0000005513FALSE00000055132023-10-312023-10-310000005513us-gaap:CommonClassAMemberexch:XNYS2023-10-312023-10-310000005513unm:A6250JuniorSubordinatedNotesDue2058Memberexch:XNYS2023-10-312023-10-31
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 31, 2023 | | | | | | | | | | | | | | |
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UNUM GROUP |
| (Exact name of registrant as specified in its charter) |
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Delaware | | 001-11294 | | 62-1598430 |
| (State or other jurisdiction of incorporation) | | (Commission File Number) | | (IRS Employer Identification No.) |
1 Fountain Square
Chattanooga, Tennessee 37402
(Address of principal executive offices) (Zip Code)
(423) 294-1011
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
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| Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
| Common stock, $0.10 par value | | UNM | | New York Stock Exchange |
| 6.250% Junior Subordinated Notes due 2058 | | UNMA | | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
☐ Emerging growth company
☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 Results of Operations and Financial Condition.
On October 31, 2023, Unum Group (the "Company") issued a news release reporting its results for the third quarter of 2023, a copy of which is furnished herewith as Exhibit 99.1 and incorporated herein by reference.
Also on October 31, 2023, the Company posted on its website at www.unum.com the Statistical Supplement relating to its financial results for the third quarter of 2023. A copy of the Statistical Supplement is furnished herewith as Exhibit 99.2 and incorporated herein by reference.
In accordance with General Instruction B.2 of Form 8-K, the information in this report, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference into any of the Company's filings under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
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| Exhibit No. | | Description |
| | |
| 99.1 | | |
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| 99.2 | | |
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| 104 | | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| Unum Group |
| (Registrant) |
| | |
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Date: October 31, 2023 | By: | /s/ J. Paul Jullienne |
| | Name: | J. Paul Jullienne |
| | Title: | Vice President, Managing Counsel, and |
| | | Corporate Secretary |
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| | | | | | | | | | | | | | |
| | | | Exhibit 99.1 |
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| | | | 1 Fountain Square
Chattanooga, TN 37402
www.unum.com |
| | | | |
| | FOR IMMEDIATE RELEASE |
| | Contacts | | |
| | MEDIA | | Natalie Godwin
ngodwin@unum.com |
| INVESTORS | | Matt Royal
mroyal@unum.com |
Unum Group Reports Third Quarter 2023 Results
•Net income of $202.0 million ($1.02 per diluted common share) for the third quarter of 2023; after-tax adjusted operating income was $381.7 million ($1.94 per diluted common share).
•Results reflect continued strong execution, positive underlying trends, and a favorable environment highlighted by robust disability margins, and core operations premium growth of 6.1 percent on a constant currency basis.
•Strong balance sheet with holding company liquidity of $1.2 billion and weighted average risk-based capital ratio of approximately 470 percent, well in excess of targets.
•Contributed capital at levels expected to fully recognize the long-term care premium deficiency reserve by year-end; new share repurchase authorization of $500 million beginning January 1, 2024.
•Book value per common share of $49.32 grew 16.9 percent over the year-ago quarter; book value per common share excluding accumulated other comprehensive income (AOCI) of $65.47 grew 8.5 percent over the year-ago quarter.
•Completed our first annual GAAP reserve assumption updates to be filed under new accounting guidance resulting in a modest net after-tax reserve increase of $139.3 million.
CHATTANOOGA, Tenn. (October 31, 2023) - Unum Group (NYSE: UNM) today reported net income of $202.0 million ($1.02 per diluted common share) for the third quarter of 2023, compared to net income of $510.3 million ($2.53 per diluted common share) for the third quarter of 2022.
Included in net income for the third quarter of 2023 are the after-tax amortization of the cost of reinsurance of $8.7 million ($0.04 per diluted common share), the after-tax impact of non-contemporaneous reinsurance of $7.3 million ($0.04 per diluted common share), an after-tax net reserve increase related to assumption updates of $139.3 million ($0.71 per diluted common share) driven by long-term care, partially offset by releases in Unum US group long-term disability and Colonial Life, and a net after-tax investment loss on the Company’s investment portfolio of $24.4 million ($0.13 per diluted common share). Included in net income for the third quarter of 2022 are the after-tax amortization of the cost of reinsurance of $9.3 million ($0.04 per diluted common share), the after-tax impact of non-contemporaneous reinsurance of $1.4 million ($0.01 per diluted common share), an after-tax net reserve decrease related to assumption updates of $192.1 million ($0.95 per diluted common share), and a net after-tax investment loss on the Company’s investment portfolio of $3.4 million ($0.02 per diluted common share). Excluding the items above, after-tax adjusted operating income was $381.7 million ($1.94 per diluted common share) in the third quarter of 2023, compared to $332.3 million ($1.65 per diluted common share) in the third quarter of 2022.
Effective January 1, 2023, the Company adopted Accounting Standards Update 2018-12 (ASU 2018-12) which amended the accounting and disclosure requirements for long-duration insurance contracts, with changes applied as of January 1, 2021. All prior period operating results and related metrics throughout this document have been adjusted for the impacts of the adoption.
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| UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES. | |
“Our strong performance reflected excellent execution across the enterprise, with very strong top-line growth and profitability,” said Richard P. McKenney, president and chief executive officer. “Our technology initiatives continue to differentiate Unum and amplify our growth by providing customers what they want, high-quality, digital-first experiences. We are operating from a position of financial strength and making progress on de-risking our balance sheet while also increasing capital returns to shareholders. As we approach the end of 2023, our capital deployment plans are on track and will accelerate in 2024, market conditions remain favorable, and we believe we are well positioned to achieve our earnings growth objectives and maintain capital metrics well in excess of our targets.”
RESULTS BY SEGMENT
We measure and analyze our segment performance on the basis of "adjusted operating income" or "adjusted operating loss", which differ from income before income tax as presented in our consolidated statements of income due to the exclusion of investment gains and losses, amortization of cost of reinsurance, the impact of non-contemporaneous reinsurance, and reserve assumption updates. Investment gains or losses primarily include realized investment gains or losses, expected investment credit losses, and gains or losses on derivatives. Reserve assumption updates may result in increases or decreases to earnings. These performance measures are in accordance with GAAP guidance for segment reporting, but they should not be viewed as a substitute for income before income tax, net income or net loss.
Unum US Segment
Unum US reported adjusted operating income of $357.8 million in the third quarter of 2023, an increase of 27.4 percent from $280.8 million in the third quarter of 2022, which exclude the reserve assumption updates during each period. Premium income increased 6.5 percent to $1,657.7 million in the third quarter of 2023, compared to $1,556.8 million in the third quarter of 2022. Net investment income decreased 2.6 percent to $166.2 million in the third quarter of 2023, compared to $170.6 million in the third quarter of 2022.
Within the Unum US operating segment, the group disability line of business reported a 30.1 percent increase in adjusted operating income to $170.1 million in the third quarter of 2023, compared to $130.7 million in the third quarter of 2022, which excludes the reserve decreases related to the reserve assumption updates of $121.0 million during both the third quarters of 2023 and 2022. Premium income for the group disability line of business increased 8.7 percent to $775.0 million in the third quarter of 2023, compared to $713.1 million in the third quarter of 2022, driven by in-force block growth and higher sales. Net investment income was $84.2 million in the third quarter of 2023, which was generally consistent with the $84.8 million in the third quarter of 2022. Excluding the reserve assumption updates, the benefit ratio for the third quarter of 2023 was 57.5 percent, compared to 62.4 percent in the third quarter of 2022, due primarily to favorable recoveries as well as lower claim incidence in our group long-term disability product line and favorable discount rate impacts on new claims. Group long-term disability sales were $36.6 million in the third quarter of 2023, an increase of 3.4 percent from $35.4 million in the third quarter of 2022. Group short-term disability sales were $30.5 million in the third quarter of 2023, an increase of 66.7 percent from $18.3 million in the third quarter of 2022. Persistency in the group long-term disability product line was 90.8 percent for the first nine months of 2023, compared to 90.7 percent for the first nine months of 2022. Persistency in the group short-term disability product line was 89.1 percent for the first nine months of 2023, compared to 89.2 percent for the first nine months of 2022.
The group life and accidental death and dismemberment line of business reported an 84.4 percent increase in adjusted operating income to $52.0 million in the third quarter of 2023, compared to $28.2 million in the third quarter of 2022, which excludes the reserve decrease related to the reserve assumption update of $34.0 million for the third quarter of 2022. Premium income for this line of business increased 1.2 percent to $467.1 million in the third quarter of 2023, compared to the $461.5 million in the third quarter of 2022 due primarily to higher sales. Net investment income decreased 6.3 percent to $23.7 million in the third quarter of 2023, compared to $25.3 million in the third quarter of 2022, due primarily to a decrease in the level of invested assets and lower miscellaneous investment income, partially offset by an increase in the yield on invested assets. The benefit ratio in the third quarter of 2023 was 73.3 percent, compared to 78.0 percent in the third quarter of 2022, which excludes the reserve assumption update, due primarily to lower mortality, resulting primarily from lessening impacts of COVID-19 on our insured population, and a lower average claim size in the group life product line. Sales of group life and accidental death and dismemberment products
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| UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES. | 2 |
decreased 6.3 percent in the third quarter of 2023 to $25.2 million, compared to $26.9 million in the third quarter of 2022. Persistency in the group life product line was 89.3 percent for the first nine months of 2023, compared to 89.2 percent for the first nine months of 2022. Persistency in the accidental death and dismemberment product line was 88.2 percent for the first nine months of 2023, compared to 88.1 percent for the first nine months of 2022.
The supplemental and voluntary line of business reported an increase of 11.3 percent in adjusted operating income to $135.7 million in the third quarter of 2023, compared to $121.9 million in the third quarter of 2022, which excludes the net reserve decreases related to the assumption updates of $7.8 million and $15.8 million during the third quarters of 2023 and 2022, respectively. Premium income for the supplemental and voluntary line of business increased 8.7 percent to $415.6 million in the third quarter of 2023, compared to $382.2 million in the third quarter of 2022, due primarily to the partial recapture of a block of business in the individual disability product line and higher persistency in the voluntary benefits product line. Net investment income decreased 3.6 percent to $58.3 million in the third quarter of 2023, compared to $60.5 million in the third quarter of 2022, due primarily to a decline in yield on invested assets and lower miscellaneous investment income, partially offset by an increase in the level of invested assets. The benefit ratio for the voluntary benefits product line, which exclude the reserve decreases related to the assumption updates of $10.4 million and $17.0 million during the third quarters of 2023 and 2022, respectively, was 39.1 percent in the third quarter of 2023, compared to 43.7 percent in the third quarter of 2022, due primarily to favorable experience in the disability and life product lines. The benefit ratio for the individual disability product line, which exclude the reserve increases related to the assumption updates of $2.6 million and $1.2 million during the third quarters of 2023 and 2022, respectively, was 45.4 percent for the third quarter of 2023, compared to 44.0 percent in the third quarter of 2022, due primarily to higher average size of submitted claims. The benefit ratio for the dental and vision product line was 67.4 percent for the third quarter of 2023, compared to 74.5 percent in the third quarter of 2022, due primarily to lower claim incidence. Relative to the third quarter of 2022, sales in the voluntary benefits product line decreased 3.7 percent in the third quarter of 2023 to $39.0 million. Sales in the individual disability product line of $25.6 million were generally consistent in the third quarter of 2023 compared to the same period of 2022. Sales in the dental and vision product line increased 33.3 percent in the third quarter of 2023 to $14.0 million. Persistency in the voluntary benefits product line was 75.5 percent for the first nine months of 2023, compared to 75.1 percent for the first nine months of 2022. Persistency in the individual disability product line was 89.3 percent for the first nine months of 2023, compared to 89.2 percent for the first nine months of 2022. Persistency in the dental and vision product line was 76.2 percent for the first nine months of 2023, compared to 81.4 percent for the first nine months of 2022.
Unum International Segment
The Unum International segment reported adjusted operating income of $36.8 million in the third quarter of 2023, an increase of 47.8 percent from $24.9 million in the third quarter of 2022, which excludes the reserve increase of $17.9 million and the reserve decrease $7.6 million related to the assumption updates during the third quarters of 2023 and 2022, respectively. Premium income increased 21.5 percent to $210.6 million in the third quarter of 2023, compared to $173.3 million in the third quarter of 2022. Net investment income decreased 26.2 percent to $27.3 million in the third quarter of 2023, compared to $37.0 million in the third quarter of 2022. Sales decreased 24.7 percent to $30.2 million in the third quarter of 2023, compared to $40.1 million in the third quarter of 2022.
The Unum UK line of business reported adjusted operating income, in local currency, of £28.4 million in the third quarter of 2023, an increase of 21.9 percent from £23.3 million in the third quarter of 2022, which excludes the reserve increase of £16.3 million and the reserve decrease of £5.3 million related to the assumption updates during the third quarters of 2023 and 2022, respectively. Premium income was £142.2 million in the third quarter of 2023, an increase of 9.9 percent from £129.4 million in the third quarter of 2022, due primarily to in-force block growth. Net investment income was £19.5 million in the third quarter of 2023, a decrease of 34.8 percent from £29.9 million in the third quarter of 2022, due primarily to lower investment income from inflation index-linked bonds. The benefit ratio, excluding the reserve assumption updates, was 67.4 percent in the third quarter of 2023, compared to 78.7 percent in the third quarter of 2022, due to favorable claim incidence, favorable claim resolutions, and higher discount rates on new claims in the group long-term disability product line, and lower inflation-linked experience in benefits, partially offset by higher incidence in the supplemental product line. Sales decreased 41.1 percent to £18.2 million in the third quarter of 2023, compared to £30.9 million in the third quarter of 2022. Persistency in the group long-term disability
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| UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES. | 3 |
product line was 92.4 percent for the first nine months of 2023, compared to 84.9 percent for the first nine months of 2022. Persistency in the group life product line was 83.6 percent for the first nine months of 2023, compared to 88.2 percent for the first nine months of 2022. Persistency in the supplemental product line was 91.0 percent for the first nine months of 2023, compared to 92.3 percent for the first nine months of 2022.
Colonial Life Segment
Colonial Life reported adjusted operating income of $102.9 million in the third quarter of 2023, a 12.7 percent decrease compared to $117.9 million in the third quarter of 2022, which excludes the reserve decreases related to the assumption updates of $80.7 million and $55.2 million during the third quarters of 2023 and 2022, respectively. Premium income increased to $431.2 million in the third quarter of 2023, compared to $423.3 million in the third quarter of 2022, due to higher sales in prior periods, partially offset by lower persistency. Net investment income increased to $39.3 million in the third quarter of 2023, compared to $38.6 million in the third quarter of 2022, due primarily to an increase in the yield on invested assets and an increase in the level of invested assets. The benefit ratio, excluding the reserve assumption updates, was 49.1 percent in the third quarter of 2023, compared to 48.7 percent in the third quarter of 2022, primarily due to higher incidence in the life product line. Sales increased 4.7 percent to $121.3 million in the third quarter of 2023, compared to $115.9 million in the third quarter of 2022. Persistency in the Colonial Life segment was 77.9 percent for the first nine months of 2023, compared to 78.3 percent for the first nine months of 2022.
Closed Block Segment
The Closed Block segment reported adjusted operating income of $34.2 million in the third quarter of 2023, which excludes the amortization of cost of reinsurance of $11.1 million and the impact of non-contemporaneous reinsurance of $9.2 million related to the Closed Block individual disability reinsurance transaction as well as the net reserve increase related to the assumption updates of $368.8 million, compared to $42.1 million in the third quarter of 2022, which excludes the amortization of cost of reinsurance of $11.8 million and the impact of non-contemporaneous reinsurance of $1.7 million related to the Closed Block individual disability reinsurance transaction and the net reserve decrease related to the assumption updates of $9.7 million. Premium income for this segment is largely driven by our long-term care product line, and in the third quarter of 2023, premium income for long-term care was generally consistent with the same period of 2022. Net investment income increased 9.3 percent to $274.9 million in the third quarter of 2023, compared to $251.4 million in the third quarter of 2022, due to an increase in the level of invested assets and higher miscellaneous investment income, primarily related to increases in the net asset values on our private equity partnerships.
The interest adjusted loss ratio for the long-term care product line, which excludes the reserve increase related to assumption update of $368.1 million was 105.3 percent in the third quarter of 2023, compared to an interest adjusted loss ratio of 83.6 percent in the third quarter of 2022, which excludes the reserve decrease related to the assumption update of $2.9 million, driven primarily by higher claim incidence as well as impacts from the change in the net premium ratio resulting from the reserve assumption update. Underlying claims experience was lower in the third quarter of 2023 compared to the second quarter of 2023.
Corporate Segment
The Corporate segment reported an adjusted operating loss of $41.5 million in the third quarter of 2023, compared to an adjusted operating loss of $49.5 million in the third quarter of 2022, due primarily to increased net investment income, which was driven by an increase in yield on invested assets, partially offset by higher pension expenses.
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| UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES. | 4 |
OTHER INFORMATION
Shares Outstanding
The Company’s weighted average number of shares outstanding, assuming dilution, was 197.1 million for the third quarter of 2023, compared to 201.7 million for the third quarter of 2022. Shares outstanding totaled 195.0 million at September 30, 2023. During the third quarter of 2023, the Company repurchased 1.5 million shares at a total cost of $74.8 million.
Capital Management
At September 30, 2023, the weighted average risk-based capital ratio for the Company’s traditional U.S. insurance companies was approximately 470 percent, and the holding companies had available holding company liquidity of $1,182.0 million.
Book Value
Book value per common share as of September 30, 2023 was $49.32, compared to $42.20 at September 30, 2022. Book value per common share excluding AOCI as of September 30, 2023 was $65.47, compared to $60.33 at September 30, 2022.
Effective Tax Rate
The effective tax rate on adjusted operating earnings was 22.1 percent in the third quarter of 2023.
Outlook
Full-year 2023 outlook of an increase in after-tax adjusted operating income per share of 20 percent to 25 percent when comparing to historically reported 2022 results.
NON-GAAP FINANCIAL MEASURES
We analyze our performance using non-GAAP financial measures. A non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. The non-GAAP financial measure of "after-tax adjusted operating income" differs from net income as presented in our consolidated operating results and income statements prepared in accordance with GAAP due to the exclusion of investment gains or losses, the amortization of the cost of reinsurance, the impact of non-contemporaneous reinsurance, and reserve assumption updates as specified in the reconciliations in the Financial Highlights section below. Investment gains or losses primarily include realized investment gains or losses, expected investment credit losses, and gains or losses on derivatives. We believe after-tax adjusted operating income is a better performance measure and better indicator of the profitability and underlying trends in our business.
Investment gains or losses depend on market conditions and do not necessarily relate to decisions regarding the underlying business of our segments. Our investment focus is on investment income to support our insurance liabilities as opposed to the generation of investment gains or losses. Although we may experience investment gains or losses which will affect future earnings levels, a long-term focus is necessary to maintain profitability over the life of the business since our underlying business is long-term in nature, and we need to earn the interest rates assumed in calculating our liabilities.
Cash flow assumptions used to calculate our liability for future policy benefits are reviewed at least annually and updated, as needed, with the resulting impact reflected in net income. While the effects of these assumption updates are recorded in the reporting period in which the review is completed, these updates reflect experience emergence and changes to expectations spanning multiple periods. We believe that by excluding the impact of reserve assumption updates we are providing a more comparable and consistent view of our quarterly results.
