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Liability for Future Policy Benefits, Policyholder's Account Balances, and Deferred Acquisition Costs (Tables) | 9 Months Ended
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Sep. 30, 2025
Insurance [Abstract] |
Liability for Future Policy Benefit, Activity | The following table presents balances as well as the changes in the liability for future policy benefits for traditional long duration products.
| Consolidated
| September 30
| 2025 |  | 2024
| (in millions of dollars)
Present Value of Expected Net Premiums |  |  |
Balance, beginning of year | $ | 13,930.6 |  | $ | 14,417.8
Beginning balance at original discount rate | 14,266.9 |  |  | 14,243.2 |
Effect of changes in cash flow assumptions | 161.7 |  |  | 73.0 |
Effect of actual variances from expected experience | (229.0) |  |  | (151.9) |
Adjusted beginning of year balance | 14,199.6 |  | 14,164.3
Issuances | 941.3 |  | 856.7
Interest accretion | 482.2 |  | 481.8
Net premiums collected | (1,258.7) |  | (1,222.6)
Foreign currency | 42.7 |  | 7.3
Ending balance at original discount rate | 14,407.1 |  | 14,287.5
Effect of change in discount rate assumptions | 65.1 |  |  | 319.0 |
Balance, end of period | $ | 14,472.2 |  | $ | 14,606.5
Present Value of Expected Future Policy Benefits |  |  |
Balance, beginning of year | $ | 48,920.1 |  | $ | 52,423.6
Beginning balance at original discount rate | 50,778.2 |  |  | 51,305.7 |
Effect of changes in cash flow assumptions | 715.9 |  |  | (248.5) |
Effect of actual variances from expected experience | (292.3) |  |  | (355.6) |
Adjusted beginning of year balance | 51,201.8 |  | 50,701.6
Issuances 1 | 2,588.5 |  | 2,506.9
Interest accretion | 1,703.4 |  | 1,707.3
Benefit payments | (4,120.3) |  | (4,078.4)
Foreign currency | 228.8 |  | 121.0
Ending balance at original discount rate | 51,602.2 |  | 50,958.4
Effect of change in discount rate assumptions | (565.1) |  |  | 1,204.1 |
Balance, end of period | $ | 51,037.1 |  | $ | 52,162.5
Net liability for future policy benefits | $ | 36,564.9 |  | $ | 37,556.0
Other 2 | 1,539.6 |  |  | 1,655.7 |
Total liability for future policy benefits | 38,104.5 |  |  | 39,211.7 |
Less: Reinsurance recoverable related to future policy benefits | 10,434.7 |  |  | 7,455.9 |
Net liability for future policy benefits, after reinsurance recoverable | $ | 27,669.8 |  | $ | 31,755.8
1 Issuances include new policy issuances for most product lines. For our Unum US group disability, Unum US group life and AD&D and Closed Block - All Other product lines and certain of our Unum International product lines, this line represents new claim incurrals.
2 Other primarily relates to our Closed Block - All Other product line.
The following tables summarize the amount of gross premiums and interest accretion reflected in the statements of income as well as the undiscounted and discounted expected gross premiums and expected future benefit payments and the weighted average interest rates for traditional long duration products presented in the rollforward activity above.
| Consolidated
| Nine Months Ended September 30
| 2025 |  | 2024
| (in millions of dollars)
Amount recognized in the statement of income: |  |  |
Gross premiums or assessments | $ | 7,866.7 |  | $ | 7,568.4
Interest accretion | $ | 1,221.2 |  | $ | 1,225.5
| Consolidated
| September 30
| 2025 |  | 2024
| (in millions of dollars, except weighted average data)
Amount of undiscounted: |  |  |
Expected future benefit payments | $ | 102,872.2 |  | $ | 104,039.1
Expected future gross premiums | $ | 39,457.2 |  | $ | 39,394.1
Amount of discounted (at interest accretion rate): |  |  |
Expected future gross premiums | $ | 26,202.4 |  | $ | 25,941.4
Weighted average interest rate: |  |  |
Interest accretion rate | 4.9 | % |  | 4.9 | %
Current discount rate | 5.1 | % |  | 4.8 | %
Weighted average duration of the liability | 11.2 years |  | 11.5 years
The following table presents the balances and changes in the reserves for future policy benefits for traditional long duration products in the Unum US segment.
