Liability for Future Policy Benefits, Policyholder's Account Balances, and Deferred Acquisition Costs

9 Months Ended

Sep. 30, 2026

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. Insureds who have experienced an insured event and for whom future benefit payments are expected after the reporting date are considered to be on claim. For Unum US group disability, Unum US group life and accidental death and dismemberment, Unum UK group disability, and Unum UK group life policies, the tables presenting the balances and changes in the liability for future policy benefits represent only insureds on claim, as there is generally no liability for future policy benefits for insureds not on claim. Therefore, the present value of expected net premiums and expected future gross premiums (both discounted and undiscounted) for Unum US group disability, Unum US group life and accidental death and dismemberment, Unum UK group disability, and Unum UK group life products will generally be zero, as we generally do not collect premium from insureds on claim. 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 6.0 percent at September 30, 2026 compared to 5.1 percent at December 31, 2025 with the increase due primarily to an increase in U.S. Treasury rates. The weighted average current discount rate was 5.1 percent at September 30, 2025 and 5.3 percent at December 31, 2024 with the decrease due primarily to a decrease in U.S. Treasury rates.

During the third quarter of 2026, we completed our annual cash flow assumption review and updated certain 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 the impact of assumption updates in our Colonial Life segment and Unum US group disability product line, partially offset by the impact of assumption updates in the Closed Block long-term care product line and in the Unum International segment. The Colonial Life assumption updates were primarily driven by lower expectations for morbidity assumptions, increased policyholder lapse rates, and lower mortality assumptions. The Unum US group disability product line assumption updates were primarily driven by favorable social security benefit offsets and claim recovery trends, partially offset by higher claim incidence. The Closed Block long-term care assumption updates were primarily driven by higher expectations for claim incidence assumptions and lower expectations for mortality assumptions, partially offset by an increase to expected future premium rate approvals. The Unum International segment assumption updates were primarily driven by higher claim incidence assumptions for our Unum UK group disability product line.

During the third quarter of 2025, we completed our annual cash flow assumption review and updated certain 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 the impact of assumption updates in our Closed Block long-term care product line, partially offset by the impact of assumption updates in the Unum US group disability product line and our Unum US individual disability product line. The Closed Block long-term care assumption updates were primarily driven by the removal of morbidity and mortality improvement assumptions. Also contributing were higher expectations for claim incidence assumptions, and the removal of future assumptions related to new enrollments on existing group cases, partially offset by an increase to expected future premium rate approvals and higher expectations for claim terminations. The Unum US group disability product line assumption updates were primarily related to claim resolution assumptions driven by favorable claim recovery trends and higher mortality expectations, while the Unum US individual disability product line assumption updates were primarily driven by favorable claim incidence and recovery trends.

Actual variance from expected experience during the first nine months of 2026 was due primarily to the Closed Block long-term care and Unum US group life and accidental death and dismemberment product lines. The variance in the Closed Block long-term care product line was primarily due to higher group long-term care policy terminations and related port activity, higher than expected claim incidence, and lower than expected claim terminations. The variance in the Unum US group life and accidental death and dismemberment product line was driven primarily by lower than expected claim incidence.

Actual variance from expected experience during the first nine months of 2025 was due primarily to the Closed Block long-term care, Unum US group disability, Unum US group life and accidental death and dismemberment, and Closed Block all other product lines. The variance in the Closed Block long-term care product line was primarily due to higher than expected claim incidence and mortality experience. The variance in the Unum US group disability and group life and accidental death and dismemberment product lines was primarily due to higher than expected claim resolutions driven by recoveries. Also impacting the variance in the Unum US group life and accidental death and dismemberment product line was lower than expected claim incidence. The variance in the Closed Block all other product line was driven primarily by higher than expected mortality experience driven by our individual disability product.

For the nine months ended September 30, 2026 and 2025, there were certain cohorts within the Closed Block segment, related to our long-term care product line, and within the Colonial Life segment, related to our cancer and critical illness product line for which net premiums exceed gross premiums. The cohorts for which net premiums exceeded the gross premiums within the Closed Block segment resulted in a $121.6 million reduction to income before income tax for the nine months ended September 30, 2026 and resulted in a $425.6 million reduction to income before income tax for the nine months ended September 30, 2025. There were also certain cohorts within the Colonial Life segment for which net premiums exceeded gross premiums which had an immaterial impact to income before income tax for the nine months ended September 30, 2026. The cohorts for which net premiums exceeded the gross premiums within the Colonial Life segment for the nine months ended September 30, 2025 resulted in a $10.9 million reduction 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 nine months ended September 30, 2026 or 2025.

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

	Consolidated
	September 30
	2026		2025
	(in millions of dollars)
Present Value of Expected Net Premiums
Balance, beginning of year	$	14,416.5	$	13,930.6
Beginning balance at original discount rate	14,393.0		14,266.9
Effect of changes in cash flow assumptions	(173.7)		161.7
Effect of actual variances from expected experience	(344.4)		(229.0)
Adjusted beginning of year balance	13,874.9		14,199.6
Issuances	979.6		941.3
Interest accretion	475.4		482.2
Net premiums collected	(1,310.7)		(1,258.7)
Foreign currency	(26.4)		42.7
Ending balance at original discount rate	13,992.8		14,407.1
Effect of change in discount rate assumptions	(831.8)		65.1
Balance, end of period	$	13,161.0	$	14,472.2
Present Value of Expected Future Policy Benefits
Balance, beginning of year	$	50,683.1	$	48,920.1
Beginning balance at original discount rate	51,638.5		50,778.2
Effect of changes in cash flow assumptions	(192.0)		715.9
Effect of actual variances from expected experience	(165.2)		(292.3)
Adjusted beginning of year balance	51,281.3		51,201.8
Issuances1	2,758.6		2,588.5
Interest accretion	1,721.4		1,703.4
Benefit payments	(4,237.0)		(4,120.3)
Foreign currency	(83.2)		228.8
Ending balance at original discount rate	51,441.1		51,602.2
Effect of change in discount rate assumptions	(4,751.4)		(565.1)
Balance, end of period	$	46,689.7	$	51,037.1
Net liability for future policy benefits	$	33,528.7	$	36,564.9
Other2	1,430.5		1,539.6
Total liability for future policy benefits	34,959.2		38,104.5
Less: Reinsurance recoverable related to future policy benefits	9,364.6		10,434.7
Net liability for future policy benefits, after reinsurance recoverable	$	25,594.6	$	27,669.8
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 operations 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
	Nine Months Ended September 30
	2026		2025
	(in millions of dollars)
Amount recognized in the statements of operations:
Gross premiums or assessments	$	8,280.0	$	7,866.7
Interest accretion	$	1,246.0	$	1,221.2

	Consolidated
	September 30
	2026			2025
	(in millions of dollars, except weighted average data)
Amount of undiscounted:
Expected future benefit payments	$	100,828.6		$	102,872.2
Expected future gross premiums	$	38,585.8		$	39,457.2
Amount of discounted (at interest accretion rate):
Expected future gross premiums	$	25,728.5		$	26,202.4
Weighted average interest rate:
Interest accretion rate	5.0		%	4.9		%
Current discount rate	6.0		%	5.1		%
Weighted average duration of the liability	10.9 years			11.2 years

The following tables present the balances and changes in the reserves for future policy benefits for traditional long duration products in the Unum US segment.

