Thomas Watjen, President and CEO of Unum Group, presented at the 2008 Smid Cap Conference hosted by Bank of America. He discussed (1) Unum's diversified business mix across its Unum US, Colonial, and Unum UK segments, (2) how Unum has transformed into a more diversified company compared to 2002, and (3) Unum's outlook and expectations for 2008 which include EPS of $2.35-$2.40 and a core return on equity of 15.5-16%.
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
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 at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
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 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
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
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what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
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.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
1. Bank of America
2008 Smid Cap Conference
Thomas R. Watjen
President and CEO, Unum Group
March 27, 2008
2. Safe Harbor Statement
Statements in this presentation that are not historical facts, such as our earnings per share, return
on equity and our Unum US group disability 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
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, 2007. The
forward-looking statements in this presentation are being made as of the date of this presentation,
and we expressly disclaim any obligation to update or revise any forward-looking statement
contained herein.
2
5. Our Business
Unum Group
Unum US Colonial Unum UK
#1 Group Disability #2 Voluntary Benefits #1 Group Disability
#1 Individual Disability #1 Group Critical Illness
#3 Voluntary Benefits #2 Group Life
#3 Group Life
#3 Group Long-term Care
5
7. A Different Company
More Diversified Earned Premium Base
Colonial
IDI-Closed Block
Colonial 11%
IDI-Closed Block 13%
9%
16%
Unum UK
4% Unum UK
Other 12%
1%
Unum US
Other
Supplemental
0%
& Voluntary
13%
Unum US
Supplemental
Unum US
& Voluntary
Unum US Large Case
18%
Large Case 24%
33%
Unum US
Core Market
Unum US
24%
Core Market
22%
2002 2007
7
8. A Different Company
More Diversified Earnings Base*
IDI-Closed Block IDI-Closed Block
8% 8%
Colonial
Colonial
19%
13%
Unum US
Unum US
Group Disability
Group Disability
13%
27%
Unum UK
7%
Other
6%
Unum US
Group Life
Unum UK
16%
25%
Unum US Unum US
Supplemental & Supplemental & Other
Unum US Voluntary Voluntary 1%
Group Life 18% 18%
21%
2002 2007
* Excludes Corporate segment
8
9. A Different Company
Solid Investment Portfolio
Credit Quality of Bond Portfolio
Below Baa
Below Baa
5.7%
10.5% Aaa
Aaa 23.2%
27.3%
Baa
37.3%
Aa
Aa 8.5%
Baa
4.1%
38.1%
A A
20.0% 25.3%
12/31/07
12/31/02
9
10. A Different Company
Strong Interest Margin
Group LTD
Basis Points
90
80
70
60
Target
Range
50
40
30
20
4Q-02 4Q-03 4Q-04 4Q-05 4Q-06 4Q-07
10
11. A Different Company
Significant Financial Flexibility
3/31/2003 12/31/2007
Cash at Holding Company $ (755) $1,002
RBC 210% 344%
Debt to Total Capital 30.2% 21.4%
(as adjusted)
Market Value $2,370 $7,700 (current)
($ millions)
11
12. A Different Company
Ratings History – Financial Strength Ratings
Current Rating Recent Action
A.M. Best A- (Stable Outlook) Jan ’08
Outlook raised to Stable
Standard & Poor’s BBB+ (Positive Outlook) Aug ’07
Outlook raised to Positive
Fitch A- (Positive Outlook) Feb ’08
Outlook raised to Positive
Moody’s Baa1 (Stable Outlook) Feb ’08
Outlook raised to Stable
12
14. Environment: Trends
Demographic trends in both the US and the UK have
become immediate public policy priorities.
Potential impact on our
Demographic Trends Policy Proposals
industry
• Aging population • US Healthcare reform • Changing role of
employer
• Aging workforce • UK Pension reform
• Pressure government
funded programs
• Low savings rates • Extensive debate on
sustainability of
• Cost of healthcare government programs • Increased employee
responsibility
• Possible labor shortage
14
15. Environment: Trends
These trends have captured public attention in both
the US and UK markets…
Aging Population – Press Article Count in US/UK
250 2500
US Articles (DJ)
200 2000
UK Articles
US Articles
UK Articles (DJ)
150 1500
100 1000
50 500
0 0
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 Annualized
Low Personal Savings – Press Article Count in US/UK
80 1000
US Articles (DJ)
800
60
US Articles
UK Articles
UK Articles (DJ)
600
40
400
20 200
0 0
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 Annualized
15
16. Environment: Trend
In the US market, healthcare trends are likely to have a
significant impact on US benefits market.
Healthcare Spending & Inflation
($ billions) $2400
$700
1991 2007E
US Inflation rate
16
17. Environment: Our Response Strategy
• Underinsured, aging population with low savings rate
creates a demand for specialized coverage
– Limited duration medical coverage and other term structured products
– Benefits communication tools and technology
• Increased employer expense management heightens
awareness of voluntary products
– Cost shift to employee from employer
– Simple and portable for employee
• Unum is well positioned for these trends:
– Colonial – #2 in Voluntary Benefits
– Unum US – Strong VWB, Voluntary Group, and Core Market Group
presence
– Unum UK – Emerging VWB market potential
17
18. Environment: Well-Positioned Business Mix
Much of our US business has a Voluntary aspect.
Premium Mix - 2007
(Unum US and Colonial)
IDI & LTC
Other
17%
3%
Voluntary
Employer Paid Group
(Colonial & Unum US- VWB)
22%
27%
Employee Paid Group
31%
18
19. Environment: Well-Positioned Business Mix
A Growing Voluntary Benefits and Core Group Focus
2007 2007
Premium Mix Fully-Insured Sales Mix
IDI-Closed Block
Unum UK
& Other
12% Colonial
Unum UK
13%
31%
10%
IDI-Closed Block
& Other
2%
Colonial
11%
Unum US
Large Case Unum US
Large Case
24%
14%
Unum US
Supplemental &
Voluntary
18%
Unum US Unum US
Core Market Supplemental
21% & Voluntary
Unum US 22%
Core Market
22%
19
21. Outlook
Focus
• Consistent execution of our operating plans
• Maintain emphasis on disciplined, profitable growth
• Better leverage our leadership position
21
22. Outlook
Short-term Guidance: 2008 Expectations
Earnings Per Share $2.35 to $2.40
Return on Equity: Core 15.5% to 16.0%
Total Company 11.0% to 11.5%
Capital Position
Liquidity >$300mm
Leverage 24% - 25%
RBC 315% - 325%
22
23. Outlook
Long-term Trends: 2009 and Beyond
2007 Target
ROE ROE
Unum US 10.9% 11% - 13%
Unum UK 38.6% 26% – 28%
Colonial 24.6% 20% – 22%
Core Total 16.7% 15% – 16%
IDI - Closed Block 2.1% 2% - 3%
Company Total 11.2% 11.5% - 13.0%
23
26. Reconciliation of Non-GAAP Financial Measures
