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Unum Group Beneish M-Score

: -2.70 (As of Today)
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The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.7 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Unum Group's Beneish M-Score or its related term are showing as below:

UNM' s Beneish M-Score Range Over the Past 10 Years
Min: -4.06   Med: -2.56   Max: 6.37
Current: -2.7

During the past 13 years, the highest Beneish M-Score of Unum Group was 6.37. The lowest was -4.06. And the median was -2.56.


Unum Group Beneish M-Score Historical Data

The historical data trend for Unum Group's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Unum Group Annual Data
Trend Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21
Beneish M-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.48 -2.58 -2.56 -1.70 -2.56

Unum Group Quarterly Data
Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22
Beneish M-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -1.57 -1.65 -2.56 -2.71 -2.70

Competitive Comparison

For the Insurance - Life subindustry, Unum Group's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

   

Unum Group Beneish M-Score Distribution

For the Insurance industry and Financial Services sector, Unum Group's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Unum Group's Beneish M-Score falls into.



Unum Group Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Unum Group for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 1.0322+0.528 * 1+0.404 * 0.9925+0.892 * 0.8947+0.115 * 0.9184
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1574+4.679 * -0.0123-0.327 * 1.1745
=-2.70

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Jun22) TTM:Last Year (Jun21) TTM:
Total Receivables was $11,942 Mil.
Revenue was 3040.9 + 2953.7 + 2936.7 + 2931.4 = $11,863 Mil.
Gross Profit was 3040.9 + 2953.7 + 2936.7 + 2931.4 = $11,863 Mil.
Total Current Assets was $13,429 Mil.
Total Assets was $63,121 Mil.
Property, Plant and Equipment(Net PPE) was $448 Mil.
Depreciation, Depletion and Amortization(DDA) was $117 Mil.
Selling, General, & Admin. Expense(SGA) was $999 Mil.
Total Current Liabilities was $233 Mil.
Long-Term Debt & Capital Lease Obligation was $3,443 Mil.
Net Income was 370.4 + 253.5 + 159.7 + 328.6 = $1,112 Mil.
Non Operating Income was 68.7 + 65.8 + 0 + 65.9 = $200 Mil.
Cash Flow from Operations was 458.8 + 325.8 + 388.2 + 517.1 = $1,690 Mil.
Total Receivables was $12,931 Mil.
Revenue was 2993 + 3042.7 + 4236.8 + 2986.6 = $13,259 Mil.
Gross Profit was 2993 + 3042.7 + 4236.8 + 2986.6 = $13,259 Mil.
Total Current Assets was $14,651 Mil.
Total Assets was $70,808 Mil.
Property, Plant and Equipment(Net PPE) was $500 Mil.
Depreciation, Depletion and Amortization(DDA) was $117 Mil.
Selling, General, & Admin. Expense(SGA) was $965 Mil.
Total Current Liabilities was $69 Mil.
Long-Term Debt & Capital Lease Obligation was $3,441 Mil.




1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(11941.6 / 11862.7) / (12931 / 13259.1)
=1.0066511 / 0.97525473
=1.0322

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(13259.1 / 13259.1) / (11862.7 / 11862.7)
=1 / 1
=1

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (13429.1 + 447.5) / 63121.1) / (1 - (14650.7 + 499.8) / 70807.9)
=0.78015909 / 0.78603376
=0.9925

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=11862.7 / 13259.1
=0.8947

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(117.4 / (117.4 + 499.8)) / (116.9 / (116.9 + 447.5))
=0.19021387 / 0.20712261
=0.9184

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(999.1 / 11862.7) / (964.8 / 13259.1)
=0.08422197 / 0.07276512
=1.1574

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((3442.8 + 232.6) / 63121.1) / ((3441.4 + 69) / 70807.9)
=0.05822776 / 0.04957639
=1.1745

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(1112.2 - 200.4 - 1689.9) / 63121.1
=-0.0123

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Unum Group has a M-score of -2.70 suggests that the company is unlikely to be a manipulator.


Unum Group Beneish M-Score Related Terms

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Unum Group Business Description

Unum Group logo
Traded in Other Exchanges
Address
1 Fountain Square, Chattanooga, TN, USA, 37402
Unum Group is a provider of group and individual income protection insurance products in the United States, the United Kingdom, Poland, and other countries. It is the largest domestic disability insurer, with the majority of premiums generated from employer plans. The company also offers a complementary portfolio of other insurance products, including long-term care insurance, life insurance, and employer- and employee-paid group benefits. It has the following operating business segments: Unum US, Unum International, and Colonial Life. The majority of the revenue is earned from the Unum US segment. The firm markets its products primarily through brokers.
Executives
King Gale V. director 123 SOUTH FRONT STREET MEMPHIS TN 38103
Till Mark Paul officer: EVP & CEO Designate, Unum Intl 1 FOUNTAIN SQUARE LAW DEPARTMENT (E7N200) CHATTANOOGA TN 37402
Pashley Cherie officer: SVP, Chief Accounting Officer 1 FOUNTAIN SQUARE LAW DEPT. 7N200 CHATTANOOGA TN 37402
Pyne Christopher W officer: EVP, Group Benefits 1 FOUNTAIN SQUARE LAW DEPT. (7N200) CHATTANOOGA TN 37402
Leiper Martha officer: EVP, Chief Investment Officer 9800 FREDERICKSBURG ROAD SAN ANTONIO TX 78288
Zabel Steven Andrew officer: EVP & Chief Financial Officer 1 FOUNTAIN SQUARE LAW DEPT. (7N200) CHATTANOOGA TN 37402
Keaney Timothy F director 1 FOUNTAIN SQUARE LAW DEPT. 7S730 CHATTANOOGA TN 37402
Devore Susan D. director C/O PREMIER, INC. 13034 BALLANTYNE CORPORATE PLACE CHARLOTTE NC 28277
Egan Cynthia director 7117 BELLONA AVENUE BALTIMORE MD 21212
Bunting Theodore H Jr director P. O. BOX 61000 NEW ORLEANS LA 70161
Shammo Francis director 1 FOUNTAIN SQUARE CHATTANOOGA TN 37402
Echevarria Joseph director 225 LIBERTY STREET NEW YORK NY 10286
O Hanley Ronald P director C/O UNUM GROUP, 1 FOUNTAIN SQUARE LAW DEPT. 7S730 CHATTANOOGA TN 37402
Bhasin Puneet officer: Chief Info & Digital Officer 1001 FANNIN, SUITE 4000 HOUSTON TX 77002
Cross Susan Lee director XL HOUSE ONE BERMUDIANA ROAD HAMILTON D0 HM 11

Unum Group Headlines

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