Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 31, 2023 | |
Entity Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Transition Report | false | |
Entity File Number | 001-11294 | |
Entity Registrant Name | Unum Group | |
Entity Central Index Key | 0000005513 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 62-1598430 | |
Entity Address, Address Line One | 1 Fountain Square | |
Entity Address, City or Town | Chattanooga, | |
Entity Address, State or Province | TN | |
Entity Address, Postal Zip Code | 37402 | |
City Area Code | 423 | |
Local Phone Number | 294-1011 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 195,624,686 | |
NEW YORK STOCK EXCHANGE, INC. | Common Class A | ||
Entity Information | ||
Trading Symbol | UNM | |
Security Exchange Name | NYSE | |
Title of 12(b) Security | Common stock, $0.10 par value | |
NEW YORK STOCK EXCHANGE, INC. | 6.250% Junior Subordinated Notes due 2058 | ||
Entity Information | ||
Trading Symbol | UNMA | |
Security Exchange Name | NYSE | |
Title of 12(b) Security | 6.250% Junior Subordinated Notes due 2058 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | |
Investments | |||
Fixed Maturity Securities - at fair value (amortized cost of $38,028.1; $37,825.2; allowance for credit losses of $—; $—) | $ 35,374.1 | $ 34,840.8 | |
Mortgage Loans (net of allowance for credit losses of $11.1; $9.3) | 2,372.8 | 2,435.4 | |
Policy Loans | 3,493.3 | 3,601.2 | |
Other Long-term Investments | 1,503.2 | 1,440.1 | |
Short-term Investments | 1,652.8 | 1,394.8 | |
Total Investments | 44,396.2 | 43,712.3 | |
Other Assets | |||
Cash and Bank Deposits | 108.3 | 119.2 | |
Accounts and Premiums Receivable (net of allowance for credit losses of $28.7; $32.5) | 1,605.5 | 1,482.1 | |
Reinsurance Recoverable (net of allowance for credit losses of $1.8; $1.7) | 9,383.1 | 9,608 | |
Accrued Investment Income | 715.1 | 615 | |
Deferred Acquisition Costs | 2,647.2 | 2,560 | |
Goodwill | 349.7 | 347.6 | |
Property and Equipment | 460 | 451.7 | |
Deferred Income Tax | 582.9 | 586 | |
Other Assets | 1,656.4 | 1,666.6 | |
Total Assets | 61,904.4 | 61,148.5 | |
Liabilities | |||
Future Policy Benefits | 38,945.3 | 38,577.1 | [1] |
Policyholders' Account Balances | 5,692.4 | 5,740.2 | [1] |
Unearned Premiums | 494.7 | 365.5 | |
Other Policyholders’ Funds | 1,701.5 | 1,750.4 | |
Income Tax Payable | 179.1 | 190.9 | |
Deferred Income Tax | 23.9 | 25.2 | |
Short-term debt | 2 | 2 | |
Long-term Debt | 3,429.1 | 3,427.8 | |
Other Liabilities | 2,190.5 | 2,334.4 | |
Total Liabilities | 52,658.5 | 52,413.5 | |
Commitments and Contingent Liabilities - Note 13 | |||
Stockholders' Equity | |||
Common Stock, $0.10 par; authorized: 725,000,000 shares; issued: 309,390,815 and 308,306,490 shares | 30.9 | 30.8 | |
Additional Paid-in Capital | 2,444.9 | 2,441 | |
Accumulated Other Comprehensive Loss | (3,457.6) | (3,448.3) | |
Retained Earnings | 13,758.1 | 13,141.3 | |
Treasury Stock - at cost: 112,931,800 and 110,551,977 shares | (3,530.4) | (3,429.8) | |
Total Stockholders' Equity | 9,245.9 | 8,735 | |
Total Liabilities and Stockholders' Equity | $ 61,904.4 | $ 61,148.5 | |
[1] 1 We previously reported policy and contract benefits and reserves for future policy and contract benefits liabilities in our consolidated balance sheet as of December 31, 2022 of $1,839.8 million and 42,330.2 million, respectively, resulting in total policyholder liabilities of $44,170.0 million. These balances were reclassified into new line items, future policy benefits and policyholders' account balances, which would have reported balances of $38,443.2 million and $5,726.8 million, respectively, as of December 31, 2022, resulting in total policyholder liabilities of $44,170.0 million under the historical accounting method. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Investments | ||
Amortized Cost of Fixed Maturity Securities | $ 38,028.1 | $ 37,825.2 |
Debt Securities, Available-for-sale, Allowance for credit losses for Fixed Maturity Securities | 0 | 0 |
Other Assets | ||
Accounts and Premiums Receivable (net of allowance for credit losses of $28.7; $32.5) | 1,605.5 | 1,482.1 |
Premium Receivable, Allowance for Credit Loss | 28.7 | 32.5 |
Reinsurance Recoverable, Allowance for Credit Loss | $ 1.8 | $ 1.7 |
Stockholders' Equity | ||
Common Stock, Par Value (in dollars per share) | $ 0.10 | $ 0.10 |
Common Stock, Shares Authorized | 725,000,000 | 725,000,000 |
Common Stock, Shares Issued | 309,390,815 | 308,306,490 |
Treasury Stock, Common, Shares | 112,931,800 | 110,551,977 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenue | ||||
Premium Income | $ 2,509.1 | $ 2,416 | $ 4,968.4 | $ 4,817.4 |
Net Investment Income | 531.1 | 559 | 1,039.9 | 1,086.2 |
Net Investment Gain (Loss) | 0.9 | (4.1) | 1 | (17.9) |
Other Income | 71.1 | 68.7 | 139 | 134.5 |
Total Revenue | 3,112.2 | 3,039.6 | 6,148.3 | 6,020.2 |
Benefits and Expenses | ||||
Policy Benefits | 1,837.9 | 1,865.7 | 3,720 | 3,848.7 |
Policy Benefits - Remeasurement Gain | (84.3) | (65.6) | (230) | (134.4) |
Commissions | 286.1 | 274.4 | 580 | 547.6 |
Interest and Debt Expense | 48.9 | 47.4 | 97 | 94.3 |
Deferred Policy Acquisition Cost | (156.5) | (137.9) | (314.2) | (279.7) |
Amortization of Deferred Acquisition Costs | 113.7 | 106.5 | 229.6 | 210.1 |
Compensation Expense | 294.4 | 259.9 | 569.4 | 508.2 |
Other Expenses | 273.6 | 250 | 546.8 | 490.5 |
Total Benefits and Expenses | 2,613.8 | 2,600.4 | 5,198.6 | 5,285.3 |
Income Before Income Tax | 498.4 | 439.2 | 949.7 | 734.9 |
Income Tax | ||||
Current | 128.6 | 143.6 | 194.2 | 226.9 |
Deferred | (23.1) | (71.7) | 4.3 | (99.7) |
Total Income Tax | 105.5 | 71.9 | 198.5 | 127.2 |
Net Income | $ 392.9 | $ 367.3 | $ 751.2 | $ 607.7 |
Net Income Per Common Share | ||||
Basic | $ 1.99 | $ 1.83 | $ 3.80 | $ 3.01 |
Assuming Dilution | $ 1.98 | $ 1.81 | $ 3.78 | $ 2.99 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 392.9 | $ 367.3 | $ 751.2 | $ 607.7 |
Other Comprehensive Income (Loss) | ||||
Change in Net Unrealized Loss on Securities (net of tax expense (benefit) of $(155.0); $(721.4); $64.6; $(1,496.5)) | (557.4) | (2,681) | 265.8 | (5,574.8) |
Change in the Effect of Discount Rate Assumptions on the Liability for Future Policy Benefits, Net of Reinsurance (net of tax expense (benefit) of $76.1; $903.5; $(76.8); $1,886.3) | 260.1 | 3,371.4 | (313.8) | 7,029.5 |
Change in Net Gain (Loss) on Hedges (net of tax benefit of $10.5; $1.6; $5.8; $4.5) | (41.1) | (5) | (23.7) | (15.4) |
Change in Foreign Currency Translation Adjustment (net of tax expense of $1.2; $5.2; $1.0; $6.1) | 38.3 | (61.4) | 63 | (93.4) |
Change in Unrecognized Pension and Postretirement Benefit Costs (net of tax expense (benefit) of $1.5; $2.0; $(0.1); $2.9) | (4.8) | (5) | 0.6 | (9.2) |
Net Other Comprehensive Income (Loss) | (295.3) | 629 | (9.3) | 1,355.1 |
Comprehensive Income (Loss) | $ 97.6 | $ 996.3 | $ 741.9 | $ 1,962.8 |
STATEMENT OF COMPREHENSIVE INCO
STATEMENT OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Change in Net Unrealized Gain on Securities After Adjustment, Tax Expense (Benefit) | $ (155) | $ (721.4) | $ 64.6 | $ (1,496.5) |
OCI, Liability for Future Policy Benefit, Gain (Loss), after REclassification Adjustment, Tax | 76.1 | 903.5 | (76.8) | 1,886.3 |
Change in Net Gain on Hedges, Tax Benefit | (10.5) | (1.6) | (5.8) | (4.5) |
Change in Foreign Currency Translation Adjustment, Tax Expense | (1.2) | (5.2) | (1) | (6.1) |
Change in Unrecognized Pension and Postretirement Benefit costs, Tax Expense | $ (1.5) | $ (2) | $ 0.1 | $ (2.9) |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Millions | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Treasury Stock, Common | |
Balance at Beginning of Year at Dec. 31, 2021 | $ 30.7 | $ 2,408.1 | $ (5,164.6) | $ 11,989.4 | $ (3,229.7) | ||
Increase (Decrease) in Stockholders' Equity | |||||||
Common Stock Activity | 0.1 | 9.3 | |||||
Other Comprehensive Income (Loss) | $ 1,355.1 | ||||||
Net Income | 607.7 | 607.7 | |||||
Dividends to Stockholders (per common share: $0.330; $0.300; $0.660; $0.600) | (123.4) | ||||||
Cost of Shares Repurchased | 94.9 | [1] | 94.9 | ||||
Balance at End of Year at Jun. 30, 2022 | 7,787.8 | 30.8 | 2,417.4 | (3,809.5) | 12,473.7 | (3,324.6) | |
Balance at Beginning of Year at Mar. 31, 2022 | 30.8 | 2,395.8 | (4,438.5) | 12,166.9 | (3,267.2) | ||
Increase (Decrease) in Stockholders' Equity | |||||||
Common Stock Activity | 0 | 21.6 | |||||
Other Comprehensive Income (Loss) | 629 | 629 | |||||
Net Income | 367.3 | 367.3 | |||||
Dividends to Stockholders (per common share: $0.330; $0.300; $0.660; $0.600) | (60.5) | ||||||
Cost of Shares Repurchased | 57.4 | [1] | 57.4 | ||||
Balance at End of Year at Jun. 30, 2022 | 7,787.8 | 30.8 | 2,417.4 | (3,809.5) | 12,473.7 | (3,324.6) | |
Balance at Beginning of Year at Dec. 31, 2022 | 8,735 | 30.8 | 2,441 | (3,448.3) | 13,141.3 | (3,429.8) | |
Increase (Decrease) in Stockholders' Equity | |||||||
Common Stock Activity | 0.1 | 3.9 | |||||
Other Comprehensive Income (Loss) | (9.3) | (9.3) | |||||
Net Income | 751.2 | 751.2 | |||||
Dividends to Stockholders (per common share: $0.330; $0.300; $0.660; $0.600) | (134.4) | ||||||
Cost of Shares Repurchased | 100.6 | [1] | 100.6 | ||||
Balance at End of Year at Jun. 30, 2023 | 9,245.9 | 30.9 | 2,444.9 | (3,457.6) | 13,758.1 | (3,530.4) | |
Balance at Beginning of Year at Mar. 31, 2023 | 30.9 | 2,431.8 | (3,162.3) | 13,430.4 | (3,483.4) | ||
Increase (Decrease) in Stockholders' Equity | |||||||
Common Stock Activity | 0 | 13.1 | |||||
Other Comprehensive Income (Loss) | (295.3) | (295.3) | |||||
Net Income | 392.9 | 392.9 | |||||
Dividends to Stockholders (per common share: $0.330; $0.300; $0.660; $0.600) | (65.2) | ||||||
Cost of Shares Repurchased | 47 | [1] | 47 | ||||
Balance at End of Year at Jun. 30, 2023 | $ 9,245.9 | $ 30.9 | $ 2,444.9 | $ (3,457.6) | $ 13,758.1 | $ (3,530.4) | |
[1]1Includes $0.1 million of commissions for the three and six months ended June 30, 2023 and $0.1 million of commission for the three and six months ended June 30, 2022. There was $0.4 million and $0.5 million of excise tax for the three and six months ended June 30, 2023, respectively. There were no excise taxes during the three and six months ended June 30, 2022. |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.330 | $ 0.300 | $ 0.660 | $ 0.600 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash Flows from Operating Activities | ||
Net Income | $ 751.2 | $ 607.7 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities | ||
Change in Receivables | 285.6 | 481.1 |
Change in Deferred Acquisition Costs | (84.6) | (69.6) |
Change in Insurance Liabilities | (194.2) | (10.9) |
Change in Income Taxes | 10.6 | 23 |
Change in Other Accrued Liabilities | (191.2) | (86.7) |
Non-cash Components of Net Investment Income | (208.8) | (240.3) |
Net Investment Gain (Loss) | (1) | 17.9 |
Depreciation | 52.8 | 56.7 |
Amortization of the Cost of Reinsurance | 22 | 26.7 |
Other, Net | 21.8 | (21) |
Net Cash Provided by Operating Activities | 464.2 | 784.6 |
Cash Flows from Investing Activities | ||
Proceeds from Sale of Debt Securities, Available-for-sale | 302.5 | 356.9 |
Proceeds from Maturities of Fixed Maturity Securities | 868.8 | 785.8 |
Proceeds from Sales and Maturities of Other Investments | 162.8 | 218.6 |
Payments to Acquire Debt Securities, Available-for-sale | (1,176) | (1,728) |
Purchases of Other Investments | (158.1) | (248.9) |
Net Maturities and Sales (Purchases) of Short-term Investments | (160.9) | 126.4 |
Net Increase (Decrease) in Payables for Collateral on Investments | (56) | 19.3 |
Net Purchases of Property and Equipment | (56.3) | (44.4) |
Net Cash Used by Investing Activities | (273.2) | (514.3) |
Cash Flows from Financing Activities | ||
Issuance of Common Stock | 2.7 | 1.7 |
Repurchase of Common Stock | (98.6) | (93.4) |
Dividends Paid to Stockholders | (134.3) | (122.3) |
Proceeds from Policyholder Account Deposits | 74 | 61.4 |
Payments for Policyholder Account Withdrawals | (45.1) | (38.8) |
Other, Net | (0.6) | (2.5) |
Net Cash Used by Financing Activities | (201.9) | (193.9) |
Net Increase (Decrease) in Cash and Bank Deposits | (10.9) | 76.4 |
Cash and Bank Deposits at Beginning of Year | 119.2 | 75 |
Cash and Bank Deposits at End of Period | $ 108.3 | $ 151.4 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying consolidated financial statements of Unum Group and its subsidiaries (the Company) have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. For further information, refer to the consolidated financial statements and footnotes included in our annual report on Form 10-K for the year ended December 31, 2022. In our opinion, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Interim results are not necessarily indicative of full year performance. |
Accounting Developments
Accounting Developments | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Developments and New Accounting Policies [Abstract] | |
Accounting Developments | Note 2 - Accounting Developments Accounting Standards Updates (ASUs) Adopted in 2023: ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures The amendments in this update eliminated the troubled debt restructuring recognition and measurement guidance and instead required that an entity evaluate whether the modification represents a new loan or the continuation of an existing loan. The amendments also enhanced the disclosure requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. In addition, the amendments in this update required that an entity disclose current-period gross write-offs by year of origination for financing receivables and net investment in leases. The amendments in this update were applied prospectively in the period of adoption as of January 1, 2023. The adoption of this update modified our disclosures but did not have an impact on our financial position or results of operations. ASU 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts and related amendments This update significantly amended the accounting and disclosure requirements for long-duration insurance contracts. These changes included a requirement to review, and if necessary, update cash flow assumptions used to measure the liability for future policy benefits for traditional and limited-payment contracts at least annually, with changes recognized in earnings. In addition, an entity is required to update the discount rate assumption at each reporting date using a yield that is reflective of an upper-medium grade fixed-income instrument, with changes recognized in other comprehensive income (loss) (OCI). These changes resulted in the elimination of the provision for risk of adverse deviation and premium deficiency (or loss recognition) testing for traditional long-duration insurance contracts. The update also required that an entity measure all market risk benefits associated with deposit contracts at fair value, with changes recognized in earnings except for the portion attributable to a change in the instrument-specific credit risk, which is to be recognized in OCI. This update also simplified the amortization of deferred acquisition costs by requiring amortization on a constant level basis over the expected term of the related contracts. Deferred acquisition costs are required to be written off for unexpected contract terminations, but are no longer subject to an impairment test. Significant additional disclosures are required, which include disaggregated rollforwards of certain liability balances and the disclosure of qualitative and quantitative information about expected cash flows, estimates, and assumptions. We do not have products with market risk benefits. The update was effective for periods beginning January 1, 2023. We adopted this guidance effective January 1, 2023 using the modified retrospective approach with changes applied as of January 1, 2021, also referred to as the transition date. The following tables summarize the impacts of the adoption of ASU 2018-12 on the liability for future policy benefits, deferred acquisition costs, and stockholders' equity as of the transition date as well as impacted historical condensed consolidated financial statement line items for historical comparison. All historically reported information included throughout these financial statements has been adjusted for the impacts of our modified retrospective adoption of ASU 2018-12. Impact of the Adoption of ASU 2018-12 as of the Transition Date: Stockholders' Equity The following table summarizes the changes in stockholders' equity due to the adoption of ASU 2018-12 and the resulting adjusted balances at January 1, 2021: Consolidated Retained Earnings Accumulated Other Comprehensive Income (Loss) Total Stockholders' Equity (in millions of dollars) Balance at December 31, 2020 $ 11,269.6 $ 374.2 $ 10,871.0 Impact of the Adoption of ASU 2018-12 (20.6) (6,684.4) (6,705.0) Balance at January 1, 2021 $ 11,249.0 $ (6,310.2) $ 4,166.0 Liability for Future Policy Benefits The following tables summarize the changes in the liability for future policy benefits due to the adoption of ASU 2018-12 and the resulting adjusted balance at January 1, 2021. The removal of shadow adjustments and effect of change in discount rate assumptions are both recorded as transition adjustments to accumulated other comprehensive income (loss) (AOCI) while the adjustments for loss contracts are recorded as a transition adjustment to retained earnings. Unum US Unum International Colonial Life Closed Block Consolidated (in millions of dollars) Balance at December 31, 2020 1 $ 12,184.6 $ 2,969.8 $ 1,977.2 $ 28,572.8 $ 45,704.4 Removal of Shadow Adjustments 2 (1,569.7) (545.8) (44.5) (4,065.6) (6,225.6) Adjustments for Loss Contracts 3 — — 34.9 — 34.9 Effect of Change in Discount Rate Assumptions 2,251.8 779.4 568.6 12,484.8 16,084.6 Other 4 (5.3) — (7.6) — (12.9) Balance at January 1, 2021 12,861.4 3,203.4 2,528.6 36,992.0 55,585.4 Reinsurance Recoverable 5 357.7 132.5 4.4 10,001.4 10,496.0 Balance, Net of Reinsurance, at January 1, 2021 $ 12,503.7 $ 3,070.9 $ 2,524.2 $ 26,990.6 $ 45,089.4 1 We previously reported policy and contract benefits and reserves for future policy and contract benefits liabilities in our consolidated balance sheet as of December 31, 2020 of $1,855.4 million and $49,653.0 million, respectively, resulting in total policyholder liabilities of $51,508.4 million. These balances were reclassified into new line items, future policy benefits and policyholders' account balances, which would have reported balances of $45,704.4 million and $5,804.0 million as of December 31, 2020, respectively, resulting in total policyholder liabilities of $51,508.4 million under the historical accounting method. These balances were reclassified to more closely align with the new disclosure requirements of ASU 2018-12. 2 Shadow adjustments represent the adjustments related to unrealized investment gains and losses previously included in the reserves balance prior to the adoption of ASU 2018-12. 3 Adjustment for loss contracts represents the adjustment for those cohorts whose net premium ratio exceeded 100 percent as of the transition date. For those cohorts, the net premiums were set equal to the gross premiums and the difference was recorded as a transition adjustment to the liability for future policy benefits. 4 This amount reflects the effect of the reclassification of certain unearned premium. This amount was reclassified to more closely align with the presentation of liabilities under ASU 2018-12 and had no impact to stockholders' equity. 5 These amounts represent the portion of reinsurance recoverable related to the liability for future policy benefits. These amounts include the adjustments for the removal of shadow adjustments and for the effect of change in discount rate assumptions for the liability for future policy benefits ceded to third party reinsurers. Unum US Segment Group Disability Group Life and AD&D Individual Disability Voluntary Benefits Dental and Vision Total (in millions of dollars) Balance at December 31, 2020 $ 7,409.0 $ 1,123.9 $ 2,485.3 $ 1,154.9 $ 11.5 $ 12,184.6 Removal of Shadow Adjustments (1,025.2) (88.5) (446.1) (9.9) — (1,569.7) Effect of Change in Discount Rate Assumptions 911.9 91.9 728.5 519.5 — 2,251.8 Other — — — (5.3) — (5.3) Balance at January 1, 2021 7,295.7 1,127.3 2,767.7 1,659.2 11.5 12,861.4 Reinsurance Recoverable 58.3 3.0 260.6 35.7 0.1 357.7 Balance, Net of Reinsurance, at January 1, 2021 $ 7,237.4 $ 1,124.3 $ 2,507.1 $ 1,623.5 $ 11.4 $ 12,503.7 Closed Block Segment Long-term Care All Other Total (in millions of dollars) Balance at December 31, 2020 $ 16,283.4 $ 12,289.4 $ 28,572.8 Removal of Shadow Adjustments (3,465.4) (600.2) (4,065.6) Effect of Change in Discount Rate Assumptions 9,922.9 2,561.9 12,484.8 Balance at January 1, 2021 22,740.9 14,251.1 36,992.0 Reinsurance Recoverable 44.4 9,957.0 10,001.4 Balance, Net of Reinsurance, at January 1, 2021 $ 22,696.5 $ 4,294.1 $ 26,990.6 Deferred Acquisition Costs (DAC) The following tables summarize the changes in DAC due to the adoption of ASU 2018-12 and the resulting adjusted balance at January 1, 2021. The removal of shadow adjustments is recorded as a transition adjustment to AOCI. Unum US 1 Unum International Colonial Life Consolidated (in millions of dollars) Balance at December 31, 2020 $ 1,168.7 $ 32.0 $ 1,071.9 $ 2,272.6 Removal of Shadow Adjustments 12.3 — 72.8 85.1 Balance at January 1, 2021 $ 1,181.0 $ 32.0 $ 1,144.7 $ 2,357.7 1 The $12.3 million removal of shadow adjustments is related to the Unum US voluntary benefits product line. Impact of the Adoption of ASU 2018-12 on Historical Financial Statements: The following tables present the effect of the adoption of ASU 2018-12 on our historical consolidated financial statements: June 30, 2022 Historical Accounting Method As Adjusted Effect of Change (in millions of dollars) Consolidated Balance Sheets Assets Reinsurance Recoverable $ 10,377.7 $ 10,110.9 $ (266.8) Deferred Acquisition Costs 2,247.6 2,493.3 245.7 Deferred Income Tax 149.9 686.7 536.8 Other Assets 1 1,810.7 1,684.0 (126.7) Total Assets 63,121.1 63,510.1 389.0 Liabilities Policy and Contract Benefits 2 $ 1,815.9 $ — $ (1,815.9) Reserves for Future Policy and Contract Benefits 2 43,088.0 — (43,088.0) Future Policy Benefits 2 — 41,407.7 41,407.7 Policyholders' Account Balances 2 — 5,758.7 5,758.7 Unearned Premiums 437.0 449.9 12.9 Deferred Income Tax 5.8 36.7 30.9 Total Liabilities 53,416.0 55,722.3 2,306.3 Stockholders' Equity Accumulated Other Comprehensive Loss $ (1,772.2) $ (3,809.5) $ (2,037.3) Retained Earnings 12,353.7 12,473.7 120.0 Total Stockholders' Equity 9,705.1 7,787.8 (1,917.3) 1 The change in other assets is driven by the cost of reinsurance associated with the second phase of our Closed Block individual disability reinsurance transaction which was completed in the first quarter of 2021. In accordance with the provisions of the ASU related to non-contemporaneous reinsurance, we were then required to establish the ceded reserves using an upper-medium grade fixed-income instrument as of the reinsurance transaction date in March 2021 which resulted in higher ceded reserves compared to that which was reported historically. 2 We previously reported policy and contract benefits and reserves for future policy and contract benefits liabilities in our consolidated balance sheet as of June 30, 2022 of $1,815.9 million and $43,088.0 million, respectively, resulting in total policyholder liabilities of $44,903.9 million. These balances were reclassified into new line items, future policy benefits and policyholders' account balances, which would have reported balances of $39,154.8 million and $5,749.1 million, respectively, as of June 30, 2022, resulting in total policyholder liabilities of $44,903.9 million under the historical accounting method. December 31, 2022 Historical Accounting Method As Adjusted Effect of Change (in millions of dollars) Consolidated Balance Sheets Assets Reinsurance Recoverable $ 10,218.6 $ 9,608.0 $ (610.6) Deferred Acquisition Costs 2,252.3 2,560.0 307.7 Deferred Income Tax 449.8 586.0 136.2 Other Assets 1,786.3 1,666.6 (119.7) Total Assets 61,434.9 61,148.5 (286.4) Liabilities Policy and Contract Benefits 1 $ 1,839.8 $ — $ (1,839.8) Reserves for Future Policy and Contract Benefits 1 42,330.2 — (42,330.2) Future Policy Benefits 1 — 38,577.1 38,577.1 Policyholders' Account Balances 1 — 5,740.2 5,740.2 Unearned Premiums 352.7 365.5 12.8 Deferred Income Tax 9.2 25.2 16.0 Total Liabilities 52,237.4 52,413.5 176.1 Stockholders' Equity Accumulated Other Comprehensive Loss $ (2,756.6) $ (3,448.3) $ (691.7) Retained Earnings 12,912.1 13,141.3 229.2 Total Stockholders' Equity 9,197.5 8,735.0 (462.5) 1 We previously reported policy and contract benefits and reserves for future policy and contract benefits liabilities in our consolidated balance sheet as of December 31, 2022 of $1,839.8 million and 42,330.2 million, respectively, resulting in total policyholder liabilities of $44,170.0 million. These balances were reclassified into new line items, future policy benefits and policyholders' account balances, which would have reported balances of $38,443.2 million and $5,726.8 million, respectively, as of December 31, 2022, resulting in total policyholder liabilities of $44,170.0 million under the historical accounting method. Three Months Ended June 30, 2022 Historical Accounting Method As Adjusted Effect of Change (in millions of dollars, except share data and where noted) Consolidated Statements of Income Premium Income $ 2,417.3 $ 2,416.0 $ (1.3) Policy Benefits 1 1,758.1 1,865.7 107.6 Policy Benefits - Remeasurement Gain — (65.6) (65.6) Amortization of Deferred Acquisition Costs 142.6 106.5 (36.1) Other Expenses 253.3 250.0 (3.3) Income Tax - Deferred (70.9) (71.7) (0.8) Net Income 370.4 367.3 (3.1) Net Income Per Common Share Basic $ 1.84 $ 1.83 $ (0.01) Assuming Dilution $ 1.83 $ 1.81 $ (0.02) Consolidated Statements of Comprehensive Income (Loss) Net Income $ 370.4 $ 367.3 $ (3.1) Change in Adjustment to Deferred Acquisition Costs and Reserves for Future Policy and Contract Benefits, Net of Reinsurance 1,550.1 — (1,550.1) Change in the Effect of Discount Rate Assumptions on the Liability for Future Policy Benefits, Net of Reinsurance — 3,371.4 3,371.4 Change in Foreign Currency Translation Adjustment (61.1) (61.4) (0.3) Comprehensive Income (Loss) (821.7) 996.3 1,818.0 Consolidated Statements of Stockholders' Equity Accumulated Other Comprehensive Income (Loss) Balance at Beginning of Period $ (580.1) $ (4,438.5) $ (3,858.4) Other Comprehensive Income (Loss) (1,192.1) 629.0 1,821.1 Retained Earnings Balance at Beginning of Period 12,043.8 12,166.9 $ 123.1 Net Income 370.4 367.3 (3.1) 1 Previously disclosed as Benefits and Change in Reserves for Future Benefits Six Months Ended June 30, 2022 Historical Accounting Method As Adjusted Effect of Change (in millions of dollars, except share data and where noted) Consolidated Statements of Income Premium Income $ 4,820.6 $ 4,817.4 $ (3.2) Policy Benefits 1 3,602.0 3,848.7 246.7 Policy Benefits - Remeasurement Gain — (134.4) (134.4) Amortization of Deferred Acquisition Costs 298.7 210.1 (88.6) Other Expenses 497.1 490.5 (6.6) Income Tax - Deferred (95.6) (99.7) (4.1) Net Income 623.9 607.7 (16.2) Net Income Per Common Share Basic $ 3.09 $ 3.01 $ (0.08) Assuming Dilution $ 3.07 $ 2.99 $ (0.08) Consolidated Statements of Comprehensive Income (Loss) Net Income $ 623.9 $ 607.7 $ (16.2) Change in Adjustment to Deferred Acquisition Costs and Reserves for Future Policy and Contract Benefits, Net of Reinsurance 3,547.8 — (3,547.8) Change in the Effect of Discount Rate Assumptions on the Liability for Future Policy Benefits, Net of Reinsurance — 7,029.5 7,029.5 Change in Foreign Currency Translation Adjustment (93.0) (93.4) (0.4) Comprehensive Income (Loss) (1,502.4) $ 1,962.8 3,465.2 Consolidated Statements of Stockholders' Equity Accumulated Other Comprehensive Income (Loss) Balance at Beginning of Year $ 354.1 $ (5,164.6) $ (5,518.7) Other Comprehensive Income (Loss) (2,126.3) 1,355.1 3,481.4 Retained Earnings Balance at Beginning of Year 11,853.2 11,989.4 $ 136.2 Net Income 623.9 607.7 (16.2) Consolidated Statements of Cash Flows Net Income $ 623.9 $ 607.7 $ (16.2) Change in Receivables 469.3 481.1 11.8 Change in Deferred Acquisition Costs 19.0 (69.6) (88.6) Change in Insurance Liabilities (112.4) (10.9) 101.5 Change in Income Taxes 24.9 23.0 (1.9) Amortization of the Cost of Reinsurance 33.3 26.7 (6.6) 1 Previously disclosed as Benefits and Change in Reserves for Future Benefits The decrease in AOCI in our recast of 2022 as shown in the preceding charts is driven primarily by the difference between the discount rate applied under the historical accounting method, which was based on an expected investment yield from our current investment strategy, and the single-A discount rate that is required as a part of the adoption of ASU 2018-12. The most significant impact is related to our longest duration products. Our investment strategy reflects the illiquid nature of the majority of our liability cash flows and, as a result, the yields in our investment portfolios supporting the cash outflows required for these products are generally higher than a single-A yield. In addition, the discount rates applied under the historical accounting method to the reserves for our longest duration products, such as long-term care, included an assumption for long-term yields rising to more historical levels. The net unfavorable impact of the adoption of ASU 2018-12 to net income for the three and six months ended June 30, 2022 shown in the preceding charts is due primarily to the following changes: • Updating the lifetime cohort net premium ratios, or lifetime loss ratio, for actual experience each reporting period will generally cause earnings patterns to be more consistent from period to period, with variances in experience reflected in earnings over the cohort lifetime. This resulted in an unfavorable impact to income for the three and six months ended June 30, 2022 • Alignment of amortization of deferred acquisition costs to a constant level basis and modification of amortization periods to reflect the expected term of the related contracts could result in either higher or lower income for the affected product lines. This resulted in a net favorable impact to income for the three and six months ended June 30, 2022. • Accelerated recognition of the provision for adverse deviation or other differences from current best estimate values for policies issued prior to the transition date and due to not establishing the provision for policies issued on or after the transition date will generally result in higher income most notably in the initial years after the transition date. This resulted in a favorable impact to income for the three and six months ended June 30, 2022. • Establishing reserves for claims incurred on or after the transition date at interest rates prescribed by the update could result in either higher or lower income for the affected product lines depending on the policy issue date and the interest rate environment at that time. This resulted in a favorable impact to income for the three and six months ended June 30, 2022. • Accounting for non-contemporaneous reinsurance related to the second phase of our Closed Block individual disability reinsurance transaction which was completed in the first quarter of 2021. As a result of the execution of the second phase of the reinsurance transaction occurring after January 1, 2021, the transition date of ASU 2018-12, in accordance with the provisions of the ASU related to non-contemporaneous reinsurance, we were required to establish the ceded reserves using an upper-medium grade fixed-income instrument as of the reinsurance transaction date in March 2021 which resulted in higher ceded reserves compared to that which was reported historically. However, the direct reserves for the block reinsured in the second phase were calculated using the original discount rate utilized as of the transition date. Both the direct and ceded reserves are then remeasured at each reporting period using a current discount rate reflective of an upper-medium grade fixed-income instrument, with the changes recognized in OCI. While the total equity impact is neutral, the different original discount rates utilized for direct and ceded reserves result in disproportionate earnings impacts. The differential in the original discount rate applied to the direct and ceded cohorts of business resulted in an unfavorable impact to income for the three and six months ended June 30, 2022, partially offset by a decrease in the amortization of the cost of reinsurance as a result of a lower cost of reinsurance. Accounting Updates Outstanding: ASU 2020-04 , Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting and related amendments The amendments in this update provide optional guidance, for a limited period of time, to ease the potential burden in accounting for and recognizing the effects of reference rate reform on financial reporting. The guidance allows for various practical expedients and exceptions when applying GAAP to contracts, hedging relationships, and other transactions affected either by discontinued rates as a direct result of reference rate reform or a market-wide change in interest rates used for discounting, margining or contract price alignment, if certain criteria are met. Specifically, the guidance provides certain practical expedients for contract modifications, fair value hedges, and cash flow hedges, and also provides certain exceptions related to changes in the critical terms of a hedging relationship. The guidance also allows for a one-time election to sell or transfer debt securities that were both classified as held-to-maturity prior to January 1, 2020 and reference a rate affected by the reform. The adoption of this update is permitted as of the beginning of the interim period that includes March 12, 2020 (the issuance date of the update), or any date thereafter, through December 31, 2024, at which point the guidance will sunset. We do not anticipate needing to adopt this guidance, but we will continue to monitor our contracts and hedging relationships throughout the adoption period. |
Fair Values of Financial Instru
Fair Values of Financial Instruments | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Values of Financial Instruments | Fair Values of Financial Instruments Fair Value Measurements for Financial Instruments Carried at Fair Value We report fixed maturity securities, which are classified as available-for-sale securities, derivative financial instruments, and unrestricted equity securities at fair value in our consolidated balance sheets. We report our investments in private equity partnerships at our share of the partnerships' net asset value per share or its equivalent (NAV) as a practical expedient for fair value. The degree of judgment utilized in measuring the fair value of financial instruments generally correlates to the level of pricing observability. Financial instruments with readily available active quoted prices or for which fair value can be measured from actively quoted prices in active markets generally have more pricing observability and less judgment utilized in measuring fair value. An active market for a financial instrument is a market in which transactions for an asset or a similar asset occur with sufficient frequency and volume to provide pricing information on an ongoing basis. A quoted price in an active market provides the most reliable evidence of fair value and should be used to measure fair value whenever available. Conversely, financial instruments rarely traded or not quoted have less observability and are measured at fair value using valuation techniques that require more judgment. Pricing observability is generally impacted by a number of factors, including the type of financial instrument, whether the financial instrument is new to the market and not yet established, the characteristics specific to the transaction, and overall market conditions. We classify financial instruments in accordance with a fair value hierarchy consisting of three levels based on the observability of valuation inputs: • Level 1 - the highest category of the fair value hierarchy classification wherein inputs are unadjusted and represent quoted prices in active markets for identical assets or liabilities at the measurement date. • Level 2 - valued using inputs (other than prices included in Level 1) that are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument's anticipated life. • Level 3 - the lowest category of the fair value hierarchy and reflects the judgment of management regarding what market participants would use in pricing assets or liabilities at the measurement date. Financial assets and liabilities categorized as Level 3 are generally those that are valued using unobservable inputs to extrapolate an estimated fair value. Valuation Methodologies of Financial Instruments Measured at Fair Value Valuation techniques used for assets and liabilities accounted for at fair value are generally categorized into three types. The market approach uses prices and other relevant information from market transactions involving identical or comparable assets or liabilities. The income approach converts future amounts, such as cash flows or earnings, to a single present amount, or a discounted amount. The cost approach is based upon the amount that currently would be required to replace the service capacity of an asset, or the current replacement cost. We use valuation techniques that are appropriate in the circumstances and for which sufficient data are available that can be obtained without undue cost and effort. In some cases, a single valuation technique will be appropriate (for example, when valuing an asset or liability using quoted prices in an active market for identical assets or liabilities). In other cases, multiple valuation techniques will be appropriate. If we use multiple valuation techniques to measure fair value, we evaluate and weigh the results, as appropriate, considering the reasonableness of the range indicated by those results. A fair value measurement is the point within that range that is most representative of fair value in the circumstances. The selection of the valuation method(s) to apply considers the definition of an exit price and depends on the nature of the asset or liability being valued. For assets and liabilities accounted for at fair value, we generally use valuation techniques consistent with the market approach, and to a lesser extent, the income approach. We believe the market approach provides more observable data than the income approach, considering the type of investments we hold. Our fair value measurements could differ significantly based on the valuation technique and available inputs. When using a pricing service, we obtain the vendor's pricing documentation to ensure we understand their methodologies. We periodically review and approve the selection of our pricing vendors to ensure we are in agreement with their current methodologies. When markets are less active, brokers may rely more on models with inputs based on the information available only to the broker. Our internal investment management professionals, which include portfolio managers and analysts, monitor securities priced by brokers and evaluate their prices for reasonableness based on benchmarking to available primary and secondary market information. In weighing a broker quote as an input to fair value, we place less reliance on quotes that do not reflect the result of market transactions. We also consider the nature of the quote, particularly whether it is a bid or market quote. If prices in an inactive market do not reflect current prices for the same or similar assets, adjustments may be necessary to arrive at fair value. When relevant market data is unavailable, which may be the case during periods of market uncertainty, the income approach can, in suitable circumstances, provide a more appropriate fair value. During 2023, we have applied valuation approaches and techniques on a consistent basis to similar assets and liabilities and consistent with those approaches and techniques used at year end 2022. Fixed Maturity and Equity Securities We use observable and unobservable inputs in measuring the fair value of our fixed maturity and equity securities. For securities categorized as Level 1, fair values equal active Trade Reporting and Compliance Engine (TRACE) pricing or unadjusted market maker prices. For securities categorized as Level 2 or Level 3, inputs that may be used in valuing each class of securities at any given time period are disclosed below. Actual inputs used to determine fair values will vary for each reporting period depending on the availability of inputs which may, at times, be affected by the lack of market liquidity. Level 2 Level 3 Instrument Observable Inputs Unobservable Inputs United States Government and Government Agencies and Authorities Valuation Method Principally the market approach Not applicable Valuation Techniques / Inputs Prices obtained from external pricing services States, Municipalities, and Political Subdivisions Valuation Method Principally the market approach Principally the market approach Valuation Techniques / Inputs Prices obtained from external pricing services Analysis of similar bonds, adjusted for comparability Relevant reports issued by analysts and rating agencies Audited financial statements Level 2 Level 3 Instrument Observable Inputs Unobservable Inputs Foreign Governments Valuation Method Principally the market approach Principally the market approach Valuation Techniques / Inputs Prices obtained from external pricing services Analysis of similar bonds, adjusted for comparability Non-binding broker quotes Call provisions Public Utilities Valuation Method Principally the market and income approaches Principally the market and income approaches Valuation Techniques / Inputs Prices obtained from external pricing services Change in benchmark reference Public Utilities - Continued Non-binding broker quotes Analysis of similar bonds, adjusted for comparability Benchmark yields Discount for size - illiquidity Transactional data for new issuances and secondary trades Volatility of credit Security cash flows and structures Lack of marketability Recent issuance / supply Audited financial statements Security and issuer level spreads Security creditor ratings/maturity/capital structure/optionality Public covenants Comparative bond analysis Relevant reports issued by analysts and rating agencies Mortgage/Asset-Backed Securities Valuation Method Principally the market and income approaches Principally the market approach Valuation Techniques / Inputs Prices obtained from external pricing services Analysis of similar bonds, adjusted for comparability Non-binding broker quotes Prices obtained from external pricing services Security cash flows and structures Underlying collateral Prepayment speeds/loan performance/delinquencies Relevant reports issued by analysts and rating agencies Audited financial statements Level 2 Level 3 Instrument Observable Inputs Unobservable Inputs All Other Corporate Bonds Valuation Method Principally the market and income approaches Principally the market and income approaches Valuation Techniques / Inputs Prices obtained from external pricing services Change in benchmark reference Non-binding broker quotes Discount for size - illiquidity Benchmark yields Volatility of credit Transactional data for new issuances and secondary trades Lack of marketability Security cash flows and structures Prices obtained from external pricing services Recent issuance / supply Security and issuer level spreads All Other Corporate Bonds - Continued Security creditor ratings/maturity/capital structure/optionality Public covenants Comparative bond analysis Relevant reports issued by analysts and rating agencies Audited financial statements Redeemable Preferred Stocks Valuation Method Principally the market approach Principally the market approach Valuation Techniques / Inputs Non-binding broker quotes Financial statement analysis Benchmark yields Comparative bond analysis Call provisions Relevant reports issued by analysts and rating agencies Audited financial statements Perpetual Preferred and Equity Securities Valuation Method Principally the market approach Principally the market and income approaches Valuation Techniques / Inputs Prices obtained from external pricing services Financial statement analysis Non-binding broker quotes The management of our investment portfolio includes establishing pricing policy and reviewing the reasonableness of sources and inputs used in developing pricing. We review all prices that vary between multiple pricing vendors by a threshold that is outside a normal market range for the asset type. In the event we receive a vendor's market price that does not appear reasonable based on our market analysis, we may challenge the price and request further information about the assumptions and methodologies used by the vendor to price the security. We may change the vendor price based on a better data source such as an actual trade. We also review all prices that did not change from the prior month to ensure that these prices are within our expectations. The overall valuation process for determining fair values may include adjustments to valuations obtained from our pricing sources when they do not represent a valid exit price. These adjustments may be made when, in our judgment and considering our knowledge of the financial conditions and industry in which the issuer operates, certain features of the financial instrument require that an adjustment be made to the value originally obtained from our pricing sources. These features may include the complexity of the financial instrument, the market in which the financial instrument is traded, counterparty credit risk, credit structure, concentration, or liquidity. Additionally, an adjustment to the price derived from a model typically reflects our judgment of the inputs that other participants in the market for the financial instrument being measured at fair value would consider in pricing that same financial instrument. In the event an asset is sold, we test the validity of the fair value determined by our valuation techniques by comparing the selling price to the fair value determined for the asset in the immediately preceding month end reporting period. Certain of our investments do not have readily determinable market prices and/or observable inputs or may at times be affected by the lack of market liquidity. For these securities, we use internally prepared valuations, including valuations based on estimates of future profitability, to estimate the fair value. Additionally, we may obtain prices from independent third-party brokers to aid in establishing valuations for certain of these securities. Key assumptions used by us to determine fair value for these securities include risk free interest rates, risk premiums, performance of underlying collateral (if any), and other factors involving significant assumptions which may or may not reflect those of an active market. The parameters and inputs used to validate a price on a security may be adjusted for assumptions about risk and current market conditions on a quarter to quarter basis, as certain features may be more significant drivers of valuation at the time of pricing. Changes to inputs in valuations are not changes to valuation methodologies; rather, the inputs are modified to reflect direct or indirect impacts on asset classes from changes in market conditions. At June 30, 2023, approximately 24.2 percent of our fixed maturity securities were valued using active trades from TRACE pricing or broker market maker prices for which there was current market activity in that specific security (comparable to receiving one binding quote). The prices obtained were not adjusted, and the assets were classified as Level 1. The remaining 75.8 percent of our fixed maturity securities were valued based on non-binding quotes or other observable and unobservable inputs, as discussed below: • 60.1 percent of our fixed maturity securities were valued based on prices from pricing services that generally use observable inputs such as prices for securities or comparable securities in active markets in their valuation techniques. These assets were classified as Level 2. • 14.9 percent of our fixed maturity securities were valued based on one or more non-binding broker quotes, if validated by observable market data. When only one price is available, it is used if observable inputs and analysis confirms that it is appropriate. These assets, for which we were able to validate the price using other observable market data, were classified as Level 2. • 0.8 percent of our fixed maturity securities were valued based on prices of comparable securities, internal models, or pricing services or other non-binding quotes with no other observable market data. These assets were classified as either Level 2 or Level 3, with the categorization dependent on whether there was other observable market data. Derivatives Fair values for derivatives other than embedded derivatives in modified coinsurance arrangements are based on market quotes or pricing models and represent the net amount of cash we would have paid or received if the contracts had been settled or closed as of the last day of the period. Credit risk related to the counterparty and the Company is considered in determining the fair values of these derivatives. However, since we have collateralization agreements in place with each counterparty which limits our exposure, any credit risk is immaterial. Therefore, we determined that no adjustments for credit risk were required as of June 30, 2023 or December 31, 2022. Fair values for our embedded derivative in a modified coinsurance arrangement are estimated using internal pricing models and represent the hypothetical value of the duration mismatch of assets and liabilities, interest rate risk, and third party credit risk embedded in the modified coinsurance arrangement. We consider transactions in inactive markets to be less representative of fair value. We use all available observable inputs when measuring fair value, but when significant unobservable inputs are used, we classify these assets or liabilities as Level 3. Private Equity Partnerships Our private equity partnerships represent funds that are primarily invested in private credit, private equity, and real assets, as described below. Distributions received from the funds arise from income generated by the underlying investments as well as the liquidation of the underlying investments. There is generally not a public market for these investments. The following tables present additional information about our private equity partnerships, including commitments for additional investments which may or may not be funded: June 30, 2023 Investment Category Fair Value Redemption Term / Redemption Notice Unfunded Commitments (in millions of dollars) (in millions of dollars) Private Credit (a) $ 239.0 Not redeemable $ 131.9 45.4 Quarterly / 90 days notice 5.1 Total Private Credit 284.4 137.0 Private Equity (b) 491.7 Not redeemable 411.0 25.4 Initial 5.5 year lock on each new investment / Quarterly after 5.5 year lock with 90 days notice 17.8 Total Private Equity 517.1 428.8 Real Assets (c) 405.7 Not redeemable 274.3 60.9 Quarterly / 90 days notice — Total Real Assets 466.6 274.3 Total Partnerships $ 1,268.1 $ 840.1 December 31, 2022 Investment Category Fair Value Redemption Term / Redemption Notice Unfunded Commitments (in millions of dollars) (in millions of dollars) Private Credit (a) $ 239.3 Not redeemable $ 90.9 35.7 Initial 2 year lock on each new investment / Quarterly after 2 year lock with 90 days notice 13.4 Total Private Credit 275.0 104.3 Private Equity (b) 453.6 Not redeemable 377.2 31.7 Initial 5.5 year lock on each new investment / Quarterly after 5.5 year lock with 90 days notice 39.1 Total Private Equity 485.3 416.3 Real Assets (c) 373.9 Not redeemable 256.3 60.1 Quarterly / 90 days notice — Total Real Assets 434.0 256.3 Total Partnerships $ 1,194.3 $ 776.9 (a) Private Credit - The limited partnerships described in this category employ various investment strategies, generally providing direct lending or other forms of debt financing including first-lien, second-lien, mezzanine, and subordinated loans. The limited partnerships have credit exposure to corporates, physical assets, and/or financial assets within a variety of industries (including manufacturing, healthcare, energy, business services, technology, materials, and retail) in North America and, to a lesser extent, outside of North America. As of June 30, 2023, the estimated remaining life of the investments that do not allow for redemptions is approximately 64 percent in the next 3 years, 25 percent during the period from 3 to 5 years, 9 percent during the period from 5 to 10 years, and 2 percent during the period from 10 to 15 years. (b) Private Equity - The limited partnerships described in this category employ various strategies generally investing in controlling or minority control equity positions directly in companies and/or assets across various industries (including manufacturing, healthcare, energy, business services, technology, materials, and retail), primarily in private markets within North America and, to a lesser extent, outside of North America. As of June 30, 2023, the estimated remaining life of the investments that do not allow for redemptions is approximately 34 percent in the next 3 years, 17 percent during the period from 3 to 5 years, 42 percent during the period from 5 to 10 years, and 7 percent during the period from 10 to 15 years. (c) Real Assets - The limited partnerships described in this category employ various strategies, which include investing in the equity and/or debt financing of physical assets, including infrastructure (energy, power, water/wastewater, communications), transportation (including airports, ports, toll roads, aircraft, railcars) and real estate in North America, Europe, South America, and Asia. As of June 30, 2023, the estimated remaining life of the investments that do not allow for redemptions is approximately 23 percent in the next 3 years, 33 percent during period from 3 to 5 years, 42 percent during the period from 5 to 10 years, and 2 percent during the period from 10 to 15 years. We record changes in our share of net asset value of the partnerships in net investment income. We receive financial information related to our investments in partnerships and generally record investment income on a one-quarter lag in accordance with our accounting policy. The following tables present information about financial instruments measured at fair value on a recurring basis by fair value level, based on the observability of the inputs used: June 30, 2023 Level 1 Level 2 Level 3 NAV Total (in millions of dollars) Assets Fixed Maturity Securities United States Government and Government Agencies and Authorities $ 81.7 $ 487.4 $ — $ — $ 569.1 States, Municipalities, and Political Subdivisions 5.0 3,532.6 — — 3,537.6 Foreign Governments — 870.7 — — 870.7 Public Utilities 664.2 4,512.0 — — 5,176.2 Mortgage/Asset-Backed Securities — 532.0 24.1 — 556.1 All Other Corporate Bonds 7,813.8 16,718.3 128.8 — 24,660.9 Redeemable Preferred Stocks — 3.5 — — 3.5 Total Fixed Maturity Securities 8,564.7 26,656.5 152.9 — 35,374.1 Other Long-term Investments Derivatives Forwards — 7.0 — — 7.0 Foreign Exchange Contracts — 73.6 — — 73.6 Total Derivatives — 80.6 — — 80.6 Perpetual Preferred and Equity Securities — 10.3 17.5 — 27.8 Private Equity Partnerships — — — 1,268.1 1,268.1 Total Other Long-term Investments — 90.9 17.5 1,268.1 1,376.5 Total Financial Instrument Assets Carried at Fair Value $ 8,564.7 $ 26,747.4 $ 170.4 $ 1,268.1 $ 36,750.6 Liabilities Other Liabilities Derivatives Forwards $ — $ 44.5 $ — $ — $ 44.5 Foreign Exchange Contracts — 31.9 — — 31.9 Embedded Derivative in Modified Coinsurance Arrangement — — 8.4 — 8.4 Total Derivatives — 76.4 8.4 — 84.8 Total Financial Instrument Liabilities Carried at Fair Value $ — $ 76.4 $ 8.4 $ — $ 84.8 December 31, 2022 Level 1 Level 2 Level 3 NAV Total (in millions of dollars) Assets Fixed Maturity Securities United States Government and Government Agencies and Authorities $ 81.7 $ 416.5 $ — $ — $ 498.2 States, Municipalities, and Political Subdivisions 8.7 3,448.3 0.2 — 3,457.2 Foreign Governments — 827.1 — — 827.1 Public Utilities 160.1 4,796.8 — — 4,956.9 Mortgage/Asset-Backed Securities — 551.3 22.0 — 573.3 All Other Corporate Bonds 4,268.6 20,097.3 158.7 — 24,524.6 Redeemable Preferred Stocks — 3.5 — — 3.5 Total Fixed Maturity Securities 4,519.1 30,140.8 180.9 — 34,840.8 Other Long-term Investments Derivatives Forwards — 5.6 — — 5.6 Foreign Exchange Contracts — 83.5 — — 83.5 Total Derivatives — 89.1 — — 89.1 Perpetual Preferred and Equity Securities — 9.6 16.2 — 25.8 Private Equity Partnerships — — — 1,194.3 1,194.3 Total Other Long-term Investments — 98.7 16.2 1,194.3 1,309.2 Total Financial Instrument Assets Carried at Fair Value $ 4,519.1 $ 30,239.5 $ 197.1 $ 1,194.3 $ 36,150.0 Liabilities Other Liabilities Derivatives Forwards $ — $ 48.5 $ — $ — $ 48.5 Foreign Exchange Contracts — 25.5 — — 25.5 Embedded Derivative in Modified Coinsurance Arrangement — — 13.9 — 13.9 Total Derivatives — 74.0 13.9 — 87.9 Total Financial Instrument Liabilities Carried at Fair Value $ — $ 74.0 $ 13.9 $ — $ 87.9 Changes in assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) are as follows: Three Months Ended June 30, 2023 Fair Value Beginning of Period Total Realized Level 3 Transfers Fair Value End of Period Change in Unrealized Gain (Loss) on Securities Held at the End of Period included in Earnings OCI Purchases Sales/Maturities Into Out of OCI Earnings (in millions of dollars) Fixed Maturity Securities States, Municipalities, and Political Subdivisions $ 0.1 $ — $ — $ — $ — $ — $ (0.1) $ — $ — $ — Public Utilities — 0.2 (0.3) — (3.2) 3.3 — — (0.3) — Mortgage/Asset-Backed Securities 28.8 — (0.1) 3.9 (0.1) — (8.4) 24.1 (0.1) — All Other Corporate Bonds 139.1 (0.4) (29.0) 30.0 (92.4) 195.3 (113.8) 128.8 (29.0) — Total Fixed Maturity Securities 168.0 (0.2) (29.4) 33.9 (95.7) 198.6 (122.3) 152.9 (29.4) — Perpetual Preferred and Equity Securities 16.2 0.5 — 0.8 — — — 17.5 — 0.5 Embedded Derivative in Modified Coinsurance Arrangement (13.6) 5.2 — — — — — (8.4) — 5.2 Three Months Ended June 30, 2022 Fair Value Beginning of Period Total Realized and Unrealized Investment Gains (Losses) in Level 3 Transfers Fair Value End of Period Change in Unrealized Gain (Loss) on Securities Held at the End of Period included in Earnings OCI Purchases Sales/Maturities Into Out of OCI Earnings (in millions of dollars) Fixed Maturity Securities Foreign Governments $ 20.4 $ — $ (0.2) $ — $ — $ — $ — $ 20.2 $ (0.2) $ — Public Utilities 13.7 — (0.1) — — — — 13.6 (0.1) — Mortgage/Asset-Backed Securities 49.8 — (0.8) — (0.6) 0.2 (37.0) 11.6 (0.8) — All Other Corporate Bonds 80.7 — (9.9) — — 50.5 (17.8) 103.5 (9.9) — Total Fixed Maturity Securities 164.6 — (11.0) — (0.6) 50.7 (54.8) 148.9 (11.0) — Perpetual Preferred and Equity Securities 10.5 — — 0.4 — — — 10.9 — — Embedded Derivative in Modified Coinsurance Arrangement (33.5) (0.8) — — — — — (34.3) — (0.8) Six Months Ended June 30, 2023 Fair Value Beginning of Year Total Realized Level 3 Transfers Fair Value End of Period Change in Unrealized Gain (Loss) on Securities Held at the End of Period included in Earnings OCI Purchases Sales/Maturities Into Out of OCI Earnings (in millions of dollars) Fixed Maturity Securities States, Municipalities, and Political Subdivisions $ 0.2 $ — $ — $ — $ — $ — $ (0.2) $ — $ — $ — Public Utilities — 0.3 (0.3) — (3.3) 3.3 — — (0.3) — Mortgage/Asset-Backed Securities 22.0 — (0.1) 10.9 (0.3) 0.4 (8.8) 24.1 (0.1) — All Other Corporate Bonds 158.7 (0.5) (24.1) 31.5 (152.1) 205.8 (90.5) 128.8 (24.1) — Total Fixed Maturity Securities 180.9 (0.2) (24.5) 42.4 (155.7) 209.5 (99.5) 152.9 (24.5) — Perpetual Preferred and Equity Securities 16.2 0.5 — 0.8 — — — 17.5 — 0.5 Embedded Derivative in Modified Coinsurance Arrangement (13.9) 5.5 — — — — — (8.4) — 5.5 Six Months Ended June 30, 2022 Fair Value Beginning of Year Total Realized and Unrealized Investment Gains (Losses) in Level 3 Transfers Fair Value End of Period Change in Unrealized Gain (Loss) on Securities Held at the End of Period included in Earnings OCI Purchases Sales/Maturities Into Out of OCI Earnings (in millions of dollars) Fixed Maturity Securities States, Municipalities, and Political Subdivisions $ 13.4 $ — $ — $ — $ — $ — $ (13.4) $ — $ — $ — Foreign Governments 20.8 — (0.6) — — — — 20.2 (0.6) — Public Utilities 44.5 (4.1) 2.1 — (10.8) 15.6 (33.7) 13.6 2.1 (4.1) Mortgage/Asset-Backed Securities 187.2 — (5.6) 8.9 (4.9) — (174.0) 11.6 (5.6) — All Other Corporate Bonds 861.5 — (20.6) 32.6 (20.9) 13.2 (762.3) 103.5 (20.6) — Total Fixed Maturity Securities 1,127.4 (4.1) (24.7) 41.5 (36.6) 28.8 (983.4) 148.9 (24.7) (4.1) Perpetual Preferred and Equity Securities 5.8 2.8 — 2.3 — — — 10.9 — 2.8 Embedded Derivative in Modified Coinsurance Arrangement (30.1) (4.2) — — — — — (34.3) — (4.2) Realized and unrealized investment gains and losses presented in the preceding tables represent gains and losses only for the time during which the applicable financial instruments were classified as Level 3. The transfers between levels resulted primarily from a change in observability of three inputs used to determine fair values of the securities transferred: (1) transactional data for new issuance and secondary trades, (2) broker/dealer quotes and pricing, primarily related to changes in the level of activity in the market and whether the market was considered orderly, and (3) comparable bond metrics from which to perform an analysis. For fair value measurements of financial instruments that were transferred either into or out of Level 3, we reflect the transfers using the fair value at the beginning of the period. We believe this allows for greater transparency, as all changes in fair value that arise during the reporting period of the transfer are disclosed as a component of our Level 3 reconciliation. The table below provides quantitative information regarding the significant unobservable inputs used in Level 3 fair value measurements derived from internal models. Unobservable inputs for fixed maturity securities are weighted by the fair value of the securities. Certain securities classified as Level 3 are excluded from the table below due to limitations in our ability to obtain the underlying inputs used by external pricing sources. June 30, 2023 Fair Value Valuation Method Unobservable Input Range/Weighted Average (in millions of dollars) Fixed Maturity Securities All Other Corporate Bonds - Private $ 16.4 Market Approach Volatility of Credit Market Convention (a) (b) 4.75% - 4.75% / 4.75% Priced at Par Value Perpetual Preferred and Equity Securities 17.5 Market Approach Market Convention (b) Priced at Cost, Owner's Equity, or Most Recent Round Embedded Derivative in Modified Coinsurance Arrangement (8.4) Discounted Cash Flows Projected Liability Cash Flows Weighted Spread of Swap Curve (c) Actuarial Assumptions 0.4% December 31, 2022 Fair Value Valuation Method Unobservable Input Range/Weighted Average (in millions of dollars) Fixed Maturity Securities All Other Corporate Bonds - Private $ 15.3 Market Approach Volatility of Credit Market Convention (a) (b) 5.41% - 5.41% / 5.41% Priced at Par Value Perpetual Preferred and Equity Securities 16.2 Market Approach Market Convention (b) Priced at Cost, Owner's Equity, or Most Recent Round Embedded Derivative in Modified Coinsurance Arrangement (13.9) Discounted Cash Flows Projected Liability Cash Flows Weighted Spread of Swap Curve (c) Actuarial Assumptions 0.6% (a) Represents basis point adjustments for credit-specific factors (b) Represents a decision to price based on par value, cost, owner's equity, or the price of the most recent capital funding round when limited data is available (c) Represents various actuarial assumptions required to derive the liability cash flows. Fair value of embedded derivative is most often driven by the change in the weighted average credit spread to the swap curve for the assets backing the hypothetical loan Other than market convention, the impact of isolated decreases in unobservable inputs will result in a higher estimated fair value, whereas isolated increases in unobservable inputs will result in a lower estimated fair value. The unobservable input for market convention is not sensitive to input movements. The projected liability cash flows used in the fair value measurement of our Level 3 embedded derivative are based on expected claim payments. If claim payments increase, the projected liability cash flows will increase, resulting in a decrease in the fair value of the embedded derivative. Decreases in projected liability cash flows will result in an increase in the fair value of the embedded derivative. Fair Value Measurements for Financial Instruments Not Carried at Fair Value The methods and assumptions used to estimate fair values of financial instruments not carried at fair value are discussed as follows: Mortgage Loans: Fair value of newly originated, seasoned performing, or sub-performing but likely to continue cash flowing loans are calculated using a discounted cash flow analysis. Loans’ cash flows are modeled and appropriately discounted by a rate based on current yields and credit spreads. For sub and non-performing loans where there is some probability the loan will not continue to pay, a price based approach would be used to estimate the loan’s value in the open market utilizing current transaction information from similar loans. Policy Loans: Fair values for policy loans, net of reinsurance ceded, are estimated using discounted cash flow analyses and interest rates currently being offered to policyholders with similar policies. Carrying amounts for ceded policy loans, which equal $3,199.9 million and $3,312.5 million as of June 30, 2023 and December 31, 2022, respectively, approximate fair value and are reported on a gross basis in our consolidated balance sheets. A change in interest rates for ceded policy loans will not impact our financial position because the benefits and risks are fully ceded to reinsuring counterparties. Miscellaneous Long-term Investments: Carrying amounts for tax credit partnerships equal the unamortized balance of our contractual commitments and approximate fair value. Our shares of Federal Home Loan Bank (FHLB) common stoc |
Investments
Investments | 6 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | 65% <= 75% 815.2 34.4 937.2 38.5 > 75% <= 85% 111.5 4.7 75.0 3.1 > 85% 64.9 2.7 33.6 1.4 Total $ 2,372.8 100.0 % $ 2,435.4 100.0 % 1 Loan-to-Value Ratio utilizes the most recent internal valuation of the property There were no gross write-offs for the periods ending June 30, 2023 or December 31, 2022. The followin g tables present the amortized cost of our mortgage loans by year of origination and internal quality indicators at June 30, 2023 and December 31, 2022, respectively : June 30, 2023 Prior to 2019 2019 2020 2021 2022 2023 Total (in millions of dollars) Internal Mortgage Rating AA $ 68.7 $ 11.0 $ — $ — $ — $ — $ 79.7 A 565.5 95.3 48.5 80.0 23.6 15.5 828.4 BBB 707.8 234.2 119.2 272.3 64.6 13.1 1,411.2 BB 64.6 — — — — — 64.6 Total Amortized Cost 1,406.6 340.5 167.7 352.3 88.2 28.6 2,383.9 Allowance for credit losses (7.6) (1.3) (0.6) (1.0) (0.5) (0.1) (11.1) Carrying Amount $ 1,399.0 $ 339.2 $ 167.1 $ 351.3 $ 87.7 $ 28.5 $ 2,372.8 Loan-to-Value Ratio 1 <=65% $ 951.5 $ 200.4 $ 80.2 $ 135.9 $ 16.6 $ — $ 1,384.6 >65<=75% 284.1 140.1 79.1 216.4 71.6 28.6 819.9 >75%<=85% 104.0 — 8.4 — — — 112.4 >85% 67.0 — — — — — 67.0 Total Amortized Cost 1,406.6 340.5 167.7 352.3 88.2 28.6 2,383.9 Allowance for credit losses (7.6) (1.3) (0.6) (1.0) (0.5) (0.1) (11.1) Carrying Amount $ 1,399.0 $ 339.2 $ 167.1 $ 351.3 $ 87.7 $ 28.5 $ 2,372.8 1 Loan-to-Value Ratio utilizes the most recent internal valuation of the property December 31, 2022 Prior to 2018 2018 2019 2020 2021 2022 Total (in millions of dollars) Internal Mortgage Rating AA $ 53.8 $ 27.5 $ 11.1 $ — $ — $ — $ 92.4 A 485.0 123.3 96.8 35.9 80.6 24.0 845.6 BBB 534.0 219.8 236.9 134.0 275.8 64.6 1,465.1 BB 35.7 5.9 — — — — 41.6 Total Amortized Cost 1,108.5 376.5 344.8 169.9 356.4 88.6 2,444.7 Allowance for credit losses (4.3) (1.8) (1.3) (0.6) (0.8) (0.5) (9.3) Carrying Amount $ 1,104.2 $ 374.7 $ 343.5 $ 169.3 $ 355.6 $ 88.1 $ 2,435.4 Loan-to-Value Ratio 1 <=65% $ 782.6 $ 189.0 $ 193.9 $ 81.3 $ 128.9 $ 16.9 $ 1,392.6 >65<=75% 230.2 181.6 150.9 80.1 227.5 71.7 942.0 >75%<=85% 67.5 — — 8.5 — — 76.0 >85% 28.2 5.9 — — — — 34.1 Total Amortized Cost 1,108.5 376.5 344.8 169.9 356.4 88.6 2,444.7 Allowance for credit losses (4.3) (1.8) (1.3) (0.6) (0.8) (0.5) (9.3) Carrying Amount $ 1,104.2 $ 374.7 $ 343.5 $ 169.3 $ 355.6 $ 88.1 $ 2,435.4 1 Loan-to-Value Ratio utilizes the most recent internal valuation of the property The following table presents a roll-forward of the allowance for expected credit losses by loan-to-value ratio for the three and six months ended June 30, 2023 and 2022 : Three Months Ended June 30, 2023 Beginning of Period Current Period Provisions Write-Offs Recoveries End of Period (in millions of dollars) Loan-to-Value Ratio 1 <=65% $ 3.0 $ 0.3 $ — $ — $ 3.3 >65<=75% 5.3 (0.5) — — 4.8 >75%<=85% 1.2 (0.3) — — 0.9 >85% 0.5 1.6 — — 2.1 Total $ 10.0 $ 1.1 $ — $ — $ 11.1 Three Months Ended June 30, 2022 Beginning of Period Current Period Provisions Write-Offs Recoveries End of Period (in millions of dollars) Loan-to-Value Ratio 1 <=65% $ 2.4 $ (0.1) $ — $ — $ 2.3 >65<=75% 4.5 0.3 — — 4.8 >75%<=85% 0.7 0.2 — — 0.9 >85% 0.3 0.1 — — 0.4 Total $ 7.9 $ 0.5 $ — $ — $ 8.4 Six Months Ended June 30, 2023 Beginning of Year Current Period Provisions Write-Offs Recoveries End of Period (in millions of dollars) Loan-to-Value Ratio 1 <=65% $ 3.0 $ 0.3 $ — $ — $ 3.3 >65<=75% 4.7 0.1 — — 4.8 >75%<=85% 1.1 (0.2) — — 0.9 >85% 0.5 1.6 — — 2.1 Total $ 9.3 $ 1.8 $ — $ — $ 11.1 Six Months Ended June 30, 2022 Beginning of Year Current Period Provisions Write-Offs Recoveries End of Period (in millions of dollars) Loan-to-Value Ratio 1 <=65% $ 2.6 $ (0.3) $ — $ — $ 2.3 >65<=75% 4.7 0.1 — — 4.8 >75%<=85% 0.7 0.2 — — 0.9 >85% 0.3 0.1 — — 0.4 Total $ 8.3 $ 0.1 $ — $ — $ 8.4 1 Loan-to-Value Ratio utilizes the most recent internal valuation of the property The increase in our estimate of expected losses during the second quarter and first six months of 2023 is driven by heightened uncertainty surrounding the future macroeconomic outlook and reflects market conditions as of June 30, 2023. During the three and six months ended June 30, 2023 and 2022, no loan modifications were made with borrowers experiencing financial difficulty. At June 30, 2023 and December 31, 2022, we held no mortgage loans that were greater than 90 days past due regarding principal and/or interest payments. We had no loan foreclosures for the three and six months ended June 30, 2023 or 2022 Other than our allowance for expected credit losses, we had no specifically identified impaired mortgage loans during the three and six months ended June 30, 2023 or 2022, nor did we recognize any interest income on mortgage loans subsequent to impairment. At June 30, 2023, we had no commitments to fund commercial mortgage loans. Consistent with how we determine the estimate of current expected credit losses for our funded mortgage loans each period, we estimate expected credit losses for loans that have not been funded but we are committed to fund at the end of each period. At June 30, 2023 and December 31, 2022 we had no amount and a nominal amount, respectively, of expected credit losses related to unfunded commitments on our consolidated balance sheets. Investment Real Estate Our investment real estate balance was $70.3 million and $71.6 million at June 30, 2023 and December 31, 2022 respectively, and the associated accumulated depreciation was $124.7 million and $122.1 million at June 30, 2023 and December 31, 2022 respectively. We did not recognize any impairments related to our real estate during the three and six months ended June 30, 2023 and 2022. Our held for sale real estate balance was $40.9 million at both June 30, 2023 and December 31, 2022 and the associated accumulated depreciation was $54.2 million at both June 30, 2023 and December 31, 2022. In the first quarter of 2022, we reclassified property previously held for the production of income to property held for sale. The carrying value of the property was $40.1 million as of both June 30, 2023 and December 31, 2022 and is primarily recorded within our Corporate segment. The estimated fair value less costs to sell is above the carrying value of the property and we expect to close the sale of the property within the next twelve months. Transfers of Financial Assets To manage our cash position more efficiently, we may enter into repurchase agreements with unaffiliated financial institutions. We generally use repurchase agreements as a means to finance the purchase of invested assets or for short-term general business purposes until projected cash flows become available from our operations or existing investments. Our repurchase agreements are typically outstanding for less than 30 days. We post collateral through our repurchase agreement transactions whereby the counterparty commits to purchase securities with the agreement to resell them to us at a later, specified date. The fair value of collateral posted is generally 102 percent of the cash received. Our investment policy also permits us to lend fixed maturity securities to unaffiliated financial institutions in short-term securities lending agreements. These agreements increase our investment income with minimal risk. Our securities lending policy requires that a minimum of 102 percent of the fair value of the securities loaned be maintained as collateral. We may receive cash and/or securities as collateral under these agreements. Cash received as collateral is typically reinvested in short-term investments. If securities are received as collateral, we are not permitted to sell or re-post them. As of June 30, 2023, the carrying amount of fixed maturity securities loaned to third parties under our securities lending program was $118.2 million, for which we received collateral in the form of cash and securities of $97.5 million and $26.3 million, respectively. As of December 31, 2022, the carrying amount of fixed maturity securities loaned to third parties under our securities lending program was $152.4 million, for which we received collateral in the form of cash and securities of $88.5 million and $69.8 million, respectively. We had no outstanding repurchase agreements at June 30, 2023 or December 31, 2022. The remaining contractual maturities of our securities lending agreements disaggregated by class of assets pledged are as follows: June 30, 2023 December 31, 2022 Overnight and Continuous (in millions of dollars) Borrowings United States Government and Government Agencies and Authorities $ — $ 0.3 States, Municipalities, and Political Subdivisions — — Public Utilities 8.2 6.3 All Other Corporate Bonds 89.3 81.9 Total Borrowings $ 97.5 $ 88.5 Gross Amount of Recognized Liability for Securities Lending Transactions 97.5 88.5 Amounts Related to Agreements Not Included in Offsetting Disclosure Contained Herein $ — $ — Certain of our U.S. insurance subsidiaries are members of regional FHLBs. Membership, which requires that we purchase a minimum amount of FHLB common stock on which we receive dividends, provides access to low-cost funding. Advances received from the FHLB are used for the purchase of fixed maturity securities. Additional common stock purchases may be required, based on the amount of funds we borrow from the FHLBs. The carrying value of common stock owned, collateral posted, and advances received are as follows: June 30, 2023 December 31, 2022 (in millions of dollars) Carrying Value of FHLB Common Stock $ 14.8 $ 17.1 Advances from FHLB 55.1 99.1 Carrying Value of Collateral Posted to FHLB Fixed Maturity Securities $ 379.9 $ 527.1 Commercial Mortgage Loans 776.4 801.9 Total Carrying Value of Collateral Posted to FHLB $ 1,156.3 $ 1,329.0 Offsetting of Financial Instruments We enter into master netting agreements with each of our derivative's counterparties. These agreements provide for conditional rights of set-off upon the occurrence of an early termination event. An early termination event is considered a default, and it allows the non-defaulting party to offset its contracts in a loss position against any gain positions or payments due to the defaulting party. Under our agreements, default type events are defined as failure to pay or deliver as contractually agreed, misrepresentation, bankruptcy, or merger without assumption. See Note 5 for further discussion of collateral related to our derivative contracts. We have securities lending agreements with unaffiliated financial institutions that post collateral to us in return for the use of our fixed maturity securities. A right of set-off exists that allows us to keep and apply collateral received in the event of default by the counterparty. Default within a securities lending agreement would typically occur if the counterparty failed to return the securities borrowed from us as contractually agreed. In addition, if we default by not returning collateral received, the counterparty has a right of set-off against our securities or any other amounts due to us. 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, 2023 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 $ 80.6 $ — $ 80.6 $ (56.4) $ (24.2) $ — Securities Lending 118.2 — 118.2 (20.7) (97.5) — Total $ 198.8 $ — $ 198.8 $ (77.1) $ (121.7) $ — Financial Liabilities: Derivatives $ 76.4 $ — $ 76.4 $ (75.0) $ — $ 1.4 Securities Lending 97.5 — 97.5 (97.5) — — Total $ 173.9 $ — $ 173.9 $ (172.5) $ — $ 1.4 December 31, 2022 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 $ 89.1 $ — $ 89.1 $ (38.0) $ (49.4) $ 1.7 Securities Lending 152.4 — 152.4 (63.9) (88.5) — Total $ 241.5 $ — $ 241.5 $ (101.9) $ (137.9) $ 1.7 Financial Liabilities: Derivatives $ 74.0 $ — $ 74.0 $ (73.2) $ — $ 0.8 Securities Lending 88.5 — 88.5 (88.5) — — Total $ 162.5 $ — $ 162.5 $ (161.7) $ — $ 0.8 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 2023 2022 2023 2022 (in millions of dollars) Fixed Maturity Securities $ 470.7 $ 467.7 $ 925.8 $ 923.2 Derivatives 11.0 15.8 22.9 30.2 Mortgage Loans 23.5 25.9 46.9 52.9 Policy Loans 5.2 5.0 10.2 9.7 Other Long-term Investments Perpetual Preferred Securities 1 0.9 (0.8) 1.8 2.1 Private Equity Partnerships 2 19.8 53.6 34.1 86.0 Other 2.7 1.7 4.5 3.8 Short-term Investments 16.2 2.5 30.3 3.3 Gross Investment Income 550.0 571.4 1,076.5 1,111.2 Less Investment Expenses 15.8 9.5 30.5 19.1 Less Investment Income on Participation Fund Account Assets 3.1 2.9 6.1 5.9 Net Investment Income $ 531.1 $ 559.0 $ 1,039.9 $ 1,086.2 1 The net unrealized gain (loss) recognized in net investment income for the three and six months ended June 30, 2023 related to perpetual preferred securities still held at June 30, 2023 was $(0.2) million and $0.5 million, respectively. The net unrealized gain (loss) recognized in net investment income for the three and six months ended June 30, 2022 related to perpetual preferred securities still held at June 30, 2022 was $(1.4) million and $1.0 million, respectively. 2 The net unrealized gain recognized in net investment income for the three and six months ended June 30, 2023 related to private equity partnerships still held at June 30, 2023 was $25.1 million and $42.9 million, respectively, reduced by net management fees and partnership expenses of $(5.3) million and $(8.8) million, respectively. The net unrealized gain recognized in net investment income for the three and six months ended June 30, 2022 related to private equity partnerships still held at June 30, 2022 was $26.9 million and $43.2 million, respectively, reduced by net management fees and partnership expenses of $(2.7) million and $(6.5) million, respectively. See Note 3 for further discussion of private equity partnerships. Investment Gain and Loss Investment gains and losses are as follows: Three Months Ended June 30 Six Months Ended June 30 2023 2022 2023 2022 (in millions of dollars) Fixed Maturity Securities Gross Gains on Sales $ 2.8 $ 0.5 $ 3.3 $ 0.8 Gross Losses on Sales (13.1) (4.2) (13.3) (13.0) Credit Losses — — — (" id="sjs-B4">Fixed Maturity Securities At June 30, 2023 and December 31, 2022, 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, 2023 Amortized Cost, Gross of ACL 1 ACL 1 Gross Gross Fair (in millions of dollars) United States Government and Government Agencies and Authorities $ 570.5 $ — $ 20.6 $ 22.0 $ 569.1 States, Municipalities, and Political Subdivisions 3,961.4 — 113.9 537.7 3,537.6 Foreign Governments 986.6 — 18.5 134.4 870.7 Public Utilities 5,372.6 — 149.1 345.5 5,176.2 Mortgage/Asset-Backed Securities 576.7 — 6.4 27.0 556.1 All Other Corporate Bonds 26,556.3 — 502.1 2,397.5 24,660.9 Redeemable Preferred Stocks 4.0 — — 0.5 3.5 Total Fixed Maturity Securities $ 38,028.1 $ — $ 810.6 $ 3,464.6 $ 35,374.1 December 31, 2022 Amortized Cost, Gross of ACL 1 ACL 1 Gross Gross Fair (in millions of dollars) United States Government and Government Agencies and Authorities $ 503.8 $ — $ 20.3 $ 25.9 $ 498.2 States, Municipalities, and Political Subdivisions 4,006.0 — 87.1 635.9 3,457.2 Foreign Governments 908.1 — 34.9 115.9 827.1 Public Utilities 5,170.9 — 141.0 355.0 4,956.9 Mortgage/Asset-Backed Securities 592.1 — 8.2 27.0 573.3 All Other Corporate Bonds 26,640.3 — 452.1 2,567.8 24,524.6 Redeemable Preferred Stocks 4.0 — — 0.5 3.5 Total Fixed Maturity Securities $ 37,825.2 $ — $ 743.6 $ 3,728.0 $ 34,840.8 1 Allowance for Credit Losses The following charts indicate the length of time our fixed maturity securities have been in a gross unrealized loss position. June 30, 2023 Less Than 12 Months 12 Months or Greater Fair Gross Fair Gross (in millions of dollars) United States Government and Government Agencies and Authorities $ 118.9 $ 0.8 $ 192.3 $ 21.2 States, Municipalities, and Political Subdivisions 452.4 19.1 1,820.3 518.6 Foreign Governments 244.6 22.4 241.5 112.0 Public Utilities 1,292.0 54.5 1,428.6 291.0 Mortgage/Asset-Backed Securities 320.1 18.7 70.4 8.3 All Other Corporate Bonds 6,122.1 323.9 11,438.5 2,073.6 Redeemable Preferred Stocks — — 3.5 0.5 Total Fixed Maturity Securities $ 8,550.1 $ 439.4 $ 15,195.1 $ 3,025.2 December 31, 2022 Less Than 12 Months 12 Months or Greater Fair Gross Fair Gross (in millions of dollars) United States Government and Government Agencies and Authorities $ 246.6 $ 22.6 $ 12.2 $ 3.3 States, Municipalities, and Political Subdivisions 1,920.1 476.1 346.6 159.8 Foreign Governments 160.1 47.9 176.9 68.0 Public Utilities 2,242.2 252.0 255.2 103.0 Mortgage/Asset-Backed Securities 386.6 27.0 0.1 — All Other Corporate Bonds 15,865.6 1,799.7 2,194.1 768.1 Redeemable Preferred Stocks 3.5 0.5 — — Total Fixed Maturity Securities $ 20,824.7 $ 2,625.8 $ 2,985.1 $ 1,102.2 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, 2023 Amortized Cost, Net of ACL 1 Unrealized Gain Position Unrealized Loss Position Gross Gain Fair Value Gross Loss Fair Value (in millions of dollars) 1 year or less $ 902.9 $ 1.6 $ 227.4 $ 5.8 $ 671.3 Over 1 year through 5 years 7,787.1 73.0 1,839.3 297.9 5,722.9 Over 5 years through 10 years 9,706.2 298.5 3,490.9 811.9 5,701.9 Over 10 years 19,055.2 431.1 5,905.7 2,322.0 11,258.6 37,451.4 804.2 11,463.3 3,437.6 23,354.7 Mortgage/Asset-Backed Securities 576.7 6.4 165.6 27.0 390.5 Total Fixed Maturity Securities $ 38,028.1 $ 810.6 $ 11,628.9 $ 3,464.6 $ 23,745.2 December 31, 2022 Amortized Cost, Net of ACL 1 Unrealized Gain Position Unrealized Loss Position Gross Gain Fair Value Gross Loss Fair Value (in millions of dollars) 1 year or less $ 1,133.5 $ 2.9 $ 339.1 $ 5.7 $ 791.6 Over 1 year through 5 years 7,090.8 86.7 1,953.2 238.4 4,985.9 Over 5 years through 10 years 10,096.7 294.8 3,538.9 863.8 5,988.8 Over 10 years 18,912.1 351.0 5,013.2 2,593.1 11,656.8 37,233.1 735.4 10,844.4 3,701.0 23,423.1 Mortgage/Asset-Backed Securities 592.1 8.2 186.6 27.0 386.7 Total Fixed Maturity Securities $ 37,825.2 $ 743.6 $ 11,031.0 $ 3,728.0 $ 23,809.8 1 Allowance for Credit Losses The following chart depicts an analysis of our fixed maturity security portfolio between investment-grade and below-investment-grade categories as of June 30, 2023: Gross Unrealized Loss Fair Value Gross Unrealized Gain Amount Percent of Total Gross Unrealized Loss (in millions of dollars) Investment-Grade $ 33,559.1 $ 801.4 $ 3,314.9 95.7 % Below-Investment-Grade 1,815.0 9.2 149.7 4.3 % Total Fixed Maturity Securities $ 35,374.1 $ 810.6 $ 3,464.6 100.0 % The unrealized losses on investment-grade fixed maturity securities principally relate to changes in interest rates or changes in market or sector credit spreads which occurred subsequent to the acquisition of the securities. Below-investment-grade fixed maturity securities are generally more likely to develop credit concerns than investment-grade securities. At June 30, 2023, the unrealized losses in our below-investment-grade fixed maturity securities were generally due to credit spreads in certain industries or sectors and, to a lesser extent, credit concerns related to specific securities. For each specific security in an unrealized loss position, we believe that there are positive factors which mitigate credit concerns and that the securities for which we have not recorded a credit loss will recover in value. We have the ability and intent to continue to hold these securities to recovery of amortized cost and believe that no credit losses have occurred. As of June 30, 2023, we held 878 individual investment-grade fixed maturity securities and 106 individual below-investment-grade fixed maturity securities that were in an unrealized loss position, of which 714 investment-grade fixed maturity securities and 85 below-investment-grade fixed maturity securities had been in an unrealized loss position continuously for over one year. In determining when a decline in fair value below amortized cost of a fixed maturity security represents a credit loss, we evaluate the following factors: • Whether we expect to recover the entire amortized cost basis of the security • Whether we intend to sell the security or will be required to sell the security before the recovery of its amortized cost basis • Whether the security is current as to principal and interest payments • The significance of the decline in value • Current and future business prospects and trends of earnings • The valuation of the security's underlying collateral • Relevant industry conditions and trends relative to their historical cycles • Market conditions • Rating agency and governmental actions • Bid and offering prices and the level of trading activity • Adverse changes in estimated cash flows for securitized investments • Changes in fair value subsequent to the balance sheet date • Any other key measures for the related security While determining whether a credit loss exists is a judgmental area, we utilize a formal, well-defined, and disciplined process to monitor and evaluate our fixed income investment portfolio, supported by issuer specific research and documentation as of the end of each period. The process results in a thorough evaluation of investments and the recording of credit losses on a timely basis for investments determined to have a credit loss. We calculate the allowance for credit losses of fixed maturity securities based on the present value of our best estimate of cash flows expected to be collected, discounted using the effective interest rate implicit in the security at the date of acquisition. When estimating future cash flows, we analyze the strength of the issuer’s balance sheet, its debt obligations and near-term funding arrangements, cash flow and liquidity, the profitability of its core businesses, the availability of marketable assets which could be sold to increase liquidity, its industry fundamentals and regulatory environment, and its access to capital markets. The following tables present a rollforward of the allowance for credit losses on available-for-sale fixed maturity securities, which were classified as "public utilities" during the three and six months ended June 30, 2022. Three Months Ended June 30 2023 2022 (in millions of dollars) Balance, beginning of period $ — $ 4.1 Change in allowance on securities with allowance recorded in previous period — — Balance, end of period $ — $ 4.1 Six Months Ended June 30 2023 2022 (in millions of dollars) Balance, beginning of period $ — $ — Credit losses on securities for which credit losses were not previously recorded — 4.1 Balance, end of period $ — $ 4.1 At June 30, 2023, we had commitments of $97.8 million to fund private placement fixed maturity securities, the amount of which may or may not be funded. Variable Interest Entities We invest in variable interests issued by variable interest entities. These investments, which are passive in nature, include minority ownership interests in private equity partnerships, tax credit partnerships, and special purpose entities. For those variable interests that are not consolidated in our financial statements, we are not the primary beneficiary because we have neither the power to direct the activities that are most significant to economic performance nor the responsibility to absorb a majority of the expected losses. The determination of whether we are the primary beneficiary is performed at the time of our initial investment and at the date of each subsequent reporting period. As of June 30, 2023, the carrying amount of our variable interest entity investments that are not consolidated in our financial statements was $1,268.8 million, comprised of $0.7 million of tax credit partnerships and $1,268.1 million of private equity partnerships. At December 31, 2022, the carrying amount of our variable interest entity investments that are not consolidated in our financial statements was $1,195.3 million, comprised of $1.0 million of tax credit partnerships and $1,194.3 million of private equity partnerships. These variable interest entity investments are reported as other long-term investments in our consolidated balance sheets. Mortgage Loans Our mortgage loan portfolio is well diversified by both geographic region and property type to reduce risk of concentration. All of our mortgage loans are collateralized by commercial real estate. When issuing a new loan, our general policy is not to exceed a loan-to-value ratio, or the ratio of the loan balance to the estimated fair value of the underlying collateral, of 75 percent. We update the loan-to-value ratios based on internal valuation of the collateral at least every three years for each loan, and properties undergo a general inspection at least every two years. Our general policy for newly issued loans is to have a debt service coverage ratio greater than 1.25 times on a normalized 25 year amortization period. We update our debt service coverage ratios annually. We carry our mortgage loans at amortized cost less an allowance for expected credit losses. The amortized cost of our mortgage loans was $2,383.9 million and $2,444.7 million at June 30, 2023 and December 31, 2022, respectively. The allowance for expected credit losses was $11.1 million and $9.3 million at June 30, 2023 and December 31, 2022, respectively. Interest income is accrued on the principal amount of the loan based on the loan's contractual interest rate. We report accrued interest income for our mortgage loans as accrued investment income on our consolidated balance sheets, and the amount of the accrued income was $7.4 million and $7.7 million at June 30, 2023 and December 31, 2022, respectively. The carrying amount of mortgage loans by property type and geographic region are presented below. June 30, 2023 December 31, 2022 (in millions of dollars) Carrying Amount Percent of Total Carrying Amount Percent of Total Property Type Apartment $ 679.5 28.6 % $ 688.6 28.3 % Industrial 720.4 30.4 745.3 30.6 Office 417.5 17.6 423.0 17.4 Retail 512.0 21.6 534.5 21.9 Other 43.4 1.8 44.0 1.8 Total $ 2,372.8 100.0 % $ 2,435.4 100.0 % Region New England $ 56.2 2.4 % $ 52.4 2.2 % Mid-Atlantic 188.3 7.9 192.4 7.9 East North Central 301.8 12.7 313.0 12.9 West North Central 172.9 7.3 181.4 7.4 South Atlantic 558.3 23.5 539.3 22.1 East South Central 99.8 4.2 101.8 4.2 West South Central 208.4 8.8 212.6 8.7 Mountain 287.0 12.1 298.7 12.3 Pacific 500.1 21.1 543.8 22.3 Total $ 2,372.8 100.0 % $ 2,435.4 100.0 % The risk in our mortgage loan portfolio is primarily related to vacancy rates. Events or developments, such as economic conditions that impact the ability of the borrowers to ensure occupancy of the property, may have a negative effect on our mortgage loan portfolio, particularly to the extent that our portfolio is concentrated in an affected region or property type. An increase in vacancies increases the probability of default, which would negatively affect our expected losses in our mortgage loan portfolio. We evaluate each of our mortgage loans individually for impairment and assign an internal quality rating based on a comprehensive rating system used to evaluate the risk of the loan. The factors we use to derive our internal quality ratings may include the following: • Loan-to-value ratio based on internal valuation of property • Debt service coverage ratio based on current operating income • Property location, including regional economics, trends and demographics • Age, condition, and construction quality of property • Current and historical occupancy of property • Lease terms relative to market • Tenant size and financial strength • Borrower's financial strength • Borrower's equity in transaction • Additional collateral, if any Although all available and applicable factors are considered in our analysis, loan-to-value and debt service coverage ratios are the most critical factors in determining whether we will initially issue the loan and also in assigning values and determining impairment. We assign an overall rating to each loan using an internal rating scale of AA (highest quality) to B (lowest quality). We review and adjust, as needed, our internal quality ratings on an annual basis. This review process is performed more frequently for mortgage loans deemed to have a higher risk of delinquency. We estimate an allowance for credit losses that we expect to incur over the life of our mortgage loans using a probability of default method. For each loan, we estimate the probability that the loan will default before its maturity (probability of default) and the amount of the loss if the loan defaults (loss given default). These two factors result in an expected loss percentage that is applied to the amortized cost of each loan to determine the expected credit loss. As we are the original underwriter of the mortgage loans, the amortized cost generally equals the principal amount of the loan. We measure losses on defaults of our mortgage loans as the excess amortized cost of the mortgage loan over the fair value of the underlying collateral in the event that we foreclose on the loan or over the expected future cash flows of the loan if we retain the mortgage loan until payoff. We do not purchase mortgage loans with existing credit impairments. In estimating the probability of default, we consider historical experience, current market conditions, and reasonable and supportable forecasts about the future market conditions. We utilize our historical loan experience in combination with a large third-party industry database for a period of time that aligns with the average life of our loans based on the maturity dates of the loans and prepayment experience. Our model utilizes an industry database of the historical loss experience based on our actual portfolio characteristics such as loan-to-value, debt service coverage, collateral type, geography, and late payment history. In addition, because we actively manage our portfolio, we may extend the term of a loan in certain situations and will accordingly extend the maturity date in the estimate of probability of default. In estimating the loss given default, we primarily consider the type and value of collateral and secondarily the expected liquidation costs and time to recovery. The primary market factors that we consider in our forecast of future market conditions are gross domestic product, unemployment rates, interest rates, inflation, commercial real estate values, household formation, and retail sales. We also forecast certain loan specific factors such as growth in the fair value and net operating income of collateral by property type. We include our estimate of these factors over a two-year period and for the remainder of the loans’ estimated lives, adjusted for estimated prepayments. Past the two-year forecast period, we revert to the historical assumptions ratably by the end of the fifth year of the loan after which we utilize only historical assumptions. We utilize various scenarios to estimate our allowance for expected losses ranging from a base case scenario that reflects normal market conditions to a severe case scenario that reflects adverse market conditions. We will adjust our allowance each period to utilize the scenario or weighting of the scenarios that best reflects our view of current market conditions. The following tables present information about mortgage loans by the applicable internal quality indicators: June 30, 2023 December 31, 2022 (in millions of dollars) Carrying Amount Percent of Total Carrying Amount Percent of Total Internal Mortgage Rating AA $ 79.6 3.4 % $ 92.3 3.8 % A 826.6 34.8 843.9 34.6 BBB 1,404.0 59.2 1,458.0 59.9 BB 62.6 2.6 41.2 1.7 Total $ 2,372.8 100.0 % $ 2,435.4 100.0 % Loan-to-Value Ratio 1 <= 65% $ 1,381.2 58.2 % $ 1,389.6 57.0 % > 65% <= 75% 815.2 34.4 937.2 38.5 > 75% <= 85% 111.5 4.7 75.0 3.1 > 85% 64.9 2.7 33.6 1.4 Total $ 2,372.8 100.0 % $ 2,435.4 100.0 % 1 Loan-to-Value Ratio utilizes the most recent internal valuation of the property There were no gross write-offs for the periods ending June 30, 2023 or December 31, 2022. The followin g tables present the amortized cost of our mortgage loans by year of origination and internal quality indicators at June 30, 2023 and December 31, 2022, respectively : June 30, 2023 Prior to 2019 2019 2020 2021 2022 2023 Total (in millions of dollars) Internal Mortgage Rating AA $ 68.7 $ 11.0 $ — $ — $ — $ — $ 79.7 A 565.5 95.3 48.5 80.0 23.6 15.5 828.4 BBB 707.8 234.2 119.2 272.3 64.6 13.1 1,411.2 BB 64.6 — — — — — 64.6 Total Amortized Cost 1,406.6 340.5 167.7 352.3 88.2 28.6 2,383.9 Allowance for credit losses (7.6) (1.3) (0.6) (1.0) (0.5) (0.1) (11.1) Carrying Amount $ 1,399.0 $ 339.2 $ 167.1 $ 351.3 $ 87.7 $ 28.5 $ 2,372.8 Loan-to-Value Ratio 1 <=65% $ 951.5 $ 200.4 $ 80.2 $ 135.9 $ 16.6 $ — $ 1,384.6 >65<=75% 284.1 140.1 79.1 216.4 71.6 28.6 819.9 >75%<=85% 104.0 — 8.4 — — — 112.4 >85% 67.0 — — — — — 67.0 Total Amortized Cost 1,406.6 340.5 167.7 352.3 88.2 28.6 2,383.9 Allowance for credit losses (7.6) (1.3) (0.6) (1.0) (0.5) (0.1) (11.1) Carrying Amount $ 1,399.0 $ 339.2 $ 167.1 $ 351.3 $ 87.7 $ 28.5 $ 2,372.8 1 Loan-to-Value Ratio utilizes the most recent internal valuation of the property December 31, 2022 Prior to 2018 2018 2019 2020 2021 2022 Total (in millions of dollars) Internal Mortgage Rating AA $ 53.8 $ 27.5 $ 11.1 $ — $ — $ — $ 92.4 A 485.0 123.3 96.8 35.9 80.6 24.0 845.6 BBB 534.0 219.8 236.9 134.0 275.8 64.6 1,465.1 BB 35.7 5.9 — — — — 41.6 Total Amortized Cost 1,108.5 376.5 344.8 169.9 356.4 88.6 2,444.7 Allowance for credit losses (4.3) (1.8) (1.3) (0.6) (0.8) (0.5) (9.3) Carrying Amount $ 1,104.2 $ 374.7 $ 343.5 $ 169.3 $ 355.6 $ 88.1 $ 2,435.4 Loan-to-Value Ratio 1 <=65% $ 782.6 $ 189.0 $ 193.9 $ 81.3 $ 128.9 $ 16.9 $ 1,392.6 >65<=75% 230.2 181.6 150.9 80.1 227.5 71.7 942.0 >75%<=85% 67.5 — — 8.5 — — 76.0 >85% 28.2 5.9 — — — — 34.1 Total Amortized Cost 1,108.5 376.5 344.8 169.9 356.4 88.6 2,444.7 Allowance for credit losses (4.3) (1.8) (1.3) (0.6) (0.8) (0.5) (9.3) Carrying Amount $ 1,104.2 $ 374.7 $ 343.5 $ 169.3 $ 355.6 $ 88.1 $ 2,435.4 1 Loan-to-Value Ratio utilizes the most recent internal valuation of the property The following table presents a roll-forward of the allowance for expected credit losses by loan-to-value ratio for the three and six months ended June 30, 2023 and 2022 : Three Months Ended June 30, 2023 Beginning of Period Current Period Provisions Write-Offs Recoveries End of Period (in millions of dollars) Loan-to-Value Ratio 1 <=65% $ 3.0 $ 0.3 $ — $ — $ 3.3 >65<=75% 5.3 (0.5) — — 4.8 >75%<=85% 1.2 (0.3) — — 0.9 >85% 0.5 1.6 — — 2.1 Total $ 10.0 $ 1.1 $ — $ — $ 11.1 Three Months Ended June 30, 2022 Beginning of Period Current Period Provisions Write-Offs Recoveries End of Period (in millions of dollars) Loan-to-Value Ratio 1 <=65% $ 2.4 $ (0.1) $ — $ — $ 2.3 >65<=75% 4.5 0.3 — — 4.8 >75%<=85% 0.7 0.2 — — 0.9 >85% 0.3 0.1 — — 0.4 Total $ 7.9 $ 0.5 $ — $ — $ 8.4 Six Months Ended June 30, 2023 Beginning of Year Current Period Provisions Write-Offs Recoveries End of Period (in millions of dollars) Loan-to-Value Ratio 1 <=65% $ 3.0 $ 0.3 $ — $ — $ 3.3 >65<=75% 4.7 0.1 — — 4.8 >75%<=85% 1.1 (0.2) — — 0.9 >85% 0.5 1.6 — — 2.1 Total $ 9.3 $ 1.8 $ — $ — $ 11.1 Six Months Ended June 30, 2022 Beginning of Year Current Period Provisions Write-Offs Recoveries End of Period (in millions of dollars) Loan-to-Value Ratio 1 <=65% $ 2.6 $ (0.3) $ — $ — $ 2.3 >65<=75% 4.7 0.1 — — 4.8 >75%<=85% 0.7 0.2 — — 0.9 >85% 0.3 0.1 — — 0.4 Total $ 8.3 $ 0.1 $ — $ — $ 8.4 1 Loan-to-Value Ratio utilizes the most recent internal valuation of the property The increase in our estimate of expected losses during the second quarter and first six months of 2023 is driven by heightened uncertainty surrounding the future macroeconomic outlook and reflects market conditions as of June 30, 2023. During the three and six months ended June 30, 2023 and 2022, no loan modifications were made with borrowers experiencing financial difficulty. At June 30, 2023 and December 31, 2022, we held no mortgage loans that were greater than 90 days past due regarding principal and/or interest payments. We had no loan foreclosures for the three and six months ended June 30, 2023 or 2022 Other than our allowance for expected credit losses, we had no specifically identified impaired mortgage loans during the three and six months ended June 30, 2023 or 2022, nor did we recognize any interest income on mortgage loans subsequent to impairment. At June 30, 2023, we had no commitments to fund commercial mortgage loans. Consistent with how we determine the estimate of current expected credit losses for our funded mortgage loans each period, we estimate expected credit losses for loans that have not been funded but we are committed to fund at the end of each period. At June 30, 2023 and December 31, 2022 we had no amount and a nominal amount, respectively, of expected credit losses related to unfunded commitments on our consolidated balance sheets. Investment Real Estate Our investment real estate balance was $70.3 million and $71.6 million at June 30, 2023 and December 31, 2022 respectively, and the associated accumulated depreciation was $124.7 million and $122.1 million at June 30, 2023 and December 31, 2022 respectively. We did not recognize any impairments related to our real estate during the three and six months ended June 30, 2023 and 2022. Our held for sale real estate balance was $40.9 million at both June 30, 2023 and December 31, 2022 and the associated accumulated depreciation was $54.2 million at both June 30, 2023 and December 31, 2022. In the first quarter of 2022, we reclassified property previously held for the production of income to property held for sale. The carrying value of the property was $40.1 million as of both June 30, 2023 and December 31, 2022 and is primarily recorded within our Corporate segment. The estimated fair value less costs to sell is above the carrying value of the property and we expect to close the sale of the property within the next twelve months. Transfers of Financial Assets To manage our cash position more efficiently, we may enter into repurchase agreements with unaffiliated financial institutions. We generally use repurchase agreements as a means to finance the purchase of invested assets or for short-term general business purposes until projected cash flows become available from our operations or existing investments. Our repurchase agreements are typically outstanding for less than 30 days. We post collateral through our repurchase agreement transactions whereby the counterparty commits to purchase securities with the agreement to resell them to us at a later, specified date. The fair value of collateral posted is generally 102 percent of the cash received. Our investment policy also permits us to lend fixed maturity securities to unaffiliated financial institutions in short-term securities lending agreements. These agreements increase our investment income with minimal risk. Our securities lending policy requires that a minimum of 102 percent of the fair value of the securities loaned be maintained as collateral. We may receive cash and/or securities as collateral under these agreements. Cash received as collateral is typically reinvested in short-term investments. If securities are received as collateral, we are not permitted to sell or re-post them. As of June 30, 2023, the carrying amount of fixed maturity securities loaned to third parties under our securities lending program was $118.2 million, for which we received collateral in the form of cash and securities of $97.5 million and $26.3 million, respectively. As of December 31, 2022, the carrying amount of fixed maturity securities loaned to third parties under our securities lending program was $152.4 million, for which we received collateral in the form of cash and securities of $88.5 million and $69.8 million, respectively. We had no outstanding repurchase agreements at June 30, 2023 or December 31, 2022. The remaining contractual maturities of our securities lending agreements disaggregated by class of assets pledged are as follows: June 30, 2023 December 31, 2022 Overnight and Continuous (in millions of dollars) Borrowings United States Government and Government Agencies and Authorities $ — $ 0.3 States, Municipalities, and Political Subdivisions — — Public Utilities 8.2 6.3 All Other Corporate Bonds 89.3 81.9 Total Borrowings $ 97.5 $ 88.5 Gross Amount of Recognized Liability for Securities Lending Transactions 97.5 88.5 Amounts Related to Agreements Not Included in Offsetting Disclosure Contained Herein $ — $ — Certain of our U.S. insurance subsidiaries are members of regional FHLBs. Membership, which requires that we purchase a minimum amount of FHLB common stock on which we receive dividends, provides access to low-cost funding. Advances received from the FHLB are used for the purchase of fixed maturity securities. Additional common stock purchases may be required, based on the amount of funds we borrow from the FHLBs. The carrying value of common stock owned, collateral posted, and advances received are as follows: June 30, 2023 December 31, 2022 (in millions of dollars) Carrying Value of FHLB Common Stock $ 14.8 $ 17.1 Advances from FHLB 55.1 99.1 Carrying Value of Collateral Posted to FHLB Fixed Maturity Securities $ 379.9 $ 527.1 Commercial Mortgage Loans 776.4 801.9 Total Carrying Value of Collateral Posted to FHLB $ 1,156.3 $ 1,329.0 Offsetting of Financial Instruments We enter into master netting agreements with each of our derivative's counterparties. These agreements provide for conditional rights of set-off upon the occurrence of an early termination event. An early termination event is considered a default, and it allows the non-defaulting party to offset its contracts in a loss position against any gain positions or payments due to the defaulting party. Under our agreements, default type events are defined as failure to pay or deliver as contractually agreed, misrepresentation, bankruptcy, or merger without assumption. See Note 5 for further discussion of collateral related to our derivative contracts. We have securities lending agreements with unaffiliated financial institutions that post collateral to us in return for the use of our fixed maturity securities. A right of set-off exists that allows us to keep and apply collateral received in the event of default by the counterparty. Default within a securities lending agreement would typically occur if the counterparty failed to return the securities borrowed from us as contractually agreed. In addition, if we default by not returning collateral received, the counterparty has a right of set-off against our securities or any other amounts due to us. 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, 2023 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 $ 80.6 $ — $ 80.6 $ (56.4) $ (24.2) $ — Securities Lending 118.2 — 118.2 (20.7) (97.5) — Total $ 198.8 $ — $ 198.8 $ (77.1) $ (121.7) $ — Financial Liabilities: Derivatives $ 76.4 $ — $ 76.4 $ (75.0) $ — $ 1.4 Securities Lending 97.5 — 97.5 (97.5) — — Total $ 173.9 $ — $ 173.9 $ (172.5) $ — $ 1.4 December 31, 2022 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 $ 89.1 $ — $ 89.1 $ (38.0) $ (49.4) $ 1.7 Securities Lending 152.4 — 152.4 (63.9) (88.5) — Total $ 241.5 $ — $ 241.5 $ (101.9) $ (137.9) $ 1.7 Financial Liabilities: Derivatives $ 74.0 $ — $ 74.0 $ (73.2) $ — $ 0.8 Securities Lending 88.5 — 88.5 (88.5) — — Total $ 162.5 $ — $ 162.5 $ (161.7) $ — $ 0.8 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 2023 2022 2023 2022 (in millions of dollars) Fixed Maturity Securities $ 470.7 $ 467.7 $ 925.8 $ 923.2 Derivatives 11.0 15.8 22.9 30.2 Mortgage Loans 23.5 25.9 46.9 52.9 Policy Loans 5.2 5.0 10.2 9.7 Other Long-term Investments Perpetual Preferred Securities 1 0.9 (0.8) 1.8 2.1 Private Equity Partnerships 2 19.8 53.6 34.1 86.0 Other 2.7 1.7 4.5 3.8 Short-term Investments 16.2 2.5 30.3 3.3 Gross Investment Income 550.0 571.4 1,076.5 1,111.2 Less Investment Expenses 15.8 9.5 30.5 19.1 Less Investment Income on Participation Fund Account Assets 3.1 2.9 6.1 5.9 Net Investment Income $ 531.1 $ 559.0 $ 1,039.9 $ 1,086.2 1 The net unrealized gain (loss) recognized in net investment income for the three and six months ended June 30, 2023 related to perpetual preferred securities still held at June 30, 2023 was $(0.2) million and $0.5 million, respectively. The net unrealized gain (loss) recognized in net investment income for the three and six months ended June 30, 2022 related to perpetual preferred securities still held at June 30, 2022 was $(1.4) million and $1.0 million, respectively. 2 The net unrealized gain recognized in net investment income for the three and six months ended June 30, 2023 related to private equity partnerships still held at June 30, 2023 was $25.1 million and $42.9 million, respectively, reduced by net management fees and partnership expenses of $(5.3) million and $(8.8) million, respectively. The net unrealized gain recognized in net investment income for the three and six months ended June 30, 2022 related to private equity partnerships still held at June 30, 2022 was $26.9 million and $43.2 million, respectively, reduced by net management fees and partnership expenses of $(2.7) million and $(6.5) million, respectively. See Note 3 for further discussion of private equity partnerships. Investment Gain and Loss Investment gains and losses are as follows: Three Months Ended June 30 Six Months Ended June 30 2023 2022 2023 2022 (in millions of dollars) Fixed Maturity Securities Gross Gains on Sales $ 2.8 $ 0.5 $ 3.3 $ 0.8 Gross Losses on Sales (13.1) (4.2) (13.3) (13.0) Credit Losses — — — ( |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Note 5 - Derivative Financial Instruments Purpose of Derivatives We are exposed to certain risks relating to our ongoing business operations. The primary risks managed by using derivative instruments are interest rate risk, risk related to matching duration for our assets and liabilities, foreign currency risk, credit risk, and equity risk. Historically, we have utilized current and forward interest rate swaps, current and forward currency swaps, forward benchmark interest rate locks, currency forward contracts, forward contracts on specific fixed income securities, credit default swaps, and total return swaps. Transactions hedging interest rate risk are primarily associated with our individual and group long-term care and individual and group disability products. All other product portfolios are periodically reviewed to determine if hedging strategies would be appropriate for risk management purposes. We do not use derivative financial instruments for speculative purposes. Derivatives designated as cash flow hedges and used to reduce our exposure to interest rate and duration risk are as follows: • Interest rate swaps were used to hedge interest rate risks and to improve the matching of assets and liabilities. An interest rate swap is an agreement in which we agree with other parties to exchange, at specified intervals, the difference between fixed rate and variable rate interest amounts. We used interest rate swaps to hedge the anticipated purchase of fixed maturity securities thereby protecting us from the potential adverse impact of declining interest rates on the associated policy reserves. We also used interest rate swaps to hedge the potential adverse impact of rising interest rates in anticipation of issuing fixed rate long-term debt. • Forward benchmark interest rate locks are used to minimize interest rate risk associated with the anticipated purchase or disposal of fixed maturity securities or the anticipated issuance of fixed rate long-term debt. A forward benchmark interest rate lock is a derivative contract without an initial investment where we and the counterparty agree to purchase or sell a specific benchmark interest rate fixed maturity bond at a future date at a pre-determined price or yield. Derivatives designated as either cash flow or fair value hedges and used to reduce our exposure to foreign currency risk are as follows: • Foreign currency interest rate swaps are used to hedge the currency risk of certain foreign currency-denominated fixed maturity securities owned for portfolio diversification. Under these swap agreements, we agree to pay, at specified intervals, fixed rate foreign currency-denominated principal and interest payments in exchange for fixed rate payments in the functional currency of the operating segment. Derivatives not designated as hedging instruments and used to reduce our exposure to foreign currency risk, credit losses on securities owned and volatility of the underlying deferred assets in our non-qualified defined contribution plan are as follows: • Foreign currency interest rate swaps previously designated as hedges were used to hedge the currency risk of certain foreign currency-denominated fixed maturity securities owned for portfolio diversification. These derivatives were effective hedges prior to novation to a new counterparty. In conjunction with the novation, these derivatives were de-designated as hedges. We agree to pay, at specified intervals, fixed rate foreign currency-denominated principal and interest payments in exchange for fixed rate payments in the functional currency of the operating segment. We hold offsetting swaps wherein we agree to pay fixed rate principal and interest payments in the functional currency of the operating segment in exchange for fixed rate foreign currency-denominated payments. • Credit default swaps were used as economic hedges against credit risk but do not qualify for hedge accounting. A credit default swap is an agreement in which we agree with another party to pay, at specified intervals, a fixed-rate fee in exchange for insurance against a credit event on a specific investment. If a defined credit event occurred, our counterparty could have either paid us a net cash settlement, or we could have surrendered the specific investment to them in exchange for cash equal to the full notional amount of the swap. Credit events typically include events such as bankruptcy, failure to pay, or certain types of debt restructuring. • Foreign currency forward contracts are used to minimize foreign currency risk. A foreign currency forward is a derivative without an initial investment where we and the counterparty agree to exchange a specific amount of currencies, at a specific exchange rate, on a specific date. We use these forward contracts to hedge the currency risk arising from foreign-currency denominated investments. • Total Return Swap s are used to economically hedge a portion of the liability related to our non-qualified defined contribution plan. A total return swap is an agreement in which we pay a floating rate of interest to the counterparty and receive the total return on a portfolio of exchange traded funds. These swaps are cash settled on the last day of every month and the notional is re-established each month based on periodic distributions from and contributions to the plan assets. Derivative Risks The basic types of risks associated with derivatives are market risk (that the value of the derivative will be adversely impacted by changes in the market, primarily the change in interest and exchange rates) and credit risk (that the counterparty will not perform according to the terms of the contract). The market risk of the derivatives should generally offset the market risk associated with the hedged financial instrument or liability. To help limit the credit exposure of the derivatives, we enter into master netting agreements with our counterparties whereby contracts in a gain position can be offset against contracts in a loss position. We also typically enter into bilateral, cross-collateralization agreements with our counterparties to help limit the credit exposure of the derivatives. These agreements require the counterparty in a loss position to submit acceptable collateral with the other counterparty in the event the net loss position meets or exceeds an agreed upon amount. Credit exposure on derivatives is limited to the value of those contracts in a net gain position, including accrued interest receivable less collateral held. As of June 30, 2023, we had no credit exposure on derivatives. As of December 31, 2022, we had $1.7 million credit exposure on derivatives. The table below summarizes the nature and amount of collateral received from and posted to our derivative counterparties. June 30, 2023 December 31, 2022 (in millions of dollars) Carrying Value of Collateral Received from Counterparties Cash $ 28.4 $ 49.4 Fixed Maturity Securities 18.5 — $ 46.9 $ 49.4 Carrying Value of Collateral Posted to Counterparties Cash $ — $ 5.1 Fixed Maturity Securities 41.5 39.6 $ 41.5 $ 44.7 See Note 4 for further discussion of our master netting agreements. The majority of our derivative instruments contain provisions that require us to maintain specified issuer credit ratings and financial strength ratings. Should our ratings fall below these specified levels, we would be in violation of the provisions, and our derivatives counterparties could terminate our contracts and request immediate payment. The aggregate fair value of all derivative instruments with credit risk-related contingent features that were in a liability position was $76.4 million and $74.0 million at June 30, 2023 and December 31, 2022, respectively. Cash Flow Hedges As of June 30, 2023 and December 31, 2022, we had $159.6 million and $168.9 million, respectively, notional amount of receive fixed, pay fixed, open current and forward foreign currency interest rate swaps to hedge fixed income foreign currency-denominated securities. As of June 30, 2023 and December 31, 2022, we had $1,242.0 million and $764.0 million, respectively, notional amount of forward benchmark interest rate locks to hedge the anticipated purchase of fixed maturity securities. As of June 30, 2023, we expect to amortize approximately $26.2 million of net deferred gains on derivative instruments during the next twelve months. This amount will be reclassified from AOCI into earnings and reported on the same income statement line item as the hedged item. The income statement line items that will be affected by this amortization are net investment income and interest and debt expense. Additional amounts that may be reclassified from AOCI into earnings to offset the earnings impact of foreign currency translation of hedged items are not estimable. As of June 30, 2023, we are hedging the variability of future cash flows associated with forecasted transactions through the year 2053. Fair Value Hedges As of June 30, 2023 and December 31, 2022, we had $590.0 million and $557.8 million, respectively, notional amount of receive fixed, pay fixed, open current and forward foreign currency interest rate swaps to hedge fixed income foreign currency-denominated securities. The following table summarizes the carrying amount of hedged assets and the related cumulative basis adjustments related to our fair value hedges: Carrying Amount of Hedged Assets Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 (in millions of dollars) Fixed maturity securities: Receive fixed functional currency interest, pay fixed foreign currency interest $ 438.5 $ 394.4 $ (18.3) $ (24.8) For the three and six months ended June 30, 2023, $(9.7) million and $(7.2) million, respectively, of the derivative instruments' gain (loss) was excluded from the assessment of hedge effectiveness. For the three and six months ended June 30, 2022, $10.3 million and $13.7 million, respectively, of the derivative instruments' gain was excluded from the assessment of hedge effectiveness. There were no instances wherein we discontinued fair value hedge accounting due to a hedged firm commitment no longer qualifying as a fair value hedge. Derivatives not Designated as Hedging Instruments At both June 30, 2023 and December 31, 2022, we held $132.0 million notional amount of receive fixed, pay fixed, foreign currency interest rate swaps. These derivatives are not designated as hedges, and as such, changes in fair value related to these derivatives are reported in earnings as a component of net investment gain or loss. As of June 30, 2023 and December 31, 2022, we held $54.0 million and $54.3 million, respectively, notional amount of foreign currency forwards to mitigate the foreign currency risk associated with specific securities owned. These derivatives are not designated as hedges, and as such, changes in fair value related to these derivatives are reported in earnings as a component of net investment gain or loss. As of June 30, 2023 and December 31, 2022, we held $88.8 million and $76.9 million, respectively, notional amount of total return swaps to mitigate the volatility associated with changes in the fair value of the underlying notional assets in our non-qualified defined contribution plan. This derivative is an economic hedge not designated as a hedging instrument, and changes in fair value are reported as a component of other expenses in our income statement. We have an embedded derivative in a modified coinsurance arrangement for which we include in our net investment gains and losses, a calculation intended to estimate the value of the option of our reinsurance counterparty to cancel the reinsurance contract with us. However, neither party can unilaterally terminate the reinsurance agreement except in extreme circumstances resulting from regulatory supervision, delinquency proceedings, or other direct regulatory action. Cash settlements or collateral related to this embedded derivative are not required at any time during the reinsurance contract or at termination of the reinsurance contract. There are no credit-related counterparty triggers, and any accumulated embedded derivative gain or loss reduces to zero over time as the reinsured business winds down. Locations and Amounts of Derivative Financial Instruments The following tables summarize the notional amounts and fair values of derivative financial instruments, as reported in our consolidated balance sheets. Derivative assets are included in other long-term investments, while derivative liabilities are included in other liabilities within our consolidated balance sheets. The notional amounts represent the basis upon which our counterparty pay and receive amounts are calculated. June 30, 2023 Derivative Assets Derivative Liabilities Notional Fair Fair (in millions of dollars) Designated as Hedging Instruments Cash Flow Hedges Forward Benchmark Interest Rate Locks $ 1,242.0 $ 3.6 $ 44.4 Foreign Currency Interest Rate Swaps 159.6 16.0 4.3 Total Cash Flow Hedges 1,401.6 19.6 48.7 Fair Value Hedges Foreign Currency Interest Rate Swaps 590.0 57.6 10.7 Total Designated as Hedging Instruments $ 1,991.6 $ 77.2 $ 59.4 Not Designated as Hedging Instruments Foreign Currency Forwards $ 54.0 $ 3.4 $ 0.1 Foreign Currency Interest Rate Swaps 132.0 — 16.9 Total Return Swaps 88.8 — — Embedded Derivative in Modified Coinsurance Arrangement — — 8.4 Total Not Designated as Hedging Instruments $ 274.8 $ 3.4 $ 25.4 Total Derivatives $ 2,266.4 $ 80.6 $ 84.8 December 31, 2022 Derivative Assets Derivative Liabilities Notional Fair Fair (in millions of dollars) Designated as Hedging Instruments Cash Flow Hedges Forward Benchmark Interest Rate Locks $ 764.0 $ 1.6 $ 48.4 Foreign Currency Interest Rate Swaps 168.9 17.5 3.1 Total Cash Flow Hedges 932.9 19.1 51.5 Fair Value Hedges Foreign Currency Interest Rate Swaps 557.8 66.0 5.4 Total Designated as Hedging Instruments $ 1,490.7 $ 85.1 $ 56.9 Not Designated as Hedging Instruments Foreign Currency Forwards $ 54.3 $ 4.0 $ 0.1 Foreign Currency Interest Rate Swaps 132.0 — 17.0 Total Return Swaps 76.9 — — Embedded Derivative in Modified Coinsurance Arrangement — — 13.9 Total Not Designated as Hedging Instruments $ 263.2 $ 4.0 $ 31.0 Total Derivatives $ 1,753.9 $ 89.1 $ 87.9 The following tables summarize the location of gains and losses of derivative financial instruments designated as hedging instruments, as reported in our consolidated statements of income. Three Months Ended June 30 2023 2022 Net Investment Income Net Investment Gain (Loss) Interest and Debt Expense Net Investment Income Net Investment Gain (Loss) Interest and Debt Expense (in millions of dollars) Total Income and Expense Presented in the Consolidated Statements of Income of Which Hedged Items are Recorded $ 531.1 $ 0.9 $ 48.9 $ 559.0 $ (4.1) $ 47.4 Gain (Loss) on Cash Flow Hedging Relationships Interest Rate Swaps: Hedged items 49.0 0.8 0.8 50.3 — 0.7 Derivatives Designated as Hedging Instruments 9.0 — — 13.0 — — Foreign Exchange Contracts: Hedged items 2.5 — — 2.8 — — Derivatives Designated as Hedging Instruments (0.1) 0.1 — 0.4 — — Forward Benchmark Interest Rate Locks: Hedged items 3.1 — — — — — Derivatives Designated as Hedging Instruments — — — — — — Gain (Loss) on Fair Value Hedging Relationships Foreign Exchange Contracts Hedged items 3.2 3.3 — 3.1 (27.6) — Derivatives Designated as Hedging Instruments 2.3 (3.3) — 2.7 27.6 — Six Months Ended June 30 2023 2022 Net Investment Income Net Investment Gain (Loss) Interest and Debt Expense Net Investment Income Net Investment Gain (Loss) Interest and Debt Expense (in millions of dollars) Total Income and Expense Presented in the Consolidated Statements of Income of Which Hedged Items are Recorded $ 1,039.9 $ 1.0 $ 97.0 $ 1,086.2 $ (17.9) $ 94.3 Gain (Loss) on Cash Flow Hedging Relationships Interest Rate Swaps: Hedged items 98.5 0.8 1.5 100.7 — 1.4 Derivatives Designated as Hedging Instruments 19.4 — — 26.4 — — Foreign Exchange Contracts: Hedged items 5.0 — — 5.6 — — Derivatives Designated as Hedging Instruments 0.2 0.1 — 0.6 — — Forward Benchmark Interest Rate Locks: Hedged items 3.8 — — — — — Derivatives Designated as Hedging Instruments — — — — — — Gain (Loss) on Fair Value Hedging Relationships Foreign Exchange Contracts Hedged items 6.4 6.5 — 5.8 (32.9) — Derivatives Designated as Hedging Instruments 3.6 (6.5) — 4.1 32.9 — The following table summarizes the location of gains and losses of derivative financial instruments designated as cash flow hedging instruments, as reported in our consolidated statements of comprehensive income (loss). Three Months Ended June 30 Six Months Ended June 30 2023 2022 2023 2022 (in millions of dollars) Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives Forwards $ (30.7) $ 3.3 $ (0.8) $ 2.3 Foreign Exchange Contracts (2.5) 6.4 (2.7) 4.3 Total $ (33.2) $ 9.7 $ (3.5) $ 6.6 The following table summarizes the location of gains and losses on our derivatives not designated as hedging instruments, as reported in our consolidated statements of income. Three Months Ended June 30 Six Months Ended June 30 2023 2022 2023 2022 (in millions of dollars) Net Investment Gain (Loss) Foreign Exchange Contracts $ 0.6 $ 3.7 $ — $ 5.5 Embedded Derivative in Modified Coinsurance Arrangement 5.2 (0.8) 5.5 (4.2) Total $ 5.8 $ 2.9 $ 5.5 $ 1.3 Other Expenses (Gain) Loss on Total Return Swaps $ (4.2) $ 13.0 $ (8.8) $ 18.7 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2023 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Components of our accumulated other comprehensive loss, after tax, and related changes are as follows: Net Unrealized Gain (Loss) on Securities Effect of Change in Discount Rate Assumptions on the LFPB 1 Net Gain (Loss) on Hedges Foreign Currency Translation Adjustment Unrecognized Pension and Postretirement Benefit Costs Total (in millions of dollars) Balance at March 31, 2023 $ (2,205.2) $ (260.0) $ 7.8 $ (365.4) $ (339.5) $ (3,162.3) Other Comprehensive Income (Loss) Before Reclassifications (565.5) 260.1 (34.1) 38.3 3.3 (297.9) Amounts Reclassified from Accumulated Other Comprehensive Income or Loss 8.1 — (7.0) — 1.5 2.6 Net Other Comprehensive Income (Loss) (557.4) 260.1 (41.1) 38.3 4.8 (295.3) Balance at June 30, 2023 $ (2,762.6) $ 0.1 $ (33.3) $ (327.1) $ (334.7) $ (3,457.6) Balance at March 31, 2022 $ 1,120.6 $ (4,912.6) $ 51.4 $ (306.1) $ (391.8) $ (4,438.5) Other Comprehensive Income (Loss) Before Reclassifications (2,683.8) 3,371.4 5.5 (61.4) 2.0 633.7 Amounts Reclassified from Accumulated Other Comprehensive Income or Loss 2.8 — (10.5) — 3.0 (4.7) Net Other Comprehensive Income (Loss) (2,681.0) 3,371.4 (5.0) (61.4) 5.0 629.0 Balance at June 30, 2022 $ (1,560.4) $ (1,541.2) $ 46.4 $ (367.5) $ (386.8) $ (3,809.5) Balance at December 31, 2022 $ (3,028.4) $ 313.9 $ (9.6) $ (390.1) $ (334.1) $ (3,448.3) Other Comprehensive Income (Loss) Before Reclassifications 257.9 (313.8) (8.5) 63.0 (3.4) (4.8) Amounts Reclassified from Accumulated Other Comprehensive Income or Loss 7.9 — (15.2) — 2.8 (4.5) Net Other Comprehensive Income (Loss) 265.8 (313.8) (23.7) 63.0 (0.6) (9.3) Balance at June 30, 2023 $ (2,762.6) $ 0.1 $ (33.3) $ (327.1) $ (334.7) $ (3,457.6) Balance at December 31, 2021 $ 4,014.4 $ (8,570.7) $ 61.8 $ (274.1) $ (396.0) $ (5,164.6) Other Comprehensive Income (Loss) Before Reclassifications (5,587.6) 7,029.5 5.9 (93.4) 3.1 1,357.5 Amounts Reclassified from Accumulated Other Comprehensive Income or Loss 12.8 — (21.3) — 6.1 (2.4) Net Other Comprehensive Income (Loss) (5,574.8) 7,029.5 (15.4) (93.4) 9.2 1,355.1 Balance at June 30, 2022 $ (1,560.4) $ (1,541.2) $ 46.4 $ (367.5) $ (386.8) $ (3,809.5) 1 Liability for Future Policy Benefits The effect of change in discount rate assumptions on the liability for future policy benefits consists of the following components: Change at June 30, 2023 June 30 March 31 December 31 Three Months Six Months 2023 2023 2022 Ended Ended (in millions of dollars) Future Policy Benefits $ (27.1) $ (437.9) $ 445.0 $ 410.8 $ (472.1) Reinsurance Recoverable (666.9) (592.3) (748.4) (74.6) 81.5 Income Tax 694.1 770.2 617.3 (76.1) 76.8 Total $ 0.1 $ (260.0) $ 313.9 $ 260.1 $ (313.8) Change at June 30, 2022 June 30 March 31 December 31 Three Months Six Months 2022 2022 2021 Ended Ended (in millions of dollars) Future Policy Benefits $ (2,277.5) $ (7,168.8) $ (12,565.6) $ 4,891.3 $ 10,288.1 Reinsurance Recoverable (379.8) 236.6 992.5 (616.4) (1,372.3) Income Tax 1,116.1 2,019.6 3,002.4 (903.5) (1,886.3) Total $ (1,541.2) $ (4,912.6) $ (8,570.7) $ 3,371.4 $ 7,029.5 Amounts reclassified from accumulated other comprehensive income (loss) were recognized in our consolidated statements of income as follows: Three Months Ended June 30 Six Months Ended June 30 2023 2022 2023 2022 (in millions of dollars) Net Unrealized Loss on Securities Net Investment Loss Net Loss on Sales of Fixed Maturity Securities $ (10.3) $ (3.7) $ (10.0) $ (12.2) Credit Losses on Fixed Maturity Securities — — — (4.1) (10.3) (3.7) (10.0) (16.3) Income Tax Benefit (2.2) (0.9) (2.1) (3.5) Total $ (8.1) $ (2.8) $ (7.9) $ (12.8) Net Gain (Loss) on Hedges Net Investment Income Gain on Interest Rate Swaps $ 8.9 $ 13.0 $ 19.3 $ 26.4 Gain (Loss) on Foreign Exchange Contracts (0.1) 0.2 (0.1) 0.5 Net Investment Gain Gain on Foreign Exchange Contracts 0.1 — 0.1 — 8.9 13.2 19.3 26.9 Income Tax Expense 1.9 2.7 4.1 5.6 Total $ 7.0 $ 10.5 $ 15.2 $ 21.3 Unrecognized Pension and Postretirement Benefit Costs Other Expenses Amortization of Net Actuarial Loss $ (1.8) $ (3.8) $ (3.6) $ (7.8) Amortization of Prior Service Credit — — 0.1 0.1 (1.8) (3.8) (3.5) (7.7) Income Tax Benefit (0.3) (0.8) (0.7) (1.6) Total $ (1.5) $ (3.0) $ (2.8) $ (6.1) |
Liability for Future Policy Ben
Liability for Future Policy Benefits, Policyholder's Account Balances, and Deferred Acquisition Costs | 6 Months Ended |
Jun. 30, 2023 | |
Insurance [Abstract] | |
Long-Duration Insurance Contracts Disclosure | Liabilities for future policy benefits represent the cost of claims that we estimate we will eventually pay to our policyholders which includes policy liabilities for claims not yet incurred and for claims that have been incurred or are estimated to have been incurred but not yet reported to us. Liabilities for future policy benefits also include the related expenses for our non interest-sensitive life and accident and health products. The liability for future policy benefits is calculated based on the present value of the estimated future policy benefits less the present value of estimated future net premiums collected. Net premiums represent the portion of the gross premium required to provide for all benefits and expenses, excluding acquisition costs or any costs that are required to be charged to expense as incurred. In calculating the liability for future policy benefits, our long-duration contracts are grouped into cohorts by product type and contract issue year. The calculation of the liability for future policy benefits involves numerous assumptions including assumptions related to discount rate, lapses, mortality, and morbidity. The discount rate assumptions were initially set based on the expected investment yield of the assets supporting the reserves at the transition date of ASU 2018-12, which was January 1, 2021, for policies originally issued on or before the transition date. The discount rate assumptions for new cohorts established after the transition date, are initially set based on the policy issuance date or policy renewal date, and are based on an upper-medium grade fixed-income instrument, which is generally equivalent to a single-A interest rate matched to the duration of our insurance liabilities. As cohorts are grouped by product type and issue year, a weighted average discount rate is utilized as policies are issued or renewed throughout the year. We utilize a reference portfolio of fixed-income instruments that have been A-rated by one of the major credit rating agencies. For products with liability cash flows that exceed the duration of observable single-A fixed income instruments, we use the last market observable yield and use extrapolation approaches to determine yield assumptions for durations beyond the last market observable duration. For the discount rate assumptions for products in our Unum International segment, we utilize observable market data in the local debt markets in the UK and Poland. The initial, also referred to as the original, discount rate assumptions established for each cohort are used to determine interest accretion which is reported as a component of policy benefits on the statements of income. After policy issuance or policy renewal, the discount rate assumptions are updated quarterly and used to update the liability at each reporting date to the current discount rate, with the corresponding change reflected as the change in the effect of discount rate assumptions on the liability for future policy benefits, net of reinsurance, on the statement of changes in other comprehensive income (loss). The weighted average current discount rate was 5.0 percent at June 30, 2023 and December 31, 2022. The weighted average current discount rate was 4.4 percent at June 30, 2022 compared to 2.5 percent at December 31, 2021 with the increase due primarily to an increase in U.S. Treasury rates. Policyholder lapse and mortality assumptions reflect the probability that an insureds’ coverage is discontinued due to lapsation or death of the insured. For our life insurance products, mortality assumptions also reflect the probability that a benefit payment occurs. Policyholder lapse and mortality assumptions are based on our actual historical experience adjusted for future expectations. Claim incidence and claim resolution rate assumptions related to morbidity and mortality are based on actual experience or industry standards adjusted as appropriate to reflect our actual experience and future expectations. The claim incidence rate assumption is the rate at which new claims are submitted and the development of this assumption may involve many factors, including the age of the insured, the insured's occupation or industry, the benefit plan design, and certain external factors such as consumer confidence and levels of unemployment. The claim resolution rate assumption is the probability that a claim will close due to recovery or death of the insured and is used to estimate how long benefits will be paid on an open claim. Certain product lines may utilize additional assumptions in calculating the liability for future policy benefits in addition to those listed above such as premium rate increases for long-term care, benefit offsets for long-term disability, and claim costs for voluntary benefits. Claim costs capture the combined effect of the incidence rate, the expected level of benefit to be paid, and the claim resolution rate. Cash flow assumptions are reviewed and updated, as needed, at least annually. Assumptions may be updated more frequently if necessary based on trending experience and future expectations. On a quarterly basis, cohort level cash flow measures are updated based on the emergence of actual experience. The updated cash flows are used to determine the updated net premiums and the net premium ratio, which is the present value of benefits and related expenses divided by the present value of gross premiums. The updated net premium ratio is used to calculate the updated liability for future policy benefits as of the beginning of the year, at the original discount rate. The change in the liability for future policy benefits, at the original discount rate, as of the beginning of the year, resulting from changes in cash flow assumptions and resulting from the emergence of actual experience from expected experience, is reflected as the policy benefits - remeasurement loss (gain) in the consolidated statements of income. The impact of issuances, interest accretion, premiums collected, benefit payments and lapses are reflected as policy benefits in the consolidated statements of income. For most products, a net premium methodology is applied to each cohort to estimate the liability for claims not yet incurred in which discounted gross benefits are compared to discounted gross premiums. In this methodology, actual experience to date is combined with projected future cash flows to determine a net premium ratio for each cohort. The future cash flows include the costs of future expected claims as well as future cash flows on claims that have already been incurred. The net premium ratio is then used to estimate the liability for future policy benefits. The liability for future policy benefits represents the present value of future claims and associated expenses less the present value of future net premiums, which is derived by multiplying the present value of future gross premium by the net premium ratio. For our group products in the Unum US and Unum International segments, we evaluate the liability for future policy benefits required for active policies in comparison to incurred claims. Given the term nature of the products, their renewal features, and level funding nature of the premium for these products, we have determined that the liability value is generally zero for policies that are not on claim. In this situation, our liability for future policy benefit values are limited to the liability associated with claims incurred as of the valuation date. Multiple estimation methods exist to establish liabilities for the incurred claim component of future policy benefits. Available reserving methods utilized to calculate these liabilities include the tabular reserve method, the paid loss development method, the incurred loss development method, the count and severity method, and the expected claim cost method. No single method is better than the others in all situations and for all product lines. The estimation methods we have chosen are those that we believe produce the most accurate and reliable liability. We use a tabular reserve methodology on reported claims for our Unum US group long-term disability and individual disability claims as well as for our Closed Block long-term care claims. Under the tabular reserve methodology, the liability for reported claims is based on certain characteristics of the actual reported claimants and their related policy provisions, such as age, length of time disabled, and medical diagnosis, as well as assumptions regarding claim duration, discount rate, and policy benefit offsets. We believe the tabular reserve method is the most accurate to calculate long-term liabilities and allows us to use the most available known facts about each claim. Incurred, but not reported (IBNR) liabilities for future policy benefits for our longer-term products are calculated using the count and severity method using historical patterns of the claims to be reported and the associated claim costs. For Unum US group short-term disability products, an estimate of the value of future payments to be made on claims already submitted, as well as on IBNR claims, is determined in aggregate using a paid loss development method rather than on the individual claimant basis that we use for reported claims on longer-term products. The average length of time between the event triggering a claim under a policy and the final resolution of those claims is much shorter for these products and results in less estimation variability. Liabilities for claims for Unum US group life and accidental death and dismemberment products are related primarily to death claims reported but not yet paid, IBNR death claims, and a liability for waiver of premium benefits in the event the policyholder becomes disabled. The death claim liability is based on the actual face amount to be paid, the IBNR liability is calculated using the count and severity method based on historical patterns of the claims, and the waiver of premium benefits liability is calculated using the tabular reserve methodology. Liabilities for claims related to the group and individual dental and vision products reported in our Unum US and Colonial Life segments have a short claim payout period. As a result, the liabilities, which primarily represent IBNR and a small amount of claims pending payment, are calculated using the paid loss development method. Liabilities for future policy benefits supporting the group products within our Unum International segment are calculated using generally the same methodology that we use for Unum US group disability and group life liabilities. Liabilities for future policy benefits for our Unum UK group life dependent product, which provides an annuity to the beneficiary upon the death of an employee, are calculated using discounted cash flows, based on our assumptions for claim duration and discount rates. The assumptions used in calculating liabilities for future policy benefits for this segment are based on standard country-specific industry experience, adjusted for our own experience. Certain products in the Colonial Life segment and the Unum US voluntary benefits product line have shorter-term benefits, which generally have less estimation variability than our longer-term products because of the shorter claim payout period. Our liabilities for future policy benefits for these lines of business are predominantly determined using the incurred loss development method based on our own experience. The incurred loss development method uses the historical patterns of payments by loss date to predict future claim payments for each loss date. Where the incurred loss development method may not be appropriate, we estimate the incurred claims using an expected claim cost per policy or other measure of exposure. For the six months ended June 30, 2023 and 2022, there were certain cohorts within the Colonial Life segment, related to our cancer and critical illness product line, and within the Closed Block segment, related to our long-term care product line, for which net premiums exceeded gross premiums. There were no other product lines with cohorts for which net premiums exceeded gross premiums for the six months ended June 30, 2023 and 2022. Actual variance from expected experience was favorable during the first six months of 2023 and 2022 due primarily to the Unum US group disability and Unum US group life and accidental death and dismemberment product lines. The favorability in the Unum US group disability product line was primarily due to higher than expected claim resolutions driven by recoveries. The favorability in the Unum US group life and accidental death and dismemberment product line was driven primarily by lower than expected new claim incidence for waiver of premium benefits. The following table presents balances as well as the changes in the liability for future policy benefits for traditional long duration products. Consolidated June 30 2023 2022 (in millions of dollars) Present Value of Expected Net Premiums Balance, beginning of year $ 12,426.2 $ 15,881.3 Beginning balance at original discount rate 12,695.3 13,186.2 Effect of changes in cash flow assumptions — — Effect of actual variances from expected experience (118.1) (174.5) Adjusted beginning of year balance 12,577.2 13,011.7 Issuances 514.4 548.7 Interest accretion 275.7 290.6 Net premiums collected (774.1) (814.2) Foreign currency 20.0 (26.3) Ending balance at original discount rate 12,613.2 13,010.5 Effect of change in discount rate assumptions (153.3) 330.1 Balance, end of period $ 12,459.9 $ 13,340.6 Present Value of Expected Future Policy Benefits Balance, beginning of year $ 48,929.4 $ 65,305.0 Beginning balance at original discount rate 49,689.0 50,397.2 Effect of changes in cash flow assumptions — — Effect of actual variances from expected experience (351.3) (294.0) Adjusted beginning of year balance 49,337.7 50,103.2 Issuances 1 1,837.0 1,960.5 Interest accretion 1,104.6 1,137.6 Benefit payments (2,888.7) (2,934.4) Foreign currency 140.8 (276.1) Ending balance at original discount rate 49,531.4 49,990.8 Effect of change in discount rate assumptions (173.3) 2,485.6 Balance, end of period $ 49,358.1 $ 52,476.4 Net liability for future policy benefits $ 36,898.2 $ 39,135.8 Other 1,806.7 2,055.5 Total liability for future policy benefits 38,704.9 41,191.3 Less: Reinsurance recoverable related to future policy benefits 7,922.9 8,621.9 Net liability for future policy benefits, after reinsurance recoverable $ 30,782.0 $ 32,569.4 1 Issuances include new policy issuances for most product lines. For our Unum US group disability, Unum US group life and AD&D and Closed Block - All Other product lines and certain of our Unum International product lines, this line represents new claim incurrals. The following tables summarize the amount of gross premiums and interest accretion reflected in the statements of income as well as the undiscounted and discounted expected gross premiums and expected future benefit payments and the weighted average interest rates for traditional long duration products presented in the rollforward activity above. Consolidated Six Months Ended June 30 2023 2022 (in millions of dollars) Amount recognized in the statement of income: Gross premiums or assessments $ 4,828.8 $ 4,701.2 Interest accretion $ 828.9 $ 847.0 Consolidated June 30 2023 2022 (in millions of dollars, except weighted average data) Amount of undiscounted: Expected future benefit payments $ 96,348.8 $ 97,127.5 Expected future gross premiums $ 35,233.5 $ 35,019.4 Amount of discounted (at interest accretion rate): Expected future gross premiums $ 23,774.0 $ 23,766.2 Weighted average interest rate: Interest accretion rate 4.8 % 4.7 % Current discount rate 5.0 % 4.4 % Weighted average duration of the liability 10.8 years 10.8 years The following table presents the balances and changes in the reserves for future policy benefits for traditional long duration products in the Unum US segment. June 30, 2023 Group Disability Group Life and AD&D Voluntary Benefits Individual Disability Total Unum US (in millions of dollars) Present Value of Expected Net Premiums Balance, beginning of year $ — $ — $ 868.2 $ 1,202.9 $ 2,071.1 Beginning balance at original discount rate — — 937.9 1,228.1 2,166.0 Effect of changes in cash flow assumptions — — — — — Effect of actual variances from expected experience — — (91.5) (22.4) (113.9) Adjusted beginning of year balance — — 846.4 1,205.7 2,052.1 Issuances — — 102.6 98.3 200.9 Interest accretion — — 13.7 24.4 38.1 Net premiums collected — — (74.1) (89.0) (163.1) Ending balance at original discount rate — — 888.6 1,239.4 2,128.0 Effect of change in discount rate assumptions — — (56.8) (20.2) (77.0) Balance, end of period $ — $ — $ 831.8 $ 1,219.2 $ 2,051.0 Present Value of Expected Future Policy Benefits Balance, beginning of year $ 5,533.3 $ 972.6 $ 1,999.5 $ 3,192.8 $ 11,698.2 Beginning balance at original discount rate 5,793.1 998.5 2,141.2 3,244.5 12,177.3 Effect of changes in cash flow assumptions — — — — — Effect of actual variances from expected experience (162.8) (25.4) (121.1) (45.8) (355.1) Adjusted beginning of year balance 5,630.3 973.1 2,020.1 3,198.7 11,822.2 Issuances 1 714.3 311.7 112.3 102.4 1,240.7 Interest accretion 98.4 11.1 42.5 82.0 234.0 Benefit payments (855.0) (349.1) (83.2) (135.4) (1,422.7) Ending balance at original discount rate 5,588.0 946.8 2,091.7 3,247.7 11,874.2 Effect of change in discount rate assumptions (224.0) (23.5) (100.8) (24.4) (372.7) Balance, end of period $ 5,364.0 $ 923.3 $ 1,990.9 $ 3,223.3 $ 11,501.5 Net liability for future policy benefits $ 5,364.0 $ 923.3 $ 1,159.1 $ 2,004.1 $ 9,450.5 Other 0.3 0.9 17.4 27.0 45.6 Total liability for future policy benefits 5,364.3 924.2 1,176.5 2,031.1 9,496.1 Less: Reinsurance recoverable related to future policy benefits 33.7 6.5 12.0 190.7 242.9 Net liability for future policy benefits, after reinsurance recoverable $ 5,330.6 $ 917.7 $ 1,164.5 $ 1,840.4 $ 9,253.2 1 Issuances include new policy issuances for most product lines. Issuances for Unum US group disability and Unum US group life and AD&D represents new claim incurrals. June 30, 2022 Group Disability Group Life and AD&D Voluntary Benefits Individual Disability Total Unum US (in millions of dollars) Present Value of Expected Net Premiums Balance, beginning of year $ — $ — $ 1,124.8 $ 1,494.3 $ 2,619.1 Beginning balance at original discount rate — — 1,032.3 1,279.6 2,311.9 Effect of changes in cash flow assumptions — — — — — Effect of actual variances from expected experience — — (69.8) (14.1) (83.9) Adjusted beginning of year balance — — 962.5 1,265.5 2,228.0 Issuances — — 118.9 89.5 208.4 Interest accretion — — 15.3 26.4 41.7 Net premiums collected — — (91.8) (89.0) (180.8) Ending balance at original discount rate — — 1,004.9 1,292.4 2,297.3 Effect of change in discount rate assumptions — — (36.9) 21.8 (15.1) Balance, end of period $ — $ — $ 968.0 $ 1,314.2 $ 2,282.2 Present Value of Expected Future Policy Benefits Balance, beginning of year $ 6,725.7 $ 1,124.1 $ 2,697.3 $ 4,017.3 $ 14,564.4 Beginning balance at original discount rate 6,158.3 1,058.3 2,201.8 3,253.3 12,671.7 Effect of changes in cash flow assumptions — — — — — Effect of actual variances from expected experience (120.4) (22.2) (74.3) (20.2) (237.1) Adjusted beginning of year balance 6,037.9 1,036.1 2,127.5 3,233.1 12,434.6 Issuances 1 789.2 311.4 130.1 92.9 1,323.6 Interest accretion 113.4 13.2 43.9 78.6 249.1 Benefit payments (876.1) (380.4) (103.4) (127.6) (1,487.5) Ending balance at original discount rate 6,064.4 980.3 2,198.1 3,277.0 12,519.8 Effect of change in discount rate assumptions (66.8) (7.4) (9.1) 110.4 27.1 Balance, end of period $ 5,997.6 $ 972.9 $ 2,189.0 $ 3,387.4 $ 12,546.9 Net liability for future policy benefits $ 5,997.6 $ 972.9 $ 1,221.0 $ 2,073.2 $ 10,264.7 Other 0.5 0.9 15.6 58.2 75.2 Total liability for future policy benefits 5,998.1 973.8 1,236.6 2,131.4 10,339.9 Less: Reinsurance recoverable related to future policy benefits 37.4 5.6 26.0 201.8 270.8 Net liability for future policy benefits, after reinsurance recoverable $ 5,960.7 $ 968.2 $ 1,210.6 $ 1,929.6 $ 10,069.1 1 Issuances include new policy issuances for most product lines. Issuances for Unum US group disability and Unum US group life and AD&D represents new claim incurrals. The following tables summarize the amount of gross premiums and interest accretion reflected in the statements of income as well as the undiscounted and discounted expected gross premiums and expected future benefit payments and the weighted average interest rates for traditional long duration products in the Unum US segment presented in the rollforward activity above. Six Months Ended June 30, 2023 Group Disability Group Life and AD&D Voluntary Benefits Individual Disability Total Unum US (in millions of dollars) Amount recognized in the statement of income: Gross premiums or assessments $ 1,463.6 $ 930.5 $ 397.2 $ 314.4 $ 3,105.7 Interest accretion $ 98.4 $ 11.1 $ 28.8 $ 57.6 $ 195.9 Six Months Ended June 30, 2022 Group Disability Group Life and AD&D Voluntary Benefits Individual Disability Total Unum US (in millions of dollars) Amount recognized in the statement of income: Gross premiums or assessments $ 1,372.4 $ 929.0 $ 401.4 $ 296.4 $ 2,999.2 Interest accretion $ 113.4 $ 13.2 $ 28.6 $ 52.2 $ 207.4 June 30, 2023 Group Disability Group Life and AD&D Voluntary Benefits Individual Disability Total