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| | | | Exhibit 99.1 |
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| | | | 1 Fountain Square
Chattanooga, TN 37402
www.unum.com |
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| | FOR IMMEDIATE RELEASE |
| | Contacts | | |
| | MEDIA | | Dottie McCallen |
| INVESTORS | | Matt Royal |
Unum Group Reports First Quarter 2025 Results
•Net income of $189.1 million ($1.06 per diluted common share) for the first quarter of 2025; after-tax adjusted operating income was $365.5 million ($2.04 per diluted common share).
•Operating results include solid top-line trends with core operations premium growth of 4.2 percent on a constant currency basis, and margins in-line with expectations.
•Strong balance sheet with holding company liquidity of $2.2 billion and weighted average risk-based capital ratio of approximately 460 percent, well in excess of targets; traditional U.S. life insurance statutory operating earnings of $489.8 million.
•Book value per common share of $63.78 grew 19.5 percent over the year-ago quarter; book value per common share excluding accumulated other comprehensive income (AOCI) of $76.17 grew 10.8 percent over the year-ago quarter.
CHATTANOOGA, Tenn. (April 29, 2025) - Unum Group (NYSE: UNM) today reported net income of $189.1 million ($1.06 per diluted common share) for the first quarter of 2025, compared to net income of $395.2 million ($2.04 per diluted common share) for the first quarter of 2024.
Included in net income for the first quarter of 2025 are the after-tax amortization of the cost of reinsurance of $7.6 million ($0.04 per diluted common share), the after-tax impact of non-contemporaneous reinsurance of $5.4 million ($0.03 per diluted common share), and a net after-tax investment loss on the Company’s investment portfolio of $163.4 million ($0.91 per diluted common share). Included in net income for the first quarter of 2024 are the after-tax amortization of the cost of reinsurance of $8.2 million ($0.04 per diluted common share), the after-tax impact of non-contemporaneous reinsurance of $5.7 million ($0.04 per diluted common share), and a net after-tax investment loss on the Company’s investment portfolio of $0.8 million (de minimis amount per diluted common share). Excluding the items above, after-tax adjusted operating income was $365.5 million ($2.04 per diluted common share) in the first quarter of 2025, compared to $409.9 million ($2.12 per diluted common share) in the first quarter of 2024.
“With solid earned premium growth, enhanced capital strength, and our previously announced long-term care reinsurance transaction, we continued to execute against our strategy during the first quarter of 2025” said Richard P. McKenney, president and chief executive officer. "Our customers continue to value the products and services we provide as we fulfill our purpose to help the working world thrive throughout life’s moments. With a resilient business model and strong balance sheet, we remain focused on delivery against our growth goals and returning capital to our shareholders.”
RESULTS BY SEGMENT
We measure and analyze our segment performance on the basis of "adjusted operating income" or "adjusted operating loss", which differ from income before income tax as presented in our consolidated statements of income due to the exclusion of investment gains or losses, the amortization of the cost of reinsurance, the impact of non-contemporaneous reinsurance, and reserve assumption updates. Investment gains or losses primarily include realized investment gains or losses, expected investment credit losses, impairment losses, and gains or losses on derivatives. Reserve assumption updates may result in increases or decreases to earnings. These performance measures are in accordance with U.S. generally accepted accounting principles (GAAP) guidance for segment reporting, but they should not be viewed as a substitute for income before income tax, net income, or net loss.
Unum US Segment
Unum US reported adjusted operating income of $329.1 million in the first quarter of 2025, a decrease of 14.6 percent from $385.2 million in the first quarter of 2024. Premium income increased 4.3 percent to $1,780.9 million in the first quarter of 2025, compared to $1,707.4 million in the first quarter of 2024. Net investment income declined 5.2 percent to $148.9 million in the first quarter of 2025, compared to the $157.0 million in the first quarter of 2024.
Within the Unum US operating segment, the group disability line of business reported a 27.7 percent decrease in adjusted operating income to $119.2 million in the first quarter of 2025, compared to $164.8 million in the first quarter of 2024. Premium income for the group disability line of business increased 0.4 percent to $782.8 million in the first quarter of 2025, compared to $779.8 million in the first quarter of 2024, driven primarily by prior period sales, partially offset by lower persistency and a decline in medical stop-loss premium. Net investment income decreased 4.9 percent to $74.0 million in the first quarter of 2025, compared to $77.8 million in the first quarter of 2024, due to a lower level of invested assets and a decrease in the yield on invested assets. The benefit ratio for the first quarter of 2025 was 61.8 percent, compared to 57.5 percent in the first quarter of 2024, due to higher incidence in our long-term disability and short-term disability product lines. Group long-term disability sales were $43.1 million in the first quarter of 2025, a decrease of 21.1 percent from $54.6 million in the first quarter of 2024. Group short-term disability sales were $31.9 million in the first quarter of 2025, a decrease of 11.1 percent from $35.9 million in the first quarter of 2024. Persistency in the group long-term disability product line was 90.7 percent for the first three months of 2025, compared to 93.1 percent for the first three months of 2024. Persistency in the group short-term disability product line was 87.5 percent for the first three months of 2025, compared to 91.3 percent for the first three months of 2024.
The group life and accidental death and dismemberment line of business reported a 12.2 percent decrease in adjusted operating income to $69.2 million in the first quarter of 2025 compared to $78.8 million in the first quarter of 2024. Premium income for this line of business increased 5.3 percent to $514.4 million in the first quarter of 2025, compared to the $488.4 million in the first quarter of 2024 due primarily to higher sales and in-force block growth, partially offset by lower persistency. Net investment income decreased 17.3 percent to $18.2 million in the first quarter of 2025, compared to $22.0 million in the first quarter of 2024 due to a decrease in the yield on invested assets and a decrease in the level of invested assets. The benefit ratio in the first quarter of 2025 was 69.3 percent, compared to 68.2 percent in the first quarter of 2024, due to higher incidence and higher average claims size in the accidental death and dismemberment product line. Group life and accidental death and dismemberment sales were $44.4 million in the first quarter of 2025, an increase of 3.7 percent from $42.8 million in the first quarter of 2024. Persistency in the group life product line was 89.2 percent for the first three months of 2025, compared to 91.7 percent for the first three months of 2024. Persistency in the accidental death and dismemberment product line was 87.9 percent for the first three months of 2025, compared to 91.4 percent for the first three months of 2024.
The supplemental and voluntary line of business reported a decrease of 0.6 percent in adjusted operating income to $140.7 million in the first quarter of 2025, compared to $141.6 million in the first quarter of 2024. Premium income for the supplemental and voluntary line of business increased 10.1 percent to $483.7 million in the first quarter of 2025, compared to $439.2 million in the first quarter of 2024, due to the impacts from the recapture of a previously ceded block of business in the individual disability product line in the first quarter of 2025. Also impacting the comparison is favorable persistency and higher prior period sales in the voluntary benefits and dental and vision product lines. Net investment income was $56.7 million in the first quarter of 2025, which was generally consistent
with $57.2 million in the first quarter of 2024. The benefit ratio for the voluntary benefits product line was 44.1 percent in the first quarter of 2025, compared to 33.8 percent in the first quarter of 2024, driven by less favorable benefit experience in the critical illness, accident, and hospital indemnity products. The benefit ratio for the individual disability product line was 35.5 percent, for the first quarter of 2025, compared to 41.1 percent in the first quarter of 2024, due primarily to favorable recoveries. The benefit ratio for the dental and vision product line was 73.7 percent for the first quarter of 2025, compared to 72.4 percent in the first quarter of 2024, due primarily to higher claims incidence. Relative to the first quarter of 2024, sales in the voluntary benefits product line increased 13.9 percent in the first quarter of 2025 to $122.9 million. Sales in the individual disability product line increased 11.8 percent to $23.7 million in the first quarter of 2025. Sales in the dental and vision product line decreased 1.7 percent in the first quarter of 2025 to $11.5 million. Persistency in the voluntary benefits product line was 76.8 percent for the first three months of 2025, compared to 75.7 percent for the first three months of 2024. Persistency in the individual disability product line was 88.2 percent for the first three months of 2025, compared to 89.2 percent for the first three months of 2024. Persistency in the dental and vision product line was 82.2 percent for the first three months of 2025, compared to 80.5 percent for the first three months of 2024.
Unum International Segment
The Unum International segment reported adjusted operating income of $38.7 million in the first quarter of 2025, an increase of 3.5 percent from $37.4 million in the first quarter of 2024. Premium income increased 6.5 percent to $246.7 million in the first quarter of 2025, compared to $231.7 million in the first quarter of 2024. Net investment income increased 9.2 percent to $28.5 million in the first quarter of 2025, compared to $26.1 million in the first quarter of 2024. Sales decreased 19.1 percent to $36.9 million in the first quarter of 2025, compared to $45.6 million in the first quarter of 2024.
The Unum UK line of business reported adjusted operating income, in local currency, of £29.5 million in the first quarter of 2025, an increase of 4.6 percent from £28.2 million in the first quarter of 2024. Premium income was £161.5 million in the first quarter of 2025, an increase of 4.9 percent from £154.0 million in the first quarter of 2024, due primarily to in-force block growth. Net investment income was £20.1 million in the first quarter of 2025, an increase of 9.2 percent from £18.4 million in the first quarter of 2024, primarily due to higher income from inflation index-linked bonds. The benefit ratio was 67.1 percent in the first quarter of 2025, compared to 68.1 percent in the first quarter of 2024, due primarily to lower incidence in the supplemental product line. Sales decreased 28.0 percent to £21.3 million in the first quarter of 2025, compared to £29.6 million in the first quarter of 2024. Persistency in the group long-term disability product line was 92.1 percent for the first three months of 2025, compared to 92.7 percent for the first three months of 2024. Persistency in the group life product line was 88.9 percent for the first three months of 2025, compared to 88.3 percent for the first three months of 2024. Persistency in the supplemental product line was 89.4 percent for the first three months of 2025, compared to 87.7 percent for the first three months of 2024.
Colonial Life Segment
Colonial Life reported adjusted operating income of $115.7 million in the first quarter of 2025, a 1.8 percent increase compared to $113.7 million in the first quarter of 2024. Premium income increased 2.3 percent to $457.3 million in the first quarter of 2025, compared to $446.9 million in the first quarter of 2024, due to prior period sales in all product lines. Net investment income increased 7.4 percent to $42.2 million in the first quarter of 2025, compared to $39.3 million in the first quarter of 2024, due to an increase in the level of invested assets and an increase in the yield on invested assets. The benefit ratio was 47.7 percent in the first quarter of 2025, compared to 48.6 percent in the first quarter of 2024, primarily due to favorable benefit experience in the life and cancer and critical illness product lines. Sales increased 2.2 percent to $105.3 million in the first quarter of 2025, compared to $103.0 million in the first quarter of 2024. Persistency in the Colonial Life segment was 78.1 percent for the first three months of 2025, compared to 78.4 percent for the first three months of 2024.
Closed Block Segment
The Closed Block segment reported adjusted operating income of $24.4 million in the first quarter of 2025, which excludes the amortization of cost of reinsurance of $9.6 million and the impact of non-contemporaneous reinsurance of $6.8 million related to the Closed Block individual disability reinsurance transaction, compared to $24.3 million in the first quarter of 2024, which excludes the amortization of cost of reinsurance of $10.4 million and the impact of non-contemporaneous reinsurance of $7.2 million related to the Closed Block individual disability reinsurance transaction. Premium income for this segment is largely driven by our long-term care product line, and in the first quarter of 2025, premium income for long-term care was generally consistent with the same period of 2024. Net investment income decreased 1.2 percent to $269.7 million in the first quarter of 2025, compared to $273.1 million in the first quarter of 2024, primarily due to a decrease in the level of invested assets and lower miscellaneous investment income, partially offset by an increase in yield on invested assets.
Policy benefits including remeasurement loss, excluding the impacts of non-contemporaneous reinsurance, for the Closed Block segment were lower during the first quarter of 2025 relative to the same period of 2024 driven primarily by policyholder lapses in our all other product line as well as higher claimant mortality and the impact of capped cohorts in the long-term care product line. The net premium ratio for long-term care at March 31, 2025 of 94.7 percent was generally consistent with the net premium ratio of 94.6 percent as of December 31, 2024.
Corporate Segment
The Corporate segment reported an adjusted operating loss of $41.1 million in the first quarter of 2025, compared to an adjusted operating loss of $46.1 million in the first quarter of 2024, due primarily to an increase in net investment income, driven by an increase in the level of invested assets.
OTHER INFORMATION
Shares Outstanding
The Company’s weighted average number of shares outstanding, assuming dilution, was 178.9 million for the first quarter of 2025, compared to 193.3 million for the first quarter of 2024. Shares outstanding totaled 175.8 million at March 31, 2025. During the first quarter of 2025, the Company repurchased 3.3 million shares at a total cost of $202.6 million.
Capital Management
At March 31, 2025, the weighted average risk-based capital ratio for the Company’s traditional U.S. insurance companies was approximately 460 percent, and the holding companies had available holding company liquidity of $2,214.5 million.
Book Value
Book value per common share as of March 31, 2025 was $63.78, compared to $53.38 at March 31, 2024. Book value per common share excluding AOCI as of March 31, 2025 was $76.17, compared to $68.73 at March 31, 2024.
Effective Tax Rate
The effective tax rate on adjusted operating earnings was 21.7 percent in the first quarter of 2025.
Outlook
Full-year 2025 outlook of an increase in after-tax adjusted operating income per share of 6 percent to 10 percent when comparing to full-year 2024.
NON-GAAP FINANCIAL MEASURES
We analyze our performance using non-GAAP financial measures which exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. We believe the following non-GAAP financial measures are better performance measures and better indicators of the revenue and profitability and underlying trends in our business:
•After-tax adjusted operating income or loss, which excludes investment gains or losses, amortization of the cost of reinsurance, non-contemporaneous reinsurance, and reserve assumption updates;
•Book value per common share, which is calculated excluding AOCI;
•Premium income in constant currency, which excludes the impact of fluctuations in exchange rates between the U.S. dollar and the local currencies in which our Unum International segment is conducted. Given volatility in foreign currency exchange markets, exchange rates can fluctuate between periods. We believe translating prior period results using current period local currency exchange rates provides a more comparable view of our results.
Investment gains or losses primarily include realized investment gains or losses, expected investment credit losses, impairment losses, and gains or losses on derivatives. Investment gains or losses and unrealized gains or losses on securities depend on market conditions and do not necessarily relate to decisions regarding the underlying business of our Company. We believe after-tax adjusted operating income is a better performance measure and better indicator of the profitability and underlying trends in our business. Book value per common share excluding AOCI provides a more comparable and consistent view of our results, as AOCI tends to fluctuate depending on market conditions and general economic trends.
We exited a substantial portion of our Closed Block individual disability product line through the two phases of the reinsurance transaction that were executed in December 2020 and March 2021. As a result, we exclude the amortization of the cost of reinsurance that we recognized upon the exit of the business related to the policies on claim status as well
as the impact of non-contemporaneous reinsurance that resulted from the adoption of ASU 2018-12. We believe that the exclusion of these items provides a better view of our results from our ongoing businesses.
