Unum Group (UNM) 10-K Annual Report Wed Feb 17 2021

•Net income of $135.4 million ($0.66 per diluted common share) for the fourth quarter of 2020; after-tax adjusted operating income was $235.3 million ($1.15 per diluted common share), in-line with prior outlook despite elevated December COVID-19 related mortality levels.

•Signed Closed Block individual disability reinsurance transaction expected to free $650 million of capital; $400 million realized in the fourth quarter.

•Long-term care GAAP reserves updated to reflect low interest rate environment; capital contributions consistent with expectations.

•Strong balance sheet and liquidity with holding company cash of $1.5 billion; weighted average risk-based capital ratio of approximately 365 percent.

•Book value per common share of $53.37 grew 8.7 percent over the year-ago quarter.

CHATTANOOGA, Tenn. (February 4, 2021) - Unum Group (NYSE: UNM) today reported net income of $135.4 million ($0.66 per diluted common share) for the fourth quarter of 2020, compared to net income of $296.2 million ($1.44 per diluted common share) for the fourth quarter of 2019.

Included in net income for the fourth quarter of 2020 is the net after-tax gain from the Closed Block individual disability reinsurance transaction of $32.0 million ($0.16 per diluted common share), an after-tax reserve increase of $119.7 million ($0.59 per diluted common share) in the long-term care product line of our Closed Block segment, an after-tax reserve increase of $13.8 million ($0.07 per diluted common share) related to our group pension block that is within the all other product line of our Closed Block segment, as well as a net after-tax realized investment gain on the Company’s investment portfolio, excluding the net realized investment gain associated with the Closed Block individual disability reinsurance transaction, of $1.6 million ($0.01 per diluted common share). Included in net income for the fourth quarter of 2019 are costs related to the early retirement of debt of $1.7 million ($0.01 per diluted common share), as well as is a net after-tax realized investment gain on the Company's investment portfolio of $7.2 million ($0.04 per diluted common share). Excluding the items above, after-tax adjusted operating income was $235.3 million ($1.15 per diluted common share) in the fourth quarter of 2020, compared to $290.7 million ($1.41 per diluted common share) in the fourth quarter of 2019.

“In 2020, our strong execution delivered solid financial performance as we adapted to new ways of doing business to best serve our customers in extraordinary times. While we expect elevated mortality rates from COVID-19 and a challenging employment picture to persist in the near term, as a leader in employee benefits we are well-positioned to return to sales and earnings growth in the second half of the year as vaccines take hold and the economy is expected to return to more normalized levels,” said Richard P. McKenney, president and chief executive officer. “Our constant focus on protecting employees and their families in their time of need will not change, and our broad offering and strong distribution, combined with the investments we have made in our people and capabilities, position us well to deliver on this purpose while also driving long-term growth and value creation.”


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 Thursday, February 4, 2021 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

Material Contracts, Statements, Certifications & more

Unum Group provided additional information to their SEC Filing as exhibits

Exhibit 4.13: Instruments Defining The Rights Of Security Holders, Including Indentures

Exhibit 10.9: Material Contract

Exhibit 10.19: Material Contract

Exhibit 10.20: Material Contract

Exhibit 10.40: Material Contract

Exhibit 10.44: Material Contract

Exhibit 10.45: Material Contract

Exhibit 21: Subsidaries Of The Registrant

Exhibit 23: Consents Of Experts And Counsel

Exhibit 24: Power Of Attorney

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: UNM
CIK: 5513
Form Type: 10-K Annual Report
Accession Number: 0000005513-21-000015
Submitted to the SEC: Wed Feb 17 2021 1:16:43 PM EST
Accepted by the SEC: Wed Feb 17 2021
Period: Thursday, December 31, 2020
Industry: Accident And Health Insurance