Unum US (in millions of dollars, except weighted average data) Amount of undiscounted: Expected future benefit payments $ 6,731.6 $ 1,077.4 $ 4,526.3 $ 5,185.6 $ 17,520.9 Expected future gross premiums $ — $ — $ 3,857.9 $ 5,637.4 $ 9,495.3 Amount of discounted (at interest accretion rate): Expected future gross premiums $ — $ — $ 2,820.7 $ 4,045.8 $ 6,866.5 Weighted average interest rate: Interest accretion rate 3.9 % 2.2 % 5.0 % 5.1 % 4.1 % Current discount rate 4.9 % 2.8 % 5.0 % 5.0 % 4.7 % Weighted average duration of the liability 4.3 years 2.7 years 17.7 years 9.5 years 6.8 years June 30, 2022 Group Disability Group Life and AD&D Voluntary Benefits Individual Disability Total Unum US (in millions of dollars, except weighted average data) Amount of undiscounted: Expected future benefit payments $ 7,323.2 $ 1,139.2 $ 4,191.0 $ 5,226.3 $ 17,879.7 Expected future gross premiums $ — $ — $ 4,061.9 $ 5,638.5 $ 9,700.4 Amount of discounted (at interest accretion rate): Expected future gross premiums $ — $ — $ 3,102.0 $ 4,012.3 $ 7,114.3 Weighted average interest rate: Interest accretion rate 3.8 % 2.4 % 5.1 % 5.1 % 4.1% Current discount rate 4.1 % 2.6 % 4.6 % 4.4 % 4.1% Weighted average duration of the liability 4.4 years 3.1 years 15.7 years 9.5 years 6.5 years Unum International Segment The following table presents the balances and changes in the reserves for future policy benefits for traditional long duration products in the Unum International segment. June 30 2023 2022 (in millions of dollars) Present Value of Expected Net Premiums Balance, beginning of year $ 197.1 $ 260.5 Beginning balance at original discount rate 246.8 258.1 Effect of changes in cash flow assumptions — — Effect of actual variances from expected experience 8.0 4.5 Adjusted beginning of year balance 254.8 262.6 Issuances 11.9 8.2 Interest accretion 4.5 4.3 Net premiums collected (10.9) (11.3) Foreign currency 20.0 (26.3) Ending balance at original discount rate 280.3 237.5 Effect of change in discount rate assumptions (36.9) (49.4) Balance, end of period $ 243.4 $ 188.1 Present Value of Expected Future Policy Benefits Balance, beginning of year $ 2,231.4 $ 3,181.8 Beginning balance at original discount rate 2,495.5 2,703.8 Effect of changes in cash flow assumptions — — Effect of actual variances from expected experience 7.8 43.3 Adjusted beginning of year balance 2,503.3 2,747.1 Issuances 1 199.8 188.2 Interest accretion 31.7 34.6 Benefit payments (214.0) (201.1) Foreign currency 140.8 (276.1) Ending balance at original discount rate 2,661.6 2,492.7 Effect of change in discount rate assumptions (336.5) (117.2) Balance, end of period $ 2,325.1 $ 2,375.5 Net liability for future policy benefits $ 2,081.7 $ 2,187.4 Other 32.4 27.5 Total liability for future policy benefits 2,114.1 2,214.9 Less: Reinsurance recoverable related to future policy benefits 73.4 82.0 Net liability for future policy benefits, after reinsurance recoverable $ 2,040.7 $ 2,132.9 1 Issuances for Unum International primarily represents new claim incurrals. The following tables summarize the amount of gross premiums and interest accretion reflected in the statements of income as well as the undiscounted and discounted expected gross premiums and expected future benefit payments and the weighted average interest rates for traditional long duration products in the Unum International segment presented in the rollforward activity above. Six Months Ended June 30 2023 2022 (in millions of dollars) Amount recognized in the statement of income: Gross premiums or assessments $ 436.0 $ 400.4 Interest accretion $ 27.2 $ 30.3 June 30 2023 2022 (in millions of dollars, except weighted average data) Amount of undiscounted: Expected future benefit payments $ 4,189.4 $ 3,930.4 Expected future gross premiums $ 1,092.4 $ 860.3 Amount of discounted (at interest accretion rate): Expected future gross premiums $ 717.8 $ 577.4 Weighted average interest rate: Interest accretion rate 4.0 % 3.8 % Current discount rate 5.7 % 4.0 % Weighted average duration of the liability 8.6 years 8.8 years Colonial Life Segment The following table presents the balances and changes in the reserves for future policy benefits for traditional long duration products in the Colonial Life segment. June 30 2023 2022 (in millions of dollars) Present Value of Expected Net Premiums Balance, beginning of year $ 3,745.4 $ 4,597.0 Beginning balance at original discount rate 4,046.4 4,158.9 Effect of changes in cash flow assumptions — — Effect of actual variances from expected experience (63.5) (55.7) Adjusted beginning of year balance 3,982.9 4,103.2 Issuances 301.6 332.1 Interest accretion 65.4 67.9 Net premiums collected (316.7) (338.6) Ending balance at original discount rate 4,033.2 4,164.6 Effect of change in discount rate assumptions (259.2) (149.0) Balance, end of period $ 3,774.0 $ 4,015.6 Present Value of Expected Future Policy Benefits Balance, beginning of year $ 5,581.1 $ 7,054.8 Beginning balance at original discount rate 6,163.9 6,201.5 Effect of changes in cash flow assumptions — — Effect of actual variances from expected experience (68.9) (68.6) Adjusted beginning of year balance 6,095.0 6,132.9 Issuances 324.4 356.2 Interest accretion 110.3 112.1 Benefit payments (321.1) (319.3) Ending balance at original discount rate 6,208.6 6,281.9 Effect of change in discount rate assumptions (502.8) (272.2) Balance, end of period $ 5,705.8 $ 6,009.7 Net liability for future policy benefits $ 1,931.8 $ 1,994.1 Other 19.6 24.8 Total liability for future policy benefits 1,951.4 2,018.9 Less: Reinsurance recoverable related to future policy benefits 1.0 1.5 Net liability for future policy benefits, after reinsurance recoverable $ 1,950.4 $ 2,017.4 The following tables summarize the amount of gross premiums and interest accretion reflected in the statements of income as well as the undiscounted and discounted expected gross premiums and expected future benefit payments and the weighted average interest rates for traditional long duration products in the Colonial Life segment presented in the rollforward activity above. Six Months Ended June 30 2023 2022 (in millions of dollars) Amount recognized in the statement of income: Gross premiums or assessments $ 825.8 $ 822.3 Interest accretion $ 44.9 $ 44.2 June 30 2023 2022 (in millions of dollars, except weighted average data) Amount of undiscounted: Expected future benefit payments $ 10,201.7 $ 9,709.3 Expected future gross premiums $ 12,391.5 $ 11,645.9 Amount of discounted (at interest accretion rate): Expected future gross premiums $ 9,018.7 $ 8,696.2 Weighted average interest rate: Interest accretion rate 4.3 % 4.4 % Current discount rate 5.1 % 4.6 % Weighted average duration of the liability 17.3 years 16.2 years Closed Block Segment The following table presents the balances and changes in the reserves for future policy benefits for traditional long duration products in the Closed Block segment. June 30, 2023 Long-term Care All Other Total Closed Block (in millions of dollars) Present Value of Expected Net Premiums Balance, beginning of year $ 6,412.6 $ — $ 6,412.6 Beginning balance at original discount rate 6,236.1 — 6,236.1 Effect of changes in cash flow assumptions — — — Effect of actual variances from expected experience 51.3 — 51.3 Adjusted beginning of year balance 6,287.4 — 6,287.4 Interest accretion 167.7 — 167.7 Net premiums collected (283.4) — (283.4) Ending balance at original discount rate 6,171.7 — 6,171.7 Effect of change in discount rate assumptions 219.8 — 219.8 Balance, end of period $ 6,391.5 $ — $ 6,391.5 Present Value of Expected Future Policy Benefits Balance, beginning of year $ 21,199.9 $ 8,218.8 $ 29,418.7 Beginning balance at original discount rate 20,221.6 8,630.7 28,852.3 Effect of changes in cash flow assumptions — — — Effect of actual variances from expected experience 70.9 (6.0) 64.9 Adjusted beginning of year balance 20,292.5 8,624.7 28,917.2 Issuances 1 — 72.1 72.1 Interest accretion 549.4 179.2 728.6 Benefit payments (407.9) (523.0) (930.9) Ending balance at original discount rate 20,434.0 8,353.0 28,787.0 Effect of change in discount rate assumptions 1,383.3 (344.6) 1,038.7 Balance, end of period $ 21,817.3 $ 8,008.4 $ 29,825.7 Net liability for future policy benefits $ 15,425.8 $ 8,008.4 23,434.2 Other 2 24.5 1,684.6 1,709.1 Total liability for future policy benefits 15,450.3 9,693.0 25,143.3 Less: Reinsurance recoverable related to future policy benefits 5.4 7,600.1 7,605.5 Net liability for future policy benefits, after reinsurance recoverable $ 15,444.9 $ 2,092.9 $ 17,537.8 1 Issuances for Closed Block - All Other represents new claim incurrals. 2 Other for Closed Block - All Other primarily includes our closed block group pension products and certain of our ceded closed block individual life products. June 30, 2022 Long-term Care All Other Total Closed Block (in millions of dollars) Present Value of Expected Net Premiums Balance, beginning of year $ 8,404.7 $ — $ 8,404.7 Beginning balance at original discount rate 6,457.3 — 6,457.3 Effect of changes in cash flow assumptions — — — Effect of actual variances from expected experience (39.4) — (39.4) Adjusted beginning of year balance 6,417.9 — 6,417.9 Interest accretion 176.7 — 176.7 Net premiums collected (283.5) — (283.5) Ending balance at original discount rate 6,311.1 — 6,311.1 Effect of change in discount rate assumptions 543.6 — 543.6 Balance, end of period $ 6,854.7 $ — $ 6,854.7 Present Value of Expected Future Policy Benefits Balance, beginning of year $ 30,089.6 $ 10,414.4 $ 40,504.0 Beginning balance at original discount rate 19,870.8 8,949.4 28,820.2 Effect of changes in cash flow assumptions — — — Effect of actual variances from expected experience (44.5) 12.9 (31.6) Adjusted beginning of year balance 19,826.3 8,962.3 28,788.6 Issuances 1 — 92.5 92.5 Interest accretion 553.5 188.3 741.8 Benefit payments (358.9) (567.6) (926.5) Ending balance at original discount rate 20,020.9 8,675.5 28,696.4 Effect of change in discount rate assumptions 2,858.9 (11.0) 2,847.9 Balance, end of period $ 22,879.8 $ 8,664.5 $ 31,544.3 Net liability for future policy benefits $ 16,025.1 $ 8,664.5 $ 24,689.6 Other 2 24.0 1,904.0 1,928.0 Total liability for future policy benefits 16,049.1 10,568.5 26,617.6 Less: Reinsurance recoverable related to future policy benefits 5.7 8,261.8 8,267.5 Net liability for future policy benefits, after reinsurance recoverable $ 16,043.4 $ 2,306.7 $ 18,350.1 1 Issuances for Closed Block - All Other represents new claim incurrals. 2 Other for Closed Block - All Other primarily includes our closed block group pension products and certain of our ceded closed block individual life products. The following tables summarize the amount of gross premiums and interest accretion reflected in the statements of income as well as the undiscounted and discounted expected gross premiums and expected future benefit payments and the weighted average interest rates for traditional long duration products in the Closed Block segment presented in the rollforward activity above. Six Months Ended June 30, 2023 Long-term Care All Other Total Closed Block (in million |
Deferred Policy Acquisition Costs by Segment | Note 9 - Deferred Acquisition Costs DAC represents the deferred incremental direct costs associated with the successful acquisition of new or renewal insurance contracts. Such costs include commissions, other agency compensation, certain selection and policy issue expenses, and certain field expenses. Acquisition costs that do not vary with the production of new business, such as commissions on group products which are generally level throughout the life of the policy, are excluded from the deferral. Our insurance contracts are grouped by product type and contract issue year into cohorts consistent with the grouping used to estimate the related contract liabilities. DAC is amortized on a constant level basis over the life of the policy. For all products, in-force volume metrics are used as the constant level basis. The lapse and mortality assumptions used to amortize DAC for our traditional long-duration products are consistent with the assumptions used to estimate the liability for future policy benefits. The underlying assumptions used to determine DAC amortization are updated concurrently with any related assumption changes for the liability for future policy benefits and changes in estimates are recognized prospectively over the remaining expected term of the related contracts. Amortization expense is adjusted based on actual versus expected experience through an adjustment to the prospective rate of amortization. For certain products, policyholders can elect to modify product benefits, features, rights, or coverages by exchanging a contract for a new contract or by amendment, endorsement, or rider to a contract, or by the election of a feature or coverage within a contract. These transactions are known as internal replacement transactions, principally on group contracts. Internal replacement transactions wherein the modification does not substantially change the policy are accounted for as continuations of the replaced contracts. The original policy continues to be reflected as an in force policy within its original cohort. The policy's expected life then impacts the amortization of remaining unamortized deferred acquisition costs within its cohort. The costs of replacing the policy are accounted for as policy maintenance costs and expensed as incurred. Internal replacement transactions that result in a policy that is substantially changed are accounted for as an extinguishment of the original policy and the issuance of a new policy. The original policy that was replaced is terminated from its original cohort and this termination is reflected in the amortization rate of remaining unamortized deferred acquisition costs for the cohort. The costs of acquiring the new policy are capitalized and amortized as part of a new cohort. The following tables display the changes in DAC throughout the period: June 30, 2023 Unum US Unum International Colonial Life Total (in millions of dollars) Balance, beginning of year $ 1,185.1 $ 37.0 $ 1,337.9 $ 2,560.0 Capitalization 156.1 7.0 151.1 314.2 Amortization expense (129.2) (3.7) (96.7) (229.6) Foreign currency — 2.6 — 2.6 Balance, end of period $ 1,212.0 $ 42.9 $ 1,392.3 $ 2,647.2 June 30, 2022 Unum US Unum International Colonial Life Total (in millions of dollars) Balance, beginning of year $ 1,152.9 $ 36.4 $ 1,238.1 $ 2,427.4 Capitalization 133.2 6.4 140.1 279.7 Amortization expense (115.6) (4.8) (89.7) (210.1) Foreign currency — (3.7) — (3.7) Balance, end of period $ 1,170.5 $ 34.3 $ 1,288.5 $ 2,493.3 June 30, 2023 Group Disability Group Life and AD&D Voluntary Benefits Individual Disability Dental and Vision Total Unum US (in millions of dollars) Balance, beginning of year $ 61.0 $ 49.3 $ 601.0 $ 464.4 $ 9.4 $ 1,185.1 Capitalization 30.4 19.9 57.6 42.1 6.1 156.1 Amortization expense (25.9) (19.3) (52.2) (26.7) (5.1) (129.2) Balance, end of period $ 65.5 $ 49.9 $ 606.4 $ 479.8 $ 10.4 $ 1,212.0 June 30, 2022 Group Disability Group Life and AD&D Voluntary Benefits Individual Disability Dental and Vision Total Unum US (in millions of dollars) Balance, beginning of year $ 60.9 $ 53.9 $ 588.6 $ 441.8 $ 7.7 $ 1,152.9 Capitalization 25.2 17.9 52.2 33.0 4.9 133.2 Amortization expense (23.8) (19.5) (43.6) (24.3) (4.4) (115.6) Balance, end of period $ 62.3 $ 52.3 $ 597.2 $ 450.5 $ 8.2 $ 1,170.5 |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | We have three principal operating business segments: Unum US, Unum International, and Colonial Life. Our other segments are Closed Block and Corporate. Segment information is shown below. Certain prior year amounts were reclassified to conform to current year presentation. Three Months Ended June 30 Six Months Ended June 30 2023 2022 2023 2022 (in millions of dollars) Premium Income Unum US Group Disability Group Long-term Disability $ 516.1 $ 474.4 $ 1,020.8 $ 938.3 Group Short-term Disability 256.2 232.1 496.5 453.7 Group Life and Accidental Death & Dismemberment Group Life 418.2 419.6 831.3 832.2 Accidental Death & Dismemberment 43.6 43.8 87.1 85.9 Supplemental and Voluntary Voluntary Benefits 213.4 214.4 427.9 433.0 Individual Disability 125.8 117.8 250.0 231.4 Dental and Vision 68.1 68.9 137.4 139.5 1,641.4 1,571.0 3,251.0 3,114.0 Unum International Unum UK Group Long-term Disability 104.7 94.3 196.4 197.7 Group Life 41.1 33.3 80.3 65.5 Supplemental 33.5 29.4 65.3 58.4 Unum Poland 28.6 22.4 54.5 45.6 207.9 179.4 396.5 367.2 Colonial Life Accident, Sickness, and Disability 235.6 238.2 471.3 477.9 Life 106.6 101.3 211.9 203.0 Cancer and Critical Illness 88.4 88.1 176.9 177.4 430.6 427.6 860.1 858.3 Closed Block Long-term Care 174.0 173.7 349.1 348.5 All Other 55.2 64.3 111.7 129.4 229.2 238.0 460.8 477.9 Total Premium Income $ 2,509.1 $ 2,416.0 $ 4,968.4 $ 4,817.4 Unum US Unum International Colonial Life Closed Block Corporate Total (in millions of dollars) Three Months Ended June 30, 2023 Premium Income $ 1,641.4 $ 207.9 $ 430.6 $ 229.2 $ — $ 2,509.1 Net Investment Income 158.0 45.8 38.0 263.9 25.4 531.1 Other Income 54.5 0.1 0.4 13.8 2.3 71.1 Adjusted Operating Revenue $ 1,853.9 $ 253.8 $ 469.0 $ 506.9 $ 27.7 $ 3,111.3 Adjusted Operating Income (Loss) $ 343.1 $ 43.5 $ 115.5 $ 51.2 $ (34.9) $ 518.4 Three Months Ended June 30, 2022 Premium Income $ 1,571.0 $ 179.4 $ 427.6 $ 238.0 $ — $ 2,416.0 Net Investment Income 167.8 50.8 38.7 291.5 10.2 559.0 Other Income 50.7 0.3 0.2 16.5 1.0 68.7 Adjusted Operating Revenue $ 1,789.5 $ 230.5 $ 466.5 $ 546.0 $ 11.2 $ 3,043.7 Adjusted Operating Income (Loss) $ 291.9 $ 28.1 $ 96.6 $ 86.9 $ (36.9) $ 466.6 Unum US Unum International Colonial Life Closed Block Corporate Total (in millions of dollars) Six Months Ended June 30, 2023 Premium Income $ 3,251.0 $ 396.5 $ 860.1 $ 460.8 $ — $ 4,968.4 Net Investment Income 315.3 76.7 75.3 521.1 51.5 1,039.9 Other Income 108.1 0.5 0.6 27.3 2.5 139.0 Adjusted Operating Revenue $ 3,674.4 $ 473.7 $ 936.0 $ 1,009.2 $ 54.0 $ 6,147.3 Adjusted Operating Income (Loss) $ 655.6 $ 81.9 $ 209.4 $ 109.4 $ (68.4) $ 987.9 Six Months Ended June 30, 2022 Premium Income $ 3,114.0 $ 367.2 $ 858.3 $ 477.9 $ — $ 4,817.4 Net Investment Income 338.8 85.3 76.8 566.3 19.0 1,086.2 Other Income 97.8 0.5 0.5 32.5 3.2 134.5 Adjusted Operating Revenue $ 3,550.6 $ 453.0 $ 935.6 $ 1,076.7 $ 22.2 $ 6,038.1 Adjusted Operating Income (Loss) $ 460.2 $ 54.0 $ 199.5 $ 165.5 $ (77.3) $ 801.9 June 30 December 31 2023 2022 (in millions of dollars) Assets Unum US $ 15,813.2 $ 16,356.3 Unum International 3,315.2 3,129.4 Colonial Life 4,674.9 4,575.0 Closed Block 34,309.8 33,776.6 Corporate 3,791.3 3,311.2 Total Assets $ 61,904.4 $ 61,148.5 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, the amortization of the cost of reinsurance, and the impact of non-contemporaneous reinsurance as 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, 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 exited a substantial portion of our Closed Block individual disability product line through the two phases of the reinsurance transaction that were executed in December 2020 and March 2021. As a result, we exclude the amortization of the cost of reinsurance that we recognized upon the exit of the business related to the policies on claim status as well as the impact of non-contemporaneous reinsurance that resulted from the adoption of ASU 2018-12. Due to the execution of the second phase of the reinsurance transaction occurring after January 1, 2021, the transition date of ASU 2018-12, in accordance with the provisions of the ASU related to non-contemporaneous reinsurance, we were required to establish the ceded reserves using an upper-medium grade fixed-income instrument as of the reinsurance transaction date in March 2021 which resulted in higher ceded reserves compared to that which was reported historically. However, the direct reserves for the block reinsured in the second phase were calculated using the original discount rate utilized as of the transition date. Both the direct and ceded reserves are then remeasured at each reporting period using a current discount rate reflective of an upper-medium grade fixed-income instrument, with the changes recognized in OCI. While the total equity impact is neutral, the different original discount rates utilized for direct and ceded reserves result in disproportionate earnings impacts. The impact of non-contemporaneous reinsurance will fluctuate depending on the magnitude of reserve changes during the period. We believe that the exclusion of these items provides a better view of our results from our ongoing businesses. 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. A reconciliation of total revenue to "adjusted operating revenue" and income before income tax to "adjusted operating income" is as follows: Three Months Ended June 30 Six Months Ended June 30 2023 2022 2023 2022 (in millions of dollars) Total Revenue $ 3,112.2 $ 3,039.6 $ 6,148.3 $ 6,020.2 Excluding: Net Investment Gain (Loss) 0.9 (4.1) 1.0 (17.9) Adjusted Operating Revenue $ 3,111.3 $ 3,043.7 $ 6,147.3 $ 6,038.1 Income Before Income Tax $ 498.4 $ 439.2 $ 949.7 $ 734.9 Excluding: Net Investment Gain (Loss) 0.9 (4.1) 1.0 (17.9) Amortization of the Cost of Reinsurance (11.0) (13.3) (22.0) (26.7) Non-Contemporaneous Reinsurance (9.9) (10.0) (17.2) (22.4) Adjusted Operating Income $ 518.4 $ 466.6 $ 987.9 $ 801.9 |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Jun. 30, 2023 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits Disclosure | Defined Benefit Pension and Other Postretirement Benefit (OPEB) Plans We sponsor several defined benefit pension and OPEB plans for our employees, including non-qualified pension plans. The U.S. qualified and non-qualified defined benefit pension plans comprise the majority of our total benefit obligation and benefit cost. We maintain a separate defined benefit plan for eligible employees in our U.K. operation. The U.S. defined benefit pension plans were closed to new entrants on December 31, 2013, the OPEB plan was closed to new entrants on December 31, 2012, and the U.K. plan was closed to new entrants on December 31, 2002. The following table provides the components of the net periodic benefit cost (credit) for the defined benefit pension and OPEB plans. Three Months Ended June 30 Pension Benefits U.S. Plans U.K. Plan OPEB 2023 2022 2023 2022 2023 2022 (in millions of dollars) Service Cost $ 2.3 $ 2.0 $ — $ — $ — $ — Interest Cost 22.0 16.8 1.9 1.2 1.2 0.8 Expected Return on Plan Assets (23.1) (26.5) (2.1) (2.7) (0.1) (0.1) Amortization of: Net Actuarial (Gain) Loss 3.8 4.0 0.7 0.1 (2.7) (0.3) Total Net Periodic Benefit Cost (Credit) $ 5.0 $ (3.7) $ 0.5 $ (1.4) $ (1.6) $ 0.4 Six Months Ended June 30 Pension Benefits U.S. Plans U.K. Plan OPEB 2023 2022 2023 2022 2023 2022 (in millions of dollars) Service Cost $ 4.6 $ 3.9 $ — $ — $ — $ — Interest Cost 44.0 33.6 3.8 2.6 2.3 1.5 Expected Return on Plan Assets (46.1) (53.0) (4.2) (5.7) (0.2) (0.2) Amortization of: Net Actuarial (Gain) Loss 7.6 8.1 1.3 0.2 (5.3) (0.5) Prior Service Credit — — — — (0.1) (0.1) Total Net Periodic Benefit Cost (Credit) $ 10.1 $ (7.4) $ 0.9 $ (2.9) $ (3.3) $ 0.7 The service cost component of net periodic pension and postretirement benefit cost (credit) is included as a component of compensation expense in our consolidated statements of income. All other components of net periodic pension and postretirement benefit cost (credit) are included in other expenses. |
Stockholders' Equity and Earnin
Stockholders' Equity and Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2023 | |
Stockholders' Equity and Earnings Per Common Share [Abstract] | |
Earnings Per Share Disclosure | Earnings Per Common Share Net income per common share is determined as follows: Three Months Ended June 30 Six Months Ended June 30 2023 2022 2023 2022 (in millions of dollars, except share data) Numerator Net Income $ 392.9 $ 367.3 $ 751.2 $ 607.7 Denominator (000s) Weighted Average Common Shares - Basic 197,180.4 201,151.7 197,641.3 201,888.8 Dilution for Assumed Exercises of Nonvested Stock Awards 956.1 1,280.0 1,182.5 1,077.7 Weighted Average Common Shares - Assuming Dilution 198,136.5 202,431.7 198,823.8 202,966.5 Net Income Per Common Share Basic $ 1.99 $ 1.83 $ 3.80 $ 3.01 Assuming Dilution $ 1.98 $ 1.81 $ 3.78 $ 2.99 We compute basic earnings per share by dividing net income by the weighted average number of common shares outstanding for the period. In computing earnings per share assuming dilution, we include potential common shares that are dilutive (those that reduce earnings per share). We use the treasury stock method to account for the effect of nonvested stock success units, nonvested restricted stock units, and nonvested performance share units on the computation of diluted earnings per share. Under this method, the potential common shares from nonvested stock success units and nonvested restricted stock units will each have a dilutive effect, as individually measured, when the average market price of Unum Group common stock during the period exceeds the grant price of the nonvested stock success units and nonvested restricted stock units. The outstanding nonvested stock success units and nonvested restricted stock units have grant prices ranging from $18.78 to $45.58. Potential common shares from performance based share units will have a dilutive effect as the attainment of performance conditions is progressively achieved during the vesting period. Potential common shares not included in the computation of diluted earnings per share because the impact would be antidilutive approximated 0.8 million and 0.7 million potential common shares for the three and six months ended June 30, 2023, respectively. There were approximately 0.1 million and 0.2 million potential common shares that were antidilutive for the three and six months ended June 30, 2022, respectively. |
Stockholders' Equity Disclosure | Common Stock As part of our capital deployment strategy, we may repurchase shares of Unum Group's common stock, as authorized by our board of directors. During December 2022, our board of directors authorized the repurchase of up to $200.0 million of Unum Group's outstanding common stock beginning January 1, 2023. In February 2023, our board of directors authorized an increase to the share repurchase program such that we are now authorized to repurchase up to $250.0 million of Unum Group's outstanding common stock. This share repurchase program has an expiration date of December 31, 2023, with the timing and amount of repurchase activity to be based on market conditions and other considerations, including the level of available cash, alternative uses for cash, and our stock price. In August 2022, the Inflation Reduction Act was signed into law in the U.S. and, effective January 1, 2023, imposes a one percent excise tax on corporate stock repurchases after December 31, 2022. This excise tax is recorded as part of the cost basis of treasury stock and is assessed on the fair market value of stock repurchases reduced by the fair market value of any shares issued during the period. Common stock repurchases, which are accounted for using the cost method and classified as treasury stock until otherwise retired, were as follows: Three Months Ended June 30 Six Months Ended June 30 2023 2022 2023 2022 (in millions) Shares Repurchased 1.1 1.8 2.4 3.1 Cost of Shares Repurchased 1 $ 47.0 $ 57.4 $ 100.6 $ 94.9 1 Includes $0.1 million of commissions for the three and six months ended June 30, 2023 and $0.1 million of commission for the three and six months ended June 30, 2022. There was $0.4 million and $0.5 million of excise tax for the three and six months ended June 30, 2023, respectively. There were no excise taxes during the three and six months ended June 30, 2022. In July 2023, we paid $50.0 million to a financial counterparty as a part of an accelerated share repurchase agreement. We received an initial delivery of 0.8 million shares of our common stock, which represented approximately 75 percent of the total delivery under the agreement. We simultaneously entered into a forward contract indexed to the price of Unum Group common stock, which subjects the transaction to a future price adjustment. Under the terms of the agreement, we are to receive, or be required to pay, a price adjustment based on the volume weighted average price of Unum Group common stock during the term of the agreement, less a discount. Any price adjustment payable to us is to be settled in shares of Unum Group common stock. Any price adjustment we would be required to pay will be settled in either cash or common stock at our option. The final price adjustment settlement, along with the delivery of the remaining shares, will also occur during the third quarter of 2023 and represents approximately 25 percent of the total delivery under the agreement. In February 2022, we paid $50.0 million to a financial counterparty as a part of an accelerated share repurchase agreement. We received an initial delivery of 1.3 million shares of our common stock, which represented approximately 75 percent of the total delivery under the agreement. We simultaneously entered into a forward contract under terms similar to the July 2023 forward contract . The final price adjustment settlement, along with the delivery of the remaining shares, occurred in April 2022, resulting in the delivery to us of 0.4 million additional shares. In total, we repurchased 1.7 million shares pursuant to the February 2022 accelerated share repurchase agreement, for which we recorded an increase to treasury stock within stockholders' equity on our consolidated balance sheet of $50.0 million. Also during the second quarter of 2022, we repurchased approximately 1.4 million in open market transactions at a cost of $44.9 million. As of June 30, 2023, the remaining repurchase amount under the current share repurchase program was $150.0 million. Preferred Stock Unum Group has 25.0 million shares of preferred stock authorized with a par value of $0.10 per share. No preferred stock has been issued to date. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure | Commitments See Notes 3 and 4 for further discussion on certain of our investment commitments. Contingent Liabilities We are a defendant in a number of litigation matters that have arisen in the normal course of business, including the matters discussed below. Further, state insurance regulatory authorities and other federal and state authorities regularly make inquiries and conduct investigations concerning our compliance with applicable insurance and other laws and regulations. Given the complexity and scope of our litigation and regulatory matters, it is not possible to predict the ultimate outcome of all pending investigations or legal proceedings or provide reasonable estimates of potential losses, except if noted in connection with specific matters. In some of these matters, no specified amount is sought. In others, very large or indeterminate amounts, including punitive and treble damages, are asserted. There is a wide variation of pleading practice permitted in the United States courts with respect to requests for monetary damages, including some courts in which no specified amount is required and others which allow the plaintiff to state only that the amount sought is sufficient to invoke the jurisdiction of that court. Further, some jurisdictions permit plaintiffs to allege damages well in excess of reasonably possible verdicts. Based on our extensive experience and that of others in the industry with respect to litigating or resolving claims through settlement over an extended period of time, we believe that the monetary damages asserted in a lawsuit or claim bear little relation to the merits of the case, or the likely disposition value. Therefore, the specific monetary relief sought is not stated. Unless indicated otherwise in the descriptions below, reserves have not been established for litigation and contingencies. An estimated loss is accrued when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Claim Handling Matters We and our insurance subsidiaries, in the ordinary course of our business, are engaged in claim litigation where disputes arise as a result of a denial or termination of benefits. Most typically these lawsuits are filed on behalf of a single claimant or policyholder, and in some of these individual actions punitive damages are sought, such as claims alleging bad faith in the handling of insurance claims. For our general claim litigation, we maintain reserves based on experience to satisfy judgments and settlements in the normal course. We expect that the ultimate liability, if any, with respect to general claim litigation, after consideration of the reserves maintained, will not be material to our consolidated financial condition. Nevertheless, given the inherent unpredictability of litigation, it is possible that an adverse outcome in certain claim litigation involving punitive damages could, from time to time, have a material adverse effect on our consolidated results of operations in a period, depending on the results of operations for the particular period. From time to time class action allegations are pursued where the claimant or policyholder purports to represent a larger number of individuals who are similarly situated. Since each insurance claim is evaluated based on its own merits, there is rarely a single act or series of actions which can properly be addressed by a class action. Nevertheless, we monitor these cases closely and defend ourselves appropriately where these allegations are made. |
Other
Other | 6 Months Ended |
Jun. 30, 2023 | |
Debt and Other Disclosures [Abstract] | |
Income Tax Disclosure | Income Tax In August 2022, the Inflation Reduction Act (IRA) was signed into law in the U.S. and includes certain corporate tax provisions effective January 1, 2023. The IRA imposes a new 15 percent corporate alternative minimum tax (CAMT) on adjusted financial statement income (AFSI) on corporations that have average AFSI over $1.0 billion in any prior three-year period, starting with years 2020 to 2022. We anticipate that our company will be an applicable corporation. We have not recorded any CAMT as of June 30, 2023. We do not expect that any CAMT incurred would impact earnings since it would be offset with a credit toward regular income tax in subsequent years. |
Allowance for Expected Credit Losses on Premiums Receivable | Allowance for Expected Credit Losses on Premiums Receivable At June 30, 2023, March 31, 2023, and December 31, 2022, the allowance for expected credit losses on premiums receivable was $28.7 million, $31.6 million, and $32.5 million, respectively, on gross premiums receivable of $660.3 million, $635.6 million, and $557.6 million, respectively. The decrease in the allowance of $2.9 million and $3.8 million during the three and six months ended June 30, 2023, respectively, was driven primarily by improvements in the age of premiums receivable. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income | $ 392.9 | $ 367.3 | $ 751.2 | $ 607.7 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying consolidated financial statements of Unum Group and its subsidiaries (the Company) have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. For further information, refer to the consolidated financial statements and footnotes included in our annual report on Form 10-K for the year ended December 31, 2022. |
Liability for Future Policy B_2
Liability for Future Policy Benefits, Policyholder's Account Balances, and Deferred Acquisition Costs (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Insurance [Abstract] | |
Liabilities for Future Policy Benefits | Liabilities for future policy benefits represent the cost of claims that we estimate we will eventually pay to our policyholders which includes policy liabilities for claims not yet incurred and for claims that have been incurred or are estimated to have been incurred but not yet reported to us. Liabilities for future policy benefits also include the related expenses for our non interest-sensitive life and accident and health products. The liability for future policy benefits is calculated based on the present value of the estimated future policy benefits less the present value of estimated future net premiums collected. Net premiums represent the portion of the gross premium required to provide for all benefits and expenses, excluding acquisition costs or any costs that are required to be charged to expense as incurred. In calculating the liability for future policy benefits, our long-duration contracts are grouped into cohorts by product type and contract issue year. The calculation of the liability for future policy benefits involves numerous assumptions including assumptions related to discount rate, lapses, mortality, and morbidity. The discount rate assumptions were initially set based on the expected investment yield of the assets supporting the reserves at the transition date of ASU 2018-12, which was January 1, 2021, for policies originally issued on or before the transition date. The discount rate assumptions for new cohorts established after the transition date, are initially set based on the policy issuance date or policy renewal date, and are based on an upper-medium grade fixed-income instrument, which is generally equivalent to a single-A interest rate matched to the duration of our insurance liabilities. As cohorts are grouped by product type and issue year, a weighted average discount rate is utilized as policies are issued or renewed throughout the year. We utilize a reference portfolio of fixed-income instruments that have been A-rated by one of the major credit rating agencies. For products with liability cash flows that exceed the duration of observable single-A fixed income instruments, we use the last market observable yield and use extrapolation approaches to determine yield assumptions for durations beyond the last market observable duration. For the discount rate assumptions for products in our Unum International segment, we utilize observable market data in the local debt markets in the UK and Poland. The initial, also referred to as the original, discount rate assumptions established for each cohort are used to determine interest accretion which is reported as a component of policy benefits on the statements of income. After policy issuance or policy renewal, the discount rate assumptions are updated quarterly and used to update the liability at each reporting date to the current discount rate, with the corresponding change reflected as the change in the effect of discount rate assumptions on the liability for future policy benefits, net of reinsurance, on the statement of changes in other comprehensive income (loss). The weighted average current discount rate was 5.0 percent at June 30, 2023 and December 31, 2022. The weighted average current discount rate was 4.4 percent at June 30, 2022 compared to 2.5 percent at December 31, 2021 with the increase due primarily to an increase in U.S. Treasury rates. Policyholder lapse and mortality assumptions reflect the probability that an insureds’ coverage is discontinued due to lapsation or death of the insured. For our life insurance products, mortality assumptions also reflect the probability that a benefit payment occurs. Policyholder lapse and mortality assumptions are based on our actual historical experience adjusted for future expectations. Claim incidence and claim resolution rate assumptions related to morbidity and mortality are based on actual experience or industry standards adjusted as appropriate to reflect our actual experience and future expectations. The claim incidence rate assumption is the rate at which new claims are submitted and the development of this assumption may involve many factors, including the age of the insured, the insured's occupation or industry, the benefit plan design, and certain external factors such as consumer confidence and levels of unemployment. The claim resolution rate assumption is the probability that a claim will close due to recovery or death of the insured and is used to estimate how long benefits will be paid on an open claim. Certain product lines may utilize additional assumptions in calculating the liability for future policy benefits in addition to those listed above such as premium rate increases for long-term care, benefit offsets for long-term disability, and claim costs for voluntary benefits. Claim costs capture the combined effect of the incidence rate, the expected level of benefit to be paid, and the claim resolution rate. Cash flow assumptions are reviewed and updated, as needed, at least annually. Assumptions may be updated more frequently if necessary based on trending experience and future expectations. On a quarterly basis, cohort level cash flow measures are updated based on the emergence of actual experience. The updated cash flows are used to determine the updated net premiums and the net premium ratio, which is the present value of benefits and related expenses divided by the present value of gross premiums. The updated net premium ratio is used to calculate the updated liability for future policy benefits as of the beginning of the year, at the original discount rate. The change in the liability for future policy benefits, at the original discount rate, as of the beginning of the year, resulting from changes in cash flow assumptions and resulting from the emergence of actual experience from expected experience, is reflected as the policy benefits - remeasurement loss (gain) in the consolidated statements of income. The impact of issuances, interest accretion, premiums collected, benefit payments and lapses are reflected as policy benefits in the consolidated statements of income. For most products, a net premium methodology is applied to each cohort to estimate the liability for claims not yet incurred in which discounted gross benefits are compared to discounted gross premiums. In this methodology, actual experience to date is combined with projected future cash flows to determine a net premium ratio for each cohort. The future cash flows include the costs of future expected claims as well as future cash flows on claims that have already been incurred. The net premium ratio is then used to estimate the liability for future policy benefits. The liability for future policy benefits represents the present value of future claims and associated expenses less the present value of future net premiums, which is derived by multiplying the present value of future gross premium by the net premium ratio. For our group products in the Unum US and Unum International segments, we evaluate the liability for future policy benefits required for active policies in comparison to incurred claims. Given the term nature of the products, their renewal features, and level funding nature of the premium for these products, we have determined that the liability value is generally zero for policies that are not on claim. In this situation, our liability for future policy benefit values are limited to the liability associated with claims incurred as of the valuation date. Multiple estimation methods exist to establish liabilities for the incurred claim component of future policy benefits. Available reserving methods utilized to calculate these liabilities include the tabular reserve method, the paid loss development method, the incurred loss development method, the count and severity method, and the expected claim cost method. No single method is better than the others in all situations and for all product lines. The estimation methods we have chosen are those that we believe produce the most accurate and reliable liability. We use a tabular reserve methodology on reported claims for our Unum US group long-term disability and individual disability claims as well as for our Closed Block long-term care claims. Under the tabular reserve methodology, the liability for reported claims is based on certain characteristics of the actual reported claimants and their related policy provisions, such as age, length of time disabled, and medical diagnosis, as well as assumptions regarding claim duration, discount rate, and policy benefit offsets. We believe the tabular reserve method is the most accurate to calculate long-term liabilities and allows us to use the most available known facts about each claim. Incurred, but not reported (IBNR) liabilities for future policy benefits for our longer-term products are calculated using the count and severity method using historical patterns of the claims to be reported and the associated claim costs. For Unum US group short-term disability products, an estimate of the value of future payments to be made on claims already submitted, as well as on IBNR claims, is determined in aggregate using a paid loss development method rather than on the individual claimant basis that we use for reported claims on longer-term products. The average length of time between the event triggering a claim under a policy and the final resolution of those claims is much shorter for these products and results in less estimation variability. Liabilities for claims for Unum US group life and accidental death and dismemberment products are related primarily to death claims reported but not yet paid, IBNR death claims, and a liability for waiver of premium benefits in the event the policyholder becomes disabled. The death claim liability is based on the actual face amount to be paid, the IBNR liability is calculated using the count and severity method based on historical patterns of the claims, and the waiver of premium benefits liability is calculated using the tabular reserve methodology. Liabilities for claims related to the group and individual dental and vision products reported in our Unum US and Colonial Life segments have a short claim payout period. As a result, the liabilities, which primarily represent IBNR and a small amount of claims pending payment, are calculated using the paid loss development method. Liabilities for future policy benefits supporting the group products within our Unum International segment are calculated using generally the same methodology that we use for Unum US group disability and group life liabilities. Liabilities for future policy benefits for our Unum UK group life dependent product, which provides an annuity to the beneficiary upon the death of an employee, are calculated using discounted cash flows, based on our assumptions for claim duration and discount rates. The assumptions used in calculating liabilities for future policy benefits for this segment are based on standard country-specific industry experience, adjusted for our own experience. Certain products in the Colonial Life segment and the Unum US voluntary benefits product line have shorter-term benefits, which generally have less estimation variability than our longer-term products because of the shorter claim payout period. Our liabilities for future policy benefits for these lines of business are predominantly determined using the incurred loss development method based on our own experience. The incurred loss development method uses the historical patterns of payments by loss date to predict future claim payments for each loss date. Where the incurred loss development method may not be appropriate, we estimate the incurred claims using an expected claim cost per policy or other measure of exposure. |
Accounting Changes and Error Co
