Unum 2014 Annual Report Download - page 45

Download and view the complete annual report

Please find page 45 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 43
Unum US Operating Results
Shown below are financial results for the Unum US segment. In the sections following, financial results and key ratios are also
presented for the major lines of business within the segment.
Year Ended December 31
(in millions of dollars, except ratios) 2014 % Change 2013 % Change 2012
Operating Revenue
Premium Income $4,659.7 3.2% $4,517.1 1.4% $4,456.5
Net Investment Income 890.3 (4.2) 929.6 (2.4) 952.3
Other Income 122.1 (4.8) 128.3 3.0 124.6
Total 5,672.1 1.7 5,575.0 0.8 5,533.4
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits 3,288.1 2.0 3,222.4 (0.5) 3,238.6
Commissions 528.7 4.7 505.2 (0.5) 507.5
Deferral of Acquisition Costs (292.7) 16.2 (252.0) 1.1 (249.2)
Amortization of Deferred Acquisition Costs 248.1 7.9 230.0 17.0 196.5
Other Expenses 1,043.6 4.3 1,000.8 0.8 992.9
Total 4,815.8 2.3 4,706.4 0.4 4,686.3
Income Before Income Tax and Net Realized
Investment Gains and Losses 856.3 (1.4) 868.6 2.5 847.1
Unclaimed Death Benefits (UDB) Reserve Increase — — 75.4 — —
Group Life Waiver of Premium Benefit (Waiver)
Reserve Reduction — — (85.0) — —
Operating Income $ 856.3 (0.3) $ 859.0 1.4 $ 847.1
Operating Ratios (% of Premium Income):
Benefit Ratio 70.6% 71.3% 72.7%
Benefit Ratio Excluding the UDB and Waiver
Reserve Adjustments 71.6%
Other Expense Ratio 22.4% 22.2% 22.3%
Income Ratio 18.4% 19.2% 19.0%
Operating Income Ratio 18.4% 19.0% 19.0%