Unum Group reported strong financial results for the first quarter of 2007, with net income of $178.3 million compared to $73.4 million in the first quarter of 2006. All of the company's operating segments experienced earnings growth. Unum revised its full-year 2007 operating earnings guidance upward to a range of $1.91 to $1.95 per share due to the strong first quarter performance and expectations for the remainder of the year. The company also increased its return on equity guidance for its operating segments and total company.
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
1. 1 Fountain Square
Chattanooga, TN 37402
www.unum.com
news FOR IMMEDIATE RELEASE
Contacts
Thomas A. H. White 423 294 8996
INVESTORS
Madhavi Venkatesan 423 294 1630
Unum Group Reports First Quarter 2007 Results
Strong Earnings Across all Operating Segments
Continued Improvement in Unum US Group Income Protection Line
Operating EPS Guidance Revised Upward for 2007
CHATTANOOGA, Tenn. (May 2, 2007) – Unum Group (NYSE: UNM) announced
today its results for the first quarter of 2007. The Company reported net income of
$178.3 million ($0.51 per diluted common share), compared to net income of
$73.4 million ($0.23 per diluted common share) for the first quarter of 2006.
Included in the results for the first quarter is income from discontinued
operations of $6.9 million after tax ($0.02 per diluted common share) in 2007,
compared to $2.0 million after tax ($0.01 per diluted common share) in the first
quarter of 2006. Also included are net realized after-tax investment losses of $3.2
million ($0.01 per diluted common share) in the first quarter of 2007 and gains of
$1.5 million in the first quarter of 2006. The first quarter of 2006 also included a
UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES.
2. claim reassessment charge of $55.9 million after tax and debt extinguishment
costs of $3.4 million after tax.
Adjusting for these items, income from continuing operations on an after-
tax basis was $174.6 million ($0.50 per diluted common share) in the first quarter
of 2007, compared to $129.2 million ($0.40 per diluted common share) in the first
quarter of 2006.
Commenting on Unum's results, Thomas R. Watjen, president and chief
executive officer, said, quot;Overall, we had a very solid quarter and a strong start to
2007. I am particularly encouraged by the continued improvement in our Unum
US group income protection line of business and am once again pleased with the
excellent results from our Unum UK and Colonial subsidiaries.quot;
“Our focus continues to be on enhancing our long-term capital management
strategy, improving profit margins in those areas not meeting our expectations,
and positioning our businesses to grow in a profitable, disciplined manner. I am
pleased with many of the activities currently underway that will help position us for
future growth. Our focus on product and service innovation, as evidenced by our
new Simply Unum offering, and our expanded marketing focus, including the
successful launch of our new brand, are important elements of our growth
strategy. Our confidence in our future continues to grow as evidenced by the
upward revision in our guidance for 2007 operating earnings to a range of $1.91 to
$1.95 per share from our previous guidance of $1.83 to $1.87.quot;
2
UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES.
3. RESULTS BY SEGMENT
On March 2, 2007, the Company formally announced its name change from
“UnumProvident Corporation” to “Unum Group,” and as of that date shares of the
Company have been trading under the Unum Group name. As previously noted,
the Company renamed its principle operating segments as part of its current
rebranding process. The Company’s three primary operating segments are Unum
US (formerly U.S. Brokerage), Unum UK (formerly Unum Limited), and Colonial.
In the following discussions of the Company’s operating segment results,
“operating revenue” excludes net realized investment gains and losses. “Operating
income” or “operating loss” excludes income tax and net realized investment gains
and losses.
Unum US Segment
Unum US reported operating income of $142.4 million in the first quarter of
2007, compared to income of $28.5 million in the first quarter of 2006. The year
ago results for this segment included the before-tax claim reassessment charge of
$72.8 million. Excluding this charge, the first quarter of 2006 operating income
was $101.3 million. Premium income declined 4.5 percent to $1,244.9 million in
the first quarter of 2007 from $1,303.8 million in the first quarter of 2006.
