0000005513FALSE00000055132024-01-302024-01-300000005513us-gaap:CommonClassAMemberexch:XNYS2024-01-302024-01-300000005513exch:XNYSunm:A6250JuniorSubordinatedNotesDue2058Member2024-01-302024-01-30
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 30, 2024 | | | | | | | | | | | | | | |
| | | | |
UNUM GROUP |
| (Exact name of registrant as specified in its charter) |
| | | | |
Delaware | | 001-11294 | | 62-1598430 |
| (State or other jurisdiction of incorporation) | | (Commission File Number) | | (IRS Employer Identification No.) |
1 Fountain Square
Chattanooga, Tennessee 37402
(Address of principal executive offices) (Zip Code)
(423) 294-1011
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | | | | | | | |
| Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
| Common stock, $0.10 par value | | UNM | | New York Stock Exchange |
| 6.250% Junior Subordinated Notes due 2058 | | UNMA | | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
☐ Emerging growth company
☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 Results of Operations and Financial Condition.
On January 30, 2024, Unum Group issued a news release reporting its results for the fourth quarter of 2023, a copy of which is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.
Also on January 30, 2024, Unum Group made available on its investor relations website at www.investors.unum.com the Statistical Supplement relating to its financial results for the fourth quarter of 2023. A copy of the Statistical Supplement is furnished herewith as Exhibit 99.2 and incorporated herein by reference.
In accordance with General Instruction B.2 of Form 8-K, the information furnished pursuant to this Item 2.02, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference into any of Unum Group's filings under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 7.01 Regulation FD Disclosure.
On January 30, 2024, Unum Group made available on its investor relations website at www.investors.unum.com a slide presentation with 2024 outlook that will accompany its fourth quarter 2023 earnings conference call scheduled for January 31, 2024. A copy of the slide presentation is furnished herewith as Exhibit 99.3 and incorporated herein by reference.
In accordance with General Instruction B.2 of Form 8-K, the information furnished pursuant to this Item 7.01, including Exhibit 99.3, shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference into any of Unum Group's filings under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
| | | | | | | | |
(d) Exhibits. | | |
| Exhibit No. | | Description |
| | |
| 99.1 | | |
| | |
| 99.2 | | |
| | |
| 99.3 | | |
| | |
| 104 | | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| | | | | | | | | | | |
| Unum Group |
| (Registrant) |
| | |
| | |
Date: January 30, 2024 | By: | /s/ J. Paul Jullienne |
| | Name: | J. Paul Jullienne |
| | Title: | Vice President, Managing Counsel, and |
| | | Corporate Secretary |
| | | |
| | | | | | | | | | | | | | |
| | | | Exhibit 99.1 |
| | | | |
| | | | 1 Fountain Square
Chattanooga, TN 37402
www.unum.com |
| | | | |
| | FOR IMMEDIATE RELEASE |
| | Contacts | | |
| | MEDIA | | Natalie Jones njones3@unum.com |
| INVESTORS | | Matt Royal investorrelations@unum.com |
Unum Group Reports Fourth Quarter 2023 Results
•Net income of $330.6 million ($1.69 per diluted common share) for the fourth quarter of 2023; after-tax adjusted operating income was $350.5 million ($1.79 per diluted common share).
•Results for the full year and fourth quarter reflect robust margins and growth momentum, supported by the favorable operating environment; full year core operations premium growth of 5.2 percent on a constant currency basis and full year after-tax adjusted operating earnings per share growth of 23.3 percent when comparing to historically reported 2022.
•Positive business trends expected to continue into 2024 with outlook for core operations premium growth of 5 percent to 7 percent and after-tax adjusted operating earnings per share growth of 7 percent to 9 percent.
•Robust balance sheet and liquidity with holding company cash of $1.7 billion and weighted average risk-based capital ratio of approximately 415 percent.
•Book value per common share of $49.91 increased 13.0 percent compared to the year-ago quarter; book value per common share excluding accumulated other comprehensive income (loss) (AOCI) grew 8.8 percent over the year-ago quarter to $67.02.
CHATTANOOGA, Tenn. (January 30, 2024) - Unum Group (NYSE: UNM) today reported net income of $330.6 million ($1.69 per diluted common share) for the fourth quarter of 2023, compared to net income of $289.2 million ($1.44 per diluted common share) for the fourth quarter of 2022.
Included in net income for the fourth quarter of 2023 is the after-tax amortization of the cost of reinsurance of $8.7 million ($0.04 per diluted common share), the after-tax impact of non-contemporaneous reinsurance of $6.6 million ($0.04 per diluted common share) as well as a net after-tax investment loss on the Company’s investment portfolio of $4.6 million ($0.02 per diluted common share). Included in net income for the fourth quarter of 2022 is the after-tax amortization of the cost of reinsurance of $9.3 million ($0.04 per diluted common share), the after-tax impact of non-contemporaneous reinsurance of $8.1 million ($0.04 per diluted common share), as well as a net after-tax investment gain on the Company’s investment portfolio of $4.9 million ($0.02 per diluted common share).
Effective January 1, 2023, the Company adopted Accounting Standards Update 2018-12 (ASU 2018-12) which amended the accounting and disclosure requirements for long-duration insurance contracts, with changes applied as of January 1, 2021. All prior period operating results and related metrics throughout this document have been adjusted for the impacts of the adoption.
"We closed 2023 with a solid fourth quarter and delivered another year of very strong performance in which we grew adjusted EPS by 23%, reflecting the fundamental strength of our business,” said Richard P. McKenney, president and chief executive officer. “By executing our growth strategy throughout the year, we achieved robust premium and sales growth while delivering against our capital allocation priorities. This included de-risking our balance sheet, increasing our returns to shareholders, and ending the year with robust capital level above our targets. Looking to 2024, the drivers of demand for our solutions remain strong. We are well positioned for continued premiums and earnings growth, driving free cash flow growth and continued flexibility to pursue our capital allocation priorities, including the return of capital to our shareholders."
| | | | | | | | |
| UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES. | |
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, amortization of cost of reinsurance, and the impact of non-contemporaneous reinsurance. Investment gains or losses primarily include realized investment gains or losses, expected investment credit losses, and gains or losses on derivatives. 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 $342.1 million in the fourth quarter of 2023, an increase of 47.7 percent from $231.6 million in the fourth quarter of 2022. Premium income for the segment increased 5.7 percent to $1,670.5 million in the fourth quarter of 2023, compared to premium income of $1,580.6 million in the fourth quarter of 2022. Net investment income for the segment decreased 5.1 percent to $158.4 million in the fourth quarter of 2023, compared to $166.9 million in the fourth quarter of 2022.
Within the Unum US operating segment, the group disability line of business reported a 47.7 percent increase in adjusted operating income to $152.1 million in the fourth quarter of 2023, compared to $103.0 million in the fourth quarter of 2022. Premium income for the group disability line of business increased 6.0 percent to $777.2 million in the fourth quarter of 2023, compared to $732.9 million in the fourth quarter of 2022, driven by in-force block growth. Net investment income decreased 9.4 percent to $78.4 million in the fourth quarter of 2023, compared to $86.5 million in the fourth quarter of 2022, due primarily to a lower level of invested assets. The benefit ratio for the fourth quarter of 2023 was 59.5 percent, compared to 65.4 percent in the fourth quarter of 2022, due primarily to favorable recoveries and lower claims incidence in the group long-term disability product line as well as favorable discount rate impacts on new claims. Group long-term disability sales were $136.6 million in the fourth quarter of 2023, a decrease of 12.5 percent from $156.1 million in the fourth quarter of 2022. Group short-term disability sales were $112.4 million in the fourth quarter of 2023, an increase of 10.3 percent from $101.9 million in the fourth quarter of 2022. Persistency in the group long-term disability product line was 90.8 percent for full year 2023, compared to 90.7 percent for full year 2022. Persistency in the group short-term disability product line was 88.9 percent for both full year 2023 and 2022.
The group life and accidental death and dismemberment line of business reported a 157.6 percent increase in adjusted operating income to $68.0 million in the fourth quarter of 2023, compared to $26.4 million in the fourth quarter of 2022. Premium income for this line of business increased 1.3 percent to $469.0 million in the fourth quarter of 2023, compared to $463.2 million in the fourth quarter of 2022, driven primarily by higher sales and favorable persistency. Net investment income decreased 13.1 percent to $21.9 million in the fourth quarter of 2023, compared to $25.2 million in the fourth quarter of 2022, due primarily to a lower level of invested assets, partially offset by higher miscellaneous investment income. The benefit ratio in the fourth quarter of 2023 was 69.5 percent, compared to 78.2 percent in the fourth quarter of 2022, due primarily to lower incidence for waiver of premium benefits. Sales of group life and accidental death and dismemberment products increased 60.7 percent in the fourth quarter of 2023 to $152.5 million, compared to $94.9 million in the fourth quarter of 2022. Persistency in the group life product line was 89.6 percent for full year 2023, compared to 88.9 percent for full year 2022. Persistency in the accidental death and dismemberment product line was 88.7 percent for full year 2023, compared to 87.9 percent for full year 2022.
The supplemental and voluntary line of business reported an increase of 19.4 percent in adjusted operating income to $122.0 million in the fourth quarter of 2023, compared to $102.2 million in the fourth quarter of 2022. Premium income for the supplemental and voluntary line of business increased 10.4 percent to $424.3 million in the fourth quarter of 2023, compared to $384.5 million in the fourth quarter of 2022, due primarily to sales growth across all product lines and continued impacts from the partial recapture of a block of business in the individual disability product line that occurred during the third quarter of 2023. Net investment income increased 5.3 percent to $58.1 million in the fourth quarter of 2023, compared to $55.2 million in the fourth quarter of 2022, due to an increase in the yield on invested assets, higher miscellaneous investment income, and an increase in the level of invested assets. The benefit ratio for the voluntary benefits product line was 45.1 percent in the fourth quarter of 2023, compared to 43.4
| | | | | | | | |
| UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES. | 2 |
percent for the fourth quarter of 2022, due to unfavorable experience in the critical illness product line, partially offset by favorable experience in the disability product line. The benefit ratio for the individual disability product line was 44.4 percent for the fourth quarter of 2023, compared to 48.4 percent for the fourth quarter of 2022, due primarily to lower average claim size, partially offset by lower mortality. The benefit ratio for the dental and vision product line was 68.7 percent in the fourth quarter of 2023, compared to 65.9 percent for the fourth quarter of 2022, due primarily to higher claims incidence. Relative to the fourth quarter of 2022, sales in the voluntary benefits product line increased 1.6 percent in the fourth quarter of 2023 to $50.7 million. Sales in the individual disability product line increased 7.7 percent in the fourth quarter of 2023 to $27.9 million. Sales in the dental and vision product line totaled $41.6 million for the fourth quarter of 2023, an increase of 1.0 percent compared to the fourth quarter of 2022. Persistency in the voluntary benefits product line was 75.5 percent for full year 2023, compared to 75.8 percent for full year 2022. Persistency in the individual disability product line was 89.0 percent for full year 2023, compared to 89.5 percent for full year 2022. Persistency in the dental and vision product line was 77.1 percent for full year 2023, compared to 79.9 percent for full year 2022.
Unum International
The Unum International segment reported adjusted operating income of $39.4 million in the fourth quarter of 2023, a decrease of 28.5 percent from $55.1 million in the fourth quarter of 2022. Premium income increased 22.3 percent to $218.1 million in the fourth quarter of 2023, compared to $178.3 million in the fourth quarter of 2022. Net investment income decreased 30.5 percent to $33.2 million in the fourth quarter of 2023, compared to $47.8 million in the fourth quarter of 2022. Sales increased 45.3 percent to $34.3 million in the fourth quarter of 2023, compared to $23.6 million in the fourth quarter of 2022.
The Unum UK line of business reported adjusted operating income, in local currency, of £30.9 million in the fourth quarter of 2023, a decrease of 32.2 percent from £45.6 million in the fourth quarter of 2022. Premium income was £149.1 million in the fourth quarter of 2023, an increase of 12.9 percent from £132.1 million in the fourth quarter of 2022, due to in-force block growth and higher premium as a result of a reinsurance transaction. Net investment income was £24.7 million in the fourth quarter of 2023, a decrease of 36.0 percent from £38.6 million in the fourth quarter of 2022, due to lower investment income from inflation index-linked bonds. The benefit ratio in the fourth quarter of 2023 was 67.9 percent, compared to 69.9 percent in the fourth quarter of 2022, due to favorable experience in the group long-term disability product line driven by favorable recoveries and lower inflation-linked experience in benefits, partially offset by higher incidence in the supplemental product line. Sales increased 35.8 percent to £20.1 million in the fourth quarter of 2023, compared to £14.8 million in the fourth quarter of 2022. Persistency in the group long-term disability product line was 92.5 percent for full year 2023, compared to 85.1 percent for full year 2022. Persistency in the group life product line was 83.0 percent for full year 2023, compared to 87.9 percent for full year 2022. Persistency in the supplemental product line was 91.7 percent for full year 2023, compared to 92.8 percent for full year 2022.
Colonial Life Segment
Colonial Life reported an 8.1 percent decrease in adjusted operating income to $87.8 million in the fourth quarter of 2023, compared to $95.5 million in the fourth quarter of 2022. Premium income increased 3.4 percent to $434.8 million in the fourth quarter of 2023, compared to $420.4 million in the fourth quarter of 2022, driven by higher sales in prior periods and favorable persistency. Net investment income increased 4.3 percent to $38.9 million in the fourth quarter of 2023, compared to $37.3 million in the fourth quarter of 2022, due to an increase in the yield on invested assets and an increase in the level of invested assets. The benefit ratio was 53.2 percent in the fourth quarter of 2023, compared to the benefit ratio of 51.4 percent in the fourth quarter of 2022, driven by an increase in reserves due to model refinements in the life product line, partially offset by lower claim costs in the cancer and critical illness product line. Sales increased 11.5 percent to $189.5 million in the fourth quarter of 2023, compared to $170.0 million in the fourth quarter of 2022. Persistency in Colonial Life was 78.3 percent for full year 2023, compared to 78.0 percent for full year 2022.
| | | | | | | | |
| UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES. | 3 |
Closed Block Segment
The Closed Block segment reported adjusted operating income of $21.3 million in the fourth quarter of 2023, which excludes the amortization of cost of reinsurance of $11.0 million and the impact of non-contemporaneous reinsurance of $8.4 million related to the Closed Block individual disability reinsurance transaction, compared to $44.3 million in the fourth quarter of 2022, which excludes the amortization of cost of reinsurance of $11.8 million and the impact of non-contemporaneous reinsurance of $10.3 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 fourth quarter of 2023, premium income for long-term care was generally consistent with the same period of 2022. Net investment income increased 6.9 percent to $270.3 million in the fourth quarter of 2023, compared to $252.9 million in the fourth quarter of 2022, due primarily to an increase in the level of invested assets and higher miscellaneous investment income, primarily related to larger increases in the net asset value on our private equity partnerships.
The net premium ratio for the long-term care line of business increased to 93.5 percent in the fourth quarter of 2023, compared to 85.1 percent in the fourth quarter of 2022, driven primarily by the impact of the reserve assumption updates in the third quarter of 2023 and higher claim incidence. Compared to the third quarter of 2023, the net premium ratio increased from 93.4 percent, and overall claims experience was relatively consistent.
Corporate Segment
The Corporate segment reported an adjusted operating loss of $36.5 million in the fourth quarter of 2023, compared to an adjusted operating loss of $37.5 million in the fourth quarter of 2022, due primarily to an increase in net investment income, which was driven by an increase in yield on invested assets, partially offset by higher pension expenses.
OTHER INFORMATION
Shares Outstanding
The Company’s weighted average number of shares outstanding, assuming dilution, was 195.5 million for the fourth quarter of 2023, compared to 200.9 million for the fourth quarter of 2022. Shares outstanding totaled 193.4 million at December 31, 2023. During the fourth quarter of 2023, the Company repurchased 1.8 million shares at a cost of $76.6 million.
Capital Management
At December 31, 2023, the weighted average risk-based capital ratio for the Company’s traditional U.S. insurance companies was approximately 415 percent, and cash and marketable securities in the holding companies equaled $1,650.0 million.
Book Value
Book value per common share as of December 31, 2023 was $49.91, compared to $44.17 at December 31, 2022. Book value per common share excluding AOCI as of December 31, 2023 was $67.02, compared to $61.61 at December 31, 2022.
| | | | | | | | |
| UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES. | 4 |
Effective Tax Rate
Effective tax rate on adjusted operating earnings was 22.8 percent in the fourth quarter of 2023, and 21.7 percent for full year 2023. Long-term adjusted effective tax rate expected to be between 21.5 percent to 22.0 percent.
Outlook
Full-year 2024 outlook of an increase in after-tax adjusted operating income per share of seven percent to nine percent when comparing full-year 2023.
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, as well as certain other items, as applicable;
•Book value per common share, which is calculated excluding AOCI.
Investment gains or losses primarily include realized investment gains or losses, expected investment credit 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 segments. 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.
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 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. Due to the execution of the second phase of the reinsurance transaction occurring after January 1, 2021, the transition date of ASU 2018-12, in accordance with the provisions of the ASU related to non-contemporaneous reinsurance, we were required to establish the ceded reserves using an upper-medium grade fixed-income instrument as of the reinsurance transaction date in March 2021, which resulted in higher ceded reserves compared to that which was reported historically. However, the direct reserves for the block reinsured in the second phase were calculated using the original discount rate utilized as of the transition date. Both the direct and ceded reserves are then remeasured at each reporting period using a current discount rate reflective of an upper-medium grade fixed-income instrument, with the changes recognized in other comprehensive income (loss). While the total equity impact is neutral, the different original discount rates utilized for direct and ceded reserves result in disproportionate earnings impacts. The impact of non-contemporaneous reinsurance will fluctuate depending on the magnitude of reserve changes during the period. We believe that the exclusion of these items provides a better view of our results from our ongoing businesses.
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.
| | | | | | | | |
| UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES. | 5 |
CONFERENCE CALL INFORMATION
Members of Unum Group senior management will host a conference call on Wednesday, January 31, 2024, at 8:00 a.m. Eastern Time to discuss the results of operations for the fourth quarter of 2023. Topics may include forward-looking information, such as the Company’s outlook on future results, trends in operations, and other material information.
