Segment Information (Tables)

6 Months Ended

Jun. 30, 2025

Premium Income by Major Line of Business within Each Segment

Segment information is shown below.


	Three Months Ended June 30				Six Months Ended June 30
	2025		2024		2025		2024
	(in millions of dollars)
Premium Income

Unum US
Group Disability
Group Long-term Disability	$	507.8	$	521.5	$	1,012.3	$	1,038.2
Group Short-term Disability	289.3		276.3		567.6		539.4
Group Life and Accidental Death & Dismemberment
Group Life	470.0		447.5		936.2		890.1
Accidental Death & Dismemberment	49.2		46.4		97.4		92.2
Supplemental and Voluntary
Voluntary Benefits	234.5		222.9		468.6		445.8
Individual Disability	166.7		142.2		335.4		284.2
Dental and Vision	81.1		74.1		162.0		148.4
	1,798.6		1,730.9		3,579.5		3,438.3

Unum International
Unum UK
Group Long-term Disability	107.9		102.3		208.1		205.8
Group Life	68.1		48.8		129.7		97.5
Supplemental	47.0		40.6		88.9		83.7
Unum Poland	48.1		37.1		91.1		73.5
	271.1		228.8		517.8		460.5


Colonial Life
Accident, Sickness, and Disability	249.1		241.7		496.2		484.9
Life	122.1		115.2		242.0		229.5
Cancer and Critical Illness	90.9		89.3		181.2		178.7
	462.1		446.2		919.4		893.1

Closed Block
Long-term Care	175.9		173.3		352.1		347.8
All Other	40.3		48.0		82.1		97.8
	216.2		221.3		434.2		445.6


Total Premium Income	$	2,748.0	$	2,627.2	$	5,450.9	$	5,237.5

Selected Operating Statement Data by Segment


	Three Months Ended June 30, 2025
	Unum US		Unum International		Colonial Life		Closed Block		Corporate		Total
	(in millions of dollars)
Premium Income	$	1,798.6	$	271.1	$	462.1	$	216.2	$	—	$	2,748.0
Net Investment Income	155.1		46.2		42.6		284.5		32.3		560.7
Other Income	58.0		0.3		0.3		12.1		(0.3)		70.4
Adjusted Operating Revenue	$	2,011.7	$	317.6	$	505.0	$	512.8	$	32.0	$	3,379.1

Adjusted Policy Benefits1	$	1,110.9	$	189.3	$	226.0	$	413.7	$	—	$	1,939.9
Adjusted Policy Benefits - Remeasurement Loss (Gain)	(18.7)		7.1		(2.8)		45.6		—		31.2
Commissions	203.8		25.1		98.6		16.0		—		343.5
Interest and Debt Expense	—		—		—		—		52.0		52.0
Deferral of Acquisition Costs	(85.7)		(5.6)		(83.6)		—		—		(174.9)
Amortization of Deferred Acquisition Costs	71.6		2.6		58.0		—		—		132.2
Other Segment Items2	411.6		57.5		91.4		33.6		11.7		605.8
Adjusted Benefits and Expenses	$	1,693.5	$	276.0	$	387.6	$	508.9	$	63.7	$	2,929.7

Adjusted Operating Income (Loss)	$	318.2	$	41.6	$	117.4	$	3.9	$	(31.7)	$	449.4
1Excludes the impact of non-contemporaneous reinsurance in the Closed Block segment.
2Excludes 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 the three months ended June 30, 2025 was $21.2 million, $5.2 million, $4.0 million, $1.5 million, and $0.2 million for our Unum US, Unum International, Colonial Life, Closed Block and Corporate segments, respectively.


	Three Months Ended June 30, 2024
	Unum US		Unum International		Colonial Life		Closed Block		Corporate		Total
	(in millions of dollars)
Premium Income	$	1,730.9	$	228.8	$	446.2	$	221.3	$	—	$	2,627.2
Net Investment Income	158.1		38.0		40.5		294.2		14.3		545.1
Other Income	58.2		0.5		0.2		12.2		0.4		71.5
Adjusted Operating Revenue	$	1,947.2	$	267.3	$	486.9	$	527.7	$	14.7	$	3,243.8

Adjusted Policy Benefits1	$	1,079.5	$	155.3	$	222.9	$	401.9	$	—	$	1,859.6
Adjusted Policy Benefits - Remeasurement Loss (Gain)	(72.9)		0.9		(9.5)		24.4		—		(57.1)
Commissions	187.1		20.4		94.0		17.6		—		319.1
Interest and Debt Expense	—		—		—		—		49.9		49.9
Deferral of Acquisition Costs	(82.5)		(4.3)		(78.3)		—		—		(165.1)
Amortization of Deferred Acquisition Costs	71.2		2.4		54.3		—		—		127.9
Other Segment Items2	407.3		50.1		86.6		32.2		10.1		586.3
Adjusted Benefits and Expenses	$	1,589.7	$	224.8	$	370.0	$	476.1	$	60.0	$	2,720.6

Adjusted Operating Income (Loss)	$	357.5	$	42.5	$	116.9	$	51.6	$	(45.3)	$	523.2
1Excludes the impact of non-contemporaneous reinsurance in the Closed Block segment.
2Excludes 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 the three months ended June 30, 2024 was $20.5 million, $4.3 million, $3.7 million, $1.3 million, and de minimis for our Unum US, Unum International, Colonial Life, Closed Block and Corporate segments, respectively.


