Attached files
| file | filename |
|---|---|
| 8-K - 8-K - Unum Group | unm041320178-kcover.htm |
Unum Group
Operating Results as Adjusted for
Retirement-related Gains or Losses
TABLE OF CONTENTS
(dollars in millions, except share data and where noted)
Interim Results are Unaudited
Unum Group Financial Results by Segment - Adjusted for Retirement-related Gains or Losses
We measure and analyze our segment performance on the basis of "operating revenue" and "operating income" or "operating loss", which differ from total revenue and income before income tax as presented in our consolidated statements of income due to the exclusion of net realized investment gains and losses as specified in the following pages. These performance measures are in accordance with GAAP guidance for segment reporting, but they should not be viewed as a substitute for total revenue, income before income tax, or net income. We previously excluded the amortization of prior period actuarial gains or losses, a component of the net periodic benefit cost for our pension and other postretirement benefit plans. Effective January 1, 2017, the amortization of prior period actuarial gains or losses is now reported in our Corporate segment as a component of "benefit and expenses" and the tax thereon is reported in "income tax" in the following charts. Amounts for periods prior to January, 1, 2017 have been adjusted to conform to current year reporting.
Three Months Ended | Year Ended | ||||||||||||||||||||
12/31/2016 | 12/31/2015 | % Change | 12/31/2016 | 12/31/2015 | % Change | ||||||||||||||||
Premium Income | |||||||||||||||||||||
Unum US | $ | 1,325.2 | $ | 1,251.6 | 5.9 | % | $ | 5,240.9 | $ | 4,960.0 | 5.7 | % | |||||||||
Unum UK | 121.9 | 150.4 | (18.9 | ) | 529.3 | 576.2 | (8.1 | ) | |||||||||||||
Colonial Life | 360.4 | 337.4 | 6.8 | 1,417.1 | 1,338.6 | 5.9 | |||||||||||||||
Closed Block | 291.7 | 298.4 | (2.2 | ) | 1,170.4 | 1,207.6 | (3.1 | ) | |||||||||||||
2,099.2 | 2,037.8 | 3.0 | 8,357.7 | 8,082.4 | 3.4 | ||||||||||||||||
Net Investment Income | |||||||||||||||||||||
Unum US | 206.3 | 220.3 | (6.4 | ) | 828.7 | 865.3 | (4.2 | ) | |||||||||||||
Unum UK | 28.8 | 34.8 | (17.2 | ) | 118.1 | 124.9 | (5.4 | ) | |||||||||||||
Colonial Life | 35.8 | 35.6 | 0.6 | 141.5 | 145.4 | (2.7 | ) | ||||||||||||||
Closed Block | 343.6 | 340.4 | 0.9 | 1,352.2 | 1,320.0 | 2.4 | |||||||||||||||
Corporate | 3.4 | 5.3 | (35.8 | ) | 18.5 | 25.6 | (27.7 | ) | |||||||||||||
617.9 | 636.4 | (2.9 | ) | 2,459.0 | 2,481.2 | (0.9 | ) | ||||||||||||||
Other Income | |||||||||||||||||||||
Unum US | 27.7 | 28.8 | (3.8 | ) | 113.3 | 119.2 | (4.9 | ) | |||||||||||||
Unum UK | — | — | — | 0.2 | — | — | |||||||||||||||
Colonial Life | 0.2 | — | — | 1.2 | 0.1 | N.M. | |||||||||||||||
Closed Block | 20.7 | 21.8 | (5.0 | ) | 86.0 | 89.3 | (3.7 | ) | |||||||||||||
Corporate | 2.4 | 0.3 | N.M. | 4.9 | 2.9 | 69.0 | |||||||||||||||
51.0 | 50.9 | 0.2 | 205.6 | 211.5 | (2.8 | ) | |||||||||||||||
Total Operating Revenue | |||||||||||||||||||||
Unum US | 1,559.2 | 1,500.7 | 3.9 | 6,182.9 | 5,944.5 | 4.0 | |||||||||||||||
Unum UK | 150.7 | 185.2 | (18.6 | ) | 647.6 | 701.1 | (7.6 | ) | |||||||||||||
Colonial Life | 396.4 | 373.0 | 6.3 | 1,559.8 | 1,484.1 | 5.1 | |||||||||||||||
Closed Block | 656.0 | 660.6 | (0.7 | ) | 2,608.6 | 2,616.9 | (0.3 | ) | |||||||||||||
Corporate | 5.8 | 5.6 | 3.6 | 23.4 | 28.5 | (17.9 | ) | ||||||||||||||
$ | 2,768.1 | $ | 2,725.1 | 1.6 | $ | 11,022.3 | $ | 10,775.1 | 2.3 | ||||||||||||
1
Unum Group Financial Results by Segment - Adjusted for Retirement-related Gains or Losses - Continued
Three Months Ended | Year Ended | ||||||||||||||||||||
12/31/2016 | 12/31/2015 | % Change | 12/31/2016 | 12/31/2015 | % Change | ||||||||||||||||
Benefits and Expenses | |||||||||||||||||||||
Unum US | $ | 1,319.1 | $ | 1,286.5 | 2.5 | % | $ | 5,268.7 | $ | 5,094.5 | 3.4 | % | |||||||||
Unum UK | 120.8 | 148.2 | (18.5 | ) | 519.0 | 560.5 | (7.4 | ) | |||||||||||||
Colonial Life | 316.5 | 295.4 | 7.1 | 1,245.6 | 1,175.0 | 6.0 | |||||||||||||||
Closed Block | 621.4 | 632.5 | (1.8 | ) | 2,479.1 | 2,497.8 | (0.7 | ) | |||||||||||||
Corporate | 47.5 | 43.2 | 10.0 | 186.4 | 165.2 | 12.8 | |||||||||||||||
2,425.3 | 2,405.8 | 0.8 | 9,698.8 | 9,493.0 | 2.2 | ||||||||||||||||
Income (Loss) Before Income Tax and Net Realized Investment Gain (Loss) | |||||||||||||||||||||
Unum US | 240.1 | 214.2 | 12.1 | 914.2 | 850.0 | 7.6 | |||||||||||||||
Unum UK | 29.9 | 37.0 | (19.2 | ) | 128.6 | 140.6 | (8.5 | ) | |||||||||||||
Colonial Life | 79.9 | 77.6 | 3.0 | 314.2 | 309.1 | 1.6 | |||||||||||||||
