| Premium Income by Major Line of Business within Each Segment |
Segment information is shown below. | | | | | | | | | | | | | Three Months Ended March 31 | | 2025 | | 2024 | | (in millions of dollars) | | Premium Income | | | | | | | | | Unum US | | | | | Group Disability | | | | | Group Long-term Disability | $ | 504.5 | | | $ | 516.7 | | | Group Short-term Disability | 278.3 | | | 263.1 | | | Group Life and Accidental Death & Dismemberment | | | | | Group Life | 466.2 | | | 442.6 | | | Accidental Death & Dismemberment | 48.2 | | | 45.8 | | | Supplemental and Voluntary | | | | | Voluntary Benefits | 234.1 | | | 222.9 | | | Individual Disability | 168.7 | | | 142.0 | | | Dental and Vision | 80.9 | | | 74.3 | | | 1,780.9 | | | 1,707.4 | | | | | | | Unum International | | | | | Unum UK | | | | | Group Long-term Disability | 100.2 | | | 103.5 | | | Group Life | 61.6 | | | 48.7 | | | Supplemental | 41.9 | | | 43.1 | | | Unum Poland | 43.0 | | | 36.4 | | | 246.7 | | | 231.7 | | | | | | | | | | | Colonial Life | | | | | Accident, Sickness, and Disability | 247.1 | | | 243.2 | | | Life | 119.9 | | | 114.3 | | | Cancer and Critical Illness | 90.3 | | | 89.4 | | | 457.3 | | | 446.9 | | | | | | | Closed Block | | | | | Long-term Care | 176.2 | | | 174.5 | | | | | | | All Other | 41.8 | | | 49.8 | | | | | | | 218.0 | | | 224.3 | | | | | | | | | | | Total Premium Income | $ | 2,702.9 | | | $ | 2,610.3 | |
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| Selected Operating Statement Data by Segment |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2025 | | Unum US | | Unum International | | Colonial Life | | Closed Block | | Corporate | | Total | | (in millions of dollars) | | Premium Income | $ | 1,780.9 | | | $ | 246.7 | | | $ | 457.3 | | | $ | 218.0 | | | $ | — | | | $ | 2,702.9 | | | Net Investment Income | 148.9 | | | 28.5 | | | 42.2 | | | 269.7 | | | 23.9 | | | 513.2 | | | Other Income | 71.9 | | | 0.1 | | | 0.4 | | | 9.9 | | | — | | | 82.3 | | | Adjusted Operating Revenue | $ | 2,001.7 | | | $ | 275.3 | | | $ | 499.9 | | | $ | 497.6 | | | $ | 23.9 | | | $ | 3,298.4 | | | | | | | | | | | | | | Adjusted Policy Benefits1 | $ | 1,138.6 | | | $ | 172.9 | | | $ | 226.6 | | | $ | 415.4 | | | $ | — | | | $ | 1,953.5 | | Adjusted Policy Benefits - Remeasurement Loss (Gain) | (75.4) | | | (8.8) | | | (8.5) | | | 3.4 | | | — | | | (89.3) | | | Commissions | 205.6 | | | 22.4 | | | 97.3 | | | 17.9 | | | — | | | 343.2 | | | Interest and Debt Expense | — | | | — | | | — | | | — | | | 52.0 | | | 52.0 | | | Deferral of Acquisition Costs | (84.7) | | | (5.3) | | | (82.6) | | | — | | | — | | | (172.6) | | | Amortization of Deferred Acquisition Costs | 65.2 | | | 2.5 | | | 57.7 | | | — | | | — | | | 125.4 | | Other Segment Items2 | 423.3 | | | 52.9 | | | 93.7 | | | 36.5 | | | 13.0 | | | 619.4 | | | Adjusted Benefits and Expenses | $ | 1,672.6 | | | $ | 236.6 | | | $ | 384.2 | | | $ | 473.2 | | | $ | 65.0 | | | $ | 2,831.6 | | | | | | | | | | | | | | | Adjusted Operating Income (Loss) | $ | 329.1 | | | $ | 38.7 | | | $ | 115.7 | | | $ | 24.4 | | | $ | (41.1) | | | $ | 466.8 | | | | | | | | | | | | | | 1Excludes the impact of non-contemporaneous reinsurance in the Closed Block segment. | | 2Excludes the amortization of the cost of reinsurance in the Closed Block segment. For each reportable segment, other segment items includes compensation, other personnel expenses, taxes, licenses and fees, depreciation, intangible asset amortization and other expenses. Depreciation and intangible asset amortization during the three months ended March 31, 2025 was $21.3 million, $4.7 million, $4.2 million, $1.5 million, and $0.1 million for our Unum US, Unum International, Colonial Life, Closed Block and Corporate