Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

Premium Income by Major Line of Business within Each Segment

Segment information is shown below.


	Year Ended December 31
	2024		2023		2022
	(in millions of dollars)
Premium Income

Unum US
Group Disability
Group Long-term Disability	$	2,086.1	$	2,057.2	$	1,911.7
Group Short-term Disability	1,084.0		1,012.3		926.3
Group Life and Accidental Death & Dismemberment
Group Life	1,784.7		1,679.0		1,669.1
Accidental Death & Dismemberment	186.1		175.5		173.7
Supplemental and Voluntary
Voluntary Benefits	879.2		850.1		833.7
Individual Disability	566.0		527.0		461.1
Dental and Vision	297.1		278.1		275.8
	6,883.2		6,579.2		6,251.4

Unum International
Unum UK
Group Long-term Disability	418.0		396.1		376.9
Group Life	211.3		169.3		138.2
Supplemental	165.6		141.5		114.0
Unum Poland	154.6		118.3		89.7
	949.5		825.2		718.8


Colonial Life
Accident, Sickness, and Disability	969.5		946.1		948.9
Life	458.0		426.5		401.1
Cancer and Critical Illness	356.4		353.5		352.0
	1,783.9		1,726.1		1,702.0

Closed Block
Long-term Care	696.1		696.0		697.4

All Other	184.7		219.5		246.9

	880.8		915.5		944.3


Total Premium Income	$	10,497.4	$	10,046.0	$	9,616.5

Selected Operating Statement Data by Segment


	Year Ended December 31, 2024
	Unum US		Unum International		Colonial Life		Closed Block		Corporate		Total
	(in millions of dollars)
Premium Income	$	6,883.2	$	949.5	$	1,783.9	$	880.8	$	—	$	10,497.4
Net Investment Income	632.2		128.8		161.5		1,148.9		58.6		2,130.0
Other Income	235.9		1.6		4.0		51.7		1.3		294.5
Adjusted Operating Revenue	$	7,751.3	$	1,079.9	$	1,949.4	$	2,081.4	$	59.9	$	12,921.9

Adjusted Policy Benefits1	$	4,246.5	$	693.6	$	885.4	$	1,629.6	$	—	$	7,455.1
Adjusted Policy Benefits - Remeasurement Loss (Gain)2	(238.2)		(44.4)		(34.7)		112.4		—		(204.9)
Commissions	729.3		82.5		378.4		68.4		—		1,258.6
Interest and Debt Expense	—		—		—		—		201.1		201.1
Deferral of Acquisition Costs	(320.9)		(17.8)		(312.8)		—		—		(651.5)
Amortization of Deferred Acquisition Costs	292.5		9.5		219.0		—		—		521.0
Other Segment Items3	1,602.9		198.7		347.4		133.2		50.0		2,332.2
Adjusted Benefits and Expenses	$	6,312.1	$	922.1	$	1,482.7	$	1,943.6	$	251.1	$	10,911.6

Adjusted Operating Income (Loss)	$	1,439.2	$	157.8	$	466.7	$	137.8	$	(191.2)	$	2,010.3

1Excludes the impact of non-contemporaneous reinsurance in the Closed Block segment.
2Excludes the reserve assumption updates for each reportable segment, except for the Corporate segment, that occurred during the third quarter.
3Excludes the amortization of the cost of reinsurance in the Closed Block segment and the loss on legal settlement in the Corporate segment. For each reportable segment, other segment items includes compensation, other personnel expenses, taxes, licenses and fees, depreciation, intangible asset amortization and other expenses. Depreciation and intangible asset amortization during 2024 was $85.0 million, $17.9 million, $15.1 million, $5.4 million, and $0.1 million for our Unum US, Unum International, Colonial Life, Closed Block and Corporate segments, respectively.


	Year Ended December 31, 2023
	Unum US		Unum International		Colonial Life		Closed Block		Corporate		Total
	(in millions of dollars)
Premium Income	$	6,579.2	$	825.2	$	1,726.1	$	915.5	$	—	$	10,046.0
Net Investment Income	639.9		137.2		153.5		1,066.3		99.8		2,096.7
Other Income	220.5		1.6		1.2		52.6		3.3		279.2
Adjusted Operating Revenue	$	7,439.6	$	964.0	$	1,880.8	$	2,034.4	$	103.1	$	12,421.9

Adjusted Policy Benefits1	$	4,221.2	$	581.4	$	877.1	$	1,597.4	$	—	$	7,277.1
Adjusted Policy Benefits - Remeasurement Loss (Gain)2	(283.9)		(19.5)		1.7		69.7		—		(232.0)
Commissions	664.4		72.5		359.4		73.8		—		1,170.1
Interest and Debt Expense	—		—		—		—		194.8		194.8
Deferral of Acquisition Costs	(314.7)		(14.6)		(302.9)		—		—		(632.2)
Amortization of Deferred Acquisition Costs	267.6		8.4		205.4		—		—		481.4
Other Segment Items3	1,529.5		177.7		340.0		128.6		54.7		2,230.5
Adjusted Benefits and Expenses	$	6,084.1	$	805.9	$	1,480.7	$	1,869.5	$	249.5	$	10,489.7

