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Section 1: 8-K (8-K)

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

Current Report
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934


Date of Report (Date of earliest event reported): October 29, 2019

UNUM GROUP
(Exact name of registrant as specified in its charter)
 
 
 
 
 
Delaware
 
001-11294
 
62-1598430
(State or other jurisdiction of incorporation)
 
 (Commission File Number)
 
(IRS Employer Identification No.)

1 Fountain Square
Chattanooga, Tennessee 37402
(Address of principal executive offices and zip code)

(423) 294-1011
(Registrant's telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Securities registered pursuant to Section 12(b) of the Act:
    
Title of each class
 
Trading Symbol
 
Name of each exchange on which registered
Common stock, $0.10 par value
 
UNM
 
New York Stock Exchange
6.250% Junior Subordinated Notes due 2058
 
UNMA
 
New York Stock Exchange






Item 2.02
Results of Operations and Financial Condition.
On October 29, 2019, Unum Group issued a news release reporting its results for the third quarter of 2019, a copy of which is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.
Also on October 29, 2019, Unum Group posted on its website at www.unum.com the Statistical Supplement relating to its financial results for the third quarter of 2019. A copy of the Statistical Supplement is furnished herewith as Exhibit 99.2 and incorporated herein by reference.
In accordance with General Instruction B.2 of Form 8-K, the information in this report, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference into any of Unum Group's filings under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01
Financial Statements and Exhibits.
(d) Exhibits.
The following exhibits are furnished (but not filed) with this report:
 
 
99.1
 
 
99.2
 
 
104
Cover Page Interactive Data File (embedded within the Inline XBRL document).


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
Unum Group
 
(Registrant)
 
 
 
 
 
 
October 29, 2019
By:
 /s/ J. Paul Jullienne
 
 
Name:
J. Paul Jullienne
 
 
Title:
Vice President, Managing Counsel, and
 
 
 
Corporate Secretary
 
 
 
 






(Back To Top)

Section 2: EX-99.1 (EXHIBIT 99.1)

Exhibit
400718713_image3q19.jpg
 
Exhibit 99.1
 
1 Fountain Square
 
Chattanooga, TN 37402
 
www.unum.com

 
FOR IMMEDIATE RELEASE
 
 
 
 
news
Contacts
 
 
INVESTORS
Tom White
423 294 8996
 
 
 
MEDIA
Michael Hanretta
423 637 3588
 
 
 
 

Unum Group Reports Third Quarter 2019 Results

CHATTANOOGA, Tenn. (October 29, 2019) - Unum Group (NYSE: UNM) today reported net income of $242.0 million ($1.16 per diluted common share) for the third quarter of 2019, compared to a net loss of $284.7 million ($1.30 per diluted common share) for the third quarter of 2018.
Included in net income for the third quarter of 2019 are after-tax costs related to the early retirement of debt of $19.9 million ($0.10 per diluted common share), as well as a net after-tax realized investment loss on the Company’s investment portfolio of $20.8 million ($0.10 per diluted common share). Included in the net loss for the third quarter of 2018 is an after-tax reserve increase of $593.1 million ($2.71 per diluted common share) in the long-term care product line of our Closed Block segment, as well as a net after-tax realized investment gain on the Company's investment portfolio of $7.8 million ($0.04 per diluted common share). Excluding the items above, after-tax adjusted operating income was $282.7 million ($1.36 per diluted common share) in the third quarter of 2019, compared to $300.6 million ($1.37 per diluted common share) in the third quarter of 2018.
“Our operating business segments generated solid results in the third quarter, with good top-line growth and profit margins,” said Richard P. McKenney, president and chief executive officer. “We are continuing to serve more customers and are investing in talent and technology as we grow to provide protection for more workers and their families.”




UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES.
 


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RESULTS BY SEGMENT
We measure and analyze our segment performance on the basis of "adjusted operating income" or "adjusted operating loss", which differ from income (loss) before income tax as presented in our consolidated statements of operations due to the exclusion of net realized investment gains and losses and certain other items. These performance measures are in accordance with GAAP guidance for segment reporting, but they should not be viewed as a substitute for income (loss) before income tax or net income (loss). 
Unum US Segment    
Unum US reported adjusted operating income of $261.4 million in the third quarter of 2019, a decrease of 3.5 percent from $270.9 million in the third quarter of 2018. Premium income for the segment increased 3.9 percent to $1,501.9 million in the third quarter of 2019, compared to premium income of $1,446.2 million in the third quarter of 2018. Net investment income for the segment declined 8.0 percent to $184.2 million in the third quarter of 2019, compared to $200.3 million in the third quarter of 2018.
Within the Unum US operating segment, the group disability line of business reported a 10.8 percent decrease in adjusted operating income to $83.0 million in the third quarter of 2019, compared to $93.0 million in the third quarter of 2018. Premium income in group disability increased 3.8 percent to $648.0 million in the third quarter of 2019, compared to $624.5 million in the third quarter of 2018, with sales growth in both product lines and higher persistency in the group short-term disability product line. Net investment income declined by 11.9 percent to $99.5 million in the third quarter of 2019, compared to $112.9 million in the third quarter of 2018, due to lower miscellaneous investment income, a decrease in the level of invested assets, and a decline in yield on invested assets. The benefit ratio for the third quarter of 2019 was 74.2 percent, compared to 76.3 percent in the third quarter of 2018, due primarily to favorable claim recovery experience in the group long-term disability product line and favorable claims activity in certain of our group short-term disability products. Group long-term disability sales were $23.8 million in the third quarter of 2019, a decrease of 6.3 percent from $25.4 million in the third quarter of 2018. Group short-term disability sales were $20.5 million in the third quarter of 2019, an increase of 14.5 percent from $17.9 million in the third quarter of 2018. Persistency in the group long-term disability line of business was 90.7 percent for the first nine months of 2019, compared to 91.0 percent for the first nine months of 2018. Persistency in the group short-term disability line of business was 89.9 percent for the first nine months of 2019, compared to 88.2 percent for the first nine months of 2018.
The group life and accidental death and dismemberment line of business reported adjusted operating income of $68.4 million in the third quarter of 2019, an increase of 6.9 percent from $64.0 million in the third quarter of 2018. Premium income for this line of business increased 4.0 percent to $456.5 million in the third quarter of 2019, compared to $438.9 million in the third quarter of 2018, due primarily to prior period sales growth. Net investment income increased 2.3 percent to $27.0 million in the third quarter of 2019, compared to $26.4 million in the third quarter of 2018, primarily due to a higher level of invested assets, partially offset by lower miscellaneous investment income and a decline in yield on invested assets. The benefit ratio in the third quarter of 2019 was 72.0 percent, compared to 71.8 percent in the third quarter of 2018. Sales of group life and

UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES.
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accidental death and dismemberment products increased 5.1 percent in the third quarter of 2019 to $30.9 million, compared to $29.4 million in the third quarter of 2018. Persistency in the group life line of business was 90.8 percent for the first nine months of 2019, compared to 91.2 percent for the first nine months of 2018. Persistency in the accidental death and dismemberment line of business was 90.1 percent for the first nine months of 2019, compared to 90.0 percent for the first nine months of 2018.
The supplemental and voluntary line of business reported a decrease of 3.4 percent in adjusted operating income to $110.0 million in the third quarter of 2019, compared to $113.9 million in the third quarter of 2018. Premium income for supplemental and voluntary increased 3.8 percent to $397.4 million in the third quarter of 2019, compared to $382.8 million in the third quarter of 2018. This increase was primarily driven by prior period sales growth and the continued expansion of our dental and vision product line. Net investment income decreased 5.4 percent to $57.7 million in the third quarter of 2019, compared to $61.0 million in the third quarter of 2018, due to a decline in yield on invested assets and lower miscellaneous investment income, partially offset by growth in the level of invested assets. The benefit ratio for the individual disability product line was 49.5 percent for the third quarter of 2019, compared to 50.4 percent for the third quarter of 2018, due to favorable claim recoveries and a lower average claim size. The benefit ratio for voluntary benefits was 44.2 percent in the third quarter of 2019, compared to 42.2 percent for the third quarter of 2018, due to very favorable experience across most product lines in the third quarter of 2018. The benefit ratio for dental and vision was 74.0 percent for the third quarter of 2019, compared to 68.8 percent for the third quarter of 2018, due to business mix and unfavorable reserve development. Relative to the third quarter of 2018, sales in the individual disability line of business increased 34.8 percent in the third quarter of 2019 to $27.1 million. Sales in the voluntary benefits line of business declined 2.1 percent in the third quarter of 2019 to $46.6 million. Sales in the dental and vision product line totaled $12.7 million for the third quarter of 2019, an increase of 3.3 percent compared to the third quarter of 2018. Persistency in the individual disability product line was 90.1 percent for the first nine months of 2019, compared to 90.3 percent for the first nine months of 2018. Persistency in the voluntary benefits product line was 72.5 percent for the first nine months of 2019, compared to 76.5 percent for the first nine months of 2018. Persistency in the dental and vision product line was 84.1 percent for the first nine months of 2019, compared to 84.5 percent for the first nine months of 2018.
Unum International
The Unum International segment reported adjusted operating income of $24.2 million in the third quarter of 2019, a decrease of 7.3 percent from $26.1 million in the third quarter of 2018.
Premium income increased 10.4 percent to $152.3 million in the third quarter of 2019, compared to $138.0 million in the third quarter of 2018. Net investment income was $24.3 million in the third quarter of 2019, compared to $26.4 million in the third quarter of 2018.
Sales increased by 16.0 percent to $19.6 million in the third quarter of 2019, compared to $16.9 million in the third quarter of 2018.

UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES.
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The Unum UK line of business reported adjusted operating income, in local currency, of £18.7 million in the third quarter of 2019, a decrease of 6.5 percent from £20.0 million in the third quarter of 2018. Premium income was £109.0 million in the third quarter of 2019, an increase of 2.8 percent from £106.0 million in the third quarter of 2018, driven by higher overall persistency, sales growth, and the impact of rate increases in the group long-term disability product line. Net investment income was £18.3 million in the third quarter of 2019, a decrease of 9.4 percent from £20.2 million in the third quarter of 2018, due to lower investment income from inflation index-linked bonds, which we invest in to support the claim reserves associated with certain of our group policies that provide for inflation-linked increases in benefits, and a lower yield on fixed-rate bonds, partially offset by a higher level of invested assets. The benefit ratio in the third quarter of 2019 was 73.4 percent, compared to 74.2 percent in the third quarter of 2018, due to favorable claims incidence in the group critical illness product line and lower inflation-linked increases in benefits, partially offset by unfavorable claim terminations in group long-term disability. Sales increased by 3.8 percent to £13.5 million in the third quarter of 2019 compared to £13.0 million in the third quarter of 2018. Persistency in the group long-term disability line of business was 88.9 percent in the first nine months of 2019, compared to 87.5 percent in the first nine months of 2018. Persistency in the group life line of business was 88.3 percent in the first nine months of 2019, compared to 85.5 percent in the first nine months of 2018. Persistency in the supplemental line of business was 92.3 percent in the first nine months of 2019, compared to 92.9 percent in the first nine months of 2018.
Colonial Life Segment
Colonial Life reported a 3.6 percent increase in adjusted operating income to $87.2 million in the third quarter of 2019, compared to $84.2 million in the third quarter of 2018. Premium income for the third quarter of 2019 increased 5.0 percent to $419.9 million, compared to $400.0 million in the third quarter of 2018, primarily driven by growth in the in-force block resulting from prior period sales growth, which includes the expansion of our dental and vision products, partially offset by a lower level of persistency. Net investment income totaled $36.9 million in the third quarter of 2019 which was generally consistent with the $36.7 million of net investment income reported in the third quarter of 2018. The benefit ratio in the third quarter of 2019 was 51.4 percent compared to 51.5 percent in the third quarter of 2018, with favorable experience in the life line of business, mostly offset by unfavorable experience in our cancer and critical illness line of business.
Sales totaled $120.6 million in the third quarter of 2019, which was generally consistent with the $120.8 million of sales reported in the third quarter of 2018. Persistency in Colonial Life was 77.2 percent for the first nine months of 2019, compared to 77.8 percent for the first nine months of 2018.

UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES.
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Closed Block Segment
The Closed Block segment reported adjusted operating income of $26.9 million in the third quarter of 2019, compared to $32.2 million in the third quarter of 2018, which excludes the $750.8 million long-term care reserve increase in the third quarter of 2018.
Premium income for this segment declined 3.9 percent in the third quarter of 2019 compared to the third quarter of 2018, primarily due to policy terminations and maturities, partially offset by premium rate increases on certain in-force business in our long-term care line of business. Net investment income totaled $347.3 million in the third quarter of 2019 which was generally consistent with the $348.0 million of net investment income reported in the third quarter of 2018, with lower miscellaneous investment income and lower yield, mostly offset by an increase in the level of invested assets. The interest adjusted loss ratio for the individual disability line of business was 79.0 percent in the third quarter of 2019, compared to 80.5 percent in the third quarter of 2018, primarily driven by overall favorable claims activity The interest adjusted loss ratio for the long-term care line of business was 89.8 percent in the third quarter of 2019, compared to an interest adjusted loss ratio excluding the reserve increase related to the update in our assumptions of 87.5 percent in the third quarter of 2018, primarily driven by higher claims incidence. The interest adjusted loss ratio for the trailing twelve months subsequent to the update in our assumptions was 87.2 percent.
Corporate Segment
The Corporate segment reported an adjusted operating loss of $48.9 million for the third quarter of 2019, which excludes the cost related to the early retirement of debt of $25.2 million, compared to an adjusted operating loss of $47.1 million for the third quarter of 2018.
OTHER INFORMATION
Shares Outstanding
The Company’s weighted average number of shares outstanding, assuming dilution, was 208.1 million for the third quarter of 2019, compared to 218.9 million for the third quarter of 2018. Shares outstanding totaled 206.2 million at September 30, 2019. During the third quarter of 2019, the Company repurchased 3.4 million shares at a cost of approximately $100 million.
Capital Management
At September 30, 2019, the weighted average risk-based capital ratio for the Company’s traditional U.S. insurance companies was approximately 368 percent, and cash and marketable securities in the holding companies equaled $1,042 million.
Book Value
Book value per common share as of September 30, 2019 was $46.70, compared to $38.95 at September 30, 2018.

UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES.
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Outlook
The Company continues to expect after-tax adjusted operating income growth per share for full-year 2019 to be within the range of 4 percent to 7 percent.
NON-GAAP FINANCIAL MEASURES
We analyze our performance using non-GAAP financial measures.  A non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP.  The non-GAAP financial measure of "after-tax adjusted operating income" differs from net income (loss) as presented in our consolidated operating results and income statements prepared in accordance with GAAP due to the exclusion of net realized investment gains and losses and certain other items as specified in the reconciliations in the Financial Highlights section below.  We believe after-tax adjusted operating income is a better performance measure and better indicator of the profitability and underlying trends in our business.
Realized investment gains or losses depend on market conditions and do not necessarily relate to decisions regarding the underlying business of our segments.  Our investment focus is on investment income to support our insurance liabilities as opposed to the generation of realized investment gains or losses.  Although we may experience realized investment gains or losses which will affect future earnings levels, a long-term focus is necessary to maintain profitability over the life of the business since our underlying business is long-term in nature, and we need to earn the interest rates assumed in calculating our liabilities.
We may at other times 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. We exclude these items as we believe them to be infrequent or unusual in nature, but this exclusion is not an indication that similar items may not recur and does not replace net income or net loss as a measure of our overall profitability.
Information reconciling the Company’s outlook on after-tax adjusted operating income growth per share to the comparable GAAP financial measure is not provided. The only amounts excluded from after-tax adjusted operating income are those described in the preceding paragraphs. The Company is unable to predict with reasonable certainty realized investment gains and losses, which are affected by overall market conditions and also by factors such as an economic or political change in the country of the issuer, a regulatory change pertaining to the issuer’s industry, a significant improvement or deterioration in the cash flows of the issuer, unforeseen accounting irregularities or fraud committed by an issuer, movement in credit spreads, ratings upgrades or downgrades, a change in the issuer’s marketplace or business prospects, or any other event that significantly affects the issuers of the fixed maturity securities which the Company holds in its investment portfolio.

UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES.
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CONFERENCE CALL INFORMATION
Members of Unum Group senior management will host a conference call on Wednesday, October 30, at 9:00 a.m. (Eastern Time) to discuss the results of operations for the third quarter. Topics may include forward-looking information, such as the Company’s outlook on future results, trends in operations, and other material information.
The dial-in number for the conference call is (888) 394-8218 for U.S. and Canada (pass code 6599989). For international, the dial-in number is (323) 794-2588 (pass code 6599989). A live webcast of the call will also be available at www.investors.unum.com in a listen-only mode. It is recommended that webcast viewers access the “Investors” section of the Company’s website and opt-in to the webcast approximately 5-10 minutes prior to the start of the call. The Company will maintain a replay of the webcast on its website. A replay of the call will also be available through November 6 by dialing (888) 203-1112 (U.S. and Canada) or (719) 457-0820 (International) - pass code 6599989.
In conjunction with today’s earnings announcement, the Company’s Statistical Supplement for the third quarter of 2019 is available on the “Investors” section of the Company’s website.
# # #
ABOUT UNUM GROUP
Unum Group (www.unum.com) provides a broad portfolio of financial protection benefits and services through the workplace, and is a leading provider of disability income protection worldwide. Through its Unum US, Unum UK, Unum Poland, and Colonial Life businesses, the company provides disability, life, accident, critical illness, dental and vision benefits that protect millions of working people and their families. Unum also provides leave and absence management services that streamline the leave experience for employers and employees, and stop-loss coverage to help self-insured employers protect against medical costs. Unum reported revenues of $11.6 billion in 2018 and provided $7.2 billion in benefits.
For more information, connect with us on Facebook (www.facebook.com/unumbenefits), Twitter (www.twitter.com/unumnews) and Linkedin (www.linkedin.com/company/unum).
SAFE HARBOR STATEMENT
Certain information in this news release constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those not based on historical information, but rather relate to our outlook, future operations, strategies, financial results, or other developments and speak only as of the date made. These forward-looking statements, including statements about anticipated growth in after-tax adjusted operating income per share, are subject to numerous assumptions, risks, and uncertainties, many of which are beyond our control. The following factors, in addition to other factors mentioned from time to time, may cause actual results to differ materially from those contemplated by the forward-looking statements: (1) sustained periods of low interest rates; (2) fluctuation in insurance reserve liabilities and claim payments due to changes in claim incidence, recovery rates, mortality and morbidity rates, and policy benefit offsets due to, among other factors, the rate of unemployment and consumer confidence, the emergence of new diseases, epidemics, or pandemics, new trends and

UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES.
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developments in medical treatments, the effectiveness of our claims operational processes, and changes in governmental programs; (3) unfavorable economic or business conditions, both domestic and foreign, that may result in decreases in sales, premiums, or persistency, as well as unfavorable claims activity; (4) changes in or interpretations of laws and regulations, including tax laws and regulations; (5) a cyber attack or other security breach could result in the unauthorized acquisition of confidential data; (6) the failure of our business recovery and incident management processes to resume our business operations in the event of a natural catastrophe, cyber attack, or other event; (7) investment results, including, but not limited to, changes in interest rates, defaults, changes in credit spreads, impairments, and the lack of appropriate investments in the market which can be acquired to match our liabilities; (8) increased competition from other insurers and financial services companies due to industry consolidation, new entrants to our markets, or other factors; (9) changes in our financial strength and credit ratings; (10) our ability to execute on our technology systems upgrades or replacements; (11) damage to our reputation due to, among other factors, regulatory investigations, legal proceedings, external events, and/or inadequate or failed internal controls and procedures; (12) actual experience in the broad array of our products that deviates from our assumptions used in pricing, underwriting, and reserving; (13) changes in accounting standards, practices, or policies; (14) effectiveness of our risk management program; (15) contingencies and the level and results of litigation; (16) availability of reinsurance in the market and the ability of our reinsurers to meet their obligations to us; (17) ineffectiveness of our derivatives hedging programs due to changes in the economic environment, counterparty risk, ratings downgrades, capital market volatility, changes in interest rates, and/or regulation; (18) fluctuation in foreign currency exchange rates; (19) ability to generate sufficient internal liquidity and/or obtain external financing; (20) recoverability and/or realization of the carrying value of our intangible assets, long-lived assets, and deferred tax assets; and (21) terrorism, both within the U.S. and abroad, ongoing military actions, and heightened security measures in response to these types of threats.
For further discussion of risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements, see Part 1, Item 1A “Risk Factors” of our annual report on Form 10-K for the year ended December 31, 2018 and our subsequently filed quarterly reports on Form 10-Q. The forward-looking statements in this news release are being made as of the date of this news release, and we expressly disclaim any obligation to update or revise any forward-looking statement contained herein, even if made available on our website or otherwise.


UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES.
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Unum Group
FINANCIAL HIGHLIGHTS
(Unaudited)

($ in millions, except share data)
 
 
 
 
 
 
 
 
Three Months Ended September 30
 
Nine Months Ended September 30
 
2019
 
2018
 
2019
 
2018
Revenue
 
 
 
 
 
 
 
Premium Income
$
2,331.2

 
$
2,251.8

 
$
7,013.0

 
$
6,722.8

Net Investment Income
599.4

 
619.2

 
1,819.0

 
1,845.1

Net Realized Investment Gain (Loss)
(26.2
)
 
6.7

 
(32.4
)
 
1.9

Other Income
55.6

 
50.1

 
164.7

 
147.9

Total Revenue
2,960.0

 
2,927.8

 
8,964.3

 
8,717.7

 
 
 
 
 
 
 
 
Benefits and Expenses
 
 
 
 
 
 
 
Benefits and Change in Reserves for Future Benefits
1,871.5

 
2,578.9

 
5,614.9

 
6,190.9

Commissions
277.9

 
276.8

 
852.4

 
832.6

Interest and Debt Expense
46.1

 
42.7

 
130.8

 
125.3

Cost Related to Early Retirement of Debt
25.2

 

 
25.2

 

Deferral of Acquisition Costs
(160.6
)
 
(166.8
)
 
(504.6
)
 
