Third Quarter 2024 Q3 2024 Statistical Supplement and Notes

U.S. Markets via PUBT

Unum Group
Statistical Supplement Third Quarter 2024
TABLE OF CONTENTS
(in millions of dollars, except share data and where noted)
Interim Results are Unaudited
	Page
Financial Highlights	1
Capital Metrics	2
Ratings	3
Consolidated Statements of Income	4
Sales Data by Segment	5
Consolidated Balance Sheets	6
Financial Results by Segment	7
Quarterly Historical Financial Results by Segment	8
Financial Results and Selected Statistics by Segment	9
Unum US	9
Unum International	10
Colonial Life	11
Closed Block	12
Corporate	13
Investments	14
Appendix to Statistical Supplement	15

See "Appendix to Statistical Supplement" on page 15 for a summary of significant items and page 15.3 for a reconciliation of our non- GAAP financial measures.

N.M. = not a meaningful percentage

	Unum Group Financial Highlights
			Three Months Ended			Nine Months Ended			Year Ended
Consolidated U.S. GAAP Results¹			9/30/2024			9/30/2023			9/30/2024			9/30/2023		12/31/2023	12/31/2022

Premium Income	$	2,628.8	$	2,525.9	$	7,866.3	$	7,494.3	$	10,046.0	$	9,616.5
Adjusted Operating Revenue	$	3,229.9	$	3,123.5	$	9,675.2	$	9,270.8	$	12,421.9	$	11,999.8
Net Investment Gain (Loss)			(12.9)			(31.0)			(24.5)			(30.0)			(36.0)		(15.7)
Total Revenue		$	3,217.0		$	3,092.5		$	9,650.7		$	9,240.8		$	12,385.9	$	11,984.1
Net Income	$	645.7	$	202.0	$	1,430.4	$	953.2	$	1,283.8	$	1,407.2
Net Income Per Common Share:
Basic	$	3.46	$	1.03	$	7.54	$	4.83	$	6.53	$	7.01
Assuming Dilution	$	3.46	$	1.02	$	7.52	$	4.81	$	6.50	$	6.96
Assets							$	64,140.5	$	59,954.5	$	63,255.2	$	61,148.5
Liabilities							$	53,189.1	$	50,336.4	$	53,603.8	$	52,413.5
Stockholders' Equity							$	10,951.4	$	9,618.1	$	9,651.4	$	8,735.0
Adjusted Stockholders' Equity							$	13,078.5	$	12,055.7	$	12,292.6	$	11,459.1
Adjusted Operating Retuon Equity
Unum US			25.5 %			25.4 %			25.7 %			23.1 %			23.1 %		16.4 %
Unum International			16.2 %			14.0 %			15.8 %			16.7 %			16.5 %		20.7 %
Colonial Life			19.2 %			18.7 %			19.6 %			18.9 %			18.1 %		19.9 %
Core Operating Segments			22.8 %			22.4 %			23.1 %			21.4 %			21.2 %		17.7 %
Consolidated			12.4 %			12.7 %			12.8 %			13.2 %			12.7 %		11.8 %
Traditional U.S. Life Insurance Companies' Statutory Results2	$	315.6	$	532.7	$	1,032.2	$	1,122.6	$	1,351.5	$	965.4
Net Gain from Operations, After Tax
Net Realized Capital Gain (Loss), After Tax			3.7			(4.1)			(0.9)			(4.6)			(21.6)		-
Net Income		$	319.3		$	528.6		$	1,031.3		$	1,118.0		$	1,329.9	$	965.4

Capital and Surplus							$	4,425.0	$	4,376.6	$	3,751.3	$	3,816.3
Weighted Average Risk-based Capital Ratio									~ 470%			~ 470%			~ 415%		~ 420%

Generally Accepted Accounting Principles

Our traditional U.S. life insurance companies are Provident Life and Accident Insurance Company, Unum Life Insurance Company of America, The Paul Revere Life Insurance Company, Colonial Life & Accident Insurance Company, Provident Life and Casualty Insurance Company, First Unum Life Insurance Company, Unum Insurance Company, and Starmount Life Insurance Company.

