Unum 2013 Annual Report Download - page 50
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Management’s Discussion and Analysis of
Financial Condition and Results of Operations
48 / UNUM 2013 ANNUAL REPORT
Unum US Supplemental and Voluntary Operating Results
Shown below are financial results and key performance indicators for Unum US supplemental and voluntary product lines.
Year Ended December 31
(in millions of dollars, except ratios) 2013 % Change 2012 % Change 2011
Operating Revenue
Premium Income
Individual Disability — Recently Issued $ 465.3 (2.6)% $ 477.6 2.8% $ 464.7
Voluntary Benefits 642.8 2.7 626.0 7.9 580.0
Total Premium Income 1,108.1 0.4 1,103.6 5.6 1,044.7
Net Investment Income 236.9 3.7 228.5 8.3 210.9
Other Income 30.9 6.6 29.0 (3.3) 30.0
Total 1,375.9 1.1 1,361.1 5.9 1,285.6
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits 579.6 3.4 560.6 4.4 536.8
Commissions 232.3 (4.6) 243.6 11.2 219.0
Deferral of Acquisition Costs (197.7) (1.4) (200.5) 11.5 (179.9)
Amortization of Deferred Acquisition Costs 193.3 17.4 164.6 6.8 154.1
Other Expenses 270.2 4.0 259.7 4.1 249.5
Total 1,077.7 4.8 1,028.0 5.0 979.5
Income Before Income Tax and Net Realized
Investment Gains and Losses 298.2 (10.5) 333.1 8.8 306.1
Unclaimed Death Benefits (UDB) Reserve Increase 26.3 — — — —
Operating Income $ 324.5 (2.6) $ 333.1 8.8 $ 306.1
Interest Adjusted Loss Ratio:
Individual Disability — Recently Issued 29.6% 31.2% 30.8%
Operating Ratios (% of Premium Income):
Benefit Ratios:
Individual Disability — Recently Issued 51.3% 52.4% 52.2%
Voluntary Benefits 53.0% 49.5% 50.7%
Benefit Ratio Excluding the
UDB Reserve Increase
Voluntary Benefits 48.9%
Other Expense Ratio 24.4% 23.5% 23.9%
Income Ratio 26.9% 30.2% 29.3%
Operating Income Ratio 29.3% 30.2% 29.3%
Persistency:
Individual Disability — Recently Issued 90.5% 91.4% 89.3%
Voluntary Benefits 77.0% 78.9% 80.5%