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| UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES. | 5 |
We exited a substantial portion of our Closed Block individual disability product line through the two phases of the reinsurance transaction that were executed in December 2020 and March 2021. As a result, we exclude the amortization of the cost of reinsurance that we recognized upon the exit of the business related to the policies on claim status as well as the impact of non-contemporaneous reinsurance that resulted from the adoption of ASU 2018-12. Due to the execution of the second phase of the reinsurance transaction occurring after January 1, 2021, the transition date of ASU 2018-12, in accordance with the provisions of the ASU related to non-contemporaneous reinsurance, we were required to establish the ceded reserves using an upper-medium grade fixed-income instrument as of the reinsurance transaction date in March 2021, which resulted in higher ceded reserves compared to that which was reported historically. However, the direct reserves for the block reinsured in the second phase were calculated using the original discount rate utilized as of the transition date. Both the direct and ceded reserves are then remeasured at each reporting period using a current discount rate reflective of an upper-medium grade fixed-income instrument, with the changes recognized in other comprehensive income (loss). While the total equity impact is neutral, the different original discount rates utilized for direct and ceded reserves result in disproportionate earnings impacts. The impact of non-contemporaneous reinsurance will fluctuate depending on the magnitude of reserve changes during the period. We believe that the exclusion of these items provides a better view of our results from our ongoing businesses.
We may at other times exclude certain other items from our discussion of financial ratios and metrics in order to enhance the understanding and comparability of our operational performance and the underlying fundamentals, but this exclusion is not an indication that similar items may not recur and does not replace net income or net loss as a measure of our overall profitability.
CONFERENCE CALL INFORMATION
Members of Unum Group senior management will host a conference call on Wednesday, November 1, 2023, at 8:00 am (Eastern Time) to discuss the results of operations for the third quarter of 2023. Topics may include forward-looking information, such as the Company’s outlook on future results, trends in operations, and other material information.
The dial-in number for the conference call is 1-888-210-4821 for U.S. (access code: 5666159). For U.K. callers, the dial-in number is 44-800-358-0970 (access code: 5666159). For all other callers, the dial-in number is 1-646-960-0323 (access code: 5666159). A live webcast of the call will also be available at www.investors.unum.com in a listen-only mode. It is recommended that webcast viewers access the “Investors” section of the Company’s website and opt-in to the webcast approximately 5-10 minutes prior to the start of the call. A replay of the webcast will be available on the Company's website. A replay of the call will also be available through Wednesday, November 8 by dialing 1-800-770-2030 (U.S.) or 1-647-362-9199 (all other locations) - access code 5666159.
In conjunction with today’s earnings announcement, the Company’s Statistical Supplement for the third quarter of 2023 is available on the “Investors” section of the Company’s website.
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ABOUT UNUM GROUP
Unum Group (NYSE: UNM), an international provider of workplace benefits and services, has been helping workers and their families for 175 years. Through its Unum and Colonial Life brands, the company offers disability, life, accident, critical illness, dental, vision and stop-loss insurance; leave and absence management support and behavioral health services. In 2022, Unum reported revenues of about $12 billion and paid $8 billion in benefits. The Fortune 500 company is one of the 2023 World's Most Ethical Companies, recognized by Ethisphere®.
For more information, connect with us on Facebook (www.facebook.com/unumbenefits) and LinkedIn (www.linkedin.com/company/unum).
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| UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES. | 6 |
SAFE HARBOR STATEMENT
Certain information in this news release constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those not based on historical information, but rather relate to our outlook, future operations, strategies, financial results, or other developments and speak only as of the date made. These forward-looking statements, including statements about anticipated growth in after-tax adjusted operating income per share, are subject to numerous assumptions, risks, and uncertainties, many of which are beyond our control. The following factors, in addition to other factors mentioned from time to time, may cause actual results to differ materially from those contemplated by the forward-looking statements: (1) fluctuation in insurance reserve liabilities and claim payments due to changes in claim incidence, recovery rates, mortality and morbidity rates, and policy benefit offsets due to, among other factors, the rate of unemployment and consumer confidence, the emergence of new diseases, epidemics, or pandemics, new trends and developments in medical treatments, the effectiveness of our claims operational processes, and changes in governmental programs; (2) sustained periods of low interest rates; (3) unfavorable economic or business conditions, both domestic and foreign, that may result in decreases in sales, premiums, or persistency, as well as unfavorable claims activity or unfavorable returns on our investment portfolio; (4) the impact of pandemics and other public health issues, including COVID-19, on our business, financial position, results of operations, liquidity and capital resources, and overall business operations; (5) changes in, or interpretations or enforcement of, laws and regulations; (6) our ability to hire and retain qualified employees; (7) a cyber attack or other security breach resulting in the unauthorized acquisition of confidential data; (8) the failure of our business recovery and incident management processes to resume our business operations in the event of a natural catastrophe, cyber attack, or other event; (9) investment results, including, but not limited to, changes in interest rates, defaults, changes in credit spreads, impairments, and the lack of appropriate investments in the market which can be acquired to match our liabilities; (10) increased competition from other insurers and financial services companies due to industry consolidation, new entrants to our markets, or other factors; (11) changes in our financial strength and credit ratings; (12) our ability to develop digital capabilities or execute on our technology systems upgrades or replacements; (13) actual experience in the broad array of our products that deviates from our assumptions used in pricing, underwriting, and reserving; (14) ineffectiveness of our derivatives hedging programs due to changes in forecasted cash flows, the economic environment, counterparty risk, ratings downgrades, capital market volatility, changes in interest rates, and/or regulation; (15) availability of reinsurance in the market and the ability of our reinsurers to meet their obligations to us; (16) ability to generate sufficient internal liquidity and/or obtain external financing; (17) damage to our reputation due to, among other factors, regulatory investigations, legal proceedings, external events, and/or inadequate or failed internal controls and procedures; (18) disruptions to our business or our ability to leverage data caused by the use and reliance on third-party vendors, including vendors providing web and cloud-based applications; (19) recoverability and/or realization of the carrying value of our intangible assets, long-lived assets, and deferred tax assets; (20) effectiveness of our risk management program; (21) contingencies and the level and results of litigation; (22) fluctuation in foreign currency exchange rates; and (23) our ability to meet environmental, social, and governance standards and expectations of investors, regulators, customers, and other stakeholders
For further discussion of risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements, see Part 1, Item 1A “Risk Factors” of our annual report on Form 10-K for the year ended December 31, 2022. The forward-looking statements in this news release are being made as of the date of this news release, and we expressly disclaim any obligation to update or revise any forward-looking statement contained herein, even if made available on our website or otherwise.
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| UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES. | 7 |
Unum Group
FINANCIAL HIGHLIGHTS
(Unaudited)
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| ($ in millions, except share data) | | | | | | | |
| | Three Months Ended September 30 | | Nine Months Ended September 30 |
| | 2023 | | 2022 | | 2023 | | 2022 |
| | | | | | | |
| Revenue | | | | | | | |
| Premium Income | $ | 2,525.9 | | | $ | 2,388.9 | | | $ | 7,494.3 | | | $ | 7,206.3 | |
| Net Investment Income | 526.0 | | | 511.6 | | | 1,565.9 | | | 1,597.8 | |
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| Net Investment Loss | (31.0) | | | (4.4) | | | (30.0) | | | (22.3) | |
| Other Income | 71.6 | | | 63.0 | | | 210.6 | | | 197.5 | |
| Total Revenue | 3,092.5 | | | 2,959.1 | | | 9,240.8 | | | 8,979.3 | |
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| Benefits and Expenses | | | | | | | |
| | | | | | | |
| | | | | | | |
| Policy Benefits Including Remeasurement Loss or Gain | 1,947.0 | | | 1,501.5 | | | 5,437.0 | | | 5,215.8 | |
| Commissions | 289.7 | | | 271.5 | | | 869.7 | | | 819.1 | |
| Interest and Debt Expense | 48.6 | | | 47.0 | | | 145.6 | | | 141.3 | |
| Cost Related to Early Retirement of Debt | — | | | 4.2 | | | — | | | 4.2 | |
| Deferral of Acquisition Costs | (153.3) | | | (139.4) | | | (467.5) | | | (419.1) | |
| Amortization of Deferred Acquisition Costs | 129.1 | | | 102.9 | | | 358.7 | | | 313.0 | |
| Other Expenses | 569.7 | | | 529.8 | | | 1,685.9 | | | 1,528.5 | |
| Total Benefits and Expenses | 2,830.8 | | | 2,317.5 | | | 8,029.4 | | | 7,602.8 | |
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| Income Before Income Tax | 261.7 | | | 641.6 | | | 1,211.4 | | | 1,376.5 | |
| Income Tax Expense | 59.7 | | | 131.3 | | | 258.2 | | | 258.5 | |
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| Net Income | $ | 202.0 | | | $ | 510.3 | | | $ | 953.2 | | | $ | 1,118.0 | |
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| PER SHARE INFORMATION | | | | | | | |
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| Net Income Per Common Share | | | | | | | |
| Basic | $ | 1.03 | | | $ | 2.55 | | | $ | 4.83 | | | $ | 5.55 | |
| Assuming Dilution | $ | 1.02 | | | $ | 2.53 | | | $ | 4.81 | | | $ | 5.52 | |
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| Weighted Average Common Shares - Basic (000s) | 196,083.2 | | | 200,035.3 | | | 197,289.5 | | | 201,262.3 | |
| Weighted Average Common Shares - Assuming Dilution (000s) | 197,131.8 | | | 201,650.2 | | | 198,295.1 | | | 202,519.0 | |
| Outstanding Shares - (000s) | | | | | 195,017.0 | | | 199,125.3 | |
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| UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES. | 8 |
Reconciliation of Non-GAAP Financial Measures | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30 |
| 2023 | | 2022 |
| | (in millions) | | per share * | | (in millions) | | per share * |
| Net Income | $ | 202.0 | | | $ | 1.02 | | | $ | 510.3 | | | $ | 2.53 | |
| Excluding: | | | | | | | |
| | | | | | | |
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Net Investment Loss (net of tax benefit of $6.6; $1.0) | (24.4) | | | (0.13) | | | (3.4) | | | (0.02) | |
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Amortization of the Cost of Reinsurance (net of tax benefit of $2.4; $2.5) | (8.7) | | | (0.04) | | | (9.3) | | | (0.04) | |
Non-Contemporaneous Reinsurance (net of tax benefit of $1.9; $0.3) | (7.3) | | | (0.04) | | | (1.4) | | | (0.01) | |
Reserve Assumption Updates (net of tax expense (benefit) of $(37.9); $51.2) | (139.3) | | | (0.71) | | | 192.1 | | | 0.95 | |
| After-tax Adjusted Operating Income | $ | 381.7 | | | $ | 1.94 | | | $ | 332.3 | | | $ | 1.65 | |
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| * Assuming Dilution | | | | | | | |
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| September 30 |
| 2023 | | 2022 |
| (in millions) | | per share | | (in millions) | | per share |
| Total Stockholders' Equity (Book Value) | $ | 9,618.1 | | | $ | 49.32 | | | $ | 8,402.8 | | | $ | 42.20 | |
| Excluding: | | | | | | | |
| Net Unrealized Loss on Securities | (3,948.4) | | | (20.25) | | | (3,486.3) | | | (17.51) | |
| Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits | 1,688.5 | | | 8.66 | | | 681.7 | | | 3.42 | |
| Net Unrealized Gain (Loss) on Hedges | (177.7) | | | (0.91) | | | 13.5 | | | 0.07 | |
| Subtotal | 12,055.7 | | | 61.82 | | | 11,193.9 | | | 56.22 | |
| Excluding: | | | | | | | |
| Foreign Currency Translation Adjustment | (382.2) | | | (1.95) | | | (439.0) | | | (2.20) | |
| Subtotal | 12,437.9 | | | 63.77 | | | 11,632.9 | | | 58.42 | |
| Excluding: | | | | | | | |
| Unrecognized Pension and Postretirement Benefit Costs | (330.8) | | | (1.70) | | | (380.9) | | | (1.91) | |
| Total Stockholders' Equity, Excluding Accumulated Other Comprehensive Loss | $ | 12,768.7 | | | $ | 65.47 | | | $ | 12,013.8 | | | $ | 60.33 | |
| | | | | | | | |
| UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES. | 9 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Three Months Ended |
| | | | | | September 30, 2023 | | September 30, 2022 |
| | | | | | Premium Income | | Premium Income in Local Currency1 | | Weighted Average Exchange Rate2 | | Premium Income in Constant Currency |
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| Unum International | | | | | | | | | | | | |
| Unum UK | | | | | | $ | 179.9 | | | £ | 129.4 | | | 1.265 | | | $ | 163.7 | |
| Unum Poland | | | | | | 30.7 | | | zł | 99.7 | | | 0.242 | | | 24.1 | |
| Total | | | | | | 210.6 | | | | | | | 187.8 | |
| Unum US | | | | | | 1,657.7 | | | $ | 1,556.8 | | | | | 1,556.8 | |
| Colonial Life | | | | | | 431.2 | | | $ | 423.3 | | | | | 423.3 | |
| Core Operations | | | | | | $ | 2,299.5 | | | | | | | $ | 2,167.9 | |
1Premium income shown in millions of pounds for Unum UK, millions of zlotys for Unum Poland, and millions of U.S. dollars for Unum US and Colonial Life.
2Exchange rate is calculated using the average foreign currency exchange rates for the most recent period, applied to the comparable prior period.
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| UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES. | 10 |
Unum Group
Statistical Supplement Third Quarter 2023
TABLE OF CONTENTS
(in millions of dollars, except share data and where noted)
Interim Results are Unaudited
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| See "Appendix to Statistical Supplement" on page 15 for a summary of significant items and page 15.4 for a reconciliation of our non-GAAP financial measures. | |
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| N.M. = not a meaningful percentage | | |
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Unum Group Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended | | Year Ended |
| 9/30/2023 | | 9/30/2022 | | 9/30/2023 | | 9/30/2022 | | 12/31/2022 | | 12/31/2021 |
| | | As Adjusted | | | | As Adjusted | | As Adjusted |
| Consolidated U.S. GAAP Results¹ | | | | | | | | | | | |
| Premium Income | $ | 2,525.9 | | | $ | 2,388.9 | | | $ | 7,494.3 | | | $ | 7,206.3 | | | $ | 9,616.5 | | | $ | 9,475.0 | |
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| Adjusted Operating Revenue | $ | 3,123.5 | | | $ | 2,963.5 | | | $ | 9,270.8 | | | $ | 9,001.6 | | | $ | 11,999.8 | | | $ | 11,931.1 | |
| Net Investment Gain (Loss) | (31.0) | | | (4.4) | | | (30.0) | | | (22.3) | | | (15.7) | | | 76.7 | |
| Total Revenue | $ | 3,092.5 | | | $ | 2,959.1 | | | $ | 9,240.8 | | | $ | 8,979.3 | | | $ | 11,984.1 | | | $ | 12,007.8 | |
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| Net Income | $ | 202.0 | | | $ | 510.3 | | | $ | 953.2 | | | $ | 1,118.0 | | | $ | 1,407.2 | | | $ | 981.0 | |
| Net Income Per Common Share: | | | | | | | | | | | |
| Basic | $ | 1.03 | | | $ | 2.55 | | | $ | 4.83 | | | $ | 5.55 | | | $ | 7.01 | | | $ | 4.80 | |
| Assuming Dilution | $ | 1.02 | | | $ | 2.53 | | | $ | 4.81 | | | $ | 5.52 | | | $ | 6.96 | | | $ | 4.79 | |
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| Assets | | | | | $ | 59,954.5 | | | $ | 60,377.9 | | | $ | 61,148.5 | | | $ | 72,292.3 | |
| Liabilities | | | | | $ | 50,336.4 | | | $ | 51,975.1 | | | $ | 52,413.5 | | | $ | 66,258.4 | |
| Stockholders' Equity | | | | | $ | 9,618.1 | | | $ | 8,402.8 | | | $ | 8,735.0 | | | $ | 6,033.9 | |
| Adjusted Stockholders' Equity | | | | | $ | 12,055.7 | | | $ | 11,193.9 | | | $ | 11,459.1 | | | $ | 10,528.4 | |
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| Adjusted Operating Return on Equity | | | | | | | | | | | |
| Unum US | 25.4 | % | | 19.1 | % | | 23.1 | % | | 16.8 | % | | 16.4 | % | | 7.0 | % |
| Unum International | 14.0 | % | | 22.3 | % | | 16.7 | % | | 20.5 | % | | 20.7 | % | | 10.4 | % |
| Colonial Life | 18.7 | % | | 22.4 | % | | 18.9 | % | | 20.6 | % | | 19.9 | % | | 20.0 | % |
| Core Operating Segments | 22.4 | % | | 20.2 | % | | 21.4 | % | | 18.0 | % | | 17.7 | % | | 10.4 | % |
| Consolidated | 12.7 | % | | 12.1 | % | | 13.2 | % | | 12.2 | % | | 11.8 | % | | 9.1 | % |
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Traditional U.S. Life Insurance Companies' Statutory Results2 | | | | | | | | | | | |
| Net Gain from Operations, After Tax | $ | 532.7 | | | $ | 243.2 | | | $ | 1,122.6 | | | $ | 725.0 | | | $ | 965.4 | | | $ | 681.1 | |
| Net Realized Capital Gain (Loss), After Tax | (4.1) | | | (0.1) | | | (4.6) | | | (2.3) | | | — | | | 98.4 | |
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| Net Income | $ | 528.6 | | | $ | 243.1 | | | $ | 1,118.0 | | | $ | 722.7 | | | $ | 965.4 | | | $ | 779.5 | |
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| Capital and Surplus | | | | | $ | 4,376.6 | | | $ | 4,136.9 | | | $ | 3,816.3 | | | $ | 3,950.3 | |
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| Weighted Average Risk-based Capital Ratio | | | | | ~ 470% | | ~ 415% | | ~ 420% | | ~ 395% |
1 Generally Accepted Accounting Principles
2 Our traditional U.S. life insurance companies are Provident Life and Accident Insurance Company, Unum Life Insurance Company of America, The Paul Revere Life Insurance Company, Colonial Life & Accident Insurance Company, Provident Life and Casualty Insurance Company, First Unum Life Insurance Company, Unum Insurance Company, and Starmount Life Insurance Company.
