v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information
We have three core operating segments: Unum US, Unum International, and Colonial Life. Our other operating segments are Closed Block and Corporate.

Segment information is shown below. Certain prior year amounts were adjusted to conform to current year presentation. See
below for more information regarding this update.
Three Months Ended June 30Six Months Ended June 30
2026202520262025
(in millions of dollars)
Premium Income
Unum US
Group Disability
Group Long-term Disability$495.3 $507.8 $994.1 $1,012.3 
Group Short-term Disability332.2 289.3 642.9 567.6 
Group Life and Accidental Death & Dismemberment
Group Life499.7 470.0 995.1 936.2 
Accidental Death & Dismemberment53.8 49.2 106.8 97.4 
Supplemental and Voluntary
Voluntary Benefits251.7 234.5 505.5 468.6 
Individual Disability142.8 166.7 289.3 335.4 
Dental and Vision82.7 81.1 165.0 162.0 
1,858.2 1,798.6 3,698.7 3,579.5 
Unum International
Unum UK
Group Long-term Disability107.5 107.9 212.3 208.1 
Group Life77.2 68.1 154.2 129.7 
Supplemental50.8 47.0 101.1 88.9 
Unum Poland53.8 48.1 108.4 91.1 
289.3 271.1 576.0 517.8 
Colonial Life
Accident, Sickness, and Disability254.5 249.1 507.3 496.2 
Life131.1 122.1 259.4 242.0 
Cancer and Critical Illness91.8 90.9 183.4 181.2 
477.4 462.1 950.1 919.4 
Closed Block
Long-term Care159.4 175.9 318.8 352.1 
All Other33.5 40.3 68.2 82.1 
192.9 216.2 387.0 434.2 
Total Premium Income$2,817.8 $2,748.0 $5,611.8 $5,450.9 
Three Months Ended June 30, 2026
Unum USUnum InternationalColonial LifeClosed BlockCorporateTotal
(in millions of dollars)
Premium Income$1,858.2 $289.3 $477.4 $192.9 $— $2,817.8 
Adjusted Net Investment Income1
155.8 42.2 50.1 226.1 20.5 494.7 
Other Income65.9 2.7 0.4 9.6 0.4 79.0 
Segment Adjusted Operating Revenue2,079.9 334.2 527.9 428.6 20.9 3,391.5 
Policy Benefits1,165.1 219.8 230.9 373.1 2.3 1,991.2 
Policy Benefits - Remeasurement Loss (Gain)(29.1)6.9 (8.0)40.2 — 10.0 
Commissions213.7 29.2 106.9 14.5 — 364.3 
Interest and Debt Expense— — — — 53.3 53.3 
Deferral of Acquisition Costs(89.7)(7.1)(90.6)— — (187.4)
Amortization of Deferred Acquisition Costs70.9 2.7 61.8 — — 135.4 
Other Segment Items1,2
419.4 58.4 95.5 76.2 9.8 659.3 
Benefits and Expenses1,750.3 309.9 396.5 504.0 65.4 3,026.1 
Segment Adjusted Operating Income (Loss)$329.6 $24.3 $131.4 $(75.4)$(44.5)$365.4 
1Excludes the impact of the strategic actions in the Corporate segment.
2For 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 June 30, 2026 was $21.0 million, $6.5 million, $4.4 million, $1.6 million, and $17.6 million for our Unum US, Unum International, Colonial Life, Closed Block and Corporate segments, respectively.
Three Months Ended June 30, 2025
Unum USUnum InternationalColonial LifeClosed BlockCorporateTotal
(in millions of dollars)
Premium Income$1,798.6 $271.1 $462.1 $216.2 $— $2,748.0 
Net Investment Income155.1 46.2 42.6 284.5 32.3 560.7 
Other Income58.0 0.3 0.3 12.1 (0.3)70.4 
Segment Adjusted Operating Revenue2,011.7 317.6 505.0 512.8 32.0 3,379.1 
Policy Benefits1,110.9 189.3 226.0 418.7 — 1,944.9 
Policy Benefits - Remeasurement Loss (Gain)(18.7)7.1 (2.8)45.6 — 31.2 
Commissions203.8 25.1 98.6 16.0 — 343.5 
Interest and Debt Expense— — — — 52.0 52.0 
Deferral of Acquisition Costs(85.7)(5.6)(83.6)— — (174.9)
Amortization of Deferred Acquisition Costs71.6 2.6 58.0 — — 132.2 
Other Segment Items1
411.6 57.5 91.4 43.3 11.7 615.5 
Benefits and Expenses1,693.5 276.0 387.6 523.6 63.7 2,944.4 
Segment Adjusted Operating Income (Loss)$318.2 $41.6 $117.4 $(10.8)$(31.7)$434.7 
1For 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 June 30, 2025 was $21.2 million, $5.2 million, $4.0 million, $1.5 million, and $0.2 million for our Unum US, Unum International, Colonial Life, Closed Block and Corporate segments, respectively.
Six Months Ended June 30, 2026
Unum USUnum InternationalColonial LifeClosed BlockCorporateTotal
(in millions of dollars)
Premium Income$3,698.7 $576.0 $950.1 $387.0 $— $5,611.8 
Adjusted Net Investment Income1
314.1 71.8 96.9 455.2 40.1 978.1 
Other Income132.7 6.0 1.1 20.9 1.1 161.8 
Segment Adjusted Operating Revenue4,145.5 653.8 1,048.1 863.1 41.2 6,751.7 
Policy Benefits2,292.2 426.1 460.6 765.8 2.3 3,947.0 
Policy Benefits - Remeasurement Loss (Gain)(60.9)4.1 (20.4)135.4 — 58.2 
Commissions433.1 60.2 209.8 29.7 — 732.8 
Interest and Debt Expense— — — — 106.4 106.4 
Deferral of Acquisition Costs(181.3)(16.3)(180.4)— — (378.0)
Amortization of Deferred Acquisition Costs139.6 6.1 123.9 — — 269.6 
Other Segment Items1,2
855.3 118.4 195.4 152.9 20.6 1,342.6 
Benefits and Expenses3,478.0 598.6 788.9 1,083.8 129.3 6,078.6 
Segment Adjusted Operating Income (Loss)$667.5 $55.2 $259.2 $(220.7)$(88.1)$673.1 
1Excludes the impact of the strategic actions in the Corporate segment.
2For 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 six months ended June 30, 2026 was $42.7 million, $12.0 million, $8.8 million, $3.2 million, and $18.9 million for our Unum US, Unum International, Colonial Life, Closed Block and Corporate segments, respectively.
Six Months Ended June 30, 2025
Unum USUnum InternationalColonial LifeClosed BlockCorporateTotal
(in millions of dollars)
Premium Income$3,579.5 $517.8 $919.4 $434.2 $— $5,450.9 
Net Investment Income304.0 74.7 84.8 554.2 56.2 1,073.9 
Other Income129.9 0.4 0.7 22.0 (0.3)152.7 
Segment Adjusted Operating Revenue4,013.4 592.9 1,004.9 1,010.4 55.9 6,677.5 
Policy Benefits2,249.5 362.2 452.6 840.9 — 3,905.2 
Policy Benefits - Remeasurement Loss (Gain)(94.1)(1.7)(11.3)49.0 — (58.1)
Commissions409.4 47.5 195.9 33.9 — 686.7 
Interest and Debt Expense— — — — 104.0 104.0 
Deferral of Acquisition Costs(170.4)(10.9)(166.2)— — (347.5)
Amortization of Deferred Acquisition Costs136.8 5.1 115.7 — — 257.6 
Other Segment Items1
834.9 110.4 185.1 89.4 24.7 1,244.5 
Benefits and Expenses3,366.1 512.6 771.8 1,013.2 128.7 5,792.4 
Segment Adjusted Operating Income (Loss)$647.3 $80.3 $233.1 $(2.8)$(72.8)$885.1 
1For 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 six months ended June 30, 2025 was $42.5 million, $9.9 million, $8.2 million, $3.0 million, and $0.3 million for our Unum US, Unum International, Colonial Life, Closed Block and Corporate segments, respectively.
June 30December 31
20262025
(in millions of dollars)
Assets
Unum US$14,495.2 $14,635.3 
Unum International3,727.6 3,648.0 
Colonial Life5,375.6 5,289.9 
Closed Block32,561.2 33,887.8 
Corporate7,325.6 6,058.4 
Total Assets$63,485.2 $63,519.4 