The dial-in number for the conference call is 1-888-210-4821 for callers in the U.S. (pass code 5666159). For U.K. callers, the dial-in number is 44-800- 358-0970 (pass code 5666159). For all other callers, the dial-in number is 1-646 960-0323 (pass code 5666159). 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 10 minutes prior to the start of the call. A replay of the webcast will be available on the Company's website, and will be available through February 7, 2024 by dialing 1-800- 770-2030 (U.S.), or 1-647-362-9199 (all other locations) - pass code 5666159.
In conjunction with today’s earnings announcement, the Company’s Statistical Supplement for the fourth quarter of 2023 is available on the “Investors” section of the Company’s website.
# # #
ABOUT UNUM GROUP
Unum Group (NYSE: UNM), an international provider of workplace benefits and services, has been helping workers and their families for 175 years. Through its Unum and Colonial Life brands, the company offers disability, life, accident, critical illness, dental, vision and stop-loss insurance; leave and absence management support and behavioral health services. In 2023, Unum reported revenues of $12.4 billion and paid $7.9 billion in benefits. The Fortune 500 company is one of the 2023 World’s Most Ethical Companies, recognized by Ethisphere®.
For more information, connect with us on Facebook (www.facebook.com/unumbenefits), Twitter (www.twitter.com/unumnews) and LinkedIn (www.linkedin.com/company/unum).
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 and core operations premium growth, 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 and claim payments 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) the impact of pandemics and other public health issues, including COVID-19, on our business, financial position, results of operations, liquidity and capital resources, and overall business operations; (5) changes in, or interpretations or enforcement of, laws and regulations; (6) our ability to hire and retain qualified employees; (7) a cyber attack or other security breach resulting in the unauthorized acquisition of confidential data; (8) the failure of our business recovery and incident management processes to resume our business operations in the event of a natural catastrophe, cyber attack, or other event; (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) increased competition from other insurers and financial services companies due to industry consolidation, new entrants to our markets, or other factors; (11) changes in our financial strength and credit ratings; (12) our ability to develop digital capabilities or execute on our technology systems upgrades or replacements; (13) actual experience in the broad array of our products that deviates from our assumptions used in pricing, underwriting, and reserving; (14) ineffectiveness of
| | | | | | | | |
| UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES. | 6 |
our derivatives hedging programs due to changes in forecasted cash flows, the economic environment, counterparty risk, ratings downgrades, capital market volatility, changes in interest rates, and/or regulation; (15) availability of reinsurance in the market and the ability of our reinsurers to meet their obligations to us; (16) ability to generate sufficient internal liquidity and/or obtain external financing; (17) damage to our reputation due to, among other factors, regulatory investigations, legal proceedings, external events, and/or inadequate or failed internal controls and procedures; (18) disruptions to our business or our ability to leverage data caused by the use and reliance on third-party vendors, including vendors providing web and cloud-based applications; (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 environmental, social, and governance 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, 2022. 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 IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES. | 7 |
Unum Group
FINANCIAL HIGHLIGHTS
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| ($ in millions, except share data) | | | | | | | |
| | Three Months Ended December 31 | | Year Ended December 31 |
| | 2023 | | 2022 | | 2023 | | 2022 |
| Revenue | | | | | | | |
| Premium Income | $ | 2,551.7 | | | $ | 2,410.2 | | | $ | 10,046.0 | | | $ | 9,616.5 | |
| Net Investment Income | 530.8 | | | 524.4 | | | 2,096.7 | | | 2,122.2 | |
| Net Investment Gain (Loss) | (6.0) | | | 6.6 | | | (36.0) | | | (15.7) | |
| Other Income | 68.6 | | | 63.6 | | | 279.2 | | | 261.1 | |
| Total Revenue | 3,145.1 | | | 3,004.8 | | | 12,385.9 | | | 11,984.1 | |
| | | | | | | |
| Benefits and Expenses | | | | | | | |
| | | | | | | |
| | | | | | | |
Policy Benefits Including Remeasurement Loss or Gain | 1,820.1 | | | 1,778.8 | | | 7,257.1 | | | 6,994.6 | |
| Commissions | 300.4 | | | 267.3 | | | 1,170.1 | | | 1,086.4 | |
| Interest and Debt Expense | 49.2 | | | 47.2 | | | 194.8 | | | 188.5 | |
| Cost Related to Early Retirement of Debt | — | | | — | | | — | | | 4.2 | |
| Deferral of Acquisition Costs | (164.7) | | | (137.8) | | | (632.2) | | | (556.9) | |
| Amortization of Deferred Acquisition Costs | 122.7 | | | 108.1 | | | 481.4 | | | 421.1 | |
| Other Expenses | 588.7 | | | 567.7 | | | 2,274.6 | | | 2,096.2 | |
| Total Benefits and Expenses | 2,716.4 | | | 2,631.3 | | | 10,745.8 | | | 10,234.1 | |
| | | | | | | |
| Income Before Income Tax | 428.7 | | | 373.5 | | | 1,640.1 | | | 1,750.0 | |
Income Tax Expense | 98.1 | | | 84.3 | | | 356.3 | | | 342.8 | |
| | | | | | | |
| Net Income | $ | 330.6 | | | $ | 289.2 | | | $ | 1,283.8 | | | $ | 1,407.2 | |
| | | | | | | |
| PER SHARE INFORMATION | | | | | | | |
| | | | | | | |
| Net Income Per Common Share | | | | | | | |
| Basic | $ | 1.70 | | | $ | 1.45 | | | $ | 6.53 | | | $ | 7.01 | |
| Assuming Dilution | $ | 1.69 | | | $ | 1.44 | | | $ | 6.50 | | | $ | 6.96 | |
| | | | | | | |
| Weighted Average Common Shares - Basic (000s) | 194,723.8 | | | 198,825.4 | | | 196,659.7 | | | 200,647.2 | |
| Weighted Average Common Shares - Assuming Dilution (000s) | 195,476.2 | | | 200,904.1 | | | 197,602.0 | | | 202,109.4 | |
| Outstanding Shares - (000s) | | | | | 193,372.1 | | | 197,755.0 | |
| | | | | | | |
| | | | | | | | |
| UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES. | 8 |
Reconciliation of Non-GAAP Financial Measures | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended December 31 |
| 2023 | | 2022 |
| | (in millions) | | per share * | | (in millions) | | per share * |
| Net Income | $ | 330.6 | | | $ | 1.69 | | | $ | 289.2 | | | $ | 1.44 | |
| Excluding: | | | | | | | |
| | | | | | | |
| | | | | | | |
Net Investment Gain (Loss) (net of tax expense (benefit) of $(1.4); $1.7) | (4.6) | | | (0.02) | | | 4.9 | | | 0.02 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Amortization of the Cost of Reinsurance (net of tax benefit of $2.3; $2.5) | (8.7) | | | (0.04) | | | (9.3) | | | (0.04) | |
Non-Contemporaneous Reinsurance (net of tax benefit of $1.8; $2.2) | (6.6) | | | (0.04) | | | (8.1) | | | (0.04) | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| After-tax Adjusted Operating Income | $ | 350.5 | | | $ | 1.79 | | | $ | 301.7 | | | $ | 1.50 | |
| | | | | | | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended December 31 |
| 2023 | | 2022 |
| (in millions) | | per share * | | (in millions) | | per share * |
| Net Income | $ | 1,283.8 | | | $ | 6.50 | | | $ | 1,407.2 | | | 6.96 | |
| Excluding: | | | | | | | |
| | | | | | | |
| | | | | | | |
Net Investment Loss (net of tax benefit of $7.8; $3.5) | (28.2) | | | (0.14) | | | (12.2) | | | (0.07) | |
| | | | | | | |
Amortization of the Cost of Reinsurance (net of tax benefit of $9.3; $10.6) | (34.8) | | | (0.18) | | | (39.7) | | | (0.20) | |
Non-Contemporaneous Reinsurance (net of tax benefit of $7.3; $7.2) | (27.5) | | | (0.14) | | | (27.2) | | | (0.13) | |
| | | | | | | |
| | | | | | | |
Reserve Assumption Updates (net of tax expense (benefit) of $(37.9); $51.2) | (139.3) | | | (0.70) | | | 192.1 | | | 0.96 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| After-tax Adjusted Operating Income | $ | 1,513.6 | | | 7.66 | | | $ | 1,294.2 | | | 6.40 | |
| | | | | | | |
| * Assuming Dilution | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| December 31 |
| 2023 | | 2022 |
| (in millions) | | per share | | (in millions) | | per share |
| Total Stockholders' Equity (Book Value) | $ | 9,651.4 | | | $ | 49.91 | | | $ | 8,735.0 | | | $ | 44.17 | |
| Excluding: | | | | | | | |
| Net Unrealized Loss on Securities | (1,919.1) | | | (9.92) | | | (3,028.4) | | | (15.31) | |
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits | (648.4) | | | (3.35) | | | 313.9 | | | 1.59 | |
| Net Unrealized Loss on Hedges | (73.7) | | | (0.39) | | | (9.6) | | | (0.05) | |
| Subtotal | 12,292.6 | | | 63.57 | | | 11,459.1 | | | 57.94 | |
| Excluding: | | | | | | | |
| Foreign Currency Translation Adjustment | (321.1) | | | (1.66) | | | (390.1) | | | (1.98) | |
| Subtotal | 12,613.7 | | | 65.23 | | | 11,849.2 | | | 59.92 | |
| Excluding: | | | | | | | |
| Unrecognized Pension and Postretirement Benefit Costs | (345.7) | | | (1.79) | | | (334.1) | | | (1.69) | |
Total Stockholders' Equity, Excluding Accumulated Other Comprehensive Loss | $ | 12,959.4 | | | $ | 67.02 | | | $ | 12,183.3 | | | $ | 61.61 | |
| | | | | | | | |
| UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES. | 9 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Year Ended |
| | | | | December 31, 2023 | | December 31, 2022 |
| | | | | | Premium Income | | Premium Income, Local Currency1 | | Weighted Average Exchange Rate2 | | Premium Income in Constant Currency |
| | | | | | |
| | | | | | |
| Unum International | | | | | | | | | | | | |
| Unum UK | | | | | | $ | 706.9 | | | £ | 509.2 | | | 1.244 | | | $ | 633.4 | |
| Unum Poland | | | | | | 118.3 | | | zł | 399.0 | | | 0.239 | | | 95.4 | |
| Total | | | | | | 825.2 | | | | | | | 728.8 | |
| Unum US | | | | | | 6,579.2 | | | $ | 6,251.4 | | | | | 6,251.4 | |
| Colonial Life | | | | | | 1,726.1 | | | $ | 1,702.0 | | | | | 1,702.0 | |
| Core Operations | | | | | | $ | 9,130.5 | | | | | | | $ | 8,682.2 | |
1Premium income shown in millions of pounds for Unum UK, millions of zlotys for Unum Poland, and 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 IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES. | 10 |
Unum Group
Statistical Supplement Fourth Quarter 2023
TABLE OF CONTENTS
(in millions of dollars, except share data and where noted)
Interim Results are Unaudited
| | | | | | | | | | | |
| | Page | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | |
| | |
| See "Appendix to Statistical Supplement" on page 15 for a summary of significant items and page 15.4 for a reconciliation of our non-GAAP financial measures. | |
| | | |
| N.M. = not a meaningful percentage | | |
| | | |
Unum Group Financial Highlights | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Year Ended |
| 12/31/2023 | | 12/31/2022 | | 12/31/2023 | | 12/31/2022 | | 12/31/2021 |
| | | As Adjusted | | | | As Adjusted |
| Consolidated U.S. GAAP Results¹ | | | | | | | | | |
| Premium Income | $ | 2,551.7 | | | $ | 2,410.2 | | | $ | 10,046.0 | | | $ | 9,616.5 | | | $ | 9,475.0 | |
| | | | | | | | | |
| Adjusted Operating Revenue | $ | 3,151.1 | | | $ | 2,998.2 | | | $ | 12,421.9 | | | $ | 11,999.8 | | | $ | 11,931.1 | |
| Net Investment Gain (Loss) | (6.0) | | | 6.6 | | | (36.0) | | | (15.7) | | | 76.7 | |
| Revenue | $ | 3,145.1 | | | $ | 3,004.8 | | | $ | 12,385.9 | | | $ | 11,984.1 | | | $ | 12,007.8 | |
| | | | | | | | | |
| Net Income | $ | 330.6 | | | $ | 289.2 | | | $ | 1,283.8 | | | $ | 1,407.2 | | | $ | 981.0 | |
| Net Income Per Common Share: | | | | | | | | | |
| Basic | $ | 1.70 | | | $ | 1.45 | | | $ | 6.53 | | | $ | 7.01 | | | $ | 4.80 | |
| Assuming Dilution | $ | 1.69 | | | $ | 1.44 | | | $ | 6.50 | | | $ | 6.96 | | | $ | 4.79 | |
| | | | | | | | | |
| Assets | | | | | $ | 63,255.2 | | | $ | 61,148.5 | | | $ | 72,292.3 | |
Liabilities | | | | | $ | 53,603.8 | | | $ | 52,413.5 | | | $ | 66,258.4 | |
| Stockholders' Equity | | | | | $ | 9,651.4 | | | $ | 8,735.0 | | | $ | 6,033.9 | |
Adjusted Stockholders' Equity | | | | | $ | 12,292.6 | | | $ | 11,459.1 | | | $ | 10,528.4 | |
| | | | | | | | | |
| Adjusted Operating Return on Equity | | | | | | | | | |
| Unum US | 24.3 | % | | 15.3 | % | | 23.1 | % | | 16.4 | % | | 7.0 | % |
| Unum International | 16.1 | % | | 26.4 | % | | 16.5 | % | | 20.7 | % | | 10.4 | % |
| Colonial Life | 15.5 | % | | 17.9 | % | | 18.1 | % | | 19.9 | % | | 20.0 | % |
| Core Operating Segments | 21.1 | % | | 17.0 | % | | 21.2 | % | | 17.7 | % | | 10.4 | % |
| Consolidated | 11.5 | % | | 10.7 | % | | 12.7 | % | | 11.8 | % | | 9.1 | % |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Traditional U.S. Life Insurance Companies' Statutory Results2 | | | | | | | | | |
| Net Gain from Operations, After Tax | $ | 228.9 | | | $ | 240.4 | | | $ | 1,351.5 | | | $ | 965.4 | | | $ | 681.1 | |
| Net Realized Capital Gain (Loss), After Tax | (17.0) | | | 2.3 | | | (21.6) | | | — | | | 98.4 | |
| | | | | | | | | |
| Net Income | $ | 211.9 | | | $ | 242.7 | | | $ | 1,329.9 | | | $ | 965.4 | | | $ | 779.5 | |
| | | | | | | | | |
| Capital and Surplus | | | | | $ | 3,751.3 | | | $ | 3,816.3 | | | $ | 3,950.3 | |
| | | | | | | | | |
| Weighted Average Risk-based Capital Ratio | | | | | ~ 415% | | ~ 420% | | ~ 395% |
| | | | | | | | | |
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
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/2023 | | 12/31/2022 | | 12/31/2021 |
| (in millions) | | per share | | (in millions) | | per share | | (in millions) | | per share |
| | | | | As Adjusted |
| Total Stockholders' Equity (Book Value) | $ | 9,651.4 | | | $ | 49.91 | | | $ | 8,735.0 | | | $ | 44.17 | | | $ | 6,033.9 | | | $ | 29.79 | |
| Excluding: | | | | | | | | | | | |