(501.8
)
Amortization of Deferred Acquisition Costs
146.3

 
136.9

 
468.5

 
428.6

Other Expenses
454.2

 
437.1

 
1,372.4

 
1,324.0

Total Benefits and Expenses
2,660.6

 
3,305.6

 
7,959.6

 
8,399.6

 
 
 
 
 
 
 
 
Income (Loss) Before Income Tax Expense (Benefit)
299.4

 
(377.8
)
 
1,004.7

 
318.1

Income Tax (Benefit)
57.4

 
(93.1
)
 
200.6

 
43.8

 
 
 
 
 
 
 
 
Net Income (Loss)
$
242.0

 
$
(284.7
)
 
$
804.1

 
$
274.3

 
 
 
 
 
 
 
 
PER SHARE INFORMATION
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Income (Loss) Per Common Share
 
 
 
 
 
 
 
Basic
$
1.16

 
$
(1.30
)
 
$
3.81

 
$
1.24

Assuming Dilution
$
1.16

 
$
(1.30
)
 
$
3.81

 
$
1.24

 
 
 
 
 
 
 
 
Weighted Average Common Shares - Basic (000s)
208,097.8

 
218,892.8

 
211,131.5

 
220,513.1

Weighted Average Common Shares - Assuming Dilution (000s)
208,116.0

 
218,892.8

 
211,197.2

 
220,946.3

Outstanding Shares - (000s)
 
 
 
 
206,228.6

 
218,722.7


UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES.
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Reconciliation of Non-GAAP Financial Measures
 
Three Months Ended September 30
 
2019
 
2018
 
(in millions)
 
per share *
 
(in millions)
 
per share *
Net Income (Loss)
$
242.0

 
$
1.16

 
$
(284.7
)
 
$
(1.30
)
Excluding:
 
 
 
 
 
 
 
Net Realized Investment Gain (Loss) (net of tax benefit of $5.4; $1.1)
(20.8
)
 
(0.10
)
 
7.8

 
0.04

Cost Related to Early Retirement of Debt (net of tax benefit of $5.3; $-)
(19.9
)
 
(0.10
)
 

 

Long-term Care Reserve Increase (net of tax benefit of $-; $157.7)

 

 
(593.1
)
 
(2.71
)
After-tax Adjusted Operating Income
$
282.7

 
$
1.36

 
$
300.6

 
$
1.37

 
 
 
 
 
 
 
 
* Assuming Dilution
 
 
 
 
 
 
 

 
September 30
 
2019
 
2018
 
(in millions)
 
per share
 
(in millions)
 
per share
Total Stockholders' Equity (Book Value)
$
9,631.6

 
$
46.70

 
$
8,518.2

 
$
38.95

Excluding:
 
 
 
 
 
 
 
Net Unrealized Gain (Loss) on Securities
422.1

 
2.04

 
(340.7
)
 
(1.56
)
Net Gain on Hedges
204.3

 
0.99

 
250.0

 
1.15

Subtotal
9,005.2

 
43.67

 
8,608.9

 
39.36

Excluding:
 
 
 
 
 
 
 
Foreign Currency Translation Adjustment
(345.2
)
 
(1.67
)
 
(284.0
)
 
(1.30
)
Subtotal
9,350.4

 
45.34

 
8,892.9

 
40.66

Excluding:
 
 
 
 
 
 
 
Unrecognized Pension and Postretirement Benefit Costs
(434.4
)
 
(2.11
)
 
(493.8
)
 
(2.26
)
Total Stockholders' Equity, Excluding Accumulated Other Comprehensive Loss
$
9,784.8

 
$
47.45

 
$
9,386.7

 
$
42.92


UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES.
10
(Back To Top)

Section 3: EX-99.2 (EXHIBIT 99.2)

Exhibit


400718713_cover3q19.jpg




Unum Group
Statistical Supplement Third Quarter 2019

 TABLE OF CONTENTS
(in millions of dollars, except share data and where noted)
Interim Results are Unaudited

 
 
Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
See "Appendix to Statistical Supplement" on page 16 for a summary of significant items and page 16.1 for a reconciliation of our non-GAAP financial measures.
 
 
 
 
N.M. = not a meaningful percentage




Unum Group Financial Highlights
 
Three Months Ended
 
Nine Months Ended
 
Year Ended
 
9/30/2019
 
9/30/2018
 
9/30/2019
 
9/30/2018
 
12/31/2018
 
12/31/2017
Consolidated U.S. GAAP Results(1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Premium Income
$
2,331.2

 
$
2,251.8

 
$
7,013.0

 
$
6,722.8

 
$
8,986.1

 
$
8,597.1

 
 
 
 
 
 
 
 
 
 
 
 
Adjusted Operating Revenue
$
2,986.2

 
$
2,921.1

 
$
8,996.7

 
$
8,715.8

 
$
11,638.0

 
$
11,246.5

Net Realized Investment Gain (Loss)
(26.2
)
 
6.7

 
(32.4
)
 
1.9

 
(39.5
)
 
40.3

 
 
 
 
 
 
 
 
 
 
 
 
Revenue
$
2,960.0

 
$
2,927.8

 
$
8,964.3

 
$
8,717.7

 
$
11,598.5

 
$
11,286.8

 
 
 
 
 
 
 
 
 
 
 
 
Net Income (Loss)
$
242.0

 
$
(284.7
)
 
$
804.1

 
$
274.3

 
$
523.4

 
$
994.2

Net Income (Loss) Per Common Share:
 
 
 
 
 
 
 
 
 
 
 
Basic
$
1.16

 
$
(1.30
)
 
$
3.81

 
$
1.24

 
$
2.38

 
$
4.39

Assuming Dilution
$
1.16

 
$
(1.30
)
 
