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
Contents
Corporate Segment
The Corporate segment includes investment income on corporate assets not specifically allocated to a line of business, interest expense on corporate debt, and certain other corporate income and expenses not allocated to a line of business.
| (in millions of dollars) | ||||||
|---|---|---|---|---|---|---|
| Three Months Ended June 30 | Six Months Ended June 30 | |||||
| 2024 | % Change | 2023 | 2024 | % Change | 2023 | |
| Adjusted Operating Revenue | ||||||
| Net Investment Income | $14.3 | (43.7)% | $25.4 | $32.3 | (37.3)% | $51.5 |
| Other Income | 0.4 | (82.6) | 2.3 | 1.1 | (56.0) | 2.5 |
| Total | 14.7 | (46.9) | 27.7 | 33.4 | (38.1) | 54.0 |
| Interest, Debt, and Other Expenses | 60.0 | (4.2) | 62.6 | 124.8 | 2.0 | 122.4 |
| Adjusted Operating Loss | $(45.3) | 29.8 | $(34.9) | $(91.4) | 33.6 | $(68.4) |
Adjusted operating loss increased in the second quarter and first six months of 2024 relative to the same periods of 2023 due primarily to decreased net investment income, which was driven by increased allocations to our lines of business.
We expect to continue to generate excess capital on an annual basis through the statutory earnings in our insurance subsidiaries and believe we are well positioned with flexibility to preserve our capital strength while also returning capital to our shareholders. We may experience volatility in net investment income due to changes in the prevailing interest rates as well as both the composition and level of invested assets.
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