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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 September 30, 2021
☐ 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):
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Large Accelerated Filer | x | | 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. | ☐ |
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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒
204,453,307 shares of the registrant's common stock were outstanding as of November 1, 2021.
TABLE OF CONTENTS
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 due to, among other factors, the rate of unemployment and consumer confidence, the emergence of new diseases, epidemics, or pandemics, new trends and developments in medical treatments, the effectiveness of our claims operational processes, and changes in governmental programs.
•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.
•Recoverability and/or realization of the carrying value of our intangible assets, long-lived assets, and deferred tax assets.
•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.
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, 2020.
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
| | | | | | | | | | | |
| September 30 | | December 31 |
| 2021 | | 2020 |
| | (in millions of dollars) |
| (Unaudited) | | |
| Assets | | | |
| | | |
| Investments | | | |
Fixed Maturity Securities - at fair value (amortized cost of $37,355.0; $36,546.5; allowance for credit losses of $—; $6.8) | $ | 43,628.3 | | | $ | 44,137.3 | |
Mortgage Loans (net of allowance for credit losses of $11.3; $13.1) | 2,499.4 | | | 2,432.1 | |
| Policy Loans | 3,691.4 | | | 3,683.9 | |
| Other Long-term Investments | 1,124.5 | | | 960.2 | |
| Short-term Investments | 1,472.7 | | | 1,470.0 | |
| Total Investments | 52,416.3 | | | 52,683.5 | |
| | | |
| Other Assets | | | |
| Cash and Bank Deposits | 121.7 | | | 197.0 | |
Accounts and Premiums Receivable (net of allowance for credit losses of $32.6; $38.8) | 1,545.9 | | | 1,519.3 | |
Reinsurance Recoverable (net of allowance for credit losses of $2.3; $11.7) | 11,105.8 | | | 10,666.0 | |
| Accrued Investment Income | 598.2 | | | 611.4 | |
| Deferred Acquisition Costs | 2,231.5 | | | 2,272.6 | |
| Goodwill | 352.1 | | | 353.0 | |
| Property and Equipment | 462.5 | | | 498.0 | |
| | | |
| Income Tax Receivable | — | | | 72.7 | |
| Other Assets | 1,763.9 | | | 1,752.3 | |
| | | |
| Total Assets | $ | 70,597.9 | | | $ | 70,625.8 | |
See notes to consolidated financial statements.
CONSOLIDATED BALANCE SHEETS - Continued
Unum Group and Subsidiaries
| | | | | | | | | | | |
| September 30 | | December 31 |
| | 2021 | | 2020 |
| | (in millions of dollars) |
| (Unaudited) | | |
| Liabilities and Stockholders' Equity | | | |
| | | |
| Liabilities | | | |
| Policy and Contract Benefits | $ | 1,920.4 | | | $ | 1,855.4 | |
| Reserves for Future Policy and Contract Benefits | 48,475.7 | | | 49,653.0 | |
| Unearned Premiums | 414.3 | | | 349.3 | |
| Other Policyholders’ Funds | 1,763.1 | | | 1,663.9 | |
| Income Tax Payable | 40.7 | | | — | |
| Deferred Income Tax | 424.8 | | | 416.1 | |
| | | |
| Long-term Debt | 3,441.4 | | | 3,345.7 | |
| | | |
| Other Liabilities | 2,999.3 | | | 2,471.4 | |
| | | |
| Total Liabilities | 59,479.7 | | | 59,754.8 | |
| | | |
| Commitments and Contingent Liabilities - Note 11 | | | |
| | | |
| Stockholders' Equity | | | |
Common Stock, $0.10 par | | | |
Authorized: 725,000,000 shares | | | |
Issued: 307,282,297 and 306,566,572 shares | 30.7 | | | 30.7 | |
| Additional Paid-in Capital | 2,398.5 | | | 2,376.2 | |
| Accumulated Other Comprehensive Income | 113.9 | | | 374.2 | |
| Retained Earnings | 11,754.8 | | | 11,269.6 | |