| Net Unrealized Gain (Loss) on Securities | (1,919.1) | | | (9.92) | | | (3,028.4) | | | (15.31) | | | 4,014.4 | | | 19.82 | |
| Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits | (648.4) | | | (3.35) | | | 313.9 | | | 1.59 | | | (8,570.7) | | | (42.32) | |
| Net Gain (Loss) on Hedges | (73.7) | | | (0.39) | | | (9.6) | | | (0.05) | | | 61.8 | | | 0.30 | |
| Subtotal | 12,292.6 | | | 63.57 | | | 11,459.1 | | | 57.94 | | | 10,528.4 | | | 51.99 | |
| Excluding: | | | | | | | | | | | |
| Foreign Currency Translation Adjustment | (321.1) | | | (1.66) | | | (390.1) | | | (1.98) | | | (274.1) | | | (1.35) | |
| Subtotal | 12,613.7 | | | 65.23 | | | 11,849.2 | | | 59.92 | | | 10,802.5 | | | 53.34 | |
| Excluding: | | | | | | | | | | | |
| Unrecognized Pension and Postretirement Benefit Costs | (345.7) | | | (1.79) | | | (334.1) | | | (1.69) | | | (396.0) | | | (1.96) | |
| Total Stockholders' Equity, Excluding Accumulated Other Comprehensive Loss | $ | 12,959.4 | | | $ | 67.02 | | | $ | 12,183.3 | | | $ | 61.61 | | | $ | 11,198.5 | | | $ | 55.30 | |
| | | | | | | | | | | |
| Dividends Paid | $ | 277.1 | | | $ | 1.39 | | | $ | 255.3 | | | $ | 1.26 | | | $ | 240.6 | | | $ | 1.17 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Year Ended |
| 12/31/2023 | | 12/31/2022 | | 12/31/2023 | | 12/31/2022 | | 12/31/2021 |
| Shares Repurchased (millions) | 1.8 | | | 1.5 | | | 5.7 | | | 5.7 | | | 1.9 | |
Cost of Shares Repurchased (millions)1 | $ | 76.6 | | | $ | 62.6 | | | $ | 252.0 | | | $ | 200.1 | | | $ | 50.0 | |
| Price (UNM closing price on last trading day of period) | | | | | $ | 45.22 | | | $ | 41.03 | | | $ | 24.57 | |
| | | | | | | | | |
Leverage Ratio2 | | | | | 22.1 | % | | 23.4 | % | | 25.1 | % |
| | | | | | | | | |
| Holding Company Cash and Marketable Securities | | | | | $ | 1,650 | | | $ | 1,571 | | | $ | 1,515 | |
| | | | | | | | | |
1Includes commissions of a de minimis amount for the three months ended December 31, 2023 and 2022, $0.1 million for the years ended December 31, 2023 and 2022, and no commissions for the year ended December 31, 2021. There was excise tax of $0.7 million and $1.9 million for the three months and year ended December 31, 2023, respectively, and no excise tax for the three months ended December 31, 2022 or years ended December 31, 2022 and 2021. |
2Prior period ratios have been adjusted. |
Unum Group Ratings
| | | | | | | | | | | | | | | | | | | | | | | |
| AM Best | | Fitch | | Moody's | | S&P |
| Outlook | Stable | | Stable | | Stable | | Stable |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Senior Unsecured Debt Ratings | bbb+ | | BBB | | Baa3 | | BBB |
| | | | | | | |
| Financial Strength Ratings | | | | | | | |
| Provident Life and Accident Insurance Company | A | | A | | A3 | | A |
| Unum Life Insurance Company of America | A | | A | | A3 | | A |
| First Unum Life Insurance Company | A | | A | | A3 | | A |
| Colonial Life & Accident Insurance Company | A | | A | | A3 | | A |
| The Paul Revere Life Insurance Company | A | | A | | A3 | | A |
| Unum Insurance Company | A | | A | | A3 | | 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- |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| NR = not rated | | | | | | | |
Unum Group Consolidated Statements of Income
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Year Ended |
| 12/31/2023 | | 12/31/2022 | | 12/31/2023 | | 12/31/2022 | | 12/31/2021 |
| | | As Adjusted | | | | As Adjusted |
| Revenue | | | | | | | | | |
| Premium Income | $ | 2,551.7 | | | $ | 2,410.2 | | | $ | 10,046.0 | | | $ | 9,616.5 | | | $ | 9,475.0 | |
| Net Investment Income | 530.8 | | | 524.4 | | | 2,096.7 | | | 2,122.2 | | | 2,213.2 | |
| Net Investment Gain (Loss) | (6.0) | | | 6.6 | | | (36.0) | | | (15.7) | | | 76.7 | |
| Other Income | 68.6 | | | 63.6 | | | 279.2 | | | 261.1 | | | 242.9 | |
| Total Revenue | 3,145.1 | | | 3,004.8 | | | 12,385.9 | | | 11,984.1 | | | 12,007.8 | |
| | | | | | | | | |
| Benefits and Expenses | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| Policy Benefits Including Remeasurement Loss or Gain | 1,820.1 | | | 1,778.8 | | | 7,257.1 | | | 6,994.6 | | | 7,553.4 | |
| Commissions | 300.4 | | | 267.3 | | | 1,170.1 | | | 1,086.4 | | | 1,038.1 | |
| | | | | | | | | |
Interest and Debt Expense | 49.2 | | | 47.2 | | | 194.8 | | | 188.5 | | | 185.0 | |
| Cost Related to Early Retirement of Debt | — | | | — | | | — | | | 4.2 | | | 67.3 | |
| Deferral of Acquisition Costs | (164.7) | | | (137.8) | | | (632.2) | | | (556.9) | | | (523.2) | |
| Amortization of Deferred Acquisition Costs | 122.7 | | | 108.1 | | | 481.4 | | | 421.1 | | | 452.1 | |
| | | | | | | | | |
| Other Expenses | 588.7 | | | 567.7 | | | 2,274.6 | | | 2,096.2 | | | 1,974.5 | |
| Total Benefits and Expenses | 2,716.4 | | | 2,631.3 | | | 10,745.8 | | | 10,234.1 | | | 10,747.2 | |
| | | | | | | | | |
| Income Before Income Tax | 428.7 | | | 373.5 | | | 1,640.1 | | | 1,750.0 | | | 1,260.6 | |
| Income Tax Expense | 98.1 | | | 84.3 | | | 356.3 | | | 342.8 | | | 279.6 | |
| | | | | | | | | |
| Net Income | $ | 330.6 | | | $ | 289.2 | | | $ | 1,283.8 | | | $ | 1,407.2 | | | $ | 981.0 | |
| | | | | | | | | |
| Weighted Average Shares Outstanding | | | | | | | | | |
| Basic | 194.7 | | | 198.8 | | | 196.7 | | | 200.6 | | | 204.2 | |
| Assuming Dilution | 195.5 | | | 200.9 | | | 197.6 | | | 202.1 | | | 204.8 | |
| | | | | | | | | |
| Actual Number of Shares Outstanding | | | | | 193.4 | | | 197.8 | | | 202.5 | |
Unum Group Sales Data for Unum US Segment
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Year Ended |
| 12/31/2023 | | 12/31/2022 | | % Change | | 12/31/2023 | | 12/31/2022 | | 12/31/2021 |
| Sales by Product | | | | | | | | | | | |
| Group Disability and Group Life and AD&D | | | | | | | | | | | |
| Group Long-term Disability | $ | 136.6 | | | $ | 156.1 | | | (12.5) | % | | $ | 292.7 | | | $ | 295.3 | | | $ | 206.6 | |
| Group Short-term Disability | 112.4 | | | 101.9 | | | 10.3 | | | 229.5 | | | 184.3 | | | 142.7 | |
| Group Life and AD&D | 152.5 | | | 94.9 | | | 60.7 | | | 305.4 | | | 232.4 | | | 223.8 | |
| Subtotal | 401.5 | | | 352.9 | | | 13.8 | | | 827.6 | | | 712.0 | | | 573.1 | |
| Supplemental and Voluntary | | | | | | | | | | | |
| Voluntary Benefits | 50.7 | | | 49.9 | | | 1.6 | | | 263.2 | | | 238.7 | | | 231.2 | |
| Individual Disability | 27.9 | | | 25.9 | | | 7.7 | | | 108.9 | | | 90.8 | | | 75.0 | |
| Dental and Vision | 41.6 | | | 41.2 | | | 1.0 | | | 84.1 | | | 73.8 | | | 62.4 | |
| Subtotal | 120.2 | | | 117.0 | | | 2.7 | | | 456.2 | | | 403.3 | | | 368.6 | |
| Total Sales | $ | 521.7 | | | $ | 469.9 | | | 11.0 | | | $ | 1,283.8 | | | $ | 1,115.3 | | | $ | 941.7 | |
| | | | | | | | | | | |
| Sales by Market Sector | | | | | | | | | | | |
| Group Disability and Group Life and AD&D | | | | | | | | | | | |
| Core Market (< 2,000 employees) | $ | 266.2 | | | $ | 229.0 | | | 16.2 | % | | $ | 521.3 | | | $ | 457.5 | | | $ | 371.5 | |
| Large Case Market | 135.3 | | | 123.9 | | | 9.2 | | | 306.3 | | | 254.5 | | | 201.6 | |
| Subtotal | 401.5 | | | 352.9 | | | 13.8 | | | 827.6 | | | 712.0 | | | 573.1 | |
| Supplemental and Voluntary | 120.2 | | | 117.0 | | | 2.7 | | | 456.2 | | | 403.3 | | | 368.6 | |
| Total Sales | $ | 521.7 | | | $ | 469.9 | | | 11.0 | | | $ | 1,283.8 | | | $ | 1,115.3 | | | $ | 941.7 | |
Unum Group Sales Data for Unum International Segment
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Year Ended |
| (in millions of dollars) | 12/31/2023 | | 12/31/2022 | | % Change | | 12/31/2023 | | 12/31/2022 | | 12/31/2021 |
| Sales by Product | | | | | | | | | | | |
| Unum UK | | | | | | | | | | | |
| Group Long-term Disability | $ | 9.3 | | | $ | 8.1 | | | 14.8 | % | | $ | 48.3 | | | $ | 43.3 | | | $ | 41.4 | |
| Group Life | 11.6 | | | 6.5 | | | 78.5 | | | 61.4 | | | 55.5 | | | 31.3 | |
| Supplemental | 4.0 | | | 2.6 | | | 53.8 | | | 28.0 | | | 17.1 | | | 17.0 | |
| Unum Poland | 9.4 | | | 6.4 | | | 46.9 | | | 33.2 | | | 17.8 | | | 16.1 | |
| Total Sales | $ | 34.3 | | | $ | 23.6 | | | 45.3 | | | $ | 170.9 | | | $ | 133.7 | | | $ | 105.8 | |
| | | | | | | | | | | |
| Sales by Market Sector | | | | | | | | | | | |
| Unum UK | | | | | | | | | | | |
| Group Long-term Disability and Group Life | | | | | | | | | | | |
| Core Market (< 500 employees) | $ | 10.9 | | | $ | 9.9 | | | 10.1 | % | | $ | 51.2 | | | $ | 42.7 | | | $ | 41.5 | |
| Large Case Market | 10.0 | | | 4.7 | | | 112.8 | | | 58.5 | | | 56.1 | | | 31.2 | |
| Subtotal | 20.9 | | | 14.6 | | | 43.2 | | | 109.7 | | | 98.8 | | | 72.7 | |
| Supplemental | 4.0 | | | 2.6 | | | 53.8 | | | 28.0 | | | 17.1 | | | 17.0 | |
| Unum Poland | 9.4 | | | 6.4 | | | 46.9 | | | 33.2 | | | 17.8 | | | 16.1 | |
| Total Sales | $ | 34.3 | | | $ | 23.6 | | | 45.3 | | | $ | 170.9 | | | $ | 133.7 | | | $ | 105.8 | |
| | | | | | | | | | | |
| (in millions of pounds) | | | | | | | | | | | |
| Unum UK Sales by Product | | | | | | | | | | | |
| Group Long-term Disability | £ | 7.5 | | | £ | 6.9 | | | 8.7 | % | | £ | 38.8 | | | £ | 34.5 | | | £ | 30.0 | |
| Group Life | 9.3 | | | 5.7 | | | 63.2 | | | 49.4 | | | 45.4 | | | 22.8 | |
| Supplemental | 3.3 | | | 2.2 | | | 50.0 | | | 22.6 | | | 13.5 | | | 12.3 | |
| Total Sales | £ | 20.1 | | | £ | 14.8 | | | 35.8 | | | £ | 110.8 | | | £ | 93.4 | | | £ | 65.1 | |
| | | | | | | | | | | |
| Unum UK Sales by Market Sector | | | | | | | | | | | |
| Group Long-term Disability and Group Life | | | | | | | | | | | |
| Core Market (< 500 employees) | £ | 8.7 | | | £ | 8.5 | | | 2.4 | % | | £ | 41.2 | | | £ | 34.4 | | | £ | 30.2 | |
| Large Case Market | 8.1 | | | 4.1 | | | 97.6 | | | 47.0 | | | 45.5 | | | 22.6 | |
| Subtotal | 16.8 | | | 12.6 | | | 33.3 | | | 88.2 | | | 79.9 | | | 52.8 | |
| Supplemental | 3.3 | | | 2.2 | | | 50.0 | | | 22.6 | | | 13.5 | | | 12.3 | |
| Total Sales | £ | 20.1 | | | £ | 14.8 | | | 35.8 | | | £ | 110.8 | | | £ | 93.4 | | | £ | 65.1 | |
Unum Group Sales Data for Colonial Life Segment
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Year Ended |
| 12/31/2023 | | 12/31/2022 | | % Change | | 12/31/2023 | | 12/31/2022 | | 12/31/2021 |
| Sales by Product | | | | | | | | | | | |
| Accident, Sickness, and Disability | $ | 115.0 | | | $ | 100.6 | | | 14.3 | % | | $ | 329.5 | | | $ | 310.6 | | | $ | 297.9 | |
| Life | 45.8 | | | 41.1 | | | 11.4 | | | 132.1 | | | 121.5 | | | 111.0 | |
| Cancer and Critical Illness | 28.7 | | | 28.3 | | | 1.4 | | | 78.0 | | | 76.0 | | | 70.9 | |
| Total Sales | $ | 189.5 | | | $ | 170.0 | | | 11.5 | | | $ | 539.6 | | | $ | 508.1 | | | $ | 479.8 | |
| | | | | | | | | | | |
| Sales by Market Sector | | | | | | | | | | | |
| Commercial | | | | | | | | | | | |
| Core Market (< 1,000 employees) | $ | 115.8 | | | $ | 107.0 | | | 8.2 | % | | $ | 347.4 | | | $ | 332.4 | | | $ | 313.2 | |
| Large Case Market | 30.0 | | | 21.8 | | | 37.6 | | | 62.3 | | | 58.1 | | | 68.5 | |
| Subtotal | 145.8 | | | 128.8 | | | 13.2 | | | 409.7 | | | 390.5 | | | 381.7 | |
| Public Sector | 43.7 | | | 41.2 | | | 6.1 | | | 129.9 | | | 117.6 | | | 98.1 | |
| Total Sales | $ | 189.5 | | | $ | 170.0 | | | 11.5 | | | $ | 539.6 | | | $ | 508.1 | | | $ | 479.8 | |
Unum Group Consolidated Balance Sheets | | | | | | | | | | | |
| December 31 |
| 2023 | | 2022 |
| | | As Adjusted |
| Assets | | | |
| | | |
| Investments | | | |
| Fixed Maturity Securities - at fair value | $ | 36,833.9 | | | $ | 34,840.8 | |
| Mortgage Loans | 2,318.2 | | | 2,435.4 | |
| Policy Loans | 3,620.2 | | | 3,601.2 | |
| Other Long-term Investments | 1,579.4 | | | 1,440.1 | |
| Short-term Investments | 1,610.7 | | | 1,394.8 | |
| Total Investments | 45,962.4 | | | 43,712.3 | |
| | | |
| Other Assets | | | |
| Cash and Bank Deposits | 146.0 | | | 119.2 | |
| Accounts and Premiums Receivable | 1,543.7 | | | 1,482.1 | |
| Reinsurance Recoverable | 9,108.4 | | | 9,608.0 | |
| Accrued Investment Income | 633.9 | | | 615.0 | |
| Deferred Acquisition Costs | 2,714.5 | | | 2,560.0 | |
| Goodwill | 349.9 | | | 347.6 | |
| Property and Equipment | 485.3 | | | 451.7 | |
| Deferred Income Tax | 649.4 | | | 586.0 | |
| | | |
| Other Assets | 1,661.7 | | | 1,666.6 | |
| | | |
| Total Assets | $ | 63,255.2 | | | $ | 61,148.5 | |
Unum Group Consolidated Balance Sheets - Continued | | | | | | | | | | | |
| December 31 |
| 2023 | | 2022 |
| | | As Adjusted |
| Liabilities and Stockholders' Equity | | | |
| | | |
| Liabilities | | | |
Future Policy Benefits1 | $ | 40,009.4 | | | $ | 38,577.1 | |
Policyholders' Account Balances1 | 5,667.7 | | | 5,740.2 | |
| Unearned Premiums | 380.2 | | | 365.5 | |
| Other Policyholders’ Funds | 1,615.7 | | | 1,750.4 | |
| Income Tax Payable | 190.0 | | | 190.9 | |
| Deferred Income Tax | 27.0 | | | 25.2 | |
| Short-term Debt | — | | | 2.0 | |
| | | |
| Long-term Debt | 3,430.4 | | | 3,427.8 | |
| Other Liabilities | 2,283.4 | | | 2,334.4 | |
| | | |
| Total Liabilities | 53,603.8 | | | 52,413.5 | |
| | | |
| Stockholders’ Equity | | | |
| Common Stock | 19.4 | | | 30.8 | |
| Additional Paid-in Capital | 1,547.8 | | | 2,441.0 | |
| Accumulated Other Comprehensive Loss | (3,308.0) | | | (3,448.3) | |
| Retained Earnings | 11,431.5 | | | 13,141.3 | |
| Treasury Stock - at cost | (39.3) | | | (3,429.8) | |
| | | |
| Total Stockholders’ Equity | 9,651.4 | | | 8,735.0 | |
| | | |
| Total Liabilities and Stockholders’ Equity | $ | 63,255.2 | | | $ | 61,148.5 | |
| | | |
1We previously reported Policy and Contract Benefits and Reserves for Future Policy Benefits in our consolidated balance sheet for December 31, 2022. As a part of the adoption of ASU 2018-12, these balances were reclassified into new line items, Future Policy Benefits and Policyholders' Account Balances. Certain prior year amounts have been reclassified to conform to current year presentation. |
Unum Group Balance Sheets by Segment - December 31, 2023
