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Unum Group (UNM) SEC Filing 10-Q Quarterly Report for the period ending Thursday, September 30, 2021

Unum Group

CIK: 5513 Ticker: UNM
Exhibit 99.1
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1 Fountain Square
Chattanooga, TN 37402
www.unum.com
FOR IMMEDIATE RELEASE
Contacts

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MEDIANatalie Godwin
ngodwin@unum.com
INVESTORSTom White 423-294-8996
tawhite@unum.com

Unum Group Reports Third Quarter 2021 Results

Net income of $328.6 million ($1.60 per diluted common share) for the third quarter of 2021; after-tax adjusted operating income was $210.5 million ($1.03 per diluted common share).

Results reflect higher COVID-related mortality and evolving nature of the pandemic, growth in sales and premium, and continued strong returns in alternative invested asset portfolio.

Strong balance sheet and liquidity with holding company cash of $1.6 billion; weighted average risk-based capital ratio of approximately 380 percent.

Robust capital position enables balanced capital deployment plans, with the previously announced share repurchase authorization.

GAAP actuarial assumption updates; favorable long-term disability recovery trends drive GAAP claim reserve release.

Book value per common share of $54.39 grew 1.7 percent over the year-ago quarter.

CHATTANOOGA, Tenn. (November 2, 2021) - Unum Group (NYSE: UNM) today reported net income of $328.6 million ($1.60 per diluted common share) for the third quarter of 2021, compared to net income of $231.1 million ($1.13 per diluted common share) for the third quarter of 2020.

Included in net income for the third quarter of 2021 are a net after-tax reserve decrease related to reserve assumption updates of $143.3 million ($0.70 per diluted common share), an after-tax impairment loss on internal-use software of $9.6 million ($0.05 per diluted common share), the after-tax amortization of the cost of reinsurance of $15.5 million ($0.08 per diluted common share), and a net after-tax realized investment loss on the Company’s investment portfolio of $0.1 million ($— per diluted common share). Included in net income for the third quarter of 2020 are after-tax costs related to an organizational design update of $18.6 million ($0.09 per diluted common share), as well as a net after-tax realized investment gain on the Company's investment portfolio of $3.8 million ($0.01 per diluted common share). Excluding the items above, after-tax adjusted operating income was $210.5 million ($1.03 per diluted common share) in the third quarter of 2021, compared to $245.9 million ($1.21 per diluted common share) in the third quarter of 2020.

