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

6 Months Ended

Jun. 30, 2023

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
	June 30
	2023		2022
	(in millions of dollars)
Present Value of Expected Net Premiums
Balance, beginning of year	$	12,426.2	$	15,881.3
Beginning balance at original discount rate	12,695.3		13,186.2
Effect of changes in cash flow assumptions	—		—
Effect of actual variances from expected experience	(118.1)		(174.5)
Adjusted beginning of year balance	12,577.2		13,011.7
Issuances	514.4		548.7
Interest accretion	275.7		290.6
Net premiums collected	(774.1)		(814.2)
Foreign currency	20.0		(26.3)
Ending balance at original discount rate	12,613.2		13,010.5
Effect of change in discount rate assumptions	(153.3)		330.1
Balance, end of period	$	12,459.9	$	13,340.6
Present Value of Expected Future Policy Benefits
Balance, beginning of year	$	48,929.4	$	65,305.0
Beginning balance at original discount rate	49,689.0		50,397.2
Effect of changes in cash flow assumptions	—		—
Effect of actual variances from expected experience	(351.3)		(294.0)
Adjusted beginning of year balance	49,337.7		50,103.2
Issuances1	1,837.0		1,960.5
Interest accretion	1,104.6		1,137.6
Benefit payments	(2,888.7)		(2,934.4)
Foreign currency	140.8		(276.1)
Ending balance at original discount rate	49,531.4		49,990.8
Effect of change in discount rate assumptions	(173.3)		2,485.6
Balance, end of period	$	49,358.1	$	52,476.4
Net liability for future policy benefits	$	36,898.2	$	39,135.8
Other	1,806.7		2,055.5
Total liability for future policy benefits	38,704.9		41,191.3
Less: Reinsurance recoverable related to future policy benefits	7,922.9		8,621.9
Net liability for future policy benefits, after reinsurance recoverable	$	30,782.0	$	32,569.4
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.

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
	Six Months Ended June 30
	2023		2022
	(in millions of dollars)
Amount recognized in the statement of income:
Gross premiums or assessments	$	4,828.8	$	4,701.2
Interest accretion	$	828.9	$	847.0

	Consolidated
	June 30
	2023			2022
	(in millions of dollars, except weighted average data)
Amount of undiscounted:
Expected future benefit payments	$	96,348.8		$	97,127.5
Expected future gross premiums	$	35,233.5		$	35,019.4
Amount of discounted (at interest accretion rate):
Expected future gross premiums	$	23,774.0		$	23,766.2
Weighted average interest rate:
Interest accretion rate	4.8		%	4.7		%
Current discount rate	5.0		%	4.4		%
Weighted average duration of the liability	10.8 years			10.8 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.

