Unum GroupUNM
Unum Group Segments Disclosure
We have three core operating segments: Unum US, Unum International, and Colonial Life. Our other operating segments are Closed Block and Corporate.
The Unum US segment is comprised of group disability, group life and accidental death and dismemberment, and supplemental and voluntary lines of business. The group disability line of business includes long-term and short-term disability, medical stop-loss, and fee-based service products. The supplemental and voluntary line of business includes voluntary benefits, individual disability, and dental and vision products. These products, excluding medical stop-loss which was no longer actively marketed as of the third quarter of 2024, are marketed through our field sales personnel who work in conjunction with independent brokers and consultants.
The Unum International segment is comprised of our operations in both the United Kingdom and Poland. Our Unum UK products include insurance for group long-term disability, group life, and supplemental lines of business which include dental, critical illness, and individual disability products. Our Unum Poland products include insurance for individual and group life with accident and health riders. Unum International's products are sold primarily through field sales personnel and independent brokers and consultants.
The Colonial Life segment includes insurance for accident, sickness, and disability products, which includes dental and vision products, life products, and cancer and critical illness. These products are marketed to employees, on both a group and an individual basis, at the workplace through an independent contractor agent sales force and brokers.
The Closed Block segment consists of group and individual long-term care, and other insurance products no longer actively marketed. We discontinued offering individual long-term care in 2009 and group long-term care in 2012. Other insurance products include individual disability, group pension, individual life and corporate-owned life insurance, reinsurance pools and management operations, and other miscellaneous product lines.
The Corporate segment includes investment income on corporate assets not specifically allocated to a line of business, interest expense on corporate debt, and certain other corporate income and expenses not allocated to a line of business.
Premium income is primarily derived from sources in the United States, the United Kingdom, and Poland. There are no material revenues or assets attributable to foreign operations other than those reported in our Unum International segment.
Our Chief Executive Officer is the Chief Operating Decision Maker (CODM). Our CODM evaluates the performance of our segments on the basis of "adjusted operating revenue" and "adjusted operating income" or "adjusted operating loss". The significant expense categories and amounts included within "adjusted operating income" or "adjusted operating loss" align with the segment level information that is regularly provided to the CODM. 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. As such, the CODM uses these performance measures to evaluate profitability, assist in resourcing decisions, and monitor budgeted versus actual results. 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, net income, or net loss. Further information regarding the components of these performance measures is presented in the tables below.
