2023-05-02 17:02:47 ET
Unum Group ( NYSE: UNM ) lifted its operating earnings growth outlook for the full year after the life and health insurer turned in stronger-than-expected first-quarter profit, but fell short of revenue expectations.
The company now sees 2023 after-tax adjusted operating income per share growing 20%-25%, vs. 9.2% consensus estimate, compared with the previous outlook of 8%-12%.
"Our momentum from 2022 carried into the delivery of strong results in the first quarter, with increases in sales and premium across our core operations and performance of our group disability business," said President and CEO Richard P. McKenney.
Q1 after-tax adjusted operating income of $1.87 per share, exceeding the average analyst estimate of $1.65, climbed from $1.33 in the quarter ended March 31, 2022.
UNM edged down 0.5% in after-hours trading.
Premium income advanced to $2.46B from $2.40B in the year-earlier quarter.
Total benefits and expenses were $2.58B, down from $2.68B a year ago.
Book value per share came in at $46.85, rising 37.3% from Q1 2022.
Q1 adjusted operating income, by segment:
- Unum US: $312.5M -- up 85.7% from Q1 2022.
- Unum International: $38.4M -- up 48.3% Y/Y.
- Colonial Life: $93.9M -- up 8.7% Y/Y.
- Closed Block: $58.2M -- vs. $78.6M from a year ago.
- Corporate: -$33.5M -- vs. -$40.4M in Q1 of last year.
Conference call on May 3 at 8:00 a.m. ET.
More on Unum Group
- Unum Non-GAAP EPS of $1.87 beats by $0.22, revenue of $3.03B misses by $20M
- Unum declares $0.33 dividend
- Rising Interest Rates: Unum Group's Double-Edged Sword
For further details see:
Unum raises year guidance after Q1 earnings beat