“Our solid core business performance in the third quarter was offset by elevated levels of COVID mortality among younger populations, where we have a greater presence as a leading provider of employee benefits. Overall, we saw steady growth in sales and premiums in line with our expectations,” said Richard P. McKenney, president and chief executive officer. “Thanks to our strong capital position, we recently announced a new $250 million share repurchase authorization, which is coupled with investing in our business and returning capital to shareholders through dividends.”
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 Tuesday, November 2, 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-Q Quarterly 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-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income (Unaudited)
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity (Parenthetical)
Statement Of Comprehensive Income (Parenthetical)
Accounting Developments
Accounting Developments (Details)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Tables)
Allowance For Expected Credit Losses On Premiums Receivable (Details)
Amortized Cost And Fair Values Of Securities By Security Type (Detail)
Assets By Segment (Detail)
Basic And Diluted Earnings Per Share (Detail)
Basis Of Presentation
Basis Of Presentation (Policies)
Changes In Assets And Liabilities Measured At Fair Value On A Recurring Basis Using Significant Unobservable Inputs (Level 3) (Detail)
Commitments And Contingent Liabilities
Costs Related To Organizational Design Update (Details)
Debt - Additional Information (Details)
Debt Securities, Available-For-Sale, Allowance For Credit Losses Rollforward (Details)
Derivative Financial Instruments
Derivative Financial Instruments (Tables)
Derivative Financial Instruments - Additional Information (Detail)
Derivative Financial Instruments Fair Value Hedges Carrying Amount Of Hedged Assets And Liabilities And Cumulative Basis Adjustments (Details)
Derivative Financial Instruments Location Of Gains And Losses Designated As Hedging Instruments, Consolidated Statements Of Income (Details)
Derivative Financial Instruments Nature And Amount Of Collateral Received From And Posted To Our Derivative Counterparties (Details)
Employee Benefit Plans
Employee Benefit Plans (Tables)
Employee Benefit Plans Net Periodic Benefit Cost (Detail)
Fair Value Measurements By Input Level (Detail)
Fair Value Of Financial Instruments Additional Information (Detail)
Fair Values Of Financial Instruments
Fair Values Of Financial Instruments (Tables)
Fair Values Of Financial Instruments Carrying Amounts And Estimated Fair Value Of Financial Instruments Not Measured At Fair Value (Details)
Fair Values Of Financial Instruments Private Equity Partnerships (Details)
Gains And Losses On Derivatives Not Designated As Hedging Instruments (Detail)
Impairment Loss On Internal-Use Software (Details)
Impairment Loss On Right-Of-Use Asset (Details)
Income Tax - Additional Information (Details)
Investments
Investments (Tables)
Investments - Additional Information (Detail)
Investments Distribution By External Credit Rating For Fixed Maturity Securities (Details)
Investments Distribution Of The Maturity Dates For Fixed Maturity Securities (Details)
Investments Federal Home Loan Bank Carrying Amount, Collateral Posted And Advances Received (Details)
Investments Investment Income (Detail)
Investments Low Income Housing Tax Credits (Details)
Investments Remaining Contractual Maturity Of Secruity Lending Agreements (Details)
Investments Schedule Of Financial Instrument And Derivative Offsetting (Details)
Length Of Time Fixed Maturity Securities Had Been In A Gross Unrealized Loss Position (Detail)
Liability For Unpaid Claims And Cae - Additional Information (Details)
Liability For Unpaid Claims And Claim Adjustment Expenses
Liability For Unpaid Claims And Claim Adjustment Expenses (Tables)
Liability For Unpaid Claims And Claims Adjustment Expense (Detail)
Location And Fair Values Of Derivative Financial Instruments (Detail)
Location Of Gains And Losses On Derivative Instruments Designated As Cash Flow Hedging Instruments (Detail)
Mortgage Loans By Property Type And Geographic Region (Detail)
Mortgage Loans, Allowance For Credit Losses Rollforward (Details)
Mortgage Loans, Sorted By Applicable Credit Quality Indicators (Detail)
Notional Amounts For Each Category Of Derivative Activity (Detail)
Other
Premium Income By Major Line Of Business Within Each Segment (Detail)
Quantitative Information Regarding Significant Unobservable Inputs (Details)
Realized Investment Gains And Losses Reported In Consolidated Statements Of Income (Detail)
Reconciliation Of Policy And Contract Benefits And Reserves For Future Policy And Contract Benefits (Detail)
Reconciliation Of Total Revenue And Income Before Income Tax To Operating Revenue And Operating Income (Detail)
Reinsurance (Details)
Schedule Of Accumulated Other Comprehensive Income (Loss) (Details)
Schedule Of Components Of Unrealized Gain (Loss) On Securities (Details)
Schedule Of Participating Mortgage Loans By Internal Credit Rating And Loan To Value (Details)
Schedule Of Reclassifications Out Of Accumulated Other Comprehensive Income (Details)
Segment Information
Segment Information (Tables)
Segment Information Segments - Additional Information (Detail)
Selected Operating Statement Data By Segment (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)
Ticker: UNM
CIK: 5513
Form Type: 10-Q Quarterly Report
Accession Number: 0000005513-21-000151
Submitted to the SEC: Wed Nov 03 2021 4:17:15 PM EST
Accepted by the SEC: Wed Nov 03 2021
Period: Thursday, September 30, 2021
Industry: Accident And Health Insurance

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