Within this segment, the group income protection line of business reported
operating income of $28.7 million in the first quarter of 2007, compared to a loss
of $71.6 million in the first quarter of 2006. The results for the year ago quarter
3
UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES.
4. include the reassessment charge of $72.8 million. The benefit ratio for the quarter
was 93.4 percent compared to 95.5 percent in the first quarter 2006, excluding the
impact of the reassessment charge, and 94.0 percent in the fourth quarter of 2006.
The Company continued to experience improvements in its claims management
and also experienced slightly lower new claim incidence in its group long-term
income protection line of business during the first quarter of 2007. Premium
income in group income protection declined 4.8 percent to $590.1 million in the
first quarter of 2007, compared to $619.8 million in the first quarter of 2006. The
decline is attributable, in part, to the Company’s disciplined approach to pricing,
renewals, and risk selection. Sales of fully insured group long-term income
protection products in the first quarter of 2007 declined by 40.8 percent to $25.5
million, compared to $43.1 million in the year ago quarter. Sales of fully insured
group short-term income protection products in the first quarter of 2007 increased
26.7 percent to $15.2 million, compared to $12.0 million in the first quarter of
2006. Premium persistency in the group long-term income protection line of
business was 84.6 percent for first quarter of 2007, compared to 86.6 percent in
the first quarter of 2006, primarily reflecting lower persistency in the Company’s
large case business. Case persistency for this line was 87.6 percent in the first
quarter of 2007, compared to 87.5 percent in the year ago quarter. Premium
persistency in the group short-term income protection line of business declined to
75.1 percent for first quarter of 2007 compared to 81.9 percent for first quarter of
2006, while case persistency was relatively stable at 85.8 percent for the first
quarter of 2007 compared to 85.7 percent in the year ago quarter.
4
UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES.
5. Group life and accidental death and dismemberment reported a 12.5
percent increase in operating income to $49.4 million in the first quarter of 2007,
compared to $43.9 million in the first quarter of 2006, reflecting favorable
mortality trends. Premium income declined 12.7 percent to $313.2 million in the
first quarter of 2007, compared to $358.8 million in the first quarter of 2006,
reflecting the Company’s disciplined approach to pricing, renewals, and risk
selection. Sales of group life products in the first quarter of 2007 declined 39.5
percent to $20.1 million, compared to $33.2 million in the first quarter of 2006.
Premium persistency in the group life line of business was 78.1 percent in the first
quarter of 2007, compared to 79.1 percent in the year ago quarter. Case
persistency was 85.7 percent in the first quarter of 2007, compared to 86.4
percent in the year ago quarter.
The Unum US supplemental and voluntary lines of business reported a 14.4
percent increase in operating income to $64.3 million in the first quarter of 2007,
compared to $56.2 million in the first quarter of 2006. The improvement in
earnings was driven by improved results in the performance of the individual
income protection – recently issued and voluntary workplace benefits lines of
business, which offset lower earnings in the long-term care line of business.
Premium income for supplemental and voluntary lines increased 5.0 percent to
$341.6 million in the first quarter of 2007, compared to $325.2 million in the first
quarter of 2006. Sales in the voluntary workplace benefits line of business
declined 9.7 percent in the first quarter of 2007 compared to the first quarter of
2006, while sales in the individual income protection – recently issued line
5
UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES.
6. increased 17.9 percent and long-term care sales increased 24.2 percent compared
with the year ago quarter.
Unum UK Segment
Unum UK reported operating income of $75.1 million in the first quarter of
2007, a 38.1 percent increase, compared to $54.4 million in the first quarter of
2006. Operating income benefited from a decline in the benefit ratio to 61.1
percent in the first quarter of 2007 compared to 67.5 percent in the first quarter of
2006, resulting in large part from lower claim incidence in the group long-term
income protection line. Operating income also benefited from the continued
favorable year over year foreign currency exchange rate. In local currency,
operating income for the first quarter of 2007 increased 23.5 percent from the first
quarter of 2006. Premium income increased 16.1 percent to $222.3 million in the
first quarter of 2007, compared to $191.4 million in the first quarter of 2006. In
local currency, premium income increased 4.1 percent compared to the first
quarter of 2006. Sales increased 77.8 percent to $20.8 million in the first quarter
of 2007, compared to $11.7 million in the first quarter of 2006. In local currency,
sales for the quarter increased 58.2 percent compared to the first quarter of 2006.