Segment information is shown below.
| Year Ended December 31 | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (in millions of dollars) | |||||||||||||||||
| Premium Income | |||||||||||||||||
| Unum US | |||||||||||||||||
| Group Disability | |||||||||||||||||
| Group Long-term Disability | $ | 2,011.1 | $ | 2,086.1 | $ | 2,057.2 | |||||||||||
| Group Short-term Disability | 1,138.4 | 1,084.0 | 1,012.3 | ||||||||||||||
| Group Life and Accidental Death & Dismemberment | |||||||||||||||||
| Group Life | 1,871.1 | 1,784.7 | 1,679.0 | ||||||||||||||
| Accidental Death & Dismemberment | 195.6 | 186.1 | 175.5 | ||||||||||||||
| Supplemental and Voluntary | |||||||||||||||||
| Voluntary Benefits | 927.4 | 879.2 | 850.1 | ||||||||||||||
| Individual Disability | 615.1 | 566.0 | 527.0 | ||||||||||||||
| Dental and Vision | 324.8 | 297.1 | 278.1 | ||||||||||||||
| 7,083.5 | 6,883.2 | 6,579.2 | |||||||||||||||
| Unum International | |||||||||||||||||
| Unum UK | |||||||||||||||||
| Group Long-term Disability | 427.5 | 418.0 | 396.1 | ||||||||||||||
| Group Life | 275.7 | 211.3 | 169.3 | ||||||||||||||
| Supplemental | 184.2 | 165.6 | 141.5 | ||||||||||||||
| Unum Poland | 195.4 | 154.6 | 118.3 | ||||||||||||||
| 1,082.8 | 949.5 | 825.2 | |||||||||||||||
| Colonial Life | |||||||||||||||||
| Accident, Sickness, and Disability | 993.5 | 969.5 | 946.1 | ||||||||||||||
| Life | 483.6 | 458.0 | 426.5 | ||||||||||||||
| Cancer and Critical Illness | 362.0 | 356.4 | 353.5 | ||||||||||||||
| 1,839.1 | 1,783.9 | 1,726.1 | |||||||||||||||
| Closed Block | |||||||||||||||||
| Long-term Care | 670.8 | 696.1 | 696.0 | ||||||||||||||
| All Other | 154.8 | 184.7 | 219.5 | ||||||||||||||
| 825.6 | 880.8 | 915.5 | |||||||||||||||
| Total Premium Income | $ | 10,831.0 | $ | 10,497.4 | $ | 10,046.0 | |||||||||||
| Year Ended December 31, 2025 | |||||||||||||||||||||||||||||||||||
| Unum US | Unum International | Colonial Life | Closed Block | Corporate | Total | ||||||||||||||||||||||||||||||
| (in millions of dollars) | |||||||||||||||||||||||||||||||||||
| Premium Income | $ | 7,083.5 | $ | 1,082.8 | $ | 1,839.1 | $ | 825.6 | $ | — | $ | 10,831.0 | |||||||||||||||||||||||
| Net Investment Income | 604.2 | 145.6 | 172.6 | 1,016.5 | 93.8 | 2,032.7 | |||||||||||||||||||||||||||||
Other Income1 | 249.8 | 7.7 | 1.6 | 49.9 | 0.4 | 309.4 | |||||||||||||||||||||||||||||
| Adjusted Operating Revenue | $ | 7,937.5 | $ | 1,236.1 | $ | 2,013.3 | $ | 1,892.0 | $ | 94.2 | $ | 13,173.1 | |||||||||||||||||||||||
Adjusted Policy Benefits2 | $ | 4,353.3 | $ | 793.0 | $ | 908.1 | $ | 1,542.2 | $ | — | $ | 7,596.6 | |||||||||||||||||||||||
Adjusted Policy Benefits - Remeasurement Loss (Gain)3 | (86.2) | (20.2) | (23.0) | 90.0 | — | (39.4) | |||||||||||||||||||||||||||||
| Commissions | 794.9 | 95.7 | 398.6 | 66.1 | — | 1,355.3 | |||||||||||||||||||||||||||||
| Interest and Debt Expense | — | — | — | — | 208.8 | 208.8 | |||||||||||||||||||||||||||||
Deferral of Acquisition Costs | (331.7) | (22.0) | (343.4) | — | — | (697.1) | |||||||||||||||||||||||||||||
| Amortization of Deferred Acquisition Costs | 283.3 | 10.7 | 233.1 | — | — | 527.1 | |||||||||||||||||||||||||||||
Other Segment Items4 | 1,652.0 | 226.6 | 376.3 | 130.2 | 57.0 | 2,442.1 | |||||||||||||||||||||||||||||
