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Liability for Future Policy Benefits, Policyholder's Account Balances, and Deferred Acquisition Costs | 9 Months Ended
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Sep. 30, 2025
Insurance [Abstract] |
Long-Duration Insurance Contracts Disclosure | Liabilities for future policy benefits represent the cost of claims that we estimate we will eventually pay to our policyholders which includes policy liabilities for claims not yet incurred and for claims that have been incurred or are estimated to have been incurred but not yet reported to us. Liabilities for future policy benefits also include the related expenses for our non interest-sensitive life and accident and health products. The liability for future policy benefits is calculated based on the present value of the estimated future policy benefits less the present value of estimated future net premiums collected. Net premiums represent the portion of the gross premium required to provide for all benefits and expenses, excluding acquisition costs or any costs that are required to be charged to expense as incurred. In calculating the liability for future policy benefits, our long-duration contracts are grouped into cohorts by product type and contract issue year. The calculation of the liability for future policy benefits involves numerous assumptions including assumptions related to discount rate, lapses, mortality, and morbidity. Cash flow assumptions are reviewed and updated, as needed, at least annually. Assumptions may be updated more frequently if necessary based on trending experience and future expectations. On a quarterly basis, cohort level cash flow measures are updated based on the emergence of actual experience. The initial, also referred to as the original, discount rate assumptions established for each cohort are used to determine interest accretion. After policy issuance or policy renewal, the discount rate assumptions are updated quarterly and used to update the liability at each reporting date to the current discount rate. The weighted average current discount rate was 5.1 percent at September 30, 2025 and 5.3 percent at December 31, 2024 with the decrease due primarily to a decrease in U.S. Treasury rates. The weighted average current discount rate was 4.8 percent at September 30, 2024 and December 31, 2023. During the third quarter of 2025, we completed our annual cash flow assumption review and updated certain of our assumptions used to develop the liability for future policy benefits which resulted in a net increase to the liability. The increase to the liability for future policy benefits was driven primarily by the impact of assumption updates in our Closed Block long-term care product line, partially offset by the impact of assumption updates in the Unum US group disability product line and our Unum US individual disability product line. The Closed Block long-term care assumption updates were primarily driven by the removal of morbidity and mortality improvement assumptions. Also contributing were higher expectations for claim incidence assumptions, and the removal of future assumptions related to new enrollments on existing group cases, partially offset by an increase to expected future premium rate approvals and higher expectations for claim terminations. The Unum US group disability product line assumption updates were primarily related to claim resolution assumptions driven by favorable claim recovery trends and higher mortality expectations, while the Unum US individual disability product line assumption updates were primarily driven by favorable claim incidence and recovery trends. During the third quarter of 2024, we completed our annual cash flow assumption review and updated certain of our assumptions used to develop the liability for future policy benefits which resulted in a net decrease to the liability. The decrease to the liability for future policy benefits was driven primarily by assumption updates in our Closed Block long-term care product line, Unum US group disability product line, Unum US individual disability product line, and the Colonial Life segment. The Closed Block long-term care assumption updates were primarily driven by an increase to expected premium rate increase approvals within our existing premium rate increase program, partially offset by lower than expected persistency on group policies. The Unum US group disability product line assumption updates were primarily related to claim resolution assumptions driven by favorable claim recovery trends, while the Unum US individual disability product line assumption updates were primarily driven by favorable claim incidence trends. The Colonial Life segment assumption updates were driven by improved claim cost assumptions. Actual variance from expected experience during the first nine months of 2025 and 2024 was due primarily to the Unum US group disability, Closed Block long-term care, and the Unum US group life and accidental death and dismemberment product lines. Also contributing to the comparison for the first nine months of 2025 was the Closed Block all other product line. During the first nine months of 2025 and 2024, the variance in the Unum US group disability product line was primarily due to higher than expected claim resolutions driven by recoveries. During the first nine months of 2025 and 2024, the variance in the Closed Block long-term care product line was driven primarily by higher than expected claim incidence. Also impacting the variance for the first nine months of 2025 was higher than expected mortality experience. Also impacting the variance for the first nine months of 2024 was lower than expected policy terminations, partially offset by higher than expected claim resolutions. During the first nine months of 2025 and 2024, the variance in the Unum US group life and accidental death and dismemberment product line was driven primarily by higher than expected claim resolutions driven by recoveries and lower than expected claim incidence. Also impacting the actual variances from expected experience during the first nine months of 2025 was higher than expected mortality experience in the Closed Block all other product line, driven by our individual disability product. For the nine months ended September 30, 2025 and 2024, there were certain cohorts within the Colonial Life segment, related to our cancer and critical illness product line, and within the Closed Block segment, related to our long-term care product line, for which net premiums exceeded gross premiums. The cohorts for which net premiums exceeded the gross premiums within the Closed Block segment resulted in a $425.6 million reduction to income before income tax for the nine months ended September 30, 2025 and resulted in a $70.8 million increase to income before income tax for the nine months ended September 30, 2024. For the nine months ended September 30, 2025, the cohorts for which net premiums exceeded the gross premiums within the Colonial Life segment resulted in a $10.9 million reduction to income before income tax. For the nine months ended September 30, 2024, the cohorts for which net premiums exceeded the gross premiums within the Colonial Life segment had an immaterial impact to income before income tax. The impact to income for capped cohorts includes the impact of assumption updates. There were no other product lines with cohorts for which net premiums exceeded gross premiums for the nine months ended September 30, 2025 or 2024. 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
Unum International Segment 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
Colonial Life Segment 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
Closed Block Segment 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
Reconciliation 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 |
1 Unum 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. Policyholders' account balances primarily include our universal life and corporate-owned life insurance products. Policyholders' account balances reflect customer deposits and interest credited less cost of insurance, administration expenses, surrender charges, and customer withdrawals. 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.
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 by Segment | Note 9 - Deferred 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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