(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||
(Address of principal executive offices) | (Zip Code) | ||||
( | |||||
(Registrant's telephone number, including area code) | |||||
Not Applicable | |||||
(Former name, former address and former fiscal year, if changed since last report) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
x | Accelerated filer | ☐ | ||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||
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. | ☐ | |||||||||||||
Page | |||||||||||
March 31 | December 31 | ||||||||||
2024 | 2023 | ||||||||||
(in millions of dollars) | |||||||||||
Assets | |||||||||||
Investments | |||||||||||
Fixed Maturity Securities - at fair value (amortized cost of $ | $ | $ | |||||||||
Mortgage Loans (net of allowance for credit losses of $ | |||||||||||
Policy Loans | |||||||||||
Other Long-term Investments | |||||||||||
Short-term Investments | |||||||||||
Total Investments | |||||||||||
Other Assets | |||||||||||
Cash and Bank Deposits | |||||||||||
Accounts and Premiums Receivable (net of allowance for credit losses of $ | |||||||||||
Reinsurance Recoverable (net of allowance for credit losses of $ | |||||||||||
Accrued Investment Income | |||||||||||
Deferred Acquisition Costs | |||||||||||
Goodwill | |||||||||||
Property and Equipment | |||||||||||
Deferred Income Tax | |||||||||||
Other Assets | |||||||||||
Total Assets | $ | $ |
March 31 | December 31 | ||||||||||
2024 | 2023 | ||||||||||
(in millions of dollars) | |||||||||||
Liabilities and Stockholders' Equity | |||||||||||
Liabilities | |||||||||||
Future Policy Benefits | $ | $ | |||||||||
Policyholders' Account Balances | |||||||||||
Unearned Premiums | |||||||||||
Other Policyholders’ Funds | |||||||||||
Income Tax Payable | |||||||||||
Deferred Income Tax | |||||||||||
Long-term Debt | |||||||||||
Other Liabilities | |||||||||||
Total Liabilities | |||||||||||
Commitments and Contingent Liabilities - Note 13 | |||||||||||
Stockholders' Equity | |||||||||||
Common Stock, $ | |||||||||||
Authorized: | |||||||||||
Issued: | |||||||||||
Additional Paid-in Capital | |||||||||||
Accumulated Other Comprehensive Loss | ( | ( | |||||||||
Retained Earnings | |||||||||||
Treasury Stock - at cost: | ( | ( | |||||||||
Total Stockholders' Equity | |||||||||||
Total Liabilities and Stockholders' Equity | $ | $ |
Three Months Ended March 31 | |||||||||||
2024 | 2023 | ||||||||||
(in millions of dollars, except share data) | |||||||||||
Revenue | |||||||||||
Premium Income | $ | $ | |||||||||
Net Investment Income | |||||||||||
Net Investment Gain (Loss) | ( | ||||||||||
Other Income | |||||||||||
Total Revenue | |||||||||||
Benefits and Expenses | |||||||||||
Policy Benefits | |||||||||||
Policy Benefits - Remeasurement Gain | ( | ( | |||||||||
Commissions | |||||||||||
Interest and Debt Expense | |||||||||||
Deferral of Acquisition Costs | ( | ( | |||||||||
Amortization of Deferred Acquisition Costs | |||||||||||
Compensation Expense | |||||||||||
Other Expenses | |||||||||||
Total Benefits and Expenses | |||||||||||
Income Before Income Tax | |||||||||||
Income Tax Expense | |||||||||||
Current | |||||||||||
Deferred | |||||||||||
Total Income Tax Expense | |||||||||||
Net Income | $ | $ | |||||||||
Net Income Per Common Share | |||||||||||
Basic | $ | $ | |||||||||
Assuming Dilution | $ | $ |
Three Months Ended March 31 | |||||||||||
2024 | 2023 | ||||||||||
(in millions of dollars) | |||||||||||
Net Income | $ | $ | |||||||||
Other Comprehensive Income | |||||||||||
Change in Net Unrealized Loss on Securities (net of tax expense (benefit) of $( | ( | ||||||||||
Change in the Effect of Discount Rate Assumptions on the Liability for Future Policy Benefits, Net of Reinsurance (net of tax expense (benefit) of $ | ( | ||||||||||
Change in Net Gain (Loss) on Derivatives (net of tax expense (benefit) of $( | ( | ||||||||||
Change in Foreign Currency Translation Adjustment (net of tax expense (benefit) of $ | ( | ||||||||||
Change in Unrecognized Pension and Postretirement Benefit Costs (net of tax expense (benefit) of $ | ( | ||||||||||
Total Other Comprehensive Income | |||||||||||
Comprehensive Income | $ | $ |
Three Months Ended March 31 | |||||||||||
2024 | 2023 | ||||||||||
(in millions of dollars) | |||||||||||
Common Stock | |||||||||||
Balance at Beginning of Year | $ | $ | |||||||||
Common Stock Activity | |||||||||||
Balance at End of Period | |||||||||||
Additional Paid-in Capital | |||||||||||
Balance at Beginning of Year | |||||||||||
Other Common Stock Activity | ( | ||||||||||
Balance at End of Period | |||||||||||
Accumulated Other Comprehensive Loss | |||||||||||
Balance at Beginning of Year | ( | ( | |||||||||
Other Comprehensive Income | |||||||||||
Balance at End of Period | ( | ( | |||||||||
Retained Earnings | |||||||||||
Balance at Beginning of Year | |||||||||||
Net Income | |||||||||||
Dividends to Stockholders (per common share: $ | ( | ( | |||||||||
Balance at End of Period | |||||||||||
Treasury Stock | |||||||||||
Balance at Beginning of Year | ( | ( | |||||||||
Repurchase of Common Stock | ( | ( | |||||||||
Balance at End of Period | ( | ( | |||||||||
Total Stockholders' Equity at End of Period | $ | $ |
Three Months Ended March 31 | |||||||||||
2024 | 2023 | ||||||||||
(in millions of dollars) | |||||||||||
Cash Flows from Operating Activities | |||||||||||
Net Income | $ | $ | |||||||||
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities | |||||||||||
Change in Receivables | |||||||||||
Change in Deferred Acquisition Costs | ( | ( | |||||||||
Change in Insurance Liabilities | ( | ( | |||||||||
Change in Income Taxes | |||||||||||
Change in Other Accrued Liabilities | ( | ( | |||||||||
Non-cash Components of Net Investment Income | ( | ( | |||||||||
Net Investment (Gain) Loss | ( | ||||||||||
Depreciation | |||||||||||
Amortization of the Cost of Reinsurance | |||||||||||
Other, Net | ( | ||||||||||
Net Cash Provided by Operating Activities | |||||||||||
Cash Flows from Investing Activities | |||||||||||
Proceeds from Sales of Fixed Maturity Securities | |||||||||||
Proceeds from Maturities of Fixed Maturity Securities | |||||||||||
Proceeds from Sales and Maturities of Other Investments | |||||||||||
Purchases of Fixed Maturity Securities | ( | ( | |||||||||
Purchases of Other Investments | ( | ( | |||||||||
Net Sales and Maturities of Short-term Investments | |||||||||||
Net Increase (Decrease) in Payables for Collateral on Investments | ( | ||||||||||
Net Purchases of Property and Equipment | ( | ( | |||||||||
Net Cash Provided (Used) by Investing Activities | ( | ||||||||||
Cash Flows from Financing Activities | |||||||||||
Issuance of Common Stock | |||||||||||
Repurchase of Common Stock | ( | ( | |||||||||
Dividends Paid to Stockholders | ( | ( | |||||||||
Proceeds from Policyholders' Account Deposits | |||||||||||
Payments for Policyholders' Account Withdrawals | ( | ( | |||||||||
Other, Net | ( | ( | |||||||||
Net Cash Used by Financing Activities | ( | ( | |||||||||
Net Increase in Cash and Bank Deposits | |||||||||||
Cash and Bank Deposits at Beginning of Year | |||||||||||
Cash and Bank Deposits at End of Period | $ | $ |
Level 2 | Level 3 | ||||||||||||||||
Instrument | Observable Inputs | Unobservable Inputs | |||||||||||||||
United States Government and Government Agencies and Authorities | |||||||||||||||||
Valuation Method | Principally the market approach | Not applicable | |||||||||||||||
Valuation Techniques / Inputs | Prices obtained from external pricing services | ||||||||||||||||
States, Municipalities, and Political Subdivisions | |||||||||||||||||
Valuation Method | Principally the market approach | Principally the market approach | |||||||||||||||
Valuation Techniques / Inputs | Prices obtained from external pricing services | Analysis of similar bonds, adjusted for comparability | |||||||||||||||
Relevant reports issued by analysts and rating agencies | |||||||||||||||||
Audited financial statements | |||||||||||||||||
Foreign Governments | |||||||||||||||||
Valuation Method | Principally the market approach | Principally the market approach | |||||||||||||||
Valuation Techniques / Inputs | Prices obtained from external pricing services | Analysis of similar bonds, adjusted for comparability | |||||||||||||||
Non-binding broker quotes | |||||||||||||||||
Call provisions | |||||||||||||||||
Public Utilities | |||||||||||||||||
Valuation Method | Principally the market and income approaches | Principally the market and income approaches | |||||||||||||||
Valuation Techniques / Inputs | Prices obtained from external pricing services | Change in benchmark reference | |||||||||||||||
Level 2 | Level 3 | ||||||||||||||||
Instrument | Observable Inputs | Unobservable Inputs | |||||||||||||||
Public Utilities - Continued | |||||||||||||||||
Non-binding broker quotes | Analysis of similar bonds, adjusted for comparability | ||||||||||||||||
Benchmark yields | Discount for size - illiquidity | ||||||||||||||||
Transactional data for new issuances and secondary trades | Volatility of credit | ||||||||||||||||
Security cash flows and structures | Lack of marketability | ||||||||||||||||
Recent issuance / supply | |||||||||||||||||
Audited financial statements | |||||||||||||||||
Security and issuer level spreads | |||||||||||||||||
Security creditor ratings/maturity/capital structure/optionality | |||||||||||||||||
Public covenants | |||||||||||||||||
Comparative bond analysis | |||||||||||||||||
Relevant reports issued by analysts and rating agencies | |||||||||||||||||
Mortgage/Asset-Backed Securities | |||||||||||||||||
Valuation Method | Principally the market and income approaches | Principally the market approach | |||||||||||||||
Valuation Techniques / Inputs | Prices obtained from external pricing services | Analysis of similar bonds, adjusted for comparability | |||||||||||||||
Non-binding broker quotes | Prices obtained from external pricing services | ||||||||||||||||
Security cash flows and structures | |||||||||||||||||
Underlying collateral | |||||||||||||||||
Prepayment speeds/loan performance/delinquencies | |||||||||||||||||
Relevant reports issued by analysts and rating agencies | |||||||||||||||||
Audited financial statements | |||||||||||||||||
All Other Corporate Bonds | |||||||||||||||||
Valuation Method | Principally the market and income approaches | Principally the market and income approaches | |||||||||||||||
Valuation Techniques / Inputs | Prices obtained from external pricing services | Change in benchmark reference | |||||||||||||||
Non-binding broker quotes | Discount for size - illiquidity | ||||||||||||||||
Benchmark yields | Volatility of credit | ||||||||||||||||
Transactional data for new issuances and secondary trades | Lack of marketability | ||||||||||||||||
Security cash flows and structures | Prices obtained from external pricing services | ||||||||||||||||
Recent issuance / supply | |||||||||||||||||
Security and issuer level spreads |
Level 2 | Level 3 | ||||||||||||||||
Instrument | Observable Inputs | Unobservable Inputs | |||||||||||||||
All Other Corporate Bonds - Continued | |||||||||||||||||
Security creditor ratings/maturity/capital structure/optionality | |||||||||||||||||
Public covenants | |||||||||||||||||
Comparative bond analysis | |||||||||||||||||
Relevant reports issued by analysts and rating agencies | |||||||||||||||||
Audited financial statements | |||||||||||||||||
Redeemable Preferred Stocks | |||||||||||||||||
Valuation Method | Principally the market approach | Principally the market approach | |||||||||||||||
Valuation Techniques / Inputs | Non-binding broker quotes | Financial statement analysis | |||||||||||||||
Benchmark yields | |||||||||||||||||
Comparative bond analysis | |||||||||||||||||
Call provisions | |||||||||||||||||
Relevant reports issued by analysts and rating agencies | |||||||||||||||||
Audited financial statements | |||||||||||||||||
Perpetual Preferred and Equity Securities | |||||||||||||||||
Valuation Method | Principally the market approach | Principally the market and income approaches | |||||||||||||||
Valuation Techniques / Inputs | Prices obtained from external pricing services | Financial statement analysis | |||||||||||||||
Non-binding broker quotes |
March 31, 2024 | ||||||||||||||||||||
Investment Category | Fair Value | Redemption Term / Redemption Notice | Unfunded Commitments | |||||||||||||||||
(in millions of dollars) | (in millions of dollars) | |||||||||||||||||||
Private Credit | (a) | $ | Not redeemable | $ | ||||||||||||||||
Quarterly / 90 days notice | ||||||||||||||||||||
Total Private Credit | ||||||||||||||||||||
Private Equity | (b) | Not redeemable | ||||||||||||||||||
Initial 5.5 year lock on each new investment / Quarterly after 5.5 year lock with 90 days notice | ||||||||||||||||||||
Total Private Equity | ||||||||||||||||||||
Real Assets | (c) | Not redeemable | ||||||||||||||||||
Quarterly / 90 days notice | ||||||||||||||||||||
Total Real Assets | ||||||||||||||||||||
Total Partnerships | $ | $ |
December 31, 2023 | ||||||||||||||||||||
Investment Category | Fair Value | Redemption Term / Redemption Notice | Unfunded Commitments | |||||||||||||||||
(in millions of dollars) | (in millions of dollars) | |||||||||||||||||||
Private Credit | (a) | $ | Not redeemable | $ | ||||||||||||||||
Quarterly / 90 days notice | ||||||||||||||||||||
Total Private Credit | ||||||||||||||||||||
Private Equity | (b) | Not redeemable | ||||||||||||||||||
Initial 5.5 year lock on each new investment / Quarterly after 5.5 year lock with 90 days notice | ||||||||||||||||||||
Total Private Equity | ||||||||||||||||||||
Real Assets | (c) | Not redeemable | ||||||||||||||||||
Quarterly / 90 days notice | ||||||||||||||||||||
Total Real Assets | ||||||||||||||||||||
Total Partnerships | $ | $ |
March 31, 2024 | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | NAV | Total | |||||||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Fixed Maturity Securities | |||||||||||||||||||||||||||||
United States Government and Government Agencies and Authorities | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
States, Municipalities, and Political Subdivisions | |||||||||||||||||||||||||||||
Foreign Governments | |||||||||||||||||||||||||||||
Public Utilities | |||||||||||||||||||||||||||||
Mortgage/Asset-Backed Securities | |||||||||||||||||||||||||||||
All Other Corporate Bonds | |||||||||||||||||||||||||||||
Redeemable Preferred Stocks | |||||||||||||||||||||||||||||
Total Fixed Maturity Securities | |||||||||||||||||||||||||||||
Other Long-term Investments | |||||||||||||||||||||||||||||
Derivatives | |||||||||||||||||||||||||||||
Forwards | |||||||||||||||||||||||||||||
Foreign Exchange Contracts | |||||||||||||||||||||||||||||
Embedded Derivative in Modified Coinsurance Arrangement | |||||||||||||||||||||||||||||
Total Derivatives | |||||||||||||||||||||||||||||
Perpetual Preferred and Equity Securities | |||||||||||||||||||||||||||||
Private Equity Partnerships | |||||||||||||||||||||||||||||
Total Other Long-term Investments | |||||||||||||||||||||||||||||
Total Financial Instrument Assets Carried at Fair Value | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Other Liabilities | |||||||||||||||||||||||||||||
Derivatives | |||||||||||||||||||||||||||||
Forwards | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Foreign Exchange Contracts | |||||||||||||||||||||||||||||
Total Derivatives | |||||||||||||||||||||||||||||
Total Financial Instrument Liabilities Carried at Fair Value | $ | $ | $ | $ | $ |
December 31, 2023 | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | NAV | Total | |||||||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Fixed Maturity Securities | |||||||||||||||||||||||||||||
United States Government and Government Agencies and Authorities | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
States, Municipalities, and Political Subdivisions | |||||||||||||||||||||||||||||
Foreign Governments | |||||||||||||||||||||||||||||
Public Utilities | |||||||||||||||||||||||||||||
Mortgage/Asset-Backed Securities | |||||||||||||||||||||||||||||
All Other Corporate Bonds | |||||||||||||||||||||||||||||
Redeemable Preferred Stocks | |||||||||||||||||||||||||||||
Total Fixed Maturity Securities | |||||||||||||||||||||||||||||
Other Long-term Investments | |||||||||||||||||||||||||||||
Derivatives | |||||||||||||||||||||||||||||
Forwards | |||||||||||||||||||||||||||||
Foreign Exchange Contracts | |||||||||||||||||||||||||||||
Total Derivatives | |||||||||||||||||||||||||||||
Perpetual Preferred and Equity Securities | |||||||||||||||||||||||||||||
Private Equity Partnerships | |||||||||||||||||||||||||||||
Total Other Long-term Investments | |||||||||||||||||||||||||||||
Total Financial Instrument Assets Carried at Fair Value | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Other Liabilities | |||||||||||||||||||||||||||||
Derivatives | |||||||||||||||||||||||||||||
Forwards | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Foreign Exchange Contracts | |||||||||||||||||||||||||||||
Embedded Derivative in Modified Coinsurance Arrangement | |||||||||||||||||||||||||||||
Total Derivatives | |||||||||||||||||||||||||||||
Total Financial Instrument Liabilities Carried at Fair Value | $ | $ | $ | $ | $ |
Three Months Ended March 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Beginning of Year | Total Realized and Unrealized Investment Gains (Losses) in | Sales/Maturities | Level 3 Transfers | Fair Value End of Period | Change in Unrealized Gain (Loss) on Securities Held at the End of Period included in | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings | OCI | Purchases | Into | Out of | OCI | Earnings | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed Maturity Securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage/Asset-Backed Securities | $ | $ | $ | $ | $ | ( | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||
All Other Corporate Bonds | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Fixed Maturity Securities | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Perpetual Preferred and Equity Securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Embedded Derivative in Modified Coinsurance Arrangement | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Beginning of Year | Total Realized and Unrealized Investment Gains (Losses) in | Sales/Maturities | Level 3 Transfers | Fair Value End of Period | Change in Unrealized Gain (Loss) on Securities Held at the End of Period included in | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings | OCI | Purchases | Into | Out of | OCI | Earnings | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed Maturity Securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
States, Municipalities, and Political Subdivisions | $ | $ | $ | ( | $ | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Mortgage/Asset-Backed Securities | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
All Other Corporate Bonds | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Fixed Maturity Securities | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Perpetual Preferred and Equity Securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Embedded Derivative in Modified Coinsurance Arrangement | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2024 | |||||||||||||||||||||||
Fair Value | Valuation Method | Unobservable Input | Range/Weighted Average | ||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||
Fixed Maturity Securities | |||||||||||||||||||||||
All Other Corporate Bonds - Private | $ | Market Approach | Volatility of Credit Market Convention | (a) (b) | Priced at Par Value | ||||||||||||||||||
Perpetual Preferred and Equity Securities | Market Approach | Market Convention | (b) | Priced at Cost, Owner's Equity, or Most Recent Round | |||||||||||||||||||
Embedded Derivative in Modified Coinsurance Arrangement | Discounted Cash Flows | Projected Liability Cash Flows Weighted Spread of Swap Curve | (c) | Actuarial Assumptions |
December 31, 2023 | |||||||||||||||||||||||
Fair Value | Valuation Method | Unobservable Input | Range/Weighted Average | ||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||
Fixed Maturity Securities | |||||||||||||||||||||||
All Other Corporate Bonds - Private | $ | Market Approach | Volatility of Credit Market Convention | (a) (b) | Priced at Par Value | ||||||||||||||||||
Perpetual Preferred and Equity Securities | Market Approach | Market Convention | (b) | Priced at Cost, Owner's Equity, or Most Recent Round | |||||||||||||||||||
Embedded Derivative in Modified Coinsurance Arrangement | ( | Discounted Cash Flows | Projected Liability Cash Flows Weighted Spread of Swap Curve | (c) | Actuarial Assumptions |
March 31, 2024 | |||||||||||||||||||||||||||||
Estimated Fair Value | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Carrying Value | |||||||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Mortgage Loans | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Policy Loans | |||||||||||||||||||||||||||||
Other Long-term Investments | |||||||||||||||||||||||||||||
Miscellaneous Long-term Investments | |||||||||||||||||||||||||||||
Total Financial Instrument Assets Not Carried at Fair Value | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Long-term Debt | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Other Liabilities | |||||||||||||||||||||||||||||
Unfunded Commitments | |||||||||||||||||||||||||||||
Payable for Collateral on FHLB Funding Agreements | |||||||||||||||||||||||||||||
Total Financial Instrument Liabilities Not Carried at Fair Value | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
December 31, 2023 | |||||||||||||||||||||||||||||
Estimated Fair Value | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Carrying Value | |||||||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Mortgage Loans | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Policy Loans | |||||||||||||||||||||||||||||
Other Long-term Investments | |||||||||||||||||||||||||||||
Miscellaneous Long-term Investments | |||||||||||||||||||||||||||||
Total Financial Instrument Assets Not Carried at Fair Value | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Long-term Debt | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Other Liabilities | |||||||||||||||||||||||||||||
Unfunded Commitments | |||||||||||||||||||||||||||||
Payable for Collateral on FHLB Funding Agreements | |||||||||||||||||||||||||||||
Total Financial Instrument Liabilities Not Carried at Fair Value | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
March 31, 2024 | |||||||||||||||||||||||||||||
Amortized Cost, Gross of ACL1 | ACL1 | Gross Unrealized Gain | Gross Unrealized Loss | Fair Value | |||||||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||||||||
United States Government and Government Agencies and Authorities | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
States, Municipalities, and Political Subdivisions | |||||||||||||||||||||||||||||
Foreign Governments | |||||||||||||||||||||||||||||
Public Utilities | |||||||||||||||||||||||||||||
Mortgage/Asset-Backed Securities | |||||||||||||||||||||||||||||
All Other Corporate Bonds | |||||||||||||||||||||||||||||
Redeemable Preferred Stocks | |||||||||||||||||||||||||||||
Total Fixed Maturity Securities | $ | $ | $ | $ | $ |
December 31, 2023 | |||||||||||||||||||||||||||||
Amortized Cost, Gross of ACL1 | ACL1 | Gross Unrealized Gain | Gross Unrealized Loss | Fair Value | |||||||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||||||||
United States Government and Government Agencies and Authorities | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
States, Municipalities, and Political Subdivisions | |||||||||||||||||||||||||||||
Foreign Governments | |||||||||||||||||||||||||||||
Public Utilities | |||||||||||||||||||||||||||||
Mortgage/Asset-Backed Securities | |||||||||||||||||||||||||||||
All Other Corporate Bonds | |||||||||||||||||||||||||||||
Redeemable Preferred Stocks | |||||||||||||||||||||||||||||
Total Fixed Maturity Securities | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
1Allowance for Credit Losses |
March 31, 2024 | |||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | ||||||||||||||||||||||
Fair Value | Gross Unrealized Loss | Fair Value | Gross Unrealized Loss | ||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||
United States Government and Government Agencies and Authorities | $ | $ | $ | $ | |||||||||||||||||||
States, Municipalities, and Political Subdivisions | |||||||||||||||||||||||
Foreign Governments | |||||||||||||||||||||||
Public Utilities | |||||||||||||||||||||||
Mortgage/Asset-Backed Securities | |||||||||||||||||||||||
All Other Corporate Bonds | |||||||||||||||||||||||
Redeemable Preferred Stocks | |||||||||||||||||||||||
Total Fixed Maturity Securities | $ | $ | $ | $ |
December 31, 2023 | |||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | ||||||||||||||||||||||
Fair Value | Gross Unrealized Loss | Fair Value | Gross Unrealized Loss | ||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||
United States Government and Government Agencies and Authorities | $ | $ | $ | $ | |||||||||||||||||||
States, Municipalities, and Political Subdivisions | |||||||||||||||||||||||
Foreign Governments | |||||||||||||||||||||||
Public Utilities | |||||||||||||||||||||||
Mortgage/Asset-Backed Securities | |||||||||||||||||||||||
All Other Corporate Bonds | |||||||||||||||||||||||
Redeemable Preferred Stocks | |||||||||||||||||||||||
Total Fixed Maturity Securities | $ | $ | $ | $ |
March 31, 2024 | |||||||||||||||||||||||||||||
Amortized Cost, Net of ACL1 | Unrealized Gain Position | Unrealized Loss Position | |||||||||||||||||||||||||||
Gross Gain | Fair Value | Gross Loss | Fair Value | ||||||||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||||||||
1 year or less | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Over 1 year through 5 years | |||||||||||||||||||||||||||||
Over 5 years through 10 years | |||||||||||||||||||||||||||||
Over 10 years | |||||||||||||||||||||||||||||
Mortgage/Asset-Backed Securities | |||||||||||||||||||||||||||||
Total Fixed Maturity Securities | $ | $ | $ | $ | $ |
December 31, 2023 | |||||||||||||||||||||||||||||
Amortized Cost, Net of ACL1 | Unrealized Gain Position | Unrealized Loss Position | |||||||||||||||||||||||||||
Gross Gain | Fair Value | Gross Loss | Fair Value | ||||||||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||||||||
1 year or less | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Over 1 year through 5 years | |||||||||||||||||||||||||||||
Over 5 years through 10 years | |||||||||||||||||||||||||||||
Over 10 years | |||||||||||||||||||||||||||||
Mortgage/Asset-Backed Securities | |||||||||||||||||||||||||||||
Total Fixed Maturity Securities | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
1Allowance for Credit Losses |
Gross Unrealized Loss | |||||||||||||||||||||||
Fair Value | Gross Unrealized Gain | Amount | Percent of Total Gross Unrealized Loss | ||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||
Investment-Grade | $ | $ | $ | % | |||||||||||||||||||
Below-Investment-Grade | |||||||||||||||||||||||
Total Fixed Maturity Securities | $ | $ | $ | % |
Three Months Ended March 31 | |||||||||||
2024 | 2023 | ||||||||||
(in millions of dollars) | |||||||||||
Balance, beginning of period | $ | $ | |||||||||
Credit losses on securities for which credit losses were not previously recorded | |||||||||||
Balance, end of period | $ | $ |
March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||
Carrying Amount | Percent of Total | Carrying Amount | Percent of Total | |||||||||||||||||||||||
Property Type | ||||||||||||||||||||||||||
Apartment | $ | % | $ | % | ||||||||||||||||||||||
Industrial | ||||||||||||||||||||||||||
Office | ||||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total | $ | % | $ | % | ||||||||||||||||||||||
Region | ||||||||||||||||||||||||||
New England | $ | % | $ | % | ||||||||||||||||||||||
Mid-Atlantic | ||||||||||||||||||||||||||
East North Central | ||||||||||||||||||||||||||
West North Central | ||||||||||||||||||||||||||
South Atlantic | ||||||||||||||||||||||||||
East South Central | ||||||||||||||||||||||||||
West South Central | ||||||||||||||||||||||||||
Mountain | ||||||||||||||||||||||||||
Pacific | ||||||||||||||||||||||||||
Total | $ | % | $ | % |
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||
Carrying Amount | Percent of Total | Carrying Amount | Percent of Total | ||||||||||||||||||||
Internal Mortgage Rating | |||||||||||||||||||||||
AA | $ | % | $ | % | |||||||||||||||||||
A | |||||||||||||||||||||||
BBB | |||||||||||||||||||||||
BB | |||||||||||||||||||||||
Total | $ | % | $ | % | |||||||||||||||||||
Loan-to-Value Ratio1 | |||||||||||||||||||||||
<= 65% | $ | % | $ | % | |||||||||||||||||||
> 65% <= 75% | |||||||||||||||||||||||
> 75% <= 85% | |||||||||||||||||||||||
> 85% | |||||||||||||||||||||||
Total | $ | % | $ | % | |||||||||||||||||||
1Loan-to-Value Ratio utilizes the most recent internal valuation of the property |
March 31, 2024 | |||||||||||||||||||||||||||||||||||
Prior to 2020 | 2020 | 2021 | 2022 | 2023 | Total | ||||||||||||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||||||||||||||
Internal Mortgage Rating | |||||||||||||||||||||||||||||||||||
AA | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
A | |||||||||||||||||||||||||||||||||||
BBB | |||||||||||||||||||||||||||||||||||
BB | |||||||||||||||||||||||||||||||||||
Total Amortized Cost | |||||||||||||||||||||||||||||||||||
Allowance for credit losses | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Carrying Amount | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Loan-to-Value Ratio1 | |||||||||||||||||||||||||||||||||||
<=65% | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
>65<=75% | |||||||||||||||||||||||||||||||||||
>75%<=85% | |||||||||||||||||||||||||||||||||||
>85% | |||||||||||||||||||||||||||||||||||
Total Amortized Cost | |||||||||||||||||||||||||||||||||||
Allowance for credit losses | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Carrying Amount | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
1Loan-to-Value Ratio utilizes the most recent internal valuation of the property |
December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||
Prior to 2019 | 2019 | 2020 | 2021 | 2022 | 2023 | Total | |||||||||||||||||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||||||||||||||||||||
Internal Mortgage Rating | |||||||||||||||||||||||||||||||||||||||||
AA | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
A | |||||||||||||||||||||||||||||||||||||||||
BBB | |||||||||||||||||||||||||||||||||||||||||
BB | |||||||||||||||||||||||||||||||||||||||||
Total Amortized Cost | |||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | ( | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Carrying Amount | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Loan-to-Value Ratio1 | |||||||||||||||||||||||||||||||||||||||||
<=65% | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
>65<=75% | |||||||||||||||||||||||||||||||||||||||||
>75%<=85% | |||||||||||||||||||||||||||||||||||||||||
>85% | |||||||||||||||||||||||||||||||||||||||||
Total Amortized Cost | |||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | ( | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Carrying Amount | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
1Loan-to-Value Ratio utilizes the most recent internal valuation of the property |
Three Months Ended March 31, 2024 | |||||||||||||||||||||||||||||
Beginning of Year | Current Period Provisions | Write-Offs | Recoveries | End of Period | |||||||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||||||||
Loan-to-Value Ratio1 | |||||||||||||||||||||||||||||
<=65% | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||
>65<=75% | ( | ||||||||||||||||||||||||||||
>75%<=85% | |||||||||||||||||||||||||||||
>85% | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||
Beginning of Year | Current Period Provisions | Write-Offs | Recoveries | End of Period | |||||||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||||||||
Loan-to-Value Ratio1 | |||||||||||||||||||||||||||||
<=65% | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
>65<=75% | |||||||||||||||||||||||||||||
>75%<=85% | |||||||||||||||||||||||||||||
>85% | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
1Loan-to-Value Ratio utilizes the most recent internal valuation of the property |
March 31, 2024 | December 31, 2023 | ||||||||||
Overnight and Continuous | |||||||||||
(in millions of dollars) | |||||||||||
Borrowings | |||||||||||
Public Utilities | $ | $ | |||||||||
All Other Corporate Bonds | |||||||||||
Total Borrowings | |||||||||||
Gross Amount of Recognized Liability for Securities Lending Transactions | |||||||||||
Amounts Related to Agreements Not Included in Offsetting Disclosure Contained Herein | $ | $ |
March 31, 2024 | December 31, 2023 | |||||||||||||
(in millions of dollars) | ||||||||||||||
Carrying Value of FHLB Common Stock | $ | $ | ||||||||||||
Advances from FHLB | ||||||||||||||
Carrying Value of Collateral Posted to FHLB | ||||||||||||||
Fixed Maturity Securities | $ | $ | ||||||||||||
Commercial Mortgage Loans | ||||||||||||||
Total Carrying Value of Collateral Posted to FHLB | $ | $ |
March 31, 2024 | ||||||||||||||||||||||||||||||||||||||
Gross Amount | Gross Amount Not | |||||||||||||||||||||||||||||||||||||
of Recognized | Gross Amount | Net Amount | Offset in Balance Sheet | |||||||||||||||||||||||||||||||||||
Financial | Offset in | Presented in | Financial | Cash | Net | |||||||||||||||||||||||||||||||||
Instruments | Balance Sheet | Balance Sheet | Instruments | Collateral | Amount | |||||||||||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||||||||||||||||||||
Derivatives | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||
Securities Lending | ( | ( | ||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||
Financial Liabilities: | ||||||||||||||||||||||||||||||||||||||
Derivatives | $ | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||||
Securities Lending | ( | |||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ( | $ | $ |
December 31, 2023 | ||||||||||||||||||||||||||||||||||||||
Gross Amount | Gross Amount Not | |||||||||||||||||||||||||||||||||||||
of Recognized | Gross Amount | Net Amount | Offset in Balance Sheet | |||||||||||||||||||||||||||||||||||
Financial | Offset in | Presented in | Financial | Cash | Net | |||||||||||||||||||||||||||||||||
Instruments | Balance Sheet | Balance Sheet | Instruments | Collateral | Amount | |||||||||||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||||||||||||||||||||
Derivatives | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||
Securities Lending | ( | ( | ||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||
Financial Liabilities: | ||||||||||||||||||||||||||||||||||||||
Derivatives | $ | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||||
Securities Lending | ( | |||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ( | $ | $ |
Three Months Ended March 31 | |||||||||||
2024 | 2023 | ||||||||||
(in millions of dollars) | |||||||||||
Fixed Maturity Securities | $ | $ | |||||||||
Derivatives | |||||||||||
Mortgage Loans | |||||||||||
Policy Loans | |||||||||||
Other Long-term Investments | |||||||||||
Perpetual Preferred Securities1 | |||||||||||
Private Equity Partnerships2 | |||||||||||
Other | |||||||||||
Short-term Investments | |||||||||||
Gross Investment Income | |||||||||||
Less Investment Expenses | |||||||||||
Less Investment Income on Participation Fund Account Assets | |||||||||||
Net Investment Income | $ | $ |
Three Months Ended March 31 | |||||||||||
2024 | 2023 | ||||||||||
(in millions of dollars) | |||||||||||
Fixed Maturity Securities | |||||||||||
Gross Gains on Sales | $ | $ | |||||||||
Gross Losses on Sales | ( | ( | |||||||||
Mortgage Loans and Other Invested Assets | |||||||||||
Gross Gains on Sales | |||||||||||
Change in Allowance for Credit Losses | ( | ( | |||||||||
Embedded Derivative in Modified Coinsurance Arrangement | |||||||||||
All Other Derivatives | ( | ||||||||||
Foreign Currency Transactions | ( | ||||||||||
Other | |||||||||||
Net Investment Gain (Loss) | $ | ( | $ |
March 31, 2024 | December 31, 2023 | |||||||||||||
(in millions of dollars) | ||||||||||||||
Carrying Value of Collateral Received from Counterparties | ||||||||||||||
Cash | $ | $ | ||||||||||||
Fixed Maturity Securities | ||||||||||||||
$ | $ | |||||||||||||
Carrying Value of Collateral Posted to Counterparties | ||||||||||||||
Cash | $ | $ | ||||||||||||
Fixed Maturity Securities | ||||||||||||||
$ | $ |
Carrying Amount of Hedged Assets | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets | ||||||||||||||||||||||
March 31, 2024 | December 31, 2023 | March 31, 2024 | December 31, 2023 | ||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||
Receive fixed functional currency interest, pay fixed foreign currency interest | $ | $ | $ | ( | $ | ( | |||||||||||||||||
March 31, 2024 | |||||||||||||||||
Derivative Assets | Derivative Liabilities | ||||||||||||||||
Notional Amount | Fair Value | Fair Value | |||||||||||||||
(in millions of dollars) | |||||||||||||||||
Designated as Hedging Instruments | |||||||||||||||||
Cash Flow Hedges | |||||||||||||||||
Forward Benchmark Interest Rate Locks | $ | $ | $ | ||||||||||||||
Foreign Currency Interest Rate Swaps | |||||||||||||||||
Total Cash Flow Hedges | |||||||||||||||||
Fair Value Hedges | |||||||||||||||||
Foreign Currency Interest Rate Swaps | |||||||||||||||||
Total Designated as Hedging Instruments | $ | $ | $ | ||||||||||||||
Not Designated as Hedging Instruments | |||||||||||||||||
Foreign Currency Forwards | $ | $ | $ | ||||||||||||||
Foreign Currency Interest Rate Swaps | |||||||||||||||||
Total Return Swaps | |||||||||||||||||
Embedded Derivative in Modified Coinsurance Arrangement | |||||||||||||||||
Total Not Designated as Hedging Instruments | $ | $ | $ | ||||||||||||||
Total Derivatives | $ | $ | $ |
December 31, 2023 | |||||||||||||||||
Derivative Assets | Derivative Liabilities | ||||||||||||||||
Notional Amount | Fair Value | Fair Value | |||||||||||||||
(in millions of dollars) | |||||||||||||||||
Designated as Hedging Instruments | |||||||||||||||||
Cash Flow Hedges | |||||||||||||||||
Forward Benchmark Interest Rate Locks | $ | $ | $ | ||||||||||||||
Foreign Currency Interest Rate Swaps | |||||||||||||||||
Total Cash Flow Hedges | |||||||||||||||||
Fair Value Hedges | |||||||||||||||||
Foreign Currency Interest Rate Swaps | |||||||||||||||||
Total Designated as Hedging Instruments | $ | $ | $ | ||||||||||||||
Not Designated as Hedging Instruments | |||||||||||||||||
Foreign Currency Forwards | $ | $ | $ | ||||||||||||||
Foreign Currency Interest Rate Swaps | |||||||||||||||||
Total Return Swaps | |||||||||||||||||
Embedded Derivative in Modified Coinsurance Arrangement | |||||||||||||||||
Total Not Designated as Hedging Instruments | $ | $ | $ | ||||||||||||||
Total Derivatives | $ | $ | $ |
Three Months Ended March 31 | |||||||||||||||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||||||||||||||
Net Investment Income | Net Investment Gain (Loss) | Interest and Debt Expense | Net Investment Income | Net Investment Gain (Loss) | Interest and Debt Expense | ||||||||||||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||||||||||||||
Total Income and Expense Presented in the Consolidated Statements of Income of Which Hedged Items are Recorded | $ | $ | ( | $ | $ | $ | $ | ||||||||||||||||||||||||||||