Cash flow assumptions used to calculate our liability for future policy benefits are reviewed at least annually and updated, as needed, with the resulting impact reflected in net income. While the effects of these assumption updates are recorded in the reporting period in which the review is completed, these updates reflect experience emergence and changes to expectations spanning multiple periods. We believe that by excluding the impact of reserve assumption updates we are providing a more comparable and consistent view of our quarterly results.
We may at other times exclude certain other items from our discussion of financial ratios and metrics in order to enhance the understanding and comparability of our operational performance and the underlying fundamentals, but this exclusion is not an indication that similar items may not recur and does not replace net income or net loss as a measure of our overall profitability.
CONFERENCE CALL INFORMATION
Members of Unum Group senior management will host a conference call on Wednesday, April 30, 2025, at 8:00 am (Eastern Time) to discuss the results of operations for the first quarter of 2025. Topics may include forward-looking information, such as the Company’s outlook on future results, trends in operations, and other material information.
To receive dial in information for the call, please register in advance by using the following URL:
https://registrations.events/direct/Q4I330794 Upon registration you will receive a dial-in number to use to access the event. It is recommended that you register at least 10 minutes before the start of the event. In addition, a live webcast of the call will also be available at www.investors.unum.com in a listen-only mode. It is recommended that webcast viewers access the “Investors” section of the Company’s website and opt-in to the webcast approximately 5-10 minutes prior to the start of the call. A replay of the webcast will be available on the Company's website. A replay of the call will also be available through Wednesday, May 7, 2025 by using the registration URL noted above.
In conjunction with today’s earnings announcement, the Company’s Statistical Supplement for the first quarter of 2025 is available on the “Investors” section of the Company’s website.
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ABOUT UNUM GROUP
Unum Group (NYSE: UNM), a leading international provider of workplace benefits and services, has been helping workers and their families thrive for more than 175 years. Through its Unum and Colonial Life brands, the company offers disability, life, accident, critical illness, dental, and vision insurance; leave and absence management support; and behavioral health services. In 2024, Unum Group reported revenues of $12.9 billion and paid $8.0 billion in benefits. The Fortune 500 company is recognized as one of the World’s Most Ethical Companies by Ethisphere®.
Visit the Unum Group newsroom (https://www.unumgroup.com/newsroom) for more information, and connect with us on LinkedIn (https://www.linkedin.com/company/unum), Facebook (https://www.facebook.com/unumbenefits/), and Instagram (https://www.instagram.com/unumbenefits/).
SAFE HARBOR STATEMENT
Certain information in this news release constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those not based on historical information, but rather relate to our outlook, future operations, strategies, financial results, or other developments and speak only as of the date made. These forward-looking statements, including statements about anticipated growth in after-tax adjusted operating income per share, are subject to numerous assumptions, risks, and uncertainties, many of which are beyond our control. The following factors, in addition to other factors mentioned from time to time, may cause actual results to differ materially from those contemplated by the forward-looking statements: (1) fluctuation in insurance reserve liabilities, claim payments, and pricing due to changes in claim incidence, recovery rates, mortality and morbidity rates, and policy benefit offsets due to, among other factors, the rate of unemployment and consumer confidence, the emergence of new diseases, epidemics, or pandemics, new trends and developments in medical treatments, the effectiveness of our claims operational processes, and changes in governmental programs; (2) sustained periods of low interest rates; (3) unfavorable economic or business conditions, both domestic and foreign, that may result in decreases in sales, premiums, or persistency, as well as unfavorable claims activity or unfavorable returns on our investment portfolio; (4) changes in, or interpretations or enforcement of, laws and regulations; (5) a cybersecurity attack or other security breach resulting in compromised data or the unauthorized acquisition of confidential data; (6) the failure of our business recovery and incident management processes to resume our business operations in the event of a natural catastrophe, cybersecurity attack, or other event; (7) increased competition from other insurers and financial services companies due to industry consolidation, new entrants to our markets, or other factors; (8) the impact of pandemics and other public health issues on our business, financial position, results of operations, liquidity and capital resources, and overall business operations; (9) investment results, including, but not limited to, changes in interest rates, defaults, changes in credit spreads, impairments, and the lack of appropriate investments in the market which can be acquired to match our liabilities; (10) ineffectiveness of our derivatives hedging programs due to changes in forecasted cash flows, the economic environment, counterparty risk, ratings downgrades, capital market volatility, collateral requirements, changes in interest rates, and/or regulation; (11) our use of artificial intelligence technology, as well as changes in artificial intelligence laws and regulations; (12) changes in our financial strength and credit ratings; (13) our ability to hire and retain qualified employees; (14) our ability to develop digital capabilities or execute on our technology systems upgrades or replacements; (15) availability of reinsurance in the market and the ability of our reinsurers to meet their obligations to us; (16) disruptions to our business or our ability to access data caused by the use and reliance on third party vendors, including vendors providing web and cloud-based applications; (17) ability to generate sufficient internal liquidity and/or obtain external financing; (18) damage to our reputation due to, among other factors, regulatory investigations, legal proceedings, external events, and/or inadequate or failed internal controls and procedures; (19) recoverability and/or realization of the carrying value of our intangible assets, long-lived assets, and deferred tax assets; (20) effectiveness of our risk management program; (21) contingencies and the level and results of litigation; (22) fluctuation in foreign currency exchange rates; and (23) our ability to meet sustainability standards and expectations of investors, regulators, customers, and other stakeholders.
For further discussion of risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements, see Part 1, Item 1A “Risk Factors” of our annual report on Form 10-K for the year ended December 31, 2024. The forward-looking statements in this news release are being made as of the date of this news release, and we expressly disclaim any obligation to update or revise any forward-looking statement contained herein, even if made available on our website or otherwise.
Unum Group
FINANCIAL HIGHLIGHTS
(Unaudited)
| | | | | | | | | | | | | | | |
| ($ in millions, except share data) | | | | | | | |
| | Three Months Ended March 31 | | |
| | 2025 | | 2024 | | | | |
| | | | | | | |
| Revenue | | | | | | | |
| Premium Income | $ | 2,702.9 | | | $ | 2,610.3 | | | | | |
| Net Investment Income | 513.2 | | | 513.5 | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| Net Investment Loss | (206.8) | | | (1.2) | | | | | |
| Other Income | 82.3 | | | 77.7 | | | | | |
| Total Revenue | 3,091.6 | | | 3,200.3 | | | | | |
| | | | | | | |
| Benefits and Expenses | | | | | | | |
| | | | | | | |
| | | | | | | |
Policy Benefits Including Remeasurement Gain | 1,871.0 | | | 1,785.3 | | | | | |
| Commissions | 343.2 | | | 313.6 | | | | | |
| Interest and Debt Expense | 52.0 | | | 49.5 | | | | | |
| | | | | | | |
| Deferral of Acquisition Costs | (172.6) | | | (166.9) | | | | | |
| Amortization of Deferred Acquisition Costs | 125.4 | | | 126.2 | | | | | |
| Other Expenses | 629.0 | | | 596.9 | | | | | |
| Total Benefits and Expenses | 2,848.0 | | | 2,704.6 | | | | | |
| | | | | | | |
| Income Before Income Tax | 243.6 | | | 495.7 | | | | | |
| Income Tax Expense | 54.5 | | | 100.5 | | | | | |
| | | | | | | |
| Net Income | $ | 189.1 | | | $ | 395.2 | | | | | |
| | | | | | | |
| PER SHARE INFORMATION | | | | | | | |
| | | | | | | |
| Net Income Per Common Share | | | | | | | |
| Basic | $ | 1.06 | | | $ | 2.05 | | | | | |
| Assuming Dilution | $ | 1.06 | | | $ | 2.04 | | | | | |
| | | | | | | |
| Weighted Average Common Shares - Basic (000s) | 178,291.5 | | | 192,550.2 | | | | | |
| Weighted Average Common Shares - Assuming Dilution (000s) | 178,882.4 | | | 193,267.1 | | | | | |
| Outstanding Shares - (000s) | 175,826.9 | | | 191,453.7 | | | | | |
| | | | | | | |
Reconciliation of Non-GAAP Financial Measures
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31 |
| 2025 | | 2024 |
| | (in millions) | | per share * | | (in millions) | | per share * |
| Net Income | $ | 189.1 | | | $ | 1.06 | | | $ | 395.2 | | | $ | 2.04 | |
| Excluding: | | | | | | | |
Net Investment Loss | | | | | | | |
Net Investment Loss Related to the Anticipated Reinsurance Agreement (net of tax benefit of $36.9; $—) | (139.0) | | | (0.78) | | | — | | | — | |
Net Investment Loss, Other (net of tax benefit of $6.5; $0.4) | (24.4) | | | (0.13) | | | (0.8) | | | — | |
Total Net Investment Loss | (163.4) | | | (0.91) | | | (0.8) | | | — | |
| | | | | | | |
Amortization of the Cost of Reinsurance (net of tax benefit of $2.0; $2.2) | (7.6) | | | (0.04) | | | (8.2) | | | (0.04) | |
Non-Contemporaneous Reinsurance (net of tax benefit of $1.4; $1.5) | (5.4) | | | (0.03) | | | (5.7) | | | (0.04) | |
| | | | | | | |
| | | | | | | |
| After-tax Adjusted Operating Income | $ | 365.5 | | | $ | 2.04 | | | $ | 409.9 | | | $ | 2.12 | |
| | | | | | | |
| * Assuming Dilution | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| March 31 |
| 2025 | | 2024 |
| (in millions) | | per share | | (in millions) | | per share |
| Total Stockholders' Equity (Book Value) | $ | 11,214.0 | | | $ | 63.78 | | | $ | 10,219.5 | | | $ | 53.38 | |
| Excluding: | | | | | | | |
| Net Unrealized Loss on Securities | (2,333.2) | | | (13.27) | | | (2,360.8) | | | (12.33) | |
| Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits | 1,019.1 | | | 5.80 | | | 225.3 | | | 1.18 | |
| Net Loss on Derivatives | (225.2) | | | (1.28) | | | (127.0) | | | (0.66) | |
| Subtotal | 12,753.3 | | | 72.53 | | | 12,482.0 | | | 65.19 | |
| Excluding: | | | | | | | |
| Foreign Currency Translation Adjustment | (300.7) | | | (1.71) | | | (332.6) | | | (1.74) | |
| Subtotal | 13,054.0 | | | 74.24 | | | 12,814.6 | | | 66.93 | |
| Excluding: | | | | | | | |
| Unrecognized Pension and Postretirement Benefit Costs | (338.8) | | | (1.93) | | | (344.9) | | | (1.80) | |
| Total Stockholders' Equity, Excluding Accumulated Other Comprehensive Loss | $ | 13,392.8 | | | $ | 76.17 | | | $ | 13,159.5 | | | $ | 68.73 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended |
| | March 31, 2025 | | March 31, 2024 |
| | Premium Income | | Premium Income in Local Currency1 | | Weighted Average Premium Income Exchange Rate2 | | Premium Income in Constant Currency |
| | | | |
| | | | |
| Unum International | | | | | | | | |
| Unum UK | | $ | 203.7 | | | £ | 154.0 | | | 1.261 | | | $ | 194.2 | |
| Unum Poland | | 43.0 | | | zł | 145.0 | | | 0.251 | | | 36.4 | |
| Total | | 246.7 | | | | | | | 230.6 | |
| Unum US | | 1,780.9 | | | $ | 1,707.4 | | | | | 1,707.4 | |
| Colonial Life | | 457.3 | | | $ | 446.9 | | | | | 446.9 | |
| Core Operations | | $ | 2,484.9 | | | | | | | $ | 2,384.9 | |
1Premium income shown in millions of pounds for Unum UK, millions of zlotys for Unum Poland, and millions of U.S. dollars for Unum US and Colonial Life.
2Exchange rate is calculated using the average foreign currency exchange rates for the most recent period, applied to the comparable prior period.
