Financial Services, Insurance

3 Months Ended

Mar. 31, 2024

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 March 31, 2024 compared to 4.8 percent at December 31, 2023, with the increase due primarily to an increase in U.S. Treasury rates. The weighted average current discount rate was 4.8 percent at March 31, 2023 compared to 5.0 percent at December 31, 2022 with the decrease due primarily to a decrease in U.S. Treasury rates.

Actual variance from expected experience during the first three months of 2024 and 2023 was due primarily to the Unum US group disability and Unum US group life and accidental death and dismemberment product lines. During the first three months of 2024 and 2023, 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 three months of 2024, the variance in the Unum US group life and accidental death and dismemberment product line was driven primarily by lower than expected mortality. During the first three months of 2023, the variance in the Unum US group life and accidental death and dismemberment line was driven primarily by lower than expected new claim incidence for waiver of premium benefits.

For the three months ended March 31, 2024, there were certain cohorts within the Closed Block segment, related to our long-term care product line, for which net premiums exceeded gross premiums which had an immaterial impact to income before income tax. For the three months ended March 31, 2024 and 2023, there were certain cohorts within the Colonial Life segment, related to our cancer and critical illness product line, for which net premiums exceeded gross premiums which had an immaterial impact to income before income tax. There were no other product lines with cohorts for which net premiums exceeded gross premiums for the three months ended March 31, 2024 and 2023.

The following table presents balances as well as the changes in the liability for future policy benefits for traditional long duration products.

	Consolidated
	March 31
	2024		2023
	(in millions of dollars)
Present Value of Expected Net Premiums
Balance, beginning of year	$	14,417.8	$	12,426.2
Beginning balance at original discount rate	14,243.2		12,695.3
Effect of changes in cash flow assumptions	—		—
Effect of actual variances from expected experience	(110.8)		(131.9)
Adjusted beginning of year balance	14,132.4		12,563.4
Issuances	435.9		315.8
Interest accretion	163.5		138.7
Net premiums collected	(426.7)		(393.7)
Foreign currency	(3.4)		3.4
Ending balance at original discount rate	14,301.7		12,627.6
Effect of change in discount rate assumptions	(113.1)		(27.0)
Balance, end of period	$	14,188.6	$	12,600.6
Present Value of Expected Future Policy Benefits
Balance, beginning of year	$	52,423.6	$	48,929.4
Beginning balance at original discount rate	51,305.7		49,689.0
Effect of changes in cash flow assumptions	—		—
Effect of actual variances from expected experience	(205.9)		(283.4)
Adjusted beginning of year balance	51,099.8		49,405.6
Issuances1	1,187.8		1,131.4
Interest accretion	579.5		556.8
Benefit payments	(1,598.1)		(1,613.2)
Foreign currency	(24.2)		49.3
Ending balance at original discount rate	51,244.8		49,529.9
Effect of change in discount rate assumptions	(377.5)		345.3
Balance, end of period	$	50,867.3	$	49,875.2
Net liability for future policy benefits	$	36,678.7	$	37,274.6
Other2	1,704.1		1,849.5
Total liability for future policy benefits	38,382.8		39,124.1
Less: Reinsurance recoverable related to future policy benefits	7,504.0		8,148.2
Net liability for future policy benefits, after reinsurance recoverable	$	30,878.8	$	30,975.9
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
	March 31
	2024		2023
	(in millions of dollars)
Amount recognized in the statement of income:
Gross premiums or assessments	$	2,507.8	$	2,390.0
Interest accretion	$	416.0	$	418.1

	Consolidated
	March 31
	2024			2023
	(in millions of dollars, except weighted average data)
Amount of undiscounted:
Expected future benefit payments	$	104,905.0		$	96,591.0
Expected future gross premiums	$	39,072.6		$	35,284.9
Amount of discounted (at interest accretion rate):
Expected future gross premiums	$	25,772.6		$	23,805.9
Weighted average interest rate:
Interest accretion rate	4.9		%	4.8		%
Current discount rate	5.1		%	4.8		%
Weighted average duration of the liability	11.5 years			10.9 years

Unum US Segment

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.