Gain (Loss) on Cash Flow Hedging Relationships | |||||||||||||||||||||||||||||||||||
Interest Rate Swaps: | |||||||||||||||||||||||||||||||||||
Hedged items | |||||||||||||||||||||||||||||||||||
Derivatives Designated as Hedging Instruments | |||||||||||||||||||||||||||||||||||
Foreign Exchange Contracts: | |||||||||||||||||||||||||||||||||||
Hedged items | |||||||||||||||||||||||||||||||||||
Derivatives Designated as Hedging Instruments | ( | ||||||||||||||||||||||||||||||||||
Forward Benchmark Interest Rate Locks: | |||||||||||||||||||||||||||||||||||
Hedged items | |||||||||||||||||||||||||||||||||||
Derivatives Designated as Hedging Instruments | ( | ||||||||||||||||||||||||||||||||||
Gain (Loss) on Fair Value Hedging Relationships | |||||||||||||||||||||||||||||||||||
Foreign Exchange Contracts | |||||||||||||||||||||||||||||||||||
Hedged items | ( | ||||||||||||||||||||||||||||||||||
Derivatives Designated as Hedging Instruments | ( | ||||||||||||||||||||||||||||||||||
Three Months Ended March 31 | ||||||||||||||
2024 | 2023 | |||||||||||||
(in millions of dollars) | ||||||||||||||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives | ||||||||||||||
Forwards | $ | ( | $ | |||||||||||
Foreign Exchange Contracts | ( | |||||||||||||
Total | $ | ( | $ | |||||||||||
Three Months Ended March 31 | |||||||||||
2024 | 2023 | ||||||||||
(in millions of dollars) | |||||||||||
Net Investment Gain (Loss) | |||||||||||
Foreign Exchange Contracts | $ | $ | ( | ||||||||
Embedded Derivative in Modified Coinsurance Arrangement | |||||||||||
Total | $ | $ | ( | ||||||||
Other Expenses | |||||||||||
(Gain) Loss on Total Return Swaps | $ | ( | $ | ( | |||||||
Net Unrealized Loss on Securities | Effect of Change in Discount Rate Assumptions on the LFPB1 | Net Gain (Loss) on Derivatives | Foreign Currency Translation Adjustment | Unrecognized Pension and Postretirement Benefit Costs | Total | ||||||||||||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||||||||||||||
Balance at December 31, 2023 | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||
Other Comprehensive Income (Loss) Before Reclassifications | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income or Loss | ( | ||||||||||||||||||||||||||||||||||
Net Other Comprehensive Income (Loss) | ( | ( | ( | ||||||||||||||||||||||||||||||||
Balance at March 31, 2024 | $ | ( | $ | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||
Balance at December 31, 2022 | $ | ( | $ | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||
Other Comprehensive Income (Loss) Before Reclassifications | ( | ( | |||||||||||||||||||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income or Loss | ( | ( | ( | ||||||||||||||||||||||||||||||||
Net Other Comprehensive Income (Loss) | ( | ( | |||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | $ | ( | $ | ( | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||
1Liability for Future Policy Benefits |
Three Months Ended March 31 | ||||||||||||||
2024 | 2023 | |||||||||||||
(in millions of dollars) | ||||||||||||||
Net Unrealized Loss on Securities | ||||||||||||||
Net Investment Gain (Loss) | ||||||||||||||
Net Gain (Loss) on Sales on Securities | $ | ( | $ | |||||||||||
Income Tax Expense (Benefit) | ( | |||||||||||||
Total | $ | ( | $ | |||||||||||
Net Gain (Loss) on Derivatives | ||||||||||||||
Net Investment Income | ||||||||||||||
Gain on Interest Rate Swaps and Forwards | $ | $ | ||||||||||||
Loss on Foreign Exchange Contracts | ( | |||||||||||||
Net Investment Gain (Loss) | ||||||||||||||
Loss on Foreign Exchange Contracts | ( | |||||||||||||
Income Tax Expense | ||||||||||||||
Total | $ | $ | ||||||||||||
Unrecognized Pension and Postretirement Benefit Costs | ||||||||||||||
Other Expenses | ||||||||||||||
Amortization of Net Actuarial Loss | $ | ( | $ | ( | ||||||||||
Amortization of Prior Service Credit | ||||||||||||||
( | ( | |||||||||||||
Income Tax Benefit | ( | ( | ||||||||||||
Total | $ | ( | $ | ( |
Consolidated | |||||||||||
March 31 | |||||||||||
2024 | 2023 | ||||||||||
(in millions of dollars) | |||||||||||
Present Value of Expected Net Premiums | |||||||||||
Balance, beginning of year | $ | $ | |||||||||
Beginning balance at original discount rate | |||||||||||
Effect of changes in cash flow assumptions | |||||||||||
Effect of actual variances from expected experience | ( | ( | |||||||||
Adjusted beginning of year balance | |||||||||||
Issuances | |||||||||||
Interest accretion | |||||||||||
Net premiums collected | ( | ( | |||||||||
Foreign currency | ( | ||||||||||
Ending balance at original discount rate | |||||||||||
Effect of change in discount rate assumptions | ( | ( | |||||||||
Balance, end of period | $ | $ | |||||||||
Present Value of Expected Future Policy Benefits | |||||||||||
Balance, beginning of year | $ | $ | |||||||||
Beginning balance at original discount rate | |||||||||||
Effect of changes in cash flow assumptions | |||||||||||
Effect of actual variances from expected experience | ( | ( | |||||||||
Adjusted beginning of year balance | |||||||||||
Issuances1 | |||||||||||
Interest accretion | |||||||||||
Benefit payments | ( | ( | |||||||||
Foreign currency | ( | ||||||||||
Ending balance at original discount rate | |||||||||||
Effect of change in discount rate assumptions | ( | ||||||||||
Balance, end of period | $ | $ | |||||||||
Net liability for future policy benefits | $ | $ | |||||||||
Other2 | |||||||||||
Total liability for future policy benefits | |||||||||||
Less: Reinsurance recoverable related to future policy benefits | |||||||||||
Net liability for future policy benefits, after reinsurance recoverable | $ | $ | |||||||||
1Issuances include new policy issuances for most product lines. For our Unum US group disability, Unum US group life and AD&D and Closed Block - All Other product lines and certain of our Unum International product lines, this line represents new claim incurrals. | |||||||||||
2Other primarily relates to our Closed Block - All Other product line. |
Consolidated | ||||||||||||||
March 31 | ||||||||||||||
2024 | 2023 | |||||||||||||
(in millions of dollars) | ||||||||||||||
Amount recognized in the statement of income: | ||||||||||||||
Gross premiums or assessments | $ | $ | ||||||||||||
Interest accretion | $ | $ |
Consolidated | |||||||||||
March 31 | |||||||||||
2024 | 2023 | ||||||||||
(in millions of dollars, except weighted average data) | |||||||||||
Amount of undiscounted: | |||||||||||
Expected future benefit payments | $ | $ | |||||||||
Expected future gross premiums | $ | $ | |||||||||
Amount of discounted (at interest accretion rate): | |||||||||||
Expected future gross premiums | $ | $ | |||||||||
Weighted average interest rate: | |||||||||||
Interest accretion rate | % | % | |||||||||
Current discount rate | % | % | |||||||||
Weighted average duration of the liability | |||||||||||
March 31, 2024 | |||||||||||||||||||||||||||||
Group Disability | Group Life and AD&D | Voluntary Benefits | Individual Disability | Total Unum US | |||||||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||||||||
Present Value of Expected Net Premiums | |||||||||||||||||||||||||||||
Balance, beginning of year | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Beginning balance at original discount rate | |||||||||||||||||||||||||||||
Effect of changes in cash flow assumptions | |||||||||||||||||||||||||||||
Effect of actual variances from expected experience | ( | ( | ( | ||||||||||||||||||||||||||
Adjusted beginning of year balance | |||||||||||||||||||||||||||||
Issuances | |||||||||||||||||||||||||||||
Interest accretion | |||||||||||||||||||||||||||||
Net premiums collected | ( | ( | ( | ||||||||||||||||||||||||||
Ending balance at original discount rate | |||||||||||||||||||||||||||||
Effect of change in discount rate assumptions | ( | ( | ( | ||||||||||||||||||||||||||
Balance, end of period | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Present Value of Expected Future Policy Benefits | |||||||||||||||||||||||||||||
Balance, beginning of year | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Beginning balance at original discount rate | |||||||||||||||||||||||||||||
Effect of changes in cash flow assumptions | |||||||||||||||||||||||||||||
Effect of actual variances from expected experience | ( | ( | ( | ( | ( | ||||||||||||||||||||||||
Adjusted beginning of year balance | |||||||||||||||||||||||||||||
Issuances1 | |||||||||||||||||||||||||||||
Interest accretion | |||||||||||||||||||||||||||||
Benefit payments | ( | ( | ( | ( | ( | ||||||||||||||||||||||||
Ending balance at original discount rate | |||||||||||||||||||||||||||||
Effect of change in discount rate assumptions | ( | ( | ( | ( | ( | ||||||||||||||||||||||||
Balance, end of period | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Net liability for future policy benefits | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||
Total liability for future policy benefits | |||||||||||||||||||||||||||||
Less: Reinsurance recoverable related to future policy benefits | |||||||||||||||||||||||||||||
Net liability for future policy benefits, after reinsurance recoverable | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
1Issuances include new policy issuances for most product lines. Issuances for Unum US group disability and Unum US group life and AD&D represents new claim incurrals. | |||||||||||||||||||||||||||||
March 31, 2023 | |||||||||||||||||||||||||||||
Group Disability | Group Life and AD&D | Voluntary Benefits | Individual Disability | Total Unum US | |||||||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||||||||
Present Value of Expected Net Premiums | |||||||||||||||||||||||||||||
Balance, beginning of year | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Beginning balance at original discount rate | |||||||||||||||||||||||||||||
Effect of changes in cash flow assumptions | |||||||||||||||||||||||||||||
Effect of actual variances from expected experience | ( | ( | ( | ||||||||||||||||||||||||||
Adjusted beginning of year balance | |||||||||||||||||||||||||||||
Issuances | |||||||||||||||||||||||||||||
Interest accretion | |||||||||||||||||||||||||||||
Net premiums collected | ( | ( | ( | ||||||||||||||||||||||||||
Ending balance at original discount rate | |||||||||||||||||||||||||||||
Effect of change in discount rate assumptions | ( | ( | ( | ||||||||||||||||||||||||||
Balance, end of period | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Present Value of Expected Future Policy Benefits | |||||||||||||||||||||||||||||
Balance, beginning of year | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Beginning balance at original discount rate | |||||||||||||||||||||||||||||
Effect of changes in cash flow assumptions | |||||||||||||||||||||||||||||
Effect of actual variances from expected experience | ( | ( | ( | ( | ( | ||||||||||||||||||||||||
Adjusted beginning of year balance | |||||||||||||||||||||||||||||
Issuances1 | |||||||||||||||||||||||||||||
Interest accretion | |||||||||||||||||||||||||||||
Benefit payments | ( | ( | ( | ( | ( | ||||||||||||||||||||||||
Ending balance at original discount rate | |||||||||||||||||||||||||||||
Effect of change in discount rate assumptions | ( | ( | ( | ( | |||||||||||||||||||||||||
Balance, end of period | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Net liability for future policy benefits | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||
Total liability for future policy benefits | |||||||||||||||||||||||||||||
Less: Reinsurance recoverable related to future policy benefits | |||||||||||||||||||||||||||||
Net liability for future policy benefits, after reinsurance recoverable | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
1Issuances include new policy issuances for most product lines. Issuances for Unum US group disability and Unum US group life and AD&D represents new claim incurrals. | |||||||||||||||||||||||||||||
March 31, 2024 | |||||||||||||||||||||||||||||
Group Disability | Group Life and AD&D | Voluntary Benefits | Individual Disability | Total Unum US | |||||||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||||||||
Amount recognized in the statement of income: | |||||||||||||||||||||||||||||
Gross premiums or assessments | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Interest accretion | $ | $ | $ | $ | $ |
March 31, 2023 | |||||||||||||||||||||||||||||
Group Disability | Group Life and AD&D | Voluntary Benefits | Individual Disability | Total Unum US | |||||||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||||||||
Amount recognized in the statement of income: | |||||||||||||||||||||||||||||
Gross premiums or assessments | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Interest accretion | $ | $ | $ | $ | $ |
March 31, 2024 | |||||||||||||||||||||||||||||
Group Disability | Group Life and AD&D | Voluntary Benefits | Individual Disability | Total Unum US | |||||||||||||||||||||||||
(in millions of dollars, except weighted average data) | |||||||||||||||||||||||||||||
Amount of undiscounted: | |||||||||||||||||||||||||||||
Expected future benefit payments | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Expected future gross premiums | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Amount of discounted (at interest accretion rate): | |||||||||||||||||||||||||||||
Expected future gross premiums | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Weighted average interest rate: | |||||||||||||||||||||||||||||
Interest accretion rate | % | % | % | % | % | ||||||||||||||||||||||||
Current discount rate | % | % | % | % | % | ||||||||||||||||||||||||
Weighted average duration of the liability |
March 31, 2023 | |||||||||||||||||||||||||||||
Group Disability | Group Life and AD&D | Voluntary Benefits | Individual Disability | Total Unum US | |||||||||||||||||||||||||
(in millions of dollars, except weighted average data) | |||||||||||||||||||||||||||||
Amount of undiscounted: | |||||||||||||||||||||||||||||
Expected future benefit payments | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Expected future gross premiums | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Amount of discounted (at interest accretion rate): | |||||||||||||||||||||||||||||
Expected future gross premiums | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Weighted average interest rate: | |||||||||||||||||||||||||||||
Interest accretion rate | % | % | % | % | % | ||||||||||||||||||||||||
Current discount rate | % | % | % | % | % | ||||||||||||||||||||||||
Weighted average duration of the liability |
March 31 | |||||||||||
2024 | 2023 | ||||||||||
(in millions of dollars) | |||||||||||
Present Value of Expected Net Premiums | |||||||||||
Balance, beginning of year | $ | $ | |||||||||
Beginning balance at original discount rate | |||||||||||
Effect of changes in cash flow assumptions | |||||||||||
Effect of actual variances from expected experience | |||||||||||
Adjusted beginning of year balance | |||||||||||
Issuances | |||||||||||
Interest accretion | |||||||||||
Net premiums collected | ( | ( | |||||||||
Foreign currency | ( | ||||||||||
Ending balance at original discount rate | |||||||||||
Effect of change in discount rate assumptions | ( | ( | |||||||||
Balance, end of period | $ | $ | |||||||||
Present Value of Expected Future Policy Benefits | |||||||||||
Balance, beginning of year | $ | $ | |||||||||
Beginning balance at original discount rate | |||||||||||
Effect of changes in cash flow assumptions | |||||||||||
Effect of actual variances from expected experience | ( | ||||||||||
Adjusted beginning of year balance | |||||||||||
Issuances1 | |||||||||||
Interest accretion | |||||||||||
Benefit payments | ( | ( | |||||||||
Foreign currency | ( | ||||||||||
Ending balance at original discount rate | |||||||||||
Effect of change in discount rate assumptions | ( | ( | |||||||||
Balance, end of period | $ | $ | |||||||||
Net liability for future policy benefits | $ | $ | |||||||||
Other | |||||||||||
Total liability for future policy benefits | |||||||||||
Less: Reinsurance recoverable related to future policy benefits | |||||||||||
Net liability for future policy benefits, after reinsurance recoverable | $ | $ | |||||||||
1Issuances for Unum International primarily represents new claim incurrals. | |||||||||||
March 31 | ||||||||||||||
2024 | 2023 | |||||||||||||
(in millions of dollars) | ||||||||||||||
Amount recognized in the statement of income: | ||||||||||||||
Gross premiums or assessments | $ | $ | ||||||||||||
Interest accretion | $ | $ |
March 31 | ||||||||||||||
2024 | 2023 | |||||||||||||
(in millions of dollars, except weighted average data) | ||||||||||||||
Amount of undiscounted: | ||||||||||||||
Expected future benefit payments | $ | $ | ||||||||||||
Expected future gross premiums | $ | $ | ||||||||||||
Amount of discounted (at interest accretion rate): | ||||||||||||||
Expected future gross premiums | $ | $ | ||||||||||||
Weighted average interest rate: | ||||||||||||||
Interest accretion rate | % | % | ||||||||||||
Current discount rate | % | % | ||||||||||||
Weighted average duration of the liability |
March 31 | |||||||||||
2024 | 2023 | ||||||||||
(in millions of dollars) | |||||||||||
Present Value of Expected Net Premiums | |||||||||||
Balance, beginning of year | $ | $ | |||||||||
Beginning balance at original discount rate | |||||||||||
Effect of changes in cash flow assumptions | |||||||||||
Effect of actual variances from expected experience | ( | ||||||||||
Adjusted beginning of year balance | |||||||||||
Issuances | |||||||||||
Interest accretion | |||||||||||
Net premiums collected | ( | ( | |||||||||
Ending balance at original discount rate | |||||||||||
Effect of change in discount rate assumptions | ( | ( | |||||||||
Balance, end of period | $ | $ | |||||||||
Present Value of Expected Future Policy Benefits | |||||||||||
Balance, beginning of year | $ | $ | |||||||||
Beginning balance at original discount rate | |||||||||||
Effect of changes in cash flow assumptions | |||||||||||
Effect of actual variances from expected experience | ( | ( | |||||||||
Adjusted beginning of year balance | |||||||||||
Issuances | |||||||||||
Interest accretion | |||||||||||
Benefit payments | ( | ( | |||||||||
Ending balance at original discount rate | |||||||||||
Effect of change in discount rate assumptions | ( | ( | |||||||||
Balance, end of period | $ | $ | |||||||||
Net liability for future policy benefits | $ | $ | |||||||||
Other | |||||||||||
Total liability for future policy benefits | |||||||||||
Less: Reinsurance recoverable related to future policy benefits | |||||||||||
Net liability for future policy benefits, after reinsurance recoverable | $ | $ | |||||||||
March 31 | |||||||||||
2024 | 2023 | ||||||||||
(in millions of dollars) | |||||||||||
Amount recognized in the statement of income: | |||||||||||
Gross premiums or assessments | $ | $ | |||||||||
Interest accretion | $ | $ |
March 31 | |||||||||||
2024 | 2023 | ||||||||||
(in millions of dollars, except weighted average data) | |||||||||||
Amount of undiscounted: | |||||||||||
Expected future benefit payments | $ | $ | |||||||||
Expected future gross premiums | $ | $ | |||||||||
Amount of discounted (at interest accretion rate): | |||||||||||
Expected future gross premiums | $ | $ | |||||||||
Weighted average interest rate: | |||||||||||
Interest accretion rate | % | % | |||||||||
Current discount rate | % | % | |||||||||
Weighted average duration of the liability |
March 31, 2024 | |||||||||||||||||
Long-term Care | All Other | Total Closed Block | |||||||||||||||
(in millions of dollars) | |||||||||||||||||
Present Value of Expected Net Premiums | |||||||||||||||||
Balance, beginning of year | $ | $ | $ | ||||||||||||||
Beginning balance at original discount rate | |||||||||||||||||
Effect of changes in cash flow assumptions | |||||||||||||||||
Effect of actual variances from expected experience | ( | ( | |||||||||||||||
Adjusted beginning of year balance | |||||||||||||||||
Interest accretion | |||||||||||||||||
Net premiums collected | ( | ( | |||||||||||||||
Ending balance at original discount rate | |||||||||||||||||
Effect of change in discount rate assumptions | |||||||||||||||||
Balance, end of period | $ | $ | $ | ||||||||||||||
Present Value of Expected Future Policy Benefits | |||||||||||||||||
Balance, beginning of year | $ | $ | $ | ||||||||||||||
Beginning balance at original discount rate | |||||||||||||||||
Effect of changes in cash flow assumptions | |||||||||||||||||
Effect of actual variances from expected experience | ( | ||||||||||||||||
Adjusted beginning of year balance | |||||||||||||||||
Issuances1 | |||||||||||||||||
Interest accretion | |||||||||||||||||
Benefit payments | ( | ( | ( | ||||||||||||||
Ending balance at original discount rate | |||||||||||||||||
Effect of change in discount rate assumptions | ( | ||||||||||||||||
Balance, end of period | $ | $ | $ | ||||||||||||||
Net liability for future policy benefits | $ | $ | $ | ||||||||||||||
Other2 | |||||||||||||||||
Total liability for future policy benefits | |||||||||||||||||
Less: Reinsurance recoverable related to future policy benefits | |||||||||||||||||
Net liability for future policy benefits, after reinsurance recoverable | $ | $ | $ | ||||||||||||||
1Issuances for Closed Block - All Other represents new claim incurrals. | |||||||||||||||||
2Other for Closed Block - All Other primarily includes our closed block group pension products and certain of our ceded closed block individual life products. | |||||||||||||||||
March 31, 2023 | |||||||||||||||||
Long-term Care | All Other | Total Closed Block | |||||||||||||||
(in millions of dollars) | |||||||||||||||||
Present Value of Expected Net Premiums | |||||||||||||||||
Balance, beginning of year | $ | $ | $ | ||||||||||||||
Beginning balance at original discount rate | |||||||||||||||||
Effect of changes in cash flow assumptions | |||||||||||||||||
Effect of actual variances from expected experience | |||||||||||||||||
Adjusted beginning of year balance | |||||||||||||||||
Interest accretion | |||||||||||||||||
Net premiums collected | ( | ( | |||||||||||||||
Ending balance at original discount rate | |||||||||||||||||
Effect of change in discount rate assumptions | |||||||||||||||||
Balance, end of period | $ | $ | $ | ||||||||||||||
Present Value of Expected Future Policy Benefits | |||||||||||||||||
Balance, beginning of year | $ | $ | $ | ||||||||||||||
Beginning balance at original discount rate | |||||||||||||||||
Effect of changes in cash flow assumptions | |||||||||||||||||
Effect of actual variances from expected experience | ( | ||||||||||||||||
Adjusted beginning of year balance | |||||||||||||||||
Issuances1 | |||||||||||||||||
Interest accretion | |||||||||||||||||
Benefit payments | ( | ( | ( | ||||||||||||||
Ending balance at original discount rate | |||||||||||||||||
Effect of change in discount rate assumptions | ( | ||||||||||||||||
Balance, end of period | $ | $ | $ | ||||||||||||||
Net liability for future policy benefits | $ | $ | $ | ||||||||||||||
Other2 | |||||||||||||||||
Total liability for future policy benefits | |||||||||||||||||
Less: Reinsurance recoverable related to future policy benefits | |||||||||||||||||
Net liability for future policy benefits, after reinsurance recoverable | $ | $ | $ | ||||||||||||||
1Issuances for Closed Block - All Other represents new claim incurrals. | |||||||||||||||||
2Other for Closed Block - All Other primarily includes our closed block group pension products and certain of our ceded closed block individual life products. | |||||||||||||||||
March 31, 2024 | |||||||||||||||||
Long-term Care | All Other | Total Closed Block | |||||||||||||||
(in millions of dollars) | |||||||||||||||||
Amount recognized in the statement of income: | |||||||||||||||||
Gross premiums or assessments | $ | $ | $ | ||||||||||||||
Interest accretion | $ | $ | $ |
March 31, 2023 | |||||||||||||||||
Long-term Care | All Other | Total Closed Block | |||||||||||||||
(in millions of dollars) | |||||||||||||||||
Amount recognized in the statement of income: | |||||||||||||||||
Gross premiums or assessments | $ | $ | $ | ||||||||||||||
Interest accretion | $ | $ | $ |
March 31, 2024 | |||||||||||||||||
Long-term Care | All Other | Total Closed Block | |||||||||||||||
(in millions of dollars, except weighted average data) | |||||||||||||||||
Amount of undiscounted: | |||||||||||||||||
Expected future benefit payments | $ | $ | $ | ||||||||||||||
Expected future gross premiums | $ | $ | $ | ||||||||||||||
Amount of discounted (at interest accretion rate): | |||||||||||||||||
Expected future gross premiums | $ | $ | $ | ||||||||||||||
Weighted average interest rate: | |||||||||||||||||
Interest accretion rate | % | % | % | ||||||||||||||
Current discount rate | % | % | |||||||||||||||
Weighted average duration of the liability |
March 31, 2023 | |||||||||||||||||
Long-term Care | All Other | Total Closed Block | |||||||||||||||
(in millions of dollars, except weighted average data) | |||||||||||||||||
Amount of undiscounted: | |||||||||||||||||
Expected future benefit payments | $ | $ | $ | ||||||||||||||
Expected future gross premiums | $ | $ | $ | ||||||||||||||
Amount of discounted (at interest accretion rate): | |||||||||||||||||
Expected future gross premiums | $ | $ | $ | ||||||||||||||
Weighted average interest rate: | |||||||||||||||||
Interest accretion rate | % | % | % | ||||||||||||||
Current discount rate | % | % | % | ||||||||||||||
Weighted average duration of the liability |
March 31 | |||||||||||
2024 | 2023 | ||||||||||
(in millions of dollars) | |||||||||||
Liability for future policy benefits | |||||||||||
Unum US1 | $ | $ | |||||||||
Unum International | |||||||||||
Colonial Life | |||||||||||
Closed Block1 | |||||||||||
Other products1 | |||||||||||
Total liability for future policy benefits | $ | $ |
March 31, 2024 | |||||||||||||||||||||||
Unum US - Voluntary Benefits | Colonial Life | Closed Block - All Other | Total | ||||||||||||||||||||
(in millions of dollars, except weighted average data) | |||||||||||||||||||||||
Balance, beginning of year | $ | $ | $ | $ | |||||||||||||||||||
Premiums received | |||||||||||||||||||||||
Policy charges1 | ( | ( | ( | ( | |||||||||||||||||||
Surrenders and withdrawals | ( | ( | ( | ( | |||||||||||||||||||
Benefit payments | ( | ( | ( | ( | |||||||||||||||||||
Interest credited | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Balance, end of period | |||||||||||||||||||||||
Reserves in excess of account balance | |||||||||||||||||||||||
Total policyholders' account balances | |||||||||||||||||||||||
Less: Reinsurance recoverable related to policyholders' account balances | |||||||||||||||||||||||
Net policyholders' account balances, after reinsurance recoverable | $ | $ | $ | $ | |||||||||||||||||||
Weighted average crediting rate | |||||||||||||||||||||||
Net amount at risk2 | $ | $ | $ | $ | |||||||||||||||||||
Cash surrender value | $ | $ | $ | $ | |||||||||||||||||||
1Contracts included in the policyholder account balances are generally charged a premium and/or monthly assessments on the basis of the account balance. | |||||||||||||||||||||||
2For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date. |
March 31, 2023 | |||||||||||||||||||||||
Unum US - Voluntary Benefits | Colonial Life | Closed Block - All Other | Total | ||||||||||||||||||||
(in millions of dollars, except weighted average data) | |||||||||||||||||||||||
Balance, beginning of year | $ | $ | $ | $ | |||||||||||||||||||
Premiums received | |||||||||||||||||||||||
Policy charges1 | ( | ( | ( | ( | |||||||||||||||||||
Surrenders and withdrawals | ( | ( | ( | ( | |||||||||||||||||||
Benefit payments | ( | ( | ( | ( | |||||||||||||||||||
Interest credited | |||||||||||||||||||||||
Other | ( | ( | ( | ||||||||||||||||||||
Balance, end of period | |||||||||||||||||||||||
Reserves in excess of account balance | |||||||||||||||||||||||
Total policyholders' account balances | |||||||||||||||||||||||
Less: Reinsurance recoverable related to policyholders' account balances | |||||||||||||||||||||||
Net policyholders' account balances, after reinsurance recoverable | $ | $ | $ | $ | |||||||||||||||||||
Weighted average crediting rate | |||||||||||||||||||||||
Net amount at risk2 | $ | $ | $ | $ | |||||||||||||||||||
Cash surrender value | $ | $ | $ | $ | |||||||||||||||||||
1Contracts included in the policyholder account balances are generally charged a premium and/or monthly assessments on the basis of the account balance. | |||||||||||||||||||||||
2For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date. |
March 31, 2024 | ||||||||||||||||||||||||||||||||
Range of Guaranteed Minimum Crediting Rate | At Guaranteed Minimum | 1 Basis Point - 50 Basis Points Above | 51 Basis Points - 150 Basis Points Above | Greater than 150 Basis Points Above | Total | |||||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||||||
Unum US - Voluntary Benefits | ||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | ||||||||||||||||||||||||||||
Colonial Life | ||||||||||||||||||||||||||||||||
Closed Block - All Other | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
March 31, 2023 | ||||||||||||||||||||||||||||||||
Range of Guaranteed Minimum Crediting Rate | At Guaranteed Minimum | 1 Basis Point - 50 Basis Points Above | 51 Basis Points - 150 Basis Points Above | Greater than 150 Basis Points Above | Total | |||||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||||||
Unum US - Voluntary Benefits | ||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | ||||||||||||||||||||||||||||
Colonial Life | ||||||||||||||||||||||||||||||||
Closed Block - All Other | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
March 31, 2024 | |||||||||||||||||||||||
Unum US | Unum International | Colonial Life | Total | ||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||
Balance, beginning of year | $ | $ | $ | $ | |||||||||||||||||||
Capitalization | |||||||||||||||||||||||
Amortization expense | ( | ( | ( | ( | |||||||||||||||||||
Foreign currency | ( | ( | |||||||||||||||||||||
Balance, end of period | $ | $ | $ | $ |
March 31, 2023 | |||||||||||||||||||||||
Unum US | Unum International | Colonial Life | Total | ||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||
Balance, beginning of year | $ | $ | $ | $ | |||||||||||||||||||
Capitalization | |||||||||||||||||||||||
Amortization expense | ( | ( | ( | ( | |||||||||||||||||||
Foreign currency | |||||||||||||||||||||||
Balance, end of period | $ | $ | $ | $ |
March 31, 2024 | |||||||||||||||||||||||||||||||||||
Group Disability | Group Life and AD&D | Voluntary Benefits | Individual Disability | Dental and Vision | Total Unum US | ||||||||||||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||||||||||||||
Balance, beginning of year | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Capitalization | |||||||||||||||||||||||||||||||||||
Amortization expense | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Balance, end of period | $ | $ | $ | $ | $ | $ |
March 31, 2023 | |||||||||||||||||||||||||||||||||||
Group Disability | Group Life and AD&D | Voluntary Benefits | Individual Disability | Dental and Vision | Total Unum US | ||||||||||||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||||||||||||||
Balance, beginning of year | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Capitalization | |||||||||||||||||||||||||||||||||||
Amortization expense | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Balance, end of period | $ | $ | $ | $ | $ | $ |
Three Months Ended March 31 | |||||||||||
2024 | 2023 | ||||||||||
(in millions of dollars) | |||||||||||
Premium Income | |||||||||||
Unum US | |||||||||||
Group Disability | |||||||||||
Group Long-term Disability | $ | $ | |||||||||
Group Short-term Disability | |||||||||||
Group Life and Accidental Death & Dismemberment | |||||||||||
Group Life | |||||||||||
Accidental Death & Dismemberment | |||||||||||
Supplemental and Voluntary | |||||||||||
Voluntary Benefits | |||||||||||
Individual Disability | |||||||||||
Dental and Vision | |||||||||||
Unum International | |||||||||||
Unum UK | |||||||||||
Group Long-term Disability | |||||||||||
Group Life | |||||||||||
Supplemental | |||||||||||
Unum Poland | |||||||||||
Colonial Life | |||||||||||
Accident, Sickness, and Disability | |||||||||||
Life | |||||||||||
Cancer and Critical Illness | |||||||||||
Closed Block | |||||||||||
Long-term Care | |||||||||||
All Other | |||||||||||
Total Premium Income | $ | $ |
Unum US | Unum International | Colonial Life | Closed Block | Corporate | Total | ||||||||||||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2024 | |||||||||||||||||||||||||||||||||||
Premium Income | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Net Investment Income | |||||||||||||||||||||||||||||||||||
Other Income | |||||||||||||||||||||||||||||||||||
Adjusted Operating Revenue | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Adjusted Operating Income (Loss) | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||
Premium Income | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Net Investment Income | |||||||||||||||||||||||||||||||||||
Other Income | |||||||||||||||||||||||||||||||||||
Adjusted Operating Revenue | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Adjusted Operating Income (Loss) | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
March 31 | December 31 | ||||||||||
2024 | 2023 | ||||||||||
(in millions of dollars) | |||||||||||
Assets | |||||||||||
Unum US | $ | $ | |||||||||
Unum International | |||||||||||
Colonial Life | |||||||||||
Closed Block | |||||||||||
Corporate | |||||||||||
Total Assets | $ | $ |
Three Months Ended March 31 | |||||||||||
2024 | 2023 | ||||||||||
(in millions of dollars) | |||||||||||
Total Revenue | $ | $ | |||||||||
Excluding: | |||||||||||
Net Investment Gain (Loss) | ( | ||||||||||
Adjusted Operating Revenue | $ | $ | |||||||||
Income Before Income Tax | $ | $ | |||||||||
Excluding: | |||||||||||
Net Investment Gain (Loss) | ( | ||||||||||
Amortization of the Cost of Reinsurance | ( | ( | |||||||||
Non-Contemporaneous Reinsurance | ( | ( | |||||||||
Adjusted Operating Income | $ | $ |
Three Months Ended March 31 | |||||||||||||||||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||||||||||||||||
U.S. Plans | U.K. Plan | OPEB | |||||||||||||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||||||||||||||
Service Cost | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Interest Cost | |||||||||||||||||||||||||||||||||||
Expected Return on Plan Assets | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Amortization of: | |||||||||||||||||||||||||||||||||||
Net Actuarial (Gain) Loss | ( | ( | |||||||||||||||||||||||||||||||||
Prior Service Credit | ( | ( | |||||||||||||||||||||||||||||||||
Total Net Periodic Benefit Cost (Credit) | $ | $ | $ | $ | $ | $ | ( | ||||||||||||||||||||||||||||
Three Months Ended March 31 | |||||||||||
2024 | 2023 | ||||||||||
(in millions of dollars, except share data) | |||||||||||
Numerator | |||||||||||
Net Income | $ | $ | |||||||||
Denominator (000s) | |||||||||||
Weighted Average Common Shares - Basic | |||||||||||
Dilution for Assumed Exercises of Nonvested Stock Awards | |||||||||||
Weighted Average Common Shares - Assuming Dilution | |||||||||||
Net Income Per Common Share | |||||||||||
Basic | $ | $ | |||||||||
Assuming Dilution | $ | $ |
October 2023 Authorization | December 2022 Authorization1 | ||||||||||
(in millions) | |||||||||||
Effective Date | January 1, 2024 | January 1, 2023 | |||||||||
Expiration Date | None | ||||||||||
Authorized Repurchase Amount | $ | $ | |||||||||
Cost of Shares Repurchased Under Repurchase Program | 121.9 | 250.0 | |||||||||
Remaining Repurchase Amount at March 31, 2024 | $ | $ |
Three Months Ended March 31 | |||||||||||
2024 | 2023 | ||||||||||
(in millions) | |||||||||||
Shares Repurchased | |||||||||||
Cost of Shares Repurchased1 | $ | $ |
Prepayment Date | Prepayment Amount | Initial Share Delivery | Forward Contract Settlement Date | Shares Delivered to Settle Forward Contract | ||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
April 2024 | $ | 1.7 | June 2024 | Not yet settled | ||||||||||||||||||||||
January 2024 | $ | 1.6 | March 2024 | 0.5 | ||||||||||||||||||||||
July 2023 | $ | 0.8 | September 2023 | 0.2 | ||||||||||||||||||||||
Page | |||||
Three Months Ended March 31 | |||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||
(in millions) | per share * | (in millions) | per share * | ||||||||||||||||||||
Net Income | $ | 395.2 | $ | 2.04 | $ | 358.3 | $ | 1.80 | |||||||||||||||
Excluding: | |||||||||||||||||||||||
Net Investment Gain (Loss) (net of tax benefit of $0.4; $—) | (0.8) | — | 0.1 | — | |||||||||||||||||||
Amortization of the Cost of Reinsurance (net of tax benefit of $2.2; $2.3) | (8.2) | (0.04) | (8.7) | (0.04) | |||||||||||||||||||
Non-Contemporaneous Reinsurance (net of tax benefit of $1.5; $1.6) | (5.7) | (0.04) | (5.7) | (0.03) | |||||||||||||||||||
After-tax Adjusted Operating Income | $ | 409.9 | $ | 2.12 | $ | 372.6 | $ | 1.87 | |||||||||||||||
*Assuming Dilution |
Three Months Ended March 31 | |||||||||||
2024 | 2023 | ||||||||||
(in millions of dollars) | |||||||||||
Total Revenue | $ | 3,200.3 | $ | 3,036.1 | |||||||
Excluding: | |||||||||||
Net Investment Gain (Loss) | (1.2) | 0.1 | |||||||||
Adjusted Operating Revenue | $ | 3,201.5 | $ | 3,036.0 | |||||||
Income Before Income Tax | $ | 495.7 | $ | 451.3 | |||||||
Excluding: | |||||||||||
Net Investment Gain (Loss) | (1.2) | 0.1 | |||||||||
Amortization of the Cost of Reinsurance | (10.4) | (11.0) | |||||||||
Non-Contemporaneous Reinsurance | (7.2) | (7.3) | |||||||||
Adjusted Operating Income | $ | 514.5 | $ | 469.5 |
(in millions of dollars) | |||||||||||||||||
Three Months Ended March 31 | |||||||||||||||||
2024 | % Change | 2023 | |||||||||||||||
Revenue | |||||||||||||||||
Premium Income | $ | 2,610.3 | 6.1 | % | $ | 2,459.3 | |||||||||||
Net Investment Income | 513.5 | 0.9 | 508.8 | ||||||||||||||
Net Investment Gain (Loss) | (1.2) | N.M | 0.1 | ||||||||||||||
Other Income | 77.7 | 14.4 | 67.9 | ||||||||||||||
Total Revenue | 3,200.3 | 5.4 | 3,036.1 | ||||||||||||||
Benefits and Expenses | |||||||||||||||||
Policy Benefits | 1,893.0 | 0.6 | 1,882.1 | ||||||||||||||
Policy Benefits - Remeasurement Gain | (107.7) | (26.1) | (145.7) | ||||||||||||||
Commissions | 313.6 | 6.7 | 293.9 | ||||||||||||||
Interest and Debt Expense | 49.5 | 2.9 | 48.1 | ||||||||||||||
Deferral of Acquisition Costs | (166.9) | 5.8 | (157.7) | ||||||||||||||
Amortization of Deferred Acquisition Costs | 126.2 | 8.9 | 115.9 | ||||||||||||||
Compensation Expense | 305.8 | 11.2 | 275.0 | ||||||||||||||
Other Expenses | 291.1 | 6.6 | 273.2 | ||||||||||||||
Total Benefits and Expenses | 2,704.6 | 4.6 | 2,584.8 | ||||||||||||||
Income Before Income Tax | 495.7 | 9.8 | 451.3 | ||||||||||||||
Income Tax | 100.5 | 8.1 | 93.0 | ||||||||||||||
Net Income | $ | 395.2 | 10.3 | $ | 358.3 | ||||||||||||
(in millions) | |||||||||||||||||
Three Months Ended March 31 | |||||||||||||||||
2024 | % Change | 2023 | |||||||||||||||
Unum US | $ | 274.1 | (0.9) | % | $ | 276.6 | |||||||||||
Unum International | $ | 45.6 | (0.4) | % | $ | 45.8 | |||||||||||
Colonial Life | $ | 103.0 | (3.6) | % | $ | 106.8 |
(in millions of dollars, except ratios) | |||||||||||||||||
Three Months Ended March 31 | |||||||||||||||||
2024 | % Change | 2023 | |||||||||||||||
Adjusted Operating Revenue | |||||||||||||||||
Premium Income | $ | 1,707.4 | 6.1 | % | $ | 1,609.6 | |||||||||||
Net Investment Income | 157.0 | (0.2) | 157.3 | ||||||||||||||
Other Income | 60.6 | 13.1 | 53.6 | ||||||||||||||