Adjusted Operating Income (Loss)	$	1,355.5	$	158.1	$	400.1	$	164.9	$	(146.4)	$	1,932.2

1Excludes the impact of non-contemporaneous reinsurance in the Closed Block segment.
2Excludes the reserve assumption updates for each reportable segment, except for the Corporate segment, that occurred during the third quarter.
3Excludes the amortization of the cost of reinsurance in the Closed Block segment. For each reportable segment, other segment items includes compensation, other personnel expenses, taxes, licenses and fees, depreciation, intangible asset amortization and other expenses. Depreciation and intangible asset amortization during 2023 was $76.3 million, $14.6 million, $13.6 million, $5.2 million and $0.6 million for our Unum US, Unum International, Colonial Life, Closed Block and Corporate segments, respectively.


	Year Ended December 31, 2022
	Unum US		Unum International		Colonial Life		Closed Block		Corporate		Total
	(in millions of dollars)
Premium Income	$	6,251.4	$	718.8	$	1,702.0	$	944.3	$	—	$	9,616.5
Net Investment Income	676.3		170.1		152.7		1,070.6		52.5		2,122.2
Other Income	196.3		0.9		1.1		58.0		4.8		261.1
Adjusted Operating Revenue	$	7,124.0	$	889.8	$	1,855.8	$	2,072.9	$	57.3	$	11,999.8

Adjusted Policy Benefits1	$	4,429.6	$	521.6	$	926.6	$	1,620.5	$	—	$	7,498.3
Adjusted Policy Benefits - Remeasurement Loss (Gain)2	(287.9)		35.6		(45.3)		2.8		—		(294.8)
Commissions	614.4		56.3		340.0		75.7		—		1,086.4
Interest and Debt Expense	—		—		—		—		192.7		192.7
Deferral of Acquisition Costs	(273.1)		(12.0)		(271.8)		—		—		(556.9)
Amortization of Deferred Acquisition Costs	240.9		8.2		172.0		—		—		421.1
Other Segment Items3	1,427.5		146.1		321.4		122.0		28.9		2,045.9
Adjusted Benefits and Expenses	$	6,151.4	$	755.8	$	1,442.9	$	1,821.0	$	221.6	$	10,392.7

Adjusted Operating Income (Loss)	$	972.6	$	134.0	$	412.9	$	251.9	$	(164.3)	$	1,607.1

1Excludes the impact of non-contemporaneous reinsurance in the Closed Block segment.
2Excludes the reserve assumption updates for each reportable segment, except for the Corporate segment, that occurred during the third quarter and the impact of non-contemporaneous reinsurance in the Closed Block segment.
3Excludes the amortization of the cost of reinsurance in the Closed Block segment. For each reportable segment, other segment items includes compensation, other personnel expenses, taxes, licenses and fees, depreciation, intangible asset amortization and other expenses. Depreciation and intangible asset amortization during 2022 was $75.7 million, $14.4 million, $15.0 million, $4.7 million, and $0.6 million for our Unum US, Unum International, Colonial Life, Closed Block and Corporate segments, respectively.

Assets by Segment


	December 31
	2024		2023
	(in millions of dollars)
Assets
Unum US	$	14,981.6	$	15,561.1
Unum International	3,291.3		3,372.9
Colonial Life	4,964.2		4,830.4
Closed Block	33,376.0		35,272.8
Corporate	5,346.2		4,218.0
Total Assets	$	61,959.3	$	63,255.2

Reconciliation of Total Revenue and Income Before Income Tax to Adjusted Operating Revenue and Adjusted Operating Income

A reconciliation of total revenue to "adjusted operating revenue" and income before income tax to "adjusted operating income" is as follows:


	Year Ended December 31
	2024		2023		2022
	(in millions of dollars)
Total Revenue	$	12,887.3	$	12,385.9	$	11,984.1
Excluding:
Net Investment Loss	(34.6)		(36.0)		(15.7)
Adjusted Operating Revenue	$	12,921.9	$	12,421.9	$	11,999.8

Income Before Income Tax	$	2,251.3	$	1,640.1	$	1,750.0
Excluding:
Net Investment Loss	(34.6)		(36.0)		(15.7)
Amortization of the Cost of Reinsurance	(41.4)		(44.1)		(50.3)
Non-Contemporaneous Reinsurance	(25.1)		(34.8)		(34.4)
Reserve Assumption Updates	357.4		(177.2)		243.3
Loss on Legal Settlement	(15.3)		—		—
Adjusted Operating Income	$	2,010.3	$	1,932.2	$	1,607.1