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Investments (Tables)
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Amortized Cost and Fair Values of Securities by Security Type
At March 31, 2026 and December 31, 2025, all fixed maturity securities were classified as available-for-sale. The amortized cost and fair values of securities by security type are shown as follows:

 March 31, 2026
 
Amortized
Cost, Gross of ACL1
ACL1
Gross
Unrealized
Gain		Gross
Unrealized
Loss		Fair
Value
(in millions of dollars)
United States Government and Government Agencies and Authorities $548.9 $— $13.2 $17.2 $544.9 
States, Municipalities, and Political Subdivisions3,413.2 — 61.9 475.1 3,000.0 
Foreign Governments989.4 — 14.9 159.4 844.9 
Public Utilities5,202.3 — 136.8 333.7 5,005.4 
Mortgage/Asset-Backed Securities2
1,371.9 — 7.7 22.7 1,356.9 
All Other Corporate Bonds23,997.1 — 386.3 1,842.5 22,540.9 
Redeemable Preferred Stocks8.0 — — 0.2 7.8 
Total Fixed Maturity Securities$35,530.8 $— $620.8 $2,850.8 $33,300.8 


December 31, 2025
 
Amortized
Cost, Gross of ACL1
ACL1
Gross
Unrealized
Gain		Gross
Unrealized
Loss		Fair
Value
(in millions of dollars)
United States Government and Government Agencies and Authorities$543.8 $— $17.2 $16.0 $545.0 
States, Municipalities, and Political Subdivisions3,450.7 — 73.8 466.4 3,058.1 
Foreign Governments1,008.8 — 18.8 157.3 870.3 
Public Utilities5,048.6 — 175.4 290.1 4,933.9 
Mortgage/Asset-Backed Securities2
1,187.3 — 9.3 17.3 1,179.3 
All Other Corporate Bonds23,500.0 5.9 527.5 1,559.5 22,462.1 
Redeemable Preferred Stocks8.0 — — 0.1 7.9 
Total Fixed Maturity Securities$34,747.2 $5.9 $822.0 $2,506.7 $33,056.6 

1Allowance for Credit Losses
2Includes credit-tranched securities collateralized by loan obligations, auto loans, and other asset types
Distribution of the Maturity Dates for Fixed Maturity Securities
The following is a distribution of the maturity dates for fixed maturity securities. The maturity dates have not been adjusted for possible calls or prepayments.
 March 31, 2026
 
Amortized Cost, Net of ACL1
Unrealized Gain PositionUnrealized Loss Position
 Gross GainFair ValueGross LossFair Value
(in millions of dollars)
1 year or less$1,258.8 $2.8 $336.8 $5.4 $919.4 
Over 1 year through 5 years6,719.4 150.7 3,094.7 125.2 3,650.2 
Over 5 years through 10 years7,591.2 177.3 3,167.3 393.3 4,207.9 
Over 10 years18,589.5 282.3 4,498.2 2,304.2 12,069.4 
34,158.9 613.1 11,097.0 2,828.1 20,846.9 
Mortgage/Asset-Backed Securities2
1,371.9 7.7 556.4 22.7 800.5 
Total Fixed Maturity Securities$35,530.8 $620.8 $11,653.4 $2,850.8 $21,647.4 
 December 31, 2025
 
Amortized Cost, Net of ACL1
Unrealized Gain PositionUnrealized Loss Position
 Gross GainFair ValueGross LossFair Value
(in millions of dollars)
1 year or less$1,379.9 $3.4 $430.5 $5.1 $947.7 
Over 1 year through 5 years6,484.9 159.7 3,512.5 88.9 3,043.2 
Over 5 years through 10 years7,476.9 260.3 3,873.6 336.5 3,527.1 
Over 10 years18,212.3 389.3 5,655.9 2,058.9 10,886.8 
33,554.0 812.7 13,472.5 2,489.4 18,404.8 
Mortgage/Asset-Backed Securities2
1,187.3 9.3 697.4 17.3 481.9 
Total Fixed Maturity Securities$34,741.3 $822.0 $14,169.9 $2,506.7 $18,886.7 
1Allowance for Credit Losses
2Includes credit-tranched securities collateralized by loan obligations, auto loans, and other asset types
Distribution by External Credit Rating for Fixed Maturity Securities
The following chart depicts an analysis of our fixed maturity security portfolio between investment-grade and below-investment-grade categories as of March 31, 2026:

Gross Unrealized Loss
Fair ValueGross Unrealized GainAmountPercent of Total Gross Unrealized Loss
(in millions of dollars)
Investment-Grade$32,046.8 $605.8 $2,784.0 97.7 %
Below-Investment-Grade1,254.0 15.0 66.8 2.3 
Total Fixed Maturity Securities$33,300.8 $620.8 $2,850.8 100.0 %
Debt Securities, Available-for-sale, Allowance for Credit Loss
The following table presents a rollforward of the allowance for credit losses on available-for-sale fixed maturity securities, which were classified as "all other corporate bonds" during the three months ended March 31, 2026 and March 31, 2025.

Three Months Ended March 31
20262025
(in millions of dollars)
Balance, beginning of period$5.9 $2.8 
Credit losses on securities for which credit losses were not previously recorded— 0.9 
Change in allowance due to change in intent to sell impaired security
(5.9)— 
Change in allowance on securities with allowance recorded in previous period— 0.1 
Balance, end of period$— $3.8 
Mortgage Loans by Property Type and Geographic Region
The carrying amount of mortgage loans by property type and geographic region are presented below.

March 31, 2026December 31, 2025
(in millions of dollars)
Carrying AmountPercent of TotalCarrying AmountPercent of Total
Property Type
Apartment$634.0 30.7 %$642.5 30.5 %
Industrial650.9 31.5 659.0 31.2 
Office283.4 13.7 313.3 14.9 
Retail470.4 22.8 467.0 22.1 
Other27.6 1.3 27.7 1.3 
Total$2,066.3 100.0 %$2,109.5 100.0 %
Region
New England$49.2 2.4 %$49.9 2.4 %
Mid-Atlantic158.0 7.6 159.9 7.6 
East North Central270.0 13.1 275.3 13.1 
West North Central134.6 6.5 135.9 6.4 
South Atlantic499.9 24.2 497.2 23.5 
East South Central88.6 4.3 96.7 4.6 
West South Central185.8 9.0 190.5 9.0 
Mountain235.1 11.4 255.3 12.1 
Pacific445.1 21.5 448.8 21.3 
Total$2,066.3 100.0 %$2,109.5 100.0 %
Schedule of Participating Mortgage Loans by Internal Credit Rating and Loan to Value
The following tables present information about mortgage loans by the applicable internal quality indicators:

March 31, 2026December 31, 2025
(in millions of dollars)
Carrying AmountPercent of TotalCarrying AmountPercent of Total
Internal Mortgage Rating
AA$128.5 6.2 %$125.6 6.0 %
A1,015.7 49.1 1,053.4 49.9 
BBB819.3 39.7 804.0 38.1 
BB97.0 4.7 120.5 5.7 
B5.8 0.3 6.0 0.3 
Total$2,066.3 100.0 %$2,109.5 100.0 %
Loan-to-Value Ratio1
<= 65%$1,703.4 82.5 %$1,701.2 80.6 %
> 65% <= 75%151.3 7.3 164.3 7.8 
> 75% <= 85%130.8 6.3 162.6 7.7 
> 85%80.8 3.9 81.4 3.9 
Total$2,066.3 100.0 %$2,109.5 100.0 %
1Loan-to-Value Ratio utilizes the most recent internal valuation of the property
Mortgage Loans by Credit Quality Indicators
The following tables present the amortized cost of our mortgage loans by year of origination and internal quality indicators at March 31, 2026 and December 31, 2025, respectively.

