Unum 2014 Annual Report Download - page 165

Download and view the complete annual report

Please find page 165 of the 2014 Unum annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 172

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172

UNUM • 2014 ANNUAL REPORT 163
Note 16. Quarterly Results of Operations (Unaudited)
The following is a summary of our unaudited quarterly results of operations for 2014 and 2013:
2014
(in millions of dollars, except share data) 4th 3rd 2nd 1st
Premium Income $1,967.9 $1,947.2 $1,943.6 $1,938.5
Net Investment Income 629.4 606.4 629.1 612.5
Net Realized Investment Gain (Loss) (17.3) 1.2 25.9 6.3
Total Revenue 2,635.7 2,609.4 2,653.5 2,611.1
Income (Loss) Before Income Tax (457.9) 312.1 346.5 326.5
Net Income (Loss) (279.1) 221.1 242.5 228.9
Net Income (Loss) Per Common Share
Basic (1.11) 0.87 0.94 0.88
Assuming Dilution (1.11) 0.87 0.94 0.88
2013
(in millions of dollars, except share data) 4th 3rd 2nd 1st
Premium Income $1,890.7 $1,897.3 $1,905.8 $1,930.9
Net Investment Income 629.4 615.5 626.1 621.1
Net Realized Investment Gain (Loss) 9.3 (26.1) 13.3 10.3
Total Revenue 2,586.2 2,540.9 2,601.9 2,624.8
Income Before Income Tax 305.8 284.1 311.5 303.8
Net Income 221.2 205.7 218.6 212.6
Net Income Per Common Share
Basic 0.85 0.78 0.82 0.79
Assuming Dilution 0.84 0.78 0.82 0.79
Items affecting the comparability of our financial results are as follows:
• Fourth quarter of 2014 reserve increase of $698.2 million before tax and $453.8 million after tax related to long-term care.
• Fourth quarter of 2014 settlement loss of $64.4 million before tax and $41.9 million after tax related to a pension plan amendment.
• Fourth quarter of 2013 reserve increase of $95.5 million before tax and $62.1 million after tax related to unclaimed death benets.
• Fourth quarter of 2013 reserve reduction of $85.0 million before tax and $55.2 million after tax related to group life waiver
of premium benefits.
See Notes 6, 9, and 14 for further discussion of the above items.