Unum 2013 Annual Report Download - page 45

Download and view the complete annual report

Please find page 45 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 / 43
Unum US Segment
The Unum US segment includes group long-term and short-term disability insurance, group life and accidental death and
dismemberment products, and supplemental and voluntary lines of business, which are comprised of individual disability — recently issued
insurance and voluntary benefits products.
Unum US Operating Results
Shown below are financial results for the Unum US segment. In the sections following, financial results and key ratios are also
presented for the major lines of business within the segment.
Year Ended December 31
(in millions of dollars, except ratios) 2013 % Change 2012 % Change 2011
Operating Revenue
Premium Income $4,517.1 1.4% $4,456.5 3.7% $4,296.0
Net Investment Income 929.6 (2.4) 952.3 0.1 951.4
Other Income 128.3 3.0 124.6 2.5 121.6
Total 5,575.0 0.8 5,533.4 3.1 5,369.0
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits 3,222.4 (0.5) 3,238.6 4.0 3,113.5
Commissions 505.2 (0.5) 507.5 7.1 474.0
Interest and Debt Expense 0.1 (90.9) 1.1 10.0 1.0
Deferral of Acquisition Costs (252.0) 1.1 (249.2) 13.1 (220.3)
Amortization of Deferred Acquisition Costs 230.0 17.0 196.5 4.5 188.1
Other Expenses 1,000.7 0.9 991.8 (0.4) 995.8
Total 4,706.4 0.4 4,686.3 2.9 4,552.1
Income Before Income Tax and Net Realized
Investment Gains and Losses 868.6 2.5 847.1 3.7 816.9
Unclaimed Death Benefits (UDB) Reserve Increase 75.4 — — — —
Group Life Waiver of Premium Benefit (Waiver)
Reserve Reduction (85.0) — — — —
Operating Income $ 859.0 1.4 $ 847.1 3.7 $ 816.9
Operating Ratios (% of Premium Income):
Benefit Ratio 71.3% 72.7% 72.5%
Benefit Ratio Excluding the UDB and
Waiver Reserve Adjustments 71.6%
Other Expense Ratio 22.2% 22.3% 23.2%
Income Ratio 19.2% 19.0% 19.0%
Operating Income Ratio 19.0% 19.0% 19.0%