	March 31, 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	—		—		—		—		—
Effect of actual variances from expected experience	—		—		(80.7)		(17.9)		(98.6)
Adjusted beginning of year balance	—		—		1,111.8		1,276.5		2,388.3
Issuances	—		—		213.4		40.8		254.2
Interest accretion	—		—		10.2		13.9		24.1
Net premiums collected	—		—		(50.9)		(48.9)		(99.8)
Ending balance at original discount rate	—		—		1,284.5		1,282.3		2,566.8
Effect of change in discount rate assumptions	—		—		(74.8)		(18.2)		(93.0)
Balance, end of period	$	—	$	—	$	1,209.7	$	1,264.1	$	2,473.8
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	—		—		—		—		—
Effect of actual variances from expected experience	(73.0)		(19.1)		(95.5)		(24.0)		(211.6)
Adjusted beginning of year balance	5,204.1		917.4		2,326.5		3,289.9		11,737.9
Issuances1	386.6		211.6		219.3		42.0		859.5
Interest accretion	46.8		5.4		24.5		38.7		115.4
Benefit payments	(460.7)		(228.9)		(61.4)		(68.2)		(819.2)
Ending balance at original discount rate	5,176.8		905.5		2,508.9		3,302.4		11,893.6
Effect of change in discount rate assumptions	(180.7)		(20.0)		(156.8)		(38.7)		(396.2)
Balance, end of period	$	4,996.1	$	885.5	$	2,352.1	$	3,263.7	$	11,497.4
Net liability for future policy benefits	$	4,996.1	$	885.5	$	1,142.4	$	1,999.6	$	9,023.6
Other	0.2		0.9		2.6		26.7		30.4
Total liability for future policy benefits	4,996.3		886.4		1,145.0		2,026.3		9,054.0
Less: Reinsurance recoverable related to future policy benefits	29.1		8.7		13.9		154.1		205.8
Net liability for future policy benefits, after reinsurance recoverable	$	4,967.2	$	877.7	$	1,131.1	$	1,872.2	$	8,848.2
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.

	March 31, 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	—		—		(73.6)		(24.9)		(98.5)
Adjusted beginning of year balance	—		—		864.3		1,203.2		2,067.5
Issuances	—		—		85.7		48.8		134.5
Interest accretion	—		—		7.0		12.3		19.3
Net premiums collected	—		—		(37.8)		(44.7)		(82.5)
Ending balance at original discount rate	—		—		919.2		1,219.6		2,138.8
Effect of change in discount rate assumptions	—		—		(50.9)		(6.3)		(57.2)
Balance, end of period	$	—	$	—	$	868.3	$	1,213.3	$	2,081.6
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	(107.5)		(21.2)		(85.9)		(36.0)		(250.6)
Adjusted beginning of year balance	5,685.6		977.3		2,055.3		3,208.5		11,926.7
Issuances1	425.3		228.4		92.3		50.2		796.2
Interest accretion	52.2		5.9		21.3		41.0		120.4
Benefit payments	(484.8)		(259.2)		(49.1)		(69.0)		(862.1)
Ending balance at original discount rate	5,678.3		952.4		2,119.8		3,230.7		11,981.2
Effect of change in discount rate assumptions	(179.5)		(18.8)		(90.7)		15.2		(273.8)
Balance, end of period	$	5,498.8	$	933.6	$	2,029.1	$	3,245.9	$	11,707.4
Net liability for future policy benefits	$	5,498.8	$	933.6	$	1,160.8	$	2,032.6	$	9,625.8
Other	0.5		0.9		16.6		27.5		45.5
Total liability for future policy benefits	5,499.3		934.5		1,177.4		2,060.1		9,671.3
Less: Reinsurance recoverable related to future policy benefits	42.5		5.6		12.5		195.2		255.8
Net liability for future policy benefits, after reinsurance recoverable	$	5,456.8	$	928.9	$	1,164.9	$	1,864.9	$	9,415.5
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.