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 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 | $ | 6,621.9 | | | $ | 2,076.6 | | | $ | 4,608.4 | | | $ | 13,306.9 | | | $ | 2,806.7 | | | $ | 3,144.3 | | | $ | 24,067.0 | | | $ | 2,637.5 | | | $ | 45,962.4 | |
| Deferred Acquisition Costs | 63.6 | | | 48.9 | | | 1,119.7 | | | 1,232.2 | | | 46.9 | | | 1,435.4 | | | — | | | — | | | 2,714.5 | |
| Goodwill | 8.9 | | | — | | | 271.1 | | | 280.0 | | | 42.2 | | | 27.7 | | | — | | | — | | | 349.9 | |
Reinsurance Recoverable | 42.9 | | | 9.0 | | | 174.9 | | | 226.8 | | | 107.2 | | | 5.5 | | | 8,768.9 | | | — | | | 9,108.4 | |
| All Other | 124.8 | | | 211.7 | | | 178.7 | | | 515.2 | | | 369.9 | | | 217.5 | | | 2,436.9 | | | 1,580.5 | | | 5,120.0 | |
| Total Assets | $ | 6,862.1 | | | $ | 2,346.2 | | | $ | 6,352.8 | | | $ | 15,561.1 | | | $ | 3,372.9 | | | $ | 4,830.4 | | | $ | 35,272.8 | | | $ | 4,218.0 | | | $ | 63,255.2 | |
| | | | | | | | | | | | | | | | | |
| Liabilities | | | | | | | | | | | | | | | | | |
Future Policy Benefits | $ | 5,200.8 | | | $ | 923.0 | | | $ | 3,295.3 | | | $ | 9,419.1 | | | $ | 2,305.3 | | | $ | 1,997.8 | | | $ | 26,287.2 | | | $ | — | | | $ | 40,009.4 | |
Policyholders' Account Balances | — | | | — | | | 678.1 | | | 678.1 | | | — | | | 869.8 | | | 4,119.8 | | | — | | | 5,667.7 | |
Unearned Premiums | 1.7 | | | 6.3 | | | 46.6 | | | 54.6 | | | 151.4 | | | 44.5 | | | 129.7 | | | — | | | 380.2 | |
Other Policyholders' Funds | 32.3 | | | 813.0 | | | 28.6 | | | 873.9 | | | 66.0 | | | 8.0 | | | 667.8 | | | — | | | 1,615.7 | |
| Debt | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 3,430.4 | | | 3,430.4 | |
| All Other | 32.1 | | | 51.2 | | | 152.6 | | | 235.9 | | | 84.4 | | | 60.1 | | | 505.8 | | | 1,614.2 | | | 2,500.4 | |
| Total Liabilities | 5,266.9 | | | 1,793.5 | | | 4,201.2 | | | 11,261.6 | | | 2,607.1 | | | 2,980.2 | | | 31,710.3 | | | 5,044.6 | | | 53,603.8 | |
| | | | | | | | | | | | | | | | | |
| Allocated Stockholders' Equity | | | | | | | | | | | | | | | | | |
| Other Allocated Stockholders' Equity | 1,549.7 | | | 645.1 | | | 2,274.4 | | | 4,469.2 | | | 778.0 | | | 1,799.5 | | | 5,483.5 | | | (237.6) | | | 12,292.6 | |
Net Unrealized Loss on Securities and Net Gain (Loss) on Hedges | (152.0) | | | (114.2) | | | (159.2) | | | (425.4) | | | (95.5) | | | (108.0) | | | (774.9) | | | (589.0) | | | (1,992.8) | |
| Effect of Change in Discount Rate Assumption on the Liability for Future Policy Benefits | 197.5 | | | 21.8 | | | 36.4 | | | 255.7 | | | 83.3 | | | 158.7 | | | (1,146.1) | | | — | | | (648.4) | |
| Total Allocated Stockholders' Equity | 1,595.2 | | | 552.7 | | | 2,151.6 | | | 4,299.5 | | | 765.8 | | | 1,850.2 | | | 3,562.5 | | | (826.6) | | | 9,651.4 | |
| | | | | | | | | | | | | | | | | |
| Total Liabilities and Allocated Stockholders' Equity | $ | 6,862.1 | | | $ | 2,346.2 | | | $ | 6,352.8 | | | $ | 15,561.1 | | | $ | 3,372.9 | | | $ | 4,830.4 | | | $ | 35,272.8 | | | $ | 4,218.0 | | | $ | 63,255.2 | |
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, 2022 - As Adjusted
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 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 | $ | 7,139.5 | | | $ | 2,369.9 | | | $ | 4,516.6 | | | $ | 14,026.0 | | | $ | 2,677.2 | | | $ | 3,126.1 | | | $ | 22,028.9 | | | $ | 1,854.1 | | | $ | 43,712.3 | |
| Deferred Acquisition Costs | 61.0 | | | 49.3 | | | 1,074.8 | | | 1,185.1 | | | 37.0 | | | 1,337.9 | | | — | | | — | | | 2,560.0 | |
| Goodwill | 8.9 | | | — | | | 271.1 | | | 280.0 | | | 39.9 | | | 27.7 | | | — | | | — | | | 347.6 | |
Reinsurance Receivable | 49.5 | | | 10.6 | | | 212.1 | | | 272.2 | | | 83.5 | | | 5.2 | | | 9,247.1 | | | — | | | 9,608.0 | |
| All Other | 76.7 | | | 341.2 | | | 175.1 | | | 593.0 | | | 291.8 | | | 78.1 | | | 2,500.6 | | | 1,457.1 | | | 4,920.6 | |
| Total Assets | $ | 7,335.6 | | | $ | 2,771.0 | | | $ | 6,249.7 | | | $ | 16,356.3 | | | $ | 3,129.4 | | | $ | 4,575.0 | | | $ | 33,776.6 | | | $ | 3,311.2 | | | $ | 61,148.5 | |
| | | | | | | | | | | | | | | | | |
| Liabilities | | | | | | | | | | | | | | | | | |
Future Policy Benefits | $ | 5,564.4 | | | $ | 973.5 | | | $ | 3,172.4 | | | $ | 9,710.3 | | | $ | 2,063.3 | | | $ | 1,858.4 | | | $ | 24,945.1 | | | $ | — | | | $ | 38,577.1 | |
Policyholders' Account Balances | — | | | — | | | 679.6 | | | 679.6 | | | — | | | 869.2 | | | 4,191.4 | | | — | | | 5,740.2 | |
Unearned Premiums | 1.6 | | | 6.6 | | | 47.6 | | | 55.8 | | | 130.4 | | | 42.7 | | | 136.6 | | | — | | | 365.5 | |
Other Policyholders' Funds | 32.7 | | | 905.6 | | | 31.1 | | | 969.4 | | | 45.9 | | | 9.5 | | | 725.6 | | | — | | | 1,750.4 | |
| Debt | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 3,429.8 | | | 3,429.8 | |
| All Other | 24.4 | | | 94.6 | | | 207.2 | | | 326.2 | | | 86.0 | | | 54.8 | | | 532.6 | | | 1,550.9 | | | 2,550.5 | |
| Total Liabilities | 5,623.1 | | | 1,980.3 | | | 4,137.9 | | | 11,741.3 | | | 2,325.6 | | | 2,834.6 | | | 30,531.3 | | | 4,980.7 | | | 52,413.5 | |
| | | | | | | | | | | | | | | | | |
| Allocated Stockholders' Equity | | | | | | | | | | | | | | | | | |
| Other Allocated Stockholders' Equity | 1,668.0 | | | 908.4 | | | 2,225.8 | | | 4,802.2 | | | 770.6 | | | 1,689.4 | | | 5,106.7 | | | (909.8) | | | 11,459.1 | |
Net Unrealized Loss on Securities and Net Gain (Loss) on Hedges | (255.9) | | | (148.5) | | | (226.6) | | | (631.0) | | | (112.5) | | | (175.5) | | | (1,359.3) | | | (759.7) | | | (3,038.0) | |
| Effect of Change in Discount Rate Assumption on the Liability for Future Policy Benefits | 300.4 | | | 30.8 | | | 112.6 | | | 443.8 | | | 145.7 | | | 226.5 | | | (502.1) | | | — | | | 313.9 | |
| Total Allocated Stockholders' Equity | 1,712.5 | | | 790.7 | | | 2,111.8 | | | 4,615.0 | | | 803.8 | | | 1,740.4 | | | 3,245.3 | | | (1,669.5) | | | 8,735.0 | |
| | | | | | | | | | | | | | | | | |
| Total Liabilities and Allocated Stockholders' Equity | $ | 7,335.6 | | | $ | 2,771.0 | | | $ | 6,249.7 | | | $ | 16,356.3 | | | $ | 3,129.4 | | | $ | 4,575.0 | | | $ | 33,776.6 | | | $ | 3,311.2 | | | $ | 61,148.5 | |
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, 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 |
| 12/31/2023 | | 12/31/2022 | | % Change | | 12/31/2023 | | 12/31/2022 | | % Change |
| | | As Adjusted | | | | | | As Adjusted | | |
| Premium Income | | | | | | | | | | | |
| Unum US | $ | 1,670.5 | | | $ | 1,580.6 | | | 5.7 | % | | $ | 6,579.2 | | | $ | 6,251.4 | | | 5.2 | % |
| Unum International | 218.1 | | | 178.3 | | | 22.3 | | | 825.2 | | | 718.8 | | | 14.8 | |
| Colonial Life | 434.8 | | | 420.4 | | | 3.4 | | | 1,726.1 | | | 1,702.0 | | | 1.4 | |
| Closed Block | 228.3 | | | 230.9 | | | (1.1) | | | 915.5 | | | 944.3 | | | (3.0) | |
| 2,551.7 | | | 2,410.2 | | | 5.9 | | | 10,046.0 | | | 9,616.5 | | | 4.5 | |
| Net Investment Income | | | | | | | | | | | |
| Unum US | 158.4 | | | 166.9 | | | (5.1) | | | 639.9 | | | 676.3 | | | (5.4) | |
| Unum International | 33.2 | | | 47.8 | | | (30.5) | | | 137.2 | | | 170.1 | | | (19.3) | |
| Colonial Life | 38.9 | | | 37.3 | | | 4.3 | | | 153.5 | | | 152.7 | | | 0.5 | |
| Closed Block | 270.3 | | | 252.9 | | | 6.9 | | | 1,066.3 | | | 1,070.6 | | | (0.4) | |
| Corporate | 30.0 | | | 19.5 | | | 53.8 | | | 99.8 | | | 52.5 | | | 90.1 | |
| 530.8 | | | 524.4 | | | 1.2 | | | 2,096.7 | | | 2,122.2 | | | (1.2) | |
| Other Income | | | | | | | | | | | |
| Unum US | 54.4 | | | 49.5 | | | 9.9 | | | 220.5 | | | 196.3 | | | 12.3 | |
| Unum International | 0.6 | | | 0.2 | | | 200.0 | | | 1.6 | | | 0.9 | | | 77.8 | |
| Colonial Life | 0.3 | | | 0.3 | | | — | | | 1.2 | | | 1.1 | | | 9.1 | |
| Closed Block | 12.5 | | | 12.4 | | | 0.8 | | | 52.6 | | | 58.0 | | | (9.3) | |
| Corporate | 0.8 | | | 1.2 | | | (33.3) | | | 3.3 | | | 4.8 | | | (31.3) | |
| 68.6 | | | 63.6 | | | 7.9 | | | 279.2 | | | 261.1 | | | 6.9 | |
| Total Adjusted Operating Revenue | | | | | | | | | | | |
| Unum US | 1,883.3 | | | 1,797.0 | | | 4.8 | | | 7,439.6 | | | 7,124.0 | | | 4.4 | |
| Unum International | 251.9 | | | 226.3 | | | 11.3 | | | 964.0 | | | 889.8 | | | 8.3 | |
| Colonial Life | 474.0 | | | 458.0 | | | 3.5 | | | 1,880.8 | | | 1,855.8 | | | 1.3 | |
| Closed Block | 511.1 | | | 496.2 | | | 3.0 | | | 2,034.4 | | | 2,072.9 | | | (1.9) | |
| Corporate | 30.8 | | | 20.7 | | | 48.8 | | | 103.1 | | | 57.3 | | | 79.9 | |
| $ | 3,151.1 | | | $ | 2,998.2 | | | 5.1 | | | $ | 12,421.9 | | | $ | 11,999.8 | | | 3.5 | |
Unum Group Financial Results by Segment - Continued
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Year Ended |
| 12/31/2023 | | 12/31/2022 | | % Change | | 12/31/2023 | | 12/31/2022 | | % Change |
| | | As Adjusted | | | | | | As Adjusted | | |
| Benefits and Expenses | | | | | | | | | | | |
| Unum US | $ | 1,541.2 | | | $ | 1,565.4 | | | (1.5) | % | | $ | 5,955.3 | | | $ | 5,980.6 | | | (0.4) | % |
| Unum International | 212.5 | | | 171.2 | | | 24.1 | | | 823.8 | | | 748.2 | | | 10.1 | |
| Colonial Life | 386.2 | | | 362.5 | | | 6.5 | | | 1,400.0 | | | 1,387.7 | | | 0.9 | |
| Closed Block | 509.2 | | | 474.0 | | | 7.4 | | | 2,317.2 | | | 1,896.0 | | | 22.2 | |
| Corporate | 67.3 | | | 58.2 | | | 15.6 | | | 249.5 | | | 221.6 | | | 12.6 | |
| 2,716.4 | | | 2,631.3 | | | 3.2 | | | 10,745.8 | | | 10,234.1 | | | 5.0 | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| Income (Loss) Before Income Tax and Net Investment Gain (Loss) | | | | | | | | | | | |
| Unum US | 342.1 | | | 231.6 | | | 47.7 | | | 1,484.3 | | | 1,143.4 | | | 29.8 | |
| Unum International | 39.4 | | | 55.1 | | | (28.5) | | | 140.2 | | | 141.6 | | | (1.0) | |
| Colonial Life | 87.8 | | | 95.5 | | | (8.1) | | | 480.8 | | | 468.1 | | | 2.7 | |
| Closed Block | 1.9 | | | 22.2 | | | (91.4) | | | (282.8) | | | 176.9 | | | N.M. |
| Corporate | (36.5) | | | (37.5) | | | (2.7) | | | (146.4) | | | (164.3) | | | (10.9) | |
| 434.7 | | | 366.9 | | | 18.5 | | | 1,676.1 | | | 1,765.7 | | | (5.1) | |
| | | | | | | | | | | |
| Income Tax Expense | 99.5 | | | 82.6 | | | 20.5 | | | 364.1 | | | 346.3 | | | 5.1 | |
| | | | | | | | | | | |
| Income before Net Investment Gain (Loss) | 335.2 | | | 284.3 | | | 17.9 | | | 1,312.0 | | | 1,419.4 | | | (7.6) | |
| | | | | | | | | | | |
Net Investment Gain (Loss) (net of tax expense (benefit) of $(1.4); $1.7; $(7.8); $(3.5)) | (4.6) | | | 4.9 | | | (193.9) | | | (28.2) | | | (12.2) | | | 131.1 | |
| | | | | | | | | | | |
| Net Income | $ | 330.6 | | | $ | 289.2 | | | 14.3 | | | $ | 1,283.8 | | | $ | 1,407.2 | | | (8.8) | |
Unum Group Quarterly Historical Financial Results by Segment
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/23 | | 9/30/23 | | 6/30/23 | | 3/31/23 | | 12/31/22 | | 9/30/22 | | 6/30/22 | | 3/31/22 | | |
| | | | | | | | | As Adjusted | | |
| Premium Income | | | | | | | | | | | | | | | | | |
| Unum US | $ | 1,670.5 | | | $ | 1,657.7 | | | $ | 1,641.4 | | | $ | 1,609.6 | | | $ | 1,580.6 | | | $ | 1,556.8 | | | $ | 1,571.0 | | | $ | 1,543.0 | | | |
| Unum International | 218.1 | | | 210.6 | | | 207.9 | | | 188.6 | | | 178.3 | | | 173.3 | | | 179.4 | | | 187.8 | | | |
| Colonial Life | 434.8 | | | 431.2 | | | 430.6 | | | 429.5 | | | 420.4 | | | 423.3 | | | 427.6 | | | 430.7 | | | |
| Closed Block | 228.3 | | | 226.4 | | | 229.2 | | | 231.6 | | | 230.9 | | | 235.5 | | | 238.0 | | | 239.9 | | | |
| 2,551.7 | | | 2,525.9 | | | 2,509.1 | | | 2,459.3 | | | 2,410.2 | | | 2,388.9 | | | 2,416.0 | | | 2,401.4 | | | |
| Net Investment Income | | | | | | | | | | | | | | | | | |
| Unum US | 158.4 | | | 166.2 | | | 158.0 | | | 157.3 | | | 166.9 | | | 170.6 | | | 167.8 | | | 171.0 | | | |
| Unum International | 33.2 | | | 27.3 | | | 45.8 | | | 30.9 | | | 47.8 | | | 37.0 | | | 50.8 | | | 34.5 | | | |
| Colonial Life | 38.9 | | | 39.3 | | | 38.0 | | | 37.3 | | | 37.3 | | | 38.6 | | | 38.7 | | | 38.1 | | | |
| Closed Block | 270.3 | | | 274.9 | | | 263.9 | | | 257.2 | | | 252.9 | | | 251.4 | | | 291.5 | | | 274.8 | | | |
| Corporate | 30.0 | | | 18.3 | | | 25.4 | | | 26.1 | | | 19.5 | | | 14.0 | | | 10.2 | | | 8.8 | | | |
| 530.8 | | | 526.0 | | | 531.1 | | | 508.8 | | | 524.4 | | | 511.6 | | | 559.0 | | | 527.2 | | | |
| Other Income | | | | | | | | | | | | | | | | | |
| Unum US | 54.4 | | | 58.0 | | | 54.5 | | | 53.6 | | | 49.5 | | | 49.0 | | | 50.7 | | | 47.1 | | | |
| Unum International | 0.6 | | | 0.5 | | | 0.1 | | | 0.4 | | | 0.2 | | | 0.2 | | | 0.3 | | | 0.2 | | | |
| Colonial Life | 0.3 | | | 0.3 | | | 0.4 | | | 0.2 | | | 0.3 | | | 0.3 | | | 0.2 | | | 0.3 | | | |
| Closed Block | 12.5 | | | 12.8 | | | 13.8 | | | 13.5 | | | 12.4 | | | 13.1 | | | 16.5 | | | 16.0 | | | |
| Corporate | 0.8 | | | — | | | 2.3 | | | 0.2 | | | 1.2 | | | 0.4 | | | 1.0 | | | 2.2 | | | |
| 68.6 | | | 71.6 | | | 71.1 | | | 67.9 | | | 63.6 | | | 63.0 | | | 68.7 | | | 65.8 | | | |
| Total Adjusted Operating Revenue | | | | | | | | | | | | | | | | | |
| Unum US | 1,883.3 | | | 1,881.9 | | | 1,853.9 | | | 1,820.5 | | | 1,797.0 | | | 1,776.4 | | | 1,789.5 | | | 1,761.1 | | | |
| Unum International | 251.9 | | | 238.4 | | | 253.8 | | | 219.9 | | | 226.3 | | | 210.5 | | | 230.5 | | | 222.5 | | | |
| Colonial Life | 474.0 | | | 470.8 | | | 469.0 | | | 467.0 | | | 458.0 | | | 462.2 | | | 466.5 | | | 469.1 | | | |
| Closed Block | 511.1 | | | 514.1 | | | 506.9 | | | 502.3 | | | 496.2 | | | 500.0 | | | 546.0 | | | 530.7 | | | |
| Corporate | 30.8 | | | 18.3 | | | 27.7 | | | 26.3 | | | 20.7 | | | 14.4 | | | 11.2 | | | 11.0 | | | |
| $ | 3,151.1 | | | $ | 3,123.5 | | | $ | 3,111.3 | | | $ | 3,036.0 | | | $ | 2,998.2 | | | $ | 2,963.5 | | | $ | 3,043.7 | | | $ | 2,994.4 | | | |
Unum Group Quarterly Historical Financial Results by Segment - Continued | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12/31/23 | | 9/30/23 | | 6/30/23 | | 3/31/23 | | 12/31/22 | | 9/30/22 | | 6/30/22 | | 3/31/22 | | |
| | | | | | | | | As Adjusted | | |
| Benefits and Expenses | | | | | | | | | | | | | | | | | |
| Unum US | $ | 1,541.2 | | | $ | 1,395.3 | | | $ | 1,510.8 | | | $ | 1,508.0 | | | $ | 1,565.4 | | | $ | 1,324.8 | | | $ | 1,497.6 | | | $ | 1,592.8 | | | |
