UNM - Earnings call transcript Q3 2017

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Operator

Good day, and welcome to the Unum Third Quarter 2017 Earnings Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Tom White, Senior Vice President, Investor Relations. Please go ahead, sir.

Tom White

Great. you. Thank and Unum. Third everyone, conference XXXX to for call welcome morning, Quarter the earnings Good

today include fact. remarks not Our will of that are current are statements or historical forward-looking statements, which

materially As Form our actual XX-K are Exchange forward-looking Information Regarding filings differ factors Statement a concerning the Commission with located also in to Form annual Statements suggested Risk December could results in report results differ Factors and statements. cause titled result, that XX-Q. appears on our quarterly by from ended the year might Forward-looking the in and subsequently these results for and our and fiscal Cautionary XXXX, reports sections XX, filed Securities on

our our today's And the call Rick McKenney; Block. for any comments. unum.com. most as reconciliations A statements Participating non-GAAP can obligation Investors or in Tim to also for Arnold are Our opening you statements. Closed that speak in and this I'll morning's call the website call U.K.; made, Zabel Peter CEOs CEO, remind in today's as Unum well Mike in Simonds SEC presentation the Unum segments, conference to for O'Donnell can his U.S.; for Colonial section Life; turn at be and and for statistical the CFO, business found Steve measures filings forward-looking on over are now the I'll date GAAP supplement in and be website as in President McGarry; Unum's section. Rick presentation Jack only found our the revise of of our the undertake of of measures they comparable included we of update publicly financial no any Investors directly

Rick McKenney

the Thank shaped XXXX has very and the morning, through away year good everyone. up you, well company. quarters for Three Tom,

up over are Our past several strong, third trends experiencing been building quarters. the favorable momentum the we've business results positive quarter and

the share a per for of quarter. year-ago high the was $X.XX, another to income company after-tax and increase strong relative very Our operating record XX%

operating a well-managed top U.S. saw Unum the This first core the reinsurance about the be X%. after-tax for exceeds to into per year. year full our quarter, growth to fact, this driven be X.X% months by overall of performance slightly our benefits coming are our and our increased to moment. benefits the Colonial momentum a an and profit which share expect expectations at we quarter. continued X% X We XXXX, produce upper transaction, excluding and line, of This and persistency results, of of growth of feel financial our in Both the now in segments range income leading our by In operating our great has stable. performance premiums grow Life above expenses, overall end Jack established producing X% segments. last driving the with experience also Combining growth. discuss to to perspective, performance growth stable remained we will continue margins. sales positive we the premium solid businesses drivers From good

that our earnings the for expectations. are of this XXXX. several accelerated seen in to quarter this care, remain Unum underlying running last results long-term are Closed segment although continuation have the U.K. we've part, expectations the in within Our our U.K. results for trends some trends volatility operations Block These a due, in below slightly results showed uncertain And finally, environment. large years,

of at and benefits a Our strategy our focus taking is a on need care of simple market, consistently singular executing time the customers our on one, employee plans.

on leader helping and we what their difficult we've enabled a this benefits. to compete. we're good We've the positions at, built lives, us the has times in become where Over strong through years, people focused market in in employee

consistency. delivering on ourselves We also pride

are A Customer be While expectations course-correct the in future. not set environment necessarily increasing, these these in in already by with we've persistency our industries. being risk enhance investing in through all we companies are at leading there only the expectations and the whatever consumer commitment and effective by sector demonstrated seeing our execute We're our and customers us. insurance understand peers to is and to we off to have external in and that pay throws will investments our us, investing that challenges management. will an know always key ability marketplace, success volatility capabilities across we're experiences but a the

the in in to their personal our way. of be turn, critical people before very at the make recently empathetic An of for strength positioning we a financial last the deliver we on as that our also promises company. lives customers shareholders. delivers company mainly difficult in of will ensuring and people our are is As to and, as our offer a with we culture backbone The times quality protections you've say our deal me we quarter, heard the

like strong Jack? a some quarter. to what it to over details very third Jack was I'd to on Now of the take turn of

Jack McGarry

Thank everyone. Rick, and good you, morning,

As one Unum. Rick stated, for the third quarter was another outstanding

and per $X.XX Our an a capital management is income share with increase quarter, of strong balance operational after-tax year-ago between the performance drivers. of XX.X% operating over drivers

