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v3.24.2

Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
Premium Income by Major Line of Business within Each Segment | Segment information is shown below.
| Three Months Ended June 30 |  | Six Months Ended June 30
| 2024 |  | 2023 |  | 2024 |  | 2023
| (in millions of dollars)
Premium Income |  |  |  |  |  |  |
Unum US |  |  |  |  |  |  |
Group Disability |  |  |  |  |  |  |
Group Long-term Disability | $ | 521.5 |  |  | $ | 516.1 |  |  | $ | 1,038.2 |  |  | $ | 1,020.8 |
Group Short-term Disability | 276.3 |  |  | 256.2 |  |  | 539.4 |  |  | 496.5 |
Group Life and Accidental Death & Dismemberment |  |  |  |  |  |  |
Group Life | 447.5 |  |  | 418.2 |  |  | 890.1 |  |  | 831.3 |
Accidental Death & Dismemberment | 46.4 |  |  | 43.6 |  |  | 92.2 |  |  | 87.1 |
Supplemental and Voluntary |  |  |  |  |  |  |
Voluntary Benefits | 222.9 |  |  | 213.4 |  |  | 445.8 |  |  | 427.9 |
Individual Disability | 142.2 |  |  | 125.8 |  |  | 284.2 |  |  | 250.0 |
Dental and Vision | 74.1 |  |  | 68.1 |  |  | 148.4 |  |  | 137.4 |
| 1,730.9 |  |  | 1,641.4 |  |  | 3,438.3 |  |  | 3,251.0 |
Unum International |  |  |  |  |  |  |
Unum UK |  |  |  |  |  |  |
Group Long-term Disability | 102.3 |  |  | 104.7 |  |  | 205.8 |  |  | 196.4 |
Group Life | 48.8 |  |  | 41.1 |  |  | 97.5 |  |  | 80.3 |
Supplemental | 40.6 |  |  | 33.5 |  |  | 83.7 |  |  | 65.3 |
Unum Poland | 37.1 |  |  | 28.6 |  |  | 73.5 |  |  | 54.5 |
| 228.8 |  |  | 207.9 |  |  | 460.5 |  |  | 396.5 |
Colonial Life |  |  |  |  |  |  |
Accident, Sickness, and Disability | 241.7 |  |  | 235.6 |  |  | 484.9 |  |  | 471.3 |
Life | 115.2 |  |  | 106.6 |  |  | 229.5 |  |  | 211.9 |
Cancer and Critical Illness | 89.3 |  |  | 88.4 |  |  | 178.7 |  |  | 176.9 |
| 446.2 |  |  | 430.6 |  |  | 893.1 |  |  | 860.1 |
Closed Block |  |  |  |  |  |  |
Long-term Care | 173.3 |  |  | 174.0 |  |  | 347.8 |  |  | 349.1 |
All Other | 48.0 |  |  | 55.2 |  |  | 97.8 |  |  | 111.7 |
| 221.3 |  |  | 229.2 |  |  | 445.6 |  |  | 460.8 |
Total Premium Income | $ | 2,627.2 |  |  | $ | 2,509.1 |  |  | $ | 5,237.5 |  |  | $ | 4,968.4 |
Selected Operating Statement Data by Segment |
| Unum US |  | Unum International |  | Colonial Life |  | Closed Block |  | Corporate |  | Total
| (in millions of dollars)
Three Months Ended June 30, 2024 |  |  |  |  |  |  |  |  |  |  |
Premium Income | $ | 1,730.9 |  |  | $ | 228.8 |  |  | $ | 446.2 |  |  | $ | 221.3 |  |  | $ | — |  |  | $ | 2,627.2 |
Net Investment Income | 158.1 |  |  | 38.0 |  |  | 40.5 |  |  | 294.2 |  |  | 14.3 |  |  | 545.1 |
Other Income | 58.2 |  |  | 0.5 |  |  | 0.2 |  |  | 12.2 |  |  | 0.4 |  |  | 71.5 |
Adjusted Operating Revenue | $ | 1,947.2 |  |  | $ | 267.3 |  |  | $ | 486.9 |  |  | $ | 527.7 |  |  | $ | 14.7 |  |  | $ | 3,243.8 |
Adjusted Operating Income (Loss) | $ | 357.5 |  |  | $ | 42.5 |  |  | $ | 116.9 |  |  | $ | 51.6 |  |  | $ | (45.3) |  |  | $ | 523.2 |
Three Months Ended June 30, 2023 |  |  |  |  |  |  |  |  |  |  |
Premium Income | $ | 1,641.4 |  |  | $ | 207.9 |  |  | $ | 430.6 |  |  | $ | 229.2 |  |  | $ | — |  |  | $ | 2,509.1 |
Net Investment Income | 158.0 |  |  | 45.8 |  |  | 38.0 |  |  | 263.9 |  |  | 25.4 |  |  | 531.1 |
Other Income | 54.5 |  |  | 0.1 |  |  | 0.4 |  |  | 13.8 |  |  | 2.3 |  |  | 71.1 |
