Unum Group (UNM, Financial) filed Quarterly Report for the period ended 2009-09-30.
UnumProvident is the industry leader in disability income protection and one of the top providers of supplemental benefits in the nation. The company's subsidiaries offer comprehensive insurance solutions to help protect against the financial effects of accident illness or death. Below are the countries in which we operate and the companies that offer products in each country. Unum Group has a market cap of $6.69 billion; its shares were traded at around $20.19 with a P/E ratio of 8 and P/S ratio of 0.7. The dividend yield of Unum Group stocks is 1.6%.
We recognized in earnings a net realized investment gain of $14.9 million in the third quarter of 2009 compared to a loss of $165.8 million in the comparable period of 2008. For the first nine months, we recognized in earnings a net realized investment gain of $37.6 million in 2009 and a loss of $208.2 million in 2008. During the third quarter and first nine months of 2009, we recognized other-than-temporary impairment losses of $31.5 million and $160.1 million related to fixed maturity securities. Of those amounts, $33.6 million and $155.3 million were recognized in earnings during the third quarter and first nine months of 2009. We recognized $(2.1) million and $4.8 million in other comprehensive income for the third quarter and first nine months of 2009. Also recognized in earnings through realized investment gains and losses was the change in the fair value of an embedded derivative in a modified coinsurance arrangement. During the third quarter and first nine months of 2009, changes in the fair value of this embedded derivative resulted in realized gains of $44.4 million and $208.1 million, respectively, compared to realized losses of $67.9 million and $107.0 million for the comparable prior year periods. The gains and losses on this embedded derivative resulted primarily from a change in credit spreads in the overall investment market. See Investments contained in this Item 2 for further discussion.
Read the The complete ReportUNM is in the portfolios of Richard Snow of Snow Capital Management, L.P., HOTCHKIS & WILEY of HOTCHKIS & WILEY Capital Management LLC, NWQ Managers of NWQ Investment Management Co, Kenneth Fisher of Fisher Asset Management, LLC, David Dreman of Dreman Value Management, Jean-Marie Eveillard of Arnhold & S. Bleichroeder Advisers, LLC, Dodge & Cox.
UnumProvident is the industry leader in disability income protection and one of the top providers of supplemental benefits in the nation. The company's subsidiaries offer comprehensive insurance solutions to help protect against the financial effects of accident illness or death. Below are the countries in which we operate and the companies that offer products in each country. Unum Group has a market cap of $6.69 billion; its shares were traded at around $20.19 with a P/E ratio of 8 and P/S ratio of 0.7. The dividend yield of Unum Group stocks is 1.6%.
Highlight of Business Operations:
At the end of the third quarter of 2009, the risk-based capital ratio for our traditional U.S. insurance subsidiaries, calculated on a weighted average basis using the NAIC Company Action Level formula, was approximately 340 percent, compared to 332 percent at the end of 2008. Our leverage ratio, when calculated excluding the non-recourse debt and associated capital of Tailwind Holdings, LLC (Tailwind Holdings) and Northwind Holdings, LLC (Northwind Holdings), was 21.1 percent at September 30, 2009 compared to 21.5 percent at December 31, 2008. Our leverage ratio, when calculated using consolidated debt to total consolidated capital, was 25.6 percent at September 30, 2009 compared to 26.6 percent at December 31, 2008. Our holding company cash and liquidity equaled approximately $864 million at the end of the third quarter of 2009 compared to $526 million at the end of 2008. See Liquidity and Capital Resources contained in this Item 2 for further detail.We recognized in earnings a net realized investment gain of $14.9 million in the third quarter of 2009 compared to a loss of $165.8 million in the comparable period of 2008. For the first nine months, we recognized in earnings a net realized investment gain of $37.6 million in 2009 and a loss of $208.2 million in 2008. During the third quarter and first nine months of 2009, we recognized other-than-temporary impairment losses of $31.5 million and $160.1 million related to fixed maturity securities. Of those amounts, $33.6 million and $155.3 million were recognized in earnings during the third quarter and first nine months of 2009. We recognized $(2.1) million and $4.8 million in other comprehensive income for the third quarter and first nine months of 2009. Also recognized in earnings through realized investment gains and losses was the change in the fair value of an embedded derivative in a modified coinsurance arrangement. During the third quarter and first nine months of 2009, changes in the fair value of this embedded derivative resulted in realized gains of $44.4 million and $208.1 million, respectively, compared to realized losses of $67.9 million and $107.0 million for the comparable prior year periods. The gains and losses on this embedded derivative resulted primarily from a change in credit spreads in the overall investment market. See Investments contained in this Item 2 for further discussion.
Read the The complete ReportUNM is in the portfolios of Richard Snow of Snow Capital Management, L.P., HOTCHKIS & WILEY of HOTCHKIS & WILEY Capital Management LLC, NWQ Managers of NWQ Investment Management Co, Kenneth Fisher of Fisher Asset Management, LLC, David Dreman of Dreman Value Management, Jean-Marie Eveillard of Arnhold & S. Bleichroeder Advisers, LLC, Dodge & Cox.
