Investments (Tables)

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Amortized Cost and Fair Values of Securities by Security Type

At June 30, 2026 and December 31, 2025, 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:


	June 30, 2026
	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	$	635.2	$	—	$	10.8	$	19.3	$	626.7
States, Municipalities, and Political Subdivisions	3,365.3		—		59.9		466.7		2,958.5
Foreign Governments	1,014.8		—		13.4		163.4		864.8
Public Utilities	5,222.1		—		129.8		311.1		5,040.8
Mortgage/Asset-Backed Securities2	1,497.3		—		7.1		24.9		1,479.5
All Other Corporate Bonds	24,752.8		—		392.4		1,679.7		23,465.5
Redeemable Preferred Stocks	8.0		—		—		0.2		7.8
Total Fixed Maturity Securities	$	36,495.5	$	—	$	613.4	$	2,665.3	$	34,443.6


	December 31, 2025
	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	$	543.8	$	—	$	17.2	$	16.0	$	545.0
States, Municipalities, and Political Subdivisions	3,450.7		—		73.8		466.4		3,058.1
Foreign Governments	1,008.8		—		18.8		157.3		870.3
Public Utilities	5,048.6		—		175.4		290.1		4,933.9
Mortgage/Asset-Backed Securities2	1,187.3		—		9.3		17.3		1,179.3
All Other Corporate Bonds	23,500.0		5.9		527.5		1,559.5		22,462.1
Redeemable Preferred Stocks	8.0		—		—		0.1		7.9
Total Fixed Maturity Securities	$	34,747.2	$	5.9	$	822.0	$	2,506.7	$	33,056.6

1Allowance for Credit Losses

2Includes credit-tranched securities collateralized by loan obligations, auto loans, and other asset types

Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value

The following charts indicate the length of time our fixed maturity securities have been in a gross unrealized loss position.


	June 30, 2026
	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	$	87.0	$	1.3	$	229.6	$	18.0
States, Municipalities, and Political Subdivisions	197.9		3.6		1,909.5		463.1
Foreign Governments	256.3		2.9		342.9		160.5
Public Utilities	992.7		26.5		1,655.4		284.6
Mortgage/Asset-Backed Securities1	584.1		4.5		251.7		20.4
All Other Corporate Bonds	4,913.9		83.9		10,230.0		1,595.8
Redeemable Preferred Stocks	4.0		—		3.8		0.2
Total Fixed Maturity Securities	$	7,035.9	$	122.7	$	14,622.9	$	2,542.6


	December 31, 2025
	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	$	21.8	$	0.4	$	235.6	$	15.6
States, Municipalities, and Political Subdivisions	138.2		3.6		1,922.2		462.8
Foreign Governments	264.6		5.5		318.2		151.8
Public Utilities	642.1		19.4		1,710.3		270.7
Mortgage/Asset-Backed Securities1	206.6		0.4		275.3		16.9
All Other Corporate Bonds	2,060.0		40.6		11,087.9		1,518.9
Redeemable Preferred Stocks	—		—		3.9		0.1
Total Fixed Maturity Securities	$	3,333.3	$	69.9	$	15,553.4	$	2,436.8

1Includes credit-tranched securities collateralized by loan obligations, auto loans, and other asset types

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.


	June 30, 2026
	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	$	1,133.2	$	3.7	$	404.0	$	4.2	$	728.7
Over 1 year through 5 years	6,859.3		136.1		2,751.7		154.3		4,089.4
Over 5 years through 10 years	7,958.0		185.3		3,863.2		341.9		3,938.2
Over 10 years	19,047.7		281.2		5,122.2		2,140.0		12,066.7
	34,998.2		606.3		12,141.1		2,640.4		20,823.0
Mortgage/Asset-Backed Securities2	1,497.3		7.1		643.7		24.9		835.8
Total Fixed Maturity Securities	$	36,495.5	$	613.4	$	12,784.8	$	2,665.3	$	21,658.8


	December 31, 2025
	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	$	1,379.9	$	3.4	$	430.5	$	5.1	$	947.7
Over 1 year through 5 years	6,484.9		159.7		3,512.5		88.9		3,043.2
Over 5 years through 10 years	7,476.9		260.3		3,873.6		336.5		3,527.1
Over 10 years	18,212.3		389.3		5,655.9		2,058.9		10,886.8
	33,554.0		812.7		13,472.5		2,489.4		18,404.8
Mortgage/Asset-Backed Securities2	1,187.3		9.3		697.4		17.3		481.9
Total Fixed Maturity Securities	$	34,741.3	$	822.0	$	14,169.9	$	2,506.7	$	18,886.7

1Allowance for Credit Losses

2Includes credit-tranched securities collateralized by loan obligations, auto loans, and other asset types

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 June 30, 2026.


					Gross Unrealized Loss
	Fair Value		Gross Unrealized Gain		Amount		Percent of Total Gross Unrealized Loss
	(in millions of dollars)
Investment-Grade	$	33,159.5	$	592.7	$	2,610.6	97.9	%
Below-Investment-Grade	1,284.1		20.7		54.7		2.1
Total Fixed Maturity Securities	$	34,443.6	$	613.4	$	2,665.3	100.0	%

Debt Securities, Available-for-sale, Allowance for Credit Loss

The following tables present 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 and six months ended June 30, 2026.


	Three Months Ended June 30
	2026		2025
	(in millions of dollars)
Balance, beginning of period	$	—	$	3.8

Credit losses on securities for which credit losses were not previously recorded	—		9.6

Change in allowance on securities with allowance recorded in previous period	—		1.0



Balance, end of period	$	—	$	14.4


	Six Months Ended June 30
	2026		2025
	(in millions of dollars)
Balance, beginning of period	$	5.9	$	2.8

Credit losses on securities for which credit losses were not previously recorded	—		10.5
Change in allowance due to change in intent to sell impaired security	(5.9)		—
Change in allowance on securities with allowance recorded in previous period	—		1.1



Balance, end of period	$	—	$	14.4

Mortgage Loans by Property Type and Geographic Region

The carrying amount of mortgage loans by property type and geographic region are presented below.



	June 30, 2026				December 31, 2025
	(in millions of dollars)

	Carrying Amount		Percent of Total		Carrying Amount		Percent of Total
Property Type
Apartment	$	636.9	30.7	%	$	642.5	30.5	%
Industrial	644.7		31.2		659.0		31.2
Office	278.5		13.4		313.3		14.9
Retail	484.2		23.4		467.0		22.1
Other	27.4		1.3		27.7		1.3
Total	$	2,071.7	100.0	%	$	2,109.5	100.0	%

Region
New England	$	48.6	2.3	%	$	49.9	2.4	%
Mid-Atlantic	156.1		7.5		159.9		7.6
East North Central	268.1		12.9		275.3		13.1
West North Central	120.9		5.8		135.9		6.4
South Atlantic	540.2		26.2		497.2		23.5
East South Central	87.8		4.2		96.7		4.6
West South Central	183.9		8.9		190.5		9.0
Mountain	239.7		11.6		255.3		12.1
Pacific	426.4		20.6		448.8		21.3
Total	$	2,071.7	100.0	%	$	2,109.5	100.0	%

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.


	June 30, 2026				December 31, 2025
	(in millions of dollars)
	Carrying Amount		Percent of Total		Carrying Amount		Percent of Total
Internal Mortgage Rating
AA	$	112.2	5.4	%	$	125.6	6.0	%
A	1,027.2		49.6		1,053.4		49.9
BBB	831.1		40.1		804.0		38.1
BB	95.6		4.6		120.5		5.7
B	5.6		0.3		6.0		0.3
Total	$	2,071.7	100.0	%	$	2,109.5	100.0	%

Loan-to-Value Ratio1
<= 65%	$	1,706.6	82.4	%	$	1,701.2	80.6	%
> 65% <= 75%	186.1		9.0		164.3		7.8
> 75% <= 85%	99.6		4.8		162.6		7.7
> 85%	79.4		3.8		81.4		3.9
Total	$	2,071.7	100.0	%	$	2,109.5	100.0	%

1Loan-to-Value Ratio utilizes the most recent internal valuation of the property

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 June 30, 2026 and December 31, 2025, respectively.