| September 30, 2025
| Group Disability |  | Group Life and AD&D |  | Voluntary Benefits |  | Individual Disability |  | Total Unum US
| (in millions of dollars)
Present Value of Expected Net Premiums |  |  |  |  |  |  |  |  |
Balance, beginning of year | $ | — |  |  | $ | — |  |  | $ | 1,240.2 |  |  | $ | 1,202.5 |  |  | $ | 2,442.7
Beginning balance at original discount rate | — |  |  | — |  |  | 1,335.3 |  |  | 1,230.7 |  |  | 2,566.0
Effect of changes in cash flow assumptions | — |  |  | — |  |  | (29.6) |  |  | (56.9) |  |  | (86.5)
Effect of actual variances from expected experience | — |  |  | — |  |  | (57.3) |  |  | (27.6) |  |  | (84.9)
Adjusted beginning of year balance | — |  | — |  | 1,248.4 |  | 1,146.2 |  | 2,394.6
Issuances 1 | — |  |  | — |  |  | 323.6 |  | 164.2 |  | 487.8
Interest accretion | — |  |  | — |  |  | 35.1 |  | 37.4 |  | 72.5
Net premiums collected | — |  |  | — |  |  | (164.7) |  | (133.3) |  | (298.0)
Ending balance at original discount rate | — |  | — |  | 1,442.4 |  | 1,214.5 |  | 2,656.9
Effect of change in discount rate assumptions | — |  | — |  | (55.1) |  | 5.7 |  | (49.4)
Balance, end of period | $ | — |  | $ | — |  | $ | 1,387.3 |  | $ | 1,220.2 |  | $ | 2,607.5
Present Value of Expected Future Policy Benefits |  |  |  |  |  |  |  |  |
Balance, beginning of year | $ | 4,735.8 |  | $ | 835.2 |  | $ | 2,362.5 |  | $ | 3,096.5 |  | $ | 11,030.0
Beginning balance at original discount rate | 4,907.5 |  | 852.6 |  | 2,614.6 |  | 3,191.1 |  | 11,565.8
Effect of changes in cash flow assumptions | (93.0) |  | (7.1) |  | (40.8) |  | (91.8) |  | (232.7)
Effect of actual variances from expected experience | (57.8) |  | (32.7) |  | (56.7) |  | (35.7) |  | (182.9)
Adjusted beginning of year balance | 4,756.7 |  | 812.8 |  | 2,517.1 |  | 3,063.6 |  | 11,150.2
Issuances 1 | 886.7 |  | 328.8 |  | 344.8 |  | 176.2 |  | 1,736.5
Interest accretion | 110.0 |  | 13.0 |  | 80.8 |  | 108.6 |  | 312.4
Benefit payments | (1,076.0) |  | (342.0) |  | (203.2) |  | (217.0) |  | (1,838.2)
Ending balance at original discount rate | 4,677.4 |  | 812.6 |  | 2,739.5 |  | 3,131.4 |  | 11,360.9
Effect of change in discount rate assumptions | (72.5) |  | (6.8) |  | (183.0) |  | 3.8 |  | (258.5) |
Balance, end of period | $ | 4,604.9 |  | $ | 805.8 |  | $ | 2,556.5 |  | $ | 3,135.2 |  | $ | 11,102.4
Net liability for future policy benefits | $ | 4,604.9 |  | $ | 805.8 |  | $ | 1,169.2 |  | $ | 1,915.0 |  | $ | 8,494.9
Other | 0.2 |  | 0.8 |  | 3.0 |  | 26.4 |  | 30.4
Total liability for future policy benefits | 4,605.1 |  | 806.6 |  | 1,172.2 |  | 1,941.4 |  | 8,525.3
Less: Reinsurance recoverable related to future policy benefits | 25.2 |  | 7.3 |  | 13.0 |  | 375.7 |  | 421.2
Net liability for future policy benefits, after reinsurance recoverable | $ | 4,579.9 |  | $ | 799.3 |  | $ | 1,159.2 |  | $ | 1,565.7 |  | $ | 8,104.1
1 Issuances include new policy issuances for most product lines. Issuances for Unum US group disability and Unum US group life and AD&D represents new claim incurrals.
| September 30, 2024
| Group Disability |  | Group Life and AD&D |  | Voluntary Benefits |  | Individual Disability |  | Total Unum US
| (in millions of dollars)
Present Value of Expected Net Premiums |  |  |  |  |  |  |  |  |
Balance, beginning of year | $ | — |  | $ | — |  | $ | 1,134.7 |  | $ | 1,296.7 |  | $ | 2,431.4
Beginning balance at original discount rate | — |  | — |  | 1,192.5 |  | 1,294.4 |  | 2,486.9
Effect of changes in cash flow assumptions | — |  | — |  | 41.5 |  | (100.2) |  | (58.7)
Effect of actual variances from expected experience | — |  | — |  | (72.1) |  | (5.3) |  | (77.4)
Adjusted beginning of year balance | — |  | — |  | 1,161.9 |  | 1,188.9 |  | 2,350.8
Issuances 1 | — |  | — |  | 295.0 |  | 119.2 |  | 414.2
Interest accretion | — |  | — |  | 29.9 |  | 39.8 |  | 69.7
Net premiums collected | — |  | — |  | (144.9) |  | (138.7) |  | (283.6)
Ending balance at original discount rate | — |  | — |  | 1,341.9 |  | 1,209.2 |  | 2,551.1
Effect of change in discount rate assumptions | — |  | — |  | (41.7) |  | 16.7 |  | (25.0)
Balance, end of period | $ | — |  | $ | — |  | $ | 1,300.2 |  | $ | 1,225.9 |  | $ | 2,526.1
Present Value of Expected Future Policy Benefits |  |  |  |  |  |  |  |  |
Balance, beginning of year | $ | 5,147.4 |  | $ | 922.0 |  | $ | 2,334.5 |  | $ | 3,348.6 |  | $ | 11,752.5
Beginning balance at original discount rate | 5,277.1 |  | 936.5 |  | 2,422.0 |  | 3,313.9 |  | 11,949.5
Effect of changes in cash flow assumptions | (76.4) |  | (17.0) |  | 51.6 |  | (155.4) |  | (197.2)
Effect of actual variances from expected experience | (152.4) |  | (49.7) |  | (81.1) |  | (18.9) |  | (302.1)
Adjusted beginning of year balance | 5,048.3 |  | 869.8 |  | 2,392.5 |  | 3,139.6 |  | 11,450.2
Issuances 1 | 893.7 |  | 333.3 |  | 315.1 |  | 127.1 |  | 1,669.2
Interest accretion | 121.7 |  | 14.3 |  | 73.2 |  | 113.3 |  | 322.5
Benefit payments | (1,109.7) |  | (357.8) |  | (170.3) |  | (207.2) |  | (1,845.0)
Ending balance at original discount rate | 4,954.0 |  | 859.6 |  | 2,610.5 |  | 3,172.8 |  | 11,596.9
Effect of change in discount rate assumptions | (43.4) |  | (6.3) |  | (91.7) |  | 65.8 |  | (75.6)
Balance, end of period | $ | 4,910.6 |  | $ | 853.3 |  | $ | 2,518.8 |  | $ | 3,238.6 |  | $ | 11,521.3
Net liability for future policy benefits | $ | 4,910.6 |  | $ | 853.3 |  | $ | 1,218.6 |  | $ | 2,012.7 |  | $ | 8,995.2
Other | 0.1 |  | 0.8 |  | 2.7 |  | 28.1 |  | 31.7
Total liability for future policy benefits | 4,910.7 |  | 854.1 |  | 1,221.3 |  | 2,040.8 |  | 9,026.9
Less: Reinsurance recoverable related to future policy benefits | 26.8 |  | 5.7 |  | 13.7 |  | 154.6 |  | 200.8
Net liability for future policy benefits, after reinsurance recoverable | $ | 4,883.9 |  | $ | 848.4 |  | $ | 1,207.6 |  | $ | 1,886.2 |  | $ | 8,826.1
1 Issuances include new policy issuances for most product lines. Issuances for Unum US group disability and Unum US group life and AD&D represents new claim incurrals.
The following tables summarize the amount of gross premiums and interest accretion reflected in the statements of income as well as the undiscounted and discounted expected gross premiums and expected future benefit payments and the weighted average interest rates for traditional long duration products in the Unum US segment presented in the rollforward activity above.
| Nine Months Ended September 30, 2025
| Group Disability |  | Group Life and AD&D |  | Voluntary Benefits |  | Individual Disability |  | Total Unum US
| (in millions of dollars)
Amount recognized in the statement of income: |  |  |  |  |  |  |  |  |
Gross premiums or assessments | $ | 2,362.1 |  | $ | 1,574.1 |  | $ | 658.2 |  | $ | 509.5 |  | $ | 5,103.9
Interest accretion | $ | 110.0 |  | $ | 13.0 |  | $ | 45.7 |  | $ | 71.2 |  | $ | 239.9
| Nine Months Ended September 30, 2024
| Group Disability |  | Group Life and AD&D |  | Voluntary Benefits |  | Individual Disability |  | Total Unum US
| (in millions of dollars)
Amount recognized in the statement of income: |  |  |  |  |  |  |  |  |
Gross premiums or assessments | $ | 2,294.8 |  | $ | 1,496.3 |  | $ | 621.3 |  | $ | 494.2 |  | $ | 4,906.6
Interest accretion | $ | 121.7 |  | $ | 14.3 |  | $ | 43.3 |  | $ | 73.5 |  | $ | 252.8
| September 30, 2025
| Group Disability |  | Group Life and AD&D |  | Voluntary Benefits |  | Individual Disability |  | Total Unum US
| (in millions of dollars, except weighted average data)
Amount of undiscounted: |  |  |  |  |  |  |  |  |
Expected future benefit payments | $ | 5,649.5 |  |  | $ | 920.6 |  |  | $ | 5,815.1 |  |  | $ | 5,035.1 |  |  | $ | 17,420.3 |
Expected future gross premiums | $ | — |  |  | $ | — |  |  | $ | 6,200.9 |  |  | $ | 5,811.6 |  |  | $ | 12,012.5 |
Amount of discounted (at interest accretion rate): |  |  |  |  |  |  |  |  |
Expected future gross premiums | $ | — |  |  | $ | — |  |  | $ | 4,004.1 |  |  | $ | 4,192.0 |  |  | $ | 8,196.1 |
Weighted average interest rate: |  |  |  |  |  |  |  |  |
Interest accretion rate | 4.3 | % |  | 2.4 | % |  | 5.0 | % |  | 5.2 | % |  | 4.4 | %
Current discount rate | 4.4 | % |  | 2.5 | % |  | 5.4 | % |  | 4.9 | % |  | 4.5 | %
Weighted average duration of the liability | 4.0 years |  | 2.4 years |  | 18.1 years |  | 9.4 years |  | 7.0 years
| September 30, 2024
| Group Disability |  | Group Life and AD&D |  | Voluntary Benefits |  | Individual Disability |  | Total Unum US
| (in millions of dollars, except weighted average data)
Amount of undiscounted: |  |  |  |  |  |  |  |  |
Expected future benefit payments | $ | 6,001.5 |  |  | $ | 977.0 |  | $ | 5,579.6 |  |  | $ | 5,082.2 |  | $ | 17,640.3 |
Expected future gross premiums | $ | — |  |  | $ | — |  | $ | 5,822.4 |  |  | $ | 5,817.0 |  | $ | 11,639.4 |
Amount of discounted (at interest accretion rate): |  |  |  |  |  |  |  |  |
Expected future gross premiums | $ | — |  |  | $ | — |  | $ | 3,854.6 |  |  | $ | 4,180.2 |  | $ | 8,034.8 |
Weighted average interest rate: |  |  |  |  |  |  |  |  |
Interest accretion rate | 4.1 | % |  | 2.3 | % |  | 5.0 | % |  | 5.1 | % |  | 4.3%
Current discount rate | 4.3 | % |  | 2.4 | % |  | 4.9 | % |  | 4.6 | % |  | 4.3%
Weighted average duration of the liability | 4.2 years |  | 2.5 years |  | 18.5 years |  | 9.4 years |  | 7.1 years
The following table presents the balances and changes in the reserves for future policy benefits for traditional long duration products in the Unum International segment.
