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Liability for Future Policy Benefits, Policyholder's Account Balances, and Deferred Acquisition Costs (Tables)

9 Months Ended

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
Issuances1			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
Other2			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
1Issuances 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.
2Other 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
Issuances1			—						—						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
Issuances1			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
1Issuances 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
Issuances1			—						—						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
Issuances1			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
1Issuances 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
Issuances1			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
Issuances1			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
1Issuances 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
Issuances1			—						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
Other2			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
1Issuances for Closed Block - All Other represents new claim incurrals.
2Other 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
Issuances1			—						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
Other2			(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
1Issuances for Closed Block - All Other represents new claim incurrals.
2Other 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 US1			$	8,525.3					$	9,026.9
Unum International			2,328.2						2,348.4
Colonial Life			2,027.4						2,031.9
Closed Block1			25,223.6						25,804.5
Other products1			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 charges1			(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 risk2			$	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
1Contracts included in the policyholders' account balances are generally charged a premium and/or monthly assessments on the basis of the account balance.
2For 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 charges1			(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 risk2			$	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
1Contracts included in the policyholders' account balances are generally charged a premium and/or monthly assessments on the basis of the account balance.
2For 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
Other1			(100.3)						—						—						(100.3)
Balance, end of period			$	1,205.8					$	68.4					$	1,606.2					$	2,880.4
1Reflects 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)
Other1			—						—						—						(100.3)						—						(100.3)
Balance, end of period			$	66.1					$	59.4					$	622.2					$	444.6					$	13.5					$	1,205.8
1Reflects 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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