Unum Group ( NYSE: UNM ) stock slipped as much as 1.7% in after-hours trading after the insurer posted earnings that fell short of the average analyst estimate and rose from a year ago as premiums increased across its core segments.
Q4 after-tax adjusted operating income of $1.43 per share, vs. $1.47 consensus estimate, jumped from $0.89 in the year-ago quarter. Revenue of $3.01B, exceeding the $3.00B consensus, advanced from $2.98B a year before.
Results during the quarter were driven by "higher premiums across our core segments and continued favorable trends in our Group Disability line," said President and CEO Richard P. McKenney. "We enter 2023 with strong sales momentum and record levels of capital."
Premium income was $2.41B, up from $2.37B in Q4 2021.
Q4 adjusted operating income, by segment:
- Unum US: $228.7M jumped 181.0% from Q4 2021.
- Unum International: $45.0M ascended 66.1% from a year ago.
- Colonial Life: $93.0M increased 16.3% from the year-ago period.
- Closed Block: $40.4M versus $76.7M in Q4 2021.
- Corporate: -$37.5M vs. -45.1M in Q4 2021. The improvement was mostly due to higher net investment income and lower interest and debt expenses, partially offset by higher operating expenses.
Book value per share was $46.51 as of Dec. 31, 2022, compared with $56.37 at Dec. 31, 2021.
The company is slated to deliver its 2023 outlook on Feb. 23 at 8:30 a.m. ET.
Earlier, Unum Non-GAAP EPS of $1.43 misses by $0.04, revenue of $3.01B beats by $10M.
For further details see:
Unum Q3 earnings miss despite higher premiums across core segments