Accounting Changes and Error Corrections (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of New Accounting Pronouncements | The following table summarizes the changes in stockholders' equity due to the adoption of ASU 2018-12 and the resulting adjusted balances at January 1, 2021: Consolidated Retained Earnings Accumulated Other Comprehensive Income (Loss) Total Stockholders' Equity (in millions of dollars) Balance at December 31, 2020 $ 11,269.6 $ 374.2 $ 10,871.0 Impact of the Adoption of ASU 2018-12 (20.6) (6,684.4) (6,705.0) Balance at January 1, 2021 $ 11,249.0 $ (6,310.2) $ 4,166.0 Liability for Future Policy Benefits The following tables summarize the changes in the liability for future policy benefits due to the adoption of ASU 2018-12 and the resulting adjusted balance at January 1, 2021. The removal of shadow adjustments and effect of change in discount rate assumptions are both recorded as transition adjustments to accumulated other comprehensive income (loss) (AOCI) while the adjustments for loss contracts are recorded as a transition adjustment to retained earnings. Unum US Unum International Colonial Life Closed Block Consolidated (in millions of dollars) Balance at December 31, 2020 1 $ 12,184.6 $ 2,969.8 $ 1,977.2 $ 28,572.8 $ 45,704.4 Removal of Shadow Adjustments 2 (1,569.7) (545.8) (44.5) (4,065.6) (6,225.6) Adjustments for Loss Contracts 3 — — 34.9 — 34.9 Effect of Change in Discount Rate Assumptions 2,251.8 779.4 568.6 12,484.8 16,084.6 Other 4 (5.3) — (7.6) — (12.9) Balance at January 1, 2021 12,861.4 3,203.4 2,528.6 36,992.0 55,585.4 Reinsurance Recoverable 5 357.7 132.5 4.4 10,001.4 10,496.0 Balance, Net of Reinsurance, at January 1, 2021 $ 12,503.7 $ 3,070.9 $ 2,524.2 $ 26,990.6 $ 45,089.4 1 We previously reported policy and contract benefits and reserves for future policy and contract benefits liabilities in our consolidated balance sheet as of December 31, 2020 of $1,855.4 million and $49,653.0 million, respectively, resulting in total policyholder liabilities of $51,508.4 million. These balances were reclassified into new line items, future policy benefits and policyholders' account balances, which would have reported balances of $45,704.4 million and $5,804.0 million as of December 31, 2020, respectively, resulting in total policyholder liabilities of $51,508.4 million under the historical accounting method. These balances were reclassified to more closely align with the new disclosure requirements of ASU 2018-12. 2 Shadow adjustments represent the adjustments related to unrealized investment gains and losses previously included in the reserves balance prior to the adoption of ASU 2018-12. 3 Adjustment for loss contracts represents the adjustment for those cohorts whose net premium ratio exceeded 100 percent as of the transition date. For those cohorts, the net premiums were set equal to the gross premiums and the difference was recorded as a transition adjustment to the liability for future policy benefits. 4 This amount reflects the effect of the reclassification of certain unearned premium. This amount was reclassified to more closely align with the presentation of liabilities under ASU 2018-12 and had no impact to stockholders' equity. 5 These amounts represent the portion of reinsurance recoverable related to the liability for future policy benefits. These amounts include the adjustments for the removal of shadow adjustments and for the effect of change in discount rate assumptions for the liability for future policy benefits ceded to third party reinsurers. Unum US Segment Group Disability Group Life and AD&D Individual Disability Voluntary Benefits Dental and Vision Total (in millions of dollars) Balance at December 31, 2020 $ 7,409.0 $ 1,123.9 $ 2,485.3 $ 1,154.9 $ 11.5 $ 12,184.6 Removal of Shadow Adjustments (1,025.2) (88.5) (446.1) (9.9) — (1,569.7) Effect of Change in Discount Rate Assumptions 911.9 91.9 728.5 519.5 — 2,251.8 Other — — — (5.3) — (5.3) Balance at January 1, 2021 7,295.7 1,127.3 2,767.7 1,659.2 11.5 12,861.4 Reinsurance Recoverable 58.3 3.0 260.6 35.7 0.1 357.7 Balance, Net of Reinsurance, at January 1, 2021 $ 7,237.4 $ 1,124.3 $ 2,507.1 $ 1,623.5 $ 11.4 $ 12,503.7 Closed Block Segment Long-term Care All Other Total (in millions of dollars) Balance at December 31, 2020 $ 16,283.4 $ 12,289.4 $ 28,572.8 Removal of Shadow Adjustments (3,465.4) (600.2) (4,065.6) Effect of Change in Discount Rate Assumptions 9,922.9 2,561.9 12,484.8 Balance at January 1, 2021 22,740.9 14,251.1 36,992.0 Reinsurance Recoverable 44.4 9,957.0 10,001.4 Balance, Net of Reinsurance, at January 1, 2021 $ 22,696.5 $ 4,294.1 $ 26,990.6 Deferred Acquisition Costs (DAC) The following tables summarize the changes in DAC due to the adoption of ASU 2018-12 and the resulting adjusted balance at January 1, 2021. The removal of shadow adjustments is recorded as a transition adjustment to AOCI. Unum US 1 Unum International Colonial Life Consolidated (in millions of dollars) Balance at December 31, 2020 $ 1,168.7 $ 32.0 $ 1,071.9 $ 2,272.6 Removal of Shadow Adjustments 12.3 — 72.8 85.1 Balance at January 1, 2021 $ 1,181.0 $ 32.0 $ 1,144.7 $ 2,357.7 1 The $12.3 million removal of shadow adjustments is related to the Unum US voluntary benefits product line. Impact of the Adoption of ASU 2018-12 on Historical Financial Statements: The following tables present the effect of the adoption of ASU 2018-12 on our historical consolidated financial statements: June 30, 2022 Historical Accounting Method As Adjusted Effect of Change (in millions of dollars) Consolidated Balance Sheets Assets Reinsurance Recoverable $ 10,377.7 $ 10,110.9 $ (266.8) Deferred Acquisition Costs 2,247.6 2,493.3 245.7 Deferred Income Tax 149.9 686.7 536.8 Other Assets 1 1,810.7 1,684.0 (126.7) Total Assets 63,121.1 63,510.1 389.0 Liabilities Policy and Contract Benefits 2 $ 1,815.9 $ — $ (1,815.9) Reserves for Future Policy and Contract Benefits 2 43,088.0 — (43,088.0) Future Policy Benefits 2 — 41,407.7 41,407.7 Policyholders' Account Balances 2 — 5,758.7 5,758.7 Unearned Premiums 437.0 449.9 12.9 Deferred Income Tax 5.8 36.7 30.9 Total Liabilities 53,416.0 55,722.3 2,306.3 Stockholders' Equity Accumulated Other Comprehensive Loss $ (1,772.2) $ (3,809.5) $ (2,037.3) Retained Earnings 12,353.7 12,473.7 120.0 Total Stockholders' Equity 9,705.1 7,787.8 (1,917.3) 1 The change in other assets is driven by the cost of reinsurance associated with the second phase of our Closed Block individual disability reinsurance transaction which was completed in the first quarter of 2021. In accordance with the provisions of the ASU related to non-contemporaneous reinsurance, we were then required to establish the ceded reserves using an upper-medium grade fixed-income instrument as of the reinsurance transaction date in March 2021 which resulted in higher ceded reserves compared to that which was reported historically. 2 We previously reported policy and contract benefits and reserves for future policy and contract benefits liabilities in our consolidated balance sheet as of June 30, 2022 of $1,815.9 million and $43,088.0 million, respectively, resulting in total policyholder liabilities of $44,903.9 million. These balances were reclassified into new line items, future policy benefits and policyholders' account balances, which would have reported balances of $39,154.8 million and $5,749.1 million, respectively, as of June 30, 2022, resulting in total policyholder liabilities of $44,903.9 million under the historical accounting method. December 31, 2022 Historical Accounting Method As Adjusted Effect of Change (in millions of dollars) Consolidated Balance Sheets Assets Reinsurance Recoverable $ 10,218.6 $ 9,608.0 $ (610.6) Deferred Acquisition Costs 2,252.3 2,560.0 307.7 Deferred Income Tax 449.8 586.0 136.2 Other Assets 1,786.3 1,666.6 (119.7) Total Assets 61,434.9 61,148.5 (286.4) Liabilities Policy and Contract Benefits 1 $ 1,839.8 $ — $ (1,839.8) Reserves for Future Policy and Contract Benefits 1 42,330.2 — (42,330.2) Future Policy Benefits 1 — 38,577.1 38,577.1 Policyholders' Account Balances 1 — 5,740.2 5,740.2 Unearned Premiums 352.7 365.5 12.8 Deferred Income Tax 9.2 25.2 16.0 Total Liabilities 52,237.4 52,413.5 176.1 Stockholders' Equity Accumulated Other Comprehensive Loss $ (2,756.6) $ (3,448.3) $ (691.7) Retained Earnings 12,912.1 13,141.3 229.2 Total Stockholders' Equity 9,197.5 8,735.0 (462.5) 1 We previously reported policy and contract benefits and reserves for future policy and contract benefits liabilities in our consolidated balance sheet as of December 31, 2022 of $1,839.8 million and 42,330.2 million, respectively, resulting in total policyholder liabilities of $44,170.0 million. These balances were reclassified into new line items, future policy benefits and policyholders' account balances, which would have reported balances of $38,443.2 million and $5,726.8 million, respectively, as of December 31, 2022, resulting in total policyholder liabilities of $44,170.0 million under the historical accounting method. Three Months Ended June 30, 2022 Historical Accounting Method As Adjusted Effect of Change (in millions of dollars, except share data and where noted) Consolidated Statements of Income Premium Income $ 2,417.3 $ 2,416.0 $ (1.3) Policy Benefits 1 1,758.1 1,865.7 107.6 Policy Benefits - Remeasurement Gain — (65.6) (65.6) Amortization of Deferred Acquisition Costs 142.6 106.5 (36.1) Other Expenses 253.3 250.0 (3.3) Income Tax - Deferred (70.9) (71.7) (0.8) Net Income 370.4 367.3 (3.1) Net Income Per Common Share Basic $ 1.84 $ 1.83 $ (0.01) Assuming Dilution $ 1.83 $ 1.81 $ (0.02) Consolidated Statements of Comprehensive Income (Loss) Net Income $ 370.4 $ 367.3 $ (3.1) Change in Adjustment to Deferred Acquisition Costs and Reserves for Future Policy and Contract Benefits, Net of Reinsurance 1,550.1 — (1,550.1) Change in the Effect of Discount Rate Assumptions on the Liability for Future Policy Benefits, Net of Reinsurance — 3,371.4 3,371.4 Change in Foreign Currency Translation Adjustment (61.1) (61.4) (0.3) Comprehensive Income (Loss) (821.7) 996.3 1,818.0 Consolidated Statements of Stockholders' Equity Accumulated Other Comprehensive Income (Loss) Balance at Beginning of Period $ (580.1) $ (4,438.5) $ (3,858.4) Other Comprehensive Income (Loss) (1,192.1) 629.0 1,821.1 Retained Earnings Balance at Beginning of Period 12,043.8 12,166.9 $ 123.1 Net Income 370.4 367.3 (3.1) 1 Previously disclosed as Benefits and Change in Reserves for Future Benefits Six Months Ended June 30, 2022 Historical Accounting Method As Adjusted Effect of Change (in millions of dollars, except share data and where noted) Consolidated Statements of Income Premium Income $ 4,820.6 $ 4,817.4 $ (3.2) Policy Benefits 1 3,602.0 3,848.7 246.7 Policy Benefits - Remeasurement Gain — (134.4) (134.4) Amortization of Deferred Acquisition Costs 298.7 210.1 (88.6) Other Expenses 497.1 490.5 (6.6) Income Tax - Deferred (95.6) (99.7) (4.1) Net Income 623.9 607.7 (16.2) Net Income Per Common Share Basic $ 3.09 $ 3.01 $ (0.08) Assuming Dilution $ 3.07 $ 2.99 $ (0.08) Consolidated Statements of Comprehensive Income (Loss) Net Income $ 623.9 $ 607.7 $ (16.2) Change in Adjustment to Deferred Acquisition Costs and Reserves for Future Policy and Contract Benefits, Net of Reinsurance 3,547.8 — (3,547.8) Change in the Effect of Discount Rate Assumptions on the Liability for Future Policy Benefits, Net of Reinsurance — 7,029.5 7,029.5 Change in Foreign Currency Translation Adjustment (93.0) (93.4) (0.4) Comprehensive Income (Loss) (1,502.4) $ 1,962.8 3,465.2 Consolidated Statements of Stockholders' Equity Accumulated Other Comprehensive Income (Loss) Balance at Beginning of Year $ 354.1 $ (5,164.6) $ (5,518.7) Other Comprehensive Income (Loss) (2,126.3) 1,355.1 3,481.4 Retained Earnings Balance at Beginning of Year 11,853.2 11,989.4 $ 136.2 Net Income 623.9 607.7 (16.2) Consolidated Statements of Cash Flows Net Income $ 623.9 $ 607.7 $ (16.2) Change in Receivables 469.3 481.1 11.8 Change in Deferred Acquisition Costs 19.0 (69.6) (88.6) Change in Insurance Liabilities (112.4) (10.9) 101.5 Change in Income Taxes 24.9 23.0 (1.9) Amortization of the Cost of Reinsurance 33.3 26.7 (6.6) 1 Previously disclosed as Benefits and Change in Reserves for Future Benefits The decrease in AOCI in our recast of 2022 as shown in the preceding charts is driven primarily by the difference between the discount rate applied under the historical accounting method, which was based on an expected investment yield from our current investment strategy, and the single-A discount rate that is required as a part of the adoption of ASU 2018-12. The most significant impact is related to our longest duration products. Our investment strategy reflects the illiquid nature of the majority of our liability cash flows and, as a result, the yields in our investment portfolios supporting the cash outflows required for these products are generally higher than a single-A yield. In addition, the discount rates applied under the historical accounting method to the reserves for our longest duration products, such as long-term care, included an assumption for long-term yields rising to more historical levels. The net unfavorable impact of the adoption of ASU 2018-12 to net income for the three and six months ended June 30, 2022 shown in the preceding charts is due primarily to the following changes: • Updating the lifetime cohort net premium ratios, or lifetime loss ratio, for actual experience each reporting period will generally cause earnings patterns to be more consistent from period to period, with variances in experience reflected in earnings over the cohort lifetime. This resulted in an unfavorable impact to income for the three and six months ended June 30, 2022 • Alignment of amortization of deferred acquisition costs to a constant level basis and modification of amortization periods to reflect the expected term of the related contracts could result in either higher or lower income for the affected product lines. This resulted in a net favorable impact to income for the three and six months ended June 30, 2022. • Accelerated recognition of the provision for adverse deviation or other differences from current best estimate values for policies issued prior to the transition date and due to not establishing the provision for policies issued on or after the transition date will generally result in higher income most notably in the initial years after the transition date. This resulted in a favorable impact to income for the three and six months ended June 30, 2022. • Establishing reserves for claims incurred on or after the transition date at interest rates prescribed by the update could result in either higher or lower income for the affected product lines depending on the policy issue date and the interest rate environment at that time. This resulted in a favorable impact to income for the three and six months ended June 30, 2022. • Accounting for non-contemporaneous reinsurance related to the second phase of our Closed Block individual disability reinsurance transaction which was completed in the first quarter of 2021. As a result of the execution of the second phase of the reinsurance transaction occurring after January 1, 2021, the transition date of ASU 2018-12, in accordance with the provisions of the ASU related to non-contemporaneous reinsurance, we were required to establish the ceded reserves using an upper-medium grade fixed-income instrument as of the reinsurance transaction date in March 2021 which resulted in higher ceded reserves compared to that which was reported historically. However, the direct reserves for the block reinsured in the second phase were calculated using the original discount rate utilized as of the transition date. Both the direct and ceded reserves are then remeasured at each reporting period using a current discount rate reflective of an upper-medium grade fixed-income instrument, with the changes recognized in OCI. While the total equity impact is neutral, the different original discount rates utilized for direct and ceded reserves result in disproportionate earnings impacts. The differential in the original discount rate applied to the direct and ceded cohorts of business resulted in an unfavorable impact to income for the three and six months ended June 30, 2022, partially offset by a decrease in the amortization of the cost of reinsurance as a result of a lower cost of reinsurance. |
Fair Values of Financial Inst_2
Fair Values of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share | The following tables present additional information about our private equity partnerships, including commitments for additional investments which may or may not be funded: June 30, 2023 Investment Category Fair Value Redemption Term / Redemption Notice Unfunded Commitments (in millions of dollars) (in millions of dollars) Private Credit (a) $ 239.0 Not redeemable $ 131.9 45.4 Quarterly / 90 days notice 5.1 Total Private Credit 284.4 137.0 Private Equity (b) 491.7 Not redeemable 411.0 25.4 Initial 5.5 year lock on each new investment / Quarterly after 5.5 year lock with 90 days notice 17.8 Total Private Equity 517.1 428.8 Real Assets (c) 405.7 Not redeemable 274.3 60.9 Quarterly / 90 days notice — Total Real Assets 466.6 274.3 Total Partnerships $ 1,268.1 $ 840.1 December 31, 2022 Investment Category Fair Value Redemption Term / Redemption Notice Unfunded Commitments (in millions of dollars) (in millions of dollars) Private Credit (a) $ 239.3 Not redeemable $ 90.9 35.7 Initial 2 year lock on each new investment / Quarterly after 2 year lock with 90 days notice 13.4 Total Private Credit 275.0 104.3 Private Equity (b) 453.6 Not redeemable 377.2 31.7 Initial 5.5 year lock on each new investment / Quarterly after 5.5 year lock with 90 days notice 39.1 Total Private Equity 485.3 416.3 Real Assets (c) 373.9 Not redeemable 256.3 60.1 Quarterly / 90 days notice — Total Real Assets 434.0 256.3 Total Partnerships $ 1,194.3 $ 776.9 |
Fair Values by Fair Value Hierarchy Input level | The following tables present information about financial instruments measured at fair value on a recurring basis by fair value level, based on the observability of the inputs used: June 30, 2023 Level 1 Level 2 Level 3 NAV Total (in millions of dollars) Assets Fixed Maturity Securities United States Government and Government Agencies and Authorities $ 81.7 $ 487.4 $ — $ — $ 569.1 States, Municipalities, and Political Subdivisions 5.0 3,532.6 — — 3,537.6 Foreign Governments — 870.7 — — 870.7 Public Utilities 664.2 4,512.0 — — 5,176.2 Mortgage/Asset-Backed Securities — 532.0 24.1 — 556.1 All Other Corporate Bonds 7,813.8 16,718.3 128.8 — 24,660.9 Redeemable Preferred Stocks — 3.5 — — 3.5 Total Fixed Maturity Securities 8,564.7 26,656.5 152.9 — 35,374.1 Other Long-term Investments Derivatives Forwards — 7.0 — — 7.0 Foreign Exchange Contracts — 73.6 — — 73.6 Total Derivatives — 80.6 — — 80.6 Perpetual Preferred and Equity Securities — 10.3 17.5 — 27.8 Private Equity Partnerships — — — 1,268.1 1,268.1 Total Other Long-term Investments — 90.9 17.5 1,268.1 1,376.5 Total Financial Instrument Assets Carried at Fair Value $ 8,564.7 $ 26,747.4 $ 170.4 $ 1,268.1 $ 36,750.6 Liabilities Other Liabilities Derivatives Forwards $ — $ 44.5 $ — $ — $ 44.5 Foreign Exchange Contracts — 31.9 — — 31.9 Embedded Derivative in Modified Coinsurance Arrangement — — 8.4 — 8.4 Total Derivatives — 76.4 8.4 — 84.8 Total Financial Instrument Liabilities Carried at Fair Value $ — $ 76.4 $ 8.4 $ — $ 84.8 December 31, 2022 Level 1 Level 2 Level 3 NAV Total (in millions of dollars) Assets Fixed Maturity Securities United States Government and Government Agencies and Authorities $ 81.7 $ 416.5 $ — $ — $ 498.2 States, Municipalities, and Political Subdivisions 8.7 3,448.3 0.2 — 3,457.2 Foreign Governments — 827.1 — — 827.1 Public Utilities 160.1 4,796.8 — — 4,956.9 Mortgage/Asset-Backed Securities — 551.3 22.0 — 573.3 All Other Corporate Bonds 4,268.6 20,097.3 158.7 — 24,524.6 Redeemable Preferred Stocks — 3.5 — — 3.5 Total Fixed Maturity Securities 4,519.1 30,140.8 180.9 — 34,840.8 Other Long-term Investments Derivatives Forwards — 5.6 — — 5.6 Foreign Exchange Contracts — 83.5 — — 83.5 Total Derivatives — 89.1 — — 89.1 Perpetual Preferred and Equity Securities — 9.6 16.2 — 25.8 Private Equity Partnerships — — — 1,194.3 1,194.3 Total Other Long-term Investments — 98.7 16.2 1,194.3 1,309.2 Total Financial Instrument Assets Carried at Fair Value $ 4,519.1 $ 30,239.5 $ 197.1 $ 1,194.3 $ 36,150.0 Liabilities Other Liabilities Derivatives Forwards $ — $ 48.5 $ — $ — $ 48.5 Foreign Exchange Contracts — 25.5 — — 25.5 Embedded Derivative in Modified Coinsurance Arrangement — — 13.9 — 13.9 Total Derivatives — 74.0 13.9 — 87.9 Total Financial Instrument Liabilities Carried at Fair Value $ — $ 74.0 $ 13.9 $ — $ 87.9 |
Changes in Assets and Liabilities Measured at Fair Value on a Recurring Basis using Significant Unobservable Inputs | Changes in assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) are as follows: Three Months Ended June 30, 2023 Fair Value Beginning of Period Total Realized Level 3 Transfers Fair Value End of Period Change in Unrealized Gain (Loss) on Securities Held at the End of Period included in Earnings OCI Purchases Sales/Maturities Into Out of OCI Earnings (in millions of dollars) Fixed Maturity Securities States, Municipalities, and Political Subdivisions $ 0.1 $ — $ — $ — $ — $ — $ (0.1) $ — $ — $ — Public Utilities — 0.2 (0.3) — (3.2) 3.3 — — (0.3) — Mortgage/Asset-Backed Securities 28.8 — (0.1) 3.9 (0.1) — (8.4) 24.1 (0.1) — All Other Corporate Bonds 139.1 (0.4) (29.0) 30.0 (92.4) 195.3 (113.8) 128.8 (29.0) — Total Fixed Maturity Securities 168.0 (0.2) (29.4) 33.9 (95.7) 198.6 (122.3) 152.9 (29.4) — Perpetual Preferred and Equity Securities 16.2 0.5 — 0.8 — — — 17.5 — 0.5 Embedded Derivative in Modified Coinsurance Arrangement (13.6) 5.2 — — — — — (8.4) — 5.2 Three Months Ended June 30, 2022 Fair Value Beginning of Period Total Realized and Unrealized Investment Gains (Losses) in Level 3 Transfers Fair Value End of Period Change in Unrealized Gain (Loss) on Securities Held at the End of Period included in Earnings OCI Purchases Sales/Maturities Into Out of OCI Earnings (in millions of dollars) Fixed Maturity Securities Foreign Governments $ 20.4 $ — $ (0.2) $ — $ — $ — $ — $ 20.2 $ (0.2) $ — Public Utilities 13.7 — (0.1) — — — — 13.6 (0.1) — Mortgage/Asset-Backed Securities 49.8 — (0.8) — (0.6) 0.2 (37.0) 11.6 (0.8) — All Other Corporate Bonds 80.7 — (9.9) — — 50.5 (17.8) 103.5 (9.9) — Total Fixed Maturity Securities 164.6 — (11.0) — (0.6) 50.7 (54.8) 148.9 (11.0) — Perpetual Preferred and Equity Securities 10.5 — — 0.4 — — — 10.9 — — Embedded Derivative in Modified Coinsurance Arrangement (33.5) (0.8) — — — — — (34.3) — (0.8) Six Months Ended June 30, 2023 Fair Value Beginning of Year Total Realized Level 3 Transfers Fair Value End of Period Change in Unrealized Gain (Loss) on Securities Held at the End of Period included in Earnings OCI Purchases Sales/Maturities Into Out of OCI Earnings (in millions of dollars) Fixed Maturity Securities States, Municipalities, and Political Subdivisions $ 0.2 $ — $ — $ — $ — $ — $ (0.2) $ — $ — $ — Public Utilities — 0.3 (0.3) — (3.3) 3.3 — — (0.3) — Mortgage/Asset-Backed Securities 22.0 — (0.1) 10.9 (0.3) 0.4 (8.8) 24.1 (0.1) — All Other Corporate Bonds 158.7 (0.5) (24.1) 31.5 (152.1) 205.8 (90.5) 128.8 (24.1) — Total Fixed Maturity Securities 180.9 (0.2) (24.5) 42.4 (155.7) 209.5 (99.5) 152.9 (24.5) — Perpetual Preferred and Equity Securities 16.2 0.5 — 0.8 — — — 17.5 — 0.5 Embedded Derivative in Modified Coinsurance Arrangement (13.9) 5.5 — — — — — (8.4) — 5.5 Six Months Ended June 30, 2022 Fair Value Beginning of Year Total Realized and Unrealized Investment Gains (Losses) in Level 3 Transfers Fair Value End of Period Change in Unrealized Gain (Loss) on Securities Held at the End of Period included in Earnings OCI Purchases Sales/Maturities Into Out of OCI Earnings (in millions of dollars) Fixed Maturity Securities States, Municipalities, and Political Subdivisions $ 13.4 $ — $ — $ — $ — $ — $ (13.4) $ — $ — $ — Foreign Governments 20.8 — (0.6) — — — — 20.2 (0.6) — Public Utilities 44.5 (4.1) 2.1 — (10.8) 15.6 (33.7) 13.6 2.1 (4.1) Mortgage/Asset-Backed Securities 187.2 — (5.6) 8.9 (4.9) — (174.0) 11.6 (5.6) — All Other Corporate Bonds 861.5 — (20.6) 32.6 (20.9) 13.2 (762.3) 103.5 (20.6) — Total Fixed Maturity Securities 1,127.4 (4.1) (24.7) 41.5 (36.6) 28.8 (983.4) 148.9 (24.7) (4.1) Perpetual Preferred and Equity Securities 5.8 2.8 — 2.3 — — — 10.9 — 2.8 Embedded Derivative in Modified Coinsurance Arrangement (30.1) (4.2) — — — — — (34.3) — (4.2) |
Quantitative Information Regarding Significant Unobservable Inputs | The table below provides quantitative information regarding the significant unobservable inputs used in Level 3 fair value measurements derived from internal models. Unobservable inputs for fixed maturity securities are weighted by the fair value of the securities. Certain securities classified as Level 3 are excluded from the table below due to limitations in our ability to obtain the underlying inputs used by external pricing sources. June 30, 2023 Fair Value Valuation Method Unobservable Input Range/Weighted Average (in millions of dollars) Fixed Maturity Securities All Other Corporate Bonds - Private $ 16.4 Market Approach Volatility of Credit Market Convention (a) (b) 4.75% - 4.75% / 4.75% Priced at Par Value Perpetual Preferred and Equity Securities 17.5 Market Approach Market Convention (b) Priced at Cost, Owner's Equity, or Most Recent Round Embedded Derivative in Modified Coinsurance Arrangement (8.4) Discounted Cash Flows Projected Liability Cash Flows Weighted Spread of Swap Curve (c) Actuarial Assumptions 0.4% December 31, 2022 Fair Value Valuation Method Unobservable Input Range/Weighted Average (in millions of dollars) Fixed Maturity Securities All Other Corporate Bonds - Private $ 15.3 Market Approach Volatility of Credit Market Convention (a) (b) 5.41% - 5.41% / 5.41% Priced at Par Value Perpetual Preferred and Equity Securities 16.2 Market Approach Market Convention (b) Priced at Cost, Owner's Equity, or Most Recent Round Embedded Derivative in Modified Coinsurance Arrangement (13.9) Discounted Cash Flows Projected Liability Cash Flows Weighted Spread of Swap Curve (c) Actuarial Assumptions 0.6% (a) Represents basis point adjustments for credit-specific factors (b) Represents a decision to price based on par value, cost, owner's equity, or the price of the most recent capital funding round when limited data is available (c) Represents various actuarial assumptions required to derive the liability cash flows. Fair value of embedded derivative is most often driven by the change in the weighted average credit spread to the swap curve for the assets backing the hypothetical loan |
Carrying Amount and Fair Value of Financial Instruments | The following table presents the carrying amounts and estimated fair values of our financial instruments not measured at fair value and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used: June 30, 2023 Estimated Fair Value Level 1 Level 2 Level 3 Total Carrying Value (in millions of dollars) Assets Mortgage Loans $ — $ 2,096.1 $ — $ 2,096.1 $ 2,372.8 Policy Loans — — 3,568.1 3,568.1 3,493.3 Other Long-term Investments Miscellaneous Long-term Investments — 14.8 0.7 15.5 15.5 Total Financial Instrument Assets Not Carried at Fair Value $ — $ 2,110.9 $ 3,568.8 $ 5,679.7 $ 5,881.6 Liabilities Long-term Debt $ 2,267.5 $ 863.3 $ — $ 3,130.8 $ 3,429.1 Other Liabilities Unfunded Commitments — 0.7 — 0.7 0.7 Payable for Collateral on FHLB Funding Agreements — 55.1 — 55.1 55.1 Total Financial Instrument Liabilities Not Carried at Fair Value $ 2,267.5 $ 919.1 $ — $ 3,186.6 $ 3,484.9 December 31, 2022 Estimated Fair Value Level 1 Level 2 Level 3 Total Carrying Value (in millions of dollars) Assets Mortgage Loans $ — $ 2,159.5 $ — $ 2,159.5 $ 2,435.4 Policy Loans — — 3,677.0 3,677.0 3,601.2 Other Long-term Investments Miscellaneous Long-term Investments — 17.1 1.3 18.4 18.4 Total Financial Instrument Assets Not Carried at Fair Value $ — $ 2,176.6 $ 3,678.3 $ 5,854.9 $ 6,055.0 Liabilities Long-term Debt $ 2,288.9 $ 783.1 $ — $ 3,072.0 $ 3,427.8 Other Liabilities Unfunded Commitments — 0.7 — 0.7 0.7 Payable for Collateral on FHLB Funding Agreements — 99.1 — 99.1 99.1 Total Financial Instrument Liabilities Not Carried at Fair Value $ 2,288.9 $ 882.9 $ — $ 3,171.8 $ 3,527.6 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost and Fair Values of Securities by Security Type | At June 30, 2023 and December 31, 2022, 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, 2023 Amortized Cost, Gross of ACL 1 ACL 1 Gross Gross Fair (in millions of dollars) United States Government and Government Agencies and Authorities $ 570.5 $ — $ 20.6 $ 22.0 $ 569.1 States, Municipalities, and Political Subdivisions 3,961.4 — 113.9 537.7 3,537.6 Foreign Governments 986.6 — 18.5 134.4 870.7 Public Utilities 5,372.6 — 149.1 345.5 5,176.2 Mortgage/Asset-Backed Securities 576.7 — 6.4 27.0 556.1 All Other Corporate Bonds 26,556.3 — 502.1 2,397.5 24,660.9 Redeemable Preferred Stocks 4.0 — — 0.5 3.5 Total Fixed Maturity Securities $ 38,028.1 $ — $ 810.6 $ 3,464.6 $ 35,374.1 December 31, 2022 Amortized Cost, Gross of ACL 1 ACL 1 Gross Gross Fair (in millions of dollars) United States Government and Government Agencies and Authorities $ 503.8 $ — $ 20.3 $ 25.9 $ 498.2 States, Municipalities, and Political Subdivisions 4,006.0 — 87.1 635.9 3,457.2 Foreign Governments 908.1 — 34.9 115.9 827.1 Public Utilities 5,170.9 — 141.0 355.0 4,956.9 Mortgage/Asset-Backed Securities 592.1 — 8.2 27.0 573.3 All Other Corporate Bonds 26,640.3 — 452.1 2,567.8 24,524.6 Redeemable Preferred Stocks 4.0 — — 0.5 3.5 Total Fixed Maturity Securities $ 37,825.2 $ — $ 743.6 $ 3,728.0 $ 34,840.8 1 Allowance for Credit Losses |
Schedule of Unrealized Loss on Investments | The following charts indicate the length of time our fixed maturity securities have been in a gross unrealized loss position. June 30, 2023 Less Than 12 Months 12 Months or Greater Fair Gross Fair Gross (in millions of dollars) United States Government and Government Agencies and Authorities $ 118.9 $ 0.8 $ 192.3 $ 21.2 States, Municipalities, and Political Subdivisions 452.4 19.1 1,820.3 518.6 Foreign Governments 244.6 22.4 241.5 112.0 Public Utilities 1,292.0 54.5 1,428.6 291.0 Mortgage/Asset-Backed Securities 320.1 18.7 70.4 8.3 All Other Corporate Bonds 6,122.1 323.9 11,438.5 2,073.6 Redeemable Preferred Stocks — — 3.5 0.5 Total Fixed Maturity Securities $ 8,550.1 $ 439.4 $ 15,195.1 $ 3,025.2 December 31, 2022 Less Than 12 Months 12 Months or Greater Fair Gross Fair Gross (in millions of dollars) United States Government and Government Agencies and Authorities $ 246.6 $ 22.6 $ 12.2 $ 3.3 States, Municipalities, and Political Subdivisions 1,920.1 476.1 346.6 159.8 Foreign Governments 160.1 47.9 176.9 68.0 Public Utilities 2,242.2 252.0 255.2 103.0 Mortgage/Asset-Backed Securities 386.6 27.0 0.1 — All Other Corporate Bonds 15,865.6 1,799.7 2,194.1 768.1 Redeemable Preferred Stocks 3.5 0.5 — — Total Fixed Maturity Securities $ 20,824.7 $ 2,625.8 $ 2,985.1 $ 1,102.2 |
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, 2023 Amortized Cost, Net of ACL 1 Unrealized Gain Position Unrealized Loss Position Gross Gain Fair Value Gross Loss Fair Value (in millions of dollars) 1 year or less $ 902.9 $ 1.6 $ 227.4 $ 5.8 $ 671.3 Over 1 year through 5 years 7,787.1 73.0 1,839.3 297.9 5,722.9 Over 5 years through 10 years 9,706.2 298.5 3,490.9 811.9 5,701.9 Over 10 years 19,055.2 431.1 5,905.7 2,322.0 11,258.6 37,451.4 804.2 11,463.3 3,437.6 23,354.7 Mortgage/Asset-Backed Securities 576.7 6.4 165.6 27.0 390.5 Total Fixed Maturity Securities $ 38,028.1 $ 810.6 $ 11,628.9 $ 3,464.6 $ 23,745.2 December 31, 2022 Amortized Cost, Net of ACL 1 Unrealized Gain Position Unrealized Loss Position Gross Gain Fair Value Gross Loss Fair Value (in millions of dollars) 1 year or less $ 1,133.5 $ 2.9 $ 339.1 $ 5.7 $ 791.6 Over 1 year through 5 years 7,090.8 86.7 1,953.2 238.4 4,985.9 Over 5 years through 10 years 10,096.7 294.8 3,538.9 863.8 5,988.8 Over 10 years 18,912.1 351.0 5,013.2 2,593.1 11,656.8 37,233.1 735.4 10,844.4 3,701.0 23,423.1 Mortgage/Asset-Backed Securities 592.1 8.2 186.6 27.0 386.7 Total Fixed Maturity Securities $ 37,825.2 $ 743.6 $ 11,031.0 $ 3,728.0 $ 23,809.8 1 Allowance for Credit Losses |
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, 2023: Gross Unrealized Loss Fair Value Gross Unrealized Gain Amount Percent of Total Gross Unrealized Loss (in millions of dollars) Investment-Grade $ 33,559.1 $ 801.4 $ 3,314.9 95.7 % Below-Investment-Grade 1,815.0 9.2 149.7 4.3 % Total Fixed Maturity Securities $ 35,374.1 $ 810.6 $ 3,464.6 100.0 % |
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 "public utilities" during the three and six months ended June 30, 2022. Three Months Ended June 30 2023 2022 (in millions of dollars) Balance, beginning of period $ — $ 4.1 Change in allowance on securities with allowance recorded in previous period — — Balance, end of period $ — $ 4.1 Six Months Ended June 30 2023 2022 (in millions of dollars) Balance, beginning of period $ — $ — Credit losses on securities for which credit losses were not previously recorded — 4.1 Balance, end of period $ — $ 4.1 |
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, 2023 December 31, 2022 (in millions of dollars) Carrying Amount Percent of Total Carrying Amount Percent of Total Property Type Apartment $ 679.5 28.6 % $ 688.6 28.3 % Industrial 720.4 30.4 745.3 30.6 Office 417.5 17.6 423.0 17.4 Retail 512.0 21.6 534.5 21.9 Other 43.4 1.8 44.0 1.8 Total $ 2,372.8 100.0 % $ 2,435.4 100.0 % Region New England $ 56.2 2.4 % $ 52.4 2.2 % Mid-Atlantic 188.3 7.9 192.4 7.9 East North Central 301.8 12.7 313.0 12.9 West North Central 172.9 7.3 181.4 7.4 South Atlantic 558.3 23.5 539.3 22.1 East South Central 99.8 4.2 101.8 4.2 West South Central 208.4 8.8 212.6 8.7 Mountain 287.0 12.1 298.7 12.3 Pacific 500.1 21.1 543.8 22.3 Total $ 2,372.8 100.0 % $ 2,435.4 100.0 % |
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, 2023 December 31, 2022 (in millions of dollars) Carrying Amount Percent of Total Carrying Amount Percent of Total Internal Mortgage Rating AA $ 79.6 3.4 % $ 92.3 3.8 % A 826.6 34.8 843.9 34.6 BBB 1,404.0 59.2 1,458.0 59.9 BB 62.6 2.6 41.2 1.7 Total $ 2,372.8 100.0 % $ 2,435.4 100.0 % Loan-to-Value Ratio 1 <= 65% $ 1,381.2 58.2 % $ 1,389.6 57.0 % > 65% <= 75% 815.2 34.4 937.2 38.5 > 75% <= 85% 111.5 4.7 75.0 3.1 > 85% 64.9 2.7 33.6 1.4 Total $ 2,372.8 100.0 % $ 2,435.4 100.0 % 1 Loan-to-Value Ratio utilizes the most recent internal valuation of the property |
Mortgage Loans by Credit Quality Indicators | The followin g tables present the amortized cost of our mortgage loans by year of origination and internal quality indicators at June 30, 2023 and December 31, 2022, respectively : June 30, 2023 Prior to 2019 2019 2020 2021 2022 2023 Total (in millions of dollars) Internal Mortgage Rating AA $ 68.7 $ 11.0 $ — $ — $ — $ — $ 79.7 A 565.5 95.3 48.5 80.0 23.6 15.5 828.4 BBB 707.8 234.2 119.2 272.3 64.6 13.1 1,411.2 BB 64.6 — — — — — 64.6 Total Amortized Cost 1,406.6 340.5 167.7 352.3 88.2 28.6 2,383.9 Allowance for credit losses (7.6) (1.3) (0.6) (1.0) (0.5) (0.1) (11.1) Carrying Amount $ 1,399.0 $ 339.2 $ 167.1 $ 351.3 $ 87.7 $ 28.5 $ 2,372.8 Loan-to-Value Ratio 1 <=65% $ 951.5 $ 200.4 $ 80.2 $ 135.9 $ 16.6 $ — $ 1,384.6 >65<=75% 284.1 140.1 79.1 216.4 71.6 28.6 819.9 >75%<=85% 104.0 — 8.4 — — — 112.4 >85% 67.0 — — — — — 67.0 Total Amortized Cost 1,406.6 340.5 167.7 352.3 88.2 28.6 2,383.9 Allowance for credit losses (7.6) (1.3) (0.6) (1.0) (0.5) (0.1) (11.1) Carrying Amount $ 1,399.0 $ 339.2 $ 167.1 $ 351.3 $ 87.7 $ 28.5 $ 2,372.8 1 Loan-to-Value Ratio utilizes the most recent internal valuation of the property December 31, 2022 Prior to 2018 2018 2019 2020 2021 2022 Total (in millions of dollars) Internal Mortgage Rating AA $ 53.8 $ 27.5 $ 11.1 $ — $ — $ — $ 92.4 A 485.0 123.3 96.8 35.9 80.6 24.0 845.6 BBB 534.0 219.8 236.9 134.0 275.8 64.6 1,465.1 BB 35.7 5.9 — — — — 41.6 Total Amortized Cost 1,108.5 376.5 344.8 169.9 356.4 88.6 2,444.7 Allowance for credit losses (4.3) (1.8) (1.3) (0.6) (0.8) (0.5) (9.3) Carrying Amount $ 1,104.2 $ 374.7 $ 343.5 $ 169.3 $ 355.6 $ 88.1 $ 2,435.4 Loan-to-Value Ratio 1 <=65% $ 782.6 $ 189.0 $ 193.9 $ 81.3 $ 128.9 $ 16.9 $ 1,392.6 >65<=75% 230.2 181.6 150.9 80.1 227.5 71.7 942.0 >75%<=85% 67.5 — — 8.5 — — 76.0 >85% 28.2 5.9 — — — — 34.1 Total Amortized Cost 1,108.5 376.5 344.8 169.9 356.4 88.6 2,444.7 Allowance for credit losses (4.3) (1.8) (1.3) (0.6) (0.8) (0.5) (9.3) Carrying Amount $ 1,104.2 $ 374.7 $ 343.5 $ 169.3 $ 355.6 $ 88.1 $ 2,435.4 1 Loan-to-Value Ratio utilizes the most recent internal valuation of the property |
Financing Receivable, Allowance for Credit Loss | The following table presents a roll-forward of the allowance for expected credit losses by loan-to-value ratio for the three and six months ended June 30, 2023 and 2022 : Three Months Ended June 30, 2023 Beginning of Period Current Period Provisions Write-Offs Recoveries End of Period (in millions of dollars) Loan-to-Value Ratio 1 <=65% $ 3.0 $ 0.3 $ — $ — $ 3.3 >65<=75% 5.3 (0.5) — — 4.8 >75%<=85% 1.2 (0.3) — — 0.9 >85% 0.5 1.6 — — 2.1 Total $ 10.0 $ 1.1 $ — $ — $ 11.1 Three Months Ended June 30, 2022 Beginning of Period Current Period Provisions Write-Offs Recoveries End of Period (in millions of dollars) Loan-to-Value Ratio 1 <=65% $ 2.4 $ (0.1) $ — $ — $ 2.3 >65<=75% 4.5 0.3 — — 4.8 >75%<=85% 0.7 0.2 — — 0.9 >85% 0.3 0.1 — — 0.4 Total $ 7.9 $ 0.5 $ — $ — $ 8.4 Six Months Ended June 30, 2023 Beginning of Year Current Period Provisions Write-Offs Recoveries End of Period (in millions of dollars) Loan-to-Value Ratio 1 <=65% $ 3.0 $ 0.3 $ — $ — $ 3.3 >65<=75% 4.7 0.1 — — 4.8 >75%<=85% 1.1 (0.2) — — 0.9 >85% 0.5 1.6 — — 2.1 Total $ 9.3 $ 1.8 $ — $ — $ 11.1 Six Months Ended June 30, 2022 Beginning of Year Current Period Provisions Write-Offs Recoveries End of Period (in millions of dollars) Loan-to-Value Ratio 1 <=65% $ 2.6 $ (0.3) $ — $ — $ 2.3 >65<=75% 4.7 0.1 — — 4.8 >75%<=85% 0.7 0.2 — — 0.9 >85% 0.3 0.1 — — 0.4 Total $ 8.3 $ 0.1 $ — $ — $ 8.4 1 Loan-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 assets pledged are as follows: June 30, 2023 December 31, 2022 Overnight and Continuous (in millions of dollars) Borrowings United States Government and Government Agencies and Authorities $ — $ 0.3 States, Municipalities, and Political Subdivisions — — Public Utilities 8.2 6.3 All Other Corporate Bonds 89.3 81.9 Total Borrowings $ 97.5 $ 88.5 Gross Amount of Recognized Liability for Securities Lending Transactions 97.5 88.5 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, 2023 December 31, 2022 (in millions of dollars) Carrying Value of FHLB Common Stock $ 14.8 $ 17.1 Advances from FHLB 55.1 99.1 Carrying Value of Collateral Posted to FHLB Fixed Maturity Securities $ 379.9 $ 527.1 Commercial Mortgage Loans 776.4 801.9 Total Carrying Value of Collateral Posted to FHLB $ 1,156.3 $ 1,329.0 |
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, 2023 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 $ 80.6 $ — $ 80.6 $ (56.4) $ (24.2) $ — Securities Lending 118.2 — 118.2 (20.7) (97.5) — Total $ 198.8 $ — $ 198.8 $ (77.1) $ (121.7) $ — Financial Liabilities: Derivatives $ 76.4 $ — $ 76.4 $ (75.0) $ — $ 1.4 Securities Lending 97.5 — 97.5 (97.5) — — Total $ 173.9 $ — $ 173.9 $ (172.5) $ — $ 1.4 December 31, 2022 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 $ 89.1 $ — $ 89.1 $ (38.0) $ (49.4) $ 1.7 Securities Lending 152.4 — 152.4 (63.9) (88.5) — Total $ 241.5 $ — $ 241.5 $ (101.9) $ (137.9) $ 1.7 Financial Liabilities: Derivatives $ 74.0 $ — $ 74.0 $ (73.2) $ — $ 0.8 Securities Lending 88.5 — 88.5 (88.5) — — Total $ 162.5 $ — $ 162.5 $ (161.7) $ — $ 0.8 |
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 2023 2022 2023 2022 (in millions of dollars) Fixed Maturity Securities $ 470.7 $ 467.7 $ 925.8 $ 923.2 Derivatives 11.0 15.8 22.9 30.2 Mortgage Loans 23.5 25.9 46.9 52.9 Policy Loans 5.2 5.0 10.2 9.7 Other Long-term Investments Perpetual Preferred Securities 1 0.9 (0.8) 1.8 2.1 Private Equity Partnerships 2 19.8 53.6 34.1 86.0 Other 2.7 1.7 4.5 3.8 Short-term Investments 16.2 2.5 30.3 3.3 Gross Investment Income 550.0 571.4 1,076.5 1,111.2 Less Investment Expenses 15.8 9.5 30.5 19.1 Less Investment Income on Participation Fund Account Assets 3.1 2.9 6.1 5.9 Net Investment Income $ 531.1 $ 559.0 $ 1,039.9 $ 1,086.2 1 The net unrealized gain (loss) recognized in net investment income for the three and six months ended June 30, 2023 related to perpetual preferred securities still held at June 30, 2023 was $(0.2) million and $0.5 million, respectively. The net unrealized gain (loss) recognized in net investment income for the three and six months ended June 30, 2022 related to perpetual preferred securities still held at June 30, 2022 was $(1.4) million and $1.0 million, respectively. 2 The net unrealized gain recognized in net investment income for the three and six months ended June 30, 2023 related to private equity partnerships still held at June 30, 2023 was $25.1 million and $42.9 million, respectively, reduced by net management fees and partnership expenses of $(5.3) million and $(8.8) million, respectively. The net unrealized gain recognized in net investment income for the three and six months ended June 30, 2022 related to private equity partnerships still held at June 30, 2022 was $26.9 million and $43.2 million, respectively, reduced by net management fees and partnership expenses of $(2.7) million and $(6.5) 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 2023 2022 2023 2022 (in millions of dollars) Fixed Maturity Securities Gross Gains on Sales $ 2.8 $ 0.5 $ 3.3 $ 0.8 Gross Losses on Sales (13.1) (4.2) (13.3) (13.0) Credit Losses — — — (4.1) Mortgage Loans and Other Invested Assets Gross Gains on Sales 6.0 — 6.2 1.4 Gross Losses on Sales (0.3) — (0.3) — Change in Allowance for Credit Losses (1.1) (0.4) (1.8) 0.1 Embedded Derivative in Modified Coinsurance Arrangement 5.2 (0.8) 5.5 (4.2) All Other Derivatives 0.6 3.7 — 5.5 Foreign Currency Transactions 0.8 (2.9) 1.4 (4.4) Net Investment Gain (Loss) $ 0.9 $ (4.1) $ 1.0 $ (17.9) |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Nature and Amount of Collateral Received From and Posted To Derivative Counterparty | The table below summarizes the nature and amount of collateral received from and posted to our derivative counterparties. June 30, 2023 December 31, 2022 (in millions of dollars) Carrying Value of Collateral Received from Counterparties Cash $ 28.4 $ 49.4 Fixed Maturity Securities 18.5 — $ 46.9 $ 49.4 Carrying Value of Collateral Posted to Counterparties Cash $ — $ 5.1 Fixed Maturity Securities 41.5 39.6 $ 41.5 $ 44.7 |
Fair Value Hedges Carrying Amount of Hedged Assets and Liabilities and Cumulative Basis Adjustments | The following table summarizes the carrying amount of hedged assets and the related cumulative basis adjustments related to our fair value hedges: Carrying Amount of Hedged Assets Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 (in millions of dollars) Fixed maturity securities: Receive fixed functional currency interest, pay fixed foreign currency interest $ 438.5 $ 394.4 $ (18.3) $ (24.8) |
Location and Fair Values of Derivative Financial Instruments | The following tables summarize the notional amounts and fair values of derivative financial instruments, as reported in our consolidated balance sheets. Derivative assets are included in other long-term investments, while derivative liabilities are included in other liabilities within our consolidated balance sheets. The notional amounts represent the basis upon which our counterparty pay and receive amounts are calculated. June 30, 2023 Derivative Assets Derivative Liabilities Notional Fair Fair (in millions of dollars) Designated as Hedging Instruments Cash Flow Hedges Forward Benchmark Interest Rate Locks $ 1,242.0 $ 3.6 $ 44.4 Foreign Currency Interest Rate Swaps 159.6 16.0 4.3 Total Cash Flow Hedges 1,401.6 19.6 48.7 Fair Value Hedges Foreign Currency Interest Rate Swaps 590.0 57.6 10.7 Total Designated as Hedging Instruments $ 1,991.6 $ 77.2 $ 59.4 Not Designated as Hedging Instruments Foreign Currency Forwards $ 54.0 $ 3.4 $ 0.1 Foreign Currency Interest Rate Swaps 132.0 — 16.9 Total Return Swaps 88.8 — — Embedded Derivative in Modified Coinsurance Arrangement — — 8.4 Total Not Designated as Hedging Instruments $ 274.8 $ 3.4 $ 25.4 Total Derivatives $ 2,266.4 $ 80.6 $ 84.8 December 31, 2022 Derivative Assets Derivative Liabilities Notional Fair Fair (in millions of dollars) Designated as Hedging Instruments Cash Flow Hedges Forward Benchmark Interest Rate Locks $ 764.0 $ 1.6 $ 48.4 Foreign Currency Interest Rate Swaps 168.9 17.5 3.1 Total Cash Flow Hedges 932.9 19.1 51.5 Fair Value Hedges Foreign Currency Interest Rate Swaps 557.8 66.0 5.4 Total Designated as Hedging Instruments $ 1,490.7 $ 85.1 $ 56.9 Not Designated as Hedging Instruments Foreign Currency Forwards $ 54.3 $ 4.0 $ 0.1 Foreign Currency Interest Rate Swaps 132.0 — 17.0 Total Return Swaps 76.9 — — Embedded Derivative in Modified Coinsurance Arrangement — — 13.9 Total Not Designated as Hedging Instruments $ 263.2 $ 4.0 $ 31.0 Total Derivatives $ 1,753.9 $ 89.1 $ 87.9 |
Location of Gains and Losses on Derivative Instruments Designated as Cash Flow Hedging Instruments | The following tables summarize the location of gains and losses of derivative financial instruments designated as hedging instruments, as reported in our consolidated statements of income. Three Months Ended June 30 2023 2022 Net Investment Income Net Investment Gain (Loss) Interest and Debt Expense Net Investment Income Net Investment Gain (Loss) Interest and Debt Expense (in millions of dollars) Total Income and Expense Presented in the Consolidated Statements of Income of Which Hedged Items are Recorded $ 531.1 $ 0.9 $ 48.9 $ 559.0 $ (4.1) $ 47.4 Gain (Loss) on Cash Flow Hedging Relationships Interest Rate Swaps: Hedged items 49.0 0.8 0.8 50.3 — 0.7 Derivatives Designated as Hedging Instruments 9.0 — — 13.0 — — Foreign Exchange Contracts: Hedged items 2.5 — — 2.8 — — Derivatives Designated as Hedging Instruments (0.1) 0.1 — 0.4 — — Forward Benchmark Interest Rate Locks: Hedged items 3.1 — — — — — Derivatives Designated as Hedging Instruments — — — — — — Gain (Loss) on Fair Value Hedging Relationships Foreign Exchange Contracts Hedged items 3.2 3.3 — 3.1 (27.6) — Derivatives Designated as Hedging Instruments 2.3 (3.3) — 2.7 27.6 — Six Months Ended June 30 2023 2022 Net Investment Income Net Investment Gain (Loss) Interest and Debt Expense Net Investment Income Net Investment Gain (Loss) Interest and Debt Expense (in millions of dollars) Total Income and Expense Presented in the Consolidated Statements of Income of Which Hedged Items are Recorded $ 1,039.9 $ 1.0 $ 97.0 $ 1,086.2 $ (17.9) $ 94.3 Gain (Loss) on Cash Flow Hedging Relationships Interest Rate Swaps: Hedged items 98.5 0.8 1.5 100.7 — 1.4 Derivatives Designated as Hedging Instruments 19.4 — — 26.4 — — Foreign Exchange Contracts: Hedged items 5.0 — — 5.6 — — Derivatives Designated as Hedging Instruments 0.2 0.1 — 0.6 — — Forward Benchmark Interest Rate Locks: Hedged items 3.8 — — — — — Derivatives Designated as Hedging Instruments — — — — — — Gain (Loss) on Fair Value Hedging Relationships Foreign Exchange Contracts Hedged items 6.4 6.5 — 5.8 (32.9) — Derivatives Designated as Hedging Instruments 3.6 (6.5) — 4.1 32.9 — |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table summarizes the location of gains and losses of derivative financial instruments designated as cash flow hedging instruments, as reported in our consolidated statements of comprehensive income (loss). Three Months Ended June 30 Six Months Ended June 30 2023 2022 2023 2022 (in millions of dollars) Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives Forwards $ (30.7) $ 3.3 $ (0.8) $ 2.3 Foreign Exchange Contracts (2.5) 6.4 (2.7) 4.3 Total $ (33.2) $ 9.7 $ (3.5) $ 6.6 |
Gains and Losses on Derivatives Not Designated as Hedging Instruments | The following table summarizes the location of gains and losses on our derivatives not designated as hedging instruments, as reported in our consolidated statements of income. Three Months Ended June 30 Six Months Ended June 30 2023 2022 2023 2022 (in millions of dollars) Net Investment Gain (Loss) Foreign Exchange Contracts $ 0.6 $ 3.7 $ — $ 5.5 Embedded Derivative in Modified Coinsurance Arrangement 5.2 (0.8) 5.5 (4.2) Total $ 5.8 $ 2.9 $ 5.5 $ 1.3 Other Expenses (Gain) Loss on Total Return Swaps $ (4.2) $ 13.0 $ (8.8) $ 18.7 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Components of our accumulated other comprehensive loss, after tax, and related changes are as follows: Net Unrealized Gain (Loss) on Securities Effect of Change in Discount Rate Assumptions on the LFPB 1 Net Gain (Loss) on Hedges Foreign Currency Translation Adjustment Unrecognized Pension and Postretirement Benefit Costs Total (in millions of dollars) Balance at March 31, 2023 $ (2,205.2) $ (260.0) $ 7.8 $ (365.4) $ (339.5) $ (3,162.3) Other Comprehensive Income (Loss) Before Reclassifications (565.5) 260.1 (34.1) 38.3 3.3 (297.9) Amounts Reclassified from Accumulated Other Comprehensive Income or Loss 8.1 — (7.0) — 1.5 2.6 Net Other Comprehensive Income (Loss) (557.4) 260.1 (41.1) 38.3 4.8 (295.3) Balance at June 30, 2023 $ (2,762.6) $ 0.1 $ (33.3) $ (327.1) $ (334.7) $ (3,457.6) Balance at March 31, 2022 $ 1,120.6 $ (4,912.6) $ 51.4 $ (306.1) $ (391.8) $ (4,438.5) Other Comprehensive Income (Loss) Before Reclassifications (2,683.8) 3,371.4 5.5 (61.4) 2.0 633.7 Amounts Reclassified from Accumulated Other Comprehensive Income or Loss 2.8 — (10.5) — 3.0 (4.7) Net Other Comprehensive Income (Loss) (2,681.0) 3,371.4 (5.0) (61.4) 5.0 629.0 Balance at June 30, 2022 $ (1,560.4) $ (1,541.2) $ 46.4 $ (367.5) $ (386.8) $ (3,809.5) Balance at December 31, 2022 $ (3,028.4) $ 313.9 $ (9.6) $ (390.1) $ (334.1) $ (3,448.3) Other Comprehensive Income (Loss) Before Reclassifications 257.9 (313.8) (8.5) 63.0 (3.4) (4.8) Amounts Reclassified from Accumulated Other Comprehensive Income or Loss 7.9 — (15.2) — 2.8 (4.5) Net Other Comprehensive Income (Loss) 265.8 (313.8) (23.7) 63.0 (0.6) (9.3) Balance at June 30, 2023 $ (2,762.6) $ 0.1 $ (33.3) $ (327.1) $ (334.7) $ (3,457.6) Balance at December 31, 2021 $ 4,014.4 $ (8,570.7) $ 61.8 $ (274.1) $ (396.0) $ (5,164.6) Other Comprehensive Income (Loss) Before Reclassifications (5,587.6) 7,029.5 5.9 (93.4) 3.1 1,357.5 Amounts Reclassified from Accumulated Other Comprehensive Income or Loss 12.8 — (21.3) — 6.1 (2.4) Net Other Comprehensive Income (Loss) (5,574.8) 7,029.5 (15.4) (93.4) 9.2 1,355.1 Balance at June 30, 2022 $ (1,560.4) $ (1,541.2) $ 46.4 $ (367.5) $ (386.8) $ (3,809.5) 1 Liability for Future Policy Benefits |
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits | The effect of change in discount rate assumptions on the liability for future policy benefits consists of the following components: Change at June 30, 2023 June 30 March 31 December 31 Three Months Six Months 2023 2023 2022 Ended Ended (in millions of dollars) Future Policy Benefits $ (27.1) $ (437.9) $ 445.0 $ 410.8 $ (472.1) Reinsurance Recoverable (666.9) (592.3) (748.4) (74.6) 81.5 Income Tax 694.1 770.2 617.3 (76.1) 76.8 Total $ 0.1 $ (260.0) $ 313.9 $ 260.1 $ (313.8) Change at June 30, 2022 June 30 March 31 December 31 Three Months Six Months 2022 2022 2021 Ended Ended (in millions of dollars) Future Policy Benefits $ (2,277.5) $ (7,168.8) $ (12,565.6) $ 4,891.3 $ 10,288.1 Reinsurance Recoverable (379.8) 236.6 992.5 (616.4) (1,372.3) Income Tax 1,116.1 2,019.6 3,002.4 (903.5) (1,886.3) Total $ (1,541.2) $ (4,912.6) $ (8,570.7) $ 3,371.4 $ 7,029.5 |
Schedule of Reclassification out of Accumulated Other Comprehensive Income (Loss) | Amounts reclassified from accumulated other comprehensive income (loss) were recognized in our consolidated statements of income as follows: Three Months Ended June 30 Six Months Ended June 30 2023 2022 2023 2022 (in millions of dollars) Net Unrealized Loss on Securities Net Investment Loss Net Loss on Sales of Fixed Maturity Securities $ (10.3) $ (3.7) $ (10.0) $ (12.2) Credit Losses on Fixed Maturity Securities — — — (4.1) (10.3) (3.7) (10.0) (16.3) Income Tax Benefit (2.2) (0.9) (2.1) (3.5) Total $ (8.1) $ (2.8) $ (7.9) $ (12.8) Net Gain (Loss) on Hedges Net Investment Income Gain on Interest Rate Swaps $ 8.9 $ 13.0 $ 19.3 $ 26.4 Gain (Loss) on Foreign Exchange Contracts (0.1) 0.2 (0.1) 0.5 Net Investment Gain Gain on Foreign Exchange Contracts 0.1 — 0.1 — 8.9 13.2 19.3 26.9 Income Tax Expense 1.9 2.7 4.1 5.6 Total $ 7.0 $ 10.5 $ 15.2 $ 21.3 Unrecognized Pension and Postretirement Benefit Costs Other Expenses Amortization of Net Actuarial Loss $ (1.8) $ (3.8) $ (3.6) $ (7.8) Amortization of Prior Service Credit — — 0.1 0.1 (1.8) (3.8) (3.5) (7.7) Income Tax Benefit (0.3) (0.8) (0.7) (1.6) Total $ (1.5) $ (3.0) $ (2.8) $ (6.1) |
Liability for Future Policy B_3
Liability for Future Policy Benefits, Policyholder's Account Balances, and Deferred Acquisition Costs (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Insurance [Abstract] | |
