The Unum US business delivered a solid third quarter for 2014, though the low interest-rate environment remains challenging.
Sales for Unum US were $138 million, up 13 percent over the third quarter of last year, and customer retention remained strong. Operating earnings of $214.3 million fell slightly below expectations and last year’s performance. The 2.5 percent dip from third quarter 2013 is due largely to lower investment income.
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 recently introduced two new products to the market — Select Disability group voluntary plans — which offer employers flexible plan designs and their employees fewer options to sort through. The simplicity of the products, along with the educational materials and enrollment process that support them, make offering and getting coverage easier all around.
In the midst of the busy fall enrollment season, the company’s enrollment solutions are providing our partners flexibility when working with our customers. With technology connections to nearly 50 third-party enrollment and benefit administration systems, Unum can serve up broad solutions unparalleled in the industry, providing options for virtually every enrollment scenario.
Unum Group’s third quarter results reflect a continuation of a number of the positive trends that began to emerge last year, including strong sales momentum, accelerating premium growth and favorable risk results across much of the company. Operating income was $221.1 million, or 87 cents.
In addition to results from Unum US, highlights for the quarter included: