Intrinsic value of Unum Group - UNM

Previous Close

$38.14

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$38.14

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as UNM.

We calculate the intrinsic value of UNM stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 8.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.20
  2.48
  2.73
  2.96
  3.16
  3.35
  3.51
  3.66
  3.79
  3.92
  4.02
  4.12
  4.21
  4.29
  4.36
  4.42
  4.48
  4.53
  4.58
  4.62
  4.66
  4.69
  4.72
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
Revenue, $m
  11,535
  11,821
  12,144
  12,504
  12,899
  13,331
  13,799
  14,304
  14,847
  15,428
  16,049
  16,710
  17,414
  18,161
  18,952
  19,791
  20,678
  21,615
  22,605
  23,649
  24,751
  25,913
  27,137
  28,427
  29,785
  31,214
  32,718
  34,301
  35,966
  37,717
Variable operating expenses, $m
  9,100
  9,325
  9,579
  9,861
  10,172
  10,511
  10,879
  11,275
  11,702
  12,158
  12,606
  13,126
  13,678
  14,265
  14,887
  15,545
  16,242
  16,978
  17,756
  18,576
  19,442
  20,355
  21,316
  22,329
  23,396
  24,518
  25,700
  26,943
  28,251
  29,626
Fixed operating expenses, $m
  849
  868
  887
  907
  927
  947
  968
  989
  1,011
  1,033
  1,056
  1,079
  1,103
  1,127
  1,152
  1,177
  1,203
  1,229
  1,257
  1,284
  1,312
  1,341
  1,371
  1,401
  1,432
  1,463
  1,495
  1,528
  1,562
  1,596
Total operating expenses, $m
  9,949
  10,193
  10,466
  10,768
  11,099
  11,458
  11,847
  12,264
  12,713
  13,191
  13,662
  14,205
  14,781
  15,392
  16,039
  16,722
  17,445
  18,207
  19,013
  19,860
  20,754
  21,696
  22,687
  23,730
  24,828
  25,981
  27,195
  28,471
  29,813
  31,222
Operating income, $m
  1,586
  1,628
  1,678
  1,736
  1,801
  1,873
  1,953
  2,040
  2,134
  2,237
  2,387
  2,506
  2,633
  2,769
  2,914
  3,068
  3,233
  3,407
  3,592
  3,789
  3,997
  4,217
  4,450
  4,697
  4,957
  5,232
  5,523
  5,830
  6,153
  6,494
EBITDA, $m
  8,102
  8,306
  8,537
  8,796
  9,083
  9,398
  9,740
  10,111
  10,511
  10,939
  11,398
  11,888
  12,411
  12,966
  13,555
  14,181
  14,843
  15,544
  16,285
  17,068
  17,895
  18,768
  19,688
  20,659
  21,681
  22,759
  23,894
  25,090
  26,348
  27,672
Interest expense (income), $m
  154
  2,864
  2,864
  2,864
  2,864
  2,864
  2,864
  2,864
  2,864
  2,864
  2,864
  2,864
  2,864
  2,864
  2,864
  2,864
  2,864
  2,864
  2,864
  2,864
  2,864
  2,864
  2,864
  2,864
  2,864
  2,864
  2,864
  2,864
  2,864
  2,864
  2,864
Earnings before tax, $m
  -1,279
  -1,236
  -1,186
  -1,128
  -1,064
  -991
  -912
  -825
  -730
  -628
  -477
  -359
  -232
  -96
  49
  204
  368
  543
  728
  924
  1,133
  1,353
  1,586
  1,832
  2,093
  2,368
  2,659
  2,965
  3,289
  3,630
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  13
  55
  99
  147
  197
  250
  306
  365
  428
  495
  565
  639
  718
  801
  888
  980
Net income, $m
  -1,279
  -1,236
  -1,186
  -1,128
  -1,064
  -991
  -912
  -825
  -730
  -628
  -477
  -359
  -232
  -96
  36
  149
  269
  396
  531
  675
  827
  988
  1,158
  1,338
  1,528
  1,729
  1,941
  2,165
  2,401
  2,650

