Financial Services, Insurance

12 Months Ended

Dec. 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 5.3 percent at December 31, 2024, 4.8 percent at December 31, 2023, and 5.0 percent at December 31, 2022. The discount rate was higher at December 31, 2024 relative to December 31, 2023 due to an increase in U.S. Treasury rates. The discount rate was lower at December 31, 2023 relative to December 31, 2022 due primarily to a decrease in credit spreads.

During the third quarter of 2024, we completed our annual cash flow assumption review and we updated certain of our assumptions used to develop the liability for future policy benefits which resulted in a net decrease to the liability. The decrease to the liability for future policy benefits was driven primarily by assumption updates in our Closed Block long-term care product line, Unum US group disability product line, Unum US individual disability product line, and the Colonial Life segment. The Closed Block long-term care assumption updates were primarily driven by an increase to expected premium rate increase approvals within our existing premium rate increase program, partially offset by lower than expected persistency on group policies. The Unum US group disability product line assumption updates were primarily related to claim resolution assumptions driven by favorable claim recovery trends, while the Unum US individual disability product line assumption updates were primarily driven by favorable claim incidence trends. The Colonial Life segment assumption updates were driven by improved claim cost assumptions.

During the third quarter of 2023, we completed our annual cash flow assumption review and updated certain of our assumptions used to develop the liability for future policy benefits which resulted in a net increase to the liability. The increase to the liability for future policy benefits was driven primarily by assumption updates in our Closed Block long-term care product line, partially offset by assumption updates in the Unum US group disability product line and in the Colonial Life segment. The long-term care assumption updates were primarily driven by lower expectations for active policy lapse and mortality assumptions, partially offset by an increase to expected premium rate increase approvals within our existing premium rate increase program. The Unum US group disability product line assumption updates were primarily related to claim resolution assumptions driven by favorable claim recovery trends, while the Colonial Life segment assumption updates were driven by improved claim cost assumptions and increases in policyholder lapse rates.

During the third quarter of 2022, we completed our annual cash flow assumption review and updated certain of our assumptions used to develop the liability for future policy benefits which resulted in a net increase to the liability. The increase to the liability for future policy benefits was driven primarily by assumption updates related to the reinsured portion of our Closed Block segment, mostly offset by assumption updates in the Unum US segment and the Colonial Life segment. The Closed Block segment assumption updates related to the reinsured portion of our all other product line primarily included updates to mortality assumptions for the advanced age portion of our individual disability claimant population. This advanced age claimant population was included in the block ceded as a part of the Closed Block individual disability reinsurance transaction with Commonwealth Annuity and Life Insurance Company. As a result, a corresponding increase was reported in our consolidated balance sheet as a reinsurance recoverable related to these assumption updates. The Unum US segment assumption updates were primarily driven by sustained improvement in claim recovery trends in our group disability and group life product lines, partially offset by lower social security benefit offsets in our group disability product line. The Colonial Life segment assumption updates were primarily driven by improved claim cost assumptions.

Actual variance from expected experience for 2024 was due primarily to the Unum US group disability, Closed Block long-term care, and the Unum US group life and accidental death and dismemberment product lines, as well as the Unum International and Colonial Life segments. The variance in the Unum US group disability product line was primarily due to higher than expected claim resolutions driven by recoveries. The variance in our Closed Block long-term care product line was driven primarily by higher than expected claim incidence, as well as lower than expected policy terminations, partially offset by higher than expected claim resolutions. The variance in the Unum US group life and accidental death and dismemberment product line was driven primarily by higher than expected claim resolutions driven by recoveries for waiver of premium benefits and lower than expected mortality experience. The variance in the Unum International segment was driven by higher than expected recoveries. The variance in the Colonial Life segment was driven by lower than expected claim costs.

Actual variance from expected experience for 2023 was due primarily to the Unum US group disability, Unum US group life and accidental death and dismemberment, Unum US individual disability, and Closed Block long-term care product lines. The variance for the Unum US group disability product line was driven by higher than expected claim resolutions driven by recoveries, and the variance in the group life and accidental death and dismemberment product line was driven by lower than expected mortality experience and higher than expected recovery experience for waiver of premium benefits. The variance in the Unum US individual disability product line was driven primarily by lower than expected new claim incidence, while the variance for the Closed Block long-term care product line was driven by higher than expected claim incidence.

Actual variance from expected experience for 2022 was due primarily to the Unum US group disability, Unum US group life and accidental death and dismemberment, and the Unum UK group product lines, as well as the Colonial Life segment. The variance for the Unum US group disability product line was driven by higher than expected claim resolutions driven by recoveries, and the variance in the group life and accidental death and dismemberment product line was driven by lower than expected new claim incidence for waiver of premium benefits. The variance in the Unum UK group product lines was driven by an increase in inflation-linked experience compared to expectations. The variance for the Colonial Life segment was driven primarily by lower claim costs.

For the years ended December 31, 2024, 2023, and 2022 there were certain cohorts within the Colonial Life segment, related to our cancer and critical illness product line, and within the Closed Block segment, related to our long-term care product line, for which net premiums exceeded gross premiums. The cohorts for which net premiums exceeded gross premiums within the Closed Block segment resulted in a $46.2 million increase to income before income tax for the year ended December 31, 2024 and resulted in a $226.5 million reduction to income before income tax for the year ended December 31, 2023. For the years ended December 31, 2024, 2023, and 2022, the cohorts for which net premiums exceeded the gross premiums within the Colonial Life segment had an immaterial impact to income before income tax. The impact to income for capped cohorts includes the impact of assumption updates. There were no other product lines with cohorts for which net premiums exceeded gross premiums for the years ended December 31, 2024, 2023, and 2022.

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

	Consolidated
	December 31
	2024		2023		2022
	(in millions of dollars)
Present Value of Expected Net Premiums
Balance, beginning of year	$	14,417.8	$	12,426.2	$	15,881.3
Beginning balance at original discount rate	14,243.2		12,695.3		13,186.2
Effect of changes in cash flow assumptions	73.0		1,499.2		(101.9)
Effect of actual variances from expected experience	(148.2)		(82.5)		(269.6)
Adjusted beginning of year balance	14,168.0		14,112.0		12,814.7
Issuances	1,075.3		1,054.9		877.5
Interest accretion	637.0		584.0		566.0
Net premiums collected	(1,597.9)		(1,537.4)		(1,542.3)
Foreign currency	(15.5)		29.7		(20.6)
Ending balance at original discount rate	14,266.9		14,243.2		12,695.3
Effect of change in discount rate assumptions	(336.3)		174.6		(269.1)
Balance, end of period	$	13,930.6	$	14,417.8	$	12,426.2
Present Value of Expected Future Policy Benefits
Balance, beginning of year	$	52,423.6	$	48,929.4	$	65,305.0
Beginning balance at original discount rate	51,305.7		49,689.0		50,397.2
Effect of changes in cash flow assumptions	(248.5)		1,702.0		(92.4)
Effect of actual variances from expected experience	(336.1)		(310.8)		(535.1)
Adjusted beginning of year balance	50,721.1		51,080.2		49,769.7
Issuances1	3,082.0		3,072.2		3,194.5
Interest accretion	2,253.1		2,227.2		2,236.2
Benefit payments	(5,215.2)		(5,236.1)		(5,231.0)
Foreign currency	(62.8)		162.2		(280.4)
Ending balance at original discount rate	50,778.2		51,305.7		49,689.0
Effect of change in discount rate assumptions	(1,858.1)		1,117.9		(759.6)
Balance, end of period	$	48,920.1	$	52,423.6	$	48,929.4
Net liability for future policy benefits	$	34,989.5	$	38,005.8	$	36,503.2
Other2	1,591.7		1,753.3		1,854.5
Total liability for future policy benefits	36,581.2		39,759.1		38,357.7
Less: Reinsurance recoverable related to future policy benefits	7,038.7		7,756.1		8,128.2
Net liability for future policy benefits, after reinsurance recoverable	$	29,542.5	$	32,003.0	$	30,229.5
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
	Year Ended December 31
	2024		2023		2022
	(in millions of dollars)
Amount recognized in the statement of income:
Gross premiums or assessments	$	10,107.5	$	9,690.7	$	9,391.8
Interest accretion	$	1,616.1	$	1,643.2	$	1,670.2

	Consolidated
	December 31
	2024			2023			2022
	(in millions of dollars, except weighted average data)
Amount of undiscounted:
Expected future benefit payments	$	103,434.1		$	105,325.8		$	97,060.7
Expected future gross premiums	$	39,338.5		$	38,761.5		$	35,299.8
Amount of discounted (at interest accretion rate):
Expected future gross premiums	$	25,929.1		$	25,552.9		$	23,827.2
Weighted average interest rate:
Interest accretion rate	4.9		%	4.8		%	4.8		%
Current discount rate	5.3		%	4.8		%	5.0		%
Weighted average duration of the liability	11.4 years			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.