Adjusted Benefits and Expenses | $ | 6,665.6 | $ | 1,083.8 | $ | 1,549.7 | $ | 1,828.5 | $ | 265.8 | $ | 11,393.4 | |||||||||||||||||||||||
| Adjusted Operating Income (Loss) | $ | 1,271.9 | $ | 152.3 | $ | 463.6 | $ | 63.5 | $ | (171.6) | $ | 1,779.7 | |||||||||||||||||||||||
1Excludes the amortization of the deferred gain on reinsurance in the Unum US segment. | |||||||||||||||||||||||||||||||||||
2Excludes the impact of non-contemporaneous reinsurance in the Unum US segment and the Closed Block segment. | |||||||||||||||||||||||||||||||||||
3Excludes the reserve assumption updates that occurred in the third quarter of 2025 for all segments except Corporate. | |||||||||||||||||||||||||||||||||||
4Excludes the amortization of the cost of reinsurance in the Closed Block segment, as well as the accelerated charitable contribution and the settlement loss on the U.S. pension plan annuity purchase in the Corporate 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 2025 was $86.7 million, $20.7 million, $16.9 million, $6.0 million, and $0.5 million for our Unum US, Unum International, Colonial Life, Closed Block and Corporate segments, respectively. | |||||||||||||||||||||||||||||||||||
| Year Ended December 31, 2024 | |||||||||||||||||||||||||||||||||||
| Unum US | Unum International | Colonial Life | Closed Block | Corporate | Total | ||||||||||||||||||||||||||||||
| (in millions of dollars) | |||||||||||||||||||||||||||||||||||
| Premium Income | $ | 6,883.2 | $ | 949.5 | $ | 1,783.9 | $ | 880.8 | $ | — | $ | 10,497.4 | |||||||||||||||||||||||
| Net Investment Income | 632.2 | 128.8 | 161.5 | 1,148.9 | 58.6 | 2,130.0 | |||||||||||||||||||||||||||||
| Other Income | 235.9 | 1.6 | 4.0 | 51.7 | 1.3 | 294.5 | |||||||||||||||||||||||||||||
| Adjusted Operating Revenue | $ | 7,751.3 | $ | 1,079.9 | $ | 1,949.4 | $ | 2,081.4 | $ | 59.9 | $ | 12,921.9 | |||||||||||||||||||||||
Adjusted Policy Benefits1 | $ | 4,246.5 | $ | 693.6 | $ | 885.4 | $ | 1,629.6 | $ | — | $ | 7,455.1 | |||||||||||||||||||||||
Adjusted Policy Benefits - Remeasurement Loss (Gain)2 | (238.2) | (44.4) | (34.7) | 112.4 | — | (204.9) | |||||||||||||||||||||||||||||
| Commissions | 729.3 | 82.5 | 378.4 | 68.4 | — | 1,258.6 | |||||||||||||||||||||||||||||
| Interest and Debt Expense | — | — | — | — | 201.1 | 201.1 | |||||||||||||||||||||||||||||
| Deferral of Acquisition Costs | (320.9) | (17.8) | (312.8) | — | — | (651.5) | |||||||||||||||||||||||||||||
| Amortization of Deferred Acquisition Costs | 292.5 | 9.5 | 219.0 | — | — | 521.0 | |||||||||||||||||||||||||||||
Other Segment Items3 | 1,602.9 | 198.7 | 347.4 | 133.2 | 50.0 | 2,332.2 | |||||||||||||||||||||||||||||
Adjusted Benefits and Expenses | $ | 6,312.1 | $ | 922.1 | $ | 1,482.7 | $ | 1,943.6 | $ | 251.1 | $ | 10,911.6 | |||||||||||||||||||||||
| Adjusted Operating Income (Loss) | $ | 1,439.2 | $ | 157.8 | $ | 466.7 | $ | 137.8 | $ | (191.2) | $ | 2,010.3 | |||||||||||||||||||||||
1Excludes the impact of non-contemporaneous reinsurance in the Closed Block segment. | |||||||||||||||||||||||||||||||||||
2Excludes the reserve assumption updates that occurred in the third quarter of 2024 for all segments except Corporate. | |||||||||||||||||||||||||||||||||||