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Adjusted assets (=assets-cash), $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Revenue / Adjusted assets
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Average production assets, $m
  64,771
  66,377
  68,191
  70,208
  72,429
  74,853
  77,481
  80,318
  83,366
  86,630
  90,115
  93,829
  97,779
  101,972
  106,417
  111,125
  116,104
  121,367
  126,926
  132,792
  138,979
  145,503
  152,377
  159,617
  167,242
  175,267
  183,714
  192,600
  201,948
  211,779
Working capital, $m
  -55,289
  -56,660
  -58,208
  -59,930
  -61,826
  -63,895
  -66,139
  -68,560
  -71,162
  -73,948
  -76,923
  -80,093
  -83,465
  -87,044
  -90,838
  -94,857
  -99,107
  -103,600
  -108,345
  -113,352
  -118,634
  -124,202
  -130,070
  -136,250
  -142,758
  -149,609
  -156,819
  -164,405
  -172,384
  -180,776
Total debt, $m
  53,044
  53,044
  53,044
  53,044
  53,044
  53,044
  53,044
  53,044
  53,044
  53,044
  53,044
  53,044
  53,044
  53,044
  53,044
  53,044
  53,044
  53,044
  53,044
  53,044
  53,044
  53,044
  53,044
  53,044
  53,044
  53,044
  53,044
  53,044
  53,044
  53,044
Total liabilities, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total equity, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total liabilities and equity, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Debt-to-equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -1,279
  -1,236
  -1,186
  -1,128
  -1,064
  -991
  -912
  -825
  -730
  -628
  -477
  -359
  -232
  -96
  36
  149
  269
  396
  531
  675
  827
  988
  1,158
  1,338
  1,528
  1,729
  1,941
  2,165
  2,401
  2,650
Depreciation, amort., depletion, $m
  6,517
  6,677
  6,859
  7,060
  7,282
  7,525
  7,788
  8,071
  8,376
  8,703
  9,012
  9,383
  9,778
  10,197
  10,642
  11,112
  11,610
  12,137
  12,693
  13,279
  13,898
  14,550
  15,238
  15,962
  16,724
  17,527
  18,371
  19,260
  20,195
  21,178
Funds from operations, $m
  5,238
  5,441
  5,673
  5,932
  6,219
  6,534
  6,876
  7,247
  7,646
  8,075
  8,534
  9,024
  9,546
  10,101
  10,678
  11,261
  11,879
  12,533
  13,224
  13,954
  14,725
  15,538
  16,395
  17,299
  18,252
  19,255
  20,312
  21,425
  22,595
  23,828
Change in working capital, $m
  -1,190
  -1,371
  -1,548
  -1,722
  -1,896
  -2,069
  -2,244
  -2,421
  -2,602
  -2,786
  -2,975
  -3,170
  -3,371
  -3,579
  -3,795
  -4,018
  -4,251
  -4,493
  -4,745
  -5,007
  -5,282
  -5,568
  -5,868
  -6,181
  -6,508
  -6,851
  -7,210
  -7,586
  -7,979
  -8,392
Cash from operations, $m
  6,428
  6,812
  7,221
  7,654
  8,115
  8,603
  9,120
  9,668
  10,248
  10,861
  11,510
  12,194
  12,917
  13,681
  14,472
  15,279
  16,130
  17,025
  17,969
  18,961
  20,006
  21,106
  22,263
  23,480
  24,760
  26,106
  27,522
  29,010
  30,575
  32,220
Maintenance CAPEX, $m
  -6,338
  -6,477
  -6,638
  -6,819
  -7,021
  -7,243
  -7,485
  -7,748
  -8,032
  -8,337
  -8,663
  -9,012
  -9,383
  -9,778
  -10,197
  -10,642
  -11,112
  -11,610
  -12,137
  -12,693
  -13,279
  -13,898
  -14,550
  -15,238
  -15,962
  -16,724
  -17,527
  -18,371
  -19,260
  -20,195
New CAPEX, $m
  -1,392
  -1,606
  -1,813
  -2,018
  -2,221
  -2,424
  -2,629
  -2,836
  -3,048
  -3,264
  -3,486
  -3,714
  -3,949
  -4,193
  -4,445
  -4,707
  -4,980
  -5,263
  -5,558
  -5,866
  -6,188
  -6,523
  -6,874
  -7,241
  -7,624
  -8,026
  -8,446
  -8,887
  -9,348
  -9,831
Cash from investing activities, $m
  -7,730
  -8,083
  -8,451
  -8,837
  -9,242
  -9,667
  -10,114
  -10,584
  -11,080
  -11,601
  -12,149
  -12,726
  -13,332
  -13,971
  -14,642
  -15,349
  -16,092
  -16,873
  -17,695
  -18,559
  -19,467
  -20,421
  -21,424
  -22,479
  -23,586
  -24,750
  -25,973
  -27,258
  -28,608
  -30,026
Free cash flow, $m
  -1,302
  -1,271
  -1,231
  -1,182
  -1,127
  -1,064
  -994
  -917
  -832
  -739
  -639
  -531
  -415
  -290
  -170
  -70
  38
  152
  274
  403
  540
  685
  839
  1,002
  1,174
  1,356
  1,549
  1,752
  1,967
  2,194
Issuance/(repayment) of debt, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total cash flow (excl. dividends), $m
  -1,302
  -1,271
  -1,231
  -1,182
  -1,127
  -1,064
  -994
  -917
  -832
  -739
  -639
  -531
  -415
  -290
  -170
  -70
  38
  152
  274
  403
  540
  685
  839
  1,002
  1,174
  1,356
  1,549
  1,752
  1,967
  2,194
Retained Cash Flow (-), $m
  -1,279
  -1,236
  -1,186
  -1,128
  -1,064
  -991
  -912
  -825
  -730
  -628
  -477
  -359
  -232
  -96
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  -1,279
  -1,236
  -1,186
  -1,128
  -1,064
  -991
  -912
  -825
  -730
  -628
  -477
  -359
  -232
  -96
  0
  0
  38
  152
  274
  403
  540
  685
  839
  1,002
  1,174
  1,356
  1,549
  1,752
  1,967
  2,194
Discount rate, %
  15.10
  15.86
  16.65
  17.48
  18.35
  19.27
  20.24
  21.25
  22.31
  23.43
  24.60
  25.83
  27.12
  28.47
  29.90
  31.39
  32.96
  34.61
  36.34
  38.16
  40.06
  42.07
  44.17
  46.38
  48.70
  51.13
  53.69
  56.38
  59.19
  62.15
PV of cash for distribution, $m
  -1,111
  -921
  -747
  -592
  -458
  -344
  -251
  -177
  -119
  -76
  -42
  -23
  -10
  -3
  0
  0
  0
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Unum Group is a provider of financial protection benefits in the United States and the United Kingdom. The Company's products include disability, life, accident, critical illness, dental and vision, and other related services. Its segments include Unum US, Unum UK, Colonial Life, Closed Block and Corporate. Its Unum US segment includes group long-term and short-term disability insurance, group life and accidental death and dismemberment products, and supplemental and voluntary lines of business. Its Unum UK segment includes insurance for group long-term disability, group life, and supplemental lines of business, which include dental, individual disability and critical illness products. Its Colonial Life segment includes insurance for accident, sickness, and disability products, life products, and cancer and critical illness products issued primarily by Colonial Life & Accident Insurance Company and marketed to employees. Its Closed Block segment consists of other insurance products.