Colonial Segment
Colonial reported a 29.0 percent increase in operating income to $59.6
million in the first quarter of 2007, compared to $46.2 million in the first quarter of
2006. Results in the first quarter of 2007 were driven by favorable claims
experience. The benefit ratio in the first quarter of 2007 was 49.2 percent,
6
UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES.
7. compared to 52.1 percent for the same period in 2006. Premium income
increased to $223.4 million in the first quarter of 2007, compared to $202.6 million
in the first quarter of 2006. Sales increased slightly to $67.6 million in the first
quarter of 2007 from $67.2 million in the first quarter of 2006. New account
growth of 8.0 percent in the quarter was largely offset by a reduction in the
average new case size. For the first quarter of 2007, new agent contracts
increased 12.9 percent. Average weekly producers for the first quarter of 2007
declined slightly compared to the first quarter of 2006, while average weekly
premium per agent increased 0.9 percent.
Individual Income Protection – Closed Block Segment
The Individual Income Protection – Closed Block segment reported
operating income of $22.5 million in the first quarter of 2007, compared to $14.7
million in the first quarter of 2006. Results in the year ago quarter included the
before-tax claim reassessment charge of $13.2 million. The interest adjusted loss
ratio increased to 93.9 percent in the first quarter of 2007 compared to 91.6
percent in the first quarter of 2006, excluding the impact of the claim
reassessment charge, due primarily to an increase in benefit payments which were
partially offset by a higher rate of claim recoveries.
Other Segment
The Other segment reported operating income of $3.6 million in the first
quarter of 2007, compared to $4.8 million in the first quarter of 2006, reflecting
the continued wind down of product lines that are no longer actively marketed.
7
UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES.
8. Corporate Segment
The Corporate segment, which includes investment earnings on corporate
assets not specifically allocated to a line of business, corporate interest expense,
and certain other corporate expenses, reported a loss of $39.6 million in the first
quarter of 2007, compared to a loss of $43.5 million in the first quarter of 2006.
Interest and debt expense in the first quarter 2007 was $45.9 million, compared to
$53.1 million in the first quarter of 2006. The segment results also include debt
extinguishment costs of $2.4 million and $5.3 million before tax in the first quarter
of 2007 and 2006, respectively.
OTHER INFORMATION
Sale of GENEX Services, Inc.
On March 1, 2007, the Company closed the sale of its wholly-owned
subsidiary, GENEX, to Trident IV, L.P., a fund managed by Stone Point Capital LLC.
The sale reflects the Company’s strategy to focus on its core business areas and
deploy its capital to further the growth of this business. The after-tax gain on the
transaction of $6.2 million is included in the first quarter of 2007 results for
discontinued operations.
Shares Outstanding
The Company’s average number of shares (000s) outstanding, assuming
dilution, was 346,380.3 for the first quarter of 2007, compared to 319,636.8 for
the first quarter of 2006.
8
UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES.
9. Accounting Pronouncements
Effective January 1, 2007, the Company adopted the provisions of
Statement of Position 05-1 (SOP 05-1), Accounting by Insurance Enterprises for
Deferred Acquisition Costs in Connection With Modifications or Exchanges of
Insurance Contracts, which provides guidance on accounting for deferred
acquisition costs on internal replacements of insurance and investment contracts,
and FASB Interpretation No. 48 (FIN 48), Accounting for Uncertainty in Income
Taxes, an interpretation of Statement of Financial Accounting Standard No. 109,
which clarifies the accounting for uncertainty in income taxes recognized in a
company’s financial statements. The cumulative effect of applying the provisions
of SOP 05-1 and FIN 48 changed the Company’s 2007 opening balance of retained
earnings by $(445.2) million and $22.7 million, respectively.