Unum Group
Statistical Supplement First Quarter 2025
TABLE OF CONTENTS
(in millions of dollars, except share data and where noted)
Interim Results are Unaudited
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| See "Appendix to Statistical Supplement" on page 15 for a summary of significant items and page 15.3 for a reconciliation of our non-GAAP financial measures. | |
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| N.M. = not a meaningful percentage | | |
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Unum Group Financial Highlights | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Year Ended |
| 3/31/2025 | | 3/31/2024 | | 12/31/2024 | | 12/31/2023 |
| | | | | | | |
| Consolidated U.S. GAAP Results¹ | | | | | | | |
| Premium Income | $ | 2,702.9 | | | $ | 2,610.3 | | | $ | 10,497.4 | | | $ | 10,046.0 | |
| | | | | | | |
| Adjusted Operating Revenue | $ | 3,298.4 | | | $ | 3,201.5 | | | $ | 12,921.9 | | | $ | 12,421.9 | |
| Net Investment Loss | (206.8) | | | (1.2) | | | (34.6) | | | (36.0) | |
| Total Revenue | $ | 3,091.6 | | | $ | 3,200.3 | | | $ | 12,887.3 | | | $ | 12,385.9 | |
| | | | | | | |
| Net Income | $ | 189.1 | | | $ | 395.2 | | | $ | 1,779.1 | | | $ | 1,283.8 | |
| Net Income Per Common Share: | | | | | | | |
| Basic | $ | 1.06 | | | $ | 2.05 | | | $ | 9.49 | | | $ | 6.53 | |
| Assuming Dilution | $ | 1.06 | | | $ | 2.04 | | | $ | 9.46 | | | $ | 6.50 | |
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| Assets | $ | 62,459.8 | | | $ | 62,487.8 | | | $ | 61,959.3 | | | $ | 63,255.2 | |
| Liabilities | $ | 51,245.8 | | | $ | 52,268.3 | | | $ | 50,998.2 | | | $ | 53,603.8 | |
| Stockholders' Equity | $ | 11,214.0 | | | $ | 10,219.5 | | | $ | 10,961.1 | | | $ | 9,651.4 | |
| Adjusted Stockholders' Equity | $ | 12,753.3 | | | $ | 12,482.0 | | | $ | 12,801.6 | | | $ | 12,292.6 | |
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| Adjusted Operating Return on Equity | | | | | | | |
| Unum US | 23.0 | % | | 27.4 | % | | 25.2 | % | | 23.1 | % |
| Unum International | 15.4 | % | | 14.6 | % | | 15.6 | % | | 16.5 | % |
| Colonial Life | 18.6 | % | | 19.8 | % | | 19.7 | % | | 18.1 | % |
| Core Operating Segments | 21.0 | % | | 24.0 | % | | 22.7 | % | | 21.2 | % |
| Consolidated | 11.4 | % | | 13.2 | % | | 12.7 | % | | 12.7 | % |
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Traditional U.S. Life Insurance Companies' Statutory Results2 | | | | | | | |
| Net Gain from Operations, After Tax | $ | 489.8 | | | $ | 350.5 | | | $ | 1,337.0 | | | $ | 1,351.5 | |
| Net Realized Capital Gain (Loss), After Tax | (38.5) | | | 7.8 | | | (14.6) | | | (21.6) | |
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| Net Income | $ | 451.3 | | | $ | 358.3 | | | $ | 1,322.4 | | | $ | 1,329.9 | |
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| Capital and Surplus | $ | 4,190.3 | | | $ | 4,044.9 | | | $ | 3,909.7 | | | $ | 3,751.3 | |
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| Weighted Average Risk-based Capital Ratio | ~ 460% | | ~ 440% | | ~ 430% | | ~ 415% |
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1 Generally Accepted Accounting Principles |
2 Our traditional U.S. life insurance companies are Provident Life and Accident Insurance Company, Unum Life Insurance Company of America, First Unum Life Insurance Company, Colonial Life & Accident Insurance Company, The Paul Revere Life Insurance Company, Unum Insurance Company, Provident Life and Casualty Insurance Company, and Starmount Life Insurance Company. |
Unum Group Capital Metrics
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 3/31/2025 | | 3/31/2024 | | 12/31/2024 | | 12/31/2023 |
| (in millions) | | per share | | (in millions) | | per share | | (in millions) | | per share | | (in millions) | | per share |
| | | | | | | | | | | | | |
| Total Stockholders' Equity (Book Value) | $ | 11,214.0 | | | $ | 63.78 | | | $ | 10,219.5 | | | $ | 53.38 | | | $ | 10,961.1 | | | $ | 61.38 | | | $ | 9,651.4 | | | $ | 49.91 | |
| Excluding: | | | | | | | | | | | | | | | |
| Net Unrealized Loss on Securities | (2,333.2) | | | (13.27) | | | (2,360.8) | | | (12.33) | | | (2,755.2) | | | (15.43) | | | (1,919.1) | | | (9.92) | |
| Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits | 1,019.1 | | | 5.80 | | | 225.3 | | | 1.18 | | | 1,185.4 | | | 6.64 | | | (648.4) | | | (3.35) | |
| Net Loss on Derivatives | (225.2) | | | (1.28) | | | (127.0) | | | (0.66) | | | (270.7) | | | (1.51) | | | (73.7) | | | (0.39) | |
| Subtotal | 12,753.3 | | | 72.53 | | | 12,482.0 | | | 65.19 | | | 12,801.6 | | | 71.68 | | | 12,292.6 | | | 63.57 | |
| Excluding: | | | | | | | | | | | | | | | |
| Foreign Currency Translation Adjustment | (300.7) | | | (1.71) | | | (332.6) | | | (1.74) | | | (343.0) | | | (1.93) | | | (321.1) | | | (1.66) | |
| Subtotal | 13,054.0 | | | 74.24 | | | 12,814.6 | | | 66.93 | | | 13,144.6 | | | 73.61 | | | 12,613.7 | | | 65.23 | |
| Excluding: | | | | | | | | | | | | | | | |
| Unrecognized Pension and Postretirement Benefit Costs | (338.8) | | | (1.93) | | | (344.9) | | | (1.80) | | | (340.2) | | | (1.90) | | | (345.7) | | | (1.79) | |
| Total Stockholders' Equity, Excluding Accumulated Other Comprehensive Loss | $ | 13,392.8 | | | $ | 76.17 | | | $ | 13,159.5 | | | $ | 68.73 | | | $ | 13,484.8 | | | $ | 75.51 | | | $ | 12,959.4 | | | $ | 67.02 | |
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| Dividends Paid | $ | 77.3 | | | $ | 0.420 | | | $ | 72.6 | | | $ | 0.365 | | | $ | 296.6 | | | $ | 1.570 | | | $ | 277.1 | | | $ | 1.390 | |
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| Three Months Ended | | Year Ended |
| 3/31/2025 | | 3/31/2024 | | 12/31/2024 | | 12/31/2023 |
Shares Repurchased (millions)1 | 3.3 | | | 2.5 | | | 15.7 | | | 5.7 | |
Cost of Shares Repurchased (millions)2 | $ | 202.6 | | | $ | 123.0 | | | $ | 979.3 | | | $ | 252.0 | |
| Price (UNM closing price on last trading day of period) | $ | 81.46 | | | $ | 53.66 | | | $ | 73.03 | | | $ | 45.22 | |
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Leverage Ratio | 23.0 | % | | 21.9 | % | | 22.9 | % | | 22.1 | % |
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Holding Company Liquidity (millions) | $ | 2,215 | | | $ | 1,406 | | | $ | 1,987 | | | $ | 1,650 | |
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1For the three months ended March 31, 2025, includes 0.7 million shares related to the settlement of the November 2024 accelerated share repurchase agreement (ASR) which occurred in February 2025. |
2Includes commissions of $0.5 million for the three months ended March 31, 2025, a de minimis amount for the three months ended March 31, 2024, and year ended December 31, 2024, and $0.1 million for the year ended December 31, 2023. There was excise tax of $2.1 million and $1.1 million for the three months ended March 31, 2025 and 2024, respectively, and $8.3 million and $1.9 million for the years ended December 31, 2024 and 2023, respectively. Also included for the year ended December 31, 2024 is $80.3 million related to shares which settled in February 2025 in connection with the November 2024 ASR agreement. |
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Unum Group Ratings
| | | | | | | | | | | | | | | | | | | | | | | |
| AM Best | | Fitch | | Moody's | | S&P |
| Outlook | Stable | | Positive | | Stable | | Stable |
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| Senior Unsecured Debt Ratings | bbb+ | | BBB | | Baa2 | | BBB |
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| Financial Strength Ratings | | | | | | | |
| Provident Life and Accident Insurance Company | A | | A | | A2 | | A |
| Unum Life Insurance Company of America | A | | A | | A2 | | A |
| First Unum Life Insurance Company | A | | A | | A2 | | A |
| Colonial Life & Accident Insurance Company | A | | A | | A2 | | A |
| The Paul Revere Life Insurance Company | A | | A | | A2 | | A |
| Unum Insurance Company | A | | A | | A2 | | NR |
| Provident Life and Casualty Insurance Company | A | | A | | NR | | NR |
| Starmount Life Insurance Company | A | | NR | | NR | | NR |
| Unum Limited | NR | | NR | | NR | | A- |
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NR = not rated | | | | | | | |
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Unum Group Consolidated Statements of Income
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Year Ended |
| 3/31/2025 | | 3/31/2024 | | 12/31/2024 | | 12/31/2023 |
| | | | | | | |
| Revenue | | | | | | | |
| Premium Income | $ | 2,702.9 | | | $ | 2,610.3 | | | $ | 10,497.4 | | | $ | 10,046.0 | |
| Net Investment Income | 513.2 | | | 513.5 | | | 2,130.0 | | | 2,096.7 | |
| Net Investment Loss | (206.8) | | | (1.2) | | | (34.6) | | | (36.0) | |
| Other Income | 82.3 | | | 77.7 | | | 294.5 | | | 279.2 | |
| Total Revenue | 3,091.6 | | | 3,200.3 | | | 12,887.3 | | | 12,385.9 | |
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| Benefits and Expenses | | | | | | | |
| | | | | | | |
| | | | | | | |
Policy Benefits Including Remeasurement Gain | 1,871.0 | | | 1,785.3 | | | 6,917.9 | | | 7,257.1 | |
| Commissions | 343.2 | | | 313.6 | | | 1,258.6 | | | 1,170.1 | |
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| Interest and Debt Expense | 52.0 | | | 49.5 | | | 201.1 | | | 194.8 | |
| | | | | | | |
| Deferral of Acquisition Costs | (172.6) | | | (166.9) | | | (651.5) | | | (632.2) | |
| Amortization of Deferred Acquisition Costs | 125.4 | | | 126.2 | | | 521.0 | | | 481.4 | |
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| Other Expenses | 629.0 | | | 596.9 | | | 2,388.9 | | | 2,274.6 | |
| Total Benefits and Expenses | 2,848.0 | | | 2,704.6 | | | 10,636.0 | | | 10,745.8 | |
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| Income Before Income Tax | 243.6 | | | 495.7 | | | 2,251.3 | | | 1,640.1 | |
| Income Tax Expense | 54.5 | | | 100.5 | | | 472.2 | | | 356.3 | |
| | | | | | | |
| Net Income | $ | 189.1 | | | $ | 395.2 | | | $ | 1,779.1 | | | $ | 1,283.8 | |
| | | | | | | |
| Weighted Average Shares Outstanding | | | | | | | |
| Basic | 178.3 | | | 192.6 | | | 187.5 | | | 196.7 | |
| Assuming Dilution | 178.9 | | | 193.3 | | | 188.1 | | | 197.6 | |
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| Actual Number of Shares Outstanding | 175.8 | | | 191.5 | | | 178.6 | | | 193.4 | |
Unum Group Sales Data for Unum US Segment
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Year Ended |
| 3/31/2025 | | 3/31/2024 | | % Change | | 12/31/2024 | | 12/31/2023 |
| Sales by Product | | | | | | | | | |
| Group Disability and Group Life and AD&D | | | | | | | | | |
| Group Long-term Disability | $ | 43.1 | | | $ | 54.6 | | | (21.1) | % | | $ | 298.3 | | | $ | 292.7 | |
| Group Short-term Disability | 31.9 | | | 35.9 | | | (11.1) | | | 216.5 | | | 229.5 | |
| Group Life and AD&D | 44.4 | | | 42.8 | | | 3.7 | | | 361.5 | | | 305.4 | |
| Subtotal | 119.4 | | | 133.3 | | | (10.4) | | | 876.3 | | | 827.6 | |
| Supplemental and Voluntary | | | | | | | | | |
| Voluntary Benefits | 122.9 | | | 107.9 | | | 13.9 | | | 293.7 | | | 263.2 | |
| Individual Disability | 23.7 | | | 21.2 | | | 11.8 | | | 101.7 | | | 108.9 | |
| Dental and Vision | 11.5 | | | 11.7 | | | (1.7) | | | 95.3 | | | 84.1 | |
| Subtotal | 158.1 | | | 140.8 | | | 12.3 | | | 490.7 | | | 456.2 | |
| Total Sales | $ | 277.5 | | | $ | 274.1 | | | 1.2 | | | $ | 1,367.0 | | | $ | 1,283.8 | |
| | | | | | | | | |
| Sales by Market Sector | | | | | | | | | |
| Group Disability and Group Life and AD&D | | | | | | | | | |
| Core Market (< 2,000 employees) | $ | 70.9 | | | $ | 77.3 | | | (8.3) | % | | $ | 512.6 | | | $ | 521.3 | |
| Large Case Market | 48.5 | | | 56.0 | | | (13.4) | | | 363.7 | | | 306.3 | |
| Subtotal | 119.4 | | | 133.3 | | | (10.4) | | | 876.3 | | | 827.6 | |
| Supplemental and Voluntary | 158.1 | | | 140.8 | | | 12.3 | | | 490.7 | | | 456.2 | |
| Total Sales | $ | 277.5 | | | $ | 274.1 | | | 1.2 | | | $ | 1,367.0 | | | $ | 1,283.8 | |
Unum Group Sales Data for Unum International Segment
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Year Ended |