Three Months Ended December 31
2007 2006
(in millions)
Operating Income Before Income Tax and Net Realized
Investment Gain (Loss), As Adjusted $ 306.8 $ 265.0
Debt Extinguishment Cost (55.6) (2.7)
Interest on Federal Income Tax Refund - 2.6
Operating Income Before Income Tax and Net Realized
Investment Gain (Loss) 251.2 264.9
Income Tax (Benefit) on Operating Income 74.2 (8.8)
Net Realized Investment Gain (Loss), After Tax (16.5) 0.5
Income from Continuing Operations 160.5 274.2
Income from Discontinued Operations, Net of Tax - 1.9
Net Income $ 160.5 $ 276.1
26
27. Reconciliation of Non-GAAP Financial Measures
Three Months Ended *
12/31/2007 9/30/2007 6/30/2007 3/31/2007 12/31/2006 9/30/2006 6/30/2006 3/31/2006
Net Income (Loss) $ 0.44 $ 0.52 $ 0.43 $ 0.51 $ 0.80 $ (0.19) $ 0.38 $ 0.23
Net Realized Investment Gain (Loss) (0.05) (0.08) 0.02 (0.01) - 0.01 (0.01) -
Income from Discontinued Operations - - - 0.02 0.01 - 0.01 0.01
After-tax Operating Income (Loss) from
Continuing Operations Excluding Net Realized
Investment Gain (Loss) 0.49 0.60 0.41 0.50 0.79 (0.20) 0.38 0.22
UK Reserve Release, Net of Tax - 0.03 - - - - - -
UK Tax Law Change - 0.01 - - - - - -
Regulatory Reassessment Charges,
Net of Tax - - (0.10) - - (0.62) - (0.17)
Special Tax Items - - - - 0.28 - - -
Broker Compensation Settlement, Net of Tax - - - - - (0.04) - -
Debt Extinguishment Cost, Net of Tax (0.10) - - - (0.01) - (0.04) (0.01)
After-tax Operating Income from
Continuing Operations Excluding Net Realized
Investment Gain (Loss) and Special Items $ 0.59 $ 0.56 $ 0.51 $ 0.50 $ 0.52 $ 0.46 $ 0.42 $ 0.40
* Amounts per diluted common share
27
28. Reconciliation of Non-GAAP Financial Measures
As of
December 31 September 30 June 30 March 31 December 31 September 30 June 30 March 31 December 31
2007 2007 2007 2007 2006 2006 2006 2006 2005
(in millions)
Total Stockholders' Equity, As Adjusted $ 7,501.3 $ 7,347.2 $ 7,158.2 $ 6,705.8 $ 6,989.8 $ 6,725.4 $ 6,800.0 $ 6,108.2 $ 6,049.9
Net Unrealized Gain on Securities 356.1 346.6 78.0 490.3 534.8 687.9 60.7 256.2 1,040.7
Net Gain on Cash Flow Hedges 182.5 137.0 135.4 180.5 194.2 181.1 126.2 203.6 273.3
Total Stockholders' Equity (Book Value) $ 8,039.9 $ 7,830.8 $ 7,371.6 $ 7,376.6 $ 7,718.8 $ 7,594.4 $ 6,986.9 $ 6,568.0 $ 7,363.9
Quarterly Average Equity, As Adjusted** $ 7,424.3 $ 7,252.7 $ 6,932.0 $ 6,636.6 $ 6,857.6 $ 6,762.7 $ 6,454.2 $ 6,079.0
Annual Average Equity, As Adjusted** 7,034.3
** First quarter and full year 2007 average adjusted for cumulative effect of accounting principle changes of $422.5 million effective January 1, 2007
28
29. Reconciliation of Non-GAAP Financial Measures
Adjusted
Operating Operating
Income (Loss) Income (Loss)
Before Net Allocated Before Net
Average Average Average Realized After-tax After-tax Realized Leveraged
Allocated Allocated Leveraged Investment Special Item Interest Investment Return
Equity Debt Equity Gain/Loss Adjustments Expense Gain/Loss On Equity
(in millions)
Twelve Months Ended December 31, 2007
Unum US $ 4,557.2 $ (1,301.3) $ 3,255.9 $ 371.8 $ 43.1 $ (59.5) $ 355.4 10.9%