Unum Group Capital Metrics
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| 9/30/2023 | | 9/30/2022 | | 12/31/2022 | | 12/31/2021 |
| (in millions) | | per share | | (in millions) | | per share | | (in millions) | | per share | | (in millions) | | per share |
| | | | | As Adjusted |
| Total Stockholders' Equity (Book Value) | $ | 9,618.1 | | | $ | 49.32 | | | $ | 8,402.8 | | | $ | 42.20 | | | $ | 8,735.0 | | | $ | 44.17 | | | $ | 6,033.9 | | | $ | 29.79 | |
| Excluding: | | | | | | | | | | | | | | | |
| Net Unrealized Gain (Loss) on Securities | (3,948.4) | | | (20.25) | | | (3,486.3) | | | (17.51) | | | (3,028.4) | | | (15.31) | | | 4,014.4 | | | 19.82 | |
| Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits | 1,688.5 | | | 8.66 | | | 681.7 | | | 3.42 | | | 313.9 | | | 1.59 | | | (8,570.7) | | | (42.32) | |
| Net Gain (Loss) on Hedges | (177.7) | | | (0.91) | | | 13.5 | | | 0.07 | | | (9.6) | | | (0.05) | | | 61.8 | | | 0.30 | |
| Subtotal | 12,055.7 | | | 61.82 | | | 11,193.9 | | | 56.22 | | | 11,459.1 | | | 57.94 | | | 10,528.4 | | | 51.99 | |
| Excluding: | | | | | | | | | | | | | | | |
| Foreign Currency Translation Adjustment | (382.2) | | | (1.95) | | | (439.0) | | | (2.20) | | | (390.1) | | | (1.98) | | | (274.1) | | | (1.35) | |
| Subtotal | 12,437.9 | | | 63.77 | | | 11,632.9 | | | 58.42 | | | 11,849.2 | | | 59.92 | | | 10,802.5 | | | 53.34 | |
| Excluding: | | | | | | | | | | | | | | | |
| Unrecognized Pension and Postretirement Benefit Costs | (330.8) | | | (1.70) | | | (380.9) | | | (1.91) | | | (334.1) | | | (1.69) | | | (396.0) | | | (1.96) | |
| Total Stockholders' Equity, Excluding Accumulated Other Comprehensive Loss | $ | 12,768.7 | | | $ | 65.47 | | | $ | 12,013.8 | | | $ | 60.33 | | | $ | 12,183.3 | | | $ | 61.61 | | | $ | 11,198.5 | | | $ | 55.30 | |
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| Dividends Paid | $ | 205.8 | | | $ | 1.025 | | | $ | 189.5 | | | $ | 0.930 | | | $ | 255.3 | | | $ | 1.260 | | | $ | 240.6 | | | $ | 1.170 | |
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| Three Months Ended | | Nine Months Ended | | Year Ended |
| 9/30/2023 | | 9/30/2022 | | 9/30/2023 | | 9/30/2022 | | 12/31/2022 | | 12/31/2021 |
| Shares Repurchased (millions) | 1.5 | | | 1.2 | | | 3.9 | | | 4.2 | | | 5.7 | | | 1.9 | |
Cost of Shares Repurchased (millions)1 | $ | 74.8 | | | $ | 42.6 | | | $ | 175.4 | | | $ | 137.5 | | | $ | 200.1 | | | $ | 50.0 | |
| Price (UNM closing price on last trading day of period) | | | | | $ | 49.19 | | | $ | 38.80 | | | $ | 41.03 | | | $ | 24.57 | |
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Leverage Ratio2 | | | | | 22.5 | % | | 23.8 | % | | 23.4 | % | | 25.1 | % |
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| Holding Company Liquidity (millions) | | | | | $ | 1,182 | | | $ | 1,079 | | | $ | 1,571 | | | $ | 1,515 | |
1Includes commissions of a de minimis amount and $0.1 million for the three and nine months ended September 30, 2023, respectively, a de minimis amount and $0.1 million for the three and nine months ended September 30, 2022, respectively, $0.1 million for the year ended December 31, 2022, and no commissions for the year ended December 31, 2021. There was $0.7 million and $1.2 million of excise tax for the three and nine months ended September 30, 2023, respectively. There were no excise taxes during the three and nine months ended September 30, 2022 and years ended December 31, 2022 and 2021.
2Prior period ratios have been adjusted.
Unum Group Ratings
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| AM Best | | Fitch | | Moody's | | S&P |
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| Outlooks | Stable | | Positive | | Stable | | Stable |
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| Issuer Credit Ratings | bbb+ | | BBB- | | Baa3 | | BBB |
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| Financial Strength Ratings | | | | | | | |
| Provident Life and Accident Insurance Company | A | | A- | | A3 | | A |
| Provident Life and Casualty Insurance Company | A | | A- | | NR | | NR |
| Unum Life Insurance Company of America | A | | A- | | A3 | | A |
| First Unum Life Insurance Company | A | | A- | | A3 | | A |
| Colonial Life & Accident Insurance Company | A | | A- | | A3 | | A |
| The Paul Revere Life Insurance Company | A | | A- | | A3 | | A |
| Starmount Life Insurance Company | A | | NR | | NR | | NR |
| Unum Insurance Company | A | | A- | | A3 | | NR |
| Unum Limited | NR | | NR | | NR | | A- |
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NR = not rated
Unum Group Consolidated Statements of Income
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| Three Months Ended | | Nine Months Ended | | Year Ended |
| 9/30/2023 | | 9/30/2022 | | 9/30/2023 | | 9/30/2022 | | 12/31/2022 | | 12/31/2021 |
| | | As Adjusted | | | | As Adjusted | | As Adjusted |
| Revenue | | | | | | | | | | | |
| Premium Income | $ | 2,525.9 | | | $ | 2,388.9 | | | $ | 7,494.3 | | | $ | 7,206.3 | | | $ | 9,616.5 | | | $ | 9,475.0 | |
| Net Investment Income | 526.0 | | | 511.6 | | | 1,565.9 | | | 1,597.8 | | | 2,122.2 | | | 2,213.2 | |
| Net Investment Gain (Loss) | (31.0) | | | (4.4) | | | (30.0) | | | (22.3) | | | (15.7) | | | 76.7 | |
| Other Income | 71.6 | | | 63.0 | | | 210.6 | | | 197.5 | | | 261.1 | | | 242.9 | |
| Total Revenue | 3,092.5 | | | 2,959.1 | | | 9,240.8 | | | 8,979.3 | | | 11,984.1 | | | 12,007.8 | |
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| Benefits and Expenses | | | | | | | | | | | |
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| Policy Benefits Including Remeasurement Loss or Gain | 1,947.0 | | | 1,501.5 | | | 5,437.0 | | | 5,215.8 | | | 6,994.6 | | | 7,553.3 | |
| Commissions | 289.7 | | | 271.5 | | | 869.7 | | | 819.1 | | | 1,086.4 | | | 1,038.1 | |
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| Interest and Debt Expense | 48.6 | | | 47.0 | | | 145.6 | | | 141.3 | | | 188.5 | | | 185.0 | |
| Cost Related to Early Retirement of Debt | — | | | 4.2 | | | — | | | 4.2 | | | 4.2 | | | 67.3 | |
| Deferral of Acquisition Costs | (153.3) | | | (139.4) | | | (467.5) | | | (419.1) | | | (556.9) | | | (523.2) | |
| Amortization of Deferred Acquisition Costs | 129.1 | | | 102.9 | | | 358.7 | | | 313.0 | | | 421.1 | | | 452.1 | |
| | | | | | | | | | | |
| Other Expenses | 569.7 | | | 529.8 | | | 1,685.9 | | | 1,528.5 | | | 2,096.2 | | | 1,974.6 | |
| Total Benefits and Expenses | 2,830.8 | | | 2,317.5 | | | 8,029.4 | | | 7,602.8 | | | 10,234.1 | | | 10,747.2 | |
| | | | | | | | | | | |
| Income Before Income Tax | 261.7 | | | 641.6 | | | 1,211.4 | | | 1,376.5 | | | 1,750.0 | | | 1,260.6 | |
| Income Tax Expense | 59.7 | | | 131.3 | | | 258.2 | | | 258.5 | | | 342.8 | | | 279.6 | |
| | | | | | | | | | | |
| Net Income | $ | 202.0 | | | $ | 510.3 | | | $ | 953.2 | | | $ | 1,118.0 | | | $ | 1,407.2 | | | $ | 981.0 | |
| | | | | | | | | | | |
| Weighted Average Shares Outstanding | | | | | | | | | | | |
| Basic | 196.1 | | | 200.0 | | | 197.3 | | | 201.3 | | | 200.6 | | | 204.2 | |
| Assuming Dilution | 197.1 | | | 201.7 | | | 198.3 | | | 202.5 | | | 202.1 | | | 204.8 | |
| | | | | | | | | | | |
| Actual Number of Shares Outstanding | | | | | 195.0 | | | 199.1 | | | 197.8 | | | 202.5 | |
Unum Group Sales Data for Unum US Segment
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended | | Year Ended |
| 9/30/2023 | | 9/30/2022 | | % Change | | 9/30/2023 | | 9/30/2022 | | % Change | | 12/31/2022 | | 12/31/2021 |
| Sales by Product | | | | | | | | | | | | | | | |
| Group Disability and Group Life and AD&D | | | | | | | | | | | | | | | |
| Group Long-term Disability | $ | 36.6 | | | $ | 35.4 | | | 3.4 | % | | $ | 156.1 | | | $ | 139.2 | | | 12.1 | % | | $ | 295.3 | | | $ | 206.6 | |
| Group Short-term Disability | 30.5 | | | 18.3 | | | 66.7 | | | 117.1 | | | 82.4 | | | 42.1 | | | 184.3 | | | 142.7 | |
| Group Life and AD&D | 25.2 | | | 26.9 | | | (6.3) | | | 152.9 | | | 137.5 | | | 11.2 | | | 232.4 | | | 223.8 | |
| Subtotal | 92.3 | | | 80.6 | | | 14.5 | | | 426.1 | | | 359.1 | | | 18.7 | | | 712.0 | | | 573.1 | |
| Supplemental and Voluntary | | | | | | | | | | | | | | | |
| Voluntary Benefits | 39.0 | | | 40.5 | | | (3.7) | | | 212.5 | | | 188.8 | | | 12.6 | | | 238.7 | | | 231.2 | |
| Individual Disability | 25.6 | | | 25.9 | | | (1.2) | | | 81.0 | | | 64.9 | | | 24.8 | | | 90.8 | | | 75.0 | |
| Dental and Vision | 14.0 | | | 10.5 | | | 33.3 | | | 42.5 | | | 32.6 | | | 30.4 | | | 73.8 | | | 62.4 | |
| Subtotal | 78.6 | | | 76.9 | | | 2.2 | | | 336.0 | | | 286.3 | | | 17.4 | | | 403.3 | | | 368.6 | |
| Total Sales | $ | 170.9 | | | $ | 157.5 | | | 8.5 | | | $ | 762.1 | | | $ | 645.4 | | | 18.1 | | | $ | 1,115.3 | | | $ | 941.7 | |
| | | | | | | | | | | | | | | |
| Sales by Market Sector | | | | | | | | | | | | | | | |
| Group Disability and Group Life and AD&D | | | | | | | | | | | | | | | |
| Core Market (< 2,000 employees) | $ | 65.8 | | | $ | 58.7 | | | 12.1 | % | | $ | 255.1 | | | $ | 228.5 | | | 11.6 | % | | $ | 457.5 | | | $ | 371.5 | |
| Large Case Market | 26.5 | | | 21.9 | | | 21.0 | | | 171.0 | | | 130.6 | | | 30.9 | | | 254.5 | | | 201.6 | |
| Subtotal | 92.3 | | | 80.6 | | | 14.5 | | | 426.1 | | | 359.1 | | | 18.7 | | | 712.0 | | | 573.1 | |
| Supplemental and Voluntary | 78.6 | | | 76.9 | | | 2.2 | | | 336.0 | | | 286.3 | | | 17.4 | | | 403.3 | | | 368.6 | |
| Total Sales | $ | 170.9 | | | $ | 157.5 | | | 8.5 | | | $ | 762.1 | | | $ | 645.4 | | | 18.1 | | | $ | 1,115.3 | | | $ | 941.7 | |
Unum Group Sales Data for Unum International Segment
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended | | Year Ended |
| (in millions of dollars) | 9/30/2023 | | 9/30/2022 | | % Change | | 9/30/2023 | | 9/30/2022 | | % Change | | 12/31/2022 | | 12/31/2021 |
| Sales by Product | | | | | | | | | | | | | | | |
| Unum UK | | | | | | | | | | | | | | | |
| Group Long-term Disability | $ | 8.9 | | | $ | 6.4 | | | 39.1 | % | | $ | 39.0 | | | $ | 35.2 | | | 10.8 | % | | $ | 43.3 | | | $ | 41.4 | |
| Group Life | 10.5 | | | 28.1 | | | (62.6) | | | 49.8 | | | 49.0 | | | 1.6 | | | 55.5 | | | 31.3 | |
| Supplemental | 3.8 | | | 2.2 | | | 72.7 | | | 24.0 | | | 14.5 | | | 65.5 | | | 17.1 | | | 17.0 | |
| Unum Poland | 7.0 | | | 3.4 | | | 105.9 | | | 23.8 | | | 11.4 | | | 108.8 | | | 17.8 | | | 16.1 | |
| Total Sales | $ | 30.2 | | | $ | 40.1 | | | (24.7) | | | $ | 136.6 | | | $ | 110.1 | | | 24.1 | | | $ | 133.7 | | | $ | 105.8 | |
| | | | | | | | | | | | | | | |
| Sales by Market Sector | | | | | | | | | | | | | | | |
| Unum UK | | | | | | | | | | | | | | | |
| Group Long-term Disability and Group Life | | | | | | | | | | | | | | | |
| Core Market (< 500 employees) | $ | 11.8 | | | $ | 9.3 | | | 26.9 | % | | $ | 40.3 | | | $ | 32.8 | | | 22.9 | % | | $ | 42.7 | | | $ | 41.5 | |
| Large Case Market | 7.6 | | | 25.2 | | | (69.8) | | | 48.5 | | | 51.4 | | | (5.6) | | | 56.1 | | | 31.2 | |
| Subtotal | 19.4 | | | 34.5 | | | (43.8) | | | 88.8 | | | 84.2 | | | 5.5 | | | 98.8 | | | 72.7 | |
| Supplemental | 3.8 | | | 2.2 | | | 72.7 | | | 24.0 | | | 14.5 | | | 65.5 | | | 17.1 | | | 17.0 | |
| Unum Poland | 7.0 | | | 3.4 | | | 105.9 | | | 23.8 | | | 11.4 | | | 108.8 | | | 17.8 | | | 16.1 | |
| Total Sales | $ | 30.2 | | | $ | 40.1 | | | (24.7) | | | $ | 136.6 | | | $ | 110.1 | | | 24.1 | | | $ | 133.7 | | | $ | 105.8 | |
| | | | | | | | | | | | | | | |
| (in millions of pounds) | | | | | | | | | | | | | | | |
| Unum UK Sales by Product | | | | | | | | | | | | | | | |
| Group Long-term Disability | £ | 7.0 | | | £ | 5.5 | | | 27.3 | % | | £ | 31.3 | | | £ | 27.6 | | | 13.4 | % | | £ | 34.5 | | | £ | 30.0 | |
| Group Life | 8.3 | | | 23.5 | | | (64.7) | | | 40.1 | | | 39.7 | | | 1.0 | | | 45.4 | | | 22.8 | |
| Supplemental | 2.9 | | | 1.9 | | | 52.6 | | | 19.3 | | | 11.3 | | | 70.8 | | | 13.5 | | | 12.3 | |
| Total Sales | £ | 18.2 | | | £ | 30.9 | | | (41.1) | | | £ | 90.7 | | | £ | 78.6 | | | 15.4 | | | £ | 93.4 | | | £ | 65.1 | |
| | | | | | | | | | | | | | | |
| Unum UK Sales by Market Sector | | | | | | | | | | | | | | | |
| Group Long-term Disability and Group Life | | | | | | | | | | | | | | | |
| Core Market (< 500 employees) | £ | 9.4 | | | £ | 7.9 | | | 19.0 | % | | £ | 32.5 | | | £ | 25.9 | | | 25.5 | % | | £ | 34.4 | | | £ | 30.2 | |
| Large Case Market | 5.9 | | | 21.1 | | | (72.0) | | | 38.9 | | | 41.4 | | | (6.0) | | | 45.5 | | | 22.6 | |
| Subtotal | 15.3 | | | 29.0 | | | (47.2) | | | 71.4 | | | 67.3 | | | 6.1 | | | 79.9 | | | 52.8 | |
| Supplemental | 2.9 | | | 1.9 | | | 52.6 | | | 19.3 | | | 11.3 | | | 70.8 | | | 13.5 | | | 12.3 | |
| Total Sales | £ | 18.2 | | | £ | 30.9 | | | (41.1) | | | £ | 90.7 | | | £ | 78.6 | | | 15.4 | | | £ | 93.4 | | | £ | 65.1 | |
Unum Group Sales Data for Colonial Life Segment
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended | | Year Ended |
| 9/30/2023 | | 9/30/2022 | | % Change | | 9/30/2023 | | 9/30/2022 | | % Change | | 12/31/2022 | | 12/31/2021 |
| Sales by Product | | | | | | | | | | | | | | | |
| Accident, Sickness, and Disability | $ | 73.1 | | | $ | 71.4 | | | 2.4 | % | | $ | 214.5 | | | $ | 210.0 | | | 2.1 | % | | $ | 310.6 | | | $ | 297.9 | |
| Life | 29.9 | | | 27.9 | | | 7.2 | | | 86.3 | | | 80.4 | | | 7.3 | | | 121.5 | | | 111.0 | |
| Cancer and Critical Illness | 18.3 | | | 16.6 | | | 10.2 | | | 49.3 | | | 47.7 | | | 3.4 | | | 76.0 | | | 70.9 | |
| Total Sales | $ | 121.3 | | | $ | 115.9 | | | 4.7 | | | $ | 350.1 | | | $ | 338.1 | | | 3.5 | | | $ | 508.1 | | | $ | 479.8 | |
| | | | | | | | | | | | | | | |
| Sales by Market Sector | | | | | | | | | | | | | | | |
| Commercial | | | | | | | | | | | | | | | |
| Core Market (< 1,000 employees) | $ | 77.2 | | | $ | 73.4 | | | 5.2 | % | | $ | 231.6 | | | $ | 225.4 | | | 2.8 | % | | $ | 332.4 | | | $ | 313.2 | |
| Large Case Market | 10.5 | | | 10.7 | | | (1.9) | | | 32.3 | | | 36.3 | | | (11.0) | | | 58.1 | | | 68.5 | |
| Subtotal | 87.7 | | | 84.1 | | | 4.3 | | | 263.9 | | | 261.7 | | | 0.8 | | | 390.5 | | | 381.7 | |
| Public Sector | 33.6 | | | 31.8 | | | 5.7 | | | 86.2 | | | 76.4 | | | 12.8 | | | 117.6 | | | 98.1 | |
| Total Sales | $ | 121.3 | | | $ | 115.9 | | | 4.7 | | | $ | 350.1 | | | $ | 338.1 | | | 3.5 | | | $ | 508.1 | | | $ | 479.8 | |
Unum Group Consolidated Balance Sheets | | | | | | | | | | | |
| September 30 | | December 31 |
| 2023 | | 2022 |
| | | As Adjusted |
| Assets | | | |
| | | |
| Investments | | | |
| Fixed Maturity Securities - at fair value | $ | 34,070.7 | | | $ | 34,840.8 | |
| Mortgage Loans | 2,321.5 | | | 2,435.4 | |
| Policy Loans | 3,596.6 | | | 3,601.2 | |
| Other Long-term Investments | 1,506.9 | | | 1,440.1 | |
| Short-term Investments | 1,487.2 | | | 1,394.8 | |
| Total Investments | 42,982.9 | | | 43,712.3 | |
| | | |
| Other Assets | | | |
| Cash and Bank Deposits | 165.9 | | | 119.2 | |
| Accounts and Premiums Receivable | 1,507.7 | | | 1,482.1 | |
| Reinsurance Recoverable | 8,855.2 | | | 9,608.0 | |
| Accrued Investment Income | 704.9 | | | 615.0 | |
| Deferred Acquisition Costs | 2,668.7 | | | 2,560.0 | |
| Goodwill | 347.9 | | | 347.6 | |
| Property and Equipment | 463.3 | | | 451.7 | |
| Deferred Income Tax | 617.1 | | | 586.0 | |
| | | |
| Other Assets | 1,640.9 | | | 1,666.6 | |
| | | |