Closed Block | 34.6 | 28.1 | 23.1 | 129.5 | 119.1 | 8.7 | |||||||||||||||
Corporate | (41.7 | ) | (37.6 | ) | (10.9 | ) | (163.0 | ) | (136.7 | ) | (19.2 | ) | |||||||||
342.8 | 319.3 | 7.4 | 1,323.5 | 1,282.1 | 3.2 | ||||||||||||||||
Income Tax | 113.1 | 90.7 | 24.7 | 407.9 | 388.9 | 4.9 | |||||||||||||||
Income Before Net Realized Investment Gain (Loss), Net of Tax | 229.7 | 228.6 | 0.5 | 915.6 | 893.2 | 2.5 | |||||||||||||||
Net Realized Investment Gain (Loss) (net of tax expense (benefit) of $10.1; $(0.2); $8.4; $(17.7)) | 18.3 | (2.5 | ) | N.M. | 15.8 | (26.1 | ) | 160.5 | |||||||||||||
Net Income | $ | 248.0 | $ | 226.1 | 9.7 | $ | 931.4 | $ | 867.1 | 7.4 | |||||||||||
1. 1
Unum Group Quarterly Historical Financial Results by Segment - Adjusted for Retirement-related Gains or Losses
12/31/16 | 9/30/16 | 6/30/16 | 3/31/16 | 12/31/15 | 9/30/15 | 6/30/15 | 3/31/15 | 12/31/14 | |||||||||||||||||||||||||||
Premium Income | |||||||||||||||||||||||||||||||||||
Unum US | $ | 1,325.2 | $ | 1,315.0 | $ | 1,299.4 | $ | 1,301.3 | $ | 1,251.6 | $ | 1,241.8 | $ | 1,236.4 | $ | 1,230.2 | $ | 1,186.8 | |||||||||||||||||
Unum UK | 121.9 | 127.3 | 140.8 | 139.3 | 150.4 | 144.6 | 142.2 | 139.0 | 148.9 | ||||||||||||||||||||||||||
Colonial Life | 360.4 | 354.1 | 351.4 | 351.2 | 337.4 | 333.1 | 335.9 | 332.2 | 321.1 | ||||||||||||||||||||||||||
Closed Block | 291.7 | 293.0 | 290.0 | 295.7 | 298.4 | 301.3 | 303.0 | 304.9 | 311.1 | ||||||||||||||||||||||||||
2,099.2 | 2,089.4 | 2,081.6 | 2,087.5 | 2,037.8 | 2,020.8 | 2,017.5 | 2,006.3 | 1,967.9 | |||||||||||||||||||||||||||
Net Investment Income | |||||||||||||||||||||||||||||||||||
Unum US | 206.3 | 207.3 | 207.7 | 207.4 | 220.3 | 214.3 | 215.7 | 215.0 | 223.2 | ||||||||||||||||||||||||||
Unum UK | 28.8 | 28.5 | 34.0 | 26.8 | 34.8 | 28.0 | 38.6 | 23.5 | 38.7 | ||||||||||||||||||||||||||
Colonial Life | 35.8 | 36.1 | 35.6 | 34.0 | 35.6 | 35.9 | 36.9 | 37.0 | 37.6 | ||||||||||||||||||||||||||
Closed Block | 343.6 | 334.1 | 341.1 | 333.4 | 340.4 | 327.5 | 331.7 | 320.4 | 323.0 | ||||||||||||||||||||||||||
Corporate | 3.4 | 5.4 | 4.9 | 4.8 | 5.3 | 6.4 | 7.8 | 6.1 | 10.2 | ||||||||||||||||||||||||||
617.9 | 611.4 | 623.3 | 606.4 | 636.4 | 612.1 | 630.7 | 602.0 | 632.7 | |||||||||||||||||||||||||||
Other Income | |||||||||||||||||||||||||||||||||||
Unum US | 27.7 | 28.7 | 27.9 | 29.0 | 28.8 | 28.1 | 31.4 | 30.9 | 30.7 | ||||||||||||||||||||||||||
Unum UK | — | — | 0.2 | — | — | — | — | — | (0.1 | ) | |||||||||||||||||||||||||
Colonial Life | 0.2 | 0.4 | 0.3 | 0.3 | — | 0.1 | — | — | — | ||||||||||||||||||||||||||
Closed Block | 20.7 | 21.5 | 21.4 | 22.4 | 21.8 | 21.5 | 22.8 | 23.2 | 22.3 | ||||||||||||||||||||||||||
Corporate | 2.4 | 0.9 | 1.3 | 0.3 | 0.3 | 1.8 | 0.5 | 0.3 | 2.8 | ||||||||||||||||||||||||||
51.0 | 51.5 | 51.1 | 52.0 | 50.9 | 51.5 | 54.7 | 54.4 | 55.7 | |||||||||||||||||||||||||||
Total Operating Revenue | |||||||||||||||||||||||||||||||||||
Unum US | 1,559.2 | 1,551.0 | 1,535.0 | 1,537.7 | 1,500.7 | 1,484.2 | 1,483.5 | 1,476.1 | 1,440.7 | ||||||||||||||||||||||||||
Unum UK | 150.7 | 155.8 | 175.0 | 166.1 | 185.2 | 172.6 | 180.8 | 162.5 | 187.5 | ||||||||||||||||||||||||||
Colonial Life | 396.4 | 390.6 | 387.3 | 385.5 | 373.0 | 369.1 | 372.8 | 369.2 | 358.7 | ||||||||||||||||||||||||||
Closed Block | 656.0 | 648.6 | 652.5 | 651.5 | 660.6 | 650.3 | 657.5 | 648.5 | 656.4 | ||||||||||||||||||||||||||
Corporate | 5.8 | 6.3 | 6.2 | 5.1 | 5.6 | 8.2 | 8.3 | 6.4 | 13.0 | ||||||||||||||||||||||||||
$ | 2,768.1 | $ | 2,752.3 | $ | 2,756.0 | $ | 2,745.9 | $ | 2,725.1 | $ | 2,684.4 | $ | 2,702.9 | $ | 2,662.7 | $ | 2,656.3 | ||||||||||||||||||
2
Unum Group Quarterly Historical Financial Results by Segment - Adjusted for Retirement-related Gains or Losses - Continued
12/31/16 | 9/30/16 | 6/30/16 | 3/31/16 | 12/31/15 | 9/30/15 | 6/30/15 | 3/31/15 | 12/31/14 | |||||||||||||||||||||||||||
Benefits and Expenses | |||||||||||||||||||||||||||||||||||
Unum US | $ | 1,319.1 | $ | 1,320.0 | $ | 1,307.8 | $ | 1,321.8 | $ | 1,286.5 | $ | 1,265.5 | $ | 1,280.7 | $ | 1,261.8 | $ | 1,231.2 | |||||||||||||||||
Unum UK | 120.8 | 127.6 | 138.1 | 132.5 | 148.2 | 139.9 | 142.5 | 129.9 | 149.3 | ||||||||||||||||||||||||||
Colonial Life | 316.5 | 311.6 | 309.4 | 308.1 | 295.4 | 292.8 | 295.2 | 291.6 | 284.7 | ||||||||||||||||||||||||||
Closed Block | 621.4 | 620.0 | 619.9 | 617.8 | 632.5 | 622.6 | 620.9 | 621.8 | 1,325.2 | ||||||||||||||||||||||||||
Corporate | 47.5 | 52.0 | 45.9 | 41.0 | 43.2 | 38.1 | 44.6 | 39.3 | 38.8 | ||||||||||||||||||||||||||
2,425.3 | 2,431.2 | 2,421.1 | 2,421.2 | 2,405.8 | 2,358.9 | 2,383.9 | 2,344.4 | 3,029.2 | |||||||||||||||||||||||||||