We report goodwill in our Unum US, Unum International, and Colonial Life segments, which are the segments expected to benefit from the originating business combinations. At June 30, 2026 and December 31, 2025 goodwill was $353.0 million and $353.9 million, respectively, with $281.2 million attributable to Unum US in both periods, $44.1 million and $45.0 million, respectively, attributable to Unum International, and $27.7 million attributable to Colonial Life in both periods.
We measure and analyze our segment performance on the basis of "segment adjusted operating revenue" and "segment adjusted operating income" or "segment 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, reserve assumption updates, and certain other items. The excluded items impacting the periods presented herein are specified in the reconciliations below. We believe segment adjusted operating revenue and segment 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, impairment 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.

We have completed reinsurance transactions to exit significant portions of our Closed Block businesses and we are no longer accepting new enrollments on existing group long-term care policies. As a result of these actions and the continued run-off of the Closed Block business, we determined that it is no longer necessary to adjust segment adjusted operating revenue or segment adjusted operating income or loss to exclude the amortization of the deferred gain on reinsurance and it is no longer necessary to adjust segment adjusted operating income or loss to exclude the amortization of the cost of reinsurance, the amortization of the deferred gain on reinsurance or the impact of non-contemporaneous reinsurance, because the majority of these items are included in Closed Block segment results. Prior period financial information has been adjusted to conform to this updated presentation.

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 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.

Strategic Actions

In connection with our transition to an updated operating model, during the second quarter of 2026, we recognized expenses of $30.7 million. This included $18.0 million in real estate-related costs, including $16.3 million of depreciation expense associated with investment real estate which is reflected within net investment income in the consolidated statements of income. In addition, we incurred employee-related costs of $12.7 million, with $11.2 million reflected within compensation expense in the consolidated statements of income and we expect payments to occur through 2027. These costs were included within our Corporate segment.
A reconciliation of total revenue to "segment adjusted operating revenue" and income before income tax to "segment adjusted operating income" is as follows:
Three Months Ended June 30Six Months Ended June 30
2026202520262025
(in millions of dollars)
Total Revenue$3,370.0 $3,361.4 $6,725.2 $6,453.0 
Excluding:
Net Investment Loss(5.2)(17.7)(10.2)(224.5)
Strategic Actions(16.3)— (16.3)— 
Segment Adjusted Operating Revenue$3,391.5 $3,379.1 $6,751.7 $6,677.5 
Income Before Income Tax$329.5 $417.0 $632.2 $660.6 
Excluding:
Net Investment Loss
Net Investment Loss Related to the Fortitude Re Reinsurance Transaction— (8.5)— (184.4)
Net Investment Loss, Other(5.2)(9.2)(10.2)(40.1)
Total Net Investment Loss(5.2)(17.7)(10.2)(224.5)
Strategic Actions(30.7)— (30.7)— 
Segment Adjusted Operating Income$365.4 $434.7 $673.1 $885.1