| Total Assets | $ | 59,954.5 | | | $ | 61,148.5 | |
Unum Group Consolidated Balance Sheets - Continued | | | | | | | | | | | |
| September 30 | | December 31 |
| 2023 | | 2022 |
| | | As Adjusted |
| Liabilities and Stockholders' Equity | | | |
| | | |
| Liabilities | | | |
Future Policy Benefits1 | $ | 36,502.4 | | | $ | 38,577.1 | |
Policyholders' Account Balances1 | 5,744.5 | | | 5,740.2 | |
| Unearned Premiums | 447.2 | | | 365.5 | |
| Other Policyholders’ Funds | 1,631.9 | | | 1,750.4 | |
| Income Tax Payable | 267.2 | | | 190.9 | |
| Deferred Income Tax | 27.1 | | | 25.2 | |
| Short-term Debt | 2.0 | | | 2.0 | |
| | | |
| Long-term Debt | 3,429.8 | | | 3,427.8 | |
| | | |
| Other Liabilities | 2,284.3 | | | 2,334.4 | |
| | | |
| Total Liabilities | 50,336.4 | | | 52,413.5 | |
| | | |
| Stockholders’ Equity | | | |
| Common Stock | 30.9 | | | 30.8 | |
| Additional Paid-in Capital | 2,454.3 | | | 2,441.0 | |
| Accumulated Other Comprehensive Loss | (3,150.6) | | | (3,448.3) | |
| Retained Earnings | 13,888.7 | | | 13,141.3 | |
| Treasury Stock - at cost | (3,605.2) | | | (3,429.8) | |
| | | |
| Total Stockholders’ Equity | 9,618.1 | | | 8,735.0 | |
| | | |
| Total Liabilities and Stockholders’ Equity | $ | 59,954.5 | | | $ | 61,148.5 | |
| | | |
1We previously reported Policy and Contract Benefits and Reserves for Future Policy Benefits in our consolidated balance sheet for December 31, 2022. As a part of the adoption of ASU 2018-12, these balances were reclassified into new line items, Future Policy Benefits and Policyholders' Account Balances. Certain prior year amounts have been reclassified to conform to current year presentation. |
Unum Group Balance Sheets by Segment - September 30, 2023
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Unum US | | | | | | | | | | |
| Group Disability | | Group Life and Accidental Death & Dismemberment | | Supplemental and Voluntary | | Total Unum US | | Unum International | | Colonial Life | | Closed Block | | Corporate | | Consolidated |
| Assets | | | | | | | | | | | | | | | | | |
| Investments | $ | 6,468.9 | | | $ | 2,036.7 | | | $ | 4,414.4 | | | $ | 12,920.0 | | | $ | 2,617.1 | | | $ | 3,016.6 | | | $ | 22,256.9 | | | $ | 2,172.3 | | | $ | 42,982.9 | |
| Deferred Acquisition Costs | 63.6 | | | 48.7 | | | 1,104.2 | | | 1,216.5 | | | 41.6 | | | 1,410.6 | | | — | | | — | | | 2,668.7 | |
| Goodwill | 8.9 | | | — | | | 271.1 | | | 280.0 | | | 40.2 | | | 27.7 | | | — | | | — | | | 347.9 | |
| Reinsurance Receivable | 44.0 | | | 8.9 | | | 165.6 | | | 218.5 | | | 104.2 | | | 4.4 | | | 8,528.1 | | | — | | | 8,855.2 | |
| All Other | 148.6 | | | 173.3 | | | 131.6 | | | 453.5 | | | 362.8 | | | 149.3 | | | 2,285.4 | | | 1,848.8 | | | 5,099.8 | |
| Total Assets | $ | 6,734.0 | | | $ | 2,267.6 | | | $ | 6,086.9 | | | $ | 15,088.5 | | | $ | 3,165.9 | | | $ | 4,608.6 | | | $ | 33,070.4 | | | $ | 4,021.1 | | | $ | 59,954.5 | |
| | | | | | | | | | | | | | | | | |
| Liabilities | | | | | | | | | | | | | | | | | |
| Future Policy Benefits | $ | 5,105.8 | | | $ | 905.5 | | | $ | 2,982.6 | | | $ | 8,993.9 | | | $ | 2,051.2 | | | $ | 1,763.4 | | | $ | 23,693.9 | | | $ | — | | | $ | 36,502.4 | |
| Policyholders' Account Balances | — | | | — | | | 677.7 | | | 677.7 | | | — | | | 868.5 | | | 4,198.3 | | | — | | | 5,744.5 | |
| Unearned Premiums | 2.1 | | | 6.8 | | | 56.3 | | | 65.2 | | | 202.4 | | | 44.7 | | | 134.9 | | | — | | | 447.2 | |
| Other Policyholders' Funds | 34.8 | | | 831.2 | | | 30.8 | | | 896.8 | | | 41.3 | | | 6.6 | | | 687.2 | | | — | | | 1,631.9 | |
| Debt | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 3,431.8 | | | 3,431.8 | |
| All Other | 37.5 | | | 21.2 | | | 140.4 | | | 199.1 | | | 104.7 | | | 58.7 | | | 634.7 | | | 1,581.4 | | | 2,578.6 | |
| Total Liabilities | 5,180.2 | | | 1,764.7 | | | 3,887.8 | | | 10,832.7 | | | 2,399.6 | | | 2,741.9 | | | 29,349.0 | | | 5,013.2 | | | 50,336.4 | |
| | | | | | | | | | | | | | | | | |
| Allocated Stockholders' Equity | | | | | | | | | | | | | | | | | |
| Other Allocated Stockholders' Equity | 1,543.6 | | | 638.3 | | | 2,252.6 | | | 4,434.5 | | | 776.0 | | | 1,779.0 | | | 5,225.9 | | | (159.7) | | | 12,055.7 | |
| | | | | | | | | | | | | | | | | |
| Net Unrealized Loss on Securities and Net Unrealized Gain (Loss) on Hedges | (329.8) | | | (173.8) | | | (314.2) | | | (817.8) | | | (187.8) | | | (217.8) | | | (2,070.3) | | | (832.4) | | | (4,126.1) | |
| Effect of Change in Discount Rate Assumption on the Liability for Future Policy Benefits | 340.0 | | | 38.4 | | | 260.7 | | | 639.1 | | | 178.1 | | | 305.5 | | | 565.8 | | | — | | | 1,688.5 | |
| Total Allocated Stockholders' Equity | 1,553.8 | | | 502.9 | | | 2,199.1 | | | 4,255.8 | | | 766.3 | | | 1,866.7 | | | 3,721.4 | | | (992.1) | | | 9,618.1 | |
| | | | | | | | | | | | | | | | | |
| Total Liabilities and Allocated Stockholders' Equity | $ | 6,734.0 | | | $ | 2,267.6 | | | $ | 6,086.9 | | | $ | 15,088.5 | | | $ | 3,165.9 | | | $ | 4,608.6 | | | $ | 33,070.4 | | | $ | 4,021.1 | | | $ | 59,954.5 | |
Allocated stockholders' equity is determined on the basis of an internal allocation formula that reflects the volume and risk components of the business and aligns with our target capital levels for regulatory and rating agency purposes. We modify this formula periodically to recognize changes in the views of capital requirements.
Unum Group Balance Sheets by Segment - December 31, 2022 - As Adjusted
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Unum US | | | | | | | | | | |
| Group Disability | | Group Life and Accidental Death & Dismemberment | | Supplemental and Voluntary | | Total Unum US | | Unum International | | Colonial Life | | Closed Block | | Corporate | | Consolidated |
| Assets | | | | | | | | | | | | | | | | | |
| Investments | $ | 7,139.5 | | | $ | 2,369.9 | | | $ | 4,516.6 | | | $ | 14,026.0 | | | $ | 2,677.2 | | | $ | 3,126.1 | | | $ | 22,028.9 | | | $ | 1,854.1 | | | $ | 43,712.3 | |
| Deferred Acquisition Costs | 61.0 | | | 49.3 | | | 1,074.8 | | | 1,185.1 | | | 37.0 | | | 1,337.9 | | | — | | | — | | | 2,560.0 | |
| Goodwill | 8.9 | | | — | | | 271.1 | | | 280.0 | | | 39.9 | | | 27.7 | | | — | | | — | | | 347.6 | |
| Reinsurance Receivable | 49.5 | | | 10.6 | | | 212.1 | | | 272.2 | | | 83.5 | | | 5.2 | | | 9,247.1 | | | — | | | 9,608.0 | |
| All Other | 76.7 | | | 341.2 | | | 175.1 | | | 593.0 | | | 291.8 | | | 78.1 | | | 2,500.6 | | | 1,457.1 | | | 4,920.6 | |
| Total Assets | $ | 7,335.6 | | | $ | 2,771.0 | | | $ | 6,249.7 | | | $ | 16,356.3 | | | $ | 3,129.4 | | | $ | 4,575.0 | | | $ | 33,776.6 | | | $ | 3,311.2 | | | $ | 61,148.5 | |
| | | | | | | | | | | | | | | | | |
| Liabilities | | | | | | | | | | | | | | | | | |
| Future Policy Benefits | $ | 5,564.4 | | | $ | 973.5 | | | $ | 3,172.4 | | | $ | 9,710.3 | | | $ | 2,063.3 | | | $ | 1,858.4 | | | $ | 24,945.1 | | | $ | — | | | $ | 38,577.1 | |
| Policyholders' Account Balances | — | | | — | | | 679.6 | | | 679.6 | | | — | | | 869.2 | | | 4,191.4 | | | — | | | 5,740.2 | |
| Unearned Premiums | 1.6 | | | 6.6 | | | 47.6 | | | 55.8 | | | 130.4 | | | 42.7 | | | 136.6 | | | — | | | 365.5 | |
| Other Policyholders' Funds | 32.7 | | | 905.6 | | | 31.1 | | | 969.4 | | | 45.9 | | | 9.5 | | | 725.6 | | | — | | | 1,750.4 | |
| Debt | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 3,429.8 | | | 3,429.8 | |
| All Other | 24.4 | | | 94.6 | | | 207.2 | | | 326.2 | | | 86.0 | | | 54.8 | | | 532.6 | | | 1,550.9 | | | 2,550.5 | |
| Total Liabilities | 5,623.1 | | | 1,980.3 | | | 4,137.9 | | | 11,741.3 | | | 2,325.6 | | | 2,834.6 | | | 30,531.3 | | | 4,980.7 | | | 52,413.5 | |
| | | | | | | | | | | | | | | | | |
| Allocated Stockholders' Equity | | | | | | | | | | | | | | | | | |
| Other Allocated Stockholders' Equity | 1,668.0 | | | 908.4 | | | 2,225.8 | | | 4,802.2 | | | 770.6 | | | 1,689.4 | | | 5,106.7 | | | (909.8) | | | 11,459.1 | |
| Net Unrealized Loss on Securities and Net Gain (Loss) on Hedges | (255.9) | | | (148.5) | | | (226.6) | | | (631.0) | | | (112.5) | | | (175.5) | | | (1,359.3) | | | (759.7) | | | (3,038.0) | |
| | | | | | | | | | | | | | | | | |
| Effect of Change in Discount Rate Assumption on the Liability for Future Policy Benefits | 300.4 | | | 30.8 | | | 112.6 | | | 443.8 | | | 145.7 | | | 226.5 | | | (502.1) | | | — | | | 313.9 | |
| Total Allocated Stockholders' Equity | 1,712.5 | | | 790.7 | | | 2,111.8 | | | 4,615.0 | | | 803.8 | | | 1,740.4 | | | 3,245.3 | | | (1,669.5) | | | 8,735.0 | |
| | | | | | | | | | | | | | | | | |
| Total Liabilities and Allocated Stockholders' Equity | $ | 7,335.6 | | | $ | 2,771.0 | | | $ | 6,249.7 | | | $ | 16,356.3 | | | $ | 3,129.4 | | | $ | 4,575.0 | | | $ | 33,776.6 | | | $ | 3,311.2 | | | $ | 61,148.5 | |
Unum Group Financial Results by Segment
We measure and analyze our segment performance on the basis of "adjusted operating revenue" and "adjusted operating income" or "adjusted operating loss", which differ from total revenue and income before income tax as presented in our consolidated statements of income due to the exclusion of investment gains or losses, amortization of the cost of reinsurance, non-contemporaneous reinsurance, and reserve assumption updates, as well as certain other items as specified in the following pages. Investment gains or losses primarily include realized investment gains or losses, expected investment credit losses, and gains or losses on derivatives. These performance measures are in accordance with GAAP guidance for segment reporting, but they should not be viewed as a substitute for total revenue, income before income tax, or net income. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended |
| 9/30/2023 | | 9/30/2022 | | % Change | | 9/30/2023 | | 9/30/2022 | | % Change |
| | | As Adjusted | | | | | | As Adjusted | | |
| Premium Income | | | | | | | | | | | |
| Unum US | $ | 1,657.7 | | | $ | 1,556.8 | | | 6.5 | % | | $ | 4,908.7 | | | $ | 4,670.8 | | | 5.1 | % |
| Unum International | 210.6 | | | 173.3 | | | 21.5 | | | 607.1 | | | 540.5 | | | 12.3 | |
| Colonial Life | 431.2 | | | 423.3 | | | 1.9 | | | 1,291.3 | | | 1,281.6 | | | 0.8 | |
| Closed Block | 226.4 | | | 235.5 | | | (3.9) | | | 687.2 | | | 713.4 | | | (3.7) | |
| 2,525.9 | | | 2,388.9 | | | 5.7 | | | 7,494.3 | | | 7,206.3 | | | 4.0 | |
| Net Investment Income | | | | | | | | | | | |
| Unum US | 166.2 | | | 170.6 | | | (2.6) | | | 481.5 | | | 509.4 | | | (5.5) | |
| Unum International | 27.3 | | | 37.0 | | | (26.2) | | | 104.0 | | | 122.3 | | | (15.0) | |
| Colonial Life | 39.3 | | | 38.6 | | | 1.8 | | | 114.6 | | | 115.4 | | | (0.7) | |
| Closed Block | 274.9 | | | 251.4 | | | 9.3 | | | 796.0 | | | 817.7 | | | (2.7) | |
| Corporate | 18.3 | | | 14.0 | | | 30.7 | | | 69.8 | | | 33.0 | | | 111.5 | |
| 526.0 | | | 511.6 | | | 2.8 | | | 1,565.9 | | | 1,597.8 | | | (2.0) | |
| Other Income | | | | | | | | | | | |
| Unum US | 58.0 | | | 49.0 | | | 18.4 | | | 166.1 | | | 146.8 | | | 13.1 | |
| Unum International | 0.5 | | | 0.2 | | | 150.0 | | | 1.0 | | | 0.7 | | | 42.9 | |
| Colonial Life | 0.3 | | | 0.3 | | | — | | | 0.9 | | | 0.8 | | | 12.5 | |
| Closed Block | 12.8 | | | 13.1 | | | (2.3) | | | 40.1 | | | 45.6 | | | (12.1) | |
| Corporate | — | | | 0.4 | | | N.M. | | 2.5 | | | 3.6 | | | (30.6) | |
| 71.6 | | | 63.0 | | | 13.7 | | | 210.6 | | | 197.5 | | | 6.6 | |
| Total Adjusted Operating Revenue | | | | | | | | | | | |
| Unum US | 1,881.9 | | | 1,776.4 | | | 5.9 | | | 5,556.3 | | | 5,327.0 | | | 4.3 | |
| Unum International | 238.4 | | | 210.5 | | | 13.3 | | | 712.1 | | | 663.5 | | | 7.3 | |
| Colonial Life | 470.8 | | | 462.2 | | | 1.9 | | | 1,406.8 | | | 1,397.8 | | | 0.6 | |
| Closed Block | 514.1 | | | 500.0 | | | 2.8 | | | 1,523.3 | | | 1,576.7 | | | (3.4) | |
| Corporate | 18.3 | | | 14.4 | | | 27.1 | | | 72.3 | | | 36.6 | | | 97.5 | |
| $ | 3,123.5 | | | $ | 2,963.5 | | | 5.4 | | | $ | 9,270.8 | | | $ | 9,001.6 | | | 3.0 | |
Unum Group Financial Results by Segment - Continued
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended |
| 9/30/2023 | | 9/30/2022 | | % Change | | 9/30/2023 | | 9/30/2022 | | % Change |
| | | As Adjusted | | | | | | As Adjusted | | |
| Benefits and Expenses | | | | | | | | | | | |
| Unum US | $ | 1,395.3 | | | $ | 1,324.8 | | | 5.3 | % | | $ | 4,414.1 | | | $ | 4,415.2 | | | — | % |
| Unum International | 219.5 | | | 178.0 | | | 23.3 | | | 611.3 | | | 577.0 | | | 5.9 | |
| Colonial Life | 287.2 | | | 289.1 | | | (0.7) | | | 1,013.8 | | | 1,025.2 | | | (1.1) | |
| Closed Block | 869.0 | | | 461.7 | | | 88.2 | | | 1,808.0 | | | 1,422.0 | | | 27.1 | |
| Corporate | 59.8 | | | 63.9 | | | (6.4) | | | 182.2 | | | 163.4 | | | 11.5 | |
| 2,830.8 | | | 2,317.5 | | | 22.1 | | | 8,029.4 | | | 7,602.8 | | | 5.6 | |
| | | | | | | | | | | |
Income (Loss) Before Income Tax and Net Investment Loss | | | | | | | | | | | |
| Unum US | 486.6 | | | 451.6 | | | 7.8 | | | 1,142.2 | | | 911.8 | | | 25.3 | |
| Unum International | 18.9 | | | 32.5 | | | (41.8) | | | 100.8 | | | 86.5 | | | 16.5 | |
| Colonial Life | 183.6 | | | 173.1 | | | 6.1 | | | 393.0 | | | 372.6 | | | 5.5 | |
| Closed Block | (354.9) | | | 38.3 | | | N.M. | | (284.7) | | | 154.7 | | | N.M. |
| Corporate | (41.5) | | | (49.5) | | | (16.2) | | | (109.9) | | | (126.8) | | | (13.3) | |
| 292.7 | | | 646.0 | | | (54.7) | | | 1,241.4 | | | 1,398.8 | | | (11.3) | |
| | | | | | | | | | | |
| Income Tax Expense | 66.3 | | | 132.3 | | | (49.9) | | | 264.6 | | | 263.7 | | | 0.3 | |
| | | | | | | | | | | |
Income Before Net Investment Loss | 226.4 | | | 513.7 | | | (55.9) | | | 976.8 | | | 1,135.1 | | | (13.9) | |
| | | | | | | | | | | |
Net Investment Loss (net of tax benefit of $6.6; $1.0; $6.4; $5.2) | (24.4) | | | (3.4) | | | N.M. | | (23.6) | | | (17.1) | | | 38.0 | |
| | | | | | | | | | | |
| Net Income | $ | 202.0 | | | $ | 510.3 | | | (60.4) | | | $ | 953.2 | | | $ | 1,118.0 | | | (14.7) | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Unum Group Quarterly Historical Financial Results by Segment
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/23 | | 6/30/23 | | 3/31/23 | | 12/31/22 | | 9/30/22 | | 6/30/22 | | 3/31/22 | | | | | | |
| | | | | | | As Adjusted | | | | | | |
| Premium Income | | | | | | | | | | | | | | | | | | | |
| Unum US | $ | 1,657.7 | | | $ | 1,641.4 | | | $ | 1,609.6 | | | $ | 1,580.6 | | | $ | 1,556.8 | | | $ | 1,571.0 | | | $ | 1,543.0 | | | | | | | |
| Unum International | 210.6 | | | 207.9 | | | 188.6 | | | 178.3 | | | 173.3 | | | 179.4 | | | 187.8 | | | | | | | |
| Colonial Life | 431.2 | | | 430.6 | | | 429.5 | | | 420.4 | | | 423.3 | | | 427.6 | | | 430.7 | | | | | | | |
| Closed Block | 226.4 | | | 229.2 | | | 231.6 | | | 230.9 | | | 235.5 | | | 238.0 | | | 239.9 | | | | | | | |
| 2,525.9 | | | 2,509.1 | | | 2,459.3 | | | 2,410.2 | | | 2,388.9 | | | 2,416.0 | | | 2,401.4 | | | | | | | |
| Net Investment Income | | | | | | | | | | | | | | | | | | | |
| Unum US | 166.2 | | | 158.0 | | | 157.3 | | | 166.9 | | | 170.6 | | | 167.8 | | | 171.0 | | | | | | | |
| Unum International | 27.3 | | | 45.8 | | | 30.9 | | | 47.8 | | | 37.0 | | | 50.8 | | | 34.5 | | | | | | | |
| Colonial Life | 39.3 | | | 38.0 | | | 37.3 | | | 37.3 | | | 38.6 | | | 38.7 | | | 38.1 | | | | | | | |