			Unum Group Capital Metrics
			9/30/2024					9/30/2023				12/31/2023					12/31/2022
		(in millions)		per share		(in millions)		per share			(in millions)		per share		(in millions)		per share
Total Stockholders' Equity (Book Value)	$	10,951.4	$		59.36	$	9,618.1	$	49.32		$	9,651.4		$		49.91	$		8,735.0		$	44.17
Excluding:
Net Unrealized Loss on Securities			(1,491.2)				(8.08)			(3,948.4)			(20.25)				(1,919.1)				(9.92)				(3,028.4)		(15.31)
Effect of Change in Discount Rate Assumptions on the			(527.0)				(2.86)			1,688.5			8.66				(648.4)				(3.35)				313.9		1.59
Liability for Future Policy Benefits
Net Loss on Derivatives			(108.9)				(0.59)			(177.7)			(0.91)				(73.7)				(0.39)				(9.6)		(0.05)
Subtotal			13,078.5				70.89			12,055.7			61.82				12,292.6				63.57			11,459.1		57.94
Excluding:
Foreign Currency Translation Adjustment			(259.9)				(1.40)			(382.2)			(1.95)				(321.1)				(1.66)				(390.1)		(1.98)
Subtotal			13,338.4				72.29			12,437.9			63.77				12,613.7				65.23			11,849.2		59.92
Excluding:
Unrecognized Pension and Postretirement Benefit Costs			(342.7)				(1.86)			(330.8)			(1.70)				(345.7)				(1.79)				(334.1)		(1.69)
Total Stockholders' Equity, Excluding Accumulated	$	13,681.1		$		74.15		$	12,768.7		$	65.47		$	12,959.4		$		67.02		$	12,183.3		$	61.61
Other Comprehensive Loss

Dividends Paid	$	219.5	$		1.150	$		205.8	$	1.025		$	277.1		$		1.390	$		255.3		$	1.260
			Three Months Ended							Nine Months Ended						Year Ended
			9/30/2024				9/30/2023	9/30/2024				9/30/2023				12/31/2023	12/31/2022
Shares Repurchased (millions)			3.7					1.5						9.7				3.9						5.7				5.7
Cost of Shares Repurchased (millions)1	$	202.0		$			74.8	$			504.8		$	175.4			$	252.0	$			200.1
Price (UNM closing price on last trading day of period)											$			59.44		$	49.19			$	45.22	$			41.03
Leverage Ratio																21.3 %			22.5 %			22.1 %				23.4 %
Holding Company Liquidity (millions)											$			1,393		$	1,182			$	1,650	$			1,571

1Includes commissions of a de minimis amount for the three and nine months ended September 30, 2024, a de minimis amount and $0.1 million for the three and nine months ended September 30, 2023, respectively, and $0.1 million for the years ended December 31, 2023 and 2022. There was excise tax of $2.0 million and $4.8 million for the three and nine months ended September 30, 2024, respectively, $0.7 million and $1.2 million for the three and nine months ended September 30, 2023, respectively, $1.9 million for the year ended December 31, 2023, and no excise tax for the year ended December 31, 2022.

	Unum Group Ratings
		AM Best	Fitch	Moody's	S&P
Outlooks		Stable	Positive	Stable	Stable
Senior Unsecured Debt Ratings		bbb+	BBB	Baa2	BBB
Financial Strength Ratings
Provident Life and Accident Insurance Company		A	A	A2	A
Unum Life Insurance Company of America		A	A	A2	A
First Unum Life Insurance Company		A	A	A2	A
Colonial Life & Accident Insurance Company		A	A	A2	A
The Paul Revere Life Insurance Company		A	A	A2	A
Unum Insurance Company		A	A	A2	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-
NR = not rated

