Unum Group (NYSE: UNM) reported Q4 EPS of $1.15, $0.04 worse than the analyst estimate of $1.19. Revenue for the quarter came in at $4.27 billion versus the consensus estimate of $2.98 billion.

• Net income of $135.4 million ($0.66 per diluted common share) for the fourth quarter of 2020; after-tax adjusted operating income was $235.3 million ($1.15 per diluted common share), in-line with prior outlook despite elevated December COVID-19 related mortality levels.
• Signed Closed Block individual disability reinsurance transaction expected to free $650 million of capital; $400 million realized in the fourth quarter.
• Long-term care GAAP reserves updated to reflect low interest rate environment; capital contributions consistent with expectations.
• Strong balance sheet and liquidity with holding company cash of $1.5 billion; weighted average risk-based capital ratio of approximately 365 percent.
• Book value per common share of $53.37 grew 8.7 percent over the year-ago quarter.

Based on the year-end 2020 resurgence in COVID-19 related mortality and infection rates and the expectation for higher mortality rates in the first half of 2021, the Company expects a modest decline in after-tax adjusted operating income per share for full-year 2021 compared to full-year 2020. The Company also anticipates a strong recovery in after-tax adjusted operating income per share in the second half of 2021 as the expected impacts of the COVID-19 pandemic subside.

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