ROE last group margins produced benefit before-tax operating ratios. quarter, in the with and a highlighted ago. in strong growth. outstanding the year. in benefit business share primary each quarter be upper U.S. increase performance sales Our good repurchases of the excellent many lower of the operating X.X% All an after-tax disability premium with XX.X% X.X% million, Unum income XX.X% by Within ratio an of year while favorable performance from share $XX expense best to quarter. of over increased to growth, for improved income U.S., Unum in continues these and ratios X.X%, operating trends, another driving to contributed trends improved XX.X% are line income driver X.X% profit Premium increased years, strong quarter, the this an

increasing AD&D the more impact of and implemented favorable rates STD in fourth expected, the incurrals incidence have in offset point claim the The record line and supplemental in last primarily individual XX.X% incidence grow quarter quarter operating income we $XXX.X basis The with the benefit by pace, XX for XX.X% of year, Premium rate operating produced excluding discount LTD with healthy at benefits had $XX.X X% of disability lower product XXXX. in million, to As line the million trends and income, and of quarter, that impact of an group treaty in strong quarter, ratio driven line. increased an our increase Premium group reduction voluntary improved than year. income in X.X%, XX.X% year. X%, from of last into with the in claim lower XXXX. of the life income line average to a prevalence and the voluntary lines increasing XX.X% entered increase reinsurance over a and continued we the a last over new size fourth life

and addition, DAC last benefits and Sales which decline increasing quarter line, of by saw XX.X% in the the improved for individual August contributed IDI, versus the year, was particularly premium and favorable In acquired last favorable quarter, both increasing increasing development. strongly, vision in by over benefits VB $XX.X voluntary driven strong experience for year. in the sales income Unum segment of we were and dental in a large for primarily We U.S. rebounded volatility operating case $XX disability million of year. X.X% the The increasing last LTD, XX%, income for in in third XX.X%. XX.X% driven sector. Sales expenses improvement million STD

see to for million vote. and Persistency line pipeline in continues For year's dental $X.X of we the within environment quote U.K. sales $X.X year-ago growth than being fourth of last the VB the the this is continued given sales be vision product addition improved year-to-date, versus first were well our but expect million the quarter, brought product remains of by XX%, lines The of better on lower Brexit of level the up a to activity expectations. year in levels, strong activities. the generated and uncertain see contributed to to year, last our by our we and our group Unum product impacted relative has half line. and

this from GBP year earnings last XX.X to quarter challenge, X% reflect declining by Third million. operating

improved over did quarter. and in last the stable a and sales this new due size. as quarter, rate currency slightly growth in well the third year-ago local recoveries X.X% from ratio the up by claim lower increases U.K. from due lower the claims, the claims That quarter disability discount Risk resulting basis to average an group XX.X% incidence premium to impact higher in in inflation-linked pick in Unum reduction prior-period increasing block persistency. for implemented benefit quarter, benefits first Our in of year, driven line for income increase our XX the the XX.X% life in-force as group experience point we line to which the and claim was

the was by believe an XX.X% difficult the offset quarter growth for lower illness. in dental pressure sales, sales group line, works U.K. supplemental by through only by one Brexit. in continue group critical driven for business Unum Unum quarter uncertainty sales local currency. we group the the Although particularly partially and This long-term and life the as that U.K., declined U.K. unusually was to feel will third surrounding disability decline which was

stable Sales offsetting helped and less ratio million, commercial increased strong Life. increase critical to seen to quarters steady and driven accident, with Colonial the the last X.X% quarter. Sales well an public year. the income Life's over sales income many be growth, over ticked for experience increasing along X.X% another XX.X% quarter and as Looking sector. in over drive disability up lines, from $XX.X and of this life growth cancer by Colonial Premium as healthy, the core in in trends experience segment now the benefit positive, with growth at in quarter, favorable improved year, We sales XX.X% the this with last of positive saw Colonial continues X.X%, increasing remains year-ago lines. sickness illness we've to persistency. Life momentum operating

increasing see new accounts sales account We to X.X%. at remains increased good also continued XX%. stable for to sales Persistency with existing Life while X.X%, Colonial trends,

slightly for from disability is XX.X%, the year-ago last expectations. unfavorable Finally, operating quarter. in XX.X%. declined quarter $XX.X the but This with the ratio million relative loss year's income the line be to million continues Closed was to interest-adjusted in third in $XX.X line, the In Block, to individual

favorable benefit XX.X%, to expected our long-term slightly above XX.X%. XX%, although XX% range care, For of interest-adjusted the was to last year's ratio

in may As attributable policyholder a status. you was The benefit unusually an lapses. ported group recall, benefit ratio individual largely elevated current unfavorable moved of elevation to to impact large case due ratio to the the last year's that is

norms. Other than long-term the Although factors underlying not we'd favorably experience rather quarter. trend related consistent we're historical to important to volatility, that continued this encouraged see with line claims was care this

