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Accounting Developments | 6 Months Ended
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Jun. 30, 2023
Accounting Developments and New Accounting Policies [Abstract] |
Accounting Developments | Note 2 - Accounting Developments Accounting Standards Updates (ASUs) Adopted in 2023: ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures The amendments in this update eliminated the troubled debt restructuring recognition and measurement guidance and instead required that an entity evaluate whether the modification represents a new loan or the continuation of an existing loan. The amendments also enhanced the disclosure requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. In addition, the amendments in this update required that an entity disclose current-period gross write-offs by year of origination for financing receivables and net investment in leases. The amendments in this update were applied prospectively in the period of adoption as of January 1, 2023. The adoption of this update modified our disclosures but did not have an impact on our financial position or results of operations. ASU 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts and related amendments This update significantly amended the accounting and disclosure requirements for long-duration insurance contracts. These changes included a requirement to review, and if necessary, update cash flow assumptions used to measure the liability for future policy benefits for traditional and limited-payment contracts at least annually, with changes recognized in earnings. In addition, an entity is required to update the discount rate assumption at each reporting date using a yield that is reflective of an upper-medium grade fixed-income instrument, with changes recognized in other comprehensive income (loss) (OCI). These changes resulted in the elimination of the provision for risk of adverse deviation and premium deficiency (or loss recognition) testing for traditional long-duration insurance contracts. The update also required that an entity measure all market risk benefits associated with deposit contracts at fair value, with changes recognized in earnings except for the portion attributable to a change in the instrument-specific credit risk, which is to be recognized in OCI. This update also simplified the amortization of deferred acquisition costs by requiring amortization on a constant level basis over the expected term of the related contracts. Deferred acquisition costs are required to be written off for unexpected contract terminations, but are no longer subject to an impairment test. Significant additional disclosures are required, which include disaggregated rollforwards of certain liability balances and the disclosure of qualitative and quantitative information about expected cash flows, estimates, and assumptions. We do not have products with market risk benefits. 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. The following tables summarize the impacts of the adoption of ASU 2018-12 on the liability for future policy benefits, deferred acquisition costs, and stockholders' equity as of the transition date as well as impacted historical condensed consolidated financial statement line items for historical comparison. All historically reported information included throughout these financial statements has been adjusted for the impacts of our modified retrospective adoption of ASU 2018-12. Impact of the Adoption of ASU 2018-12 as of the Transition Date: Stockholders' Equity The following table summarizes the changes in stockholders' equity due to the adoption of ASU 2018-12 and the resulting adjusted balances at January 1, 2021:
| Consolidated
| Retained Earnings |  | Accumulated Other Comprehensive Income (Loss) |  | Total Stockholders' Equity
| (in millions of dollars)
Balance at December 31, 2020 | $ | 11,269.6 |  | $ | 374.2 |  | $ | 10,871.0
Impact of the Adoption of ASU 2018-12 | (20.6) |  | (6,684.4) |  | (6,705.0)
Balance at January 1, 2021 | $ | 11,249.0 |  | $ | (6,310.2) |  | $ | 4,166.0
Liability for Future Policy Benefits The following tables summarize the changes in the liability for future policy benefits due to the adoption of ASU 2018-12 and the resulting adjusted balance at January 1, 2021. The removal of shadow adjustments and effect of change in discount rate assumptions are both recorded as transition adjustments to accumulated other comprehensive income (loss) (AOCI) while the adjustments for loss contracts are recorded as a transition adjustment to retained earnings.
