Unum 2012 Annual Report Download - page 48
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Management’s Discussion and Analysis of
Financial Condition and Results of Operations
46 UNUM 2012 ANNUAL REPORT
Unum US Group Disability Operating Results
Shown below are financial results and key performance indicators for Unum US group disability.
Year Ended December 31
(in millions of dollars, except ratios) 2012 % Change 2011 % Change 2010
Operating Revenue
Premium Income
Group Long-term Disability $1,578.8 (0.1)% $1,580.2 (3.6)% $1,639.4
Group Short-term Disability 476.7 4.7 455.2 5.6 430.9
Total Premium Income 2,055.5 1.0 2,035.4 (1.7) 2,070.3
Net Investment Income 576.9 (4.6) 605.0 (1.6) 614.6
Other Income 93.7 4.8 89.4 3.1 86.7
Total 2,726.1 (0.1) 2,729.8 (1.5) 2,771.6
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits 1,741.6 1.1 1,722.1 (1.5) 1,747.8
Commissions 159.3 (0.1) 159.5 (0.1) 159.7
Interest and Debt Expense 1.1 10.0 1.0 (16.7) 1.2
Deferral of Acquisition Costs (26.3) 20.1 (21.9) 20.3 (18.2)
Amortization of Deferred Acquisition Costs 18.3 (7.6) 19.8 (3.4) 20.5
Other Expenses 539.0 (1.5) 547.0 0.6 543.7
Total 2,433.0 0.2 2,427.5 (1.1) 2,454.7
Operating Income Before Income Tax and Net
Realized Investment Gains and Losses $ 293.1 (3.0) $ 302.3 (4.6) $ 316.9
Operating Ratios (% of Premium Income):
Benefit Ratio 84.7% 84.6% 84.4%
Other Expense Ratio 26.2% 26.9% 26.3%
Before-tax Operating Income Ratio 14.3% 14.9% 15.3%
Premium Persistency:
Group Long-term Disability 90.7% 90.2% 89.4%
Group Short-term Disability 88.0% 89.9% 88.6%
Case Persistency:
Group Long-term Disability 88.8% 89.0% 88.4%
Group Short-term Disability 88.2% 88.0% 87.3%