morning segment, the you, which quarter. good to quarter Unum's will business my income million the financial how adjusted I'll analysis are lines relative everyone. show in In on primarily quarter first reported $XXX.X and operating Unum pandemic. compared million quarter results morning, for to XXXX, allow to which quarter focus the U.S fourth discussing progressing of will the first start of Rick of Great, us results this company's $XX.X remarks the first with thank through fourth the our
I'll results COVID impacted Voluntary were Life and Group related by mortality Benefits within line describe line in Insurance significantly in business detail, the our As Life greater these business.
quarter fourth quarter. of the we million first Beyond performance operating the compared very ratio was related X.X% this the with compared million X.X% pleased in with the the Disability income $XX.X persistence with by of were fourth growth a was premium the fourth to income the the The underlying Unum Starting solid increase significant particularly $XX.X favorable see impact, good very increase of benefit to pleased income premium fourth were We XX.X% the for adjusted in stabilizing. mortality businesses, rest natural line, growth the to in compared very Group and U.S. the quarter quarter XXXX. to XX.X% to quarter. quarter,
COVID expected, benefit disability the elevated see we rates. short-term high line due claims to first infection driven related we by continue As the was ratio quarter to where
few on to other disability mention with ratio to XX% continue group range We or run some are XX% the in benefit the disability. volatility. quarterly points group to expect There annual
higher First, quarter first miscellaneous investment by slightly income. the higher investment was driven largely net income in
ratio improved in the in XX.X% first XX.X% from quarter. expense to the nicely the fourth declining Second, quarter
to related move expenses, timing in this of stay the improvement is future quarter will up to below likely so the of fourth quarters, Some slightly level. it ratio
fourth to the the and We’re with life as on services making Unum further Adjusted expense of capabilities mortality quarter of expenses the the deaths related to first pressures to The enhance fourth to related pleased mortality first showed U.S. offerings this $XX.X the trend, change is in we from explained increase driven it through our a the the million million in the quarter. national from compared $XX.X to by XXX,XXX largely quarter. improvement with show COVID a ongoing continued impact operating in an Group in with observed the nationwide first the in investments to from ratio fourth loss related AD&D service of our XXX,XXX approximately volumes. loss COVID balance approximately quarter COVID lead quarter quarter to for managing the income
was an we X% Our related incurred and in approximately COVID incidence of of a claim rule the approximately significant average that for first quarter by was seasonally did while prior size share mortality with claims Non-COVID slightly did on mortality COVID a claims XXXX not thumb have claim offset the quarter. hold Unum adjusted the in estimate size to lower basis related as $XX,XXX. we quarter of higher average results a on compared impact largely consistent
trending looking in Now to mortality COVID national the December and favorably ahead January. seen the from is peak second levels quarter,
of the of range quarter related to XXX,XXX. Second estimates approximately levels mortality compared COVID in U.S. quarter XX,XXX first XX,XXX to are the
results. seeing trend in We claims are a drive The experience decline magnitude our this COVID of our is improving to Group as the in Life well. recovery expected
rule from a aged million retired Life our would quarter. other an claim these COVID we to claim to a to a the million working claims of experienced approximately than by income an over policies individuals, If of in skewed from age Life to people we to the age over expect distribution in compared $XXX national improve away to rollout, change second earnings would counts related policy somewhat. elderly this have pandemic changes and first throughout we more Since percentage higher younger However, have size. Group thumb level amounts quarter. the is impact does that to population and higher X% likely the it’s $XX the the XX words vaccine earnings due of breakeven using Group approximately and tend and average mortality of first expect million In the estimates, from the higher to see second the equate approximately to quarter quarter to $XX to
on to first Now, the related adjusted COVID in impacts continues $XXX.X quarter XX% The an with compared pleased and insurance fourth Block. and with line we to saw the Individual line in shifting of segment. Disability Insurance generally quarter U.S. was year the quarter, ratio the in were quarter. trends the XX.X% line with million for income favorable continued we of in ago mortality driven expectations. with this we to Life Benefits voluntary Benefits by life generate Unum the incidence compared exposure, of the to saw fourth Voluntary mortality voluntary the trends primarily results in generally benefit benefits first in quarter experienced XX.X% our million supplemental improved favorable quarter we in the operating in $XXX.X the saw line, the Outside excluding
was quarter utilization the XX.X% volatile quarter Unum benefit the in higher and AD&D first been sales this in market lines the ratio declined U.S. which core that employee in compared Sales experienced to we dental pushing the of businesses. in Vision in Finally, Within Life in significant our and quarter sales our our to the case the quarter. by Group quarter. utilization line vision at since a the has LTD, and for the XX.X% to Voluntary utilization increased for large total in quarter the decline Dental ago is XXXX. XX.X% second consistent first compared in in of would and more Benefits outlook group recover benefits year than lines quickly with employee XX.X% benefit This combined growth both mix FTD, are good with business. fourth