| Unum US |  | Unum International |  | Colonial Life |  | Closed Block |  | Consolidated
| (in millions of dollars)
Balance at December 31, 2020 1 | $ | 12,184.6 |  | $ | 2,969.8 |  | $ | 1,977.2 |  | $ | 28,572.8 |  | $ | 45,704.4
Removal of Shadow Adjustments 2 | (1,569.7) |  | (545.8) |  | (44.5) |  | (4,065.6) |  | (6,225.6)
Adjustments for Loss Contracts 3 | — |  | — |  | 34.9 |  | — |  | 34.9
Effect of Change in Discount Rate Assumptions | 2,251.8 |  | 779.4 |  | 568.6 |  | 12,484.8 |  | 16,084.6
Other 4 | (5.3) |  |  | — |  |  | (7.6) |  |  | — |  |  | (12.9)
Balance at January 1, 2021 | 12,861.4 |  | 3,203.4 |  | 2,528.6 |  | 36,992.0 |  | 55,585.4
Reinsurance Recoverable 5 | 357.7 |  |  | 132.5 |  |  | 4.4 |  |  | 10,001.4 |  |  | 10,496.0 |
Balance, Net of Reinsurance, at January 1, 2021 | $ | 12,503.7 |  | $ | 3,070.9 |  | $ | 2,524.2 |  | $ | 26,990.6 |  | $ | 45,089.4
1 We previously reported policy and contract benefits and reserves for future policy and contract benefits liabilities in our consolidated balance sheet as of December 31, 2020 of $1,855.4 million and $49,653.0 million, respectively, resulting in total policyholder liabilities of $51,508.4 million. These balances were reclassified into new line items, future policy benefits and policyholders' account balances, which would have reported balances of $45,704.4 million and $5,804.0 million as of December 31, 2020, respectively, resulting in total policyholder liabilities of $51,508.4 million under the historical accounting method. These balances were reclassified to more closely align with the new disclosure requirements of ASU 2018-12.
2 Shadow adjustments represent the adjustments related to unrealized investment gains and losses previously included in the reserves balance prior to the adoption of ASU 2018-12.
3 Adjustment for loss contracts represents the adjustment for those cohorts whose net premium ratio exceeded 100 percent as of the transition date. For those cohorts, the net premiums were set equal to the gross premiums and the difference was recorded as a transition adjustment to the liability for future policy benefits.
4 This amount reflects the effect of the reclassification of certain unearned premium. This amount was reclassified to more closely align with the presentation of liabilities under ASU 2018-12 and had no impact to stockholders' equity.
5 These amounts represent the portion of reinsurance recoverable related to the liability for future policy benefits. These amounts include the adjustments for the removal of shadow adjustments and for the effect of change in discount rate assumptions for the liability for future policy benefits ceded to third party reinsurers.
| Unum US Segment
| Group Disability |  | Group Life and AD&D |  | Individual Disability |  | Voluntary Benefits |  | Dental and Vision |  | Total
| (in millions of dollars)
Balance at December 31, 2020 | $ | 7,409.0 |  | $ | 1,123.9 |  | $ | 2,485.3 |  | $ | 1,154.9 |  | $ | 11.5 |  | $ | 12,184.6
Removal of Shadow Adjustments | (1,025.2) |  | (88.5) |  | (446.1) |  | (9.9) |  | — |  | (1,569.7)
Effect of Change in Discount Rate Assumptions | 911.9 |  | 91.9 |  | 728.5 |  | 519.5 |  | — |  | 2,251.8
Other | — |  | — |  | — |  | (5.3) |  | — |  | (5.3)
Balance at January 1, 2021 | 7,295.7 |  | 1,127.3 |  | 2,767.7 |  | 1,659.2 |  | 11.5 |  | 12,861.4
Reinsurance Recoverable | 58.3 |  | 3.0 |  | 260.6 |  | 35.7 |  | 0.1 |  | 357.7
Balance, Net of Reinsurance, at January 1, 2021 | $ | 7,237.4 |  | $ | 1,124.3 |  | $ | 2,507.1 |  | $ | 1,623.5 |  | $ | 11.4 |  | $ | 12,503.7
| Closed Block Segment |  |
| Long-term Care |  |  |  |  |  | All Other |  | Total |  |
| (in millions of dollars) |  |
Balance at December 31, 2020 | $ | 16,283.4 |  |  |  |  |  | $ | 12,289.4 |  | $ | 28,572.8 |  |
Removal of Shadow Adjustments | (3,465.4) |  |  |  |  |  |  | (600.2) |  |  | (4,065.6) |  |
Effect of Change in Discount Rate Assumptions | 9,922.9 |  |  |  |  |  |  | 2,561.9 |  |  | 12,484.8 |  |
Balance at January 1, 2021 | 22,740.9 |  |  |  |  |  | 14,251.1 |  | 36,992.0 |  |
Reinsurance Recoverable | 44.4 |  |  |  |  |  | 9,957.0 |  | 10,001.4 |  |
Balance, Net of Reinsurance, at January 1, 2021 | $ | 22,696.5 |  |  |  |  |  | $ | 4,294.1 |  | $ | 26,990.6 |  |
Deferred Acquisition Costs (DAC) The following tables summarize the changes in DAC due to the adoption of ASU 2018-12 and the resulting adjusted balance at January 1, 2021. The removal of shadow adjustments is recorded as a transition adjustment to AOCI.