| September 30
| 2025 |  | 2024
| (in millions of dollars)
Present Value of Expected Net Premiums |  |  |
Balance, beginning of year | $ | 276.1 |  | $ | 270.3
Beginning balance at original discount rate | 314.2 |  |  | 298.4 |
Effect of changes in cash flow assumptions | (7.8) |  |  | (5.9) |
Effect of actual variances from expected experience | 5.3 |  |  | 15.1 |
Adjusted beginning of year balance | 311.7 |  | 307.6
Issuances 1 | 26.8 |  | 25.3
Interest accretion | 10.1 |  | 8.7
Net premiums collected | (24.6) |  | (21.2)
Foreign currency | 42.7 |  | 7.3
Ending balance at original discount rate | 366.7 |  | 327.7
Effect of change in discount rate assumptions | (32.3) |  |  | (27.9) |
Balance, end of period | $ | 334.4 |  | $ | 299.8
Present Value of Expected Future Policy Benefits |  |  |
Balance, beginning of year | $ | 2,391.6 |  | $ | 2,527.4
Beginning balance at original discount rate | 2,641.5 |  |  | 2,687.1 |
Effect of changes in cash flow assumptions | (15.1) |  |  | 0.1 |
Effect of actual variances from expected experience | (7.5) |  |  | (13.4) |
Adjusted beginning of year balance | 2,618.9 |  | 2,673.8
Issuances 1 | 320.5 |  | 300.3
Interest accretion | 55.5 |  | 51.3
Benefit payments | (339.2) |  | (326.4)
Foreign currency | 228.8 |  | 121.0
Ending balance at original discount rate | 2,884.5 |  | 2,820.0
Effect of change in discount rate assumptions | (272.1) |  |  | (214.9) |
Balance, end of period | $ | 2,612.4 |  | $ | 2,605.1
Net liability for future policy benefits | $ | 2,278.0 |  | $ | 2,305.3
Other | 50.2 |  |  | 43.1 |
Total liability for future policy benefits | 2,328.2 |  |  | 2,348.4 |
Less: Reinsurance recoverable related to future policy benefits | 70.0 |  |  | 78.0 |
Net liability for future policy benefits, after reinsurance recoverable | $ | 2,258.2 |  | $ | 2,270.4
1 Issuances for Unum International primarily represent new claim incurrals.
The following tables summarize the amount of gross premiums and interest accretion reflected in the statements of income as well as the undiscounted and discounted expected gross premiums and expected future benefit payments and the weighted average interest rates for traditional long duration products in the Unum International segment presented in the rollforward activity above.
| Nine Months Ended September 30
| 2025 |  | 2024
| (in millions of dollars)
Amount recognized in the statement of income: |  |  |
Gross premiums or assessments | $ | 782.8 |  | $ | 710.2
Interest accretion | $ | 45.4 |  | $ | 42.6
| September 30
| 2025 |  | 2024
| (in millions of dollars, except weighted average data)
Amount of undiscounted: |  |  |
Expected future benefit payments | $ | 4,641.9 |  |  | $ | 4,536.2 |
Expected future gross premiums | $ | 1,587.2 |  |  | $ | 1,335.6 |
Amount of discounted (at interest accretion rate): |  |  |
Expected future gross premiums | $ | 994.4 |  |  | $ | 854.1 |
Weighted average interest rate: |  |  |
Interest accretion rate | 4.1 | % |  | 4.1 | %
Current discount rate | 5.1 | % |  | 4.9 | %
Weighted average duration of the liability | 8.8 years |  | 8.9 years
The following table presents the balances and changes in the reserves for future policy benefits for traditional long duration products in the Colonial Life segment.
| September 30
| 2025 |  | 2024
| (in millions of dollars)
Present Value of Expected Net Premiums |  |  |
Balance, beginning of year | $ | 3,553.3 |  | $ | 3,592.6
Beginning balance at original discount rate | 3,793.8 |  |  | 3,754.3 |
Effect of changes in cash flow assumptions | 0.7 |  |  | (7.9) |
Effect of actual variances from expected experience | (35.8) |  |  | (57.0) |
Adjusted beginning of year balance | 3,758.7 |  | 3,689.4
Issuances | 426.7 |  | 417.2
Interest accretion | 105.8 |  | 101.4
Net premiums collected | (462.1) |  | (455.5)
Ending balance at original discount rate | 3,829.1 |  | 3,752.5
Effect of change in discount rate assumptions | (136.8) |  |  | (105.6) |
Balance, end of period | $ | 3,692.3 |  | $ | 3,646.9
Present Value of Expected Future Policy Benefits |  |  |
Balance, beginning of year | $ | 5,434.9 |  | $ | 5,566.0
Beginning balance at original discount rate | 6,026.2 |  |  | 5,925.2 |
Effect of changes in cash flow assumptions | (7.6) |  |  | (52.7) |
Effect of actual variances from expected experience | (50.2) |  |  | (84.2) |
Adjusted beginning of year balance | 5,968.4 |  | 5,788.3
Issuances | 461.2 |  | 455.1
Interest accretion | 177.3 |  | 172.2
Benefit payments | (480.4) |  | (458.4)
Ending balance at original discount rate | 6,126.5 |  | 5,957.2
Effect of change in discount rate assumptions | (432.1) |  |  | (303.5) |
Balance, end of period | $ | 5,694.4 |  | $ | 5,653.7
Net liability for future policy benefits | $ | 2,002.1 |  | $ | 2,006.8
Other | 25.3 |  |  | 25.1 |
Total liability for future policy benefits | 2,027.4 |  |  | 2,031.9 |
Less: Reinsurance recoverable related to future policy benefits | 1.2 |  |  | 1.5 |
Net liability for future policy benefits, after reinsurance recoverable | $ | 2,026.2 |  | $ | 2,030.4
The following tables summarize the amount of gross premiums and interest accretion reflected in the statements of income as well as the undiscounted and discounted expected gross premiums and expected future benefit payments and the weighted average interest rates for traditional long duration products in the Colonial Life segment presented in the rollforward activity above.
| Nine Months Ended September 30
| 2025 |  | 2024
| (in millions of dollars)
Amount recognized in the statement of income: |  |  |
Gross premiums or assessments | $ | 1,329.8 |  | $ | 1,286.4
Interest accretion | $ | 71.5 |  | $ | 70.8
| September 30
| 2025 |  | 2024
| (in millions of dollars, except weighted average data)
Amount of undiscounted: |  |  |
Expected future benefit payments | $ | 10,893.9 |  |  | $ | 10,242.2 |
Expected future gross premiums | $ | 13,078.5 |  |  | $ | 12,450.4 |
Amount of discounted (at interest accretion rate): |  |  |
Expected future gross premiums | $ | 9,268.7 |  |  | $ | 8,948.9 |
Weighted average interest rate: |  |  |
Interest accretion rate | 4.4 | % |  | 4.4 | %
Current discount rate | 5.2 | % |  | 4.8 | %
Weighted average duration of the liability | 17.6 years |  | 17.3 years
The following table presents the balances and changes in the reserves for future policy benefits for traditional long duration products in the Closed Block segment.
| September 30, 2025
| Long-term Care |  | All Other |  | Total Closed Block
| (in millions of dollars)
Present Value of Expected Net Premiums |  |  |  |  |
Balance, beginning of year | $ | 7,658.5 |  | $ | — |  | $ | 7,658.5
Beginning balance at original discount rate | 7,592.9 |  | — |  | 7,592.9
Effect of changes in cash flow assumptions | 255.3 |  | — |  | 255.3
Effect of actual variances from expected experience | (113.6) |  | — |  | (113.6)
Adjusted beginning of year balance | 7,734.6 |  | — |  | 7,734.6
Interest accretion | 293.8 |  | — |  | 293.8
Net premiums collected | (474.0) |  | — |  | (474.0)
Ending balance at original discount rate | 7,554.4 |  | — |  | 7,554.4
Effect of change in discount rate assumptions | 283.6 |  | — |  | 283.6
Balance, end of period | $ | 7,838.0 |  | $ | — |  | $ | 7,838.0
Present Value of Expected Future Policy Benefits |  |  |  |  |
Balance, beginning of year | $ | 22,925.2 |  | $ | 7,138.4 |  | $ | 30,063.6
Beginning balance at original discount rate | 22,953.7 |  | 7,591.0 |  | 30,544.7
Effect of changes in cash flow assumptions | 974.6 |  | (3.3) |  | 971.3
Effect of actual variances from expected experience | (26.6) |  | (25.1) |  | (51.7)
Adjusted beginning of year balance | 23,901.7 |  | 7,562.6 |  | 31,464.3
Issuances 1 | — |  | 70.3 |  | 70.3
Interest accretion | 913.4 |  | 244.8 |  | 1,158.2
Benefit payments | (784.8) |  | (677.7) |  | (1,462.5)
Ending balance at original discount rate | 24,030.3 |  | 7,200.0 |  | 31,230.3
Effect of change in discount rate assumptions | 650.6 |  | (253.0) |  | 397.6
Balance, end of period | $ | 24,680.9 |  | $ | 6,947.0 |  | $ | 31,627.9
Net liability for future policy benefits | $ | 16,842.9 |  | $ | 6,947.0 |  | $ | 23,789.9
Other 2 | 4.7 |  | 1,429.0 |  | 1,433.7
Total liability for future policy benefits | 16,847.6 |  | 8,376.0 |  | 25,223.6
Less: Reinsurance recoverable related to future policy benefits | 3,388.7 |  | 6,553.6 |  | 9,942.3
Net liability for future policy benefits, after reinsurance recoverable | $ | 13,458.9 |  | $ | 1,822.4 |  | $ | 15,281.3
1 Issuances for Closed Block - All Other represents new claim incurrals.
2 Other for Closed Block - All Other primarily includes our closed block group pension products and certain of our ceded closed block individual life products.