Income (Loss) Before Income Tax, Net Realized Investment Gain (Loss), and Pension Settlement Loss | |||||||||||||||||||||||||||||||||||
Unum US | 240.1 | 231.0 | 227.2 | 215.9 | 214.2 | 218.7 | 202.8 | 214.3 | 209.5 | ||||||||||||||||||||||||||
Unum UK | 29.9 | 28.2 | 36.9 | 33.6 | 37.0 | 32.7 | 38.3 | 32.6 | 38.2 | ||||||||||||||||||||||||||
Colonial Life | 79.9 | 79.0 | 77.9 | 77.4 | 77.6 | 76.3 | 77.6 | 77.6 | 74.0 | ||||||||||||||||||||||||||
Closed Block | 34.6 | 28.6 | 32.6 | 33.7 | 28.1 | 27.7 | 36.6 | 26.7 | (668.8 | ) | |||||||||||||||||||||||||
Corporate | (41.7 | ) | (45.7 | ) | (39.7 | ) | (35.9 | ) | (37.6 | ) | (29.9 | ) | (36.3 | ) | (32.9 | ) | (25.8 | ) | |||||||||||||||||
342.8 | 321.1 | 334.9 | 324.7 | 319.3 | 325.5 | 319.0 | 318.3 | (372.9 | ) | ||||||||||||||||||||||||||
Income Tax Expense (Benefit) | 113.1 | 92.4 | 101.9 | 100.5 | 90.7 | 104.4 | 98.4 | 95.4 | (143.8 | ) | |||||||||||||||||||||||||
Income (Loss) Before Net Realized Investment Gain (Loss) and Pension Settlement Loss, Net of Tax | 229.7 | 228.7 | 233.0 | 224.2 | 228.6 | 221.1 | 220.6 | 222.9 | (229.1 | ) | |||||||||||||||||||||||||
Net Realized Investment Gain (Loss) | 28.4 | 11.0 | 5.3 | (20.5 | ) | (2.7 | ) | (26.6 | ) | 0.8 | (15.3 | ) | (17.3 | ) | |||||||||||||||||||||
Tax Expense (Benefit) on Net Realized Investment Gain (Loss) | 10.1 | 3.7 | 1.5 | (6.9 | ) | (0.2 | ) | (9.3 | ) | (2.9 | ) | (5.3 | ) | (6.1 | ) | ||||||||||||||||||||
Pension Settlement Loss | — | — | — | — | — | — | — | — | (64.4 | ) | |||||||||||||||||||||||||
Tax Benefit on Pension Settlement Loss | — | — | — | — | — | — | — | — | (22.5 | ) | |||||||||||||||||||||||||
Net Income (Loss) | $ | 248.0 | $ | 236.0 | $ | 236.8 | $ | 210.6 | $ | 226.1 | $ | 203.8 | $ | 224.3 | $ | 212.9 | $ | (282.2 | ) | ||||||||||||||||
Net Income (Loss) Per Common Share - Assuming Dilution | $ | 1.07 | $ | 1.01 | $ | 1.00 | $ | 0.88 | $ | 0.93 | $ | 0.83 | $ | 0.90 | $ | 0.84 | $ | (1.12 | ) | ||||||||||||||||
2. 1
Unum Group Financial Results for Unum US Segment
Three Months Ended | Year Ended | ||||||||||||||||||
12/31/2016 | 12/31/2015 | 12/31/2016 | 12/31/2015 | 12/31/2014 | |||||||||||||||
Operating Revenue | |||||||||||||||||||
Premium Income | $ | 1,325.2 | $ | 1,251.6 | $ | 5,240.9 | $ | 4,960.0 | $ | 4,659.7 | |||||||||
Net Investment Income | 206.3 | 220.3 | 828.7 | 865.3 | 878.9 | ||||||||||||||
Other Income | 27.7 | 28.8 | 113.3 | 119.2 | 122.1 | ||||||||||||||
Total | 1,559.2 | 1,500.7 | 6,182.9 | 5,944.5 | 5,660.7 | ||||||||||||||
Benefits and Expenses | |||||||||||||||||||
Benefits and Change in Reserves for Future Benefits | 911.6 | 890.4 | 3,624.3 | 3,476.7 | 3,288.1 | ||||||||||||||
Commissions | 140.6 | 140.4 | 580.4 | 562.2 | 528.7 | ||||||||||||||
Deferral of Acquisition Costs | (74.3 | ) | (76.6 | ) | (314.1 | ) | (307.3 | ) | (292.7 | ) | |||||||||
Amortization of Deferred Acquisition Costs | 61.2 | 55.9 | 275.2 | 272.3 | 248.1 | ||||||||||||||
Other Expenses | 280.0 | 276.4 | 1,102.9 | 1,090.6 | 1,043.6 | ||||||||||||||
Total | 1,319.1 | 1,286.5 | 5,268.7 | 5,094.5 | 4,815.8 | ||||||||||||||
Operating Income | $ | 240.1 | $ | 214.2 | $ | 914.2 | $ | 850.0 | $ | 844.9 | |||||||||
Operating Ratios (% of Premium Income): | |||||||||||||||||||
Benefit Ratio | 68.8 | % | 71.1 | % | 69.2 | % | 70.1 | % | 70.6 | % | |||||||||
Other Expense Ratio | 21.1 | % | 22.1 | % | 21.0 | % | 22.0 | % | 22.4 | % | |||||||||
Operating Income Ratio | 18.1 | % | 17.1 | % | 17.4 | % | 17.1 | % | 18.1 | % | |||||||||
3
Unum Group Financial Results for Unum US Group Disability
Three Months Ended | Year Ended | ||||||||||||||||||
12/31/2016 | 12/31/2015 | 12/31/2016 | 12/31/2015 | 12/31/2014 | |||||||||||||||
Operating Revenue | |||||||||||||||||||
Premium Income | |||||||||||||||||||
Group Long-term Disability | $ | 435.0 | $ | 415.7 | $ | 1,726.6 | $ | 1,644.7 | $ | 1,553.5 | |||||||||
Group Short-term Disability | 156.9 | 154.9 | 626.1 | 607.4 | 558.1 | ||||||||||||||
Total Premium Income | 591.9 | 570.6 | 2,352.7 | 2,252.1 | 2,111.6 | ||||||||||||||
Net Investment Income | 118.8 | 124.6 | 479.5 | 496.5 | 515.9 | ||||||||||||||
Other Income | 22.9 | 22.9 | 91.1 | 92.9 | 91.0 | ||||||||||||||
Total | 733.6 | 718.1 | 2,923.3 | 2,841.5 | 2,718.5 | ||||||||||||||
Benefits and Expenses | |||||||||||||||||||
Benefits and Change in Reserves for Future Benefits | 459.8 | 466.1 | 1,863.8 | 1,834.0 | 1,746.4 | ||||||||||||||
Commissions | 43.9 | 43.3 | 178.2 | 172.2 | 161.2 | ||||||||||||||
Deferral of Acquisition Costs | (11.1 | ) | (11.4 | ) | (46.4 | ) | (43.2 | ) | (40.2 | ) | |||||||||
