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Segment Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Information
We have three principal operating segments: Unum US, Unum International, and Colonial Life. Our other operating segments are Closed Block and Corporate.

Segment information is shown below.
Three Months Ended September 30Nine Months Ended September 30
2025202420252024
(in millions of dollars)
Premium Income
Unum US
Group Disability
Group Long-term Disability$499.2 $522.1 $1,511.5 $1,560.3 
Group Short-term Disability286.0 271.3 853.6 810.7 
Group Life and Accidental Death & Dismemberment
Group Life468.3 447.8 1,404.5 1,337.9 
Accidental Death & Dismemberment48.9 47.1 146.3 139.3 
Supplemental and Voluntary
Voluntary Benefits231.6 219.3 700.2 665.1 
Individual Disability140.0 140.4 475.4 424.6 
Dental and Vision81.4 75.5 243.4 223.9 
1,755.4 1,723.5 5,334.9 5,161.8 
Unum International
Unum UK
Group Long-term Disability111.3 106.6 319.4 312.4 
Group Life71.9 58.8 201.6 156.3 
Supplemental47.4 41.4 136.3 125.1 
Unum Poland50.5 39.8 141.6 113.3 
281.1 246.6 798.9 707.1 
Colonial Life
Accident, Sickness, and Disability247.5 240.6 743.7 725.5 
Life118.7 113.1 360.7 342.6 
Cancer and Critical Illness90.3 88.2 271.5 266.9 
456.5 441.9 1,375.9 1,335.0 
Closed Block
Long-term Care158.6 173.7 510.7 521.5 
All Other36.4 43.1 118.5 140.9 
195.0 216.8 629.2 662.4 
Total Premium Income$2,688.0 $2,628.8 $8,138.9 $7,866.3 
Three Months Ended September 30, 2025
Unum USUnum InternationalColonial LifeClosed BlockCorporateTotal
(in millions of dollars)
Premium Income$1,755.4 $281.1 $456.5 $195.0 $— $2,688.0 
Net Investment Income151.9 36.2 44.3 224.7 19.7 476.8 
Other Income1
60.9 2.9 0.6 16.3 0.3 81.0 
Adjusted Operating Revenue$1,968.2 $320.2 $501.4 $436.0 $20.0 $3,245.8 
Adjusted Policy Benefits2
$1,047.7 $214.7 $223.3 $356.0 $— $1,841.7 
Adjusted Policy Benefits - Remeasurement Loss (Gain)³(4.2)(14.3)(3.1)19.0 — (2.6)
Commissions195.8 26.1 96.7 16.6 — 335.2 
Interest and Debt Expense— — — — 52.2 52.2 
Deferral of Acquisition Costs(83.3)(5.5)(84.7)— — (173.5)
Amortization of Deferred Acquisition Costs71.4 2.7 58.2 — — 132.3 
Other Segment Items4
405.9 57.7 94.4 30.3 15.5 603.8 
Adjusted Benefits and Expenses$1,633.3 $281.4 $384.8 $421.9 $67.7 $2,789.1 
Adjusted Operating Income (Loss)$334.9 $38.8 $116.6 $14.1 $(47.7)$456.7 
1Excludes the amortization of the deferred gain on reinsurance in the Unum US segment.
2Excludes the impact of non-contemporaneous reinsurance in the Unum US segment and the Closed Block segment.
3Excludes the reserve assumption updates that occurred in the third quarter of 2025 for all segments except Corporate.
4Excludes the amortization of the cost of reinsurance in the Closed Block segment. For each reportable segment, other segment items includes compensation, other personnel expenses, taxes, licenses and fees, depreciation, intangible asset amortization and other expenses. Depreciation and intangible asset amortization during the three months ended September 30, 2025 was $21.9 million, $5.9 million, $4.3 million, $1.5 million, and $0.1 million for our Unum US, Unum International, Colonial Life, Closed Block and Corporate segments, respectively.
Three Months Ended September 30, 2024
Unum USUnum InternationalColonial LifeClosed BlockCorporateTotal
(in millions of dollars)
Premium Income$1,723.5 $246.6 $441.9 $216.8 $— $2,628.8 
Net Investment Income161.0 30.4 39.6 284.3 12.5 527.8 
Other Income60.1 0.4 0.4 12.4 — 73.3 
Adjusted Operating Revenue$1,944.6 $277.4 $481.9 $513.5 $12.5 $3,229.9 
Adjusted Policy Benefits1
$1,046.0 $192.7 $218.1 $401.8 $— $1,858.6 
Adjusted Policy Benefits - Remeasurement Loss (Gain)²(38.3)(24.9)(7.9)25.8 — (45.3)
Commissions182.6 21.7 93.0 17.8 — 315.1 
Interest and Debt Expense— — — — 49.2 49.2 
Deferral of Acquisition Costs(81.6)(4.6)(77.1)— — (163.3)
Amortization of Deferred Acquisition Costs75.7 2.5 55.6 — — 133.8 
Other Segment Items3
396.9 49.7 86.8 33.9 12.7 580.0 
Adjusted Benefits and Expenses$1,581.3 $237.1 $368.5 $479.3 $61.9 $2,728.1 
Adjusted Operating Income (Loss)$363.3 $40.3 $113.4 $34.2 $(49.4)$501.8 
1Excludes the impact of non-contemporaneous reinsurance in the Closed Block segment.
2Excludes the reserve assumption updates that occurred in the third quarter of 2024 for all segments except Corporate.