| Unum US 1 |  | Unum International |  | Colonial Life |  | Consolidated
| (in millions of dollars)
Balance at December 31, 2020 | $ | 1,168.7 |  | $ | 32.0 |  | $ | 1,071.9 |  | $ | 2,272.6
Removal of Shadow Adjustments | 12.3 |  | — |  | 72.8 |  | 85.1
Balance at January 1, 2021 | $ | 1,181.0 |  | $ | 32.0 |  | $ | 1,144.7 |  | $ | 2,357.7
1 The $12.3 million removal of shadow adjustments is related to the Unum US voluntary benefits product line.
Impact of the Adoption of ASU 2018-12 on Historical Financial Statements: The following tables present the effect of the adoption of ASU 2018-12 on our historical consolidated financial statements:
| June 30, 2022
| Historical Accounting Method |  | As Adjusted |  | Effect of Change
| (in millions of dollars)
Consolidated Balance Sheets |  |  |  |  |
Assets |  |  |  |  |
Reinsurance Recoverable | $ | 10,377.7 |  |  | $ | 10,110.9 |  |  | $ | (266.8) |
Deferred Acquisition Costs | 2,247.6 |  |  | 2,493.3 |  |  | 245.7 |
Deferred Income Tax | 149.9 |  |  | 686.7 |  |  | 536.8 |
Other Assets 1 | 1,810.7 |  |  | 1,684.0 |  |  | (126.7) |
Total Assets | 63,121.1 |  |  | 63,510.1 |  |  | 389.0 |
Liabilities |  |  |  |  |
Policy and Contract Benefits 2 | $ | 1,815.9 |  |  | $ | — |  |  | $ | (1,815.9) |
Reserves for Future Policy and Contract Benefits 2 | 43,088.0 |  |  | — |  |  | (43,088.0) |
Future Policy Benefits 2 | — |  |  | 41,407.7 |  |  | 41,407.7 |
Policyholders' Account Balances 2 | — |  |  | 5,758.7 |  |  | 5,758.7 |
Unearned Premiums | 437.0 |  |  | 449.9 |  |  | 12.9 |
Deferred Income Tax | 5.8 |  |  | 36.7 |  |  | 30.9 |
Total Liabilities | 53,416.0 |  |  | 55,722.3 |  |  | 2,306.3 |
Stockholders' Equity |  |  |  |  |
Accumulated Other Comprehensive Loss | $ | (1,772.2) |  |  | $ | (3,809.5) |  |  | $ | (2,037.3) |
Retained Earnings | 12,353.7 |  |  | 12,473.7 |  |  | 120.0 |
Total Stockholders' Equity | 9,705.1 |  |  | 7,787.8 |  |  | (1,917.3) |
1 The change in other assets is driven by the cost of reinsurance associated with the second phase of our Closed Block individual disability reinsurance transaction which was completed in the first quarter of 2021. In accordance with the provisions of the ASU related to non-contemporaneous reinsurance, we were then 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.
