Core Insights - Canada's life and annuity insurers reported strong results in 2024, driven by record growth in new annualised premiums and increased revenue from assets under management and fee-based income [1][3] Industry Performance - The Canadian life and annuity market outlook remains stable, supported by consistent earnings, sound underwriting performance, and prudent capital management [3] - New annualised premiums reached a record CAD 2.4 billion in 2024, representing an 8% increase from the previous year [6] - Group life insurance generated over CAD 33 billion in revenue, while individual life insurance contributed slightly more than CAD 29 billion, both with a pre-tax return on revenue of approximately 7% [7] Key Players - Leading insurers such as The Canada Life Assurance Company, Manulife Financial Corporation, Sun Life Assurance Company of Canada, and iA Financial Group are central to the sector's growth [5] - These companies have focused on technology investments, data analytics, and customer-focused distribution strategies to drive positive momentum [5] Challenges and Opportunities - Ongoing challenges include economic uncertainty and potential interest rate cuts by the Bank of Canada, alongside a persistent coverage gap in the life insurance market [4] - Economic uncertainty has prompted individuals to purchase life insurance for retirement and wealth planning, particularly in the affluent market [7] Annuity Segment - The annuity segment also performed well, with group annuity products generating CAD 6.1 billion in insurance revenue and individual annuities accounting for CAD 4.7 billion, achieving returns on revenue of 13% and 15% respectively [8]

Core Insights - Unum Group reported Q2 2025 earnings per share (Non-GAAP) of $2.07, missing analyst expectations of $2.22 and down from $2.16 in Q2 2024 [1][2] - Revenue increased to $3.36 billion in Q2 2025, up 4.0% from $3.23 billion in Q2 2024, indicating solid premium growth despite weaker profitability [1][2] - Net income decreased to $335.6 million, down 13.8% from $389.5 million in the prior year, raising concerns about claims trends and customer retention [1][2] Financial Performance - Adjusted operating income for Unum US fell 11.0% to $318.2 million, despite a 3.9% increase in premium income [5] - The benefit ratio in group disability insurance rose to 62.2% from 59.1% year-over-year, attributed to lower claim recoveries and larger average claim sizes [5] - Persistency in group long-term disability declined to 90.6% from 93.1%, indicating increased customer turnover [5] Business Segments Overview - Unum US, which accounts for over 65% of total premium income, faced challenges with a decline in adjusted operating income and net investment income [5] - Group life and accidental death & dismemberment insurance saw a 21.2% drop in adjusted operating income, with a worsening benefit ratio of 69.7% [6] - Supplemental and voluntary lines showed resilience with a 6.9% increase in adjusted operating income, although sales of voluntary benefits shrank by 21.8% [6] International Operations - Unum International experienced a 2.1% decline in adjusted operating income, despite an 18.5% increase in premium income in constant currency [7] - The U.K. operation reported a benefit ratio increase to 75.0% from 69.5%, with sales falling by 13.5% [7] Investment Management and Capital Position - Net investment income rose 2.9% company-wide, with variations across segments; Unum US and Closed Block saw declines due to lower asset balances [10] - The company's risk-based capital ratio was approximately 485%, significantly above regulatory minimums, with $2.0 billion in liquidity [11] - Share repurchases reached $300 million, with expectations to meet the upper end of the $500 million to $1.0 billion annual repurchase guidance for 2025 [11] Future Outlook - Management revised full-year 2025 guidance for after-tax adjusted operating income per share to approximately $8.50, emphasizing ongoing share buybacks and capital returns [12] - Investors should monitor stabilization or improvement in benefit ratios and trends in customer retention and new sales volumes, as these factors could impact future earnings [13]

Financial Performance - Atlantic American Corporation reported a net income of $0.4 million, or $0.02 per diluted share, for the three months ended December 31, 2024, compared to a net loss of $2.2 million, or $(0.11) per diluted share, for the same period in 2023 [1] - For the year ended December 31, 2024, the company had a net loss of $4.3 million, or $(0.23) per diluted share, compared to a net loss of $0.2 million, or $(0.03) per diluted share, for the year ended December 31, 2023 [1] - The increase in net income for the fourth quarter was primarily due to favorable loss experience in life and health operations, particularly in group life and Medicare supplement lines [1] Business Segments - The company experienced exceptional new sales in its Medicare supplement business during the fourth quarter annual enrollment period, with strong momentum continuing into the new year [2] - Rising costs in the commercial automobile market have affected profitability, prompting the company to take steps to improve rates for that line of business [2] Revenue and Expenses - Total revenue for the three months ended December 31, 2024, was $49.043 million, compared to $46.745 million for the same period in 2023 [7] - Insurance premiums for life and health increased to $29.351 million in Q4 2024 from $26.138 million in Q4 2023, while property and casualty premiums decreased slightly from $16.781 million to $16.053 million [7] - Total benefits and expenses for the three months ended December 31, 2024, were $48.498 million, down from $49.847 million in the same period in 2023 [7] Dividends and Shareholder Value - The Board of Directors approved an annual dividend of $0.02 per share, payable on April 23, 2025, to shareholders of record as of April 9, 2025 [2] Balance Sheet Highlights - As of December 31, 2024, total assets were $393.428 million, an increase from $381.265 million in 2023 [8] - Total shareholders' equity decreased to $99.613 million from $107.275 million in the previous year [8] - The book value per common share was $4.61, down from $4.99 in 2023 [8]