The Unum US business delivered a solid third quarter for 2013, though the environment remains difficult as the economy recovers in fits and starts and health care reform remains a major distraction.
Operating earnings for Unum US were $200 million, up 1.6 percent over the third quarter of last year, and customer retention remained strong.
Over the last several years, the notably consistent performance of Unum US has been driven by commitment to client relationships, strong customer service and a collective focus on business goals.
Unum has introduced two new products to the market this year – group hospital indemnity and voluntary whole life – and both are gaining traction. Unum’s dental offering, developed in partnership with market-leader United Concordia, is now available nationwide to small and mid-size customers.
During the busy fall enrollment season, the company’s enrollment solutions are helping our partners present flexible enrollment solutions that work best for our customers.
The company’s financial results for the quarter were buoyed by solid risk results across our core operating businesses. Unum earned $224.6 million, or 85 cents, a 6 percent increase in operating earnings per share from the year-ago quarter.
In addition to results from Unum US, highlights for the quarter included:
The company continues to benefit from a quality investment portfolio and strong capital position. During the quarter, it repurchased $75 million of stock, bringing total year-to-date in the buy-back program to $269 million.