| Unum International | 212.5 | | | 219.5 | | | 210.3 | | | 181.5 | | | 171.2 | | | 178.0 | | | 202.4 | | | 196.6 | | | |
| Colonial Life | 386.2 | | | 287.2 | | | 353.5 | | | 373.1 | | | 362.5 | | | 289.1 | | | 369.9 | | | 366.2 | | | |
| Closed Block | 509.2 | | | 869.0 | | | 476.6 | | | 462.4 | | | 474.0 | | | 461.7 | | | 482.4 | | | 477.9 | | | |
| Corporate | 67.3 | | | 59.8 | | | 62.6 | | | 59.8 | | | 58.2 | | | 63.9 | | | 48.1 | | | 51.4 | | | |
| 2,716.4 | | | 2,830.8 | | | 2,613.8 | | | 2,584.8 | | | 2,631.3 | | | 2,317.5 | | | 2,600.4 | | | 2,684.9 | | | |
| | | | | | | | | | | | | | | | | |
| Income (Loss) Before Income Tax Expense and Net Investment Gain (Loss) | | | | | | | | | | | | | | | | | |
| Unum US | 342.1 | | | 486.6 | | | 343.1 | | | 312.5 | | | 231.6 | | | 451.6 | | | 291.9 | | | 168.3 | | | |
| Unum International | 39.4 | | | 18.9 | | | 43.5 | | | 38.4 | | | 55.1 | | | 32.5 | | | 28.1 | | | 25.9 | | | |
| Colonial Life | 87.8 | | | 183.6 | | | 115.5 | | | 93.9 | | | 95.5 | | | 173.1 | | | 96.6 | | | 102.9 | | | |
| Closed Block | 1.9 | | | (354.9) | | | 30.3 | | | 39.9 | | | 22.2 | | | 38.3 | | | 63.6 | | | 52.8 | | | |
| Corporate | (36.5) | | | (41.5) | | | (34.9) | | | (33.5) | | | (37.5) | | | (49.5) | | | (36.9) | | | (40.4) | | | |
| 434.7 | | | 292.7 | | | 497.5 | | | 451.2 | | | 366.9 | | | 646.0 | | | 443.3 | | | 309.5 | | | |
| | | | | | | | | | | | | | | | | |
| Income Tax Expense | 99.5 | | | 66.3 | | | 105.3 | | | 93.0 | | | 82.6 | | | 132.3 | | | 72.9 | | | 58.5 | | | |
| | | | | | | | | | | | | | | | | |
| Income Before Net Investment Gain (Loss) | 335.2 | | | 226.4 | | | 392.2 | | | 358.2 | | | 284.3 | | | 513.7 | | | 370.4 | | | 251.0 | | | |
| | | | | | | | | | | | | | | | | |
| Net Investment Gain (Loss) | (6.0) | | | (31.0) | | | 0.9 | | | 0.1 | | | 6.6 | | | (4.4) | | | (4.1) | | | (13.8) | | | |
| Tax Expense (Benefit) on Net Investment Gain (Loss) | (1.4) | | | (6.6) | | | 0.2 | | | — | | | 1.7 | | | (1.0) | | | (1.0) | | | (3.2) | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Net Income | $ | 330.6 | | | $ | 202.0 | | | $ | 392.9 | | | $ | 358.3 | | | $ | 289.2 | | | $ | 510.3 | | | $ | 367.3 | | | $ | 240.4 | | | |
| | | | | | | | | | | | | | | | | |
| Net Income Per Common Share - Assuming Dilution | $ | 1.69 | | | $ | 1.02 | | | $ | 1.98 | | | $ | 1.80 | | | $ | 1.44 | | | $ | 2.53 | | | $ | 1.81 | | | $ | 1.18 | | | |
Unum Group Financial Results for Unum US Segment
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Year Ended |
| 12/31/2023 | | 12/31/2022 | | 12/31/2023 | | 12/31/2022 | | 12/31/2021 |
| | | As Adjusted | | | | As Adjusted |
| Adjusted Operating Revenue | | | | | | | | | |
| Premium Income | $ | 1,670.5 | | | $ | 1,580.6 | | | $ | 6,579.2 | | | $ | 6,251.4 | | | $ | 6,072.0 | |
| Net Investment Income | 158.4 | | | 166.9 | | | 639.9 | | | 676.3 | | | 721.6 | |
| Other Income | 54.4 | | | 49.5 | | | 220.5 | | | 196.3 | | | 170.0 | |
| Total | 1,883.3 | | | 1,797.0 | | | 7,439.6 | | | 7,124.0 | | | 6,963.6 | |
| | | | | | | | | |
| Benefits and Expenses | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| Policy Benefits Including Remeasurement Loss or Gain | 995.9 | | | 1,029.8 | | | 3,808.5 | | | 3,970.9 | | | 4,430.3 | |
| Commissions | 170.7 | | | 155.8 | | | 664.4 | | | 614.4 | | | 583.4 | |
| Deferral of Acquisition Costs | (84.1) | | | (73.7) | | | (314.7) | | | (273.1) | | | (257.8) | |
| Amortization of Deferred Acquisition Costs | 68.4 | | | 62.4 | | | 267.6 | | | 240.9 | | | 285.9 | |
| Other Expenses | 390.3 | | | 391.1 | | | 1,529.5 | | | 1,427.5 | | | 1,291.2 | |
| Total | 1,541.2 | | | 1,565.4 | | | 5,955.3 | | | 5,980.6 | | | 6,333.0 | |
| | | | | | | | | |
| Income before Income Tax and Net Investment Gains and Losses | 342.1 | | | 231.6 | | | 1,484.3 | | | 1,143.4 | | | 630.6 | |
| Reserve Assumption Updates | — | | | — | | | (128.8) | | | (170.8) | | | (231.7) | |
| | | | | | | | | |
| Adjusted Operating Income | $ | 342.1 | | | $ | 231.6 | | | $ | 1,355.5 | | | $ | 972.6 | | | $ | 398.9 | |
| | | | | | | | | |
| Operating Ratios (% of Premium Income): | | | | | | | | | |
Benefit Ratio1 | 59.6 | % | | 65.2 | % | | 59.8 | % | | 66.3 | % | | 76.8 | % |
| | | | | | | | | |
Other Expense Ratio2 | 22.6 | % | | 24.0 | % | | 22.5 | % | | 22.2 | % | | 20.7 | % |
| Income Ratio | | | | | 22.6 | % | | 18.3 | % | | 10.4 | % |
| Adjusted Operating Income Ratio | 20.5 | % | | 14.7 | % | | 20.6 | % | | 15.6 | % | | 6.6 | % |
| | | | | | | | | |
1Excludes the reserve assumption updates that occurred during the third quarters of 2023, 2022, and 2021. |
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 |
| 12/31/2023 | | 12/31/2022 | | 12/31/2023 | | 12/31/2022 | | 12/31/2021 |
| | | As Adjusted | | | | As Adjusted |
| Adjusted Operating Revenue | | | | | | | | | |
| Premium Income | | | | | | | | | |
| Group Long-term Disability | $ | 517.9 | | | $ | 492.5 | | | $ | 2,057.2 | | | $ | 1,911.7 | | | $ | 1,827.8 | |
| Group Short-term Disability | 259.3 | | | 240.4 | | | 1,012.3 | | | 926.3 | | | 864.0 | |
| Total Premium Income | 777.2 | | | 732.9 | | | 3,069.5 | | | 2,838.0 | | | 2,691.8 | |
| Net Investment Income | 78.4 | | | 86.5 | | | 324.8 | | | 349.1 | | | 379.6 | |
| Other Income | 53.5 | | | 48.3 | | | 211.6 | | | 191.8 | | | 165.7 | |
| Total | 909.1 | | | 867.7 | | | 3,605.9 | | | 3,378.9 | | | 3,237.1 | |
| | | | | | | | | |
| Benefits and Expenses | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| Policy Benefits Including Remeasurement Loss or Gain | 462.8 | | | 479.6 | | | 1,693.2 | | | 1,782.4 | | | 1,911.5 | |
| Commissions | 57.9 | | | 53.3 | | | 230.5 | | | 211.3 | | | 199.8 | |
| Deferral of Acquisition Costs | (15.5) | | | (15.0) | | | (60.2) | | | (53.1) | | | (49.8) | |
| Amortization of Deferred Acquisition Costs | 15.5 | | | 15.0 | | | 57.6 | | | 53.0 | | | 84.2 | |
| Other Expenses | 236.3 | | | 231.8 | | | 936.1 | | | 862.3 | | | 773.9 | |
| Total | 757.0 | | | 764.7 | | | 2,857.2 | | | 2,855.9 | | | 2,919.6 | |
| | | | | | | | | |
| Income Before Income Tax and Net Investment Gains and Losses | 152.1 | | | 103.0 | | | 748.7 | | | 523.0 | | | 317.5 | |
Reserve Assumption Updates | — | | | — | | | (121.0) | | | (121.0) | | | (215.0) | |
| Adjusted Operating Income | $ | 152.1 | | | $ | 103.0 | | | $ | 627.7 | | | $ | 402.0 | | | $ | 102.5 | |
| | | | | | | | | |
| Operating Ratios (% of Premium Income): | | | | | | | | | |
Benefit Ratio1 | 59.5 | % | | 65.4 | % | | 59.1 | % | | 67.1 | % | | 79.0 | % |
Other Expense Ratio2 | 28.4 | % | | 29.7 | % | | 28.5 | % | | 28.5 | % | | 27.1 | % |
| Income Ratio | | | | | 24.4 | % | | 18.4 | % | | 11.8 | % |
| Adjusted Operating Income Ratio | 19.6 | % | | 14.1 | % | | 20.4 | % | | 14.2 | % | | 3.8 | % |
| | | | | | | | | |
| Persistency: | | | | | | | | | |
| Group Long-term Disability | | | | | 90.8 | % | | 90.7 | % | | 89.6 | % |
| Group Short-term Disability | | | | | 88.9 | % | | 88.9 | % | | 87.4 | % |
| | | | | | | | | |
1Excludes the reserve assumption updates that occurred during the third quarters of 2023, 2022, and 2021. |
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 |
| 12/31/2023 | | 12/31/2022 | | 12/31/2023 | | 12/31/2022 | | 12/31/2021 |
| | | As Adjusted | | | | As Adjusted |
| Adjusted Operating Revenue | | | | | | | | | |
| Premium Income | | | | | | | | | |
| Group Life | $ | 424.7 | | | $ | 419.2 | | | $ | 1,679.0 | | | $ | 1,669.1 | | | $ | 1,641.9 | |
| Accidental Death & Dismemberment | 44.3 | | | 44.0 | | | 175.5 | | | 173.7 | | | 165.1 | |
| Total Premium Income | 469.0 | | | 463.2 | | | 1,854.5 | | | 1,842.8 | | | 1,807.0 | |
| Net Investment Income | 21.9 | | | 25.2 | | | 90.1 | | | 100.3 | | | 104.0 | |
| Other Income | 0.3 | | | 0.4 | | | 1.0 | | | 1.6 | | | 1.7 | |
| Total | 491.2 | | | 488.8 | | | 1,945.6 | | | 1,944.7 | | | 1,912.7 | |
| | | | | | | | | |
| Benefits and Expenses | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| Policy Benefits Including Remeasurement Loss or Gain | 325.9 | | | 362.3 | | | 1,347.7 | | | 1,415.9 | | | 1,734.8 | |
| Commissions | 39.1 | | | 36.7 | | | 155.9 | | | 150.4 | | | 144.7 | |
| Deferral of Acquisition Costs | (9.7) | | | (10.4) | | | (38.6) | | | (37.3) | | | (36.1) | |
| Amortization of Deferred Acquisition Costs | 9.5 | | | 11.4 | | | 39.0 | | | 41.9 | | | 58.6 | |
| Other Expenses | 58.4 | | | 62.4 | | | 229.9 | | | 231.1 | | | 213.8 | |
| Total | 423.2 | | | 462.4 | | | 1,733.9 | | | 1,802.0 | | | 2,115.8 | |
| | | | | | | | | |
| Income (Loss) Before Income Tax and Net Investment Gains and Losses | 68.0 | | | 26.4 | | | 211.7 | | | 142.7 | | | (203.1) | |
| Reserve Assumption Update | — | | | — | | | — | | | (34.0) | | | — | |
| Adjusted Operating Income (Loss) | $ | 68.0 | | | $ | 26.4 | | | $ | 211.7 | | | $ | 108.7 | | | $ | (203.1) | |
| | | | | | | | | |
| Operating Ratios (% of Premium Income): | | | | | | | | | |
Benefit Ratio1 | 69.5 | % | | 78.2 | % | | 72.7 | % | | 78.7 | % | | 96.0 | % |
| | | | | | | | | |
| Other Expense Ratio | 12.5 | % | | 13.5 | % | | 12.4 | % | | 12.5 | % | | 11.8 | % |
| Income Ratio | | | | | | | 7.7 | % | | |
| Adjusted Operating Income (Loss) Ratio | 14.5 | % | | 5.7 | % | | 11.4 | % | | 5.9 | % | | (11.2) | % |
| | | | | | | | | |
| Persistency: | | | | | | | | | |
| Group Life | | | | | 89.6 | % | | 88.9 | % | | 89.7 | % |
| Accidental Death & Dismemberment | | | | | 88.7 | % | | 87.9 | % | | 89.1 | % |
| | | | | | | | | |
1Excludes the reserve assumption update that occurred during the third quarter of 2022. |
Unum Group Financial Results for Unum US Supplemental and Voluntary
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Year Ended |
| 12/31/2023 | | 12/31/2022 | | 12/31/2023 | | 12/31/2022 | | 12/31/2021 |
| | | As Adjusted | | | | As Adjusted |
| Adjusted Operating Revenue | | | | | | | | | |
| Premium Income | | | | | | | | | |
| Voluntary Benefits | $ | 212.7 | | | $ | 204.5 | | | $ | 850.1 | | | $ | 833.7 | | | $ | 840.7 | |
| Individual Disability | 140.3 | | | 110.8 | | | 527.0 | | | 461.1 | | | 459.8 | |
| Dental and Vision | 71.3 | | | 69.2 | | | 278.1 | | | 275.8 | | | 272.7 | |
| Total Premium Income | 424.3 | | | 384.5 | | | 1,655.2 | | | 1,570.6 | | | 1,573.2 | |
| Net Investment Income | 58.1 | | | 55.2 | | | 225.0 | | | 226.9 | | | 238.0 | |
| Other Income | 0.6 | | | 0.8 | | | 7.9 | | | 2.9 | | | 2.6 | |
| Total | 483.0 | | | 440.5 | | | 1,888.1 | | | 1,800.4 | | | 1,813.8 | |
| | | | | | | | | |
| Benefits and Expenses | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| Policy Benefits Including Remeasurement Loss or Gain | 207.2 | | | 187.9 | | | 767.6 | | | 772.6 | | | 784.0 | |
| Commissions | 73.7 | | | 65.8 | | | 278.0 | | | 252.7 | | | 238.9 | |
| Deferral of Acquisition Costs | (58.9) | | | (48.3) | | | (215.9) | | | (182.7) | | | (171.9) | |
| Amortization of Deferred Acquisition Costs | 43.4 | | | 36.0 | | | 171.0 | | | 146.0 | | | 143.1 | |
| Other Expenses | 95.6 | | | 96.9 | | | 363.5 | | | 334.1 | | | 303.5 | |
| Total | 361.0 | | | 338.3 | | | 1,364.2 | | | 1,322.7 | | | 1,297.6 | |
| | | | | | | | | |
| Income Before Income Tax and Net Investment Gains and Losses | 122.0 | | | 102.2 | | | 523.9 | | | 477.7 | | | 516.2 | |
| Reserve Assumption Updates - Voluntary Benefits | — | | | — | | | (10.4) | | | (17.0) | | | (12.2) | |
| Reserve Assumption Updates - Individual Disability | — | | | — | | | 2.6 | | | 1.2 | | | (4.5) | |
| Adjusted Operating Income | $ | 122.0 | | | $ | 102.2 | | | $ | 516.1 | | | $ | 461.9 | | | $ | 499.5 | |
| | | | | | | | | |
| Operating Ratios (% of Premium Income): | | | | | | | | | |
| Benefit Ratios: | | | | | | | | | |
Voluntary Benefits1 | 45.1 | % | | 43.4 | % | | 39.8 | % | | 43.6 | % | | 46.5 | % |
Individual Disability1 | 44.4 | % | | 48.4 | % | | 44.3 | % | | 49.3 | % | | 46.0 | % |
| | | | | | | | | |
| Dental and Vision | 68.7 | % | | 65.9 | % | | 73.1 | % | | 71.6 | % | | 72.6 | % |
| Other Expense Ratio | 22.5 | % | | 25.2 | % | | 22.0 | % | | 21.3 | % | | 19.3 | % |
| Income Ratio | | | | | 31.7 | % | | 30.4 | % | | 32.8 | % |
| Adjusted Operating Income Ratio | 28.8 | % | | 26.6 | % | | 31.2 | % | | 29.4 | % | | 31.8 | % |
| | | | | | | | | |
| Persistency: | | | | | | | | | |
| Voluntary Benefits | | | | | 75.5 | % | | 75.8 | % | | 75.8 | % |
| Individual Disability | | | | | 89.0 | % | | 89.5 | % | | 89.7 | % |
| Dental and Vision | | | | | 77.1 | % | | 79.9 | % | | 86.0 | % |
| | | | | | | | | |
1Excludes the reserve assumption updates that occurred during the third quarters of 2023, 2022, and 2021. |
Unum Group Financial Results for Unum International Segment
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Year Ended |
| 12/31/2023 | | 12/31/2022 | | 12/31/2023 | | 12/31/2022 | | 12/31/2021 |
| | | As Adjusted | | | | As Adjusted |
| Adjusted Operating Revenue | | | | | | | | | |
| Premium Income | | | | | | | | | |
| Unum UK | | | | | | | | | |
| Group Long-term Disability | $ | 98.6 | | | $ | 89.4 | | | $ | 396.1 | | | $ | 376.9 | | | $ | 401.9 | |
| Group Life | 44.8 | | | 37.7 | | | 169.3 | | | 138.2 | | | 112.3 | |
| Supplemental | 41.6 | | | 28.2 | | | 141.5 | | | 114.0 | | | 112.6 | |
| Unum Poland | 33.1 | | | 23.0 | | | 118.3 | | | 89.7 | | | 90.2 | |
| Total Premium Income | 218.1 | | | 178.3 | | | 825.2 | | | 718.8 | | | 717.0 | |
| Net Investment Income | 33.2 | | | 47.8 | | | 137.2 | | | 170.1 | | | 132.7 | |
| Other Income | 0.6 | | | 0.2 | | | 1.6 | | | 0.9 | | | 0.6 | |
| Total | 251.9 | | | 226.3 | | | 964.0 | | | 889.8 | | | 850.3 | |
| | | | | | | | | |
| Benefits and Expenses | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| Policy Benefits Including Remeasurement Loss or Gain | 146.5 | | | 121.6 | | | 579.8 | | | 549.6 | | | 553.0 | |
| Commissions | 18.7 | | | 11.4 | | | 72.5 | | | 56.3 | | | 54.1 | |
| Deferral of Acquisition Costs | (3.8) | | | (2.7) | | | (14.6) | | | (12.0) | | | (12.8) | |