| (in millions of dollars) | 3/31/2025 | | 3/31/2024 | | % Change | | 12/31/2024 | | 12/31/2023 |
| Sales by Product | | | | | | | | | |
| Unum UK | | | | | | | | | |
| Group Long-term Disability | $ | 7.0 | | | $ | 15.1 | | | (53.6) | % | | $ | 47.3 | | | $ | 48.3 | |
| Group Life | 11.0 | | | 9.9 | | | 11.1 | | | 68.3 | | | 61.4 | |
| Supplemental | 8.7 | | | 12.6 | | | (31.0) | | | 34.9 | | | 28.0 | |
| Unum Poland | 10.2 | | | 8.0 | | | 27.5 | | | 36.4 | | | 33.2 | |
| Total Sales | $ | 36.9 | | | $ | 45.6 | | | (19.1) | | | $ | 186.9 | | | $ | 170.9 | |
| | | | | | | | | |
| Sales by Market Sector | | | | | | | | | |
| Unum UK | | | | | | | | | |
| Group Long-term Disability and Group Life | | | | | | | | | |
| Core Market (< 500 employees) | $ | 11.2 | | | $ | 9.3 | | | 20.4 | % | | $ | 41.8 | | | $ | 51.2 | |
| Large Case Market | 6.8 | | | 15.7 | | | (56.7) | | | 73.8 | | | 58.5 | |
| Subtotal | 18.0 | | | 25.0 | | | (28.0) | | | 115.6 | | | 109.7 | |
| Supplemental | 8.7 | | | 12.6 | | | (31.0) | | | 34.9 | | | 28.0 | |
| Unum Poland | 10.2 | | | 8.0 | | | 27.5 | | | 36.4 | | | 33.2 | |
| Total Sales | $ | 36.9 | | | $ | 45.6 | | | (19.1) | | | $ | 186.9 | | | $ | 170.9 | |
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| (in millions of pounds) | | | | | | | | | |
| Unum UK Sales by Product | | | | | | | | | |
| Group Long-term Disability | £ | 5.6 | | | £ | 11.9 | | | (52.9) | % | | £ | 37.2 | | | £ | 38.8 | |
| Group Life | 8.7 | | | 7.8 | | | 11.5 | | | 53.4 | | | 49.4 | |
| Supplemental | 7.0 | | | 9.9 | | | (29.3) | | | 27.5 | | | 22.6 | |
| Total Sales | £ | 21.3 | | | £ | 29.6 | | | (28.0) | | | £ | 118.1 | | | £ | 110.8 | |
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| Unum UK Sales by Market Sector | | | | | | | | | |
| Group Long-term Disability and Group Life | | | | | | | | | |
| Core Market (< 500 employees) | £ | 8.9 | | | £ | 7.4 | | | 20.3 | % | | £ | 32.8 | | | £ | 41.2 | |
| Large Case Market | 5.4 | | | 12.3 | | | (56.1) | | | 57.8 | | | 47.0 | |
| Subtotal | 14.3 | | | 19.7 | | | (27.4) | | | 90.6 | | | 88.2 | |
| Supplemental | 7.0 | | | 9.9 | | | (29.3) | | | 27.5 | | | 22.6 | |
| Total Sales | £ | 21.3 | | | £ | 29.6 | | | (28.0) | | | £ | 118.1 | | | £ | 110.8 | |
Unum Group Sales Data for Colonial Life Segment
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Year Ended |
| 3/31/2025 | | 3/31/2024 | | % Change | | 12/31/2024 | | 12/31/2023 |
| Sales by Product | | | | | | | | | |
| Accident, Sickness, and Disability | $ | 66.2 | | | $ | 64.6 | | | 2.5 | % | | $ | 326.3 | | | $ | 329.5 | |
| Life | 25.0 | | | 24.8 | | | 0.8 | | | 127.9 | | | 132.1 | |
| Cancer and Critical Illness | 14.1 | | | 13.6 | | | 3.7 | | | 78.0 | | | 78.0 | |
| Total Sales | $ | 105.3 | | | $ | 103.0 | | | 2.2 | | | $ | 532.2 | | | $ | 539.6 | |
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| Sales by Market Sector | | | | | | | | | |
Commercial Sector | | | | | | | | | |
| Core Market (< 1,000 employees) | $ | 69.8 | | | $ | 71.7 | | | (2.6) | % | | $ | 331.9 | | | $ | 347.4 | |
| Large Case Market | 9.3 | | | 9.2 | | | 1.1 | | | 65.1 | | | 62.3 | |
| Subtotal | 79.1 | | | 80.9 | | | (2.2) | | | 397.0 | | | 409.7 | |
| Public Sector | 26.2 | | | 22.1 | | | 18.6 | | | 135.2 | | | 129.9 | |
| Total Sales | $ | 105.3 | | | $ | 103.0 | | | 2.2 | | | $ | 532.2 | | | $ | 539.6 | |
Unum Group Consolidated Balance Sheets | | | | | | | | | | | |
| March 31 | | December 31 |
| 2025 | | 2024 |
| | | |
| Assets | | | |
| | | |
| Investments | | | |
| Fixed Maturity Securities - at fair value | $ | 35,751.4 | | | $ | 35,629.9 | |
| Mortgage Loans | 2,187.7 | | | 2,224.5 | |
| Policy Loans | 3,636.4 | | | 3,617.2 | |
| Other Long-term Investments | 1,689.8 | | | 1,694.4 | |
| Short-term Investments | 2,965.3 | | | 2,540.3 | |
| Total Investments | 46,230.6 | | | 45,706.3 | |
| | | |
| Other Assets | | | |
| Cash and Bank Deposits | 237.7 | | | 162.8 | |
| Accounts and Premiums Receivable | 1,557.1 | | | 1,459.0 | |
| Reinsurance Recoverable | 8,121.9 | | | 8,296.4 | |
| Accrued Investment Income | 622.9 | | | 649.8 | |
| Deferred Acquisition Costs | 2,893.2 | | | 2,842.8 | |
| Goodwill | 350.6 | | | 349.1 | |
| Property and Equipment | 496.3 | | | 487.6 | |
| Deferred Income Tax | 314.8 | | | 369.7 | |
| | | |
| Other Assets | 1,634.7 | | | 1,635.8 | |
| | | |
| Total Assets | $ | 62,459.8 | | | $ | 61,959.3 | |
Unum Group Consolidated Balance Sheets - Continued | | | | | | | | | | | | | | | | | |
| March 31 | | December 31 | | | | | | |
| 2025 | | 2024 | | | | | | |
| | | | | | | | | |
| Liabilities and Stockholders' Equity | | | | | | | | | |
| | | | | | | | | |
| Liabilities | | | | | | | | | |
Future Policy Benefits | $ | 37,030.7 | | | $ | 36,806.4 | | | | | | | |
Policyholders' Account Balances | 5,620.8 | | | 5,633.7 | | | | | | | |
| Unearned Premiums | 475.6 | | | 384.0 | | | | | | | |
| Other Policyholders’ Funds | 1,522.8 | | | 1,526.7 | | | | | | | |
| Income Tax Payable | 302.3 | | | 226.5 | | | | | | | |
| Deferred Income Tax | 32.8 | | | 31.0 | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| Long-term Debt | 3,467.0 | | | 3,465.2 | | | | | | | |
| | | | | | | | | |
| Other Liabilities | 2,519.2 | | | 2,650.1 | | | | | | | |
| | | | | | | | | |
| Total Liabilities | 51,245.8 | | | 50,998.2 | | | | | | | |
| | | | | | | | | |
| Stockholders’ Equity | | | | | | | | | |
| Common Stock | 19.5 | | | 19.5 | | | | | | | |
| Additional Paid-in Capital | 1,568.7 | | | 1,489.6 | | | | | | | |
| Accumulated Other Comprehensive Loss | (2,178.8) | | | (2,523.7) | | | | | | | |
| Retained Earnings | 13,025.8 | | | 12,914.0 | | | | | | | |
| Treasury Stock - at cost | (1,221.2) | | | (938.3) | | | | | | | |
| | | | | | | | | |
| Total Stockholders’ Equity | 11,214.0 | | | 10,961.1 | | | | | | | |
| | | | | | | | | |
| Total Liabilities and Stockholders’ Equity | $ | 62,459.8 | | | $ | 61,959.3 | | | | | | | |
| | | | | | | | | |
| | | | | | |
Unum Group Balance Sheets by Segment - March 31, 2025
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Unum US | | | | | | | | | | |
| Group Disability | | Group Life and Accidental Death & Dismemberment | | Supplemental and Voluntary | | Total Unum US | | Unum International | | Colonial Life | | Closed Block | | Corporate | | Consolidated |
| Assets | | | | | | | | | | | | | | | | | |
| Investments | $ | 5,889.2 | | | $ | 1,865.4 | | | $ | 4,558.2 | | | $ | 12,312.8 | | | $ | 3,077.7 | | | $ | 3,337.2 | | | $ | 24,370.7 | | | $ | 3,132.2 | | | $ | 46,230.6 | |
| Deferred Acquisition Costs | 66.8 | | | 56.6 | | | 1,156.7 | | | 1,280.1 | | | 59.0 | | | 1,554.1 | | | — | | | — | | | 2,893.2 | |
| Goodwill | 8.9 | | | — | | | 271.1 | | | 280.0 | | | 42.9 | | | 27.7 | | | — | | | — | | | 350.6 | |
Reinsurance Recoverable | 29.3 | | | 9.8 | | | 91.1 | | | 130.2 | | | 92.1 | | | 5.2 | | | 7,894.4 | | | — | | | 8,121.9 | |
| All Other | 403.5 | | | 260.5 | | | 172.2 | | | 836.2 | | | 116.6 | | | 132.7 | | | 970.5 | | | 2,807.5 | | | 4,863.5 | |
| Total Assets | $ | 6,397.7 | | | $ | 2,192.3 | | | $ | 6,249.3 | | | $ | 14,839.3 | | | $ | 3,388.3 | | | $ | 5,056.9 | | | $ | 33,235.6 | | | $ | 5,939.7 | | | $ | 62,459.8 | |
| | | | | | | | | | | | | | | | | |
| Liabilities | | | | | | | | | | | | | | | | | |
| Future Policy Benefits | $ | 4,748.3 | | | $ | 806.8 | | | $ | 3,090.6 | | | $ | 8,645.7 | | | $ | 2,218.3 | | | $ | 1,944.1 | | | $ | 24,222.6 | | | $ | — | | | $ | 37,030.7 | |
| Policyholders' Account Balances | — | | | — | | | 674.1 | | | 674.1 | | | — | | | 860.8 | | | 4,085.9 | | | — | | | 5,620.8 | |
| Unearned Premiums | 3.8 | | | 6.7 | | | 62.4 | | | 72.9 | | | 230.9 | | | 47.1 | | | 124.7 | | | — | | | 475.6 | |
| Other Policyholders' Funds | 39.6 | | | 787.1 | | | 29.4 | | | 856.1 | | | 58.5 | | | 8.8 | | | 599.4 | | | — | | | 1,522.8 | |
| Debt | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 3,741.6 | | | 3,741.6 | |
| All Other | 43.7 | | | 26.3 | | | 59.7 | | | 129.7 | | | 116.2 | | | 61.9 | | | 554.5 | | | 1,992.0 | | | 2,854.3 | |
| Total Liabilities | 4,835.4 | | | 1,626.9 | | | 3,916.2 | | | 10,378.5 | | | 2,623.9 | | | 2,922.7 | | | 29,587.1 | | | 5,733.6 | | | 51,245.8 | |
| | | | | | | | | | | | | | | | | |
| Allocated Stockholders' Equity | | | | | | | | | | | | | | | | | |
| Other Allocated Stockholders' Equity | 1,512.9 | | | 636.9 | | | 2,325.0 | | | 4,474.8 | | | 763.7 | | | 1,982.2 | | | 4,743.7 | | | 788.9 | | | 12,753.3 | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Net Unrealized Loss on Securities and Net Loss on Derivatives | (151.5) | | | (92.3) | | | (179.5) | | | (423.3) | | | (154.2) | | | (113.5) | | | (1,284.6) | | | (582.8) | | | (2,558.4) | |
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits | 200.9 | | | 20.8 | | | 187.6 | | | 409.3 | | | 154.9 | | | 265.5 | | | 189.4 | | | — | | | 1,019.1 | |
| Total Allocated Stockholders' Equity | 1,562.3 | | | 565.4 | | | 2,333.1 | | | 4,460.8 | | | 764.4 | | | 2,134.2 | | | 3,648.5 | | | 206.1 | | | 11,214.0 | |
| | | | | | | | | | | | | | | | | |
| Total Liabilities and Allocated Stockholders' Equity | $ | 6,397.7 | | | $ | 2,192.3 | | | $ | 6,249.3 | | | $ | 14,839.3 | | | $ | 3,388.3 | | | $ | 5,056.9 | | | $ | 33,235.6 | | | $ | 5,939.7 | | | $ | 62,459.8 | |
Allocated stockholders' equity is determined on the basis of an internal allocation formula that reflects the volume and risk components of the business and aligns with our target capital levels for regulatory and rating agency purposes. We modify this formula periodically to recognize changes in the views of capital requirements.
Unum Group Balance Sheets by Segment - December 31, 2024
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Unum US | | | | | | | | | | |
| Group Disability | | Group Life and Accidental Death & Dismemberment | | Supplemental and Voluntary | | Total Unum US | | Unum International | | Colonial Life | | Closed Block | | Corporate | | Consolidated |
| Assets | | | | | | | | | | | | | | | | | |
| Investments | $ | 6,016.7 | | | $ | 1,924.5 | | | $ | 4,557.3 | | | $ | 12,498.5 | | | $ | 2,968.7 | | | $ | 3,249.7 | | | $ | 23,862.5 | | | $ | 3,126.9 | | | $ | 45,706.3 | |
| Deferred Acquisition Costs | 61.1 | | | 51.1 | | | 1,148.4 | | | 1,260.6 | | | 53.0 | | | 1,529.2 | | | — | | | — | | | 2,842.8 | |
| Goodwill | 8.9 | | | — | | | 271.1 | | | 280.0 | | | 41.4 | | | 27.7 | | | — | | | — | | | 349.1 | |
Reinsurance Recoverable | 31.7 | | | 5.7 | | | 166.4 | | | 203.8 | | | 99.0 | | | 4.3 | | | 7,989.3 | | | — | | | 8,296.4 | |
| All Other | 351.2 | | | 202.4 | | | 185.1 | | | 738.7 | | | 129.2 | | | 153.3 | | | 1,524.2 | | | 2,219.3 | | | 4,764.7 | |
| Total Assets | $ | 6,469.6 | | | $ | 2,183.7 | | | $ | 6,328.3 | | | $ | 14,981.6 | | | $ | 3,291.3 | | | $ | 4,964.2 | | | $ | 33,376.0 | | | $ | 5,346.2 | | | $ | 61,959.3 | |
| | | | | | | | | | | | | | | | | |
| Liabilities | | | | | | | | | | | | | | | | | |
| Future Policy Benefits | $ | 4,773.9 | | | $ | 836.0 | | | $ | 3,059.8 | | | $ | 8,669.7 | | | $ | 2,163.0 | | | $ | 1,904.2 | | | $ | 24,069.5 | | | $ | — | | | $ | 36,806.4 | |
| Policyholders' Account Balances | — | | | — | | | 675.7 | | | 675.7 | | | — | | | 862.5 | | | 4,095.5 | | | — | | | 5,633.7 | |
| Unearned Premiums | 1.6 | | | 6.1 | | | 44.0 | | | 51.7 | | | 165.5 | | | 45.4 | | | 121.4 | | | — | | | 384.0 | |
| Other Policyholders' Funds | 37.7 | | | 775.9 | | | 32.7 | | | 846.3 | | | 60.1 | | | 8.3 | | | 612.0 | | | — | | | 1,526.7 | |
| Debt | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 3,739.8 | | | 3,739.8 | |
| All Other | 34.2 | | | 25.8 | | | 149.3 | | | 209.3 | | | 119.0 | | | 63.9 | | | 598.2 | | | 1,917.2 | | | 2,907.6 | |
| Total Liabilities | 4,847.4 | | | 1,643.8 | | | 3,961.5 | | | 10,452.7 | | | 2,507.6 | | | 2,884.3 | | | 29,496.6 | | | 5,657.0 | | | 50,998.2 | |
| | | | | | | | | | | | | | | | | |
| Allocated Stockholders' Equity | | | | | | | | | | | | | | | | | |