3Excludes the amortization of the cost of reinsurance in the Closed Block segment and the loss on legal settlement in the Corporate 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 2024 was $85.0 million, $17.9 million, $15.1 million, $5.4 million and $0.1 million for our Unum US, Unum International, Colonial Life, Closed Block and Corporate segments, respectively. | |||||||||||||||||||||||||||||||||||
| Year Ended December 31, 2023 | |||||||||||||||||||||||||||||||||||
| Unum US | Unum International | Colonial Life | Closed Block | Corporate | Total | ||||||||||||||||||||||||||||||
| (in millions of dollars) | |||||||||||||||||||||||||||||||||||
| Premium Income | $ | 6,579.2 | $ | 825.2 | $ | 1,726.1 | $ | 915.5 | $ | — | $ | 10,046.0 | |||||||||||||||||||||||
| Net Investment Income | 639.9 | 137.2 | 153.5 | 1,066.3 | 99.8 | 2,096.7 | |||||||||||||||||||||||||||||
| Other Income | 220.5 | 1.6 | 1.2 | 52.6 | 3.3 | 279.2 | |||||||||||||||||||||||||||||
| Adjusted Operating Revenue | $ | 7,439.6 | $ | 964.0 | $ | 1,880.8 | $ | 2,034.4 | $ | 103.1 | $ | 12,421.9 | |||||||||||||||||||||||
Adjusted Policy Benefits1 | $ | 4,221.2 | $ | 581.4 | $ | 877.1 | $ | 1,597.4 | $ | — | $ | 7,277.1 | |||||||||||||||||||||||
Adjusted Policy Benefits - Remeasurement Loss (Gain)2 | (283.9) | (19.5) | 1.7 | 69.7 | — | (232.0) | |||||||||||||||||||||||||||||
| Commissions | 664.4 | 72.5 | 359.4 | 73.8 | — | 1,170.1 | |||||||||||||||||||||||||||||
| Interest and Debt Expense | — | — | — | — | 194.8 | 194.8 | |||||||||||||||||||||||||||||
| Deferral of Acquisition Costs | (314.7) | (14.6) | (302.9) | — | — | (632.2) | |||||||||||||||||||||||||||||
| Amortization of Deferred Acquisition Costs | 267.6 | 8.4 | 205.4 | — | — | 481.4 | |||||||||||||||||||||||||||||
Other Segment Items3 | 1,529.5 | 177.7 | 340.0 | 128.6 | 54.7 | 2,230.5 | |||||||||||||||||||||||||||||
Adjusted Benefits and Expenses | $ | 6,084.1 | $ | 805.9 | $ | 1,480.7 | $ | 1,869.5 | $ | 249.5 | $ | 10,489.7 | |||||||||||||||||||||||
Adjusted Operating Income (Loss) | $ | 1,355.5 | $ | 158.1 | $ | 400.1 | $ | 164.9 | $ | (146.4) | $ | 1,932.2 | |||||||||||||||||||||||
1Excludes the impact of non-contemporaneous reinsurance in the Closed Block segment. | |||||||||||||||||||||||||||||||||||
2Excludes the reserve assumption updates that occurred in the third quarter of 2023 for all segments except Corporate. | |||||||||||||||||||||||||||||||||||
3Excludes 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 2023 was $76.3 million, $14.6 million, $13.6 million, $5.2 million, and $0.6 million for our Unum US, Unum International, Colonial Life, Closed Block and Corporate segments, respectively. | |||||||||||||||||||||||||||||||||||
| December 31 | |||||||||||
| 2025 | 2024 | ||||||||||
| (in millions of dollars) | |||||||||||
| Assets | |||||||||||
| Unum US | $ | 14,635.3 | $ | 14,981.6 | |||||||
| Unum International | 3,648.0 | 3,291.3 | |||||||||
| Colonial Life | 5,289.9 | 4,964.2 | |||||||||
| Closed Block | 33,887.8 | 33,376.0 | |||||||||
| Corporate | 6,058.4 | 5,346.2 | |||||||||
| Total Assets | $ | 63,519.4 | $ | 61,959.3 | |||||||
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 December 31, 2025 and 2024, goodwill was $353.9 million and $349.1 million, respectively, with $281.2 million and $280.0 million, respectively, attributable to Unum US, $45.0 million and $41.4 million, respectively, attributable to Unum International, and $27.7 million attributable to Colonial Life in each year.