Treasury Stock - at cost: 102,876,514 shares | (3,179.7) | | | (3,179.7) | |
| | | |
| Total Stockholders' Equity | 11,118.2 | | | 10,871.0 | |
| | | |
| Total Liabilities and Stockholders' Equity | $ | 70,597.9 | | | $ | 70,625.8 | |
See notes to consolidated financial statements.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
Unum Group and Subsidiaries
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30 | | Nine Months Ended September 30 |
| | 2021 | | 2020 | | 2021 | | 2020 |
| | (in millions of dollars, except share data) |
| | | | | | | |
| Revenue | | | | | | | |
| Premium Income | $ | 2,353.7 | | | $ | 2,318.1 | | | $ | 7,106.4 | | | $ | 7,058.2 | |
| Net Investment Income | 550.2 | | | 613.2 | | | 1,662.4 | | | 1,767.2 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| Net Realized Investment Gain (Loss) | (0.1) | | | 4.4 | | | 85.4 | | | (105.8) | |
| Other Income | 65.9 | | | 60.6 | | | 180.5 | | | 169.0 | |
| Total Revenue | 2,969.7 | | | 2,996.3 | | | 9,034.7 | | | 8,888.6 | |
| | | | | | | |
| Benefits and Expenses | | | | | | | |
| Benefits and Change in Reserves for Future Benefits | 1,753.9 | | | 1,888.6 | | | 5,659.2 | | | 5,626.2 | |
| Commissions | 258.3 | | | 258.3 | | | 777.9 | | | 810.5 | |
| Interest and Debt Expense | 44.7 | | | 49.4 | | | 134.4 | | | 142.6 | |
| Cost Related to Early Retirement of Debt | — | | | — | | | 67.3 | | | — | |
| Deferral of Acquisition Costs | (128.6) | | | (134.9) | | | (388.9) | | | (446.8) | |
| Amortization of Deferred Acquisition Costs | 138.4 | | | 149.7 | | | 440.8 | | | 466.6 | |
| | | | | | | |
| Compensation Expense | 241.6 | | | 253.3 | | | 725.9 | | | 726.0 | |
| Other Expenses | 251.5 | | | 232.3 | | | 746.8 | | | 724.2 | |
| Total Benefits and Expenses | 2,559.8 | | | 2,696.7 | | | 8,163.4 | | | 8,049.3 | |
| | | | | | | |
| Income Before Income Tax | 409.9 | | | 299.6 | | | 871.3 | | | 839.3 | |
| | | | | | | |
| Income Tax Expense | | | | | | | |
| Current | 46.5 | | | 45.1 | | | 164.4 | | | 173.3 | |
| Deferred | 34.8 | | | 23.4 | | | 42.4 | | | 8.4 | |
| Total Income Tax Expense | 81.3 | | | 68.5 | | | 206.8 | | | 181.7 | |
| | | | | | | |
| Net Income | $ | 328.6 | | | $ | 231.1 | | | $ | 664.5 | | | $ | 657.6 | |
| | | | | | | |
| Net Income Per Common Share | | | | | | | |
| Basic | $ | 1.61 | | | $ | 1.13 | | | $ | 3.25 | | | $ | 3.23 | |
| Assuming Dilution | $ | 1.60 | | | $ | 1.13 | | | $ | 3.24 | | | $ | 3.23 | |
See notes to consolidated financial statements.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
Unum Group and Subsidiaries
| | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30 | | Nine Months Ended September 30 |
| | 2021 | | 2020 | | 2021 | | 2020 |
| | (in millions of dollars) |
| | | | | | | |
| Net Income | $ | 328.6 | | | $ | 231.1 | | | $ | 664.5 | | | $ | 657.6 | |
| | | | | | | |
| Other Comprehensive Income (Loss) | | | | | | | |
Change in Net Unrealized Gain on Securities Before Adjustment (net of tax expense (benefit) of $(69.0); $126.6; $(276.3); $344.0) | (260.8) | | | 481.4 | | | (1,048.0) | | | 1,322.4 | |
Change in Adjustment to Deferred Acquisition Costs and Reserves for Future Policy and Contract Benefits, Net of Reinsurance (net of tax expense (benefit) of $49.5; $(89.9); $215.5; $(219.7)) | 185.4 | | | (340.0) | | | 816.3 | | | (833.8) | |
Change in Net Gain on Hedges (net of tax benefit of $2.2; $6.7; $7.6; $7.2) | (8.0) | | | (27.5) | | | (28.3) | | | (29.1) | |
Change in Foreign Currency Translation Adjustment (net of tax expense (benefit) of $1.8; $(1.9); $3.4; $(1.1)) | (30.5) | | | 34.5 | | | (13.9) | | | (32.1) | |
Change in Unrecognized Pension and Postretirement Benefit Costs (net of tax expense of $1.8; $0.4; $4.2; $3.4) | 5.7 | | | 2.0 | | | 13.6 | | | 12.9 | |
