Unum Group reported net income of $348.7 million, or $1.92 per diluted common share, for the fourth quarter of 2024, an increase from $330.6 million, or $1.69 per diluted common share, in the fourth quarter of 2023. The company highlighted a year of strong performance in 2024, driven by its business positioning and customer focus. Management expressed confidence in generating year-over-year premium growth across all segments in 2025.
The Unum US segment's premium income increased 3.0 percent to $1,721.4 million, despite a 2.6 percent decrease in adjusted operating income to $333.2 million. Group Life and Accidental Death and Dismemberment (AD&D) saw a 21.6 percent increase in adjusted operating income to $82.7 million, with sales up 37.9 percent to $210.3 million. Colonial Life reported a substantial 39.7 percent increase in adjusted operating income to $122.7 million, supported by a 3.2 percent rise in premium income.
Unum Group demonstrated strong capital management, with a weighted average risk-based capital ratio of approximately 430 percent and holding company liquidity of $1,987.0 million at December 31, 2024. The company executed accelerated share repurchase agreements totaling $471.0 million during the fourth quarter of 2024. Book value per common share increased to $61.38 at year-end 2024, up from $49.91 at December 31, 2023.
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