Unum Group (UNM) 10-K Annual Report Fri Feb 24 2012

CHATTANOOGA, Tenn. (February 6, 2012) - Unum Group (NYSE: UNM) today reported a net loss of $425.4 million ($1.45 per diluted common share) for the fourth quarter of 2011, compared to net income of $225.8 million ($0.71 per diluted common share) for the fourth quarter of 2010, due largely to an after-tax charge of $561.2 million the Company took following its strategic review of the long-term care business and decision to discontinue new group long-term care sales as well as an after-tax reserve charge of $119.3 million in the individual disability closed block.

Adjusting for this charge and other items listed below, operating income on an after-tax basis was $227.6 million ($0.78 per diluted common share) in the fourth quarter of 2011, compared to $208.6 million ($0.66 per diluted common share) in the fourth quarter of 2010.

“I am very pleased with our continued ability to deliver strong underlying operating results,” said Thomas R. Watjen, president and chief executive officer. “We remain focused on growing in our targeted markets and generating solid profitability in our core businesses, while at the same time maintaining a strong balance sheet and capital position. Exiting long-term care further sharpens our focus around businesses consistent with the strategic direction we have set for our Company. Our disciplined approach is working, as even in this difficult environment we achieved solid operating earnings per share growth in 2011 and finished the year with our highest level of risk-based capital.”

The Company concluded its strategic review of its long-term care business and announced that it will discontinue new sales of group long-term care contracts during the first quarter of 2012 and reclassify the long-term care line of business from the Unum US segment to the Closed Block segment. The results for the fourth quarter of 2011 include an after-tax charge of $561.2 million ($1.92 per diluted common share) to reflect an increase to long-term care policy and claim reserves of $573.6 million before tax and an impairment of long-term care deferred acquisition costs of $289.8 million before tax.

“The decision to discontinue new sales of group long term care policies and move this business to our closed block allows us to further refine our focus on the markets that provide the greatest long-term opportunity for our Company and create maximum value for Unum shareholders,” added Watjen. “We are well positioned financially to take this action, and this decision does not impact the general financial guidance we have provided for 2012.”



UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES.

The following information was filed by Unum Group (UNM) on Monday, February 6, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Unum Group provided additional information to their SEC Filing as exhibits

Exhibit 12.1: Statement Regarding Computation Of Ratio Of Earnings To Fixed Charges

Exhibit 21: Subsidiaries Of The Registrant

Exhibit 23: Consent Of Independent Registered Public Accounting Firm

Exhibit 24: Power Of Attorney

Exhibit 31.1: Certification Of Chief Executive Officer

Exhibit 31.2: Certificaiton Of Chief Financial Officer

Exhibit 32.1: Certificaiton Of Chief Executive Officer

Exhibit 32.2: Certification Of Chief Financial Officer

Ticker: UNM
CIK: 5513
Form Type: 10-K Annual Report
Accession Number: 0000005513-12-000006
Submitted to the SEC: Fri Feb 24 2012 9:18:54 AM EST
Accepted by the SEC: Fri Feb 24 2012
Period: Saturday, December 31, 2011
Industry: Accident And Health Insurance