	March 31, 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	$	754.1	$	494.4	$	207.8	$	165.4	$	1,621.7
Interest accretion	$	46.8	$	5.4	$	14.3	$	24.8	$	91.3

	March 31, 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	$	718.2	$	462.2	$	199.3	$	157.3	$	1,537.0
Interest accretion	$	52.2	$	5.9	$	14.3	$	28.7	$	101.1

	March 31, 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	$	6,251.2		$	1,030.5		$	5,330.0		$	5,297.1		$	17,908.8
Expected future gross premiums	$	—		$	—		$	5,771.9		$	5,699.9		$	11,471.8
Amount of discounted (at interest accretion rate):
Expected future gross premiums	$	—		$	—		$	3,896.1		$	4,096.1		$	7,992.2
Weighted average interest rate:
Interest accretion rate	4.0		%	2.3		%	5.0		%	5.1		%	4.2		%
Current discount rate	4.9		%	2.8		%	5.2		%	5.1		%	4.7		%
Weighted average duration of the liability	4.2 years			2.6 years			18.3 years			9.6 years			7.0 years

	March 31, 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	$	6,834.2		$	1,085.2		$	4,564.8		$	5,148.4		$	17,632.6
Expected future gross premiums	$	—		$	—		$	3,941.1		$	5,540.1		$	9,481.2
Amount of discounted (at interest accretion rate):
Expected future gross premiums	$	—		$	—		$	2,890.7		$	3,973.7		$	6,864.4
Weighted average interest rate:
Interest accretion rate	3.8		%	2.2		%	5.1		%	5.1		%	4.1		%
Current discount rate	4.6		%	2.7		%	5.0		%	4.8		%	4.5		%
Weighted average duration of the liability	4.3 years			2.7 years			17.9 years			9.4 years			6.8 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.

	March 31
	2024		2023
	(in millions of dollars)
Present Value of Expected Net Premiums
Balance, beginning of year	$	270.3	$	197.1
Beginning balance at original discount rate	298.4		246.8
Effect of changes in cash flow assumptions	—		—
Effect of actual variances from expected experience	7.2		4.5
Adjusted beginning of year balance	305.6		251.3
Issuances	8.8		6.3
Interest accretion	3.0		2.2
Net premiums collected	(7.3)		(5.2)
Foreign currency	(3.4)		3.4
Ending balance at original discount rate	306.7		258.0
Effect of change in discount rate assumptions	(29.9)		(38.4)
Balance, end of period	$	276.8	$	219.6
Present Value of Expected Future Policy Benefits
Balance, beginning of year	$	2,527.4	$	2,231.4
Beginning balance at original discount rate	2,687.1		2,495.5
Effect of changes in cash flow assumptions	—		—
Effect of actual variances from expected experience	(0.5)		2.2
Adjusted beginning of year balance	2,686.6		2,497.7
Issuances1	113.9		105.4
Interest accretion	16.9		15.7
Benefit payments	(132.1)		(118.6)
Foreign currency	(24.2)		49.3
Ending balance at original discount rate	2,661.1		2,549.5
Effect of change in discount rate assumptions	(206.9)		(211.8)
Balance, end of period	$	2,454.2	$	2,337.7
Net liability for future policy benefits	$	2,177.4	$	2,118.1
Other	35.9		30.5
Total liability for future policy benefits	2,213.3		2,148.6
Less: Reinsurance recoverable related to future policy benefits	69.7		74.7
Net liability for future policy benefits, after reinsurance recoverable	$	2,143.6	$	2,073.9
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.

	March 31
	2024		2023
	(in millions of dollars)
Amount recognized in the statement of income:
Gross premiums or assessments	$	230.5	$	208.5
Interest accretion	$	13.9	$	13.5

	March 31
	2024			2023
	(in millions of dollars, except weighted average data)
Amount of undiscounted:
Expected future benefit payments	$	4,230.4		$	3,988.8
Expected future gross premiums	$	1,246.6		$	995.8
Amount of discounted (at interest accretion rate):
Expected future gross premiums	$	807.5		$	657.2
Weighted average interest rate:
Interest accretion rate	4.1		%	3.9		%
Current discount rate	4.9		%	4.8		%
Weighted average duration of the liability	8.6 years			8.6 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.