	Unum Group Consolidated Statements of Income
			Three Months Ended			Nine Months Ended			Year Ended
			9/30/2024			9/30/2023			9/30/2024			9/30/2023	12/31/2023		12/31/2022
Revenue	$	2,628.8	$	2,525.9	$	7,866.3	$	7,494.3	$	10,046.0	$	9,616.5
Premium Income
Net Investment Income			527.8			526.0			1,586.4			1,565.9		2,096.7		2,122.2
Net Investment Loss			(12.9)			(31.0)			(24.5)			(30.0)		(36.0)		(15.7)
Other Income			73.3			71.6			222.5			210.6		279.2		261.1
Total Revenue			3,217.0			3,092.5			9,650.7			9,240.8		12,385.9		11,984.1
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain			1,461.9			1,947.0			5,056.7			5,437.0		7,257.1		6,994.6
Commissions			315.1			289.7			947.8			869.7		1,170.1		1,086.4
Interest and Debt Expense			49.2			48.6			148.6			145.6		194.8		188.5
Cost Related to Early Retirement of Debt			-			-			-			-		-		4.2
Deferral of Acquisition Costs			(163.3)			(153.3)			(495.3)			(467.5)		(632.2)		(556.9)
Amortization of Deferred Acquisition Costs			133.8			129.1			387.9			358.7		481.4		421.1
Other Expenses			605.7			569.7			1,799.2			1,685.9		2,274.6		2,096.2
Total Benefits and Expenses			2,402.4			2,830.8			7,844.9			8,029.4		10,745.8		10,234.1
Income Before Income Tax			814.6			261.7			1,805.8			1,211.4		1,640.1		1,750.0
Income Tax Expense			168.9			59.7			375.4			258.2		356.3		342.8
Net Income	$	645.7	$	202.0	$	1,430.4	$	953.2	$	1,283.8	$	1,407.2
Weighted Average Shares Outstanding

Basic			186.4			196.1			189.7			197.3		196.7		200.6
Assuming Dilution			186.9			197.1			190.2			198.3		197.6		202.1
Actual Number of Shares Outstanding									184.5			195.0		193.4		197.8

	Unum Group Sales Data for Unum US Segment
			Three Months Ended			Nine Months Ended			Year Ended
	9/30/2024	9/30/2023		% Change	9/30/2024	9/30/2023		% Change	12/31/2023	12/31/2022
Sales by Product
Group Disability and Group Life and AD&D
Group Long-term Disability	$	24.4	$	36.6	(33.3)%	$	143.8	$	156.1	(7.9)%	$	292.7	$	295.3
Group Short-term Disability			15.9			30.5	(47.9)			94.1			117.1	(19.6)	229.5	184.3
Group Life and AD&D			26.5			25.2	5.2			151.2			152.9	(1.1)	305.4	232.4
Subtotal			66.8			92.3	(27.6)			389.1			426.1	(8.7)	827.6	712.0
Supplemental and Voluntary
Voluntary Benefits			45.6			39.0	16.9			233.0			212.5	9.6	263.2	238.7
Individual Disability			29.4			25.6	14.8			76.1			81.0	(6.0)	108.9	90.8
Dental and Vision			12.5			14.0	(10.7)			43.4			42.5	2.1	84.1	73.8
Subtotal			87.5			78.6	11.3			352.5			336.0	4.9	456.2	403.3
Total Sales	$	154.3	$	170.9	(9.7)	$	741.6	$	762.1	(2.7)	$	1,283.8	$	1,115.3
Sales by Market Sector

Group Disability and Group Life and AD&D
Core Market (<>2,000 employees)	$	52.1	$	65.8	(20.8)%	$	247.1	$	255.1	(3.1)%	$	521.3	$	457.5
Large Case Market			14.7			26.5	(44.5)			142.0			171.0	(17.0)	306.3	254.5
Subtotal			66.8			92.3	(27.6)			389.1			426.1	(8.7)	827.6	712.0
Supplemental and Voluntary			87.5			78.6	11.3			352.5			336.0	4.9	456.2	403.3
Total Sales	$	154.3	$	170.9	(9.7)	$	741.6	$	762.1	(2.7)	$	1,283.8	$	1,115.3

	Unum Group Sales Data for Unum International Segment
			Three Months Ended			Nine Months Ended		Year Ended
(in millions of dollars)	9/30/2024	9/30/2023		% Change	9/30/2024		9/30/2023	% Change	12/31/2023	12/31/2022
Sales by Product
Unum UK
Group Long-term Disability	$	8.4	$	8.9	(5.6)%	$	40.3	$	39.0	3.3 %	$	48.3	$	43.3
Group Life			17.0			10.5	61.9		53.1			49.8	6.6		61.4	55.5
Supplemental			4.8			3.8	26.3		30.1			24.0	25.4		28.0	17.1
Unum Poland			8.0			7.0	14.3		24.6			23.8	3.4		33.2	17.8
Total Sales	$	38.2	$	30.2	26.5	$	148.1	$	136.6	8.4	$	170.9	$	133.7
Sales by Market Sector