Total | 1,925.0 | 5.7 | 1,820.5 | ||||||||||||||
Benefits and Expenses | |||||||||||||||||
Policy Benefits | 1,081.7 | (4.2) | 1,129.4 | ||||||||||||||
Policy Benefits - Remeasurement Gain | (112.4) | (25.6) | (151.0) | ||||||||||||||
Commissions | 182.2 | 7.9 | 168.9 | ||||||||||||||
Deferral of Acquisition Costs | (83.3) | 5.4 | (79.0) | ||||||||||||||
Amortization of Deferred Acquisition Costs | 69.8 | 6.1 | 65.8 | ||||||||||||||
Other Expenses | 401.8 | 7.5 | 373.9 | ||||||||||||||
Total | 1,539.8 | 2.1 | 1,508.0 | ||||||||||||||
Adjusted Operating Income | $ | 385.2 | 23.3 | $ | 312.5 | ||||||||||||
Operating Ratios (% of Premium Income): | |||||||||||||||||
Benefit Ratio | 56.8 | % | 60.8 | % | |||||||||||||
Other Expense Ratio1 | 22.8 | % | 22.5 | % | |||||||||||||
Adjusted Operating Income Ratio | 22.6 | % | 19.4 | % | |||||||||||||
1Ratio of Other Expenses to Premium Income plus Unum US Group Disability Other Income, which is primarily related to fee-based services. | |||||||||||||||||
(in millions of dollars, except ratios) | |||||||||||||||||
Three Months Ended March 31 | |||||||||||||||||
2024 | % Change | 2023 | |||||||||||||||
Adjusted Operating Revenue | |||||||||||||||||
Premium Income | |||||||||||||||||
Group Long-term Disability | $ | 516.7 | 2.4 | % | $ | 504.7 | |||||||||||
Group Short-term Disability | 263.1 | 9.5 | 240.3 | ||||||||||||||
Total Premium Income | 779.8 | 4.7 | 745.0 | ||||||||||||||
Net Investment Income | 77.8 | (4.1) | 81.1 | ||||||||||||||
Other Income | 58.7 | 11.6 | 52.6 | ||||||||||||||
Total | 916.3 | 4.3 | 878.7 | ||||||||||||||
Benefits and Expenses | |||||||||||||||||
Policy Benefits | 521.6 | (5.9) | 554.5 | ||||||||||||||
Policy Benefits - Remeasurement Gain | (73.0) | (32.1) | (107.5) | ||||||||||||||
Commissions | 61.8 | 5.8 | 58.4 | ||||||||||||||
Deferral of Acquisition Costs | (16.5) | 13.0 | (14.6) | ||||||||||||||
Amortization of Deferred Acquisition Costs | 14.4 | 9.9 | 13.1 | ||||||||||||||
Other Expenses | 243.2 | 6.2 | 229.1 | ||||||||||||||
Total | 751.5 | 2.5 | 733.0 | ||||||||||||||
Adjusted Operating Income | $ | 164.8 | 13.1 | $ | 145.7 | ||||||||||||
Operating Ratios (% of Premium Income): | |||||||||||||||||
Benefit Ratio | 57.5 | % | 60.0 | % | |||||||||||||
Other Expense Ratio1 | 29.0 | % | 28.7 | % | |||||||||||||
Adjusted Operating Income Ratio | 21.1 | % | 19.6 | % | |||||||||||||
Persistency: | |||||||||||||||||
Group Long-term Disability | 93.1 | % | 90.6 | % | |||||||||||||
Group Short-term Disability | 91.3 | % | 87.2 | % | |||||||||||||
1Ratio of Other Expenses to Premium Income plus Other Income, which is primarily related to fee-based services. | |||||||||||||||||
(in millions of dollars, except ratios) | |||||||||||||||||
Three Months Ended March 31 | |||||||||||||||||
2024 | % Change | 2023 | |||||||||||||||
Adjusted Operating Revenue | |||||||||||||||||
Premium Income | |||||||||||||||||
Group Life | $ | 442.6 | 7.1 | % | $ | 413.1 | |||||||||||
Accidental Death & Dismemberment | 45.8 | 5.3 | 43.5 | ||||||||||||||
Total Premium Income | 488.4 | 7.0 | 456.6 | ||||||||||||||
Net Investment Income | 22.0 | (2.7) | 22.6 | ||||||||||||||
Other Income | 1.0 | 150.0 | 0.4 | ||||||||||||||
Total | 511.4 | 6.6 | 479.6 | ||||||||||||||
Benefits and Expenses | |||||||||||||||||
Policy Benefits | 352.3 | (3.1) | 363.5 | ||||||||||||||
Policy Benefits - Remeasurement Gain | (19.1) | (9.9) | (21.2) | ||||||||||||||
Commissions | 41.7 | 5.0 | 39.7 | ||||||||||||||
Deferral of Acquisition Costs | (10.5) | 7.1 | (9.8) | ||||||||||||||
Amortization of Deferred Acquisition Costs | 6.9 | (29.6) | 9.8 | ||||||||||||||
Other Expenses | 61.3 | 6.6 | 57.5 | ||||||||||||||
Total | 432.6 | (1.6) | 439.5 | ||||||||||||||
Adjusted Operating Income | $ | 78.8 | 96.5 | $ | 40.1 | ||||||||||||
Operating Ratios (% of Premium Income): | |||||||||||||||||
Benefit Ratio | 68.2 | % | 75.0 | % | |||||||||||||
Other Expense Ratio | 12.6 | % | 12.6 | % | |||||||||||||
Adjusted Operating Income Ratio | 16.1 | % | 8.8 | % | |||||||||||||
Persistency: | |||||||||||||||||
Group Life | 91.7 | % | 88.8 | % | |||||||||||||
Accidental Death & Dismemberment | 91.4 | % | 87.6 | % | |||||||||||||
(in millions of dollars, except ratios) | |||||||||||||||||
Three Months Ended March 31 | |||||||||||||||||
2024 | % Change | 2023 | |||||||||||||||
Adjusted Operating Revenue | |||||||||||||||||
Premium Income | |||||||||||||||||
Voluntary Benefits | $ | 222.9 | 3.9 | % | $ | 214.5 | |||||||||||
Individual Disability | 142.0 | 14.3 | 124.2 | ||||||||||||||
Dental and Vision | 74.3 | 7.2 | 69.3 | ||||||||||||||
Total Premium Income | 439.2 | 7.6 | 408.0 | ||||||||||||||
Net Investment Income | 57.2 | 6.7 | 53.6 | ||||||||||||||
Other Income | 0.9 | 50.0 | 0.6 | ||||||||||||||
Total | 497.3 | 7.6 | 462.2 | ||||||||||||||
Benefits and Expenses | |||||||||||||||||
Policy Benefits | 207.8 | (1.7) | 211.4 | ||||||||||||||
Policy Benefits - Remeasurement Gain | (20.3) | (9.0) | (22.3) | ||||||||||||||
Commissions | 78.7 | 11.2 | 70.8 | ||||||||||||||
Deferral of Acquisition Costs | (56.3) | 3.1 | (54.6) | ||||||||||||||
Amortization of Deferred Acquisition Costs | 48.5 | 13.1 | 42.9 | ||||||||||||||
Other Expenses | 97.3 | 11.5 | 87.3 | ||||||||||||||
Total | 355.7 | 6.0 | 335.5 | ||||||||||||||
Adjusted Operating Income | $ | 141.6 | 11.8 | $ | 126.7 | ||||||||||||
Operating Ratios (% of Premium Income): | |||||||||||||||||
Benefit Ratios: | |||||||||||||||||
Voluntary Benefits | 33.8 | % | 36.0 | % | |||||||||||||
Individual Disability | 41.1 | % | 45.3 | % | |||||||||||||
Dental and Vision | 72.4 | % | 80.2 | % | |||||||||||||
Other Expense Ratio | 22.2 | % | 21.4 | % | |||||||||||||
Adjusted Operating Income Ratio | 32.2 | % | 31.1 | % | |||||||||||||
Persistency: | |||||||||||||||||
Voluntary Benefits | 75.7 | % | 74.2 | % | |||||||||||||
Individual Disability | 89.2 | % | 89.2 | % | |||||||||||||
Dental and Vision | 80.5 | % | 76.9 | % | |||||||||||||
(in millions of dollars) | |||||||||||||||||
Three Months Ended March 31 | |||||||||||||||||
2024 | % Change | 2023 | |||||||||||||||
Sales by Product | |||||||||||||||||
Group Disability and Group Life and AD&D | |||||||||||||||||
Group Long-term Disability | $ | 54.6 | 1.3 | % | $ | 53.9 | |||||||||||
Group Short-term Disability | 35.9 | (3.0) | 37.0 | ||||||||||||||
Group Life and AD&D | 42.8 | 9.5 | 39.1 | ||||||||||||||
Subtotal | 133.3 | 2.5 | 130.0 | ||||||||||||||
Supplemental and Voluntary | |||||||||||||||||
Voluntary Benefits | 107.9 | (2.7) | 110.9 | ||||||||||||||
Individual Disability | 21.2 | (20.6) | 26.7 | ||||||||||||||
Dental and Vision | 11.7 | 30.0 | 9.0 | ||||||||||||||
Subtotal | 140.8 | (4.0) | 146.6 | ||||||||||||||
Total Sales | $ | 274.1 | (0.9) | $ | 276.6 | ||||||||||||
Sales by Market Sector | |||||||||||||||||
Group Disability and Group Life and AD&D | |||||||||||||||||
Core Market (< 2,000 employees) | $ | 77.3 | (8.0) | % | $ | 84.0 | |||||||||||
Large Case Market | 56.0 | 21.7 | 46.0 | ||||||||||||||
Subtotal | 133.3 | 2.5 | 130.0 | ||||||||||||||
Supplemental and Voluntary | 140.8 | (4.0) | 146.6 | ||||||||||||||
Total Sales | $ | 274.1 | (0.9) | $ | 276.6 | ||||||||||||
(in millions of dollars, except ratios) | |||||||||||||||||
Three Months Ended March 31 | |||||||||||||||||
2024 | % Change | 2023 | |||||||||||||||
Adjusted Operating Revenue | |||||||||||||||||
Premium Income | |||||||||||||||||
Unum UK | |||||||||||||||||
Group Long-term Disability | $ | 103.5 | 12.9 | % | $ | 91.7 | |||||||||||
Group Life | 48.7 | 24.2 | 39.2 | ||||||||||||||
Supplemental | 43.1 | 35.5 | 31.8 | ||||||||||||||
Unum Poland | 36.4 | 40.5 | 25.9 | ||||||||||||||
Total Premium Income | 231.7 | 22.9 | 188.6 | ||||||||||||||
Net Investment Income | 26.1 | (15.5) | 30.9 | ||||||||||||||
Other Income | 0.3 | (25.0) | 0.4 | ||||||||||||||
Total | 258.1 | 17.4 | 219.9 | ||||||||||||||
Benefits and Expenses | |||||||||||||||||
Policy Benefits | 163.9 | 24.3 | 131.9 | ||||||||||||||
Policy Benefits - Remeasurement Gain | (8.0) | 81.8 | (4.4) | ||||||||||||||
Commissions | 19.6 | 18.1 | 16.6 | ||||||||||||||
Deferral of Acquisition Costs | (4.3) | 22.9 | (3.5) | ||||||||||||||
Amortization of Deferred Acquisition Costs | 2.4 | 33.3 | 1.8 | ||||||||||||||
Other Expenses | 47.1 | 20.5 | 39.1 | ||||||||||||||
Total | 220.7 | 21.6 | 181.5 | ||||||||||||||
Adjusted Operating Income | $ | 37.4 | (2.6) | $ | 38.4 | ||||||||||||
(in millions of pounds, except ratios) | |||||||||||||||||
Three Months Ended March 31 | |||||||||||||||||
2024 | % Change | 2023 | |||||||||||||||
Adjusted Operating Revenue | |||||||||||||||||
Premium Income | |||||||||||||||||
Group Long-term Disability | £ | 81.6 | 8.1 | % | £ | 75.5 | |||||||||||
Group Life | 38.4 | 18.9 | 32.3 | ||||||||||||||
Supplemental | 34.0 | 30.3 | 26.1 | ||||||||||||||
Total Premium Income | 154.0 | 15.0 | 133.9 | ||||||||||||||
Net Investment Income | 18.4 | (22.4) | 23.7 | ||||||||||||||
Other Income | 0.1 | 100.0 | — | ||||||||||||||
Total | 172.5 | 9.5 | 157.6 | ||||||||||||||
Benefits and Expenses | |||||||||||||||||
Policy Benefits | 111.6 | 16.9 | 95.5 | ||||||||||||||
Policy Benefits - Remeasurement Gain | (6.8) | 78.9 | (3.8) | ||||||||||||||
Commissions | 9.4 | 5.6 | 8.9 | ||||||||||||||
Deferral of Acquisition Costs | (1.1) | 10.0 | (1.0) | ||||||||||||||
Amortization of Deferred Acquisition Costs | 1.4 | 27.3 | 1.1 | ||||||||||||||
Other Expenses | 29.8 | 15.1 | 25.9 | ||||||||||||||
Total | 144.3 | 14.0 | 126.6 | ||||||||||||||
Adjusted Operating Income | £ | 28.2 | (9.0) | £ | 31.0 | ||||||||||||
Weighted Average Pound/Dollar Exchange Rate | 1.266 | 1.213 | |||||||||||||||
Operating Ratios (% of Premium Income): | |||||||||||||||||
Benefit Ratio | 68.1 | % | 68.5 | % | |||||||||||||
Other Expense Ratio | 19.4 | % | 19.3 | % | |||||||||||||
Adjusted Operating Income Ratio | 18.3 | % | 23.2 | % | |||||||||||||
Persistency: | |||||||||||||||||
Group Long-term Disability | 92.7 | % | 90.1 | % | |||||||||||||
Group Life | 88.3 | % | 81.5 | % | |||||||||||||
Supplemental | 87.7 | % | 88.9 | % | |||||||||||||
(in millions of dollars and pounds) | |||||||||||||||||
Three Months Ended March 31 | |||||||||||||||||
2024 | % Change | 2023 | |||||||||||||||
Unum International Sales by Product | |||||||||||||||||
Unum UK | |||||||||||||||||
Group Long-term Disability | $ | 15.1 | 64.1 | % | $ | 9.2 | |||||||||||
Group Life | 9.9 | (38.9) | 16.2 | ||||||||||||||
Supplemental | 12.6 | 5.9 | 11.9 | ||||||||||||||
Unum Poland | 8.0 | (5.9) | 8.5 | ||||||||||||||
Total Sales | $ | 45.6 | (0.4) | $ | 45.8 | ||||||||||||
Unum International Sales by Market Sector | |||||||||||||||||
Unum UK | |||||||||||||||||
Group Long-term Disability and Group Life | |||||||||||||||||
Core Market (< 500 employees) | $ | 9.3 | (25.6) | % | $ | 12.5 | |||||||||||
Large Case Market | 15.7 | 21.7 | 12.9 | ||||||||||||||
Subtotal | 25.0 | (1.6) | 25.4 | ||||||||||||||
Supplemental | 12.6 | 5.9 | 11.9 | ||||||||||||||
Unum Poland | 8.0 | (5.9) | 8.5 | ||||||||||||||
Total Sales | $ | 45.6 | (0.4) | $ | 45.8 | ||||||||||||
Unum UK Sales by Product | |||||||||||||||||
Group Long-term Disability | £ | 11.9 | 58.7 | % | £ | 7.5 | |||||||||||
Group Life | 7.8 | (41.4) | 13.3 | ||||||||||||||
Supplemental | 9.9 | 1.0 | 9.8 | ||||||||||||||
Total Sales | £ | 29.6 | (3.3) | £ | 30.6 | ||||||||||||
Unum UK Sales by Market Sector | |||||||||||||||||
Group Long-term Disability and Group Life | |||||||||||||||||
Core Market (< 500 employees) | £ | 7.4 | (27.5) | % | £ | 10.2 | |||||||||||
Large Case Market | 12.3 | 16.0 | 10.6 | ||||||||||||||
Subtotal | 19.7 | (5.3) | 20.8 | ||||||||||||||
Supplemental | 9.9 | 1.0 | 9.8 | ||||||||||||||
Total Sales | £ | 29.6 | (3.3) | £ | 30.6 | ||||||||||||
(in millions of dollars, except ratios) | |||||||||||||||||
Three Months Ended March 31 | |||||||||||||||||
2024 | % Change | 2023 | |||||||||||||||
Adjusted Operating Revenue | |||||||||||||||||
Premium Income | |||||||||||||||||
Accident, Sickness, and Disability | $ | 243.2 | 3.2 | % | $ | 235.7 | |||||||||||
Life | 114.3 | 8.5 | 105.3 | ||||||||||||||
Cancer and Critical Illness | 89.4 | 1.0 | 88.5 | ||||||||||||||
Total Premium Income | 446.9 | 4.1 | 429.5 | ||||||||||||||
Net Investment Income | 39.3 | 5.4 | 37.3 | ||||||||||||||
Other Income | 3.0 | N.M | 0.2 | ||||||||||||||
Total | 489.2 | 4.8 | 467.0 | ||||||||||||||
Benefits and Expenses | |||||||||||||||||
Policy Benefits | 226.7 | 2.6 | 220.9 | ||||||||||||||
Policy Benefits - Remeasurement Loss (Gain) | (9.6) | N.M | 6.8 | ||||||||||||||
Commissions | 95.2 | 6.6 | 89.3 | ||||||||||||||
Deferral of Acquisition Costs | (79.3) | 5.5 | (75.2) | ||||||||||||||
Amortization of Deferred Acquisition Costs | 54.0 | 11.8 | 48.3 | ||||||||||||||
Other Expenses | 88.5 | 6.6 | 83.0 | ||||||||||||||
Total | 375.5 | 0.6 | 373.1 | ||||||||||||||
Adjusted Operating Income | $ | 113.7 | 21.1 | $ | 93.9 | ||||||||||||
Operating Ratios (% of Premium Income): | |||||||||||||||||
Benefit Ratio | 48.6 | % | 53.0 | % | |||||||||||||
Other Expense Ratio | 19.8 | % | 19.3 | % | |||||||||||||
Adjusted Operating Income Ratio | 25.4 | % | 21.9 | % | |||||||||||||
Persistency: | |||||||||||||||||
Accident, Sickness, and Disability | 73.7 | % | 72.5 | % | |||||||||||||
Life | 85.1 | % | 84.1 | % | |||||||||||||
Cancer and Critical Illness | 82.2 | % | 81.7 | % | |||||||||||||
N.M. = not a meaningful percentage |
(in millions of dollars) | |||||||||||||||||
Three Months Ended March 31 | |||||||||||||||||
2024 | % Change | 2023 | |||||||||||||||
Sales by Product | |||||||||||||||||
Accident, Sickness, and Disability | $ | 64.6 | (2.9) | % | $ | 66.5 | |||||||||||
Life | 24.8 | (5.3) | 26.2 | ||||||||||||||
Cancer and Critical Illness | 13.6 | (3.5) | 14.1 | ||||||||||||||
Total Sales | $ | 103.0 | (3.6) | $ | 106.8 | ||||||||||||
Sales by Market Sector | |||||||||||||||||
Commercial | |||||||||||||||||
Core Market (< 1,000 employees) | $ | 71.7 | (2.3) | % | $ | 73.4 | |||||||||||
Large Case Market | 9.2 | (8.9) | 10.1 | ||||||||||||||
Subtotal | 80.9 | (3.1) | 83.5 | ||||||||||||||
Public Sector | 22.1 | (5.2) | 23.3 | ||||||||||||||
Total Sales | $ | 103.0 | (3.6) | $ | 106.8 | ||||||||||||
(in millions of dollars, except ratios) | |||||||||||||||||
Three Months Ended March 31 | |||||||||||||||||
2024 | % Change | 2023 | |||||||||||||||
Adjusted Operating Revenue | |||||||||||||||||
Premium Income | |||||||||||||||||
Long-term Care | $ | 174.5 | (0.3) | % | $ | 175.1 | |||||||||||
All Other | 49.8 | (11.9) | 56.5 | ||||||||||||||
Total Premium Income | 224.3 | (3.2) | 231.6 | ||||||||||||||
Net Investment Income | 273.1 | 6.2 | 257.2 | ||||||||||||||
Other Income | 13.1 | (3.0) | 13.5 | ||||||||||||||
Total | 510.5 | 1.6 | 502.3 | ||||||||||||||
Benefits and Expenses | |||||||||||||||||
Policy Benefits | 420.7 | 5.2 | 399.9 | ||||||||||||||
Policy Benefits - Remeasurement Loss | 22.3 | N.M | 2.9 | ||||||||||||||
Commissions | 16.6 | (13.1) | 19.1 | ||||||||||||||
Other Expenses | 44.2 | 9.1 | 40.5 | ||||||||||||||
Total | 503.8 | 9.0 | 462.4 | ||||||||||||||
Income Before Income Tax and Net Investment Gains and Losses | 6.7 | (83.2) | 39.9 | ||||||||||||||
Amortization of the Cost of Reinsurance | 10.4 | (5.5) | 11.0 | ||||||||||||||
Non-Contemporaneous Reinsurance | 7.2 | (1.4) | 7.3 | ||||||||||||||
Adjusted Operating Income | $ | 24.3 | (58.2) | $ | 58.2 | ||||||||||||
Long-term Care Net Premium Ratio | 93.8 | % | 85.3 | % | |||||||||||||
Operating Ratios (% of Premium Income): | |||||||||||||||||
Other Expense Ratio 1 | 15.1 | % | 12.7 | % | |||||||||||||
Income Ratio | 3.0 | % | 17.2 | % | |||||||||||||
Adjusted Operating Income Ratio | 10.8 | % | 25.1 | % | |||||||||||||
Long-term Care Persistency | 95.3 | % | 95.4 | % | |||||||||||||
1Excludes amortization of the cost of reinsurance. | |||||||||||||||||
N.M. = not a meaningful percentage |
(in millions of dollars) | |||||||||||||||||
Three Months Ended March 31 | |||||||||||||||||
2024 | % Change | 2023 | |||||||||||||||
Adjusted Operating Revenue | |||||||||||||||||
Net Investment Income | $ | 18.0 | (31.0) | % | $ | 26.1 | |||||||||||
Other Income | 0.7 | N.M | 0.2 | ||||||||||||||
Total | 18.7 | (28.9) | 26.3 | ||||||||||||||
Interest and Other Expenses | 64.8 | 8.4 | 59.8 | ||||||||||||||
Adjusted Operating Loss | $ | (46.1) | 37.6 | $ | (33.5) | ||||||||||||
N.M. = not a meaningful percentage |
(in millions of dollars) | ||||||||||||||||||||||||||||||||||||||
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 | $ | 2,538.6 | $ | (137.8) | $ | 1,715.2 | $ | 181.8 | $ | 823.4 | $ | 44.0 | ||||||||||||||||||||||||||
Capital Goods | 3,256.2 | (121.6) | 1,898.3 | 209.6 | 1,357.9 | 88.0 | ||||||||||||||||||||||||||||||||
Communications | 2,233.5 | (81.1) | 1,125.2 | 179.0 | 1,108.3 | 97.9 | ||||||||||||||||||||||||||||||||
Consumer Cyclical | 1,397.4 | (90.9) | 971.2 | 116.6 | 426.2 | 25.7 | ||||||||||||||||||||||||||||||||
Consumer Non-Cyclical | 6,365.5 | (400.4) | 4,124.2 | 551.1 | 2,241.3 | 150.7 | ||||||||||||||||||||||||||||||||
Energy | 2,555.8 | 7.9 | 1,045.1 | 99.9 | 1,510.7 | 107.8 | ||||||||||||||||||||||||||||||||
Financial Institutions | 3,810.5 | (346.8) | 3,163.0 | 380.4 | 647.5 | 33.6 | ||||||||||||||||||||||||||||||||
Mortgage/Asset-Backed | 708.7 | (26.7) | 487.6 | 31.7 | 221.1 | 5.0 | ||||||||||||||||||||||||||||||||
Sovereigns | 826.8 | (106.1) | 417.2 | 128.3 | 409.6 | 22.2 | ||||||||||||||||||||||||||||||||
Technology | 1,439.8 | (126.8) | 1,233.4 | 138.1 | 206.4 | 11.3 | ||||||||||||||||||||||||||||||||
Transportation | 1,641.7 | (117.9) | 1,154.1 | 147.9 | 487.6 | 30.0 | ||||||||||||||||||||||||||||||||
U.S. Government Agencies and Municipalities | 4,143.1 | (420.9) | 2,581.1 | 543.5 | 1,562.0 | 122.6 | ||||||||||||||||||||||||||||||||
Public Utilities | 5,330.2 | (166.3) | 2,464.4 | 329.5 | 2,865.8 | 163.2 | ||||||||||||||||||||||||||||||||
Total | $ | 36,247.8 | $ | (2,135.4) | $ | 22,380.0 | $ | 3,037.4 | $ | 13,867.8 | $ | 902.0 |
Unrealized Loss on Investment-Grade Fixed Maturity Securities | |||||||||||||||||||||||||||||
Length of Time in Unrealized Loss Position | |||||||||||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||||||||
March 31 | December 31 | September 30 | June 30 | March 31 | |||||||||||||||||||||||||
Fair Value < 100% >= 70% of Amortized Cost | |||||||||||||||||||||||||||||
<= 90 days | $ | 48.0 | $ | 8.3 | $ | 242.2 | $ | 89.7 | $ | 38.2 | |||||||||||||||||||
> 90 <= 180 days | 8.3 | 3.5 | 152.4 | 45.9 | 14.2 | ||||||||||||||||||||||||
> 180 <= 270 days | 4.5 | 16.4 | 79.2 | 21.0 | 169.2 | ||||||||||||||||||||||||
> 270 days <= 1 year | 22.3 | 18.9 | 5.5 | 234.9 | 461.9 | ||||||||||||||||||||||||
> 1 year <= 2 years | 518.7 | 1,536.4 | 2,307.7 | 2,203.2 | 1,678.1 | ||||||||||||||||||||||||
> 2 years <= 3 years | 1,721.0 | 675.6 | 195.4 | 58.3 | 64.8 | ||||||||||||||||||||||||
> 3 years | 63.7 | 22.4 | 6.8 | 2.1 | 1.9 | ||||||||||||||||||||||||
Sub-total | 2,386.5 | 2,281.5 | 2,989.2 | 2,655.1 | 2,428.3 | ||||||||||||||||||||||||
Fair Value < 70% >= 40% of Amortized Cost | |||||||||||||||||||||||||||||
<= 90 days | — | — | — | 28.2 | — | ||||||||||||||||||||||||
> 90 <= 180 days | — | — | — | — | 5.5 | ||||||||||||||||||||||||
> 180 <= 270 days | — | — | — | 10.0 | — | ||||||||||||||||||||||||
> 270 days <= 1 year | — | — | 34.9 | — | 24.1 | ||||||||||||||||||||||||
> 1 year <= 2 years | 34.1 | 99.5 | 1,180.0 | 547.0 | 367.1 | ||||||||||||||||||||||||
> 2 years <= 3 years | 439.5 | 232.3 | 157.5 | 58.1 | 51.7 | ||||||||||||||||||||||||
> 3 years | 56.9 | 22.0 | 15.7 | — | — | ||||||||||||||||||||||||
Sub-total | 530.5 | 353.8 | 1,388.1 | 643.3 | 448.4 | ||||||||||||||||||||||||
Fair Value <= 40% of Amortized Cost | |||||||||||||||||||||||||||||
> 1 year <= 2 years | 23.3 | 22.3 | 26.7 | 16.5 | — | ||||||||||||||||||||||||
> 2 years <= 3 years | 2.8 | 2.7 | — | — | — | ||||||||||||||||||||||||
Sub-total | 26.1 | 25.0 | 26.7 | 16.5 | — | ||||||||||||||||||||||||
Total | $ | 2,943.1 | $ | 2,660.3 | $ | 4,404.0 | $ | 3,314.9 | $ | 2,876.7 |
(in millions of dollars) | |||||||||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||||||||
March 31 | December 31 | September 30 | June 30 | March 31 | |||||||||||||||||||||||||
Fair Value < 100% >= 70% of Amortized Cost | |||||||||||||||||||||||||||||
<= 90 days | $ | 0.2 | $ | 0.3 | $ | 3.7 | $ | 2.7 | $ | 1.5 | |||||||||||||||||||
> 90 <= 180 days | 0.8 | — | 2.4 | 1.2 | — | ||||||||||||||||||||||||
> 180 <= 270 days | — | 0.2 | 1.4 | — | 6.3 | ||||||||||||||||||||||||
> 270 days <= 1 year | 0.2 | 0.1 | — | 5.8 | 31.8 | ||||||||||||||||||||||||
> 1 year <= 2 years | 7.2 | 51.6 | 106.7 | 112.2 | 82.9 | ||||||||||||||||||||||||
> 2 years <= 3 years | 45.6 | 7.3 | 3.9 | — | — | ||||||||||||||||||||||||
> 3 years | 0.1 | 0.1 | 2.7 | 2.9 | 2.5 | ||||||||||||||||||||||||
Sub-total | 54.1 | 59.6 | 120.8 | 124.8 | 125.0 | ||||||||||||||||||||||||
Fair Value < 70% >= 40% of Amortized Cost | |||||||||||||||||||||||||||||
> 1 year <= 2 years | 13.9 | 26.4 | 27.7 | 1.3 | — | ||||||||||||||||||||||||
> 2 years <= 3 years | 13.5 | — | — | — | — | ||||||||||||||||||||||||
> 3 years | 12.5 | 12.9 | 15.1 | 13.8 | 13.7 | ||||||||||||||||||||||||
Sub-total | 39.9 | 39.3 | 42.8 | 15.1 | 13.7 | ||||||||||||||||||||||||
Fair Value < 40% of Amortized Cost | |||||||||||||||||||||||||||||
> 270 days <= 1 year | — | — | — | 0.1 | — | ||||||||||||||||||||||||
> 1 year <= 2 years | 0.1 | 4.5 | 10.5 | 9.5 | 11.2 | ||||||||||||||||||||||||
> 3 years | 0.2 | 0.2 | 0.2 | 0.2 | — | ||||||||||||||||||||||||
Sub-total | 0.3 | 4.7 | 10.7 | 9.8 | 11.2 | ||||||||||||||||||||||||
Total | $ | 94.3 | $ | 103.6 | $ | 174.3 | $ | 149.7 | $ | 149.9 |
Gross Unrealized Losses $10 Million or Greater on Investment-Grade Fixed Maturity Securities | ||||||||||||||||||||
As of March 31, 2024 | ||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||
Classification | Fair Value | Gross Unrealized Loss | Numbers of Issuers | |||||||||||||||||
Basic Industry | $ | 207.1 | $ | (48.3) | 4 | |||||||||||||||
Capital Goods | 42.5 | (14.1) | 1 | |||||||||||||||||
Communications | 439.6 | (81.4) | 6 | |||||||||||||||||
Consumer Cyclical | 179.5 | (43.1) | 3 | |||||||||||||||||
Consumer Non-Cyclical | 293.4 | (64.8) | 5 | |||||||||||||||||
Energy | 94.4 | (11.5) | 1 | |||||||||||||||||
Financial Institutions | 765.9 | (100.0) | 8 | |||||||||||||||||
Sovereigns | 389.3 | (119.3) | 2 | |||||||||||||||||
Technology | 295.5 | (45.6) | 4 | |||||||||||||||||
Transportation | 204.1 | (46.3) | 4 | |||||||||||||||||
U.S. Government Agencies and Municipalities | 138.9 | (22.9) | 2 | |||||||||||||||||
Public Utilities | 366.3 | (89.0) | 6 | |||||||||||||||||
Total | $ | 3,416.5 | $ | (686.3) | 46 |
October 2023 Authorization | |||||
(in millions) | |||||
Effective Date | January 1, 2024 | ||||
Expiration Date | None | ||||
Authorized Repurchase Amount | $ | 500.0 | |||
Cost of Shares Repurchased Under Repurchase Program | 121.9 | ||||
Remaining Repurchase Amount at March 31, 2024 | $ | 378.1 |
(in millions of dollars) | ||||||||||||||
Three Months Ended March 31 | ||||||||||||||
2024 | 2023 | |||||||||||||
Net Cash Provided by Operating Activities | $ | 298.3 | $ | 150.6 | ||||||||||
Net Cash Provided (Used) by Investing Activities | 17.7 | (40.5) | ||||||||||||
Net Cash Used by Financing Activities | (182.9) | (106.2) | ||||||||||||
Net Change in Cash and Bank Deposits | $ | 133.1 | $ | 3.9 |
AM Best | Fitch | Moody's | S&P | ||||||||||||||||||||
Outlook | Stable | Stable | Stable | Stable | |||||||||||||||||||
Senior Unsecured Debt Ratings | bbb+ | BBB | Baa3 | BBB | |||||||||||||||||||
Financial Strength Ratings | |||||||||||||||||||||||
Provident Life and Accident Insurance Company | A | A | A3 | A | |||||||||||||||||||
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 | |||||||||||||||||||
Unum Insurance Company | A | A | A3 | NR | |||||||||||||||||||
Provident Life and Casualty Insurance Company | A | A | NR | NR | |||||||||||||||||||
Starmount Life Insurance Company | A | NR | NR | NR | |||||||||||||||||||
Unum Limited | NR | NR | NR | A- | |||||||||||||||||||
(a) Total Number of Shares Purchased | (b) Average Price Paid per Share (1) (3) | (c) Total Number of Shares Purchased as Part of Publicly Announced Program (2) | (d) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (1) (2) (3) | ||||||||||||||||||||
January 1 - January 31, 2024 | 1,828,321 | $ | 47.80 | 1,828,321 | $ | 391,356,440 | |||||||||||||||||
February 1 - February 29, 2024 | 148,498 | 48.39 | 148,498 | 384,170,462 | |||||||||||||||||||
March 1 - March 31, 2024 | 561,678 | 48.71 | 561,678 | 378,069,219 | |||||||||||||||||||
Total | 2,538,497 | 2,538,497 | |||||||||||||||||||||
Index to Exhibits | ||||||||
(10.1) | ||||||||
(31.1) | ||||||||
(31.2) | ||||||||
(32.1) | ||||||||
(32.2) | ||||||||
(101) | The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. | |||||||
(104) | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
Unum Group | ||||||||
(Registrant) | ||||||||
Date: May 1, 2024 | By: | /s/ Steven A. Zabel | ||||||
Steven A. Zabel | ||||||||
Executive Vice President, Chief Financial Officer | ||||||||
Date: May 1, 2024 | By: | /s/ Walter L. Rice, Jr. | ||||||
Walter L. Rice, Jr. | ||||||||
Senior Vice President, Chief Accounting Officer |
Vesting Dates (Anniversaries of Grant Date) | Percentage of Total Grant Vesting | ||||
First Anniversary | 33% | ||||
Second Anniversary | 33% | ||||
Third Anniversary | 34% |
Date: [Acceptance Date] | EMPLOYEE: [Participant Name] | ||||||||||
[Signature] | |||||||||||
UNUM GROUP | |||||||||||
By: | |||||||||||
[Signature] | |||||||||||
[Name] | |||||||||||
[Title] |
Date: May 1, 2024 | /s/ Richard P. McKenney | ||||
Richard P. McKenney | |||||
President and Chief Executive Officer |
Date: May 1, 2024 | /s/ Steven A. Zabel | ||||
Steven A. Zabel | |||||
Executive Vice President, Chief Financial Officer |
Date: May 1, 2024 | /s/ Richard P. McKenney | ||||
Richard P. McKenney | |||||
President and Chief Executive Officer |
Date: May 1, 2024 | /s/ Steven A. Zabel | ||||
Steven A. Zabel | |||||
Executive Vice President, Chief Financial Officer |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Investments | ||
Amortized Cost of Fixed Maturity Securities | $ 38,385.4 | $ 38,410.6 |
Debt Securities, Available-for-sale, Allowance for credit losses for Fixed Maturity Securities | 2.2 | 2.2 |
Other Assets | ||
Premium Receivable, Allowance for Credit Loss | 30.0 | 29.5 |
Reinsurance Recoverable, Allowance for Credit Loss | $ 1.7 | $ 1.7 |
Stockholders' Equity, Number of Shares, Par Value and Other Disclosure [Abstract] | ||
Common Stock, Par Value (in dollars per share) | $ 0.10 | $ 0.10 |
Common Stock, Shares Authorized | 725,000,000 | 725,000,000 |
Common Stock, Shares Issued | 195,208,726 | 194,588,625 |
Treasury Stock, Shares at Cost | 3,755,025 | 1,216,528 |
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Revenue | ||
Premium Income | $ 2,610.3 | $ 2,459.3 |
Net Investment Income | 513.5 | 508.8 |
Net Investment Gain (Loss) | (1.2) | 0.1 |
Other Income | 77.7 | 67.9 |
Total Revenue | 3,200.3 | 3,036.1 |
Benefits and Expenses | ||
Benefits and Change in Reserves for Future Benefits | 1,893.0 | 1,882.1 |
Policy Benefits - Remeasurement Gain | (107.7) | (145.7) |
Commissions | 313.6 | 293.9 |
Interest and Debt Expense | 49.5 | 48.1 |
Deferral of Acquisition Costs | (166.9) | (157.7) |
Amortization of Deferred Acquisition Costs | 126.2 | 115.9 |
Compensation Expense | 305.8 | 275.0 |
Other Expenses | 291.1 | 273.2 |
Total Benefits and Expenses | 2,704.6 | 2,584.8 |
Income Before Income Tax | 495.7 | 451.3 |
Income Tax Expense (Benefit) | ||
Current | 87.3 | 65.6 |
Deferred | 13.2 | 27.4 |
Total Income Tax Expense | 100.5 | 93.0 |
Net Income | $ 395.2 | $ 358.3 |
Net Income Per Common Share | ||
Basic | $ 2.05 | $ 1.81 |
Assuming Dilution | $ 2.04 | $ 1.80 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Statement of Comprehensive Income [Abstract] | ||
Net Income | $ 395.2 | $ 358.3 |
Other Comprehensive Income (Loss) | ||
Change in Net Unrealized Loss on Securities (net of tax expense (benefit) of $(119.2); $219.6) | (441.7) | 823.2 |
Change in the Effect of Discount Rate Assumptions on the Liability for Future Policy Benefits, Net of Reinsurance (net of tax expense (benefit) of $234.1; $(152.9)) | 873.7 | (573.9) |
Change in Net Gain (Loss) on Derivatives (net of tax expense (benefit) of $(14.1); $4.7) | (53.3) | 17.4 |
Change in Foreign Currency Translation Adjustment (net of tax expense (benefit) of $0.3; $(0.2)) | (11.5) | 24.7 |
Change in Unrecognized Pension and Postretirement Benefit Costs (net of tax expense (benefit) of $9.4; $(1.6)) | (0.8) | 5.4 |
Total Other Comprehensive Income | 368.0 | 286.0 |
Comprehensive Income | $ 763.2 | $ 644.3 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Statement of Comprehensive Income [Abstract] | ||
Change in Net Unrealized Gain on Securities Before Adjustment, Tax expense (benefit) | $ (119.2) | $ 219.6 |
Change in the Effect of Discount Rate ASsumptions on the LIability for Future Policy Benefits, Net of Reinsurance net of tax expense (benefit) | 234.1 | (152.9) |
Change in Net Gain on Hedges, Tax Benefit | (14.1) | 4.7 |
Change in Foreign Currency Translation Adjustment, Tax Expense | 0.3 | (0.2) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | $ 9.4 | $ (1.6) |
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Millions |
Total |
Common Stock |
Additional Paid-in Capital |
Accumulated Other Comprehensive Loss |
Retained Earnings |
Treasury Stock, Common |
|||
---|---|---|---|---|---|---|---|---|---|
Balance at Beginning of Year at Dec. 31, 2022 | $ 30.8 | $ 2,441.0 | $ (3,448.3) | $ 13,141.3 | $ (3,429.8) | ||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Common Stock Activity | 0.1 | 9.2 | |||||||
Other Comprehensive Income | $ 286.0 | 286.0 | |||||||
Net Income | 358.3 | 358.3 | |||||||
Dividends to Stockholders (per common share: $0.365; $0.330) | (69.2) | ||||||||
Cost of Shares Repurchased | (53.6) | [1] | (53.6) | ||||||
Balance at End of Year at Mar. 31, 2023 | 9,247.4 | 30.9 | 2,431.8 | (3,162.3) | 13,430.4 | (3,483.4) | |||
Balance at Beginning of Year at Dec. 31, 2023 | 9,651.4 | 19.4 | 1,547.8 | (3,308.0) | 11,431.5 | (39.3) | |||
Increase (Decrease) in Stockholders' Equity | |||||||||
Common Stock Activity | 0.1 | (0.4) | |||||||
Other Comprehensive Income | 368.0 | 368.0 | |||||||
Net Income | 395.2 | 395.2 | |||||||
Dividends to Stockholders (per common share: $0.365; $0.330) | (72.6) | ||||||||
Cost of Shares Repurchased | (123.0) | [1] | (123.0) | ||||||
Balance at End of Year at Mar. 31, 2024 | $ 10,219.5 | $ 19.5 | $ 1,548.2 | $ (2,940.0) | $ 11,754.1 | $ (162.3) | |||
|
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Statement of Stockholders' Equity [Abstract] | ||
Dividends to Stockholders (per common share: $0.365; $0.330) | $ 0.365 | $ 0.330 |
Basis of Presentation |
3 Months Ended |
---|---|
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying consolidated financial statements of Unum Group and its subsidiaries (the Company) have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. For further information, refer to the consolidated financial statements and footnotes included in our annual report on Form 10-K for the year ended December 31, 2023. In our opinion, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Interim results are not necessarily indicative of full year performance.
|
Accounting Developments |
3 Months Ended |
---|---|
Mar. 31, 2024 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Developments | Accounting Updates Adopted in 2023: ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures The amendments in this update eliminated the troubled debt restructuring recognition and measurement guidance and instead required that an entity evaluate whether the modification represents a new loan or the continuation of an existing loan. The amendments also enhanced the disclosure requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. In addition, the amendments in this update required that an entity disclose current-period gross write-offs by year of origination for financing receivables and net investment in leases. The amendments in this update were applied prospectively in the period of adoption as of January 1, 2023. The adoption of this update modified our disclosures but did not have an impact on our financial position or results of operations. ASU 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts and related amendments This update significantly amended the accounting and disclosure requirements for long-duration insurance contracts. These changes included a requirement to review, and if necessary, update cash flow assumptions used to measure the liability for future policy benefits for traditional and limited-payment contracts at least annually, with changes recognized in earnings. In addition, an entity is required to update the discount rate assumption at each reporting date using a yield that is reflective of an upper-medium grade fixed-income instrument with changes recognized in other comprehensive income (loss) (OCI). These changes resulted in the elimination of the provision for risk of adverse deviation and premium deficiency (or loss recognition) testing for traditional long-duration insurance contracts. The update also required that an entity measure all market risk benefits associated with deposit contracts at fair value, with changes recognized in earnings except for the portion attributable to a change in the instrument-specific credit risk, which is to be recognized in OCI. This update also simplified the amortization of deferred acquisition costs by requiring amortization on a constant level basis over the expected term of the related contracts. Deferred acquisition costs are required to be written off for unexpected contract terminations, but are no longer subject to an impairment test. Significant additional disclosures are required, which include disaggregated rollforwards of certain liability balances and the disclosure of qualitative and quantitative information about expected cash flows, estimates, and assumptions. We do not have products with market risk benefits. 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. All historically reported information included in our consolidated financial statements and accompanying footnotes were adjusted as of the transition date to reflect the modified retrospective adoption of ASU 2018-12. Accounting Updates Outstanding: ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting and related amendments The amendments in this update provide optional guidance, for a limited period of time, to ease the potential burden in accounting for and recognizing the effects of reference rate reform on financial reporting. The guidance allows for various practical expedients and exceptions when applying GAAP to contracts, hedging relationships, and other transactions affected either by discontinued rates as a direct result of reference rate reform or a market-wide change in interest rates used for discounting, margining or contract price alignment, if certain criteria are met. Specifically, the guidance provides certain practical expedients for contract modifications, fair value hedges, and cash flow hedges, and also provides certain exceptions related to changes in the critical terms of a hedging relationship. The guidance also allows for a one-time election to sell or transfer debt securities that were both classified as held-to-maturity prior to January 1, 2020 and reference a rate affected by the reform. The adoption of this update is permitted as of the beginning of the interim period that includes March 12, 2020 (the issuance date of the update), or any date thereafter, through December 31, 2024, at which point the guidance will sunset. We have elected practical expedients for contracts impacted by reference rate reform which did not result in a material impact on our financial position or results of operations. We will continue to monitor our contracts and hedging relationships throughout the adoption period. ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures The amendments in this update enhance disclosures of significant expenses for reportable segments. Specifically, the update adds a requirement to disclose significant expenses that are regularly provided to the Chief Operating Decision Maker (CODM) and are included in each reported measure of segment profit or loss. This update will require the disclosure of the title and position of the CODM as well as an explanation of how they use the reported measure(s) to assess segment performance and make decisions about allocating resources. The update also requires the disclosure of the amount and composition of other segment items, which is the difference between reported segment revenues less the significant segment expenses. The amendments in this update allow for the disclosure of more than one measure of segment profit or loss, provided that at least one of the reported measures includes the segment profit or loss measure that is most consistent with GAAP measurement principles. We will adopt this update effective for the annual period ended December 31, 2024 and for the interim period beginning January 1, 2025 using a retrospective approach. The adoption of this update will not have an impact on our financial position or results of operations, but will expand our disclosures effective for the annual period ended December 31, 2024 and subsequent interim periods. ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures The amendments in this update require greater disaggregation of income tax disclosures related to the income tax rate reconciliation and income taxes paid. Specifically, the guidance requires additional information that meet a quantitative threshold in specified categories with respect to the reconciliation of the effective tax rate to the statutory tax rate for federal, state, and foreign income taxes. The specified categories are the following: state and local income taxes, foreign tax effects, effect of cross-border tax laws, enactment of new tax laws, nontaxable or nondeductible items, tax credits, changes in valuation allowances, and changes in unrecognized tax benefits. The quantitative threshold for each category is five percent of the amount computed by multiplying income (or loss) from continuing operations before income taxes by the statutory federal income tax rate. In addition, the amendments require additional information pertaining to income taxes paid, net of refunds, to be disaggregated by federal, state and foreign jurisdictions, and further disaggregated for specific jurisdictions to the extent the related amounts exceed a quantitative threshold of five percent of total income taxes paid. The amendments also require disclosures of income (or loss) before income tax expense (or benefit) as domestic or foreign for each annual reporting period. The amendments eliminate the historic requirement to disclose information regarding unrecognized tax benefits having a reasonable possibility of significantly increasing or decreasing in the twelve months following the reporting date, as well as the requirement to disclose the cumulative temporary differences when a deferred tax liability is not recognized due to certain exceptions under ASC 740. The adoption of these amendments is permitted on a prospective basis or a retrospective basis. We will adopt this update effective for the annual period beginning January 1, 2025, and the interim period beginning January 1, 2026. The adoption of this update will modify our disclosures but will not have an impact on our financial position or results of operations.