| Closed Block | 274.9 | | | 263.9 | | | 257.2 | | | 252.9 | | | 251.4 | | | 291.5 | | | 274.8 | | | | | | | |
| Corporate | 18.3 | | | 25.4 | | | 26.1 | | | 19.5 | | | 14.0 | | | 10.2 | | | 8.8 | | | | | | | |
| 526.0 | | | 531.1 | | | 508.8 | | | 524.4 | | | 511.6 | | | 559.0 | | | 527.2 | | | | | | | |
| Other Income | | | | | | | | | | | | | | | | | | | |
| Unum US | 58.0 | | | 54.5 | | | 53.6 | | | 49.5 | | | 49.0 | | | 50.7 | | | 47.1 | | | | | | | |
| Unum International | 0.5 | | | 0.1 | | | 0.4 | | | 0.2 | | | 0.2 | | | 0.3 | | | 0.2 | | | | | | | |
| Colonial Life | 0.3 | | | 0.4 | | | 0.2 | | | 0.3 | | | 0.3 | | | 0.2 | | | 0.3 | | | | | | | |
| Closed Block | 12.8 | | | 13.8 | | | 13.5 | | | 12.4 | | | 13.1 | | | 16.5 | | | 16.0 | | | | | | | |
| Corporate | — | | | 2.3 | | | 0.2 | | | 1.2 | | | 0.4 | | | 1.0 | | | 2.2 | | | | | | | |
| 71.6 | | | 71.1 | | | 67.9 | | | 63.6 | | | 63.0 | | | 68.7 | | | 65.8 | | | | | | | |
| Total Adjusted Operating Revenue | | | | | | | | | | | | | | | | | | | |
| Unum US | 1,881.9 | | | 1,853.9 | | | 1,820.5 | | | 1,797.0 | | | 1,776.4 | | | 1,789.5 | | | 1,761.1 | | | | | | | |
| Unum International | 238.4 | | | 253.8 | | | 219.9 | | | 226.3 | | | 210.5 | | | 230.5 | | | 222.5 | | | | | | | |
| Colonial Life | 470.8 | | | 469.0 | | | 467.0 | | | 458.0 | | | 462.2 | | | 466.5 | | | 469.1 | | | | | | | |
| Closed Block | 514.1 | | | 506.9 | | | 502.3 | | | 496.2 | | | 500.0 | | | 546.0 | | | 530.7 | | | | | | | |
| Corporate | 18.3 | | | 27.7 | | | 26.3 | | | 20.7 | | | 14.4 | | | 11.2 | | | 11.0 | | | | | | | |
| $ | 3,123.5 | | | $ | 3,111.3 | | | $ | 3,036.0 | | | $ | 2,998.2 | | | $ | 2,963.5 | | | $ | 3,043.7 | | | $ | 2,994.4 | | | | | | | |
Unum Group Quarterly Historical Financial Results by Segment - Continued
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/23 | | 6/30/23 | | 3/31/23 | | 12/31/22 | | 9/30/22 | | 6/30/22 | | 3/31/22 | | | | | | |
| | | | | | | As Adjusted | | | | | | |
| Benefits and Expenses | | | | | | | | | | | | | | | | | | | |
| Unum US | $ | 1,395.3 | | | $ | 1,510.8 | | | $ | 1,508.0 | | | $ | 1,565.4 | | | $ | 1,324.8 | | | $ | 1,497.6 | | | $ | 1,592.8 | | | | | | | |
| Unum International | 219.5 | | | 210.3 | | | 181.5 | | | 171.2 | | | 178.0 | | | 202.4 | | | 196.6 | | | | | | | |
| Colonial Life | 287.2 | | | 353.5 | | | 373.1 | | | 362.5 | | | 289.1 | | | 369.9 | | | 366.2 | | | | | | | |
| Closed Block | 869.0 | | | 476.6 | | | 462.4 | | | 474.0 | | | 461.7 | | | 482.4 | | | 477.9 | | | | | | | |
| Corporate | 59.8 | | | 62.6 | | | 59.8 | | | 58.2 | | | 63.9 | | | 48.1 | | | 51.4 | | | | | | | |
| 2,830.8 | | | 2,613.8 | | | 2,584.8 | | | 2,631.3 | | | 2,317.5 | | | 2,600.4 | | | 2,684.9 | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| Income (Loss) Before Income Tax and Net Investment Gain (Loss) | | | | | | | | | | | | | | | | | | |
| Unum US | 486.6 | | | 343.1 | | | 312.5 | | | 231.6 | | | 451.6 | | | 291.9 | | | 168.3 | | | | | | | |
| Unum International | 18.9 | | | 43.5 | | | 38.4 | | | 55.1 | | | 32.5 | | | 28.1 | | | 25.9 | | | | | | | |
| Colonial Life | 183.6 | | | 115.5 | | | 93.9 | | | 95.5 | | | 173.1 | | | 96.6 | | | 102.9 | | | | | | | |
| Closed Block | (354.9) | | | 30.3 | | | 39.9 | | | 22.2 | | | 38.3 | | | 63.6 | | | 52.8 | | | | | | | |
| Corporate | (41.5) | | | (34.9) | | | (33.5) | | | (37.5) | | | (49.5) | | | (36.9) | | | (40.4) | | | | | | | |
| 292.7 | | | 497.5 | | | 451.2 | | | 366.9 | | | 646.0 | | | 443.3 | | | 309.5 | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| Income Tax Expense | 66.3 | | | 105.3 | | | 93.0 | | | 82.6 | | | 132.3 | | | 72.9 | | | 58.5 | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| Income Before Net Investment Gain (Loss) | 226.4 | | | 392.2 | | | 358.2 | | | 284.3 | | | 513.7 | | | 370.4 | | | 251.0 | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| Net Investment Gain (Loss) | (31.0) | | | 0.9 | | | 0.1 | | | 6.6 | | | (4.4) | | | (4.1) | | | (13.8) | | | | | | | |
| Tax Expense (Benefit) on Net Investment Gain (Loss) | (6.6) | | | 0.2 | | | — | | | 1.7 | | | (1.0) | | | (1.0) | | | (3.2) | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| Net Income | $ | 202.0 | | | $ | 392.9 | | | $ | 358.3 | | | $ | 289.2 | | | $ | 510.3 | | | $ | 367.3 | | | $ | 240.4 | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| Net Income Per Common Share - Assuming Dilution | $ | 1.02 | | | $ | 1.98 | | | $ | 1.80 | | | $ | 1.44 | | | $ | 2.53 | | | $ | 1.81 | | | $ | 1.18 | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Adjusted Operating Income (Loss) | | | | | | | | | | | | | | | | |
| Unum US | $ | 357.8 | | | $ | 343.1 | | | $ | 312.5 | | | $ | 231.6 | | | $ | 280.8 | | | $ | 291.9 | | | $ | 168.3 | | | | | | | |
| Unum International | 36.8 | | | 43.5 | | | 38.4 | | | 55.1 | | | 24.9 | | | 28.1 | | | 25.9 | | | | | | | |
| Colonial Life | 102.9 | | | 115.5 | | | 93.9 | | | 95.5 | | | 117.9 | | | 96.6 | | | 102.9 | | | | | | | |
| Closed Block | 34.2 | | | 51.2 | | | 58.2 | | | 44.3 | | | 42.1 | | | 86.9 | | | 78.6 | | | | | | | |
| Corporate | (41.5) | | | (34.9) | | | (33.5) | | | (37.5) | | | (49.5) | | | (36.9) | | | (40.4) | | | | | | | |
| $ | 490.2 | | | $ | 518.4 | | | $ | 469.5 | | | $ | 389.0 | | | $ | 416.2 | | | $ | 466.6 | | | $ | 335.3 | | | | | | | |
Unum Group Financial Results for Unum US Segment
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended | | Year Ended |
| 9/30/2023 | | 9/30/2022 | | 9/30/2023 | | 9/30/2022 | | 12/31/2022 | | 12/31/2021 |
| | | As Adjusted | | | | As Adjusted | | As Adjusted |
| Adjusted Operating Revenue | | | | | | | | | | | |
| Premium Income | $ | 1,657.7 | | | $ | 1,556.8 | | | $ | 4,908.7 | | | $ | 4,670.8 | | | $ | 6,251.4 | | | $ | 6,072.0 | |
| Net Investment Income | 166.2 | | | 170.6 | | | 481.5 | | | 509.4 | | | 676.3 | | | 721.6 | |
| Other Income | 58.0 | | | 49.0 | | | 166.1 | | | 146.8 | | | 196.3 | | | 170.0 | |
| Total | 1,881.9 | | | 1,776.4 | | | 5,556.3 | | | 5,327.0 | | | 7,124.0 | | | 6,963.6 | |
| | | | | | | | | | | |
| Benefits and Expenses | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| Policy Benefits Including Remeasurement Loss or Gain | 850.3 | | | 822.1 | | | 2,812.6 | | | 2,941.1 | | | 3,970.9 | | | 4,430.3 | |
| Commissions | 164.3 | | | 151.3 | | | 493.7 | | | 458.6 | | | 614.4 | | | 583.4 | |
| Deferral of Acquisition Costs | (74.5) | | | (66.2) | | | (230.6) | | | (199.4) | | | (273.1) | | | (257.8) | |
| Amortization of Deferred Acquisition Costs | 70.0 | | | 62.9 | | | 199.2 | | | 178.5 | | | 240.9 | | | 285.9 | |
| Other Expenses | 385.2 | | | 354.7 | | | 1,139.2 | | | 1,036.4 | | | 1,427.5 | | | 1,291.2 | |
| Total | 1,395.3 | | | 1,324.8 | | | 4,414.1 | | | 4,415.2 | | | 5,980.6 | | | 6,333.0 | |
| | | | | | | | | | | |
| Income Before Income Tax and Net Investment Gains and Losses | 486.6 | | | 451.6 | | | 1,142.2 | | | 911.8 | | | 1,143.4 | | | 630.6 | |
| Reserve Assumption Updates | (128.8) | | | (170.8) | | | (128.8) | | | (170.8) | | | (170.8) | | | (231.7) | |
| Adjusted Operating Income | $ | 357.8 | | | $ | 280.8 | | | $ | 1,013.4 | | | $ | 741.0 | | | $ | 972.6 | | | $ | 398.9 | |
| | | | | | | | | | | |
| Operating Ratios (% of Premium Income): | | | | | | | | | | | |
Benefit Ratio1 | 59.1 | % | | 63.8 | % | | 59.9 | % | | 66.6 | % | | 66.3 | % | | 76.8 | % |
| | | | | | | | | | | |
Other Expense Ratio2 | 22.5 | % | | 22.1 | % | | 22.5 | % | | 21.5 | % | | 22.2 | % | | 20.7 | % |
| Income Ratio | 29.4 | % | | 29.0 | % | | 23.3 | % | | 19.5 | % | | 18.3 | % | | 10.4 | % |
| Adjusted Operating Income Ratio | 21.6 | % | | 18.0 | % | | 20.6 | % | | 15.9 | % | | 15.6 | % | | 6.6 | % |
| | | | | | | | | | | |
1Excludes the reserve assumption updates that occurred during the third quarters of 2023, 2022 and 2021. |
2Ratio of Other Expenses to Premium Income plus Unum US Group Disability Other Income, which is primarily related to fee-based services. |
Unum Group Financial Results for Unum US Group Disability
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended | | Year Ended |
| 9/30/2023 | | 9/30/2022 | | 9/30/2023 | | 9/30/2022 | | 12/31/2022 | | 12/31/2021 |
| | | As Adjusted | | | | As Adjusted | | As Adjusted |
| Adjusted Operating Revenue | | | | | | | | | | | |
| Premium Income | | | | | | | | | | | |
| Group Long-term Disability | $ | 518.5 | | | $ | 480.9 | | | $ | 1,539.3 | | | $ | 1,419.2 | | | $ | 1,911.7 | | | $ | 1,827.8 | |
| Group Short-term Disability | 256.5 | | | 232.2 | | | 753.0 | | | 685.9 | | | 926.3 | | | 864.0 | |
| Total Premium Income | 775.0 | | | 713.1 | | | 2,292.3 | | | 2,105.1 | | | 2,838.0 | | | 2,691.8 | |
| Net Investment Income | 84.2 | | | 84.8 | | | 246.4 | | | 262.6 | | | 349.1 | | | 379.6 | |
| Other Income | 51.7 | | | 48.4 | | | 158.1 | | | 143.5 | | | 191.8 | | | 165.7 | |
| Total | 910.9 | | | 846.3 | | | 2,696.8 | | | 2,511.2 | | | 3,378.9 | | | 3,237.1 | |
| | | | | | | | | | | |
| Benefits and Expenses | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| Policy Benefits Including Remeasurement Loss or Gain | 324.8 | | | 324.0 | | | 1,230.4 | | | 1,302.8 | | | 1,782.4 | | | 1,911.5 | |
| Commissions | 57.2 | | | 52.1 | | | 172.6 | | | 158.0 | | | 211.3 | | | 199.8 | |
| Deferral of Acquisition Costs | (14.3) | | | (12.9) | | | (44.7) | | | (38.1) | | | (53.1) | | | (49.8) | |
| Amortization of Deferred Acquisition Costs | 16.2 | | | 14.2 | | | 42.1 | | | 38.0 | | | 53.0 | | | 84.2 | |
| Other Expenses | 235.9 | | | 217.2 | | | 699.8 | | | 630.5 | | | 862.3 | | | 773.9 | |
| Total | 619.8 | | | 594.6 | | | 2,100.2 | | | 2,091.2 | | | 2,855.9 | | | 2,919.6 | |
| | | | | | | | | | | |
| Income Before Income Tax and Net Investment Gains and Losses | 291.1 | | | 251.7 | | | 596.6 | | | 420.0 | | | 523.0 | | | 317.5 | |
| Reserve Assumption Updates | (121.0) | | | (121.0) | | | (121.0) | | | (121.0) | | | (121.0) | | | (215.0) | |
| Adjusted Operating Income | $ | 170.1 | | | $ | 130.7 | | | $ | 475.6 | | | $ | 299.0 | | | $ | 402.0 | | | $ | 102.5 | |
| | | | | | | | | | | |
| Operating Ratios (% of Premium Income): | | | | | | | | | | | |
Benefit Ratio1 | 57.5 | % | | 62.4 | % | | 59.0 | % | | 67.6 | % | | 67.1 | % | | 79.0 | % |
Other Expense Ratio2 | 28.5 | % | | 28.5 | % | | 28.6 | % | | 28.0 | % | | 28.5 | % | | 27.1 | % |
| Income Ratio | 37.6 | % | | 35.3 | % | | 26.0 | % | | 20.0 | % | | 18.4 | % | | 11.8 | % |
| Adjusted Operating Income Ratio | 21.9 | % | | 18.3 | % | | 20.7 | % | | 14.2 | % | | 14.2 | % | | 3.8 | % |
| | | | | | | | | | | |
| Persistency: | | | | | | | | | | | |
| Group Long-term Disability | | | | | 90.8 | % | | 90.7 | % | | 90.7 | % | | 89.6 | % |
| Group Short-term Disability | | | | | 89.1 | % | | 89.2 | % | | 88.9 | % | | 87.4 | % |
| | | | | | | | | | | |
1Excludes the reserve assumption updates that occurred during the third quarters of 2023, 2022 and 2021. |
2Ratio of Other Expenses to Premium Income plus Other Income, which is primarily related to fee-based services. |
Unum Group Financial Results for Unum US Group Life and Accidental Death & Dismemberment
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended | | Year Ended |
| 9/30/2023 | | 9/30/2022 | | 9/30/2023 | | 9/30/2022 | | 12/31/2022 | | 12/31/2021 |
| | | As Adjusted | | | | As Adjusted | | As Adjusted |
| Adjusted Operating Revenue | | | | | | | | | | | |
| Premium Income | | | | | | | | | | | |
| Group Life | $ | 423.0 | | | $ | 417.7 | | | $ | 1,254.3 | | | $ | 1,249.9 | | | $ | 1,669.1 | | | $ | 1,641.9 | |
| Accidental Death & Dismemberment | 44.1 | | | 43.8 | | | 131.2 | | | 129.7 | | | 173.7 | | | 165.1 | |
| Total Premium Income | 467.1 | | | 461.5 | | | 1,385.5 | | | 1,379.6 | | | 1,842.8 | | | 1,807.0 | |
| Net Investment Income | 23.7 | | | 25.3 | | | 68.2 | | | 75.1 | | | 100.3 | | | 104.0 | |
| Other Income | 0.2 | | | 0.4 | | | 0.7 | | | 1.2 | | | 1.6 | | | 1.7 | |
| Total | 491.0 | | | 487.2 | | | 1,454.4 | | | 1,455.9 | | | 1,944.7 | | | 1,912.7 | |
| | | | | | | | | | | |
| Benefits and Expenses | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| Policy Benefits Including Remeasurement Loss or Gain | 342.6 | | | 325.8 | | | 1,021.8 | | | 1,053.6 | | | 1,415.9 | | | 1,734.8 | |
| Commissions | 38.8 | | | 38.8 | | | 116.8 | | | 113.7 | | | 150.4 | | | 144.7 | |
| Deferral of Acquisition Costs | (9.0) | | | (9.0) | | | (28.9) | | | (26.9) | | | (37.3) | | | (36.1) | |
| Amortization of Deferred Acquisition Costs | 10.2 | | | 11.0 | | | 29.5 | | | 30.5 | | | 41.9 | | | 58.6 | |
| Other Expenses | 56.4 | | | 58.4 | | | 171.5 | | | 168.7 | | | 231.1 | | | 213.8 | |
| Total | 439.0 | | | 425.0 | | | 1,310.7 | | | 1,339.6 | | | 1,802.0 | | | 2,115.8 | |
| | | | | | | | | | | |
| Income (Loss) Before Income Tax and Net Investment Gains and Losses | 52.0 | | | 62.2 | | | 143.7 | | | 116.3 | | | 142.7 | | | (203.1) | |
| Reserve Assumption Update | — | | | (34.0) | | | — | | | (34.0) | | | (34.0) | | | — | |
| Adjusted Operating Income (Loss) | $ | 52.0 | | | $ | 28.2 | | | $ | 143.7 | | | $ | 82.3 | | | $ | 108.7 | | | $ | (203.1) | |
| | | | | | | | | | | |
| Operating Ratios (% of Premium Income): | | | | | | | | | | | |
Benefit Ratio1 | 73.3 | % | | 78.0 | % | | 73.7 | % | | 78.8 | % | | 78.7 | % | | 96.0 | % |
| | | | | | | | | | | |
| Other Expense Ratio | 12.1 | % | | 12.7 | % | | 12.4 | % | | 12.2 | % | | 12.5 | % | | 11.8 | % |
| Income Ratio | | | 13.5 | % | | | | 8.4 | % | | 7.7 | % | | |
| Adjusted Operating Income (Loss) Ratio | 11.1 | % | | 6.1 | % | | 10.4 | % | | 6.0 | % | | 5.9 | % | | (11.2) | % |
| | | | | | | | | | | |
| Persistency: | | | | | | | | | | | |
| Group Life | | | | | 89.3 | % | | 89.2 | % | | 88.9 | % | | 89.7 | % |
| Accidental Death & Dismemberment | | | | | 88.2 | % | | 88.1 | % | | 87.9 | % | | 89.1 | % |
| | | | | | | | | | | |
1Excludes the reserve assumption update that occurred during the third quarter of 2022. |
Unum Group Financial Results for Unum US Supplemental and Voluntary
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended | | Year Ended |
| 9/30/2023 | | 9/30/2022 | | 9/30/2023 | | 9/30/2022 | | 12/31/2022 | | 12/31/2021 |
| | | As Adjusted | | | | As Adjusted | | As Adjusted |
| Adjusted Operating Revenue | | | | | | | | | | | |
| Premium Income | | | | | | | | | | | |
| Voluntary Benefits | $ | 209.5 | | | $ | 196.2 | | | $ | 637.4 | | | $ | 629.2 | | | $ | 833.7 | | | $ | 840.7 | |
| Individual Disability | 136.7 | | | 118.9 | | | 386.7 | | | 350.3 | | | 461.1 | | | 459.8 | |
| Dental and Vision | 69.4 | | | 67.1 | | | 206.8 | | | 206.6 | | | 275.8 | | | 272.7 | |
| Total Premium Income | 415.6 | | | 382.2 | | | 1,230.9 | | | 1,186.1 | | | 1,570.6 | | | 1,573.2 | |
| Net Investment Income | 58.3 | | | 60.5 | | | 166.9 | | | 171.7 | | | 226.9 | | | 238.0 | |
| Other Income | 6.1 | | | 0.2 | | | 7.3 | | | 2.1 | | | 2.9 | | | 2.6 | |
| Total | 480.0 | | | 442.9 | | | 1,405.1 | | | 1,359.9 | | | 1,800.4 | | | 1,813.8 | |
| | | | | | | | | | | |
| Benefits and Expenses | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| Policy Benefits Including Remeasurement Loss or Gain | 182.9 | | | 172.3 | | | 560.4 | | | 584.7 | | | 772.6 | | | 784.0 | |
| Commissions | 68.3 | | | 60.4 | | | 204.3 | | | 186.9 | | | 252.7 | | | 238.9 | |
