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Unum Group 2016 Annual Report

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Unum Group 2016 Annual Report Protecting the Workforce of the future 2016 | ANNUAL REPORT Unum Group (www.unum.com) is a leading provider of financial protection About benefits in the United States and the United Kingdom. Its primary businesses are Unum US, Colonial Life, Unum UK, as well as a closed block of products Unum that are still serviced, but not actively marketed. Unum’s portfolio includes disability, life, accident, critical illness, cancer, dental and vision coverage, which help protect millions of working people and their families in the event of an illness or injury. In 2016, the company reported total revenue of $11.0 billion and paid $6.9 billion in benefits. UNUM US COLONIAL LIFE Unum US is a market leader in Colonial Life is one of the leading group and individual disability providers of voluntary worksite benefits in the United States, and benefits, including disability, life, is one of the largest providers accident, critical illness, of group life and voluntary hospitalization and cancer workplace benefits. coverage in the United States. UNUM UK CLOSED BLOCK Unum UK is the leading Closed Block consists of provider of group income individual disability, group and protection and critical illness individual long-term care, and coverage in the United other benefit products that are Kingdom, and also offers still serviced but no longer life and dental benefits. actively marketed. The workplace never stops changing. At Unum, we stay focused on understanding and anticipating the evolution of the workforce, and on ensuring that the financial protection we provide aligns with emerging needs. We never stop thinking about what tomorrow will bring. And that makes us well positioned to protect the workforce of the future. Unum 2016 Annual Report 1 ALL TOGETHER NOW The workplace is multigenerational. Today, four generations of employees are working side by side. Life expectancy is increasing, retirement ages are rising, and the percentage of employees over 55 will continue to grow. That’s why we offer solutions that meet employee needs at every stage of work life. 2 MILLENNIALS ARE FUTURE-FOCUSED Think they’re not listening? Think again. Millennials are an important segment, representing the biggest share of the modern workforce. And while they may be young, they’re not care-free; they’re focused on financial protection a lot more than you may think. In fact, 94 percent say having health insurance at work is important, and 70 percent already own some type of life insurance. 3 INTRIGUING – BUT NOT YET TRANSFORMATIONAL The “gig economy” is a trend worth watching. Some predict a future where everyone is an independent, part-time worker, using mobile technology to find gigs that fit their schedules and expertise. While the number of “gig workers” may be growing, they represent less than 0.5 percent of the workforce. And in the last five years, the growth in traditional, full-time jobs – Unum’s market – has tripled the rate for non-traditional jobs. 4 w Workers know it’s up to them The responsibility for choosing and funding benefits is shifting to employees. The transition in financial responsibility for and selection of benefits from employers to employees has accelerated, and is likely to continue. Over the past 12 years, the percentage of benefits premium paid by individuals has risen from 54 percent to 68 percent. Offering products that are easy to understand, access and choose is more important than ever. Unum 2016 Annual Report 5 w HELP WHEN YOU NEED IT Many people lack the financial resources to cope with the unexpected. Consider this: One in four U.S. workers has less than $1,000 in savings. More than half of households would struggle to recover from an unexpected $2,000 expense. And 44 percent of people who receive Unum disability benefit payments tell us they would have to give up their home without their employer-sponsored disability coverage. Add it all up and it’s crystal clear: The need for financial protection is big today – and will be bigger tomorrow. 6 Rick McKenney President and Chief Executive Officer “In 2016, we capitalized on opportunities to further expand our reach and achieved year-over-year growth in a number of areas. In short, it was a year of precise execution for us.” To Our Shareholders, Customers and Colleagues: I began last year’s annual letter with one word: Opportunity. Our mission now is to build on this progress and capitalize on the strong growth mindset that has taken hold at Unum. Although much of This year, I’m relying on two words to capture the essence of what the uncertainty from last year continues, we entered 2017 with strong we achieved in 2016 — and our mindset as we move forward: momentum and remain intensely focused on the disciplined execution of our business plan — and on serving the needs of more than 