Our quarter resetting new-money yield been XXXX. X% in assumption, of it quarter fourth assumption the above the our that since just of was in has as again

we rate slightly exceed, in with continue expectations make addition, us rate progress In several our if on on achieve, pace not reserves. to business, the to keeping additional approvals, in-force good increases with assumed the increase

We increases worth with actively rate productive noting plan continue outstanding filings, With than that insurance future other to rate have future from it's discussions and we state assumptions. departments, the said, are justified. our amounts current no pursue to built our into reserve our small increases were XXXX that the

So quarter. financial this results strong overall, very a and had operating we

with risk favorable across of to coupled businesses, see continue strong We growth. the results top line majority our

trends expense favorable very our segments. across business X core experienced also quarter of this all We

base, While not quarter. in managing likely to this timing would level that caution I our a same expense we recur the and benefit issue of at you was the fourth are is some actively quarter the

in over companies four has performance has risk-based weighted $XXX.X continued financial basis statutory $XXX for of pleased is Both repurchased financial cash quarters. creates XXX% us, $XXX position, average million on subsidiary our for year. our to ratio for our we a third insurance approximately performance. the I'm the million. again outlook of shares, is companies' year-to-date for with and quarter million Net approximately company. this trailing and generate also totaled the several quarter past significant amounts relative holding up, and This Our our metrics U.S. the trend while now to contributions, statutory the improved capital with these flexibility of second earnings for consistent million quarter, at traditional with income the quarters strong committed Wrapping very totaled line excluding $XXX as and the our

X% upper after-tax above, range to we X% we the full be we As look end share out not slightly close growth quarter. per XXXX, at, expect if operating the year established of to to income last

Now Rick I'll to the back closing turn his call for comments.

Rick McKenney

with year-to-date can into as marketplace successfully our results. strong we Jack. very and think third very Great. our strategic our translating remains and top pleased in Thank of with are We on operating tell, the benefits position quarter And strong, performance employee financial we're - you, that solid foundation. you

move the begin would your to questions. I'll session. question-and-answer Diana So Diana? now like to I to ask

Operator

go Instructions] Jimmy [Operator We'll Bhullar to JPMorgan. first with

Jimmy Bhullar

question a supplemental business. just voluntary had and First, on the

in as I you've in quarters. can highest had it's earnings think I significantly back it's and level this that's $XXX than as your the million, see far few been in history, higher the last segment,

So referred in of assuming that number? expense benefit be sustainability as that that there your view well. you of I'm what's the might And to there

Rick McKenney

We'll have Jack. Jimmy. Great. Thanks,

Jack McGarry

are growing the think, than were earnings It's in seen X% higher the I the a a So Two that, in growth business. while. year. we've drivers, factors

would XX% expense those from it. perspective, of from growth, that X% consistent quarter I'd favorable have We pretty from So risk an of favorable kind DAC did say levels. factors of favorable were be the development. and a

I and though think as settle with Even ratio, to actively they manage a expense continue forward. we've we we'll good in had the quarter, third expenses favorable going company expenses been may trend a on very our back.

higher So I'd a than performance the go-forward say, pleased little it's with But the of rate. we're line. really probably the

Jimmy Bhullar

fourth New contributed little as each you've expect past in - to York - this each the care bit quarter we similar year Should well? few think, a years, then block, I contribution year most And the of long-term every a quarter. the

Jack McGarry

think it'll would a be I similar magnitude. of Yes,

Jimmy Bhullar

indications the potential medical in And lastly, of to you can sort this new give market consumer what on guys? reception long-term you And that us initial then do you of product? due as some for stop-loss growth sort see

Rick McKenney

Mike?