| Deferral of Acquisition Costs | (51.2) | | | (44.3) | | | (157.0) | | | (134.4) | | | (182.7) | | | (171.9) | |
| Amortization of Deferred Acquisition Costs | 43.6 | | | 37.7 | | | 127.6 | | | 110.0 | | | 146.0 | | | 143.1 | |
| Other Expenses | 92.9 | | | 79.1 | | | 267.9 | | | 237.2 | | | 334.1 | | | 303.5 | |
| Total | 336.5 | | | 305.2 | | | 1,003.2 | | | 984.4 | | | 1,322.7 | | | 1,297.6 | |
| | | | | | | | | | | |
| Income Before Income Tax and Net Realized Investment Gains and Losses | 143.5 | | | 137.7 | | | 401.9 | | | 375.5 | | | 477.7 | | | 516.2 | |
Reserve Assumption Updates - Voluntary Benefits | (10.4) | | | (17.0) | | | (10.4) | | | (17.0) | | | (17.0) | | | (12.2) | |
Reserve Assumption Updates - Individual Disability | 2.6 | | | 1.2 | | | 2.6 | | | 1.2 | | | 1.2 | | | (4.5) | |
| Adjusted Operating Income | $ | 135.7 | | | $ | 121.9 | | | $ | 394.1 | | | $ | 359.7 | | | $ | 461.9 | | | $ | 499.5 | |
| | | | | | | | | | | |
| Operating Ratios (% of Premium Income): | | | | | | | | | | | |
| Benefit Ratios: | | | | | | | | | | | |
Voluntary Benefits1 | 39.1 | % | | 43.7 | % | | 38.1 | % | | 43.7 | % | | 43.6 | % | | 46.5 | % |
Individual Disability1 | 45.4 | % | | 44.0 | % | | 44.3 | % | | 49.6 | % | | 49.3 | % | | 46.0 | % |
| | | | | | | | | | | |
| Dental and Vision | 67.4 | % | | 74.5 | % | | 74.6 | % | | 73.6 | % | | 71.6 | % | | 72.6 | % |
| Other Expense Ratio | 22.4 | % | | 20.7 | % | | 21.8 | % | | 20.0 | % | | 21.3 | % | | 19.3 | % |
| Income Ratio | 34.5 | % | | 36.0 | % | | 32.7 | % | | 31.7 | % | | 30.4 | % | | 32.8 | % |
| Adjusted Operating Income Ratio | 32.7 | % | | 31.9 | % | | 32.0 | % | | 30.3 | % | | 29.4 | % | | 31.8 | % |
| | | | | | | | | | | |
| Persistency: | | | | | | | | | | | |
| Voluntary Benefits | | | | | 75.5 | % | | 75.1 | % | | 75.8 | % | | 75.8 | % |
| Individual Disability | | | | | 89.3 | % | | 89.2 | % | | 89.5 | % | | 89.7 | % |
| Dental and Vision | | | | | 76.2 | % | | 81.4 | % | | 79.9 | % | | 86.0 | % |
| | | | | | | | | | | |
1Excludes the reserve assumption updates that occurred during the third quarters of 2023, 2022 and 2021. |
Unum Group Financial Results for Unum International Segment
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended | | Year Ended |
| 9/30/2023 | | 9/30/2022 | | 9/30/2023 | | 9/30/2022 | | 12/31/2022 | | 12/31/2021 |
| | | As Adjusted | | | | As Adjusted | | As Adjusted |
| Adjusted Operating Revenue | | | | | | | | | | | |
| Premium Income | | | | | | | | | | | |
| Unum UK | | | | | | | | | | | |
| Group Long-term Disability | $ | 101.1 | | | $ | 89.8 | | | $ | 297.5 | | | $ | 287.5 | | | $ | 376.9 | | | $ | 401.9 | |
| Group Life | 44.2 | | | 35.0 | | | 124.5 | | | 100.5 | | | 138.2 | | | 112.3 | |
| Supplemental | 34.6 | | | 27.4 | | | 99.9 | | | 85.8 | | | 114.0 | | | 112.6 | |
| Unum Poland | 30.7 | | | 21.1 | | | 85.2 | | | 66.7 | | | 89.7 | | | 90.2 | |
| Total Premium Income | 210.6 | | | 173.3 | | | 607.1 | | | 540.5 | | | 718.8 | | | 717.0 | |
| Net Investment Income | 27.3 | | | 37.0 | | | 104.0 | | | 122.3 | | | 170.1 | | | 132.7 | |
| Other Income | 0.5 | | | 0.2 | | | 1.0 | | | 0.7 | | | 0.9 | | | 0.6 | |
| Total | 238.4 | | | 210.5 | | | 712.1 | | | 663.5 | | | 889.8 | | | 850.3 | |
| | | | | | | | | | | |
| Benefits and Expenses | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| Policy Benefits Including Remeasurement Loss or Gain | 158.5 | | | 128.4 | | | 433.3 | | | 428.0 | | | 549.6 | | | 553.0 | |
| Commissions | 18.3 | | | 15.0 | | | 53.8 | | | 44.9 | | | 56.3 | | | 54.1 | |
| Deferral of Acquisition Costs | (3.8) | | | (2.9) | | | (10.8) | | | (9.3) | | | (12.0) | | | (12.8) | |
| Amortization of Deferred Acquisition Costs | 2.4 | | | 1.3 | | | 6.1 | | | 6.1 | | | 8.2 | | | 7.0 | |
| Other Expenses | 44.1 | | | 36.2 | | | 128.9 | | | 107.3 | | | 146.1 | | | 139.1 | |
| Total | 219.5 | | | 178.0 | | | 611.3 | | | 577.0 | | | 748.2 | | | 740.4 | |
| | | | | | | | | | | |
Income Before Income Tax and Net Investment Gains and Losses | 18.9 | | | 32.5 | | | 100.8 | | | 86.5 | | | 141.6 | | | 109.9 | |
Reserve Assumption Updates | 17.9 | | | (7.6) | | | 17.9 | | | (7.6) | | | (7.6) | | | (4.2) | |
| Adjusted Operating Income | $ | 36.8 | | | $ | 24.9 | | | $ | 118.7 | | | $ | 78.9 | | | $ | 134.0 | | | $ | 105.7 | |
Unum Group Financial Results for Unum UK
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended | | Year Ended |
| (in millions of pounds) | 9/30/2023 | | 9/30/2022 | | 9/30/2023 | | 9/30/2022 | | 12/31/2022 | | 12/31/2021 |
| | | As Adjusted | | | | As Adjusted | | As Adjusted |
| Adjusted Operating Revenue | | | | | | | | | | | |
| Premium Income | | | | | | | | | | | |
| Group Long-term Disability | £ | 79.8 | | | £ | 76.2 | | | £ | 238.9 | | | £ | 228.4 | | | £ | 304.6 | | | £ | 292.0 | |
| Group Life | 34.9 | | | 29.8 | | | 100.0 | | | 80.3 | | | 112.3 | | | 81.7 | |
| Supplemental | 27.5 | | | 23.4 | | | 80.3 | | | 68.4 | | | 92.3 | | | 81.8 | |
| Total Premium Income | 142.2 | | | 129.4 | | | 419.2 | | | 377.1 | | | 509.2 | | | 455.5 | |
| Net Investment Income | 19.5 | | | 29.9 | | | 77.7 | | | 93.3 | | | 131.9 | | | 91.0 | |
| Other Income | — | | | — | | | 0.1 | | | 0.1 | | | 0.1 | | | 0.1 | |
| Total | 161.7 | | | 159.3 | | | 497.0 | | | 470.5 | | | 641.2 | | | 546.6 | |
| | | | | | | | | | | |
| Benefits and Expenses | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| Policy Benefits Including Remeasurement Loss or Gain | 112.1 | | | 96.5 | | | 307.3 | | | 306.0 | | | 398.4 | | | 364.5 | |
| Commissions | 9.3 | | | 9.1 | | | 28.3 | | | 26.0 | | | 31.8 | | | 28.7 | |
| Deferral of Acquisition Costs | (0.9) | | | (1.0) | | | (3.0) | | | (3.3) | | | (4.2) | | | (4.3) | |
| Amortization of Deferred Acquisition Costs | 1.3 | | | 0.8 | | | 3.8 | | | 3.9 | | | 5.3 | | | 4.5 | |
| Other Expenses | 27.8 | | | 25.3 | | | 83.2 | | | 69.2 | | | 95.6 | | | 81.8 | |
| Total | 149.6 | | | 130.7 | | | 419.6 | | | 401.8 | | | 526.9 | | | 475.2 | |
| | | | | | | | | | | |
| Income Before Income Tax and Net Investment Gains and Losses | 12.1 | | | 28.6 | | | 77.4 | | | 68.7 | | | 114.3 | | | 71.4 | |
Reserve Assumption Updates | 16.3 | | | (5.3) | | | 16.3 | | | (5.3) | | | (5.3) | | | — | |
| Adjusted Operating Income | £ | 28.4 | | | £ | 23.3 | | | £ | 93.7 | | | £ | 63.4 | | | £ | 109.0 | | | £ | 71.4 | |
| | | | | | | | | | | |
| Weighted Average Pound/Dollar Exchange Rate | 1.281 | | | 1.157 | | | 1.243 | | | 1.237 | | | 1.221 | | | 1.378 | |
| | | | | | | | | | | |
| Operating Ratios (% of Premium Income): | | | | | | | | | | | |
Benefit Ratio1 | 67.4 | % | | 78.7 | % | | 69.4 | % | | 82.6 | % | | 79.3 | % | | 80.0 | % |
| Other Expense Ratio | 19.5 | % | | 19.6 | % | | 19.8 | % | | 18.4 | % | | 18.8 | % | | 18.0 | % |
Income Ratio | 8.5 | % | | 22.1 | % | | 18.5 | % | | 18.2 | % | | 22.4 | % | | |
| Adjusted Operating Income Ratio | 20.0 | % | | 18.0 | % | | 22.4 | % | | 16.8 | % | | 21.4 | % | | 15.7 | % |
| | | | | | | | | | | |
| Persistency: | | | | | | | | | | | |
| Group Long-term Disability | | | | | 92.4 | % | | 84.9 | % | | 85.1 | % | | 89.3 | % |
| Group Life | | | | | 83.6 | % | | 88.2 | % | | 87.9 | % | | 86.5 | % |
| Supplemental | | | | | 91.0 | % | | 92.3 | % | | 92.8 | % | | 90.9 | % |
| | | | | | | | | | | |
1Excludes the reserve assumption updates that occurred during the third quarters of 2023 and 2022. |
Unum Group Financial Results for Colonial Life Segment
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended | | Year Ended |
| 9/30/2023 | | 9/30/2022 | | 9/30/2023 | | 9/30/2022 | | 12/31/2022 | | 12/31/2021 |
| | | As Adjusted | | | | As Adjusted | | As Adjusted |
| Adjusted Operating Revenue | | | | | | | | | | | |
| Premium Income | | | | | | | | | | | |
| Accident, Sickness, and Disability | $ | 236.7 | | | $ | 236.1 | | | $ | 708.0 | | | $ | 714.0 | | | $ | 948.9 | | | $ | 953.3 | |
| Life | 106.2 | | | 100.2 | | | 318.1 | | | 303.2 | | | 401.1 | | | 384.7 | |
| Cancer and Critical Illness | 88.3 | | | 87.0 | | | 265.2 | | | 264.4 | | | 352.0 | | | 352.2 | |
| Total Premium Income | 431.2 | | | 423.3 | | | 1,291.3 | | | 1,281.6 | | | 1,702.0 | | | 1,690.2 | |
| Net Investment Income | 39.3 | | | 38.6 | | | 114.6 | | | 115.4 | | | 152.7 | | | 172.0 | |
| Other Income | 0.3 | | | 0.3 | | | 0.9 | | | 0.8 | | | 1.1 | | | 1.0 | |
| Total | 470.8 | | | 462.2 | | | 1,406.8 | | | 1,397.8 | | | 1,855.8 | | | 1,863.2 | |
| | | | | | | | | | | |
| Benefits and Expenses | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| Policy Benefits Including Remeasurement Loss or Gain | 131.2 | | | 150.9 | | | 566.9 | | | 610.1 | | | 826.1 | | | 911.7 | |
| Commissions | 88.8 | | | 86.0 | | | 266.7 | | | 258.0 | | | 340.0 | | | 320.1 | |
| Deferral of Acquisition Costs | (75.0) | | | (70.3) | | | (226.1) | | | (210.4) | | | (271.8) | | | (252.6) | |
| Amortization of Deferred Acquisition Costs | 56.7 | | | 38.7 | | | 153.4 | | | 128.4 | | | 172.0 | | | 159.2 | |
| Other Expenses | 85.5 | | | 83.8 | | | 252.9 | | | 239.1 | | | 321.4 | | | 297.0 | |
| Total | 287.2 | | | 289.1 | | | 1,013.8 | | | 1,025.2 | | | 1,387.7 | | | 1,435.4 | |
| | | | | | | | | | | |
| Income Before Income Tax and Net Realized Investment Gains and Losses | 183.6 | | | 173.1 | | | 393.0 | | | 372.6 | | | 468.1 | | | 427.8 | |
Reserve Assumption Updates | (80.7) | | | (55.2) | | | (80.7) | | | (55.2) | | | (55.2) | | | (23.5) | |
| Adjusted Operating Income | $ | 102.9 | | | $ | 117.9 | | | $ | 312.3 | | | $ | 317.4 | | | $ | 412.9 | | | $ | 404.3 | |
| | | | | | | | | | | |
| Operating Ratios (% of Premium Income): | | | | | | | | | | | |
Benefit Ratio1 | 49.1 | % | | 48.7 | % | | 50.2 | % | | 51.9 | % | | 51.8 | % | | 55.3 | % |
| | | | | | | | | | | |
| Other Expense Ratio | 19.8 | % | | 19.8 | % | | 19.6 | % | | 18.7 | % | | 18.9 | % | | 17.6 | % |
| Income Ratio | 42.6 | % | | 40.9 | % | | 30.4 | % | | 29.1 | % | | 27.5 | % | | 25.3 | % |
| Adjusted Operating Income Ratio | 23.9 | % | | 27.9 | % | | 24.2 | % | | 24.8 | % | | 24.3 | % | | 23.9 | % |
| | | | | | | | | | | |
| Persistency: | | | | | | | | | | | |
| Accident, Sickness, and Disability | | | | | 73.1 | % | | 73.8 | % | | 73.3 | % | | 75.4 | % |
| Life | | | | | 84.7 | % | | 85.1 | % | | 84.5 | % | | 85.5 | % |
| Cancer and Critical Illness | | | | | 82.2 | % | | 82.3 | % | | 82.3 | % | | 82.4 | % |
| | | | | | | | | | | |
1Excludes the reserve assumption updates that occurred during the third quarters of 2023, 2022 and 2021. |
Unum Group Financial Results for Closed Block Segment
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended | | Year Ended |
| 9/30/2023 | | 9/30/2022 | | 9/30/2023 | | 9/30/2022 | | 12/31/2022 | | 12/31/2021 |
| | | As Adjusted | | | | As Adjusted | | As Adjusted |
| Adjusted Operating Revenue | | | | | | | | | | | |
| Premium Income | | | | | | | | | | | |
| Long-term Care | $ | 172.1 | | | $ | 174.5 | | | $ | 521.2 | | | $ | 523.0 | | | $ | 697.4 | | | $ | 704.3 | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| All Other | 54.3 | | | 61.0 | | | 166.0 | | | 190.4 | | | 246.9 | | | 291.5 | |
| Total Premium Income | 226.4 | | | 235.5 | | | 687.2 | | | 713.4 | | | 944.3 | | | 995.8 | |
| Net Investment Income | 274.9 | | | 251.4 | | | 796.0 | | | 817.7 | | | 1,070.6 | | | 1,159.0 | |
| Other Income | 12.8 | | | 13.1 | | | 40.1 | | | 45.6 | | | 58.0 | | | 65.1 | |
| Total | 514.1 | | | 500.0 | | | 1,523.3 | | | 1,576.7 | | | 2,072.9 | | | 2,219.9 | |
| | | | | | | | | | | |
| Benefits and Expenses | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| Policy Benefits Including Remeasurement Loss or Gain | 806.9 | | | 400.1 | | | 1,624.1 | | | 1,236.6 | | | 1,648.0 | | | 1,658.4 | |
| Commissions | 18.3 | | | 19.2 | | | 55.5 | | | 57.6 | | | 75.7 | | | 80.5 | |
| | | | | | | | | | | |
| Other Expenses | 43.8 | | | 42.4 | | | 128.4 | | | 127.8 | | | 172.3 | | | 194.2 | |
| Total | 869.0 | | | 461.7 | | | 1,808.0 | | | 1,422.0 | | | 1,896.0 | | | 1,933.1 | |
| | | | | | | | | | | |
Income (Loss) Before Income Tax and Net Investment Gain and Losses | (354.9) | | | 38.3 | | | (284.7) | | | 154.7 | | | 176.9 | | | 286.8 | |
| Amortization of the Cost of Reinsurance | 11.1 | | | 11.8 | | | 33.1 | | | 38.5 | | | 50.3 | | | 69.8 | |
| Non-Contemporaneous Reinsurance | 9.2 | | | 1.7 | | | 26.4 | | | 24.1 | | | 34.4 | | | 32.9 | |
| Transaction Costs Related to Closed Block Individual Disability Reinsurance Transaction | — | | | — | | | — | | | — | | | — | | | 6.2 | |
Reserve Assumption Updates - Long-term Care | 368.1 | | | (2.9) | | | 368.1 | | | (2.9) | | | (2.9) | | | 24.4 | |
| Reserve Assumption Updates- All Other | 0.7 | | | (6.8) | | | 0.7 | | | (6.8) | | | (6.8) | | | — | |
| Adjusted Operating Income | $ | 34.2 | | | $ | 42.1 | | | $ | 143.6 | | | $ | 207.6 | | | $ | 251.9 | | | $ | 420.1 | |
| | | | | | | | | | | |
| Interest Adjusted Loss Ratio: | | | | | | | | | | | |
Long-term Care1 | 105.3 | % | | 83.6 | % | | 94.7 | % | | 83.5 | % | | 84.0 | % | | 78.4 | % |
| | | | | | | | | | | |
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| Operating Ratios (% of Premium Income): | | | | | | | | | | | |
Other Expense Ratio2 | 14.4 | % | | 13.0 | % | | 13.9 | % | | 12.5 | % | | 12.9 | % | | 11.9 | % |
| | | | | | | | | | | |
Income (Loss) Ratio | (156.8) | % | | 16.3 | % | | (41.4) | % | | 21.7 | % | | 18.7 | % | | 28.8 | % |
| Adjusted Operating Income Ratio | 15.1 | % | | 17.9 | % | | 20.9 | % | | 29.1 | % | | 26.7 | % | | 42.2 | % |
| | | | | | | | | | | |
| Persistency: | | | | | | | | | | | |
| Long-term Care | | | | | 95.5 | % | | 95.4 | % | | 95.7 | % | | 95.6 | % |
| | | | | | | | | | | |
| | | | | | | | | | | |
1Excludes the long-term care reserve assumption updates that occurred during the third quarters of 2023, 2022 and 2021. |
2Excludes amortization of the cost of reinsurance. Also excluded are transaction costs related to the second phase of the Closed Block individual disability reinsurance transaction that occurred during the first quarter of 2021. |
Unum Group Financial Results for Corporate Segment
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended | | Year Ended |
| 9/30/2023 | | 9/30/2022 | | 9/30/2023 | | 9/30/2022 | | 12/31/2022 | | 12/31/2021 |
| Adjusted Operating Revenue | | | | | | | | | | | |
| Net Investment Income | $ | 18.3 | | | $ | 14.0 | | | $ | 69.8 | | | $ | 33.0 | | | $ | 52.5 | | | $ | 27.9 | |
| Other Income | — | | | 0.4 | | | 2.5 | | | 3.6 | | | 4.8 | | | 6.2 | |
| Total | 18.3 | | | 14.4 | | | 72.3 | | | 36.6 | | | 57.3 | | | 34.1 | |
| | | | | | | | | | | |
| Interest, Debt, and Other Expenses | 59.8 | | | 63.9 | | | 182.2 | | | 163.4 | | | 221.6 | | | 305.3 | |
| | | | | | | | | | | |
| Loss Before Income Tax and Net Investment Gains and Losses | (41.5) | | | (49.5) | | | (109.9) | | | (126.8) | | | (164.3) | | | (271.2) | |
| Impairment Loss on Internal-Use Software | — | | | — | | | — | | | — | | | — | | | 12.1 | |
| | | | | | | | | | | |
| Cost Related to Early Retirement of Debt | — | | | — | | | — | | | — | | | — | | | 67.3 | |
| Impairment Loss on ROU Asset | — | | | — | | | — | | | — | | | — | | | 13.9 | |
| Adjusted Operating Loss | $ | (41.5) | | | $ | (49.5) | | | $ | (109.9) | | | $ | (126.8) | | | $ | (164.3) | | | $ | (177.9) | |
