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Related Companies Unum Group (UNM)

Related Documents Earnings Release (ER) Unum Group 9/30/2009, filed on 11/3/2009

Related Articles 8/4/2009 Unum Group sees slight decline in Q2 operating income

Unum Group on Nov. 3 reported third-quarter net income of $221.1 million, or 66 cents per share, compared to $108.0 million, or 32 cents per share, in the same period a year ago.

The Thomson First Call mean estimate for the period called for earnings of 64 cents per share, according to SNL Financial.

Unum Group said its results for the quarter included net realized after-tax investment gains of $9.5 million, compared to net realized after-tax investment losses of $108.9 million in the third quarter of 2008.

The net realized after-tax investment gains included an after-tax gain of $28.9 million resulting from changes in the fair value of an embedded derivative in a modified coinsurance contract, compared to an after-tax loss of $44.1 million a year ago. Also included was a net realized after-tax investment loss of $19.4 million related to sales and write-downs of investments, compared to a net after-tax investment loss of $64.8 million in the year-ago period.

Adjusting for those items, Unum Group reported after-tax income of $211.6 million, or 64 cents per share, for the most recent quarter, compared to $216.9 million, or 64 cents per share, in the year-ago period.

Unum Group reported total revenue of $2.52 billion, compared to $2.44 billion a year ago.

Book value per share was $24.86 as of Sept. 30, compared to $20.22 as of Sept. 30, 2008. Excluding net unrealized gains and losses on securities and a net gain on cash flow hedges, book value per share was $22.61 as of Sept. 30, compared to $21.46 as of Sept. 30, 2008.

Unum Group maintained its previously stated full-year 2009 guidance, saying it expects operating EPS to range between $2.50 and $2.60. The Thomson First Call mean estimate for the year is for earnings of $2.56 per share.

The company's Unum U.S. segment reported operating income of $197.1 million in the third quarter, an increase of 14.9% from $171.6 million in the year-ago period.

The Unum U.K. segment reported operating income of $58.7 million, a decrease of 36.5% from $92.5 million a year ago. Those results were affected by exchange rate volatility. In local currency, third-quarter operating income decreased 26.9% year over year.