	September 30, 2026
	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	$	—	$	—	$	1,385.5	$	1,236.5	$	2,622.0
Beginning balance at original discount rate	—		—		1,447.3		1,232.5		2,679.8
Effect of changes in cash flow assumptions	—		—		(42.2)		(106.2)		(148.4)
Effect of actual variances from expected experience	—		—		(27.0)		(7.6)		(34.6)
Adjusted beginning of year balance	—		—		1,378.1		1,118.7		2,496.8
Issuances1	—		—		393.4		122.9		516.3
Interest accretion	—		—		38.6		37.2		75.8
Net premiums collected	—		—		(191.4)		(139.0)		(330.4)
Ending balance at original discount rate	—		—		1,618.7		1,139.8		2,758.5
Effect of change in discount rate assumptions	—		—		(140.0)		(51.4)		(191.4)
Balance, end of period	$	—	$	—	$	1,478.7	$	1,088.4	$	2,567.1
Present Value of Expected Future Policy Benefits
Balance, beginning of year	$	4,588.1	$	801.6	$	2,536.9	$	3,140.7	$	11,067.3
Beginning balance at original discount rate	4,656.9		807.5		2,751.1		3,150.4		11,365.9
Effect of changes in cash flow assumptions	(56.9)		(2.6)		(53.6)		(131.9)		(245.0)
Effect of actual variances from expected experience	2.2		(35.5)		(26.5)		(14.8)		(74.6)
Adjusted beginning of year balance	4,602.2		769.4		2,671.0		3,003.7		11,046.3
Issuances1	973.3		323.1		416.6		131.6		1,844.6
Interest accretion	100.9		12.2		85.1		107.0		305.2
Benefit payments	(1,081.4)		(307.3)		(243.6)		(217.1)		(1,849.4)
Ending balance at original discount rate	4,595.0		797.4		2,929.1		3,025.2		11,346.7
Effect of change in discount rate assumptions	(235.7)		(24.0)		(401.8)		(206.0)		(867.5)
Balance, end of period	$	4,359.3	$	773.4	$	2,527.3	$	2,819.2	$	10,479.2
Net liability for future policy benefits	$	4,359.3	$	773.4	$	1,048.6	$	1,730.8	$	7,912.1
Other	0.1		0.8		4.8		24.8		30.5
Total liability for future policy benefits	4,359.4		774.2		1,053.4		1,755.6		7,942.6
Less: Reinsurance recoverable related to future policy benefits	23.5		5.7		11.5		340.1		380.8
Net liability for future policy benefits, after reinsurance recoverable	$	4,335.9	$	768.5	$	1,041.9	$	1,415.5	$	7,561.8
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.

	September 30, 2025
	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	$	—	$	—	$	1,240.2	$	1,202.5	$	2,442.7
Beginning balance at original discount rate	—		—		1,335.3		1,230.7		2,566.0
Effect of changes in cash flow assumptions	—		—		(29.6)		(56.9)		(86.5)
Effect of actual variances from expected experience	—		—		(57.3)		(27.6)		(84.9)
Adjusted beginning of year balance	—		—		1,248.4		1,146.2		2,394.6
Issuances1	—		—		323.6		164.2		487.8
Interest accretion	—		—		35.1		37.4		72.5
Net premiums collected	—		—		(164.7)		(133.3)		(298.0)
Ending balance at original discount rate	—		—		1,442.4		1,214.5		2,656.9
Effect of change in discount rate assumptions	—		—		(55.1)		5.7		(49.4)
Balance, end of period	$	—	$	—	$	1,387.3	$	1,220.2	$	2,607.5
Present Value of Expected Future Policy Benefits
Balance, beginning of year	$	4,735.8	$	835.2	$	2,362.5	$	3,096.5	$	11,030.0
Beginning balance at original discount rate	4,907.5		852.6		2,614.6		3,191.1		11,565.8
Effect of changes in cash flow assumptions	(93.0)		(7.1)		(40.8)		(91.8)		(232.7)
Effect of actual variances from expected experience	(57.8)		(32.7)		(56.7)		(35.7)		(182.9)
Adjusted beginning of year balance	4,756.7		812.8		2,517.1		3,063.6		11,150.2
Issuances1	886.7		328.8		344.8		176.2		1,736.5
Interest accretion	110.0		13.0		80.8		108.6		312.4
Benefit payments	(1,076.0)		(342.0)		(203.2)		(217.0)		(1,838.2)
Ending balance at original discount rate	4,677.4		812.6		2,739.5		3,131.4		11,360.9
Effect of change in discount rate assumptions	(72.5)		(6.8)		(183.0)		3.8		(258.5)
Balance, end of period	$	4,604.9	$	805.8	$	2,556.5	$	3,135.2	$	11,102.4
Net liability for future policy benefits	$	4,604.9	$	805.8	$	1,169.2	$	1,915.0	$	8,494.9
Other	0.2		0.8		3.0		26.4		30.4
Total liability for future policy benefits	4,605.1		806.6		1,172.2		1,941.4		8,525.3
Less: Reinsurance recoverable related to future policy benefits	25.2		7.3		13.0		375.7		421.2
Net liability for future policy benefits, after reinsurance recoverable	$	4,579.9	$	799.3	$	1,159.2	$	1,565.7	$	8,104.1
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.

The following tables summarize the amount of gross premiums and interest accretion reflected in the statements of operations 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.

