Unum Group (NYSE: UNM) today reported net income of $230.2 million ($0.83 per diluted common share) for the third quarter of 2012, compared to net income of $202.0 million ($0.68 per diluted common share) for the third quarter of 2011.
Included in the results for the third quarter of 2012 is a net after-tax gain of $6.2 million ($0.03 per diluted common share) resulting from the combined impact of net realized investment gains on the Company’s investment portfolio and the amortization of prior period actuarial losses on the Company’s pension plan. This compares to a net after-tax loss of $21.1 million ($0.07 per diluted common share) in the third quarter of 2011.
Adjusting for these items, income on an after-tax basis was $224.0 million ($0.80 per diluted common share) in the third quarter of 2012, compared to $223.1 million ($0.75 per diluted common share) in the third quarter of 2011.
“I continue to be pleased with the overall performance of the Company, especially the premium growth and profitability we are generating in our core U.S. based businesses, our solid investment performance, and our strong capital position, which gives us significant financial flexibility,” said Thomas R. Watjen, president and chief executive officer. “While our U.K. business is not meeting our expectations and today’s low interest rates present challenges, I am confident that the actions we are taking will enable us to continue to deliver solid financial results and consistently return capital to our shareholders.”RESULTS BY SEGMENT In the following segment financial data, “operating revenue” excludes net realized investment gains or losses. “Operating income” or “operating loss” excludes net realized investment gains or losses, non-operating retirement-related gains or losses, and income tax. Unum US Segment Unum US reported operating income of $216.3 million in the third quarter of 2012, an increase of 3.4 percent from $209.2 million in the third quarter of 2011. Premium income for the segment increased 3.5 percent to $1,111.9 million in the third quarter of 2012, compared to premium income in the third quarter of 2011 of $1,074.4 million.
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