Tom and good you, Thank morning.
to we ourselves As we talk find unprecedented times. today, your in
the have are and while a pandemic of the the COVID-XX of uncertainties of world. the We resulting the multiple contraction dramatic backdrop current good The we quarter the economy. has seeing created for environment emergence
working it thrive work the world we importance of purpose, reinforces moments. through throughout life helping As it, Unum's the corporate
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grows times which best-in-class way teams have only of a service like We more customers. reputation have providing I importance are built and challenging could on our these. behalf of not our performing responded of the be in in proud
expected We a have and and action. take the early recovery picture of testing in of practices lifecycle ensures will is don't are our roadmap we in think of stages place the the still Scenario yet our standard have stress of pandemic how decisive of we to we including full part planning, unfold. the portfolio this
the a stronger on side. other We to stress scenarios have a a the weather managed has in strong resilience team, storm through business financial with emerge successfully and seasoned and management position, which past the
quarter cover to in much to have addition morning results. this We you with first
the we provides a are how playing is to our on impact scenarios. the year. the update ourselves we out for impacts see quarter the business, first through This terms will in both COVID-XX provide throughout manage an having we what in how positioning of We on saw variety and basis of potential
requirement our statutory a Insurance estimate of margin Bureau several over reserves Care Maine additional that this over our some move the Long-Term in years, related uncertainty to the build detail in to best block. Block next will cover and increase assumptions also will markets' the of address We should
discussing play. health Well, me important the by franchise of our begin that role and the let we
we We delivering vital and you play millions important employee social than the at employees the Quality of at difficult products past providing crisis. families financial like time in are role focused the are in as The today have benefits we in differentiators on provide and emerge we ever and providers to to value for lives. and times their services protection need. employers this with remain this, from times benefits financial important their competitive more of outlined will a
and and advantages a and disciplined again risk proven employee culture, customer management with superior consistent with connections and to end distribution from origination the new benefit the claims reputation business digital These time include reach, servicing have our to to leaves, focus. and people technology our capabilities in of demonstrate which makers, of claims, decision unwavering pricing front excellent approach
to addition, capital. In employee geography, capital detail track role our advantages record morning. our position liquidity which in and and size. diversified core by is a will well case balance with industry, leadership this are by cover benefits of generating we sheet, our These this backed strong more given in All business our businesses translates strong
in structure the We organizational to and investing by our digital underscore service our advantages which enhancements capabilities, continue on customers. will commitment build these to
Turning to workflows changes has several and past business, COVID-XX of the view necessitated to pandemic the real-time weeks. our the many over processes our
preparedness professionalism have people transition home XX% the and a I work served consistent see. to our maintained the teams instituting from first of we've levels the and Our attitude of transition well throughout who commitment, service of for week the have our policy. for customers our our proud has almost resilience to us emergency remotely employees within great plans successfully and made of am of been can-do this working
is that workforce, topline generating will implication our who be companies one home are adjusted gone other and challenging. As customers have growth their
not depth from yet recession. the is insights for multiple While of we planning are XXXX drawing pandemic XXXX the including stress scenarios situations, and know, duration previous still the to
the have the business. slowdown potential and analyzed impact As on part resulting our process, have ongoing planning of of pandemic could our risk and we economic management
an turn level and are and of benefits benefits premium which protections wages on generate in the employment we and provide building the As levels. employee provider, voluntary blocks
As a leader for many years business in we employee well benefits diversified a profile. have
exposure pressure limited gas, we expect are impacted retail, and fact headwinds that highly and part-time from like entertainment. discretionary rising by to workers exposure oil While we declining unemployment, the these and and GDP lower and sectors, have restaurants buffered to
pressure to and in near-term claim [ph] a difficulty at and to line. the when comes vision. vary One getting of their lower in businesses are expected From engage of general perspective most trends can management, activity from leave ability additional disability in With in utilization levels front risk home. headwind product short-term and benefits growth decision-makers and by more new
systems. occur greater environment though essentially even also From recover processing do to includes mortality long-term claim generally in current on state elevated rates, the data think ranges, we what claim healthcare This external for age Sadly, disruptions much cessation people impacted also in need life and of Life, of where Group the this negative depending younger activity affect get disability. customers see rate. navigate as care can they at could we environment sick, contrasted a by
care This to and work, claims, to for of people impacts gather return to support to to the for flow some potentially the new level claim of receive required required file documentation payments.
service. dynamics excellent overall claims resources people management, we areas maintaining moved higher leave while as quickly we short to to disability the volumes, our have Given and to reallocate such expect term
of of to the last The impact halve we has a moved segments area rates. rapidly This and explore of a Government, from and Federal to particularly down to continue rates varying - rapidly investment business portfolio impact seen overall. interest of on economy is growing and rates actions have rate portfolio yields our the declining slowing The in pressure ways. discount evaluations impact
our have time with our over group historically pricing managed strategies. We blocks
Although our of is sharp to approach over we immediate will to them rates work through to return the our interest time managing with downturn, through retain customers focus pricing.
