Unum Group (NYSE:UNM) Q2 2022 Earnings Conference Call August 3, 2022 8:00 AM ET

Company Participants

Tom White - Senior Vice President of Investor Relations

Rick McKenney - President & Chief Executive Officer

Steve Zabel - Chief Financial Officer

Michael Simonds - Chief Operating Officer

Conference Call Participants

Alex Scott - Goldman Sachs

Ryan Krueger - KBW

Erik Bass - Autonomous Research

Jimmy Bhullar - JPMorgan

Tom Gallagher - Evercore

Suneet Kamath - Jefferies

Tracy Benguigui - Barclays

Operator

Hello everyone and welcome to the Unum Group Second Quarter 2022 Earnings Conference Call. My name is Daisy and I'll be coordinating today's call. [Operator Instructions]

I would now like to hand the call over to your host, Tom White, Senior Vice President of Investor Relations at Unum Group, to begin. So Tom, please go ahead.

Tom White

Great. Thank you, Daisy. Good morning, everyone and welcome to the second quarter 2022 earnings call for Unum.

The one last time, our remarks today will include forward-looking statements which are statements that are not of current or historical fact. As a result, actual results might differ materially from results suggested by these forward-looking statements. Information concerning factors that could cause results to differ appears in our filings with the Securities and Exchange Commission and are also located in the sections titled Cautionary Statement Regarding Forward-Looking Statements and Risk Factors in our annual report on Form 10-K for the fiscal year ended December 31, 2021 and our subsequently filed Form 10-Q. Our SEC filings can be found in the Investors section of our website at unum.com. I remind you that the statements in today's call speak only as of the date they are made and we undertake no obligation to publicly update or revise any forward-looking statements. A presentation of the most directly comparable GAAP measures and reconciliations of any non-GAAP financial measures included in today's presentation can be found in our statistical supplement on our website in the Investors section.

So yesterday afternoon, Unum reported second quarter 2022 net income of $370.4 million or $1.83 per diluted common share, an increase from $182.9 million or $0.89 per diluted common share in the second quarter of 2021. Net income for the second quarter of 2022 included the after-tax amortization of the cost of reinsurance of $13.1 million or $0.06 per diluted common share and a net after-tax investment loss on the company's investment portfolio of $3.1 million or $0.02 per diluted common share.