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Unum Group [UNMA] has reported a net loss of $1.3 billion for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $12.4 billion
Based in CHATTANOOGA, Tennessee, Unum Group operates in the FINANCE sector.
In the 12 months ended December 31, 2023, the revenue for the company amounted to $12.4 billion, showing an increase from $12.0 billion in the previous year 2022 and $12.0 billion in 2021. This increase was primarily driven by growth in Premium Income, Net Investment Income, and Other Income.
The total Benefits and Expenses incurred during the period were $10.7 billion, compared to $10.2 billion in 2022 and $10.7 billion in 2021. Policy Benefits, Commissions, and Compensation Expense were the major components contributing to the overall expenses.
Income Before Income Tax for the current period stood at $1.6 billion, slightly lower than the previous year's figure of $1.75 billion but higher than the 2021 figure of $1.26 billion.
The company reported a Net Income of $1.28 billion for the year 2023, a decrease from $1.41 billion in 2022 and an improvement from $981 million in 2021. The decrease in Net Income can be attributed to various factors, including changes in Policy Benefits, Expenses, and Income Tax.
In terms of earnings per share, the Basic Earnings Per Share for the current period was $6.53, down from $7.01 in 2022 but higher than $4.80 in 2021. Similarly, the Assuming Dilution Earnings Per Share was $6.50, which was lower than $6.96 in 2022 but higher than $4.79 in 2021.
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