corporate default averages is have comprised a Over different years largely compared credit the we of shown industry investment actively generally we rates profile our of and rating. manage credit and many maintained portfolio, consistently Additionally, overall monitor credit. consistent favorable have to which cycles in
on at name, the pressures environment. challenging we the Based these on but our evaluate with see home place name that continuing be second moment, corporate are we through by as the strengths in is at most this orders There expectation in May. many perform issues portfolio remaining could stay quarter to
to begin environment the slowly normalize. expect to we lift, orders these As
how capital recovery the not do know will long how view that simply discuss over our you will full impact will all take. the we our today or course of these year. influences plan will and occur with However, Steve of earnings when
on you that could provide of to continuing we not are the the year we we're a us, but give in outlook which we you playing out. around give we seeing going all color how year. well, trends will weeks recent see today sense volatility the should as that help forward Given our the for see more
will overall second from our some continue layer and first which pressure did Bringing quarter. likely quarter the We to in results the solid into quarter with consistent back were expectations. you generally the our environment the see current
We will those trends discussion highlight throughout this morning. our
almost before were after-tax first increase to X% Unum from ago $X.XX in operating slightly driven increase International. of U.S. results operating Unum year offset was in income share earnings quarter quarter, an adjusted For tax the an adjusted lower weaker of results the and These Colonial $X.XX in the per compared which X%. in by
increase note, over quarter. of were Additionally, the statutory earnings, and an an important on year million, flow cash XX% a positive adjusted of operating ago driver favorable $XXX at after-tax
Our after-tax credit which of cover from million in losses will net sales detail. losses greater results realized and also $XX Steve reflect investment
growth while previous in a X.X% segments that than which experience income we premiums, in quarter, seen range. we X% in our did to at had business slowdown the Looking better of first from core the year-over-year X% pace is in had premiums quarters premium
in of the persistency sales exception declines trends premium well UK, businesses. core Unum lower our saw as as marginal in With we
March this more quarter. clearly trends we month Sales into the and challenged in continuing were second the anticipate of
a be going but on Our anticipation traditional in case in challenged forward is stable business. smaller voluntary of in our persistency group, lines basis case benefits will
all XXXX. Given anticipate year to relatively of to full premium this, flat be income we
XX% ratio adjusted four our favorable quarters. to the had lives. XX%, ratios in portfolio, slight benefit year in block inline the quarter. quarter Colonial closed with a ratio the International care across U.S. XX.X% the takes This interest increase generally of mortality an Results ratio were results quarter its for XX% in well Unum were range the year-over-year of above product more of disabled segment primarily and while to past saw or loss the very quarter with speaking long-term this favorable expected our loss were challenged. by ago over driven Benefit results We first
metrics just our capital in billion, our ratio both companies Our the in and $X excess in cash at of the RBC quarter over targets. for U.S. well with companies held XXX% life very our traditional insurance first at of holding
We our XXXX the expect to continue to environment. current capital will year and not throughout we given repurchase the shares in meet targets
quarter Maine exam requiring announcement the consulting statutory One our includes reserves that which care our Maine's financial actuaries. establish this is to other of the long-term review external by results is important Care the Life reserves additional This Insurance of us Block. of Maine's is of Long-Term Unum America event Bureau the of for
The years. seven for year will further with Maine's million added this our be XXXX intrusion over at range begin to our reserves and estimate statutory will Steve will reserves estimated details. actuaries increase of year $XXX touch additional $XXX each disagree a for The end see more the margin million. the best assumptions. be of respectfully of these to We in and by amount within is added on
fund to additional cash plan through these We reserves flows. adjusting
the line generation in for capital we addition, business' that has with targets our primary continue our to we believe flexibility will maintain dividend. substantial In and our to XXXX company. anticipate financial maintaining our We capital provided shareholder current metrics
have employees As been to look - families. the back and and we future, more important the and employees from services to never step provide their pandemic we the products
successfully has again. and past While confident do rapidly, model so is and challenging environment the it will our crisis in today's navigated evolving business I'm
of our term, earnings we intend may to rates premium into invest and we growth the While in income be expand best impacted new leverage act and areas decisively in and operations how as reemerge. near capture to can and where disciplined growth our remain how will environment time, those emerges. spend At being the expertise to the and money where we we on of our reflective current opportunities opportunities continue capabilities same
business evolving to of business needs Prior of alignment to model pandemic business. begun with of Mike and COVID-XX as customers. to changes ensure better we new transform our that as to for in our advance see the had Officer, opportunity outbreak, work for to Simonds to period Chief an as proper role the the with We already improvements our Operating look continue transformation well market own our this time serve model
When our LTC care we block we term long-term about the business on the addressing the announcement also so concerns long are and measured doing making in closed a we think see today way. for
a that consistently margins have the core provider. a We maintained over through of strong businesses have resilient highly benefits employee reinforced see highly with and grown connected We purpose last tremendous time franchise this period of with decade. ourselves high quality, getting successfully
Steve? now quarter ask first I'll cover the to results. details Steve of the
