Unum Group reports fourth quarter 2016 results
February 1, 2017
Unum Group (NYSE: UNM) today reported net income of $248.0 million ($1.07 per diluted common share) for the fourth quarter of 2016, compared to net income of $226.1 million ($0.93 per diluted common share) for the fourth quarter of 2015.
After-tax operating income, which excludes after-tax realized investment gains and losses on the Company’s investment portfolio and the amortization of prior period actuarial losses on the Company’s pension plans, was $232.4 million ($1.00 per diluted common share) in the fourth quarter of 2016, compared to $230.6 million ($0.95 per diluted common share) in the fourth quarter of 2015. The combined impact of the amounts excluded for the fourth quarters of 2016 and 2015 equaled net after-tax income of $15.6 million ($0.07 per diluted common share) and a net after-tax loss of $4.5 million ($0.02 per diluted common share), respectively.
Colonial Life Segment
Colonial Life reported a 3.0 percent increase in operating income to $79.9 million in the fourth quarter of 2016, compared to $77.6 million in the fourth quarter of 2015.
Premium income for the fourth quarter of 2016 increased 6.8 percent to $360.4 million, compared to $337.4 million in the fourth quarter of 2015, primarily due to sales growth and favorable persistency. Net investment income totaled $35.8 million in the fourth quarter of 2016, compared to $35.6 million in the fourth quarter of 2015. The benefit ratio in the fourth quarter of 2016 was 51.4 percent, compared to 51.2 percent in the fourth quarter of 2015.
Sales increased 6.5 percent to $181.0 million in the fourth quarter of 2016 from $169.9 million in the fourth quarter of 2015. Persistency in Colonial Life was 79.3 percent for full year 2016 compared to 78.5 percent for full year 2015.
ABOUT UNUM GROUP
Unum (www.unum.com) is one of the leading providers of employee benefits products and services and the largest provider of disability insurance products in the United States and the United Kingdom.