| Other Allocated Stockholders' Equity | 1,584.2 | | | 626.8 | | | 2,366.2 | | | 4,577.2 | | | 775.6 | | | 1,938.8 | | | 5,164.7 | | | 345.3 | | | 12,801.6 | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Net Unrealized Loss on Securities and Net Loss on Derivatives | (192.6) | | | (111.0) | | | (211.1) | | | (514.7) | | | (134.9) | | | (138.8) | | | (1,581.4) | | | (656.1) | | | (3,025.9) | |
| Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits | 230.6 | | | 24.1 | | | 211.7 | | | 466.4 | | | 143.0 | | | 279.9 | | | 296.1 | | | — | | | 1,185.4 | |
| Total Allocated Stockholders' Equity | 1,622.2 | | | 539.9 | | | 2,366.8 | | | 4,528.9 | | | 783.7 | | | 2,079.9 | | | 3,879.4 | | | (310.8) | | | 10,961.1 | |
| | | | | | | | | | | | | | | | | |
| Total Liabilities and Allocated Stockholders' Equity | $ | 6,469.6 | | | $ | 2,183.7 | | | $ | 6,328.3 | | | $ | 14,981.6 | | | $ | 3,291.3 | | | $ | 4,964.2 | | | $ | 33,376.0 | | | $ | 5,346.2 | | | $ | 61,959.3 | |
Unum Group Financial Results by Segment
We measure and analyze our segment performance on the basis of "adjusted operating revenue" and "adjusted operating income" or "adjusted operating loss", which differ from total revenue and income before income tax as presented in our consolidated statements of income due to the exclusion of investment gains or losses, amortization of the cost of reinsurance, non-contemporaneous reinsurance, and reserve assumption updates, as well as certain other items as specified in the following pages. Investment gains or losses primarily include realized investment gains or losses, expected investment credit losses, impairment losses, and gains or losses on derivatives. These performance measures are in accordance with GAAP guidance for segment reporting, but they should not be viewed as a substitute for total revenue, income before income tax, or net income. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Year Ended |
| 3/31/2025 | | 3/31/2024 | | % Change | | 12/31/2024 | | 12/31/2023 | | % Change |
| Premium Income | | | | | | | | | | | |
| Unum US | $ | 1,780.9 | | | $ | 1,707.4 | | | 4.3 | % | | $ | 6,883.2 | | | $ | 6,579.2 | | | 4.6 | % |
| Unum International | 246.7 | | | 231.7 | | | 6.5 | | | 949.5 | | | 825.2 | | | 15.1 | |
| Colonial Life | 457.3 | | | 446.9 | | | 2.3 | | | 1,783.9 | | | 1,726.1 | | | 3.3 | |
| Closed Block | 218.0 | | | 224.3 | | | (2.8) | | | 880.8 | | | 915.5 | | | (3.8) | |
| 2,702.9 | | | 2,610.3 | | | 3.5 | | | 10,497.4 | | | 10,046.0 | | | 4.5 | |
| Net Investment Income | | | | | | | | | | | |
| Unum US | 148.9 | | | 157.0 | | | (5.2) | | | 632.2 | | | 639.9 | | | (1.2) | |
| Unum International | 28.5 | | | 26.1 | | | 9.2 | | | 128.8 | | | 137.2 | | | (6.1) | |
| Colonial Life | 42.2 | | | 39.3 | | | 7.4 | | | 161.5 | | | 153.5 | | | 5.2 | |
| Closed Block | 269.7 | | | 273.1 | | | (1.2) | | | 1,148.9 | | | 1,066.3 | | | 7.7 | |
| Corporate | 23.9 | | | 18.0 | | | 32.8 | | | 58.6 | | | 99.8 | | | (41.3) | |
| 513.2 | | | 513.5 | | | (0.1) | | | 2,130.0 | | | 2,096.7 | | | 1.6 | |
| Other Income | | | | | | | | | | | |
| Unum US | 71.9 | | | 60.6 | | | 18.6 | | | 235.9 | | | 220.5 | | | 7.0 | |
| Unum International | 0.1 | | | 0.3 | | | (66.7) | | | 1.6 | | | 1.6 | | | — | |
| Colonial Life | 0.4 | | | 3.0 | | | (86.7) | | | 4.0 | | | 1.2 | | | N.M. |
| Closed Block | 9.9 | | | 13.1 | | | (24.4) | | | 51.7 | | | 52.6 | | | (1.7) | |
| Corporate | — | | | 0.7 | | | N.M. | | 1.3 | | | 3.3 | | | (60.6) | |
| 82.3 | | | 77.7 | | | 5.9 | | | 294.5 | | | 279.2 | | | 5.5 | |
| Total Adjusted Operating Revenue | | | | | | | | | | | |
| Unum US | 2,001.7 | | | 1,925.0 | | | 4.0 | | | 7,751.3 | | | 7,439.6 | | | 4.2 | |
| Unum International | 275.3 | | | 258.1 | | | 6.7 | | | 1,079.9 | | | 964.0 | | | 12.0 | |
| Colonial Life | 499.9 | | | 489.2 | | | 2.2 | | | 1,949.4 | | | 1,880.8 | | | 3.6 | |
| Closed Block | 497.6 | | | 510.5 | | | (2.5) | | | 2,081.4 | | | 2,034.4 | | | 2.3 | |
| Corporate | 23.9 | | | 18.7 | | | 27.8 | | | 59.9 | | | 103.1 | | | (41.9) | |
| $ | 3,298.4 | | | $ | 3,201.5 | | | 3.0 | | | $ | 12,921.9 | | | $ | 12,421.9 | | | 4.0 | |
Unum Group Financial Results by Segment - Continued
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Year Ended |
| 3/31/2025 | | 3/31/2024 | | % Change | | 12/31/2024 | | 12/31/2023 | | % Change |
| Benefits and Expenses | | | | | | | | | | | |
| Unum US | $ | 1,672.6 | | | $ | 1,539.8 | | | 8.6 | % | | $ | 6,168.5 | | | $ | 5,955.3 | | | 3.6 | % |
| Unum International | 236.6 | | | 220.7 | | | 7.2 | | | 929.6 | | | 823.8 | | | 12.8 | |
| Colonial Life | 384.2 | | | 375.5 | | | 2.3 | | | 1,436.7 | | | 1,400.0 | | | 2.6 | |
| Closed Block | 489.6 | | | 503.8 | | | (2.8) | | | 1,834.8 | | | 2,317.2 | | | (20.8) | |
| Corporate | 65.0 | | | 64.8 | | | 0.3 | | | 266.4 | | | 249.5 | | | 6.8 | |
| 2,848.0 | | | 2,704.6 | | | 5.3 | | | 10,636.0 | | | 10,745.8 | | | (1.0) | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| Income (Loss) Before Income Tax and Net Investment Loss | | | | | | | | | | | |
| Unum US | 329.1 | | | 385.2 | | | (14.6) | | | 1,582.8 | | | 1,484.3 | | | 6.6 | |
| Unum International | 38.7 | | | 37.4 | | | 3.5 | | | 150.3 | | | 140.2 | | | 7.2 | |
| Colonial Life | 115.7 | | | 113.7 | | | 1.8 | | | 512.7 | | | 480.8 | | | 6.6 | |
| Closed Block | 8.0 | | | 6.7 | | | 19.4 | | | 246.6 | | | (282.8) | | | 187.2 | |
| Corporate | (41.1) | | | (46.1) | | | (10.8) | | | (206.5) | | | (146.4) | | | 41.1 | |
| 450.4 | | | 496.9 | | | (9.4) | | | 2,285.9 | | | 1,676.1 | | | 36.4 | |
| | | | | | | | | | | |
Income Tax Expense Before Net Investment Loss | 97.9 | | | 100.9 | | | (3.0) | | | 479.8 | | | 364.1 | | | 31.8 | |
| | | | | | | | | | | |
| Income Before Net Investment Loss | 352.5 | | | 396.0 | | | (11.0) | | | 1,806.1 | | | 1,312.0 | | | 37.7 | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| Net Investment Loss (net of tax benefit of $43.4; $0.4; $7.6; $7.8) | (163.4) | | | (0.8) | | | N.M. | | (27.0) | | | (28.2) | | | (4.3) | |
| | | | | | | | | | | |
| Net Income | $ | 189.1 | | | $ | 395.2 | | | (52.2) | | | $ | 1,779.1 | | | $ | 1,283.8 | | | 38.6 | |
Unum Group Quarterly Historical Financial Results by Segment
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 3/31/2025 | | 12/31/2024 | | 9/30/2024 | | 6/30/2024 | | 3/31/2024 | | | | | | | | |
| Premium Income | | | | | | | | | | | | | | | | | |
| Unum US | $ | 1,780.9 | | | $ | 1,721.4 | | | $ | 1,723.5 | | | $ | 1,730.9 | | | $ | 1,707.4 | | | | | | | | | |
| Unum International | 246.7 | | | 242.4 | | | 246.6 | | | 228.8 | | | 231.7 | | | | | | | | | |
| Colonial Life | 457.3 | | | 448.9 | | | 441.9 | | | 446.2 | | | 446.9 | | | | | | | | | |
| Closed Block | 218.0 | | | 218.4 | | | 216.8 | | | 221.3 | | | 224.3 | | | | | | | | | |
| 2,702.9 | | | 2,631.1 | | | 2,628.8 | | | 2,627.2 | | | 2,610.3 | | | | | | | | | |
| Net Investment Income | | | | | | | | | | | | | | | | | |
| Unum US | 148.9 | | | 156.1 | | | 161.0 | | | 158.1 | | | 157.0 | | | | | | | | | |
| Unum International | 28.5 | | | 34.3 | | | 30.4 | | | 38.0 | | | 26.1 | | | | | | | | | |
| Colonial Life | 42.2 | | | 42.1 | | | 39.6 | | | 40.5 | | | 39.3 | | | | | | | | | |
| Closed Block | 269.7 | | | 297.3 | | | 284.3 | | | 294.2 | | | 273.1 | | | | | | | | | |
| Corporate | 23.9 | | | 13.8 | | | 12.5 | | | 14.3 | | | 18.0 | | | | | | | | | |
| 513.2 | | | 543.6 | | | 527.8 | | | 545.1 | | | 513.5 | | | | | | | | | |
| Other Income | | | | | | | | | | | | | | | | | |
| Unum US | 71.9 | | | 57.0 | | | 60.1 | | | 58.2 | | | 60.6 | | | | | | | | | |
| Unum International | 0.1 | | | 0.4 | | | 0.4 | | | 0.5 | | | 0.3 | | | | | | | | | |
| Colonial Life | 0.4 | | | 0.4 | | | 0.4 | | | 0.2 | | | 3.0 | | | | | | | | | |
| Closed Block | 9.9 | | | 14.0 | | | 12.4 | | | 12.2 | | | 13.1 | | | | | | | | | |
| Corporate | — | | | 0.2 | | | — | | | 0.4 | | | 0.7 | | | | | | | | | |
| 82.3 | | | 72.0 | | | 73.3 | | | 71.5 | | | 77.7 | | | | | | | | | |
| Total Adjusted Operating Revenue | | | | | | | | | | | | | | | | | |
| Unum US | 2,001.7 | | | 1,934.5 | | | 1,944.6 | | | 1,947.2 | | | 1,925.0 | | | | | | | | | |
| Unum International | 275.3 | | | 277.1 | | | 277.4 | | | 267.3 | | | 258.1 | | | | | | | | | |
| Colonial Life | 499.9 | | | 491.4 | | | 481.9 | | | 486.9 | | | 489.2 | | | | | | | | | |
| Closed Block | 497.6 | | | 529.7 | | | 513.5 | | | 527.7 | | | 510.5 | | | | | | | | | |
| Corporate | 23.9 | | | 14.0 | | | 12.5 | | | 14.7 | | | 18.7 | | | | | | | | | |
| $ | 3,298.4 | | | $ | 3,246.7 | | | $ | 3,229.9 | | | $ | 3,243.8 | | | $ | 3,201.5 | | | | | | | | | |
Unum Group Quarterly Historical Financial Results by Segment - Continued | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 3/31/2025 | | 12/31/2024 | | 9/30/2024 | | 6/30/2024 | | 3/31/2024 | | | | | | | | |
| Benefits and Expenses | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Unum US | $ | 1,672.6 | | | $ | 1,601.3 | | | $ | 1,437.7 | | | $ | 1,589.7 | | | $ | 1,539.8 | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Unum International | 236.6 | | | 239.5 | | | 244.6 | | | 224.8 | | | 220.7 | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Colonial Life | 384.2 | | | 368.7 | | | 322.5 | | | 370.0 | | | 375.5 | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Closed Block | 489.6 | | | 517.2 | | | 320.4 | | | 493.4 | | | 503.8 | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Corporate | 65.0 | | | 64.4 | | | 77.2 | | | 60.0 | | | 64.8 | | | | | | | | | |
| 2,848.0 | | | 2,791.1 | | | 2,402.4 | | | 2,737.9 | | | 2,704.6 | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Income (Loss) Before Income Tax and Net Investment Loss | | | | | | | | | | | | | | | | | |
| Unum US | 329.1 | | | 333.2 | | | 506.9 | | | 357.5 | | | 385.2 | | | | | | | | | |
| Unum International | 38.7 | | | 37.6 | | | 32.8 | | | 42.5 | | | 37.4 | | | | | | | | | |
| Colonial Life | 115.7 | | | 122.7 | | | 159.4 | | | 116.9 | | | 113.7 | | | | | | | | | |
| Closed Block | 8.0 | | | 12.5 | | | 193.1 | | | 34.3 | | | 6.7 | | | | | | | | | |
| Corporate | (41.1) | | | (50.4) | | | (64.7) | | | (45.3) | | | (46.1) | | | | | | | | | |
| 450.4 | | | 455.6 | | | 827.5 | | | 505.9 | | | 496.9 | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Income Tax Expense Before Net Investment Loss | 97.9 | | | 98.7 | | | 172.0 | | | 108.2 | | | 100.9 | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Income Before Net Investment Loss | 352.5 | | | 356.9 | | | 655.5 | | | 397.7 | | | 396.0 | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Net Investment Loss | (206.8) | | | (10.1) | | | (12.9) | | | (10.4) | | | (1.2) | | | | | | | | | |
| Tax Benefit on Net Investment Loss | (43.4) | | | (1.9) | | | (3.1) | | | (2.2) | | | (0.4) | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Net Income | $ | 189.1 | | | $ | 348.7 | | | $ | 645.7 | | | $ | 389.5 | | | $ | 395.2 | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Net Income Per Common Share - Assuming Dilution | $ | 1.06 | | | $ | 1.92 | | | $ | 3.46 | | | $ | 2.05 | | | $ | 2.04 | | | | | | | | | |
Unum Group Financial Results for Unum US Segment
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Year Ended |
| 3/31/2025 | | 3/31/2024 | | 12/31/2024 | | 12/31/2023 |
| | | | | | | |
| Adjusted Operating Revenue | | | | | | | |
| Premium Income | $ | 1,780.9 | | | $ | 1,707.4 | | | $ | 6,883.2 | | | $ | 6,579.2 | |
| Net Investment Income | 148.9 | | | 157.0 | | | 632.2 | | | 639.9 | |
| Other Income | 71.9 | | | 60.6 | | | 235.9 | | | 220.5 | |
| Total | 2,001.7 | | | 1,925.0 | | | 7,751.3 | | | 7,439.6 | |
| | | | | | | |
| Benefits and Expenses | | | | | | | |
| | | | | | | |
| | | | | | | |
| Policy Benefits Including Remeasurement Loss or Gain | 1,063.2 | | | 969.3 | | | 3,864.7 | | | 3,808.5 | |
| Commissions | 205.6 | | | 182.2 | | | 729.3 | | | 664.4 | |
| Deferral of Acquisition Costs | (84.7) | | | (83.3) | | | (320.9) | | | (314.7) | |
| Amortization of Deferred Acquisition Costs | 65.2 | | | 69.8 | | | 292.5 | | | 267.6 | |
| Other Expenses | 423.3 | | | 401.8 | | | 1,602.9 | | | 1,529.5 | |