Liability for Future Policy Benefit, Activity | The following table presents balances as well as the changes in the liability for future policy benefits for traditional long duration products. Consolidated June 30 2023 2022 (in millions of dollars) Present Value of Expected Net Premiums Balance, beginning of year $ 12,426.2 $ 15,881.3 Beginning balance at original discount rate 12,695.3 13,186.2 Effect of changes in cash flow assumptions — — Effect of actual variances from expected experience (118.1) (174.5) Adjusted beginning of year balance 12,577.2 13,011.7 Issuances 514.4 548.7 Interest accretion 275.7 290.6 Net premiums collected (774.1) (814.2) Foreign currency 20.0 (26.3) Ending balance at original discount rate 12,613.2 13,010.5 Effect of change in discount rate assumptions (153.3) 330.1 Balance, end of period $ 12,459.9 $ 13,340.6 Present Value of Expected Future Policy Benefits Balance, beginning of year $ 48,929.4 $ 65,305.0 Beginning balance at original discount rate 49,689.0 50,397.2 Effect of changes in cash flow assumptions — — Effect of actual variances from expected experience (351.3) (294.0) Adjusted beginning of year balance 49,337.7 50,103.2 Issuances 1 1,837.0 1,960.5 Interest accretion 1,104.6 1,137.6 Benefit payments (2,888.7) (2,934.4) Foreign currency 140.8 (276.1) Ending balance at original discount rate 49,531.4 49,990.8 Effect of change in discount rate assumptions (173.3) 2,485.6 Balance, end of period $ 49,358.1 $ 52,476.4 Net liability for future policy benefits $ 36,898.2 $ 39,135.8 Other 1,806.7 2,055.5 Total liability for future policy benefits 38,704.9 41,191.3 Less: Reinsurance recoverable related to future policy benefits 7,922.9 8,621.9 Net liability for future policy benefits, after reinsurance recoverable $ 30,782.0 $ 32,569.4 1 Issuances include new policy issuances for most product lines. For our Unum US group disability, Unum US group life and AD&D and Closed Block - All Other product lines and certain of our Unum International product lines, this line represents new claim incurrals. The following tables summarize the amount of gross premiums and interest accretion reflected in the statements of income as well as the undiscounted and discounted expected gross premiums and expected future benefit payments and the weighted average interest rates for traditional long duration products presented in the rollforward activity above. Consolidated Six Months Ended June 30 2023 2022 (in millions of dollars) Amount recognized in the statement of income: Gross premiums or assessments $ 4,828.8 $ 4,701.2 Interest accretion $ 828.9 $ 847.0 Consolidated June 30 2023 2022 (in millions of dollars, except weighted average data) Amount of undiscounted: Expected future benefit payments $ 96,348.8 $ 97,127.5 Expected future gross premiums $ 35,233.5 $ 35,019.4 Amount of discounted (at interest accretion rate): Expected future gross premiums $ 23,774.0 $ 23,766.2 Weighted average interest rate: Interest accretion rate 4.8 % 4.7 % Current discount rate 5.0 % 4.4 % Weighted average duration of the liability 10.8 years 10.8 years The following table presents the balances and changes in the reserves for future policy benefits for traditional long duration products in the Unum US segment. June 30, 2023 Group Disability Group Life and AD&D Voluntary Benefits Individual Disability Total Unum US (in millions of dollars) Present Value of Expected Net Premiums Balance, beginning of year $ — $ — $ 868.2 $ 1,202.9 $ 2,071.1 Beginning balance at original discount rate — — 937.9 1,228.1 2,166.0 Effect of changes in cash flow assumptions — — — — — Effect of actual variances from expected experience — — (91.5) (22.4) (113.9) Adjusted beginning of year balance — — 846.4 1,205.7 2,052.1 Issuances — — 102.6 98.3 200.9 Interest accretion — — 13.7 24.4 38.1 Net premiums collected — — (74.1) (89.0) (163.1) Ending balance at original discount rate — — 888.6 1,239.4 2,128.0 Effect of change in discount rate assumptions — — (56.8) (20.2) (77.0) Balance, end of period $ — $ — $ 831.8 $ 1,219.2 $ 2,051.0 Present Value of Expected Future Policy Benefits Balance, beginning of year $ 5,533.3 $ 972.6 $ 1,999.5 $ 3,192.8 $ 11,698.2 Beginning balance at original discount rate 5,793.1 998.5 2,141.2 3,244.5 12,177.3 Effect of changes in cash flow assumptions — — — — — Effect of actual variances from expected experience (162.8) (25.4) (121.1) (45.8) (355.1) Adjusted beginning of year balance 5,630.3 973.1 2,020.1 3,198.7 11,822.2 Issuances 1 714.3 311.7 112.3 102.4 1,240.7 Interest accretion 98.4 11.1 42.5 82.0 234.0 Benefit payments (855.0) (349.1) (83.2) (135.4) (1,422.7) Ending balance at original discount rate 5,588.0 946.8 2,091.7 3,247.7 11,874.2 Effect of change in discount rate assumptions (224.0) (23.5) (100.8) (24.4) (372.7) Balance, end of period $ 5,364.0 $ 923.3 $ 1,990.9 $ 3,223.3 $ 11,501.5 Net liability for future policy benefits $ 5,364.0 $ 923.3 $ 1,159.1 $ 2,004.1 $ 9,450.5 Other 0.3 0.9 17.4 27.0 45.6 Total liability for future policy benefits 5,364.3 924.2 1,176.5 2,031.1 9,496.1 Less: Reinsurance recoverable related to future policy benefits 33.7 6.5 12.0 190.7 242.9 Net liability for future policy benefits, after reinsurance recoverable $ 5,330.6 $ 917.7 $ 1,164.5 $ 1,840.4 $ 9,253.2 1 Issuances include new policy issuances for most product lines. Issuances for Unum US group disability and Unum US group life and AD&D represents new claim incurrals. June 30, 2022 Group Disability Group Life and AD&D Voluntary Benefits Individual Disability Total Unum US (in millions of dollars) Present Value of Expected Net Premiums Balance, beginning of year $ — $ — $ 1,124.8 $ 1,494.3 $ 2,619.1 Beginning balance at original discount rate — — 1,032.3 1,279.6 2,311.9 Effect of changes in cash flow assumptions — — — — — Effect of actual variances from expected experience — — (69.8) (14.1) (83.9) Adjusted beginning of year balance — — 962.5 1,265.5 2,228.0 Issuances — — 118.9 89.5 208.4 Interest accretion — — 15.3 26.4 41.7 Net premiums collected — — (91.8) (89.0) (180.8) Ending balance at original discount rate — — 1,004.9 1,292.4 2,297.3 Effect of change in discount rate assumptions — — (36.9) 21.8 (15.1) Balance, end of period $ — $ — $ 968.0 $ 1,314.2 $ 2,282.2 Present Value of Expected Future Policy Benefits Balance, beginning of year $ 6,725.7 $ 1,124.1 $ 2,697.3 $ 4,017.3 $ 14,564.4 Beginning balance at original discount rate 6,158.3 1,058.3 2,201.8 3,253.3 12,671.7 Effect of changes in cash flow assumptions — — — — — Effect of actual variances from expected experience (120.4) (22.2) (74.3) (20.2) (237.1) Adjusted beginning of year balance 6,037.9 1,036.1 2,127.5 3,233.1 12,434.6 Issuances 1 789.2 311.4 130.1 92.9 1,323.6 Interest accretion 113.4 13.2 43.9 78.6 249.1 Benefit payments (876.1) (380.4) (103.4) (127.6) (1,487.5) Ending balance at original discount rate 6,064.4 980.3 2,198.1 3,277.0 12,519.8 Effect of change in discount rate assumptions (66.8) (7.4) (9.1) 110.4 27.1 Balance, end of period $ 5,997.6 $ 972.9 $ 2,189.0 $ 3,387.4 $ 12,546.9 Net liability for future policy benefits $ 5,997.6 $ 972.9 $ 1,221.0 $ 2,073.2 $ 10,264.7 Other 0.5 0.9 15.6 58.2 75.2 Total liability for future policy benefits 5,998.1 973.8 1,236.6 2,131.4 10,339.9 Less: Reinsurance recoverable related to future policy benefits 37.4 5.6 26.0 201.8 270.8 Net liability for future policy benefits, after reinsurance recoverable $ 5,960.7 $ 968.2 $ 1,210.6 $ 1,929.6 $ 10,069.1 1 Issuances include new policy issuances for most product lines. Issuances for Unum US group disability and Unum US group life and AD&D represents new claim incurrals. The following tables summarize the amount of gross premiums and interest accretion reflected in the statements of income as well as the undiscounted and discounted expected gross premiums and expected future benefit payments and the weighted average interest rates for traditional long duration products in the Unum US segment presented in the rollforward activity above. Six Months Ended June 30, 2023 Group Disability Group Life and AD&D Voluntary Benefits Individual Disability Total Unum US (in millions of dollars) Amount recognized in the statement of income: Gross premiums or assessments $ 1,463.6 $ 930.5 $ 397.2 $ 314.4 $ 3,105.7 Interest accretion $ 98.4 $ 11.1 $ 28.8 $ 57.6 $ 195.9 Six Months Ended June 30, 2022 Group Disability Group Life and AD&D Voluntary Benefits Individual Disability Total Unum US (in millions of dollars) Amount recognized in the statement of income: Gross premiums or assessments $ 1,372.4 $ 929.0 $ 401.4 $ 296.4 $ 2,999.2 Interest accretion $ 113.4 $ 13.2 $ 28.6 $ 52.2 $ 207.4 June 30, 2023 Group Disability Group Life and AD&D Voluntary Benefits Individual Disability Total Unum US (in millions of dollars, except weighted average data) Amount of undiscounted: Expected future benefit payments $ 6,731.6 $ 1,077.4 $ 4,526.3 $ 5,185.6 $ 17,520.9 Expected future gross premiums $ — $ — $ 3,857.9 $ 5,637.4 $ 9,495.3 Amount of discounted (at interest accretion rate): Expected future gross premiums $ — $ — $ 2,820.7 $ 4,045.8 $ 6,866.5 Weighted average interest rate: Interest accretion rate 3.9 % 2.2 % 5.0 % 5.1 % 4.1 % Current discount rate 4.9 % 2.8 % 5.0 % 5.0 % 4.7 % Weighted average duration of the liability 4.3 years 2.7 years 17.7 years 9.5 years 6.8 years June 30, 2022 Group Disability Group Life and AD&D Voluntary Benefits Individual Disability Total Unum US (in millions of dollars, except weighted average data) Amount of undiscounted: Expected future benefit payments $ 7,323.2 $ 1,139.2 $ 4,191.0 $ 5,226.3 $ 17,879.7 Expected future gross premiums $ — $ — $ 4,061.9 $ 5,638.5 $ 9,700.4 Amount of discounted (at interest accretion rate): Expected future gross premiums $ — $ — $ 3,102.0 $ 4,012.3 $ 7,114.3 Weighted average interest rate: Interest accretion rate 3.8 % 2.4 % 5.1 % 5.1 % 4.1% Current discount rate 4.1 % 2.6 % 4.6 % 4.4 % 4.1% Weighted average duration of the liability 4.4 years 3.1 years 15.7 years 9.5 years 6.5 years The following table presents the balances and changes in the reserves for future policy benefits for traditional long duration products in the Unum International segment. June 30 2023 2022 (in millions of dollars) Present Value of Expected Net Premiums Balance, beginning of year $ 197.1 $ 260.5 Beginning balance at original discount rate 246.8 258.1 Effect of changes in cash flow assumptions — — Effect of actual variances from expected experience 8.0 4.5 Adjusted beginning of year balance 254.8 262.6 Issuances 11.9 8.2 Interest accretion 4.5 4.3 Net premiums collected (10.9) (11.3) Foreign currency 20.0 (26.3) Ending balance at original discount rate 280.3 237.5 Effect of change in discount rate assumptions (36.9) (49.4) Balance, end of period $ 243.4 $ 188.1 Present Value of Expected Future Policy Benefits Balance, beginning of year $ 2,231.4 $ 3,181.8 Beginning balance at original discount rate 2,495.5 2,703.8 Effect of changes in cash flow assumptions — — Effect of actual variances from expected experience 7.8 43.3 Adjusted beginning of year balance 2,503.3 2,747.1 Issuances 1 199.8 188.2 Interest accretion 31.7 34.6 Benefit payments (214.0) (201.1) Foreign currency 140.8 (276.1) Ending balance at original discount rate 2,661.6 2,492.7 Effect of change in discount rate assumptions (336.5) (117.2) Balance, end of period $ 2,325.1 $ 2,375.5 Net liability for future policy benefits $ 2,081.7 $ 2,187.4 Other 32.4 27.5 Total liability for future policy benefits 2,114.1 2,214.9 Less: Reinsurance recoverable related to future policy benefits 73.4 82.0 Net liability for future policy benefits, after reinsurance recoverable $ 2,040.7 $ 2,132.9 1 Issuances for Unum International primarily represents new claim incurrals. The following tables summarize the amount of gross premiums and interest accretion reflected in the statements of income as well as the undiscounted and discounted expected gross premiums and expected future benefit payments and the weighted average interest rates for traditional long duration products in the Unum International segment presented in the rollforward activity above. Six Months Ended June 30 2023 2022 (in millions of dollars) Amount recognized in the statement of income: Gross premiums or assessments $ 436.0 $ 400.4 Interest accretion $ 27.2 $ 30.3 June 30 2023 2022 (in millions of dollars, except weighted average data) Amount of undiscounted: Expected future benefit payments $ 4,189.4 $ 3,930.4 Expected future gross premiums $ 1,092.4 $ 860.3 Amount of discounted (at interest accretion rate): Expected future gross premiums $ 717.8 $ 577.4 Weighted average interest rate: Interest accretion rate 4.0 % 3.8 % Current discount rate 5.7 % 4.0 % Weighted average duration of the liability 8.6 years 8.8 years The following table presents the balances and changes in the reserves for future policy benefits for traditional long duration products in the Colonial Life segment. June 30 2023 2022 (in millions of dollars) Present Value of Expected Net Premiums Balance, beginning of year $ 3,745.4 $ 4,597.0 Beginning balance at original discount rate 4,046.4 4,158.9 Effect of changes in cash flow assumptions — — Effect of actual variances from expected experience (63.5) (55.7) Adjusted beginning of year balance 3,982.9 4,103.2 Issuances 301.6 332.1 Interest accretion 65.4 67.9 Net premiums collected (316.7) (338.6) Ending balance at original discount rate 4,033.2 4,164.6 Effect of change in discount rate assumptions (259.2) (149.0) Balance, end of period $ 3,774.0 $ 4,015.6 Present Value of Expected Future Policy Benefits Balance, beginning of year $ 5,581.1 $ 7,054.8 Beginning balance at original discount rate 6,163.9 6,201.5 Effect of changes in cash flow assumptions — — Effect of actual variances from expected experience (68.9) (68.6) Adjusted beginning of year balance 6,095.0 6,132.9 Issuances 324.4 356.2 Interest accretion 110.3 112.1 Benefit payments (321.1) (319.3) Ending balance at original discount rate 6,208.6 6,281.9 Effect of change in discount rate assumptions (502.8) (272.2) Balance, end of period $ 5,705.8 $ 6,009.7 Net liability for future policy benefits $ 1,931.8 $ 1,994.1 Other 19.6 24.8 Total liability for future policy benefits 1,951.4 2,018.9 Less: Reinsurance recoverable related to future policy benefits 1.0 1.5 Net liability for future policy benefits, after reinsurance recoverable $ 1,950.4 $ 2,017.4 The following tables summarize the amount of gross premiums and interest accretion reflected in the statements of income as well as the undiscounted and discounted expected gross premiums and expected future benefit payments and the weighted average interest rates for traditional long duration products in the Colonial Life segment presented in the rollforward activity above. Six Months Ended June 30 2023 2022 (in millions of dollars) Amount recognized in the statement of income: Gross premiums or assessments $ 825.8 $ 822.3 Interest accretion $ 44.9 $ 44.2 June 30 2023 2022 (in millions of dollars, except weighted average data) Amount of undiscounted: Expected future benefit payments $ 10,201.7 $ 9,709.3 Expected future gross premiums $ 12,391.5 $ 11,645.9 Amount of discounted (at interest accretion rate): Expected future gross premiums $ 9,018.7 $ 8,696.2 Weighted average interest rate: Interest accretion rate 4.3 % 4.4 % Current discount rate 5.1 % 4.6 % Weighted average duration of the liability 17.3 years 16.2 years The following table presents the balances and changes in the reserves for future policy benefits for traditional long duration products in the Closed Block segment. June 30, 2023 Long-term Care All Other Total Closed Block (in millions of dollars) Present Value of Expected Net Premiums Balance, beginning of year $ 6,412.6 $ — $ 6,412.6 Beginning balance at original discount rate 6,236.1 — 6,236.1 Effect of changes in cash flow assumptions — — — Effect of actual variances from expected experience 51.3 — 51.3 Adjusted beginning of year balance 6,287.4 — 6,287.4 Interest accretion 167.7 — 167.7 Net premiums collected (283.4) — (283.4) Ending balance at original discount rate 6,171.7 — 6,171.7 Effect of change in discount rate assumptions 219.8 — 219.8 Balance, end of period $ 6,391.5 $ — $ 6,391.5 Present Value of Expected Future Policy Benefits Balance, beginning of year $ 21,199.9 $ 8,218.8 $ 29,418.7 Beginning balance at original discount rate 20,221.6 8,630.7 28,852.3 Effect of changes in cash flow assumptions — — — Effect of actual variances from expected experience 70.9 (6.0) 64.9 Adjusted beginning of year balance 20,292.5 8,624.7 28,917.2 Issuances 1 — 72.1 72.1 Interest accretion 549.4 179.2 728.6 Benefit payments (407.9) (523.0) (930.9) Ending balance at original discount rate 20,434.0 8,353.0 28,787.0 Effect of change in discount rate assumptions 1,383.3 (344.6) 1,038.7 Balance, end of period $ 21,817.3 $ 8,008.4 $ 29,825.7 Net liability for future policy benefits $ 15,425.8 $ 8,008.4 23,434.2 Other 2 24.5 1,684.6 1,709.1 Total liability for future policy benefits 15,450.3 9,693.0 25,143.3 Less: Reinsurance recoverable related to future policy benefits 5.4 7,600.1 7,605.5 Net liability for future policy benefits, after reinsurance recoverable $ 15,444.9 $ 2,092.9 $ 17,537.8 1 Issuances for Closed Block - All Other represents new claim incurrals. 2 Other for Closed Block - All Other primarily includes our closed block group pension products and certain of our ceded closed block individual life products. June 30, 2022 Long-term Care All Other Total Closed Block (in millions of dollars) Present Value of Expected Net Premiums Balance, beginning of year $ 8,404.7 $ — $ 8,404.7 Beginning balance at original discount rate 6,457.3 — 6,457.3 Effect of changes in cash flow assumptions — — — Effect of actual variances from expected experience (39.4) — (39.4) Adjusted beginning of year balance 6,417.9 — 6,417.9 Interest accretion 176.7 — 176.7 Net premiums collected (283.5) — (283.5) Ending balance at original discount rate 6,311.1 — 6,311.1 Effect of change in discount rate assumptions 543.6 — 543.6 Balance, end of period $ 6,854.7 $ — $ 6,854.7 Present Value of Expected Future Policy Benefits Balance, beginning of year $ 30,089.6 $ 10,414.4 $ 40,504.0 Beginning balance at original discount rate 19,870.8 8,949.4 28,820.2 Effect of changes in cash flow assumptions — — — Effect of actual variances from expected experience (44.5) 12.9 (31.6) Adjusted beginning of year balance 19,826.3 8,962.3 28,788.6 Issuances 1 — 92.5 92.5 Interest accretion 553.5 188.3 741.8 Benefit payments (358.9) (567.6) (926.5) Ending balance at original discount rate 20,020.9 8,675.5 28,696.4 Effect of change in discount rate assumptions 2,858.9 (11.0) 2,847.9 Balance, end of period $ 22,879.8 $ 8,664.5 $ 31,544.3 Net liability for future policy benefits $ 16,025.1 $ 8,664.5 $ 24,689.6 Other 2 24.0 1,904.0 1,928.0 Total liability for future policy benefits 16,049.1 10,568.5 26,617.6 Less: Reinsurance recoverable related to future policy benefits 5.7 8,261.8 8,267.5 Net liability for future policy benefits, after reinsurance recoverable $ 16,043.4 $ 2,306.7 $ 18,350.1 1 Issuances for Closed Block - All Other represents new claim incurrals. 2 Other for Closed Block - All Other primarily includes our closed block group pension products and certain of our ceded closed block individual life products. The following tables summarize the amount of gross premiums and interest accretion reflected in the statements of income as well as the undiscounted and discounted expected gross premiums and expected future benefit payments and the weighted average interest rates for traditional long duration products in the Closed Block segment presented in the rollforward activity above. Six Months Ended June 30, 2023 Long-term Care All Other Total Closed Block (in millions of dollars) Amount recognized in the statement of income: Gross premiums or assessments $ 349.0 $ 112.3 $ 461.3 Interest accretion $ 381.7 $ 179.2 $ 560.9 Six Months Ended June 30, 2022 Long-term Care All Other Total Closed Block (in millions of dollars) Amount recognized in the statement of income: Gross premiums or assessments $ 348.6 $ 130.7 $ 479.3 Interest accretion $ 376.8 $ 188.3 $ 565.1 June 30, 2023 Long-term Care All Other Total Closed Block (in millions of dollars, except weighted average data) Amount of undiscounted: Expected future benefit payments $ 52,124.2 $ 12,312.6 $ 64,436.8 Expected future gross premiums $ 12,254.3 $ — $ 12,254.3 Amount of discounted (at interest accretion rate): Expected future gross premiums $ 7,171.0 $ — $ 7,171.0 Weighted average interest rate: Interest accretion rate 5.6 % 4.6 % 5.2 % Current discount rate 5.1% 5.1 % 5.1 % Weighted average duration of the liability 15.1 years 7.3 years 12.2 years June 30, 2022 Long-term Care All Other Total Closed Block (in millions of dollars, except weighted average data) Amount of undiscounted: Expected future benefit payments $ 52,888.7 $ 12,719.4 $ 65,608.1 Expected future gross premiums $ 12,812.8 $ — $ 12,812.8 Amount of discounted (at interest accretion rate): Expected future gross premiums $ 7,378.3 $ — $ 7,378.3 Weighted average interest rate: Interest accretion rate 5.5 % 4.6 % 5.2% Current discount rate 4.5 % 4.5 % 4.5% Weighted average duration of the liability 15.9 years 7.2 years 12.5 years A reconciliation of the liability for future policy benefits reflected in the preceding rollforwards to the related liability balances in the consolidated balance sheets are as follows: June 30 2023 2022 (in millions of dollars) Liability for future policy benefits Unum US 1 $ 9,496.1 $ 10,339.9 Unum International 2,114.1 2,214.9 Colonial Life 1,951.4 2,018.9 Closed Block 1 25,143.3 26,617.6 Other products 1 240.4 216.4 Total liability for future policy benefits $ 38,945.3 $ 41,407.7 |
Policyholder Account Balance | The following table presents the balances and changes in the policyholders' account balances: June 30, 2023 Unum US - Voluntary Benefits Colonial Life Closed Block - All Other Total (in millions of dollars, except weighted average data) Balance, beginning of year $ 586.8 $ 852.4 $ 4,159.4 $ 5,598.6 Premiums received 30.2 43.8 11.1 85.1 Policy charges 1 (30.7) (37.8) (52.8) (121.3) Surrenders and withdrawals (16.4) (19.2) (8.9) (44.5) Benefit payments (5.4) (4.1) (133.8) (143.3) Interest credited 11.4 17.1 158.8 187.3 Other 4.6 (0.1) (19.0) (14.5) Balance, end of period 580.5 852.1 4,114.8 5,547.4 Reserves in excess of account balance 96.7 14.9 33.4 145.0 Total policyholders' account balances 677.2 867.0 4,148.2 5,692.4 Less: Reinsurance recoverable related to policyholders' account balances 1.0 — 4,148.2 4,149.2 Net policyholders' account balances, after reinsurance recoverable $ 676.2 $ 867.0 $ — $ 1,543.2 Weighted average crediting rate 4.0% 4.1% 7.9% 6.9% Net amount at risk 2 $ 4,695.5 $ 9,042.3 $ 1,844.0 $ 15,581.8 Cash surrender value $ 570.3 $ 807.7 $ 4,021.5 $ 5,399.5 1 Contracts included in the policyholder account balances are generally charged a premium and/or monthly assessments on the basis of the account balance. 2 For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date. June 30, 2022 Unum US - Voluntary Benefits Colonial Life Closed Block - All Other Total (in millions of dollars, except weighted average data) Balance, beginning of year $ 598.7 $ 849.2 $ 4,231.7 $ 5,679.6 Premiums received 33.4 46.5 10.4 90.3 Policy charges 1 (33.0) (39.5) (52.3) (124.8) Surrenders and withdrawals (17.9) (19.0) (14.8) (51.7) Benefit payments (6.0) (4.3) (135.9) (146.2) Interest credited 12.0 17.1 153.5 182.6 Other 3.7 — (12.8) (9.1) Balance, end of period 590.9 850.0 4,179.8 5,620.7 Reserves in excess of account balance 86.4 18.3 33.3 138.0 Total policyholders' account balances 677.3 868.3 4,213.1 5,758.7 Less: Reinsurance recoverable related to policyholders' account balances 1.1 0.2 4,213.1 4,214.4 Net policyholders' account balances, after reinsurance recoverable $ 676.2 $ 868.1 $ — $ 1,544.3 Weighted average crediting rate 4.1% 4.1% 7.5% 6.6% Net amount at risk 2 $ 5,117.2 $ 9,648.2 $ 1,849.7 $ 16,615.1 Cash surrender value $ 586.9 $ 793.0 $ 4,079.7 $ 5,459.6 1 Contracts included in the policyholder account balances are generally charged a premium and/or monthly assessments on the basis of the account balance. 2 For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date. |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate | The balance of the account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums is as follows. June 30, 2023 Range of Guaranteed Minimum Crediting Rate At Guaranteed Minimum 1 Basis Point - 50 Basis Points Above 51 Basis Points - 150 Basis Points Above Greater than 150 Basis Points Above Total (in millions of dollars) Unum US - Voluntary Benefits 3.00% - 3.99% $ 92.4 $ — $ — $ — $ 92.4 4.00% - 4.99% 268.2 186.8 — — 455.0 5.00% - 6.00% 33.1 — — — 33.1 393.7 186.8 — — 580.5 Colonial Life 4.00% - 5.00% 846.0 6.1 — — 852.1 Closed Block - All Other 3.00% - 5.99% 507.4 1,111.1 27.4 — 1,645.9 6.00% - 8.99% 2.4 30.1 — — 32.5 9.00% - 11.99% — 2,256.1 — — 2,256.1 12.00% - 15.00% — 180.3 — — 180.3 509.8 3,577.6 27.4 — 4,114.8 Total $ 1,749.5 $ 3,770.5 $ 27.4 $ — $ 5,547.4 June 30, 2022 Range of Guaranteed Minimum Crediting Rate At Guaranteed Minimum 1 Basis Point - 50 Basis Points Above 51 Basis Points - 150 Basis Points Above Greater than 150 Basis Points Above Total (in millions of dollars) Unum US - Voluntary Benefits 3.00% - 3.99% $ 95.7 $ — $ — $ — $ 95.7 4.00% - 4.99% 280.6 180.2 — — 460.8 5.00% - 6.00% 34.4 — — — 34.4 410.7 180.2 — — 590.9 Colonial Life 4.00% - 5.00% 844.1 5.9 — — 850.0 Closed Block - All Other 3.00% - 5.99% 1,752.9 28.8 6.5 — 1,788.2 6.00% - 8.99% 29.9 — — — 29.9 9.00% - 11.99% 2,196.3 — — — 2,196.3 12.00% - 15.00% 165.4 — — — 165.4 4,144.5 28.8 6.5 — 4,179.8 Total $ 5,399.3 $ 214.9 $ 6.5 $ — $ 5,620.7 |
Deferred Policy Acquisition Costs | The following tables display the changes in DAC throughout the period: June 30, 2023 Unum US Unum International Colonial Life Total (in millions of dollars) Balance, beginning of year $ 1,185.1 $ 37.0 $ 1,337.9 $ 2,560.0 Capitalization 156.1 7.0 151.1 314.2 Amortization expense (129.2) (3.7) (96.7) (229.6) Foreign currency — 2.6 — 2.6 Balance, end of period $ 1,212.0 $ 42.9 $ 1,392.3 $ 2,647.2 June 30, 2022 Unum US Unum International Colonial Life Total (in millions of dollars) Balance, beginning of year $ 1,152.9 $ 36.4 $ 1,238.1 $ 2,427.4 Capitalization 133.2 6.4 140.1 279.7 Amortization expense (115.6) (4.8) (89.7) (210.1) Foreign currency — (3.7) — (3.7) Balance, end of period $ 1,170.5 $ 34.3 $ 1,288.5 $ 2,493.3 June 30, 2023 Group Disability Group Life and AD&D Voluntary Benefits Individual Disability Dental and Vision Total Unum US (in millions of dollars) Balance, beginning of year $ 61.0 $ 49.3 $ 601.0 $ 464.4 $ 9.4 $ 1,185.1 Capitalization 30.4 19.9 57.6 42.1 6.1 156.1 Amortization expense (25.9) (19.3) (52.2) (26.7) (5.1) (129.2) Balance, end of period $ 65.5 $ 49.9 $ 606.4 $ 479.8 $ 10.4 $ 1,212.0 June 30, 2022 Group Disability Group Life and AD&D Voluntary Benefits Individual Disability Dental and Vision Total Unum US (in millions of dollars) Balance, beginning of year $ 60.9 $ 53.9 $ 588.6 $ 441.8 $ 7.7 $ 1,152.9 Capitalization 25.2 17.9 52.2 33.0 4.9 133.2 Amortization expense (23.8) (19.5) (43.6) (24.3) (4.4) (115.6) Balance, end of period $ 62.3 $ 52.3 $ 597.2 $ 450.5 $ 8.2 $ 1,170.5 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Premium Income by Major Line of Business within Each Segment | Segment information is shown below. Certain prior year amounts were reclassified to conform to current year presentation. Three Months Ended June 30 Six Months Ended June 30 2023 2022 2023 2022 (in millions of dollars) Premium Income Unum US Group Disability Group Long-term Disability $ 516.1 $ 474.4 $ 1,020.8 $ 938.3 Group Short-term Disability 256.2 232.1 496.5 453.7 Group Life and Accidental Death & Dismemberment Group Life 418.2 419.6 831.3 832.2 Accidental Death & Dismemberment 43.6 43.8 87.1 85.9 Supplemental and Voluntary Voluntary Benefits 213.4 214.4 427.9 433.0 Individual Disability 125.8 117.8 250.0 231.4 Dental and Vision 68.1 68.9 137.4 139.5 1,641.4 1,571.0 3,251.0 3,114.0 Unum International Unum UK Group Long-term Disability 104.7 94.3 196.4 197.7 Group Life 41.1 33.3 80.3 65.5 Supplemental 33.5 29.4 65.3 58.4 Unum Poland 28.6 22.4 54.5 45.6 207.9 179.4 396.5 367.2 Colonial Life Accident, Sickness, and Disability 235.6 238.2 471.3 477.9 Life 106.6 101.3 211.9 203.0 Cancer and Critical Illness 88.4 88.1 176.9 177.4 430.6 427.6 860.1 858.3 Closed Block Long-term Care 174.0 173.7 349.1 348.5 All Other 55.2 64.3 111.7 129.4 229.2 238.0 460.8 477.9 Total Premium Income $ 2,509.1 $ 2,416.0 $ 4,968.4 $ 4,817.4 |
Selected Operating Statement Data by Segment | Unum US Unum International Colonial Life Closed Block Corporate Total (in millions of dollars) Three Months Ended June 30, 2023 Premium Income $ 1,641.4 $ 207.9 $ 430.6 $ 229.2 $ — $ 2,509.1 Net Investment Income 158.0 45.8 38.0 263.9 25.4 531.1 Other Income 54.5 0.1 0.4 13.8 2.3 71.1 Adjusted Operating Revenue $ 1,853.9 $ 253.8 $ 469.0 $ 506.9 $ 27.7 $ 3,111.3 Adjusted Operating Income (Loss) $ 343.1 $ 43.5 $ 115.5 $ 51.2 $ (34.9) $ 518.4 Three Months Ended June 30, 2022 Premium Income $ 1,571.0 $ 179.4 $ 427.6 $ 238.0 $ — $ 2,416.0 Net Investment Income 167.8 50.8 38.7 291.5 10.2 559.0 Other Income 50.7 0.3 0.2 16.5 1.0 68.7 Adjusted Operating Revenue $ 1,789.5 $ 230.5 $ 466.5 $ 546.0 $ 11.2 $ 3,043.7 Adjusted Operating Income (Loss) $ 291.9 $ 28.1 $ 96.6 $ 86.9 $ (36.9) $ 466.6 Unum US Unum International Colonial Life Closed Block Corporate Total (in millions of dollars) Six Months Ended June 30, 2023 Premium Income $ 3,251.0 $ 396.5 $ 860.1 $ 460.8 $ — $ 4,968.4 Net Investment Income 315.3 76.7 75.3 521.1 51.5 1,039.9 Other Income 108.1 0.5 0.6 27.3 2.5 139.0 Adjusted Operating Revenue $ 3,674.4 $ 473.7 $ 936.0 $ 1,009.2 $ 54.0 $ 6,147.3 Adjusted Operating Income (Loss) $ 655.6 $ 81.9 $ 209.4 $ 109.4 $ (68.4) $ 987.9 Six Months Ended June 30, 2022 Premium Income $ 3,114.0 $ 367.2 $ 858.3 $ 477.9 $ — $ 4,817.4 Net Investment Income 338.8 85.3 76.8 566.3 19.0 1,086.2 Other Income 97.8 0.5 0.5 32.5 3.2 134.5 Adjusted Operating Revenue $ 3,550.6 $ 453.0 $ 935.6 $ 1,076.7 $ 22.2 $ 6,038.1 Adjusted Operating Income (Loss) $ 460.2 $ 54.0 $ 199.5 $ 165.5 $ (77.3) $ 801.9 |
Assets by Segment | June 30 December 31 2023 2022 (in millions of dollars) Assets Unum US $ 15,813.2 $ 16,356.3 Unum International 3,315.2 3,129.4 Colonial Life 4,674.9 4,575.0 Closed Block 34,309.8 33,776.6 Corporate 3,791.3 3,311.2 Total Assets $ 61,904.4 $ 61,148.5 |
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 June 30 Six Months Ended June 30 2023 2022 2023 2022 (in millions of dollars) Total Revenue $ 3,112.2 $ 3,039.6 $ 6,148.3 $ 6,020.2 Excluding: Net Investment Gain (Loss) 0.9 (4.1) 1.0 (17.9) Adjusted Operating Revenue $ 3,111.3 $ 3,043.7 $ 6,147.3 $ 6,038.1 Income Before Income Tax $ 498.4 $ 439.2 $ 949.7 $ 734.9 Excluding: Net Investment Gain (Loss) 0.9 (4.1) 1.0 (17.9) Amortization of the Cost of Reinsurance (11.0) (13.3) (22.0) (26.7) Non-Contemporaneous Reinsurance (9.9) (10.0) (17.2) (22.4) Adjusted Operating Income $ 518.4 $ 466.6 $ 987.9 $ 801.9 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs | The following table provides the components of the net periodic benefit cost (credit) for the defined benefit pension and OPEB plans. Three Months Ended June 30 Pension Benefits U.S. Plans U.K. Plan OPEB 2023 2022 2023 2022 2023 2022 (in millions of dollars) Service Cost $ 2.3 $ 2.0 $ — $ — $ — $ — Interest Cost 22.0 16.8 1.9 1.2 1.2 0.8 Expected Return on Plan Assets (23.1) (26.5) (2.1) (2.7) (0.1) (0.1) Amortization of: Net Actuarial (Gain) Loss 3.8 4.0 0.7 0.1 (2.7) (0.3) Total Net Periodic Benefit Cost (Credit) $ 5.0 $ (3.7) $ 0.5 $ (1.4) $ (1.6) $ 0.4 Six Months Ended June 30 Pension Benefits U.S. Plans U.K. Plan OPEB 2023 2022 2023 2022 2023 2022 (in millions of dollars) Service Cost $ 4.6 $ 3.9 $ — $ — $ — $ — Interest Cost 44.0 33.6 3.8 2.6 2.3 1.5 Expected Return on Plan Assets (46.1) (53.0) (4.2) (5.7) (0.2) (0.2) Amortization of: Net Actuarial (Gain) Loss 7.6 8.1 1.3 0.2 (5.3) (0.5) Prior Service Credit — — — — (0.1) (0.1) Total Net Periodic Benefit Cost (Credit) $ 10.1 $ (7.4) $ 0.9 $ (2.9) $ (3.3) $ 0.7 |
Stockholders' Equity and Earn_2
Stockholders' Equity and Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Stockholders' Equity and Earnings Per Common Share [Abstract] | |
Schedule of Basic and Diluted Earnings Per Share | Net income per common share is determined as follows: Three Months Ended June 30 Six Months Ended June 30 2023 2022 2023 2022 (in millions of dollars, except share data) Numerator Net Income $ 392.9 $ 367.3 $ 751.2 $ 607.7 Denominator (000s) Weighted Average Common Shares - Basic 197,180.4 201,151.7 197,641.3 201,888.8 Dilution for Assumed Exercises of Nonvested Stock Awards 956.1 1,280.0 1,182.5 1,077.7 Weighted Average Common Shares - Assuming Dilution 198,136.5 202,431.7 198,823.8 202,966.5 Net Income Per Common Share Basic $ 1.99 $ 1.83 $ 3.80 $ 3.01 Assuming Dilution $ 1.98 $ 1.81 $ 3.78 $ 2.99 |
Treasury Stock Transactions | Common stock repurchases, which are accounted for using the cost method and classified as treasury stock until otherwise retired, were as follows: Three Months Ended June 30 Six Months Ended June 30 2023 2022 2023 2022 (in millions) Shares Repurchased 1.1 1.8 2.4 3.1 Cost of Shares Repurchased 1 $ 47.0 $ 57.4 $ 100.6 $ 94.9 |
Accounting Developments (Detail
Accounting Developments (Details) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | |||||||||||||||||
Jun. 30, 2023 USD ($) $ / shares | Jun. 30, 2022 USD ($) $ / shares | Jun. 30, 2022 USD ($) $ / shares | Jun. 30, 2023 USD ($) $ / shares | Jun. 30, 2022 USD ($) $ / shares | Jun. 30, 2022 USD ($) $ / shares | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jan. 01, 2021 USD ($) | Dec. 31, 2020 USD ($) | ||||||||
Cumulative Effect on Opening Balance in Period of Adoption [Line Items] | |||||||||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ (3,457.6) | $ (3,809.5) | $ (3,809.5) | $ (3,457.6) | $ (3,809.5) | $ (3,809.5) | $ (3,162.3) | $ (3,448.3) | $ (4,438.5) | $ (5,164.6) | $ 4,166 | ||||||||
Deferred Acquisition Costs | 2,647.2 | 2,493.3 | 2,493.3 | 2,647.2 | 2,493.3 | 2,493.3 | 2,560 | 2,357.7 | |||||||||||
Reinsurance Recoverable | 9,383.1 | 10,110.9 | 10,110.9 | 9,383.1 | 10,110.9 | 10,110.9 | 9,608 | ||||||||||||
Deferred Income Tax | 582.9 | 686.7 | 686.7 | 582.9 | 686.7 | 686.7 | 586 | ||||||||||||
Other Assets | 1,656.4 | 1,684 | [1] | 1,684 | [1] | 1,656.4 | 1,684 | [1] | 1,684 | [1] | 1,666.6 | ||||||||
Total Assets | 61,904.4 | 63,510.1 | 63,510.1 | 61,904.4 | 63,510.1 | 63,510.1 | 61,148.5 | ||||||||||||
Policy and Contract Benefits | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [3] | |||||||||
Reserves for Future Policy and Contract Benefits | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [3] | |||||||||
Future Policy Benefits | 38,945.3 | 41,407.7 | [2] | 41,407.7 | [2] | 38,945.3 | 41,407.7 | [2] | 41,407.7 | [2] | 38,577.1 | [3] | |||||||
Policyholders' Account Balances | 5,692.4 | 5,758.7 | [2] | 5,758.7 | [2] | 5,692.4 | 5,758.7 | [2] | 5,758.7 | [2] | 5,740.2 | [3] | |||||||
Unearned Premiums | 494.7 | 449.9 | 449.9 | 494.7 | 449.9 | 449.9 | 365.5 | ||||||||||||
Deferred Income Tax | 23.9 | 36.7 | 36.7 | 23.9 | 36.7 | 36.7 | 25.2 | ||||||||||||
Liabilities | 52,658.5 | 55,722.3 | 55,722.3 | 52,658.5 | 55,722.3 | 55,722.3 | 52,413.5 | ||||||||||||
Accumulated Other Comprehensive Loss | (3,457.6) | (3,809.5) | (3,809.5) | (3,457.6) | (3,809.5) | (3,809.5) | (3,448.3) | (4,438.5) | (5,164.6) | ||||||||||
Retained Earnings | 13,758.1 | 12,473.7 | 12,473.7 | 13,758.1 | 12,473.7 | 12,473.7 | 13,141.3 | 12,166.9 | 11,989.4 | ||||||||||
Stockholders' Equity Attributable to Parent | 9,245.9 | 7,787.8 | 7,787.8 | 9,245.9 | 7,787.8 | 7,787.8 | 8,735 | ||||||||||||
Premium Income | 2,509.1 | 2,416 | 4,968.4 | 4,817.4 | |||||||||||||||
Policy Benefits | 1,837.9 | 1,865.7 | 3,720 | 3,848.7 | |||||||||||||||
Policy Benefits - Remeasurement Gain | (84.3) | (65.6) | (230) | (134.4) | |||||||||||||||
Amortization of Deferred Acquisition Costs | 113.7 | 106.5 | 229.6 | 210.1 | |||||||||||||||
Other Expenses | 273.6 | 250 | 546.8 | 490.5 | |||||||||||||||
Income Tax - Deferred | (23.1) | (71.7) | 4.3 | (99.7) | |||||||||||||||
Net Income | $ 392.9 | $ 367.3 | $ 751.2 | $ 607.7 | |||||||||||||||
Basic Earnings Per Share | $ / shares | $ 1.99 | $ 1.83 | $ 3.80 | $ 3.01 | |||||||||||||||
Diluted Earnings Per Share | $ / shares | $ 1.98 | $ 1.81 | $ 3.78 | $ 2.99 | |||||||||||||||
Change in Adjustment to Deferred Acquisition Costs and Reserves for Future Policy and Contract Benefits, Net of Reinsurance | $ 0 | $ 0 | |||||||||||||||||
Change in Foreign Currency Translation Adjustment | $ 38.3 | (61.4) | $ 63 | (93.4) | |||||||||||||||
Comprehensive Income (Loss) | 97.6 | 996.3 | 741.9 | 1,962.8 | |||||||||||||||
Other Comprehensive Income (Loss) | (295.3) | 629 | (9.3) | 1,355.1 | |||||||||||||||
Change in Receivables | 285.6 | 481.1 | |||||||||||||||||
Change in Deferred Acquisition Costs | 84.6 | 69.6 | |||||||||||||||||
Change in Insurance Liabilities | (194.2) | (10.9) | |||||||||||||||||
Change in Income Taxes | 10.6 | 23 | |||||||||||||||||
Amortization of the Cost of Reinsurance | 22 | 26.7 | |||||||||||||||||
Operating Segments | |||||||||||||||||||
Cumulative Effect on Opening Balance in Period of Adoption [Line Items] | |||||||||||||||||||
Liability for Future Policy Benefit, before Reinsurance, after Other | 38,704.9 | 41,191.3 | 41,191.3 | 38,704.9 | 41,191.3 | 41,191.3 | 55,585.4 | ||||||||||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 7,922.9 | 8,621.9 | 8,621.9 | 7,922.9 | 8,621.9 | 8,621.9 | 10,496 | [4] | |||||||||||
Liability for Future Policy Benefit, after Reinsurance | 30,782 | 32,569.4 | 32,569.4 | 30,782 | 32,569.4 | 32,569.4 | 45,089.4 | ||||||||||||
Deferred Acquisition Costs | 2,647.2 | 2,493.3 | 2,493.3 | 2,647.2 | 2,493.3 | 2,493.3 | 2,560 | 2,427.4 | |||||||||||
Future Policy Benefits | 38,945.3 | 41,407.7 | 41,407.7 | 38,945.3 | 41,407.7 | 41,407.7 | |||||||||||||
Policyholders' Account Balances | 5,692.4 | 5,758.7 | 5,758.7 | 5,692.4 | 5,758.7 | 5,758.7 | |||||||||||||
Premium Income | 2,509.1 | 2,416 | 4,968.4 | 4,817.4 | |||||||||||||||
Amortization of Deferred Acquisition Costs | 229.6 | 210.1 | |||||||||||||||||
Unum US | |||||||||||||||||||
Cumulative Effect on Opening Balance in Period of Adoption [Line Items] | |||||||||||||||||||
Liability for Future Policy Benefit, before Reinsurance, after Other | 9,496.1 | 10,339.9 | 10,339.9 | 9,496.1 | 10,339.9 | 10,339.9 | 12,861.4 | ||||||||||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 242.9 | 270.8 | 270.8 | 242.9 | 270.8 | 270.8 | 357.7 | [4] | |||||||||||
Liability for Future Policy Benefit, after Reinsurance | 9,253.2 | 10,069.1 | 10,069.1 | 9,253.2 | 10,069.1 | 10,069.1 | 12,503.7 | ||||||||||||
Deferred Acquisition Costs | 1,212 | 1,170.5 | 1,170.5 | 1,212 | 1,170.5 | 1,170.5 | 1,185.1 | 1,152.9 | 1,181 | ||||||||||
Future Policy Benefits | [5] | 9,496.1 | 10,339.9 | 10,339.9 | 9,496.1 | 10,339.9 | 10,339.9 | ||||||||||||
Amortization of Deferred Acquisition Costs | 129.2 | 115.6 | |||||||||||||||||
Unum US | Group Disability | |||||||||||||||||||
Cumulative Effect on Opening Balance in Period of Adoption [Line Items] | |||||||||||||||||||
Liability for Future Policy Benefit, before Reinsurance, after Other | 5,364.3 | 5,998.1 | 5,998.1 | 5,364.3 | 5,998.1 | 5,998.1 | 7,295.7 | ||||||||||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 33.7 | 37.4 | 37.4 | 33.7 | 37.4 | 37.4 | 58.3 | ||||||||||||
Liability for Future Policy Benefit, after Reinsurance | 5,330.6 | 5,960.7 | 5,960.7 | 5,330.6 | 5,960.7 | 5,960.7 | 7,237.4 | ||||||||||||
Deferred Acquisition Costs | 65.5 | 62.3 | 62.3 | 65.5 | 62.3 | 62.3 | 61 | 60.9 | |||||||||||
Amortization of Deferred Acquisition Costs | 25.9 | 23.8 | |||||||||||||||||
Unum US | Group Life and AD&D | |||||||||||||||||||
Cumulative Effect on Opening Balance in Period of Adoption [Line Items] | |||||||||||||||||||
Liability for Future Policy Benefit, before Reinsurance, after Other | 924.2 | 973.8 | 973.8 | 924.2 | 973.8 | 973.8 | 1,127.3 | ||||||||||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 6.5 | 5.6 | 5.6 | 6.5 | 5.6 | 5.6 | 3 | ||||||||||||
Liability for Future Policy Benefit, after Reinsurance | 917.7 | 968.2 | 968.2 | 917.7 | 968.2 | 968.2 | 1,124.3 | ||||||||||||
Deferred Acquisition Costs | 49.9 | 52.3 | 52.3 | 49.9 | 52.3 | 52.3 | 49.3 | 53.9 | |||||||||||
Amortization of Deferred Acquisition Costs | 19.3 | 19.5 | |||||||||||||||||
Unum US | Individual Disability | |||||||||||||||||||
Cumulative Effect on Opening Balance in Period of Adoption [Line Items] | |||||||||||||||||||
Liability for Future Policy Benefit, before Reinsurance, after Other | 2,031.1 | 2,131.4 | 2,131.4 | 2,031.1 | 2,131.4 | 2,131.4 | 2,767.7 | ||||||||||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 190.7 | 201.8 | 201.8 | 190.7 | 201.8 | 201.8 | 260.6 | ||||||||||||
Liability for Future Policy Benefit, after Reinsurance | 1,840.4 | 1,929.6 | 1,929.6 | 1,840.4 | 1,929.6 | 1,929.6 | 2,507.1 | ||||||||||||
Deferred Acquisition Costs | 479.8 | 450.5 | 450.5 | 479.8 | 450.5 | 450.5 | 464.4 | 441.8 | |||||||||||
Amortization of Deferred Acquisition Costs | 26.7 | 24.3 | |||||||||||||||||
Unum US | Voluntary Benefits | |||||||||||||||||||
Cumulative Effect on Opening Balance in Period of Adoption [Line Items] | |||||||||||||||||||
Liability for Future Policy Benefit, before Reinsurance, after Other | 1,176.5 | 1,236.6 | 1,236.6 | 1,176.5 | 1,236.6 | 1,236.6 | 1,659.2 | ||||||||||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 12 | 26 | 26 | 12 | 26 | 26 | 35.7 | ||||||||||||
Liability for Future Policy Benefit, after Reinsurance | 1,164.5 | 1,210.6 | 1,210.6 | 1,164.5 | 1,210.6 | 1,210.6 | 1,623.5 | ||||||||||||
Deferred Acquisition Costs | 606.4 | 597.2 | 597.2 | 606.4 | 597.2 | 597.2 | 601 | 588.6 | |||||||||||
Policyholders' Account Balances | 677.2 | 677.3 | 677.3 | 677.2 | 677.3 | 677.3 | |||||||||||||
Amortization of Deferred Acquisition Costs | 52.2 | 43.6 | |||||||||||||||||
Unum US | Dental and Vision | |||||||||||||||||||
Cumulative Effect on Opening Balance in Period of Adoption [Line Items] | |||||||||||||||||||
Liability for Future Policy Benefit, before Reinsurance, after Other | 11.5 | ||||||||||||||||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 0.1 | ||||||||||||||||||
Liability for Future Policy Benefit, after Reinsurance | 11.4 | ||||||||||||||||||
Deferred Acquisition Costs | 10.4 | 8.2 | 8.2 | 10.4 | 8.2 | 8.2 | 9.4 | 7.7 | |||||||||||
Amortization of Deferred Acquisition Costs | 5.1 | 4.4 | |||||||||||||||||
Unum US | Operating Segments | |||||||||||||||||||
Cumulative Effect on Opening Balance in Period of Adoption [Line Items] | |||||||||||||||||||
Total Assets | 15,813.2 | 15,813.2 | 16,356.3 | ||||||||||||||||
Premium Income | 1,641.4 | 1,571 | 3,251 | 3,114 | |||||||||||||||
Unum US | Operating Segments | Voluntary Benefits | |||||||||||||||||||
Cumulative Effect on Opening Balance in Period of Adoption [Line Items] | |||||||||||||||||||
Premium Income | 213.4 | 214.4 | 427.9 | 433 | |||||||||||||||
Unum US | Operating Segments | Dental and Vision | |||||||||||||||||||
Cumulative Effect on Opening Balance in Period of Adoption [Line Items] | |||||||||||||||||||
Premium Income | 68.1 | 68.9 | 137.4 | 139.5 | |||||||||||||||
Unum International | |||||||||||||||||||
Cumulative Effect on Opening Balance in Period of Adoption [Line Items] | |||||||||||||||||||
Liability for Future Policy Benefit, before Reinsurance, after Other | 2,114.1 | 2,214.9 | 2,214.9 | 2,114.1 | 2,214.9 | 2,214.9 | 3,203.4 | ||||||||||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 73.4 | 82 | 82 | 73.4 | 82 | 82 | 132.5 | [4] | |||||||||||
Liability for Future Policy Benefit, after Reinsurance | 2,040.7 | 2,132.9 | 2,132.9 | 2,040.7 | 2,132.9 | 2,132.9 | 3,070.9 | ||||||||||||
Deferred Acquisition Costs | 42.9 | 34.3 | 34.3 | 42.9 | 34.3 | 34.3 | 37 | 36.4 | 32 | ||||||||||
Future Policy Benefits | 2,114.1 | 2,214.9 | 2,214.9 | 2,114.1 | 2,214.9 | 2,214.9 | |||||||||||||
Amortization of Deferred Acquisition Costs | 3.7 | 4.8 | |||||||||||||||||
Unum International | Operating Segments | |||||||||||||||||||
Cumulative Effect on Opening Balance in Period of Adoption [Line Items] | |||||||||||||||||||
Total Assets | 3,315.2 | 3,315.2 | 3,129.4 | ||||||||||||||||
Premium Income | 207.9 | 179.4 | 396.5 | 367.2 | |||||||||||||||
Colonial Life | |||||||||||||||||||
Cumulative Effect on Opening Balance in Period of Adoption [Line Items] | |||||||||||||||||||
Liability for Future Policy Benefit, before Reinsurance, after Other | 1,951.4 | 2,018.9 | 2,018.9 | 1,951.4 | 2,018.9 | 2,018.9 | 2,528.6 | ||||||||||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 1 | 1.5 | 1.5 | 1 | 1.5 | 1.5 | 4.4 | [4] | |||||||||||
Liability for Future Policy Benefit, after Reinsurance | 1,950.4 | 2,017.4 | 2,017.4 | 1,950.4 | 2,017.4 | 2,017.4 | 2,524.2 | ||||||||||||
Deferred Acquisition Costs | 1,392.3 | 1,288.5 | 1,288.5 | 1,392.3 | 1,288.5 | 1,288.5 | 1,337.9 | 1,238.1 | 1,144.7 | ||||||||||
Future Policy Benefits | 1,951.4 | 2,018.9 | 2,018.9 | 1,951.4 | 2,018.9 | 2,018.9 | |||||||||||||
Policyholders' Account Balances | 867 | 868.3 | 868.3 | 867 | 868.3 | 868.3 | |||||||||||||
Amortization of Deferred Acquisition Costs | 96.7 | 89.7 | |||||||||||||||||
Colonial Life | Operating Segments | |||||||||||||||||||
Cumulative Effect on Opening Balance in Period of Adoption [Line Items] | |||||||||||||||||||
Total Assets | 4,674.9 | 4,674.9 | 4,575 | ||||||||||||||||
Premium Income | 430.6 | 427.6 | 860.1 | 858.3 | |||||||||||||||
Closed Block | |||||||||||||||||||
Cumulative Effect on Opening Balance in Period of Adoption [Line Items] | |||||||||||||||||||
Liability for Future Policy Benefit, before Reinsurance, after Other | 25,143.3 | 26,617.6 | 26,617.6 | 25,143.3 | 26,617.6 | 26,617.6 | 36,992 | ||||||||||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 7,605.5 | 8,267.5 | 8,267.5 | 7,605.5 | 8,267.5 | 8,267.5 | 10,001.4 | [4] | |||||||||||
Liability for Future Policy Benefit, after Reinsurance | 17,537.8 | 18,350.1 | 18,350.1 | 17,537.8 | 18,350.1 | 18,350.1 | 26,990.6 | ||||||||||||
Future Policy Benefits | [5] | 25,143.3 | 26,617.6 | 26,617.6 | 25,143.3 | 26,617.6 | 26,617.6 | ||||||||||||
Closed Block | Long-term Care | |||||||||||||||||||
Cumulative Effect on Opening Balance in Period of Adoption [Line Items] | |||||||||||||||||||
Liability for Future Policy Benefit, before Reinsurance, after Other | 15,450.3 | 16,049.1 | 16,049.1 | 15,450.3 | 16,049.1 | 16,049.1 | 22,740.9 | ||||||||||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 5.4 | 5.7 | 5.7 | 5.4 | 5.7 | 5.7 | 44.4 | ||||||||||||
Liability for Future Policy Benefit, after Reinsurance | 15,444.9 | 16,043.4 | 16,043.4 | 15,444.9 | 16,043.4 | 16,043.4 | 22,696.5 | ||||||||||||
Closed Block | Other Insurance Product Line | |||||||||||||||||||
Cumulative Effect on Opening Balance in Period of Adoption [Line Items] | |||||||||||||||||||
Liability for Future Policy Benefit, before Reinsurance, after Other | 9,693 | 10,568.5 | 10,568.5 | 9,693 | 10,568.5 | 10,568.5 | 14,251.1 | ||||||||||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 7,600.1 | 8,261.8 | 8,261.8 | 7,600.1 | 8,261.8 | 8,261.8 | 9,957 | ||||||||||||
Liability for Future Policy Benefit, after Reinsurance | 2,092.9 | 2,306.7 | 2,306.7 | 2,092.9 | 2,306.7 | 2,306.7 | 4,294.1 | ||||||||||||
Policyholders' Account Balances | 4,148.2 | 4,213.1 | 4,213.1 | 4,148.2 | 4,213.1 | 4,213.1 | |||||||||||||
Closed Block | Operating Segments | |||||||||||||||||||
Cumulative Effect on Opening Balance in Period of Adoption [Line Items] | |||||||||||||||||||
Total Assets | 34,309.8 | 34,309.8 | 33,776.6 | ||||||||||||||||
Premium Income | 229.2 | 238 | 460.8 | 477.9 | |||||||||||||||
Closed Block | Operating Segments | Long-term Care | |||||||||||||||||||
Cumulative Effect on Opening Balance in Period of Adoption [Line Items] | |||||||||||||||||||
Premium Income | 174 | 173.7 | 349.1 | 348.5 | |||||||||||||||
Closed Block | Operating Segments | Other Insurance Product Line | |||||||||||||||||||
Cumulative Effect on Opening Balance in Period of Adoption [Line Items] | |||||||||||||||||||
Premium Income | 55.2 | 64.3 | 111.7 | 129.4 | |||||||||||||||
Retained Earnings | |||||||||||||||||||
Cumulative Effect on Opening Balance in Period of Adoption [Line Items] | |||||||||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 11,249 | ||||||||||||||||||
Stockholders' Equity Attributable to Parent | 13,758.1 | 12,473.7 | 12,473.7 | 13,758.1 | 12,473.7 | 12,473.7 | 13,430.4 | 13,141.3 | 12,166.9 | 11,989.4 | |||||||||
Net Income | 392.9 | 367.3 | 751.2 | 607.7 | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||
Cumulative Effect on Opening Balance in Period of Adoption [Line Items] | |||||||||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (6,310.2) | ||||||||||||||||||
Stockholders' Equity Attributable to Parent | (3,457.6) | (3,809.5) | (3,809.5) | (3,457.6) | (3,809.5) | (3,809.5) | $ (3,162.3) | (3,448.3) | (4,438.5) | (5,164.6) | |||||||||
Other Comprehensive Income (Loss) | $ (295.3) | 629 | $ (9.3) | ||||||||||||||||
Previously Reported | |||||||||||||||||||
Cumulative Effect on Opening Balance in Period of Adoption [Line Items] | |||||||||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 10,871 | ||||||||||||||||||
Deferred Acquisition Costs | 2,247.6 | 2,247.6 | 2,247.6 | 2,247.6 | 2,252.3 | 2,272.6 | |||||||||||||
Reinsurance Recoverable | 10,377.7 | 10,377.7 | 10,377.7 | 10,377.7 | 10,218.6 | ||||||||||||||
Deferred Income Tax | 149.9 | 149.9 | 149.9 | 149.9 | 449.8 | ||||||||||||||
Other Assets | 1,810.7 | [1] | 1,810.7 | [1] | 1,810.7 | [1] | 1,810.7 | [1] | 1,786.3 | ||||||||||
Total Assets | 63,121.1 | 63,121.1 | 63,121.1 | 63,121.1 | 61,434.9 | ||||||||||||||
Policy and Contract Benefits | 1,815.9 | [2] | 1,815.9 | [2] | 1,815.9 | [2] | 1,815.9 | [2] | 1,839.8 | [3] | |||||||||
Reserves for Future Policy and Contract Benefits | 43,088 | [2] | 43,088 | [2] | 43,088 | [2] | 43,088 | [2] | 42,330.2 | [3] | |||||||||
Future Policy Benefits | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [3] | |||||||||
Policyholders' Account Balances | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [3] | |||||||||
Unearned Premiums | 437 | 437 | 437 | 437 | 352.7 | ||||||||||||||
Deferred Income Tax | 5.8 | 5.8 | 5.8 | 5.8 | 9.2 | ||||||||||||||
Liabilities | 53,416 | 53,416 | 53,416 | 53,416 | 52,237.4 | ||||||||||||||
Accumulated Other Comprehensive Loss | (1,772.2) | (1,772.2) | (1,772.2) | (1,772.2) | (2,756.6) | (580.1) | 354.1 | ||||||||||||
Retained Earnings | 12,353.7 | 12,353.7 | 12,353.7 | 12,353.7 | 12,912.1 | 12,043.8 | 11,853.2 | ||||||||||||
Stockholders' Equity Attributable to Parent | 9,705.1 | $ 9,705.1 | 9,705.1 | $ 9,705.1 | 9,197.5 | ||||||||||||||
Premium Income | 2,417.3 | 4,820.6 | |||||||||||||||||
Policy Benefits | [6] | 1,758.1 | 3,602 | ||||||||||||||||
Policy Benefits - Remeasurement Gain | 0 | 0 | |||||||||||||||||
Amortization of Deferred Acquisition Costs | 142.6 | 298.7 | |||||||||||||||||
Other Expenses | 253.3 | 497.1 | |||||||||||||||||
Income Tax - Deferred | (70.9) | (95.6) | |||||||||||||||||
Net Income | 370.4 | 623.9 | |||||||||||||||||
Basic Earnings Per Share | $ / shares | $ 1.84 | $ 3.09 | |||||||||||||||||
Diluted Earnings Per Share | $ / shares | $ 1.83 | $ 3.07 | |||||||||||||||||
Change in Adjustment to Deferred Acquisition Costs and Reserves for Future Policy and Contract Benefits, Net of Reinsurance | 1,550.1 | 3,547.8 | |||||||||||||||||
Change in the Effect of Discount Rate Assumptions on the Liability for Future Policy Benefits, Net of Reinsurance | 0 | 0 | |||||||||||||||||
Change in Foreign Currency Translation Adjustment | (61.1) | (93) | |||||||||||||||||
Comprehensive Income (Loss) | (821.7) | (1,502.4) | |||||||||||||||||
Other Comprehensive Income (Loss) | (1,192.1) | (2,126.3) | |||||||||||||||||
Change in Receivables | 469.3 | ||||||||||||||||||
Change in Deferred Acquisition Costs | 19 | ||||||||||||||||||
Change in Insurance Liabilities | (112.4) | ||||||||||||||||||
Change in Income Taxes | 24.9 | ||||||||||||||||||
Amortization of the Cost of Reinsurance | 33.3 | ||||||||||||||||||
Previously Reported | Operating Segments | |||||||||||||||||||
Cumulative Effect on Opening Balance in Period of Adoption [Line Items] | |||||||||||||||||||
Liability for Future Policy Benefit, before Reinsurance, after Other | [7] | 45,704.4 | |||||||||||||||||
Previously Reported | Unum US | |||||||||||||||||||
Cumulative Effect on Opening Balance in Period of Adoption [Line Items] | |||||||||||||||||||
Liability for Future Policy Benefit, before Reinsurance, after Other | [7] | 12,184.6 | |||||||||||||||||
Deferred Acquisition Costs | 1,168.7 | ||||||||||||||||||
Previously Reported | Unum US | Group Disability | |||||||||||||||||||
Cumulative Effect on Opening Balance in Period of Adoption [Line Items] | |||||||||||||||||||
Liability for Future Policy Benefit, before Reinsurance, after Other | 7,409 | ||||||||||||||||||
Previously Reported | Unum US | Group Life and AD&D | |||||||||||||||||||
Cumulative Effect on Opening Balance in Period of Adoption [Line Items] | |||||||||||||||||||
Liability for Future Policy Benefit, before Reinsurance, after Other | 1,123.9 | ||||||||||||||||||
Previously Reported | Unum US | Individual Disability | |||||||||||||||||||
Cumulative Effect on Opening Balance in Period of Adoption [Line Items] | |||||||||||||||||||
Liability for Future Policy Benefit, before Reinsurance, after Other | 2,485.3 | ||||||||||||||||||
Previously Reported | Unum US | Voluntary Benefits | |||||||||||||||||||
Cumulative Effect on Opening Balance in Period of Adoption [Line Items] | |||||||||||||||||||
Liability for Future Policy Benefit, before Reinsurance, after Other | 1,154.9 | ||||||||||||||||||
Previously Reported | Unum US | Dental and Vision | |||||||||||||||||||
Cumulative Effect on Opening Balance in Period of Adoption [Line Items] | |||||||||||||||||||
Liability for Future Policy Benefit, before Reinsurance, after Other | 11.5 | ||||||||||||||||||
Previously Reported | Unum International | |||||||||||||||||||
Cumulative Effect on Opening Balance in Period of Adoption [Line Items] | |||||||||||||||||||
Liability for Future Policy Benefit, before Reinsurance, after Other | [7] | 2,969.8 | |||||||||||||||||