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, certain impacts from reinsurance transactions, reserve assumption updates, and certain other items 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, 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.
At times, we utilize reinsurance transactions to manage risk related to certain portions of our business including the exit of portions of our Closed Block businesses. As a result, we exclude the amortization of the cost of reinsurance and the amortization of the deferred gain on reinsurance that are recognized after the closing of these transactions. We also exclude the impact of non-contemporaneous reinsurance for these transactions. While the total equity impact of non-contemporaneous reinsurance is neutral, the difference in original discount rates utilized for direct and ceded reserves results in a disproportionate earnings impact. We believe that the exclusion of these items provides a better view of our results from our ongoing businesses.
Cash flow assumptions used to calculate our liability for future policy benefits are reviewed at least annually and updated, as needed, with the resulting impact reflected in net income. While the effects of these assumption updates are recorded in the reporting period in which the review is completed, these updates reflect experience emergence and changes to expectations spanning multiple periods. We believe that by excluding the impact of reserve assumption updates we are providing a more comparable and consistent view of our results.
Accelerated Charitable Contribution
During the fourth quarter of 2025, we incurred an expense related to an accelerated charitable contribution of $20.0 million within our Corporate segment recorded within other expenses in the consolidated statements of income.
Loss on Legal Settlement
During the third quarter of 2024, we incurred a loss of $15.3 million within our Corporate segment for the settlement of an employment-related matter. $4.9 million of the loss is recorded within compensation expense and $10.4 million of the loss is recorded within other expenses in the consolidated statements of income.
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.
See above and Notes 3, 6, 11, and 14 for further discussion regarding the items specified in the reconciliation below.
A reconciliation of total revenue to "adjusted operating revenue" and income before income tax to "adjusted operating income" is as follows:
| Year Ended December 31 | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (in millions of dollars) | |||||||||||||||||
| Total Revenue | $ | 13,075.5 | $ | 12,887.3 | $ | 12,385.9 | |||||||||||
| Excluding: | |||||||||||||||||
| Net Investment Loss | (106.6) | (34.6) | (36.0) | ||||||||||||||
| Amortization of the Deferred Gain on Reinsurance | 9.0 | — | — | ||||||||||||||
| Adjusted Operating Revenue | $ | 13,173.1 | $ | 12,921.9 | $ | 12,421.9 | |||||||||||
| Income Before Income Tax | $ | 933.5 | $ | 2,251.3 | $ | 1,640.1 | |||||||||||
| Excluding: | |||||||||||||||||
| Net Investment Loss | |||||||||||||||||
| Net Investment Loss Related to the Fortitude Re Reinsurance Transaction | (46.8) | — | — | ||||||||||||||
| Net Investment Loss, Other | (59.8) | (34.6) | (36.0) | ||||||||||||||
Total Net Investment Loss | (106.6) | (34.6) | (36.0) | ||||||||||||||
| Amortization of the Cost of Reinsurance | (116.7) | (41.4) | (44.1) | ||||||||||||||
| Amortization of the Deferred Gain on Reinsurance | 9.0 | — | — | ||||||||||||||
Non-Contemporaneous Reinsurance | (29.6) | (25.1) | (34.8) | ||||||||||||||
| Reserve Assumption Updates | (478.5) | 357.4 | (177.2) | ||||||||||||||
Settlement Loss on the U.S. Pension Plan Annuity Purchase | (103.8) | — | — | ||||||||||||||
| Accelerated Charitable Contribution | (20.0) | — | — | ||||||||||||||
Loss on Legal Settlement | — | (15.3) | — | ||||||||||||||
| Adjusted Operating Income | $ | 1,779.7 | $ | 2,010.3 | $ | 1,932.2 | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 17, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 20, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 17, 2021 | |
| 2019 | Feb 18, 2020 | |
| 2018 | Feb 19, 2019 | |
| 2017 | Feb 21, 2018 | |
| 2016 | Feb 22, 2017 | |
| 2015 | Feb 24, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.