| Total | 1,672.6 | | | 1,539.8 | | | 6,168.5 | | | 5,955.3 | |
| | | | | | | |
| Income before Income Tax and Net Investment Gains and Losses | 329.1 | | | 385.2 | | | 1,582.8 | | | 1,484.3 | |
| Reserve Assumption Updates | — | | | — | | | (143.6) | | | (128.8) | |
| Adjusted Operating Income | $ | 329.1 | | | $ | 385.2 | | | $ | 1,439.2 | | | $ | 1,355.5 | |
| | | | | | | |
| Operating Ratios (% of Premium Income): | | | | | | | |
Benefit Ratio1 | 59.7 | % | | 56.8 | % | | 58.2 | % | | 59.8 | % |
Other Expense Ratio2 | 23.0 | % | | 22.8 | % | | 22.5 | % | | 22.5 | % |
| Income Ratio | | | | | 23.0 | % | | 22.6 | % |
| Adjusted Operating Income Ratio | 18.5 | % | | 22.6 | % | | 20.9 | % | | 20.6 | % |
| | | | | | | |
1Excludes the reserve assumption updates that occurred during the third quarters of 2024 and 2023. |
2Ratio of Other Expenses to Premium Income plus Unum US Group Disability Other Income, which is primarily related to fee-based services. |
Unum Group Financial Results for Unum US Group Disability
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Year Ended | | |
| 3/31/2025 | | 3/31/2024 | | 12/31/2024 | | 12/31/2023 | | |
| | | | | | | | | |
| Adjusted Operating Revenue | | | | | | | | | |
| Premium Income | | | | | | | | | |
| Group Long-term Disability | $ | 504.5 | | | $ | 516.7 | | | $ | 2,086.1 | | | $ | 2,057.2 | | | |
| Group Short-term Disability | 278.3 | | | 263.1 | | | 1,084.0 | | | 1,012.3 | | | |
| Total Premium Income | 782.8 | | | 779.8 | | | 3,170.1 | | | 3,069.5 | | | |
| Net Investment Income | 74.0 | | | 77.8 | | | 311.2 | | | 324.8 | | | |
| Other Income | 56.0 | | | 58.7 | | | 232.1 | | | 211.6 | | | |
| Total | 912.8 | | | 916.3 | | | 3,713.4 | | | 3,605.9 | | | |
| | | | | | | | | |
| Benefits and Expenses | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| Policy Benefits Including Remeasurement Loss or Gain | 483.7 | | | 448.6 | | | 1,781.8 | | | 1,693.2 | | | |
| Commissions | 65.0 | | | 61.8 | | | 244.4 | | | 230.5 | | | |
| Deferral of Acquisition Costs | (16.1) | | | (16.5) | | | (62.2) | | | (60.2) | | | |
| Amortization of Deferred Acquisition Costs | 10.4 | | | 14.4 | | | 64.7 | | | 57.6 | | | |
| Other Expenses | 250.6 | | | 243.2 | | | 973.5 | | | 936.1 | | | |
| Total | 793.6 | | | 751.5 | | | 3,002.2 | | | 2,857.2 | | | |
| | | | | | | | | |
| Income Before Income Tax and Net Investment Gains and Losses | 119.2 | | | 164.8 | | | 711.2 | | | 748.7 | | | |
| Reserve Assumption Updates | — | | | — | | | (90.0) | | | (121.0) | | | |
| Adjusted Operating Income | $ | 119.2 | | | $ | 164.8 | | | $ | 621.2 | | | $ | 627.7 | | | |
| | | | | | | | | |
| Operating Ratios (% of Premium Income): | | | | | | | | | |
Benefit Ratio1 | 61.8 | % | | 57.5 | % | | 59.0 | % | | 59.1 | % | | |
Other Expense Ratio2 | 29.9 | % | | 29.0 | % | | 28.6 | % | | 28.5 | % | | |
| Income Ratio | | | | | 22.4 | % | | 24.4 | % | | |
| Adjusted Operating Income Ratio | 15.2 | % | | 21.1 | % | | 19.6 | % | | 20.4 | % | | |
| | | | | | | | | |
| Persistency: | | | | | | | | | |
| Group Long-term Disability | 90.7 | % | | 93.1 | % | | 93.3 | % | | 90.8 | % | | |
| Group Short-term Disability | 87.5 | % | | 91.3 | % | | 91.7 | % | | 88.9 | % | | |
| | | | | | | | | |
1Excludes the reserve assumption updates that occurred during the third quarters of 2024 and 2023. | | |
2Ratio of Other Expenses to Premium Income plus Other Income, which is primarily related to fee-based services. | | |
Unum Group Financial Results for Unum US Group Life and Accidental Death & Dismemberment
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | Year Ended |
| | | | | 3/31/2025 | | 3/31/2024 | | 12/31/2024 | | 12/31/2023 |
| | | | | | | | | | | |
| Adjusted Operating Revenue | | | | | | | | | | | |
| Premium Income | | | | | | | | | | | |
| Group Life | | | | | $ | 466.2 | | | $ | 442.6 | | | $ | 1,784.7 | | | $ | 1,679.0 | |
| Accidental Death & Dismemberment | | | | | 48.2 | | | 45.8 | | | 186.1 | | | 175.5 | |
| Total Premium Income | | | | | 514.4 | | | 488.4 | | | 1,970.8 | | | 1,854.5 | |
| Net Investment Income | | | | | 18.2 | | | 22.0 | | | 88.3 | | | 90.1 | |
| Other Income | | | | | 0.1 | | | 1.0 | | | 1.5 | | | 1.0 | |
| Total | | | | | 532.7 | | | 511.4 | | | 2,060.6 | | | 1,945.6 | |
| | | | | | | | | | | |
| Benefits and Expenses | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| Policy Benefits Including Remeasurement Loss or Gain | | | | | 356.7 | | | 333.2 | | | 1,294.2 | | | 1,347.7 | |
| Commissions | | | | | 47.0 | | | 41.7 | | | 168.0 | | | 155.9 | |
| Deferral of Acquisition Costs | | | | | (11.6) | | | (10.5) | | | (40.6) | | | (38.6) | |
| Amortization of Deferred Acquisition Costs | | | | | 6.1 | | | 6.9 | | | 38.4 | | | 39.0 | |
| Other Expenses | | | | | 65.3 | | | 61.3 | | | 243.0 | | | 229.9 | |
| Total | | | | | 463.5 | | | 432.6 | | | 1,703.0 | | | 1,733.9 | |
| | | | | | | | | | | |
| Income Before Income Tax and Net Investment Gains and Losses | | | | | 69.2 | | | 78.8 | | | 357.6 | | | 211.7 | |
| Reserve Assumption Update | | | | | — | | | — | | | (13.0) | | | — | |
| Adjusted Operating Income | | | | | $ | 69.2 | | | $ | 78.8 | | | $ | 344.6 | | | $ | 211.7 | |
| | | | | | | | | | | |
| Operating Ratios (% of Premium Income): | | | | | | | | | | | |
Benefit Ratio1 | | | | | 69.3 | % | | 68.2 | % | | 66.3 | % | | 72.7 | % |
| Other Expense Ratio | | | | | 12.7 | % | | 12.6 | % | | 12.3 | % | | 12.4 | % |
| Income Ratio | | | | | | | | | 18.1 | % | | |
Adjusted Operating Income Ratio | | | | | 13.5 | % | | 16.1 | % | | 17.5 | % | | 11.4 | % |
| | | | | | | | | | | |
| Persistency: | | | | | | | | | | | |
| Group Life | | | | | 89.2 | % | | 91.7 | % | | 92.0 | % | | 89.6 | % |
| Accidental Death & Dismemberment | | | | | 87.9 | % | | 91.4 | % | | 91.2 | % | | 88.7 | % |
| | | | | | | | | | | |
1Excludes the reserve assumption update that occurred during the third quarter of 2024. | | | | | | | | | | | |
Unum Group Financial Results for Unum US Supplemental and Voluntary
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | Year Ended |
| | | | | 3/31/2025 | | 3/31/2024 | | 12/31/2024 | | 12/31/2023 |
| | | | | | | | | | | |
| Adjusted Operating Revenue | | | | | | | | | | | |
| Premium Income | | | | | | | | | | | |
| Voluntary Benefits | | | | | $ | 234.1 | | | $ | 222.9 | | | $ | 879.2 | | | $ | 850.1 | |
| Individual Disability | | | | | 168.7 | | | 142.0 | | | 566.0 | | | 527.0 | |
| Dental and Vision | | | | | 80.9 | | | 74.3 | | | 297.1 | | | 278.1 | |
| Total Premium Income | | | | | 483.7 | | | 439.2 | | | 1,742.3 | | | 1,655.2 | |
| Net Investment Income | | | | | 56.7 | | | 57.2 | | | 232.7 | | | 225.0 | |
| Other Income | | | | | 15.8 | | | 0.9 | | | 2.3 | | | 7.9 | |
| Total | | | | | 556.2 | | | 497.3 | | | 1,977.3 | | | 1,888.1 | |
| | | | | | | | | | | |
| Benefits and Expenses | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| Policy Benefits Including Remeasurement Loss or Gain | | | | | 222.8 | | | 187.5 | | | 788.7 | | | 767.6 | |
| Commissions | | | | | 93.6 | | | 78.7 | | | 316.9 | | | 278.0 | |
| Deferral of Acquisition Costs | | | | | (57.0) | | | (56.3) | | | (218.1) | | | (215.9) | |
| Amortization of Deferred Acquisition Costs | | | | | 48.7 | | | 48.5 | | | 189.4 | | | 171.0 | |
| Other Expenses | | | | | 107.4 | | | 97.3 | | | 386.4 | | | 363.5 | |
| Total | | | | | 415.5 | | | 355.7 | | | 1,463.3 | | | 1,364.2 | |
| | | | | | | | | | | |
| Income Before Income Tax and Net Investment Gains and Losses | | | | | 140.7 | | | 141.6 | | | 514.0 | | | 523.9 | |
| Reserve Assumption Updates - Voluntary Benefits | | | | | — | | | — | | | 12.2 | | | (10.4) | |
| Reserve Assumption Updates - Individual Disability | | | | | — | | | — | | | (52.8) | | | 2.6 | |
| Adjusted Operating Income | | | | | $ | 140.7 | | | $ | 141.6 | | | $ | 473.4 | | | $ | 516.1 | |
| | | | | | | | | | | |
| Operating Ratios (% of Premium Income): | | | | | | | | | | | |
| Benefit Ratios: | | | | | | | | | | | |
Voluntary Benefits1 | | | | | 44.1 | % | | 33.8 | % | | 43.0 | % | | 39.8 | % |
Individual Disability1 | | | | | 35.5 | % | | 41.1 | % | | 41.0 | % | | 44.3 | % |
| Dental and Vision | | | | | 73.7 | % | | 72.4 | % | | 73.9 | % | | 73.1 | % |
| Other Expense Ratio | | | | | 22.2 | % | | 22.2 | % | | 22.2 | % | | 22.0 | % |
| Income Ratio | | | | | | | | | 29.5 | % | | 31.7 | % |
| Adjusted Operating Income Ratio | | | | | 29.1 | % | | 32.2 | % | | 27.2 | % | | 31.2 | % |
| | | | | | | | | | | |
| Persistency: | | | | | | | | | | | |
| Voluntary Benefits | | | | | 76.8 | % | | 75.7 | % | | 76.0 | % | | 75.5 | % |
| Individual Disability | | | | | 88.2 | % | | 89.2 | % | | 89.0 | % | | 89.0 | % |
| Dental and Vision | | | | | 82.2 | % | | 80.5 | % | | 81.4 | % | | 77.1 | % |
| | | | | | | | | | | |
1Excludes the reserve assumption updates that occurred during the third quarters of 2024 and 2023. | | | | | | | | | | | |
Unum Group Financial Results for Unum International Segment
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Year Ended |
| 3/31/2025 | | 3/31/2024 | | 12/31/2024 | | 12/31/2023 |
| | | | | | | |
| Adjusted Operating Revenue | | | | | | | |
| Premium Income | | | | | | | |
| Unum UK | | | | | | | |
| Group Long-term Disability | $ | 100.2 | | | $ | 103.5 | | | $ | 418.0 | | | $ | 396.1 | |
| Group Life | 61.6 | | | 48.7 | | | 211.3 | | | 169.3 | |
| Supplemental | 41.9 | | | 43.1 | | | 165.6 | | | 141.5 | |
| Unum Poland | 43.0 | | | 36.4 | | | 154.6 | | | 118.3 | |
| Total Premium Income | 246.7 | | | 231.7 | | | 949.5 | | | 825.2 | |
| Net Investment Income | 28.5 | | | 26.1 | | | 128.8 | | | 137.2 | |
| Other Income | 0.1 | | | 0.3 | | | 1.6 | | | 1.6 | |
| Total | 275.3 | | | 258.1 | | | 1,079.9 | | | 964.0 | |
| | | | | | | |
| Benefits and Expenses | | | | | | | |
| | | | | | | |
| | | | | | | |
| Policy Benefits Including Remeasurement Loss or Gain | 164.1 | | | 155.9 | | | 656.7 | | | 579.8 | |
| Commissions | 22.4 | | | 19.6 | | | 82.5 | | | 72.5 | |
| Deferral of Acquisition Costs | (5.3) | | | (4.3) | | | (17.8) | | | (14.6) | |
| Amortization of Deferred Acquisition Costs | 2.5 | | | 2.4 | | | 9.5 | | | 8.4 | |
| Other Expenses | 52.9 | | | 47.1 | | | 198.7 | | | 177.7 | |
| Total | 236.6 | | | 220.7 | | | 929.6 | | | 823.8 | |
| | | | | | | |
| Income Before Income Tax and Net Investment Gains and Losses | 38.7 | | | 37.4 | | | 150.3 | | | 140.2 | |
Reserve Assumption Updates | — | | | — | | | 7.5 | | | 17.9 | |
| Adjusted Operating Income | $ | 38.7 | | | $ | 37.4 | | | $ | 157.8 | | | $ | 158.1 | |
Unum Group Financial Results for Unum UK
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Year Ended |
(in millions of pounds, except exchange rate) | 3/31/2025 | | 3/31/2024 | | 12/31/2024 | | 12/31/2023 |
| | | | | | | |
| Adjusted Operating Revenue | | | | | | | |
| Premium Income | | | | | | | |
| Group Long-term Disability | £ | 79.4 | | | £ | 81.6 | | | £ | 327.0 | | | £ | 318.5 | |
| Group Life | 48.9 | | | 38.4 | | | 165.1 | | | 136.1 | |
| Supplemental | 33.2 | | | 34.0 | | | 129.5 | | | 113.7 | |
| Total Premium Income | 161.5 | | | 154.0 | | | 621.6 | | | 568.3 | |
| Net Investment Income | 20.1 | | | 18.4 | | | 91.9 | | | 102.4 | |
| Other Income | 0.1 | | | 0.1 | | | 0.1 | | | 0.2 | |
| Total | 181.7 | | | 172.5 | | | 713.6 | | | 670.9 | |
| | | | | | | |
| Benefits and Expenses | | | | | | | |
| | | | | | | |
| | | | | | | |
| Policy Benefits Including Remeasurement Loss or Gain | 108.4 | | | 104.8 | | | 440.2 | | | 408.5 | |
| Commissions | 10.1 | | | 9.4 | | | 38.2 | | | 37.4 | |
| Deferral of Acquisition Costs | (1.2) | | | (1.1) | | | (3.8) | | | (3.9) | |
| Amortization of Deferred Acquisition Costs | 1.3 | | | 1.4 | | | 5.2 | | | 5.2 | |
| Other Expenses | 33.6 | | | 29.8 | | | 122.4 | | | 115.4 | |
| Total | 152.2 | | | 144.3 | | | 602.2 | | | 562.6 | |
| | | | | | | |
| Income Before Income Tax and Net Investment Gains and Losses | 29.5 | | | 28.2 | | | 111.4 | | | 108.3 | |
Reserve Assumption Updates | — | | | — | | | 6.4 | | | 16.3 | |