Deferred Acquisition Costs | 32 | ||||||||||||||||||
Previously Reported | Colonial Life | |||||||||||||||||||
Cumulative Effect on Opening Balance in Period of Adoption [Line Items] | |||||||||||||||||||
Liability for Future Policy Benefit, before Reinsurance, after Other | [7] | 1,977.2 | |||||||||||||||||
Deferred Acquisition Costs | 1,071.9 | ||||||||||||||||||
Previously Reported | Closed Block | |||||||||||||||||||
Cumulative Effect on Opening Balance in Period of Adoption [Line Items] | |||||||||||||||||||
Liability for Future Policy Benefit, before Reinsurance, after Other | [7] | 28,572.8 | |||||||||||||||||
Previously Reported | Closed Block | Long-term Care | |||||||||||||||||||
Cumulative Effect on Opening Balance in Period of Adoption [Line Items] | |||||||||||||||||||
Liability for Future Policy Benefit, before Reinsurance, after Other | 16,283.4 | ||||||||||||||||||
Previously Reported | Closed Block | Other Insurance Product Line | |||||||||||||||||||
Cumulative Effect on Opening Balance in Period of Adoption [Line Items] | |||||||||||||||||||
Liability for Future Policy Benefit, before Reinsurance, after Other | 12,289.4 | ||||||||||||||||||
Previously Reported | Retained Earnings | |||||||||||||||||||
Cumulative Effect on Opening Balance in Period of Adoption [Line Items] | |||||||||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 11,269.6 | ||||||||||||||||||
Previously Reported | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||
Cumulative Effect on Opening Balance in Period of Adoption [Line Items] | |||||||||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 374.2 | ||||||||||||||||||
Revision of Prior Period, Accounting Standards Update, Adjustment | Accounting Standards Update 2018-12 | |||||||||||||||||||
Cumulative Effect on Opening Balance in Period of Adoption [Line Items] | |||||||||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (6,705) | ||||||||||||||||||
Deferred Acquisition Costs | 245.7 | $ 245.7 | 245.7 | $ 245.7 | 307.7 | ||||||||||||||
Removal of Shadow Adjustments, DAC | 85.1 | ||||||||||||||||||
Reinsurance Recoverable | (266.8) | (266.8) | (266.8) | (266.8) | (610.6) | ||||||||||||||
Deferred Income Tax | 536.8 | 536.8 | 536.8 | 536.8 | 136.2 | ||||||||||||||
Other Assets | (126.7) | [1] | (126.7) | [1] | (126.7) | [1] | (126.7) | [1] | (119.7) | ||||||||||
Total Assets | 389 | 389 | 389 | 389 | (286.4) | ||||||||||||||
Policy and Contract Benefits | (1,815.9) | [2] | (1,815.9) | [2] | (1,815.9) | [2] | (1,815.9) | [2] | (1,839.8) | [3] | |||||||||
Reserves for Future Policy and Contract Benefits | (43,088) | [2] | (43,088) | [2] | (43,088) | [2] | (43,088) | [2] | (42,330.2) | [3] | |||||||||
Future Policy Benefits | 41,407.7 | [2] | 41,407.7 | [2] | 41,407.7 | [2] | 41,407.7 | [2] | 38,577.1 | [3] | |||||||||
Policyholders' Account Balances | 5,758.7 | [2] | 5,758.7 | [2] | 5,758.7 | [2] | 5,758.7 | [2] | 5,740.2 | [3] | |||||||||
Unearned Premiums | 12.9 | 12.9 | 12.9 | 12.9 | 12.8 | ||||||||||||||
Deferred Income Tax | 30.9 | 30.9 | 30.9 | 30.9 | 16 | ||||||||||||||
Liabilities | 2,306.3 | 2,306.3 | 2,306.3 | 2,306.3 | 176.1 | ||||||||||||||
Accumulated Other Comprehensive Loss | (2,037.3) | (2,037.3) | (2,037.3) | (2,037.3) | (691.7) | (3,858.4) | (5,518.7) | ||||||||||||
Retained Earnings | 120 | 120 | 120 | 120 | 229.2 | $ 123.1 | $ 136.2 | ||||||||||||
Stockholders' Equity Attributable to Parent | (1,917.3) | $ (1,917.3) | (1,917.3) | $ (1,917.3) | $ (462.5) | ||||||||||||||
Premium Income | (1.3) | (3.2) | |||||||||||||||||
Policy Benefits | [6] | 107.6 | 246.7 | ||||||||||||||||
Policy Benefits - Remeasurement Gain | (65.6) | (134.4) | |||||||||||||||||
Amortization of Deferred Acquisition Costs | (36.1) | (88.6) | |||||||||||||||||
Other Expenses | (3.3) | (6.6) | |||||||||||||||||
Income Tax - Deferred | (0.8) | (4.1) | |||||||||||||||||
Net Income | (3.1) | (16.2) | |||||||||||||||||
Basic Earnings Per Share | $ / shares | $ (0.01) | $ (0.08) | |||||||||||||||||
Diluted Earnings Per Share | $ / shares | $ (0.02) | $ (0.08) | |||||||||||||||||
Change in Adjustment to Deferred Acquisition Costs and Reserves for Future Policy and Contract Benefits, Net of Reinsurance | (1,550.1) | (3,547.8) | |||||||||||||||||
Change in the Effect of Discount Rate Assumptions on the Liability for Future Policy Benefits, Net of Reinsurance | 3,371.4 | 7,029.5 | |||||||||||||||||
Change in Foreign Currency Translation Adjustment | (0.3) | (0.4) | |||||||||||||||||
Comprehensive Income (Loss) | 1,818 | 3,465.2 | |||||||||||||||||
Other Comprehensive Income (Loss) | $ 1,821.1 | 3,481.4 | |||||||||||||||||
Change in Receivables | 11.8 | ||||||||||||||||||
Change in Deferred Acquisition Costs | (88.6) | ||||||||||||||||||
Change in Insurance Liabilities | 101.5 | ||||||||||||||||||
Change in Income Taxes | (1.9) | ||||||||||||||||||
Amortization of the Cost of Reinsurance | $ (6.6) | ||||||||||||||||||
Revision of Prior Period, Accounting Standards Update, Adjustment | Operating Segments | Accounting Standards Update 2018-12 | |||||||||||||||||||
Cumulative Effect on Opening Balance in Period of Adoption [Line Items] | |||||||||||||||||||
Removal of Shadow Adjustments, LFPB | [8] | (6,225.6) | |||||||||||||||||
Adjustments for Loss Contracts | [9] | 34.9 | |||||||||||||||||
Effect of Change in Discount Rate Assumptions | 16,084.6 | ||||||||||||||||||
Other increase (decrease) | [10] | (12.9) | |||||||||||||||||
Revision of Prior Period, Accounting Standards Update, Adjustment | Unum US | Accounting Standards Update 2018-12 | |||||||||||||||||||
Cumulative Effect on Opening Balance in Period of Adoption [Line Items] | |||||||||||||||||||
Removal of Shadow Adjustments, LFPB | [8] | (1,569.7) | |||||||||||||||||
Adjustments for Loss Contracts | [9] | 0 | |||||||||||||||||
Effect of Change in Discount Rate Assumptions | 2,251.8 | ||||||||||||||||||
Other increase (decrease) | [10] | (5.3) | |||||||||||||||||
Removal of Shadow Adjustments, DAC | [11] | 12.3 | |||||||||||||||||
Revision of Prior Period, Accounting Standards Update, Adjustment | Unum US | Accounting Standards Update 2018-12 | Group Disability | |||||||||||||||||||
Cumulative Effect on Opening Balance in Period of Adoption [Line Items] | |||||||||||||||||||
Removal of Shadow Adjustments, LFPB | (1,025.2) | ||||||||||||||||||
Effect of Change in Discount Rate Assumptions | 911.9 | ||||||||||||||||||
Other increase (decrease) | 0 | ||||||||||||||||||
Revision of Prior Period, Accounting Standards Update, Adjustment | Unum US | Accounting Standards Update 2018-12 | Group Life and AD&D | |||||||||||||||||||
Cumulative Effect on Opening Balance in Period of Adoption [Line Items] | |||||||||||||||||||
Removal of Shadow Adjustments, LFPB | (88.5) | ||||||||||||||||||
Effect of Change in Discount Rate Assumptions | 91.9 | ||||||||||||||||||
Other increase (decrease) | 0 | ||||||||||||||||||
Revision of Prior Period, Accounting Standards Update, Adjustment | Unum US | Accounting Standards Update 2018-12 | Individual Disability | |||||||||||||||||||
Cumulative Effect on Opening Balance in Period of Adoption [Line Items] | |||||||||||||||||||
Removal of Shadow Adjustments, LFPB | (446.1) | ||||||||||||||||||
Effect of Change in Discount Rate Assumptions | 728.5 | ||||||||||||||||||
Other increase (decrease) | 0 | ||||||||||||||||||
Revision of Prior Period, Accounting Standards Update, Adjustment | Unum US | Accounting Standards Update 2018-12 | Voluntary Benefits | |||||||||||||||||||
Cumulative Effect on Opening Balance in Period of Adoption [Line Items] | |||||||||||||||||||
Removal of Shadow Adjustments, LFPB | (9.9) | ||||||||||||||||||
Effect of Change in Discount Rate Assumptions | 519.5 | ||||||||||||||||||
Other increase (decrease) | (5.3) | ||||||||||||||||||
Revision of Prior Period, Accounting Standards Update, Adjustment | Unum US | Accounting Standards Update 2018-12 | Dental and Vision | |||||||||||||||||||
Cumulative Effect on Opening Balance in Period of Adoption [Line Items] | |||||||||||||||||||
Removal of Shadow Adjustments, LFPB | 0 | ||||||||||||||||||
Effect of Change in Discount Rate Assumptions | 0 | ||||||||||||||||||
Other increase (decrease) | 0 | ||||||||||||||||||
Revision of Prior Period, Accounting Standards Update, Adjustment | Unum International | Accounting Standards Update 2018-12 | |||||||||||||||||||
Cumulative Effect on Opening Balance in Period of Adoption [Line Items] | |||||||||||||||||||
Removal of Shadow Adjustments, LFPB | [8] | (545.8) | |||||||||||||||||
Adjustments for Loss Contracts | [9] | 0 | |||||||||||||||||
Effect of Change in Discount Rate Assumptions | 779.4 | ||||||||||||||||||
Other increase (decrease) | [10] | 0 | |||||||||||||||||
Removal of Shadow Adjustments, DAC | 0 | ||||||||||||||||||
Revision of Prior Period, Accounting Standards Update, Adjustment | Colonial Life | Accounting Standards Update 2018-12 | |||||||||||||||||||
Cumulative Effect on Opening Balance in Period of Adoption [Line Items] | |||||||||||||||||||
Removal of Shadow Adjustments, LFPB | [8] | (44.5) | |||||||||||||||||
Adjustments for Loss Contracts | [9] | 34.9 | |||||||||||||||||
Effect of Change in Discount Rate Assumptions | 568.6 | ||||||||||||||||||
Other increase (decrease) | [10] | (7.6) | |||||||||||||||||
Removal of Shadow Adjustments, DAC | 72.8 | ||||||||||||||||||
Revision of Prior Period, Accounting Standards Update, Adjustment | Closed Block | Accounting Standards Update 2018-12 | |||||||||||||||||||
Cumulative Effect on Opening Balance in Period of Adoption [Line Items] | |||||||||||||||||||
Removal of Shadow Adjustments, LFPB | [8] | (4,065.6) | |||||||||||||||||
Adjustments for Loss Contracts | [9] | 0 | |||||||||||||||||
Effect of Change in Discount Rate Assumptions | 12,484.8 | ||||||||||||||||||
Other increase (decrease) | [10] | 0 | |||||||||||||||||
Revision of Prior Period, Accounting Standards Update, Adjustment | Closed Block | Accounting Standards Update 2018-12 | Long-term Care | |||||||||||||||||||
Cumulative Effect on Opening Balance in Period of Adoption [Line Items] | |||||||||||||||||||
Removal of Shadow Adjustments, LFPB | (3,465.4) | ||||||||||||||||||
Effect of Change in Discount Rate Assumptions | 9,922.9 | ||||||||||||||||||
Revision of Prior Period, Accounting Standards Update, Adjustment | Closed Block | Accounting Standards Update 2018-12 | Other Insurance Product Line | |||||||||||||||||||
Cumulative Effect on Opening Balance in Period of Adoption [Line Items] | |||||||||||||||||||
Removal of Shadow Adjustments, LFPB | (600.2) | ||||||||||||||||||
Effect of Change in Discount Rate Assumptions | 2,561.9 | ||||||||||||||||||
Revision of Prior Period, Accounting Standards Update, Adjustment | Retained Earnings | Accounting Standards Update 2018-12 | |||||||||||||||||||
Cumulative Effect on Opening Balance in Period of Adoption [Line Items] | |||||||||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (20.6) | ||||||||||||||||||
Revision of Prior Period, Accounting Standards Update, Adjustment | Accumulated Other Comprehensive Income (Loss) | Accounting Standards Update 2018-12 | |||||||||||||||||||
Cumulative Effect on Opening Balance in Period of Adoption [Line Items] | |||||||||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ (6,684.4) | ||||||||||||||||||
[1] 1 The change in other assets is driven by the cost of reinsurance associated with the second phase of our Closed Block individual disability reinsurance transaction which was completed in the first quarter of 2021. In accordance with the provisions of the ASU related to non-contemporaneous reinsurance, we were then required to establish the ceded reserves using an upper-medium grade fixed-income instrument as of the reinsurance transaction date in March 2021 which resulted in higher ceded reserves compared to that which was reported historically. 2 We previously reported policy and contract benefits and reserves for future policy and contract benefits liabilities in our consolidated balance sheet as of June 30, 2022 of $1,815.9 million and $43,088.0 million, respectively, resulting in total policyholder liabilities of $44,903.9 million. These balances were reclassified into new line items, future policy benefits and policyholders' account balances, which would have reported balances of $39,154.8 million and $5,749.1 million, respectively, as of June 30, 2022, resulting in total policyholder liabilities of $44,903.9 million under the historical accounting method. 1 We previously reported policy and contract benefits and reserves for future policy and contract benefits liabilities in our consolidated balance sheet as of December 31, 2022 of $1,839.8 million and 42,330.2 million, respectively, resulting in total policyholder liabilities of $44,170.0 million. These balances were reclassified into new line items, future policy benefits and policyholders' account balances, which would have reported balances of $38,443.2 million and $5,726.8 million, respectively, as of December 31, 2022, resulting in total policyholder liabilities of $44,170.0 million under the historical accounting method. 5 These amounts represent the portion of reinsurance recoverable related to the liability for future policy benefits. These amounts include the adjustments for the removal of shadow adjustments and for the effect of change in discount rate assumptions for the liability for future policy benefits ceded to third party reinsurers. 1 Previously disclosed as Benefits and Change in Reserves for Future Benefits 1 We previously reported policy and contract benefits and reserves for future policy and contract benefits liabilities in our consolidated balance sheet as of December 31, 2020 of $1,855.4 million and $49,653.0 million, respectively, resulting in total policyholder liabilities of $51,508.4 million. These balances were reclassified into new line items, future policy benefits and policyholders' account balances, which would have reported balances of $45,704.4 million and $5,804.0 million as of December 31, 2020, respectively, resulting in total policyholder liabilities of $51,508.4 million under the historical accounting method. These balances were reclassified to more closely align with the new disclosure requirements of ASU 2018-12. 2 Shadow adjustments represent the adjustments related to unrealized investment gains and losses previously included in the reserves balance prior to the adoption of ASU 2018-12. 3 Adjustment for loss contracts represents the adjustment for those cohorts whose net premium ratio exceeded 100 percent as of the transition date. For those cohorts, the net premiums were set equal to the gross premiums and the difference was recorded as a transition adjustment to the liability for future policy benefits. 4 This amount reflects the effect of the reclassification of certain unearned premium. This amount was reclassified to more closely align with the presentation of liabilities under ASU 2018-12 and had no impact to stockholders' equity. 1 The $12.3 million removal of shadow adjustments is related to the Unum US voluntary benefits product line. |
Fair Values of Financial Inst_3
Fair Values of Financial Instruments Private Equity Partnerships (Details) - Private Equity Partnerships - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share | |||
Alternative Investments | $ 1,268.1 | $ 1,194.3 | |
Alternative Investments, Unfunded Commitments | 840.1 | 776.9 | |
Private Credit | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share | |||
Alternative Investments | 284.4 | 275 | |
Alternative Investments, Unfunded Commitments | 137 | 104.3 | |
Private Credit | Not Redeemable | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share | |||
Alternative Investments | [1] | 239 | 239.3 |
Alternative Investments, Unfunded Commitments | 131.9 | 90.9 | |
Private Credit | Initial 2 year lock on each new investment / Quarterly after 2 year lock with 90 days notice | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share | |||
Alternative Investments | 35.7 | ||
Alternative Investments, Unfunded Commitments | 13.4 | ||
Private Credit | Quarterly / 90 days notice | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share | |||
Alternative Investments | 45.4 | ||
Alternative Investments, Unfunded Commitments | 5.1 | ||
Private Equity Limited Partnership | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share | |||
Alternative Investments | 517.1 | 485.3 | |
Alternative Investments, Unfunded Commitments | 428.8 | 416.3 | |
Private Equity Limited Partnership | Not Redeemable | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share | |||
Alternative Investments | [2] | 491.7 | 453.6 |
Alternative Investments, Unfunded Commitments | 411 | 377.2 | |
Private Equity Limited Partnership | Initial 5.5 year lock on each new investment / Quarterly after 5.5 year lock with 90 days notice | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share | |||
Alternative Investments | 25.4 | 31.7 | |
Alternative Investments, Unfunded Commitments | 17.8 | 39.1 | |
Real Assets | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share | |||
Alternative Investments | 466.6 | 434 | |
Alternative Investments, Unfunded Commitments | 274.3 | 256.3 | |
Real Assets | Not Redeemable | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share | |||
Alternative Investments | [3] | 405.7 | 373.9 |
Alternative Investments, Unfunded Commitments | 274.3 | 256.3 | |
Real Assets | Quarterly / 90 days notice | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share | |||
Alternative Investments | 60.9 | 60.1 | |
Alternative Investments, Unfunded Commitments | $ 0 | $ 0 | |
[1] Private Credit - The limited partnerships described in this category employ various investment strategies, generally providing direct lending or other forms of debt financing including first-lien, second-lien, mezzanine, and subordinated loans. The limited partnerships have credit exposure to corporates, physical assets, and/or financial assets within a variety of industries (including manufacturing, healthcare, energy, business services, technology, materials, and retail) in North America and, to a lesser extent, outside of North America. As of June 30, 2023, the estimated remaining life of the investments that do not allow for redemptions is approximately 64 percent in the next 3 years, 25 percent during the period from 3 to 5 years, 9 percent during the period from 5 to 10 years, and 2 percent during the period from 10 to 15 years. Private Equity - The limited partnerships described in this category employ various strategies generally investing in controlling or minority control equity positions directly in companies and/or assets across various industries (including manufacturing, healthcare, energy, business services, technology, materials, and retail), primarily in private markets within North America and, to a lesser extent, outside of North America. As of June 30, 2023, the estimated remaining life of the investments that do not allow for redemptions is approximately 34 percent in the next 3 years, 17 percent during the period from 3 to 5 years, 42 percent during the period from 5 to 10 years, and 7 percent during the period from 10 to 15 years. Real Assets - The limited partnerships described in this category employ various strategies, which include investing in the equity and/or debt financing of physical assets, including infrastructure (energy, power, water/wastewater, communications), transportation (including airports, ports, toll roads, aircraft, railcars) and real estate in North America, Europe, South America, and Asia. As of June 30, 2023, the estimated remaining life of the investments that do not allow for redemptions is approximately 23 percent in the next 3 years, 33 percent during period from 3 to 5 years, 42 percent during the period from 5 to 10 years, and 2 percent during the period from 10 to 15 years. |
Fair Value Measurements by Inpu
Fair Value Measurements by Input Level (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Assets, Fair Value Disclosure | ||
Fixed Maturity Securities | $ 35,374.1 | $ 34,840.8 |
Derivative Assets | Other Long-term Investments | Other Long-term Investments |
Equity Securities | $ 27.8 | $ 25.8 |
Other Long-term Investments | 1,503.2 | 1,440.1 |
Assets, Fair Value Disclosure | $ 36,750.6 | $ 36,150 |
Liabilities | ||
Derivative Liabilities | Other Liabilities | Other Liabilities |
Liabilities, Fair Value Disclosure | $ 84.8 | $ 87.9 |
Interest Rate Swaps | ||
Liabilities | ||
Derivative Liabilities | Other Liabilities | Other Liabilities |
Foreign Exchange Contracts | ||
Liabilities | ||
Derivative Liabilities | Other Liabilities | Other Liabilities |
Embedded Derivative in Modified Coinsurance Arrangement | ||
Liabilities | ||
Derivative Liabilities | Other Liabilities | Other Liabilities |
Fair Value, Measurements, Recurring | ||
Assets, Fair Value Disclosure | ||
Other Long-term Investments | $ 1,376.5 | $ 1,309.2 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ||
Assets, Fair Value Disclosure | ||
Fixed Maturity Securities | $ 8,564.7 | $ 4,519.1 |
Derivative Assets | Other Long-term Investments | Other Long-term Investments |
Equity Securities | $ 0 | $ 0 |
Other Long-term Investments | 0 | 0 |
Assets, Fair Value Disclosure | 8,564.7 | 4,519.1 |
Liabilities | ||
Liabilities, Fair Value Disclosure | $ 0 | $ 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | Interest Rate Swaps | ||
Liabilities | ||
Derivative Liabilities | Other Liabilities | Other Liabilities |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | Foreign Exchange Contracts | ||
Liabilities | ||
Derivative Liabilities | Other Liabilities | Other Liabilities |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | Embedded Derivative in Modified Coinsurance Arrangement | ||
Liabilities | ||
Derivative Liabilities | Other Liabilities | Other Liabilities |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Assets, Fair Value Disclosure | ||
Fixed Maturity Securities | $ 26,656.5 | $ 30,140.8 |
Derivative Assets | Other Long-term Investments | Other Long-term Investments |
Equity Securities | $ 10.3 | $ 9.6 |
Other Long-term Investments | 90.9 | 98.7 |
Assets, Fair Value Disclosure | 26,747.4 | 30,239.5 |
Liabilities | ||
Liabilities, Fair Value Disclosure | $ 76.4 | $ 74 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Interest Rate Swaps | ||
Liabilities | ||
Derivative Liabilities | Other Liabilities | Other Liabilities |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Foreign Exchange Contracts | ||
Liabilities | ||
Derivative Liabilities | Other Liabilities | Other Liabilities |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Embedded Derivative in Modified Coinsurance Arrangement | ||
Liabilities | ||
Derivative Liabilities | Other Liabilities | Other Liabilities |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ||
Assets, Fair Value Disclosure | ||
Fixed Maturity Securities | $ 152.9 | $ 180.9 |
Derivative Assets | Other Long-term Investments | Other Long-term Investments |
Equity Securities | $ 17.5 | $ 16.2 |
Other Long-term Investments | 17.5 | 16.2 |
Assets, Fair Value Disclosure | 170.4 | 197.1 |
Liabilities | ||
Liabilities, Fair Value Disclosure | $ 8.4 | $ 13.9 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Interest Rate Swaps | ||
Liabilities | ||
Derivative Liabilities | Other Liabilities | Other Liabilities |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Foreign Exchange Contracts | ||
Liabilities | ||
Derivative Liabilities | Other Liabilities | Other Liabilities |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Embedded Derivative in Modified Coinsurance Arrangement | ||
Liabilities | ||
Derivative Liabilities | Other Liabilities | Other Liabilities |
Fair Value, Measurements, Recurring | Fair Value Measured at Net Asset Value Per Share | ||
Assets, Fair Value Disclosure | ||
Fixed Maturity Securities | $ 0 | $ 0 |
Derivative Assets | Other Long-term Investments | Other Long-term Investments |
Equity Securities | $ 0 | $ 0 |
Other Long-term Investments | 1,268.1 | 1,194.3 |
Assets, Fair Value Disclosure | 1,268.1 | 1,194.3 |
Liabilities | ||
Liabilities, Fair Value Disclosure | $ 0 | $ 0 |
Fair Value, Measurements, Recurring | Fair Value Measured at Net Asset Value Per Share | Interest Rate Swaps | ||
Liabilities | ||
Derivative Liabilities | Other Liabilities | Other Liabilities |
Fair Value, Measurements, Recurring | Fair Value Measured at Net Asset Value Per Share | Foreign Exchange Contracts | ||
Liabilities | ||
Derivative Liabilities | Other Liabilities | Other Liabilities |
Fair Value, Measurements, Recurring | Fair Value Measured at Net Asset Value Per Share | Embedded Derivative in Modified Coinsurance Arrangement | ||
Liabilities | ||
Derivative Liabilities | Other Liabilities | Other Liabilities |
United States Government and Government Agencies and Authorities | ||
Assets, Fair Value Disclosure | ||
Fixed Maturity Securities | $ 569.1 | $ 498.2 |
United States Government and Government Agencies and Authorities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ||
Assets, Fair Value Disclosure | ||
Fixed Maturity Securities | 81.7 | 81.7 |
United States Government and Government Agencies and Authorities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Assets, Fair Value Disclosure | ||
Fixed Maturity Securities | 487.4 | 416.5 |
United States Government and Government Agencies and Authorities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ||
Assets, Fair Value Disclosure | ||
Fixed Maturity Securities | 0 | 0 |
United States Government and Government Agencies and Authorities | Fair Value, Measurements, Recurring | Fair Value Measured at Net Asset Value Per Share | ||
Assets, Fair Value Disclosure | ||
Fixed Maturity Securities | 0 | 0 |
States, Municipalities, and Political Subdivisions | ||
Assets, Fair Value Disclosure | ||
Fixed Maturity Securities | 3,537.6 | 3,457.2 |
States, Municipalities, and Political Subdivisions | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ||
Assets, Fair Value Disclosure | ||
Fixed Maturity Securities | 5 | 8.7 |
States, Municipalities, and Political Subdivisions | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Assets, Fair Value Disclosure | ||
Fixed Maturity Securities | 3,532.6 | 3,448.3 |
States, Municipalities, and Political Subdivisions | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ||
Assets, Fair Value Disclosure | ||
Fixed Maturity Securities | 0 | 0.2 |
States, Municipalities, and Political Subdivisions | Fair Value, Measurements, Recurring | Fair Value Measured at Net Asset Value Per Share | ||
Assets, Fair Value Disclosure | ||
Fixed Maturity Securities | 0 | 0 |
Foreign Governments | ||
Assets, Fair Value Disclosure | ||
Fixed Maturity Securities | 870.7 | 827.1 |
Foreign Governments | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ||
Assets, Fair Value Disclosure | ||
Fixed Maturity Securities | 0 | 0 |
Foreign Governments | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Assets, Fair Value Disclosure | ||
Fixed Maturity Securities | 870.7 | 827.1 |
Foreign Governments | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ||
Assets, Fair Value Disclosure | ||
Fixed Maturity Securities | 0 | 0 |
Foreign Governments | Fair Value, Measurements, Recurring | Fair Value Measured at Net Asset Value Per Share | ||
Assets, Fair Value Disclosure | ||
Fixed Maturity Securities | 0 | 0 |
Public Utilities | ||
Assets, Fair Value Disclosure | ||
Fixed Maturity Securities | 5,176.2 | 4,956.9 |
Public Utilities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ||
Assets, Fair Value Disclosure | ||
Fixed Maturity Securities | 664.2 | 160.1 |
Public Utilities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Assets, Fair Value Disclosure | ||
Fixed Maturity Securities | 4,512 | 4,796.8 |
Public Utilities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ||
Assets, Fair Value Disclosure | ||
Fixed Maturity Securities | 0 | 0 |
Public Utilities | Fair Value, Measurements, Recurring | Fair Value Measured at Net Asset Value Per Share | ||
Assets, Fair Value Disclosure | ||
Fixed Maturity Securities | 0 | 0 |
Mortgage/Asset-backed Securities | ||
Assets, Fair Value Disclosure | ||
Fixed Maturity Securities | 556.1 | 573.3 |
Mortgage/Asset-backed Securities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ||
Assets, Fair Value Disclosure | ||
Fixed Maturity Securities | 0 | 0 |
Mortgage/Asset-backed Securities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Assets, Fair Value Disclosure | ||
Fixed Maturity Securities | 532 | 551.3 |
Mortgage/Asset-backed Securities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ||
Assets, Fair Value Disclosure | ||
Fixed Maturity Securities | 24.1 | 22 |
Mortgage/Asset-backed Securities | Fair Value, Measurements, Recurring | Fair Value Measured at Net Asset Value Per Share | ||
Assets, Fair Value Disclosure | ||
Fixed Maturity Securities | 0 | 0 |
All Other Corporate Bonds | ||
Assets, Fair Value Disclosure | ||
Fixed Maturity Securities | 24,660.9 | 24,524.6 |
All Other Corporate Bonds | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ||
Assets, Fair Value Disclosure | ||
Fixed Maturity Securities | 7,813.8 | 4,268.6 |
All Other Corporate Bonds | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Assets, Fair Value Disclosure | ||
Fixed Maturity Securities | 16,718.3 | 20,097.3 |
All Other Corporate Bonds | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ||
Assets, Fair Value Disclosure | ||
Fixed Maturity Securities | 128.8 | 158.7 |
All Other Corporate Bonds | Fair Value, Measurements, Recurring | Fair Value Measured at Net Asset Value Per Share | ||
Assets, Fair Value Disclosure | ||
Fixed Maturity Securities | 0 | 0 |
Redeemable Preferred Stocks | ||
Assets, Fair Value Disclosure | ||
Fixed Maturity Securities | 3.5 | 3.5 |
Redeemable Preferred Stocks | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ||
Assets, Fair Value Disclosure | ||
Fixed Maturity Securities | 0 | 0 |
Redeemable Preferred Stocks | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Assets, Fair Value Disclosure | ||
Fixed Maturity Securities | 3.5 | 3.5 |
Redeemable Preferred Stocks | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ||
Assets, Fair Value Disclosure | ||
Fixed Maturity Securities | 0 | 0 |
Redeemable Preferred Stocks | Fair Value, Measurements, Recurring | Fair Value Measured at Net Asset Value Per Share | ||
Assets, Fair Value Disclosure | ||
Fixed Maturity Securities | 0 | 0 |
Private Equity Partnerships | ||
Assets, Fair Value Disclosure | ||
Alternative Investments | 1,268.1 | 1,194.3 |
Private Equity Partnerships | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ||
Assets, Fair Value Disclosure | ||
Alternative Investments | 0 | 0 |
Private Equity Partnerships | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Assets, Fair Value Disclosure | ||
Alternative Investments | 0 | 0 |
Private Equity Partnerships | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ||
Assets, Fair Value Disclosure | ||
Alternative Investments | 0 | 0 |
Private Equity Partnerships | Fair Value, Measurements, Recurring | Fair Value Measured at Net Asset Value Per Share | ||
Assets, Fair Value Disclosure | ||
Alternative Investments | $ 1,268.1 | $ 1,194.3 |
Derivatives | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ||
Liabilities | ||
Derivative Liabilities | Other Liabilities | Other Liabilities |
Derivatives | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Liabilities | ||
Derivative Liabilities | Other Liabilities | Other Liabilities |
Derivatives | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ||
Liabilities | ||
Derivative Liabilities | Other Liabilities | Other Liabilities |
Derivatives | Fair Value, Measurements, Recurring | Fair Value Measured at Net Asset Value Per Share | ||
Liabilities | ||
Derivative Liabilities | Other Liabilities | Other Liabilities |
Forwards | ||
Assets, Fair Value Disclosure | ||
Derivative Assets | Other Long-term Investments | Other Long-term Investments |
Forwards | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ||
Assets, Fair Value Disclosure | ||
Derivative Assets | Other Long-term Investments | Other Long-term Investments |
Forwards | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Assets, Fair Value Disclosure | ||
Derivative Assets | Other Long-term Investments | Other Long-term Investments |
Forwards | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ||
Assets, Fair Value Disclosure | ||
Derivative Assets | Other Long-term Investments | Other Long-term Investments |
Forwards | Fair Value, Measurements, Recurring | Fair Value Measured at Net Asset Value Per Share | ||
Assets, Fair Value Disclosure | ||
Derivative Assets | Other Long-term Investments | Other Long-term Investments |
Foreign Exchange Contracts | ||
Assets, Fair Value Disclosure | ||
Derivative Assets | Other Long-term Investments | Other Long-term Investments |
Foreign Exchange Contracts | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ||
Assets, Fair Value Disclosure | ||
Derivative Assets | Other Long-term Investments | Other Long-term Investments |
Foreign Exchange Contracts | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Assets, Fair Value Disclosure | ||
Derivative Assets | Other Long-term Investments | Other Long-term Investments |
Foreign Exchange Contracts | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ||
Assets, Fair Value Disclosure | ||
Derivative Assets | Other Long-term Investments | Other Long-term Investments |
Foreign Exchange Contracts | Fair Value, Measurements, Recurring | Fair Value Measured at Net Asset Value Per Share | ||
Assets, Fair Value Disclosure | ||
Derivative Assets | Other Long-term Investments | Other Long-term Investments |
Changes in Assets and Liabiliti
Changes in Assets and Liabilities Measured at Fair Value on a Recurring Basis using Significant Unobservable Inputs (Level 3) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Embedded Derivative in Modified Coinsurance Arrangement | ||||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | $ 0 | $ 0 | $ 0 | $ 0 | ||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 5.2 | (0.8) | 5.5 | (4.2) | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | (8.4) | (34.3) | (8.4) | (34.3) | $ (13.6) | $ (13.9) | $ (33.5) | $ (30.1) |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 5.2 | (0.8) | 5.5 | (4.2) | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 0 | 0 | 0 | 0 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | 0 | 0 | 0 | 0 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | 0 | 0 | 0 | 0 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | 0 | 0 | 0 | 0 | ||||
US States and Political Subdivisions Debt Securities | ||||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | 0 | 0 | 0.1 | 0.2 | 13.4 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | 0 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | 0 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | 0 | 0 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales/Maturities | 0 | 0 | 0 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | 0 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (0.1) | (0.2) | (13.4) | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | 0 | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | |||||
Foreign Governments | ||||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 20.2 | 20.2 | 20.4 | 20.8 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (0.2) | (0.6) | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | 0 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales/Maturities | 0 | 0 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | ||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | (0.2) | (0.6) | ||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | ||||||
Public Utilities | ||||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 13.6 | 0 | 13.6 | 0 | 0 | 13.7 | 44.5 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0.2 | 0 | 0.3 | (4.1) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (0.3) | (0.1) | (0.3) | 2.1 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | 0 | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales/Maturities | (3.2) | 0 | (3.3) | (10.8) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 3.3 | 0 | 3.3 | 15.6 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | 0 | (33.7) | ||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | (0.3) | (0.1) | (0.3) | 2.1 | ||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | (4.1) | ||||
Mortgage/Asset-backed Securities | ||||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 24.1 | 11.6 | 24.1 | 11.6 | 28.8 | 22 | 49.8 | 187.2 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (0.1) | (0.8) | (0.1) | (5.6) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 3.9 | 0 | 10.9 | 8.9 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales/Maturities | (0.1) | (0.6) | (0.3) | (4.9) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0.2 | 0.4 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (8.4) | (37) | (8.8) | (174) | ||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | (0.1) | (0.8) | (0.1) | (5.6) | ||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | ||||
All Other Corporate Bonds | ||||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 128.8 | 103.5 | 128.8 | 103.5 | 139.1 | 158.7 | 80.7 | 861.5 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (0.4) | 0 | (0.5) | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (29) | (9.9) | (24.1) | (20.6) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 30 | 0 | 31.5 | 32.6 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales/Maturities | (92.4) | 0 | (152.1) | (20.9) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 195.3 | 50.5 | 205.8 | 13.2 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (113.8) | (17.8) | (90.5) | (762.3) | ||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | (29) | (9.9) | (24.1) | (20.6) | ||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | ||||
Fixed Maturity Securities | ||||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 152.9 | 148.9 | 152.9 | 148.9 | 168 | 180.9 | 164.6 | 1,127.4 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (0.2) | 0 | (0.2) | (4.1) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (29.4) | (11) | (24.5) | (24.7) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 33.9 | 0 | 42.4 | 41.5 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales/Maturities | (95.7) | (0.6) | (155.7) | (36.6) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 198.6 | 50.7 | 209.5 | 28.8 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (122.3) | (54.8) | (99.5) | (983.4) | ||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | (29.4) | (11) | (24.5) | (24.7) | ||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | (4.1) | ||||
Equity Securities | ||||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 17.5 | 10.9 | 17.5 | 10.9 | $ 16.2 | $ 16.2 | $ 10.5 | $ 5.8 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0.5 | 0 | 0.5 | 2.8 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0.8 | 0.4 | 0.8 | 2.3 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales/Maturities | 0 | 0 | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | 0 | 0 | ||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | 0 | 0 | ||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | $ 0.5 | $ 0 | $ 0.5 | $ 2.8 |
Quantitative Information Regard
Quantitative Information Regarding Significant Unobservable Inputs (Details) $ in Millions | Jun. 30, 2023 USD ($) Rate | Dec. 31, 2022 USD ($) Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Equity Securities | $ | $ 27.8 | $ 25.8 | ||
Fair Value, Inputs, Level 3 | Discounted Cash Flow | Embedded Derivative in Modified Coinsurance Arrangement | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded Derivative in Modified Coinsurance Arrangement | $ | $ (8.4) | $ (13.9) | ||
Fair Value, Inputs, Level 3 | Discounted Cash Flow | Embedded Derivative in Modified Coinsurance Arrangement | Weighted Average | Spread of Swap Curve | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded Derivative Liability, Measurement Input | Rate | [1] | 0.004 | 0.006 | |
Fair Value, Inputs, Level 3 | All Other Corporate Bonds | Market Approach | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
All Other Corporate Bonds - Private | $ | $ 16.4 | $ 15.3 | ||
Fair Value, Inputs, Level 3 | All Other Corporate Bonds | Market Approach | Minimum | Volatility of Credit | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
All Other Corporate Bonds - Private, Measurement Input | Rate | 0.0475 | 0.0541 | [2] | |
Fair Value, Inputs, Level 3 | All Other Corporate Bonds | Market Approach | Maximum | Volatility of Credit | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
All Other Corporate Bonds - Private, Measurement Input | Rate | 0.0475 | 0.0541 | [2] | |
Fair Value, Inputs, Level 3 | All Other Corporate Bonds | Market Approach | Weighted Average | Volatility of Credit | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
All Other Corporate Bonds - Private, Measurement Input | Rate | 0.0475 | 0.0541 | [2] | |
Fair Value, Inputs, Level 3 | Equity Securities | Market Approach | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Equity Securities | $ | $ 17.5 | $ 16.2 | ||
[1]Represents various actuarial assumptions required to derive the liability cash flows. Fair value of embedded derivative is most often driven by the change in the weighted average credit spread to the swap curve for the assets backing the hypothetical loan[2]Represents basis point adjustments for credit-specific factors |
Fair Values of Financial Inst_4
Fair Values of Financial Instruments Carrying Amounts and Estimated Fair value of Financial Instruments Not Measured at Fair Value (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Mortgage Loans, Carrying Amount | $ 2,372.8 | $ 2,435.4 |
Policy Loans | 3,493.3 | 3,601.2 |
Long-term Debt | 3,429.1 | 3,427.8 |
Liabilities, Fair Value Disclosure | 84.8 | 87.9 |
Fair Value, Nonrecurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Mortgage Loans, Fair Value Disclosure | 2,096.1 | 2,159.5 |
Mortgage Loans, Carrying Amount | 2,372.8 | 2,435.4 |
Policy Loans, Fair Value Disclosure | 3,568.1 | 3,677 |
Policy Loans | 3,493.3 | 3,601.2 |
Miscellaneous Long-Term Investments, Fair Value Disclosure | 15.5 | 18.4 |
Miscellaneous Long-Term Investments, Carrying Value | 15.5 | 18.4 |
Financial Instruments, Financial Assets Fair Value Disclosure | 5,679.7 | 5,854.9 |
Total Financial Instrument Assets Not Carried at Fair Value | 5,881.6 | 6,055 |
Long-term Debt, Fair Value Disclosure | 3,130.8 | 3,072 |
Long-term Debt | 3,429.1 | 3,427.8 |
Unfunded Commitments | 0.7 | 0.7 |
Federal Home Loan Bank Funding Agreements, Fair Value Disclosure | 55.1 | 99.1 |
Payables for Collateral on Investments | 55.1 | 99.1 |
Liabilities, Fair Value Disclosure | 3,186.6 | 3,171.8 |
Total Financial Instrument Liabilities Not Carried at Fair Value | 3,484.9 | 3,527.6 |
Fair Value, Inputs, Level 1 | Fair Value, Nonrecurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Mortgage Loans, Fair Value Disclosure | 0 | 0 |
Policy Loans, Fair Value Disclosure | 0 | 0 |
Miscellaneous Long-Term Investments, Fair Value Disclosure | 0 | 0 |
Financial Instruments, Financial Assets Fair Value Disclosure | 0 | 0 |
Long-term Debt, Fair Value Disclosure | 2,267.5 | 2,288.9 |
Unfunded Commitments | 0 | 0 |
Federal Home Loan Bank Funding Agreements, Fair Value Disclosure | 0 | 0 |
Liabilities, Fair Value Disclosure | 2,267.5 | 2,288.9 |
Fair Value, Inputs, Level 2 | Fair Value, Nonrecurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Mortgage Loans, Fair Value Disclosure | 2,096.1 | 2,159.5 |
Policy Loans, Fair Value Disclosure | 0 | 0 |
Miscellaneous Long-Term Investments, Fair Value Disclosure | 14.8 | 17.1 |
Financial Instruments, Financial Assets Fair Value Disclosure | 2,110.9 | 2,176.6 |
Long-term Debt, Fair Value Disclosure | 863.3 | 783.1 |
Unfunded Commitments | 0.7 | 0.7 |
Federal Home Loan Bank Funding Agreements, Fair Value Disclosure | 55.1 | 99.1 |
Liabilities, Fair Value Disclosure | 919.1 | 882.9 |
Fair Value, Inputs, Level 3 | Fair Value, Nonrecurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Mortgage Loans, Fair Value Disclosure | 0 | 0 |
Policy Loans, Fair Value Disclosure | 3,568.1 | 3,677 |
Miscellaneous Long-Term Investments, Fair Value Disclosure | 0.7 | 1.3 |
Financial Instruments, Financial Assets Fair Value Disclosure | 3,568.8 | 3,678.3 |
Long-term Debt, Fair Value Disclosure | 0 | 0 |
Unfunded Commitments | 0 | 0 |
Federal Home Loan Bank Funding Agreements, Fair Value Disclosure | 0 | 0 |
Liabilities, Fair Value Disclosure | $ 0 | $ 0 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Ceded Policy Loans | $ 3,199.9 | $ 3,312.5 |
Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Percentage of Total Fair Value of Fixed Maturities Securities | 24.20% | |
Fair Value, Inputs, Level 2 | Pricing Service | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Percentage of Total Fair Value of Fixed Maturities Securities | 60.10% | |
Fair Value, Inputs, Level 2 | Other Observable Market Data | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Percentage of Total Fair Value of Fixed Maturities Securities | 14.90% | |
Fair Value Inputs Other Than Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Percentage of Total Fair Value of Fixed Maturities Securities | 75.80% | |
Fair Value Inputs Level 2 Or Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Percentage of Total Fair Value of Fixed Maturities Securities | 0.80% |
Amortized Cost and Fair Values
Amortized Cost and Fair Values of Securities by Security Type (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale | ||||||
Amortized Cost of Fixed Maturity Securities | $ 38,028.1 | $ 37,825.2 | ||||
Debt Securities, Available-for-sale, Allowance for credit losses for Fixed Maturity Securities | 0 | 0 | ||||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 810.6 | |||||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 3,464.6 | |||||
Debt Securities, Available-for-sale, Total | 35,374.1 | 34,840.8 | ||||
United States Government and Government Agencies and Authorities | ||||||
Debt Securities, Available-for-sale | ||||||
Amortized Cost of Fixed Maturity Securities | 570.5 | 503.8 | ||||
Debt Securities, Available-for-sale, Allowance for credit losses for Fixed Maturity Securities | 0 | 0 | ||||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 20.6 | 20.3 | ||||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 22 | 25.9 | ||||
Debt Securities, Available-for-sale, Total | 569.1 | 498.2 | ||||
States, Municipalities, and Political Subdivisions | ||||||
Debt Securities, Available-for-sale | ||||||
Amortized Cost of Fixed Maturity Securities | 3,961.4 | 4,006 | ||||
Debt Securities, Available-for-sale, Allowance for credit losses for Fixed Maturity Securities | 0 | 0 | ||||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 113.9 | 87.1 | ||||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 537.7 | 635.9 | ||||
Debt Securities, Available-for-sale, Total | 3,537.6 | 3,457.2 | ||||
Foreign Governments | ||||||
Debt Securities, Available-for-sale | ||||||
Amortized Cost of Fixed Maturity Securities | 986.6 | 908.1 | ||||
Debt Securities, Available-for-sale, Allowance for credit losses for Fixed Maturity Securities | 0 | 0 | ||||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 18.5 | 34.9 | ||||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 134.4 | 115.9 | ||||
Debt Securities, Available-for-sale, Total | 870.7 | 827.1 | ||||
Public Utilities | ||||||
Debt Securities, Available-for-sale | ||||||
Amortized Cost of Fixed Maturity Securities | 5,372.6 | 5,170.9 | ||||
Debt Securities, Available-for-sale, Allowance for credit losses for Fixed Maturity Securities | 0 | $ 0 | 0 | $ 4.1 | $ 4.1 | $ 0 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 149.1 | 141 | ||||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 345.5 | 355 | ||||
Debt Securities, Available-for-sale, Total | 5,176.2 | 4,956.9 | ||||
Mortgage/Asset-backed Securities | ||||||
Debt Securities, Available-for-sale | ||||||
Amortized Cost of Fixed Maturity Securities | 576.7 | 592.1 | ||||
Debt Securities, Available-for-sale, Allowance for credit losses for Fixed Maturity Securities | 0 | 0 | ||||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 6.4 | 8.2 | ||||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 27 | 27 | ||||
Debt Securities, Available-for-sale, Total | 556.1 | 573.3 | ||||
All Other Corporate Bonds | ||||||
Debt Securities, Available-for-sale | ||||||
Amortized Cost of Fixed Maturity Securities | 26,556.3 | 26,640.3 | ||||
Debt Securities, Available-for-sale, Allowance for credit losses for Fixed Maturity Securities | 0 | 0 | ||||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 502.1 | 452.1 | ||||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 2,397.5 | 2,567.8 | ||||
Debt Securities, Available-for-sale, Total | 24,660.9 | 24,524.6 | ||||
Redeemable Preferred Stocks | ||||||
Debt Securities, Available-for-sale | ||||||
Amortized Cost of Fixed Maturity Securities | 4 | 4 | ||||
Debt Securities, Available-for-sale, Allowance for credit losses for Fixed Maturity Securities | 0 | 0 | ||||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | ||||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0.5 | 0.5 | ||||
Debt Securities, Available-for-sale, Total | 3.5 | 3.5 | ||||
Fixed Maturity Securities | ||||||
Debt Securities, Available-for-sale | ||||||
Amortized Cost of Fixed Maturity Securities | 38,028.1 | 37,825.2 | ||||
Debt Securities, Available-for-sale, Allowance for credit losses for Fixed Maturity Securities | 0 | 0 | ||||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 810.6 | 743.6 | ||||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 3,464.6 | 3,728 | ||||
Debt Securities, Available-for-sale, Total | $ 35,374.1 | $ 34,840.8 |
Length of Time Fixed Maturity S
Length of Time Fixed Maturity Securities had been in a Gross Unrealized Loss Position (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
United States Government and Government Agencies and Authorities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 118.9 | $ 246.6 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0.8 | 22.6 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 192.3 | 12.2 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 21.2 | 3.3 |
States, Municipalities, and Political Subdivisions | ||
Debt Securities, Available-for-sale, Unrealized Loss Position | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 452.4 | 1,920.1 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 19.1 | 476.1 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 1,820.3 | 346.6 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 518.6 | 159.8 |
Foreign Governments | ||
Debt Securities, Available-for-sale, Unrealized Loss Position | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 244.6 | 160.1 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 22.4 | 47.9 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 241.5 | 176.9 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 112 | 68 |
Public Utilities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 1,292 | 2,242.2 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 54.5 | 252 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 1,428.6 | 255.2 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 291 | 103 |
Mortgage/Asset-backed Securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 320.1 | 386.6 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 18.7 | 27 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 70.4 | 0.1 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 8.3 | 0 |
All Other Corporate Bonds | ||