	June 30, 2026
	Prior to 2022		2022		2023		2024		2025		2026		Total
	(in millions of dollars)
Internal Mortgage Rating
AA	$	112.3	$	—	$	—	$	—	$	—	$	—	$	112.3
A	876.4		23.0		9.4		6.4		76.5		37.2		1,028.9
BBB	592.1		61.3		56.3		39.2		36.2		49.6		834.7
BB	77.2		—		—		—		20.4		—		97.6
B	14.2		—		—		—		—		—		14.2
Total Amortized Cost	1,672.2		84.3		65.7		45.6		133.1		86.8		2,087.7
Allowance for credit losses	(14.3)		(0.2)		(0.3)		(0.2)		(0.6)		(0.4)		(16.0)
Carrying Amount	$	1,657.9	$	84.1	$	65.4	$	45.4	$	132.5	$	86.4	$	2,071.7

Loan-to-Value Ratio1
<=65%	$	1,428.3	$	62.1	$	53.4	$	11.6	$	95.3	$	60.0	$	1,710.7
>65%<=75%	88.1		8.3		12.3		34.0		17.4		26.8		186.9
>75%<=85%	86.7		13.9		—		—		—		—		100.6
>85%	69.1		—		—		—		20.4		—		89.5
Total Amortized Cost	1,672.2		84.3		65.7		45.6		133.1		86.8		2,087.7
Allowance for credit losses	(14.3)		(0.2)		(0.3)		(0.2)		(0.6)		(0.4)		(16.0)
Carrying Amount	$	1,657.9	$	84.1	$	65.4	$	45.4	$	132.5	$	86.4	$	2,071.7

1Loan-to-Value Ratio utilizes the most recent internal valuation of the property


	December 31, 2025
	Prior to 2021		2021		2022		2023		2024		2025		Total
	(in millions of dollars)
Internal Mortgage Rating
AA	$	100.1	$	25.6	$	—	$	—	$	—	$	—	$	125.7
A	794.0		144.9		23.6		9.5		6.4		77.2		1,055.6
BBB	482.4		131.2		61.8		56.7		39.4		36.4		807.9
BB	81.7		19.9		—		—		—		20.4		122.0
B	14.2		—		—		—		—		—		14.2
Total Amortized Cost	1,472.4		321.6		85.4		66.2		45.8		134.0		2,125.4
Allowance for credit losses	(13.5)		(0.9)		(0.3)		(0.4)		(0.2)		(0.6)		(15.9)
Carrying Amount	$	1,458.9	$	320.7	$	85.1	$	65.8	$	45.6	$	133.4	$	2,109.5

Loan-to-Value Ratio1
<=65%	$	1,264.1	$	238.9	$	63.0	$	38.5	$	11.6	$	89.4	$	1,705.5
>65%<=75%	59.8		10.7		8.4		27.7		34.2		24.2		165.0
>75%<=85%	115.5		35.0		14.0		—		—		—		164.5
>85%	33.0		37.0		—		—		—		20.4		90.4
Total Amortized Cost	1,472.4		321.6		85.4		66.2		45.8		134.0		2,125.4
Allowance for credit losses	(13.5)		(0.9)		(0.3)		(0.4)		(0.2)		(0.6)		(15.9)
Carrying Amount	$	1,458.9	$	320.7	$	85.1	$	65.8	$	45.6	$	133.4	$	2,109.5

1Loan-to-Value Ratio utilizes the most recent internal valuation of the property

Financing Receivable, Allowance for Credit Loss

The following tables present a roll-forward of the allowance for expected credit losses by loan-to-value ratio for the three and six months ended June 30, 2026 and 2025.


