Unum Group Files 2023 Annual Report on Form 10-K

TL;DR

<b>Unum Group submitted its comprehensive 2023 annual report (10-K) detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Unum Group (UNMA) filed a Annual Report (10-K) with the SEC on February 20, 2024. Unum Group filed its 2023 Form 10-K on February 20, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal executive offices are located at 1 Fountain Square, Chattanooga, TN 37402. Unum Group was formerly known as UnumProvident Corp. The Standard Industrial Classification code for Unum Group is 6321 (Accident & Health Insurance).

Why It Matters

For investors and stakeholders tracking Unum Group, this filing contains several important signals. This 10-K filing provides investors and analysts with a detailed overview of Unum Group's financial health, operational strategies, and risk factors for the past fiscal year. Understanding the information within this report is crucial for assessing the company's performance, future outlook, and its position within the accident and health insurance industry.

Risk Assessment

Risk Level: medium — Unum Group shows moderate risk based on this filing. The company operates in the highly regulated insurance industry, which presents ongoing compliance and market risks that could impact financial performance.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to assess Unum Group's resilience and growth prospects in the evolving insurance market.

Key Numbers

• 20231231 — Fiscal Year End (Period covered by the report)
• 20240220 — Filing Date (Date the report was filed)

Key Players & Entities

• Unum Group (company) — Filer name
• UnumProvident Corp (company) — Former company name
• 1 Fountain Square, Chattanooga, TN 37402 (company) — Business address
• 0000005513 (company) — Central Index Key
• 6321 (company) — Standard Industrial Classification

FAQ

Industry Context

Unum Group operates within the accident and health insurance sector, a segment of the broader financial services industry focused on providing coverage for medical expenses and income replacement due to illness or injury.

Regulatory Implications

The insurance industry is subject to extensive regulation by state and federal authorities to ensure solvency, protect policyholders, and maintain market integrity.

What Investors Should Do

1. Analyze Unum Group's revenue streams and growth strategies for its insurance products.
2. Examine the company's financial health indicators, including assets, liabilities, and debt levels.
3. Review the identified risk factors and management's mitigation strategies.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-20: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing of the 2023 annual report; comparative data from the previous year's 10-K would be needed for direct comparison.

Key Financial Figures

• $0.10 — ange on which registered Common stock, $0.10 par value UNM New York Stock Exchange

Filing Documents

• unm-20231231.htm (10-K) — 8388KB
• unm123123ex412.htm (EX-4.12) — 115KB
• unm123123ex1021.htm (EX-10.21) — 1143KB
• unm123123ex1045.htm (EX-10.45) — 72KB
• unm123123ex21.htm (EX-21) — 15KB
• unm123123ex23.htm (EX-23) — 7KB
• unm123123ex24.htm (EX-24) — 11KB
• unm123123ex311.htm (EX-31.1) — 8KB
• unm123123ex312.htm (EX-31.2) — 8KB
• unm123123ex321.htm (EX-32.1) — 5KB
• unm123123ex322.htm (EX-32.2) — 5KB
• unm123123ex97.htm (EX-97) — 10KB
• 0000005513-24-000015.txt (&nbsp;) — 41748KB
• unm-20231231.xsd (EX-101.SCH) — 142KB
• unm-20231231_cal.xml (EX-101.CAL) — 112KB
• unm-20231231_def.xml (EX-101.DEF) — 1122KB
• unm-20231231_lab.xml (EX-101.LAB) — 1916KB
• unm-20231231_pre.xml (EX-101.PRE) — 1460KB
• unm-20231231_htm.xml (XML) — 10521KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 22 Item 1B. Unresolved Staff Comments 34 I tem 1C. C yber security 34 Item 2.

Properties

Properties 35 Item 3.

Legal Proceedings

Legal Proceedings 35 Item 4. Mine Safety Disclosures 36 PART II Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 37 Item 6. [Reserved] 37 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 38 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 97 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 104 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 233 Item 9A.

Controls and Procedures

Controls and Procedures 233 Item 9B. Other Information 235 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 235 PART III Item 10. Directors, Executive Officers , and Corporate Governance 235 Item 11.

Executive Compensation

Executive Compensation 235 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 236 Item 13. Certain Relationships and Related Transactions and Director Independence 237 Item 14. Principal Accounting Fees and Services 237 PART IV Item 15. Exhibits and Financial Statement Schedules 238 Index to Exhibits 248

Signatures

Signatures 252 T able of Contents Cautionary Statement Regarding Forward-Looking Statements The Private Securities Litigation Reform Act of 1995 (the Act) provides a "safe harbor" to encourage companies to provide prospective information, as long as those statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those included in the forward-looking statements. Certain information contained in this Annual Report on Form 10-K (including certain statements in the business description in Item 1, Management's Discussion and Analysis in Item 7, and the consolidated financial statements and related notes in Item 8), or in any other written or oral statements made by us in communications with the financial community or contained in documents filed with the Securities and Exchange Commission (SEC), may be considered forward-looking statements within the meaning of the Act. Forward-looking statements are those not based on historical information, but rather relate to our outlook, future operations, strategies, financial results, or other developments. Forward-looking statements speak only as of the date made. We undertake no obligation to update these statements, even if made available on our website or otherwise. These statements may be made directly in this document or may be made part of this document by reference to other documents filed by us with the SEC, a practice which is known as "incorporation by reference." You can find many of these statements by looking for words such as "will," "may," "should," "could," "believes," "expects," "anticipates," "estimates," "plans," "assumes," "intends," "projects," "goals," "objectives," or similar expressions in this document or in documents incorporated herein. These forward-looking statements are subject to numerous assumptions, risks, and uncertainties, many of which are beyond our control

BUSINESS

ITEM 1. BUSINESS General Unum Group, a Delaware general business corporation, and its insurance and non-insurance subsidiaries, which collectively with Unum Group we refer to as the Company, operate in the United States, the United Kingdom, Poland, and, to a limited extent, in certain other countries. The principal operating subsidiaries in the United States are Unum Life Insurance Company of America (Unum America), Provident Life and Accident Insurance Company (Provident), The Paul Revere Life Insurance Company (Paul Revere Life), Colonial Life & Accident Insurance Company, Unum Insurance Company, Starmount Life Insurance Company (Starmount), in the United Kingdom, Unum Limited, and in Poland, Unum Zycie TUiR S.A. (Unum Poland). We are a leading provider of financial protection benefits in the United States and the United Kingdom. Our products include disability, life, accident, critical illness, dental and vision, and other related services. We market our products primarily through the workplace. We have three principal operating business segments: Unum US, Unum International, and Colonial Life. Our other segments are the Closed Block and Corporate segments. These segments are discussed more fully under "Reporting Segments" included herein in this Item 1. Business Strategies The benefits we provide help the working world thrive throughout life's moments and protect people from the financial hardship of illness, injury, or loss of life. As a leading provider of employee benefits, we offer a broad portfolio of products and services through the workplace that provide support when it is needed most. Specifically, we offer group, individual, voluntary, and dental and vision products as well as provide certain fee-based services. These products and services, which can be sold stand-alone or combined with other coverages, help employers of all sizes attract and retain the talented and capable workforce they need to succeed while protecting the incomes and liv

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View this 10-K filing on SEC EDGAR