| Adjusted Operating Income | £ | 29.5 | | | £ | 28.2 | | | £ | 117.8 | | | £ | 124.6 | |
| | | | | | | |
| Weighted Average Pound/Dollar Exchange Rate | 1.264 | | | 1.266 | | | 1.278 | | | 1.243 | |
| | | | | | | |
| Operating Ratios (% of Premium Income): | | | | | | | |
Benefit Ratio1 | 67.1 | % | | 68.1 | % | | 69.8 | % | | 69.0 | % |
| Other Expense Ratio | 20.8 | % | | 19.4 | % | | 19.7 | % | | 20.3 | % |
Income Ratio | | | | | 17.9 | % | | 19.1 | % |
| Adjusted Operating Income Ratio | 18.3 | % | | 18.3 | % | | 19.0 | % | | 21.9 | % |
| | | | | | | |
| Persistency: | | | | | | | |
| Group Long-term Disability | 92.1 | % | | 92.7 | % | | 92.0 | % | | 92.5 | % |
| Group Life | 88.9 | % | | 88.3 | % | | 89.1 | % | | 83.0 | % |
| Supplemental | 89.4 | % | | 87.7 | % | | 90.4 | % | | 91.7 | % |
| | | | | | | |
1Excludes the reserve assumption updates that occurred during the third quarters of 2024 and 2023. | | | | | | | |
Unum Group Financial Results for Colonial Life Segment
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Year Ended | | | | |
| 3/31/2025 | | 3/31/2024 | | 12/31/2024 | | 12/31/2023 | | | | |
| | | | | | | | | | | |
| Adjusted Operating Revenue | | | | | | | | | | | |
| Premium Income | | | | | | | | | | | |
| Accident, Sickness, and Disability | $ | 247.1 | | | $ | 243.2 | | | $ | 969.5 | | | $ | 946.1 | | | | | |
| Life | 119.9 | | | 114.3 | | | 458.0 | | | 426.5 | | | | | |
| Cancer and Critical Illness | 90.3 | | | 89.4 | | | 356.4 | | | 353.5 | | | | | |
| Total Premium Income | 457.3 | | | 446.9 | | | 1,783.9 | | | 1,726.1 | | | | | |
| Net Investment Income | 42.2 | | | 39.3 | | | 161.5 | | | 153.5 | | | | | |
| Other Income | 0.4 | | | 3.0 | | | 4.0 | | | 1.2 | | | | | |
| Total | 499.9 | | | 489.2 | | | 1,949.4 | | | 1,880.8 | | | | | |
| | | | | | | | | | | |
| Benefits and Expenses | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| Policy Benefits Including Remeasurement Loss or Gain | 218.1 | | | 217.1 | | | 804.7 | | | 798.1 | | | | | |
| Commissions | 97.3 | | | 95.2 | | | 378.4 | | | 359.4 | | | | | |
| Deferral of Acquisition Costs | (82.6) | | | (79.3) | | | (312.8) | | | (302.9) | | | | | |
| Amortization of Deferred Acquisition Costs | 57.7 | | | 54.0 | | | 219.0 | | | 205.4 | | | | | |
| Other Expenses | 93.7 | | | 88.5 | | | 347.4 | | | 340.0 | | | | | |
| Total | 384.2 | | | 375.5 | | | 1,436.7 | | | 1,400.0 | | | | | |
| | | | | | | | | | | |
| Income Before Income Tax and Net Investment Gains and Losses | 115.7 | | | 113.7 | | | 512.7 | | | 480.8 | | | | | |
Reserve Assumption Updates | — | | | — | | | (46.0) | | | (80.7) | | | | | |
| Adjusted Operating Income | $ | 115.7 | | | $ | 113.7 | | | $ | 466.7 | | | $ | 400.1 | | | | | |
| | | | | | | | | | | |
| Operating Ratios (% of Premium Income): | | | | | | | | | | | |
Benefit Ratio1 | 47.7 | % | | 48.6 | % | | 47.7 | % | | 50.9 | % | | | | |
| | | | | | | | | | | |
| Other Expense Ratio | 20.5 | % | | 19.8 | % | | 19.5 | % | | 19.7 | % | | | | |
| Income Ratio | | | | | 28.7 | % | | 27.9 | % | | | | |
| Adjusted Operating Income Ratio | 25.3 | % | | 25.4 | % | | 26.2 | % | | 23.2 | % | | | | |
| | | | | | | | | | | |
| Persistency: | | | | | | | | | | | |
| Accident, Sickness, and Disability | 73.6 | % | | 73.7 | % | | 73.7 | % | | 73.6 | % | | | | |
| Life | 83.8 | % | | 85.1 | % | | 84.4 | % | | 85.1 | % | | | | |
| Cancer and Critical Illness | 82.2 | % | | 82.2 | % | | 82.2 | % | | 82.4 | % | | | | |
| | | | | | | | | | | |
1Excludes the reserve assumption updates that occurred during the third quarters of 2024 and 2023. | | | | | | | | | | | |
Unum Group Financial Results for Closed Block Segment | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Year Ended |
| 3/31/2025 | | 3/31/2024 | | 12/31/2024 | | 12/31/2023 |
| | | | | | | |
| Adjusted Operating Revenue | | | | | | | |
| Premium Income | | | | | | | |
| Long-term Care | $ | 176.2 | | | $ | 174.5 | | | $ | 696.1 | | | $ | 696.0 | |
| | | | | | | |
| | | | | | | |
| All Other | 41.8 | | | 49.8 | | | 184.7 | | | 219.5 | |
| Total Premium Income | 218.0 | | | 224.3 | | | 880.8 | | | 915.5 | |
| Net Investment Income | 269.7 | | | 273.1 | | | 1,148.9 | | | 1,066.3 | |
| Other Income | 9.9 | | | 13.1 | | | 51.7 | | | 52.6 | |
| Total | 497.6 | | | 510.5 | | | 2,081.4 | | | 2,034.4 | |
| | | | | | | |
| Benefits and Expenses | | | | | | | |
| | | | | | | |
| | | | | | | |
| Policy Benefits Including Remeasurement Loss or Gain | 425.6 | | | 443.0 | | | 1,591.8 | | | 2,070.7 | |
| Commissions | 17.9 | | | 16.6 | | | 68.4 | | | 73.8 | |
| | | | | | | |
| Other Expenses | 46.1 | | | 44.2 | | | 174.6 | | | 172.7 | |
| Total | 489.6 | | | 503.8 | | | 1,834.8 | | | 2,317.2 | |
| | | | | | | |
| Income (Loss) Before Income Tax and Net Investment Gains and Losses | 8.0 | | | 6.7 | | | 246.6 | | | (282.8) | |
| Amortization of the Cost of Reinsurance | 9.6 | | | 10.4 | | | 41.4 | | | 44.1 | |
| Non-Contemporaneous Reinsurance | 6.8 | | | 7.2 | | | 25.1 | | | 34.8 | |
| | | | | | | |
Reserve Assumption Updates - Long-Term Care | — | | | — | | | (174.1) | | | 368.1 | |
Reserve Assumption Updates- All Other | — | | | — | | | (1.2) | | | 0.7 | |
| Adjusted Operating Income | $ | 24.4 | | | $ | 24.3 | | | $ | 137.8 | | | $ | 164.9 | |
| | | | | | | |
| | | | | | | |
Long-term Care Net Premium Ratio | 94.7 | % | | 93.8 | % | | 94.6 | % | | 93.5 | % |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| Operating Ratios (% of Premium Income): | | | | | | | |
Other Expense Ratio1 | 16.7 | % | | 15.1 | % | | 15.1 | % | | 14.0 | % |
| | | | | | | |
Income (Loss) Ratio | 3.7 | % | | 3.0 | % | | 28.0 | % | | (30.9) | % |
| Adjusted Operating Income Ratio | 11.2 | % | | 10.8 | % | | 15.6 | % | | 18.0 | % |
| | | | | | | |
| | | | | | | |
Long-term Care Persistency | 95.2 | % | | 95.3 | % | | 95.8 | % | | 95.6 | % |
| | | | | | | |
|
1Excludes amortization of the cost of reinsurance. |
| | | | | | | |
Unum Group Financial Results for Corporate Segment
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Year Ended |
| 3/31/2025 | | 3/31/2024 | | 12/31/2024 | | 12/31/2023 |
| Adjusted Operating Revenue | | | | | | | |
| Net Investment Income | $ | 23.9 | | | $ | 18.0 | | | $ | 58.6 | | | $ | 99.8 | |
| Other Income | — | | | 0.7 | | | 1.3 | | | 3.3 | |
| Total | 23.9 | | | 18.7 | | | 59.9 | | | 103.1 | |
| | | | | | | |
| Interest, Debt, and Other Expenses | 65.0 | | | 64.8 | | | 266.4 | | | 249.5 | |
| | | | | | | |
| Loss Before Income Tax and Net Investment Gains and Losses | (41.1) | | | (46.1) | | | (206.5) | | | (146.4) | |
| Loss on Legal Settlement | — | | | — | | | 15.3 | | | — | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| Adjusted Operating Loss | $ | (41.1) | | | $ | (46.1) | | | $ | (191.2) | | | $ | (146.4) | |
Unum Group Investments
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 3/31/2025 | | | | 3/31/2025 | | 12/31/2024 |
| Fixed Maturity Securities (Fair Value) | | | | | | Selected Statistics | | | | |
| Public | | $ | 23,030.2 | | | 64.4 | % | | Earned Book Yield | | 4.25 | % | | 4.44 | % |
| Mortgage-Backed/Asset-Backed Securities | | 960.8 | | | 2.7 | | | Average Duration (in years) | | 8.31 | | 8.28 |
| | | | | | | | | | |
| | | | | | | | | | |
| Private Placements | | 5,697.0 | | | 15.9 | | | | | | | |
| High Yield | | 1,453.9 | | | 4.1 | | | | | | | |
| Government Securities | | 1,344.0 | | | 3.8 | | | | | | | |
| Municipal Securities | | 3,257.8 | | | 9.1 | | | | | | | |
| Redeemable Preferred Stocks | | 7.7 | | | — | | | | | | | |
| Total | | $ | 35,751.4 | | | 100.0 | % | | | | | | |
| | | | | | | | | | |
| | Amortized Cost | | Fair Value | | Private Equity Partnerships | | 3/31/2025 | | 12/31/2024 |
| Quality Ratings of Fixed Maturity Securities | | | | | | Private Credit Partnerships | | $ | 285.6 | | | $ | 289.2 | |
| Aaa | | 3.0 | % | | 3.0 | % | | Private Equity Partnerships | | 639.7 | | | 640.2 | |
| Aa | | 15.4 | | | 14.8 | | | Real Asset Partnerships | | 510.0 | | | 521.2 | |
| A | | 31.2 | | | 31.6 | | | Total | | $ | 1,435.3 | | | $ | 1,450.6 | |
| Baa | | 46.4 | | | 46.5 | | | | | | | |
| Below Baa | | 4.0 | | | 4.1 | | | | | | | |
| Total | | 100.0 | % | | 100.0 | % | | Non-Current Investments | | $ | 11.8 | | | $ | 13.0 | |
| | | | | | | | | | |
|
|
Unum Group Investments at March 31, 2025
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Fixed Maturity Securities - By Industry Classification - Unrealized Gain (Loss) |
| | | | | | | | | | | | |
| Classification | | Fair Value | | Net Unrealized Gain (Loss) | | Fair Value with Gross Unrealized Loss | | Gross Unrealized Loss | | Fair Value with Gross Unrealized Gain | | Gross Unrealized Gain |
| Basic Industry | | $ | 2,447.1 | | | $ | (104.0) | | | $ | 1,430.7 | | | $ | 142.9 | | | $ | 1,016.4 | | | $ | 38.9 | |
| Capital Goods | | 3,258.5 | | | (111.3) | | | 1,833.4 | | | 189.9 | | | 1,425.1 | | | 78.6 | |
| Communications | | 2,206.1 | | | (82.5) | | | 1,028.3 | | | 174.4 | | | 1,177.8 | | | 91.9 | |
| Consumer Cyclical | | 1,376.1 | | | (94.8) | | | 1,034.9 | | | 115.8 | | | 341.2 | | | 21.0 | |
| Consumer Non-Cyclical | | 6,269.0 | | | (440.0) | | | 3,967.9 | | | 565.4 | | | 2,301.1 | | | 125.4 | |
| Energy | | 2,530.0 | | | 21.1 | | | 839.6 | | | 84.9 | | | 1,690.4 | | | 106.0 | |
| Financial Institutions | | 3,856.2 | | | (312.7) | | | 3,120.3 | | | 338.1 | | | 735.9 | | | 25.4 | |
Mortgage/Asset-Backed1 | | 960.8 | | | (19.3) | | | 519.1 | | | 24.8 | | | 441.7 | | | 5.5 | |
| Sovereigns | | 810.3 | | | (150.4) | | | 443.3 | | | 164.1 | | | 367.0 | | | 13.7 | |
| Technology | | 1,366.0 | | | (117.1) | | | 1,133.2 | | | 126.3 | | | 232.8 | | | 9.2 | |
| Transportation | | 1,592.6 | | | (110.6) | | | 1,081.8 | | | 132.9 | | | 510.8 | | | 22.3 | |
| U.S. Government Agencies and Municipalities | | 3,791.5 | | | (428.6) | | | 2,358.2 | | | 519.3 | | | 1,433.3 | | | 90.7 | |
| Public Utilities | | 5,287.2 | | | (154.8) | | | 2,420.6 | | | 322.3 | | | 2,866.6 | | | 167.5 | |
| | | | | | | | | | | | |
| Total | | $ | 35,751.4 | | | $ | (2,105.0) | | | $ | 21,211.3 | | | $ | 2,901.1 | | | $ | 14,540.1 | | | $ | 796.1 | |
| | | | | | | | | | | | |
|
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| Gross Unrealized Loss on Fixed Maturity Securities by Length of Time in Unrealized Loss Position |
| | | | | | | | | | | | |
| | Investment-Grade | | | | Below-Investment-Grade |
| Category | | Fair Value | | Gross Unrealized Loss | | | | | | Fair Value | | Gross Unrealized Loss |
| Less than 91 days | | $ | 1,833.5 | | | $ | 38.1 | | | | | | | $ | 215.0 | | | $ | 3.4 | |
| 91 through 180 days | | 2,857.2 | | | 115.6 | | | | | | | 131.0 | | | 3.9 | |
| 181 through 270 days | | 751.9 | | | 46.0 | | | | | | | 30.4 | | | 0.4 | |
| 271 days to 1 year | | 27.3 | | | 3.1 | | | | | | | — | | | — | |
| Greater than 1 year | | 14,965.9 | | | 2,630.5 | | | | | | | 399.1 | | | 60.1 | |
| Total | | $ | 20,435.8 | | | $ | 2,833.3 | | | | | | | $ | 775.5 | | | $ | 67.8 | |
1Includes credit-tranched securities collateralized by loan obligations, auto loans, and other asset types
Appendix to Statistical Supplement
2025 Significant Items:
•First quarter of 2025 net investment loss of $175.9 million before tax, or $139.0 million after tax, related to the anticipated reinsurance transaction with Fortitude Reinsurance Company Ltd, which, subject to receipt of regulatory approvals and the satisfaction or waiver of other customary closing conditions, is expected to result in the execution of a coinsurance agreement during 2025.
2024 Significant Items:
•Third quarter of 2024 reserve assumption updates resulting in a net reserve decrease of $357.4 million before tax, or $282.6 million after tax.
•During the third quarter of 2024, we incurred a loss of $15.3 million before tax, or $12.1 million after tax, for the settlement of an employment-related matter.
2023 Significant Items:
•Third quarter of 2023 reserve assumption updates resulting in a net reserve increase of $177.2 million before tax, or $139.3 million after tax.