segments, respectively. | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2024 | | Unum US | | Unum International | | Colonial Life | | Closed Block | | Corporate | | Total | | (in millions of dollars) | | Premium Income | $ | 1,707.4 | | | $ | 231.7 | | | $ | 446.9 | | | $ | 224.3 | | | $ | — | | | $ | 2,610.3 | | | Net Investment Income | 157.0 | | | 26.1 | | | 39.3 | | | 273.1 | | | 18.0 | | | 513.5 | | | Other Income | 60.6 | | | 0.3 | | | 3.0 | | | 13.1 | | | 0.7 | | | 77.7 | | | Adjusted Operating Revenue | $ | 1,925.0 | | | $ | 258.1 | | | $ | 489.2 | | | $ | 510.5 | | | $ | 18.7 | | | $ | 3,201.5 | | | | | | | | | | | | | | Adjusted Policy Benefits1 | $ | 1,081.7 | | | $ | 163.9 | | | $ | 226.7 | | | $ | 413.5 | | | $ | — | | | $ | 1,885.8 | | Adjusted Policy Benefits - Remeasurement Loss (Gain) | (112.4) | | | (8.0) | | | (9.6) | | | 22.3 | | | — | | | (107.7) | | | Commissions | 182.2 | | | 19.6 | | | 95.2 | | | 16.6 | | | — | | | 313.6 | | | Interest and Debt Expense | — | | | — | | | — | | | — | | | 49.5 | | | 49.5 | | | Deferral of Acquisition Costs | (83.3) | | | (4.3) | | | (79.3) | | | — | | | — | | | (166.9) | | | Amortization of Deferred Acquisition Costs | 69.8 | | | 2.4 | | | 54.0 | | | — | | | — | | | 126.2 | | Other Segment Items2 | 401.8 | | | 47.1 | | | 88.5 | | | 33.8 | | | 15.3 | | | 586.5 | | | Adjusted Benefits and Expenses | $ | 1,539.8 | | | $ | 220.7 | | | $ | 375.5 | | | $ | 486.2 | | | $ | 64.8 | | | $ | 2,687.0 | | | | | | | | | | | | | | | Adjusted Operating Income (Loss) | $ | 385.2 | | | $ | 37.4 | | | $ | 113.7 | | | $ | 24.3 | | | $ | (46.1) | | | $ | 514.5 | | | | | | | | | | | | | | 1Excludes the impact of non-contemporaneous reinsurance in the Closed Block segment. | | 2Excludes the amortization of the cost of reinsurance in the Closed Block segment. For each reportable segment, other segment items includes compensation, other personnel expenses, taxes, licenses and fees, depreciation, intangible asset amortization and other expenses. Depreciation and intangible asset amortization during the three months ended March 31, 2024 was $21.3 million, $4.3 million, $3.8 million, $1.3 million, and $0.1 million for our Unum US, Unum International, Colonial Life, Closed Block and Corporate segments, respectively. |
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| Assets by Segment |
| | | | | | | | | | | | | March 31 | | December 31 | | 2025 | | 2024 | | (in millions of dollars) | | Assets | | | | | Unum US | $ | 14,839.3 | | | $ | 14,981.6 | | | Unum International | 3,388.3 | | | 3,291.3 | | | Colonial Life | 5,056.9 | | | 4,964.2 | | | Closed Block | 33,235.6 | | | 33,376.0 | | | Corporate | 5,939.7 | | | 5,346.2 | | | Total Assets | $ | 62,459.8 | | | $ | 61,959.3 | |
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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:
| | | | | | | | | | | | | Three Months Ended March 31 | | 2025 | | 2024 | | (in millions of dollars) | | Total Revenue | $ | 3,091.6 | | | $ | 3,200.3 | | | Excluding: | | | | | Net Investment Loss | (206.8) | | | (1.2) | | | Adjusted Operating Revenue | $ | 3,298.4 | | | $ | 3,201.5 | | | | | | | Income Before Income Tax | $ | 243.6 | | | $ | 495.7 | | | Excluding: | | | | | Net Investment Loss | | | | | Net Investment Loss Related to the Anticipated Reinsurance Agreement | (175.9) | | | — | | | Net Investment Loss, Other | (30.9) | | | (1.2) | | | Total Net Investment Loss | (206.8) | | | (1.2) | | | | | | | | | | | Amortization of the Cost of Reinsurance | (9.6) | | | (10.4) | | | Non-Contemporaneous Reinsurance | (6.8) | | | (7.2) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Adjusted Operating Income | $ | 466.8 | | | $ | 514.5 | |
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