Q1 2024 Unum Group Earnings Call Transcript
Key Points
- Unum Group reported a 13.6% growth in EPS to $2.12 per share, indicating strong financial performance.
- Premium growth in core operations increased by 6.6%, with Unum International experiencing nearly 17% premium growth.
- Group product persistency exceeded 90%, with long-term disability at 93%, showcasing strong customer retention.
- Capital metrics exceeded targets, with holding company liquidity at $1.4 billion and RBC at 440%, providing financial flexibility.
- Strategic initiatives like HR Connect and Total Leave have strengthened client relationships and enhanced service offerings.
- Sales in supplementary and voluntary lines did not meet expectations in the first quarter.
- The Closed Block segment reported adjusted operating income below expectations due to lower alternative asset yields.
- Long-term care incidents remained elevated, although they are expected to normalize throughout 2024.
- Group sales in Unum US were lower by approximately 1% year-over-year in the first quarter of 2024.
- The effectiveness of new initiatives and technologies, such as Gathr in Colonial Life, remains uncertain in driving expected sales growth.
Thank you for standing by. My name is Christa, and I will be your conference operator today. At this time, I would like to welcome everyone to the Unum Group First Quarter 2024 Earnings Conference Call. (Operator Instructions) I would now like to turn the conference over to Matt Royal, Head of Investor Relations. Matt, you may begin your conference.
Thank you, Christa, and good morning to everyone. Welcome to Unum Group's First Quarter 2024 Earnings Call.
Please note that today's call may include forward-looking statements and actual results, which are subject to risks and uncertainties may differ materially, and we are not obligated to update any of these statements. Please refer to our earnings release and our periodic filings with the SEC for a description of factors that could cause actual results to differ from expected results.
Yesterday afternoon, Unum released our first quarter earnings press release and financial supplement. Those materials may be found on the Investors section
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