$
3.81

 
$
1.24

 
$
2.38

 
$
4.37

 
 
 
 
 
 
 
 
 
 
 
 
Assets
 
 

 
$
66,955.7

 
$
62,249.8

 
$
61,875.6

 
$
64,013.1

Stockholders' Equity
 
 
 
 
$
9,631.6

 
$
8,518.2

 
$
8,621.8

 
$
9,574.9

 
 
 
 
 
 
 
 
 
 
 
 
Adjusted Operating Return on Equity
 
 
 
 
 
 
 
 
 
 
 
Unum US
18.3
%
 
19.9
%
 
17.9
%
 
19.0
%
 
18.4
%
 
15.9
%
Unum International
12.1
%
 
13.8
%
 
13.3
%
 
14.3
%
 
13.4
%
 
15.2
%
Colonial Life
18.1
%
 
17.7
%
 
17.5
%
 
18.2
%
 
18.0
%
 
16.2
%
Core Operating Segments
17.6
%
 
18.8
%
 
17.3
%
 
18.4
%
 
17.8
%
 
15.9
%
Consolidated
12.6
%
 
13.7
%
 
12.8
%
 
13.3
%
 
13.2
%
 
11.6
%

Traditional U.S. Life Insurance Companies' Statutory Results(2)
 
 
 
 
 
 
 
 
 
 
 
Net Gain from Operations, After Tax
$
260.5

 
$
253.2

 
$
761.6

 
$
744.6

 
$
959.8

 
$
812.4

Net Realized Investment Gain (Loss), After Tax
(25.5
)
 
7.6

 
(42.3
)
 
8.7

 
(6.8
)
 
(5.0
)
 
 
 
 
 
 
 
 
 
 
 
 
Net Income
$
235.0

 
$
260.8

 
$
719.3

 
$
753.3

 
$
953.0

 
$
807.4

 
 
 
 
 
 
 
 
 
 
 
 
Capital and Surplus
 
 


 
$
3,587.9

 
$
3,569.1

 
$
3,572.7

 
$
3,448.3

 
 
 
 
 
 
 
 
 
 
 
 
Weighted Average Risk-based Capital Ratio


 
 
 
~ 368%

 
~ 385%

 
~ 370%

 
~ 390%


(1) Generally Accepted Accounting Principles
(2) Our traditional U.S. life insurance companies are Provident Life and Accident Insurance Company, Unum Life Insurance Company of America, The Paul Revere Life Insurance Company, Colonial Life & Accident Insurance Company, Provident Life and Casualty Insurance Company, First Unum Life Insurance Company, Unum Insurance Company, and Starmount Life Insurance Company.

1



Unum Group Capital Metrics

 
9/30/2019
 
9/30/2018
 
12/31/2018
 
12/31/2017

(in millions)
 
per share
 
(in millions)
 
per share
 
(in millions)
 
per share
 
(in millions)
 
per share
Total Stockholders' Equity (Book Value)
$
9,631.6

 
$
46.70

 
$
8,518.2

 
$
38.95

 
$
8,621.8

 
$
40.19

 
$
9,574.9

 
$
43.02

Excluding:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Unrealized Gain (Loss) on Securities
422.1

 
2.04

 
(340.7
)
 
(1.56
)
 
(312.4
)
 
(1.46
)
 
607.8

 
2.73

Net Gain on Hedges
204.3

 
0.99

 
250.0

 
1.15

 
250.6

 
1.17

 
282.3

 
1.27

Subtotal
9,005.2

 
43.67

 
8,608.9

 
39.36

 
8,683.6

 
40.48

 
8,684.8

 
39.02

Excluding:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign Currency Translation Adjustment
(345.2
)
 
(1.67
)
 
(284.0
)
 
(1.30
)
 
(305.2
)
 
(1.42
)
 
(254.5
)
 
(1.15
)
Subtotal
9,350.4

 
45.34

 
8,892.9

 
40.66

 
8,988.8

 
41.90

 
8,939.3

 
40.17

Excluding:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unrecognized Pension and Postretirement Benefit Costs
(434.4
)
 
(2.11
)
 
(493.8
)
 
(2.26
)
 
(447.2
)
 
(2.08
)
 
(508.1
)
 
(2.28
)
Total Stockholders' Equity, Excluding Accumulated Other Comprehensive Income (Loss)
$
9,784.8

 
$
47.45

 
$
9,386.7

 
$
42.92

 
$
9,436.0

 
$
43.98

 
$
9,447.4

 
$
42.45

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dividends Paid
$
172.3

 
$
0.805

 
$
160.2

 
$
0.720

 
$
217.0

 
$
0.980

 
$
196.0

 
$
0.860


 
Three Months Ended
 
Nine Months Ended
 
Year Ended
 
9/30/2019
 
9/30/2018
 
9/30/2019
 
9/30/2018
 
12/31/2018
 
12/31/2017
Shares Repurchased (millions)
3.4

 

 
9.0

 
4.4

 
8.7

 
8.2

Cost of Shares Repurchased (millions)(1)
$
100.1

 
$

 
$
300.3

 
$
200.3

 
$
350.7

 
$
400.4

Price (UNM closing price on last trading day of period)


 


 
$
29.72

 
$
39.07

 
$
29.38

 
$
54.89

 
 
 
 
 
 
 
 
 
 
 
 
Leverage Ratio


 


 
30.1
%
 
27.0
%
 
26.8
%
 
26.1
%
 
 
 
 
 
 
 
 
 
 
 
 
Holding Company Cash and Marketable Securities


 


 
$
1,042

 
$
973

 
$
602

 
$
864


(1) Includes commissions of $0.1 million and $0.3 million for the three months and nine months ended September 30, 2019 and $0.2 million for the nine months ended September 30, 2018. For the years ended December 31, 2018 and 2017, these amounts included commissions of $0.7 million and $0.3 million, respectively.