line the supplemental is currently growth in markets, has voluntary quote to activity level are the pre-pandemic group our in which recovered in of Recovery with seeing is We slower, in a sales which expectations. good levels. the lines
XX.X% have to so take around effective larger our individual which sales down are were Benefit disability growing case the a in and longer that mid later consistent strong up sales longer in in the were to quarter until there last issued VB pre-pandemic sales quarter, X expect sales recently at is view January first Large wouldn’t and year. quarter Our with case in XX.X% concentrated days, coming cycle the sales Voluntary we more VB particular, recover. will momentum year. down see
last in caused the the other providing the discounts the response group many unusually trends Finally, by are XX.X% sales lower were carriers quarter Vision in Dental disruption resulting of from claims favorable year. sales in second incentives, seen and to and
for Persistency offset quarter major ago last the quarter positive for compared year, line this in lines product were first a premium seeing for higher XX.X% the with quarter and the the to are in relative U.S. our in Unum of at Vision We to year first persistency a quarter. Dental for XX.X% growth giving us higher full-year. tailwind to first good
mortalities, impacts higher income the adverse This income growth improved income move first on to big driver of million from mortality. Poland we we UK operating million performance line, improved segment claim and on Benefits a the line. improvement the Life let’s quarter Illness last of the ago this showed in for with in improved but premium Now, the pleased COVID in its a seeing improvement improved recoveries of Critical International year. in results in strong from UK where fourth to and Income Group business line with higher with related the Group also in the to resulting wasn’t experience on basis. adjusted fourth XX.X% operating has in to levels COVID offset level experienced compared a compared adjusted $XX.X experience with this Protection in to year results growth adverse first relative $XX.X the due quarter, in seen year-over-year £XX.X A the to we’re are improvement with quarter Unum of £XX.X the million quarter in in performance strong of the Group million quarter quarter. the first
related Poland and the are International we remain as our improved with and do income both operations, cautious impacts. encouraged outlook, deal by with we UK the economic in Although COVID the near-term
on Colonial quarter million uptake improvement This the ratio. compared by XX.X% the income primarily fourth from lower adjusted higher in the Disability million a as due did historical with are and Next, the a impact than line. in COVID by the of our our and were trends. for operating to picked in income ratio long-term in Critical primarily trends very fourth Cancer Life generated Results was in was increasing first line, with XX.X% $XX.X our X.X% the improved pleased continued well slightly driven we quarter consistent results with The the benefit $XX.X segments the favorable benefit from generally slight from Premium expense of remain Accident ratio Insurance but and to quarter, the line quarter. slightly the persistency of result up Illness experience. the fourth quarter Life first
to need to will X%. We to back premium the of X% see recovery rebuild new sales further in to historic growth levels
the encouraged in the sales quarter We’re by for saw we Colonial. first trends
Although experienced cumulative X.X% to last for were we XX% three sharply down over improved has in momentum quarterly look XXXX. quarters sales balance XXXX. the decline the that We forward sales of of year-over-year, improvement further from the
for million And $XX impact in re-insurance quarter turning year. quarter strong first the operating levels Disability the to of compared uptake are segment, the socially our we to relative $XXX.X are the encouraging in in of We in that and conduct face-to-face these transaction to quarter distanced this seeing last rebuilding million our segment. about ways was the Closed excluding Block developed Closed new, we of the It historical income quarter find accounted enrollments our are enrollments. digital also adjusted is Blocked the Most by encouraged fourth enrollment as safe which for to tools, income enrollments. third recently one face-to-face Individual
range the remained assumption at the fourth of primary the LTC expected, the favorable were fourth fourth XX% trend quarter of the to quarter. the primarily the first similar within to assumption of last in compared lines mortality compared to the the estimate fourth claim quarter, a first excluding LTC higher the the than and approximately was accounts quarter XX.X% was ratio what experienced a our loss to in range XX%, remains in our the will COVID. COVID revert In LTC block. impact due quarter first monthly basis. higher income quarters impacts the update quarter on our adjusted XX% incidence continued we Closed year. results for we quarter in XX.X% likely normalized the the The the of quarter ratio the interest reserve Block, mortality on of for business Looking loss for from and that the to interest to long-term a related the several first claim trends incidence adjusted We next volatile and long-term for of over to anticipate as Block,