2 We previously reported policy and contract benefits and reserves for future policy and contract benefits liabilities in our consolidated balance sheet as of June 30, 2022 of $1,815.9 million and $43,088.0 million, respectively, resulting in total policyholder liabilities of $44,903.9 million. These balances were reclassified into new line items, future policy benefits and policyholders' account balances, which would have reported balances of $39,154.8 million and $5,749.1 million, respectively, as of June 30, 2022, resulting in total policyholder liabilities of $44,903.9 million under the historical accounting method.
| December 31, 2022
| Historical Accounting Method |  | As Adjusted |  | Effect of Change
| (in millions of dollars)
Consolidated Balance Sheets |  |  |  |  |
Assets |  |  |  |  |
Reinsurance Recoverable | $ | 10,218.6 |  |  | $ | 9,608.0 |  |  | $ | (610.6) |
Deferred Acquisition Costs | 2,252.3 |  |  | 2,560.0 |  |  | 307.7 |
Deferred Income Tax | 449.8 |  |  | 586.0 |  |  | 136.2 |
Other Assets | 1,786.3 |  |  | 1,666.6 |  |  | (119.7) |
Total Assets | 61,434.9 |  |  | 61,148.5 |  |  | (286.4) |
Liabilities |  |  |  |  |
Policy and Contract Benefits 1 | $ | 1,839.8 |  |  | $ | — |  |  | $ | (1,839.8) |
Reserves for Future Policy and Contract Benefits 1 | 42,330.2 |  |  | — |  |  | (42,330.2) |
Future Policy Benefits 1 | — |  |  | 38,577.1 |  |  | 38,577.1 |
Policyholders' Account Balances 1 | — |  |  | 5,740.2 |  |  | 5,740.2 |
Unearned Premiums | 352.7 |  |  | 365.5 |  |  | 12.8 |
Deferred Income Tax | 9.2 |  |  | 25.2 |  |  | 16.0 |
Total Liabilities | 52,237.4 |  |  | 52,413.5 |  |  | 176.1 |
Stockholders' Equity |  |  |  |  |
Accumulated Other Comprehensive Loss | $ | (2,756.6) |  |  | $ | (3,448.3) |  |  | $ | (691.7) |
Retained Earnings | 12,912.1 |  |  | 13,141.3 |  |  | 229.2 |
Total Stockholders' Equity | 9,197.5 |  |  | 8,735.0 |  |  | (462.5) |
1 We previously reported policy and contract benefits and reserves for future policy and contract benefits liabilities in our consolidated balance sheet as of December 31, 2022 of $1,839.8 million and 42,330.2 million, respectively, resulting in total policyholder liabilities of $44,170.0 million. These balances were reclassified into new line items, future policy benefits and policyholders' account balances, which would have reported balances of $38,443.2 million and $5,726.8 million, respectively, as of December 31, 2022, resulting in total policyholder liabilities of $44,170.0 million under the historical accounting method.
| Three Months Ended June 30, 2022
| Historical Accounting Method |  | As Adjusted |  | Effect of Change
| (in millions of dollars, except share data and where noted)
Consolidated Statements of Income |  |  |  |  |
Premium Income | $ | 2,417.3 |  |  | $ | 2,416.0 |  |  | $ | (1.3) |
Policy Benefits 1 | 1,758.1 |  |  | 1,865.7 |  |  | 107.6 |
Policy Benefits - Remeasurement Gain | — |  |  | (65.6) |  |  | (65.6) |
Amortization of Deferred Acquisition Costs | 142.6 |  |  | 106.5 |  |  | (36.1) |
Other Expenses | 253.3 |  |  | 250.0 |  |  | (3.3) |
Income Tax - Deferred | (70.9) |  |  | (71.7) |  |  | (0.8) |
Net Income | 370.4 |  |  | 367.3 |  |  | (3.1) |
Net Income Per Common Share |  |  |  |  |
Basic | $ | 1.84 |  |  | $ | 1.83 |  |  | $ | (0.01) |
Assuming Dilution | $ | 1.83 |  |  | $ | 1.81 |  |  | $ | (0.02) |
Consolidated Statements of Comprehensive Income (Loss) |  |  |  |  |
Net Income | $ | 370.4 |  |  | $ | 367.3 |  |  | $ | (3.1) |
Change in Adjustment to Deferred Acquisition Costs and Reserves for Future Policy and Contract Benefits, Net of Reinsurance | 1,550.1 |  |  | — |  |  | (1,550.1) |
Change in the Effect of Discount Rate Assumptions on the Liability for Future Policy Benefits, Net of Reinsurance | — |  |  | 3,371.4 |  |  | 3,371.4 |
Change in Foreign Currency Translation Adjustment | (61.1) |  |  | (61.4) |  |  | (0.3) |
Comprehensive Income (Loss) | (821.7) |  |  | 996.3 |  |  | 1,818.0 |
Consolidated Statements of Stockholders' Equity |  |  |  |  |
