Unum Group (UNM) has reported 9.69 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $248 million, or $1.07 a share in the quarter, compared with $226.10 million, or $0.93 a share for the same period last year. Revenue during the quarter went up marginally by 2.72 percent to $2,796.50 million from $2,722.40 million in the previous year period. Net premium earned for the quarter increased 3.01 percent or $61.40 million to $2,099.20 million.
Total expenses move up marginally
Benefits, losses and expenses for the quarter were at $2,425.30 million, or 115.53 percent of premium earned from $2,405.80 million or 118.06 percent of premium earned in the last year period. Operating income for the quarter was $371.20 million, compared with $316.60 million in the previous year period. Net investment income was at $617.90 million for the quarter, down 2.91 percent or $18.50 million from year-ago period. The company has recorded a gain on investments of $28.40 million in the quarter compared with a loss of $2.70 million for the previous year period.
“We achieved record net income in 2016, ending the year with very strong fourth quarter results,” said Richard P. McKenney, president and chief executive officer. “Our performance continues to be anchored by market-leading positions in employee benefits which drives solid premium growth in our core business operations and strong profits. 2016 was a year that saw us deliver a combination of growth, disciplined execution, and return of capital to our shareholders. We are well positioned strategically and financially to carry this momentum into 2017.”
Assets outpace liabilities growth
Total assets increased 2.23 percent or $1,351.80 million to $61,941.50 million on Dec. 31, 2016. On the other hand, total liabilities were at $52,973.50 million as on Dec. 31, 2016, up 2.02 percent or $1,047.70 million from year-ago. Return on assets stood at 0.46 percent in the quarter, up 0.03 from 0.44 percent in the last year period. At the same time, return on equity was at 2.77 percent in the quarter, up 0.16 from 2.61 percent in the last year period.
Investments move up marginally
Investments stood at $51,130.90 million as on Dec. 31, 2016, up 2.21 percent or $1,107.20 million from year-ago. Meanwhile, yield on investments went down 6 basis points to 1.21 percent in the quarter. Meanwhile, reinsurance recoverables moved up 2.83 percent or $133.80 million over the year to $4,858.90 million on Dec. 31, 2016.
Shareholders equity stood at $8,968 million as on Dec. 31, 2016, up 3.51 percent or $304.10 million from year-ago.
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