Adjusted Operating Revenue | $ | 1,853.9 |  |  | $ | 253.8 |  |  | $ | 469.0 |  |  | $ | 506.9 |  |  | $ | 27.7 |  |  | $ | 3,111.3 |
Adjusted Operating Income (Loss) | $ | 343.1 |  |  | $ | 43.5 |  |  | $ | 115.5 |  |  | $ | 51.2 |  |  | $ | (34.9) |  |  | $ | 518.4 |
| Unum US |  | Unum International |  | Colonial Life |  | Closed Block |  | Corporate |  | Total
| (in millions of dollars)
Six Months Ended June 30, 2024 |  |  |  |  |  |  |  |  |  |  |
Premium Income | $ | 3,438.3 |  |  | $ | 460.5 |  |  | $ | 893.1 |  |  | $ | 445.6 |  |  | $ | — |  |  | $ | 5,237.5 |
Net Investment Income | 315.1 |  |  | 64.1 |  |  | 79.8 |  |  | 567.3 |  |  | 32.3 |  |  | 1,058.6 |
Other Income | 118.8 |  |  | 0.8 |  |  | 3.2 |  |  | 25.3 |  |  | 1.1 |  |  | 149.2 |
Adjusted Operating Revenue | $ | 3,872.2 |  |  | $ | 525.4 |  |  | $ | 976.1 |  |  | $ | 1,038.2 |  |  | $ | 33.4 |  |  | $ | 6,445.3 |
Adjusted Operating Income (Loss) | $ | 742.7 |  |  | $ | 79.9 |  |  | $ | 230.6 |  |  | $ | 75.9 |  |  | $ | (91.4) |  |  | $ | 1,037.7 |
Six Months Ended June 30, 2023 |  |  |  |  |  |  |  |  |  |  |
Premium Income | $ | 3,251.0 |  |  | $ | 396.5 |  |  | $ | 860.1 |  |  | $ | 460.8 |  |  | $ | — |  |  | $ | 4,968.4 |
Net Investment Income | 315.3 |  |  | 76.7 |  |  | 75.3 |  |  | 521.1 |  |  | 51.5 |  |  | 1,039.9 |
Other Income | 108.1 |  |  | 0.5 |  |  | 0.6 |  |  | 27.3 |  |  | 2.5 |  |  | 139.0 |
Adjusted Operating Revenue | $ | 3,674.4 |  |  | $ | 473.7 |  |  | $ | 936.0 |  |  | $ | 1,009.2 |  |  | $ | 54.0 |  |  | $ | 6,147.3 |
Adjusted Operating Income (Loss) | $ | 655.6 |  |  | $ | 81.9 |  |  | $ | 209.4 |  |  | $ | 109.4 |  |  | $ | (68.4) |  |  | $ | 987.9 |
Assets by Segment |
| June 30 |  | December 31
| 2024 |  | 2023
| (in millions of dollars)
Assets |  |  |
Unum US | $ | 15,100.2 |  |  | $ | 15,561.1 |
Unum International | 3,375.8 |  |  | 3,372.9 |
Colonial Life | 4,856.1 |  |  | 4,830.4 |
Closed Block | 34,308.5 |  |  | 35,272.8 |
Corporate | 4,403.8 |  |  | 4,218.0 |
Total Assets | $ | 62,044.4 |  |  | $ | 63,255.2 |
Reconciliation of Total Revenue and Income Before Income Tax to Adjusted Operating Revenue and Adjusted Operating Income | A reconciliation of total revenue to "adjusted operating revenue" and income before income tax to "adjusted operating income" is as follows:
| Three Months Ended June 30 |  | Six Months Ended June 30
| 2024 |  | 2023 |  | 2024 |  | 2023
| (in millions of dollars)
Total Revenue | $ | 3,233.4 |  |  | $ | 3,112.2 |  |  | $ | 6,433.7 |  |  | $ | 6,148.3 |
Excluding: |  |  |  |  |  |  |
Net Investment Gain (Loss) | (10.4) |  |  | 0.9 |  |  | (11.6) |  |  | 1.0 |
Adjusted Operating Revenue | $ | 3,243.8 |  |  | $ | 3,111.3 |  |  | $ | 6,445.3 |  |  | $ | 6,147.3 |
Income Before Income Tax | $ | 495.5 |  |  | $ | 498.4 |  |  | $ | 991.2 |  |  | $ | 949.7 |
Excluding: |  |  |  |  |  |  |
Net Investment Gain (Loss) | (10.4) |  |  | 0.9 |  |  | (11.6) |  |  | 1.0 |
Amortization of the Cost of Reinsurance | (10.3) |  |  | (11.0) |  |  | (20.7) |  |  | (22.0) |
Non-Contemporaneous Reinsurance | (7.0) |  |  | (9.9) |  |  | (14.2) |  |  | (17.2) |
Adjusted Operating Income | $ | 523.2 |  |  | $ | 518.4 |  |  | $ | 1,037.7 |  |  | $ | 987.9 |

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