	June 30, 2023
	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	$	—	$	—	$	868.2	$	1,202.9	$	2,071.1
Beginning balance at original discount rate	—		—		937.9		1,228.1		2,166.0
Effect of changes in cash flow assumptions	—		—		—		—		—
Effect of actual variances from expected experience	—		—		(91.5)		(22.4)		(113.9)
Adjusted beginning of year balance	—		—		846.4		1,205.7		2,052.1
Issuances	—		—		102.6		98.3		200.9
Interest accretion	—		—		13.7		24.4		38.1
Net premiums collected	—		—		(74.1)		(89.0)		(163.1)
Ending balance at original discount rate	—		—		888.6		1,239.4		2,128.0
Effect of change in discount rate assumptions	—		—		(56.8)		(20.2)		(77.0)
Balance, end of period	$	—	$	—	$	831.8	$	1,219.2	$	2,051.0
Present Value of Expected Future Policy Benefits
Balance, beginning of year	$	5,533.3	$	972.6	$	1,999.5	$	3,192.8	$	11,698.2
Beginning balance at original discount rate	5,793.1		998.5		2,141.2		3,244.5		12,177.3
Effect of changes in cash flow assumptions	—		—		—		—		—
Effect of actual variances from expected experience	(162.8)		(25.4)		(121.1)		(45.8)		(355.1)
Adjusted beginning of year balance	5,630.3		973.1		2,020.1		3,198.7		11,822.2
Issuances1	714.3		311.7		112.3		102.4		1,240.7
Interest accretion	98.4		11.1		42.5		82.0		234.0
Benefit payments	(855.0)		(349.1)		(83.2)		(135.4)		(1,422.7)
Ending balance at original discount rate	5,588.0		946.8		2,091.7		3,247.7		11,874.2
Effect of change in discount rate assumptions	(224.0)		(23.5)		(100.8)		(24.4)		(372.7)
Balance, end of period	$	5,364.0	$	923.3	$	1,990.9	$	3,223.3	$	11,501.5
Net liability for future policy benefits	$	5,364.0	$	923.3	$	1,159.1	$	2,004.1	$	9,450.5
Other	0.3		0.9		17.4		27.0		45.6
Total liability for future policy benefits	5,364.3		924.2		1,176.5		2,031.1		9,496.1
Less: Reinsurance recoverable related to future policy benefits	33.7		6.5		12.0		190.7		242.9
Net liability for future policy benefits, after reinsurance recoverable	$	5,330.6	$	917.7	$	1,164.5	$	1,840.4	$	9,253.2
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.

	June 30, 2022
	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	$	—	$	—	$	1,124.8	$	1,494.3	$	2,619.1
Beginning balance at original discount rate	—		—		1,032.3		1,279.6		2,311.9
Effect of changes in cash flow assumptions	—		—		—		—		—
Effect of actual variances from expected experience	—		—		(69.8)		(14.1)		(83.9)
Adjusted beginning of year balance	—		—		962.5		1,265.5		2,228.0
Issuances	—		—		118.9		89.5		208.4
Interest accretion	—		—		15.3		26.4		41.7
Net premiums collected	—		—		(91.8)		(89.0)		(180.8)
Ending balance at original discount rate	—		—		1,004.9		1,292.4		2,297.3
Effect of change in discount rate assumptions	—		—		(36.9)		21.8		(15.1)
Balance, end of period	$	—	$	—	$	968.0	$	1,314.2	$	2,282.2
Present Value of Expected Future Policy Benefits
Balance, beginning of year	$	6,725.7	$	1,124.1	$	2,697.3	$	4,017.3	$	14,564.4
Beginning balance at original discount rate	6,158.3		1,058.3		2,201.8		3,253.3		12,671.7
Effect of changes in cash flow assumptions	—		—		—		—		—
Effect of actual variances from expected experience	(120.4)		(22.2)		(74.3)		(20.2)		(237.1)
Adjusted beginning of year balance	6,037.9		1,036.1		2,127.5		3,233.1		12,434.6
Issuances1	789.2		311.4		130.1		92.9		1,323.6
Interest accretion	113.4		13.2		43.9		78.6		249.1
Benefit payments	(876.1)		(380.4)		(103.4)		(127.6)		(1,487.5)
Ending balance at original discount rate	6,064.4		980.3		2,198.1		3,277.0		12,519.8
Effect of change in discount rate assumptions	(66.8)		(7.4)		(9.1)		110.4		27.1
Balance, end of period	$	5,997.6	$	972.9	$	2,189.0	$	3,387.4	$	12,546.9
Net liability for future policy benefits	$	5,997.6	$	972.9	$	1,221.0	$	2,073.2	$	10,264.7
Other	0.5		0.9		15.6		58.2		75.2
Total liability for future policy benefits	5,998.1		973.8		1,236.6		2,131.4		10,339.9
Less: Reinsurance recoverable related to future policy benefits	37.4		5.6		26.0		201.8		270.8
Net liability for future policy benefits, after reinsurance recoverable	$	5,960.7	$	968.2	$	1,210.6	$	1,929.6	$	10,069.1
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.