Mike Simonds

Yes, sure.

the rapid XX And quoting So days the effective growth entered positively X/X/XX ago. in quote surprised, a with officially little actually business been very we market actually, we've over activity.

the those decisions be tend So effective to date. close made to very

new how see have that there plays have market. to But our we'll a out. extension wait an to the So leverage way we're of that relationships we quarter the excited about and in the distribution and fourth out as brand

Operator

Kamath Citi. We'll next go Suneet to with

Suneet Kamath

win in transition? transaction major past, of given a in large as that a has question the your M&A ability just the on like recently environment, seen we've historically, First pretty been this, that, the terms was when announced. deals environment In to business favorable competitors

Rick McKenney

Yes.

that, Let me give you Suneet. a couple of comments on

First something that we'll think be about it's be active when It's to us, of M&A you all, in. continue and we'll something disciplined on.

the I foremost. first think it's and probably

I about think environment. So I'd that the mentioned

deal mean, similar And specific two a announced capabilities. was much week. are have mentioned get in are this You say, the competitors case that but I'd consolidating detail, they these won't that market. large I I too in

think providing do to a And our be customers, the going run. We're see we'll on in so there, a to when been good team that. But of I see basis out we're that Ultimately, lot you continue think really to there we'll and today has the large I that market. that on space. continue a case very to that out competitive in value

Suneet Kamath

on potentially XXXX? Can business. much of similar discount the then in of your are how adjustment from benefit adjustment ratio rate a remind drag us made Unum where year? seeing in And last And making terms you are you the you U.S. just the a thoughts in

Jack McGarry

Yes.

the we $X.X worth rate made discount said about we So think year. a quarter million when I adjustment last was it

We to interest with and that than at least trends lead We're would another would according that at that. our suspect take expected played this offset comfortable favorable point still to seeing more but work, would We where in both and the there's reserve we're our That's year. recoveries feel we are expectations. out there our are. doing action me nothing adequacy our rates this incidence investments where

Operator

Gallagher of We'll take ISI. our next question Tom from Evercore

Tom Gallagher

improvement on The regard a that an individual more you the first XX% a years? maybe in terms where what see start ratio and side Anything the of with to going Do here Or underlying supplemental as an seen last is Or disability you've see there the voluntary analogy significant question the was anomaly? group terms good. you've for of versus that we of is business? recent in to disability several segment. quite history? benefit been bit in

Jack McGarry

pleased underlying say see around wouldn't don't pleased there been while. it. very long with we're generating, has in But smaller block. I hovered that. Yes. block We've more time LTD the I unusual very and That think mark it's results. we ratio a quarter's anything the than for about has block, there's that to the than a this results is block anything LTD for a been benefit volatility with XX% subject so It

Tom Gallagher

would seeing But could is claims I you back least assume stay that that the it there XXs? underlying - or XX%? guess, think in do anything - in to be you the Jack, you might at is the there would it's below Or XXs going you're trends suggest

Jack McGarry

say, I'd XX%. under slightly it's

the for probably I marker it. of kind good historical is trend a think

Tom Gallagher

And then question. next

group, them? guess, pricing you Just group? growth had in What those? there think had Do can sustain overall pressure new next you be you over Or good look I on you on where pricing now. the favorable sales do years margins? couple business, would do in your any as margin think of you're with business Based think the new you on based you can out sustain you've you

Rick McKenney

Mike?

Mike Simonds

But didn't like market level reasonably that Jack into would year felt is rates year favorable we're because the interest risk we prices pick of put was of offering. the years. If we've increase, that sales we growth what momentum say, out an real course need putting reason about we quick pricing seen you there for ago, market. reflect XX% the of was time took also feel part the is, a in several and some over our capabilities the underlying the the to the Starmount the like first emerge up would the confident guided sales overall. feel take like it and the And We that felt the answer that And year is the a to. economics, have we do I dental alluded we about that. we in that I like comfortable back to X% new

and, bit growth smallest sales maintain strong So a therefore, while year is to outlook volatility, XQ good. sales the and to of to the I'd sales drive continue subject our are quarter margins say, more

Tom Gallagher

final And care. then just topic long-term on

comments way about the I your think is rate I feel looking a there necessarily? Just Is is about is, the increases? that that? - to fourth would sounds quarter XX% you at the - Is it's than there - How above heard heading XX%, benefit north ratio really my higher think Jack, on, if look you right the fact comfortable or threshold year-to-date, if on the would dimensioning it? it just trigger XX%. offset it been of the that elevated not that like, question remained side, not review. into Is significant Because ratio XQ into benefit you from that be - guess, and the

Jack McGarry

fourth trigger. don't going what Res in happens I fourth through Essentially, actually our quarter think be before finalized. is to quarter work the Yes. we're a is the

So is long-term a business. this

ratio interest been anticipated margin been I'd bit to we've new a has than some say elevated. impact. of a that to we But had success hand, lot XXXX in offset fact, loss done what kind and no to our the of is happens the little has has other in on In it. and quarter drive higher money placing that the single going