March 31, 2026
Prior to 202220222023202420252026Total
(in millions of dollars)
Internal Mortgage Rating
AA$128.6 $— $— $— $— $— $128.6 
A894.7 23.3 9.4 6.4 76.9 6.8 1,017.5 
BBB617.0 61.6 56.5 39.3 36.3 12.3 823.0 
BB77.9 — — — 20.4 — 98.3 
B14.2 — — — — — 14.2 
Total Amortized Cost1,732.4 84.9 65.9 45.7 133.6 19.1 2,081.6 
Allowance for credit losses(13.8)(0.3)(0.3)(0.2)(0.6)(0.1)(15.3)
Carrying Amount$1,718.6 $84.6 $65.6 $45.5 $133.0 $19.0 $2,066.3 
Loan-to-Value Ratio1
<=65%$1,486.8 $62.5 $38.4 $11.6 $89.1 $19.1 $1,707.5 
>65<=75%57.8 8.4 27.5 34.1 24.1 — 151.9 
>75%<=85%118.2 14.0 — — — — 132.2 
>85%69.6 — — — 20.4 — 90.0 
Total Amortized Cost1,732.4 84.9 65.9 45.7 133.6 19.1 2,081.6 
Allowance for credit losses(13.8)(0.3)(0.3)(0.2)(0.6)(0.1)(15.3)
Carrying Amount$1,718.6 $84.6 $65.6 $45.5 $133.0 $19.0 $2,066.3 
1Loan-to-Value Ratio utilizes the most recent internal valuation of the property
December 31, 2025
Prior to 2021
20212022202320242025Total
(in millions of dollars)
Internal Mortgage Rating
AA$100.1 $25.6 $— $— $— $— $125.7 
A794.0 144.9 23.6 9.5 6.4 77.2 1,055.6 
BBB482.4 131.2 61.8 56.7 39.4 36.4 807.9 
BB81.7 19.9 — — — 20.4 122.0 
B14.2 — — — — — 14.2 
Total Amortized Cost1,472.4 321.6 85.4 66.2 45.8 134.0 2,125.4 
Allowance for credit losses(13.5)(0.9)(0.3)(0.4)(0.2)(0.6)(15.9)
Carrying Amount$1,458.9 $320.7 $85.1 $65.8 $45.6 $133.4 $2,109.5 
Loan-to-Value Ratio1
<=65%$1,264.1 $238.9 $63.0 $38.5 $11.6 $89.4 $1,705.5 
>65<=75%59.8 10.7 8.4 27.7 34.2 24.2 165.0 
>75%<=85%115.5 35.0 14.0 — — — 164.5 
>85%33.0 37.0 — — — 20.4 90.4 
Total Amortized Cost1,472.4 321.6 85.4 66.2 45.8 134.0 2,125.4 
Allowance for credit losses(13.5)(0.9)(0.3)(0.4)(0.2)(0.6)(15.9)
Carrying Amount$1,458.9 $320.7 $85.1 $65.8 $45.6 $133.4 $2,109.5 
1Loan-to-Value Ratio utilizes the most recent internal valuation of the property
Financing Receivable, Allowance for Credit Loss
The following tables present a roll-forward of allowance for expected credit losses by loan-to-value ratio for the three months ended March 31, 2026 and 2025:
Three Months Ended March 31, 2026
Beginning of YearCurrent Period ProvisionsWrite-OffsRecoveriesEnd of Period
(in millions of dollars)
Loan-to-Value Ratio1
<=65%$4.3 $(0.2)$— $— $4.1 
>65<=75%0.7 (0.1)— — 0.6 
>75%<=85%1.9 (0.5)— — 1.4 
>85%9.0 0.2 — — 9.2 
Total$15.9 $(0.6)$— $— $15.3 
Three Months Ended March 31, 2025
Beginning of YearCurrent Period ProvisionsWrite-OffsRecoveriesEnd of Period
(in millions of dollars)
Loan-to-Value Ratio1
<=65%$4.2 $(0.4)$— $— $3.8 
>65<=75%1.7 — — — 1.7 
>75%<=85%2.2 0.9 — — 3.1 
>85%8.0 — — — 8.0 
Total $16.1 $0.5 $— $— $16.6 
1Loan-to-Value Ratio utilizes the most recent internal valuation of the property
Remaining Contractual Maturity of Securities Lending Agreements
The remaining contractual maturities of our securities lending agreements disaggregated by class of collateral pledged are as follows:

March 31, 2026December 31, 2025
Overnight and Continuous
(in millions of dollars)
Borrowings
United States Government and Government Agencies and Authorities$0.3 $0.3 
Public Utilities0.8 4.8 
Short-Term Investments
— 0.1
All Other Corporate Bonds60.6 70.9 
Total Borrowings61.7 76.1 
Gross Amount of Recognized Liability for Securities Lending Transactions61.7 76.1 
Amounts Related to Agreements Not Included in Offsetting Disclosure Contained Herein$— $— 
Federal Home Loan Bank Common Stock Carrying Amounts, Amounts Posted, and Advances Received The carrying value of common stock owned, collateral posted, and advances received are as follows:
March 31, 2026December 31, 2025
(in millions of dollars)
Carrying Value of FHLB Common Stock$42.5 $40.7 
Advances from FHLB691.9 643.8 
Carrying Value of Collateral Posted to FHLB
Fixed Maturity Securities$800.2 $752.4 
Commercial Mortgage Loans1,078.0 1,110.2 
Total Carrying Value of Collateral Posted to FHLB$1,878.2 $1,862.6 
Schedule of Financial Instrument and Derivative Offsetting
Shown below are our financial instruments that either meet the accounting requirements that allow them to be offset in our balance sheets or that are subject to an enforceable master netting arrangement or similar agreement. Our accounting policy is to not offset these financial instruments in our balance sheets. Net amounts disclosed below have been reduced by the amount of collateral pledged to or received from our counterparties.

March 31, 2026
Gross AmountGross Amount Not
of RecognizedGross AmountNet AmountOffset in Balance Sheet
FinancialOffset inPresented inFinancialCashNet
InstrumentsBalance SheetBalance SheetInstrumentsCollateralAmount
(in millions of dollars)
Financial Assets:
Derivatives$60.7 $— $60.7 $(60.1)$(0.5)$0.1 
Securities Lending95.7 — 95.7 (34.0)(61.7)— 
Total$156.4 $— $156.4 $(94.1)$(62.2)$0.1 
Financial Liabilities:
Derivatives$261.0 $— $261.0 $(260.8)$— $0.2 
Securities Lending61.7 — 61.7 (61.7)— — 
Total$322.7 $— $322.7 $(322.5)$— $0.2 

December 31, 2025
Gross AmountGross Amount Not
of RecognizedGross AmountNet AmountOffset in Balance Sheet
FinancialOffset inPresented inFinancialCashNet
InstrumentsBalance SheetBalance SheetInstrumentsCollateralAmount
(in millions of dollars)
Financial Assets:
Derivatives$51.9 $— $51.9 $(51.9)$— $— 
Securities Lending106.1 — 106.1 (30.0)(76.1)— 
Total$158.0 $— $158.0 $(81.9)$(76.1)$— 
Financial Liabilities:
Derivatives$269.7 $— $269.7 $(269.3)$— $0.4 
Securities Lending76.1 — 76.1 (76.1)— — 
Total$345.8 $— $345.8 $(345.4)$— $0.4 
Net Investment Income
Net investment income reported in our consolidated statements of income is presented below.