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Fair Values of Financial Instruments |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Values of Financial Instruments | Fair Value Measurements for Financial Instruments Carried at Fair Value We report fixed maturity securities, which are classified as available-for-sale securities, derivative financial instruments, and unrestricted equity securities at fair value in our consolidated balance sheets. We report our investments in private equity partnerships at our share of the partnerships' net asset value per share or its equivalent (NAV) as a practical expedient for fair value. The degree of judgment utilized in measuring the fair value of financial instruments generally correlates to the level of pricing observability. Financial instruments with readily available active quoted prices or for which fair value can be measured from actively quoted prices in active markets generally have more pricing observability and less judgment utilized in measuring fair value. An active market for a financial instrument is a market in which transactions for an asset or a similar asset occur with sufficient frequency and volume to provide pricing information on an ongoing basis. A quoted price in an active market provides the most reliable evidence of fair value and should be used to measure fair value whenever available. Conversely, financial instruments rarely traded or not quoted have less observability and are measured at fair value using valuation techniques that require more judgment. Pricing observability is generally impacted by a number of factors, including the type of financial instrument, whether the financial instrument is new to the market and not yet established, the characteristics specific to the transaction, and overall market conditions. We classify financial instruments in accordance with a fair value hierarchy consisting of three levels based on the observability of valuation inputs: •Level 1 - the highest category of the fair value hierarchy classification wherein inputs are unadjusted and represent quoted prices in active markets for identical assets or liabilities at the measurement date. •Level 2 - valued using inputs (other than prices included in Level 1) that are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument's anticipated life. •Level 3 - the lowest category of the fair value hierarchy and reflects the judgment of management regarding what market participants would use in pricing assets or liabilities at the measurement date. Financial assets and liabilities categorized as Level 3 are generally those that are valued using unobservable inputs to extrapolate an estimated fair value. Valuation Methodologies of Financial Instruments Measured at Fair Value Valuation techniques used for assets and liabilities accounted for at fair value are generally categorized into three types. The market approach uses prices and other relevant information from market transactions involving identical or comparable assets or liabilities. The income approach converts future amounts, such as cash flows or earnings, to a single present amount, or a discounted amount. The cost approach is based upon the amount that currently would be required to replace the service capacity of an asset, or the current replacement cost. We use valuation techniques that are appropriate in the circumstances and for which sufficient data are available that can be obtained without undue cost and effort. In some cases, a single valuation technique will be appropriate (for example, when valuing an asset or liability using quoted prices in an active market for identical assets or liabilities). In other cases, multiple valuation techniques will be appropriate. If we use multiple valuation techniques to measure fair value, we evaluate and weigh the results, as appropriate, considering the reasonableness of the range indicated by those results. A fair value measurement is the point within that range that is most representative of fair value in the circumstances. The selection of the valuation method(s) to apply considers the definition of an exit price and depends on the nature of the asset or liability being valued. For assets and liabilities accounted for at fair value, we generally use valuation techniques consistent with the market approach, and to a lesser extent, the income approach. We believe the market approach provides more observable data than the income approach, considering the type of investments we hold. Our fair value measurements could differ significantly based on the valuation technique and available inputs. When using a pricing service, we obtain the vendor's pricing documentation to ensure we understand their methodologies. We periodically review and approve the selection of our pricing vendors to ensure we are in agreement with their current methodologies. When markets are less active, brokers may rely more on models with inputs based on the information available only to the broker. Our internal investment management professionals, which include portfolio managers and analysts, monitor securities priced by brokers and evaluate their prices for reasonableness based on benchmarking to available primary and secondary market information. In weighing a broker quote as an input to fair value, we place less reliance on quotes that do not reflect the result of market transactions. We also consider the nature of the quote, particularly whether it is a bid or market quote. If prices in an inactive market do not reflect current prices for the same or similar assets, adjustments may be necessary to arrive at fair value. When relevant market data is unavailable, which may be the case during periods of market uncertainty, the income approach can, in suitable circumstances, provide a more appropriate fair value. During 2024, we have applied valuation approaches and techniques on a consistent basis to similar assets and liabilities and consistent with those approaches and techniques used at year end 2023. Fixed Maturity and Equity Securities We use observable and unobservable inputs in measuring the fair value of our fixed maturity and equity securities. For securities categorized as Level 1, fair values equal active Trade Reporting and Compliance Engine (TRACE) pricing or unadjusted market maker prices. For securities categorized as Level 2 or Level 3, inputs that may be used in valuing each class of securities at any given time period are disclosed below. Actual inputs used to determine fair values will vary for each reporting period depending on the availability of inputs which may, at times, be affected by the lack of market liquidity.
The management of our investment portfolio includes establishing pricing policy and reviewing the reasonableness of sources and inputs used in developing pricing. We review all prices that vary between multiple pricing vendors by a threshold that is outside a normal market range for the asset type. In the event we receive a vendor's market price that does not appear reasonable based on our market analysis, we may challenge the price and request further information about the assumptions and methodologies used by the vendor to price the security. We may change the selected price based on a better data source such as an actual trade. We also review all prices that did not change from the prior month to ensure that these prices are within our expectations. The overall valuation process for determining fair values may include adjustments to valuations obtained from our pricing sources when they do not represent a valid exit price. These adjustments may be made when, in our judgment and considering our knowledge of the financial conditions and industry in which the issuer operates, certain features of the financial instrument require that an adjustment be made to the value originally obtained from our pricing sources. These features may include the complexity of the financial instrument, the market in which the financial instrument is traded, counterparty credit risk, credit structure, concentration, or liquidity. Additionally, an adjustment to the price derived from a model typically reflects our judgment of the inputs that other participants in the market for the financial instrument being measured at fair value would consider in pricing that same financial instrument. In the event an asset is sold, we test the validity of the fair value determined by our valuation techniques by comparing the selling price to the fair value determined for the asset in the immediately preceding month end reporting period. Certain of our investments do not have readily determinable market prices and/or observable inputs or may at times be affected by the lack of market liquidity. For these securities, we use internally prepared valuations, including valuations based on estimates of future profitability, to estimate the fair value. Additionally, we may obtain prices from independent third-party brokers to aid in establishing valuations for certain of these securities. Key assumptions used by us to determine fair value for these securities include risk free interest rates, risk premiums, performance of underlying collateral (if any), and other factors involving significant assumptions which may or may not reflect those of an active market. The parameters and inputs used to validate a price on a security may be adjusted for assumptions about risk and current market conditions on a quarter to quarter basis, as certain features may be more significant drivers of valuation at the time of pricing. Changes to inputs in valuations are not changes to valuation methodologies; rather, the inputs are modified to reflect direct or indirect impacts on asset classes from changes in market conditions. At March 31, 2024, approximately 25.7 percent of our fixed maturity securities were valued using active trades from TRACE pricing or broker market maker prices for which there was current market activity in that specific security (comparable to receiving one binding quote). The prices obtained were not adjusted, and the assets were classified as Level 1. The remaining 74.3 percent of our fixed maturity securities were valued based on non-binding quotes or other observable and unobservable inputs, as discussed below: •58.5 percent of our fixed maturity securities were valued based on prices from pricing services that generally use observable inputs such as prices for securities or comparable securities in active markets in their valuation techniques. These assets were classified as Level 2. •15.1 percent of our fixed maturity securities were valued based on one or more non-binding broker quotes, if validated by observable market data. When only one price is available, it is used if observable inputs and analysis confirms that it is appropriate. These assets, for which we were able to validate the price using other observable market data, were classified as Level 2. •0.7 percent of our fixed maturity securities were valued based on prices of comparable securities, internal models, or pricing services or other non-binding quotes with no other observable market data. These assets were classified as either Level 2 or Level 3, with the categorization dependent on whether there was other observable market data. Derivatives Fair values for derivatives other than embedded derivatives in modified coinsurance arrangements are based on market quotes or pricing models and represent the net amount of cash we would have paid or received if the contracts had been settled or closed as of the last day of the period. Credit risk related to the counterparty and the Company is considered in determining the fair values of these derivatives. However, since we have collateralization agreements in place with each counterparty which limits our exposure, any credit risk is immaterial. Therefore, we determined that no adjustments for credit risk were required as of March 31, 2024 or December 31, 2023. Fair values for our embedded derivative in a modified coinsurance arrangement are estimated using internal pricing models and represent the hypothetical value of the duration mismatch of assets and liabilities, interest rate risk, and third party credit risk embedded in the modified coinsurance arrangement. We consider transactions in inactive markets to be less representative of fair value. We use all available observable inputs when measuring fair value, but when significant unobservable inputs are used, we classify these assets or liabilities as Level 3. Private Equity Partnerships Our private equity partnerships represent funds that are primarily invested in private credit, private equity, and real assets, as described below. Distributions received from the funds arise from income generated by the underlying investments as well as the liquidation of the underlying investments. There is generally not a public market for these investments. The following tables present additional information about our private equity partnerships, including commitments for additional investments which may or may not be funded:
(a)Private Credit - The limited partnerships described in this category employ various investment strategies, generally providing direct lending or other forms of debt financing including first-lien, second-lien, mezzanine, and subordinated loans. The limited partnerships have credit exposure to corporates, physical assets, and/or financial assets within a variety of industries (including manufacturing, healthcare, energy, business services, technology, materials, and retail) in North America and, to a lesser extent, outside of North America. As of March 31, 2024, the estimated remaining life of the investments that do not allow for redemptions is approximately 75 percent in the next 3 years, 19 percent during the period from 3 to 5 years, and 6 percent during the period from 5 to 10 years. (b)Private Equity - The limited partnerships described in this category employ various strategies generally investing in controlling or minority control equity positions directly in companies and/or assets across various industries (including manufacturing, healthcare, energy, business services, technology, materials, and retail), primarily in private markets within North America and, to a lesser extent, outside of North America. As of March 31, 2024, the estimated remaining life of the investments that do not allow for redemptions is approximately 33 percent in the next 3 years, 29 percent during the period from 3 to 5 years, and 38 percent during the period from 5 to 10 years. (c)Real Assets - The limited partnerships described in this category employ various strategies, which include investing in the equity and/or debt financing of physical assets, including infrastructure (energy, power, water/wastewater, communications), transportation (including airports, ports, toll roads, aircraft, railcars) and real estate in North America, Europe, South America, and Asia. As of March 31, 2024, the estimated remaining life of the investments that do not allow for redemptions is approximately 34 percent in the next 3 years, 28 percent during period from 3 to 5 years, 37 percent during the period from 5 to 10 years, and 1 percent during the period from 10 to 15 years. We record changes in our share of net asset value of the partnerships in net investment income. We receive financial information related to our investments in partnerships and generally record investment income on a one-quarter lag in accordance with our accounting policy. Our partnerships are subject to transfer restrictions which extend over the life of the investment. There are no circumstances in which the transfer restrictions would lapse. The following tables present information about financial instruments measured at fair value on a recurring basis by fair value level, based on the observability of the inputs used:
Changes in assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) are as follows:
Realized and unrealized investment gains and losses presented in the preceding tables represent gains and losses only for the time during which the applicable financial instruments were classified as Level 3. The transfers between levels resulted primarily from a change in observability of three inputs used to determine fair values of the securities transferred: (1) transactional data for new issuance and secondary trades, (2) broker/dealer quotes and pricing, primarily related to changes in the level of activity in the market and whether the market was considered orderly, and (3) comparable bond metrics from which to perform an analysis. For fair value measurements of financial instruments that were transferred either into or out of Level 3, we reflect the transfers using the fair value at the beginning of the period. We believe this allows for greater transparency, as all changes in fair value that arise during the reporting period of the transfer are disclosed as a component of our Level 3 reconciliation. The table below provides quantitative information regarding the significant unobservable inputs used in Level 3 fair value measurements derived from internal models. Unobservable inputs for fixed maturity securities are weighted by the fair value of the securities. Certain securities classified as Level 3 are excluded from the table below due to limitations in our ability to obtain the underlying inputs used by external pricing sources.
(a)Represents basis point adjustments for credit-specific factors (b)Represents a decision to price based on par value, cost, owner's equity, or the price of the most recent capital funding round when limited data is available (c)Represents various actuarial assumptions required to derive the liability cash flows. Fair value of embedded derivative is most often driven by the change in the weighted average credit spread to the swap curve for the assets backing the hypothetical loan Other than market convention, the impact of isolated decreases in unobservable inputs will result in a higher estimated fair value, whereas isolated increases in unobservable inputs will result in a lower estimated fair value. The unobservable input for market convention is not sensitive to input movements. The projected liability cash flows used in the fair value measurement of our Level 3 embedded derivative are based on expected claim payments. If claim payments increase, the projected liability cash flows will increase, resulting in a decrease in the fair value of the embedded derivative. Decreases in projected liability cash flows will result in an increase in the fair value of the embedded derivative. Fair Value Measurements for Financial Instruments Not Carried at Fair Value The methods and assumptions used to estimate fair values of financial instruments not carried at fair value are discussed as follows: Mortgage Loans: Fair value of newly originated, seasoned performing, or sub-performing but likely to continue cash flowing loans are calculated using a discounted cash flow analysis. Loans’ cash flows are modeled and appropriately discounted by a rate based on current yields and credit spreads. For sub and non-performing loans where there is some probability the loan will not continue to pay, a price based approach would be used to estimate the loan’s value in the open market utilizing current transaction information from similar loans. Policy Loans: Fair values for policy loans, net of reinsurance ceded, are estimated using discounted cash flow analyses and interest rates currently being offered to policyholders with similar policies. Carrying amounts for ceded policy loans, which equal $3,286.5 million and $3,322.5 million as of March 31, 2024 and December 31, 2023, respectively, approximate fair value and are reported on a gross basis in our consolidated balance sheets. A change in interest rates for ceded policy loans will not impact our financial position because the benefits and risks are fully ceded to reinsuring counterparties. Miscellaneous Long-term Investments: Carrying amounts for tax credit partnerships equal the unamortized balance of our contractual commitments and approximate fair value. Our shares of Federal Home Loan Bank (FHLB) common stock are carried at cost, which approximates fair value. Long-term Debt: Fair values for long-term debt are obtained from independent pricing services or discounted cash flow analyses based on current incremental borrowing rates for similar types of borrowing arrangements. FHLB Funding Agreements: Funding agreements with the FHLB represent cash advances used for the purpose of investing in fixed maturity securities. Carrying amounts approximate fair value. Unfunded Commitments to Investment Partnerships: Unfunded equity commitments represent amounts that we have committed to fund certain investment partnerships. These commitments are legally binding, subject to the partnerships meeting specified conditions. Carrying amounts of these financial instruments approximate fair value. The following table presents the carrying amounts and estimated fair values of our financial instruments not measured at fair value and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used:
The carrying values of financial instruments such as short-term investments, cash and bank deposits, accounts and premiums receivable, accrued investment income, securities lending agreements, and short-term debt approximate fair value due to the short-term nature of the instruments. As such, these financial instruments are not included in the above chart. Fair values for insurance contracts other than investment contracts are not required to be disclosed. However, the fair values of liabilities under all insurance contracts are taken into consideration in our overall management of interest rate risk, which seeks to minimize exposure to changing interest rates through the matching of investment maturities with amounts due under insurance contracts.
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | Fixed Maturity Securities At March 31, 2024 and December 31, 2023, all fixed maturity securities were classified as available-for-sale. The amortized cost and fair values of securities by security type are shown as follows:
The following charts indicate the length of time our fixed maturity securities have been in a gross unrealized loss position.
The following is a distribution of the maturity dates for fixed maturity securities. The maturity dates have not been adjusted for possible calls or prepayments.
The following chart depicts an analysis of our fixed maturity security portfolio between investment-grade and below-investment-grade categories as of March 31, 2024:
The unrealized losses on investment-grade fixed maturity securities principally relate to changes in interest rates or changes in market or sector credit spreads which occurred subsequent to the acquisition of the securities. Below-investment-grade fixed maturity securities are generally more likely to develop credit concerns than investment-grade securities. At March 31, 2024, the unrealized losses in our below-investment-grade fixed maturity securities were generally due to credit spreads in certain industries or sectors and, to a lesser extent, credit concerns related to specific securities. For each specific security in an unrealized loss position, we believe that there are positive factors which mitigate credit concerns and that the securities for which we have not recorded a credit loss will recover in value. We have the ability and intent to continue to hold these securities to recovery of amortized cost less allowance for credit losses. As of March 31, 2024, we held 903 individual investment-grade fixed maturity securities and 75 individual below-investment-grade fixed maturity securities that were in an unrealized loss position, of which 826 investment-grade fixed maturity securities and 70 below-investment-grade fixed maturity securities had been in an unrealized loss position continuously for over one year. In determining when a decline in fair value below amortized cost of a fixed maturity security represents a credit loss, we evaluate the following factors: •Whether we expect to recover the entire amortized cost basis of the security •Whether we intend to sell the security or will be required to sell the security before the recovery of its amortized cost basis •Whether the security is current as to principal and interest payments •The significance of the decline in value •Current and future business prospects and trends of earnings •The valuation of the security's underlying collateral •Relevant industry conditions and trends relative to their historical cycles •Market conditions •Rating agency and governmental actions •Bid and offering prices and the level of trading activity •Adverse changes in estimated cash flows for securitized investments •Changes in fair value subsequent to the balance sheet date •Any other key measures for the related security While determining whether a credit loss exists is a judgmental area, we utilize a formal, well-defined, and disciplined process to monitor and evaluate our fixed income investment portfolio, supported by issuer specific research and documentation as of the end of each period. The process results in a thorough evaluation of investments and the recording of credit losses on a timely basis for investments determined to have a credit loss. We calculate the allowance for credit losses of fixed maturity securities based on the present value of our best estimate of cash flows expected to be collected, discounted using the effective interest rate implicit in the security at the date of acquisition. When estimating future cash flows, we analyze the strength of the issuer’s balance sheet, its debt obligations and near-term funding arrangements, cash flow and liquidity, the profitability of its core businesses, the availability of marketable assets which could be sold to increase liquidity, its industry fundamentals and regulatory environment, and its access to capital markets. The following table presents a rollforward of the allowance for credit losses on available-for-sale fixed maturity securities, which were classified as "all other corporate bonds" during the three months ended March 31, 2023.
At March 31, 2024, we had commitments of $74.5 million to fund private placement fixed maturity securities, the amount of which may or may not be funded. Variable Interest Entities We invest in variable interests issued by variable interest entities. These investments, which are passive in nature, include minority ownership interests in private equity partnerships, tax credit partnerships, and special purpose entities. Our maximum exposure to loss is limited to the carrying value of these investments in private equity partnerships, tax credit partnerships, and special purpose entities. For those variable interests that are not consolidated in our financial statements, we are not the primary beneficiary because we have neither the power to direct the activities that are most significant to economic performance nor the responsibility to absorb a majority of the expected losses. The determination of whether we are the primary beneficiary is performed at the time of our initial investment and at the date of each subsequent reporting period. As of March 31, 2024, the carrying amount of our variable interest entity investments that are not consolidated in our financial statements was $1,370.6 million, comprised of $0.3 million of tax credit partnerships and $1,370.3 million of private equity partnerships. At December 31, 2023, the carrying amount of our variable interest entity investments that are not consolidated in our financial statements was $1,326.5 million, comprised of $0.3 million of tax credit partnerships and $1,326.2 million of private equity partnerships. These variable interest entity investments are reported as other long-term investments in our consolidated balance sheets. Mortgage Loans Our mortgage loan portfolio is well diversified by both geographic region and property type to reduce risk of concentration. All of our mortgage loans are collateralized by commercial real estate. When issuing a new loan, our general policy is not to exceed a loan-to-value ratio, or the ratio of the loan balance to the estimated fair value of the underlying collateral, of 75 percent. We update the loan-to-value ratios based on internal valuation of the collateral at least every three years for each loan, and properties undergo a general inspection at least every two years. Our general policy for newly issued loans is to have a debt service coverage ratio greater than 1.25 times on a normalized 25 year amortization period. We update our debt service coverage ratios annually. We carry our mortgage loans at amortized cost less an allowance for expected credit losses. The amortized cost of our mortgage loans was $2,309.5 million and $2,328.4 million at March 31, 2024 and December 31, 2023, respectively. The allowance for expected credit losses was $10.7 million and $10.2 million at March 31, 2024 and December 31, 2023, respectively. Interest income is accrued on the principal amount of the loan based on the loan's contractual interest rate. We report accrued interest income for our mortgage loans as accrued investment income on our consolidated balance sheets, and the amount of the accrued income was $7.2 million at both March 31, 2024 and December 31, 2023. The carrying amount of mortgage loans by property type and geographic region are presented below.
The risk in our mortgage loan portfolio is primarily related to vacancy rates. Events or developments, such as economic conditions that impact the ability of the borrowers to ensure occupancy of the property, may have a negative effect on our mortgage loan portfolio, particularly to the extent that our portfolio is concentrated in an affected region or property type. An increase in vacancies increases the probability of default, which would negatively affect our expected losses in our mortgage loan portfolio. We evaluate each of our mortgage loans individually for impairment and assign an internal quality rating based on a comprehensive rating system used to evaluate the risk of the loan. The factors we use to derive our internal quality ratings may include the following: •Loan-to-value ratio based on internal valuation of the property •Debt service coverage ratio based on current operating income •Property location, including regional economics, trends, and demographics •Age, condition, and construction quality of property •Current and historical occupancy of property •Lease terms relative to market •Tenant size and financial strength •Borrower's financial strength •Borrower's equity in transaction •Additional collateral, if any Although all available and applicable factors are considered in our analysis, loan-to-value and debt service coverage ratios are the most critical factors in determining whether we will initially issue the loan and also in assigning values and determining impairment. We assign an overall rating to each loan using an internal rating scale of AA (highest quality) to B (lowest quality). We review and adjust, as needed, our internal quality ratings on an annual basis. This review process is performed more frequently for mortgage loans deemed to have a higher risk of delinquency. We estimate an allowance for credit losses that we expect to incur over the life of our mortgage loans using a probability of default method. For each loan, we estimate the probability that the loan will default before its maturity (probability of default) and the amount of the loss if the loan defaults (loss given default). These two factors result in an expected loss percentage that is applied to the amortized cost of each loan to determine the expected credit loss. As we are the original underwriter of the mortgage loans, the amortized cost generally equals the principal amount of the loan. We measure losses on defaults of our mortgage loans as the excess amortized cost of the mortgage loan over the fair value of the underlying collateral in the event that we foreclose on the loan or over the expected future cash flows of the loan if we retain the mortgage loan until payoff. We do not purchase mortgage loans with existing credit impairments. In estimating the probability of default, we consider historical experience, current market conditions, and reasonable and supportable forecasts about the future market conditions. We utilize our historical loan experience in combination with a large third-party industry database for a period of time that aligns with the average life of our loans based on the maturity dates of the loans and prepayment experience. Our model utilizes an industry database of the historical loss experience based on our actual portfolio characteristics such as loan-to-value, debt service coverage, collateral type, geography, and late payment history. In addition, because we actively manage our portfolio, we may extend the term of a loan in certain situations and will accordingly extend the maturity date in the estimate of probability of default. In estimating the loss given default, we primarily consider the type and value of collateral and secondarily the expected liquidation costs and time to recovery. The primary market factors that we consider in our forecast of future market conditions are gross domestic product, unemployment rates, interest rates, inflation, commercial real estate values, household formation, and retail sales. We also forecast certain loan specific factors such as growth in the fair value and net operating income of collateral by property type. We include our estimate of these factors over a two-year period and for the remainder of the loans’ estimated lives, adjusted for estimated prepayments. Past the two-year forecast period, we revert to the historical assumptions ratably by the end of the fifth year of the loan after which we utilize only historical assumptions. We utilize various scenarios to estimate our allowance for expected losses ranging from a base case scenario that reflects normal market conditions to a severe case scenario that reflects adverse market conditions. We will adjust our allowance each period to utilize the scenario or weighting of the scenarios that best reflects our view of current market conditions. The following tables present information about mortgage loans by the applicable internal quality indicators:
There were no gross write-offs for the periods ending March 31, 2024 or December 31, 2023. The following tables present the amortized cost of our mortgage loans by year of origination and internal quality indicators at March 31, 2024 and December 31, 2023, respectively. There were no loan originations for the three months ended March 31, 2024.
The following tables present a roll-forward of allowance for expected credit losses by loan-to-value ratio for the three months ended March 31, 2024 and 2023:
There were no troubled debt restructurings during the three months ended March 31, 2024 and 2023. At March 31, 2024 and December 31, 2023, we held no mortgage loans that were greater than 90 days past due regarding principal and/or interest payments. We had no loan foreclosures for the three months ended March 31, 2024 and 2023. Other than our allowance for expected credit losses, we had no specifically identified impaired mortgage loans during the three months ended March 31, 2024, or 2023, nor did we recognize any interest income on mortgage loans subsequent to impairment. At March 31, 2024, we had $1.8 million in commitments to fund commercial mortgage loans. Consistent with how we determine the estimate of current expected credit losses for our funded mortgage loans each period, we estimate expected credit losses for loans that have not been funded but we are committed to fund at the end of each period. For the three months ended March 31, 2024, we had a nominal amount of expected credit losses related to unfunded commitments on our consolidated balance sheets. For the year ended December 31, 2023, we had no expected credit losses related to unfunded commitments on our consolidated balance sheets. Investment Real Estate Our real estate held for the production of income balance was $63.2 million and $64.4 million at March 31, 2024 and December 31, 2023, respectively, and the associated accumulated depreciation was $128.4 million and $127.2 million at March 31, 2024 and December 31, 2023, respectively. We did not recognize any impairments related to our real estate during the quarter ended March 31, 2024 or March 31, 2023. Our held for sale real estate balance was $40.9 million at both March 31, 2024 and December 31, 2023 and the associated accumulated depreciation was $54.2 million at both March 31, 2024 and December 31, 2023. During the first quarter of 2022, we reclassified property previously held for the production of income to property held for sale. The carrying value of the property was $40.1 million as of both March 31, 2024 and December 31, 2023 and is primarily recorded within our Corporate segment. The estimated fair value less costs to sell is above the carrying value of the property and we expect to close the sale of the property within the next twelve months. Transfers of Financial Assets To manage our cash position more efficiently, we may enter into repurchase agreements with unaffiliated financial institutions. We generally use repurchase agreements as a means to finance the purchase of invested assets or for short-term general business purposes until projected cash flows become available from our operations or existing investments. Our repurchase agreements are typically outstanding for less than 30 days. We post collateral through our repurchase agreement transactions whereby the counterparty commits to purchase securities with the agreement to resell them to us at a later, specified date. The fair value of collateral posted is generally 102 percent of the cash received. Our investment policy also permits us to lend fixed maturity securities to unaffiliated financial institutions in short-term securities lending agreements. These agreements increase our investment income with minimal risk. Our securities lending policy requires that a minimum of 102 percent of the fair value of the securities loaned be maintained as collateral. We may receive cash and/or securities as collateral under these agreements. Cash received as collateral is typically reinvested in short-term investments. If securities are received as collateral, we are not permitted to sell or re-post them. As of March 31, 2024, the carrying amount of fixed maturity securities loaned to third parties under our securities lending program was $60.2 million, for which we received collateral in the form of cash and securities of $46.9 million and $16.1 million, respectively. As of December 31, 2023, the carrying amount of fixed maturity securities loaned to third parties under our securities lending program was $72.0 million, for which we received collateral in the form of cash and securities of $63.1 million and $12.5 million, respectively. We had no outstanding repurchase agreements at March 31, 2024 or December 31, 2023. The remaining contractual maturities of our securities lending agreements disaggregated by class of collateral pledged are as follows:
Certain of our U.S. insurance subsidiaries are members of regional FHLBs. Membership, which requires that we purchase a minimum amount of FHLB common stock on which we receive dividends, provides access to low-cost funding. Advances received from the FHLB are used for the purchase of fixed maturity securities. Additional common stock purchases may be required, based on the amount of funds we borrow from the FHLBs. The carrying value of common stock owned, collateral posted, and advances received are as follows:
Offsetting of Financial Instruments We enter into master netting agreements with each of our derivative's counterparties. These agreements provide for conditional rights of set-off upon the occurrence of an early termination event. An early termination event is considered a default, and it allows the non-defaulting party to offset its contracts in a loss position against any gain positions or payments due to the defaulting party. Under our agreements, default type events are defined as failure to pay or deliver as contractually agreed, misrepresentation, bankruptcy, or merger without assumption. See Note 5 for further discussion of collateral related to our derivative contracts. We have securities lending agreements with unaffiliated financial institutions that post collateral to us in return for the use of our fixed maturity securities. A right of set-off exists that allows us to keep and apply collateral received in the event of default by the counterparty. Default within a securities lending agreement would typically occur if the counterparty failed to return the securities borrowed from us as contractually agreed. In addition, if we default by not returning collateral received, the counterparty has a right of set-off against our securities or any other amounts due to us. Shown below are our financial instruments that either meet the accounting requirements that allow them to be offset in our balance sheets or that are subject to an enforceable master netting arrangement or similar agreement. Our accounting policy is to not offset these financial instruments in our balance sheets. Net amounts disclosed below have been reduced by the amount of collateral pledged to or received from our counterparties.
Net Investment Income Net investment income reported in our consolidated statements of income is presented below.
1The net unrealized gain (loss) recognized in net investment income for the three months ended March 31, 2024 related to perpetual preferred securities still held at March 31, 2024 was $(0.1) million. The net unrealized gain (loss) recognized in net investment income for the three months ended March 31, 2023 related to perpetual preferred securities still held at March 31, 2023 was $0.7 million. 2The net unrealized gain recognized in net investment income for the three months ended March 31, 2024 related to private equity partnerships still held at March 31, 2024 was $25.0 million, reduced by net management fees and partnership expenses of $(4.7) million. The net unrealized gain (loss) recognized in net investment income for the three months ended March 31, 2023 related to private equity partnerships still held at March 31, 2023 was $17.8 million, reduced by net management fees and partnership expense of $(3.5) million. See Note 3 for further discussion of private equity partnerships. Investment Gain and Loss Investment gains and losses are as follows:
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | Note 5 - Derivative Financial Instruments Purpose of Derivatives We are exposed to certain risks relating to our ongoing business operations. The primary risks managed by using derivative instruments are interest rate risk, risk related to matching duration for our assets and liabilities, foreign currency risk, and equity risk. Historically, we have utilized current and forward interest rate swaps, current and forward currency swaps, forward benchmark interest rate locks, currency forward contracts, forward contracts on specific fixed income securities, and total return swaps. Transactions hedging interest rate risk are primarily associated with our individual and group long-term care and individual and group disability products. All other product portfolios are periodically reviewed to determine if hedging strategies would be appropriate for risk management purposes. We do not use derivative financial instruments for speculative purposes. Derivatives designated as cash flow hedges and used to reduce our exposure to interest rate and duration risk are as follows: •Interest rate swaps were used to hedge interest rate risks and to improve the matching of assets and liabilities. An interest rate swap is an agreement in which we agree with other parties to exchange, at specified intervals, the difference between fixed rate and variable rate interest amounts. We used interest rate swaps to hedge the anticipated purchase of fixed maturity securities thereby protecting us from the potential adverse impact of declining interest rates on the associated policy reserves. We also used interest rate swaps to hedge the potential adverse impact of rising interest rates in anticipation of issuing fixed rate long-term debt. •Forward benchmark interest rate locks are used to minimize interest rate risk associated with the anticipated purchase or disposal of fixed maturity securities or the anticipated issuance of fixed rate long-term debt. A forward benchmark interest rate lock is a derivative contract without an initial investment where we and the counterparty agree to purchase or sell a specific benchmark interest rate fixed maturity bond at a future date at a predetermined price or yield. Derivatives designated as either cash flow or fair value hedges and used to reduce our exposure to foreign currency risk are as follows: •Foreign currency interest rate swaps are used to hedge the currency risk of certain foreign currency-denominated fixed maturity securities owned for portfolio diversification. Under these swap agreements, we agree to pay, at specified intervals, fixed rate foreign currency-denominated principal and interest payments in exchange for fixed rate payments in the functional currency of the operating segment. Derivatives not designated as hedging instruments and used to reduce our exposure to foreign currency risk and volatility of the underlying deferred assets in our non-qualified defined contribution plan are as follows: •Foreign currency interest rate swaps previously designated as hedges were used to hedge the currency risk of certain foreign currency-denominated fixed maturity securities owned for portfolio diversification. These derivatives were effective hedges prior to novation to a new counterparty. In conjunction with the novation, these derivatives were de-designated as hedges. We agree to pay, at specified intervals, fixed rate foreign currency-denominated principal and interest payments in exchange for fixed rate payments in the functional currency of the operating segment. We hold offsetting swaps wherein we agree to pay fixed rate principal and interest payments in the functional currency of the operating segment in exchange for fixed rate foreign currency-denominated payments. •Foreign currency forward contracts are used to minimize foreign currency risk. A foreign currency forward is a derivative without an initial investment where we and the counterparty agree to exchange a specific amount of currencies, at a specific exchange rate, on a specific date. We use these forward contracts to hedge the currency risk arising from foreign-currency denominated investments. •Total Return Swaps are used to economically hedge a portion of the liability related to our non-qualified defined contribution plan. A total return swap is an agreement in which we pay a floating rate of interest to the counterparty and receive the total return on a portfolio of mutual funds and exchange traded funds. These swaps are cash settled on the last day of every month and the notional is re-established each month based on plan participant actions. Derivative Risks The basic types of risks associated with derivatives are market risk (that the value of the derivative will be adversely impacted by changes in the market, primarily changes in interest rates, exchange rates, and equity prices) and credit risk (that the counterparty will not perform according to the terms of the contract). The market risk of the derivatives should generally offset the market risk associated with the hedged financial instrument or liability. To help limit the credit exposure of the derivatives, we enter into master netting agreements with our counterparties whereby contracts in a gain position can be offset against contracts in a loss position. We also typically enter into bilateral, cross-collateralization agreements with our counterparties to help limit the credit exposure of the derivatives. These agreements require the counterparty in a loss position to submit acceptable collateral with the other counterparty in the event the net loss position meets or exceeds an agreed upon amount. Credit exposure on derivatives is limited to the value of those contracts in a net gain position, including accrued interest receivable less collateral held. At March 31, 2024 and December 31, 2023, we had $1.5 million and $1.6 million credit exposure on derivatives, respectively. The table below summarizes the nature and amount of collateral received from and posted to our derivative counterparties.
