Unum 2006 Annual Report Download - page 10
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Unum UK is the largest provider of income and lifestyle protection in the
United Kingdom, covering 2 million people. The company holds the top
position in group long-term income protection, as well as the number two
position in group life and a leading position in the individual income
protection market.
2006 RESULTS
Unum UK continued to achieve profi table
growth in 2006 by focusing strongly on
business retention, risk management
and expense effi ciency. Highlights for
the year include:
° Operating income grew to a record
$257.8 million, driven by a lower benefi t
ratio, favorable foreign currency exchange
rates and higher net investment income
° Sales, while lower than 2005, improved
in the second half of the year, especially
for the group income protection
product line
° Unum UK’s balance sheet continued
to grow, with total assets of $3.9 billion
° Developed and launched Pay Direct,
which pays disability benefi ts directly
to employees — a fi rst for the UK —
and eases the administrative burden
for employers
During the year, a number of signifi cant
regulatory changes opened the door to
further opportunities in the UK. The fi rst,
known as Pensions Simplifi cation,
introduced changes to the taxation and
treatment of pension plans, impacting
Unum UK