Roy Exum: Show Me Who You Are Friday, May 7, 2021 - by Roy Exum
Roy Exum
The Chamber of Commerce is now “woke” to the fact its idiotic “CEOs For Racial Equality” has done far more damage in our community and to our reputation than good. In the first week the pledge that flat-out demands … “WE WILL continue our work by engaging in CEOs for Racial Equity meetings to address the issues of racism, injustice and bias in our organizations and community.” … has had only 2.62 percent of its 2,500 members sign the pledge and thus admit the Chattanooga community is a nest of systemic racists. Nothing could be further from the truth and the liberal Christy Gillenwater, the head of the Chamber who has lived among us for four years, is the last person to ask.
The company measures performance by segment.
The Unum U.S. segment reported adjusted operating income of $115.7 million in the first quarter of 2021, a decrease of 55.8% from $261.8 million in the first quarter of 2020.
The Unum International segment reported adjusted operating income of $26.4 million in the first quarter of 2021, an increase of 36.1% from $19.4 million in the first quarter of 2020.
The Colonial life segment reported a 9.6% decrease in adjusted operating income to $73.3 million in the first quarter of 2021, compared to $81.1 million in the first quarter of 2020.
The closed block segment reported adjusted operating income of $97 million in the first quarter of 2021, which excludes the impacts from the second phase of the closed block individual disability reinsurance transaction of $139.3 million and the amortization of cost of reinsurance related to the closed block individual disability reinsurance transaction of $20 million, compared to $29.7 mill
Operator
Good morning, and welcome to the Unum Group First Quarter 2021 Earnings Conference Call. [Operator Instructions]
I would now like to turn the conference over to Tom White, Senior Vice President of Investor Relations. Please go ahead.
Thomas A. H. White
Senior Vice President, Investor Relations
Great. Thank you. Good morning, everyone, and welcome to the First Quarter 2021 Earnings Conference Call for Unum. Our remarks today will include forward-looking statements, which are statements that are not of current or historical fact. As a result, actual results might differ materially from results suggested by these forward-looking statements. Information concerning factors that could cause results to differ appears in our filings with the Securities and Exchange Commission and are also located in the sections titled cautionary statement regarding forward-looking statements and risk factors in our annual report on Form 10-K for the fiscal year ended December 31, 2020.
Unum Group Q1 adjusted earnings Beat Estimates
WASHINGTON (dpa-AFX) - Unum Group (UNM) announced earnings for first quarter that decreased from the same period last year.
The company s bottom line totaled $153.0 million, or $0.75 per share. This compares with $161.0 million, or $0.79 per share, in last year s first quarter.
Excluding items, Unum Group reported adjusted earnings of $212.0 million or $1.04 per share for the period.
Analysts had expected the company to earn $0.98 per share, according to figures compiled by Thomson Reuters. Analysts estimates typically exclude special items.
The company s revenue for the quarter rose 7.0% to $3.07 billion from $2.87 billion last year.
Unum Group earnings at a glance:
Unum Group Reports First Quarter 2021 Results
- Net income of $153.0 million ($0.75 per diluted common share) for the first quarter of 2021; after-tax adjusted operating income was $212.0 million ($1.04 per diluted common share).
- Results reflect continued elevated mortality, which improved through the quarter, as well as encouraging trends in premium growth, persistency, and macro-economic conditions.
- Strong balance sheet and liquidity with holding company cash of $1.7 billion and weighted average risk-based capital ratio of approximately 370 percent; successful completion of the second phase of the Closed Block individual disability reinsurance transaction.
- Book value per common share of $51.77 grew 7.4 percent over the year-ago quarter.