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Unum Group

Financials

Price	29.60	EPS	5
Shares	211	P/E	6
MCap	6,251	P/FCF	5
Net Debt	2,961	EBIT	1,254
TEV	9,212	TEV/EBIT	7
TTM 2019-09-30, in MM, except price, ratios

Filings

10-Q	2020-06-30	Filed 2020-07-29
10-Q	2020-03-31	Filed 2020-05-05
10-K	2019-12-31	Filed 2020-02-18
10-Q	2019-09-30	Filed 2019-10-30
10-Q	2019-06-30	Filed 2019-07-31
10-Q	2019-03-31	Filed 2019-05-01
10-K	2018-12-31	Filed 2019-02-19
10-Q	2018-09-30	Filed 2018-10-25
10-Q	2018-06-30	Filed 2018-07-31
10-Q	2018-03-31	Filed 2018-05-02
10-K	2017-12-31	Filed 2018-02-21
10-Q	2017-09-30	Filed 2017-10-26
10-Q	2017-06-30	Filed 2017-07-28
10-Q	2017-03-31	Filed 2017-04-27
10-K	2016-12-31	Filed 2017-02-22
10-Q	2016-09-30	Filed 2016-10-27
10-Q	2016-06-30	Filed 2016-07-28
10-Q	2016-03-31	Filed 2016-04-28
10-K	2015-12-31	Filed 2016-02-24
10-Q	2015-09-30	Filed 2015-10-29
10-Q	2015-06-30	Filed 2015-07-30
10-Q	2015-03-31	Filed 2015-04-30
10-K	2014-12-31	Filed 2015-02-25
10-Q	2014-09-30	Filed 2014-10-30
10-Q	2014-06-30	Filed 2014-07-31
10-Q	2014-03-31	Filed 2014-05-08
10-K	2013-12-31	Filed 2014-02-26
10-Q	2013-09-30	Filed 2013-11-05
10-Q	2013-06-30	Filed 2013-08-06
10-Q	2013-03-31	Filed 2013-05-02
10-K	2012-12-31	Filed 2013-02-22
10-Q	2012-09-30	Filed 2012-11-01
10-Q	2012-06-30	Filed 2012-08-02
10-Q	2012-03-31	Filed 2012-05-02
10-K	2011-12-31	Filed 2012-02-24
10-Q	2011-09-30	Filed 2011-11-02
10-Q	2011-06-30	Filed 2011-08-03
10-Q	2011-03-31	Filed 2011-05-04
10-K	2010-11-19	Filed 2011-02-25
10-Q	2010-09-30	Filed 2010-11-03
10-Q	2010-06-30	Filed 2010-08-04
10-Q	2010-03-31	Filed 2010-05-05
10-K	2009-12-31	Filed 2010-02-26

Reports

8-K	2020-07-28	Earnings, Exhibits
8-K	2020-05-28
8-K	2020-05-21
8-K	2020-05-04
8-K	2020-02-18
8-K	2020-02-11
8-K	2020-02-04
8-K	2020-01-28
8-K	2020-01-10
8-K	2019-12-17
8-K	2019-10-29
8-K	2019-10-21
8-K	2019-09-11
8-K	2019-09-04
8-K	2019-09-04
8-K	2019-07-30
8-K	2019-06-13
8-K	2019-05-23
8-K	2019-05-23
8-K	2019-05-23
8-K	2019-05-22
8-K	2019-04-30
8-K	2019-02-19
8-K	2019-02-19
8-K	2019-02-05
8-K	2018-12-12
8-K	2018-10-24
8-K	2018-10-15
8-K	2018-10-01
8-K	2018-09-18
8-K	2018-07-30
8-K	2018-05-29
8-K	2018-05-24
8-K	2018-05-24
8-K	2018-05-24
8-K	2018-05-01
8-K	2018-02-27
8-K	2018-02-26
8-K	2018-02-15
8-K	2018-01-31
8-K	2018-01-23

Unum Group Earnings 2020-06-30

Balance Sheet	Income Statement	Cash Flow
Assets, Equity	Rev, G Profit, Net Income	Ops, Inv, Fin

unm-20200630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM 10-Q

(Mark One)

☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended June 30, 2020

☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to

Commission file number 001-11294

Unum Group

(Exact name of registrant as specified in its charter)


Delaware			62-1598430
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

1 Fountain Square Chattanooga, Tennessee			37402
(Address of principal executive offices)			(Zip Code)

(423) 294-1011
(Registrant's telephone number, including area code)

Not Applicable
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, $0.10 par value	UNM	New York Stock Exchange
6.250% Junior Subordinated Notes due 2058	UNMA	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ]

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes [X] No [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

(Check one):

Large Accelerated Filer

Accelerated filer

☐

Non-accelerated filer

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

203,556,974 shares of the registrant's common stock were outstanding as of July 27, 2020.

TABLE OF CONTENTS

Page

Cautionary Statement Regarding Forward-Looking Statements

PART I - FINANCIAL INFORMATION

Item 1.

Financial Statements (Unaudited):

Consolidated Balance Sheets at June 30 , 2020 and December 31, 2019

Consolidated Statements of Income for the three and six months ended June 30 , 2020 and 2019

Consolidated Statements of Comprehensive Income for the three and six months ended June 3 0 , 2020 and 2019

Consolidated Statements of Stockholders' Equity for the three and six months ended June 30 , 2020 and 2019

Consolidated Statements of Cash Flows for the six months ended June 30 , 2020 and 2019

Notes to Consolidated Financial Statements

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

105

Item 4.

Controls and Procedures

105

PART II - OTHER INFORMATION

Unregistered Sales of Equity Securities and Use of Proceeds

Cautionary Statement Regarding Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 (the Act) provides a "safe harbor" to encourage companies to provide prospective information, as long as those statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those included in the forward-looking statements. Certain information contained in this quarterly report on Form 10-Q (including certain statements in the consolidated financial statements and related notes and Management's Discussion and Analysis), or in any other written or oral statements made by us in communications with the financial community or contained in documents filed with the Securities and Exchange Commission (SEC), may be considered forward-looking statements within the meaning of the Act. Forward-looking statements are those not based on historical information, but rather relate to our outlook, future operations, strategies, financial results, or other developments. Forward-looking statements speak only as of the date made. We undertake no obligation to update these statements, even if made available on our website or otherwise. These statements may be made directly in this document or may be made part of this document by reference to other documents filed by us with the SEC, a practice which is known as "incorporation by reference." You can find many of these statements by looking for words such as "will," "may," "should," "could," "believes," "expects," "anticipates," "estimates," "plans," "assumes," "intends," "projects," "goals,” "objectives," or similar expressions in this document or in documents incorporated herein.

These forward-looking statements are subject to numerous assumptions, risks, and uncertainties, many of which are beyond our control. We caution readers that the following factors, in addition to other factors mentioned from time to time, may cause actual results to differ materially from those contemplated by the forward-looking statements:

•The impact of the COVID-19 pandemic on our business, financial position, results of operations, liquidity and capital resources, and overall business operations.

•Sustained periods of low interest rates.

•Fluctuation in insurance reserve liabilities and claim payments due to changes in claim incidence, recovery rates, mortality and morbidity rates, and policy benefit offsets.

•Unfavorable economic or business conditions, both domestic and foreign, that may result in decreases in sales, premiums, or persistency, as well as unfavorable claims activity.

•Changes in, or interpretations or enforcement of, laws and regulations.

•A cyber attack or other security breach could result in the unauthorized acquisition of confidential data.

•The failure of our business recovery and incident management processes to resume our business operations in the event of a natural catastrophe, cyber attack, or other event.

•Investment results, including, but not limited to, changes in interest rates, defaults, changes in credit spreads, impairments, and the lack of appropriate investments in the market which can be acquired to match our liabilities.

•Increased competition from other insurers and financial services companies due to industry consolidation, new entrants to our markets, or other factors.

•Changes in our financial strength and credit ratings.

•Our ability to develop digital capabilities or execute on our technology systems upgrades or replacements.

•Actual experience in the broad array of our products that deviates from our assumptions used in pricing, underwriting, and reserving.