2



Unum Group Ratings


 
AM Best
 
Fitch
 
Moody's
 
S&P
Outlook
Stable
 
Negative
 
Stable
 
Stable
 
 
 
 
 
 
 
 
Issuer Credit Ratings
bbb
 
BBB
 
Baa2
 
BBB
 
 
 
 
 
 
 
 
Financial Strength Ratings
 
 
 
 
 
 
 
    Provident Life and Accident Insurance Company
A
 
A
 
A2
 
A
    Unum Life Insurance Company of America
A
 
A
 
A2
 
A
    Colonial Life & Accident Insurance Company
A
 
A
 
A2
 
A
    The Paul Revere Life Insurance Company
A
 
A
 
A2
 
A
    Starmount Life Insurance Company
A-
 
NR
 
NR
 
NR
    Unum Insurance Company
A-
 
A
 
A2
 
NR
    Unum Limited
NR
 
NR
 
NR
 
A-

NR = not rated

3



Unum Group Consolidated Statements of Operations

 
Three Months Ended
 
Nine Months Ended
 
Year Ended
 
9/30/2019
 
9/30/2018
 
9/30/2019
 
9/30/2018
 
12/31/2018
 
12/31/2017
Revenue
 
 
 
 
 
 
 
 
 
 
 
Premium Income
$
2,331.2

 
$
2,251.8

 
$
7,013.0

 
$
6,722.8

 
$
8,986.1

 
$
8,597.1

Net Investment Income
599.4

 
619.2

 
1,819.0

 
1,845.1

 
2,453.7

 
2,451.7

Net Realized Investment Gain (Loss)
(26.2
)
 
6.7

 
(32.4
)
 
1.9

 
(39.5
)
 
40.3

Other Income
55.6

 
50.1

 
164.7

 
147.9

 
198.2

 
197.7

Total Revenue
2,960.0

 
2,927.8


8,964.3

 
8,717.7

 
11,598.5

 
11,286.8

 
 
 
 
 
 
 
 
 
 
 
 
Benefits and Expenses
 
 
 
 
 
 
 
 
 
 
 
Benefits and Change in Reserves for Future Benefits
1,871.5

 
2,578.9

 
5,614.9

 
6,190.9

 
8,020.4

 
7,055.7

Commissions
277.9

 
276.8

 
852.4

 
832.6

 
1,108.4

 
1,060.8

Interest and Debt Expense - Non-recourse Debt
1.2

 
1.8

 
4.2

 
5.2

 
6.9

 
6.7

Interest and Debt Expense - All Other Debt
44.9

 
40.9

 
126.6

 
120.1

 
160.4

 
153.2

Cost Related to Early Retirement of Debt
25.2

 

 
25.2

 

 

 

Deferral of Acquisition Costs
(160.6
)
 
(166.8
)
 
(504.6
)
 
(501.8
)
 
(668.0
)
 
(628.0
)
Amortization of Deferred Acquisition Costs
146.3

 
136.9

 
468.5

 
428.6

 
565.5

 
527.1

Other Expenses
454.2

 
437.1

 
1,372.4

 
1,324.0

 
1,777.1

 
1,707.3

Total Benefits and Expenses
2,660.6

 
3,305.6


7,959.6

 
8,399.6

 
10,970.7

 
9,882.8

 
 
 
 
 
 
 
 
 
 
 
 
Income (Loss) Before Income Tax Expense (Benefit)
299.4

 
(377.8
)

1,004.7

 
318.1

 
627.8

 
1,404.0

Income Tax Expense (Benefit)
57.4

 
(93.1
)
 
200.6

 
43.8

 
104.4

 
409.8

 
 
 
 
 
 
 
 
 
 
 
 
Net Income (Loss)
$
242.0

 
$
(284.7
)

$
804.1

 
$
274.3

 
$
523.4

 
$
994.2

 
 

 
 
 
 
 
 
 
 
 
Weighted Average Shares Outstanding
 
 
 
 
 
 
 
 
 
 
 
Basic
208.1

 
218.9

 
211.1

 
220.5

 
219.6

 
226.5

Assuming Dilution
208.1

 
218.9

 
211.2

 
220.9

 
220.1

 
227.3

 
 
 
 
 
 
 
 
 
 
 
 
Actual Number of Shares Outstanding


 


 
206.2

 
218.7

 
214.6

 
222.5


4



Unum Group Sales Data for Unum US Segment

 
Three Months Ended
 
Nine Months Ended
 
Year Ended
 
9/30/2019
 
9/30/2018
 
% Change
 
9/30/2019
 
9/30/2018
 
% Change
 
12/31/2018
 
12/31/2017
Sales by Product
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Group Disability and Group Life and AD&D
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Group Long-term Disability
$
23.8

 
$
25.4

 
(6.3
)%
 
$
109.4

 
$
96.5

 
13.4
 %
 
$
243.8

 
$
240.8

Group Short-term Disability
20.5

 
17.9

 
14.5

 
78.0

 
57.8

 
34.9

 
138.7

 
162.5

Group Life and AD&D
30.9

 
29.4

 
5.1

 
125.3

 
128.5

 
(2.5
)
 
282.4

 
310.5

Subtotal
75.2

 
72.7

 
3.4

 
312.7

 
282.8

 
10.6

 
664.9

 
713.8

Supplemental and Voluntary
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Individual Disability
27.1

 
20.1

 
34.8

 
56.6

 
56.9

 
(0.5
)
 
77.2

 
67.9

Voluntary Benefits
46.6

 
47.6

 
(2.1
)
 