| Amortization of Deferred Acquisition Costs | 2.3 | | | 2.1 | | | 8.4 | | | 8.2 | | | 7.0 | |
| Other Expenses | 48.8 | | | 38.8 | | | 177.7 | | | 146.1 | | | 139.1 | |
| Total | 212.5 | | | 171.2 | | | 823.8 | | | 748.2 | | | 740.4 | |
| | | | | | | | | |
| Income Before Income Tax and Net Investment Gains and Losses | 39.4 | | | 55.1 | | | 140.2 | | | 141.6 | | | 109.9 | |
Reserve Assumption Updates | — | | | — | | | 17.9 | | | (7.6) | | | (4.2) | |
| Adjusted Operating Income | $ | 39.4 | | | $ | 55.1 | | | $ | 158.1 | | | $ | 134.0 | | | $ | 105.7 | |
Unum Group Financial Results for Unum UK
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Year Ended |
| (in millions of pounds, except exchange rate) | 12/31/2023 | | 12/31/2022 | | 12/31/2023 | | 12/31/2022 | | 12/31/2021 |
| | | As Adjusted | | | | As Adjusted |
| Adjusted Operating Revenue | | | | | | | | | |
| Premium Income | | | | | | | | | |
| Group Long-term Disability | £ | 79.6 | | | £ | 76.2 | | | £ | 318.5 | | | £ | 304.6 | | | £ | 292.0 | |
| Group Life | 36.1 | | | 32.0 | | | 136.1 | | | 112.3 | | | 81.7 | |
| Supplemental | 33.4 | | | 23.9 | | | 113.7 | | | 92.3 | | | 81.8 | |
| Total Premium Income | 149.1 | | | 132.1 | | | 568.3 | | | 509.2 | | | 455.5 | |
| Net Investment Income | 24.7 | | | 38.6 | | | 102.4 | | | 131.9 | | | 91.0 | |
| Other Income | 0.1 | | | — | | | 0.2 | | | 0.1 | | | 0.1 | |
| Total | 173.9 | | | 170.7 | | | 670.9 | | | 641.2 | | | 546.6 | |
| | | | | | | | | |
| Benefits and Expenses | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| Policy Benefits Including Remeasurement Loss or Gain | 101.2 | | | 92.4 | | | 408.5 | | | 398.4 | | | 364.5 | |
| Commissions | 9.1 | | | 5.8 | | | 37.4 | | | 31.8 | | | 28.7 | |
| Deferral of Acquisition Costs | (0.9) | | | (0.9) | | | (3.9) | | | (4.2) | | | (4.3) | |
| Amortization of Deferred Acquisition Costs | 1.4 | | | 1.4 | | | 5.2 | | | 5.3 | | | 4.5 | |
| Other Expenses | 32.2 | | | 26.4 | | | 115.4 | | | 95.6 | | | 81.8 | |
| Total | 143.0 | | | 125.1 | | | 562.6 | | | 526.9 | | | 475.2 | |
| | | | | | | | | |
| Income Before Income Tax and Net Investment Gains and Losses | 30.9 | | | 45.6 | | | 108.3 | | | 114.3 | | | 71.4 | |
| Reserve Assumption Updates | — | | | — | | | 16.3 | | | (5.3) | | | — | |
| Adjusted Operating Income | £ | 30.9 | | | £ | 45.6 | | | £ | 124.6 | | | £ | 109.0 | | | £ | 71.4 | |
| | | | | | | | | |
| Weighted Average Pound/Dollar Exchange Rate | 1.243 | | | 1.197 | | | 1.243 | | | 1.221 | | | 1.378 | |
| | | | | | | | | |
| Operating Ratios (% of Premium Income): | | | | | | | | | |
Benefit Ratio1 | 67.9 | % | | 69.9 | % | | 69.0 | % | | 79.3 | % | | 80.0 | % |
| Other Expense Ratio | 21.6 | % | | 20.0 | % | | 20.3 | % | | 18.8 | % | | 18.0 | % |
| Income Ratio | | | | | 19.1 | % | | 22.4 | % | | |
| Adjusted Operating Income Ratio | 20.7 | % | | 34.5 | % | | 21.9 | % | | 21.4 | % | | 15.7 | % |
| | | | | | | | | |
| Persistency: | | | | | | | | | |
| Group Long-term Disability | | | | | 92.5 | % | | 85.1 | % | | 89.3 | % |
| Group Life | | | | | 83.0 | % | | 87.9 | % | | 86.5 | % |
| Supplemental | | | | | 91.7 | % | | 92.8 | % | | 90.9 | % |
| | | | | | | | | |
1Excludes the reserve assumption updates that occurred during the third quarters of 2023 and 2022. |
Unum Group Financial Results for Colonial Life Segment
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Year Ended |
| 12/31/2023 | | 12/31/2022 | | 12/31/2023 | | 12/31/2022 | | 12/31/2021 |
| | | As Adjusted | | | | As Adjusted |
| Adjusted Operating Revenue | | | | | | | | | |
| Premium Income | | | | | | | | | |
| Accident, Sickness, and Disability | $ | 238.1 | | | $ | 234.9 | | | $ | 946.1 | | | $ | 948.9 | | | $ | 953.3 | |
| Life | 108.4 | | | 97.9 | | | 426.5 | | | 401.1 | | | 384.7 | |
| Cancer and Critical Illness | 88.3 | | | 87.6 | | | 353.5 | | | 352.0 | | | 352.2 | |
| Total Premium Income | 434.8 | | | 420.4 | | | 1,726.1 | | | 1,702.0 | | | 1,690.2 | |
| Net Investment Income | 38.9 | | | 37.3 | | | 153.5 | | | 152.7 | | | 172.0 | |
| Other Income | 0.3 | | | 0.3 | | | 1.2 | | | 1.1 | | | 1.0 | |
| Total | 474.0 | | | 458.0 | | | 1,880.8 | | | 1,855.8 | | | 1,863.2 | |
| | | | | | | | | |
| Benefits and Expenses | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| Policy Benefits Including Remeasurement Loss or Gain | 231.2 | | | 216.0 | | | 798.1 | | | 826.1 | | | 911.7 | |
| Commissions | 92.7 | | | 82.0 | | | 359.4 | | | 340.0 | | | 320.1 | |
| Deferral of Acquisition Costs | (76.8) | | | (61.4) | | | (302.9) | | | (271.8) | | | (252.6) | |
| Amortization of Deferred Acquisition Costs | 52.0 | | | 43.6 | | | 205.4 | | | 172.0 | | | 159.2 | |
| Other Expenses | 87.1 | | | 82.3 | | | 340.0 | | | 321.4 | | | 297.0 | |
| Total | 386.2 | | | 362.5 | | | 1,400.0 | | | 1,387.7 | | | 1,435.4 | |
| | | | | | | | | |
| Income Before Income Tax and Net Investment Gains and Losses | 87.8 | | | 95.5 | | | 480.8 | | | 468.1 | | | 427.8 | |
Reserve Assumption Updates | — | | | — | | | (80.7) | | | (55.2) | | | (23.5) | |
| Adjusted Operating Income | $ | 87.8 | | | $ | 95.5 | | | $ | 400.1 | | | $ | 412.9 | | | $ | 404.3 | |
| | | | | | | | | |
| Operating Ratios (% of Premium Income): | | | | | | | | | |
Benefit Ratio1 | 53.2 | % | | 51.4 | % | | 50.9 | % | | 51.8 | % | | 55.3 | % |
| | | | | | | | | |
| Other Expense Ratio | 20.0 | % | | 19.6 | % | | 19.7 | % | | 18.9 | % | | 17.6 | % |
| Income Ratio | | | | | 27.9 | % | | 27.5 | % | | 25.3 | % |
| Adjusted Operating Income Ratio | 20.2 | % | | 22.7 | % | | 23.2 | % | | 24.3 | % | | 23.9 | % |
| | | | | | | | | |
| Persistency: | | | | | | | | | |
| Accident, Sickness, and Disability | | | | | 73.6 | % | | 73.3 | % | | 75.4 | % |
| Life | | | | | 85.1 | % | | 84.5 | % | | 85.5 | % |
| Cancer and Critical Illness | | | | | 82.4 | % | | 82.3 | % | | 82.4 | % |
| | | | | | | | | |
1Excludes the reserve assumption updates that occurred during the third quarters of 2023, 2022, and 2021. |
Unum Group Financial Results for Closed Block Segment
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Year Ended |
| 12/31/2023 | | 12/31/2022 | | 12/31/2023 | | 12/31/2022 | | 12/31/2021 |
| | | As Adjusted | | | | As Adjusted |
| Adjusted Operating Revenue | | | | | | | | | |
| Premium Income | | | | | | | | | |
| Long-term Care | $ | 174.8 | | | $ | 174.4 | | | $ | 696.0 | | | $ | 697.4 | | | $ | 704.3 | |
| | | | | | | | | |
| | | | | | | | | |
| All Other | 53.5 | | | 56.5 | | | 219.5 | | | 246.9 | | | 291.5 | |
| Total Premium Income | 228.3 | | | 230.9 | | | 915.5 | | | 944.3 | | | 995.8 | |
| Net Investment Income | 270.3 | | | 252.9 | | | 1,066.3 | | | 1,070.6 | | | 1,159.0 | |
| Other Income | 12.5 | | | 12.4 | | | 52.6 | | | 58.0 | | | 65.1 | |
| Total | 511.1 | | | 496.2 | | | 2,034.4 | | | 2,072.9 | | | 2,219.9 | |
| | | | | | | | | |
| Benefits and Expenses | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| Policy Benefits Including Remeasurement Loss or Gain | 446.6 | | | 411.4 | | | 2,070.7 | | | 1,648.0 | | | 1,658.4 | |
| Commissions | 18.3 | | | 18.1 | | | 73.8 | | | 75.7 | | | 80.5 | |
| | | | | | | | | |
| Other Expenses | 44.3 | | | 44.5 | | | 172.7 | | | 172.3 | | | 194.2 | |
| Total | 509.2 | | | 474.0 | | | 2,317.2 | | | 1,896.0 | | | 1,933.1 | |
| | | | | | | | | |
| Income (Loss) Before Income Tax and Net Investment Gains and Losses | 1.9 | | | 22.2 | | | (282.8) | | | 176.9 | | | 286.8 | |
| Amortization of the Cost of Reinsurance | 11.0 | | | 11.8 | | | 44.1 | | | 50.3 | | | 69.8 | |
| Non-Contemporaneous Reinsurance | 8.4 | | | 10.3 | | | 34.8 | | | 34.4 | | | 32.9 | |
| Transaction Costs Related to Closed Block Individual Disability Reinsurance Transaction | — | | | — | | | — | | | — | | | 6.2 | |
| Reserve Assumption Updates - Long-term Care | — | | | — | | | 368.1 | | | (2.9) | | | 24.4 | |
| Reserve Assumption Updates - All Other | — | | | — | | | 0.7 | | | (6.8) | | | — | |
| Adjusted Operating Income | $ | 21.3 | | | $ | 44.3 | | | $ | 164.9 | | | $ | 251.9 | | | $ | 420.1 | |
| | | | | | | | | |
| Interest Adjusted Loss Ratio: | | | | | | | | | |
Long-term Care1 | 107.4 | % | | 85.4 | % | | 97.9 | % | | 84.0 | % | | 78.4 | % |
| | | | | | | | | |
| | | | | | | | | |
| Operating Ratios (% of Premium Income): | | | | | | | | | |
Other Expense Ratio2 | 14.6 | % | | 14.2 | % | | 14.0 | % | | 12.9 | % | | 11.9 | % |
| | | | | | | | | |
| Income (Loss) Ratio | 0.8 | % | | 9.6 | % | | (30.9) | % | | 18.7 | % | | 28.8 | % |
| Adjusted Operating Income Ratio | 9.3 | % | | 19.2 | % | | 18.0 | % | | 26.7 | % | | 42.2 | % |
| | | | | | | | | |
| Persistency: | | | | | | | | | |
| Long-term Care | | | | | 95.6 | % | | 95.7 | % | | 95.6 | % |
| | | | | | | | | |
| | | | | | | | | |
1Excludes the long-term care reserve assumption updates that occurred during the third quarters of 2023, 2022, and 2021. |
2Excludes amortization of the cost of reinsurance. Also excluded are transaction costs related to the second phase of the Closed Block individual disability reinsurance transaction that occurred during the first quarter of 2021. |
Unum Group Financial Results for Corporate Segment
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Year Ended |
| 12/31/2023 | | 12/31/2022 | | 12/31/2023 | | 12/31/2022 | | 12/31/2021 |
| | | | | | | |
| Adjusted Operating Revenue | | | | | | | | | |
| Net Investment Income | $ | 30.0 | | | $ | 19.5 | | | $ | 99.8 | | | $ | 52.5 | | | $ | 27.9 | |
| Other Income | 0.8 | | | 1.2 | | | 3.3 | | | 4.8 | | | 6.2 | |
| Total | 30.8 | | | 20.7 | | | 103.1 | | | 57.3 | | | 34.1 | |
| | | | | | | | | |
| Interest, Debt, and Other Expenses | 67.3 | | | 58.2 | | | 249.5 | | | 221.6 | | | 305.3 | |
| | | | | | | | | |
| Loss Before Income Tax and Net Investment Gains and Losses | (36.5) | | | (37.5) | | | (146.4) | | | (164.3) | | | (271.2) | |
| Impairment Loss on Internal-Use Software | — | | | — | | | — | | | — | | | 12.1 | |
| Costs Related to Early Retirement of Debt | — | | | — | | | — | | | — | | | 67.3 | |
Impairment Loss on Right of Use Asset | — | | | — | | | — | | | — | | | 13.9 | |
| | | | | | | | | |
| | | | | | | | | |
| Adjusted Operating Loss | $ | (36.5) | | | $ | (37.5) | | | $ | (146.4) | | | $ | (164.3) | | | $ | (177.9) | |
Unum Group Investments
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 12/31/2023 | | | | 12/31/2023 | | 12/31/2022 |
| Fixed Maturity Securities (Fair Value) | | | | | | Selected Statistics | | | | |
| Public | | $ | 23,976.8 | | | 65.2 | % | | Earned Book Yield | | 4.45 | % | | 4.57 | % |
| Mortgage-Backed/Asset-Backed Securities | | 644.1 | | | 1.7 | | | Average Duration (in years) | | 8.41 | | 7.75 |
| Private Placements | | 5,526.5 | | | 15.0 | | | | | | | |
| High Yield | | 1,489.0 | | | 4.0 | | | | | | | |
| Government Securities | | 1,515.5 | | | 4.1 | | | | | | | |
| Municipal Securities | | 3,678.4 | | | 10.0 | | | | | | | |
| Redeemable Preferred Stocks | | 3.6 | | | — | | | | | | | |
| Total | | $ | 36,833.9 | | | 100.0 | % | | | | | | |
| | | | | | | | | | |
| | Amortized Cost | | Fair Value | | Private Equity Partnerships | | 12/31/2023 | | 12/31/2022 |
| Quality Ratings of Fixed Maturity Securities | | | | | | Private Credit Partnerships | | $ | 283.6 | | | $ | 275.0 | |
| Aaa | | 2.2 | % | | 2.1 | % | | Private Equity Partnerships | | 571.9 | | | 485.3 | |
| Aa | | 15.7 | | | 15.3 | | | Real Asset Partnerships | | 470.7 | | | 434.0 | |
| A | | 29.9 | | | 30.4 | | | Total | | $ | 1,326.2 | | | $ | 1,194.3 | |
| Baa | | 48.1 | | | 48.2 | | | | | | | |
| Below Baa | | 4.1 | | | 4.0 | | | | | | | |
| Total | | 100.0 | % | | 100.0 | % | | Non-Current Investments | | $ | — | | | $ | — | |
| | | | | | | | | | |
|
|
Unum Group Investments at December 31, 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 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 | | $ | 2,558.0 | | | $ | (105.5) | | | $ | 1,643.4 | | | $ | 165.5 | | | $ | 914.6 | | | $ | 60.0 | |
| Capital Goods | | 3,344.6 | | | (69.3) | | | 1,871.0 | | | 183.9 | | | 1,473.6 | | | 114.6 | |
| Communications | | 2,264.9 | | | (45.8) | | | 1,050.0 | | | 164.4 | | | 1,214.9 | | | 118.6 | |
| Consumer Cyclical | | 1,433.9 | | | (63.0) | | | 946.5 | | | 100.4 | | | 487.4 | | | 37.4 | |
| Consumer Non-Cyclical | | 6,404.3 | | | (286.7) | | | 3,765.2 | | | 492.5 | | | 2,639.1 | | | 205.8 | |
| Energy | | 2,611.5 | | | 32.2 | | | 1,099.3 | | | 92.4 | | | 1,512.2 | | | 124.6 | |
| Financial Institutions | | 3,858.7 | | | (301.5) | | | 2,984.3 | | | 351.2 | | | 874.4 | | | 49.7 | |
| Mortgage/Asset-Backed | | 644.1 | | | (13.9) | | | 377.0 | | | 24.0 | | | 267.1 | | | 10.1 | |
| Sovereigns | | 890.7 | | | (91.4) | | | 462.8 | | | 121.2 | | | 427.9 | | | 29.8 | |
| Technology | | 1,506.9 | | | (102.3) | | | 1,227.2 | | | 120.8 | | | 279.7 | | | 18.5 | |
| Transportation | | 1,691.5 | | | (94.0) | | | 1,115.7 | | | 136.6 | | | 575.8 | | | 42.6 | |
| U.S. Government Agencies and Municipalities | | 4,303.2 | | | (356.7) | | | 2,479.2 | | | 517.3 | | | 1,824.0 | | | 160.6 | |
| Public Utilities | | 5,321.6 | | | (76.6) | | | 2,094.3 | | | 293.7 | | | 3,227.3 | | | 217.1 | |
| | | | | | | | | | | | |
| Total | | $ | 36,833.9 | | | $ | (1,574.5) | | | $ | 21,115.9 | | | $ | 2,763.9 | | | $ | 15,718.0 | | | $ | 1,189.4 | |
| | | | | | | | | | | | |
| 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 | | $ | 582.0 | | | $ | (8.3) | | | | | $ | 73.8 | | | $ | (0.3) | | | |
| 91 through 180 days | | 101.8 | | | (3.5) | | | | | 2.2 | | | — | | | |
| 181 through 270 days | | 916.2 | | | (16.4) | | | | | 10.0 | | | (0.2) | | | |
| 271 days to 1 year | | 619.5 | | | (18.9) | | | | | 9.0 | | | (0.1) | | | |
| Greater than 1 year | | 17,903.5 | | | (2,613.2) | | | | | 897.9 | | | (103.0) | | | |
| Total | | $ | 20,123.0 | | | $ | (2,660.3) | | | | | $ | 992.9 | | | $ | (103.6) | | | |
| | | | | | | | | | | | |
Appendix to Statistical Supplement
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.