Amortization of Deferred Acquisition Costs | 8.9 | 8.5 | 35.9 | 33.7 | 26.3 | ||||||||||||||
Other Expenses | 142.6 | 145.5 | 572.1 | 572.4 | 550.0 | ||||||||||||||
Total | 644.1 | 652.0 | 2,603.6 | 2,569.1 | 2,443.7 | ||||||||||||||
Operating Income | $ | 89.5 | $ | 66.1 | $ | 319.7 | $ | 272.4 | $ | 274.8 | |||||||||
Operating Ratios (% of Premium Income): | |||||||||||||||||||
Benefit Ratio | 77.7 | % | 81.7 | % | 79.2 | % | 81.4 | % | 82.7 | % | |||||||||
Other Expense Ratio | 24.1 | % | 25.5 | % | 24.3 | % | 25.4 | % | 26.0 | % | |||||||||
Operating Income Ratio | 15.1 | % | 11.6 | % | 13.6 | % | 12.1 | % | 13.0 | % | |||||||||
Persistency: | |||||||||||||||||||
Group Long-term Disability | 91.0 | % | 92.1 | % | 90.6 | % | |||||||||||||
Group Short-term Disability | 87.7 | % | 88.1 | % | 89.6 | % | |||||||||||||
3. 1
Unum Group Financial Results for Unum US Group Life and Accidental Death & Dismemberment
Three Months Ended | Year Ended | ||||||||||||||||||
12/31/2016 | 12/31/2015 | 12/31/2016 | 12/31/2015 | 12/31/2014 | |||||||||||||||
Operating Revenue | |||||||||||||||||||
Premium Income | |||||||||||||||||||
Group Life | $ | 356.4 | $ | 339.9 | $ | 1,410.0 | $ | 1,347.4 | $ | 1,262.3 | |||||||||
Accidental Death & Dismemberment | 35.5 | 33.7 | 140.3 | 131.7 | 125.9 | ||||||||||||||
Total Premium Income | 391.9 | 373.6 | 1,550.3 | 1,479.1 | 1,388.2 | ||||||||||||||
Net Investment Income | 27.9 | 33.1 | 113.4 | 135.1 | 135.2 | ||||||||||||||
Other Income | 1.2 | 0.6 | 4.5 | 2.1 | 1.4 | ||||||||||||||
Total | 421.0 | 407.3 | 1,668.2 | 1,616.3 | 1,524.8 | ||||||||||||||
Benefits and Expenses | |||||||||||||||||||
Benefits and Change in Reserves for Future Benefits | 280.1 | 269.1 | 1,112.6 | 1,061.6 | 975.8 | ||||||||||||||
Commissions | 32.0 | 30.7 | 126.8 | 121.2 | 113.3 | ||||||||||||||
Deferral of Acquisition Costs | (8.3 | ) | (8.6 | ) | (35.7 | ) | (33.3 | ) | (31.3 | ) | |||||||||
Amortization of Deferred Acquisition Costs | 7.2 | 6.6 | 29.2 | 26.2 | 21.4 | ||||||||||||||
Other Expenses | 53.9 | 55.2 | 213.5 | 215.7 | 205.2 | ||||||||||||||
Total | 364.9 | 353.0 | 1,446.4 | 1,391.4 | 1,284.4 | ||||||||||||||
Operating Income | $ | 56.1 | $ | 54.3 | $ | 221.8 | $ | 224.9 | $ | 240.4 | |||||||||
Operating Ratios (% of Premium Income): | |||||||||||||||||||
Benefit Ratio | 71.5 | % | 72.0 | % | 71.8 | % | 71.8 | % | 70.3 | % | |||||||||
Other Expense Ratio | 13.8 | % | 14.8 | % | 13.8 | % | 14.6 | % | 14.8 | % | |||||||||
Operating Income Ratio | 14.3 | % | 14.5 | % | 14.3 | % | 15.2 | % | 17.3 | % | |||||||||
Persistency: | |||||||||||||||||||
Group Life | 90.7 | % | 89.2 | % | 90.8 | % | |||||||||||||
Accidental Death & Dismemberment | 90.3 | % | 89.8 | % | 91.1 | % | |||||||||||||
3. 2
Unum Group Financial Results for Unum US Supplemental and Voluntary
Three Months Ended | Year Ended | ||||||||||||||||||
12/31/2016 | 12/31/2015 | 12/31/2016 | 12/31/2015 | 12/31/2014 | |||||||||||||||
Operating Revenue | |||||||||||||||||||
Premium Income | |||||||||||||||||||
Individual Disability | $ | 105.9 | $ | 123.0 | $ | 480.3 | $ | 478.9 | $ | 466.1 | |||||||||
Voluntary Benefits | 194.4 | 184.4 | 796.5 | 749.9 | 693.8 | ||||||||||||||
Dental and Vision | 41.1 | — | 61.1 | — | — | ||||||||||||||
Total Premium Income | 341.4 | 307.4 | 1,337.9 | 1,228.8 | 1,159.9 | ||||||||||||||
Net Investment Income | 59.6 | 62.6 | 235.8 | 233.7 | 227.8 | ||||||||||||||
Other Income | 3.6 | 5.3 | 17.7 | 24.2 | 29.7 | ||||||||||||||
Total | 404.6 | 375.3 | 1,591.4 | 1,486.7 | 1,417.4 | ||||||||||||||
Benefits and Expenses | |||||||||||||||||||
Benefits and Change in Reserves for Future Benefits | 171.7 | 155.2 | 647.9 | 581.1 | 565.9 | ||||||||||||||
Commissions | 64.7 | 66.4 | 275.4 | 268.8 | 254.2 | ||||||||||||||
Deferral of Acquisition Costs | (54.9 | ) | (56.6 | ) | (232.0 | ) | (230.8 | ) | (221.2 | ) | |||||||||
Amortization of Deferred Acquisition Costs | 45.1 | 40.8 | 210.1 | 212.4 | 200.4 | ||||||||||||||
Other Expenses | 83.5 | 75.7 | 317.3 | 302.5 | 288.4 | ||||||||||||||
Total | 310.1 | 281.5 | 1,218.7 | 1,134.0 | 1,087.7 | ||||||||||||||
Operating Income | $ | 94.5 | $ | 93.8 | $ | 372.7 | $ | 352.7 | $ | 329.7 | |||||||||
Operating Ratios (% of Premium Income): | |||||||||||||||||||
Benefit Ratios: | |||||||||||||||||||
Individual Disability | 54.7 | % | 54.1 | % | 52.9 | % | 51.8 | % | 51.6 | % | |||||||||
Voluntary Benefits | 44.6 | % | 48.0 | % | 44.3 | % | 44.4 | % | 46.9 | % | |||||||||
Dental and Vision | 65.9 | % | — | % | 66.6 | % | — | % | — | % | |||||||||
Other Expense Ratio | 24.5 | % | 24.6 | % | 23.7 | % | 24.6 | % | 24.9 | % | |||||||||