	Six Months Ended June 30, 2025
	Unum US		Unum International		Colonial Life		Closed Block		Corporate		Total
	(in millions of dollars)
Premium Income	$	3,579.5	$	517.8	$	919.4	$	434.2	$	—	$	5,450.9
Net Investment Income	304.0		74.7		84.8		554.2		56.2		1,073.9
Other Income	129.9		0.4		0.7		22.0		(0.3)		152.7
Adjusted Operating Revenue	$	4,013.4	$	592.9	$	1,004.9	$	1,010.4	$	55.9	$	6,677.5

Adjusted Policy Benefits1	$	2,249.5	$	362.2	$	452.6	$	829.1	$	—	$	3,893.4
Adjusted Policy Benefits - Remeasurement Loss (Gain)	(94.1)		(1.7)		(11.3)		49.0		—		(58.1)
Commissions	409.4		47.5		195.9		33.9		—		686.7
Interest and Debt Expense	—		—		—		—		104.0		104.0
Deferral of Acquisition Costs	(170.4)		(10.9)		(166.2)		—		—		(347.5)
Amortization of Deferred Acquisition Costs	136.8		5.1		115.7		—		—		257.6
Other Segment Items2	834.9		110.4		185.1		70.1		24.7		1,225.2
Adjusted Benefits and Expenses	$	3,366.1	$	512.6	$	771.8	$	982.1	$	128.7	$	5,761.3

Adjusted Operating Income (Loss)	$	647.3	$	80.3	$	233.1	$	28.3	$	(72.8)	$	916.2
1Excludes the impact of non-contemporaneous reinsurance in the Closed Block segment.
2Excludes 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 the six months ended June 30, 2025 was $42.5 million, $9.9 million, $8.2 million, $3.0 million, and $0.3 million for our Unum US, Unum International, Colonial Life, Closed Block and Corporate segments, respectively.


	Six Months Ended June 30, 2024
	Unum US		Unum International		Colonial Life		Closed Block		Corporate		Total
	(in millions of dollars)
Premium Income	$	3,438.3	$	460.5	$	893.1	$	445.6	$	—	$	5,237.5
Net Investment Income	315.1		64.1		79.8		567.3		32.3		1,058.6
Other Income	118.8		0.8		3.2		25.3		1.1		149.2
Adjusted Operating Revenue	$	3,872.2	$	525.4	$	976.1	$	1,038.2	$	33.4	$	6,445.3

Adjusted Policy Benefits1	$	2,161.2	$	319.2	$	449.6	$	815.4	$	—	$	3,745.4
Adjusted Policy Benefits - Remeasurement Loss (Gain)	(185.3)		(7.1)		(19.1)		46.7		—		(164.8)
Commissions	369.3		40.0		189.2		34.2		—		632.7
Interest and Debt Expense	—		—		—		—		99.4		99.4
Deferral of Acquisition Costs	(165.8)		(8.6)		(157.6)		—		—		(332.0)
Amortization of Deferred Acquisition Costs	141.0		4.8		108.3		—		—		254.1
Other Segment Items2	809.1		97.2		175.1		66.0		25.4		1,172.8
Adjusted Benefits and Expenses	$	3,129.5	$	445.5	$	745.5	$	962.3	$	124.8	$	5,407.6

Adjusted Operating Income (Loss)	$	742.7	$	79.9	$	230.6	$	75.9	$	(91.4)	$	1,037.7
1Excludes the impact of non-contemporaneous reinsurance in the Closed Block segment.
2Excludes 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 the six months ended June 30, 2024 was $41.8 million, $8.6 million, $7.5 million, $2.6 million, and $0.1 million for our Unum US, Unum International, Colonial Life, Closed Block and Corporate segments, respectively.

Assets by Segment


	June 30		December 31
	2025		2024
	(in millions of dollars)
Assets
Unum US	$	14,813.8	$	14,981.6
Unum International	3,712.8		3,291.3
Colonial Life	5,112.3		4,964.2
Closed Block	33,280.3		33,376.0
Corporate	5,924.6		5,346.2
Total Assets	$	62,843.8	$	61,959.3

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:


	Three Months Ended June 30				Six Months Ended June 30
	2025		2024		2025		2024
	(in millions of dollars)
Total Revenue	$	3,361.4	$	3,233.4	$	6,453.0	$	6,433.7
Excluding:

Net Investment Loss	(17.7)		(10.4)		(224.5)		(11.6)
Adjusted Operating Revenue	$	3,379.1	$	3,243.8	$	6,677.5	$	6,445.3

Income Before Income Tax	$	417.0	$	495.5	$	660.6	$	991.2
Excluding:


Net Investment Loss Related to the Reinsurance Agreement	(8.5)		—		(184.4)		—
Net Investment Loss, Other	(9.2)		(10.4)		(40.1)		(11.6)
Total Net Investment Loss	(17.7)		(10.4)		(224.5)		(11.6)


Amortization of the Cost of Reinsurance	(9.7)		(10.3)		(19.3)		(20.7)
Non-Contemporaneous Reinsurance	(5.0)		(7.0)		(11.8)		(14.2)







Adjusted Operating Income	$	449.4	$	523.2	$	916.2	$	1,037.7