	Nine Months Ended September 30, 2026
	Group Disability		Group Life and AD&D		Voluntary Benefits		Individual Disability		Total Unum US
	(in millions of dollars)
Amount recognized in the statements of operations:
Gross premiums or assessments	$	2,467.7	$	1,678.6	$	715.7	$	516.9	$	5,378.9
Interest accretion	$	100.9	$	12.2	$	46.5	$	69.8	$	229.4

	Nine Months Ended September 30, 2025
	Group Disability		Group Life and AD&D		Voluntary Benefits		Individual Disability		Total Unum US
	(in millions of dollars)
Amount recognized in the statements of operations:
Gross premiums or assessments	$	2,362.1	$	1,574.1	$	658.2	$	509.5	$	5,103.9
Interest accretion	$	110.0	$	13.0	$	45.7	$	71.2	$	239.9

	September 30, 2026
	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	$	5,545.2		$	901.5		$	6,075.0		$	4,791.1		$	17,312.8
Expected future gross premiums	$	—		$	—		$	6,621.2		$	5,352.1		$	11,973.3
Amount of discounted (at interest accretion rate):
Expected future gross premiums	$	—		$	—		$	4,227.5		$	3,949.0		$	8,176.5
Weighted average interest rate:
Interest accretion rate	4.3		%	2.5		%	5.0		%	5.1		%	4.4		%
Current discount rate	5.5		%	3.1		%	6.3		%	5.9		%	5.5		%
Weighted average duration of the liability	3.9 years			2.3 years			17.6 years			9.0 years			6.8 years

	September 30, 2025
	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	$	5,649.5		$	920.6		$	5,815.1		$	5,035.1		$	17,420.3
Expected future gross premiums	$	—		$	—		$	6,200.9		$	5,811.6		$	12,012.5
Amount of discounted (at interest accretion rate):
Expected future gross premiums	$	—		$	—		$	4,004.1		$	4,192.0		$	8,196.1
Weighted average interest rate:
Interest accretion rate	4.3		%	2.4		%	5.0		%	5.2		%	4.4%
Current discount rate	4.4		%	2.5		%	5.4		%	4.9		%	4.5%
Weighted average duration of the liability	4.0 years			2.4 years			18.1 years			9.4 years			7.0 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.

	September 30
	2026		2025
	(in millions of dollars)
Present Value of Expected Net Premiums
Balance, beginning of year	$	352.8	$	276.1
Beginning balance at original discount rate	378.0		314.2
Effect of changes in cash flow assumptions	0.4		(7.8)
Effect of actual variances from expected experience	0.4		5.3
Adjusted beginning of year balance	378.8		311.7
Issuances1	28.2		26.8
Interest accretion	10.9		10.1
Net premiums collected	(26.6)		(24.6)
Foreign currency	(26.4)		42.7
Ending balance at original discount rate	364.9		366.7
Effect of change in discount rate assumptions	(46.6)		(32.3)
Balance, end of period	$	318.3	$	334.4
Present Value of Expected Future Policy Benefits
Balance, beginning of year	$	2,699.0	$	2,391.6
Beginning balance at original discount rate	2,923.4		2,641.5
Effect of changes in cash flow assumptions	13.6		(15.1)
Effect of actual variances from expected experience	11.1		(7.5)
Adjusted beginning of year balance	2,948.1		2,618.9
Issuances1	386.5		320.5
Interest accretion	59.5		55.5
Benefit payments	(366.6)		(339.2)
Foreign currency	(83.2)		228.8
Ending balance at original discount rate	2,944.3		2,884.5
Effect of change in discount rate assumptions	(367.3)		(272.1)
Balance, end of period	$	2,577.0	$	2,612.4
Net liability for future policy benefits	$	2,258.7	$	2,278.0
Other	52.9		50.2
Total liability for future policy benefits	2,311.6		2,328.2
Less: Reinsurance recoverable related to future policy benefits	93.0		70.0
Net liability for future policy benefits, after reinsurance recoverable	$	2,218.6	$	2,258.2
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 operations 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.