See Note 4 for further discussion of our master netting agreements. All of our derivative instruments contain provisions that require us to maintain specified issuer credit ratings and financial strength ratings. Should our ratings fall below these specified levels, we would be in violation of the provisions, and our derivatives counterparties could terminate our contracts and request immediate payment. The aggregate fair value of all derivative instruments with credit risk-related contingent features that were in a liability position was $147.0 million and $116.2 million at March 31, 2024 and December 31, 2023, respectively. Cash Flow Hedges At both March 31, 2024 and December 31, 2023, we had $149.5 million notional amount of receive fixed, pay fixed, open current and forward foreign currency interest rate swaps to hedge fixed income foreign currency-denominated securities. As of March 31, 2024 and December 31, 2023, we had $2,004.0 million and $1,905.0 million, respectively, notional amount of forward benchmark interest rate locks to hedge the anticipated purchase of fixed maturity securities. As of March 31, 2024, we expect to amortize approximately $13.2 million of net deferred gains on derivative instruments during the next twelve months. This amount will be reclassified from AOCI into earnings and reported on the same income statement line item as the hedged item. The income statement line items that will be affected by this amortization are net investment income and interest and debt expense. Additional amounts that may be reclassified from AOCI into earnings to offset the earnings impact of foreign currency translation of hedged items are not estimable. As of March 31, 2024, we are hedging the variability of future cash flows associated with forecasted transactions through the year 2063. Fair Value Hedges At both March 31, 2024 and December 31, 2023, we had $642.5 million notional amount of receive fixed, pay fixed, open current and forward foreign currency interest rate swaps to hedge fixed income foreign currency-denominated securities. The following table summarizes the carrying amount of hedged assets and the related cumulative basis adjustments related to our fair value hedges:
For the three months ended March 31, 2024 and March 31, 2023, $(9.9) million and $2.5 million, respectively, of the derivative instruments' gain (loss) related to cross-currency basis spread and forward points was excluded from the assessment of hedge effectiveness. There were no instances wherein we discontinued fair value hedge accounting due to a hedged firm commitment no longer qualifying as a fair value hedge. Derivatives not Designated as Hedging Instruments At both March 31, 2024 and December 31, 2023, we held $132.0 million notional amount of receive fixed, pay fixed, foreign currency interest rate swaps. These derivatives are not designated as hedges, and as such, changes in fair value related to these derivatives are reported in earnings as a component of net investment gain or loss. As of March 31, 2024 and December 31, 2023, we held $53.5 million and $52.5 million, respectively, notional amount of foreign currency forwards to mitigate the foreign currency risk associated with specific securities owned. These derivatives are not designated as hedges, and as such, changes in fair value related to these derivatives are reported in earnings as a component of net investment gain or loss. As of March 31, 2024 and December 31, 2023, we held $112.5 million and $102.2 million, respectively, notional amount of total return swaps to mitigate the volatility associated with changes in the fair value of the underlying notional assets in our non-qualified defined contribution plan. This derivative is an economic hedge not designated as a hedging instrument, and changes in fair value are reported as a component of other expenses in our income statement. We have an embedded derivative in a modified coinsurance arrangement for which we include in our net investment gains and losses a calculation intended to estimate the value of the option of our reinsurance counterparty to cancel the reinsurance contract with us. However, neither party can unilaterally terminate the reinsurance agreement except in extreme circumstances resulting from regulatory supervision, delinquency proceedings, or other direct regulatory action. Cash settlements or collateral related to this embedded derivative are not required at any time during the reinsurance contract or at termination of the reinsurance contract. There are no credit-related counterparty triggers, and any accumulated embedded derivative gain or loss reduces to zero over time as the reinsured business winds down. Locations and Amounts of Derivative Financial Instruments The following tables summarize the notional amounts and fair values of derivative financial instruments, as reported in our consolidated balance sheets. Derivative assets are included in other long-term investments, while derivative liabilities are included in other liabilities within our consolidated balance sheets. The notional amounts represent the basis upon which our counterparty pay and receive amounts are calculated.
The following tables summarize the location of gains and losses of derivative financial instruments designated as hedging instruments, as reported in our consolidated statements of income.
The following table summarizes the location of gains and losses of derivative financial instruments designated as cash flow hedging instruments, as reported in our consolidated statements of comprehensive income (loss).
The following table summarizes the location of gains and losses on our derivatives not designated as hedging instruments, as reported in our consolidated statements of income.
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Accumulated Other Comprehensive Income (Loss) |
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Accumulated Other Comprehensive Income (Loss) | Components of our accumulated other comprehensive loss, after tax, and related changes are as follows:
Amounts reclassified from accumulated other comprehensive loss were recognized in our consolidated statements of income as follows:
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Financial Services, Insurance |
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Insurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Duration Insurance Contracts Disclosure | Liabilities for future policy benefits represent the cost of claims that we estimate we will eventually pay to our policyholders which includes policy liabilities for claims not yet incurred and for claims that have been incurred or are estimated to have been incurred but not yet reported to us. Liabilities for future policy benefits also include the related expenses for our non interest-sensitive life and accident and health products. The liability for future policy benefits is calculated based on the present value of the estimated future policy benefits less the present value of estimated future net premiums collected. Net premiums represent the portion of the gross premium required to provide for all benefits and expenses, excluding acquisition costs or any costs that are required to be charged to expense as incurred. In calculating the liability for future policy benefits, our long-duration contracts are grouped into cohorts by product type and contract issue year. The calculation of the liability for future policy benefits involves numerous assumptions including assumptions related to discount rate, lapses, mortality, and morbidity. Cash flow assumptions are reviewed and updated, as needed, at least annually. Assumptions may be updated more frequently if necessary based on trending experience and future expectations. On a quarterly basis, cohort level cash flow measures are updated based on the emergence of actual experience. The initial, also referred to as the original, discount rate assumptions established for each cohort are used to determine interest accretion. After policy issuance or policy renewal, the discount rate assumptions are updated quarterly and used to update the liability at each reporting date to the current discount rate. The weighted average current discount rate was 5.1 percent at March 31, 2024 compared to 4.8 percent at December 31, 2023, with the increase due primarily to an increase in U.S. Treasury rates. The weighted average current discount rate was 4.8 percent at March 31, 2023 compared to 5.0 percent at December 31, 2022 with the decrease due primarily to a decrease in U.S. Treasury rates. Actual variance from expected experience during the first three months of 2024 and 2023 was due primarily to the Unum US group disability and Unum US group life and accidental death and dismemberment product lines. During the first three months of 2024 and 2023, the variance in the Unum US group disability product line was primarily due to higher than expected claim resolutions driven by recoveries. During the first three months of 2024, the variance in the Unum US group life and accidental death and dismemberment product line was driven primarily by lower than expected mortality. During the first three months of 2023, the variance in the Unum US group life and accidental death and dismemberment line was driven primarily by lower than expected new claim incidence for waiver of premium benefits. For the three months ended March 31, 2024, there were certain cohorts within the Closed Block segment, related to our long-term care product line, for which net premiums exceeded gross premiums which had an immaterial impact to income before income tax. For the three months ended March 31, 2024 and 2023, there were certain cohorts within the Colonial Life segment, related to our cancer and critical illness product line, for which net premiums exceeded gross premiums which had an immaterial impact to income before income tax. There were no other product lines with cohorts for which net premiums exceeded gross premiums for the three months ended March 31, 2024 and 2023. The following table presents balances as well as the changes in the liability for future policy benefits for traditional long duration products.
The following tables summarize the amount of gross premiums and interest accretion reflected in the statements of income as well as the undiscounted and discounted expected gross premiums and expected future benefit payments and the weighted average interest rates for traditional long duration products presented in the rollforward activity above.
Unum US Segment The following table presents the balances and changes in the reserves for future policy benefits for traditional long duration products in the Unum US segment.
The following tables summarize the amount of gross premiums and interest accretion reflected in the statements of income as well as the undiscounted and discounted expected gross premiums and expected future benefit payments and the weighted average interest rates for traditional long duration products in the Unum US segment presented in the rollforward activity above.
Unum International Segment The following table presents the balances and changes in the reserves for future policy benefits for traditional long duration products in the Unum International segment.
The following tables summarize the amount of gross premiums and interest accretion reflected in the statements of income as well as the undiscounted and discounted expected gross premiums and expected future benefit payments and the weighted average interest rates for traditional long duration products in the Unum International segment presented in the rollforward activity above.
Colonial Life Segment The following table presents the balances and changes in the reserves for future policy benefits for traditional long duration products in the Colonial Life segment.
The following tables summarize the amount of gross premiums and interest accretion reflected in the statements of income as well as the undiscounted and discounted expected gross premiums and expected future benefit payments and the weighted average interest rates for traditional long duration products in the Colonial Life segment presented in the rollforward activity above.
Closed Block Segment The following table presents the balances and changes in the reserves for future policy benefits for traditional long duration products in the Closed Block segment.
The following tables summarize the amount of gross premiums and interest accretion reflected in the statements of income as well as the undiscounted and discounted expected gross premiums and expected future benefit payments and the weighted average interest rates for traditional long duration products in the Closed Block segment presented in the rollforward activity above.
Reconciliation A reconciliation of the liability for future policy benefits reflected in the preceding rollforwards to the related liability balances in the consolidated balance sheets are as follows:
1Unum US excludes dental & vision and medical stop-loss product lines and Closed Block excludes our participating fund account, which represents policies issued by one of our subsidiaries prior to its 1986 conversion from a mutual stock life insurance company. The liabilities associated with these products are included within Other products. Policyholders' account balances primarily include our universal life and corporate-owned life insurance products. Policyholders' account balances reflect customer deposits and interest credited less cost of insurance, administration expenses, surrender charges, and customer withdrawals. The following table presents the balances and changes in the policyholders' account balances:
The balance of the account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums is as follows.
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Deferred Policy Acquisition Costs by Segment | The following tables display the changes in DAC throughout the period:
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Segment Information |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | We have three principal operating business segments: Unum US, Unum International, and Colonial Life. Our other segments are Closed Block and Corporate. Segment information is shown below.
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 and losses, the amortization of the cost of reinsurance, the impact of non-contemporaneous reinsurance, and reserve assumption updates as well as certain other items as specified in the reconciliations below. We believe adjusted operating revenue and adjusted operating income or loss are better performance measures and better indicators of the revenue and profitability and underlying trends in our business. 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. 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 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. 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 OCI. 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. A reconciliation of total revenue to "adjusted operating revenue" and income before income tax to "adjusted operating income" is as follows:
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Employee Benefit Plans |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefits Disclosure | Defined Benefit Pension and Other Postretirement Benefit (OPEB) Plans We sponsor several defined benefit pension and OPEB plans for our employees, including non-qualified pension plans. The U.S. qualified and non-qualified defined benefit pension plans comprise the majority of our total benefit obligation and benefit cost. We maintain a separate defined benefit plan for eligible employees in our U.K. operation. The U.S. defined benefit pension plans were closed to new entrants on December 31, 2013, the OPEB plan was closed to new entrants on December 31, 2012, and the U.K. plan was closed to new entrants on December 31, 2002. The following table provides the components of the net periodic benefit cost (credit) for the defined benefit pension and OPEB plans.
The service cost component of net periodic pension and postretirement benefit cost (credit) is included as a component of compensation expense in our consolidated statements of income. All other components of net periodic pension and postretirement benefit cost (credit) are included in other expenses.
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Stockholders' Equity and Earnings Per Common Share |
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Stockholders' Equity and Earnings Per Common Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share Disclosure | Earnings Per Common Share Net income per common share is determined as follows:
We compute basic earnings per share by dividing net income by the weighted average number of common shares outstanding for the period. In computing earnings per share assuming dilution, we include potential common shares that are dilutive (those that reduce earnings per share). We use the treasury stock method to account for the effect of nonvested stock success units, and nonvested restricted stock units on the computation of diluted earnings per share. Under this method, the potential common shares from nonvested stock success units and nonvested restricted stock units will each have a dilutive effect, as individually measured, when the average market price of Unum Group common stock during the period exceeds the grant price of the nonvested stock success units and nonvested restricted stock units. The outstanding nonvested stock success units and nonvested restricted stock units have grant prices ranging from $18.78 to $52.11. Potential common shares not included in the computation of diluted earnings per share because the impact would be antidilutive, approximated 0.5 million and 0.7 million potential common shares for the three months ended March 31, 2024 and 2023, respectively.
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Stockholders' Equity Disclosure | Common Stock As part of our capital deployment strategy, we may repurchase shares of Unum Group's common stock, as authorized by our board of directors. The timing and amount of repurchase activity is based on market conditions and other considerations, including the level of available cash, alternative uses for cash, and our stock price. Our board of directors has authorized the following repurchase programs:
In August 2022, the Inflation Reduction Act was signed into law in the U.S. and imposes a one percent excise tax on corporate stock repurchases effective January 1, 2023. This excise tax is recorded as part of the cost basis of treasury stock and is assessed on the fair market value of stock repurchases reduced by the fair market value of any shares issued during the period. Common stock repurchases, which are accounted for using the cost method and classified as treasury stock until otherwise retired, were as follows:
As a part of our share repurchase program, we periodically enter into accelerated share repurchase agreements (ASR). Under the terms of these agreements, we make a prepayment to a financial counterparty for which we receive an initial delivery of approximately 75 percent of the total Unum Group common stock to be delivered under the agreement. We simultaneously enter into a forward contract indexed to the price of Unum Group common stock, which subjects the transactions to a future price adjustment. Under the terms of the agreements, we are to receive, or be required to pay, a price adjustment based on the volume weighted average price of Unum Group common stock during the term of the agreement, less a discount. Any price adjustment payable to us is settled in shares of Unum Group common stock. Any price adjustment we would be required to pay may be settled in either cash or common stock at our option. Details of our ASRs are as follows:
Preferred Stock Unum Group has 25.0 million shares of preferred stock authorized with a par value of $0.10 per share. No preferred stock has been issued to date.
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Commitments and Contingent Liabilities |
3 Months Ended |
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Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure | Commitments See Notes 3 and 4 for further discussion on certain of our investment commitments. Contingent Liabilities We are a defendant in a number of litigation matters that have arisen in the normal course of business, including the matters discussed below. Further, state insurance regulatory authorities and other federal and state authorities regularly make inquiries and conduct investigations concerning our compliance with applicable insurance and other laws and regulations. Given the complexity and scope of our litigation and regulatory matters, it is not possible to predict the ultimate outcome of all pending investigations or legal proceedings or provide reasonable estimates of potential losses, except if noted in connection with specific matters. In some of these matters, no specified amount is sought. In others, very large or indeterminate amounts, including punitive and treble damages, are asserted. There is a wide variation of pleading practice permitted in the United States courts with respect to requests for monetary damages, including some courts in which no specified amount is required and others which allow the plaintiff to state only that the amount sought is sufficient to invoke the jurisdiction of that court. Further, some jurisdictions permit plaintiffs to allege damages well in excess of reasonably possible verdicts. Based on our extensive experience and that of others in the industry with respect to litigating or resolving claims through settlement over an extended period of time, we believe that the monetary damages asserted in a lawsuit or claim bear little relation to the merits of the case, or the likely disposition value. Therefore, the specific monetary relief sought is not stated. Unless indicated otherwise in the descriptions below, reserves have not been established for litigation and contingencies. An estimated loss is accrued when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Claim Handling Matters We and our insurance subsidiaries, in the ordinary course of our business, are engaged in claim litigation where disputes arise as a result of a denial or termination of benefits. Most typically these lawsuits are filed on behalf of a single claimant or policyholder, and in some of these individual actions punitive damages are sought, such as claims alleging bad faith in the handling of insurance claims. For our general claim litigation, we maintain reserves based on experience to satisfy judgments and settlements in the normal course. We expect that the ultimate liability, if any, with respect to general claim litigation, after consideration of the reserves maintained, will not be material to our consolidated financial condition. Nevertheless, given the inherent unpredictability of litigation, it is possible that an adverse outcome in certain claim litigation involving punitive damages could, from time to time, have a material adverse effect on our consolidated results of operations in a period, depending on the results of operations for the particular period. From time to time class action allegations are pursued where the claimant or policyholder purports to represent a larger number of individuals who are similarly situated. Since each insurance claim is evaluated based on its own merits, there is rarely a single act or series of actions which can properly be addressed by a class action. Nevertheless, we monitor these cases closely and defend ourselves appropriately where these allegations are made.
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Other |
3 Months Ended |
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Mar. 31, 2024 | |
Other Disclosures [Abstract] | |
Allowance for Expected Credit Losses on Premiums Receivable | Allowance for Expected Credit Losses on Premiums Receivable At March 31, 2024 and December 31, 2023, the allowance for expected credit losses on premiums receivables was $30.0 million and $29.5 million, respectively, on gross premiums receivable of $676.9 million and $612.4 million, respectively. The increase in the allowance of $0.5 million during the three months ended March 31, 2024 was driven primarily by an increase in premium due to be collected in the Unum US segment. At March 31, 2023 and December 31, 2022, the allowance for expected credit losses on premiums receivables was $31.6 million and $32.5 million, respectively, on gross premiums receivable of $635.6 million and $557.6 million, respectively. The decrease in the allowance of $0.9 million during the three months ended March 31, 2023 was driven primarily by improvements in the age of premiums receivable.
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Pay vs Performance Disclosure - USD ($) $ in Millions |
3 Months Ended | |
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Mar. 31, 2024 |
Mar. 31, 2023 |
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Pay vs Performance Disclosure | ||
Net Income | $ 395.2 | $ 358.3 |
Insider Trading Arrangements |
3 Months Ended |
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Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation (Policies) |
3 Months Ended |
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Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying consolidated financial statements of Unum Group and its subsidiaries (the Company) have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. For further information, refer to the consolidated financial statements and footnotes included in our annual report on Form 10-K for the year ended December 31, 2023. |
Fair Values of Financial Instruments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share | The following tables present additional information about our private equity partnerships, including commitments for additional investments which may or may not be funded:
(a)Private Credit - The limited partnerships described in this category employ various investment strategies, generally providing direct lending or other forms of debt financing including first-lien, second-lien, mezzanine, and subordinated loans. The limited partnerships have credit exposure to corporates, physical assets, and/or financial assets within a variety of industries (including manufacturing, healthcare, energy, business services, technology, materials, and retail) in North America and, to a lesser extent, outside of North America. As of March 31, 2024, the estimated remaining life of the investments that do not allow for redemptions is approximately 75 percent in the next 3 years, 19 percent during the period from 3 to 5 years, and 6 percent during the period from 5 to 10 years. (b)Private Equity - The limited partnerships described in this category employ various strategies generally investing in controlling or minority control equity positions directly in companies and/or assets across various industries (including manufacturing, healthcare, energy, business services, technology, materials, and retail), primarily in private markets within North America and, to a lesser extent, outside of North America. As of March 31, 2024, the estimated remaining life of the investments that do not allow for redemptions is approximately 33 percent in the next 3 years, 29 percent during the period from 3 to 5 years, and 38 percent during the period from 5 to 10 years. (c)Real Assets - The limited partnerships described in this category employ various strategies, which include investing in the equity and/or debt financing of physical assets, including infrastructure (energy, power, water/wastewater, communications), transportation (including airports, ports, toll roads, aircraft, railcars) and real estate in North America, Europe, South America, and Asia. As of March 31, 2024, the estimated remaining life of the investments that do not allow for redemptions is approximately 34 percent in the next 3 years, 28 percent during period from 3 to 5 years, 37 percent during the period from 5 to 10 years, and 1 percent during the period from 10 to 15 years.
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Fair Values by Fair Value Hierarchy Input level | The following tables present information about financial instruments measured at fair value on a recurring basis by fair value level, based on the observability of the inputs used:
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Changes in Assets and Liabilities Measured at Fair Value on a Recurring Basis using Significant Unobservable Inputs | Changes in assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) are as follows:
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Quantitative Information Regarding Significant Unobservable Inputs | The table below provides quantitative information regarding the significant unobservable inputs used in Level 3 fair value measurements derived from internal models. Unobservable inputs for fixed maturity securities are weighted by the fair value of the securities. Certain securities classified as Level 3 are excluded from the table below due to limitations in our ability to obtain the underlying inputs used by external pricing sources.
(a)Represents basis point adjustments for credit-specific factors (b)Represents a decision to price based on par value, cost, owner's equity, or the price of the most recent capital funding round when limited data is available (c)Represents various actuarial assumptions required to derive the liability cash flows. Fair value of embedded derivative is most often driven by the change in the weighted average credit spread to the swap curve for the assets backing the hypothetical loan
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Carrying Amount and Fair Value of Financial Instruments | The following table presents the carrying amounts and estimated fair values of our financial instruments not measured at fair value and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used:
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Investments (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost and Fair Values of Securities by Security Type | At March 31, 2024 and December 31, 2023, all fixed maturity securities were classified as available-for-sale. The amortized cost and fair values of securities by security type are shown as follows:
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Schedule of Unrealized Loss on Investments | The following charts indicate the length of time our fixed maturity securities have been in a gross unrealized loss position.
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Distribution of the Maturity Dates for Fixed Maturity Securities | The following is a distribution of the maturity dates for fixed maturity securities. The maturity dates have not been adjusted for possible calls or prepayments.
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Distribution by External Credit Rating for Fixed Maturity Securities | The following chart depicts an analysis of our fixed maturity security portfolio between investment-grade and below-investment-grade categories as of March 31, 2024:
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Debt Securities, Available-for-sale, Allowance for Credit Loss | The following table presents a rollforward of the allowance for credit losses on available-for-sale fixed maturity securities, which were classified as "all other corporate bonds" during the three months ended March 31, 2023.
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Mortgage Loans by Property Type and Geographic Region | The carrying amount of mortgage loans by property type and geographic region are presented below.
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Schedule of Participating Mortgage Loans by Internal Credit Rating and Loan to Value | The following tables present information about mortgage loans by the applicable internal quality indicators:
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Mortgage Loans by Credit Quality Indicators | The following tables present the amortized cost of our mortgage loans by year of origination and internal quality indicators at March 31, 2024 and December 31, 2023, respectively. There were no loan originations for the three months ended March 31, 2024.
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Financing Receivable, Allowance for Credit Loss | The following tables present a roll-forward of allowance for expected credit losses by loan-to-value ratio for the three months ended March 31, 2024 and 2023:
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Remaining Contractual Maturity of Securities Lending Agreements | The remaining contractual maturities of our securities lending agreements disaggregated by class of collateral pledged are as follows:
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Federal Home Loan Bank Common Stock Carrying Amounts, Amounts Posted, and Advances Received | The carrying value of common stock owned, collateral posted, and advances received are as follows:
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Schedule of Financial Instrument and Derivative Offsetting | Shown below are our financial instruments that either meet the accounting requirements that allow them to be offset in our balance sheets or that are subject to an enforceable master netting arrangement or similar agreement. Our accounting policy is to not offset these financial instruments in our balance sheets. Net amounts disclosed below have been reduced by the amount of collateral pledged to or received from our counterparties.
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Net Investment Income | Net investment income reported in our consolidated statements of income is presented below.
1The net unrealized gain (loss) recognized in net investment income for the three months ended March 31, 2024 related to perpetual preferred securities still held at March 31, 2024 was $(0.1) million. The net unrealized gain (loss) recognized in net investment income for the three months ended March 31, 2023 related to perpetual preferred securities still held at March 31, 2023 was $0.7 million. 2The net unrealized gain recognized in net investment income for the three months ended March 31, 2024 related to private equity partnerships still held at March 31, 2024 was $25.0 million, reduced by net management fees and partnership expenses of $(4.7) million. The net unrealized gain (loss) recognized in net investment income for the three months ended March 31, 2023 related to private equity partnerships still held at March 31, 2023 was $17.8 million, reduced by net management fees and partnership expense of $(3.5) million. See Note 3 for further discussion of private equity partnerships.
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Investment Gains and Losses Reported in Consolidated Statements of Income | Investment gains and losses are as follows:
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Derivative Financial Instruments (Tables) |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nature and Amount of Collateral Received From and Posted To Derivative Counterparty | The table below summarizes the nature and amount of collateral received from and posted to our derivative counterparties.
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Fair Value Hedges Carrying Amount of Hedged Assets and Liabilities and Cumulative Basis Adjustments | The following table summarizes the carrying amount of hedged assets and the related cumulative basis adjustments related to our fair value hedges:
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Location and Fair Values of Derivative Financial Instruments | The following tables summarize the notional amounts and fair values of derivative financial instruments, as reported in our consolidated balance sheets. Derivative assets are included in other long-term investments, while derivative liabilities are included in other liabilities within our consolidated balance sheets. The notional amounts represent the basis upon which our counterparty pay and receive amounts are calculated.
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Location of Gains and Losses on Derivative Instruments Designated as Cash Flow Hedging Instruments | The following tables summarize the location of gains and losses of derivative financial instruments designated as hedging instruments, as reported in our consolidated statements of income.
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Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table summarizes the location of gains and losses of derivative financial instruments designated as cash flow hedging instruments, as reported in our consolidated statements of comprehensive income (loss).
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Gains and Losses on Derivatives Not Designated as Hedging Instruments | The following table summarizes the location of gains and losses on our derivatives not designated as hedging instruments, as reported in our consolidated statements of income.
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Accumulated Other Comprehensive Income (Loss) (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | Components of our accumulated other comprehensive loss, after tax, and related changes are as follows:
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Schedule of Reclassification out of Accumulated Other Comprehensive Income (Loss) | Amounts reclassified from accumulated other comprehensive loss were recognized in our consolidated statements of income as follows:
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Financial Services, Insurance (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liability for Future Policy Benefit, Activity | The following table presents balances as well as the changes in the liability for future policy benefits for traditional long duration products.
The following tables summarize the amount of gross premiums and interest accretion reflected in the statements of income as well as the undiscounted and discounted expected gross premiums and expected future benefit payments and the weighted average interest rates for traditional long duration products presented in the rollforward activity above.
The following table presents the balances and changes in the reserves for future policy benefits for traditional long duration products in the Unum US segment.
The following tables summarize the amount of gross premiums and interest accretion reflected in the statements of income as well as the undiscounted and discounted expected gross premiums and expected future benefit payments and the weighted average interest rates for traditional long duration products in the Unum US segment presented in the rollforward activity above.
The following table presents the balances and changes in the reserves for future policy benefits for traditional long duration products in the Unum International segment.
The following tables summarize the amount of gross premiums and interest accretion reflected in the statements of income as well as the undiscounted and discounted expected gross premiums and expected future benefit payments and the weighted average interest rates for traditional long duration products in the Unum International segment presented in the rollforward activity above.
The following table presents the balances and changes in the reserves for future policy benefits for traditional long duration products in the Colonial Life segment.
The following tables summarize the amount of gross premiums and interest accretion reflected in the statements of income as well as the undiscounted and discounted expected gross premiums and expected future benefit payments and the weighted average interest rates for traditional long duration products in the Colonial Life segment presented in the rollforward activity above.
The following table presents the balances and changes in the reserves for future policy benefits for traditional long duration products in the Closed Block segment.
The following tables summarize the amount of gross premiums and interest accretion reflected in the statements of income as well as the undiscounted and discounted expected gross premiums and expected future benefit payments and the weighted average interest rates for traditional long duration products in the Closed Block segment presented in the rollforward activity above.
A reconciliation of the liability for future policy benefits reflected in the preceding rollforwards to the related liability balances in the consolidated balance sheets are as follows:
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Policyholder Account Balance | The following table presents the balances and changes in the policyholders' account balances:
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Policyholder Account Balance, Guaranteed Minimum Crediting Rate | The balance of the account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums is as follows.
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Deferred Policy Acquisition Costs | The following tables display the changes in DAC throughout the period:
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Segment Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Premium Income by Major Line of Business within Each Segment | Segment information is shown below.
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Selected Operating Statement Data by Segment |
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Assets by Segment |
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Reconciliation of Total Revenue and Income Before Income Tax to Adjusted Operating Revenue and Adjusted Operating Income | A reconciliation of total revenue to "adjusted operating revenue" and income before income tax to "adjusted operating income" is as follows:
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Employee Benefit Plans (Tables) |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs | The following table provides the components of the net periodic benefit cost (credit) for the defined benefit pension and OPEB plans.
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Stockholders' Equity and Earnings Per Common Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Stockholders' Equity and Earnings Per Common Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Basic and Diluted Earnings Per Share | Net income per common share is determined as follows:
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Treasury Stock Transactions | Our board of directors has authorized the following repurchase programs:
In August 2022, the Inflation Reduction Act was signed into law in the U.S. and imposes a one percent excise tax on corporate stock repurchases effective January 1, 2023. This excise tax is recorded as part of the cost basis of treasury stock and is assessed on the fair market value of stock repurchases reduced by the fair market value of any shares issued during the period. Common stock repurchases, which are accounted for using the cost method and classified as treasury stock until otherwise retired, were as follows:
As a part of our share repurchase program, we periodically enter into accelerated share repurchase agreements (ASR). Under the terms of these agreements, we make a prepayment to a financial counterparty for which we receive an initial delivery of approximately 75 percent of the total Unum Group common stock to be delivered under the agreement. We simultaneously enter into a forward contract indexed to the price of Unum Group common stock, which subjects the transactions to a future price adjustment. Under the terms of the agreements, we are to receive, or be required to pay, a price adjustment based on the volume weighted average price of Unum Group common stock during the term of the agreement, less a discount. Any price adjustment payable to us is settled in shares of Unum Group common stock. Any price adjustment we would be required to pay may be settled in either cash or common stock at our option. Details of our ASRs are as follows:
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Fair Values of Financial Instruments Private Equity Partnerships (Details) - Private Equity Partnerships - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
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---|---|---|---|---|---|---|---|---|
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share | ||||||||
Alternative Investments | $ 1,370.3 | $ 1,326.2 | ||||||
Alternative Investments, Unfunded Commitments | 779.3 | 803.1 | ||||||
Private Credit | ||||||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share | ||||||||
Alternative Investments | 324.7 | 283.6 | ||||||
Alternative Investments, Unfunded Commitments | 129.3 | 136.8 | ||||||
Private Credit | Not Redeemable | ||||||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share | ||||||||
Alternative Investments | [1] | 272.9 | 239.1 | |||||
Alternative Investments, Unfunded Commitments | 126.3 | 128.2 | ||||||
Private Credit | Quarterly / 90 days notice | ||||||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share | ||||||||
Alternative Investments | 51.8 | 44.5 | ||||||
Alternative Investments, Unfunded Commitments | 3.0 | 8.6 | ||||||
Private Equity Limited Partnership | ||||||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share | ||||||||
Alternative Investments | 554.5 | 571.9 | ||||||
Alternative Investments, Unfunded Commitments | 405.4 | 427.2 | ||||||
Private Equity Limited Partnership | Not Redeemable | ||||||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share | ||||||||
Alternative Investments | [2] | 524.8 | 543.9 | |||||
Alternative Investments, Unfunded Commitments | 389.7 | 410.6 | ||||||
Private Equity Limited Partnership | Initial 5.5 year lock on each new investment / Quarterly after 5.5 year lock with 90 days notice | ||||||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share | ||||||||
Alternative Investments | 29.7 | 28.0 | ||||||
Alternative Investments, Unfunded Commitments | 15.7 | 16.6 | ||||||
Real Assets | ||||||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share | ||||||||
Alternative Investments | 491.1 | 470.7 | ||||||
Alternative Investments, Unfunded Commitments | 244.6 | 239.1 | ||||||
Real Assets | Not Redeemable | ||||||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share | ||||||||
Alternative Investments | [3] | 458.1 | 437.5 | |||||
Alternative Investments, Unfunded Commitments | 244.6 | 239.1 | ||||||
Real Assets | Quarterly / 90 days notice | ||||||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share | ||||||||
Alternative Investments | 33.0 | 33.2 | ||||||
Alternative Investments, Unfunded Commitments | $ 0.0 | $ 0.0 | ||||||
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Fair Values of Financial Instruments Carrying Amounts and Estimated Fair value of Financial Instruments Not Measured at Fair Value (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Mortgage Loans, Carrying Amount | $ 2,298.8 | $ 2,318.2 |
Policy Loans | 3,579.1 | 3,620.2 |
Long-term Debt | 3,431.0 | 3,430.4 |
Liabilities, Fair Value Disclosure | 147.0 | 117.7 |
Fair Value, Nonrecurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Mortgage Loans, Fair Value Disclosure | 2,021.9 | 2,070.7 |
Mortgage Loans, Carrying Amount | 2,298.8 | 2,318.2 |
Policy Loans, Fair Value Disclosure | 3,650.2 | 3,696.3 |
Policy Loans | 3,579.1 | 3,620.2 |
Miscellaneous Long-Term Investments, Fair Value Disclosure | 17.9 | 16.0 |
Miscellaneous Long-Term Investments | 17.9 | 16.0 |
Financial Instruments, Financial Assets Fair Value Disclosure | 5,690.0 | 5,783.0 |
Total Financial Instrument Assets Not Carried at Fair Value | 5,895.8 | 5,954.4 |
Long-term Debt, Fair Value Disclosure | 3,230.7 | 3,227.9 |
Long-term Debt | 3,431.0 | 3,430.4 |
Unfunded Commitments | 0.2 | 0.2 |
Federal Home Loan Bank Funding Agreements, Fair Value Disclosure | 108.2 | 64.5 |
Federal Home Loan Bank Funding Agreements | 108.2 | 64.5 |
Liabilities, Fair Value Disclosure | 3,339.1 | 3,292.6 |
Total Financial Instrument Liabilities Not Carried at Fair Value | 3,539.4 | 3,495.1 |
Fair Value, Inputs, Level 1 | Fair Value, Nonrecurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Mortgage Loans, Fair Value Disclosure | 0.0 | 0.0 |
Policy Loans, Fair Value Disclosure | 0.0 | 0.0 |
Miscellaneous Long-Term Investments, Fair Value Disclosure | 0.0 | 0.0 |
Financial Instruments, Financial Assets Fair Value Disclosure | 0.0 | 0.0 |
Long-term Debt, Fair Value Disclosure | 2,628.1 | 2,629.1 |
Unfunded Commitments | 0.0 | 0.0 |
Federal Home Loan Bank Funding Agreements, Fair Value Disclosure | 0.0 | 0.0 |
Liabilities, Fair Value Disclosure | 2,628.1 | 2,629.1 |
Fair Value, Inputs, Level 2 | Fair Value, Nonrecurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Mortgage Loans, Fair Value Disclosure | 2,021.9 | 2,070.7 |
Policy Loans, Fair Value Disclosure | 0.0 | 0.0 |
Miscellaneous Long-Term Investments, Fair Value Disclosure | 17.6 | 15.7 |
Financial Instruments, Financial Assets Fair Value Disclosure | 2,039.5 | 2,086.4 |
Long-term Debt, Fair Value Disclosure | 602.6 | 598.8 |
Unfunded Commitments | 0.2 | 0.2 |
Federal Home Loan Bank Funding Agreements, Fair Value Disclosure | 108.2 | 64.5 |
Liabilities, Fair Value Disclosure | 711.0 | 663.5 |
Fair Value, Inputs, Level 3 | Fair Value, Nonrecurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Mortgage Loans, Fair Value Disclosure | 0.0 | 0.0 |
Policy Loans, Fair Value Disclosure | 3,650.2 | 3,696.3 |
Miscellaneous Long-Term Investments, Fair Value Disclosure | 0.3 | 0.3 |
Financial Instruments, Financial Assets Fair Value Disclosure | 3,650.5 | 3,696.6 |
Long-term Debt, Fair Value Disclosure | 0.0 | 0.0 |
Unfunded Commitments | 0.0 | 0.0 |
Federal Home Loan Bank Funding Agreements, Fair Value Disclosure | 0.0 | 0.0 |
Liabilities, Fair Value Disclosure | $ 0.0 | $ 0.0 |
Fair Value of Financial Instruments Additional Information (Detail) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Ceded Policy Loans | $ 3,286.5 | $ 3,322.5 |
Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Percentage of Total Fair Value of Fixed Maturities Securities | 25.70% | |
Fair Value, Inputs, Level 2 | Pricing Service | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Percentage of Total Fair Value of Fixed Maturities Securities | 58.50% | |
Fair Value, Inputs, Level 2 | Other Observable Market Data | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Percentage of Total Fair Value of Fixed Maturities Securities | 15.10% | |
Fair Value Inputs Other Than Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Percentage of Total Fair Value of Fixed Maturities Securities | 74.30% | |
Fair Value Inputs Level 2 Or Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Percentage of Total Fair Value of Fixed Maturities Securities | 0.70% |
Amortized Cost and Fair Values of Securities by Security Type (Detail) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|---|---|
Debt Securities, Available-for-sale | ||||
Amortized Cost of Fixed Maturity Securities | $ 38,385.4 | $ 38,410.6 | ||
Debt Securities, Available-for-sale, Allowance for credit losses for Fixed Maturity Securities | 2.2 | 2.2 | $ 0.0 | $ 0.0 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 902.0 | |||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 3,037.4 | |||
Debt Securities, Available-for-sale, Total | 36,247.8 | 36,833.9 | ||
United States Government and Government Agencies and Authorities | ||||
Debt Securities, Available-for-sale | ||||
Amortized Cost of Fixed Maturity Securities | 585.8 | 618.6 | ||
Debt Securities, Available-for-sale, Allowance for credit losses for Fixed Maturity Securities | 0.0 | 0.0 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 17.4 | 25.3 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 25.0 | 19.1 | ||
Debt Securities, Available-for-sale, Total | 578.2 | 624.8 | ||
States, Municipalities, and Political Subdivisions | ||||
Debt Securities, Available-for-sale | ||||
Amortized Cost of Fixed Maturity Securities | 3,978.2 | 4,041.3 | ||
Debt Securities, Available-for-sale, Allowance for credit losses for Fixed Maturity Securities | 0.0 | 0.0 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 105.2 | 135.3 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 518.5 | 498.2 | ||
Debt Securities, Available-for-sale, Total | 3,564.9 | 3,678.4 | ||
Foreign Governments | ||||
Debt Securities, Available-for-sale | ||||
Amortized Cost of Fixed Maturity Securities | 932.9 | 982.1 | ||
Debt Securities, Available-for-sale, Allowance for credit losses for Fixed Maturity Securities | 0.0 | 0.0 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 22.2 | 29.8 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 128.3 | 121.2 | ||
Debt Securities, Available-for-sale, Total | 826.8 | 890.7 | ||
Public Utilities | ||||
Debt Securities, Available-for-sale | ||||
Amortized Cost of Fixed Maturity Securities | 5,496.5 | 5,398.2 | ||
Debt Securities, Available-for-sale, Allowance for credit losses for Fixed Maturity Securities | 0.0 | 0.0 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 163.2 | 217.1 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 329.5 | 293.7 | ||
Debt Securities, Available-for-sale, Total | 5,330.2 | 5,321.6 | ||
Mortgage/Asset-backed Securities | ||||
Debt Securities, Available-for-sale | ||||
Amortized Cost of Fixed Maturity Securities | 735.4 | 658.0 | ||
Debt Securities, Available-for-sale, Allowance for credit losses for Fixed Maturity Securities | 0.0 | 0.0 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 5.0 | 10.1 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 31.7 | 24.0 | ||
Debt Securities, Available-for-sale, Total | 708.7 | 644.1 | ||
All Other Corporate Bonds | ||||
Debt Securities, Available-for-sale | ||||
Amortized Cost of Fixed Maturity Securities | 26,652.6 | 26,708.4 | ||
Debt Securities, Available-for-sale, Allowance for credit losses for Fixed Maturity Securities | 2.2 | 2.2 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 589.0 | 771.8 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 2,004.0 | 1,807.3 | ||
Debt Securities, Available-for-sale, Total | 25,235.4 | 25,670.7 | ||
Redeemable Preferred Stocks | ||||
Debt Securities, Available-for-sale | ||||
Amortized Cost of Fixed Maturity Securities | 4.0 | 4.0 | ||
Debt Securities, Available-for-sale, Allowance for credit losses for Fixed Maturity Securities | 0.0 | 0.0 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0.0 | 0.0 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0.4 | 0.4 | ||
Debt Securities, Available-for-sale, Total | 3.6 | 3.6 | ||
Fixed Maturity Securities | ||||
Debt Securities, Available-for-sale | ||||
Amortized Cost of Fixed Maturity Securities | 38,385.4 | 38,410.6 | ||
Debt Securities, Available-for-sale, Allowance for credit losses for Fixed Maturity Securities | 2.2 | 2.2 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 902.0 | 1,189.4 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 3,037.4 | 2,763.9 | ||
Debt Securities, Available-for-sale, Total | $ 36,247.8 | $ 36,833.9 |
Length of Time Fixed Maturity Securities had been in a Gross Unrealized Loss Position (Detail) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
United States Government and Government Agencies and Authorities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 112.2 | $ 118.8 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 2.1 | 0.7 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 192.9 | 197.3 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 22.9 | 18.4 |
States, Municipalities, and Political Subdivisions | ||
Debt Securities, Available-for-sale, Unrealized Loss Position | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 236.8 | 128.0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 5.1 | 4.0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 2,039.2 | 2,035.1 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 513.4 | 494.2 |
Foreign Governments | ||
Debt Securities, Available-for-sale, Unrealized Loss Position | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 116.5 | 149.9 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 3.2 | 3.3 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 300.7 | 312.9 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 125.1 | 117.9 |
Public Utilities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 695.0 | 373.7 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 17.7 | 10.4 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 1,769.4 | 1,720.6 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 311.8 | 283.3 |
Mortgage/Asset-backed Securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 147.4 | 60.3 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 3.3 | 2.5 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 340.2 | 316.7 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 28.4 | 21.5 |
All Other Corporate Bonds | ||
Debt Securities, Available-for-sale, Unrealized Loss Position | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 2,337.2 | 1,483.8 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 52.9 | 26.8 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 14,088.9 | 14,215.2 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 1,951.1 | 1,780.5 |
Redeemable Preferred Stocks | ||
Debt Securities, Available-for-sale, Unrealized Loss Position | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 0.0 | 0.0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0.0 | 0.0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 3.6 | 3.6 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0.4 | 0.4 |
Fixed Maturity Securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 3,645.1 | 2,314.5 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 84.3 | 47.7 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 18,734.9 | 18,801.4 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 2,953.1 | $ 2,716.2 |
Investments Distribution of the Maturity Dates for Fixed Maturity Securities (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Debt Securities, Available-for-sale, Amortized Cost, Net of Allowance for Credit Losses, Fiscal Year Maturity | ||
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One, Net | $ 958.1 | $ 935.0 |
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five, Net | 7,744.6 | 7,594.4 |
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10, Net | 9,081.5 | 9,430.3 |
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 10, Net | 19,863.6 | 19,790.7 |
Available for sale Securities Debt Maturities Amortized Cost Gross Subtotal, Net | 37,647.8 | 37,750.4 |
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Amortized Cost, Net | 735.4 | 658.0 |
Debt Securities, Available-for-sale, Amortized Cost, Net of Allowance for Credit Losses | 38,383.2 | 38,408.4 |
Available for Sale Securities Unrealized Gain Position Gross Gain | ||
Available For Sale Securities Debt Maturities Within One Year Unrealized Gain Position Gross Gain | 0.9 | 0.9 |
Available For Sale Securities Debt Maturities After One Through Five Years Unrealized Gain Position Gross Gain | 118.0 | 128.2 |
Available For Sale Securities Debt Maturities After Five Through Ten Years Unrealized Gain Position Gross Gain | 296.7 | 372.1 |
Available For Sale Securities Debt Maturities After Ten Years Unrealized Gain Position Gross Gain | 481.4 | 678.1 |
Available For Sale Securities Debt Maturities Unrealized Gain Position Gross Gain Gross Subtotal | 897.0 | 1,179.3 |
Available For Sale Securities Debt Maturities Without Single Maturity Date Unrealized Gain Position Gross Gain | 5.0 | 10.1 |
Available for sale Securities, Debt Maturities Unrealized Gain Position Gross Gain | 902.0 | 1,189.4 |
Available for Sale Securities Unrealized Loss Position Gross Loss | ||
Available For Sale Securities Debt Maturities Within One Year Unrealized Loss Position Gross Loss | 9.7 | 7.5 |
Available For Sale Securities Debt Maturities After One Through Five Years Unrealized Loss Position Gross Loss | 205.6 | 179.0 |
Available For Sale Securities Debt Maturities After Five Through Ten Years Unrealized Loss Position Gross Loss | 642.5 | 610.8 |
Available For Sale Securities Debt Maturities After Ten Years Unrealized Loss Position Gross Loss | 2,147.9 | 1,942.6 |
Available For Sale Securities Debt Maturities Unrealized Gain Position Gross Loss Gross Subtotal | 3,005.7 | 2,739.9 |
Available For Sale Securities Debt Maturities Without Single Maturity Date Unrealized Loss Position Gross Loss | 31.7 | 24.0 |
Available For Sale Securities Unrealized Loss Position Gross Loss Subtotal | 3,037.4 | 2,763.9 |
Fair Value Maturity Distribution [Abstract] | ||
Debt Securities, Available-for-sale, Total | 36,247.8 | 36,833.9 |
Available for Sale Securities Unrealized Gain Position Fair Value | ||
Fair Value Maturity Distribution [Abstract] | ||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, within One Year, Fair Value | 166.7 | 140.8 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after One Through Five Years, Fair Value | 2,720.4 | 2,685.7 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Fair Value | 3,679.1 | 4,100.0 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after 10 Years, Fair Value | 7,080.5 | 8,524.4 |
Available for sale Securities Debt Maturities Fair Value Gross Subtotal | 13,646.7 | 15,450.9 |
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value | 221.1 | 267.1 |
Debt Securities, Available-for-sale, Total | 13,867.8 | 15,718.0 |
Available for Sale Securities Unrealized Loss Position Fair Value | ||
Fair Value Maturity Distribution [Abstract] | ||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, within One Year, Fair Value | 782.6 | 787.6 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after One Through Five Years, Fair Value | 4,936.6 | 4,857.9 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Fair Value | 5,056.6 | 5,091.6 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after 10 Years, Fair Value | 11,116.6 | 10,001.8 |
Available for sale Securities Debt Maturities Fair Value Gross Subtotal | 21,892.4 | 20,738.9 |
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value | 487.6 | 377.0 |
Debt Securities, Available-for-sale, Total | $ 22,380.0 | $ 21,115.9 |
Investments Distribution by External Credit Rating for Fixed Maturity Securities (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Debt Securities, Available-for-sale | ||
Fixed Maturity Securities | $ 36,247.8 | $ 36,833.9 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 902.0 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $ 3,037.4 | |
Fixed maturity securities in unrealized loss position percent of total | 100.00% | |
External Credit Rating, Investment Grade | ||
Debt Securities, Available-for-sale | ||
Fixed Maturity Securities | $ 34,759.9 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 886.0 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $ 2,943.1 | |
Fixed maturity securities in unrealized loss position percent of total | 96.90% | |
External Credit Rating, Below-Investment-Grade | ||
Debt Securities, Available-for-sale | ||
Fixed Maturity Securities | $ 1,487.9 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 16.0 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $ 94.3 | |
Fixed maturity securities in unrealized loss position percent of total | 3.10% |
Debt Securities, Available-for-sale, Allowance for Credit Losses Rollforward (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward] | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance | $ 2.2 | $ 0.0 |
Debt Securities, Available-for-sale, Credit losses on securities for which credit losses were not previously recorded | 0.0 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Ending Balance | 2.2 | $ 0.0 |
All Other Corporate Bonds | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward] | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance | 2.2 | |
Debt Securities, Available-for-sale, Credit losses on securities for which credit losses were not previously recorded | 0.0 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Ending Balance | $ 2.2 |
Mortgage Loans by Property Type and Geographic Region (Detail) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Mortgage Loans on Real Estate | ||
Mortgage Loans, Carrying Amount | $ 2,298.8 | $ 2,318.2 |
Mortgage Loans, Percent of Total | 100.00% | 100.00% |
New England | ||
Mortgage Loans on Real Estate | ||
Mortgage Loans, Carrying Amount | $ 54.5 | $ 55.1 |
Mortgage Loans, Percent of Total | 2.40% | 2.40% |
Mid-Atlantic | ||
Mortgage Loans on Real Estate | ||
Mortgage Loans, Carrying Amount | $ 153.5 | $ 155.1 |
Mortgage Loans, Percent of Total | 6.70% | 6.70% |
East North Central | ||
Mortgage Loans on Real Estate | ||
Mortgage Loans, Carrying Amount | $ 312.6 | $ 314.4 |
Mortgage Loans, Percent of Total | 13.60% | 13.60% |
West North Central | ||
Mortgage Loans on Real Estate | ||
Mortgage Loans, Carrying Amount | $ 162.1 | $ 163.5 |
Mortgage Loans, Percent of Total | 7.10% | 7.00% |
South Atlantic | ||
Mortgage Loans on Real Estate | ||
Mortgage Loans, Carrying Amount | $ 548.2 | $ 553.0 |
Mortgage Loans, Percent of Total | 23.70% | 23.80% |
East South Central | ||
Mortgage Loans on Real Estate | ||
Mortgage Loans, Carrying Amount | $ 109.8 | $ 110.7 |
Mortgage Loans, Percent of Total | 4.80% | 4.80% |
West South Central | ||
Mortgage Loans on Real Estate | ||
Mortgage Loans, Carrying Amount | $ 199.2 | $ 200.9 |
Mortgage Loans, Percent of Total | 8.70% | 8.70% |
Mountain | ||
Mortgage Loans on Real Estate | ||
Mortgage Loans, Carrying Amount | $ 280.5 | $ 282.7 |
Mortgage Loans, Percent of Total | 12.20% | 12.20% |
Pacific | ||
Mortgage Loans on Real Estate | ||
Mortgage Loans, Carrying Amount | $ 478.4 | $ 482.8 |
Mortgage Loans, Percent of Total | 20.80% | 20.80% |
Apartment | ||
Mortgage Loans on Real Estate | ||
Mortgage Loans, Carrying Amount | $ 681.2 | $ 685.8 |
Mortgage Loans, Percent of Total | 29.60% | 29.60% |
Industrial | ||
Mortgage Loans on Real Estate | ||
Mortgage Loans, Carrying Amount | $ 701.0 | $ 706.0 |
Mortgage Loans, Percent of Total | 30.50% | 30.50% |
Office | ||
Mortgage Loans on Real Estate | ||
Mortgage Loans, Carrying Amount | $ 374.4 | $ 379.9 |
Mortgage Loans, Percent of Total | 16.30% | 16.40% |
Retail | ||
Mortgage Loans on Real Estate | ||
Mortgage Loans, Carrying Amount | $ 499.9 | $ 503.9 |
Mortgage Loans, Percent of Total | 21.80% | 21.70% |
Other Property | ||
Mortgage Loans on Real Estate | ||
Mortgage Loans, Carrying Amount | $ 42.3 | $ 42.6 |
Mortgage Loans, Percent of Total | 1.80% | 1.80% |
Schedule of Participating Mortgage Loans by Internal Credit Rating and Loan to Value (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Mortgage Loans on Real Estate | ||
Mortgage Loans, Carrying Amount | $ 2,298.8 | $ 2,318.2 |
Mortgage Loans, Percent of Total | 100.00% | 100.00% |
Loan to Value Ratio Below or Equal to 65 Percent | ||
Mortgage Loans on Real Estate | ||
Mortgage Loans, Carrying Amount | $ 1,443.9 | $ 1,409.9 |
Mortgage Loans, Percent of Total | 62.80% | 60.80% |
Loan To Value Ratio Above 65 To 75 Percent | ||
Mortgage Loans on Real Estate | ||
Mortgage Loans, Carrying Amount | $ 656.1 | $ 707.0 |
Mortgage Loans, Percent of Total | 28.50% | 30.50% |
Loan To Value Ratio Above 75 To 85 Percent | ||
Mortgage Loans on Real Estate | ||
Mortgage Loans, Carrying Amount | $ 135.5 | $ 136.5 |
Mortgage Loans, Percent of Total | 5.90% | 5.90% |
Loan To Value Ratio Above 85 Percent | ||
Mortgage Loans on Real Estate | ||
Mortgage Loans, Carrying Amount | $ 63.3 | $ 64.8 |
Mortgage Loans, Percent of Total | 2.80% | 2.80% |
AA Credit Rating | ||
Mortgage Loans on Real Estate | ||
Mortgage Loans, Carrying Amount | $ 84.4 | $ 85.2 |
Mortgage Loans, Percent of Total | 3.70% | 3.70% |
A Credit Rating | ||
Mortgage Loans on Real Estate | ||
Mortgage Loans, Carrying Amount | $ 1,010.8 | $ 942.5 |
Mortgage Loans, Percent of Total | 44.00% | 40.60% |
BBB Credit Rating | ||
Mortgage Loans on Real Estate | ||
Mortgage Loans, Carrying Amount | $ 1,163.9 | $ 1,249.5 |
Mortgage Loans, Percent of Total | 50.60% | 53.90% |
BB Credit Rating | ||
Mortgage Loans on Real Estate | ||
Mortgage Loans, Carrying Amount | $ 39.7 | $ 41.0 |
Mortgage Loans, Percent of Total | 1.70% | 1.80% |
Mortgage Loans, Sorted by Applicable Credit Quality Indicators (Detail) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|---|---|
Mortgage Loans on Real Estate | ||||
Mortgage Loans, Carrying Amount | $ 2,298.8 | $ 2,318.2 | ||
Loan to Value Ratio Below or Equal to 65 Percent | ||||
Mortgage Loans on Real Estate | ||||
Mortgage Loans, Carrying Amount | 1,443.9 | 1,409.9 | ||
Loan To Value Ratio Above 65 To 75 Percent | ||||
Mortgage Loans on Real Estate | ||||
Mortgage Loans, Carrying Amount | 656.1 | 707.0 | ||
Loan To Value Ratio Above 75 To 85 Percent | ||||
Mortgage Loans on Real Estate | ||||
Mortgage Loans, Carrying Amount | 135.5 | 136.5 | ||
Loan To Value Ratio Above 85 Percent | ||||
Mortgage Loans on Real Estate | ||||
Mortgage Loans, Carrying Amount | 63.3 | 64.8 | ||
Originated Five or More Years before Last Fiscal Year | ||||
Mortgage Loans on Real Estate | ||||
Mortgage Loans, Carrying Amount | 1,636.7 | 1,317.6 | ||
Originated Four Years before Last Fiscal Year | ||||
Mortgage Loans on Real Estate | ||||
Mortgage Loans, Carrying Amount | 163.7 | 334.8 | ||
Originated Three Years before Last Fiscal Year | ||||
Mortgage Loans on Real Estate | ||||
Mortgage Loans, Carrying Amount | 344.9 | 164.9 | ||
Originated Two Years before Last Fiscal Year | ||||
Mortgage Loans on Real Estate | ||||
Mortgage Loans, Carrying Amount | 86.8 | 347.1 | ||
Originated in Fiscal Year before Latest Fiscal Year | ||||
Mortgage Loans on Real Estate | ||||
Mortgage Loans, Carrying Amount | 66.7 | 87.0 | ||
Originated in Current Fiscal Year | ||||
Mortgage Loans on Real Estate | ||||
Mortgage Loans, Carrying Amount | 0.0 | 66.8 | ||
AA Credit Rating | ||||
Mortgage Loans on Real Estate | ||||
Mortgage Loans, Carrying Amount | 84.4 | 85.2 | ||
A Credit Rating | ||||
Mortgage Loans on Real Estate | ||||
Mortgage Loans, Carrying Amount | 1,010.8 | 942.5 | ||
BBB Credit Rating | ||||
Mortgage Loans on Real Estate | ||||
Mortgage Loans, Carrying Amount | 1,163.9 | 1,249.5 | ||
BB Credit Rating | ||||
Mortgage Loans on Real Estate | ||||
Mortgage Loans, Carrying Amount | 39.7 | 41.0 | ||
Commercial Real Estate | ||||
Mortgage Loans on Real Estate | ||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,644.9 | 1,323.9 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 164.3 | 336.1 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 345.9 | 165.5 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 87.3 | 348.1 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 67.1 | 87.6 | ||
Financing Receivable, Originated in Current Fiscal Year | 0.0 | 67.2 | ||
Financing Receivable, before Allowance for Credit Loss | 2,309.5 | 2,328.4 | ||
Financing Receivable, Allowance for Credit Losses, Mortgage Loans | (10.7) | (10.2) | $ (10.0) | $ (9.3) |
Commercial Real Estate | Loan to Value Ratio Below or Equal to 65 Percent | ||||
Mortgage Loans on Real Estate | ||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,127.0 | 908.3 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 121.8 | 197.7 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 144.1 | 116.4 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 16.0 | 145.2 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 38.7 | 16.2 | ||
Financing Receivable, Originated in Current Fiscal Year | 0.0 | 30.0 | ||
Financing Receivable, before Allowance for Credit Loss | 1,447.6 | 1,413.8 | ||
Financing Receivable, Allowance for Credit Losses, Mortgage Loans | (3.6) | (3.8) | (3.0) | (3.0) |
Commercial Real Estate | Loan To Value Ratio Above 65 To 75 Percent | ||||
Mortgage Loans on Real Estate | ||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 355.4 | 252.1 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 34.3 | 138.4 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 170.1 | 40.8 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 71.3 | 171.0 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 28.4 | 71.4 | ||
Financing Receivable, Originated in Current Fiscal Year | 0.0 | 37.2 | ||
Financing Receivable, before Allowance for Credit Loss | 659.5 | 710.9 | ||
Financing Receivable, Allowance for Credit Losses, Mortgage Loans | (3.4) | (3.8) | (5.3) | (4.7) |
Commercial Real Estate | Loan To Value Ratio Above 75 To 85 Percent | ||||
Mortgage Loans on Real Estate | ||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 96.7 | 97.3 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 8.2 | 0.0 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 31.7 | 8.3 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0.0 | 31.9 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0.0 | 0.0 | ||
Financing Receivable, Originated in Current Fiscal Year | 0.0 | 0.0 | ||
Financing Receivable, before Allowance for Credit Loss | 136.6 | 137.5 | ||
Financing Receivable, Allowance for Credit Losses, Mortgage Loans | (1.2) | (1.2) | (1.2) | (1.1) |
Commercial Real Estate | Loan To Value Ratio Above 85 Percent | ||||
Mortgage Loans on Real Estate | ||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 65.8 | 66.2 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0.0 | 0.0 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0.0 | 0.0 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0.0 | 0.0 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0.0 | 0.0 | ||
Financing Receivable, Originated in Current Fiscal Year | 0.0 | 0.0 | ||
Financing Receivable, before Allowance for Credit Loss | 65.8 | 66.2 | ||
Financing Receivable, Allowance for Credit Losses, Mortgage Loans | (2.5) | (1.4) | $ (0.5) | $ (0.5) |
Commercial Real Estate | Originated Five or More Years before Last Fiscal Year | ||||
Mortgage Loans on Real Estate | ||||
Financing Receivable, Allowance for Credit Losses, Mortgage Loans | (8.2) | (6.3) | ||
Commercial Real Estate | Originated Four Years before Last Fiscal Year | ||||
Mortgage Loans on Real Estate | ||||
Financing Receivable, Allowance for Credit Losses, Mortgage Loans | (0.6) | (1.3) | ||
Commercial Real Estate | Originated Three Years before Last Fiscal Year | ||||
Mortgage Loans on Real Estate | ||||
Financing Receivable, Allowance for Credit Losses, Mortgage Loans | (1.0) | (0.6) | ||
Commercial Real Estate | Originated Two Years before Last Fiscal Year | ||||
Mortgage Loans on Real Estate | ||||
Financing Receivable, Allowance for Credit Losses, Mortgage Loans | (0.5) | (1.0) | ||
Commercial Real Estate | Originated in Fiscal Year before Latest Fiscal Year | ||||
Mortgage Loans on Real Estate | ||||
Financing Receivable, Allowance for Credit Losses, Mortgage Loans | (0.4) | (0.6) | ||
Commercial Real Estate | Originated in Current Fiscal Year | ||||
Mortgage Loans on Real Estate | ||||
Financing Receivable, Allowance for Credit Losses, Mortgage Loans | 0.0 | (0.4) | ||
Commercial Real Estate | AA Credit Rating | ||||
Mortgage Loans on Real Estate | ||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 84.5 | 74.3 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0.0 | 11.0 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0.0 | 0.0 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0.0 | 0.0 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0.0 | 0.0 | ||
Financing Receivable, Originated in Current Fiscal Year | 0.0 | 0.0 | ||
Financing Receivable, before Allowance for Credit Loss | 84.5 | 85.3 | ||
Commercial Real Estate | A Credit Rating | ||||
Mortgage Loans on Real Estate | ||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 730.4 | 589.0 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 100.2 | 100.3 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 121.4 | 94.1 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 23.0 | 100.1 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 38.0 | 23.2 | ||
Financing Receivable, Originated in Current Fiscal Year | 0.0 | 38.0 | ||
Financing Receivable, before Allowance for Credit Loss | 1,013.0 | 944.7 | ||
Commercial Real Estate | BBB Credit Rating | ||||
Mortgage Loans on Real Estate | ||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 788.0 | 618.4 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 64.1 | 224.8 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 224.5 | 71.4 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 64.3 | 248.0 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 29.1 | 64.4 | ||
Financing Receivable, Originated in Current Fiscal Year | 0.0 | 29.2 | ||
Financing Receivable, before Allowance for Credit Loss | 1,170.0 | 1,256.2 | ||
Commercial Real Estate | BB Credit Rating | ||||
Mortgage Loans on Real Estate | ||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 42.0 | 42.2 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0.0 | 0.0 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0.0 | 0.0 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0.0 | 0.0 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0.0 | 0.0 | ||
Financing Receivable, Originated in Current Fiscal Year | 0.0 | 0.0 | ||
Financing Receivable, before Allowance for Credit Loss | $ 42.0 | $ 42.2 |
Mortgage Loans, Allowance for Credit Losses Rollforward (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Write-offs | $ 0.0 | $ 0.0 |
Commercial Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 10.2 | 9.3 |
Current Period Provisions | 0.5 | 0.7 |
Write-offs | 0.0 | 0.0 |
Recoveries | 0.0 | 0.0 |
Financing Receivable, Allowance for Credit Loss, Ending Balance | 10.7 | 10.0 |
Commercial Real Estate | Loan to Value Ratio Below or Equal to 65 Percent | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 3.8 | 3.0 |
Current Period Provisions | (0.2) | 0.0 |
Write-offs | 0.0 | 0.0 |
Recoveries | 0.0 | 0.0 |
Financing Receivable, Allowance for Credit Loss, Ending Balance | 3.6 | 3.0 |
Commercial Real Estate | Loan To Value Ratio Above 65 To 75 Percent | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 3.8 | 4.7 |
Current Period Provisions | (0.4) | 0.6 |
Write-offs | 0.0 | 0.0 |
Recoveries | 0.0 | 0.0 |
Financing Receivable, Allowance for Credit Loss, Ending Balance | 3.4 | 5.3 |
Commercial Real Estate | Loan To Value Ratio Above 75 To 85 Percent | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 1.2 | 1.1 |
Current Period Provisions | 0.0 | 0.1 |
Write-offs | 0.0 | 0.0 |
Recoveries | 0.0 | 0.0 |
Financing Receivable, Allowance for Credit Loss, Ending Balance | 1.2 | 1.2 |
Commercial Real Estate | Loan To Value Ratio Above 85 Percent | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 1.4 | 0.5 |
Current Period Provisions | 1.1 | 0.0 |
Write-offs | 0.0 | 0.0 |
Recoveries | 0.0 | 0.0 |
Financing Receivable, Allowance for Credit Loss, Ending Balance | $ 2.5 | $ 0.5 |
Investments Remaining Contractual Maturity of Security Lending Agreements (Details) - Overnight and Continuous - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Transfer of Certain Financial Assets Accounted for as Secured Borrowings | ||
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred | $ 46.9 | $ 63.1 |
Securities Loaned and Securities Sold under Agreement to Repurchase, Gross Including Not Subject to Master Netting Arrangement | 46.9 | 63.1 |
Secured Borrowings, Gross, Difference, Amount | 0.0 | 0.0 |
Public Utilities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings | ||
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred | 4.7 | 1.8 |
All Other Corporate Bonds | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings | ||
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred | $ 42.2 | $ 61.3 |
Investments Federal Home Loan Bank Carrying Amount, Collateral Posted and Advances Received (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Federal Home Loan Bank Carrying Value of Common Stock, Collateral Posted and Advances | ||
Federal Home Loan Bank Common Stock | $ 17.6 | $ 15.7 |
Federal Home Loan Bank, Advances | 108.2 | 64.5 |
Federal Home Loan Bank, Collateral Posted to FHLB | 1,562.6 | 1,575.8 |
Fixed Maturity Securities | ||
Federal Home Loan Bank Carrying Value of Common Stock, Collateral Posted and Advances | ||
Federal Home Loan Bank, Collateral Posted to FHLB | 583.6 | 589.0 |
Commercial Mortgage Loans | ||
Federal Home Loan Bank Carrying Value of Common Stock, Collateral Posted and Advances | ||
Federal Home Loan Bank, Collateral Posted to FHLB | $ 979.0 | $ 986.8 |
Investments Schedule of Financial Instrument and Derivative Offsetting (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Offsetting Derivative Assets [Abstract] | ||
Net Derivative Assets Reported in Balance Sheet | $ 100.1 | $ 99.9 |
Offsetting Securities Loaned | ||
Gross Securities Loaned | 60.2 | 72.0 |
Assets Offsetting Securities Loaned in Balance Sheet | 0.0 | 0.0 |
Net Securities Loaned Reported in Balance Sheet | 60.2 | 72.0 |
Securities Given as Collateral on Securities Loaned | (13.3) | (8.9) |
Cash Given as Collateral on Securities Loaned | (46.9) | (63.1) |
Securities Loaned, Amount Offset Against Collateral | 0.0 | 0.0 |
Offsetting Financial Assets | ||
Gross Financial Assets | 155.8 | 171.9 |
Financial Liabilities Offsetting Financial Assets in Balance Sheet | 0.0 | 0.0 |
Net Financial Assets Reported in Balance Sheet | 155.8 | 171.9 |
Securities Received as Collateral on Financial Assets | (106.5) | (100.8) |
Cash Received as Collateral on Financial Assets | (47.8) | (69.5) |
Financial Assets Net of Collateral | 1.5 | 1.6 |
Offsetting Derivative Liabilities | ||
Net Derivative Liabilities Reported in Balance Sheet | 147.0 | 117.7 |
Offsetting Securities Borrowed | ||
Gross Securities Borrowed | 46.9 | 63.1 |
Liabilities Offsetting Securities Borrowed in Balance Sheet | 0.0 | 0.0 |
Net Securities Borrowed Reported in Balance Sheet | 46.9 | 63.1 |
Securities Received as Collateral on Securities Borrowed | (46.9) | (63.1) |
Cash Received as Collateral on Securities Borrowed | 0.0 | 0.0 |
Securities Borrowed Net of Collateral | 0.0 | 0.0 |
Offsetting Financial Liabilities | ||
Gross Financial Liability | 193.9 | 179.3 |
Financial Assets Offsetting Financial Liabilities in Balance Sheet | 0.0 | 0.0 |
Net Financial Liabilities Reported in Balance Sheet | 193.9 | 179.3 |
Securities Given as Collateral on Financial Liabilities | (193.7) | (172.5) |
Cash Given as Collateral on Financial Liabilities | 0.0 | 0.0 |
Financial Liabilities Net of Collateral | 0.2 | 6.8 |
Over the Counter | ||
Offsetting Derivative Assets [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | 95.6 | 99.9 |
Derivative Liabilities Offsetting Derivative Assets in Balance Sheet | 0.0 | 0.0 |
Net Derivative Assets Reported in Balance Sheet | 95.6 | 99.9 |
Securities Received as Collateral on Derivative Assets | (93.2) | (91.9) |
Cash Collateral from Counterparties | (0.9) | (6.4) |
Derivative Assets Net of Collateral | 1.5 | 1.6 |
Offsetting Derivative Liabilities | ||
Gross Derivative Liability | 147.0 | 116.2 |
Derivative Assets Offsetting Derivative Liabilities in Balance Sheet | 0.0 | 0.0 |
Net Derivative Liabilities Reported in Balance Sheet | 147.0 | 116.2 |
Securities Given as Collateral on Derivative Liabilities | (146.8) | (109.4) |
Cash Collateral to counterparties | 0.0 | 0.0 |
Derivative Liabilities Net of Collateral | $ 0.2 | $ 6.8 |
Investments Investment Income (Detail) - USD ($) $ in Millions |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|||||
Net Investment Income | ||||||
Gross Investment Income, Operating | $ 533.1 | $ 526.5 | ||||
Less Investment Expenses | 16.6 | 14.7 | ||||
Less Investment Income on PFA Assets | 3.0 | 3.0 | ||||
Net Investment Income | 513.5 | 508.8 | ||||
Fixed Maturity Securities | ||||||
Net Investment Income | ||||||
Gross Investment Income, Operating | 453.9 | 455.1 | ||||
Derivatives | ||||||
Net Investment Income | ||||||
Gross Investment Income, Operating | 8.2 | 11.9 | ||||
Mortgage Loans | ||||||
Net Investment Income | ||||||
Gross Investment Income, Operating | 22.5 | 23.4 | ||||
Policy Loans | ||||||
Net Investment Income | ||||||
Gross Investment Income, Operating | 5.4 | 5.0 | ||||
Perpetual Preferred Securities | ||||||
Net Investment Income | ||||||
Gross Investment Income, Operating | [1] | 0.2 | 0.9 | |||
Private Equity Partnerships | ||||||
Net Investment Income | ||||||
Gross Investment Income, Operating | [2] | 20.3 | 14.3 | |||
Other Long-term Investments | ||||||
Net Investment Income | ||||||
Gross Investment Income, Operating | 2.7 | 1.8 | ||||
Short-term Investments | ||||||
Net Investment Income | ||||||
Gross Investment Income, Operating | $ 19.9 | $ 14.1 | ||||
|
Investment Gains and Losses Reported in Consolidated Statements of Income (Detail) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Fixed Maturity Securities | ||
Gross Gains on Sales | $ 0.0 | $ 0.5 |
Gross Losses on Sales | 15.8 | 0.2 |
Mortgage Loans and Other Invested Assets | ||
Gross Gains on Sales | 0.0 | 0.2 |
Credit Losses | (0.5) | (0.7) |
Embedded Derivative in Modified Coinsurance Arrangement | 6.1 | 0.3 |
All Other Derivatives | 1.6 | (0.6) |
Foreign Currency Transactions | (1.9) | 0.6 |
Other Realized Gain | 9.3 | 0.0 |
Net Investment Gain (Loss) | $ (1.2) | $ 0.1 |
Investments - Additional Information (Detail) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
|
Schedule of Investments | ||||
Write-offs | $ 0.0 | $ 0.0 | ||
Other Long-term Investments | 1,619.8 | $ 1,579.4 | ||
Accrued Investment Income | 660.9 | 633.9 | ||
Loan Foreclosure Expense | 0.0 | 0.0 | ||
Commitments to Fund Commercial Mortgage Loans | 1.8 | |||
Real Estate Investment Property, Net | 63.2 | 64.4 | ||
Real Estate Held-for-sale | $ 40.9 | 40.9 | ||
Repurchase agreements - Typical Days outstanding | 30 | |||
Minimum percent of the fair value of securities loaned or securities purchased under repurchase agreements be maintained as collateral | 102.00% | |||
Gross Securities Loaned | $ 60.2 | 72.0 | ||