Accumulated Other Comprehensive Income (Loss) |  |  |  |  |
Balance at Beginning of Period | $ | (580.1) |  |  | $ | (4,438.5) |  |  | $ | (3,858.4) |
Other Comprehensive Income (Loss) | (1,192.1) |  |  | 629.0 |  |  | 1,821.1 |
Retained Earnings |  |  |  |  |
Balance at Beginning of Period | 12,043.8 |  |  | 12,166.9 |  |  | $ | 123.1 |
Net Income | 370.4 |  |  | 367.3 |  |  | (3.1) |
1 Previously disclosed as Benefits and Change in Reserves for Future Benefits
| Six Months Ended June 30, 2022
| Historical Accounting Method |  | As Adjusted |  | Effect of Change
| (in millions of dollars, except share data and where noted)
Consolidated Statements of Income |  |  |  |  |
Premium Income | $ | 4,820.6 |  |  | $ | 4,817.4 |  |  | $ | (3.2) |
Policy Benefits 1 | 3,602.0 |  |  | 3,848.7 |  |  | 246.7 |
Policy Benefits - Remeasurement Gain | — |  |  | (134.4) |  |  | (134.4) |
Amortization of Deferred Acquisition Costs | 298.7 |  |  | 210.1 |  |  | (88.6) |
Other Expenses | 497.1 |  |  | 490.5 |  |  | (6.6) |
Income Tax - Deferred | (95.6) |  |  | (99.7) |  |  | (4.1) |
Net Income | 623.9 |  |  | 607.7 |  |  | (16.2) |
Net Income Per Common Share |  |  |  |  |
Basic | $ | 3.09 |  |  | $ | 3.01 |  |  | $ | (0.08) |
Assuming Dilution | $ | 3.07 |  |  | $ | 2.99 |  |  | $ | (0.08) |
Consolidated Statements of Comprehensive Income (Loss) |  |  |  |
Net Income | $ | 623.9 |  |  | $ | 607.7 |  |  | $ | (16.2) |
Change in Adjustment to Deferred Acquisition Costs and Reserves for Future Policy and Contract Benefits, Net of Reinsurance | 3,547.8 |  |  | — |  |  | (3,547.8) |
Change in the Effect of Discount Rate Assumptions on the Liability for Future Policy Benefits, Net of Reinsurance | — |  |  | 7,029.5 |  |  | 7,029.5 |
Change in Foreign Currency Translation Adjustment | (93.0) |  |  | (93.4) |  |  | (0.4) |
Comprehensive Income (Loss) | (1,502.4) |  |  | $ | 1,962.8 |  |  | 3,465.2 |
Consolidated Statements of Stockholders' Equity |  |  |  |  |
Accumulated Other Comprehensive Income (Loss) |  |  |  |  |
Balance at Beginning of Year | $ | 354.1 |  |  | $ | (5,164.6) |  |  | $ | (5,518.7) |
Other Comprehensive Income (Loss) | (2,126.3) |  |  | 1,355.1 |  |  | 3,481.4 |
Retained Earnings |  |  |  |  |
Balance at Beginning of Year | 11,853.2 |  |  | 11,989.4 |  |  | $ | 136.2 |
Net Income | 623.9 |  |  | 607.7 |  |  | (16.2) |
Consolidated Statements of Cash Flows |  |  |  |  |
Net Income | $ | 623.9 |  |  | $ | 607.7 |  |  | $ | (16.2) |
Change in Receivables | 469.3 |  |  | 481.1 |  |  | 11.8 |
Change in Deferred Acquisition Costs | 19.0 |  |  | (69.6) |  |  | (88.6) |
Change in Insurance Liabilities | (112.4) |  |  | (10.9) |  |  | 101.5 |
Change in Income Taxes | 24.9 |  |  | 23.0 |  |  | (1.9) |
Amortization of the Cost of Reinsurance | 33.3 |  |  | 26.7 |  |  | (6.6) |
1 Previously disclosed as Benefits and Change in Reserves for Future Benefits
The decrease in AOCI in our recast of 2022 as shown in the preceding charts is driven primarily by the difference between the discount rate applied under the historical accounting method, which was based on an expected investment yield from our current investment strategy, and the single-A discount rate that is required as a part of the adoption of ASU 2018-12. The most significant impact is related to our longest duration products. Our investment strategy reflects the illiquid nature of the majority of our liability cash flows and, as a result, the yields in our investment portfolios supporting the cash outflows required for these products are generally higher than a single-A yield. In addition, the discount rates applied under the historical accounting method to the reserves for our longest duration products, such as long-term care, included an assumption for long-term yields rising to more historical levels. The net unfavorable impact of the adoption of ASU 2018-12 to net income for the three and six months ended June 30, 2022 shown in the preceding charts is due primarily to the following