Unum Group reported a 4.6% gain in its after-tax adjusted operating earnings during the second quarter as premium income grew another 6.8% in Unum's core business, helping the company beat analysts' forecasts for the period by a penny per share.
The Chattanooga-based insurer reported after the market's close Tuesday that its net income in the three months ended June 30 totaled $281.2 million, or $1.33 per share, compared to $285.5 million, or $1.29 per share, a year earlier.
Excluding after-tax realized investment gains and losses, Unum's adjusted operating income this spring was $286.9 million, $1.36 per share. Analysts who follow Unum had predicted the company would have adjusted earnings of $1.35 per share in the three-month period.
"We are very pleased with our financial results for the second quarter and the strong premium growth we are generating in our core business segments," said Richard P. McKenney, Unum's president and chief executive officer, in a statement. "We are continuing to make strong progress as we execute on our strategic priorities and deliver on our purpose to provide essential financial protection to millions of workers and families."
Unum US reported adjusted operating income of $254.3 million in the quarter, an increase of 1.3% from $251.1 million a year ago, according to the disability and voluntary benefits insurer.
Premium income for the segment increased 6.2% in the second quarter. Net investment income for the segment declined 6.3% to $184.1 million in the quarter, the company reported.
The Unum International segment reported adjusted operating income of $30.7 million in the quarter, up 11.2%.
Premium income increased 14.2% to $158.6 million in the quarter. Sales increased by 4.9% to $29.7 million in the second quarter.
Colonial Life reported a 0.2% decrease in adjusted operating income to $84.4 million in the second quarter.
The Corporate segment reported an adjusted operating loss of $43.8 million for the second quarter. That compared to an adjusted operating loss of $35.5 million for the second quarter of 2018.
Looking ahead, the company continues to expect after-tax adjusted operating income growth per share for full-year 2019 to be within the range of 4% to 7%.
Unum's stock closed Tuesday on the New York Stock Exchange at $32.80 per share, up 30 cents, or 0.92%.