| September 30, 2024
| Long-term Care |  | All Other |  | Total Closed Block
| (in millions of dollars)
Present Value of Expected Net Premiums |  |  |  |  |
Balance, beginning of year | $ | 8,123.5 |  | $ | — |  | $ | 8,123.5
Beginning balance at original discount rate | 7,703.6 |  | — |  | 7,703.6
Effect of changes in cash flow assumptions | 145.5 |  | — |  | 145.5
Effect of actual variances from expected experience | (32.6) |  | — |  | (32.6)
Adjusted beginning of year balance | 7,816.5 |  | — |  | 7,816.5
Interest accretion | 302.0 |  | — |  | 302.0
Net premiums collected | (462.3) |  | — |  | (462.3)
Ending balance at original discount rate | 7,656.2 |  | — |  | 7,656.2
Effect of change in discount rate assumptions | 477.5 |  | — |  | 477.5
Balance, end of period | $ | 8,133.7 |  | $ | — |  | $ | 8,133.7
Present Value of Expected Future Policy Benefits |  |  |  |  |
Balance, beginning of year | $ | 24,697.7 |  | $ | 7,880.0 |  | $ | 32,577.7
Beginning balance at original discount rate | 22,649.3 |  | 8,094.6 |  | 30,743.9
Effect of changes in cash flow assumptions | (4.1) |  | 5.4 |  | 1.3
Effect of actual variances from expected experience | 38.9 |  | 5.2 |  | 44.1
Adjusted beginning of year balance | 22,684.1 |  | 8,105.2 |  | 30,789.3
Issuances 1 | — |  | 82.3 |  | 82.3
Interest accretion | 899.7 |  | 261.6 |  | 1,161.3
Benefit payments | (710.0) |  | (738.6) |  | (1,448.6)
Ending balance at original discount rate | 22,873.8 |  | 7,710.5 |  | 30,584.3
Effect of change in discount rate assumptions | 1,927.3 |  | (129.2) |  | 1,798.1
Balance, end of period | $ | 24,801.1 |  | $ | 7,581.3 |  | $ | 32,382.4
Net liability for future policy benefits | $ | 16,667.4 |  | $ | 7,581.3 |  | $ | 24,248.7
Other 2 | (0.7) |  | 1,556.5 |  | 1,555.8
Total liability for future policy benefits | 16,666.7 |  | 9,137.8 |  | 25,804.5
Less: Reinsurance recoverable related to future policy benefits | 4.2 |  | 7,171.4 |  | 7,175.6
Net liability for future policy benefits, after reinsurance recoverable | $ | 16,662.5 |  | $ | 1,966.4 |  | $ | 18,628.9
1 Issuances for Closed Block - All Other represents new claim incurrals.
2 Other for Closed Block - All Other primarily includes our closed block group pension products and certain of our ceded closed block individual life products.
The following tables summarize the amount of gross premiums and interest accretion reflected in the statements of income as well as the undiscounted and discounted expected gross premiums and expected future benefit payments and the weighted average interest rates for traditional long duration products in the Closed Block segment presented in the rollforward activity above.
| Nine Months Ended September 30, 2025
| Long-term Care |  | All Other |  | Total Closed Block
| (in millions of dollars)
Amount recognized in the statement of income: |  |  |  |  |
Gross premiums or assessments | $ | 529.0 |  | $ | 121.2 |  | $ | 650.2
Interest accretion | $ | 619.6 |  | $ | 244.8 |  | $ | 864.4
| Nine Months Ended September 30, 2024
| Long-term Care |  | All Other |  | Total Closed Block
| (in millions of dollars)
Amount recognized in the statement of income: |  |  |  |  |
Gross premiums or assessments | $ | 521.6 |  | $ | 143.6 |  | $ | 665.2
Interest accretion | $ | 597.7 |  |  | $ | 261.6 |  | $ | 859.3
| September 30, 2025
| Long-term Care |  | All Other |  | Total Closed Block
| (in millions of dollars, except weighted average data)
Amount of undiscounted: |  |  |  |  |
Expected future benefit payments | $ | 59,448.1 |  |  | $ | 10,468.0 |  | $ | 69,916.1 |
Expected future gross premiums | $ | 12,779.0 |  |  | $ | — |  | $ | 12,779.0 |
Amount of discounted (at interest accretion rate): |  |  |  |  |
Expected future gross premiums | $ | 7,743.2 |  |  | $ | — |  | $ | 7,743.2 |
Weighted average interest rate: |  |  |  |  |
Interest accretion rate | 5.6 | % |  | 4.6 | % |  | 5.3 | %
Current discount rate | 5.4 | % |  | 5.0 | % |  | 5.3 | %
Weighted average duration of the liability | 14.9 years |  | 7.1 years |  | 12.5 years
| September 30, 2024
| Long-term Care |  | All Other |  | Total Closed Block
| (in millions of dollars, except weighted average data)
Amount of undiscounted: |  |  |  |  |
Expected future benefit payments | $ | 60,339.0 |  |  | $ | 11,281.4 |  | $ | 71,620.4 |
Expected future gross premiums | $ | 13,968.7 |  |  | $ | — |  | $ | 13,968.7 |
Amount of discounted (at interest accretion rate): |  |  |  |  |
Expected future gross premiums | $ | 8,103.6 |  |  | $ | — |  | $ | 8,103.6 |
Weighted average interest rate: |  |  |  |  |
Interest accretion rate | 5.6 | % |  | 4.6 | % |  | 5.2%
Current discount rate | 5.0 | % |  | 4.7 | % |  | 4.9%
Weighted average duration of the liability | 15.9 years |  | 7.2 years |  | 13.0 years
A reconciliation of the liability for future policy benefits reflected in the preceding rollforwards to the related liability balances in the consolidated balance sheets are as follows:
| September 30
| 2025 |  | 2024
| (in millions of dollars)
Liability for future policy benefits |  |  |
Unum US 1 | $ | 8,525.3 |  |  | $ | 9,026.9 |
Unum International | 2,328.2 |  |  | 2,348.4 |
Colonial Life | 2,027.4 |  |  | 2,031.9 |
Closed Block 1 | 25,223.6 |  |  | 25,804.5 |
Other products 1 | 196.2 |  |  | 232.8 |
Total liability for future policy benefits | $ | 38,300.7 |  |  | $ | 39,444.5 |
1Unum US excludes dental & vision and medical stop-loss product lines and Closed Block excludes our participating fund account, which represents policies issued by one of our subsidiaries prior to its 1986 conversion from a mutual stock life insurance company. The liabilities associated with these products are included within Other products.