35 million Disciplined growth. workers and their families throughout the U.S. and U.K. In 2016, we capitalized on opportunities to further expand our reach Working in a business built on helping people prepare for the and achieved year-over-year growth in a number of areas. In short, unexpected means we have a responsibility to anticipate and prepare it was a year of precise execution for us. We delivered on our promises for what others may not see coming. That’s why we will continue to to customers and shareholders, while continuing to build on the align our 10,000 outstanding team members to address the shifting strong Unum brand — all the more impressive given the difficult market conditions in ways that drive growth, deliver shareholder environment in which we operated. value, and serve our customers. In spite of continued low interest rates and economic uncertainty, 2016 — A Growth Story we grew our business in a disciplined manner by expanding our reach to new customers and deepening our relationships with By any measure, last year was a very good one for Unum. We stuck those that already see us as a partner. to our game plan and remained focused on our priorities, executing effectively across our businesses — all of which translated to real, The result was one of the best years in our company’s history. measurable growth. 7 Consider these performance milestones in 2016: Key to this progress has been our consistent execution in a challenging, albeit somewhat improving, environment. While a better interest-rate • Record net income per share of $3.95. trend and an improving economy have tempered the headwinds we • Record operating earnings per share of $3.92, an increase of face, conditions certainly still have not returned to historical norms. nearly 8 percent over 2015 and the eleventh consecutive year of operating EPS growth. Expanding our portfolio • Record revenues of $11 billion. • Record premium levels for our U.S.-based businesses. As with National Dental Plan in the U.K. in 2015, the acquisition of Starmount Life last year was a key component of our growth strategy. We’ve successfully raised the bar on performance across the board We see strong demand for dental and vision insurance, and Starmount as each of our core business segments — Unum US, Colonial Life provides the foundation for us in the important U.S. market. Strategically and Unum UK — showed year-over-year growth in before-tax expanding our benefits portfolio with dental and vision provides operating income. Unum with a couple of key advantages. For prospective customers, these products provide a cost-effective entry point to the full suite of Among the most important factors in our growth story are Unum benefits. For our existing customers, this acquisition allows us the underlying fundamentals of our business. Our disciplined to deepen our relationships and add greater value by offering new approach to managing risk is built on realistic pricing strategies coverage options. combined with customer-centric claims management and a prudent investment approach. While our industry often looks Strengthening our franchise through to price as a basis of competition, our continued growth and high persistency rates demonstrate that customers additionally strategic acquisitions will be an important value our industry expertise, service commitment, and relevant avenue for us. At the same time, we’re employee benefits offerings. We have a winning combination that offers a compelling value proposition for customers, hard at work developing new product and a strong-margin business that ultimately translates to and service offerings. shareholder value. Creating new products, enhancing existing offerings, and finding In 2016, we continued to maintain our solid balance sheet new ways to create great customer experiences ensure that we while generating excess capital. This provided opportunities remain at the forefront of the employee benefits market. This to deploy capital in multiple ways, including making a strategic work helps to emphasize a key differentiator for Unum: Delivering acquisition and reinvesting in our business to support organic benefits at the workplace is our sole business. That focus sets us growth. We also put our capital to work with approximately apart from many of our competitors. It is also a key reason we $400 million in share repurchases, and affirmed our commitment achieve exceptionally strong approval ratings, with a 96 percent to return value to our shareholders with an 8-percent increase positive reputation rating among customers and brokers. in our dividend. Operating Earnings Per Share* Book Value Per Share (Excludes AOCI)* $3.92 $39.24 $3.64 $3.51 $35.90 $3.28 $33.12 $3.13 $32.25 $29.52 12 13 14 15 16 12 13 14 15 16 * These terms are non-GAAP financial measures we use in analyzing performance. Refer to Financial Review section for further information.
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