	December 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	—		—		41.5		(100.2)		(58.7)
Effect of actual variances from expected experience	—		—		(66.2)		(3.4)		(69.6)
Adjusted beginning of year balance	—		—		1,167.8		1,190.8		2,358.6
Issuances	—		—		316.3		168.7		485.0
Interest accretion	—		—		39.4		51.6		91.0
Net premiums collected	—		—		(188.2)		(180.4)		(368.6)
Ending balance at original discount rate	—		—		1,335.3		1,230.7		2,566.0
Effect of change in discount rate assumptions	—		—		(95.1)		(28.2)		(123.3)
Balance, end of period	$	—	$	—	$	1,240.2	$	1,202.5	$	2,442.7
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	(168.9)		(53.1)		(68.0)		(19.1)		(309.1)
Adjusted beginning of year balance	5,031.8		866.4		2,405.6		3,139.4		11,443.2
Issuances1	1,093.2		375.4		339.3		183.1		1,991.0
Interest accretion	151.3		17.7		97.7		149.1		415.8
Benefit payments	(1,368.8)		(406.9)		(228.0)		(280.5)		(2,284.2)
Ending balance at original discount rate	4,907.5		852.6		2,614.6		3,191.1		11,565.8
Effect of change in discount rate assumptions	(171.7)		(17.4)		(252.1)		(94.6)		(535.8)
Balance, end of period	$	4,735.8	$	835.2	$	2,362.5	$	3,096.5	$	11,030.0
Net liability for future policy benefits	$	4,735.8	$	835.2	$	1,122.3	$	1,894.0	$	8,587.3
Other	0.4		0.8		2.8		26.4		30.4
Total liability for future policy benefits	4,736.2		836.0		1,125.1		1,920.4		8,617.7
Less: Reinsurance recoverable related to future policy benefits	26.4		5.3		13.0		149.3		194.0
Net liability for future policy benefits, after reinsurance recoverable	$	4,709.8	$	830.7	$	1,112.1	$	1,771.1	$	8,423.7
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.

	December 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	—		—		180.7		5.0		185.7
Effect of actual variances from expected experience	—		—		(79.8)		(10.4)		(90.2)
Adjusted beginning of year balance	—		—		1,038.8		1,222.7		2,261.5
Issuances	—		—		288.6		197.9		486.5
Interest accretion	—		—		29.0		48.2		77.2
Net premiums collected	—		—		(163.9)		(174.4)		(338.3)
Ending balance at original discount rate	—		—		1,192.5		1,294.4		2,486.9
Effect of change in discount rate assumptions	—		—		(57.8)		2.3		(55.5)
Balance, end of period	$	—	$	—	$	1,134.7	$	1,296.7	$	2,431.4
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	(100.2)		—		170.1		7.9		77.8
Effect of actual variances from expected experience	(204.0)		(37.0)		(90.9)		(45.3)		(377.2)
Adjusted beginning of year balance	5,488.9		961.5		2,220.4		3,207.1		11,877.9
Issuances1	1,094.5		394.2		303.7		215.3		2,007.7
Interest accretion	171.2		20.0		86.2		164.7		442.1
Benefit payments	(1,477.5)		(439.2)		(188.3)		(273.2)		(2,378.2)
Ending balance at original discount rate	5,277.1		936.5		2,422.0		3,313.9		11,949.5
Effect of change in discount rate assumptions	(129.7)		(14.5)		(87.5)		34.7		(197.0)
Balance, end of period	$	5,147.4	$	922.0	$	2,334.5	$	3,348.6	$	11,752.5
Net liability for future policy benefits	$	5,147.4	$	922.0	$	1,199.8	$	2,051.9	$	9,321.1
Other	0.2		1.0		2.6		27.8		31.6
Total liability for future policy benefits	5,147.6		923.0		1,202.4		2,079.7		9,352.7
Less: Reinsurance recoverable related to future policy benefits	30.7		7.2		14.0		156.7		208.6
Net liability for future policy benefits, after reinsurance recoverable	$	5,116.9	$	915.8	$	1,188.4	$	1,923.0	$	9,144.1
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.

	December 31, 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	—		—		(23.4)		(73.7)		(97.1)
Effect of actual variances from expected experience	—		—		(70.9)		(25.2)		(96.1)
Adjusted beginning of year balance	—		—		938.0		1,180.7		2,118.7
Issuances	—		—		136.2		168.6		304.8
Interest accretion	—		—		29.1		49.8		78.9
Net premiums collected	—		—		(165.4)		(171.0)		(336.4)
Ending balance at original discount rate	—		—		937.9		1,228.1		2,166.0
Effect of change in discount rate assumptions	—		—		(69.7)		(25.2)		(94.9)
Balance, end of period	$	—	$	—	$	868.2	$	1,202.9	$	2,071.1
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	(102.0)		(32.9)		(39.9)		(53.4)		(228.2)
Effect of actual variances from expected experience	(239.4)		(34.3)		(74.9)		(36.0)		(384.6)
Adjusted beginning of year balance	5,816.9		991.1		2,087.0		3,163.9		12,058.9
Issuances1	1,304.3		444.1		154.0		181.4		2,083.8
Interest accretion	210.5		24.5		86.1		155.3		476.4
Benefit payments	(1,538.6)		(461.2)		(185.9)		(256.1)		(2,441.8)
Ending balance at original discount rate	5,793.1		998.5		2,141.2		3,244.5		12,177.3
Effect of change in discount rate assumptions	(259.8)		(25.9)		(141.7)		(51.7)		(479.1)
Balance, end of period	$	5,533.3	$	972.6	$	1,999.5	$	3,192.8	$	11,698.2
Net liability for future policy benefits	$	5,533.3	$	972.6	$	1,131.3	$	1,989.9	$	9,627.1
Other	0.4		0.9		15.6		24.7		41.6
Total liability for future policy benefits	5,533.7		973.5		1,146.9		2,014.6		9,668.7
Less: Reinsurance recoverable related to future policy benefits	36.0		7.5		14.1		193.6		251.2
Net liability for future policy benefits, after reinsurance recoverable	$	5,497.7	$	966.0	$	1,132.8	$	1,821.0	$	9,417.5
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.