253.0

 
249.0

 
1.6

 
303.1

 
292.5

Dental and Vision
12.7

 
12.3

 
3.3

 
39.4

 
36.3

 
8.5

 
69.4

 
54.8

Subtotal
86.4

 
80.0

 
8.0

 
349.0

 
342.2

 
2.0

 
449.7

 
415.2

Total Sales
$
161.6

 
$
152.7

 
5.8

 
$
661.7

 
$
625.0

 
5.9

 
$
1,114.6

 
$
1,129.0

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sales by Market Sector
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Group Disability and Group Life and AD&D
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Core Market (< 2,000 employees)
$
54.8

 
$
55.9

 
(2.0
)%
 
$
187.1

 
$
191.7

 
(2.4
)%
 
$
395.1

 
$
416.9

Large Case Market
20.4

 
16.8

 
21.4

 
125.6

 
91.1

 
37.9

 
269.8

 
296.9

Subtotal
75.2

 
72.7

 
3.4

 
312.7

 
282.8

 
10.6

 
664.9

 
713.8

Supplemental and Voluntary
86.4

 
80.0

 
8.0

 
349.0

 
342.2

 
2.0

 
449.7

 
415.2

Total Sales
$
161.6

 
$
152.7

 
5.8

 
$
661.7

 
$
625.0

 
5.9

 
$
1,114.6

 
$
1,129.0


5



Unum Group Sales Data for Unum International Segment

 
Three Months Ended
 
Nine Months Ended
 
Year Ended
(in millions of dollars)
9/30/2019
 
9/30/2018
 
% Change
 
9/30/2019
 
9/30/2018
 
% Change
 
12/31/2018
 
12/31/2017
Sales by Product
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Group Long-term Disability
$
7.9

 
$
9.1

 
(13.2
)%
 
$
28.5

 
$
32.5

 
(12.3
)%
 
$
44.7

 
$
47.1

Group Life
5.0

 
5.6

 
(10.7
)
 
17.9

 
15.8

 
13.3

 
21.5

 
24.4

Supplemental
6.7

 
2.2

 
N.M.

 
25.5

 
14.0

 
82.1

 
20.8

 
14.4

Total Sales
$
19.6

 
$
16.9

 
16.0

 
$
71.9

 
$
62.3

 
15.4

 
$
87.0

 
$
85.9

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sales by Market Sector
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Group Long-term Disability and Group Life
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Core Market (< 500 employees)
$
8.8

 
$
7.8

 
12.8
 %
 
$
27.2

 
$
26.3

 
3.4
 %
 
$
36.6

 
$
30.4

Large Case Market
4.1

 
6.9

 
(40.6
)
 
19.2

 
22.0

 
(12.7
)
 
29.6

 
41.1

Subtotal
12.9

 
14.7

 
(12.2
)
 
46.4

 
48.3

 
(3.9
)
 
66.2

 
71.5

Supplemental
6.7

 
2.2

 
N.M.

 
25.5

 
14.0

 
82.1

 
20.8

 
14.4

Total Sales
$
19.6

 
$
16.9

 
16.0

 
$
71.9

 
$
62.3

 
15.4

 
$
87.0

 
$
85.9

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(in millions of pounds)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unum UK Sales by Product
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Group Long-term Disability
£
6.4

 
£
7.0

 
(8.6
)%
 
£
22.3

 
£
24.0

 
(7.1
)%
 
£
33.5

 
£
36.6

Group Life
4.0

 
4.3

 
(7.0
)
 
14.0

 
11.7

 
19.7

 
16.2

 
18.9

Supplemental
3.1

 
1.7

 
82.4

 
12.6

 
10.2

 
23.5

 
12.8

 
11.3

Total Sales
£
13.5

 
£
13.0

 
3.8

 
£
48.9

 
£
45.9

 
6.5

 
£
62.5

 
£
66.8

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unum UK Sales by Market Sector
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Group Long-term Disability and Group Life
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Core Market (< 500 employees)
£
7.0

 
£
6.1

 
14.8
 %
 
£
21.3

 
£
19.5

 
9.2
 %
 
£
27.6

 
£
23.6

Large Case Market
3.4

 
5.2

 
(34.6
)
 
15.0

 
16.2

 
(7.4
)
 
22.1

 
31.9

Subtotal
10.4

 
11.3

 
(8.0
)
 
36.3

 
35.7

 
1.7

 
49.7

 
55.5

Supplemental
3.1

 
1.7

 
82.4

 
12.6

 
10.2

 
23.5

 
12.8

 
11.3

Total Sales
£
13.5

 
£
13.0

 
3.8

 
£
48.9

 
£
45.9

 
6.5

 
£
62.5

 
£
66.8


5. 1



Unum Group Sales Data for Colonial Life Segment

 
Three Months Ended
 
Nine Months Ended
 
Year Ended
 
9/30/2019
 
9/30/2018
 
% Change
 
9/30/2019
 
9/30/2018
 
% Change
 
12/31/2018
 
12/31/2017
Sales by Product
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accident, Sickness, and Disability
$
78.6

 
$
77.3

 
1.7
 %
 
$
232.0

 
$
227.3

 
2.1
 %
 
$
355.0

 
$
323.2

Life
23.7

 
24.2

 
(2.1
)
 
69.4

 
73.1

 
(5.1
)
 
111.9

 
107.7

Cancer and Critical Illness
18.3

 
19.3

 
(5.2
)
 
54.9

 
56.5

 
(2.8
)
 
94.4

 
88.8

Total Sales
$
120.6

 
$
120.8

 
(0.2
)
 
$
356.3

 
$
356.9

 
(0.2
)
 
$
561.3

 
$
519.7

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sales by Market Sector
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Core Market (< 1,000 employees)