Book Value
Book value per common share as of March 31, 2007 was $21.52, compared
to $21.94 at March 31, 2006. Excluding the net unrealized gain on securities and
the net gain on cash flow hedges, book value per common share at March 31, 2007
was $19.56, compared to $20.40 at March 31, 2006.
OUTLOOK
The Company is revising upward its 2007 operating earnings guidance to a
range of $1.91 to $1.95 per share from previous guidance of $1.83 to $1.87 per
share, based on the first quarter performance and current expectations for the
9
UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES.
10. remainder of the year. Incorporated in the Company’s estimates is continued
improvement in the benefit ratio for the Unum US group income protection line to
within its previously stated target range of 90.0 percent to 92.0 percent by the end
of 2007. Additionally, the Company is revising upward its guidance for the 2007
return on equity for its three primary operating segments to a range of 13.1
percent to 13.4 percent from previous guidance of 11.9 percent, and for its total
Company to a range of 9.7 percent to 9.9 percent from previous guidance of a
range of 9.0 percent to 9.5 percent.
NON-GAAP RECONCILIATION
The Company analyzes its performance using non-GAAP financial measures
which exclude certain items and the related tax thereon from net income. The
Company believes operating income or loss, excluding realized investment gains
and losses, which are recurring, and excluding certain other items specified in the
non-GAAP reconciliation, is a better performance measure and a better indicator of
the profitability and underlying trends in its business. Realized investment gains
and losses are dependent on market conditions and general economic events and
are not necessarily related to decisions regarding the Company’s underlying
business. The exclusion of certain other items specified in the non-GAAP
reconciliation also enhances the understanding and comparability of the Company’s
performance and the underlying fundamentals in its operations, but this exclusion
is not an indication that similar items may not recur. The Company believes book
value per common share excluding unrealized gains and losses on securities and
the net gain on cash flow hedges, which also tend to fluctuate dependent on
market conditions and general economic trends, is an important measure. For a
10
UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES.
11. reconciliation to the most directly comparable GAAP measures, refer to the
attached digest of earnings.
CONFERENCE CALL INFORMATION
Unum Group senior management will host a conference call on Thursday,
May 3, 2007 at 9:00 a.m. (EST) to discuss the results of operations for the first
quarter. Included in the discussion will be forward-looking information, such as
guidance on future results and trends in operations, as well as other material
information.
The dial-in number for the conference call is (800) 810-0924 for
U.S. and Canada. For International, the dial-in number is (913) 981-4900.
A live webcast of the call will also be available at www.unum.com in a listen-only
mode. It is recommended that webcast viewers access the “Investors and
Shareholders” section of the Company’s website and opt-in to the webcast fifteen
minutes prior to the start of the call. A replay of the call will be available by
telephone and on the Company’s website through Wednesday, May 9. In
conjunction with the Company’s earnings announcement, the Company’s Statistical
Supplement for the first quarter of 2007 has been made available on the “Investors
and Shareholders” section of the Company’s website.
ABOUT UNUM GROUP
Unum (www.unum.com) is one of the leading providers of employee
benefits products and services and the largest provider of group and individual
11
UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES.
12. disability income protection insurance in the United States and the United
Kingdom.
SAFE HARBOR STATEMENT
Statements in this press release that are not historical facts, such as our
earnings per share guidance and our Unum US group income protection benefit
ratio guidance, constitute “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties
that could cause actual results to differ materially from those contained in the
forward-looking statements. These risks and uncertainties include such general
matters as general economic or business conditions; events or consequences
relating to terrorism, acts of war and catastrophes, including natural and man-
made disasters; competitive factors, including pricing pressures; legislative,
regulatory, accounting, or tax law changes; and the interest rate environment.