Outstanding Repurchase Agreements | 0.0 | 0.0 | ||
Equity Securities | ||||
Schedule of Investments | ||||
Unrealized Gain (Loss) on Investments | (0.1) | 0.7 | ||
Private Equity Partnerships | ||||
Schedule of Investments | ||||
Unrealized Gain (Loss) on Investments | 25.0 | 17.8 | ||
Management Fee Expense | (4.7) | (3.5) | ||
Off Balance Sheet Amount | ||||
Schedule of Investments | ||||
Cash Collateral for Borrowed Securities | 46.9 | 63.1 | ||
Securities Received as Collateral | 16.1 | 12.5 | ||
Commercial Real Estate | ||||
Schedule of Investments | ||||
Write-offs | 0.0 | 0.0 | ||
Financing Receivable, before Allowance for Credit Loss, Mortgage Loans | 2,309.5 | 2,328.4 | ||
Financing Receivable, Allowance for Credit Losses, Mortgage Loans | 10.7 | $ 10.0 | 10.2 | $ 9.3 |
Accrued Investment Income | $ 7.2 | 7.2 | ||
Financing Receivable, Modifications, Number of Contracts | 0.0 | 0.0 | ||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | $ 0.0 | 0.0 | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 0.0 | $ 0.0 | ||
Unfunded Mortgage Loan Commitments | ||||
Schedule of Investments | ||||
Allowance for Credit Losses, Unfunded Mortgage Loan Commitments | 0.0 | 0.0 | ||
Variable Interest Entity, Not Primary Beneficiary | ||||
Schedule of Investments | ||||
Other Long-term Investments | 1,370.6 | 1,326.5 | ||
Private Placement Fixed Maturity Security [Member] | ||||
Schedule of Investments | ||||
Fair Value Disclosure, off-Balance-Sheet Risks, Amount, Liability | 74.5 | |||
Tax Credit Partnership | Variable Interest Entity, Not Primary Beneficiary | ||||
Schedule of Investments | ||||
Other Long-term Investments | 0.3 | 0.3 | ||
Equity Method Investments | Variable Interest Entity, Not Primary Beneficiary | ||||
Schedule of Investments | ||||
Other Long-term Investments | $ 1,370.3 | $ 1,326.2 | ||
External Credit Rating, Investment Grade | ||||
Schedule of Investments | ||||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 903 | |||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 826 | |||
External Credit Rating, Below-Investment-Grade | ||||
Schedule of Investments | ||||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 75 | |||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 70 |
Derivative Financial Instruments Nature and Amount of Collateral Received From and Posted To Our Derivative Counterparties (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Derivative | ||
Derivative Asset, Subject to Master Netting Arrangement, Deduction of Financial Instrument Not Offset | $ 20.5 | $ 37.4 |
Derivative Liability, Subject to Master Netting Arrangement, Deduction of Financial Instrument Not Offset | 82.2 | 39.8 |
Cash | ||
Derivative | ||
Cash Collateral from Counterparties | 3.2 | 11.1 |
Derivative, Collateral, Right to Reclaim Cash | 0.0 | 0.0 |
Fixed Maturity Securities | ||
Derivative | ||
Carrying Value of Fixed Maturity Securities Posted as Collateral to Counterparties | 17.3 | 26.3 |
Carrying Value of Fixed Maturity Securities Posted as Collateral to Counterparties | $ 82.2 | $ 39.8 |
Derivative Financial Instruments Fair Value Hedges Carrying Amount of Hedged Assets and Cumulative Basis Adjustments (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Derivative Instruments and Hedging Activities Disclosures | ||
Hedged Asset, Statement of Financial Position [Extensible Enumeration] | Fixed Maturity Securities - at fair value (amortized cost of $38,385.4; $38,410.6; allowance for credit losses of $2.2; $2.2) | Fixed Maturity Securities - at fair value (amortized cost of $38,385.4; $38,410.6; allowance for credit losses of $2.2; $2.2) |
Interest Rate Swaps | Receive Fixed/Pay Fixed | Designated as Hedging Instrument | Fair Value Hedging | ||
Derivative Instruments and Hedging Activities Disclosures | ||
Hedged Asset, Fair Value Hedge | $ 514.7 | $ 529.2 |
Interest Rate Swaps | Receive Fixed/Pay Fixed | Designated as Hedging Instrument | Fair Value Hedging | Fixed Maturity Securities | ||
Derivative Instruments and Hedging Activities Disclosures | ||
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | $ (23.6) | $ (6.1) |
Location and Amounts of Derivative Financial Instruments (Detail) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Derivative | ||
Derivative, Notional Amount | $ 3,094.0 | $ 2,983.7 |
Other Long-term Investments | ||
Derivative | ||
Asset Derivatives Fair Value | 100.1 | 99.9 |
Other Liabilities | ||
Derivative | ||
Liability Derivatives Fair Value | 147.0 | 117.7 |
Designated as Hedging Instrument | ||
Derivative | ||
Derivative, Notional Amount | 2,796.0 | 2,697.0 |
Designated as Hedging Instrument | Cash Flow Hedging | ||
Derivative | ||
Derivative, Notional Amount | 2,153.5 | 2,054.5 |
Designated as Hedging Instrument | Forwards | Cash Flow Hedging | ||
Derivative | ||
Derivative, Notional Amount | 2,004.0 | 1,905.0 |
Designated as Hedging Instrument | Interest Rate Swaps | Cash Flow Hedging | ||
Derivative | ||
Derivative, Notional Amount | 149.5 | 149.5 |
Designated as Hedging Instrument | Interest Rate Swaps | Fair Value Hedging | ||
Derivative | ||
Derivative, Notional Amount | 642.5 | 642.5 |
Designated as Hedging Instrument | Other Long-term Investments | ||
Derivative | ||
Asset Derivatives Fair Value | 91.3 | 96.9 |
Designated as Hedging Instrument | Other Long-term Investments | Cash Flow Hedging | ||
Derivative | ||
Asset Derivatives Fair Value | 48.1 | 58.7 |
Designated as Hedging Instrument | Other Long-term Investments | Forwards | Cash Flow Hedging | ||
Derivative | ||
Asset Derivatives Fair Value | 32.5 | 44.5 |
Designated as Hedging Instrument | Other Long-term Investments | Interest Rate Swaps | Cash Flow Hedging | ||
Derivative | ||
Asset Derivatives Fair Value | 15.6 | 14.2 |
Designated as Hedging Instrument | Other Long-term Investments | Interest Rate Swaps | Fair Value Hedging | ||
Derivative | ||
Asset Derivatives Fair Value | 43.2 | 38.2 |
Designated as Hedging Instrument | Other Liabilities | ||
Derivative | ||
Liability Derivatives Fair Value | 130.3 | 99.0 |
Designated as Hedging Instrument | Other Liabilities | Cash Flow Hedging | ||
Derivative | ||
Liability Derivatives Fair Value | 116.3 | 82.3 |
Designated as Hedging Instrument | Other Liabilities | Forwards | Cash Flow Hedging | ||
Derivative | ||
Liability Derivatives Fair Value | 113.6 | 77.8 |
Designated as Hedging Instrument | Other Liabilities | Interest Rate Swaps | Cash Flow Hedging | ||
Derivative | ||
Liability Derivatives Fair Value | 2.7 | 4.5 |
Designated as Hedging Instrument | Other Liabilities | Interest Rate Swaps | Fair Value Hedging | ||
Derivative | ||
Liability Derivatives Fair Value | 14.0 | 16.7 |
Not Designated as Hedging Instrument | ||
Derivative | ||
Derivative, Notional Amount | 298.0 | 286.7 |
Not Designated as Hedging Instrument | Forwards | ||
Derivative | ||
Derivative, Notional Amount | 53.5 | 52.5 |
Not Designated as Hedging Instrument | Interest Rate Swaps | ||
Derivative | ||
Derivative, Notional Amount | 132.0 | 132.0 |
Not Designated as Hedging Instrument | Total Return Swap | ||
Derivative | ||
Derivative, Notional Amount | 112.5 | 102.2 |
Not Designated as Hedging Instrument | Embedded Derivative in Modified Coinsurance Arrangement | ||
Derivative | ||
Derivative, Notional Amount | 0.0 | 0.0 |
Not Designated as Hedging Instrument | Other Long-term Investments | ||
Derivative | ||
Asset Derivatives Fair Value | 8.8 | 3.0 |
Not Designated as Hedging Instrument | Other Long-term Investments | Forwards | ||
Derivative | ||
Asset Derivatives Fair Value | 4.2 | 3.0 |
Not Designated as Hedging Instrument | Other Long-term Investments | Interest Rate Swaps | ||
Derivative | ||
Asset Derivatives Fair Value | 0.0 | 0.0 |
Not Designated as Hedging Instrument | Other Long-term Investments | Total Return Swap | ||
Derivative | ||
Asset Derivatives Fair Value | 0.0 | 0.0 |
Not Designated as Hedging Instrument | Other Long-term Investments | Embedded Derivative in Modified Coinsurance Arrangement | ||
Derivative | ||
Asset Derivatives Fair Value | 4.6 | 0.0 |
Not Designated as Hedging Instrument | Other Liabilities | ||
Derivative | ||
Liability Derivatives Fair Value | 16.7 | 18.7 |
Not Designated as Hedging Instrument | Other Liabilities | Forwards | ||
Derivative | ||
Liability Derivatives Fair Value | 0.0 | 0.2 |
Not Designated as Hedging Instrument | Other Liabilities | Interest Rate Swaps | ||
Derivative | ||
Liability Derivatives Fair Value | 16.7 | 17.0 |
Not Designated as Hedging Instrument | Other Liabilities | Total Return Swap | ||
Derivative | ||
Liability Derivatives Fair Value | 0.0 | 0.0 |
Not Designated as Hedging Instrument | Other Liabilities | Embedded Derivative in Modified Coinsurance Arrangement | ||
Derivative | ||
Liability Derivatives Fair Value | $ 0.0 | $ 1.5 |
Derivative Financial Instruments Location of Gains and Losses Designated as Hedging Instruments, Consolidated Statements of Income (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Derivative Instruments, Gain (Loss) | ||
Net Investment Income | $ 513.5 | $ 508.8 |
Net Investment Gain (Loss) | (1.2) | 0.1 |
Interest and Debt Expense | 49.5 | 48.1 |
Derivative, Gain (Loss) on Derivative, Net | (1.6) | 0.6 |
Designated as Hedging Instrument | Interest Rate Swaps | Net Investment Income | Cash Flow Hedging | ||
Derivative Instruments, Gain (Loss) | ||
Net Investment Income | 47.6 | 49.5 |
Derivative, Gain (Loss) on Derivative, Net | 6.0 | 10.4 |
Designated as Hedging Instrument | Interest Rate Swaps | Net Investment Gain (Loss) | Cash Flow Hedging | ||
Derivative Instruments, Gain (Loss) | ||
Net Investment Gain (Loss) | 0.0 | 0.0 |
Derivative, Gain (Loss) on Derivative, Net | 0.0 | 0.0 |
Designated as Hedging Instrument | Interest Rate Swaps | Interest and Debt Expense | Cash Flow Hedging | ||
Derivative Instruments, Gain (Loss) | ||
Interest and Debt Expense | 0.7 | 0.7 |
Derivative, Gain (Loss) on Derivative, Net | 0.0 | 0.0 |
Designated as Hedging Instrument | Foreign Exchange Contracts | Net Investment Income | Cash Flow Hedging | ||
Derivative Instruments, Gain (Loss) | ||
Net Investment Income | 2.2 | 2.5 |
Derivative, Gain (Loss) on Derivative, Net | (0.5) | 0.3 |
Designated as Hedging Instrument | Foreign Exchange Contracts | Net Investment Income | Fair Value Hedging | ||
Derivative Instruments, Gain (Loss) | ||
Net Investment Income | 4.2 | 3.2 |
Derivative, Gain (Loss) on Derivative, Net | 3.1 | 1.3 |
Designated as Hedging Instrument | Foreign Exchange Contracts | Net Investment Gain (Loss) | Cash Flow Hedging | ||
Derivative Instruments, Gain (Loss) | ||
Net Investment Gain (Loss) | 0.0 | 0.0 |
Derivative, Gain (Loss) on Derivative, Net | 0.0 | 0.0 |
Designated as Hedging Instrument | Foreign Exchange Contracts | Net Investment Gain (Loss) | Fair Value Hedging | ||
Derivative Instruments, Gain (Loss) | ||
Net Investment Gain (Loss) | (17.6) | 3.2 |
Derivative, Gain (Loss) on Derivative, Net | 17.6 | (3.2) |
Designated as Hedging Instrument | Foreign Exchange Contracts | Interest and Debt Expense | Cash Flow Hedging | ||
Derivative Instruments, Gain (Loss) | ||
Interest and Debt Expense | 0.0 | 0.0 |
Derivative, Gain (Loss) on Derivative, Net | 0.0 | 0.0 |
Designated as Hedging Instrument | Foreign Exchange Contracts | Interest and Debt Expense | Fair Value Hedging | ||
Derivative Instruments, Gain (Loss) | ||
Interest and Debt Expense | 0.0 | 0.0 |
Derivative, Gain (Loss) on Derivative, Net | 0.0 | 0.0 |
Designated as Hedging Instrument | Forwards | Net Investment Income | Cash Flow Hedging | ||
Derivative Instruments, Gain (Loss) | ||
Net Investment Income | 9.0 | 0.7 |
Derivative, Gain (Loss) on Derivative, Net | 0.2 | 0.0 |
Designated as Hedging Instrument | Forwards | Net Investment Gain (Loss) | Cash Flow Hedging | ||
Derivative Instruments, Gain (Loss) | ||
Net Investment Gain (Loss) | 0.0 | 0.0 |
Derivative, Gain (Loss) on Derivative, Net | 0.0 | 0.0 |
Designated as Hedging Instrument | Forwards | Interest and Debt Expense | Cash Flow Hedging | ||
Derivative Instruments, Gain (Loss) | ||
Interest and Debt Expense | 0.0 | 0.0 |
Derivative, Gain (Loss) on Derivative, Net | $ 0.0 | $ 0.0 |
Location of Gains and Losses on Derivative Instruments Designated as Cash Flow Hedging Instruments (Detail) - Designated as Hedging Instrument - Cash Flow Hedging - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Derivative Instruments, Gain (Loss) | ||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives | $ (51.9) | $ 29.7 |
Forwards | ||
Derivative Instruments, Gain (Loss) | ||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives | (55.1) | 29.9 |
Foreign Exchange Contracts | ||
Derivative Instruments, Gain (Loss) | ||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives | $ 3.2 | $ (0.2) |
Gains and Losses on Derivatives Not Designated as Hedging Instruments (Detail) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Derivative Instruments, Gain (Loss) | ||
Net Gain (Loss) on Derivatives | $ 1.6 | $ (0.6) |
Not Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) | ||
Net Gain (Loss) on Derivatives | 7.7 | (0.3) |
Foreign Exchange Contracts | Not Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) | ||
Net Gain (Loss) on Derivatives | 1.6 | (0.6) |
Embedded Derivative in Modified Coinsurance Arrangement | Not Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) | ||
Net Gain (Loss) on Derivatives | 6.1 | 0.3 |
Total Return Swap | Not Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) | ||
Net Gain (Loss) on Derivatives | $ (7.9) | $ (4.6) |
Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|
Derivative | |||
Aggregate fair value of all derivative instruments with credit risk-related contingent features in a liability position | $ 147.0 | $ 116.2 | |
Derivative, Notional Amount | 3,094.0 | 2,983.7 | |
Approximate amount of net deferred gains on derivative instruments expected to be amortized during the next twelve months | 13.2 | ||
Component of Derivative Gain (Loss) Excluded from the Assessment of Hedge Effectiveness | (9.9) | $ 2.5 | |
Discontinued Hedge Accounting Due to Instrument No Longer Qualifying as Fair Value Hedge | $ 0.0 | $ 0.0 | |
Maximum Length of Time Hedged in Cash Flow Hedge | 39 years | ||
Designated as Hedging Instrument | |||
Derivative | |||
Derivative, Notional Amount | $ 2,796.0 | 2,697.0 | |
Not Designated as Hedging Instrument | |||
Derivative | |||
Derivative, Notional Amount | 298.0 | 286.7 | |
Cash Flow Hedging | Designated as Hedging Instrument | |||
Derivative | |||
Derivative, Notional Amount | 2,153.5 | 2,054.5 | |
Interest Rate Swaps | Not Designated as Hedging Instrument | |||
Derivative | |||
Derivative, Notional Amount | 132.0 | 132.0 | |
Interest Rate Swaps | Cash Flow Hedging | Designated as Hedging Instrument | |||
Derivative | |||
Derivative, Notional Amount | 149.5 | 149.5 | |
Interest Rate Swaps | Fair Value Hedging | Designated as Hedging Instrument | |||
Derivative | |||
Derivative, Notional Amount | 642.5 | 642.5 | |
Forwards | Not Designated as Hedging Instrument | |||
Derivative | |||
Derivative, Notional Amount | 53.5 | 52.5 | |
Forwards | Cash Flow Hedging | Designated as Hedging Instrument | |||
Derivative | |||
Derivative, Notional Amount | 2,004.0 | 1,905.0 | |
Total Return Swap | Not Designated as Hedging Instrument | |||
Derivative | |||
Derivative, Notional Amount | 112.5 | 102.2 | |
Receive Fixed/Pay Fixed | Interest Rate Swaps | Not Designated as Hedging Instrument | |||
Derivative | |||
Derivative, Notional Amount | 132.0 | 132.0 | |
Receive Fixed/Pay Fixed | Interest Rate Swaps | Cash Flow Hedging | Designated as Hedging Instrument | |||
Derivative | |||
Derivative, Notional Amount | 149.5 | 149.5 | |
Receive Fixed/Pay Fixed | Interest Rate Swaps | Fair Value Hedging | Designated as Hedging Instrument | |||
Derivative | |||
Derivative, Notional Amount | 642.5 | ||
Credit Exposure | |||
Derivative | |||
Credit Exposure on Derivatives | $ 1.5 | $ 1.6 |
Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Accumulated Other Comprehensive Income (Loss) | ||
Balance at Beginning of Period | $ (3,308.0) | $ (3,448.3) |
Other Comprehensive Income (Loss) Before Reclassifications | 356.8 | 293.1 |
Amounts Reclassified from Accumulated Other Comprehensive Income or Loss | (11.2) | 7.1 |
Total Other Comprehensive Income | 368.0 | 286.0 |
Balance at End of Period | (2,940.0) | (3,162.3) |
Net Unrealized Loss on Securities | ||
Accumulated Other Comprehensive Income (Loss) | ||
Balance at Beginning of Period | (1,919.1) | (3,028.4) |
Other Comprehensive Income (Loss) Before Reclassifications | (454.1) | 823.4 |
Amounts Reclassified from Accumulated Other Comprehensive Income or Loss | (12.4) | 0.2 |
Total Other Comprehensive Income | (441.7) | 823.2 |
Balance at End of Period | (2,360.8) | (2,205.2) |
Effect of Change in Discount Rate Assumptions on the LFPB1 | ||
Accumulated Other Comprehensive Income (Loss) | ||
Balance at Beginning of Period | (648.4) | 313.9 |
Other Comprehensive Income (Loss) Before Reclassifications | 873.7 | (573.9) |
Amounts Reclassified from Accumulated Other Comprehensive Income or Loss | 0.0 | 0.0 |
Total Other Comprehensive Income | 873.7 | (573.9) |
Balance at End of Period | 225.3 | (260.0) |
Net Gain (Loss) on Derivatives | ||
Accumulated Other Comprehensive Income (Loss) | ||
Balance at Beginning of Period | (73.7) | (9.6) |
Other Comprehensive Income (Loss) Before Reclassifications | (48.9) | 25.6 |
Amounts Reclassified from Accumulated Other Comprehensive Income or Loss | 4.4 | 8.2 |
Total Other Comprehensive Income | (53.3) | 17.4 |
Balance at End of Period | (127.0) | 7.8 |
Foreign Currency Translation Adjustment | ||
Accumulated Other Comprehensive Income (Loss) | ||
Balance at Beginning of Period | (321.1) | (390.1) |
Other Comprehensive Income (Loss) Before Reclassifications | (11.5) | 24.7 |
Amounts Reclassified from Accumulated Other Comprehensive Income or Loss | 0.0 | 0.0 |
Total Other Comprehensive Income | (11.5) | 24.7 |
Balance at End of Period | (332.6) | (365.4) |
Unrecognized Pension and Postretirement Benefit Costs | ||
Accumulated Other Comprehensive Income (Loss) | ||
Balance at Beginning of Period | (345.7) | (334.1) |
Other Comprehensive Income (Loss) Before Reclassifications | (2.4) | (6.7) |
Amounts Reclassified from Accumulated Other Comprehensive Income or Loss | (3.2) | (1.3) |
Total Other Comprehensive Income | 0.8 | (5.4) |
Balance at End of Period | $ (344.9) | $ (339.5) |
Schedule of Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income | ||
Net Investment Gain (Loss) | $ (1.2) | $ 0.1 |
Net Investment Income | 513.5 | 508.8 |
Other Expenses | (291.1) | (273.2) |
Income Tax Expense (Benefit) | 100.5 | 93.0 |
Net Income | 395.2 | 358.3 |
Reclassification out of Accumulated Other Comprehensive Income (Loss) | Net Unrealized Loss on Securities | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income | ||
Net Investment Gain (Loss) | (15.8) | 0.3 |
Income Tax Expense (Benefit) | (3.4) | 0.1 |
Net Income | (12.4) | 0.2 |
Reclassification out of Accumulated Other Comprehensive Income (Loss) | Net Gain (Loss) on Derivatives | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income | ||
Income Before Income Tax | 5.6 | 10.4 |
Income Tax Expense (Benefit) | 1.2 | 2.2 |
Net Income | 4.4 | 8.2 |
Reclassification out of Accumulated Other Comprehensive Income (Loss) | Net Gain (Loss) on Derivatives | Interest Rate Swaps | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income | ||
Net Investment Income | 5.8 | 10.4 |
Reclassification out of Accumulated Other Comprehensive Income (Loss) | Net Gain (Loss) on Derivatives | Foreign Exchange Contracts | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income | ||
Net Investment Gain (Loss) | (0.1) | 0.0 |
Net Investment Income | (0.1) | 0.0 |
Reclassification out of Accumulated Other Comprehensive Income (Loss) | Amortization of Net Actuarial Loss | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income | ||
Other Expenses | (4.2) | (1.8) |
Reclassification out of Accumulated Other Comprehensive Income (Loss) | Amortization of Prior Service Credit | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income | ||
Other Expenses | 0.1 | 0.1 |
Reclassification out of Accumulated Other Comprehensive Income (Loss) | Unrecognized Pension and Postretirement Benefit Costs | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income | ||
Income Before Income Tax | (4.1) | (1.7) |
Income Tax Expense (Benefit) | (0.9) | (0.4) |
Net Income | $ (3.2) | $ (1.3) |
Liability for Future Policy Benefit Activity (Details) - USD ($) $ in Millions |
3 Months Ended | |||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|||||||||||||||||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||||||||||||||||||||
Foreign currency | $ (24.2) | $ 49.3 | ||||||||||||||||||||||||
Expected future benefit payments | 104,905.0 | 96,591.0 | ||||||||||||||||||||||||
Expected future gross premiums | 39,072.6 | 35,284.9 | ||||||||||||||||||||||||
Expected future gross premiums | $ 25,772.6 | $ 23,805.9 | ||||||||||||||||||||||||
Interest accretion rate | 4.90% | 4.80% | ||||||||||||||||||||||||
Weighted average duration of the liability | 11 years 6 months | 10 years 10 months 24 days | ||||||||||||||||||||||||
Future Policy Benefits | $ 38,624.5 | $ 40,009.4 | ||||||||||||||||||||||||
Unum US | ||||||||||||||||||||||||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | ||||||||||||||||||||||||||
Present Value of Expected Net Premiums, Balance at beginning of year | 2,431.4 | $ 2,071.1 | ||||||||||||||||||||||||
Beginning balance at original discount rate | 2,486.9 | 2,166.0 | ||||||||||||||||||||||||
Effect of changes in cash flow assumptions | 0.0 | $ 0.0 | ||||||||||||||||||||||||
Effect of actual variances from expected experience | (98.6) | (98.5) | ||||||||||||||||||||||||
Adjusted beginning of year balance | 2,388.3 | 2,067.5 | ||||||||||||||||||||||||
Issuances | 254.2 | 134.5 | ||||||||||||||||||||||||
Interest accretion | 24.1 | 19.3 | ||||||||||||||||||||||||
Net premiums collected | (99.8) | (82.5) | ||||||||||||||||||||||||
Ending balance at original discount rate | 2,566.8 | 2,138.8 | ||||||||||||||||||||||||
Effect of change in discount rate assumptions | (93.0) | (57.2) | ||||||||||||||||||||||||
Present Value of Expected Net Premiums, balance at end of period | 2,473.8 | 2,081.6 | ||||||||||||||||||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||||||||||||||||||||
Present value of expected future policy benefits, beginning of year | 11,752.5 | 11,698.2 | ||||||||||||||||||||||||
Beginning balance at original discount rate | 11,949.5 | 12,177.3 | ||||||||||||||||||||||||
Effect of changes in cash flow assumptions | 0.0 | 0.0 | ||||||||||||||||||||||||
Effect of actual variances from expected experience | (211.6) | (250.6) | ||||||||||||||||||||||||
Adjusted beginning of year balance | 11,737.9 | 11,926.7 | ||||||||||||||||||||||||
Issuances | 859.5 | [1] | 796.2 | [2] | ||||||||||||||||||||||
Interest accretion | 115.4 | 120.4 | ||||||||||||||||||||||||
Benefit payments | (819.2) | (862.1) | ||||||||||||||||||||||||
Ending balance at original discount rate | 11,893.6 | 11,981.2 | ||||||||||||||||||||||||
Effect of change in discount rate assumptions | (396.2) | (273.8) | ||||||||||||||||||||||||
Balance, end of period | 11,497.4 | 11,707.4 | ||||||||||||||||||||||||
Net liability for future policy benefits | 9,023.6 | 9,625.8 | ||||||||||||||||||||||||
Other | 30.4 | 45.5 | ||||||||||||||||||||||||
Total liability for future policy benefits | 9,054.0 | 9,671.3 | ||||||||||||||||||||||||
Less: Reinsurance recoverable related to future policy benefits | 205.8 | 255.8 | ||||||||||||||||||||||||
Net liability for future policy benefits, after reinsurance recoverable | 8,848.2 | 9,415.5 | ||||||||||||||||||||||||
Gross premiums or assessments | 1,621.7 | 1,537.0 | ||||||||||||||||||||||||
Interest accretion | 91.3 | 101.1 | ||||||||||||||||||||||||
Expected future benefit payments | 17,908.8 | 17,632.6 | ||||||||||||||||||||||||
Expected future gross premiums | 11,471.8 | 9,481.2 | ||||||||||||||||||||||||
Expected future gross premiums | $ 7,992.2 | $ 6,864.4 | ||||||||||||||||||||||||
Interest accretion rate | 4.20% | 4.10% | ||||||||||||||||||||||||
Current discount rate | 4.70% | 4.50% | ||||||||||||||||||||||||
Weighted average duration of the liability | 7 years | 6 years 9 months 18 days | ||||||||||||||||||||||||
Future Policy Benefits | [3] | $ 9,054.0 | $ 9,671.3 | |||||||||||||||||||||||
Unum International | ||||||||||||||||||||||||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | ||||||||||||||||||||||||||
Present Value of Expected Net Premiums, Balance at beginning of year | 270.3 | 197.1 | ||||||||||||||||||||||||
Beginning balance at original discount rate | 298.4 | 246.8 | ||||||||||||||||||||||||
Effect of changes in cash flow assumptions | 0.0 | 0.0 | ||||||||||||||||||||||||
Effect of actual variances from expected experience | 7.2 | 4.5 | ||||||||||||||||||||||||
Adjusted beginning of year balance | 305.6 | 251.3 | ||||||||||||||||||||||||
Issuances | 8.8 | 6.3 | ||||||||||||||||||||||||
Interest accretion | 3.0 | 2.2 | ||||||||||||||||||||||||
Net premiums collected | (7.3) | (5.2) | ||||||||||||||||||||||||
Foreign currency | (3.4) | 3.4 | ||||||||||||||||||||||||
Ending balance at original discount rate | 306.7 | 258.0 | ||||||||||||||||||||||||
Effect of change in discount rate assumptions | (29.9) | (38.4) | ||||||||||||||||||||||||
Present Value of Expected Net Premiums, balance at end of period | 276.8 | 219.6 | ||||||||||||||||||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||||||||||||||||||||
Present value of expected future policy benefits, beginning of year | 2,527.4 | 2,231.4 | ||||||||||||||||||||||||
Beginning balance at original discount rate | 2,687.1 | 2,495.5 | ||||||||||||||||||||||||
Effect of changes in cash flow assumptions | 0.0 | 0.0 | ||||||||||||||||||||||||
Effect of actual variances from expected experience | (0.5) | 2.2 | ||||||||||||||||||||||||
Adjusted beginning of year balance | 2,686.6 | 2,497.7 | ||||||||||||||||||||||||
Issuances | [4] | 113.9 | 105.4 | |||||||||||||||||||||||
Interest accretion | 16.9 | 15.7 | ||||||||||||||||||||||||
Benefit payments | (132.1) | (118.6) | ||||||||||||||||||||||||
Ending balance at original discount rate | 2,661.1 | 2,549.5 | ||||||||||||||||||||||||
Effect of change in discount rate assumptions | (206.9) | (211.8) | ||||||||||||||||||||||||
Balance, end of period | 2,454.2 | 2,337.7 | ||||||||||||||||||||||||
Net liability for future policy benefits | 2,177.4 | 2,118.1 | ||||||||||||||||||||||||
Other | 35.9 | 30.5 | ||||||||||||||||||||||||
Total liability for future policy benefits | 2,213.3 | 2,148.6 | ||||||||||||||||||||||||
Less: Reinsurance recoverable related to future policy benefits | 69.7 | 74.7 | ||||||||||||||||||||||||
Net liability for future policy benefits, after reinsurance recoverable | 2,143.6 | 2,073.9 | ||||||||||||||||||||||||
Gross premiums or assessments | 230.5 | 208.5 | ||||||||||||||||||||||||
Interest accretion | 13.9 | 13.5 | ||||||||||||||||||||||||
Expected future benefit payments | 4,230.4 | 3,988.8 | ||||||||||||||||||||||||
Expected future gross premiums | 1,246.6 | 995.8 | ||||||||||||||||||||||||
Expected future gross premiums | $ 807.5 | $ 657.2 | ||||||||||||||||||||||||
Interest accretion rate | 4.10% | 3.90% | ||||||||||||||||||||||||
Current discount rate | 4.90% | 4.80% | ||||||||||||||||||||||||
Weighted average duration of the liability | 8 years 7 months 6 days | 8 years 7 months 6 days | ||||||||||||||||||||||||
Future Policy Benefits | $ 2,213.3 | $ 2,148.6 | ||||||||||||||||||||||||
Colonial Life | ||||||||||||||||||||||||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | ||||||||||||||||||||||||||
Present Value of Expected Net Premiums, Balance at beginning of year | 3,592.6 | 3,745.4 | ||||||||||||||||||||||||
Beginning balance at original discount rate | 3,754.3 | 4,046.4 | ||||||||||||||||||||||||
Effect of changes in cash flow assumptions | 0.0 | 0.0 | ||||||||||||||||||||||||
Effect of actual variances from expected experience | 3.7 | (46.3) | ||||||||||||||||||||||||
Adjusted beginning of year balance | 3,758.0 | 4,000.1 | ||||||||||||||||||||||||
Issuances | 172.9 | 175.0 | ||||||||||||||||||||||||
Interest accretion | 35.1 | 33.0 | ||||||||||||||||||||||||
Net premiums collected | (164.4) | (164.1) | ||||||||||||||||||||||||
Ending balance at original discount rate | 3,801.6 | 4,044.0 | ||||||||||||||||||||||||
Effect of change in discount rate assumptions | (213.7) | (229.5) | ||||||||||||||||||||||||
Present Value of Expected Net Premiums, balance at end of period | 3,587.9 | 3,814.5 | ||||||||||||||||||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||||||||||||||||||||
Present value of expected future policy benefits, beginning of year | 5,566.0 | 5,581.1 | ||||||||||||||||||||||||
Beginning balance at original discount rate | 5,925.2 | 6,163.9 | ||||||||||||||||||||||||
Effect of changes in cash flow assumptions | 0.0 | 0.0 | ||||||||||||||||||||||||
Effect of actual variances from expected experience | (6.1) | (39.5) | ||||||||||||||||||||||||
Adjusted beginning of year balance | 5,919.1 | 6,124.4 | ||||||||||||||||||||||||
Issuances | 181.4 | 184.9 | ||||||||||||||||||||||||
Interest accretion | 58.0 | 55.4 | ||||||||||||||||||||||||
Benefit payments | (161.2) | (168.3) | ||||||||||||||||||||||||
Ending balance at original discount rate | 5,997.3 | 6,196.4 | ||||||||||||||||||||||||
Effect of change in discount rate assumptions | (483.1) | (460.5) | ||||||||||||||||||||||||
Balance, end of period | 5,514.2 | 5,735.9 | ||||||||||||||||||||||||
Net liability for future policy benefits | 1,926.3 | 1,921.4 | ||||||||||||||||||||||||
Other | 24.5 | 20.7 | ||||||||||||||||||||||||
Total liability for future policy benefits | 1,950.8 | 1,942.1 | ||||||||||||||||||||||||
Less: Reinsurance recoverable related to future policy benefits | 1.6 | 0.8 | ||||||||||||||||||||||||
Net liability for future policy benefits, after reinsurance recoverable | 1,949.2 | 1,941.3 | ||||||||||||||||||||||||
Gross premiums or assessments | 430.6 | 412.2 | ||||||||||||||||||||||||
Interest accretion | 22.9 | 22.4 | ||||||||||||||||||||||||
Expected future benefit payments | 9,989.6 | 10,121.7 | ||||||||||||||||||||||||
Expected future gross premiums | 12,133.1 | 12,359.9 | ||||||||||||||||||||||||
Expected future gross premiums | $ 8,840.9 | $ 9,030.0 | ||||||||||||||||||||||||
Interest accretion rate | 4.30% | 4.30% | ||||||||||||||||||||||||
Current discount rate | 5.10% | 5.00% | ||||||||||||||||||||||||
Weighted average duration of the liability | 17 years | 17 years 4 months 24 days | ||||||||||||||||||||||||
Future Policy Benefits | $ 1,950.8 | $ 1,942.1 | ||||||||||||||||||||||||
Closed Block | ||||||||||||||||||||||||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | ||||||||||||||||||||||||||
Present Value of Expected Net Premiums, Balance at beginning of year | 8,123.5 | 6,412.6 | ||||||||||||||||||||||||
Beginning balance at original discount rate | 7,703.6 | 6,236.1 | ||||||||||||||||||||||||
Effect of changes in cash flow assumptions | 0.0 | 0.0 | ||||||||||||||||||||||||
Effect of actual variances from expected experience | (23.1) | 8.4 | ||||||||||||||||||||||||
Adjusted beginning of year balance | 7,680.5 | 6,244.5 | ||||||||||||||||||||||||
Interest accretion | 101.3 | 84.2 | ||||||||||||||||||||||||
Net premiums collected | (155.2) | (141.9) | ||||||||||||||||||||||||
Ending balance at original discount rate | 7,626.6 | 6,186.8 | ||||||||||||||||||||||||
Effect of change in discount rate assumptions | 223.5 | 298.1 | ||||||||||||||||||||||||
Present Value of Expected Net Premiums, balance at end of period | 7,850.1 | 6,484.9 | ||||||||||||||||||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||||||||||||||||||||
Present value of expected future policy benefits, beginning of year | 32,577.7 | 29,418.7 | ||||||||||||||||||||||||
Beginning balance at original discount rate | 30,743.9 | 28,852.3 | ||||||||||||||||||||||||
Effect of changes in cash flow assumptions | 0.0 | 0.0 | ||||||||||||||||||||||||
Effect of actual variances from expected experience | 12.3 | 4.5 | ||||||||||||||||||||||||
Adjusted beginning of year balance | 30,756.2 | 28,856.8 | ||||||||||||||||||||||||
Issuances | 33.0 | [5] | 44.9 | [6] | ||||||||||||||||||||||
Interest accretion | 389.2 | 365.3 | ||||||||||||||||||||||||
Benefit payments | (485.6) | (464.2) | ||||||||||||||||||||||||
Ending balance at original discount rate | 30,692.8 | 28,802.8 | ||||||||||||||||||||||||
Effect of change in discount rate assumptions | 708.7 | 1,291.4 | ||||||||||||||||||||||||
Balance, end of period | 31,401.5 | 30,094.2 | ||||||||||||||||||||||||
Net liability for future policy benefits | 23,551.4 | 23,609.3 | ||||||||||||||||||||||||
Other | 1,613.3 | 1,752.8 | ||||||||||||||||||||||||
Total liability for future policy benefits | 25,164.7 | 25,362.1 | ||||||||||||||||||||||||
Less: Reinsurance recoverable related to future policy benefits | 7,226.8 | 7,816.8 | ||||||||||||||||||||||||
Net liability for future policy benefits, after reinsurance recoverable | 17,937.9 | 17,545.3 | ||||||||||||||||||||||||
Gross premiums or assessments | 225.0 | 232.3 | ||||||||||||||||||||||||
Interest accretion | 287.9 | 281.1 | ||||||||||||||||||||||||
Expected future benefit payments | 72,776.2 | 64,847.9 | ||||||||||||||||||||||||
Expected future gross premiums | 14,221.1 | 12,448.0 | ||||||||||||||||||||||||
Expected future gross premiums | $ 8,132.0 | $ 7,254.3 | ||||||||||||||||||||||||
Interest accretion rate | 5.20% | 5.20% | ||||||||||||||||||||||||
Current discount rate | 5.20% | 5.00% | ||||||||||||||||||||||||
Weighted average duration of the liability | 13 years 1 month 6 days | 12 years 3 months 18 days | ||||||||||||||||||||||||
Future Policy Benefits | [3] | $ 25,164.7 | $ 25,362.1 | |||||||||||||||||||||||
Other Products | ||||||||||||||||||||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||||||||||||||||||||
Future Policy Benefits | [3] | 241.7 | 227.4 | |||||||||||||||||||||||
Group Disability | Unum US | ||||||||||||||||||||||||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | ||||||||||||||||||||||||||
Present Value of Expected Net Premiums, Balance at beginning of year | 0.0 | 0.0 | ||||||||||||||||||||||||
Beginning balance at original discount rate | 0.0 | 0.0 | ||||||||||||||||||||||||
Effect of changes in cash flow assumptions | 0.0 | 0.0 | ||||||||||||||||||||||||
Effect of actual variances from expected experience | 0.0 | 0.0 | ||||||||||||||||||||||||
Adjusted beginning of year balance | 0.0 | 0.0 | ||||||||||||||||||||||||
Issuances | 0.0 | 0.0 | ||||||||||||||||||||||||
Interest accretion | 0.0 | 0.0 | ||||||||||||||||||||||||
Net premiums collected | 0.0 | 0.0 | ||||||||||||||||||||||||
Ending balance at original discount rate | 0.0 | 0.0 | ||||||||||||||||||||||||
Effect of change in discount rate assumptions | 0.0 | 0.0 | ||||||||||||||||||||||||
Present Value of Expected Net Premiums, balance at end of period | 0.0 | 0.0 | ||||||||||||||||||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||||||||||||||||||||
Present value of expected future policy benefits, beginning of year | 5,147.4 | 5,533.3 | ||||||||||||||||||||||||
Beginning balance at original discount rate | 5,277.1 | 5,793.1 | ||||||||||||||||||||||||
Effect of changes in cash flow assumptions | 0.0 | 0.0 | ||||||||||||||||||||||||
Effect of actual variances from expected experience | (73.0) | (107.5) | ||||||||||||||||||||||||
Adjusted beginning of year balance | 5,204.1 | 5,685.6 | ||||||||||||||||||||||||
Issuances | 386.6 | [1] | 425.3 | [2] | ||||||||||||||||||||||
Interest accretion | 46.8 | 52.2 | ||||||||||||||||||||||||
Benefit payments | (460.7) | (484.8) | ||||||||||||||||||||||||
Ending balance at original discount rate | 5,176.8 | 5,678.3 | ||||||||||||||||||||||||
Effect of change in discount rate assumptions | (180.7) | (179.5) | ||||||||||||||||||||||||
Balance, end of period | 4,996.1 | 5,498.8 | ||||||||||||||||||||||||
Net liability for future policy benefits | 4,996.1 | 5,498.8 | ||||||||||||||||||||||||
Other | 0.2 | 0.5 | ||||||||||||||||||||||||
Total liability for future policy benefits | 4,996.3 | 5,499.3 | ||||||||||||||||||||||||
Less: Reinsurance recoverable related to future policy benefits | 29.1 | 42.5 | ||||||||||||||||||||||||
Net liability for future policy benefits, after reinsurance recoverable | 4,967.2 | 5,456.8 | ||||||||||||||||||||||||
Gross premiums or assessments | 754.1 | 718.2 | ||||||||||||||||||||||||
Interest accretion | 46.8 | 52.2 | ||||||||||||||||||||||||
Expected future benefit payments | 6,251.2 | 6,834.2 | ||||||||||||||||||||||||
Expected future gross premiums | 0.0 | 0.0 | ||||||||||||||||||||||||
Expected future gross premiums | $ 0.0 | $ 0.0 | ||||||||||||||||||||||||
Interest accretion rate | 4.00% | 3.80% | ||||||||||||||||||||||||
Current discount rate | 4.90% | 4.60% | ||||||||||||||||||||||||
Weighted average duration of the liability | 4 years 2 months 12 days | 4 years 3 months 18 days | ||||||||||||||||||||||||
Group Life and AD&D | Unum US | ||||||||||||||||||||||||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | ||||||||||||||||||||||||||
Present Value of Expected Net Premiums, Balance at beginning of year | $ 0.0 | $ 0.0 | ||||||||||||||||||||||||
Beginning balance at original discount rate | 0.0 | 0.0 | ||||||||||||||||||||||||
Effect of changes in cash flow assumptions | 0.0 | 0.0 | ||||||||||||||||||||||||
Effect of actual variances from expected experience | 0.0 | 0.0 | ||||||||||||||||||||||||
Adjusted beginning of year balance | 0.0 | 0.0 | ||||||||||||||||||||||||
Issuances | 0.0 | 0.0 | ||||||||||||||||||||||||
Interest accretion | 0.0 | 0.0 | ||||||||||||||||||||||||
Net premiums collected | 0.0 | 0.0 | ||||||||||||||||||||||||
Ending balance at original discount rate | 0.0 | 0.0 | ||||||||||||||||||||||||
Effect of change in discount rate assumptions | 0.0 | 0.0 | ||||||||||||||||||||||||
Present Value of Expected Net Premiums, balance at end of period | 0.0 | 0.0 | ||||||||||||||||||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||||||||||||||||||||
Present value of expected future policy benefits, beginning of year | 922.0 | 972.6 | ||||||||||||||||||||||||
Beginning balance at original discount rate | 936.5 | 998.5 | ||||||||||||||||||||||||
Effect of changes in cash flow assumptions | 0.0 | 0.0 | ||||||||||||||||||||||||
Effect of actual variances from expected experience | (19.1) | (21.2) | ||||||||||||||||||||||||
Adjusted beginning of year balance | 917.4 | 977.3 | ||||||||||||||||||||||||
Issuances | 211.6 | [1] | 228.4 | [2] | ||||||||||||||||||||||
Interest accretion | 5.4 | 5.9 | ||||||||||||||||||||||||
Benefit payments | (228.9) | (259.2) | ||||||||||||||||||||||||
Ending balance at original discount rate | 905.5 | 952.4 | ||||||||||||||||||||||||
Effect of change in discount rate assumptions | (20.0) | (18.8) | ||||||||||||||||||||||||
Balance, end of period | 885.5 | 933.6 | ||||||||||||||||||||||||
Net liability for future policy benefits | 885.5 | 933.6 | ||||||||||||||||||||||||
Other | 0.9 | 0.9 | ||||||||||||||||||||||||
Total liability for future policy benefits | 886.4 | 934.5 | ||||||||||||||||||||||||
Less: Reinsurance recoverable related to future policy benefits | 8.7 | 5.6 | ||||||||||||||||||||||||
Net liability for future policy benefits, after reinsurance recoverable | 877.7 | 928.9 | ||||||||||||||||||||||||
Gross premiums or assessments | 494.4 | 462.2 | ||||||||||||||||||||||||
Interest accretion | 5.4 | 5.9 | ||||||||||||||||||||||||
Expected future benefit payments | 1,030.5 | 1,085.2 | ||||||||||||||||||||||||
Expected future gross premiums | 0.0 | 0.0 | ||||||||||||||||||||||||
Expected future gross premiums | $ 0.0 | $ 0.0 | ||||||||||||||||||||||||
Interest accretion rate | 2.30% | 2.20% | ||||||||||||||||||||||||
Current discount rate | 2.80% | 2.70% | ||||||||||||||||||||||||
Weighted average duration of the liability | 2 years 7 months 6 days | 2 years 8 months 12 days | ||||||||||||||||||||||||
Voluntary Benefits | Unum US | ||||||||||||||||||||||||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | ||||||||||||||||||||||||||
Present Value of Expected Net Premiums, Balance at beginning of year | $ 1,134.7 | $ 868.2 | ||||||||||||||||||||||||
Beginning balance at original discount rate | 1,192.5 | 937.9 | ||||||||||||||||||||||||
Effect of changes in cash flow assumptions | 0.0 | 0.0 | ||||||||||||||||||||||||
Effect of actual variances from expected experience | (80.7) | (73.6) | ||||||||||||||||||||||||
Adjusted beginning of year balance | 1,111.8 | 864.3 | ||||||||||||||||||||||||
Issuances | 213.4 | 85.7 | ||||||||||||||||||||||||
Interest accretion | 10.2 | 7.0 | ||||||||||||||||||||||||
Net premiums collected | (50.9) | (37.8) | ||||||||||||||||||||||||
Ending balance at original discount rate | 1,284.5 | 919.2 | ||||||||||||||||||||||||
Effect of change in discount rate assumptions | (74.8) | (50.9) | ||||||||||||||||||||||||
Present Value of Expected Net Premiums, balance at end of period | 1,209.7 | 868.3 | ||||||||||||||||||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||||||||||||||||||||
Present value of expected future policy benefits, beginning of year | 2,334.5 | 1,999.5 | ||||||||||||||||||||||||
Beginning balance at original discount rate | 2,422.0 | 2,141.2 | ||||||||||||||||||||||||
Effect of changes in cash flow assumptions | 0.0 | 0.0 | ||||||||||||||||||||||||
Effect of actual variances from expected experience | (95.5) | (85.9) | ||||||||||||||||||||||||
Adjusted beginning of year balance | 2,326.5 | 2,055.3 | ||||||||||||||||||||||||
Issuances | 219.3 | [1] | 92.3 | [2] | ||||||||||||||||||||||
Interest accretion | 24.5 | 21.3 | ||||||||||||||||||||||||
Benefit payments | (61.4) | (49.1) | ||||||||||||||||||||||||
Ending balance at original discount rate | 2,508.9 | 2,119.8 | ||||||||||||||||||||||||
Effect of change in discount rate assumptions | (156.8) | (90.7) | ||||||||||||||||||||||||
Balance, end of period | 2,352.1 | 2,029.1 | ||||||||||||||||||||||||
Net liability for future policy benefits | 1,142.4 | 1,160.8 | ||||||||||||||||||||||||
Other | 2.6 | 16.6 | ||||||||||||||||||||||||
Total liability for future policy benefits | 1,145.0 | 1,177.4 | ||||||||||||||||||||||||
Less: Reinsurance recoverable related to future policy benefits | 13.9 | 12.5 | ||||||||||||||||||||||||
Net liability for future policy benefits, after reinsurance recoverable | 1,131.1 | 1,164.9 | ||||||||||||||||||||||||
Gross premiums or assessments | 207.8 | 199.3 | ||||||||||||||||||||||||
Interest accretion | 14.3 | 14.3 | ||||||||||||||||||||||||
Expected future benefit payments | 5,330.0 | 4,564.8 | ||||||||||||||||||||||||
Expected future gross premiums | 5,771.9 | 3,941.1 | ||||||||||||||||||||||||
Expected future gross premiums | $ 3,896.1 | $ 2,890.7 | ||||||||||||||||||||||||
Interest accretion rate | 5.00% | 5.10% | ||||||||||||||||||||||||
Current discount rate | 5.20% | 5.00% | ||||||||||||||||||||||||