changes: • Updating the lifetime cohort net premium ratios, or lifetime loss ratio, for actual experience each reporting period will generally cause earnings patterns to be more consistent from period to period, with variances in experience reflected in earnings over the cohort lifetime. This resulted in an unfavorable impact to income for the three and six months ended June 30, 2022 • Alignment of amortization of deferred acquisition costs to a constant level basis and modification of amortization periods to reflect the expected term of the related contracts could result in either higher or lower income for the affected product lines. This resulted in a net favorable impact to income for the three and six months ended June 30, 2022. • Accelerated recognition of the provision for adverse deviation or other differences from current best estimate values for policies issued prior to the transition date and due to not establishing the provision for policies issued on or after the transition date will generally result in higher income most notably in the initial years after the transition date. This resulted in a favorable impact to income for the three and six months ended June 30, 2022. • Establishing reserves for claims incurred on or after the transition date at interest rates prescribed by the update could result in either higher or lower income for the affected product lines depending on the policy issue date and the interest rate environment at that time. This resulted in a favorable impact to income for the three and six months ended June 30, 2022. • Accounting for non-contemporaneous reinsurance related to the second phase of our Closed Block individual disability reinsurance transaction which was completed in the first quarter of 2021. As a result of 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 OCI. While the total equity impact is neutral, the different original discount rates utilized for direct and ceded reserves result in disproportionate earnings impacts. The differential in the original discount rate applied to the direct and ceded cohorts of business resulted in an unfavorable impact to income for the three and six months ended June 30, 2022, partially offset by a decrease in the amortization of the cost of reinsurance as a result of a lower cost of reinsurance. Accounting Updates Outstanding: ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting and related amendments The amendments in this update provide optional guidance, for a limited period of time, to ease the potential burden in accounting for and recognizing the effects of reference rate reform on financial reporting. The guidance allows for various practical expedients and exceptions when applying GAAP to contracts, hedging relationships, and other transactions affected either by discontinued rates as a direct result of reference rate reform or a market-wide change in interest rates used for discounting, margining or contract price alignment, if certain criteria are met. Specifically, the guidance provides certain practical expedients for contract modifications, fair value hedges, and cash flow hedges, and also provides certain exceptions related to changes in the critical terms of a hedging relationship. The guidance also allows for a one-time election to sell or transfer debt securities that were both classified as held-to-maturity prior to January 1, 2020 and reference a rate affected by the reform. The adoption of this update is permitted as of the beginning of the interim period that includes March 12, 2020 (the issuance date of the update), or any date thereafter, through December 31, 2024, at which point the guidance will sunset. We do not anticipate needing to adopt this guidance, but we will continue to monitor our contracts and hedging relationships throughout the adoption period.

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- Definition The entire disclosure for change in accounting principle. 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