Unum 2013 Annual Report Download - page 46
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Management’s Discussion and Analysis of
Financial Condition and Results of Operations
44 / UNUM 2013 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) 2013 % Change 2012 % Change 2011
Operating Revenue
Premium Income
Group Long-term Disability $1,553.9 (1.6)% $1,578.8 (0.1)% $1,580.2
Group Short-term Disability 519.6 9.0 476.7 4.7 455.2
Total Premium Income 2,073.5 0.9 2,055.5 1.0 2,035.4
Net Investment Income 550.1 (4.6) 576.9 (4.6) 605.0
Other Income 95.6 2.0 93.7 4.8 89.4
Total 2,719.2 (0.3) 2,726.1 (0.1) 2,729.8
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits 1,732.9 (0.5) 1,741.6 1.1 1,722.1
Commissions 164.0 3.0 159.3 (0.1) 159.5
Interest and Debt Expense 0.1 (90.9) 1.1 10.0 1.0
Deferral of Acquisition Costs (29.6) 12.5 (26.3) 20.1 (21.9)
Amortization of Deferred Acquisition Costs 21.1 15.3 18.3 (7.6) 19.8
Other Expenses 532.3 (1.2) 539.0 (1.5) 547.0
Total 2,420.8 (0.5) 2,433.0 0.2 2,427.5
Operating Income $ 298.4 1.8 $ 293.1 (3.0) $ 302.3
Operating Ratios (% of Premium Income):
Benefit Ratio 83.6% 84.7% 84.6%
Other Expense Ratio 25.7% 26.2% 26.9%
Operating Income Ratio 14.4% 14.3% 14.9%
Persistency:
Group Long-term Disability 87.2% 90.7% 90.2%
Group Short-term Disability 88.0% 88.0% 89.9%