Policyholder Account Balance | The following table presents the balances and changes in the policyholders' account balances:
| September 30, 2025
| Unum US - Voluntary Benefits |  | Colonial Life |  | Closed Block - All Other |  | Total
| (in millions of dollars, except weighted average data)
Balance, beginning of year | $ | 568.8 |  | $ | 849.0 |  | $ | 4,052.2 |  | $ | 5,470.0 |
Premiums received | 37.3 |  | 56.3 |  | 24.2 |  | 117.8 |
Policy charges 1 | (41.0) |  | (52.2) |  | (82.5) |  | (175.7) |
Surrenders and withdrawals | (30.0) |  | (28.3) |  | (12.4) |  | (70.7) |
Benefit payments | (4.6) |  | (5.9) |  | (136.6) |  | (147.1) |
Interest credited | 15.1 |  | 25.4 |  | 247.4 |  | 287.9 |
Other | 7.2 |  | 0.1 |  | 0.7 |  | 8.0 |
Balance, end of period | 552.8 |  |  | 844.4 |  |  | 4,093.0 |  |  | 5,490.2 |
Reserves in excess of account balance | 114.6 |  | 12.9 |  | 42.2 |  | 169.7 |
Total policyholders' account balances | 667.4 |  |  | 857.3 |  |  | 4,135.2 |  |  | 5,659.9 |
Less: Reinsurance recoverable related to policyholders' account balances | 0.7 |  | — |  | 4,135.2 |  | 4,135.9
Net policyholders' account balances, after reinsurance recoverable | $ | 666.7 |  |  | $ | 857.3 |  |  | $ | — |  |  | $ | 1,524.0 |
Weighted average crediting rate | 3.6% |  | 4.1% |  | 8.5% |  | 7.3%
Net amount at risk 2 | $ | 3,822.1 |  | $ | 7,795.1 |  | $ | 1,610.8 |  | $ | 13,228.0
Cash surrender value | $ | 542.5 |  | $ | 821.9 |  | $ | 4,057.3 |  | $ | 5,421.7
1 Contracts included in the policyholders' account balances are generally charged a premium and/or monthly assessments on the basis of the account balance.
2 For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.
| September 30, 2024
| Unum US - Voluntary Benefits |  | Colonial Life |  | Closed Block - All Other |  | Total
| (in millions of dollars, except weighted average data)
Balance, beginning of year | $ | 578.6 |  | $ | 852.9 |  | $ | 4,082.7 |  | $ | 5,514.2 |
Premiums received | 40.7 |  | 60.2 |  | 23.3 |  | 124.2 |
Policy charges 1 | (42.9) |  | (54.2) |  | (73.7) |  | (170.8) |
Surrenders and withdrawals | (24.3) |  | (30.4) |  | (9.8) |  | (64.5) |
Benefit payments | (4.8) |  | (6.0) |  | (157.1) |  | (167.9) |
Interest credited | 15.7 |  | 25.6 |  | 220.1 |  | 261.4 |
Other | 7.6 |  | 0.2 |  | 0.8 |  | 8.6 |
Balance, end of period | 570.6 |  |  | 848.3 |  |  | 4,086.3 |  |  | 5,505.2 |
Reserves in excess of account balance | 104.4 |  | 14.5 |  | 37.2 |  | 156.1 |
Total policyholders' account balances | 675.0 |  |  | 862.8 |  |  | 4,123.5 |  |  | 5,661.3 |
Less: Reinsurance recoverable related to policyholders' account balances | 0.8 |  | — |  | 4,123.5 |  | 4,124.3
Net policyholders' account balances, after reinsurance recoverable | $ | 674.2 |  | $ | 862.8 |  | $ | — |  | $ | 1,537.0
Weighted average crediting rate | 3.7% |  | 4.1% |  | 7.4% |  | 6.5%
Net amount at risk 2 | $ | 4,210.4 |  | $ | 8,325.0 |  | $ | 1,698.7 |  | $ | 14,234.1 |
Cash surrender value | $ | 560.4 |  | $ | 817.1 |  | $ | 4,062.7 |  | $ | 5,440.2 |
1 Contracts included in the policyholders' account balances are generally charged a premium and/or monthly assessments on the basis of the account balance.
2 For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate | The balance of the account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums is as follows.
