Q2 2024 Unum Group Earnings Call Transcript
Key Points
- Unum Group (UNM) reported record earnings per share of $2.16, surpassing $350 million in statutory earnings.
- The company increased its full-year earnings per share growth outlook from 7%-9% to 10%-15%.
- Unum Group (UNM) experienced a 5.4% increase in core operations premium growth.
- The company announced a new $1 billion share repurchase authorization, reflecting confidence in its business sustainability.
- Unum Group (UNM) reported strong performance in its international business, with nearly 9% premium growth and UK earnings exceeding GBP30 million.
- Sales growth was muted this quarter, raising concerns about meeting full-year growth goals.
- The Unum US supplemental and voluntary lines saw a decrease in adjusted operating earnings, driven by higher expenses and less favorable benefits experience.
- The group disability line reported lower adjusted operating income compared to the previous year due to higher expenses.
- Persistency levels, while currently strong, may not be sustainable at the same high levels in the future.
- The long-term care (LTC) segment continues to face elevated claims incidence, which could impact future reserve assumptions.
Thank you for standing by. My name is Amanda, and I'll be your operator today. At this time, I'd like to welcome everyone to the Unum Group Second Quarter 2024 earnings conference call. (Operator INstructions) Thank you. I would now like to turn the call over to Matt Royal's, Senior Vice President, Investor Relations. You may begin.
Great. Thank you, Andy, and good morning to everybody. Welcome to Universal Second 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 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 second quarter earnings press release and financial supplement. Those materials may be found on the investor section of our website,
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