Unum Group Investments
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 9/30/2023 | | | | 9/30/2023 | | 12/31/2022 |
| Fixed Maturity Securities (Fair Value) | | | | | | Selected Statistics | | | | |
| Public | | $ | 22,100.3 | | | 64.9 | % | | Earned Book Yield | | 4.45 | % | | 4.57 | % |
| Mortgage-Backed/Asset-Backed Securities | | 604.9 | | | 1.8 | | | Average Duration (in years) | | 7.89 | | 7.75 |
| | | | | | | | | | |
| | | | | | | | | | |
| Private Placements | | 5,170.6 | | | 15.2 | | | | | | | |
| High Yield | | 1,405.7 | | | 4.1 | | | | | | | |
| Government Securities | | 1,394.6 | | | 4.1 | | | | | | | |
| Municipal Securities | | 3,391.1 | | | 9.9 | | | | | | | |
| Redeemable Preferred Stocks | | 3.5 | | | — | | | | | | | |
| Total | | $ | 34,070.7 | | | 100.0 | % | | | | | | |
| | | | | | | | | | |
| | Amortized Cost | | Fair Value | | | | | | |
| Quality Ratings of Fixed Maturity Securities | | | | | | Private Equity Partnerships | | 9/30/2023 | | 12/31/2022 |
| Aaa | | 2.3 | % | | 2.2 | % | | Private Credit Partnerships | | $ | 286.7 | | | $ | 275.0 | |
| Aa | | 15.7 | | | 15.3 | | | Private Equity Partnerships | | 541.3 | | | 485.3 | |
| A | | 29.5 | | | 30.0 | | | Real Asset Partnerships | | 452.9 | | | 434.0 | |
| Baa | | 48.4 | | | 48.4 | | | Total | | $ | 1,280.9 | | | $ | 1,194.3 | |
| Below Baa | | 4.1 | | | 4.1 | | | | | | | |
| Total | | 100.0 | % | | 100.0 | % | | | | | | |
| | | | | | Non-Current Investments | | $ | — | | | $ | — | |
|
|
Unum Group Investments at September 30, 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Fixed Maturity Securities - By Industry Classification - Unrealized Gain (Loss) |
| | | | | | | | | | | | |
|
| Classification | | Fair Value | | Net Unrealized Gain (Loss) | | Fair Value with Gross Unrealized Loss | | Gross Unrealized Loss | | Fair Value with Gross Unrealized Gain | | Gross Unrealized Gain |
| Basic Industry | | $ | 2,391.4 | | | $ | (274.7) | | | $ | 1,967.5 | | | $ | 294.2 | | | $ | 423.9 | | | $ | 19.5 | |
| Capital Goods | | 3,034.3 | | | (299.0) | | | 2,234.5 | | | 343.7 | | | 799.8 | | | 44.7 | |
| Communications | | 2,154.9 | | | (219.2) | | | 1,405.9 | | | 277.3 | | | 749.0 | | | 58.1 | |
| Consumer Cyclical | | 1,299.9 | | | (162.7) | | | 1,087.9 | | | 176.6 | | | 212.0 | | | 13.9 | |
| Consumer Non-Cyclical | | 5,846.7 | | | (768.6) | | | 4,467.2 | | | 838.9 | | | 1,379.5 | | | 70.3 | |
| Energy | | 2,512.4 | | | (128.1) | | | 1,449.6 | | | 182.4 | | | 1,062.8 | | | 54.3 | |
| Financial Institutions | | 3,540.6 | | | (558.9) | | | 3,301.4 | | | 565.9 | | | 239.2 | | | 7.0 | |
| Mortgage/Asset-Backed | | 604.9 | | | (50.1) | | | 490.8 | | | 54.2 | | | 114.1 | | | 4.1 | |
| Sovereigns | | 819.6 | | | (126.1) | | | 376.6 | | | 138.9 | | | 443.0 | | | 12.8 | |
| Technology | | 1,372.6 | | | (202.9) | | | 1,282.3 | | | 207.6 | | | 90.3 | | | 4.7 | |
| Transportation | | 1,566.1 | | | (208.0) | | | 1,312.5 | | | 217.9 | | | 253.6 | | | 9.9 | |
| U.S. Government Agencies and Municipalities | | 3,966.1 | | | (706.0) | | | 2,953.7 | | | 763.7 | | | 1,012.4 | | | 57.7 | |
| Public Utilities | | 4,961.2 | | | (449.3) | | | 3,525.9 | | | 517.0 | | | 1,435.3 | | | 67.7 | |
| Total | | $ | 34,070.7 | | | $ | (4,153.6) | | | $ | 25,855.8 | | | $ | 4,578.3 | | | $ | 8,214.9 | | | $ | 424.7 | |
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|
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| | | | | | | | | | | | |
| Gross Unrealized Loss on Fixed Maturity Securities by Length of Time in Unrealized Loss Position |
| | | | | | | | | | | | |
| | Investment-Grade | | | | Below-Investment-Grade |
| Category | | Fair Value | | Gross Unrealized Loss | | | | | | Fair Value | | Gross Unrealized Loss |
| Less than 91 days | | $ | 5,011.1 | | | $ | (242.2) | | | | | | | $ | 165.0 | | | $ | (3.7) | |
| 91 through 180 days | | 2,035.1 | | | (152.4) | | | | | | | 40.7 | | | (2.4) | |
| 181 through 270 days | | 806.7 | | | (79.2) | | | | | | | 31.6 | | | (1.4) | |
| 271 days to 1 year | | 94.1 | | | (40.4) | | | | | | | 0.8 | | | — | |
| Greater than 1 year | | 16,697.2 | | | (3,889.8) | | | | | | | 973.5 | | | (166.8) | |
| Total | | $ | 24,644.2 | | | $ | (4,404.0) | | | | | | | $ | 1,211.6 | | | $ | (174.3) | |
Appendix to Statistical Supplement
2023 Significant Items:
•Third quarter of 2023 reserve assumption updates resulting in a net reserve increase of $177.2 million before tax, or $139.3 million after tax.
•In 2018, the Financial Accounting Standards Board issued ASU 2018-12, “Targeted Improvements to the Accounting for Long-Duration Contracts”. This update significantly amended the accounting and disclosure requirements for long-duration insurance contracts. The update was effective for periods beginning January 1, 2023. We adopted this guidance effective January 1, 2023 using the modified retrospective approach with changes applied as of January 1, 2021, also referred to as the transition date.
•We adjusted all prior period operating results, balance sheets, and related metrics throughout this document for the adoption of ASU 2018-12, “Targeted Improvements to the Accounting for Long-Duration Contracts”. Additionally, adjusted operating results also reflect the exclusion of reserve assumption updates as discussed in our "Non-GAAP Financial Measures" on page 15.2 for all prior periods with assumption updates.
2022 Significant Items
•Third quarter of 2022 reserve assumption updates resulting in a net reserve reduction of $243.3 million before tax, or $192.1 million after tax.
2021 Significant Items
•Third quarter of 2021 reserve assumption updates resulting in a net reserve reduction of $235.0 million before tax, or $185.9 million after tax.
•Third quarter of 2021 impairment loss of $12.1 million before tax, or $9.6 million after tax, on previously capitalized internal-use software that we no longer plan to utilize.
•Second quarter of 2021 cost related to the early retirement of debt of $67.3 million before tax, or $53.2 million after tax.
•Second quarter of 2021 impairment loss of $13.9 million, or $11.0 million after tax, on a right-of-use (ROU) asset related to an operating lease for office space that we do not plan to continue using to support our general operations.
•Second quarter of 2021 U.K. tax rate increase from 19 percent to 25 percent, effective April 1, 2023, which resulted in $23.6 million of additional tax expense through continuing operations for the revaluation of our deferred tax assets and liabilities.
•In December 2020, we completed the first phase of a reinsurance transaction, pursuant to which Provident Life and Accident Insurance Company, The Paul Revere Life Insurance Company, and Unum Life Insurance Company of America, wholly-owned domestic insurance subsidiaries of Unum Group, and collectively referred to as "the ceding companies", each entered into separate reinsurance agreements with Commonwealth Annuity and Life Insurance Company (Commonwealth), to reinsure on a coinsurance basis effective as of July 1, 2020, approximately 75 percent of the Closed Block individual disability business, primarily direct business written by the ceding companies. On March 31, 2021, we completed the second phase of the reinsurance transaction, pursuant to which the ceding companies and Commonwealth amended and restated their respective reinsurance agreements to reinsure on a coinsurance and modified coinsurance basis effective as of January 1, 2021, a substantial portion of the remaining Closed Block individual disability business that was not ceded in December 2020, primarily business previously assumed by the ceding companies.
Appendix to Statistical Supplement - Continued
In December 2020, Provident Life and Casualty Insurance Company (PLC), also a wholly-owned domestic insurance subsidiary of Unum Group, entered into an agreement with Commonwealth whereby PLC will provide a 12-year volatility cover to Commonwealth for the active life cohort (ALR cohort). On March 31, 2021, PLC and Commonwealth amended and restated this agreement to incorporate the ALR cohort related to the additional business that was reinsured between the ceding companies and Commonwealth as part of the second phase of the transaction. As part of the amended and restated volatility cover, PLC received a payment from Commonwealth of approximately $18 million.
In connection with the second phase of the reinsurance transaction, Commonwealth paid a total ceding commission to the ceding companies of $18.2 million. The ceding companies transferred assets of $767.0 million, which consisted primarily of cash and fixed maturity securities. In addition, we originally recognized the following in the first quarter of 2021 related to the second phase:
•Net realized investment gains totaling $67.6 million, or $53.4 million after tax, related to the transfer of investments.
•Prior to the implementation of ASU 2018-12, an increase in benefits and change in reserves for future benefits of $133.1 million, or $105.1 million after tax, resulting from the realization of previously unrealized investment gains and losses recorded in accumulated other comprehensive income.
•Transaction costs totaling $6.2 million, or $5.0 million after tax.
•Prior to the implementation of ASU 2018-12, reinsurance recoverable of $990.0 million related to the policies on claim status (DLR cohort).
•Payable of $307.2 million related to the portfolio of invested assets associated with the business ceded on a modified coinsurance basis.
•Prior to the implementation of ASU 2018-12, cost of reinsurance, or prepaid reinsurance premium, of $43.1 million related to the DLR cohort.
•Deposit asset of $5.0 million related to the ALR cohort.
In applying ASU 2018-12 to the second phase of our Closed Block individual disability reinsurance transaction, we recognized the following changes:
•The ceded reserves were valued using a discount rate reflective of an upper-medium grade fixed-income instrument as of the transaction date and the increase in benefits and change in reserves for future benefits of $133.1 million described above was reversed, resulting in a net $142.5 million decrease to the cost of reinsurance, or prepaid reinsurance premium related to the DLR cohort, and a net $142.5 million increase to the reinsurance recoverable related to the DLR cohort.
Appendix to Statistical Supplement - Continued
Non-GAAP Financial Measures
We analyze our performance using non-GAAP financial measures which exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. We believe the following non-GAAP financial measures are better performance measures and better indicators of the revenue and profitability and underlying trends in our business:
•Consolidated adjusted operating revenue, which excludes investment gains or losses;
•After-tax adjusted operating income or loss, which excludes investment gains or losses, amortization of the cost of reinsurance, non-contemporaneous reinsurance, and reserve assumption updates, as well as certain other items, as applicable;
•Adjusted operating return on equity, which is calculated using after-tax adjusted operating income or loss and excludes from equity the unrealized gain or loss on securities, the effect of change in discount rate assumptions on the liability for future policy benefits, and net gain or loss on hedges;
•Leverage ratio, which excludes the unrealized gain or loss on securities, the effect of change in discount rate assumptions on the liability for future policy benefits, and net gain or loss on hedges; and
•Book value per common share, which is calculated excluding accumulated other comprehensive income (loss) (AOCI).
Investment gains or losses primarily include realized investment gains or losses, expected investment credit losses, and gains or losses on derivatives. Investment gains or losses and unrealized gains or losses on securities depend on market conditions and do not necessarily relate to decisions regarding the underlying business of our Company. Leverage ratio and book value per common share excluding certain components of AOCI, certain of which tend to fluctuate depending on market conditions and general economic trends, are important measures.
As previously discussed, we have exited a substantial portion of our Closed Block individual disability product line through the two phases of the reinsurance transaction that were executed in December 2020 and March 2021. As a result, we exclude the amortization of the cost of reinsurance that we recognized upon the exit of the business related to the policies on claim status as well as the impact of non-contemporaneous reinsurance that resulted from the adoption of ASU 2018-12. Due to the execution of the second phase of the reinsurance transaction occurring after January 1, 2021, the transition date of ASU 2018-12, in accordance with the provisions of the ASU related to non-contemporaneous reinsurance, we were required to establish the ceded reserves using an upper-medium grade fixed-income instrument as of the reinsurance transaction date in March 2021 which resulted in higher ceded reserves compared to that which was reported historically. However, the direct reserves for the block reinsured in the second phase were calculated using the original discount rate utilized as of the transition date. Both the direct and ceded reserves are then remeasured at each reporting period using a current discount rate reflective of an upper-medium grade fixed-income instrument, with the changes recognized in other comprehensive income (loss). While the total equity impact is neutral, the different original discount rates utilized for direct and ceded reserves result in disproportionate earnings impacts. The impact of non-contemporaneous reinsurance will fluctuate depending on the magnitude of reserve changes during the period. We believe that the exclusion of these items provides a better view of our results from our ongoing businesses.
Cash flow assumptions used to calculate our liability for future policy benefits are reviewed at least annually and updated, as needed, with the resulting impact reflected in net income. While the effects of these assumption updates are recorded in the reporting period in which the review is completed, these updates reflect experience emergence and changes to expectations spanning multiple periods. We believe that by excluding the impact of reserve assumption updates we are providing a more comparable and consistent view of our quarterly results.
Appendix to Statistical Supplement - Continued
We may at other times exclude certain other items from our discussion of financial ratios and metrics in order to enhance the understanding and comparability of our operational performance and the underlying fundamentals, but this exclusion is not an indication that similar items may not recur and does not replace net income or net loss as a measure of our overall profitability.
For a reconciliation of the most directly comparable GAAP measures to these non-GAAP financial measures, refer to the "Reconciliation of Non-GAAP Financial Measures" beginning on page 15.4, other than book value per common share, which is presented on page 2.