Unum UK 866.6 (230.5) 636.1 256.1 - (10.7) 245.4 38.6%
Colonial 829.8 (220.8) 609.0 159.8 - (10.2) 149.6 24.6%
Core Operations 6,253.6 (1,752.6) 4,501.0 787.7 43.1 (80.4) 750.4 16.7%
Individual Disability - Closed Block 2,481.4 (663.2) 1,818.2 76.7 (8.6) (29.9) 38.2 2.1%
Corporate and Other (1,700.7) 2,415.8 715.1 (148.8) 36.1 110.3 (2.4) -0.3%
Total $ 7,034.3 $ - $ 7,034.3 $ 715.6 $ 70.6 $ - $ 786.2 11.2%
Adjusted
Operating Operating
Income (Loss) Income (Loss)
Before Net Allocated Before Net Annualized
Average Average Average Realized After-tax After-tax Realized Leveraged
Allocated Allocated Leveraged Investment Special Item Interest Investment Return
Equity Debt Equity Gain/Loss Adjustments Expense Gain/Loss On Equity
(in millions)
Three Months Ended December 31, 2007
Core Operations $ 6,418.2 $ (1,594.4) $ 4,823.8 $ 226.9 $ - $ (20.9) $ 206.0 17.1%
Individual Disability - Closed Block 2,458.5 (717.1) 1,741.4 15.2 - (7.8) 7.4 1.7%
Corporate and Other (1,452.4) 2,311.5 859.1 (65.1) 36.1 28.7 (0.3) -0.1%
Total $ 7,424.3 $ - $ 7,424.3 $ 177.0 $ 36.1 $ - $ 213.1 11.5%
29
31. Reconciliation of Non-GAAP Financial Measures
Three Months Ended
December 31 September 30 June 30 March 31 December 31 September 30 June 30 March 31
2007 2007 2007 2007 2006 2006 2006 2006
(in millions)
Operating Income (Loss) from Continuing
Operations Before Net Realized Investment
Gain (Loss) $ 177.0 $ 217.0 $ 147.0 $ 174.6 $ 273.7 $ (68.4) $ 126.9 $ 69.9
Net Realized Investment Gain (Loss), Net of Tax (16.5) (30.0) 6.5 (3.2) 0.5 3.1 (3.6) 1.5
Income from Discontinued Operations, Net of Tax - - - 6.9 1.9 1.6 1.9 2.0
Net Income (Loss) $ 160.5 $ 187.0 $ 153.5 $ 178.3 $ 276.1 $ (63.7) $ 125.2 $ 73.4
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32. Reconciliation of Non-GAAP Financial Measures
As of
December 31 March 31
2007 2003
(in millions)
Debt, As Reported $ 2,690.2 $ 2,421.2
Exclude Non-recourse Debt 912.5 -
Debt, As Adjusted $ 1,777.7 $ 2,421.2
Total Stockholders' Equity, As Reported $ 8,039.9 $ 6,545.3
Exclude Net Unrealized Gain on Securities
and Cash Flow Hedges 538.6 951.7
Exclude Northwind and Tailwind's Capital
and Non-recourse Debt 954.7 -
6,546.6 5,593.6
Debt, As Adjusted 1,777.7 2,421.2
Total Capital, As Adjusted $ 8,324.3 $ 8,014.8
Debt to Capital Ratio 21.4% 30.2%
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33. Reconciliation of Non-GAAP Financial Measures
Twelve Months Ended December 31, 2007
Debt Claim
Extinguishment Reassessment
As Reported Cost Charges As Adjusted
(in millions)
Operating Income (Loss) by Segment Before Income Tax
and Net Realized Investment Gain (Loss)
Unum US
Group Disability $ 105.0 $ - $ (66.2) $ 171.2
Group Life and Accidental Death and Dismemberment 217.2 - - 217.2
Supplemental and Voluntary 243.4 - - 243.4
Total Unum US 565.6 - (66.2) 631.8
Unum UK 338.8 - - 338.8
Colonial 245.8 - - 245.8
Core Operating Segments 1,150.2 - (66.2) 1,216.4
Individual Disability - Closed Block 117.9 - 13.2 104.7
Other 17.5 - - 17.5
Corporate (223.2) (58.8) - (164.4)
Operating Income by Segment $ 1,062.4 $ (58.8) $ (53.0) $ 1,174.2
33