	Nine Months Ended September 30
	2026		2025
	(in millions of dollars)
Amount recognized in the statements of operations:
Gross premiums or assessments	$	892.0	$	782.8
Interest accretion	$	48.6	$	45.4

	September 30
	2026			2025
	(in millions of dollars, except weighted average data)
Amount of undiscounted:
Expected future benefit payments	$	4,748.1		$	4,641.9
Expected future gross premiums	$	1,622.4		$	1,587.2
Amount of discounted (at interest accretion rate):
Expected future gross premiums	$	999.8		$	994.4
Weighted average interest rate:
Interest accretion rate	4.2		%	4.1		%
Current discount rate	5.7		%	5.1		%
Weighted average duration of the liability	8.6 years			8.8 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.

	September 30
	2026		2025
	(in millions of dollars)
Present Value of Expected Net Premiums
Balance, beginning of year	$	3,709.0	$	3,553.3
Beginning balance at original discount rate	3,850.9		3,793.8
Effect of changes in cash flow assumptions	(74.9)		0.7
Effect of actual variances from expected experience	(46.5)		(35.8)
Adjusted beginning of year balance	3,729.5		3,758.7
Issuances	435.1		426.7
Interest accretion	106.8		105.8
Net premiums collected	(470.1)		(462.1)
Ending balance at original discount rate	3,801.3		3,829.1
Effect of change in discount rate assumptions	(323.9)		(136.8)
Balance, end of period	$	3,477.4	$	3,692.3
Present Value of Expected Future Policy Benefits
Balance, beginning of year	$	5,710.4	$	5,434.9
Beginning balance at original discount rate	6,179.4		6,026.2
Effect of changes in cash flow assumptions	(117.7)		(7.6)
Effect of actual variances from expected experience	(71.7)		(50.2)
Adjusted beginning of year balance	5,990.0		5,968.4
Issuances	469.6		461.2
Interest accretion	180.8		177.3
Benefit payments	(496.4)		(480.4)
Ending balance at original discount rate	6,144.0		6,126.5
Effect of change in discount rate assumptions	(836.6)		(432.1)
Balance, end of period	$	5,307.4	$	5,694.4
Net liability for future policy benefits	$	1,830.0	$	2,002.1
Other	30.9		25.3
Total liability for future policy benefits	1,860.9		2,027.4
Less: Reinsurance recoverable related to future policy benefits	1.2		1.2
Net liability for future policy benefits, after reinsurance recoverable	$	1,859.7	$	2,026.2

The following tables summarize the amount of gross premiums and interest accretion reflected in the statements of operations 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.

	Nine Months Ended September 30
	2026		2025
	(in millions of dollars)
Amount recognized in the statements of operations:
Gross premiums or assessments	$	1,374.6	$	1,329.8
Interest accretion	$	74.0	$	71.5

	September 30
	2026			2025
	(in millions of dollars, except weighted average data)
Amount of undiscounted:
Expected future benefit payments	$	11,233.7		$	10,893.9
Expected future gross premiums	$	13,318.1		$	13,078.5
Amount of discounted (at interest accretion rate):
Expected future gross premiums	$	9,348.6		$	9,268.7
Weighted average interest rate:
Interest accretion rate	4.5		%	4.4		%
Current discount rate	6.2		%	5.2		%
Weighted average duration of the liability	17.6 years			17.6 years

Closed Block Segment

The following tables present the balances and changes in the reserves for future policy benefits for traditional long duration products in the Closed Block segment.

	September 30, 2026
	Long-term Care		All Other		Total Closed Block
	(in millions of dollars)
Present Value of Expected Net Premiums
Balance, beginning of year	$	7,732.7	$	—	$	7,732.7
Beginning balance at original discount rate	7,484.3		—		7,484.3
Effect of changes in cash flow assumptions	49.2		—		49.2
Effect of actual variances from expected experience	(263.7)		—		(263.7)
Adjusted beginning of year balance	7,269.8		—		7,269.8
Interest accretion	281.9		—		281.9
Net premiums collected	(483.6)		—		(483.6)
Ending balance at original discount rate	7,068.1		—		7,068.1
Effect of change in discount rate assumptions	(269.9)		—		(269.9)
Balance, end of period	$	6,798.2	$	—	$	6,798.2
Present Value of Expected Future Policy Benefits
Balance, beginning of year	$	24,420.6	$	6,785.8	$	31,206.4
Beginning balance at original discount rate	24,113.6		7,056.2		31,169.8
Effect of changes in cash flow assumptions	157.2		(0.1)		157.1
Effect of actual variances from expected experience	(19.7)		(10.3)		(30.0)
Adjusted beginning of year balance	24,251.1		7,045.8		31,296.9
Issuances1	—		57.9		57.9
Interest accretion	947.8		228.1		1,175.9
Benefit payments	(893.6)		(631.0)		(1,524.6)
Ending balance at original discount rate	24,305.3		6,700.8		31,006.1
Effect of change in discount rate assumptions	(2,010.8)		(669.2)		(2,680.0)
Balance, end of period	$	22,294.5	$	6,031.6	$	28,326.1
Net liability for future policy benefits	$	15,496.3	$	6,031.6	$	21,527.9
Other2	2.3		1,313.9		1,316.2
Total liability for future policy benefits	15,498.6		7,345.5		22,844.1
Less: Reinsurance recoverable related to future policy benefits	3,134.8		5,754.8		8,889.6
Net liability for future policy benefits, after reinsurance recoverable	$	12,363.8	$	1,590.7	$	13,954.5
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.

	September 30, 2025
	Long-term Care		All Other		Total Closed Block
	(in millions of dollars)
Present Value of Expected Net Premiums
Balance, beginning of year	$	7,658.5	$	—	$	7,658.5
Beginning balance at original discount rate	7,592.9		—		7,592.9
Effect of changes in cash flow assumptions	255.3		—		255.3
Effect of actual variances from expected experience	(113.6)		—		(113.6)
Adjusted beginning of year balance	7,734.6		—		7,734.6
Interest accretion	293.8		—		293.8
Net premiums collected	(474.0)		—		(474.0)
Ending balance at original discount rate	7,554.4		—		7,554.4
Effect of change in discount rate assumptions	283.6		—		283.6
Balance, end of period	$	7,838.0	$	—	$	7,838.0
Present Value of Expected Future Policy Benefits
Balance, beginning of year	$	22,925.2	$	7,138.4	$	30,063.6
Beginning balance at original discount rate	22,953.7		7,591.0		30,544.7
Effect of changes in cash flow assumptions	974.6		(3.3)		971.3
Effect of actual variances from expected experience	(26.6)		(25.1)		(51.7)
Adjusted beginning of year balance	23,901.7		7,562.6		31,464.3
Issuances1	—		70.3		70.3
Interest accretion	913.4		244.8		1,158.2
Benefit payments	(784.8)		(677.7)		(1,462.5)
Ending balance at original discount rate	24,030.3		7,200.0		31,230.3
Effect of change in discount rate assumptions	650.6		(253.0)		397.6
Balance, end of period	$	24,680.9	$	6,947.0	$	31,627.9
Net liability for future policy benefits	$	16,842.9	$	6,947.0	$	23,789.9
Other2	4.7		1,429.0		1,433.7
Total liability for future policy benefits	16,847.6		8,376.0		25,223.6
Less: Reinsurance recoverable related to future policy benefits	3,388.7		6,553.6		9,942.3
Net liability for future policy benefits, after reinsurance recoverable	$	13,458.9	$	1,822.4	$	15,281.3
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 operations 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.

	Nine Months Ended September 30, 2026
	Long-term Care		All Other		Total Closed Block
	(in millions of dollars)
Amount recognized in the statements of operations:
Gross premiums or assessments	$	532.2	$	102.3	$	634.5
Interest accretion	$	665.9	$	228.1	$	894.0

	Nine Months Ended September 30, 2025
	Long-term Care		All Other		Total Closed Block
	(in millions of dollars)
Amount recognized in the statements of operations:
Gross premiums or assessments	$	529.0	$	121.2	$	650.2
Interest accretion	$	619.6	$	244.8	$	864.4

	September 30, 2026
	Long-term Care			All Other			Total Closed Block
	(in millions of dollars, except weighted average data)
Amount of undiscounted:
Expected future benefit payments	$	57,867.8		$	9,666.2		$	67,534.0
Expected future gross premiums	$	11,672.0		$	—		$	11,672.0
Amount of discounted (at interest accretion rate):
Expected future gross premiums	$	7,203.6		$	—		$	7,203.6
Weighted average interest rate:
Interest accretion rate	5.6		%	4.6		%	5.3		%
Current discount rate	6.4		%	6.1		%	6.3		%
Weighted average duration of the liability	14.0 years			7.0 years			12.0 years