	Year Ended December 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	$	3,070.4	$	1,996.0	$	821.7	$	659.0	$	6,547.1
Interest accretion	$	151.3	$	17.7	$	58.3	$	97.5	$	324.8

	Year Ended December 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	$	2,958.7	$	1,878.0	$	789.9	$	636.6	$	6,263.2
Interest accretion	$	171.2	$	20.0	$	57.2	$	116.5	$	364.9

	Year Ended December 31, 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	$	2,791.7	$	1,864.9	$	773.6	$	591.5	$	6,021.7
Interest accretion	$	210.5	$	24.5	$	57.0	$	105.5	$	397.5

	December 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	$	5,953.3		$	964.5		$	5,590.6		$	5,112.9		$	17,621.3
Expected future gross premiums	$	—		$	—		$	5,799.1		$	5,858.2		$	11,657.3
Amount of discounted (at interest accretion rate):
Expected future gross premiums	$	—		$	—		$	3,815.4		$	4,211.8		$	8,027.2
Weighted average interest rate:
Interest accretion rate	4.2		%	2.3		%	5.0		%	5.1		%	4.3%
Current discount rate	4.9		%	2.7		%	5.5		%	5.3		%	4.9%
Weighted average duration of the liability	4.2 years			2.4 years			18.3 years			9.4 years			7.1 years

	December 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	$	6,376.6		$	1,063.2		$	5,173.1		$	5,313.7		$	17,926.6
Expected future gross premiums	$	—		$	—		$	5,450.6		$	5,724.8		$	11,175.4
Amount of discounted (at interest accretion rate):
Expected future gross premiums	$	—		$	—		$	3,717.5		$	4,112.9		$	7,830.4
Weighted average interest rate:
Interest accretion rate	4.0		%	2.2		%	5.0		%	5.1		%	4.2%
Current discount rate	4.6		%	2.6		%	4.9		%	4.8		%	4.5%
Weighted average duration of the liability	4.3 years			2.6 years			18.1 years			9.6 years			7.0 years

	December 31, 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	$	6,988.1		$	1,133.0		$	4,561.1		$	5,168.2		$	17,850.4
Expected future gross premiums	$	—		$	—		$	3,979.6		$	5,525.1		$	9,504.7
Amount of discounted (at interest accretion rate):
Expected future gross premiums	$	—		$	—		$	2,939.1		$	3,962.1		$	6,901.2
Weighted average interest rate:
Interest accretion rate	3.8		%	2.2		%	5.1		%	5.1		%	4.0%
Current discount rate	4.9		%	2.7		%	5.2		%	5.1		%	4.7%
Weighted average duration of the liability	4.4 years			2.6 years			17.8 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.

	December 31
	2024		2023		2022
	(in millions of dollars)
Present Value of Expected Net Premiums
Balance, beginning of year	$	270.3	$	197.1	$	260.5
Beginning balance at original discount rate	298.4		246.8		258.1
Effect of changes in cash flow assumptions	(5.9)		(5.1)		(0.3)
Effect of actual variances from expected experience	19.9		17.1		5.6
Adjusted beginning of year balance	312.4		258.8		263.4
Issuances	34.4		23.5		17.8
Interest accretion	11.4		9.4		8.4
Net premiums collected	(28.5)		(23.0)		(22.2)
Foreign currency	(15.5)		29.7		(20.6)
Ending balance at original discount rate	314.2		298.4		246.8
Effect of change in discount rate assumptions	(38.1)		(28.1)		(49.7)
Balance, end of period	$	276.1	$	270.3	$	197.1
Present Value of Expected Future Policy Benefits
Balance, beginning of year	$	2,527.4	$	2,231.4	$	3,181.8
Beginning balance at original discount rate	2,687.1		2,495.5		2,703.8
Effect of changes in cash flow assumptions	0.1		17.7		(20.1)
Effect of actual variances from expected experience	(20.5)		1.3		46.3
Adjusted beginning of year balance	2,666.7		2,514.5		2,730.0
Issuances1	379.0		335.2		327.7
Interest accretion	67.9		63.5		64.9
Benefit payments	(409.3)		(388.3)		(346.7)
Foreign currency	(62.8)		162.2		(280.4)
Ending balance at original discount rate	2,641.5		2,687.1		2,495.5
Effect of change in discount rate assumptions	(249.9)		(159.7)		(264.1)
Balance, end of period	$	2,391.6	$	2,527.4	$	2,231.4
Net liability for future policy benefits	$	2,115.5	$	2,257.1	$	2,034.3
Other	40.7		36.1		28.9
Total liability for future policy benefits	2,156.2		2,293.2		2,063.2
Less: Reinsurance recoverable related to future policy benefits	67.9		78.7		70.3
Net liability for future policy benefits, after reinsurance recoverable	$	2,088.3	$	2,214.5	$	1,992.9
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.

