Keefe Bruyette & Woods Comments On Unum Group's 2011 Guidance

At the investor meeting, Unum Group UNM guided to 2011 earnings growth of 6-12%. This implies an EPS range of $2.88-$3.05, with the $2.97 midpoint ahead of Keefe Bruyette & Woods' $2.90 estimate and the $2.93 consensus. Relative to Keefe Bruyette & Woods' model, premium growth guidance of 0-2% was in-line, margin expectations in the U.S. and U.K. were better, corporate losses were worse, and share buyback assumption of $500m was below its $700m projection. Keefe Bruyette & Woods has a Market Perform rating and $25 PT on UNM UNM closed Wednesday at $21.82