Get All Access for FREEMarket News & Research,
Live Transcripts & Audio,
and a whole lot more…
$UNM 1Q15 10-Q: Net cash provided by Operating Activities was $400.1MM vs. $346.7MM in 1Q14. Net cash used by Investing Activities was $233.6MM vs. $555.5MM in 1Q14. Net cash used by Financing Activities was $184.9MM vs. net cash provided by Financing Activities of $190.9MM in 1Q14.
$UNM's BoD authorized an increase of 15% in the quarterly dividend paid on its common stock. The new rate of 23 cents per common share, or 92 cents per share on an annual basis, will be effective with the dividend expected to be paid in 3Q17.
$UNM and its employees in the U.S., U.K. and Ireland contributed more than $12.4MM and volunteered more than 87,000 volunteer hours to charitable organizations in 2016. Based on standard volunteer formulas, the 87,000 hours logged by Unum employees is valued at roughly $2MM.
$UNM said non-executive Chairman Thomas Watjen has informed its BoD of his decision to not stand for re-election at Annual Meeting in May 2017. Watjen's retirement marks the completion of a two-year leadership transition that began in 2015 when he stepped down as CEO of the company and Richard McKenney assumed the role.
$UNM said in the Unum US segment, operating income was $231MM in 3Q16, an increase of 5.6% from 3Q15. Unum UK had operating income of $28.2MM, a decline of 13.8% from last year. Colonial Life posted a 3.5% increase in operating income to $79MM. The Closed Block segment had operating income of $28.6MM in 3Q16.
$UNM said that it has completed the purchase of dental and vision benefits company H&J Capital, parent of Starmount Life Insurance Company and AlwaysCare Benefits. This deal is expected to support the company's long-term growth plans for workplace financial protection products.
$UNM said that its risk-based capital ratio for traditional US life insurance company remained at approx. 390%, well within the target range of 375-400% for this year. Statutory asset tax operating earnings were outstanding at $228.4MM vs. $161.2MM in 2Q15, up 42%.
During 2Q16, $UNM repurchased $100MM of its shares, consistent with the repurchase activity in recent quarters. Liquidity was approx. $600MM as of quarter end. The company also issued $600MM in senior debt back in early May, in part to refinance this maturing date.