3Excludes the amortization of the cost of reinsurance in the Closed Block segment and the loss on legal settlement in the Corporate Segment. For each reportable segment, other segment items includes compensation, other personnel expenses, taxes, licenses and fees, depreciation, intangible asset amortization, and other expenses. Depreciation and intangible asset amortization during the three months ended September 30, 2024 was $21.5 million, $4.5 million, $3.8 million, $1.3 million, and $0.1 million for our Unum US, Unum International, Colonial Life, Closed Block and Corporate segments, respectively.
Nine Months Ended September 30, 2025
Unum USUnum InternationalColonial LifeClosed BlockCorporateTotal
(in millions of dollars)
Premium Income$5,334.9 $798.9 $1,375.9 $629.2 $— $8,138.9 
Net Investment Income455.9 110.9 129.1 778.9 75.9 1,550.7 
Other Income1
190.8 3.3 1.3 38.3 — 233.7 
Adjusted Operating Revenue$5,981.6 $913.1 $1,506.3 $1,446.4 $75.9 $9,923.3 
Adjusted Policy Benefits2
$3,297.2 $576.9 $675.9 $1,185.1 $— $5,735.1 
Adjusted Policy Benefits - Remeasurement Loss (Gain)³(98.3)(16.0)(14.4)68.0 — (60.7)
Commissions605.2 73.6 292.6 50.5 — 1,021.9 
Interest and Debt Expense— — — — 156.2 156.2 
Deferral of Acquisition Costs(253.7)(16.4)(250.9)— — (521.0)
Amortization of Deferred Acquisition Costs208.2 7.8 173.9 — — 389.9 
Other Segment Items4
1,240.8 168.1 279.5 100.4 40.2 1,829.0 
Adjusted Benefits and Expenses$4,999.4 $794.0 $1,156.6 $1,404.0 $196.4 $8,550.4 
Adjusted Operating Income (Loss)$982.2 $119.1 $349.7 $42.4 $(120.5)$1,372.9 
1Excludes the amortization of the deferred gain on reinsurance in the Unum US segment.
2Excludes the impact of non-contemporaneous reinsurance in the Unum US segment and the Closed Block segment.
3Excludes the reserve assumption updates that occurred in the third quarter of 2025 for all segments except Corporate.
4Excludes the amortization of the cost of reinsurance in the Closed Block segment. For each reportable segment, other segment items includes compensation, other personnel expenses, taxes, licenses and fees, depreciation, intangible asset amortization and other expenses. Depreciation and intangible asset amortization during the nine months ended September 30, 2025 was $64.4 million, $15.8 million, $12.5 million, $4.5 million, and $0.4 million for our Unum US, Unum International, Colonial Life, Closed Block and Corporate segments, respectively.
Nine Months Ended September 30, 2024
Unum USUnum InternationalColonial LifeClosed BlockCorporateTotal
(in millions of dollars)
Premium Income$5,161.8 $707.1 $1,335.0 $662.4 $— $7,866.3 
Net Investment Income476.1 94.5 119.4 851.6 44.8 1,586.4 
Other Income178.9 1.2 3.6 37.7 1.1 222.5 
Adjusted Operating Revenue$5,816.8 $802.8 $1,458.0 $1,551.7 $45.9 $9,675.2 
Adjusted Policy Benefits1
$3,207.2 $511.9 $667.7 $1,217.2 $— $5,604.0 
Adjusted Policy Benefits - Remeasurement Loss (Gain)²(223.6)(32.0)(27.0)72.5 — (210.1)
Commissions551.9 61.7 282.2 52.0 — 947.8 
Interest and Debt Expense— — — — 148.6 148.6 
Deferral of Acquisition Costs(247.4)(13.2)(234.7)— — (495.3)
Amortization of Deferred Acquisition Costs216.7 7.3 163.9 — — 387.9 
Other Segment Items3
1,206.0 146.9 261.9 99.9 38.1 1,752.8 
Adjusted Benefits and Expenses$4,710.8 $682.6 $1,114.0 $1,441.6 $186.7 $8,135.7 
Adjusted Operating Income (Loss)$1,106.0 $120.2 $344.0 $110.1 $(140.8)$1,539.5 
1Excludes the impact of non-contemporaneous reinsurance in the Closed Block segment.
2Excludes the reserve assumption updates that occurred in the third quarter of 2024 for all segments except Corporate.
3Excludes the amortization of the cost of reinsurance in the Closed Block segment and the loss on legal settlement in the Corporate segment. For each reportable segment, other segment items includes compensation, other personnel expenses, taxes, licenses and fees, depreciation, intangible asset amortization, and other expenses. Depreciation and intangible asset amortization during the nine months ended September 30, 2024 was $63.3 million, $13.1 million, $11.3 million, $3.9 million, and $0.2 million for our Unum US, Unum International, Colonial Life, Closed Block and Corporate segments, respectively.
September 30December 31
20252024
(in millions of dollars)
Assets
Unum US$14,792.9 $14,981.6 
Unum International3,612.3 3,291.3 
Colonial Life5,190.9 4,964.2 
Closed Block34,080.0 33,376.0 
Corporate6,002.0 5,346.2 
Total Assets$63,678.1 $61,959.3 