	Three Months Ended June 30, 2026
	Beginning of Period		Current Period Provisions		Write-Offs		Recoveries		End of Period
	(in millions of dollars)
Loan-to-Value Ratio1
<=65%	$	4.1	$	—	$	—	$	—	$	4.1
>65%<=75%	0.6		0.2		—		—		0.8
>75%<=85%	1.4		(0.4)		—		—		1.0
>85%	9.2		0.9		—		—		10.1
Total	$	15.3	$	0.7	$	—	$	—	$	16.0


	Three Months Ended June 30, 2025
	Beginning of Period		Current Period Provisions		Write-Offs		Recoveries		End of Period
	(in millions of dollars)
Loan-to-Value Ratio1
<=65%	$	3.8	$	—	$	—	$	—	$	3.8
>65%<=75%	1.7		(0.2)		—		—		1.5
>75%<=85%	3.1		(2.0)		—		—		1.1
>85%	8.0		1.2		—		—		9.2
Total	$	16.6	$	(1.0)	$	—	$	—	$	15.6


	Six Months Ended June 30, 2026
	Beginning of Year		Current Period Provisions		Write-Offs		Recoveries		End of Period
	(in millions of dollars)
Loan-to-Value Ratio1
<=65%	$	4.3	$	(0.2)	$	—	$	—	$	4.1
>65%<=75%	0.7		0.1		—		—		0.8
>75%<=85%	1.9		(0.9)		—		—		1.0
>85%	9.0		1.1		—		—		10.1
Total	$	15.9	$	0.1	$	—	$	—	$	16.0


	Six Months Ended June 30, 2025
	Beginning of Year		Current Period Provisions		Write-Offs		Recoveries		End of Period
	(in millions of dollars)
Loan-to-Value Ratio1
<=65%	$	4.2	$	(0.4)	$	—	$	—	$	3.8
>65%<=75%	1.7		(0.2)		—		—		1.5
>75%<=85%	2.2		(1.1)		—		—		1.1
>85%	8.0		1.2		—		—		9.2
Total	$	16.1	$	(0.5)	$	—	$	—	$	15.6

1Loan-to-Value Ratio utilizes the most recent internal valuation of the property

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:


	June 30, 2026		December 31, 2025
	Overnight and Continuous
	(in millions of dollars)
Borrowings
United States Government and Government Agencies and Authorities	$	0.8	$	0.3

Public Utilities	2.8		4.8
Short Term Investments	—		0.1
All Other Corporate Bonds	64.0		70.9
Total Borrowings	67.6		76.1
Gross Amount of Recognized Liability for Securities Lending Transactions	67.6		76.1
Amounts Related to Agreements Not Included in Offsetting Disclosure Contained Herein	$	—	$	—

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:


	June 30, 2026		December 31, 2025
	(in millions of dollars)
Carrying Value of FHLB Common Stock	$	45.3	$	40.7
Advances from FHLB	699.2		643.8

Carrying Value of Collateral Posted to FHLB
Fixed Maturity Securities	$	798.1	$	752.4
Commercial Mortgage Loans	1,117.2		1,110.2
Total Carrying Value of Collateral Posted to FHLB	$	1,915.3	$	1,862.6

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.


	June 30, 2026
	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	$	57.9	$	—	$	57.9	$	(56.8)	$	—	$	1.1
Securities Lending	100.8		—		100.8		(33.2)		(67.6)		—
Total	$	158.7	$	—	$	158.7	$	(90.0)	$	(67.6)	$	1.1

Financial Liabilities:
Derivatives	$	223.0	$	—	$	223.0	$	(219.9)	$	—	$	3.1
Securities Lending	67.6		—		67.6		(67.6)		—		—
Total	$	290.6	$	—	$	290.6	$	(287.5)	$	—	$	3.1


	December 31, 2025
	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	$	51.9	$	—	$	51.9	$	(51.9)	$	—	$	—
Securities Lending	106.1		—		106.1		(30.0)		(76.1)		—
Total	$	158.0	$	—	$	158.0	$	(81.9)	$	(76.1)	$	—

Financial Liabilities:
Derivatives	$	269.7	$	—	$	269.7	$	(269.3)	$	—	$	0.4
Securities Lending	76.1		—		76.1		(76.1)		—		—
Total	$	345.8	$	—	$	345.8	$	(345.4)	$	—	$	0.4

Net Investment Income

Net investment income reported in our consolidated statements of income is presented below.