	September 30, 2025
	Long-term Care			All Other			Total Closed Block
	(in millions of dollars, except weighted average data)
Amount of undiscounted:
Expected future benefit payments	$	59,448.1		$	10,468.0		$	69,916.1
Expected future gross premiums	$	12,779.0		$	—		$	12,779.0
Amount of discounted (at interest accretion rate):
Expected future gross premiums	$	7,743.2		$	—		$	7,743.2
Weighted average interest rate:
Interest accretion rate	5.6		%	4.6		%	5.3%
Current discount rate	5.4		%	5.0		%	5.3%
Weighted average duration of the liability	14.9 years			7.1 years			12.5 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 is as follows:

	September 30
	2026		2025
	(in millions of dollars)
Liability for future policy benefits
Unum US1	$	7,942.6	$	8,525.3
Unum International1	2,311.6		2,328.2
Colonial Life	1,860.9		2,027.4
Closed Block1	22,844.1		25,223.6
Other products1	185.4		196.2
Total liability for future policy benefits	$	35,144.6	$	38,300.7

1Unum US excludes the dental and vision product line and medical stop-loss products, Unum International excludes certain products in our supplemental product line and Closed Block excludes our participating fund account, which represents policies issued by one of our subsidiaries prior to its conversion from a mutual stock life insurance company. The liabilities associated with these products are included within Other products.

Policyholders' account balances primarily include universal life, corporate-owned life insurance, and certain funding agreements. Policyholders' account balances reflect policyholder deposits and interest credited less cost of insurance, administration expenses, surrender charges, and withdrawals.

The following table presents the balances and changes in the policyholders' account balances:

	September 30, 2026
	Unum US - Voluntary Benefits		Colonial Life		Closed Block - All Other		Total
	(in millions of dollars, except weighted average data)
Balance, beginning of year	$	548.4	$	845.2	$	4,073.4	$	5,467.0
Premiums received	33.3		53.4		20.1		106.8
Policy charges1	(38.7)		(50.6)		(79.0)		(168.3)
Surrenders and withdrawals	(26.6)		(26.6)		(165.2)		(218.4)
Benefit payments	(4.5)		(6.1)		(130.9)		(141.5)
Interest credited	14.0		25.3		233.3		272.6
Other	5.7		(0.3)		3.2		8.6
Balance, end of period	531.6		840.3		3,954.9		5,326.8
Reserves in excess of account balance	120.3		12.7		40.3		173.3
Total policyholders' account balances	651.9		853.0		3,995.2		5,500.1
Less: Reinsurance recoverable related to policyholders' account balances	0.6		—		3,995.2		3,995.8
Net policyholders' account balances, after reinsurance recoverable	$	651.3	$	853.0	$	—	$	1,504.3
Weighted average crediting rate	3.5%		4.1%		8.0%		6.9%
Net amount at risk2	$	3,480.7	$	7,306.6	$	1,473.3	$	12,260.6
Cash surrender value	$	523.1	$	824.7	$	3,916.0	$	5,263.8
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.

A reconciliation of policyholders' account balances reflected in the preceding rollforward to the related liability balances in the consolidated balance sheets is as follows:

	September 30
	2026
	(in millions of dollars)
Policyholders' account balances
Unum US	$	651.9
Colonial Life	853.0
Closed Block	3,995.2
Funding agreements	994.7
Total policyholders' account balances	$	6,494.8

	September 30, 2025
	Unum US - Voluntary Benefits		Colonial Life		Closed Block - All Other		Total
	(in millions of dollars, except weighted average data)
Balance, beginning of year	$	568.8	$	849.0	$	4,052.2	$	5,470.0
Premiums received	37.3		56.3		24.2		117.8
Policy charges1	(41.0)		(52.2)		(82.5)		(175.7)
Surrenders and withdrawals	(30.0)		(28.3)		(12.4)		(70.7)
Benefit payments	(4.6)		(5.9)		(136.6)		(147.1)
Interest credited	15.1		25.4		247.4		287.9
Other	7.2		0.1		0.7		8.0
Balance, end of period	552.8		844.4		4,093.0		5,490.2
Reserves in excess of account balance	114.6		12.9		42.2		169.7
Total policyholders' account balances	667.4		857.3		4,135.2		5,659.9
Less: Reinsurance recoverable related to policyholders' account balances	0.7		—		4,135.2		4,135.9
Net policyholders' account balances, after reinsurance recoverable	$	666.7	$	857.3	$	—	$	1,524.0
Weighted average crediting rate	3.6%		4.1%		8.5%		7.3%
Net amount at risk2	$	3,822.1	$	7,795.1	$	1,610.8	$	13,228.0
Cash surrender value	$	542.5	$	821.9	$	4,057.3	$	5,421.7
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.

