value) | $ | 10,951.4 | $ | 59.36 | $ | 9,618.1 | $ | 49.32 | |||||||||||||||
| Excluding: | |||||||||||||||||||||||
| Net Unrealized Loss on Securities | (1,491.2) | (8.08) | (3,948.4) | (20.25) | |||||||||||||||||||
| Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits | (527.0) | (2.86) | 1,688.5 | 8.66 | |||||||||||||||||||
| Net Loss on Derivatives | (108.9) | (0.59) | (177.7) | (0.91) | |||||||||||||||||||
| Subtotal | 13,078.5 | 70.89 | 12,055.7 | 61.82 | |||||||||||||||||||
| Excluding: | |||||||||||||||||||||||
| Foreign Currency Translation Adjustment | (259.9) | (1.40) | (382.2) | (1.95) | |||||||||||||||||||
| Subtotal | 13,338.4 | 72.29 | 12,437.9 | 63.77 | |||||||||||||||||||
| Excluding: | |||||||||||||||||||||||
| Unrecognized Pension and Postretirement Benefit Costs | (342.7) | (1.86) | (330.8) | (1.70) | |||||||||||||||||||
| Total Stockholders' Equity, Excluding Accumulated Other Comprehensive Loss | $ | 13,681.1 | $ | 74.15 | $ | 12,768.7 | $ | 65.47 | |||||||||||||||
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| Three Months Ended | ||||||||||||||||||||||||||
| September 30, 2024 | September 30, 2023 | |||||||||||||||||||||||||
| Premium Income | Premium Income in Local Currency1 | Weighted Average Exchange Rate2 | Premium Income in Constant Currency | |||||||||||||||||||||||
| Unum International | ||||||||||||||||||||||||||
| Unum UK | $ | 206.8 | £ | 142.2 | 1.301 | $ | 185.0 | |||||||||||||||||||
| Unum Poland | 39.8 | zł | 126.9 | 0.257 | 32.6 | |||||||||||||||||||||
| Total | 246.6 | 217.6 | ||||||||||||||||||||||||
| Unum US | 1,723.5 | $ | 1,657.7 | 1,657.7 | ||||||||||||||||||||||
| Colonial Life | 441.9 | $ | 431.2 | 431.2 | ||||||||||||||||||||||
| Core Operations | $ | 2,412.0 | $ | 2,306.5 | ||||||||||||||||||||||
1Premium income shown in millions of pounds for Unum UK, millions of zlotys for Unum Poland, and millions of U.S. dollars for Unum US and Colonial Life.
2Exchange rate is calculated using the average foreign currency exchange rates for the most recent period, applied to the comparable prior period.
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