Stock Monitor: CNO Financial Group Post Earnings Reporting
LONDON, UK / ACCESSWIRE / February 15, 2018 / Active-Investors.com has just released a free earnings report on Unum Group (NYSE: UNM). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/'symbol=UNM. Unum reported its fourth quarter and fiscal 2017 operating and financial results on January 31, 2018. The insurance Company's earnings beat expectations. Unum also updated its FY18 guidance. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
For the three months ended December 31, 2017, Unum recorded revenues of $2.84 billion compared to revenue of $2.80 billion in Q4 2016. The Company's revenue numbers fell short of analysts' estimates of $2.85 billion.
During Q4 2017, Unum recorded premium income of $2.16 billion compared to $2.10 billion in Q4 2016.
For full year 2017, Unum reported total revenues of $11.29 billion compared to $11.05 billion in FY16.
Unum reported net income of $266.9 million, or $1.19 per diluted share, for Q4 2017 compared to net income of $248.0 million, or $1.07 per diluted share, for Q4 2016. The Company's reported quarter results included a tax benefit of $0.44 per diluted share, partially offset by a tax expense of $0.30 per diluted common share, as well a net loss of $0.11 per diluted share related to the settlement of a third-party review conducted on behalf of a number of state treasurers concerning unclaimed death benefits.
For Q4 2017, Unum's net after-tax realized investment gains on the Company's investment portfolio were $7.2 million, or $0.03 per diluted share, compared to $18.3 million, or $0.08 per diluted share, in Q4 2016.
Unum's after-tax adjusted operating income, which excludes net after-tax realized investment gains and losses, the impacts from tax legislation, and reserves established for unclaimed death benefits, was $253.6 million, or $1.13 per diluted share, in Q4 2017 compared to $229.7 million, or $0.99 per diluted share, in Q4 2016. The Company's earnings beat Wall Street's estimates of $1.08 per share.
For FY17, Unum's after-tax adjusted operating income was $976.2 million, or $14.29 per diluted share, compared to $915.5 million, or $3.88 per diluted share, in FY16.
Unum Group's Segment Results
During Q4 2017, Unum US reported adjusted operating income of $237.6 million, reflecting a decrease of 1.0% from $240.1 million in Q4 2016. Premium income for the segment increased 3.0% to $1.36 billion in the reported quarter versus premium income of $1.33 billion in the prior year's comparable quarter. Net investment income for the segment declined 2.0% to $202.1 million in Q4 2017 compared to $206.3 million in Q4 2016.
For Q4 2017, the UK segment reported adjusted operating income of $29.7 million, down 0.7% from $29.9 million in Q4 2016. The segment's premium income advanced 9.4% to $133.4 million in the reported quarter compared to $121.9 million in the year earlier same quarter. Unum UK's net investment income was $31.9 million in Q4 2017, up 10.8% from $28.8 million in Q4 2016. The segment's benefit ratio was 75.8% in the reported quarter compared to 67.6% in the prior year's corresponding quarter, reflecting higher claim incidence in the group long-term disability product-line and the impact from inflation-linked increases in benefits. The segment's sales increased 3.4% to $24.5 million in Q4 2017 compared to $23.7 million in Q4 2016.
During Q4 2017, the Colonial Life division reported a 16.5% decline in adjusted operating income to $66.7 million compared to $79.9 million in Q4 2016. The segment's premium income advanced 6.0% to $382.1 million for the reported quarter compared to $360.4 million in the year earlier same quarter. Colonial Life unit's net investment income totaled $37.1 million in Q4 2017 compared to $35.8 million in Q4 2016, primarily driven by an increase in the level of invested assets. The segment's sales increased 10.4% to $199.8 million in Q4 2017 from $181.0 million in Q4 2016, driven by increased sales in the core and large case commercial market segments.
The Closed Block segment reported adjusted operating income of $33.1 million in Q4 2017 compared to $34.6 million in Q4 2016. Premium income for the segment declined 4.6% in the reported quarter, primarily due to expected policy terminations and maturities for the individual disability line of business. The segment's net investment income declined 0.6% to $341.5 million in Q4 2017 compared to $343.6 million in Q4 2016, primarily driven by a decline in portfolio yield and lower miscellaneous income.
For Q4 2017, the Corporate segment reported an adjusted operating loss of $33.2 million compared to an adjusted operating loss of $41.7 million in Q4 2016. The improvement was primarily driven by lower operating expenses and higher net investment income.
At December 31, 2017, the weighted average risk-based capital ratio for the Company's traditional US insurance companies was approximately 390% and cash and marketable securities in the holding companies equaled $864 million. Unum's book value per common share as of December 31, 2017, was $43.02 compared to $39.02 at December 31, 2016.
For full year 2018, reflecting the beneficial impact of tax reform, Unum revised the after-tax adjusted operating income growth forecast to be within the range of 17% to 23% compared to the original expectation of within a range of 4% to 7% established in December 2017 prior to the passage of tax reform legislation.
Stock Performance Snapshot
February 14, 2018 - At Wednesday's closing bell, Unum's stock climbed 3.21%, ending the trading session at $52.45.
Volume traded for the day: 1.59 million shares.
Stock performance in the previous six-month period - up 4.77%; and past twelve-month period - up 8.14%
After yesterday's close, Unum's market cap was at $11.82 billion.
Price to Earnings (P/E) ratio was at 11.99.
The stock has a dividend yield of 1.75%.
The stock is part of the Financial sector, categorized under the Accident & Health Insurance industry. This sector was up 1.8% at the end of the session.
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