Unum Group (NYSE:UNM) Q1 2022 Earnings Conference Call May 6, 2022 8:00 AM ET
Company Participants
Tom White - Senior Vice President of Investor Relations
Rick McKenney - President and CEO
Steve Zabel - CFO
Michael Simonds - COO
Mark Till - Head International Business
Conference Call Participants
Erik Bass - Autonomous Research
Alex Scott - Goldman Sachs
Tracy Dolin-Benguigui - Barclays
Tom Gallagher - Evercore
Ryan Krueger - KBW
Suneet Kamath - Jefferies
Jamie Buller - JPMorgan
Mark Hughes - Truist
Josh Shanker - Bank of America
Josh Esterov - Credit Suisse
Operator
Hello, and welcome to Unum Group First Quarter 2022 Earnings Conference Call. My name is Elliot, and I'll be coordinating your call today. [Operator Instructions]
I would now like to hand over to our host, Tom White, Senior Vice President of Investor Relations. Please go ahead.
Tom White
Great. Thank you, Elliot. Good morning, everyone, and welcome to the first quarter 2022 earnings conference call for Unum.
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. 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, also in the Investors section.
Yesterday afternoon, Unum reported first quarter 2022 net income of $253.5 million or $1.25 per diluted common share, an increase from the $153 million or $0.75 per diluted common share in the first quarter of 2021. Net income for the first quarter of 2022 included the after-tax amortization of the cost of reinsurance of $13.2 million or $0.06 per diluted common share and an after-tax investment loss on the company's investment portfolio of $10.6 million or $0.05 per diluted common share. Net income in the first quarter of 2021 included the net after-tax loss from the second phase of the closed block individual disability reinsurance transaction of $56.7 million or $0.27 per diluted common share. Also the after-tax amortization of the cost of reinsurance of $15.8 million or $0.08 per diluted common share, and a net after-tax investment gain on the company's investment portfolio, excluding the net realized investment gain associated with the reinsurance transaction of $13.5 million or $0.06 per diluted common share. So excluding these items, after-tax adjusted operating income in the first quarter of 2022 was $277.3 million or $1.36 per diluted common share, an increase from the $212 million or $1.04 per diluted common share in the year ago quarter.