Unum 2006 Annual Report Download - page 85
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67
Unum UK Segment Operating Results
Unum UK includes insurance for group long-term income protection, group life, and individual income protection
products sold primarily in the United Kingdom through field sales personnel and independent brokers and consultants.
Shown below are financial results and key performance indicators for the Unum UK segment.
(in millions of dollars, except ratios)
2006 % Change 2005 % Change 2004
Operating Revenue
Premium Income
Group Long-term Income Protection $ 638.9 9.6 % $ 582.9 16.2 % $ 501.8
Group Life 171.0 4.2 164.1 39.2 117.9
Individual Income Protection 32.9 (14.1) 38.3 (2.8) 39.4
Total Premium Income 842.8 7.3 785.3 19.1 659.1
Net Investment Income 174.6 13.2 154.2 10.5 139.6
Other Income 0.1 (98.4) 6.1 96.8 3.1
Total 1,017.5 7.6 945.6 17.9 801.8
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits 553.5 1.4 545.8 17.5 464.5
Commissions 49.7 (11.9) 56.4 15.3 48.9
Deferral of Policy Acquisition Costs (34.4) 0.9 (34.1) (9.5) (37.7)
Amortization of Deferred Policy Acquisition Costs 32.0 48.1 21.6 12.5 19.2
Amortization of Value of Business Acquired 6.6 (53.5) 14.2 (1.4) 14.4
Operating Expenses 152.3 (1.1) 154.0 9.1 141.2
Total 759.7 0.2 757.9 16.5 650.5
Operating Income Before Income Tax and Net
Realized Investment Gains and Losses
$
257.8 37.3
$
187.7 24.1 $ 151.3
Benefit Ratio (% of Premium Income) 65.7% 69.5% 70.5%
Operating Expense Ratio (% of Premium Income) 18.1% 19.6% 21.4%
Before-tax Operating Income Ratio
(% of Premium Income) 30.6% 23.9% 23.0%
Persistency - Group Long-term Income Protection 90.4% 94.2% 92.1%
Persistency - Group Life 69.1% 86.3% 83.0%
Persistency - Individual Income Protection 88.2% 88.4% 86.7%
(in millions of pounds, except ratios)
2006 % Change 2005 % Change 2004
Sales £54.1 (25.6) £72.7 (26.9) £99.5
Total Premium Income £456.5 5.8 £431.6 20.1 £359.5
Net Investment Income 94.5 11.4 84.8 11.3 76.2
Other Income - (100.0) 3.3 94.1 1.7
Total Revenue 551.0 6.0 519.7 18.8 437.4
Total Benefits and Expenses 411.7 (1.2) 416.5 17.4 354.9
Operating Income Before Income Tax and Net
Realized Investment Gains and Losses £139.3 35.0 £103.2 25.1 £82.5
Weighted Average Pound/Dollar Exchange Rate 1.851 1.819 1.834
Year Ended December 31
Year Ended December 31