Unum Group reported significant financial performance improvements for the third quarter and the first nine months of 2024 compared to the same periods in 2023. Total revenue for Q3 2024 reached $3,217.0 million, a 4.0% increase from $3,092.5 million in Q3 2023. Year-to-date revenue also rose by 4.4%, totaling $9,650.7 million compared to $9,240.8 million in the prior year. Premium income for Q3 2024 was $2,628.8 million, up 4.1% from $2,525.9 million in Q3 2023, with growth observed across all principal operating segments.
Net income for Q3 2024 surged to $645.7 million, significantly higher than the $202.0 million reported in Q3 2023. For the nine months ended September 30, 2024, net income was $1,430.4 million, a 50.1% increase from $953.2 million in the same period of 2023. Basic earnings per share for Q3 2024 were $3.46, compared to $1.03 in Q3 2023, while year-to-date earnings per share rose to $7.54 from $4.83.
The company’s total benefits and expenses for Q3 2024 decreased by 15.1% to $2,402.4 million from $2,830.8 million in Q3 2023, contributing to the improved profitability. The income before income tax for Q3 2024 was $814.6 million, compared to $261.7 million in the same quarter of the previous year.
Unum Group's total assets increased to $64,140.5 million as of September 30, 2024, up from $63,255.2 million at the end of 2023. The company also reported a rise in total stockholders' equity to $10,951.4 million, compared to $9,651.4 million at the end of 2023.
Strategically, Unum Group issued $400.0 million in senior notes due 2054 in June 2024, using part of the proceeds to repay $350.0 million of existing debt. The company has also been active in share repurchases, buying back 9.7 million shares for $500.0 million during the first nine months of 2024, compared to 3.9 million shares for $175.4 million in the same period of 2023.
The company faced a legal settlement loss of $15.3 million in Q3 2024, which was a notable expense. However, the overall financial outlook remains positive, with expectations for continued premium growth and stable claim experiences across various product lines.
About Unum Group
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