	Year Ended December 31
	2024		2023		2022
	(in millions of dollars)
Amount recognized in the statement of income:
Gross premiums or assessments	$	957.1	$	849.0	$	786.8
Interest accretion	$	56.5	$	54.1	$	56.5

	December 31
	2024			2023			2022
	(in millions of dollars, except weighted average data)
Amount of undiscounted:
Expected future benefit payments	$	4,258.2		$	4,261.1		$	3,905.4
Expected future gross premiums	$	1,295.7		$	1,196.6		$	943.9
Amount of discounted (at interest accretion rate):
Expected future gross premiums	$	823.4		$	778.6		$	626.2
Weighted average interest rate:
Interest accretion rate	4.1		%	4.0		%	4.0		%
Current discount rate	5.1		%	4.6		%	5.0		%
Weighted average duration of the liability	8.8 years			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.

	December 31
	2024		2023		2022
	(in millions of dollars)
Present Value of Expected Net Premiums
Balance, beginning of year	$	3,592.6	$	3,745.4	$	4,597.0
Beginning balance at original discount rate	3,754.3		4,046.4		4,158.9
Effect of changes in cash flow assumptions	(7.9)		(322.7)		(32.3)
Effect of actual variances from expected experience	(57.3)		(53.5)		(145.6)
Adjusted beginning of year balance	3,689.1		3,670.2		3,981.0
Issuances	555.9		544.9		554.9
Interest accretion	132.8		122.7		129.7
Net premiums collected	(584.0)		(583.5)		(619.2)
Ending balance at original discount rate	3,793.8		3,754.3		4,046.4
Effect of change in discount rate assumptions	(240.5)		(161.7)		(301.0)
Balance, end of period	$	3,553.3	$	3,592.6	$	3,745.4
Present Value of Expected Future Policy Benefits
Balance, beginning of year	$	5,566.0	$	5,581.1	$	7,054.8
Beginning balance at original discount rate	5,925.2		6,163.9		6,201.5
Effect of changes in cash flow assumptions	(52.7)		(402.9)		(85.9)
Effect of actual variances from expected experience	(92.2)		(52.0)		(191.3)
Adjusted beginning of year balance	5,780.3		5,709.0		5,924.3
Issuances	610.8		605.9		628.5
Interest accretion	224.4		211.3		217.0
Benefit payments	(589.3)		(601.0)		(605.9)
Ending balance at original discount rate	6,026.2		5,925.2		6,163.9
Effect of change in discount rate assumptions	(591.3)		(359.2)		(582.8)
Balance, end of period	$	5,434.9	$	5,566.0	$	5,581.1
Net liability for future policy benefits	$	1,881.6	$	1,973.4	$	1,835.7
Other	22.6		24.4		22.7
Total liability for future policy benefits	1,904.2		1,997.8		1,858.4
Less: Reinsurance recoverable related to future policy benefits	0.9		1.8		1.1
Net liability for future policy benefits, after reinsurance recoverable	$	1,903.3	$	1,996.0	$	1,857.3

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.

	Year Ended December 31
	2024		2023		2022
	(in millions of dollars)
Amount recognized in the statement of income:
Gross premiums or assessments	$	1,718.9	$	1,658.6	$	1,635.8
Interest accretion	$	91.6	$	88.6	$	87.3

	December 31
	2024			2023			2022
	(in millions of dollars, except weighted average data)
Amount of undiscounted:
Expected future benefit payments	$	10,409.4		$	9,796.7		$	10,011.9
Expected future gross premiums	$	12,618.4		$	11,903.1		$	12,221.3
Amount of discounted (at interest accretion rate):
Expected future gross premiums	$	9,049.4		$	8,702.2		$	8,966.3
Weighted average interest rate:
Interest accretion rate	4.4		%	4.3		%	4.3		%
Current discount rate	5.5		%	4.8		%	5.2		%
Weighted average duration of the liability	17.3 years			17.0 years			17.5 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.