•We adjusted all prior period operating results, balance sheets, and related metrics throughout this document for the adoption of ASU 2018-12, "Targeted Improvements to the Accounting for Long-Duration Contracts." Additionally, adjusted operating results also reflect the exclusion of reserve assumption updates as discussed in our "Non-GAAP Financial Measures" on page 15.2 for all prior periods with assumption updates.
2022 Significant Items
•Third quarter of 2022 reserve assumption updates resulting in a net reserve reduction of $243.3 million before tax, or $192.1 million after tax.
2021 Significant Items
•Third quarter of 2021 reserve assumption updates resulting in a net reserve reduction of $235.0 million before tax, or $185.9 million after tax.
•Third quarter of 2021 impairment loss of $12.1 million before tax, or $9.6 million after tax, on previously capitalized internal-use software that we no longer plan to utilize.
•Second quarter of 2021 cost related to the early retirement of debt of $67.3 million before tax, or $53.2 million after tax.
•Second quarter of 2021 impairment loss of $13.9 million, or $11.0 million after tax, on a right-of-use (ROU) asset related to an operating lease for office space that we do not plan to continue using to support our general operations.
•Second quarter of 2021 U.K. tax rate increase from 19 percent to 25 percent, effective April 1, 2023, which resulted in $23.6 million of additional tax expense in operating earnings for the revaluation of our deferred tax assets and liabilities.
•In December 2020, we completed the first phase of a reinsurance transaction, pursuant to which Provident Life and Accident Insurance Company, The Paul Revere Life Insurance Company, and Unum Life Insurance Company of America, wholly-owned domestic insurance subsidiaries of Unum Group, and collectively referred to as "the ceding companies", each entered into separate reinsurance agreements with Commonwealth Annuity and Life Insurance Company (Commonwealth), to reinsure on a coinsurance basis effective as of July 1, 2020, approximately 75 percent of the Closed Block individual disability business, primarily direct business written by the ceding companies. On March 31, 2021, we completed the second phase of the reinsurance transaction, pursuant to which the ceding companies and Commonwealth amended and restated their respective reinsurance agreements to reinsure on a coinsurance and modified coinsurance basis effective as of January 1, 2021, a substantial portion of the remaining Closed Block individual disability business that was not ceded in December 2020, primarily business previously assumed by the ceding companies.
Appendix to Statistical Supplement - Continued
In December 2020, Provident Life and Casualty Insurance Company (PLC), also a wholly-owned domestic insurance subsidiary of Unum Group, entered into an agreement with Commonwealth whereby PLC will provide a 12-year volatility cover to Commonwealth for the active life cohort (ALR cohort). On March 31, 2021, PLC and Commonwealth amended and restated this agreement to incorporate the ALR cohort related to the additional business that was reinsured between the ceding companies and Commonwealth as part of the second phase of the transaction. As part of the amended and restated volatility cover, PLC received a payment from Commonwealth of approximately $18 million.
In connection with the second phase of the reinsurance transaction, Commonwealth paid a total ceding commission to the ceding companies of $18.2 million. The ceding companies transferred assets of $767.0 million, which consisted primarily of cash and fixed maturity securities. In addition, we recognized the following in 2021 related to the second phase:
•Net realized investment gains totaling $67.6 million, or $53.4 million after tax, related to the transfer of investments.
•Transaction costs totaling $6.2 million, or $5.0 million after tax.
•Reinsurance recoverable of $1,132.5 million related to the policies on claim status (DLR cohort).
•A reduction to the cost of reinsurance, or prepaid reinsurance premium, of $99.4 million related to the DLR cohort. We amortized $44.1 million or $34.8 million after tax, of the cost of reinsurance in 2023, $50.3 million or $39.7 million after tax in 2022, and $69.8 million or $55.1 million after tax in 2021.
•Deposit asset of $5.0 million related to the ALR cohort.
•Payable of $307.2 million related to the portfolio of invested assets associated with the business ceded on a modified coinsurance basis.
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 hedges;
•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 hedges; and
•Book value per common share, which is calculated excluding accumulated other comprehensive income (loss) (AOCI).
Investment gains or losses primarily include realized investment gains or losses, expected investment credit 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.
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 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. Due to the execution of the second phase of the reinsurance transaction occurring after January 1, 2021, the transition date of ASU 2018-12, in accordance with the provisions of the ASU related to non-contemporaneous reinsurance, we were required to establish the ceded reserves using an upper-medium grade fixed-income instrument as of the reinsurance transaction date in March 2021 which resulted in higher ceded reserves compared to that which was reported historically. However, the direct reserves for the block reinsured in the second phase were calculated using the original discount rate utilized as of the transition date. Both the direct and ceded reserves are then remeasured at each reporting period using a current discount rate reflective of an upper-medium grade fixed-income instrument, with the changes recognized in other comprehensive income (loss). While the total equity impact is neutral, the different original discount rates utilized for direct and ceded reserves result in disproportionate earnings impacts. The impact of non-contemporaneous reinsurance will fluctuate depending on the magnitude of reserve changes during the period. We believe that the exclusion of these items provides a better view of our results from our ongoing businesses.
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 15.4, other than book value per common share, which is presented on page 2.
Reconciliation of Non-GAAP Financial Measures
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended |
| | December 31 | | September 30 | | June 30 | | March 31 | | December 31 | | September 30 | | June 30 | | March 31 | | |
| | 2023 | | 2022 | | |
| Total Revenue | | $ | 3,145.1 | | | $ | 3,092.5 | | | $ | 3,112.2 | | | $ | 3,036.1 | | | $ | 3,004.8 | | | $ | 2,959.1 | | | $ | 3,039.6 | | | $ | 2,980.6 | | | |
| Excluding: | | | | | | | | | | | | | | | | | | |
| Net Investment Gain (Loss) | | (6.0) | | | (31.0) | | | 0.9 | | | 0.1 | | | 6.6 | | | (4.4) | | | (4.1) | | | (13.8) | | | |
| Adjusted Operating Revenue | | $ | 3,151.1 | | | $ | 3,123.5 | | | $ | 3,111.3 | | | $ | 3,036.0 | | | $ | 2,998.2 | | | $ | 2,963.5 | | | $ | 3,043.7 | | | $ | 2,994.4 | | | |
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, 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 | % |
| | | | | | |
| Year Ended December 31, 2022 | | | | | | |
| Unum US | | $ | 768.6 | | | $ | 4,675.8 | | | 16.4 | % |
| Unum International | | 161.8 | | | 781.6 | | | 20.7 | % |
| Colonial Life | | 325.9 | | | 1,642.5 | | | 19.9 | % |
| Core Operating Segments | | 1,256.3 | | | 7,099.9 | | | 17.7 | % |
| Closed Block | | 194.1 | | | 4,873.7 | | | |
| Corporate | | (156.2) | | | (979.8) | | | |
| Total | | $ | 1,294.2 | | | $ | 10,993.8 | | | 11.8 | % |
| | | | | | |
| Year Ended December 31, 2021 | | | | | | |
| Unum US | | $ | 315.6 | | | $ | 4,481.3 | | | 7.0 | % |
| Unum International | | 84.2 | | | 808.0 | | | 10.4 | % |
| Colonial Life | | 319.2 | | | 1,597.9 | | | 20.0 | % |
| Core Operating Segments | | 719.0 | | | 6,887.2 | | | 10.4 | % |
| Closed Block | | 268.6 | | | 4,265.6 | | | |
| Corporate | | (69.7) | | | (1,046.1) | | | |
| Total | | $ | 917.9 | | | $ | 10,106.7 | | | 9.1 | % |
1Excludes unrealized gain (loss) on securities, the effect of change in discount rate assumptions on the liability for future policy benefits, and net gain (loss) on hedges and is calculated using the stockholders' equity balances presented on page 15.5. Due to the implementation of ASU 2018-12 for which the beginning balances of 2021 for certain stockholders' equity line items were adjusted, we are computing the average allocated equity for 2021 using internally allocated equity that reflects the adjusted beginning balance at January 1, 2021. As a result, average equity for the year ended December 31, 2021 for certain of our segments will not compute using the historical allocated equity at December 31, 2020.
Reconciliation of Non-GAAP Financial Measures - Continued
| | | | | | | | | | | | | | | | | | | | |
| | After-Tax Adjusted Operating Income (Loss) | | Average Allocated Equity2 | | Annualized Adjusted Operating Return on Equity |
| | | |
| | | |
| Three Months Ended December 31, 2023 | | | | | | |
| Unum US | | $ | 270.3 | | | $ | 4,451.9 | | | 24.3 | % |
| Unum International | | 31.2 | | | 777.0 | | | 16.1 | % |
| Colonial Life | | 69.3 | | | 1,789.3 | | | 15.5 | % |
| Core Operating Segments | | 370.8 | | | 7,018.2 | | | 21.1 | % |
| Closed Block | | 14.1 | | | 5,354.7 | | | |
| Corporate | | (34.4) | | | (198.7) | | | |
| Total | | $ | 350.5 | | | $ | 12,174.2 | | | 11.5 | % |
| | | | | | |
| Three Months Ended December 31, 2022 | | | | | | |
| Unum US | | $ | 182.8 | | | $ | 4,783.4 | | | 15.3 | % |
| Unum International | | 48.1 | | | 730.1 | | | 26.4 | % |
| Colonial Life | | 75.3 | | | 1,678.5 | | | 17.9 | % |
| Core Operating Segments | | 306.2 | | | 7,192.0 | | | 17.0 | % |
| Closed Block | | 32.9 | | | 4,942.0 | | | |
| Corporate | | (37.4) | | | (807.5) | | | |
| Total | | $ | 301.7 | | | $ | 11,326.5 | | | 10.7 | % |
| | | | | | |
2Excludes unrealized gain (loss) on securities and net gain (loss) on hedges and is calculated using the stockholders' equity balances presented below.
Average allocated equity is computed as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | 12/31/2023 | | 9/30/2023 | | 12/31/2022 | | 9/30/2022 | | 12/31/2021 | | 1/1/2021 |
| Total Stockholders' Equity | | $ | 9,651.4 | | | $ | 9,618.1 | | | $ | 8,735.0 | | | $ | 8,402.8 | | | $ | 6,033.9 | | | $ | 4,166.0 | |
| Excluding: | | | | | | | | | | | | |
| Net Unrealized Gain (Loss) on Securities | | (1,919.1) | | | (3,948.4) | | | (3,028.4) | | | (3,486.3) | | | 4,014.4 | | | 5,315.8 | |
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits | | (648.4) | | | 1,688.5 | | | 313.9 | | | 681.7 | | | (8,570.7) | | | (10,932.5) | |
| Net Gain (Loss) on Hedges | | (73.7) | | | (177.7) | | | (9.6) | | | 13.5 | | | 61.8 | | | 97.8 | |
| Total Adjusted Stockholders' Equity | | $ | 12,292.6 | | | $ | 12,055.7 | | | $ | 11,459.1 | | | $ | 11,193.9 | | | $ | 10,528.4 | | | $ | 9,684.9 | |
| | | | | | | | | | | | |
| | Three Months Ended | | Twelve Months Ended | | Three Months Ended | | Twelve Months Ended | | Twelve Months Ended | | |
| | 12/31/2023 | | 12/31/2022 | | 12/31/2021 | | |
| Average Adjusted Stockholders' Equity | | $ | 12,174.2 | | | $ | 11,875.9 | | | $ | 11,326.5 | | | $ | 10,993.8 | | | $ | 10,106.7 | | | |
Reconciliation of Non-GAAP Financial Measures - Continued
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Three Months Ended |
| | | | | | December 31 | | | | December 31 |
| | | | | | 2023 | | 2022 |
| | | | | | (in millions) | | per share* | | | | | | (in millions) | | per share* |
| Net Income | | $ | 330.6 | | | $ | 1.69 | | | | | | | $ | 289.2 | | | $ | 1.44 | |
| Excluding: | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
Net Investment Gain (Loss), Other (net of tax expense (benefit) of $(1.4); $1.7) | | (4.6) | | | (0.02) | | | | | | | 4.9 | | | 0.02 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
Amortization of the Cost of Reinsurance (net of tax benefit of $2.3; $2.5) | | (8.7) | | | (0.04) | | | | | | | (9.3) | | | (0.04) | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
Non-Contemporaneous Reinsurance (net of tax benefit of $1.8; $2.2) | | (6.6) | | | (0.04) | | | | | | | (8.1) | | | (0.04) | |
| | | | | | | | | | | | |
| After-tax Adjusted Operating Income | | $ | 350.5 | | | $ | 1.79 | | | | | | | $ | 301.7 | | | $ | 1.50 | |
| | | | | | | | | | | | | | | | |
| *Assuming Dilution. | | | | | | | | | | | | | | | | |
Reconciliation of Non-GAAP Financial Measures - Continued
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Year Ended December 31 |
| | 2023 | | 2022 | | 2021 |
| | (in millions) | | per share * | | (in millions) | | per share * | | (in millions) | | per share * |
| Net Income | | $ | 1,283.8 | | | $ | 6.50 | | | $ | 1,407.2 | | | $ | 6.96 | | | $ | 981.0 | | | $ | 4.79 | |
| Excluding: | | | | | | | | | | | | |
| Net Investment Gains and Losses | | | | | | | | | | | | |
| Net Realized Investment Gain Related to Reinsurance Transaction (net of tax expense of $—; $—; $14.2) | | — | | | — | | | — | | | — | | | 53.4 | | | 0.26 | |
| Net Investment Gain (Loss), Other (net of tax expense (benefit) of $(7.8); $(3.5); $1.9) | | (28.2) | | | (0.14) | | | (12.2) | | | (0.07) | | | 7.2 | | | 0.03 | |
| Total Net Investment Gain (Loss) | | (28.2) | | | (0.14) | | | (12.2) | | | (0.07) | | | 60.6 | | | 0.29 | |
| Items Related to Closed Block Individual Disability Reinsurance Transaction | | | | | | | | | | | | |
| | | | | | | | | | | | |
| Amortization of the Cost of Reinsurance (net of tax benefit of $9.3; $10.6; $14.7) | | (34.8) | | | (0.18) | | | (39.7) | | | (0.20) | | | (55.1) | | | (0.27) | |
| Non-Contemporaneous Reinsurance (net of tax benefit of $7.3; $7.2; $7.0) | | (27.5) | | | (0.14) | | | (27.2) | | | (0.13) | | | (25.9) | | | (0.12) | |
| Transaction Costs (net of tax benefit of $—; $—; $1.2) | | — | | | — | | | — | | | — | | | (5.0) | | | (0.02) | |
| Total Items Related to Closed Block Individual Disability Reinsurance Transaction | | (62.3) | | | (0.32) | | | (66.9) | | | (0.33) | | | (86.0) | | | (0.41) | |
| Reserve Assumption Updates (net of tax expense (benefit) of $(37.9); $51.2; $49.1) | | (139.3) | | | (0.70) | | | 192.1 | | | 0.96 | | | 185.9 | | | 0.91 | |
| Impairment Loss on Internal-Use Software (net of tax benefit of $—; $—; $2.5) | | — | | | — | | | — | | | — | | | (9.6) | | | (0.05) | |
| Cost Related to Early Retirement of Debt (net of tax benefit of $—; $—; $14.1) | | — | | | — | | | — | | | — | | | (53.2) | | | (0.26) | |
| Impairment Loss on ROU Asset (net of tax benefit of $—; $—; $2.9) | | — | | | — | | | — | | | — | | | (11.0) | | | (0.05) | |
| Impact of U.K. Tax Rate Increase | | — | | | — | | | — | | | — | | | (23.6) | | | (0.12) | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| After-tax Adjusted Operating Income | | $ | 1,513.6 | | | $ | 7.66 | | | $ | 1,294.2 | | | $ | 6.40 | | | $ | 917.9 | | | $ | 4.48 | |
| | | | | | | | | | | | |
| *Assuming Dilution. | | | | | | | | | | | | |
Reconciliation of Non-GAAP Financial Measures - Continued
| | | | | | | | | | | | | | | | | | | | |
| | December 31 |
| | 2023 | | 2022 | | 2021 |
| | | | As Adjusted |
| Debt | | $ | 3,430.4 | | | $ | 3,429.8 | | | $ | 3,442.2 | |
| Including: | | | | | | |
| Lease Liability | | 62.6 | | | 67.9 | | | 82.6 | |
| | | | | | |
| | | | | | |
| Adjusted Debt and Lease Liability | | $ | 3,493.0 | | | $ | 3,497.7 | | | $ | 3,524.8 | |
| | | | | | |
| Total Stockholders' Equity | | $ | 9,651.4 | | | $ | 8,735.0 | | | $ | 6,033.9 | |
| Excluding: | | | | | | |
Net Unrealized Gain (Loss) on Securities | | (1,919.1) | | | (3,028.4) | | | 4,014.4 | |
| | | | | | |
| Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits | | (648.4) | | | 313.9 | | | (8,570.7) | |
Net Gain (Loss) on Hedges | | (73.7) | | | (9.6) | | | 61.8 | |
| Equity, As Adjusted | | 12,292.6 | | | 11,459.1 | | | 10,528.4 | |
| Debt, As Adjusted and Lease Liability | | 3,493.0 | | | 3,497.7 | | | 3,524.8 | |
| Total Adjusted Capital | | $ | 15,785.6 | | | $ | 14,956.8 | | | $ | 14,053.2 | |
| | | | | | |
| Leverage Ratio | | 22.1 | % | | 23.4 | % | | 25.1 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Three Months Ended |
| | | | | | December 31, 2023 | | December 31, 2022 |
| | | | | | Premium Income | | Premium Income in Local Currency1 | | Weighted Average Exchange Rate2 | | Premium Income in Constant Currency |
| | | | | | |
| | | | | | |
| Unum International | | | | | | | | | | | | |
| Unum UK | | | | | | $ | 185.0 | | | £ | 132.1 | | | 1.241 | | | $ | 163.9 | |
| Unum Poland | | | | | | 33.1 | | | zł | 106.1 | | | 0.244 | | | 25.9 | |
| Total | | | | | | 218.1 | | | | | | | 189.8 | |
| Unum US | | | | | | 1,670.5 | | | $ | 1,580.6 | | | | | 1,580.6 | |
| Colonial Life | | | | | | 434.8 | | | $ | 420.4 | | | | | 420.4 | |
| Core Operations | | | | | | $ | 2,323.4 | | | | | | | $ | 2,190.8 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Year Ended |
| | | | | | December 31, 2023 | | December 31, 2022 |
| | | | | | Premium Income | | Premium Income in Local Currency1 | | Weighted Average Exchange Rate2 | | Premium Income in Constant Currency |
| | | | | | |
| | | | | | |
| Unum International | | | | | | | | | | | | |
| Unum UK | | | | | | $ | 706.9 | | | £ | 509.2 | | | 1.244 | | | $ | 633.4 | |
| Unum Poland | | | | | | 118.3 | | | zł | 399.0 | | | 0.239 | | | 95.4 | |
| Total | | | | | | 825.2 | | | | | | | 728.8 | |
| Unum US | | | | | | 6,579.2 | | | $ | 6,251.4 | | | | | 6,251.4 | |
| Colonial Life | | | | | | 1,726.1 | | | $ | 1,702.0 | | | | | 1,702.0 | |
| Core Operations | | | | | | $ | 9,130.5 | | | | | | | $ | 8,682.2 | |
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.
