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| | | | Exhibit 99.1 |
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| | | | 1 Fountain Square Chattanooga, TN 37402 www.unum.com |
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| | FOR IMMEDIATE RELEASE |
| | Contacts | | |
| | MEDIA | | Natalie Godwin ngodwin@unum.com |
| INVESTORS | | Tom 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.”
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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.