my ratio Closed backing first was to in the was The quarter segment the For in to million, net these income, this and from Disability higher the that to fourth segment. due quarters. adjusted operating other on both results, reflect claim investment claims. transaction the primarily retain million active the corporate operating which commentary experience first of impacts the we insurance the block, capital excluding blocks freed fourth quarter in investment $XX.X is level up quarter. XX.X% the slightly and the level primarily life have income higher smaller largely reinsurance In mind a loss favorably the Block, from underlying transaction the the to favorable which a net the corporate to our lower were adjusted of allocated the offset expectations higher the adjusted in individual Keep expenses. intend of XX.X% of operating absolute wrapping reserve quarter, loss same cohort for generate in This in which disability loss to and been due quarter's the segment the were under $XX.X XXXX interest submitted now financial required assets up
As deployed, the these in product expected quarters to future allocated are lines the to segment income the or investment assets favorable net is corporate decline. for out
components earnings approximately of in completion which transaction, announced of to of of fourth in a after-tax transaction, of covered completed the recording December. assets X reported of during million. transaction XX% loss we was quarter. The Phase approximately Closed the first in transaction reinsurance, was to X quarter involved $XXX turn Block the of Individual the back to Xcovering of the the net in transaction transfer $XX.X Reinsurance which balance the Disability first the are like would the our I Now the statistical and detailed the supplement. release the Phase million Phase
In amortization quarter. after-tax was the of cost reinsurance $XX.X million addition, the of this
ultimate cash flexibility now transaction very company creates pleased with completed, us. the are million release to and approximately we holding of that the $XXX capital for With of the
Now I would investment to few to like next turn a highlight. to our points portfolio with
recorded we realized were assets completion embedded market These gain of after-tax First and the Closed an [ph] in million the of was associated and derivatives unrealized assets balance. Individual from $XX.X had net by positive million the which result first investment gains that quarter. this Disability investment value. investment to were $XX.X with gain, was Block transaction. of million quarter's at Of the realized gains Phase X of the reinsurer driven $XX.X on operations was normal transferred market mark The a balance our largely which realized Reinsurance
positive of on Second, I invested valuation the mark million recovery million our following fourth we strong mark $XX.X of mentioned this to quarter. continue alternative previously, assets $XX.X a in a the see as quarter in
the portfolio we portfolio would marks positive to quarterly of $XX the million in size $X expect Given current million.
the recovered while income first for average have returns also lost following also I'd fourth earning it amount over period. in calls quarter market was early miscellaneous that the traditional We from now fully quarter than our quarter. higher the that a in from in note bond expected XXXX, unusually valuation low an decline the
were yield reinsurance with investment pleased amount, transferred with assets finally, overall that book a very grade then quality $XXX portfolio. Phase Of allocated approximately -- assets And to the not invested the of investment a retain with we of with million the have able X.X% to of to of book transaction, of value the that were X the million we $XXX been portfolio. Third, remain LTC reinsurer.
status. $XX During quarter investment-grade we to of bond below downgraded investment-grade $XX million the of and upgrades first to below million bonds investment-grade saw investment-grade only to
at XXXX. high-yield Our which total holdings were from was year-end quarter securities income end first down fixed X.X% income of of X.X% at the the of fixed securities
based Our looking very list levels capital positions. potentially very these the pleased the the to to our our remained advantage billion the of watch investments of us it U.S. low and as the market holding The taken well X.X of our targeted over are the flexibility troubled of as company quarter, the the of first with cash we both in is Then company as exposure at slightly we've out above is provides rebound and of ratio credit reduce risk position, insurance capital company a come pandemic. end financial we position traditional levels. for at of XXX%
In ratio has XX% declined flexibility. addition, our note I that additional providing leverage to
out plans our We to capital months. evaluating pandemic as coming have in the actively will are come on we of the you and more update
XXXX, quarter. look that of reporting to to our lingering a continues full-year of view some half relative our adjusted expectation repurchasing share of the for $X.XX common in that to as second intend company we of create be per per our realistic of a XXXX.With with focus will X% in value In greatest the following the the can opportunities in shareholders, our I have to mortality strong competitive update ratio, shares expectations our for regarding operating Importantly, close core and on for the outlook market. growth decline my believe deployment modest COVID level our we the and our fourth dividend X% which historically comments included diluted in in related February, investing income share. our XXXX payout the we quarter the XXXX an and a outlined maintaining for impacts a to businesses, recovery second outlook we
questions. forward comments will I turn to for your Now closing the and call back to look Rick his