Reconciliation of Non-GAAP Financial Measures
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended |
| September 30 | | June 30 | | March 31 | | December 31 | | September 30 | | June 30 | | March 31 | | | | | | |
| 2023 | | 2022 | | |
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| Total Revenue | $ | 3,092.5 | | | $ | 3,112.2 | | | $ | 3,036.1 | | | $ | 3,004.8 | | | $ | 2,959.1 | | | $ | 3,039.6 | | | $ | 2,980.6 | | | | | | | |
| Excluding: | | | | | | | | | | | | | | | | | | | |
| Net Investment Gain (Loss) | (31.0) | | | 0.9 | | | 0.1 | | | 6.6 | | | (4.4) | | | (4.1) | | | (13.8) | | | | | | | |
| Adjusted Operating Revenue | $ | 3,123.5 | | | $ | 3,111.3 | | | $ | 3,036.0 | | | $ | 2,998.2 | | | $ | 2,963.5 | | | $ | 3,043.7 | | | $ | 2,994.4 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended |
| September 30 | | June 30 | | March 31 | | December 31 | | September 30 | | June 30 | | March 31 | | | | | |
| 2023 | | 2022 | | |
| | | | | | | As Adjusted | | | | | |
Income Before Income Tax | $ | 261.7 | | | $ | 498.4 | | | $ | 451.3 | | | $ | 373.5 | | | $ | 641.6 | | | $ | 439.2 | | | $ | 295.7 | | | | | | |
| Excluding: | | | | | | | | | | | | | | | | | | |
Net Investment Gain (Loss) | (31.0) | | | 0.9 | | | 0.1 | | | 6.6 | | | (4.4) | | | (4.1) | | | (13.8) | | | | | | |
| Amortization of the Cost of Reinsurance | (11.1) | | | (11.0) | | | (11.0) | | | (11.8) | | | (11.8) | | | (13.3) | | | (13.4) | | | | | | |
| Non-Contemporaneous Reinsurance | (9.2) | | | (9.9) | | | (7.3) | | | (10.3) | | | (1.7) | | | (10.0) | | | (12.4) | | | | | | |
| Reserve Assumption Updates | (177.2) | | | — | | | — | | | — | | | 243.3 | | | — | | | — | | | | | | |
| Adjusted Operating Income | $ | 490.2 | | | $ | 518.4 | | | $ | 469.5 | | | $ | 389.0 | | | $ | 416.2 | | | $ | 466.6 | | | $ | 335.3 | | | | | | |
Reconciliation of Non-GAAP Financial Measures - Continued
| | | | | | | | | | | | | | | | | | | | |
| | After-Tax Adjusted Operating Income (Loss) | | Average Allocated Equity1 | | Annualized Adjusted Operating Return on Equity |
| | | |
| | | |
| Three Months Ended September 30, 2023 | | | | | | |
| Unum US | | $ | 282.8 | | | $ | 4,458.1 | | | 25.4 | % |
| Unum International | | 27.6 | | | 790.3 | | | 14.0 | % |
| Colonial Life | | 81.1 | | | 1,738.5 | | | 18.7 | % |
| Core Operating Segments | | 391.5 | | | 6,986.9 | | | 22.4 | % |
| Closed Block | | 24.6 | | | 5,335.8 | | | |
| Corporate | | (34.4) | | | (274.0) | | | |
| Total | | $ | 381.7 | | | $ | 12,048.7 | | | 12.7 | % |
| | | | | | |
| Three Months Ended September 30, 2022 | | | | | | |
| Unum US | | $ | 221.9 | | | $ | 4,643.5 | | | 19.1 | % |
| Unum International | | 39.5 | | | 709.7 | | | 22.3 | % |
| Colonial Life | | 93.0 | | | 1,668.1 | | | 22.4 | % |
| Core Operating Segments | | 354.4 | | | 7,021.3 | | | 20.2 | % |
| Closed Block | | 31.6 | | | 4,688.4 | | | |
| Corporate | | (53.7) | | | (691.2) | | | |
| Total | | $ | 332.3 | | | $ | 11,018.5 | | | 12.1 | % |
| | | | | | |
1 Excludes unrealized gain (loss) on securities, the effect of change in discount rate assumptions on the liability for future policy benefits, and net gain (loss) on hedges and is calculated using the stockholders' equity balances presented on page 15.8.
Reconciliation of Non-GAAP Financial Measures - Continued
| | | | | | | | | | | | | | | | | | | | |
| | After-Tax Adjusted Operating Income (Loss) | | Average Allocated Equity1 | | Annualized Adjusted Operating Return on Equity |
| | | |
| | | |
| Nine Months Ended September 30, 2023 | | | | | | |
| Unum US | | $ | 800.7 | | | $ | 4,618.4 | | | 23.1 | % |
| Unum International | | 96.7 | | | 773.3 | | | 16.7 | % |
| Colonial Life | | 246.3 | | | 1,734.2 | | | 18.9 | % |
| Core Operating Segments | | 1,143.7 | | | 7,125.9 | | | 21.4 | % |
| Closed Block | | 106.7 | | | 5,166.3 | | | |
| Corporate | | (87.3) | | | (534.8) | | | |
| Total | | $ | 1,163.1 | | | $ | 11,757.4 | | | 13.2 | % |
| | | | | | |
| Nine Months Ended September 30, 2022 | | | | | | |
| Unum US | | $ | 585.8 | | | $ | 4,656.9 | | | 16.8 | % |
| Unum International | | 113.7 | | | 741.1 | | | 20.5 | % |
| Colonial Life | | 250.6 | | | 1,631.6 | | | 20.6 | % |
| Core Operating Segments | | 950.1 | | | 7,029.6 | | | 18.0 | % |
| Closed Block | | 161.2 | | | 4,708.9 | | | |
| Corporate | | (118.8) | | | (877.3) | | | |
| Total | | $ | 992.5 | | | $ | 10,861.2 | | | 12.2 | % |
1 Excludes unrealized gain (loss) on securities, the effect of change in discount rate assumptions on the liability for future policy benefits, and net gain (loss) on hedges and is calculated using the stockholders' equity balances presented on page 15.8.
Reconciliation of Non-GAAP Financial Measures - Continued
| | | | | | | | | | | | | | | | | | | | |
| | After-Tax Adjusted Operating Income (Loss) | | Average Allocated Equity1 | | Adjusted Operating Return on Equity |
| | | |
| | | |
| Year Ended December 31, 2022 | | | | | | |
| Unum US | | $ | 768.6 | | | $ | 4,675.8 | | | 16.4 | % |
| Unum International | | 161.8 | | | 781.6 | | | 20.7 | % |
| Colonial Life | | 325.9 | | | 1,642.5 | | | 19.9 | % |
| Core Operating Segments | | 1,256.3 | | | 7,099.9 | | | 17.7 | % |
| Closed Block | | 194.1 | | | 4,873.7 | | | |
| Corporate | | (156.2) | | | (979.8) | | | |
| Total | | $ | 1,294.2 | | | $ | 10,993.8 | | | 11.8 | % |
| | | | | | |
| Year Ended December 31, 2021 | | | | | | |
| Unum US | | $ | 315.6 | | | $ | 4,481.3 | | | 7.0 | % |
| Unum International | | 84.2 | | | 808.0 | | | 10.4 | % |
| Colonial Life | | 319.2 | | | 1,597.9 | | | 20.0 | % |
| Core Operating Segments | | 719.0 | | | 6,887.2 | | | 10.4 | % |
| Closed Block | | 268.6 | | | 4,265.6 | | | |
| Corporate | | (69.7) | | | (1,046.1) | | | |
| Total | | $ | 917.9 | | | $ | 10,106.7 | | | 9.1 | % |
1 Excludes unrealized gain (loss) on securities, the effect of change in discount rate assumptions on the liability for future policy benefits, and net gain (loss) on hedges and is calculated using the stockholders' equity balances presented on page 15.8. Due to the implementation of ASU 2018-12 for which the beginning balances of 2021 for certain stockholders' equity line items were adjusted, we are computing the average allocated equity for 2021 using internally allocated equity that reflects the adjusted beginning balance at January 1, 2021. As a result, average equity for the year ended December 31, 2021 for certain of our segments will not compute using the historical allocated equity at December 31, 2020.
Reconciliation of Non-GAAP Financial Measures - Continued
Average allocated equity is computed as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 9/30/2023 | | 6/30/2023 | | | | 12/31/2022 | | 9/30/2022 | | 6/30/2022 | | 12/31/2021 | | 1/1/2021 |
| Total Stockholders' Equity | | $ | 9,618.1 | | | $ | 9,245.9 | | | | | $ | 8,735.0 | | | $ | 8,402.8 | | | $ | 7,787.8 | | | $ | 6,033.9 | | | $ | 4,166.0 | |
| Excluding: | | | | | | | | | | | | | | | | |
| Net Unrealized Gain (Loss) on Securities | | (3,948.4) | | | (2,762.6) | | | | | (3,028.4) | | | (3,486.3) | | | (1,560.4) | | | 4,014.4 | | | 5,315.8 | |
| Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits | | 1,688.5 | | | 0.1 | | | | | 313.9 | | | 681.7 | | | (1,541.2) | | | (8,570.7) | | | (10,932.5) | |
| Net Gain (Loss) on Hedges | | (177.7) | | | (33.3) | | | | | (9.6) | | | 13.5 | | | 46.4 | | | 61.8 | | | 97.8 | |
| Total Adjusted Stockholders' Equity | | $ | 12,055.7 | | | $ | 12,041.7 | | | | | $ | 11,459.1 | | | $ | 11,193.9 | | | $ | 10,843.0 | | | $ | 10,528.4 | | | $ | 9,684.9 | |
| | | | | | | | | | | | | | | | |
| | Three Months Ended | | Nine Months Ended | | | | Twelve Months Ended | | Three Months Ended | | Nine Months Ended | | Twelve Months Ended | | |
| | 9/30/2023 | | | | 12/31/2022 | | 9/30/2022 | | 12/31/2021 | | |
| Average Adjusted Stockholders' Equity | | $ | 12,048.7 | | | $ | 11,757.4 | | | | | $ | 10,993.8 | | | $ | 11,018.5 | | | $ | 10,861.2 | | | $ | 10,106.7 | | | |
Reconciliation of Non-GAAP Financial Measures - Continued
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30 | | Nine Months Ended September 30 |
| | 2023 | | 2022 | | 2023 | | 2022 |
| | (in millions) | | per share* | | (in millions) | | per share* | | (in millions) | | per share* | | (in millions) | | per share* |
| Net Income | | $ | 202.0 | | | $ | 1.02 | | | $ | 510.3 | | | $ | 2.53 | | | $ | 953.2 | | | $ | 4.81 | | | $ | 1,118.0 | | | $ | 5.52 | |
| Excluding: | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Net Investment Loss (net of tax benefit of $6.6; $1.0; $6.4; $5.2) | | (24.4) | | | (0.13) | | | (3.4) | | | (0.02) | | | (23.6) | | | (0.12) | | | (17.1) | | | (0.09) | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Amortization of the Cost of Reinsurance (net of tax benefit of $2.4; $2.5; $7.0; $8.1) | | (8.7) | | | (0.04) | | | (9.3) | | | (0.04) | | | (26.1) | | | (0.13) | | | (30.4) | | | (0.14) | |
| | | | | | | | | | | | | | | | |
Non-Contemporaneous Reinsurance (net of tax benefit of $1.9; $0.3; $5.5; $5.0) | | (7.3) | | | (0.04) | | | (1.4) | | | (0.01) | | | (20.9) | | | (0.11) | | | (19.1) | | | (0.10) | |
Reserve Assumption Updates (net of tax expense (benefit) of $(37.9); $51.2; $(37.9); $51.2) | | (139.3) | | | (0.71) | | | 192.1 | | | 0.95 | | | (139.3) | | | (0.70) | | | 192.1 | | | 0.95 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| After-tax Adjusted Operating Income | | $ | 381.7 | | | $ | 1.94 | | | $ | 332.3 | | | $ | 1.65 | | | $ | 1,163.1 | | | $ | 5.87 | | | $ | 992.5 | | | $ | 4.90 | |
*Assuming Dilution.
Reconciliation of Non-GAAP Financial Measures - Continued
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Year Ended December 31 |
| | 2022 | | 2021 |
| | (in millions) | | per share * | | (in millions) | | per share * |
| Net Income | | $ | 1,407.2 | | | $ | 6.96 | | | $ | 981.0 | | | $ | 4.79 | |
| Excluding: | | | | | | | | |
| Net Investment Gains and Losses | | | | | | | | |
Net Realized Investment Gain Related to Reinsurance Transaction (net of tax expense of $—; $14.2) | | — | | | — | | | 53.4 | | | 0.26 | |
Net Investment Gain (Loss), Other (net of tax expense (benefit) of $(3.5); $1.9) | | (12.2) | | | (0.07) | | | 7.2 | | | 0.03 | |
| Total Net Investment Gain (Loss) | | (12.2) | | | (0.07) | | | 60.6 | | | 0.29 | |
| Items Related to Closed Block Individual Disability Reinsurance Transaction | | | | | | | | |
Amortization of the Cost of Reinsurance (net of tax benefit of $10.6; $14.7) | | (39.7) | | | (0.20) | | | (55.1) | | | (0.27) | |
Non-Contemporaneous Reinsurance (net of tax benefit of $7.2; $7.0) | | (27.2) | | | (0.13) | | | (25.9) | | | (0.12) | |
Transaction Costs (net of tax benefit of $—; $1.2) | | — | | | — | | | (5.0) | | | (0.02) | |
| Total Items Related to Closed Block Individual Disability Reinsurance Transaction | | (66.9) | | | (0.33) | | | (86.0) | | | (0.41) | |
Reserve Assumption Updates (net of tax expense of $51.2; $49.1) | | 192.1 | | | 0.96 | | | 185.9 | | | 0.91 | |
Impairment Loss on Internal-Use Software (net of tax benefit of $—; $2.5) | | — | | | — | | | (9.6) | | | (0.05) | |
Cost Related to Early Retirement of Debt (net of tax benefit of $—; $14.1) | | — | | | — | | | (53.2) | | | (0.26) | |
Impairment Loss on ROU Asset (net of tax benefit of $—; $2.9) | | — | | | — | | | (11.0) | | | (0.05) | |
| Impact of U.K. Tax Rate Increase | | — | | | — | | | (23.6) | | | (0.12) | |
| After-tax Adjusted Operating Income | | $ | 1,294.2 | | | $ | 6.40 | | | $ | 917.9 | | | $ | 4.48 | |
| | | | | | | | |
| | | | | | | | |
*Assuming Dilution.
Reconciliation of Non-GAAP Financial Measures - Continued
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | September 30 | | December 31 |
| | 2023 | | 2022 | | 2022 | | 2021 |
| | | | |
| Debt | | $ | 3,431.8 | | | $ | 3,429.2 | | | $ | 3,429.8 | | | $ | 3,442.2 | |
| Including: | | | | | | | | |
| Lease Liability | | 61.6 | | | 69.8 | | | 67.9 | | | 82.6 | |
| | | | | | | | |
| | | | | | | | |
| Adjusted Debt and Lease Liability | | $ | 3,493.4 | | | $ | 3,499.0 | | | $ | 3,497.7 | | | $ | 3,524.8 | |
| | | | | | | | |
| Total Stockholders' Equity | | $ | 9,618.1 | | | $ | 8,402.8 | | | $ | 8,735.0 | | | $ | 6,033.9 | |
| Excluding: | | | | | | | | |
| Net Unrealized Gain (Loss) on Securities | | (3,948.4) | | | (3,486.3) | | | (3,028.4) | | | 4,014.4 | |
| Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits | | 1,688.5 | | | 681.7 | | | 313.9 | | | (8,570.7) | |
| Net Gain (Loss) on Hedges | | (177.7) | | | 13.5 | | | (9.6) | | | 61.8 | |
| Equity, As Adjusted | | 12,055.7 | | | 11,193.9 | | | 11,459.1 | | | 10,528.4 | |
| Debt, As Adjusted and Lease Liability | | 3,493.4 | | | 3,499.0 | | | 3,497.7 | | | 3,524.8 | |
| Total Adjusted Capital | | $ | 15,549.1 | | | $ | 14,692.9 | | | $ | 14,956.8 | | | $ | 14,053.2 | |
| | | | | | | | |
| Leverage Ratio | | 22.5 | % | | 23.8 | % | | 23.4 | % | | 25.1 | % |
Reconciliation of Non-GAAP Financial Measures - Continued
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Three Months Ended |
| | | | | | September 30, 2023 | | September 30, 2022 |
| | | | | | Premium Income | | Premium Income, local currency1 | | Weighted Average Exchange Rate2 | | Premium Income in Constant Currency |
| | | | | | |
| | | | | | |
| Unum International | | | | | | | | | | | | |
| Unum UK | | | | | | $ | 179.9 | | | £ | 129.4 | | | 1.265 | | | $ | 163.7 | |
| Unum Poland | | | | | | 30.7 | | | zł | 99.7 | | | 0.242 | | | 24.1 | |
| Total | | | | | | 210.6 | | | | | | | 187.8 | |
| Unum US | | | | | | 1,657.7 | | | $ | 1,556.8 | | | | | 1,556.8 | |
| Colonial Life | | | | | | 431.2 | | | $ | 423.3 | | | | | 423.3 | |
| Core Operations | | | | | | $ | 2,299.5 | | | | | | | $ | 2,167.9 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Nine Months Ended |
| | | | | | September 30, 2023 | | September 30, 2022 |
| | | | | | Premium Income | | Premium Income, local currency1 | | Weighted Average Exchange Rate2 | | Premium Income in Constant Currency |
| | | | | | |
| | | | | | |
| Unum International | | | | | | | | | | | | |
| Unum UK | | | | | | $ | 521.9 | | | £ | 377.1 | | | 1.245 | | | $ | 469.5 | |
| Unum Poland | | | | | | 85.3 | | | zł | 292.9 | | | 0.237 | | | 69.4 | |
| Total | | | | | | 607.2 | | | | | | | 538.9 | |
| Unum US | | | | | | 4,908.7 | | | $ | 4,670.8 | | | | | 4,670.8 | |
| Colonial Life | | | | | | 1,291.3 | | | $ | 1,281.6 | | | | | 1,281.6 | |
| Core Operations | | | | | | $ | 6,807.2 | | | | | | | $ | 6,491.3 | |
1Premium income shown in millions of pounds for Unum UK, millions of zlotys for Unum Poland, and millions of U.S. dollars for Unum US and Colonial Life.
2Exchange rate is calculated using the average foreign currency exchange rates for the most recent period, applied to the comparable prior period.
v3.23.3
Cover
|
Oct. 31, 2023 |
| Entity Information |
|
| Document Type |
8-K
|
| Document Period End Date |
Oct. 31, 2023
|
| Entity Registrant Name |
UNUM GROUP
|
| Entity Incorporation, State or Country Code |
DE
|
| Entity File Number |
001-11294
|
| Entity Tax Identification Number |
62-1598430
|
| Entity Address, Address Line One |
1 Fountain Square
|
| Entity Address, City or Town |
Chattanooga,
|
| Entity Address, State or Province |
TN
|
| Entity Address, Postal Zip Code |
37402
|
| City Area Code |
423
|
| Local Phone Number |
294-1011
|
| Written Communications |
false
|
| Soliciting Material |
false
|
| Pre-commencement Tender Offer |
false
|
| Pre-commencement Issuer Tender Offer |
false
|
| Entity Emerging Growth Company |
false
|
| Entity Central Index Key |
0000005513
|
| Amendment Flag |
false
|
| Common Class A | NEW YORK STOCK EXCHANGE, INC. |
|
| Entity Information |
|
| Title of 12(b) Security |
Common stock, $0.10 par value
|
| Trading Symbol |
UNM
|
| Security Exchange Name |
NYSE
|
| 6.250% Junior Subordinated Notes due 2058 | NEW YORK STOCK EXCHANGE, INC. |
|
| Entity Information |
|
| Title of 12(b) Security |
6.250% Junior Subordinated Notes due 2058
|
| Trading Symbol |
UNMA
|
| Security Exchange Name |
NYSE
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-Name Securities Act
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