Operating Income Ratio | 27.7 | % | 30.5 | % | 27.9 | % | 28.7 | % | 28.4 | % | |||||||||
Persistency: | |||||||||||||||||||
Individual Disability | 91.1 | % | 90.3 | % | 90.0 | % | |||||||||||||
Voluntary Benefits | 76.9 | % | 75.9 | % | 77.6 | % | |||||||||||||
Dental and Vision | 84.6 | % | — | % | — | % | |||||||||||||
3. 3
Unum Group Financial Results for Unum UK Segment
Three Months Ended | Year Ended | ||||||||||||||||||
12/31/2016 | 12/31/2015 | 12/31/2016 | 12/31/2015 | 12/31/2014 | |||||||||||||||
Operating Revenue | |||||||||||||||||||
Premium Income | |||||||||||||||||||
Group Long-term Disability | $ | 81.1 | $ | 100.9 | $ | 355.2 | $ | 397.4 | $ | 418.9 | |||||||||
Group Life | 24.8 | 30.9 | 105.7 | 121.5 | 133.2 | ||||||||||||||
Supplemental | 16.0 | 18.6 | 68.4 | 57.3 | 55.1 | ||||||||||||||
Total Premium Income | 121.9 | 150.4 | 529.3 | 576.2 | 607.2 | ||||||||||||||
Net Investment Income | 28.8 | 34.8 | 118.1 | 124.9 | 151.0 | ||||||||||||||
Other Income | — | — | 0.2 | — | — | ||||||||||||||
Total | 150.7 | 185.2 | 647.6 | 701.1 | 758.2 | ||||||||||||||
Benefits and Expenses | |||||||||||||||||||
Benefits and Change in Reserves for Future Benefits | 82.6 | 105.3 | 367.4 | 394.8 | 431.0 | ||||||||||||||
Commissions | 11.0 | 8.2 | 38.9 | 41.8 | 42.8 | ||||||||||||||
Deferral of Acquisition Costs | (2.1 | ) | (2.4 | ) | (8.2 | ) | (9.6 | ) | (10.5 | ) | |||||||||
Amortization of Deferred Acquisition Costs | 2.3 | 2.5 | 9.7 | 11.3 | 12.5 | ||||||||||||||
Other Expenses | 27.0 | 34.6 | 111.2 | 122.2 | 134.6 | ||||||||||||||
Total | 120.8 | 148.2 | 519.0 | 560.5 | 610.4 | ||||||||||||||
Operating Income | $ | 29.9 | $ | 37.0 | $ | 128.6 | $ | 140.6 | $ | 147.8 | |||||||||
4
Unum Group Financial Results for Unum UK Segment - Continued
Three Months Ended | Year Ended | ||||||||||||||||||
(in millions of pounds, except exchange rate) | 12/31/2016 | 12/31/2015 | 12/31/2016 | 12/31/2015 | 12/31/2014 | ||||||||||||||
Operating Revenue | |||||||||||||||||||
Premium Income | |||||||||||||||||||
Group Long-term Disability | £ | 65.3 | £ | 66.5 | £ | 262.0 | £ | 259.9 | £ | 254.4 | |||||||||
Group Life | 20.0 | 20.4 | 78.0 | 79.5 | 80.8 | ||||||||||||||
Supplemental | 12.9 | 12.2 | 50.5 | 37.5 | 33.4 | ||||||||||||||
Total Premium Income | 98.2 | 99.1 | 390.5 | 376.9 | 368.6 | ||||||||||||||
Net Investment Income | 23.2 | 22.9 | 87.3 | 81.6 | 91.6 | ||||||||||||||
Other Income | — | — | 0.1 | — | 0.1 | ||||||||||||||
Total | 121.4 | 122.0 | 477.9 | 458.5 | 460.3 | ||||||||||||||
Benefits and Expenses | |||||||||||||||||||
Benefits and Change in Reserves for Future Benefits | 66.4 | 69.3 | 270.9 | 258.1 | 261.4 | ||||||||||||||
Commissions | 8.9 | 5.4 | 28.9 | 27.4 | 26.0 | ||||||||||||||
Deferral of Acquisition Costs | (1.7 | ) | (1.6 | ) | (6.1 | ) | (6.3 | ) | (6.4 | ) | |||||||||
Amortization of Deferred Acquisition Costs | 1.9 | 1.7 | 7.2 | 7.4 | 7.6 | ||||||||||||||
Other Expenses | 21.8 | 22.8 | 82.2 | 79.9 | 81.9 | ||||||||||||||
Total | 97.3 | 97.6 | 383.1 | 366.5 | 370.5 | ||||||||||||||
Operating Income | £ | 24.1 | £ | 24.4 | £ | 94.8 | £ | 92.0 | £ | 89.8 | |||||||||
Weighted Average Pound/Dollar Exchange Rate | 1.241 | 1.516 | 1.357 | 1.528 | 1.646 | ||||||||||||||
Operating Ratios (% of Premium Income): | |||||||||||||||||||
Benefit Ratio | 67.6 | % | 69.9 | % | 69.4 | % | 68.5 | % | 70.9 | % | |||||||||
Other Expense Ratio | 22.2 | % | 23.0 | % | 21.0 | % | 21.2 | % | 22.2 | % | |||||||||
Operating Income Ratio | 24.5 | % | 24.6 | % | 24.3 | % | 24.4 | % | 24.4 | % | |||||||||
Persistency: | |||||||||||||||||||
Group Long-term Disability | 89.5 | % | 89.2 | % | 90.1 | % | |||||||||||||
Group Life | 81.3 | % | 80.0 | % | 76.0 | % | |||||||||||||
Supplemental | 89.9 | % | 87.7 | % | 86.6 | % | |||||||||||||
4. 1
Unum Group Financial Results for Colonial Life Segment
Three Months Ended | Year Ended | ||||||||||||||||||
12/31/2016 | 12/31/2015 | 12/31/2016 | 12/31/2015 | 12/31/2014 | |||||||||||||||
Operating Revenue | |||||||||||||||||||
Premium Income | |||||||||||||||||||
Accident, Sickness, and Disability | $ | 210.8 | $ | 197.9 | $ | 830.0 | $ | 789.0 | $ | 759.8 | |||||||||
Life | 70.4 | 64.3 | 273.8 | 252.4 | 231.8 | ||||||||||||||
Cancer and Critical Illness | 79.2 | 75.2 | 313.3 | 297.2 | 282.1 | ||||||||||||||
Total Premium Income | 360.4 | 337.4 | 1,417.1 | 1,338.6 | 1,273.7 | ||||||||||||||
Net Investment Income | 35.8 | 35.6 | 141.5 | 145.4 | 145.5 | ||||||||||||||
Other Income | 0.2 | — | 1.2 | 0.1 | 0.1 | ||||||||||||||
Total | 396.4 | 373.0 | 1,559.8 | 1,484.1 | 1,419.3 | ||||||||||||||
Benefits and Expenses | |||||||||||||||||||
