Unum Group (UNM) reported first-quarter operating income of 69 cents per share, a penny lower than the Zacks Consensus Estimate of 70 cents. Results compare favorably with 67 cents earned in the prior-year period. Operating income was $215.7 million in the quarter, down 3.5% from $223.5 million in first-quarter 2010.
Soft performance at Unum UK and Individual Disability – Closed Block contributed to the lower-than-expected results.
Including realized after-tax investment gains of $9.7 million or 3 cents per share, the company reported net income of $225.4 million or 72 cents per share, compared with $229.8 million or 69 cents per share in the first quarter of 2010. The prior-year quarter’s registered net realized after-tax gains were $16.5 million or 5 cents per share and tax charge was $10.2 million or 3 cents per share.
Total revenue in the quarter under review was $2.56 billion, inching up 0.06% year over year. Results exceeded the Zacks Consensus estimate of $2.55 billion.
Segment Update
Unum US Segment: Segment premium in the quarter was $1.22 billion, up 0.3% year over year.
Operating income increased 5% year over year to $209.1 million in the first quarter of 2011.
Unum UK Segment: Premium increased 0.8% year over year to $167.1 million in the first quarter of 2011. In local currency, premium decreased 1.8% year over year to
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