Unum 2013 Annual Report Download - page 43

Download and view the complete annual report

Please find page 43 of the 2013 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 174

  • 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
  • 173
  • 174

UNUM 2013 ANNUAL REPORT / 41
A reconciliation of “operating revenue” to total revenue and “before-tax operating income” to income before income tax is as follows:
Year Ended December 31
(in millions of dollars) 2013 2012 2011
Operating Revenue $10,347.0 $10,459.2 $10,282.9
Net Realized Investment Gain (Loss) 6.8 56.2 (4.9)
Total Revenue $10,353.8 $10,515.4 $10,278.0
Before-tax Operating Income $ 1,241.8 $ 1,239.7 $ 1,323.2
Net Realized Investment Gain (Loss) 6.8 56.2 (4.9)
Non-operating Retirement-related Loss (32.9) (46.4) (31.9)
Unclaimed Death Benefits Reserve Increase (95.5) — —
Group Life Waiver of Premium Benefit Reserve Reduction 85.0 — —
Deferred Acquisition Costs Impairment and Reserve Charges
for Long-term Care Closed Block — — (769.6)
Reserve Charge for Individual Disability Closed Block — — (183.5)
Income Before Income Tax $ 1,205.2 $ 1,249.5 $ 333.3
The after-tax impacts of these items are reflected in the following reconciliation of after-tax operating income to net income.
Year Ended December 31
2013 2012 2011
(in millions) per share* (in millions) per share* (in millions) per share*
After-tax Operating Income $882.5 $ 3.32 $887.5 $ 3.15 $ 905.4 $ 2.98
Net Realized Investment Gain (Loss),
Net of Tax 3.9 0.02 37.1 0.13 (3.6) (0.01)
Non-operating Retirement-related Loss,
Net of Tax (21.4) (0.08) (30.2) (0.11) (20.7) (0.07)
Unclaimed Death Benefits Reserve Increase,
Net of Tax (62.1) (0.24) — — — —
Group Life Waiver of Premium Benefit
Reserve Reduction, Net of Tax 55.2 0.21 — — — —
Deferred Acquisition Costs Impairment
and Reserve Charges for Long-term Care
Closed Block, Net of Tax — — — — (500.3) (1.65)
Reserve Charge for Individual Disability
Closed Block, Net of Tax — — — — (119.3) (0.39)
Tax Reduction from IRS Settlement — — — — 41.3 0.14
Tax Related to U.K. Repatriation — — — — (18.6) (0.06)
Net Income $858.1 $ 3.23 $894.4 $ 3.17 $ 284.2 $ 0.94
* Assuming Dilution