Benefits and Change in Reserves for Future Benefits | 185.2 | 172.8 | 726.4 | 683.0 | 660.6 | ||||||||||||||
Commissions | 80.3 | 75.7 | 313.6 | 293.5 | 262.3 | ||||||||||||||
Deferral of Acquisition Costs | (69.0 | ) | (65.6 | ) | (270.1 | ) | (252.8 | ) | (220.8 | ) | |||||||||
Amortization of Deferred Acquisition Costs | 52.3 | 48.5 | 208.1 | 198.7 | 180.2 | ||||||||||||||
Other Expenses | 67.7 | 64.0 | 267.6 | 252.6 | 238.0 | ||||||||||||||
Total | 316.5 | 295.4 | 1,245.6 | 1,175.0 | 1,120.3 | ||||||||||||||
Operating Income | $ | 79.9 | $ | 77.6 | $ | 314.2 | $ | 309.1 | $ | 299.0 | |||||||||
Operating Ratios (% of Premium Income): | |||||||||||||||||||
Benefit Ratio | 51.4 | % | 51.2 | % | 51.3 | % | 51.0 | % | 51.9 | % | |||||||||
Other Expense Ratio | 18.8 | % | 19.0 | % | 18.9 | % | 18.9 | % | 18.7 | % | |||||||||
Operating Income Ratio | 22.2 | % | 23.0 | % | 22.2 | % | 23.1 | % | 23.5 | % | |||||||||
Persistency: | |||||||||||||||||||
Accident, Sickness, and Disability | 75.6 | % | 74.8 | % | 75.5 | % | |||||||||||||
Life | 85.0 | % | 84.9 | % | 85.2 | % | |||||||||||||
Cancer and Critical Illness | 82.9 | % | 81.2 | % | 83.5 | % | |||||||||||||
5
Unum Group Financial Results for Closed Block Segment
Three Months Ended | Year Ended | ||||||||||||||||||
12/31/2016 | 12/31/2015 | 12/31/2016 | 12/31/2015 | 12/31/2014 | |||||||||||||||
Operating Revenue | |||||||||||||||||||
Premium Income | |||||||||||||||||||
Individual Disability | $ | 127.9 | $ | 139.4 | $ | 521.9 | $ | 572.4 | $ | 624.8 | |||||||||
Long-term Care | 161.9 | 158.5 | 643.9 | 633.5 | 630.9 | ||||||||||||||
All Other | 1.9 | 0.5 | 4.6 | 1.7 | 0.9 | ||||||||||||||
Total Premium Income | 291.7 | 298.4 | 1,170.4 | 1,207.6 | 1,256.6 | ||||||||||||||
Net Investment Income | 343.6 | 340.4 | 1,352.2 | 1,320.0 | 1,281.5 | ||||||||||||||
Other Income | 20.7 | 21.8 | 86.0 | 89.3 | 91.8 | ||||||||||||||
Total | 656.0 | 660.6 | 2,608.6 | 2,616.9 | 2,629.9 | ||||||||||||||
Benefits and Expenses | |||||||||||||||||||
Benefits and Change in Reserves for Future Benefits | 556.5 | 566.7 | 2,223.7 | 2,228.3 | 2,931.1 | ||||||||||||||
Commissions | 23.1 | 24.2 | 93.8 | 98.8 | 101.5 | ||||||||||||||
Interest and Debt Expense | 1.8 | 1.6 | 6.9 | 6.6 | 7.3 | ||||||||||||||
Other Expenses | 40.0 | 40.0 | 154.7 | 164.1 | 168.2 | ||||||||||||||
Total | 621.4 | 632.5 | 2,479.1 | 2,497.8 | 3,208.1 | ||||||||||||||
Income (Loss) Before Income Tax and Net Realized Investment Gains and Losses | 34.6 | 28.1 | 129.5 | 119.1 | (578.2 | ) | |||||||||||||
Long-term Care Reserve Increase | — | — | — | — | 698.2 | ||||||||||||||
Operating Income | $ | 34.6 | $ | 28.1 | $ | 129.5 | $ | 119.1 | $ | 120.0 | |||||||||
Interest Adjusted Loss Ratios: | |||||||||||||||||||
Individual Disability | 84.7 | % | 87.2 | % | 83.6 | % | 82.8 | % | 83.6 | % | |||||||||
Long-term Care | 89.1 | % | 89.7 | % | 91.1 | % | 87.6 | % | 196.6 | % | |||||||||
Long-term Care Excluding the Reserve Increase | 85.9 | % | |||||||||||||||||
Operating Ratios (% of Premium Income): | |||||||||||||||||||
Other Expense Ratio | 13.7 | % | 13.4 | % | 13.2 | % | 13.6 | % | 13.4 | % | |||||||||
Income (Loss) Ratio | 11.9 | % | 9.4 | % | 11.1 | % | 9.9 | % | (46.0 | )% | |||||||||
Operating Income Ratio | 11.9 | % | 9.4 | % | 11.1 | % | 9.9 | % | 9.5 | % | |||||||||
Persistency: | |||||||||||||||||||
Individual Disability | 90.9 | % | 90.9 | % | 91.3 | % | |||||||||||||
Long-term Care | 94.8 | % | 95.7 | % | 95.4 | % | |||||||||||||
6
Unum Group Financial Results for Corporate Segment - Adjusted for Retirement-related Gains or Losses
Three Months Ended | Year Ended | ||||||||||||||||||
12/31/2016 | 12/31/2015 | 12/31/2016 | 12/31/2015 | 12/31/2014 | |||||||||||||||
Operating Revenue | |||||||||||||||||||
Net Investment Income | $ | 3.4 | $ | 5.3 | $ | 18.5 | $ | 25.6 | $ | 35.3 | |||||||||
Other Income | 2.4 | 0.3 | 4.9 | 2.9 | 5.0 | ||||||||||||||
Total | 5.8 | 5.6 | 23.4 | 28.5 | 40.3 | ||||||||||||||
Interest and Other Expenses* | 47.5 | 43.2 | 186.4 | 165.2 | 163.5 | ||||||||||||||
Operating Loss Including Costs Related to Early Retirement of Debt | (41.7 | ) | (37.6 | ) | (163.0 | ) | (136.7 | ) | (123.2 | ) | |||||||||
Costs Related to Early Retirement of Debt | — | — | — | — | 13.2 | ||||||||||||||
Operating Loss | $ | (41.7 | ) | $ | (37.6 | ) | $ | (163.0 | ) | $ | (136.7 | ) | $ | (110.0 | ) | ||||
* Effective January 1, 2017, the amortization of prior period actuarial gains or losses is now reported in our Corporate segment as a component of "interest and other expenses." Prior period amounts have been adjusted to conform to current year reporting. See page 1.