	Six Months Ended June 30, 2023
	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	$	1,463.6	$	930.5	$	397.2	$	314.4	$	3,105.7
Interest accretion	$	98.4	$	11.1	$	28.8	$	57.6	$	195.9

	Six Months Ended June 30, 2022
	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	$	1,372.4	$	929.0	$	401.4	$	296.4	$	2,999.2
Interest accretion	$	113.4	$	13.2	$	28.6	$	52.2	$	207.4

	June 30, 2023
	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	$	6,731.6		$	1,077.4		$	4,526.3		$	5,185.6		$	17,520.9
Expected future gross premiums	$	—		$	—		$	3,857.9		$	5,637.4		$	9,495.3
Amount of discounted (at interest accretion rate):
Expected future gross premiums	$	—		$	—		$	2,820.7		$	4,045.8		$	6,866.5
Weighted average interest rate:
Interest accretion rate	3.9		%	2.2		%	5.0		%	5.1		%	4.1		%
Current discount rate	4.9		%	2.8		%	5.0		%	5.0		%	4.7		%
Weighted average duration of the liability	4.3 years			2.7 years			17.7 years			9.5 years			6.8 years

	June 30, 2022
	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	$	7,323.2		$	1,139.2		$	4,191.0		$	5,226.3		$	17,879.7
Expected future gross premiums	$	—		$	—		$	4,061.9		$	5,638.5		$	9,700.4
Amount of discounted (at interest accretion rate):
Expected future gross premiums	$	—		$	—		$	3,102.0		$	4,012.3		$	7,114.3
Weighted average interest rate:
Interest accretion rate	3.8		%	2.4		%	5.1		%	5.1		%	4.1%
Current discount rate	4.1		%	2.6		%	4.6		%	4.4		%	4.1%
Weighted average duration of the liability	4.4 years			3.1 years			15.7 years			9.5 years			6.5 years

The following table presents the balances and changes in the reserves for future policy benefits for traditional long duration products in the Unum International segment.

	June 30
	2023		2022
	(in millions of dollars)
Present Value of Expected Net Premiums
Balance, beginning of year	$	197.1	$	260.5
Beginning balance at original discount rate	246.8		258.1
Effect of changes in cash flow assumptions	—		—
Effect of actual variances from expected experience	8.0		4.5
Adjusted beginning of year balance	254.8		262.6
Issuances	11.9		8.2
Interest accretion	4.5		4.3
Net premiums collected	(10.9)		(11.3)
Foreign currency	20.0		(26.3)
Ending balance at original discount rate	280.3		237.5
Effect of change in discount rate assumptions	(36.9)		(49.4)
Balance, end of period	$	243.4	$	188.1
Present Value of Expected Future Policy Benefits
Balance, beginning of year	$	2,231.4	$	3,181.8
Beginning balance at original discount rate	2,495.5		2,703.8
Effect of changes in cash flow assumptions	—		—
Effect of actual variances from expected experience	7.8		43.3
Adjusted beginning of year balance	2,503.3		2,747.1
Issuances1	199.8		188.2
Interest accretion	31.7		34.6
Benefit payments	(214.0)		(201.1)
Foreign currency	140.8		(276.1)
Ending balance at original discount rate	2,661.6		2,492.7
Effect of change in discount rate assumptions	(336.5)		(117.2)
Balance, end of period	$	2,325.1	$	2,375.5
Net liability for future policy benefits	$	2,081.7	$	2,187.4
Other	32.4		27.5
Total liability for future policy benefits	2,114.1		2,214.9
Less: Reinsurance recoverable related to future policy benefits	73.4		82.0
Net liability for future policy benefits, after reinsurance recoverable	$	2,040.7	$	2,132.9
1Issuances for Unum International primarily 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 International segment presented in the rollforward activity above.