FINANCIAL RATIOS  of  Unum Group (UNM)

Valuation Ratios
P/E Ratio 9.4
Price to Sales 0.8
Price to Book 1
Price to Tangible Book
Price to Cash Flow 7.9
Price to Free Cash Flow 8.5
Growth Rates
Sales Growth Rate 2.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -15%
Cap. Spend. - 3 Yr. Gr. Rate -4.3%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 33.4%
Total Debt to Equity 33.4%
Interest Coverage 10
Management Effectiveness
Return On Assets 1.7%
Ret/ On Assets - 3 Yr. Avg. 1.4%
Return On Total Capital 7.9%
Ret/ On T. Cap. - 3 Yr. Avg. 6.4%
Return On Equity 10.6%
Return On Equity - 3 Yr. Avg. 8.4%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 14.5%
EBITDA Margin - 3 Yr. Avg. 11.9%
Operating Margin 13.7%
Oper. Margin - 3 Yr. Avg. 11.1%
Pre-Tax Margin 12.2%
Pre-Tax Margin - 3 Yr. Avg. 9.6%
Net Profit Margin 8.4%
Net Profit Margin - 3 Yr. Avg. 6.8%
Effective Tax Rate 30.9%
Eff/ Tax Rate - 3 Yr. Avg. 28.9%
Payout Ratio 19.7%

UNM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the UNM stock intrinsic value calculation we used $11287 million for the last fiscal year's total revenue generated by Unum Group. The default revenue input number comes from 2017 income statement of Unum Group. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our UNM stock valuation model: a) initial revenue growth rate of 2.2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 15.1%, whose default value for UNM is calculated based on our internal credit rating of Unum Group, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Unum Group.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of UNM stock the variable cost ratio is equal to 78.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $831 million in the base year in the intrinsic value calculation for UNM stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Unum Group.

Corporate tax rate of 27% is the nominal tax rate for Unum Group. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the UNM stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for UNM are equal to 561.5%.

Life of production assets of 10 years is the average useful life of capital assets used in Unum Group operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for UNM is equal to -479.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $0 million for Unum Group - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 224 million for Unum Group is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Unum Group at the current share price and the inputted number of shares is $8.5 billion.

RELATED COMPANIES Price Int.Val. Rating
PFG Principal Fina 54.08 55.29  hold

COMPANY NEWS

▶ Colonial Life enhances accident protection   [10:00AM  Business Wire]
▶ Brief Commentary On Unum Groups (NYSE:UNM) Fundamentals   [Jun-19-18 07:49PM  Simply Wall St.]
▶ Colonial Life policyholders give companys claims an A   [Jun-06-18 09:35AM  Business Wire]
▶ Unum corporate and employee giving exceeds $12.8 million   [May-30-18 03:45PM  Business Wire]
▶ Unum Group completes junior subordinated notes offering   [May-29-18 02:23PM  Business Wire]
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