7
Unum Group Metrics - Adjusted for Retirement-related Gains or Losses
Three Months Ended | |||||||||||||||||||||||||||||||||||
12/31/2016 | 9/30/2016 | 6/30/2016 | 3/31/2016 | 12/31/2015 | 9/30/2015 | 6/30/2015 | 3/31/2015 | 12/31/2014 | |||||||||||||||||||||||||||
After-tax Operating Earnings Per Share - Assuming Dilution | $ | 0.99 | $ | 0.98 | $ | 0.98 | $ | 0.94 | $ | 0.94 | $ | 0.90 | $ | 0.88 | $ | 0.88 | $ | 0.89 | |||||||||||||||||
Three Months Ended | Year Ended | ||||||||
12/31/2016 | 12/31/2015 | 12/31/2016 | 12/31/2015 | 12/31/2014 | |||||
Operating Return on Equity | ||||||||||||||
Unum US | 15.4 | % | 13.1 | % | 15.0 | % | 13.3 | % | 13.3 | % | ||||
Unum UK | 15.1 | % | 20.6 | % | 18.6 | % | 18.0 | % | 18.3 | % | ||||
Colonial Life | 17.1 | % | 16.4 | % | 17.4 | % | 16.6 | % | 16.7 | % | ||||
Core Operating Segments | 15.7 | % | 14.6 | % | 15.9 | % | 14.5 | % | 14.5 | % | ||||
Consolidated | 11.2 | % | 11.4 | % | 11.2 | % | 11.2 | % | 11.2 | % | ||||
8
Unum Group Non-GAAP Financial Measures - Adjusted for Retirement-related Gains or Losses
We analyze our performance using non-GAAP financial measures which exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. We believe the following non-GAAP financial measures are better performance measures and better indicators of the revenue and profitability and underlying trends in our business:
• | Consolidated operating revenue, which excludes realized investment gains or losses; |
• | After-tax operating income or loss, which excludes realized investment gains or losses and certain other items, as applicable; |
• | Operating return on equity, which is calculated using after-tax operating income or loss and excludes from equity the unrealized gain or loss on securities and net gain on cash flow hedges. |
Realized investment gains or losses; unrealized gains or losses on securities and net gains on cash flow hedges depend on market conditions and do not necessarily relate to decisions regarding the underlying business of our Company. We also exclude certain other items from our discussion of financial ratios and metrics in order to enhance the understanding and comparability of our operational performance and the underlying fundamentals, but this exclusion is not an indication that similar items may not recur and does not replace the comparable GAAP measures in the determination of overall profitability.
For a reconciliation of the most directly comparable GAAP measures to these non-GAAP financial measures, refer to the "Reconciliation of Non-GAAP Financial Measures" beginning on page 9.1.
9
Unum Group Reconciliation of Non-GAAP Financial Measures - Adjusted for Retirement-related Gains or Losses
Three Months Ended | ||||||||||||||||||||||||||||||||||||
December 31 | September 30 | June 30 | March 31 | December 31 | September 30 | June 30 | March 31 | December 31 | ||||||||||||||||||||||||||||
2016 | 2015 | 2014 | ||||||||||||||||||||||||||||||||||
Total Revenue | $ | 2,796.5 | $ | 2,763.3 | $ | 2,761.3 | $ | 2,725.4 | $ | 2,722.4 | $ | 2,657.8 | $ | 2,703.7 | $ | 2,647.4 | $ | 2,639.0 | ||||||||||||||||||
Excluding: | ||||||||||||||||||||||||||||||||||||
Net Realized Investment Gain (Loss) | 28.4 | 11.0 | 5.3 | (20.5 | ) | (2.7 | ) | (26.6 | ) | 0.8 | (15.3 | ) | (17.3 | ) | ||||||||||||||||||||||
Operating Revenue | $ | 2,768.1 | $ | 2,752.3 | $ | 2,756.0 | $ | 2,745.9 | $ | 2,725.1 | $ | 2,684.4 | $ | 2,702.9 | $ | 2,662.7 | $ | 2,656.3 | ||||||||||||||||||
9. 1
Unum Group Reconciliation of Non-GAAP Financial Measures - Adjusted for Retirement-related Gains or Losses - Continued
After-Tax Operating Income (Loss) | Average Allocated Equity(1) | Operating Return on Equity | |||||||||
Year Ended December 31, 2016 | |||||||||||
Unum US | $ | 598.3 | $ | 3,992.2 | 15.0 | % | |||||
Unum UK | 113.8 | 610.6 | 18.6 | % | |||||||
Colonial Life | 204.9 | 1,173.9 | 17.4 | % | |||||||
Core Operating Segments | 917.0 | 5,776.7 | 15.9 | % | |||||||
Closed Block | 87.0 | 3,055.1 | |||||||||
Corporate | (88.4 | ) | (691.0 | ) | |||||||
Total | $ | 915.6 | $ | 8,140.8 | 11.2 | % | |||||
Year Ended December 31, 2015 | |||||||||||
Unum US | $ | 557.5 | $ | 4,197.8 | 13.3 | % | |||||
Unum UK | 116.9 | 650.6 | 18.0 | % | |||||||
Colonial Life | 201.1 | 1,209.4 | 16.6 | % | |||||||
Core Operating Segments | 875.5 | 6,057.8 | 14.5 | % | |||||||
Closed Block | 79.0 | 2,989.2 | |||||||||
Corporate | (61.3 | ) | (1,085.9 | ) | |||||||
Total | $ | 893.2 | $ | 7,961.1 | 11.2 | % | |||||
Year Ended December 31, 2014 | |||||||||||
Unum US | $ | 554.9 | $ | 4,157.4 | 13.3 | % | |||||
Unum UK | 116.4 | 635.3 | 18.3 | % | |||||||
Colonial Life | 194.4 | 1,163.1 | 16.7 | % | |||||||
Core Operating Segments | 865.7 | 5,955.8 | 14.5 | % | |||||||
Closed Block | 79.2 | 2,756.3 | |||||||||
Corporate | (49.5 | ) | (737.8 | ) | |||||||
Total | $ | 895.4 | $ | 7,974.3 | 11.2 | % | |||||
(1)Excludes unrealized gain on securities and net gain on cash flow hedges and is calculated using the stockholders' equity balances presented on page 9.3. We updated our internal allocation formula used to determine allocated stockholders' equity for certain of our product lines within our operating segments, and, as a result, we are computing the average allocated equity for 2016 using internally allocated equity which was updated effective January 1, 2016. As a result, average equity for the year ended December 31, 2016 for certain of our segments will not compute using the historical allocated equity at December 31, 2015. There was no impact on total allocated equity or total average allocated equity.
