Unum Q1 2023 Earnings Report
Key Takeaways
Unum Group reported a net income of $358.3 million, or $1.80 per diluted share, for Q1 2023. After-tax adjusted operating income was $372.6 million, or $1.87 per diluted share. The company increased its full-year 2023 outlook following a strong first quarter.
Net income of $358.3 million ($1.80 per diluted common share) for the first quarter of 2023; after-tax adjusted operating income was $372.6 million ($1.87 per diluted common share).
Full-year 2023 outlook increased following strong first quarter and underlying trends; Previous outlook of an increase in after-tax adjusted operating income per share of 8 percent to 12 percent increased to 20 percent to 25 percent when comparing to historically reported 2022 results, or an increase of 10 percent to 15 percent on a consistent basis under ASU 2018-12.
Positive top-line trends with core operations sales growth of 18.9 percent and premium growth of nearly 4 percent on a constant currency basis.
Solid balance sheet and liquidity with holding company liquidity of $1.3 billion and weighted average risk-based capital ratio of approximately 425 percent.
Unum
Unum
Unum Revenue by Segment
Forward Guidance
Full-year 2023 outlook increased following strong first quarter and underlying trends. Previous outlook of an increase in after-tax adjusted operating income per share of 8 percent to 12 percent when comparing historically reported 2022 results to expected 2023 results under ASU 2018-12, increased to 20 percent to 25 percent, or an increase of 10 percent to 15 percent on a consistent basis under ASU 2018-12.
Revenue & Expenses
Visualization of income flow from segment revenue to net income