	March 31
	2024		2023
	(in millions of dollars)
Present Value of Expected Net Premiums
Balance, beginning of year	$	3,592.6	$	3,745.4
Beginning balance at original discount rate	3,754.3		4,046.4
Effect of changes in cash flow assumptions	—		—
Effect of actual variances from expected experience	3.7		(46.3)
Adjusted beginning of year balance	3,758.0		4,000.1
Issuances	172.9		175.0
Interest accretion	35.1		33.0
Net premiums collected	(164.4)		(164.1)
Ending balance at original discount rate	3,801.6		4,044.0
Effect of change in discount rate assumptions	(213.7)		(229.5)
Balance, end of period	$	3,587.9	$	3,814.5
Present Value of Expected Future Policy Benefits
Balance, beginning of year	$	5,566.0	$	5,581.1
Beginning balance at original discount rate	5,925.2		6,163.9
Effect of changes in cash flow assumptions	—		—
Effect of actual variances from expected experience	(6.1)		(39.5)
Adjusted beginning of year balance	5,919.1		6,124.4
Issuances	181.4		184.9
Interest accretion	58.0		55.4
Benefit payments	(161.2)		(168.3)
Ending balance at original discount rate	5,997.3		6,196.4
Effect of change in discount rate assumptions	(483.1)		(460.5)
Balance, end of period	$	5,514.2	$	5,735.9
Net liability for future policy benefits	$	1,926.3	$	1,921.4
Other	24.5		20.7
Total liability for future policy benefits	1,950.8		1,942.1
Less: Reinsurance recoverable related to future policy benefits	1.6		0.8
Net liability for future policy benefits, after reinsurance recoverable	$	1,949.2	$	1,941.3

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.

	March 31
	2024		2023
	(in millions of dollars)
Amount recognized in the statement of income:
Gross premiums or assessments	$	430.6	$	412.2
Interest accretion	$	22.9	$	22.4

	March 31
	2024			2023
	(in millions of dollars, except weighted average data)
Amount of undiscounted:
Expected future benefit payments	$	9,989.6		$	10,121.7
Expected future gross premiums	$	12,133.1		$	12,359.9
Amount of discounted (at interest accretion rate):
Expected future gross premiums	$	8,840.9		$	9,030.0
Weighted average interest rate:
Interest accretion rate	4.3		%	4.3		%
Current discount rate	5.1		%	5.0		%
Weighted average duration of the liability	17.0 years			17.4 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.

	March 31, 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	—		—		—
Effect of actual variances from expected experience	(23.1)		—		(23.1)
Adjusted beginning of year balance	7,680.5		—		7,680.5
Interest accretion	101.3		—		101.3
Net premiums collected	(155.2)		—		(155.2)
Ending balance at original discount rate	7,626.6		—		7,626.6
Effect of change in discount rate assumptions	223.5		—		223.5
Balance, end of period	$	7,850.1	$	—	$	7,850.1
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	—		—		—
Effect of actual variances from expected experience	(3.3)		15.6		12.3
Adjusted beginning of year balance	22,646.0		8,110.2		30,756.2
Issuances1	—		33.0		33.0
Interest accretion	300.1		89.1		389.2
Benefit payments	(229.0)		(256.6)		(485.6)
Ending balance at original discount rate	22,717.1		7,975.7		30,692.8
Effect of change in discount rate assumptions	1,070.5		(361.8)		708.7
Balance, end of period	$	23,787.6	$	7,613.9	$	31,401.5
Net liability for future policy benefits	$	15,937.5	$	7,613.9	$	23,551.4
Other2	22.3		1,591.0		1,613.3
Total liability for future policy benefits	15,959.8		9,204.9		25,164.7
Less: Reinsurance recoverable related to future policy benefits	4.2		7,222.6		7,226.8
Net liability for future policy benefits, after reinsurance recoverable	$	15,955.6	$	1,982.3	$	17,937.9
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.