| Total Other Comprehensive Income (Loss) | (108.2) | | | 150.4 | | | (260.3) | | | 440.3 | |
| | | | | | | |
| Comprehensive Income | $ | 220.4 | | | $ | 381.5 | | | $ | 404.2 | | | $ | 1,097.9 | |
See notes to consolidated financial statements.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED)
Unum Group and Subsidiaries
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30 | | Nine Months Ended September 30 |
| | 2021 | | 2020 | | 2021 | | 2020 |
| | (in millions of dollars) |
| Common Stock | | | | | | | |
| Balance at Beginning of Period | $ | 30.7 | | | $ | 30.6 | | | $ | 30.7 | | | $ | 30.6 | |
| Common Stock Activity | — | | | 0.1 | | | — | | | 0.1 | |
| Balance at End of Period | 30.7 | | | 30.7 | | | 30.7 | | | 30.7 | |
| | | | | | | |
| Additional Paid-in Capital | | | | | | | |
| Balance at Beginning of Period | 2,386.8 | | | 2,364.1 | | | 2,376.2 | | | 2,348.1 | |
| Common Stock Activity | 11.7 | | | 7.2 | | | 22.3 | | | 23.2 | |
| Balance at End of Period | 2,398.5 | | | 2,371.3 | | | 2,398.5 | | | 2,371.3 | |
| | | | | | | |
| Accumulated Other Comprehensive Income | | | | | | | |
| Balance at Beginning of Period | 222.1 | | | 327.2 | | | 374.2 | | | 37.3 | |
| | | | | | | |
| | | | | | | |
| Other Comprehensive Income (Loss) | (108.2) | | | 150.4 | | | (260.3) | | | 440.3 | |
| Balance at End of Period | 113.9 | | | 477.6 | | | 113.9 | | | 477.6 | |
| | | | | | | |
| Retained Earnings | | | | | | | |
| Balance at Beginning of Period | 11,487.6 | | | 11,019.2 | | | 11,269.6 | | | 10,728.7 | |
| Adjustment to Adopt Accounting Standard Update - Note 2 | — | | | — | | | — | | | (18.9) | |
| Balance at Beginning of Period, as Adjusted | 11,487.6 | | | 11,019.2 | | | 11,269.6 | | | 10,709.8 | |
| Net Income | 328.6 | | | 231.1 | | | 664.5 | | | 657.6 | |
Dividends to Stockholders (per common share: $0.300; $0.285; $0.870; $0.855) | (61.4) | | | (58.0) | | | (179.3) | | | (175.1) | |
| | | | | | | |
| Balance at End of Period | 11,754.8 | | | 11,192.3 | | | 11,754.8 | | | 11,192.3 | |
| | | | | | | |
| Treasury Stock | | | | | | | |
| Balance at Beginning and End of Period | (3,179.7) | | | (3,179.7) | | | (3,179.7) | | | (3,179.7) | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| Total Stockholders' Equity at End of Period | $ | 11,118.2 | | | $ | 10,892.2 | | | $ | 11,118.2 | | | $ | 10,892.2 | |
See notes to consolidated financial statements.
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Unum Group and Subsidiaries
| | | | | | | | | | | |
| | Nine Months Ended September 30 |
| | 2021 | | 2020 |
| | (in millions of dollars) |
| Cash Flows from Operating Activities | | | |
| Net Income | $ | 664.5 | | | $ | 657.6 | |
| Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities | | | |
| Change in Receivables | 427.2 | | | 163.2 | |
| Change in Deferred Acquisition Costs | 51.9 | | | 19.8 | |
| Change in Insurance Reserves and Liabilities | 223.7 | | | 129.2 | |
| Change in Income Taxes | 205.0 | | | 162.0 | |
| Change in Other Accrued Liabilities | (64.2) | | | (1.5) | |
| Non-cash Components of Net Investment Income | (175.8) | | | (111.3) | |
| Net Realized Investment (Gain) Loss | (85.4) | | | 105.8 | |
| Depreciation | 90.0 | | | 85.6 | |
| Cash Related to Reinsurance Agreement | (456.8) | | | — | |
| Amortization of the Cost of Reinsurance | 59.4 | | | — | |
| Other, Net | 59.8 | | | 68.4 | |
| Net Cash Provided by Operating Activities | 999.3 | | | 1,278.8 | |
| | | |
| Cash Flows from Investing Activities | | | |
| Proceeds from Sales of Fixed Maturity Securities | 322.3 | | | 499.7 | |
| Proceeds from Maturities of Fixed Maturity Securities | 1,976.6 | | | 1,594.2 | |
| Proceeds from Sales and Maturities of Other Investments | 273.8 | | | 163.9 | |
|