Weighted average duration of the liability | 18 years 3 months 18 days | 17 years 10 months 24 days | ||||||||||||||||||||||||
Individual Disability | Unum US | ||||||||||||||||||||||||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | ||||||||||||||||||||||||||
Present Value of Expected Net Premiums, Balance at beginning of year | $ 1,296.7 | $ 1,202.9 | ||||||||||||||||||||||||
Beginning balance at original discount rate | 1,294.4 | 1,228.1 | ||||||||||||||||||||||||
Effect of changes in cash flow assumptions | 0.0 | 0.0 | ||||||||||||||||||||||||
Effect of actual variances from expected experience | (17.9) | (24.9) | ||||||||||||||||||||||||
Adjusted beginning of year balance | 1,276.5 | 1,203.2 | ||||||||||||||||||||||||
Issuances | 40.8 | 48.8 | ||||||||||||||||||||||||
Interest accretion | 13.9 | 12.3 | ||||||||||||||||||||||||
Net premiums collected | (48.9) | (44.7) | ||||||||||||||||||||||||
Ending balance at original discount rate | 1,282.3 | 1,219.6 | ||||||||||||||||||||||||
Effect of change in discount rate assumptions | (18.2) | (6.3) | ||||||||||||||||||||||||
Present Value of Expected Net Premiums, balance at end of period | 1,264.1 | 1,213.3 | ||||||||||||||||||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||||||||||||||||||||
Present value of expected future policy benefits, beginning of year | 3,348.6 | 3,192.8 | ||||||||||||||||||||||||
Beginning balance at original discount rate | 3,313.9 | 3,244.5 | ||||||||||||||||||||||||
Effect of changes in cash flow assumptions | 0.0 | 0.0 | ||||||||||||||||||||||||
Effect of actual variances from expected experience | (24.0) | (36.0) | ||||||||||||||||||||||||
Adjusted beginning of year balance | 3,289.9 | 3,208.5 | ||||||||||||||||||||||||
Issuances | 42.0 | [1] | 50.2 | [2] | ||||||||||||||||||||||
Interest accretion | 38.7 | 41.0 | ||||||||||||||||||||||||
Benefit payments | (68.2) | (69.0) | ||||||||||||||||||||||||
Ending balance at original discount rate | 3,302.4 | 3,230.7 | ||||||||||||||||||||||||
Effect of change in discount rate assumptions | (38.7) | 15.2 | ||||||||||||||||||||||||
Balance, end of period | 3,263.7 | 3,245.9 | ||||||||||||||||||||||||
Net liability for future policy benefits | 1,999.6 | 2,032.6 | ||||||||||||||||||||||||
Other | 26.7 | 27.5 | ||||||||||||||||||||||||
Total liability for future policy benefits | 2,026.3 | 2,060.1 | ||||||||||||||||||||||||
Less: Reinsurance recoverable related to future policy benefits | 154.1 | 195.2 | ||||||||||||||||||||||||
Net liability for future policy benefits, after reinsurance recoverable | 1,872.2 | 1,864.9 | ||||||||||||||||||||||||
Gross premiums or assessments | 165.4 | 157.3 | ||||||||||||||||||||||||
Interest accretion | 24.8 | 28.7 | ||||||||||||||||||||||||
Expected future benefit payments | 5,297.1 | 5,148.4 | ||||||||||||||||||||||||
Expected future gross premiums | 5,699.9 | 5,540.1 | ||||||||||||||||||||||||
Expected future gross premiums | $ 4,096.1 | $ 3,973.7 | ||||||||||||||||||||||||
Interest accretion rate | 5.10% | 5.10% | ||||||||||||||||||||||||
Current discount rate | 5.10% | 4.80% | ||||||||||||||||||||||||
Weighted average duration of the liability | 9 years 7 months 6 days | 9 years 4 months 24 days | ||||||||||||||||||||||||
Long-term Care | Closed Block | ||||||||||||||||||||||||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | ||||||||||||||||||||||||||
Present Value of Expected Net Premiums, Balance at beginning of year | $ 8,123.5 | $ 6,412.6 | ||||||||||||||||||||||||
Beginning balance at original discount rate | 7,703.6 | 6,236.1 | ||||||||||||||||||||||||
Effect of changes in cash flow assumptions | 0.0 | 0.0 | ||||||||||||||||||||||||
Effect of actual variances from expected experience | (23.1) | 8.4 | ||||||||||||||||||||||||
Adjusted beginning of year balance | 7,680.5 | 6,244.5 | ||||||||||||||||||||||||
Interest accretion | 101.3 | 84.2 | ||||||||||||||||||||||||
Net premiums collected | (155.2) | (141.9) | ||||||||||||||||||||||||
Ending balance at original discount rate | 7,626.6 | 6,186.8 | ||||||||||||||||||||||||
Effect of change in discount rate assumptions | 223.5 | 298.1 | ||||||||||||||||||||||||
Present Value of Expected Net Premiums, balance at end of period | 7,850.1 | 6,484.9 | ||||||||||||||||||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||||||||||||||||||||
Present value of expected future policy benefits, beginning of year | 24,697.7 | 21,199.9 | ||||||||||||||||||||||||
Beginning balance at original discount rate | 22,649.3 | 20,221.6 | ||||||||||||||||||||||||
Effect of changes in cash flow assumptions | 0.0 | 0.0 | ||||||||||||||||||||||||
Effect of actual variances from expected experience | (3.3) | 12.6 | ||||||||||||||||||||||||
Adjusted beginning of year balance | 22,646.0 | 20,234.2 | ||||||||||||||||||||||||
Issuances | 0.0 | [5] | 0.0 | [6] | ||||||||||||||||||||||
Interest accretion | 300.1 | 274.7 | ||||||||||||||||||||||||
Benefit payments | (229.0) | (198.4) | ||||||||||||||||||||||||
Ending balance at original discount rate | 22,717.1 | 20,310.5 | ||||||||||||||||||||||||
Effect of change in discount rate assumptions | 1,070.5 | 1,547.8 | ||||||||||||||||||||||||
Balance, end of period | 23,787.6 | 21,858.3 | ||||||||||||||||||||||||
Net liability for future policy benefits | 15,937.5 | 15,373.4 | ||||||||||||||||||||||||
Other | 22.3 | 25.3 | ||||||||||||||||||||||||
Total liability for future policy benefits | 15,959.8 | 15,398.7 | ||||||||||||||||||||||||
Less: Reinsurance recoverable related to future policy benefits | 4.2 | 5.6 | ||||||||||||||||||||||||
Net liability for future policy benefits, after reinsurance recoverable | 15,955.6 | 15,393.1 | ||||||||||||||||||||||||
Gross premiums or assessments | 174.6 | 175.1 | ||||||||||||||||||||||||
Interest accretion | 198.8 | 190.5 | ||||||||||||||||||||||||
Expected future benefit payments | 61,072.6 | 52,312.2 | ||||||||||||||||||||||||
Expected future gross premiums | 14,221.1 | 12,448.0 | ||||||||||||||||||||||||
Expected future gross premiums | $ 8,132.0 | $ 7,254.3 | ||||||||||||||||||||||||
Interest accretion rate | 5.60% | 5.60% | ||||||||||||||||||||||||
Current discount rate | 5.30% | 5.00% | ||||||||||||||||||||||||
Weighted average duration of the liability | 16 years 2 months 12 days | 15 years 3 months 18 days | ||||||||||||||||||||||||
Other Insurance Product Line | Closed Block | ||||||||||||||||||||||||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | ||||||||||||||||||||||||||
Present Value of Expected Net Premiums, Balance at beginning of year | $ 0.0 | $ 0.0 | ||||||||||||||||||||||||
Beginning balance at original discount rate | 0.0 | 0.0 | ||||||||||||||||||||||||
Effect of changes in cash flow assumptions | 0.0 | 0.0 | ||||||||||||||||||||||||
Effect of actual variances from expected experience | 0.0 | 0.0 | ||||||||||||||||||||||||
Adjusted beginning of year balance | 0.0 | 0.0 | ||||||||||||||||||||||||
Interest accretion | 0.0 | 0.0 | ||||||||||||||||||||||||
Net premiums collected | 0.0 | 0.0 | ||||||||||||||||||||||||
Ending balance at original discount rate | 0.0 | 0.0 | ||||||||||||||||||||||||
Effect of change in discount rate assumptions | 0.0 | 0.0 | ||||||||||||||||||||||||
Present Value of Expected Net Premiums, balance at end of period | 0.0 | 0.0 | ||||||||||||||||||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||||||||||||||||||||
Present value of expected future policy benefits, beginning of year | 7,880.0 | 8,218.8 | ||||||||||||||||||||||||
Beginning balance at original discount rate | 8,094.6 | 8,630.7 | ||||||||||||||||||||||||
Effect of changes in cash flow assumptions | 0.0 | 0.0 | ||||||||||||||||||||||||
Effect of actual variances from expected experience | 15.6 | (8.1) | ||||||||||||||||||||||||
Adjusted beginning of year balance | 8,110.2 | 8,622.6 | ||||||||||||||||||||||||
Issuances | 33.0 | [5] | 44.9 | [6] | ||||||||||||||||||||||
Interest accretion | 89.1 | 90.6 | ||||||||||||||||||||||||
Benefit payments | (256.6) | (265.8) | ||||||||||||||||||||||||
Ending balance at original discount rate | 7,975.7 | 8,492.3 | ||||||||||||||||||||||||
Effect of change in discount rate assumptions | (361.8) | (256.4) | ||||||||||||||||||||||||
Balance, end of period | 7,613.9 | 8,235.9 | ||||||||||||||||||||||||
Net liability for future policy benefits | 7,613.9 | 8,235.9 | ||||||||||||||||||||||||
Other | 1,591.0 | [7] | 1,727.5 | [8] | ||||||||||||||||||||||
Total liability for future policy benefits | 9,204.9 | 9,963.4 | ||||||||||||||||||||||||
Less: Reinsurance recoverable related to future policy benefits | 7,222.6 | 7,811.2 | ||||||||||||||||||||||||
Net liability for future policy benefits, after reinsurance recoverable | 1,982.3 | 2,152.2 | ||||||||||||||||||||||||
Gross premiums or assessments | 50.4 | 57.2 | ||||||||||||||||||||||||
Interest accretion | 89.1 | 90.6 | ||||||||||||||||||||||||
Expected future benefit payments | 11,703.6 | 12,535.7 | ||||||||||||||||||||||||
Expected future gross premiums | 0.0 | 0.0 | ||||||||||||||||||||||||
Expected future gross premiums | $ 0.0 | $ 0.0 | ||||||||||||||||||||||||
Interest accretion rate | 4.60% | 4.60% | ||||||||||||||||||||||||
Current discount rate | 5.10% | 4.90% | ||||||||||||||||||||||||
Weighted average duration of the liability | 7 years 3 months 18 days | 7 years 4 months 24 days | ||||||||||||||||||||||||
Operating Segments | ||||||||||||||||||||||||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | ||||||||||||||||||||||||||
Present Value of Expected Net Premiums, Balance at beginning of year | $ 14,417.8 | $ 12,426.2 | ||||||||||||||||||||||||
Beginning balance at original discount rate | 14,243.2 | 12,695.3 | ||||||||||||||||||||||||
Effect of changes in cash flow assumptions | 0.0 | 0.0 | ||||||||||||||||||||||||
Effect of actual variances from expected experience | (110.8) | (131.9) | ||||||||||||||||||||||||
Adjusted beginning of year balance | 14,132.4 | 12,563.4 | ||||||||||||||||||||||||
Issuances | 435.9 | 315.8 | ||||||||||||||||||||||||
Interest accretion | 163.5 | 138.7 | ||||||||||||||||||||||||
Net premiums collected | (426.7) | (393.7) | ||||||||||||||||||||||||
Foreign currency | (3.4) | 3.4 | ||||||||||||||||||||||||
Ending balance at original discount rate | 14,301.7 | 12,627.6 | ||||||||||||||||||||||||
Effect of change in discount rate assumptions | (113.1) | (27.0) | ||||||||||||||||||||||||
Present Value of Expected Net Premiums, balance at end of period | 14,188.6 | 12,600.6 | ||||||||||||||||||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||||||||||||||||||||
Present value of expected future policy benefits, beginning of year | 52,423.6 | 48,929.4 | ||||||||||||||||||||||||
Beginning balance at original discount rate | 51,305.7 | 49,689.0 | ||||||||||||||||||||||||
Effect of changes in cash flow assumptions | 0.0 | 0.0 | ||||||||||||||||||||||||
Effect of actual variances from expected experience | (205.9) | (283.4) | ||||||||||||||||||||||||
Adjusted beginning of year balance | $ 51,099.8 | $ 49,405.6 | ||||||||||||||||||||||||
Issuances | [9] | 1,187.8 | 1,131.4 | |||||||||||||||||||||||
Interest accretion | 579.5 | 556.8 | ||||||||||||||||||||||||
Benefit payments | (1,598.1) | (1,613.2) | ||||||||||||||||||||||||
Foreign currency | (24.2) | 49.3 | ||||||||||||||||||||||||
Ending balance at original discount rate | 51,244.8 | 49,529.9 | ||||||||||||||||||||||||
Effect of change in discount rate assumptions | (377.5) | 345.3 | ||||||||||||||||||||||||
Balance, end of period | 50,867.3 | 49,875.2 | ||||||||||||||||||||||||
Net liability for future policy benefits | 36,678.7 | 37,274.6 | ||||||||||||||||||||||||
Other | [10] | 1,704.1 | 1,849.5 | |||||||||||||||||||||||
Total liability for future policy benefits | 38,382.8 | 39,124.1 | ||||||||||||||||||||||||
Less: Reinsurance recoverable related to future policy benefits | 7,504.0 | 8,148.2 | ||||||||||||||||||||||||
Net liability for future policy benefits, after reinsurance recoverable | 30,878.8 | 30,975.9 | ||||||||||||||||||||||||
Gross premiums or assessments | 2,507.8 | 2,390.0 | ||||||||||||||||||||||||
Interest accretion | $ 416.0 | $ 418.1 | ||||||||||||||||||||||||
Current discount rate | 5.10% | 4.80% | 4.80% | 5.00% | ||||||||||||||||||||||
Future Policy Benefits | $ 38,624.5 | $ 39,351.5 | ||||||||||||||||||||||||
|
Policyholder Account Balance (Details) - USD ($) $ in Millions |
3 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|||||||||||
Policyholder Account Balance [Roll Forward] | |||||||||||||
Policyholders' Account Balances | $ 5,639.0 | $ 5,667.7 | |||||||||||
Operating Segments | |||||||||||||
Policyholder Account Balance [Roll Forward] | |||||||||||||
Balance, beginning of year | 5,514.2 | $ 5,598.6 | |||||||||||
Premiums received | 40.2 | 44.0 | |||||||||||
Policy Charges | (60.6) | [1] | (60.8) | [2] | |||||||||
Surrenders and withdrawals | (22.8) | (24.3) | |||||||||||
Benefit payments | (79.5) | (70.5) | |||||||||||
Interest credited | 95.6 | 94.0 | |||||||||||
Other | 3.2 | (15.4) | |||||||||||
Balance, end of period | 5,490.3 | 5,565.6 | |||||||||||
Reserves in excess of account balance | 148.7 | 144.0 | |||||||||||
Policyholders' Account Balances | 5,639.0 | 5,709.6 | |||||||||||
Policyholder Account Balance, Reinsurance recoverable | 4,097.9 | 4,166.1 | |||||||||||
Net policyholders' account balances, after reinsurance recoverable | $ 1,541.1 | $ 1,543.5 | |||||||||||
Weighted average crediting rate | 7.20% | 6.90% | |||||||||||
Net Amount at Risk | $ 14,828.5 | [3] | $ 15,820.0 | [4] | |||||||||
Cash surrender value | 5,425.2 | 5,413.5 | |||||||||||
Colonial Life | |||||||||||||
Policyholder Account Balance [Roll Forward] | |||||||||||||
Balance, beginning of year | 852.9 | 852.4 | |||||||||||
Premiums received | 20.5 | 22.3 | |||||||||||
Policy Charges | (18.3) | [1] | (19.0) | [2] | |||||||||
Surrenders and withdrawals | (9.7) | (10.2) | |||||||||||
Benefit payments | (2.1) | (2.2) | |||||||||||
Interest credited | 8.6 | 8.6 | |||||||||||
Other | 0.1 | (0.2) | |||||||||||
Balance, end of period | 852.0 | 851.7 | |||||||||||
Reserves in excess of account balance | 16.2 | 15.8 | |||||||||||
Policyholders' Account Balances | 868.2 | 867.5 | |||||||||||
Policyholder Account Balance, Reinsurance recoverable | 0.0 | 0.2 | |||||||||||
Net policyholders' account balances, after reinsurance recoverable | $ 868.2 | $ 867.3 | |||||||||||
Weighted average crediting rate | 4.10% | 4.00% | |||||||||||
Net Amount at Risk | $ 8,621.0 | [3] | $ 9,182.6 | [4] | |||||||||
Cash surrender value | 816.6 | 805.0 | |||||||||||
Voluntary Benefits | Unum US | |||||||||||||
Policyholder Account Balance [Roll Forward] | |||||||||||||
Balance, beginning of year | 578.6 | 586.8 | |||||||||||
Premiums received | 14.0 | 15.4 | |||||||||||
Policy Charges | (14.5) | [1] | (15.5) | [2] | |||||||||
Surrenders and withdrawals | (10.2) | (9.0) | |||||||||||
Benefit payments | (1.9) | (3.0) | |||||||||||
Interest credited | 5.3 | 5.7 | |||||||||||
Other | 2.8 | 2.0 | |||||||||||
Balance, end of period | 574.1 | 582.4 | |||||||||||
Reserves in excess of account balance | 99.7 | 94.8 | |||||||||||
Policyholders' Account Balances | 673.8 | 677.2 | |||||||||||
Policyholder Account Balance, Reinsurance recoverable | 0.9 | 1.0 | |||||||||||
Net policyholders' account balances, after reinsurance recoverable | $ 672.9 | $ 676.2 | |||||||||||
Weighted average crediting rate | 3.70% | 3.90% | |||||||||||
Net Amount at Risk | $ 4,393.5 | [3] | $ 4,794.7 | [4] | |||||||||
Cash surrender value | 563.3 | 572.3 | |||||||||||
Other Insurance Product Line | Closed Block | |||||||||||||
Policyholder Account Balance [Roll Forward] | |||||||||||||
Balance, beginning of year | 4,082.7 | 4,159.4 | |||||||||||
Premiums received | 5.7 | 6.3 | |||||||||||
Policy Charges | (27.8) | [1] | (26.3) | [2] | |||||||||
Surrenders and withdrawals | (2.9) | (5.1) | |||||||||||
Benefit payments | (75.5) | (65.3) | |||||||||||
Interest credited | 81.7 | 79.7 | |||||||||||
Other | 0.3 | (17.2) | |||||||||||
Balance, end of period | 4,064.2 | 4,131.5 | |||||||||||
Reserves in excess of account balance | 32.8 | 33.4 | |||||||||||
Policyholders' Account Balances | 4,097.0 | 4,164.9 | |||||||||||
Policyholder Account Balance, Reinsurance recoverable | 4,097.0 | 4,164.9 | |||||||||||
Net policyholders' account balances, after reinsurance recoverable | $ 0.0 | $ 0.0 | |||||||||||
Weighted average crediting rate | 8.30% | 7.90% | |||||||||||
Net Amount at Risk | $ 1,814.0 | [3] | $ 1,842.7 | [4] | |||||||||
Cash surrender value | $ 4,045.3 | $ 4,036.2 | |||||||||||
|
Policyholder Account Balance, Guaranteed Minimum Crediting (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|---|---|
Operating Segments | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, end of period | $ 5,490.3 | $ 5,514.2 | $ 5,565.6 | $ 5,598.6 |
Colonial Life | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, end of period | 852.0 | 852.9 | 851.7 | 852.4 |
Voluntary Benefits | Unum US | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, end of period | 574.1 | 578.6 | 582.4 | 586.8 |
Other Insurance Product Line | Closed Block | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, end of period | 4,064.2 | $ 4,082.7 | 4,131.5 | $ 4,159.4 |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | Voluntary Benefits | Unum US | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, end of period | 91.3 | $ 93.1 | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | Minimum | Voluntary Benefits | Unum US | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 3.00% | |||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | Maximum | Voluntary Benefits | Unum US | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 3.99% | |||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and 0499 | Voluntary Benefits | Unum US | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, end of period | 452.1 | $ 456.0 | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and 0499 | Minimum | Voluntary Benefits | Unum US | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 4.00% | |||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and 0499 | Maximum | Voluntary Benefits | Unum US | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 4.99% | |||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0500 and 0600 [Member] | Voluntary Benefits | Unum US | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, end of period | 30.7 | $ 33.3 | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0500 and 0600 [Member] | Minimum | Voluntary Benefits | Unum US | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 5.00% | |||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0500 and 0600 [Member] | Maximum | Voluntary Benefits | Unum US | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 6.00% | |||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and 0500 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, end of period | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and 0500 | Colonial Life | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, end of period | 852.0 | $ 851.7 | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and 0500 | Minimum | Colonial Life | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 4.00% | |||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and 0500 | Maximum | Colonial Life | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 5.00% | |||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 and 0599 | Other Insurance Product Line | Closed Block | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, end of period | 1,601.6 | $ 1,547.2 | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 and 0599 | Minimum | Other Insurance Product Line | Closed Block | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 3.00% | |||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 and 0599 | Maximum | Other Insurance Product Line | Closed Block | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 5.99% | |||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0600 and 0899 | Other Insurance Product Line | Closed Block | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, end of period | 26.2 | $ 27.0 | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0600 and 0899 | Minimum | Other Insurance Product Line | Closed Block | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 6.00% | |||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0600 and 0899 | Maximum | Other Insurance Product Line | Closed Block | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 8.99% | |||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0900 and 1199 | Other Insurance Product Line | Closed Block | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, end of period | 2,245.7 | $ 2,371.6 | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0900 and 1199 | Minimum | Other Insurance Product Line | Closed Block | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 9.00% | |||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0900 and 1199 | Maximum | Other Insurance Product Line | Closed Block | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 11.99% | |||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 1200 and 1500 | Other Insurance Product Line | Closed Block | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, end of period | 190.7 | $ 185.7 | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 1200 and 1500 | Minimum | Other Insurance Product Line | Closed Block | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 12.00% | |||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 1200 and 1500 | Maximum | Other Insurance Product Line | Closed Block | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 15.00% | |||
Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | Operating Segments | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, end of period | 1,845.3 | $ 5,338.5 | ||
Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | Voluntary Benefits | Unum US | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, end of period | 345.8 | 397.2 | ||
Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | Other Insurance Product Line | Closed Block | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, end of period | 653.7 | 4,095.7 | ||
Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | Voluntary Benefits | Unum US | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, end of period | 91.3 | 93.1 | ||
Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and 0499 | Voluntary Benefits | Unum US | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, end of period | 223.8 | 270.8 | ||
Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0500 and 0600 [Member] | Voluntary Benefits | Unum US | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, end of period | 30.7 | 33.3 | ||
Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and 0500 | Colonial Life | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, end of period | 845.8 | 845.6 | ||
Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 and 0599 | Other Insurance Product Line | Closed Block | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, end of period | 513.9 | 1,511.4 | ||
Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0600 and 0899 | Other Insurance Product Line | Closed Block | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, end of period | 1.3 | 27.0 | ||
Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0900 and 1199 | Other Insurance Product Line | Closed Block | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, end of period | 138.5 | 2,371.6 | ||
Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 1200 and 1500 | Other Insurance Product Line | Closed Block | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, end of period | 0.0 | 185.7 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | Operating Segments | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, end of period | 3,581.0 | 220.6 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | Voluntary Benefits | Unum US | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, end of period | 191.4 | 185.2 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | Other Insurance Product Line | Closed Block | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, end of period | 3,383.4 | 29.3 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | Voluntary Benefits | Unum US | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, end of period | 0.0 | 0.0 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and 0499 | Voluntary Benefits | Unum US | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, end of period | 191.4 | 185.2 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0500 and 0600 [Member] | Voluntary Benefits | Unum US | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, end of period | 0.0 | 0.0 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and 0500 | Colonial Life | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, end of period | 6.2 | 6.1 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 and 0599 | Other Insurance Product Line | Closed Block | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, end of period | 1,060.6 | 29.3 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0600 and 0899 | Other Insurance Product Line | Closed Block | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, end of period | 24.9 | 0.0 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0900 and 1199 | Other Insurance Product Line | Closed Block | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, end of period | 2,107.2 | 0.0 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 1200 and 1500 | Other Insurance Product Line | Closed Block | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, end of period | 190.7 | 0.0 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 | Operating Segments | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, end of period | 64.0 | 6.5 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 | Voluntary Benefits | Unum US | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, end of period | 36.9 | 0.0 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 | Other Insurance Product Line | Closed Block | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, end of period | 27.1 | 6.5 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | Voluntary Benefits | Unum US | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, end of period | 0.0 | 0.0 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and 0499 | Voluntary Benefits | Unum US | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, end of period | 36.9 | 0.0 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0500 and 0600 [Member] | Voluntary Benefits | Unum US | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, end of period | 0.0 | 0.0 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and 0500 | Colonial Life | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, end of period | 0.0 | 0.0 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 and 0599 | Other Insurance Product Line | Closed Block | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, end of period | 27.1 | 6.5 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0600 and 0899 | Other Insurance Product Line | Closed Block | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, end of period | 0.0 | 0.0 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0900 and 1199 | Other Insurance Product Line | Closed Block | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, end of period | 0.0 | 0.0 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 1200 and 1500 | Other Insurance Product Line | Closed Block | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, end of period | 0.0 | 0.0 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater | Operating Segments | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, end of period | 0.0 | 0.0 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater | Voluntary Benefits | Unum US | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, end of period | 0.0 | 0.0 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater | Other Insurance Product Line | Closed Block | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, end of period | 0.0 | 0.0 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | Voluntary Benefits | Unum US | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, end of period | 0.0 | 0.0 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and 0499 | Voluntary Benefits | Unum US | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, end of period | 0.0 | 0.0 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0500 and 0600 [Member] | Voluntary Benefits | Unum US | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, end of period | 0.0 | 0.0 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and 0500 | Colonial Life | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, end of period | 0.0 | 0.0 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 and 0599 | Other Insurance Product Line | Closed Block | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, end of period | 0.0 | 0.0 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0600 and 0899 | Other Insurance Product Line | Closed Block | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, end of period | 0.0 | 0.0 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0900 and 1199 | Other Insurance Product Line | Closed Block | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, end of period | 0.0 | 0.0 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 1200 and 1500 | Other Insurance Product Line | Closed Block | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, end of period | $ 0.0 | $ 0.0 |
Deferred Policy Acquisition Costs (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Movement Analysis of Deferred Policy Acquisition Costs | ||
Deferred Acquisition Costs at Beginning of Period | $ 2,714.5 | |
Amortization expense | (126.2) | $ (115.9) |
Deferred Acquisition Costs at End of Period | 2,754.7 | |
Operating Segments | ||
Movement Analysis of Deferred Policy Acquisition Costs | ||
Deferred Acquisition Costs at Beginning of Period | 2,714.5 | 2,560.0 |
Capitalization | 166.9 | 157.7 |
Amortization expense | (126.2) | (115.9) |
Foreign currency | (0.5) | 0.6 |
Deferred Acquisition Costs at End of Period | 2,754.7 | 2,602.4 |
Unum US | ||
Movement Analysis of Deferred Policy Acquisition Costs | ||
Deferred Acquisition Costs at Beginning of Period | 1,232.2 | 1,185.1 |
Capitalization | 83.3 | 79.0 |
Amortization expense | (69.8) | (65.8) |
Foreign currency | 0.0 | 0.0 |
Deferred Acquisition Costs at End of Period | 1,245.7 | 1,198.3 |
Unum International | ||
Movement Analysis of Deferred Policy Acquisition Costs | ||
Deferred Acquisition Costs at Beginning of Period | 46.9 | 37.0 |
Capitalization | 4.3 | 3.5 |
Amortization expense | (2.4) | (1.8) |
Foreign currency | (0.5) | 0.6 |
Deferred Acquisition Costs at End of Period | 48.3 | 39.3 |
Colonial Life | ||
Movement Analysis of Deferred Policy Acquisition Costs | ||
Deferred Acquisition Costs at Beginning of Period | 1,435.4 | 1,337.9 |
Capitalization | 79.3 | 75.2 |
Amortization expense | (54.0) | (48.3) |
Foreign currency | 0.0 | 0.0 |
Deferred Acquisition Costs at End of Period | 1,460.7 | 1,364.8 |
Group Disability | Unum US | ||
Movement Analysis of Deferred Policy Acquisition Costs | ||
Deferred Acquisition Costs at Beginning of Period | 63.6 | 61.0 |
Capitalization | 16.5 | 14.6 |
Amortization expense | (14.4) | (13.1) |
Deferred Acquisition Costs at End of Period | 65.7 | 62.5 |
Group Life and AD&D | Unum US | ||
Movement Analysis of Deferred Policy Acquisition Costs | ||
Deferred Acquisition Costs at Beginning of Period | 48.9 | 49.3 |
Capitalization | 10.5 | 9.8 |
Amortization expense | (6.9) | (9.8) |
Deferred Acquisition Costs at End of Period | 52.5 | 49.3 |
Voluntary Benefits | Unum US | ||
Movement Analysis of Deferred Policy Acquisition Costs | ||
Deferred Acquisition Costs at Beginning of Period | 610.6 | 601.0 |
Capitalization | 30.5 | 30.3 |
Amortization expense | (29.4) | (27.1) |
Deferred Acquisition Costs at End of Period | 611.7 | 604.2 |
Individual Disability | Unum US | ||
Movement Analysis of Deferred Policy Acquisition Costs | ||
Deferred Acquisition Costs at Beginning of Period | 497.8 | 464.4 |
Capitalization | 22.0 | 21.3 |
Amortization expense | (16.1) | (13.3) |
Deferred Acquisition Costs at End of Period | 503.7 | 472.4 |
Dental and Vision | Unum US | ||
Movement Analysis of Deferred Policy Acquisition Costs | ||
Deferred Acquisition Costs at Beginning of Period | 11.3 | 9.4 |
Capitalization | 3.8 | 3.0 |
Amortization expense | (3.0) | (2.5) |
Deferred Acquisition Costs at End of Period | $ 12.1 | $ 9.9 |
Premium Income by Major Line of Business within Each Segment (Detail) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Segment Reporting Information | ||
Premium Income | $ 2,610.3 | $ 2,459.3 |
Operating Segments | ||
Segment Reporting Information | ||
Premium Income | 2,610.3 | 2,459.3 |
Operating Segments | Unum US | ||
Segment Reporting Information | ||
Premium Income | 1,707.4 | 1,609.6 |
Operating Segments | Unum US | Group Long-term Disability | ||
Segment Reporting Information | ||
Premium Income | 516.7 | 504.7 |
Operating Segments | Unum US | Group Short-term Disability | ||
Segment Reporting Information | ||
Premium Income | 263.1 | 240.3 |
Operating Segments | Unum US | Group Life | ||
Segment Reporting Information | ||
Premium Income | 442.6 | 413.1 |
Operating Segments | Unum US | Accidental Death & Dismemberment | ||
Segment Reporting Information | ||
Premium Income | 45.8 | 43.5 |
Operating Segments | Unum US | Voluntary Benefits | ||
Segment Reporting Information | ||
Premium Income | 222.9 | 214.5 |
Operating Segments | Unum US | Individual Disability | ||
Segment Reporting Information | ||
Premium Income | 142.0 | 124.2 |
Operating Segments | Unum US | Dental and Vision | ||
Segment Reporting Information | ||
Premium Income | 74.3 | 69.3 |
Operating Segments | Unum International | ||
Segment Reporting Information | ||
Premium Income | 231.7 | 188.6 |
Operating Segments | Unum International | Group Long-term Disability | ||
Segment Reporting Information | ||
Premium Income | 103.5 | 91.7 |
Operating Segments | Unum International | Group Life | ||
Segment Reporting Information | ||
Premium Income | 48.7 | 39.2 |
Operating Segments | Unum International | Supplemental | ||
Segment Reporting Information | ||
Premium Income | 43.1 | 31.8 |
Operating Segments | Unum International | Unum Poland | ||
Segment Reporting Information | ||
Premium Income | 36.4 | 25.9 |
Operating Segments | Colonial Life | ||
Segment Reporting Information | ||
Premium Income | 446.9 | 429.5 |
Operating Segments | Colonial Life | Accident, Sickness, and Disability | ||
Segment Reporting Information | ||
Premium Income | 243.2 | 235.7 |
Operating Segments | Colonial Life | Life | ||
Segment Reporting Information | ||
Premium Income | 114.3 | 105.3 |
Operating Segments | Colonial Life | Cancer and Critical Illness Colonial | ||
Segment Reporting Information | ||
Premium Income | 89.4 | 88.5 |
Operating Segments | Closed Block | ||
Segment Reporting Information | ||
Premium Income | 224.3 | 231.6 |
Operating Segments | Closed Block | Long-term Care | ||
Segment Reporting Information | ||
Premium Income | 174.5 | 175.1 |
Operating Segments | Closed Block | Other Insurance Product Line | ||
Segment Reporting Information | ||
Premium Income | $ 49.8 | $ 56.5 |
Selected Operating Statement Data by Segment (Detail) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Segment Reporting Information | ||
Premium Income | $ 2,610.3 | $ 2,459.3 |
Net Investment Income | 513.5 | 508.8 |
Other Income | 77.7 | 67.9 |
Operating Segments | ||
Segment Reporting Information | ||
Premium Income | 2,610.3 | 2,459.3 |
Net Investment Income | 513.5 | 508.8 |
Other Income | 77.7 | 67.9 |
Adjusted Operating Revenue | 3,201.5 | 3,036.0 |
Adjusted Operating Income (Loss) | 514.5 | 469.5 |
Operating Segments | Unum US | ||
Segment Reporting Information | ||
Premium Income | 1,707.4 | 1,609.6 |
Net Investment Income | 157.0 | 157.3 |
Other Income | 60.6 | 53.6 |
Adjusted Operating Revenue | 1,925.0 | 1,820.5 |
Adjusted Operating Income (Loss) | 385.2 | 312.5 |
Operating Segments | Unum International | ||
Segment Reporting Information | ||
Premium Income | 231.7 | 188.6 |
Net Investment Income | 26.1 | 30.9 |
Other Income | 0.3 | 0.4 |
Adjusted Operating Revenue | 258.1 | 219.9 |
Adjusted Operating Income (Loss) | 37.4 | 38.4 |
Operating Segments | Colonial Life | ||
Segment Reporting Information | ||
Premium Income | 446.9 | 429.5 |
Net Investment Income | 39.3 | 37.3 |
Other Income | 3.0 | 0.2 |
Adjusted Operating Revenue | 489.2 | 467.0 |
Adjusted Operating Income (Loss) | 113.7 | 93.9 |
Operating Segments | Closed Block | ||
Segment Reporting Information | ||
Premium Income | 224.3 | 231.6 |
Net Investment Income | 273.1 | 257.2 |
Other Income | 13.1 | 13.5 |
Adjusted Operating Revenue | 510.5 | 502.3 |
Adjusted Operating Income (Loss) | 24.3 | 58.2 |
Operating Segments | Corporate | ||
Segment Reporting Information | ||
Premium Income | 0.0 | 0.0 |
Net Investment Income | 18.0 | 26.1 |
Other Income | 0.7 | 0.2 |
Adjusted Operating Revenue | 18.7 | 26.3 |
Adjusted Operating Income (Loss) | $ (46.1) | $ (33.5) |
Assets by Segment (Detail) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Segment Reporting Information | ||
Total Assets | $ 62,487.8 | $ 63,255.2 |
Operating Segments | Unum US | ||
Segment Reporting Information | ||
Total Assets | 15,230.2 | 15,561.1 |
Operating Segments | Unum International | ||
Segment Reporting Information | ||
Total Assets | 3,337.1 | 3,372.9 |
Operating Segments | Colonial Life | ||
Segment Reporting Information | ||
Total Assets | 4,852.2 | 4,830.4 |
Operating Segments | Closed Block | ||
Segment Reporting Information | ||
Total Assets | 34,690.1 | 35,272.8 |
Operating Segments | Corporate | ||
Segment Reporting Information | ||
Total Assets | $ 4,378.2 | $ 4,218.0 |
Reconciliation of Total Revenue and Income Before Income Tax to Operating Revenue and Operating Income (Detail) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Segment Reporting, Revenue Reconciling Item | ||
Total Revenue | $ 3,200.3 | $ 3,036.1 |
Net Investment Gain (Loss) | (1.2) | 0.1 |
Operating Segments | ||
Segment Reporting, Revenue Reconciling Item | ||
Total Revenue | 3,200.3 | 3,036.1 |
Net Investment Gain (Loss) | (1.2) | 0.1 |
Adjusted Operating Revenue | 3,201.5 | 3,036.0 |
Income Before Income Tax | 495.7 | 451.3 |
Adjusted Operating Income | 514.5 | 469.5 |
Operating Segments | Closed Block Individual Disability Reinsurance Transaction | ||
Segment Reporting, Revenue Reconciling Item | ||
Amortization of the Cost of Reinsurance | (10.4) | (11.0) |
Non-Contemporaneous Reinsurance | $ (7.2) | $ (7.3) |
Segment Information Segments - Additional Information (Detail) |
3 Months Ended |
---|---|
Mar. 31, 2024
Integer
| |
Segment Reporting [Abstract] | |
Number of Operating Segments | 3 |
Employee Benefit Plans Net Periodic Benefit Cost (Detail) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Pension Plan | UNITED STATES | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Service Cost | $ 2.3 | $ 2.3 |
Interest Cost | 20.7 | 22.0 |
Expected Return on Plan Assets | (22.8) | (23.0) |
Amortization of Net Actuarial (Gain) Loss | 3.7 | 3.8 |
Amortization of Prior Service Credit | 0.0 | 0.0 |
Net Periodic Benefit Cost (Credit) | 3.9 | 5.1 |
Pension Plan | UNITED KINGDOM | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Service Cost | 0.0 | 0.0 |
Interest Cost | 1.9 | 1.9 |
Expected Return on Plan Assets | (2.1) | (2.1) |
Amortization of Net Actuarial (Gain) Loss | 0.7 | 0.6 |
Amortization of Prior Service Credit | 0.0 | 0.0 |
Net Periodic Benefit Cost (Credit) | 0.5 | 0.4 |
Other Postretirement Benefit Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Service Cost | 0.0 | 0.0 |
Interest Cost | 1.0 | 1.1 |
Expected Return on Plan Assets | (0.1) | (0.1) |
Amortization of Net Actuarial (Gain) Loss | (0.2) | (2.6) |
Amortization of Prior Service Credit | (0.1) | (0.1) |
Net Periodic Benefit Cost (Credit) | $ 0.6 | $ (1.7) |
Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Numerator | ||
Net Income | $ 395.2 | $ 358.3 |
Denominator | ||
Weighted Average Common Shares - Basic | 192,550,200 | 198,111,200 |
Dilution for Assumed Exercises of Nonvested Stock Awards | 716,900 | 1,408,900 |
Weighted Average Common Shares - Assuming Dilution | 193,267,100 | 199,520,100 |
Net Income Per Common Share | ||
Basic | $ 2.05 | $ 1.81 |
Assuming Dilution | $ 2.04 | $ 1.80 |
Treasury Stock Transactions (Details) - USD ($) shares in Millions, $ in Millions |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Apr. 01, 2024 |
Mar. 31, 2024 |
Sep. 30, 2023 |
Mar. 31, 2023 |
|||
Equity, Class of Treasury Stock | ||||||
Number of Treasury Shares Repurchased | 2.5 | 1.3 | ||||
Cost of Shares Repurchased | [1] | $ 123.0 | $ 53.6 | |||
Shares repurchased cost Commissions | ||||||
Shares repurchases cost Excise Tax | 1.1 | $ 0.1 | ||||
Accelerated Share Repurchase Agreement | ||||||
Equity, Class of Treasury Stock | ||||||
Cost of Shares Repurchased | $ 100.0 | $ 50.0 | ||||
Repurchase Program Authorized in December 2022 | ||||||
Equity, Class of Treasury Stock | ||||||
Expiration Date of Share Repurchase Program | Dec. 31, 2023 | |||||
Authorized Amount of Treasury Share Repurchases Under Stock Repurchase Program | $ 250.0 | |||||
Remaining Amount of Treasury Share Repurchases Authorized Under Stock Repurchase Program | 0.0 | |||||
Repurchase Program Authorized in October 2023 | ||||||
Equity, Class of Treasury Stock | ||||||
Authorized Amount of Treasury Share Repurchases Under Stock Repurchase Program | 500.0 | |||||
Remaining Amount of Treasury Share Repurchases Authorized Under Stock Repurchase Program | $ 378.1 | |||||
Subsequent Event | Accelerated Share Repurchase Agreement | ||||||
Equity, Class of Treasury Stock | ||||||
Cost of Shares Repurchased | $ 125.0 | |||||
|
Stockholders' Equity and Earnings Per Common Share - Additional Information (Detail) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Stockholders Equity and Earnings Per Common Share Additional Information [Abstract] | ||
Outstanding Restricted Stock Unit Grant Prices Lower Limit | $ 18.78 | |
Outstanding Restricted Stock Unit Grant Prices Upper Limit | $ 52.11 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share | 500,000 | 700,000 |
Authorized Shares of Preferred Stock | 25,000,000.0 | |
Par Value Per Share of Preferred Stock | $ 0.10 | |
Issued Shares of Preferred Stock | 0 |
Allowance for Expected Credit Losses on Premiums Receivable (Details) - USD ($) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Quarterly Financial Information Disclosure [Abstract] | ||||
Premium Receivable, Allowance for Credit Loss | $ 30.0 | $ 31.6 | $ 29.5 | $ 32.5 |
Premiums Receivable, Gross | 676.9 | 635.6 | $ 612.4 | $ 557.6 |
Premium Receivable, Credit Loss Expense (Reversal) | $ 0.5 | $ (0.9) |
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