	December 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	145.5		—		145.5
Effect of actual variances from expected experience	(41.2)		—		(41.2)
Adjusted beginning of year balance	7,807.9		—		7,807.9
Interest accretion	401.8		—		401.8
Net premiums collected	(616.8)		—		(616.8)
Ending balance at original discount rate	7,592.9		—		7,592.9
Effect of change in discount rate assumptions	65.6		—		65.6
Balance, end of period	$	7,658.5	$	—	$	7,658.5
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	68.3		17.4		85.7
Adjusted beginning of year balance	22,713.5		8,117.4		30,830.9
Issuances1	—		101.2		101.2
Interest accretion	1,199.8		345.2		1,545.0
Benefit payments	(959.6)		(972.8)		(1,932.4)
Ending balance at original discount rate	22,953.7		7,591.0		30,544.7
Effect of change in discount rate assumptions	(28.5)		(452.6)		(481.1)
Balance, end of period	$	22,925.2	$	7,138.4	$	30,063.6
Net liability for future policy benefits	$	15,266.7	$	7,138.4	$	22,405.1
Other2	1.7		1,496.3		1,498.0
Total liability for future policy benefits	15,268.4		8,634.7		23,903.1
Less: Reinsurance recoverable related to future policy benefits	4.2		6,771.7		6,775.9
Net liability for future policy benefits, after reinsurance recoverable	$	15,264.2	$	1,863.0	$	17,127.2
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.

	December 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	1,641.3		—		1,641.3
Effect of actual variances from expected experience	44.1		—		44.1
Adjusted beginning of year balance	7,921.5		—		7,921.5
Interest accretion	374.7		—		374.7
Net premiums collected	(592.6)		—		(592.6)
Ending balance at original discount rate	7,703.6		—		7,703.6
Effect of change in discount rate assumptions	419.9		—		419.9
Balance, end of period	$	8,123.5	$	—	$	8,123.5
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	2,009.4		—		2,009.4
Effect of actual variances from expected experience	113.1		4.0		117.1
Adjusted beginning of year balance	22,344.1		8,634.7		30,978.8
Issuances1	—		123.4		123.4
Interest accretion	1,151.4		358.9		1,510.3
Benefit payments	(846.2)		(1,022.4)		(1,868.6)
Ending balance at original discount rate	22,649.3		8,094.6		30,743.9
Effect of change in discount rate assumptions	2,048.4		(214.6)		1,833.8
Balance, end of period	$	24,697.7	$	7,880.0	$	32,577.7
Net liability for future policy benefits	$	16,574.2	$	7,880.0	$	24,454.2
Other2	23.1		1,638.1		1,661.2
Total liability for future policy benefits	16,597.3		9,518.1		26,115.4
Less: Reinsurance recoverable related to future policy benefits	4.5		7,462.4		7,466.9
Net liability for future policy benefits, after reinsurance recoverable	$	16,592.8	$	2,055.7	$	18,648.5
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.

	December 31, 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	27.8		—		27.8
Effect of actual variances from expected experience	(33.5)		—		(33.5)
Adjusted beginning of year balance	6,451.6		—		6,451.6
Interest accretion	349.0		—		349.0
Net premiums collected	(564.5)		—		(564.5)
Ending balance at original discount rate	6,236.1		—		6,236.1
Effect of change in discount rate assumptions	176.5		—		176.5
Balance, end of period	$	6,412.6	$	—	$	6,412.6
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	24.9		216.9		241.8
Effect of actual variances from expected experience	(36.2)		30.7		(5.5)
Adjusted beginning of year balance	19,859.5		9,197.0		29,056.5
Issuances1	—		154.5		154.5
Interest accretion	1,105.1		372.8		1,477.9
Benefit payments	(743.0)		(1,093.6)		(1,836.6)
Ending balance at original discount rate	20,221.6		8,630.7		28,852.3
Effect of change in discount rate assumptions	978.3		(411.9)		566.4
Balance, end of period	$	21,199.9	$	8,218.8	$	29,418.7
Net liability for future policy benefits	$	14,787.3	$	8,218.8	$	23,006.1
Other2	24.3		1,737.0		1,761.3
Total liability for future policy benefits	14,811.6		9,955.8		24,767.4
Less: Reinsurance recoverable related to future policy benefits	5.7		7,799.8		7,805.5
Net liability for future policy benefits, after reinsurance recoverable	$	14,805.9	$	2,156.0	$	16,961.9
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.

	Year Ended December 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	$	696.2	$	188.2	$	884.4
Interest accretion	$	798.0	$	345.2	$	1,143.2

	Year Ended December 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	$	696.1	$	223.8	$	919.9
Interest accretion	$	776.7	$	358.9	$	1,135.6

	Year Ended December 31, 2022
	Long-term Care		All Other		Total Closed Block
	(in millions of dollars)
Amount recognized in the statement of income:
Gross premiums or assessments	$	697.5	$	250.0	$	947.5
Interest accretion	$	756.1	$	372.8	$	1,128.9

	December 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	$	60,051.5		$	11,093.7		$	71,145.2
Expected future gross premiums	$	13,767.1		$	—		$	13,767.1
Amount of discounted (at interest accretion rate):
Expected future gross premiums	$	8,029.1		$	—		$	8,029.1
Weighted average interest rate:
Interest accretion rate	5.6		%	4.6		%	5.3		%
Current discount rate	5.6		%	5.4		%	5.5		%
Weighted average duration of the liability	15.7 years			7.2 years			12.9 years

