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Unum Group (UNM) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2011

Unum Group

CIK: 5513 Ticker: UNM

 
Exhibit 99.1
 
1 Fountain Square
 
 
Chattanooga, TN 37402
 
 
www.unum.com

 
FOR IMMEDIATE RELEASE
 
 
 
 
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Unum Group Reports Fourth Quarter 2011 Results
Strong Fourth Quarter Underlying Operating Results
Exiting Long-term Care Business Following Strategic Review
2012 Outlook Maintained
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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Inside this 10-K Annual Report

Document And Entity Information
Condensed Finacial Information Of Registrant
Condensed Financial Information Of Registrant (tables)
Parent Company Balance Sheet (detail)
Parent Company Cash Flow Statement (detail)
Parent Company Debt Schedule (detail)
Parent Company Notes - Additional Details (detail)
Parent Company Statement Of Income (detail)
Schedule Iii Supplementary Insurance Information
Schedule Iii Supplementary Insurance Information (detail)
Schedule Iii Supplmentary Insurance Information (tables)
Schedule Iv Reinsurance
Schedule Iv Reinsurance (detail)
Schedule Iv Reinsurance (tables)
Schedule V Valuation And Qualifying Accounts
Schedule V Valuation And Qualifying Accounts (detail)
Schedule V Valuation And Qualifying Accounts (tables)
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (parenthetical)
Consolidated Statements Of Income
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity (parenthetical)
Activity In Allowance For Credit Losses (detail)
Amortized Cost And Fair Values Of Securities By Security Type (detail)
Amounts Recognized In Balance Sheet (detail)
Amounts Recognized In Other Comprehensive Income (detail)
Assets By Segment (detail)
Before-tax Credit Related Portion Of Other-than-temporary Impairments On Fixed Maturity Securities Still Held And Recognized In Other Comprehensive Income (detail)
Carrying Amount And Fair Value Of Financial Instruments (detail)
Changes In Assets And Liabilities Measured At Fair Value On A Recurring Basis Using Significant Unobservable Inputs (level 3) (detail)
Changes In Projected Benefit Obligation Amount (detail)
Combined Statutory Capital And Surplus (detail)
Commitments And Contingent Liabilities
Commitments And Contingent Liabilities - Additional Information (detail)
Debt
Debt (tables)
Debt - Additional Information Domain (detail)
Debt Schedule (detail)
Deferred Acquisition Costs By Segment (detail)
Derivative Financial Instruments
Derivative Financial Instruments (tables)
Derivative Financial Instruments - Additional Information (detail)
Distribution Of The Maturity Dates For Fixed Maturity Securities (detail)
Fair Value Measurements By Input Level (detail)
Fair Values Of Financial Instruments
Fair Values Of Financial Instruments (tables)
Fair Values Of Financial Instruments - Additional Information (detail)
Impaired Mortgage Loans (detail)
Income Tax
Income Tax (benefit)(detail)
Income Tax (tables)
Income Tax Additional Information (detail)
Investments
Investments (tables)
Investments - Additional Information (detail)
Investments Investment Income (detail)
Investments Mortgage Loan Restructuring (detail)
Length Of Time Fixed Maturity Securities Had Been In A Gross Unrealized Loss Position (detail)
Liability For Unpaid Claims
Liability For Unpaid Claims (tables)
Liability For Unpaid Claims - Additional Information (detail)
Liability For Unpaid Claims Recon (detail)
Location And Fair Values Of Derivative Financial Instruments (detail)
Location Of And Gain (loss) On Embedded Derivative In A Modified Coinsurance Arrangement (detail)
Location Of Gains And Losses On Derivative Financial Instruments Designated As Cash Flow Hedging Instruments (detail)
Mortgage Loans By Geographic Region (detail)
Mortgage Loans By Property Type (detail)
Mortgage Loans, Sorted By Applicable Credit Quality Indicators, Internal Rating (detail)
Mortgage Loans, Sorted By Applicable Credit Quality Indicators, Loan To Value Ratio (detail)
Net Income Per Common Share (detail)
Notional Amounts For Each Category Of Derivative Activity (detail)
Opeb Plan Assets, Fair Value Inputs (detail)
Pensions And Other Postretirement Benefits
Pensions And Other Postretirement Benefits (tables)
Pensions And Other Postretirement Benefits - Additional Information (detail)
Pensions And Other Postretirement Benefits Expected Benefit Payments (detail)
Pensions And Other Postretirement Benefits Measurement Assumptions (detail)
Pensions And Other Postretirement Benefits Net Periodic Benefit Cost (detail)
Pensions And Other Postretirement Benefits Opeb Changes In Assets Measured At Fair Value Using Signficant Unobservale Inputs (detail)
Premium Income By Major Line Of Business Within Each Segment (detail)
Realized Investment Gains And Losses Reported In Consolidated Statements Of Income (detail)
Reconciliation Of Income Tax Computed At Us Federal Tax Rates (detail)
Reconciliation Of Policy And Contract Benefits And Reserves For Future Policy And Contract Benefits (detail)
Reconciliation Of Total Operating Revenue And Operating Income By Segment To Revenue And Net Income (detail)
Reinsurance
Reinsurance (tables)
Reinsurance - Additional Information (detail)
Reinsurance - Premium Income Data (detail)
Schedule I Summary Of Investments
Schedule I Summary Of Investments (detail)
Schedule I Summary Of Investments (tables)
Schedule Of Deferred Income Tax Assets And Liabilities (detail)
Schedule Of Income Subject To Domestic And Foreign Taxation (detail)
Schedule Of Unaudited Quarterly Results (detail)
Segment Information
Segment Information (tables)
Segment Information - Additional Information (detail)
Selected Operating Statement Data By Segment (detail)
Signficant Accounting Policies (level 2)
Significant Accounting Policies
Significant Accounting Policies (detail)
Significant Accounting Policies (tables)
Significant Accounting Policies Significant Accounting Policies Asu Impact (detail)
Statutory Financial Information
Statutory Financial Information (detail)
Statutory Financial Information (tables)
Statutory Financial Information - Additional Details (detail)
Stock Option Activity (detail)
Stock-based Compensation
Stock-based Compensation (tables)
Stock-based Compensation - Additional Information (detail)
Stock-based Compensation - Nonvested Stock Awards Classified In Equity (detail)
Stock-based Compensation Cash Settled Awards (detail)
Stock-based Compensation Expense (detail)
Stockholders' Equity And Earnings Per Common Share
Stockholders' Equity And Earnings Per Common Share (tables)
Stockholders' Equity And Earnings Per Common Share - Additional Information (detail)
Timing Of Anticipated Settlements Of Interest Rate Swaps Outstanding (detail)
Transfers Of Assets Between Level 1 And Level 2 (detail)
Uk Pension Assets, Fair Value Inputs (detail)
Unaudited Quarterly Results
Unaudited Quarterly Results (detail)
Unaudited Quarterly Results (tables)
Unrecognized Tax Benefits (detail)
Us Changes In Assets Measured At Fair Value Using Signifcant Unobservable Inputs (detail)
Us Pension Assets, Fair Value Inputs (detail)
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

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