 Three Months Ended March 31
 20262025
 (in millions of dollars)
Fixed Maturity Securities$425.4 $463.3 
Derivatives3.6 (4.2)
Mortgage Loans21.6 21.8 
Policy Loans5.3 5.2 
Other Long-term Investments
Perpetual Preferred Securities
— 0.8 
Private Equity Partnerships1
23.2 18.3 
Other4.2 4.3 
Short-term Investments24.8 28.0 
Gross Investment Income508.1 537.5 
Less Investment Expenses21.8 21.4 
Less Investment Income on Participation Fund Account Assets2.9 2.9 
Net Investment Income$483.4 $513.2 
1The net unrealized gain recognized in net investment income for the three months ended March 31, 2026 related to private equity partnerships still held at March 31, 2026 was $29.7 million, reduced by net management fees and partnership expenses of $(6.5) million. The net unrealized gain (loss) recognized in net investment income for the three months ended March 31, 2025 related to private equity partnerships still held at March 31, 2025 was $26.4 million, reduced by net management fees and partnership expense of $(8.1) million. See Note 3 for further discussion of private equity partnerships.
Investment Gains and Losses Reported in Consolidated Statements of Income
Investment gains and losses are as follows:

 Three Months Ended March 31
 20262025
 (in millions of dollars)
Fixed Maturity Securities
Gross Gains on Sales$1.3 $0.6 
Gross Losses on Sales1
(1.8)(45.3)
Impairment Loss2
(8.1)(152.4)
Credit Losses5.9 (1.0)
Mortgage Loans and Other Invested Assets
Impairment Loss
— (3.8)
Change in Allowance for Credit Losses0.6 (0.4)
Embedded Derivative in Modified Coinsurance Arrangement(3.0)(1.9)
All Other Derivatives1.5 (5.3)
Foreign Currency Transactions(1.4)2.7 
Net Investment Loss$(5.0)$(206.8)

1During the three months ended March 31, 2025, we recognized a $23.5 million net loss on sales of fixed maturity securities related to the Closed Block long-term care and Unum US individual disability reinsurance transaction (Fortitude Re reinsurance transaction) and a $19.1 million loss on sales of fixed maturity securities related to the funding of an extraordinary dividend from a wholly owned insurance subsidiary to Unum Group.
2 During the three months ended March 31, 2025, we recognized a $152.4 million impairment loss based on the intent to dispose of fixed maturity securities with a fair value of $1,250.9 million related to the Fortitude Re reinsurance transaction.
Length of Time Fixed Maturity Securities had been in a Gross Unrealized Loss Position
The following charts indicate the length of time our fixed maturity securities have been in a gross unrealized loss position.

 March 31, 2026
 Less Than 12 Months12 Months or Greater
 Fair
Value		Gross
Unrealized
Loss		Fair
Value		Gross
Unrealized
Loss
(in millions of dollars)
United States Government and Government Agencies and Authorities$26.2 $0.6 $233.6 $16.6 
States, Municipalities, and Political Subdivisions162.9 3.4 1,907.1 471.7 
Foreign Governments81.2 1.7 344.3 157.7 
Public Utilities1,048.6 32.9 1,668.0 300.8 
Mortgage/Asset-Backed Securities1
539.5 5.2 261.0 17.5 
All Other Corporate Bonds4,851.2 123.9 10,516.0 1,718.6 
Redeemable Preferred Stocks2
4.0 — 3.8 0.2 
Total Fixed Maturity Securities$6,713.6 $167.7 $14,933.8 $2,683.1 

 December 31, 2025
 Less Than 12 Months12 Months or Greater
 Fair
Value		Gross
Unrealized
Loss		Fair
Value		Gross
Unrealized
Loss
(in millions of dollars)
United States Government and Government Agencies and Authorities$21.8 $0.4 $235.6 $15.6 
States, Municipalities, and Political Subdivisions138.2 3.6 1,922.2 462.8 
Foreign Governments264.6 5.5 318.2 151.8 
Public Utilities642.1 19.4 1,710.3 270.7 
Mortgage/Asset-Backed Securities1
206.6 0.4 275.3 16.9 
All Other Corporate Bonds2,060.0 40.6 11,087.9 1,518.9 
Redeemable Preferred Stocks— — 3.9 0.1 
Total Fixed Maturity Securities$3,333.3 $69.9 $15,553.4 $2,436.8 

1Includes credit-tranched securities collateralized by loan obligations, auto loans, and other asset types
2Includes a de minimis gross unrealized loss for which the length of time has been for less than 12 months