	December 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	$	61,447.7		$	11,893.7		$	73,341.4
Expected future gross premiums	$	14,486.4		$	—		$	14,486.4
Amount of discounted (at interest accretion rate):
Expected future gross premiums	$	8,241.7		$	—		$	8,241.7
Weighted average interest rate:
Interest accretion rate	5.6		%	4.6		%	5.2		%
Current discount rate	5.0		%	4.9		%	4.9		%
Weighted average duration of the liability	16.4 years			7.3 years			13.2 years

	December 31, 2022
	Long-term Care			All Other			Total Closed Block
	(in millions of dollars, except weighted average data)
Amount of undiscounted:
Expected future benefit payments	$	52,544.0		$	12,749.0		$	65,293.0
Expected future gross premiums	$	12,629.9		$	—		$	12,629.9
Amount of discounted (at interest accretion rate):
Expected future gross premiums	$	7,333.5		$	—		$	7,333.5
Weighted average interest rate:
Interest accretion rate	5.5		%	4.6		%	5.2		%
Current discount rate	5.2		%	5.1		%	5.2		%
Weighted average duration of the liability	15.5 years			7.4 years			12.4 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:

	December 31
	2024		2023		2022
	(in millions of dollars)
Liability for future policy benefits
Unum US1	$	8,617.7	$	9,352.7	$	9,668.7
Unum International	2,156.2		2,293.2		2,063.2
Colonial Life	1,904.2		1,997.8		1,858.4
Closed Block1	23,903.1		26,115.4		24,767.4
Other products1	225.2		250.3		219.4
Total liability for future policy benefits	$	36,806.4	$	40,009.4	$	38,577.1

1Unum US excludes the dental and vision product line and medical stop-loss products 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:

	December 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	53.7		79.5		26.5		159.7
Policy charges1	(56.8)		(71.9)		(101.4)		(230.1)
Surrenders and withdrawals	(30.9)		(38.0)		(12.4)		(81.3)
Benefit payments	(6.0)		(7.8)		(245.1)		(258.9)
Interest credited	20.8		34.1		300.6		355.5
Other	9.4		0.2		1.3		10.9
Balance, end of period	568.8		849.0		4,052.2		5,470.0
Reserves in excess of account balance	106.9		13.5		43.3		163.7
Total policyholders' account balances	675.7		862.5		4,095.5		5,633.7
Less: Reinsurance recoverable related to policyholders' account balances	0.8		—		4,095.5		4,096.3
Net policyholders' account balances, after reinsurance recoverable	$	674.9	$	862.5	$	—	$	1,537.4
Weighted average crediting rate	3.7%		4.1%		7.6%		6.7%
Net amount at risk2	$	4,132.2	$	8,201.1	$	1,725.0	$	14,058.3
Cash surrender value	$	559.0	$	819.8	$	4,031.3	$	5,410.1
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.

	December 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	58.5		84.9		31.7		175.1
Policy charges1	(60.4)		(74.7)		(107.2)		(242.3)
Surrenders and withdrawals	(33.3)		(36.8)		(18.8)		(88.9)
Benefit payments	(9.7)		(7.2)		(216.2)		(233.1)
Interest credited	22.2		34.2		322.1		378.5
Other	14.5		0.1		(88.3)		(73.7)
Balance, end of period	578.6		852.9		4,082.7		5,514.2
Reserves in excess of account balance	99.5		16.9		37.1		153.5
Total policyholders' account balances	678.1		869.8		4,119.8		5,667.7
Less: Reinsurance recoverable related to policyholders' account balances	0.9		—		4,119.8		4,120.7
Net policyholders' account balances, after reinsurance recoverable	$	677.2	$	869.8	$	—	$	1,547.0
Weighted average crediting rate	3.9%		4.1%		8.0%		7.0%
Net amount at risk2	$	4,495.6	$	8,760.1	$	1,824.3	$	15,080.0
Cash surrender value	$	566.9	$	813.5	$	4,062.3	$	5,442.7
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.

	December 31, 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	64.5		90.9		32.2		187.6
Policy charges1	(64.5)		(78.0)		(105.5)		(248.0)
Surrenders and withdrawals	(32.9)		(36.2)		(21.3)		(90.4)
Benefit payments	(10.7)		(8.0)		(292.8)		(311.5)
Interest credited	23.5		34.2		311.5		369.2
Other	8.2		0.3		3.6		12.1
Balance, end of period	586.8		852.4		4,159.4		5,598.6
Reserves in excess of account balance	92.9		16.7		32.0		141.6
Total policyholders' account balances	679.7		869.1		4,191.4		5,740.2
Less: Reinsurance recoverable related to policyholders' account balances	1.1		0.2		4,191.4		4,192.7
Net policyholders' account balances, after reinsurance recoverable	$	678.6	$	868.9	$	—	$	1,547.5
Weighted average crediting rate	4.0%		4.1%		7.6%		6.7%
Net amount at risk2	$	4,908.0	$	9,338.5	$	1,931.6	$	16,178.1
Cash surrender value	$	583.3	$	800.9	$	4,045.9	$	5,430.1
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.