	March 31, 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	8.4		—		8.4
Adjusted beginning of year balance	6,244.5		—		6,244.5
Interest accretion	84.2		—		84.2
Net premiums collected	(141.9)		—		(141.9)
Ending balance at original discount rate	6,186.8		—		6,186.8
Effect of change in discount rate assumptions	298.1		—		298.1
Balance, end of period	$	6,484.9	$	—	$	6,484.9
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	12.6		(8.1)		4.5
Adjusted beginning of year balance	20,234.2		8,622.6		28,856.8
Issuances1	—		44.9		44.9
Interest accretion	274.7		90.6		365.3
Benefit payments	(198.4)		(265.8)		(464.2)
Ending balance at original discount rate	20,310.5		8,492.3		28,802.8
Effect of change in discount rate assumptions	1,547.8		(256.4)		1,291.4
Balance, end of period	$	21,858.3	$	8,235.9	$	30,094.2
Net liability for future policy benefits	$	15,373.4	$	8,235.9	$	23,609.3
Other2	25.3		1,727.5		1,752.8
Total liability for future policy benefits	15,398.7		9,963.4		25,362.1
Less: Reinsurance recoverable related to future policy benefits	5.6		7,811.2		7,816.8
Net liability for future policy benefits, after reinsurance recoverable	$	15,393.1	$	2,152.2	$	17,545.3
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.

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.

	March 31, 2024
	Long-term Care		All Other		Total Closed Block
	(in millions of dollars)
Amount recognized in the statement of income:
Gross premiums or assessments	$	174.6	$	50.4	$	225.0
Interest accretion	$	198.8	$	89.1	$	287.9

	March 31, 2023
	Long-term Care		All Other		Total Closed Block
	(in millions of dollars)
Amount recognized in the statement of income:
Gross premiums or assessments	$	175.1	$	57.2	$	232.3
Interest accretion	$	190.5	$	90.6	$	281.1

	March 31, 2024
	Long-term Care			All Other			Total Closed Block
	(in millions of dollars, except weighted average data)
Amount of undiscounted:
Expected future benefit payments	$	61,072.6		$	11,703.6		$	72,776.2
Expected future gross premiums	$	14,221.1		$	—		$	14,221.1
Amount of discounted (at interest accretion rate):
Expected future gross premiums	$	8,132.0		$	—		$	8,132.0
Weighted average interest rate:
Interest accretion rate	5.6		%	4.6		%	5.2		%
Current discount rate	5.3%			5.1		%	5.2		%
Weighted average duration of the liability	16.2 years			7.3 years			13.1 years

	March 31, 2023
	Long-term Care			All Other			Total Closed Block
	(in millions of dollars, except weighted average data)
Amount of undiscounted:
Expected future benefit payments	$	52,312.2		$	12,535.7		$	64,847.9
Expected future gross premiums	$	12,448.0		$	—		$	12,448.0
Amount of discounted (at interest accretion rate):
Expected future gross premiums	$	7,254.3		$	—		$	7,254.3
Weighted average interest rate:
Interest accretion rate	5.6		%	4.6		%	5.2		%
Current discount rate	5.0		%	4.9		%	5.0		%
Weighted average duration of the liability	15.3 years			7.4 years			12.3 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:

	March 31
	2024		2023
	(in millions of dollars)
Liability for future policy benefits
Unum US1	$	9,054.0	$	9,671.3
Unum International	2,213.3		2,148.6
Colonial Life	1,950.8		1,942.1
Closed Block1	25,164.7		25,362.1
Other products1	241.7		227.4
Total liability for future policy benefits	$	38,624.5	$	39,351.5

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.

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:

	March 31, 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	14.0		20.5		5.7		40.2
Policy charges1	(14.5)		(18.3)		(27.8)		(60.6)
Surrenders and withdrawals	(10.2)		(9.7)		(2.9)		(22.8)
Benefit payments	(1.9)		(2.1)		(75.5)		(79.5)
Interest credited	5.3		8.6		81.7		95.6
Other	2.8		0.1		0.3		3.2
Balance, end of period	574.1		852.0		4,064.2		5,490.3
Reserves in excess of account balance	99.7		16.2		32.8		148.7
Total policyholders' account balances	673.8		868.2		4,097.0		5,639.0
Less: Reinsurance recoverable related to policyholders' account balances	0.9		—		4,097.0		4,097.9
Net policyholders' account balances, after reinsurance recoverable	$	672.9	$	868.2	$	—	$	1,541.1
Weighted average crediting rate	3.7%		4.1%		8.3%		7.2%
Net amount at risk2	$	4,393.5	$	8,621.0	$	1,814.0	$	14,828.5
Cash surrender value	$	563.3	$	816.6	$	4,045.3	$	5,425.2
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.