9. 2
Unum Group Reconciliation of Non-GAAP Financial Measures - Adjusted for Retirement-related Gains or Losses - Continued
After-Tax Operating Income (Loss) | Average Allocated Equity(2) | Operating Return on Equity | |||||||||
Three Months Ended December 31, 2016 | |||||||||||
Unum US | $ | 157.6 | $ | 4,088.4 | 15.4 | % | |||||
Unum UK | 22.2 | 585.6 | 15.1 | % | |||||||
Colonial Life | 52.2 | 1,217.7 | 17.1 | % | |||||||
Core Operating Segments | 232.0 | 5,891.7 | 15.7 | % | |||||||
Closed Block | 23.1 | 3,146.9 | |||||||||
Corporate | (25.4 | ) | (827.2 | ) | |||||||
Total | $ | 229.7 | $ | 8,211.4 | 11.2 | % | |||||
Three Months Ended December 31, 2015 | |||||||||||
Unum US | $ | 140.4 | $ | 4,273.3 | 13.1 | % | |||||
Unum UK | 34.6 | 671.9 | 20.6 | % | |||||||
Colonial Life | 50.5 | 1,231.4 | 16.4 | % | |||||||
Core Operating Segments | 225.5 | 6,176.6 | 14.6 | % | |||||||
Closed Block | 18.6 | 3,104.1 | |||||||||
Corporate | (15.5 | ) | (1,231.2 | ) | |||||||
Total | $ | 228.6 | $ | 8,049.5 | 11.4 | % | |||||
(2)Excludes unrealized gain on securities and net gain on cash flow hedges and is calculated using the stockholders' equity balances presented below.
Average allocated equity is computed as follows:
12/31/2016 | 9/30/2016 | 12/31/2015 | 9/30/2015 | 12/31/2014 | 12/31/2013 | ||||||||||||||||||
Total Stockholders' Equity, As Reported | $ | 8,968.0 | $ | 9,361.2 | $ | 8,663.9 | $ | 8,581.1 | $ | 8,521.9 | $ | 8,639.9 | |||||||||||
Excluding: | |||||||||||||||||||||||
Net Unrealized Gain on Securities | 440.6 | 803.2 | 204.3 | 158.6 | 290.3 | 135.7 | |||||||||||||||||
Net Gain on Cash Flow Hedges | 327.5 | 335.2 | 378.0 | 405.1 | 391.0 | 396.3 | |||||||||||||||||
Total Stockholders' Equity, As Adjusted | $ | 8,199.9 | $ | 8,222.8 | $ | 8,081.6 | $ | 8,017.4 | $ | 7,840.6 | $ | 8,107.9 | |||||||||||
Twelve Months Ended | Three Months Ended | Twelve Months Ended | Three Months Ended | Twelve Months Ended | |||||||||||||||||||
12/31/2016 | 12/31/2015 | 12/31/2014 | |||||||||||||||||||||
Average Stockholders' Equity Excluding Net Unrealized Gain on Securities and Net Gain on Cash Flow Hedges | $ | 8,140.8 | $ | 8,211.4 | $ | 7,961.1 | $ | 8,049.5 | $ | 7,974.3 | |||||||||||||
9. 3
Unum Group Reconciliation of Non-GAAP Financial Measures - Adjusted for Retirement-related Gains or Losses - Continued
Three Months Ended | |||||||||||||||||||||||||||||||
12/31/2016 | 9/30/2016 | 6/30/2016 | 3/31/2016 | ||||||||||||||||||||||||||||
(in millions) | per share* | (in millions) | per share* | (in millions) | per share* | (in millions) | per share* | ||||||||||||||||||||||||
Net Income | $ | 248.0 | $ | 1.07 | $ | 236.0 | $ | 1.01 | $ | 236.8 | $ | 1.00 | $ | 210.6 | $ | 0.88 | |||||||||||||||
Excluding: | |||||||||||||||||||||||||||||||
Net Realized Investment Gain (Loss) (net of tax expense (benefit) of $10.1; $3.7; $1.5; $(6.9)) | 18.3 | 0.08 | 7.3 | 0.03 | 3.8 | 0.02 | (13.6 | ) | (0.06 | ) | |||||||||||||||||||||
After-tax Operating Income | $ | 229.7 | $ | 0.99 | $ | 228.7 | $ | 0.98 | $ | 233.0 | $ | 0.98 | $ | 224.2 | $ | 0.94 | |||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||
12/31/2015 | 9/30/2015 | 6/30/2015 | 3/31/2015 | ||||||||||||||||||||||||||||
(in millions) | per share* | (in millions) | per share* | (in millions) | per share* | (in millions) | per share* | ||||||||||||||||||||||||
Net Income | $ | 226.1 | $ | 0.93 | $ | 203.8 | $ | 0.83 | $ | 224.3 | $ | 0.90 | $ | 212.9 | $ | 0.84 | |||||||||||||||
Excluding: | |||||||||||||||||||||||||||||||
Net Realized Investment Gain (Loss) (net of tax benefit of $0.2; $9.3; $2.9; $5.3) | (2.5 | ) | (0.01 | ) | (17.3 | ) | (0.07 | ) | 3.7 | 0.02 | (10.0 | ) | (0.04 | ) | |||||||||||||||||
After-tax Operating Income | $ | 228.6 | $ | 0.94 | $ | 221.1 | $ | 0.90 | $ | 220.6 | $ | 0.88 | $ | 222.9 | $ | 0.88 | |||||||||||||||
Three Months Ended | |||||||
12/31/2014 | |||||||
(in millions) | per share* | ||||||
Net Loss | $ | (282.2 | ) | $ | (1.12 | ) | |
Excluding: | |||||||
Net Realized Investment Loss (net of tax benefit of $6.1) | (11.2 | ) | (0.04 | ) | |||
Pension Settlement Loss (net of tax benefit of $22.5) | (41.9 | ) | (0.17 | ) | |||
Long-term Care Reserve Increase (net of tax benefit of $244.4) | (453.8 | ) | (1.80 | ) | |||
After-tax Operating Income | $ | 224.7 | $ | 0.89 | |||
*Assuming Dilution.
9. 4
Unum Group Reconciliation of Non-GAAP Financial Measures - Adjusted for Retirement-related Gains or Losses - Continued
Year Ended December 31 | ||||||||||||||||||||||||
2016 | 2015 | 2014 | ||||||||||||||||||||||
(in millions) | per share * | (in millions) | per share * | (in millions) | per share * | |||||||||||||||||||
Net Income | $ | 931.4 | $ | 3.95 | $ | 867.1 | $ | 3.50 | $ | 402.1 | $ | 1.57 | ||||||||||||
Excluding: | ||||||||||||||||||||||||
Net Realized Investment Gain (Loss) (net of tax expense (benefit) of $8.4; $(17.7); $3.3) | 15.8 | 0.07 | (26.1 | ) | (0.11 | ) | 12.8 | 0.05 | ||||||||||||||||
Pension Settlement Loss (net of tax benefit of $-; $-; $22.5) | — | — | — | — | (41.9 | ) | (0.16 | ) | ||||||||||||||||
Costs Related to Early Retirement of Debt (net of tax benefit of $-; $-; $2.8) | — | — | — | — | (10.4 | ) | (0.04 | ) | ||||||||||||||||
Long-term Care Reserve Increase (net of tax benefit of $-; $-; $244.4) | — | — | — | — | (453.8 | ) | (1.77 | ) | ||||||||||||||||
After-tax Operating Income | $ | 915.6 | $ | 3.88 | $ | 893.2 | $ | 3.61 | $ | 895.4 | $ | 3.49 | ||||||||||||
*Assuming Dilution.
9. 5