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Chattanooga, Tenn.-based Unum Group is reporting a second quarter net income of $242.5 million, up 10.9% from $218.6 million in the same period last year, the insurer said in its earnings statement Wednesday.
“The growth in our operating earnings per share this quarter was driven by solid growth in our earnings in addition to the ongoing favorable impact of our share repurchase program, which is the kind of balance we have sought,” President and CEO Thomas R. Watjen said in the statement.
According to the release, Unum Group reported strong sales and improved premium growth across much of the company.
In the U.S. segment, group long-term disability and group short-term disability sales increased in the second quarter, as did sales of group life and accidental death and dismemberment products, the release states. The supplemental and voluntary line of business, however, reported a slight decline in operating income to $83.6 million, compared to $83.7 million in the second quarter of 2013.
“While there are always challenges, I believe that we are well-positioned to continue to capitalize on the opportunities ahead to profitably grow our business,” Mr. Watjen said in the statement.
Chattanooga, Tenn.-based Unum Group contributed $50 million to its U.S. defined benefit pension plan in the second quarter as part of the company's efforts to freeze the plan at the end of 2013.