Tom Gallagher

that. on follow-up a just And

California, that when a So does in I think, factor think requested for fair that into is even your it think at say to big XX%. increase I about Is fairly you review? not relevant - play reserve it all? - a rate Or you've

Jack McGarry

there. to view speaking in rate our are the But anything. we're reserves. need that a No, hopeful not in increase been it's upside reserve element. assumptions that we'll hit than don't get we isn't. active think But and it I'd very really a with I we've California as California, more

Tom Gallagher

one sneak that? more or just could Guideline LTC, any initial the on thoughts industry Actuarial for I you if in. then to And related impact

Jack McGarry

I We've Yes. can't any anticipate for our for us. on tested care don't always talk the long-term basis. a I stand-alone impacts industry.

that's new So for nothing us.

rate addition, having a think really guidance. as our the support result. positive guidance We increases as about better of the it's don't as - have we but consistent always changes matters, are both In any of anticipate where results clarity around goal that well feel with we actuarial investment actuarial been and consistency treatment and good we the

Operator

our Mark SunTrust. next from question with take Hughes We'll

Mark Hughes

little going quick payrolls Any in seeing the on do into secondly, comment were natural Are ones. this Couple year? quarter. then there? you in What the of sales a Colonial And uptick you growth the slower any next quarter? anticipate bit

Rick McKenney

we'll on Mike, do you Tim. want to growth, natural then and start ask

Mike Simonds

growth, bit sure. look quarters, cycles. still expansion though, would as in more well. earned to on side, I'd with bit seeing a sort job the mix, forward, that what we've pretty And that given continue improvement of quarter-over-quarter. what consistent premium seen to say, Yes, the are but salary we from prior than growth a note, so I'd a continues come persistency as on we muted improve our expect of last slow on we've through the over I seen the Mark, couple a natural of bit, bit side,

Rick McKenney

to Colonial Life do you mention Tim, and sales growth? want on And,

Tim Arnold

the the Sure, leading and driven segment we our had market like We've distribution for despite of effectiveness third remainder large the strong the year. are still great the by year, at we're were largely yes. which good the indicators looking proposition. as We system. and the We our you, good weather-related case some Thank headwinds, strength well so and positive far as about value feel and issues, quarter opportunity. feel year team of We about Mark. about feel our very a our

Operator

Goldman We from Scott with Sachs. will question take Alex our next

Alex Scott

the on Had a more quick I on one the lapse specifically, rates. long-term guess, care,

lapses you're just the adjusted I favorably was already running of of wondering to on Some if in filing the less compared statutory those. a little some suggests you'd peers. that disclosure

the has some the reserve was rates. of I it in work but wasn't think related of to interest rates, some lapse reducing I been sure past already

Jack McGarry

this is I point, It one fairly this unusual. mean, at quarter. was Yes.

I with think which under where, think, are X%, pretty our There I comfortable with lapse are. - the is is. our where we're rates assumptions consistent industry

shocking lot There's into filings a on the care, and statutory other here. that in nothing goes long-term lapses mortality and there's So things.

it's assumption out to that a hard single So based single information. on

Alex Scott

one you going made And other U.K., that one quantify rate Can that Unum on discount there. the impact quick that, the change you earnings will have forward? on

Jack McGarry

mean, having was - in of impact a the I already was the it's for a there, quarters. it's X million GBP of quarter. X earnings the on so already first kind neighborhood around It it in

Operator

Bass Research. with We'll go Erik to next Autonomous

Erik Bass

Both terms something is you changed handling quarters claims been have has just you improving now. results employment Or do economy a pricing number industry of the guess, or group that's experiencing in function in of favorable I U.S. else and results? underwriting a recent disciplined for improving risk of this picture? years think and assessment the and in

Rick McKenney

Mike, do you want to take that?