•In 2018, the Financial Accounting Standards Board issued ASU 2018-12, “Targeted Improvements to the Accounting for Long-Duration Contracts”. This update significantly amended the accounting and disclosure requirements for long-duration insurance contracts. The update was effective for periods beginning January 1, 2023. We adopted this guidance effective January 1, 2023 using the modified retrospective approach with changes applied as of January 1, 2021, also referred to as the transition date.
Appendix to Statistical Supplement - Continued
Non-GAAP Financial Measures
We analyze our performance using non-GAAP financial measures which exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. We believe the following non-GAAP financial measures are better performance measures and better indicators of the revenue and profitability and underlying trends in our business:
•Consolidated adjusted operating revenue, which excludes investment gains or losses;
•After-tax adjusted operating income or loss, which excludes investment gains or losses, amortization of the cost of reinsurance, non-contemporaneous reinsurance, and reserve assumption updates, as well as certain other items, as applicable;
•Adjusted operating return on equity, which is calculated using after-tax adjusted operating income or loss and excludes from equity the unrealized gain or loss on securities, the effect of change in discount rate assumptions on the liability for future policy benefits, and net gain or loss on derivatives;
•Leverage ratio, which excludes the unrealized gain or loss on securities, the effect of change in discount rate assumptions on the liability for future policy benefits, and net gain or loss on derivatives;
•Book value per common share, which is calculated excluding accumulated other comprehensive income (loss) (AOCI).
•Premium income in constant currency, which excludes the impact of fluctuations in exchange rates between the U.S. dollar and the local currencies in which our Unum International segment is conducted. Given volatility in foreign currency exchange markets, exchange rates can fluctuate between periods. We believe translating prior period results using current period local currency exchange rates provides a more comparable view of our results; and
•Adjusted operating expense ratio, which excludes amortization of the cost of reinsurance as well as certain other items.
Investment gains or losses primarily include realized investment gains or losses, expected investment credit losses, impairment losses, and gains or losses on derivatives. Investment gains or losses and unrealized gains or losses on securities depend on market conditions and do not necessarily relate to decisions regarding the underlying business of our Company. Leverage ratio and book value per common share excluding certain components of AOCI, certain of which tend to fluctuate depending on market conditions and general economic trends, are important measures.
We exited a substantial portion of our Closed Block individual disability product line through the two phases of the reinsurance transaction that were executed in December 2020 and March 2021. As a result, we exclude the amortization of the cost of reinsurance that we recognized upon the exit of the business related to the policies on claim status as well as the impact of non-contemporaneous reinsurance that resulted from the adoption of ASU 2018-12. We believe that the exclusion of these items provides a better view of our results from our ongoing businesses.
Cash flow assumptions used to calculate our liability for future policy benefits are reviewed at least annually and updated, as needed, with the resulting impact reflected in net income. While the effects of these assumption updates are recorded in the reporting period in which the review is completed, these updates reflect experience emergence and changes to expectations spanning multiple periods. We believe that by excluding the impact of reserve assumption updates we are providing a more comparable and consistent view of our quarterly results.
We may at other times exclude certain other items from our discussion of financial ratios and metrics in order to enhance the understanding and comparability of our operational performance and the underlying fundamentals, but this exclusion is not an indication that similar items may not recur and does not replace net income or net loss as a measure of our overall profitability.
For a reconciliation of the most directly comparable GAAP measures to these non-GAAP financial measures, refer to the "Reconciliation of Non-GAAP Financial Measures" beginning on page 15.3, other than book value per common share, which is presented on page 2.
Reconciliation of Non-GAAP Financial Measures
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | |
| | March 31 | | December 31 | | September 30 | | June 30 | | March 31 | | | | | | | | | | |
| | 2025 | | 2024 | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| Total Revenue | | $ | 3,091.6 | | | $ | 3,236.6 | | | $ | 3,217.0 | | | $ | 3,233.4 | | | $ | 3,200.3 | | | | | | | | | | | |
| Excluding: | | | | | | | | | | | | | | | | | | | | |
Net Investment Loss | | (206.8) | | | (10.1) | | | (12.9) | | | (10.4) | | | (1.2) | | | | | | | | | | | |
| Adjusted Operating Revenue | | $ | 3,298.4 | | | $ | 3,246.7 | | | $ | 3,229.9 | | | $ | 3,243.8 | | | $ | 3,201.5 | | | | | | | | | | | |
Reconciliation of Non-GAAP Financial Measures - Continued
| | | | | | | | | | | | | | | | | | | | |
| | After-Tax Adjusted Operating Income (Loss) | | Average Allocated Equity1 | | Annualized Adjusted Operating Return on Equity |
| | | |
| | | |
| Three Months Ended March 31, 2025 | | | | | | |
| Unum US | | $ | 259.9 | | | $ | 4,526.0 | | | 23.0 | % |
| Unum International | | 29.6 | | | 769.7 | | | 15.4 | % |
| Colonial Life | | 91.3 | | | 1,960.5 | | | 18.6 | % |
| Core Operating Segments | | 380.8 | | | 7,256.2 | | | 21.0 | % |
| Closed Block | | 16.7 | | | 4,954.2 | | | |
| Corporate | | (32.0) | | | 567.1 | | | |
| Total | | $ | 365.5 | | | $ | 12,777.5 | | | 11.4 | % |
| | | | | | |
| Three Months Ended March 31, 2024 | | | | | | |
| Unum US | | $ | 304.4 | | | $ | 4,444.0 | | | 27.4 | % |
| Unum International | | 28.0 | | | 765.8 | | | 14.6 | % |
| Colonial Life | | 89.7 | | | 1,816.3 | | | 19.8 | % |
| Core Operating Segments | | 422.1 | | | 7,026.1 | | | 24.0 | % |
| Closed Block | | 16.7 | | | 5,511.0 | | | |
| Corporate | | (28.9) | | | (149.8) | | | |
| Total | | $ | 409.9 | | | $ | 12,387.3 | | | 13.2 | % |
1Excludes unrealized loss on securities, the effect of change in discount rate assumptions on the liability for future policy benefits, and net gain (loss) on derivatives and is calculated using the stockholders' equity balances presented on page 15.6.
Reconciliation of Non-GAAP Financial Measures - Continued
| | | | | | | | | | | | | | | | | | | | |
| | After-Tax Adjusted Operating Income (Loss) | | Average Allocated Equity1 | | Adjusted Operating Return on Equity |
| | | |
| | | |
| Year Ended December 31, 2024 | | | | | | |
| Unum US | | $ | 1,137.6 | | | $ | 4,523.2 | | | 25.2 | % |
| Unum International | | 120.9 | | | 776.8 | | | 15.6 | % |
| Colonial Life | | 368.2 | | | 1,869.2 | | | 19.7 | % |
| Core Operating Segments | | 1,626.7 | | | 7,169.2 | | | 22.7 | % |
| Closed Block | | 98.6 | | | 5,324.1 | | | |
| Corporate | | (137.1) | | | 53.8 | | | |
| Total | | $ | 1,588.2 | | | $ | 12,547.1 | | | 12.7 | % |
| | | | | | |
| Year Ended December 31, 2023 | | | | | | |
| Unum US | | $ | 1,071.0 | | | $ | 4,635.7 | | | 23.1 | % |
| Unum International | | 127.9 | | | 774.3 | | | 16.5 | % |
| Colonial Life | | 315.6 | | | 1,744.5 | | | 18.1 | % |
| Core Operating Segments | | 1,514.5 | | | 7,154.5 | | | 21.2 | % |
| Closed Block | | 120.8 | | | 5,295.1 | | | |
| Corporate | | (121.7) | | | (573.7) | | | |
| Total | | $ | 1,513.6 | | | $ | 11,875.9 | | | 12.7 | % |
1 Excludes unrealized loss on securities, the effect of change in discount rate assumptions on the liability for future policy benefits, and net loss on derivatives and is calculated using the stockholders' equity balances presented on page 15.6.
Reconciliation of Non-GAAP Financial Measures - Continued
Average allocated equity is computed as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 3/31/2025 | | 12/31/2024 | | 3/31/2024 | | 12/31/2023 | | 12/31/2022 |
| Total Stockholders' Equity | | $ | 11,214.0 | | | $ | 10,961.1 | | | $ | 10,219.5 | | | $ | 9,651.4 | | | $ | 8,735.0 | |
| Excluding: | | | | | | | | | | |
Net Unrealized Loss on Securities | | (2,333.2) | | | (2,755.2) | | | (2,360.8) | | | (1,919.1) | | | (3,028.4) | |
| Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits | | 1,019.1 | | | 1,185.4 | | | 225.3 | | | (648.4) | | | 313.9 | |
Net Unrealized Loss on Derivatives | | (225.2) | | | (270.7) | | | (127.0) | | | (73.7) | | | (9.6) | |
| Total Adjusted Stockholders' Equity | | $ | 12,753.3 | | | $ | 12,801.6 | | | $ | 12,482.0 | | | $ | 12,292.6 | | | $ | 11,459.1 | |
| | | | | | | | | | |
| | Three Months Ended | | Twelve Months Ended | | Three Months Ended | | Twelve Months Ended | | |
| | 3/31/2025 | | 12/31/2024 | | 3/31/2024 | | 12/31/2023 | | |
| Average Adjusted Stockholders' Equity | | $ | 12,777.5 | | | $ | 12,547.1 | | | $ | 12,387.3 | | | $ | 11,875.9 | | | |
Reconciliation of Non-GAAP Financial Measures - Continued
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended March 31 |
| | 2025 | | 2024 |
| | (in millions) | | per share* | | (in millions) | | per share* |
| Net Income | | $ | 189.1 | | | $ | 1.06 | | | $ | 395.2 | | | $ | 2.04 | |
| Excluding: | | | | | | | | |
Net Investment Loss | | | | | | | | |
Net Investment Loss Related to the Anticipated Reinsurance Agreement (net of tax benefit of $36.9; $—) | | (139.0) | | | (0.78) | | | — | | | — | |
Net Investment Loss, Other (net of tax benefit of $6.5; $0.4) | | (24.4) | | | (0.13) | | | (0.8) | | | — | |
Total Net Investment Loss | | (163.4) | | | (0.91) | | | (0.8) | | | — | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Amortization of the Cost of Reinsurance (net of tax benefit of $2.0; $2.2) | | (7.6) | | | (0.04) | | | (8.2) | | | (0.04) | |
Non-Contemporaneous Reinsurance (net of tax benefit of $1.4; $1.5) | | (5.4) | | | (0.03) | | | (5.7) | | | (0.04) | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| After-tax Adjusted Operating Income | | $ | 365.5 | | | $ | 2.04 | | | $ | 409.9 | | | $ | 2.12 | |
| | | | | | | | |
| *Assuming Dilution. | | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Reconciliation of Non-GAAP Financial Measures - Continued
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Year Ended December 31 |
| | 2024 | | 2023 |
| | (in millions) | | per share * | | (in millions) | | per share * |
| Net Income | | $ | 1,779.1 | | | $ | 9.46 | | | $ | 1,283.8 | | | $ | 6.50 | |
| Excluding: | | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Net Investment Loss (net of tax benefit of $7.6; $7.8) | | (27.0) | | | (0.14) | | | (28.2) | | | (0.14) | |
| | | | | | | | |
| | | | | | | | |
Amortization of the Cost of Reinsurance (net of tax benefit of $8.7; $9.3) | | (32.7) | | | (0.17) | | | (34.8) | | | (0.18) | |
Non-Contemporaneous Reinsurance (net of tax benefit of $5.2; $7.3) | | (19.9) | | | (0.11) | | | (27.5) | | | (0.14) | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Reserve Assumption Updates (net of tax expense (benefit) of $74.8; $(37.9)) | | 282.6 | | | 1.50 | | | (139.3) | | | (0.70) | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Loss on Legal Settlement (net tax benefit of $3.2; $—) | | (12.1) | | | (0.06) | | | — | | | — | |
| After-tax Adjusted Operating Income | | $ | 1,588.2 | | | $ | 8.44 | | | $ | 1,513.6 | | | $ | 7.66 | |
| | | | | | | | |
| *Assuming Dilution. | | | | | | | | |
Reconciliation of Non-GAAP Financial Measures - Continued
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | March 31 | | December 31 |
| | 2025 | | 2024 | | 2024 | | 2023 |
| | | | |
| Debt | | $ | 3,741.6 | | | $ | 3,431.0 | | | $ | 3,739.8 | | | $ | 3,430.4 | |
| Including: | | | | | | | | |
| Lease Liability | | 68.3 | | | 60.5 | | | 69.4 | | | 62.6 | |
| | | | | | | | |
| | | | | | | | |
| Adjusted Debt and Lease Liability | | $ | 3,809.9 | | | $ | 3,491.5 | | | $ | 3,809.2 | | | $ | 3,493.0 | |
| | | | | | | | |
| Total Stockholders' Equity | | $ | 11,214.0 | | | $ | 10,219.5 | | | $ | 10,961.1 | | | $ | 9,651.4 | |
| Excluding: | | | | | | | | |
| Net Unrealized Loss on Securities | | (2,333.2) | | | (2,360.8) | | | (2,755.2) | | | (1,919.1) | |
| Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits | | 1,019.1 | | | 225.3 | | | 1,185.4 | | | (648.4) | |
Net Loss on Derivatives | | (225.2) | | | (127.0) | | | (270.7) | | | (73.7) | |
| Equity, As Adjusted | | 12,753.3 | | | 12,482.0 | | | 12,801.6 | | | 12,292.6 | |
| Debt, As Adjusted and Lease Liability | | 3,809.9 | | | 3,491.5 | | | 3,809.2 | | | 3,493.0 | |
| Total Adjusted Capital | | $ | 16,563.2 | | | $ | 15,973.5 | | | $ | 16,610.8 | | | $ | 15,785.6 | |
| | | | | | | | |
| Leverage Ratio | | 23.0 | % | | 21.9 | % | | 22.9 | % | | 22.1 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Three Months Ended |
| | | | | | March 31, 2025 | | March 31, 2024 |
| | | | | | Premium Income | | Premium Income in Local Currency1 | | Weighted Average Premium Income Exchange Rate2 | | Premium Income in Constant Currency |
| | | | | | |
| | | | | | |
| Unum International | | | | | | | | | | | | |
| Unum UK | | | | | | $ | 203.7 | | | £ | 154.0 | | | 1.261 | | | $ | 194.2 | |
| Unum Poland | | | | | | 43.0 | | | zł | 145.0 | | | 0.251 | | | 36.4 | |
| Total | | | | | | 246.7 | | | | | | | 230.6 | |
| Unum US | | | | | | 1,780.9 | | | $ | 1,707.4 | | | | | 1,707.4 | |
| Colonial Life | | | | | | 457.3 | | | $ | 446.9 | | | | | 446.9 | |
| Core Operations | | | | | | $ | 2,484.9 | | | | | | | $ | 2,384.9 | |
| | | | | | | | | | | | |
1Premium income shown in millions of pounds for Unum UK, millions of zlotys for Unum Poland, and millions of U.S. dollars for Unum US and Colonial Life. 2Exchange rate is calculated using the average foreign currency exchange rates for the most recent period, applied to the comparable prior period. |