	March 31, 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	15.4		22.3		6.3		44.0
Policy charges1	(15.5)		(19.0)		(26.3)		(60.8)
Surrenders and withdrawals	(9.0)		(10.2)		(5.1)		(24.3)
Benefit payments	(3.0)		(2.2)		(65.3)		(70.5)
Interest credited	5.7		8.6		79.7		94.0
Other	2.0		(0.2)		(17.2)		(15.4)
Balance, end of period	582.4		851.7		4,131.5		5,565.6
Reserves in excess of account balance	94.8		15.8		33.4		144.0
Total policyholders' account balances	677.2		867.5		4,164.9		5,709.6
Less: Reinsurance recoverable related to policyholders' account balances	1.0		0.2		4,164.9		4,166.1
Net policyholders' account balances, after reinsurance recoverable	$	676.2	$	867.3	$	—	$	1,543.5
Weighted average crediting rate	3.9%		4.0%		7.9%		6.9%
Net amount at risk2	$	4,794.7	$	9,182.6	$	1,842.7	$	15,820.0
Cash surrender value	$	572.3	$	805.0	$	4,036.2	$	5,413.5
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.

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.

	March 31, 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%	$	91.3	$	—	$	—	$	—	$	91.3
4.00% - 4.99%	223.8		191.4		36.9		—		452.1
5.00% - 6.00%	30.7		—		—		—		30.7
	345.8		191.4		36.9		—		574.1
	Colonial Life
4.00% - 5.00%	845.8		6.2		—		—		852.0
	Closed Block - All Other
3.00% - 5.99%	513.9		1,060.6		27.1		—		1,601.6
6.00% - 8.99%	1.3		24.9		—		—		26.2
9.00% - 11.99%	138.5		2,107.2		—		—		2,245.7
12.00% - 15.00%	—		190.7		—		—		190.7
	653.7		3,383.4		27.1		—		4,064.2
Total	$	1,845.3	$	3,581.0	$	64.0	$	—	$	5,490.3

	March 31, 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%	$	93.1	$	—	$	—	$	—	$	93.1
4.00% - 4.99%	270.8		185.2		—		—		456.0
5.00% - 6.00%	33.3		—		—		—		33.3
	397.2		185.2		—		—		582.4
	Colonial Life
4.00% - 5.00%	845.6		6.1		—		—		851.7
	Closed Block - All Other
3.00% - 5.99%	1,511.4		29.3		6.5		—		1,547.2
6.00% - 8.99%	27.0		—		—		—		27.0
9.00% - 11.99%	2,371.6		—		—		—		2,371.6
12.00% - 15.00%	185.7		—		—		—		185.7
	4,095.7		29.3		6.5		—		4,131.5
Total	$	5,338.5	$	220.6	$	6.5	$	—	$	5,565.6

Deferred Policy Acquisition Costs by Segment

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

	March 31, 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	83.3		4.3		79.3		166.9
Amortization expense	(69.8)		(2.4)		(54.0)		(126.2)
Foreign currency	—		(0.5)		—		(0.5)
Balance, end of period	$	1,245.7	$	48.3	$	1,460.7	$	2,754.7

	March 31, 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	79.0		3.5		75.2		157.7
Amortization expense	(65.8)		(1.8)		(48.3)		(115.9)
Foreign currency	—		0.6		—		0.6
Balance, end of period	$	1,198.3	$	39.3	$	1,364.8	$	2,602.4

	March 31, 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	16.5		10.5		30.5		22.0		3.8		83.3
Amortization expense	(14.4)		(6.9)		(29.4)		(16.1)		(3.0)		(69.8)
Balance, end of period	$	65.7	$	52.5	$	611.7	$	503.7	$	12.1	$	1,245.7

	March 31, 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	14.6		9.8		30.3		21.3		3.0		79.0
Amortization expense	(13.1)		(9.8)		(27.1)		(13.3)		(2.5)		(65.8)
Balance, end of period	$	62.5	$	49.3	$	604.2	$	472.4	$	9.9	$	1,198.3