	Six Months Ended June 30
		2023		2022
		(in millions of dollars)
Amount recognized in the statement of income:
Gross premiums or assessments		$	436.0	$	400.4
Interest accretion		$	27.2	$	30.3

	June 30
		2023			2022
		(in millions of dollars, except weighted average data)
Amount of undiscounted:
Expected future benefit payments		$	4,189.4		$	3,930.4
Expected future gross premiums		$	1,092.4		$	860.3
Amount of discounted (at interest accretion rate):
Expected future gross premiums		$	717.8		$	577.4
Weighted average interest rate:
Interest accretion rate		4.0		%	3.8		%
Current discount rate		5.7		%	4.0		%
Weighted average duration of the liability		8.6 years			8.8 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.

	June 30
	2023		2022
	(in millions of dollars)
Present Value of Expected Net Premiums
Balance, beginning of year	$	3,745.4	$	4,597.0
Beginning balance at original discount rate	4,046.4		4,158.9
Effect of changes in cash flow assumptions	—		—
Effect of actual variances from expected experience	(63.5)		(55.7)
Adjusted beginning of year balance	3,982.9		4,103.2
Issuances	301.6		332.1
Interest accretion	65.4		67.9
Net premiums collected	(316.7)		(338.6)
Ending balance at original discount rate	4,033.2		4,164.6
Effect of change in discount rate assumptions	(259.2)		(149.0)
Balance, end of period	$	3,774.0	$	4,015.6
Present Value of Expected Future Policy Benefits
Balance, beginning of year	$	5,581.1	$	7,054.8
Beginning balance at original discount rate	6,163.9		6,201.5
Effect of changes in cash flow assumptions	—		—
Effect of actual variances from expected experience	(68.9)		(68.6)
Adjusted beginning of year balance	6,095.0		6,132.9
Issuances	324.4		356.2
Interest accretion	110.3		112.1
Benefit payments	(321.1)		(319.3)
Ending balance at original discount rate	6,208.6		6,281.9
Effect of change in discount rate assumptions	(502.8)		(272.2)
Balance, end of period	$	5,705.8	$	6,009.7
Net liability for future policy benefits	$	1,931.8	$	1,994.1
Other	19.6		24.8
Total liability for future policy benefits	1,951.4		2,018.9
Less: Reinsurance recoverable related to future policy benefits	1.0		1.5
Net liability for future policy benefits, after reinsurance recoverable	$	1,950.4	$	2,017.4

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.

	Six Months Ended June 30
	2023		2022
	(in millions of dollars)
Amount recognized in the statement of income:
Gross premiums or assessments	$	825.8	$	822.3
Interest accretion	$	44.9	$	44.2

	June 30
	2023			2022
	(in millions of dollars, except weighted average data)
Amount of undiscounted:
Expected future benefit payments	$	10,201.7		$	9,709.3
Expected future gross premiums	$	12,391.5		$	11,645.9
Amount of discounted (at interest accretion rate):
Expected future gross premiums	$	9,018.7		$	8,696.2
Weighted average interest rate:
Interest accretion rate	4.3		%	4.4		%
Current discount rate	5.1		%	4.6		%
Weighted average duration of the liability	17.3 years			16.2 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.

