Unum 2008 Annual Report Download - page 47
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43
FIN 48 prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of tax
positions taken or expected to be taken in income tax returns. The evaluation of a tax position under FIN 48 is a two step process. The first
step is to determine whether it is more likely than not that a tax position will be sustained upon examination based on the technical
merits of the position. The second step is to measure a position that satisfies the recognition threshold at the largest amount of benefit that
is greater than 50 percent likely of being realized upon ultimate settlement. Tax positions that previously failed to meet the more likely
than not threshold but that now satisfy the recognition threshold are recognized in the first subsequent financial reporting period in which
that threshold is met. Previously recognized tax positions that no longer meet the more likely than not recognition threshold are derecognized
in the first subsequent financial reporting period in which that threshold is no longer met. If a previously recognized tax position is settled for
an amount that is different from the amount initially measured under FIN 48, the difference will be recognized as a tax benefit or expense in
the period the settlement is effective. We believe that tax positions have been reflected in our financial statements at appropriate amounts
in conformity with FIN 48.
Year Ended December 31
(in millions of dollars) 2007 % Change 2006
Premium Income $ 7,901.1 (0.6)% $7,948.2
Net Investment Income 2,409.9 3.8 2,320.6
Net Realized Investment Gain (Loss) (65.2) N.M. 2.2
Other Income 274.1 3.7 264.3
10,519.9 (0.1) 10,535.3
Benefits and Change in Reserves for Future Benefits 6,988.2 (7.8) 7,577.2
Commissions 841.1 2.7 819.0
Interest and Debt Expense 241.9 11.2 217.6
Deferral of Acquisition Costs (556.3) 5.3 (528.2)
Amortization of Deferred Acquisition Costs 480.4 0.4 478.6
Compensation Expense 722.4 6.2 680.5
Other Expenses 805.0 (2.4) 825.2
9,522.7 (5.4) 10,069.9
997.2 114.3 465.4
Income Tax 324.8 N.M. 61.8
672.4 66.6 403.6
Income from Discontinued Operations 6.9 (6.8) 7.4
$ 679.3 65.3 $ 411.0
N.M. = not a meaningful percentage