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.

	December 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%	$	89.3	$	—	$	—	$	—	$	89.3
4.00% - 4.99%	218.5		195.0		35.1		—		448.6
5.00% - 6.00%	30.9		—		—		—		30.9
	338.7		195.0		35.1		—		568.8
	Colonial Life
4.00% - 5.00%	842.7		6.3		—		—		849.0
	Closed Block - All Other
3.00% - 5.99%	1,280.2		226.6		25.4		—		1,532.2
6.00% - 8.99%	26.0		—		—		—		26.0
9.00% - 11.99%	1,274.8		1,157.4		—		—		2,432.2
12.00% - 15.00%	—		61.8		—		—		61.8
	2,581.0		1,445.8		25.4		—		4,052.2
Total	$	3,762.4	$	1,647.1	$	60.5	$	—	$	5,470.0

	December 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%	$	91.9	$	—	$	—	$	—	$	91.9
4.00% - 4.99%	227.1		190.1		37.7		—		454.9
5.00% - 6.00%	31.8		—		—		—		31.8
	350.8		190.1		37.7		—		578.6
	Colonial Life
4.00% - 5.00%	846.7		6.2		—		—		852.9
	Closed Block - All Other
3.00% - 5.99%	526.8		1,081.8		30.7		—		1,639.3
6.00% - 8.99%	1.3		31.0		—		—		32.3
9.00% - 11.99%	318.4		2,036.5		—		—		2,354.9
12.00% - 15.00%	—		56.2		—		—		56.2
	846.5		3,205.5		30.7		—		4,082.7
Total	$	2,044.0	$	3,401.8	$	68.4	$	—	$	5,514.2

	December 31, 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%	$	94.4	$	—	$	—	$	—	$	94.4
4.00% - 4.99%	274.5		183.9		—		—		458.4
5.00% - 6.00%	34.0		—		—		—		34.0
	402.9		183.9		—		—		586.8
	Colonial Life
4.00% - 5.00%	846.4		6.0		—		—		852.4
	Closed Block - All Other
3.00% - 5.99%	1,661.7		29.1		6.4		—		1,697.2
6.00% - 8.99%	31.4		—		—		—		31.4
9.00% - 11.99%	2,378.2		—		—		—		2,378.2
12.00% - 15.00%	52.6		—		—		—		52.6
	4,123.9		29.1		6.4		—		4,159.4
Total	$	5,373.2	$	219.0	$	6.4	$	—	$	5,598.6

Deferred Policy Acquisition Costs by Segment

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

	December 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	320.9		17.8		312.8		651.5
Amortization expense	(292.5)		(9.5)		(219.0)		(521.0)
Foreign currency	—		(2.2)		—		(2.2)
Balance, end of year	$	1,260.6	$	53.0	$	1,529.2	$	2,842.8

	December 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	314.7		14.6		302.9		632.2
Amortization expense	(267.6)		(8.4)		(205.4)		(481.4)
Foreign currency	—		3.7		—		3.7
Balance, end of year	$	1,232.2	$	46.9	$	1,435.4	$	2,714.5

	December 31, 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	273.1		12.0		271.8		556.9
Amortization expense	(240.9)		(8.2)		(172.0)		(421.1)
Foreign currency	—		(3.2)		—		(3.2)
Balance, end of year	$	1,185.1	$	37.0	$	1,337.9	$	2,560.0

	December 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	62.2		40.6		120.2		83.4		14.5		320.9
Amortization expense	(64.7)		(38.4)		(116.5)		(60.0)		(12.9)		(292.5)
Balance, end of year	$	61.1	$	51.1	$	614.3	$	521.2	$	12.9	$	1,260.6

	December 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	60.2		38.6		115.8		87.4		12.7		314.7
Amortization expense	(57.6)		(39.0)		(106.2)		(54.0)		(10.8)		(267.6)
Balance, end of year	$	63.6	$	48.9	$	610.6	$	497.8	$	11.3	$	1,232.2

	December 31, 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	53.1		37.3		100.0		72.0		10.7		273.1
Amortization expense	(53.0)		(41.9)		(87.6)		(49.4)		(9.0)		(240.9)
Balance, end of year	$	61.0	$	49.3	$	601.0	$	464.4	$	9.4	$	1,185.1

During the third quarters of 2024 and 2023, 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. During the third quarter of 2022, we updated our policyholder lapse and mortality assumptions used to develop the future amortization for DAC for the Unum US individual disability and voluntary benefits product lines as well as for the Colonial Life segment. These assumption updates were consistent with the related assumption updates for the liability for future policy benefits.