We report goodwill in our Unum US, Unum International, and Colonial Life segments, which are the segments expected to benefit from the originating business combinations. At September 30, 2025 and December 31, 2024 goodwill was $354.0 million and $349.1 million, respectively, with $281.5 million and $280.0 million, respectively, attributable to Unum US, $44.8 million and $41.4 million, respectively, attributable to Unum International, and $27.7 million attributable to Colonial Life in both periods.
We measure and analyze our segment performance on the basis of "adjusted operating revenue" and "adjusted operating income" or "adjusted operating loss", which differ from total revenue and income before income tax as presented in our consolidated statements of income due to the exclusion of investment gains and losses, certain impacts from reinsurance transactions, reserve assumption updates and certain other items specified in the reconciliations below. We believe adjusted operating revenue and adjusted operating income or loss are better performance measures and better indicators of the revenue and profitability and underlying trends in our business. These performance measures are in accordance with GAAP guidance for segment reporting, but they should not be viewed as a substitute for total revenue, income before income tax, or net income.

Investment gains or losses primarily include realized investment gains or losses, expected investment credit losses, impairment losses, and gains or losses on derivatives. Investment gains or losses depend on market conditions and do not necessarily relate to decisions regarding the underlying business of our segments. Our investment focus is on investment income to support our insurance liabilities as opposed to the generation of investment gains or losses. Although we may experience investment gains or losses which will affect future earnings levels, a long-term focus is necessary to maintain profitability over the life of the business since our underlying business is long-term in nature, and we need to earn the interest rates assumed in calculating our liabilities.

At times, we utilize reinsurance transactions to manage risk related to certain portions of our business including the exit of portions of our Closed Block businesses. As a result, we exclude the amortization of the cost of reinsurance and the amortization of the deferred gain on reinsurance that are recognized after the closing of these transactions. We also exclude the impact of non-contemporaneous reinsurance for these transactions. While the total equity impact of non-contemporaneous reinsurance is neutral, the difference in original discount rates utilized for direct and ceded reserves results in a disproportionate earnings impact. We believe that the exclusion of these items provides a better view of our results from our ongoing businesses.

Cash flow assumptions used to calculate our liability for future policy benefits are reviewed at least annually and updated, as needed, with the resulting impact reflected in net income. While the effects of these assumption updates are recorded in the reporting period in which the review is completed, these updates reflect experience emergence and changes to expectations spanning multiple periods. We believe that by excluding the impact of reserve assumption updates we are providing a more comparable and consistent view of our results.

We may at other times exclude certain other items from our discussion of financial ratios and metrics in order to enhance the understanding and comparability of our operational performance and the underlying fundamentals, but this exclusion is not an indication that similar items may not recur and does not replace net income or net loss as a measure of our overall profitability.
A reconciliation of total revenue to "adjusted operating revenue" and income before income tax to "adjusted operating income" is as follows:
Three Months Ended September 30Nine Months Ended September 30
2025202420252024
(in millions of dollars)
Total Revenue$3,378.4 $3,217.0 $9,831.4 $9,650.7 
Excluding:
Net Investment Gain (Loss)128.0 (12.9)(96.5)(24.5)
Amortization of the Deferred Gain on Reinsurance4.6 — 4.6 — 
Adjusted Operating Revenue$3,245.8 $3,229.9 $9,923.3 $9,675.2 
Income Before Income Tax$54.5 $814.6 $715.1 $1,805.8 
Excluding:
Net Investment Gains and Losses
Net Investment Gain (Loss) Related to the Fortitude Re Reinsurance Transaction137.6 — (46.8)— 
Net Investment Loss, Other(9.6)(12.9)(49.7)(24.5)
Total Net Investment Gain (Loss)128.0 (12.9)(96.5)(24.5)
Amortization of the Cost of Reinsurance(48.6)(10.4)(67.9)(31.1)
Amortization of the Deferred Gain on Reinsurance
4.6 — 4.6 — 
Non-Contemporaneous Reinsurance(7.7)(6.0)(19.5)(20.2)
Reserve Assumption Updates(478.5)357.4 (478.5)357.4 
Loss on Legal Settlement— (15.3)— (15.3)
Adjusted Operating Income$456.7 $501.8 $1,372.9 $1,539.5