Unum Group (UNM) Tops Q4 EPS by 3c; to Discontinue Sales of Long-Term Care Contracts

Unum Group (NYSE: UNM) reported Q4 EPS of $0.78, $0.03 better than the analyst estimate of $0.75. Revenue for the quarter came in at $2.6 billion versus the consensus estimate of $2.59 billion.

The Company concluded its strategic review of its long-term care business and announced that it will discontinue new sales of group long-term care contracts during the first quarter of 2012 and reclassify the long-term care line of business from the Unum US segment to the Closed Block segment. The results for the fourth quarter of 2011 include an after-tax charge of $561.2 million ($1.92 per diluted common share) to reflect an increase to long-term care policy and claim reserves of $573.6 million before tax and an impairment of long-term care deferred acquisition costs of $289.8 million before tax.

For earnings history and earnings-related data on Unum Group (UNM) click here.

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