	Three Months Ended June 30				Six Months Ended June 30
	2026		2025		2026		2025
	(in millions of dollars)
Fixed Maturity Securities	$	443.4	$	477.8	$	868.8	$	941.1
Derivatives	3.8		6.1		7.4		1.9
Mortgage Loans	21.6		21.9		43.2		43.7
Policy Loans	6.0		5.7		11.3		10.9
Other Long-term Investments
Perpetual Preferred Securities	—		—		—		0.8
Private Equity Partnerships1	20.8		25.3		44.0		43.6
Other	4.7		14.9		8.9		19.2
Short-term Investments	17.1		33.1		41.9		61.1
Gross Investment Income	517.4		584.8		1,025.5		1,122.3
Less Investment Expenses	36.3		21.3		58.1		42.7
Less Investment Income on Participation Fund Account Assets	2.7		2.8		5.6		5.7

Net Investment Income	$	478.4	$	560.7	$	961.8	$	1,073.9

1The net unrealized gain recognized in net investment income for the three and six months ended June 30, 2026 related to private equity partnerships still held at June 30, 2026 was $25.8 million and $55.5 million, respectively, reduced by net management fees and partnership expenses of $(5.0) million and $(11.5) million, respectively. The net unrealized gain recognized in net investment income for the three and six months ended June 30, 2025 related to private equity partnerships still held at June 30, 2025 was $31.2 million and $57.6 million, respectively, reduced by net management fees and partnership expenses of $(5.9) million and $(14.0) million, respectively. See Note 3 for further discussion of private equity partnerships.

Investment Gains and Losses Reported in Consolidated Statements of Income

Investment gains and losses are as follows:


	Three Months Ended June 30				Six Months Ended June 30
	2026		2025		2026		2025
	(in millions of dollars)
Fixed Maturity Securities
Gross Gains on Sales	$	0.1	$	1.2	$	1.4	$	1.8
Gross Losses on Sales1	(7.6)		(14.7)		(9.4)		(60.0)
Impairment Loss2	(3.0)		(8.5)		(11.1)		(160.9)
Change in Allowance for Credit Losses	—		(10.6)		5.9		(11.6)
Mortgage Loans and Other Invested Assets
Gross Gains on Sales	6.2		7.4		6.2		7.4
Gross Losses on Sales	—		(0.4)		—		(0.4)
Impairment Loss	—		—		—		(3.8)
Change in Allowance for Credit Losses	(0.8)		0.9		(0.2)		0.5
Embedded Derivative in Modified Coinsurance Arrangement	0.3		1.0		(2.7)		(0.9)
All Other Derivatives	1.2		2.1		2.7		(3.2)
Foreign Currency Transactions	(1.6)		3.9		(3.0)		6.6

Net Investment Gains (Losses)	$	(5.2)	$	(17.7)	$	(10.2)	$	(224.5)

1During the six months ended June 30, 2025, we recognized a $23.5 million net loss on sales of fixed maturity securities related to the Closed Block long-term care and Unum US individual disability reinsurance transaction (2025 Fortitude Re reinsurance transaction) and a $19.1 million loss on sales of fixed maturity securities related to the funding of an extraordinary dividend from a wholly owned insurance subsidiary to Unum Group.

2During the three and six months ended June 30, 2025, we recognized impairment losses of $8.5 million and $160.9 million, respectively, based on the intent to dispose of fixed maturity securities with a fair value of $1,250.9 million related to the 2025 Fortitude Re reinsurance transaction.