•Availability of reinsurance in the market and the ability of our reinsurers to meet their obligations to us.

•Ability to generate sufficient internal liquidity and/or obtain external financing.

•Damage to our reputation due to, among other factors, regulatory investigations, legal proceedings, external events, and/or inadequate or failed internal controls and procedures.

•Effectiveness of our risk management program.

•Contingencies and the level and results of litigation.

•Ineffectiveness of our derivatives hedging programs due to changes in the economic environment, counterparty risk, ratings downgrades, capital market volatility, changes in interest rates, and/or regulation.

•Fluctuation in foreign currency exchange rates.

•Recoverability and/or realization of the carrying value of our intangible assets, long-lived assets, and deferred tax assets.

For further discussion of risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements, see Part 1, Item 1A of our annual report on Form 10-K for the year ended December 31, 2019 and Part II, Item 1A of this quarterly report on Form 10-Q.

All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section.

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEETS

Unum Group and Subsidiaries


	June 30		December 31
	2020		2019
	(in millions of dollars)
	(Unaudited)
Assets

Investments
Fixed Maturity Securities - at fair value (amortized cost of $40,840.4; $41,079.3; allowance for credit losses of $29.8; $—)	$	48,233.4	$	47,443.7
Mortgage Loans (net of allowance for credit losses of $13.2; $—)	2,434.4		2,397.0
Policy Loans	3,684.0		3,779.5
Other Long-term Investments	933.9		844.2
Short-term Investments	2,601.9		1,294.5
Total Investments	57,887.6		55,758.9

Other Assets
Cash and Bank Deposits	165.6		84.1
Accounts and Premiums Receivable (net of allowance for credit losses of $47.5; $10.3)	1,625.5		1,602.9
Reinsurance Recoverable (net of allowance for credit losses of $1.8; $—)	4,786.2		4,780.7
Accrued Investment Income	802.7		693.0
Deferred Acquisition Costs	2,310.8		2,324.0
Goodwill	348.9		351.7
Property and Equipment	518.1		534.1

Other Assets	859.8		884.0

Total Assets	$	69,305.2	$	67,013.4

See notes to consolidated financial statements.

CONSOLIDATED BALANCE SHEETS - Continued

Unum Group and Subsidiaries


	June 30		December 31
	2020		2019
	(in millions of dollars)
	(Unaudited)
Liabilities and Stockholders' Equity

Liabilities
Policy and Contract Benefits	$	1,778.8	$	1,745.5
Reserves for Future Policy and Contract Benefits	48,335.1		47,780.1
Unearned Premiums	440.8		363.9
Other Policyholders’ Funds	1,649.4		1,599.7
Income Tax Payable	357.9		256.7
Deferred Income Tax	155.6		95.4
Short-term Debt	399.9		399.7
Long-term Debt	3,393.1		2,926.9
Payables for Collateral on Investments	211.0		24.0
Other Liabilities	2,022.2		1,856.5

Total Liabilities	58,743.8		57,048.4

Commitments and Contingent Liabilities - Note 11

Stockholders' Equity
Common Stock, $0.10 par
Authorized: 725,000,000 shares
Issued: 306,361,248 and 305,813,326 shares	30.6		30.6
Additional Paid-in Capital	2,364.1		2,348.1
Accumulated Other Comprehensive Income	327.2		37.3
Retained Earnings	11,019.2		10,728.7
Treasury Stock - at cost: 102,876,514 shares	(3,179.7)		(3,179.7)

Total Stockholders' Equity	10,561.4		9,965.0

Total Liabilities and Stockholders' Equity	$	69,305.2	$	67,013.4

See notes to consolidated financial statements.

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

Unum Group and Subsidiaries


	Three Months Ended June 30			Six Months Ended June 30
	2020	2019	2020	2019
	(in millions of dollars, except share data)

Revenue
Premium Income	$

EX-31.1	unm063020ex311.htm
EX-31.2	unm063020ex312.htm
EX-32.1	unm063020ex321.htm
EX-32.2	unm063020ex322.htm

UNM 10Q Quarterly Report

Unum Group Earnings 2020-06-30