Unum Group
For the period ended Jun 30, 2024. Filed Jul 31, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Jul 31, 2024
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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 June 30, 2024
☐ 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 SquareChattanooga, 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):
| 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. | ☐ | ||
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes☐ No ☒
185,772,511 shares of the registrant's common stock were outstanding as of July 29, 2024.
TABLE OF CONTENTS
| Page | ||
|---|---|---|
| Cautionary Statement Regarding Forward-Looking Statements | 1 | |
| PART I - FINANCIAL INFORMATION | ||
| Item 1. | Financial Statements (Unaudited): | 3 |
| Consolidated Balance Sheets at June 30, 2024 and December 31, 2023 | 3 | |
| Consolidated Statements of Income for the three and six months ended June 30, 2024 and 2023 | 5 | |
| Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2024 and 2023 | 6 | |
| Consolidated Statements of Stockholders' Equity for the three and six months ended June 30, 2024 and 2023 | 7 | |
| Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 | 8 | |
| Notes to Consolidated Financial Statements | 9 | |
| Note 1 - Basis of Presentation | 9 | |
| Note 2 - Accounting Developments | 9 | |
| Note 3 - Fair Value of Financial Instruments | 11 | |
| Note 4 - Investments | 29 | |
| Note 5 - Derivative Financial Instruments | 44 | |
| Note 6 - Accumulated Other Comprehensive Loss | 53 | |
| Note 7 - Liability for Future Policy Benefits | 55 | |
| Note 8 - Policyholders' Account Balances | 71 | |
| Note 9 - Deferred Acquisition Costs | 74 | |
| Note 10 - Segment Information | 76 | |
| Note 11 - Employee Benefit Plans | 80 | |
| Note 12 - Stockholders' Equity and Earnings Per Common Share | 81 | |
| Note 13 - Commitments and Contingent Liabilities | 83 | |
| Note 14 - Debt and Other | 84 | |
| Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | 85 |
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 125 |
| Item 4. | Controls and Procedures | 125 |
| PART II - OTHER INFORMATION | ||
| Item 1. | Legal Proceedings | 126 |
| Item 1A. | Risk Factors | 126 |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 126 |
| Item 5. | Other Information | 126 |
| Item 6. | Exhibits | 127 |
| Signatures | 128 | |
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