Unum Group reported net income of $645.7 million, or $3.46 per diluted common share, for the third quarter of 2024. This represents a significant increase compared to $202.0 million, or $1.02 per diluted common share, in the third quarter of 2023. After-tax adjusted operating income also rose to $398.0 million, or $2.13 per diluted common share, from $381.7 million, or $1.94 per diluted common share, in the prior year's quarter.
The Unum US segment saw its adjusted operating income increase by 1.5 percent to $363.3 million, with premium income growing 4.0 percent to $1,723.5 million. Group Life and Accidental Death and Dismemberment (AD&D) reported an 80.8 percent increase in adjusted operating income to $94.0 million, driven by favorable incidence. Unum International also delivered strong results, with adjusted operating income up 9.5 percent to $40.3 million and premium income increasing 17.1 percent to $246.6 million.
Colonial Life's adjusted operating income increased by 10.2 percent to $113.4 million, supported by a 2.5 percent rise in premium income to $441.9 million. The Closed Block segment maintained adjusted operating income of $34.2 million, consistent with the prior year. Management expressed confidence in achieving its full-year 2024 earnings outlook, highlighting broad-based solid performance and a favorable market environment.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.