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.

	September 30, 2026
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%	$	80.7	$	—	$	—	$	—	$	80.7
4.00% - 4.99%	221.9		201.7		—		—		423.6
5.00% - 6.00%	27.3		—		—		—		27.3
	329.9		201.7		—		—		531.6
	Colonial Life
4.00% - 5.00%	833.7		6.6		—		—		840.3
	Closed Block - All Other
3.00% - 5.99%	1,317.5		28.7		6.5		—		1,352.7
6.00% - 8.99%	23.0		—		—		—		23.0
9.00% - 11.99%	2,448.3		—		—		—		2,448.3
12.00% - 15.00%	130.9		—		—		—		130.9
	3,919.7		28.7		6.5		—		3,954.9
Total	$	5,083.3	$	237.0	$	6.5	$	—	$	5,326.8

	September 30, 2025
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%	$	86.6	$	—	$	—	$	—	$	86.6
4.00% - 4.99%	229.1		207.7		—		—		436.8
5.00% - 6.00%	29.4		—		—		—		29.4
	345.1		207.7		—		—		552.8
	Colonial Life
4.00% - 5.00%	838.1		6.3		—		—		844.4
	Closed Block - All Other
3.00% - 5.99%	1,431.1		47.6		6.6		—		1,485.3
6.00% - 8.99%	25.7		—		—		—		25.7
9.00% - 11.99%	2,367.7		—		—		—		2,367.7
12.00% - 15.00%	214.3		—		—		—		214.3
	4,038.8		47.6		6.6		—		4,093.0
Total	$	5,222.0	$	261.6	$	6.6	$	—	$	5,490.2

Deferred Policy Acquisition Costs by Segment

Note 9 - Deferred Acquisition Costs

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

	September 30, 2026
	Unum US		Unum International		Colonial Life		Total
	(in millions of dollars)
Balance, beginning of year	$	1,208.7	$	72.1	$	1,639.5	$	2,920.3
Capitalization	275.5		23.1		267.7		566.3
Amortization expense	(216.8)		(9.7)		(187.4)		(413.9)
Foreign currency	—		(4.8)		—		(4.8)
Balance, end of period	$	1,267.4	$	80.7	$	1,719.8	$	3,067.9

	September 30, 2025
	Unum US		Unum International		Colonial Life		Total
	(in millions of dollars)
Balance, beginning of year	$	1,260.6	$	53.0	$	1,529.2	$	2,842.8
Capitalization	253.7		16.4		250.9		521.0
Amortization expense	(208.2)		(7.8)		(173.9)		(389.9)
Foreign currency	—		6.8		—		6.8
Other1	(100.3)		—		—		(100.3)
Balance, end of period	$	1,205.8	$	68.4	$	1,606.2	$	2,880.4
1Reflects the impacts of DAC written off related to the 2025 Fortitude Re reinsurance transaction. See Note 14 for further discussion of the reinsurance transaction.

	September 30, 2026
	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	$	57.6	$	622.8	$	451.6	$	13.1	$	1,208.7
Capitalization	51.9		39.0		102.6		71.1		10.9		275.5
Amortization expense	(44.6)		(31.9)		(86.4)		(42.9)		(11.0)		(216.8)
Balance, end of period	$	70.9	$	64.7	$	639.0	$	479.8	$	13.0	$	1,267.4

	September 30, 2025
	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	$	61.1	$	51.1	$	614.3	$	521.2	$	12.9	$	1,260.6
Capitalization	46.5		34.7		93.9		67.2		11.4		253.7
Amortization expense	(41.5)		(26.4)		(86.0)		(43.5)		(10.8)		(208.2)
Other1	—		—		—		(100.3)		—		(100.3)
Balance, end of period	$	66.1	$	59.4	$	622.2	$	444.6	$	13.5	$	1,205.8
1Reflects the impacts of DAC written off related to the 2025 Fortitude Re reinsurance transaction. See Note 14 for further discussion of the reinsurance transaction.