| | | | | | | | | | |
| | Twelve Months Ended |
| | December 31, 2023 | | |
| Premium Income | | $ | 10,046.0 | | | |
Unum US Group Disability Other Income1 | | 211.6 | | | |
| | $ | 10,257.6 | | | |
| | | | |
| Expenses | | | | |
| | | | |
| | | | |
| Operating Expenses | | $ | 2,274.6 | | | |
| Excluding: | | | | |
| Amortization of the Cost of Reinsurance | | (44.1) | | | |
| | | | |
| | | | |
| | | | |
| Adjusted Operating Expenses | | $ | 2,230.5 | | | |
| | | | |
| Operating Expense Ratio | | 22.6 | % | | |
| Adjusted Operating Expense Ratio | | 21.7 | % | | |
| | | | |
1Unum US Group Disability Other Income is primarily related to fee-based services. | | | | |
2023 Results & 2024 Outlook January 31, 2024 1
SAFE HARBOR STATEMENT 2 Certain information in this presentation 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 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 and claim payments 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) the impact of pandemics and other public health issues, including COVID-19, on our business, financial position, results of operations, liquidity and capital resources, and overall business operations; (5) changes in, or interpretations or enforcement of, laws and regulations; (6) our ability to hire and retain qualified employees; (7) a cyber attack or other security breach resulting in the unauthorized acquisition of confidential data; (8) the failure of our business recovery and incident management processes to resume our business operations in the event of a natural catastrophe, cyber attack, or other event; (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) increased competition from other insurers and financial services companies due to industry consolidation, new entrants to our markets, or other factors; (11) changes in our financial strength and credit ratings; (12) our ability to develop digital capabilities or execute on our technology systems upgrades or replacements; (13) actual experience in the broad array of our products that deviates from our assumptions used in pricing, underwriting, and reserving; (14) ineffectiveness of our derivatives hedging programs due to changes in forecasted cash flows, the economic environment, counterparty risk, ratings downgrades, capital market volatility, changes in interest rates, and/or regulation; (15) availability of reinsurance in the market and the ability of our reinsurers to meet their obligations to us; (16) ability to generate sufficient internal liquidity and/or obtain external financing; (17) damage to our reputation due to, among other factors, regulatory investigations, legal proceedings, external events, and/or inadequate or failed internal controls and procedures; (18) disruptions to our business or our ability to leverage data caused by the use and reliance on third-party vendors, including vendors providing web and cloud-based applications; (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 environmental, social, and governance 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, 2022. The forward-looking statements in this presentation are being made as of the date of this presentation, 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.
2023 KEY MESSAGES • Record premiums and strong sales momentum • Advanced our strategic initiatives to build on digital capabilities • Fully recognized the premium deficiency reserve (PDR) • Share repurchase pace increased; dividend increased • Record financial strength with RBC of 415% and holding company liquidity of $1.7B 3
2024 KEY MESSAGES 4 • Core business earnings power strong, generating significant cashflow • Well-positioned with financial flexibility to win in the market • Leverage our enhanced capabilities to drive top-line growth • Inflection point for free-cash flow generation post PDR • Strengthened long-term care position and no contributions
Segment Earnings1 4Q-23 FY23 Group Disability $152.1 $627.7 Group Life and AD&D 68.0 211.7 Supplemental & Voluntary 122.0 516.1 Unum US 342.1 1,355.5 Unum International 39.4 158.1 Colonial Life 87.8 400.1 Core Operations 469.3 1,913.7 Closed Block 21.3 164.9 Corporate (36.5) (146.4) Unum Group $454.1 $1,932.2 $1.79 / $7.66 4Q-23 / FY-23 Adjusted Operating EPS 12.0% / 13.4% 4Q-23 / FY-23 Core Operations – Sales Growth3 6.1% / 5.2% 4Q-23 / FY-23 Core Operations – Premium Growth3 1. Before-tax adjusted operating earnings | 2. Statutory after-tax net gain from operations | 3. Constant currency basis 4Q & FY2023 RESULTS 5 $228.9M / $1351.5M 4Q-23 / FY-23 Statutory Earnings2
Financial Outlook & Capital Plan 6
7 KEY MESSAGES FINANCIAL OUTLOOK Favorable underlying business trends experienced in 2023 expected to continue in 2024; strong earnings growth and capital generation paired with zero LTC contributions drive inflection point in free cash flow CAPITAL PLAN • Core operations premium growth remains in long-term expected range supported by strong sales • Earnings continue to grow after two years of substantial growth • High single-digit EPS1 growth in 2024 building off of 23% growth in 20232 • Robust free cash flow generation following our accelerated PDR recognition • Increasing capital deployment to shareholders with $500M share repurchase pace and anticipated 10-15% increase in dividend • 2024 year-end capital metrics building and well above targets 1After-tax adjusted operating earnings per share | 2. Compared to historically reported 2022
2024 CORE SEGMENT OUTLOOK Sales Growth Premium Growth Unum US 5-10% 5-7% Unum International1 8-12% 10-15% Colonial Life 5-10% 2-4% Core Operations1 7-10% 5-7% 8 Outlook for consolidated return on equity of 12-14% supported by our strong core businesses earnings high teens and above ROEs 1. Constant currency basis
OUTLOOK AND LONG-TERM GROWTH EXPECTATIONS 2023 Actual 2024 Outlook Long-term Expectation Core Operations Sales1 13.4% 7-10% 8-12% Core Operations Premium1 5.2% 5-7% 4-7% Consolidated After-tax Adjusted Operating Earnings2 20.7% 3-5% 4-7% Adj. Operating Earnings Per Share2 23.3% 7-9% 8-10% 9 1. Constant currency basis| 2. 2024 outlook represents growth rate over 2023 results; 2023 represents growth over historically reported 2022
2024 EXPECTED FREE CASH FLOW GENERATION OF $1.2B TO $1.4B Capital Generation 1. Net gain from operations, after-tax. | 2. Non-discretionary, subject to debt management 2024 Outlook US Statutory Earnings1 $1.2-1.4B International Dividends $75-100M Service Agreements $75-100M Capital Generation $1.4-1.6B 10 Expected Usage 2024 Outlook Long-Term Interest Expense2 ~$200M Consistent Dividends $275-300M 10-15% Increases Share Repurchases $500M Dynamic
Our capital target metrics remain constant and support an “A” financial strength rating 1. Interest payments & common stock dividend | 2. Leverage excludes certain AOCI items CONTINUING TO OPERATE FROM A POSITION OF CAPITAL STRENGTH AND RESILIENCY Long Term Target 2023 Year-End Position 2024 Year-End Outlook Risk-Based Capital Ratio >350% 415% 415-430% Holding Company Liquidity >1x fixed costs1 ~$500M $1.7B $2.0B+ Leverage2 <30% 22.1% 20-23% 11
Effective Management of the Closed Block 12
COMMITTED TO OUR STRATEGY Consistent execution against strategy to reduce the footprint and the capital demands of the closed block NOTABLE PROGRESS IN 2023: • Significant progress on our interest rate de-risking efforts. To date we have reduced our capital sensitivity to interest rate movements by 25% • Strong year for our rate increase program, marked by a large approval at the start of the year. We are nearing approvals worth $4.5B of value since we began filing for rate increases in the early 2000’s • We maintain strong capital and statutory reserve positions behind LTC. We have fully recognized the UA PDR as of year-end 2023, providing additional confidence and flexibility going forward Improve Value Creation Reduce the Footprint Increase Predictability of Outcomes 13
14 WE CONTINUE TO ADDRESS INTEREST RATE RISK TO MORE EFFECTIVELY MANAGE FUTURE LTC CAPITAL NEEDS Fully recognized PDR of $1.6B at YE23 combined with our de-risking actions will contribute to capital in many scenarios Improved interest rate risk profile through hedging and portfolio repositioning 30-Year Treasury Yield1 Change in PDR Balance2 5.00% ($1.60B) 4.00% ($1.10B) 3.00% ($0.50B) 2.00% $0.15B 1. Assumes average level over three-year period. Fully recognized PDR of $1.6B at YE-23 reflects 3-year average Treasury yield of ~2.8% 2. Defined as the difference between the projected PDR balance in YE-26 vs. the $1.6B balance held at YE-23 • Since program inception, have entered into $2.6B notional of Treasury forwards, with an average Treasury yield of ~4% • $700M of repositioning improved portfolio quality, increased yield, and extended duration with no capital impact • Combination of repositioning and hedging has improved our duration matching measures by ~25% and reduced the UA PDR sensitivity by ~30% Improved $450M by hedging actions
15 LTC CAPITAL POSITION MEETS THE ONGOING NEEDS OF THE BLOCK Well positioned to fully run-off block without further capital contributions • LTC’s excess capital and statutory reserves, combined with actions taken to de-risk, support base and stress scenarios • Excess capital is available to manage LTC across all legal entities • Total reserves will peak in ~10 years, mitigating capital requirements from reserve growth Relative to Fairwind best estimate key assumptions/sensitivities Assumption Change Impact Premium Rate Increases Remove $1.0B Morbidity & Mortality Improvement Remove $0.7B Policy Lapses & Mortality ↓7.5% $0.4B Claim Incidence ↑3% $0.3B Claim Resolutions ↓2% $0.2B $2.8 billion of protection1 1. Measured as Fairwind statutory reserves relative to our best estimate of the value of the liability plus excess capital; as of YE 2023
16 LTC KEY METRICS Measure Why it’s Important Expectation/Measure Net Premium Ratio (NPR) Expected lifetime benefit ratio. Movement in the NPR captures claim expense trends more accurately over the long-term compared to the benefit ratio due to changes in accounting 93.5% Closed Block Earnings Indicator of health and profitability of segment. Expected claims experience and claims experience deviation not captured in NPR flows through earnings $130M-$160M annually Progress on Premium Rate Approvals Measures how much we’ve achieved of the rate increase program embedded in our best estimate Percent achieved compared to reserve assumption 30-Year Treasury Yield 3-year average of the 30-year treasury, as of our valuation date (9/30), represents the rate currently embedded in the PDR 2.84%
Closing Comments and Questions 17
Appendix: • LTC Demographics • Non-GAAP Reconciliations 18
19 • Our LTC block is predominately group-sponsored plans • These group policies generally have less rich benefits (less lifetime benefits, lower avg. daily benefits and less inflation protection) • Approximately 98% of the LTC block is indemnity based (not impacted by cost of care) DEMOGRAPHICS PROFILE (As of 9/30/2023) ILTC GLTC Total LTC Block Overview Average issue date 2002 2004 2003 Number of insureds (approx.) 122,000 795,000 917,000 Number of claims incurred (approx.)1 46,300 19,900 66,200 Persistency 95.1% 95.7% 95.6% Avg annual premiums/insured (approx.)2 $2,225 $535 $760 Attained Age Average attained age of ALR 77 56 59 Average attained age of DLR 87 80 84 Benefits % lifetime benefit by lives count 38% 4% 9% Avg inflated daily benefit $271 $109 $130 Average benefit period (non-lifetime) 4.4 years 3.1 years 3.2 years Average elimination period (days) 81 90 89 Inflation Protection % with 5% compound 21% 10% 12% % with < 5% compound 29% 0% 4% Simple inflation 30% 14% 16% No inflation 20% 76% 68% LTC BLOCK DEMOGRAPHIC PROFILE 1. Approved claims | 2. Average reflects nonforfeiture and paid-up insureds
NON-GAAP FINANCIAL MEASURES 20 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, as well as certain other items, as applicable; • 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 hedges; Investment gains or losses primarily include realized investment gains or losses, expected investment credit 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 excluding certain components of AOCI provides a more comparable and consistent view of our results, as these AOCI components tend to fluctuate depending on market conditions and general economic trends. 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 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. Due to the execution of the second phase of the reinsurance transaction occurring after January 1, 2021, the transition date of ASU 2018-12, in accordance with the provisions of the ASU related to non-contemporaneous reinsurance, we were required to establish the ceded reserves using an upper- medium grade fixed-income instrument as of the reinsurance transaction date in March 2021 which resulted in higher ceded reserves compared to that which was reported historically. However, the direct reserves for the block reinsured in the second phase were calculated using the original discount rate utilized as of the transition date. Both the direct and ceded reserves are then remeasured at each reporting period using a current discount rate reflective of an upper-medium grade fixed-income instrument, with the changes recognized in other comprehensive income (loss). While the total equity impact is neutral, the different original discount rates utilized for direct and ceded reserves result in disproportionate earnings impacts. The impact of non-contemporaneous reinsurance will fluctuate depending on the magnitude of reserve changes during the period. We believe that the exclusion of these items provides a better view of our results from our ongoing businesses. 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.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES 21
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES 22
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES 23
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES 24
v3.24.0.1
Cover
|
Jan. 30, 2024 |
| Entity Information |
|
| Document Type |
8-K
|
| Document Period End Date |
Jan. 30, 2024
|
| Entity Registrant Name |
UNUM GROUP
|
| Entity Incorporation, State or Country Code |
DE
|
| Entity File Number |
001-11294
|
| Entity Tax Identification Number |
62-1598430
|
| Entity Address, Address Line One |
1 Fountain Square
|
| Entity Address, City or Town |
Chattanooga,
|
| Entity Address, State or Province |
TN
|
| Entity Address, Postal Zip Code |
37402
|
| City Area Code |
423
|
| Local Phone Number |
294-1011
|
| Written Communications |
false
|
| Soliciting Material |
false
|
| Pre-commencement Tender Offer |
false
|
| Pre-commencement Issuer Tender Offer |
false
|
| Entity Emerging Growth Company |
false
|
| Entity Central Index Key |
0000005513
|
| Amendment Flag |
false
|
| Common Class A | NEW YORK STOCK EXCHANGE, INC. |
|
| Entity Information |
|
| Title of 12(b) Security |
Common stock, $0.10 par value
|
| Trading Symbol |
UNM
|
| Security Exchange Name |
NYSE
|
| 6.250% Junior Subordinated Notes due 2058 | NEW YORK STOCK EXCHANGE, INC. |
|
| Entity Information |
|
| Title of 12(b) Security |
6.250% Junior Subordinated Notes due 2058
|
| Trading Symbol |
UNMA
|
| Security Exchange Name |
NYSE
|
| X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
| Name: |
dei_AmendmentFlag |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
| Name: |
dei_DocumentPeriodEndDate |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:dateItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
| Name: |
dei_DocumentType |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:submissionTypeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
| Name: |
dei_EntityAddressAddressLine1 |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- Definition
+ References
+ Details
| Name: |
dei_EntityAddressCityOrTown |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCode for the postal or zip code
| Name: |
dei_EntityAddressPostalZipCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the state or province.
| Name: |
dei_EntityAddressStateOrProvince |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:stateOrProvinceItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityCentralIndexKey |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:centralIndexKeyItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionIndicate if registrant meets the emerging growth company criteria. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityEmergingGrowthCompany |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
| Name: |
dei_EntityFileNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:fileNumberItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
| Name: |
dei_EntityIncorporationStateCountryCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarStateCountryItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityRegistrantName |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityTaxIdentificationNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:employerIdItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionLocal phone number for entity.
| Name: |
dei_LocalPhoneNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
| Name: |
dei_PreCommencementIssuerTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
| Name: |
dei_PreCommencementTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTitle of a 12(b) registered security. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
| Name: |
dei_Security12bTitle |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:securityTitleItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the Exchange on which a security is registered. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
| Name: |
dei_SecurityExchangeName |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarExchangeCodeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Section 14a
-Number 240
-Subsection 12
| Name: |
dei_SolicitingMaterial |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
| Name: |
dei_TradingSymbol |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:tradingSymbolItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
| Name: |
dei_WrittenCommunications |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- Details
| Name: |
us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
dei_EntityListingsExchangeAxis=exch_XNYS |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_StatementClassOfStockAxis=unm_A6250JuniorSubordinatedNotesDue2058Member |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
Unum (NYSE:UNM)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
Unum (NYSE:UNM)
Gráfica de Acción Histórica
De May 2023 a May 2024