	June 30, 2023
	Long-term Care		All Other		Total Closed Block
	(in millions of dollars)
Present Value of Expected Net Premiums
Balance, beginning of year	$	6,412.6	$	—	$	6,412.6
Beginning balance at original discount rate	6,236.1		—		6,236.1
Effect of changes in cash flow assumptions	—		—		—
Effect of actual variances from expected experience	51.3		—		51.3
Adjusted beginning of year balance	6,287.4		—		6,287.4
Interest accretion	167.7		—		167.7
Net premiums collected	(283.4)		—		(283.4)
Ending balance at original discount rate	6,171.7		—		6,171.7
Effect of change in discount rate assumptions	219.8		—		219.8
Balance, end of period	$	6,391.5	$	—	$	6,391.5
Present Value of Expected Future Policy Benefits
Balance, beginning of year	$	21,199.9	$	8,218.8	$	29,418.7
Beginning balance at original discount rate	20,221.6		8,630.7		28,852.3
Effect of changes in cash flow assumptions	—		—		—
Effect of actual variances from expected experience	70.9		(6.0)		64.9
Adjusted beginning of year balance	20,292.5		8,624.7		28,917.2
Issuances1	—		72.1		72.1
Interest accretion	549.4		179.2		728.6
Benefit payments	(407.9)		(523.0)		(930.9)
Ending balance at original discount rate	20,434.0		8,353.0		28,787.0
Effect of change in discount rate assumptions	1,383.3		(344.6)		1,038.7
Balance, end of period	$	21,817.3	$	8,008.4	$	29,825.7
Net liability for future policy benefits	$	15,425.8	$	8,008.4	23,434.2
Other2	24.5		1,684.6		1,709.1
Total liability for future policy benefits	15,450.3		9,693.0		25,143.3
Less: Reinsurance recoverable related to future policy benefits	5.4		7,600.1		7,605.5
Net liability for future policy benefits, after reinsurance recoverable	$	15,444.9	$	2,092.9	$	17,537.8
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.

	June 30, 2022
	Long-term Care		All Other		Total Closed Block
	(in millions of dollars)
Present Value of Expected Net Premiums
Balance, beginning of year	$	8,404.7	$	—	$	8,404.7
Beginning balance at original discount rate	6,457.3		—		6,457.3
Effect of changes in cash flow assumptions	—		—		—
Effect of actual variances from expected experience	(39.4)		—		(39.4)
Adjusted beginning of year balance	6,417.9		—		6,417.9
Interest accretion	176.7		—		176.7
Net premiums collected	(283.5)		—		(283.5)
Ending balance at original discount rate	6,311.1		—		6,311.1
Effect of change in discount rate assumptions	543.6		—		543.6
Balance, end of period	$	6,854.7	$	—	$	6,854.7
Present Value of Expected Future Policy Benefits
Balance, beginning of year	$	30,089.6	$	10,414.4	$	40,504.0
Beginning balance at original discount rate	19,870.8		8,949.4		28,820.2
Effect of changes in cash flow assumptions	—		—		—
Effect of actual variances from expected experience	(44.5)		12.9		(31.6)
Adjusted beginning of year balance	19,826.3		8,962.3		28,788.6
Issuances1	—		92.5		92.5
Interest accretion	553.5		188.3		741.8
Benefit payments	(358.9)		(567.6)		(926.5)
Ending balance at original discount rate	20,020.9		8,675.5		28,696.4
Effect of change in discount rate assumptions	2,858.9		(11.0)		2,847.9
Balance, end of period	$	22,879.8	$	8,664.5	$	31,544.3
Net liability for future policy benefits	$	16,025.1	$	8,664.5	$	24,689.6
Other2	24.0		1,904.0		1,928.0
Total liability for future policy benefits	16,049.1		10,568.5		26,617.6
Less: Reinsurance recoverable related to future policy benefits	5.7		8,261.8		8,267.5
Net liability for future policy benefits, after reinsurance recoverable	$	16,043.4	$	2,306.7	$	18,350.1
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.

	Six Months Ended June 30, 2023
	Long-term Care		All Other		Total Closed Block
	(in millions of dollars)
Amount recognized in the statement of income:
Gross premiums or assessments	$	349.0	$	112.3	$	461.3
Interest accretion	$	381.7	$	179.2	$	560.9

	Six Months Ended June 30, 2022
	Long-term Care		All Other		Total Closed Block
	(in millions of dollars)
Amount recognized in the statement of income:
Gross premiums or assessments	$	348.6	$	130.7	$	479.3
Interest accretion	$	376.8	$	188.3	$	565.1