|  | September 30, 2025
Range of Guaranteed Minimum Crediting Rate |  | At Guaranteed Minimum |  | 1 Basis Point - 50 Basis Points Above |  | 51 Basis Points - 150 Basis Points Above |  | Greater than 150 Basis Points Above |  | Total
|  | (in millions of dollars)
|  | Unum US - Voluntary Benefits
3.00% - 3.99% |  | $ | 86.6 |  | $ | — |  | $ | — |  | $ | — |  | $ | 86.6
4.00% - 4.99% |  | 229.1 |  | 207.7 |  | — |  | — |  | 436.8
5.00% - 6.00% |  | 29.4 |  | — |  | — |  | — |  | 29.4
|  | 345.1 |  | 207.7 |  | — |  | — |  | 552.8
|  | Colonial Life
4.00% - 5.00% |  | 838.1 |  | 6.3 |  | — |  | — |  | 844.4
|  | Closed Block - All Other
3.00% - 5.99% |  | 1,431.1 |  | 47.6 |  | 6.6 |  | — |  |  | 1,485.3
6.00% - 8.99% |  | 25.7 |  | — |  | — |  | — |  |  | 25.7
9.00% - 11.99% |  | 2,367.7 |  | — |  | — |  | — |  |  | 2,367.7
12.00% - 15.00% |  | 214.3 |  | — |  | — |  | — |  |  | 214.3
|  | 4,038.8 |  | 47.6 |  | 6.6 |  | — |  | 4,093.0
Total |  | $ | 5,222.0 |  | $ | 261.6 |  | $ | 6.6 |  | $ | — |  | $ | 5,490.2
|  | September 30, 2024
Range of Guaranteed Minimum Crediting Rate |  | At Guaranteed Minimum |  | 1 Basis Point - 50 Basis Points Above |  | 51 Basis Points - 150 Basis Points Above |  | Greater than 150 Basis Points Above |  | Total
|  | (in millions of dollars)
|  | Unum US - Voluntary Benefits
3.00% - 3.99% |  | $ | 89.8 |  | $ | — |  | $ | — |  | $ | — |  | $ | 89.8
4.00% - 4.99% |  | 220.2 |  | 193.6 |  | 35.8 |  | — |  | 449.6
5.00% - 6.00% |  | 31.2 |  | — |  | — |  | — |  | 31.2
|  | 341.2 |  | 193.6 |  | 35.8 |  | — |  | 570.6
|  | Colonial Life
4.00% - 5.00% |  | 842.0 |  | 6.3 |  | — |  | — |  | 848.3
|  | Closed Block - All Other
3.00% - 5.99% |  | 415.9 |  | 1,117.1 |  | 27.7 |  | — |  |  | 1,560.7
6.00% - 8.99% |  | 1.3 |  | 25.6 |  | — |  | — |  |  | 26.9
9.00% - 11.99% |  | — |  | 2,299.3 |  | — |  | — |  |  | 2,299.3
12.00% - 15.00% |  | — |  | 199.4 |  | — |  | — |  |  | 199.4
|  | 417.2 |  | 3,641.4 |  | 27.7 |  | — |  | 4,086.3
Total |  | $ | 1,600.4 |  | $ | 3,841.3 |  | $ | 63.5 |  | $ | — |  | $ | 5,505.2
Deferred Policy Acquisition Costs | The following tables display the changes in DAC throughout the period:
| September 30, 2025
| Unum US |  | Unum International |  | Colonial Life |  | Total
| (in millions of dollars)
Balance, beginning of year | $ | 1,260.6 |  | $ | 53.0 |  | $ | 1,529.2 |  | $ | 2,842.8
Capitalization | 253.7 |  | 16.4 |  | 250.9 |  | 521.0
Amortization expense | (208.2) |  | (7.8) |  | (173.9) |  | (389.9)
Foreign currency | — |  | 6.8 |  | — |  | 6.8
Other 1 | (100.3) |  | — |  | — |  | (100.3)
Balance, end of period | $ | 1,205.8 |  | $ | 68.4 |  | $ | 1,606.2 |  | $ | 2,880.4
1 Reflects the impacts of DAC written off related to the Fortitude Re reinsurance transaction. See Note 14 for further discussion of the reinsurance transaction.
| September 30, 2024
| Unum US |  | Unum International |  | Colonial Life |  | Total
| (in millions of dollars)
Balance, beginning of year | $ | 1,232.2 |  | $ | 46.9 |  | $ | 1,435.4 |  | $ | 2,714.5
Capitalization | 247.4 |  | 13.2 |  | 234.7 |  | 495.3
Amortization expense | (216.7) |  | (7.3) |  | (163.9) |  | (387.9)
Foreign currency | — |  | 1.6 |  | — |  | 1.6
Balance, end of period | $ | 1,262.9 |  | $ | 54.4 |  | $ | 1,506.2 |  | $ | 2,823.5
| September 30, 2025
| Group Disability |  | Group Life and AD&D |  | Voluntary Benefits |  | Individual Disability |  | Dental and Vision |  | Total Unum US
| (in millions of dollars)
Balance, beginning of year | $ | 61.1 |  | $ | 51.1 |  | $ | 614.3 |  | $ | 521.2 |  | $ | 12.9 |  | $ | 1,260.6
Capitalization | 46.5 |  | 34.7 |  | 93.9 |  | 67.2 |  | 11.4 |  | 253.7
Amortization expense | (41.5) |  | (26.4) |  | (86.0) |  | (43.5) |  | (10.8) |  | (208.2)
Other 1 | — |  | — |  | — |  | (100.3) |  | — |  | (100.3)
Balance, end of period | $ | 66.1 |  | $ | 59.4 |  | $ | 622.2 |  | $ | 444.6 |  | $ | 13.5 |  | $ | 1,205.8
1 Reflects the impacts of DAC written off related to the Fortitude Re reinsurance transaction. See Note 14 for further discussion of the reinsurance transaction.
| September 30, 2024
| Group Disability |  | Group Life and AD&D |  | Voluntary Benefits |  | Individual Disability |  | Dental and Vision |  | Total Unum US
| (in millions of dollars)
Balance, beginning of year | $ | 63.6 |  | $ | 48.9 |  | $ | 610.6 |  | $ | 497.8 |  | $ | 11.3 |  | $ | 1,232.2
Capitalization | 48.1 |  |  | 31.0 |  | 93.2 |  | 63.9 |  | 11.2 |  | 247.4
Amortization expense | (46.8) |  |  | (26.7) |  | (88.4) |  | (45.3) |  | (9.5) |  | (216.7)
Balance, end of period | $ | 64.9 |  | $ | 53.2 |  | $ | 615.4 |  | $ | 516.4 |  | $ | 13.0 |  | $ | 1,262.9
During the third quarter of 2024, we updated our policyholder lapse and mortality assumptions used to develop the future amortization for DAC for the Unum US voluntary benefits product line and the Colonial Life segment. These assumption updates were consistent with the related assumption updates for the liability for future policy benefits.

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