Mike Simonds

sure. Yes,

So probably the it's I much former more latter. the than think

to submitted kind and pricing recover industry had have well. the or driver very that on the when We it discipline and reports players does I quarters. over a some a of gradually have improved has of look been bit like, as at last seen XX as But profitability underwriting X appear incidents

Erik Bass

sort Tom I sort these gets of cyclical But in factoring guess, to. what at sustainable their favorable peak? a in are know kind of recent of I that levels? broadly that guess, was asking this I at you seeing pricing? And is do on there note experience view evidence of you margins, people risk Or approaching any we're then

Mike Simonds

I've predict of too won't I of any got margins so insurance, that you out. it's come believe periods. suspect sight pressure over to, far unusual coming the line would and say, But I'd a where can't kind under

not to probably a that's big issue. be So going

Erik Bass

you're of the aggressiveness at seeing So increased in pricing any not sort this point? or competitiveness

Mike Simonds

competitive It's the to. that a pretty kind accustomed that's we I think norm are but of market,

Operator

of Partners. question Dowling & from our Lee We'll next take Humphrey

Humphrey Lee

A on Unum question U.S. the

the quarter. bit in you I benefit little if And you good of was talked terms he about line is wondering elaborate what seeing sales think the of Jack's fourth business? a are in can just remarks, prepared looking I voluntary coming for that in

Mike Simonds

Yes, but on when off the number of core a comes a benefit year-to-date of double-digit good about is growth pleased market we we've we pretty effective see fourth did some like good line work which It's a tick quarter, basis clients case added. growth. large of benefits. VB the sales. small as feel every quarter. We where voluntary had was with for an in voluntary And the We quarter really down, It been and a bit a see momentum for and much portfolio about feel forward the in good sales look in we through really business in lot X/X voluntary. dates,

Humphrey Lee

comparable? is activity would year level better it is say quoting or last the you So than

Mike Simonds

And are as broader the we lines interest proposals. increased a supplemental seeing in number well. some seeing bit we're of say of I'd deeper,

lines stop-loss interest disability So ticking has But in quote your growth mentioned business there. X voluntary and life lines standard group a the insurance dental and of of activity is in vision a I lot and increased lines insurance tick in have or health new supplemental up. of

Humphrey Lee

long-term just care. then question a And on

unfavorable lapses, see vintages that these color for do in concentration So kind that's Just group? share. additional you any you any can or of individual whether or

Jack McGarry

But different individual I are and where there group. continued lapse in very the more than than it business group the specific individual, mean, they kind within dynamics the was based on vintage. individual the it the an - very, track individual with But of no was was been. impact was had

Operator

Wells from take Fargo. Sean Dargan We'll with next our question

Sean Dargan

Block to Closed back the just Jack, care. long-term going

yields some at higher to interest So assumptions I at money rate putting like Can the they remind XXXX. it longer-term us point? in are? what, sounds work you've your of higher new slope been move you than Do assumed guess, you

Jack McGarry

they Yes, do.

in X.XX% be rates margin a So those yield start would in encouraged since back We've of start range. we'll year, over the year-end would XXXX is long-term see. the approaching assumptions to which assumed years rates, new healthy XXXX. point years next the was. over X.XX%, X, the last hit average, the for where X% high toward It's march in, the We to in actually X XXXX, by treasury X is to each Xs, we good are to all-in a But where are grade then expected that upward. by ensuing X money quarter quarter the or following which exceeded and grading the

Sean Dargan

you than Is other the that backing to securities different what have you buying are And support liabilities? block? what

Jack McGarry

different a I mean, somewhat mix. of longer it's It's term.

are the do So we're than some out in well have alternative line rather investments people yields. most some that focused XX-year back XX-year on. and as at that high the We

So it's the competitors side little comfortable probably our But high portfolio. It's than probably with exposure, bit our good and alternative the about yield which high-yield lower from is book. very we're with perhaps think We're than we our our overall, quality comfortable longer. feel most performance the of lower other a exposure. on of

Sean Dargan

then just have on Unum I voluntary. And a question supplementary modeling U.S. and

we items, Because amortization about - number the should going low. had you So of that favorable seemed think but DAC the forward? a how very

Jack McGarry

persists Frankly, was. to and a who do terminates. has it lot it Yes, with who

benefits. had already had cases voluntary DAC tended be had persistency the newer to of hefty and on we cases still going persistency with persistency, off. who the terminated they But people of cases wasn't the DAC written that forward. where a older balance where overall the So kind out favorable terminated And been more line

- where about overall location more lapses than where was it took it lapse. was the so the of place And

Operator

any conference to further or I'd over no management the for like closing questions, back turn remarks. additional With to

Rick McKenney

seeing do other Great. through time New XXXX join our be on working we're of good and Thank We December all at to for the this you in actually meeting, which take look on. We'll to us York you will a XX. look outlook you taking that into many forward things morning. all

you'll And that hope I we completes call. So join us there. conference quarter third XXXX Diana, our guess,

Operator

for you participation. Thank your

You may disconnect. now

Unum (UNM) 27 Oct 172017 Q3 Earnings call transcript