More specifically, they include fluctuations in insurance reserve liabilities; changes
in projected new sales and renewals; variations between projections and actual
experience in persistency rates, incidence and recovery rates, pricing and
underwriting; retained risks in our reinsurance operations; availability and cost of
reinsurance; the level and results of litigation, rating agency actions, and
regulatory actions and investigations; actual experience in implementing and
complying with the multistate market conduct regulatory settlement agreements
and the California Department of Insurance settlement agreement; negative media
attention; changes in assumptions relating to deferred acquisition costs, value of
business acquired, or goodwill; the level of pension benefit costs and funding;
investment results, including credit deterioration of investments; the ability of our
12
UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES.
13. insurance company subsidiaries to pay dividends or extend credit to us and certain
of our intermediate holding company subsidiaries and/or finance subsidiaries; and
effectiveness of product support and customer service. For further information of
risks and uncertainties that could affect actual results, see our filings with the
Securities and Exchange Commission, including information in the sections titled
“Cautionary Statement Regarding Forward-Looking Statements” and “Risk Factors”
in our Annual Report on Form 10-K for the fiscal year ended December 31, 2006.
The forward-looking statements in this press release are being made as of the date
of this press release, and we expressly disclaim any obligation to update or revise
any forward-looking statement contained herein.
###
13
UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES.
14. DIGEST OF EARNINGS
(Unaudited)
Unum Group (UNM:NYSE)
and Subsidiaries
($ in millions, except share data)
Three Months Ended March 31
2007 2006
Operating Revenue by Segment $ 2,604.3 $ 2,597.6
Net Realized Investment Gain (Loss) (3.7) 2.5
Total Revenue $ 2,600.6 $ 2,600.1
Operating Income by Segment $ 263.6 $ 105.1
Net Realized Investment Gain (Loss) (3.7) 2.5
Income Tax 88.5 36.2
Income from Continuing Operations 171.4 71.4
Income from Discontinued Operations, Net of Tax 6.9 2.0
Net Income $ 178.3 $ 73.4
PER SHARE INFORMATION
Assuming Dilution:
Income from Continuing Operations $ 0.49 $ 0.22
Income from Discontinued Operations, Net of Tax 0.02 0.01
Net Income $ 0.51 $ 0.23
Basic:
Income from Continuing Operations $ 0.50 $ 0.24
Income from Discontinued Operations, Net of Tax 0.02 0.01
Net Income $ 0.52 $ 0.25
Weighted Average Common Shares - Basic (000s) 341,208.0 296,560.4
Weighted Average Common Shares - Assuming Dilution (000s) 346,380.3 319,636.8
14
UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES.
15. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
Three Months Ended Three Months Ended
March 31, 2007 March 31, 2006
(in millions) per share * (in millions) per share *
Income from Continuing Operations, As Adjusted $ 174.6 $ 0.50 $ 129.2 $ 0.40
Adjustments, Before Tax
Net Realized Investment Gain (Loss) (3.7) 2.5
Regulatory Reassessment Charge (86.0)
Debt Extinguishment Costs (5.3)
Tax on Adjustments 0.5 31.0
Income from Continuing Operations 171.4 0.49 71.4 0.22
Income from Discontinued Operations 6.9 0.02 2.0 0.01
Net Income $ 178.3 $ 0.51 $ 73.4 $ 0.23
Three Months Ended
March 31, 2006
(in millions) benefit ratio**
Unum US Group Income Protection
Premium Income $ 619.8
Benefits and Change in Reserves for Future Benefits 664.4 107.2%
Regulatory Reassessment Charge (72.8)
Benefits and Change in Reserves for Future Benefits,
Excluding Regulatory Reassessment Charge 591.6 95.5%
As of March 31
2007 2006
(in millions) per share (in millions) per share
Total Stockholders' Equity, As Adjusted $ 6,705.8 $ 19.56 $ 6,108.2 $ 20.40
Net Unrealized Gain on Securities 490.3 1.43 256.2 0.86
Net Gain on Cash Flow Hedges 180.5 0.53 203.6 0.68
Total Stockholders' Equity (Book Value) $ 7,376.6 $ 21.52 $ 6,568.0 $ 21.94
* Assuming Dilution
** Benefits and Change in Reserves for Future Benefits as a percent of Premium Income
15
UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES.