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B UNUM • 2014 ANNUAL REPORT
Financial Highlights
Unum Group
2014 2013 2012 2011 2010
Income Per Share(1)
After-tax Operating Income(2) $ 3.55 $ 3.32 $ 3.15 $ 2.98 $ 2.73
Net Realized Investment Gain (Loss) 0.05 0.02 0.13 (0.01) 0.05
Non-operating Retirement-related Loss, Net of Tax (0.18) (0.08) (0.11) (0.07) (0.06)
Costs Related to Early Retirement of Debt, Net of Tax (0.04) — — — —
Reserve Charges for Closed Block, Net of Tax (1.77) — — (1.62) —
Unclaimed Death Benefits Reserve Increase, Net of Tax — (0.24) — — —
Group Life Waiver of Premium Benefit Reserve
Reduction, Net of Tax — 0.21 — — —
Deferred Acquisition Costs for Closed Block, Net of Tax — — — (0.42) —
Special Tax Items — — — 0.08 (0.03)
Net Income $ 1.61 $ 3.23 $ 3.17 $ 0.94 $ 2.69
Book Value Per Share
Total Stockholders’ Equity $ 33.90 $ 33.30 $ 31.87 $ 27.91 $ 26.80
Net Unrealized Gain on Securities 1.15 0.52 3.23 2.11 1.31
Net Gain on Cash Flow Hedges 1.55 1.52 1.48 1.39 1.14
Foreign Currency Translation Adjustment (0.45) (0.18) (0.26) (0.41) (0.34)
Unrecognized Pension and Postretirement Benefit Costs (1.59) (0.88) (2.13) (1.51) (1.00)
Total Stockholders’ Equity, Excluding Accumulated
Other Comprehensive Income $ 33.24 $ 32.32 $ 29.55 $ 26.33 $ 25.69
(1) Per share amounts for operating statement data assume dilution.
(2) We analyze our performance using non-GAAP financial measures which exclude certain items and the related tax thereon from net income.
We believe “After-tax Operating Income,” which is a non-GAAP financial measure and excludes certain items as specified above, is a better
performance measure and a better indicator of the profitability and underlying trends in our business. Realized investment gains or losses
depend on market conditions and do not necessarily relate to decisions regarding the underlying business of our company. The amortization
of prior period actuarial gains or losses, a component of the net periodic benefit cost for our pensions and other postretirement benefit plans,
is driven by market performance as well as plan amendments, and is not indicative of the operational results of our businesses. We also
exclude certain other items specified above in order to enhance the understanding and comparability of our operational performance and the
underlying fundamentals, but this exclusion is not an indication that similar items may not recur and does not replace the comparable GAAP
measures in the determination of overall profitability.