Unum UK
Group Long-term Disability and Group Life
Core Market (<>500 employees)	$	10.0	$	11.8	(15.3)%	$	30.7	$	40.3	(23.8)%	$	51.2	$	42.7
Large Case Market			15.4			7.6	102.6		62.7			48.5	29.3		58.5	56.1
Subtotal			25.4			19.4	30.9		93.4			88.8	5.2		109.7	98.8
Supplemental			4.8			3.8	26.3		30.1			24.0	25.4		28.0	17.1
Unum Poland			8.0			7.0	14.3		24.6			23.8	3.4		33.2	17.8
Total Sales	$	38.2	$	30.2	26.5	$	148.1	$	136.6	8.4	$	170.9	$	133.7
(in millions of pounds)

Unum UK Sales by Product
Group Long-term Disability	£	6.4	£	7.0	(8.6)%	£	31.7	£	31.3	1.3 %	£	38.8	£	34.5
Group Life			12.9			8.3	55.4		41.5			40.1	3.5		49.4	45.4
Supplemental			3.8			2.9	31.0		23.8			19.3	23.3		22.6	13.5
Total Sales	£	23.1	£	18.2	26.9	£	97.0	£	90.7	6.9	£	110.8	£	93.4
Unum UK Sales by Market Sector

Group Long-term Disability and Group Life
Core Market (<>500 employees)	£	7.7	£	9.4	(18.1)%	£	24.1	£	32.5	(25.8)%	£	41.2	£	34.4
Large Case Market			11.6			5.9	96.6		49.1			38.9	26.2		47.0	45.5
Subtotal			19.3			15.3	26.1		73.2			71.4	2.5		88.2	79.9
Supplemental			3.8			2.9	31.0		23.8			19.3	23.3		22.6	13.5
Total Sales	£	23.1	£	18.2	26.9	£	97.0	£	90.7	6.9	£	110.8	£	93.4

5. 1

		Unum Group Sales Data for Colonial Life Segment
		Three Months Ended			Nine Months Ended			Year Ended
	9/30/2024	9/30/2023		% Change	9/30/2024			9/30/2023		% Change	12/31/2023	12/31/2022
Sales by Product
Accident, Sickness, and Disability	$	74.7	$	73.1	2.2 %	$	215.1			$	214.5	0.3 %	$	329.5	$	310.6
Life		28.5			29.9	(4.7)			83.1				86.3	(3.7)			132.1	121.5
Cancer and Critical Illness		17.7			18.3	(3.3)			48.6				49.3	(1.4)			78.0	76.0
Total Sales	$	120.9	$	121.3	(0.3)	$	346.8			$	350.1	(0.9)	$	539.6	$	508.1
Sales by Market Sector

Commercial Sector
Core Market (<>1,000 employees)	$	69.9	$	77.2	(9.5)%	$	220.4			$	231.6	(4.8)%	$	347.4	$	332.4
Large Case Market		16.0			10.5	52.4			37.3				32.3	15.5			62.3	58.1
Subtotal		85.9			87.7	(2.1)			257.7				263.9	(2.3)			409.7	390.5
Public Sector		35.0			33.6	4.2			89.1				86.2	3.4			129.9	117.6
Total Sales	$	120.9	$	121.3	(0.3)	$	346.8			$	350.1	(0.9)	$	539.6	$	508.1

5. 2

	Unum Group Consolidated Balance Sheets
			September 30		December 31
			2024		2023
Assets
Investments
Fixed Maturity Securities - at fair value	$	37,783.5	$	36,833.9
Mortgage Loans			2,238.9		2,318.2
Policy Loans			3,625.6		3,620.2
Other Long-term Investments			1,682.8		1,579.4
Short-term Investments			1,990.8		1,610.7
Total Investments			47,321.6		45,962.4
Other Assets
Cash and Bank Deposits			163.4		146.0
Accounts and Premiums Receivable			1,495.7		1,543.7
Reinsurance Recoverable			8,637.6		9,108.4
Accrued Investment Income			786.8		633.9
Deferred Acquisition Costs			2,823.5		2,714.5
Goodwill			352.0		349.9
Property and Equipment			495.2		485.3
Deferred Income Tax			431.9		649.4
Other Assets			1,632.8		1,661.7
Total Assets	$	64,140.5	$	63,255.2

Attachments

Disclaimer

Unum Group published this content on October 29, 2024, and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on October 29, 2024 at 20:24:04.050.