	June 30, 2023
	Long-term Care			All Other			Total Closed Block
	(in millions of dollars, except weighted average data)
Amount of undiscounted:
Expected future benefit payments	$	52,124.2		$	12,312.6		$	64,436.8
Expected future gross premiums	$	12,254.3		$	—		$	12,254.3
Amount of discounted (at interest accretion rate):
Expected future gross premiums	$	7,171.0		$	—		$	7,171.0
Weighted average interest rate:
Interest accretion rate	5.6		%	4.6		%	5.2		%
Current discount rate	5.1%			5.1		%	5.1		%
Weighted average duration of the liability	15.1 years			7.3 years			12.2 years

	June 30, 2022
	Long-term Care			All Other			Total Closed Block
	(in millions of dollars, except weighted average data)
Amount of undiscounted:
Expected future benefit payments	$	52,888.7		$	12,719.4		$	65,608.1
Expected future gross premiums	$	12,812.8		$	—		$	12,812.8
Amount of discounted (at interest accretion rate):
Expected future gross premiums	$	7,378.3		$	—		$	7,378.3
Weighted average interest rate:
Interest accretion rate	5.5		%	4.6		%	5.2%
Current discount rate	4.5		%	4.5		%	4.5%
Weighted average duration of the liability	15.9 years			7.2 years			12.5 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:

	June 30
	2023		2022
	(in millions of dollars)
Liability for future policy benefits
Unum US1	$	9,496.1	$	10,339.9
Unum International	2,114.1		2,214.9
Colonial Life	1,951.4		2,018.9
Closed Block1	25,143.3		26,617.6
Other products1	240.4		216.4
Total liability for future policy benefits	$	38,945.3	$	41,407.7

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:

	June 30, 2023
	Unum US - Voluntary Benefits		Colonial Life		Closed Block - All Other		Total
	(in millions of dollars, except weighted average data)
Balance, beginning of year	$	586.8	$	852.4	$	4,159.4	$	5,598.6
Premiums received	30.2		43.8		11.1		85.1
Policy charges1	(30.7)		(37.8)		(52.8)		(121.3)
Surrenders and withdrawals	(16.4)		(19.2)		(8.9)		(44.5)
Benefit payments	(5.4)		(4.1)		(133.8)		(143.3)
Interest credited	11.4		17.1		158.8		187.3
Other	4.6		(0.1)		(19.0)		(14.5)
Balance, end of period	580.5		852.1		4,114.8		5,547.4
Reserves in excess of account balance	96.7		14.9		33.4		145.0
Total policyholders' account balances	677.2		867.0		4,148.2		5,692.4
Less: Reinsurance recoverable related to policyholders' account balances	1.0		—		4,148.2		4,149.2
Net policyholders' account balances, after reinsurance recoverable	$	676.2	$	867.0	$	—	$	1,543.2
Weighted average crediting rate	4.0%		4.1%		7.9%		6.9%
Net amount at risk2	$	4,695.5	$	9,042.3	$	1,844.0	$	15,581.8
Cash surrender value	$	570.3	$	807.7	$	4,021.5	$	5,399.5
1Contracts included in the policyholder 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.

	June 30, 2022
	Unum US - Voluntary Benefits		Colonial Life		Closed Block - All Other		Total
	(in millions of dollars, except weighted average data)
Balance, beginning of year	$	598.7	$	849.2	$	4,231.7	$	5,679.6
Premiums received	33.4		46.5		10.4		90.3
Policy charges1	(33.0)		(39.5)		(52.3)		(124.8)
Surrenders and withdrawals	(17.9)		(19.0)		(14.8)		(51.7)
Benefit payments	(6.0)		(4.3)		(135.9)		(146.2)
Interest credited	12.0		17.1		153.5		182.6
Other	3.7		—		(12.8)		(9.1)
Balance, end of period	590.9		850.0		4,179.8		5,620.7
Reserves in excess of account balance	86.4		18.3		33.3		138.0
Total policyholders' account balances	677.3		868.3		4,213.1		5,758.7
Less: Reinsurance recoverable related to policyholders' account balances	1.1		0.2		4,213.1		4,214.4
Net policyholders' account balances, after reinsurance recoverable	$	676.2	$	868.1	$	—	$	1,544.3
Weighted average crediting rate	4.1%		4.1%		7.5%		6.6%
Net amount at risk2	$	5,117.2	$	9,648.2	$	1,849.7	$	16,615.1
Cash surrender value	$	586.9	$	793.0	$	4,079.7	$	5,459.6
1Contracts included in the policyholder 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.

	June 30, 2023
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%	$	92.4	$	—	$	—	$	—	$	92.4
4.00% - 4.99%	268.2		186.8		—		—		455.0
5.00% - 6.00%	33.1		—		—		—		33.1
	393.7		186.8		—		—		580.5
	Colonial Life
4.00% - 5.00%	846.0		6.1		—		—		852.1
	Closed Block - All Other
3.00% - 5.99%	507.4		1,111.1		27.4		—		1,645.9
6.00% - 8.99%	2.4		30.1		—		—		32.5
9.00% - 11.99%	—		2,256.1		—		—		2,256.1
12.00% - 15.00%	—		180.3		—		—		180.3
	509.8		3,577.6		27.4		—		4,114.8
Total	$	1,749.5	$	3,770.5	$	27.4	$	—	$	5,547.4

	June 30, 2022
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%	$	95.7	$	—	$	—	$	—	$	95.7
4.00% - 4.99%	280.6		180.2		—		—		460.8
5.00% - 6.00%	34.4		—		—		—		34.4
	410.7		180.2		—		—		590.9
	Colonial Life
4.00% - 5.00%	844.1		5.9		—		—		850.0
	Closed Block - All Other
3.00% - 5.99%	1,752.9		28.8		6.5		—		1,788.2
6.00% - 8.99%	29.9		—		—		—		29.9
9.00% - 11.99%	2,196.3		—		—		—		2,196.3
12.00% - 15.00%	165.4		—		—		—		165.4
	4,144.5		28.8		6.5		—		4,179.8
Total	$	5,399.3	$	214.9	$	6.5	$	—	$	5,620.7

Deferred Policy Acquisition Costs

The following tables display the changes in DAC throughout the period:

	June 30, 2023
	Unum US		Unum International		Colonial Life		Total
	(in millions of dollars)
Balance, beginning of year	$	1,185.1	$	37.0	$	1,337.9	$	2,560.0
Capitalization	156.1		7.0		151.1		314.2
Amortization expense	(129.2)		(3.7)		(96.7)		(229.6)
Foreign currency	—		2.6		—		2.6
Balance, end of period	$	1,212.0	$	42.9	$	1,392.3	$	2,647.2

	June 30, 2022
	Unum US		Unum International		Colonial Life		Total
	(in millions of dollars)
Balance, beginning of year	$	1,152.9	$	36.4	$	1,238.1	$	2,427.4
Capitalization	133.2		6.4		140.1		279.7
Amortization expense	(115.6)		(4.8)		(89.7)		(210.1)
Foreign currency	—		(3.7)		—		(3.7)
Balance, end of period	$	1,170.5	$	34.3	$	1,288.5	$	2,493.3

	June 30, 2023
	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	$	61.0	$	49.3	$	601.0	$	464.4	$	9.4	$	1,185.1
Capitalization	30.4		19.9		57.6		42.1		6.1		156.1
Amortization expense	(25.9)		(19.3)		(52.2)		(26.7)		(5.1)		(129.2)
Balance, end of period	$	65.5	$	49.9	$	606.4	$	479.8	$	10.4	$	1,212.0

	June 30, 2022
	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	$	60.9	$	53.9	$	588.6	$	441.8	$	7.7	$	1,152.9
Capitalization	25.2		17.9		52.2		33.0		4.9		133.2
Amortization expense	(23.8)		(19.5)		(43.6)		(24.3)		(4.4)		(115.6)
Balance, end of period	$	62.3	$	52.3	$	597.2	$	450.5	$	8.2	$	1,170.5