Debt Securities, Available-for-sale, Unrealized Loss Position | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 6,122.1 | 15,865.6 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 323.9 | 1,799.7 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 11,438.5 | 2,194.1 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 2,073.6 | 768.1 |
Redeemable Preferred Stocks | ||
Debt Securities, Available-for-sale, Unrealized Loss Position | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 0 | 3.5 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0.5 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 3.5 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0.5 | 0 |
Fixed Maturity Securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 8,550.1 | 20,824.7 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 439.4 | 2,625.8 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 15,195.1 | 2,985.1 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 3,025.2 | $ 1,102.2 |
Investments Distribution of the
Investments Distribution of the Maturity Dates for Fixed Maturity Securities (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale, Amortized Cost, Net of Allowance for Credit Losses, Fiscal Year Maturity | ||
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One, Net | $ 902.9 | $ 1,133.5 |
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five, Net | 7,787.1 | 7,090.8 |
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10, Net | 9,706.2 | 10,096.7 |
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 10, Net | 19,055.2 | 18,912.1 |
Available for sale Securities Debt Maturities Amortized Cost Gross Subtotal, Net | 37,451.4 | 37,233.1 |
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Amortized Cost, Net | 576.7 | 592.1 |
Debt Securities, Available-for-sale, Amortized Cost, Net of Allowance for Credit Losses | 38,028.1 | 37,825.2 |
Available for Sale Securities Unrealized Gain Position Gross Gain | ||
Available For Sale Securities Debt Maturities Within One Year Unrealized Gain Position Gross Gain | 1.6 | 2.9 |
Available For Sale Securities Debt Maturities After One Through Five Years Unrealized Gain Position Gross Gain | 73 | 86.7 |
Available For Sale Securities Debt Maturities After Five Through Ten Years Unrealized Gain Position Gross Gain | 298.5 | 294.8 |
Available For Sale Securities Debt Maturities After Ten Years Unrealized Gain Position Gross Gain | 431.1 | 351 |
Available For Sale Securities Debt Maturities Unrealized Gain Position Gross Gain Gross Subtotal | 804.2 | 735.4 |
Available For Sale Securities Debt Maturities Without Single Maturity Date Unrealized Gain Position Gross Gain | 6.4 | 8.2 |
Available for sale Securities, Debt Maturities Unrealized Gain Position Gross Gain | 810.6 | 743.6 |
Available for Sale Securities Unrealized Loss Position Gross Loss | ||
Available For Sale Securities Debt Maturities Within One Year Unrealized Loss Position Gross Loss | 5.8 | 5.7 |
Available For Sale Securities Debt Maturities After One Through Five Years Unrealized Loss Position Gross Loss | 297.9 | 238.4 |
Available For Sale Securities Debt Maturities After Five Through Ten Years Unrealized Loss Position Gross Loss | 811.9 | 863.8 |
Available For Sale Securities Debt Maturities After Ten Years Unrealized Loss Position Gross Loss | 2,322 | 2,593.1 |
Available For Sale Securities Debt Maturities Unrealized Gain Position Gross Loss Gross Subtotal | 3,437.6 | 3,701 |
Available For Sale Securities Debt Maturities Without Single Maturity Date Unrealized Loss Position Gross Loss | 27 | 27 |
Available For Sale Securities Unrealized Loss Position Gross Loss Subtotal | 3,464.6 | 3,728 |
Fair Value Maturity Distribution | ||
Debt Securities, Available-for-sale, Total | 35,374.1 | 34,840.8 |
Available for Sale Securities Unrealized Gain Position Fair Value | ||
Fair Value Maturity Distribution | ||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, within One Year, Fair Value | 227.4 | 339.1 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after One Through Five Years, Fair Value | 1,839.3 | 1,953.2 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Fair Value | 3,490.9 | 3,538.9 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after 10 Years, Fair Value | 5,905.7 | 5,013.2 |
Available for sale Securities Debt Maturities Fair Value Gross Subtotal | 11,463.3 | 10,844.4 |
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value | 165.6 | 186.6 |
Debt Securities, Available-for-sale, Total | 11,628.9 | 11,031 |
Available for Sale Securities Unrealized Loss Position Fair Value | ||
Fair Value Maturity Distribution | ||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, within One Year, Fair Value | 671.3 | 791.6 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after One Through Five Years, Fair Value | 5,722.9 | 4,985.9 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Fair Value | 5,701.9 | 5,988.8 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after 10 Years, Fair Value | 11,258.6 | 11,656.8 |
Available for sale Securities Debt Maturities Fair Value Gross Subtotal | 23,354.7 | 23,423.1 |
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value | 390.5 | 386.7 |
Debt Securities, Available-for-sale, Total | $ 23,745.2 | $ 23,809.8 |
Investments Distribution by Ext
Investments Distribution by External Credit Rating for Fixed Maturity Securities (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale | ||
Fixed Maturity Securities | $ 35,374.1 | $ 34,840.8 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 810.6 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $ 3,464.6 | |
Fixed maturity securities in unrealized loss position percent of total | 100% | |
External Credit Rating, Investment Grade | ||
Debt Securities, Available-for-sale | ||
Fixed Maturity Securities | $ 33,559.1 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 801.4 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $ 3,314.9 | |
Fixed maturity securities in unrealized loss position percent of total | 95.70% | |
External Credit Rating, Below-Investment-Grade | ||
Debt Securities, Available-for-sale | ||
Fixed Maturity Securities | $ 1,815 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 9.2 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $ 149.7 | |
Fixed maturity securities in unrealized loss position percent of total | 4.30% |
Debt Securities, Available-for-
Debt Securities, Available-for-sale, Allowance for Credit Losses Rollforward (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance | $ 0 | |||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Ending Balance | $ 0 | 0 | ||
Public Utilities | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance | 0 | $ 4.1 | 0 | $ 0 |
Debt Securities, Available-for-sale, Credit losses on securities for which credit losses were not previously recorded | 0 | 0 | 0 | 4.1 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Ending Balance | $ 0 | $ 4.1 | $ 0 | $ 4.1 |
Mortgage Loans by Property Type
Mortgage Loans by Property Type and Geographic Region (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Mortgage Loans on Real Estate | ||
Mortgage Loans, Carrying Amount | $ 2,372.8 | $ 2,435.4 |
Mortgage Loans, Percent of Total | 100% | 100% |
New England | ||
Mortgage Loans on Real Estate | ||
Mortgage Loans, Carrying Amount | $ 56.2 | $ 52.4 |
Mortgage Loans, Percent of Total | 2.40% | 2.20% |
Mid-Atlantic | ||
Mortgage Loans on Real Estate | ||
Mortgage Loans, Carrying Amount | $ 188.3 | $ 192.4 |
Mortgage Loans, Percent of Total | 7.90% | 7.90% |
East North Central | ||
Mortgage Loans on Real Estate | ||
Mortgage Loans, Carrying Amount | $ 301.8 | $ 313 |
Mortgage Loans, Percent of Total | 12.70% | 12.90% |
West North Central | ||
Mortgage Loans on Real Estate | ||
Mortgage Loans, Carrying Amount | $ 172.9 | $ 181.4 |
Mortgage Loans, Percent of Total | 7.30% | 7.40% |
South Atlantic | ||
Mortgage Loans on Real Estate | ||
Mortgage Loans, Carrying Amount | $ 558.3 | $ 539.3 |
Mortgage Loans, Percent of Total | 23.50% | 22.10% |
East South Central | ||
Mortgage Loans on Real Estate | ||
Mortgage Loans, Carrying Amount | $ 99.8 | $ 101.8 |
Mortgage Loans, Percent of Total | 4.20% | 4.20% |
West South Central | ||
Mortgage Loans on Real Estate | ||
Mortgage Loans, Carrying Amount | $ 208.4 | $ 212.6 |
Mortgage Loans, Percent of Total | 8.80% | 8.70% |
Mountain | ||
Mortgage Loans on Real Estate | ||
Mortgage Loans, Carrying Amount | $ 287 | $ 298.7 |
Mortgage Loans, Percent of Total | 12.10% | 12.30% |
Pacific | ||
Mortgage Loans on Real Estate | ||
Mortgage Loans, Carrying Amount | $ 500.1 | $ 543.8 |
Mortgage Loans, Percent of Total | 21.10% | 22.30% |
Apartment | ||
Mortgage Loans on Real Estate | ||
Mortgage Loans, Carrying Amount | $ 679.5 | $ 688.6 |
Mortgage Loans, Percent of Total | 28.60% | 28.30% |
Industrial | ||
Mortgage Loans on Real Estate | ||
Mortgage Loans, Carrying Amount | $ 720.4 | $ 745.3 |
Mortgage Loans, Percent of Total | 30.40% | 30.60% |
Office | ||
Mortgage Loans on Real Estate | ||
Mortgage Loans, Carrying Amount | $ 417.5 | $ 423 |
Mortgage Loans, Percent of Total | 17.60% | 17.40% |
Retail | ||
Mortgage Loans on Real Estate | ||
Mortgage Loans, Carrying Amount | $ 512 | $ 534.5 |
Mortgage Loans, Percent of Total | 21.60% | 21.90% |
Other Property | ||
Mortgage Loans on Real Estate | ||
Mortgage Loans, Carrying Amount | $ 43.4 | $ 44 |
Mortgage Loans, Percent of Total | 1.80% | 1.80% |
Schedule of Participating Mortg
Schedule of Participating Mortgage Loans by Internal Credit Rating and Loan to Value (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Mortgage Loans on Real Estate | ||
Mortgage Loans, Carrying Amount | $ 2,372.8 | $ 2,435.4 |
Mortgage Loans, Percent of Total | 100% | 100% |
Loan to Value Ratio Below or Equal to 65 Percent | ||
Mortgage Loans on Real Estate | ||
Mortgage Loans, Carrying Amount | $ 1,381.2 | $ 1,389.6 |
Mortgage Loans, Percent of Total | 58.20% | 57% |
Loan To Value Ratio Above 65 To 75 Percent | ||
Mortgage Loans on Real Estate | ||
Mortgage Loans, Carrying Amount | $ 815.2 | $ 937.2 |
Mortgage Loans, Percent of Total | 34.40% | 38.50% |
Loan To Value Ratio Above 75 To 85 Percent | ||
Mortgage Loans on Real Estate | ||
Mortgage Loans, Carrying Amount | $ 111.5 | $ 75 |
Mortgage Loans, Percent of Total | 4.70% | 3.10% |
Loan To Value Ratio Above 85 Percent | ||
Mortgage Loans on Real Estate | ||
Mortgage Loans, Carrying Amount | $ 64.9 | $ 33.6 |
Mortgage Loans, Percent of Total | 2.70% | 1.40% |
AA Credit Rating | ||
Mortgage Loans on Real Estate | ||
Mortgage Loans, Carrying Amount | $ 79.6 | $ 92.3 |
Mortgage Loans, Percent of Total | 3.40% | 3.80% |
A Credit Rating | ||
Mortgage Loans on Real Estate | ||
Mortgage Loans, Carrying Amount | $ 826.6 | $ 843.9 |
Mortgage Loans, Percent of Total | 34.80% | 34.60% |
BBB Credit Rating | ||
Mortgage Loans on Real Estate | ||
Mortgage Loans, Carrying Amount | $ 1,404 | $ 1,458 |
Mortgage Loans, Percent of Total | 59.20% | 59.90% |
BB Credit Rating | ||
Mortgage Loans on Real Estate | ||
Mortgage Loans, Carrying Amount | $ 62.6 | $ 41.2 |
Mortgage Loans, Percent of Total | 2.60% | 1.70% |
Mortgage Loans, Sorted by Appli
Mortgage Loans, Sorted by Applicable Credit Quality Indicators (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Mortgage Loans on Real Estate | ||||||
Mortgage Loans, Carrying Amount | $ 2,372.8 | $ 2,435.4 | ||||
Loan to Value Ratio Below or Equal to 65 Percent | ||||||
Mortgage Loans on Real Estate | ||||||
Mortgage Loans, Carrying Amount | 1,381.2 | 1,389.6 | ||||
Loan To Value Ratio Above 65 To 75 Percent | ||||||
Mortgage Loans on Real Estate | ||||||
Mortgage Loans, Carrying Amount | 815.2 | 937.2 | ||||
Loan To Value Ratio Above 75 To 85 Percent | ||||||
Mortgage Loans on Real Estate | ||||||
Mortgage Loans, Carrying Amount | 111.5 | 75 | ||||
Loan To Value Ratio Above 85 Percent | ||||||
Mortgage Loans on Real Estate | ||||||
Mortgage Loans, Carrying Amount | 64.9 | 33.6 | ||||
Originated Five or More Years before Last Fiscal Year | ||||||
Mortgage Loans on Real Estate | ||||||
Mortgage Loans, Carrying Amount | 1,399 | 1,104.2 | ||||
Originated Four Years before Last Fiscal Year | ||||||
Mortgage Loans on Real Estate | ||||||
Mortgage Loans, Carrying Amount | 339.2 | 374.7 | ||||
Originated Three Years before Last Fiscal Year | ||||||
Mortgage Loans on Real Estate | ||||||
Mortgage Loans, Carrying Amount | 167.1 | 343.5 | ||||
Originated Two Years before Last Fiscal Year | ||||||
Mortgage Loans on Real Estate | ||||||
Mortgage Loans, Carrying Amount | 351.3 | 169.3 | ||||
Originated in Fiscal Year before Latest Fiscal Year | ||||||
Mortgage Loans on Real Estate | ||||||
Mortgage Loans, Carrying Amount | 87.7 | 355.6 | ||||
Originated in Current Fiscal Year | ||||||
Mortgage Loans on Real Estate | ||||||
Mortgage Loans, Carrying Amount | 28.5 | 88.1 | ||||
Commercial Real Estate | ||||||
Mortgage Loans on Real Estate | ||||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,406.6 | 1,108.5 | ||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 340.5 | 376.5 | ||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 167.7 | 344.8 | ||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 352.3 | 169.9 | ||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 88.2 | 356.4 | ||||
Financing Receivable, Originated in Current Fiscal Year | 28.6 | 88.6 | ||||
Financing Receivable, before Allowance for Credit Loss | 2,383.9 | 2,444.7 | ||||
Financing Receivable, Allowance for Credit Losses, Mortgage Loans | 11.1 | 9.3 | ||||
Commercial Real Estate | Loan to Value Ratio Below or Equal to 65 Percent | ||||||
Mortgage Loans on Real Estate | ||||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 951.5 | 782.6 | ||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 200.4 | 189 | ||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 80.2 | 193.9 | ||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 135.9 | 81.3 | ||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 16.6 | 128.9 | ||||
Financing Receivable, Originated in Current Fiscal Year | 0 | 16.9 | ||||
Financing Receivable, before Allowance for Credit Loss | 1,384.6 | 1,392.6 | ||||
Financing Receivable, Allowance for Credit Losses, Mortgage Loans | 3.3 | $ 3 | 3 | $ 2.3 | $ 2.4 | $ 2.6 |
Commercial Real Estate | Loan To Value Ratio Above 65 To 75 Percent | ||||||
Mortgage Loans on Real Estate | ||||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 284.1 | 230.2 | ||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 140.1 | 181.6 | ||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 79.1 | 150.9 | ||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 216.4 | 80.1 | ||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 71.6 | 227.5 | ||||
Financing Receivable, Originated in Current Fiscal Year | 28.6 | 71.7 | ||||
Financing Receivable, before Allowance for Credit Loss | 819.9 | 942 | ||||
Financing Receivable, Allowance for Credit Losses, Mortgage Loans | 4.8 | 5.3 | 4.7 | 4.8 | 4.5 | 4.7 |
Commercial Real Estate | Loan To Value Ratio Above 75 To 85 Percent | ||||||
Mortgage Loans on Real Estate | ||||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 104 | 67.5 | ||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 | ||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 8.4 | 0 | ||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 8.5 | ||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 0 | ||||
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 | ||||
Financing Receivable, before Allowance for Credit Loss | 112.4 | 76 | ||||
Financing Receivable, Allowance for Credit Losses, Mortgage Loans | 0.9 | 1.2 | 1.1 | 0.9 | 0.7 | 0.7 |
Commercial Real Estate | Loan To Value Ratio Above 85 Percent | ||||||
Mortgage Loans on Real Estate | ||||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 67 | 28.2 | ||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 5.9 | ||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 0 | ||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 0 | ||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 0 | ||||
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 | ||||
Financing Receivable, before Allowance for Credit Loss | 67 | 34.1 | ||||
Financing Receivable, Allowance for Credit Losses, Mortgage Loans | 2.1 | $ 0.5 | 0.5 | $ 0.4 | $ 0.3 | $ 0.3 |
Commercial Real Estate | Originated Five or More Years before Last Fiscal Year | ||||||
Mortgage Loans on Real Estate | ||||||
Financing Receivable, Allowance for Credit Losses, Mortgage Loans | 7.6 | 4.3 | ||||
Commercial Real Estate | Originated Four Years before Last Fiscal Year | ||||||
Mortgage Loans on Real Estate | ||||||
Financing Receivable, Allowance for Credit Losses, Mortgage Loans | 1.3 | 1.8 | ||||
Commercial Real Estate | Originated Three Years before Last Fiscal Year | ||||||
Mortgage Loans on Real Estate | ||||||
Financing Receivable, Allowance for Credit Losses, Mortgage Loans | 0.6 | 1.3 | ||||
Commercial Real Estate | Originated Two Years before Last Fiscal Year | ||||||
Mortgage Loans on Real Estate | ||||||
Financing Receivable, Allowance for Credit Losses, Mortgage Loans | 1 | 0.6 | ||||
Commercial Real Estate | Originated in Fiscal Year before Latest Fiscal Year | ||||||
Mortgage Loans on Real Estate | ||||||
Financing Receivable, Allowance for Credit Losses, Mortgage Loans | 0.5 | 0.8 | ||||
Commercial Real Estate | Originated in Current Fiscal Year | ||||||
Mortgage Loans on Real Estate | ||||||
Financing Receivable, Allowance for Credit Losses, Mortgage Loans | 0.1 | 0.5 | ||||
AA Credit Rating | ||||||
Mortgage Loans on Real Estate | ||||||
Mortgage Loans, Carrying Amount | 79.6 | 92.3 | ||||
AA Credit Rating | Commercial Real Estate | ||||||
Mortgage Loans on Real Estate | ||||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 68.7 | 53.8 | ||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 11 | 27.5 | ||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 11.1 | ||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 0 | ||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 0 | ||||
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 | ||||
Financing Receivable, before Allowance for Credit Loss | 79.7 | 92.4 | ||||
A Credit Rating | ||||||
Mortgage Loans on Real Estate | ||||||
Mortgage Loans, Carrying Amount | 826.6 | 843.9 | ||||
A Credit Rating | Commercial Real Estate | ||||||
Mortgage Loans on Real Estate | ||||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 565.5 | 485 | ||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 95.3 | 123.3 | ||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 48.5 | 96.8 | ||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 80 | 35.9 | ||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 23.6 | 80.6 | ||||
Financing Receivable, Originated in Current Fiscal Year | 15.5 | 24 | ||||
Financing Receivable, before Allowance for Credit Loss | 828.4 | 845.6 | ||||
BBB Credit Rating | ||||||
Mortgage Loans on Real Estate | ||||||
Mortgage Loans, Carrying Amount | 1,404 | 1,458 | ||||
BBB Credit Rating | Commercial Real Estate | ||||||
Mortgage Loans on Real Estate | ||||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 707.8 | 534 | ||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 234.2 | 219.8 | ||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 119.2 | 236.9 | ||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 272.3 | 134 | ||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 64.6 | 275.8 | ||||
Financing Receivable, Originated in Current Fiscal Year | 13.1 | 64.6 | ||||
Financing Receivable, before Allowance for Credit Loss | 1,411.2 | 1,465.1 | ||||
BB Credit Rating | ||||||
Mortgage Loans on Real Estate | ||||||
Mortgage Loans, Carrying Amount | 62.6 | 41.2 | ||||
BB Credit Rating | Commercial Real Estate | ||||||
Mortgage Loans on Real Estate | ||||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 64.6 | 35.7 | ||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 5.9 | ||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 0 | ||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 0 | ||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 0 | ||||
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 | ||||
Financing Receivable, before Allowance for Credit Loss | $ 64.6 | $ 41.6 |
Mortgage Loans, Allowance for C
Mortgage Loans, Allowance for Credit Losses Rollforward (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Financing Receivable, Allowance for Credit Loss Rollforward, Mortgage Loans | |||||
Write-offs | $ 0 | $ 0 | |||
Commercial Real Estate | |||||
Financing Receivable, Allowance for Credit Loss Rollforward, Mortgage Loans | |||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 9.3 | ||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | $ 11.1 | 11.1 | 9.3 | ||
Commercial Real Estate | Loan to Value Ratio Below or Equal to 65 Percent | |||||
Financing Receivable, Allowance for Credit Loss Rollforward, Mortgage Loans | |||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 3 | $ 2.4 | 3 | $ 2.6 | 2.6 |
Current Period Provisions | 0.3 | (0.1) | 0.3 | (0.3) | |
Write-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Financing Receivable, Allowance for Credit Loss, Ending Balance | 3.3 | 2.3 | 3.3 | 2.3 | 3 |
Commercial Real Estate | Loan To Value Ratio Above 65 To 75 Percent | |||||
Financing Receivable, Allowance for Credit Loss Rollforward, Mortgage Loans | |||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 5.3 | 4.5 | 4.7 | 4.7 | 4.7 |
Current Period Provisions | (0.5) | 0.3 | 0.1 | 0.1 | |
Write-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Financing Receivable, Allowance for Credit Loss, Ending Balance | 4.8 | 4.8 | 4.8 | 4.8 | 4.7 |
Commercial Real Estate | Loan To Value Ratio Above 75 To 85 Percent | |||||
Financing Receivable, Allowance for Credit Loss Rollforward, Mortgage Loans | |||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 1.2 | 0.7 | 1.1 | 0.7 | 0.7 |
Current Period Provisions | (0.3) | 0.2 | (0.2) | 0.2 | |
Write-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Financing Receivable, Allowance for Credit Loss, Ending Balance | 0.9 | 0.9 | 0.9 | 0.9 | 1.1 |
Commercial Real Estate | Loan To Value Ratio Above 85 Percent | |||||
Financing Receivable, Allowance for Credit Loss Rollforward, Mortgage Loans | |||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 0.5 | 0.3 | 0.5 | 0.3 | 0.3 |
Current Period Provisions | 1.6 | 0.1 | 1.6 | 0.1 | |
Write-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Financing Receivable, Allowance for Credit Loss, Ending Balance | 2.1 | 0.4 | 2.1 | 0.4 | 0.5 |
Commercial Real Estate | Loan to Value Ratio Total | |||||
Financing Receivable, Allowance for Credit Loss Rollforward, Mortgage Loans | |||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 10 | 7.9 | 9.3 | 8.3 | 8.3 |
Current Period Provisions | 1.1 | 0.5 | 1.8 | 0.1 | |
Write-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Financing Receivable, Allowance for Credit Loss, Ending Balance | $ 11.1 | $ 8.4 | $ 11.1 | $ 8.4 | $ 9.3 |
Investments Remaining Contractu
Investments Remaining Contractual Maturity of Secruity Lending Agreements (Details) - Overnight and Continuous - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings | ||
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred | $ 97.5 | $ 88.5 |
Securities Loaned and Securities Sold under Agreement to Repurchase, Gross Including Not Subject to Master Netting Arrangement | 97.5 | 88.5 |
Secured Borrowings, Gross, Difference, Amount | 0 | 0 |
United States Government and Government Agencies and Authorities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings | ||
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred | 0 | 0.3 |
States, Municipalities, and Political Subdivisions | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings | ||
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred | 0 | 0 |
Public Utilities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings | ||
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred | 8.2 | 6.3 |
All Other Corporate Bonds | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings | ||
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred | $ 89.3 | $ 81.9 |
Investments Federal Home Loan B
Investments Federal Home Loan Bank Carrying Amount, Collateral Posted and Advances Received (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Federal Home Loan Bank Carrying Value of Common Stock, Collateral Posted and Advances | ||
Federal Home Loan Bank Common Stock | $ 14.8 | $ 17.1 |
Federal Home Loan Bank, Advances | 55.1 | 99.1 |
Federal Home Loan Bank, Collateral Posted to FHLB | 1,156.3 | 1,329 |
Fixed Maturity Securities | ||
Federal Home Loan Bank Carrying Value of Common Stock, Collateral Posted and Advances | ||
Federal Home Loan Bank, Collateral Posted to FHLB | 379.9 | 527.1 |
Commercial Mortgage Loans | ||
Federal Home Loan Bank Carrying Value of Common Stock, Collateral Posted and Advances | ||
Federal Home Loan Bank, Collateral Posted to FHLB | $ 776.4 | $ 801.9 |
Investments Schedule of Financi
Investments Schedule of Financial Instrument and Derivative Offsetting (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Offsetting Derivative Assets | ||
Derivative Asset, Fair Value, Gross Asset | $ 80.6 | $ 89.1 |
Derivative Liabilities Offsetting Derivative Assets in Balance Sheet | 0 | 0 |
Net Derivative Assets Reported in Balance Sheet | 80.6 | 89.1 |
Securities Received as Collateral on Derivative Assets | (56.4) | (38) |
Cash Collateral from Counterparties | (24.2) | (49.4) |
Derivative Assets Net of Collateral | 0 | 1.7 |
Offsetting Securities Borrowed | ||
Gross Securities Borrowed | 97.5 | 88.5 |
Liabilities Offsetting Securities Borrowed in Balance Sheet | 0 | 0 |
Net Securities Borrowed Reported in Balance Sheet | 97.5 | 88.5 |
Securities Received as Collateral on Securities Borrowed | (97.5) | (88.5) |
Cash Received as Collateral on Securities Borrowed | 0 | 0 |
Securities Borrowed Net of Collateral | 0 | 0 |
Offsetting Financial Assets | ||
Gross Financial Assets | 198.8 | 241.5 |
Financial Liabilities Offsetting Financial Assets in Balance Sheet | 0 | 0 |
Net Financial Assets Reported in Balance Sheet | 198.8 | 241.5 |
Securities Received as Collateral on Financial Assets | (77.1) | (101.9) |
Cash Received as Collateral on Financial Assets | (121.7) | (137.9) |
Financial Assets Net of Collateral | 0 | 1.7 |
Offsetting Securities Loaned | ||
Gross Securities Loaned | 118.2 | 152.4 |
Assets Offsetting Securities Loaned in Balance Sheet | 0 | 0 |
Net Securities Loaned Reported in Balance Sheet | 118.2 | 152.4 |
Securities Given as Collateral on Securities Loaned | (20.7) | (63.9) |
Cash Given as Collateral on Securities Loaned | (97.5) | (88.5) |
Securities Loaned Net of Collateral | 0 | 0 |
Offsetting Financial Liabilities | ||
Gross Financial Liability | 173.9 | 162.5 |
Financial Assets Offsetting Financial Liabilities in Balance Sheet | 0 | 0 |
Net Financial Liabilities Reported in Balance Sheet | 173.9 | 162.5 |
Securities Given as Collateral on Financial Liabilities | (172.5) | (161.7) |
Cash Given as Collateral on Financial Liabilities | 0 | 0 |
Financial Liabilities Net of Collateral | 1.4 | 0.8 |
Over the Counter | ||
Offsetting Derivative Liabilities | ||
Gross Derivative Liability | 76.4 | 74 |
Derivative Assets Offsetting Derivative Liabilities in Balance Sheet | 0 | 0 |
Net Derivative Liabilities Reported in Balance Sheet | 76.4 | 74 |
Securities Given as Collateral on Derivative Liabilities | (75) | (73.2) |
Cash Collateral to counterparties | 0 | 0 |
Derivative Liabilities Net of Collateral | $ 1.4 | $ 0.8 |
Investments Investment Income (
Investments Investment Income (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Net Investment Income | |||||
Gross Investment Income, Operating | $ 550 | $ 571.4 | $ 1,076.5 | $ 1,111.2 | |
Less Investment Expenses | 15.8 | 9.5 | 30.5 | 19.1 | |
Less Investment Income on PFA Assets | 3.1 | 2.9 | 6.1 | 5.9 | |
Net Investment Income | 531.1 | 559 | 1,039.9 | 1,086.2 | |
Fixed Maturity Securities | |||||
Net Investment Income | |||||
Gross Investment Income, Operating | 470.7 | 467.7 | 925.8 | 923.2 | |
Derivatives | |||||
Net Investment Income | |||||
Gross Investment Income, Operating | 11 | 15.8 | 22.9 | 30.2 | |
Mortgage Loans | |||||
Net Investment Income | |||||
Gross Investment Income, Operating | 23.5 | 25.9 | 46.9 | 52.9 | |
Policy Loans | |||||
Net Investment Income | |||||
Gross Investment Income, Operating | 5.2 | 5 | 10.2 | 9.7 | |
Perpetual Preferred Securities | |||||
Net Investment Income | |||||
Gross Investment Income, Operating | [1] | 0.9 | (0.8) | 1.8 | 2.1 |
Private Equity Partnerships | |||||
Net Investment Income | |||||
Gross Investment Income, Operating | [2] | 19.8 | 53.6 | 34.1 | 86 |
Other Long-term Investments | |||||
Net Investment Income | |||||
Gross Investment Income, Operating | 2.7 | 1.7 | 4.5 | 3.8 | |
Short-term Investments | |||||
Net Investment Income | |||||
Gross Investment Income, Operating | $ 16.2 | $ 2.5 | $ 30.3 | $ 3.3 | |
[1]The net unrealized gain (loss) recognized in net investment income for the three and six months ended June 30, 2023 related to perpetual preferred securities still held at June 30, 2023 was $(0.2) million and $0.5 million, respectively. The net unrealized gain (loss) recognized in net investment income for the three and six months ended June 30, 2022 related to perpetual preferred securities still held at June 30, 2022 was $(1.4) million and $1.0 million, respectively.[2] 2 The net unrealized gain recognized in net investment income for the three and six months ended June 30, 2023 related to private equity partnerships still held at June 30, 2023 was $25.1 million and $42.9 million, respectively, reduced by net management fees and partnership expenses of $(5.3) million and $(8.8) million, respectively. The net unrealized gain recognized in net investment income for the three and six months ended June 30, 2022 related to private equity partnerships still held at June 30, 2022 was $26.9 million and $43.2 million, respectively, reduced by net management fees and partnership expenses of $(2.7) million and $(6.5) million, respectively. See Note 3 for further discussion of private equity partnerships. |
Investment Gains and Losses Rep
Investment Gains and Losses Reported in Consolidated Statements of Income (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Fixed Maturity Securities | ||||
Gross Gains on Sales | $ 2.8 | $ 0.5 | $ 3.3 | $ 0.8 |
Gross Losses on Sales | (13.1) | (4.2) | (13.3) | (13) |
Credit Losses | 0 | 0 | 0 | (4.1) |
Other Investments | ||||
Gross Gains on Sales | 6 | 0 | 6.2 | 1.4 |
Other Investments Gross Realized Losses | 0.3 | 0 | 0.3 | 0 |
Credit Losses | 1.1 | 0.4 | 1.8 | (0.1) |
Embedded Derivative in Modified Coinsurance Arrangement | 5.2 | (0.8) | 5.5 | (4.2) |
All Other Derivatives | 0.6 | 3.7 | 0 | 5.5 |
Foreign Currency Transactions | 0.8 | (2.9) | 1.4 | (4.4) |
Net Investment Gain (Loss) | $ 0.9 | $ (4.1) | $ 1 | $ (17.9) |
Investments - Additional Inform
Investments - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 USD ($) Integer | Jun. 30, 2022 USD ($) Integer | Jun. 30, 2023 USD ($) Integer | Jun. 30, 2022 USD ($) Integer | Dec. 31, 2022 USD ($) | |
Schedule of Investments | |||||
Other Long-term Investments | $ 1,503,200,000 | $ 1,503,200,000 | $ 1,440,100,000 | ||
Accrued Investment Income | 715,100,000 | 715,100,000 | 615,000,000 | ||
Write-offs | 0 | 0 | |||
Gains (Losses) on Sales on Loan Foreclosure | 0 | $ 0 | 0 | $ 0 | |
Commitments to Fund Commercial Mortgage Loans | 0 | 0 | |||
Real Estate Investment Property, Net | 70,300,000 | 70,300,000 | 71,600,000 | ||
Real Estate Held-for-sale | 40,900,000 | 40,900,000 | 40,900,000 | ||
Real Estate, Reclassification to Held-for-Sale, Carrying Value | $ 40,100,000 | $ 40,100,000 | 40,100,000 | ||
Repurchase agreements - Typical Days outstanding | 30 | ||||
Minimum percent of the fair value of securities loaned or securities purchased under repurchase agreements be maintained as collateral | 102% | 102% | |||
Gross Securities Loaned | $ 118,200,000 | $ 118,200,000 | 152,400,000 | ||
Outstanding Repurchase Agreements | 0 | 0 | 0 | ||
Equity Securities | |||||
Schedule of Investments | |||||
Unrealized Gain (Loss) on Investments | (200,000) | (1,400,000) | 500,000 | 1,000,000 | |
Private Equity Partnerships | |||||
Schedule of Investments | |||||
Unrealized Gain (Loss) on Investments | 25,100,000 | 26,900,000 | 42,900,000 | 43,200,000 | |
Management Fee Expense | (5,300,000) | $ (2,700,000) | (8,800,000) | $ (6,500,000) | |
Off Balance Sheet Amount | |||||
Schedule of Investments | |||||
Securities Received as Collateral | 26,300,000 | 26,300,000 | 69,800,000 | ||
Cash Collateral for Borrowed Securities | 97,500,000 | 97,500,000 | 88,500,000 | ||
Commercial Real Estate | |||||
Schedule of Investments | |||||
Financing Receivable, before Allowance for Credit Loss, Mortgage Loans | 2,383,900,000 | 2,383,900,000 | 2,444,700,000 | ||
Financing Receivable, Allowance for Credit Losses, Mortgage Loans | 11,100,000 | 11,100,000 | 9,300,000 | ||
Accrued Investment Income | $ 7,400,000 | $ 7,400,000 | 7,700,000 | ||
Financing Receivable, Modifications, Number of Contracts | Integer | 0 | 0 | 0 | 0 | |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | $ 0 | $ 0 | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 0 | $ 0 | 0 | $ 0 | |
Unfunded Mortgage Loan Commitments | |||||
Schedule of Investments | |||||
Allowance for Credit Losses, Unfunded Mortgage Loan Commitments | 0 | 0 | 0 | ||
Variable Interest Entity, Not Primary Beneficiary | |||||
Schedule of Investments | |||||
Other Long-term Investments | 1,268,800,000 | 1,268,800,000 | 1,195,300,000 | ||
Tax Credit Partnership | Variable Interest Entity, Not Primary Beneficiary | |||||
Schedule of Investments | |||||
Other Long-term Investments | 700,000 | 700,000 | 1,000,000 | ||
Equity Method Investments | Variable Interest Entity, Not Primary Beneficiary | |||||
Schedule of Investments | |||||
Other Long-term Investments | 1,268,100,000 | 1,268,100,000 | $ 1,194,300,000 | ||
Private Placement Fixed Maturity | |||||
Schedule of Investments | |||||
Fair Value Disclosure, off-Balance-Sheet Risks, Amount, Liability | $ 97,800,000 | $ 97,800,000 | |||
External Credit Rating, Investment Grade | |||||
Schedule of Investments | |||||
Number of Fixed Maturity Securities in an Unrealized Loss Position | 878 | 878 | |||
Number of Fixed Maturity Securities in an Unrealized Loss Position Continuously for Over One Year | 714 | 714 | |||
External Credit Rating, Below-Investment-Grade | |||||
Schedule of Investments | |||||
Number of Fixed Maturity Securities in an Unrealized Loss Position | 106 | 106 | |||
Number of Fixed Maturity Securities in an Unrealized Loss Position Continuously for Over One Year | 85 | 85 |
Derivative Financial Instrume_3
Derivative Financial Instruments Nature and Amount of Collateral Received From and Posted To Our Derivative Counterparties (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Derivative | ||
Cash Collateral from Counterparties | $ 24.2 | $ 49.4 |
Carrying Value of Fixed Maturity Securities Posted as Collateral to Counterparties | 56.4 | 38 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 46.9 | 49.4 |
Derivative Liability, Subject to Master Netting Arrangement, Deduction of Financial Instrument Not Offset | 41.5 | 44.7 |
Cash | ||
Derivative | ||
Cash Collateral from Counterparties | 28.4 | 49.4 |
Cash Collateral Posted to Counterparties | 0 | 5.1 |
Fixed Maturity Securities | ||
Derivative | ||
Carrying Value of Fixed Maturity Securities Posted as Collateral to Counterparties | 18.5 | 0 |
FMS Collateral Posted to Counterparties | $ 41.5 | $ 39.6 |
Derivative Financial Instrume_4
Derivative Financial Instruments Fair Value Hedges Carrying Amount of Hedged Assets and Liabilities and Cumulative Basis Adjustments (Details) - Interest Rate Swaps - Receive Fixed/Pay Fixed - Designated as Hedging Instrument - Fair Value Hedging - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Derivative Instruments and Hedging Activities Disclosures | ||
Hedged Asset, Statement of Financial Position [Extensible Enumeration] | Fixed Maturity Securities - at fair value (amortized cost of $38,028.1; $37,825.2; allowance for credit losses of $—; $—) | Fixed Maturity Securities - at fair value (amortized cost of $38,028.1; $37,825.2; allowance for credit losses of $—; $—) |
Fixed Maturity Securities | ||
Derivative Instruments and Hedging Activities Disclosures | ||
Hedged Asset, Fair Value Hedge, Cumulative Increase | $ (18.3) | $ (24.8) |
Location and Fair Values of Der
Location and Fair Values of Derivative Financial Instruments (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Derivative | ||
Derivative, Notional Amount | $ 2,266.4 | $ 1,753.9 |
Asset Derivatives Fair Value | 80.6 | 89.1 |
Other Long-term Investments | ||
Derivative | ||
Asset Derivatives Fair Value | 80.6 | 89.1 |
Other Liabilities | ||
Derivative | ||
Liability Derivatives Fair Value | 84.8 | 87.9 |
Designated as Hedging Instrument | ||
Derivative | ||
Derivative, Notional Amount | 1,991.6 | 1,490.7 |
Designated as Hedging Instrument | Cash Flow Hedging | ||
Derivative | ||
Derivative, Notional Amount | 1,401.6 | 932.9 |
Designated as Hedging Instrument | Forwards | Cash Flow Hedging | ||
Derivative | ||
Derivative, Notional Amount | 1,242 | 764 |
Designated as Hedging Instrument | Interest Rate Swaps | Cash Flow Hedging | ||
Derivative | ||
Derivative, Notional Amount | 159.6 | 168.9 |
Designated as Hedging Instrument | Interest Rate Swaps | Fair Value Hedging | ||
Derivative | ||
Derivative, Notional Amount | 590 | 557.8 |
Designated as Hedging Instrument | Other Long-term Investments | ||
Derivative | ||
Asset Derivatives Fair Value | 77.2 | 85.1 |
Designated as Hedging Instrument | Other Long-term Investments | Cash Flow Hedging | ||
Derivative | ||
Asset Derivatives Fair Value | 19.6 | 19.1 |
Designated as Hedging Instrument | Other Long-term Investments | Forwards | Cash Flow Hedging | ||
Derivative | ||
Asset Derivatives Fair Value | 3.6 | 1.6 |
Designated as Hedging Instrument | Other Long-term Investments | Interest Rate Swaps | Cash Flow Hedging | ||
Derivative | ||
Asset Derivatives Fair Value | 16 | 17.5 |
Designated as Hedging Instrument | Other Long-term Investments | Interest Rate Swaps | Fair Value Hedging | ||
Derivative | ||
Asset Derivatives Fair Value | 57.6 | 66 |
Designated as Hedging Instrument | Other Liabilities | ||
Derivative | ||
Liability Derivatives Fair Value | 59.4 | 56.9 |
Designated as Hedging Instrument | Other Liabilities | Cash Flow Hedging | ||
Derivative | ||
Liability Derivatives Fair Value | 48.7 | 51.5 |
Designated as Hedging Instrument | Other Liabilities | Forwards | Cash Flow Hedging | ||
Derivative | ||
Liability Derivatives Fair Value | 44.4 | 48.4 |
Designated as Hedging Instrument | Other Liabilities | Interest Rate Swaps | Cash Flow Hedging | ||
Derivative | ||
Liability Derivatives Fair Value | 4.3 | 3.1 |
Designated as Hedging Instrument | Other Liabilities | Interest Rate Swaps | Fair Value Hedging | ||
Derivative | ||
Liability Derivatives Fair Value | 10.7 | 5.4 |
Not Designated as Hedging Instrument | ||
Derivative | ||
Derivative, Notional Amount | 274.8 | 263.2 |
Not Designated as Hedging Instrument | Forwards | ||
Derivative | ||
Derivative, Notional Amount | 54 | 54.3 |
Not Designated as Hedging Instrument | Interest Rate Swaps | ||
Derivative | ||
Derivative, Notional Amount | 132 | 132 |
Not Designated as Hedging Instrument | Total Return Swap | ||
Derivative | ||
Derivative, Notional Amount | 88.8 | 76.9 |
Not Designated as Hedging Instrument | Embedded Derivative in Modified Coinsurance Arrangement | ||
Derivative | ||
Derivative, Notional Amount | 0 | 0 |
Not Designated as Hedging Instrument | Other Long-term Investments | ||
Derivative | ||
Asset Derivatives Fair Value | 3.4 | 4 |
Not Designated as Hedging Instrument | Other Long-term Investments | Forwards | ||
Derivative | ||
Asset Derivatives Fair Value | 3.4 | 4 |
Not Designated as Hedging Instrument | Other Long-term Investments | Interest Rate Swaps | ||
Derivative | ||
Asset Derivatives Fair Value | 0 | 0 |
Not Designated as Hedging Instrument | Other Long-term Investments | Total Return Swap | ||
Derivative | ||
Asset Derivatives Fair Value | 0 | 0 |
Not Designated as Hedging Instrument | Other Long-term Investments | Embedded Derivative in Modified Coinsurance Arrangement | ||
Derivative | ||
Asset Derivatives Fair Value | 0 | 0 |
Not Designated as Hedging Instrument | Other Liabilities | ||
Derivative | ||
Liability Derivatives Fair Value | 25.4 | 31 |
Not Designated as Hedging Instrument | Other Liabilities | Forwards | ||
Derivative | ||
Liability Derivatives Fair Value | 0.1 | 0.1 |
Not Designated as Hedging Instrument | Other Liabilities | Interest Rate Swaps | ||
Derivative | ||
Liability Derivatives Fair Value | 16.9 | 17 |
Not Designated as Hedging Instrument | Other Liabilities | Total Return Swap | ||
Derivative | ||
Liability Derivatives Fair Value | 0 | 0 |
Not Designated as Hedging Instrument | Other Liabilities | Embedded Derivative in Modified Coinsurance Arrangement | ||
Derivative | ||
Liability Derivatives Fair Value | $ 8.4 | $ 13.9 |
Derivative Financial Instrume_5
Derivative Financial Instruments Location of Gains and Losses Designated as Hedging Instruments, Consolidated Statements of Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Derivative Instruments, Gain (Loss) | ||||
Net Investment Income | $ 531.1 | $ 559 | $ 1,039.9 | $ 1,086.2 |
Net Investment Gain (Loss) | 0.9 | (4.1) | 1 | (17.9) |
Interest and Debt Expense | 48.9 | 47.4 | 97 | 94.3 |
Derivative, Gain (Loss) on Derivative, Net | (0.6) | (3.7) | 0 | (5.5) |
Designated as Hedging Instrument | Interest Rate Swaps | Net Investment Income | Cash Flow Hedging | ||||
Derivative Instruments, Gain (Loss) | ||||
Net Investment Income | 49 | 50.3 | 98.5 | 100.7 |
Derivative, Gain (Loss) on Derivative, Net | 9 | 13 | 19.4 | 26.4 |
Designated as Hedging Instrument | Interest Rate Swaps | Net Investment Gain (Loss) | Cash Flow Hedging | ||||
Derivative Instruments, Gain (Loss) | ||||
Net Investment Gain (Loss) | 0.8 | 0 | 0.8 | 0 |
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 | 0 |
Designated as Hedging Instrument | Interest Rate Swaps | Interest and Debt Expense | Cash Flow Hedging | ||||
Derivative Instruments, Gain (Loss) | ||||
Interest and Debt Expense | 0.8 | 0.7 | 1.5 | 1.4 |
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 | 0 |
Designated as Hedging Instrument | Foreign Exchange Contracts | Net Investment Income | Cash Flow Hedging | ||||
Derivative Instruments, Gain (Loss) | ||||
Net Investment Income | 2.5 | 2.8 | 5 | 5.6 |
Derivative, Gain (Loss) on Derivative, Net | (0.1) | 0.4 | 0.2 | 0.6 |
Designated as Hedging Instrument | Foreign Exchange Contracts | Net Investment Income | Fair Value Hedging | ||||
Derivative Instruments, Gain (Loss) | ||||
Net Investment Income | 3.2 | 3.1 | 6.4 | 5.8 |
Derivative, Gain (Loss) on Derivative, Net | 2.3 | 2.7 | 3.6 | 4.1 |
Designated as Hedging Instrument | Foreign Exchange Contracts | Net Investment Gain (Loss) | Cash Flow Hedging | ||||
Derivative Instruments, Gain (Loss) | ||||
Net Investment Gain (Loss) | 0 | 0 | 0 | 0 |
Derivative, Gain (Loss) on Derivative, Net | 0.1 | 0 | 0.1 | 0 |
Designated as Hedging Instrument | Foreign Exchange Contracts | Net Investment Gain (Loss) | Fair Value Hedging | ||||
Derivative Instruments, Gain (Loss) | ||||
Net Investment Gain (Loss) | 3.3 | (27.6) | 6.5 | (32.9) |
Derivative, Gain (Loss) on Derivative, Net | (3.3) | 27.6 | (6.5) | 32.9 |
Designated as Hedging Instrument | Foreign Exchange Contracts | Interest and Debt Expense | Cash Flow Hedging | ||||
Derivative Instruments, Gain (Loss) | ||||
Interest and Debt Expense | 0 | 0 | 0 | 0 |
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 | 0 |
Designated as Hedging Instrument | Foreign Exchange Contracts | Interest and Debt Expense | Fair Value Hedging | ||||
Derivative Instruments, Gain (Loss) | ||||
Interest and Debt Expense | 0 | 0 | 0 | 0 |
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 | 0 |
Designated as Hedging Instrument | Forwards | Net Investment Income | Cash Flow Hedging | ||||
Derivative Instruments, Gain (Loss) | ||||
Net Investment Income | 3.1 | 0 | 3.8 | 0 |
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 | 0 |
Designated as Hedging Instrument | Forwards | Net Investment Gain (Loss) | Cash Flow Hedging | ||||
Derivative Instruments, Gain (Loss) | ||||
Net Investment Gain (Loss) | 0 | 0 | 0 | 0 |
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 | 0 |
Designated as Hedging Instrument | Forwards | Interest and Debt Expense | Cash Flow Hedging | ||||
Derivative Instruments, Gain (Loss) | ||||
Interest and Debt Expense | 0 | 0 | 0 | 0 |
Derivative, Gain (Loss) on Derivative, Net | $ 0 | $ 0 | $ 0 | $ 0 |
Location of Gains and Losses on
Location of Gains and Losses on Derivative Instruments Designated as Cash Flow Hedging Instruments (Detail) - Designated as Hedging Instrument - Cash Flow Hedging - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Derivative Instruments, Gain (Loss) | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | $ (33.2) | $ 9.7 | $ (3.5) | $ 6.6 |
Forwards | ||||
Derivative Instruments, Gain (Loss) | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | (30.7) | 3.3 | (0.8) | 2.3 |
Foreign Exchange Contracts | ||||
Derivative Instruments, Gain (Loss) | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | $ (2.5) | $ 6.4 | $ (2.7) | $ 4.3 |
Gains and Losses on Derivatives
Gains and Losses on Derivatives Not Designated as Hedging Instruments (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Derivative Instruments, Gain (Loss) | ||||
Net Gain (Loss) on Derivatives | $ 0.6 | $ 3.7 | $ 0 | $ 5.5 |
Not Designated as Hedging Instrument | ||||
Derivative Instruments, Gain (Loss) | ||||
Net Gain (Loss) on Derivatives | 5.8 | 2.9 | 5.5 | 1.3 |
Foreign Exchange Contracts | Not Designated as Hedging Instrument | ||||
Derivative Instruments, Gain (Loss) | ||||
Net Gain (Loss) on Derivatives | 0.6 | 3.7 | 0 | 5.5 |
Embedded Derivative in Modified Coinsurance Arrangement | Not Designated as Hedging Instrument | ||||
Derivative Instruments, Gain (Loss) | ||||
Net Gain (Loss) on Derivatives | 5.2 | (0.8) | 5.5 | (4.2) |
Total Return Swap | Not Designated as Hedging Instrument | ||||
Derivative Instruments, Gain (Loss) | ||||
Net Gain (Loss) on Derivatives | $ (4.2) | $ 13 | $ (8.8) | $ 18.7 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Derivative | |||||
Aggregate fair value of all derivative instruments with credit risk-related contingent features in a liability position | $ 76.4 | $ 76.4 | $ 74 | ||
Approximate amount of net deferred gains on derivative instruments expected to be amortized during the next twelve months | 26.2 | ||||
Component of Derivative Gain (Loss) Excluded from the Assessment of Hedge Effectiveness | (9.7) | $ 10.3 | (7.2) | $ 13.7 | |
Discontinued Hedge Accounting Due to Instrument No Longer Qualifying as Fair Value Hedge | 0 | $ 0 | 0 | $ 0 | |
Derivative, Notional Amount | 2,266.4 | 2,266.4 | 1,753.9 | ||
Derivative Asset, Fair Value, Gross Asset | 80.6 | $ 80.6 | 89.1 | ||
Maximum Length of Time Hedged in Cash Flow Hedge | 30 years 6 months | ||||
Designated as Hedging Instrument | |||||
Derivative | |||||
Derivative, Notional Amount | 1,991.6 | $ 1,991.6 | 1,490.7 | ||
Not Designated as Hedging Instrument | |||||
Derivative | |||||
Derivative, Notional Amount | 274.8 | 274.8 | 263.2 | ||
Cash Flow Hedging | Designated as Hedging Instrument | |||||
Derivative | |||||
Derivative, Notional Amount | 1,401.6 | 1,401.6 | 932.9 | ||
Interest Rate Swaps | Not Designated as Hedging Instrument | |||||
Derivative | |||||
Derivative, Notional Amount | 132 | 132 | 132 | ||
Interest Rate Swaps | Cash Flow Hedging | Designated as Hedging Instrument | |||||
Derivative | |||||
Derivative, Notional Amount | 159.6 | 159.6 | 168.9 | ||
Interest Rate Swaps | Fair Value Hedging | Designated as Hedging Instrument | |||||
Derivative | |||||
Derivative, Notional Amount | 590 | 590 | 557.8 | ||
Forwards | Not Designated as Hedging Instrument | |||||
Derivative | |||||
Derivative, Notional Amount | 54 | 54 | 54.3 | ||
Forwards | Cash Flow Hedging | Designated as Hedging Instrument | |||||
Derivative | |||||
Derivative, Notional Amount | 1,242 | 1,242 | 764 | ||
Total Return Swap | Not Designated as Hedging Instrument | |||||
Derivative | |||||
Derivative, Notional Amount | 88.8 | 88.8 | 76.9 | ||
Embedded Derivative in Modified Coinsurance Arrangement | Not Designated as Hedging Instrument | |||||
Derivative | |||||
Derivative, Notional Amount | 0 | 0 | 0 | ||
Receive Fixed/Pay Fixed | Interest Rate Swaps | Not Designated as Hedging Instrument | |||||
Derivative | |||||
Derivative, Notional Amount | 132 | 132 | 132 | ||
Receive Fixed/Pay Fixed | Interest Rate Swaps | Cash Flow Hedging | Designated as Hedging Instrument | |||||
Derivative | |||||
Derivative, Notional Amount | 159.6 | 159.6 | 168.9 | ||
Receive Fixed/Pay Fixed | Interest Rate Swaps | Fair Value Hedging | Designated as Hedging Instrument | |||||
Derivative | |||||
Derivative, Notional Amount | 590 | 590 | 557.8 | ||
Credit Exposure | |||||
Derivative | |||||
Credit Exposure on Derivatives | $ 0 | $ 0 | $ 1.7 |
Schedule of Accumulated Other C
Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss) | ||||
Balance at Beginning of Period | $ (3,162.3) | $ (4,438.5) | $ (3,448.3) | $ (5,164.6) |
Other Comprehensive Income (Loss) Before Reclassifications | (297.9) | 633.7 | (4.8) | 1,357.5 |
Amounts Reclassified from Accumulated Other Comprehensive Income or Loss | (2.6) | 4.7 | 4.5 | 2.4 |
Net Other Comprehensive Income (Loss) | (295.3) | 629 | (9.3) | 1,355.1 |
Balance at End of Period | (3,457.6) | (3,809.5) | (3,457.6) | (3,809.5) |
Net Unrealized Gain (Loss) on Securities | ||||
Accumulated Other Comprehensive Income (Loss) | ||||
Balance at Beginning of Period | (2,205.2) | 1,120.6 | (3,028.4) | 4,014.4 |
Other Comprehensive Income (Loss) Before Reclassifications | (565.5) | (2,683.8) | 257.9 | (5,587.6) |
Amounts Reclassified from Accumulated Other Comprehensive Income or Loss | (8.1) | (2.8) | (7.9) | (12.8) |
Net Other Comprehensive Income (Loss) | (557.4) | (2,681) | 265.8 | (5,574.8) |
Balance at End of Period | (2,762.6) | (1,560.4) | (2,762.6) | (1,560.4) |
Effect of Change in Discount Rate Assumptions on the LFPB | ||||
Accumulated Other Comprehensive Income (Loss) | ||||
Balance at Beginning of Period | (260) | (4,912.6) | 313.9 | (8,570.7) |
Other Comprehensive Income (Loss) Before Reclassifications | 260.1 | 3,371.4 | (313.8) | 7,029.5 |
Amounts Reclassified from Accumulated Other Comprehensive Income or Loss | 0 | 0 | 0 | 0 |
Net Other Comprehensive Income (Loss) | 260.1 | 3,371.4 | (313.8) | 7,029.5 |
Balance at End of Period | 0.1 | (1,541.2) | 0.1 | (1,541.2) |
Net Gain (Loss) on Hedges | ||||
Accumulated Other Comprehensive Income (Loss) | ||||
Balance at Beginning of Period | 7.8 | 51.4 | (9.6) | 61.8 |
Other Comprehensive Income (Loss) Before Reclassifications | (34.1) | 5.5 | (8.5) | 5.9 |
Amounts Reclassified from Accumulated Other Comprehensive Income or Loss | 7 | 10.5 | 15.2 | 21.3 |
Net Other Comprehensive Income (Loss) | (41.1) | (5) | (23.7) | (15.4) |
Balance at End of Period | (33.3) | 46.4 | (33.3) | 46.4 |
Foreign Currency Translation Adjustment | ||||
Accumulated Other Comprehensive Income (Loss) | ||||
Balance at Beginning of Period | (365.4) | (306.1) | (390.1) | (274.1) |
Other Comprehensive Income (Loss) Before Reclassifications | 38.3 | (61.4) | 63 | (93.4) |
Amounts Reclassified from Accumulated Other Comprehensive Income or Loss | 0 | 0 | 0 | 0 |
Net Other Comprehensive Income (Loss) | 38.3 | (61.4) | 63 | (93.4) |
Balance at End of Period | (327.1) | (367.5) | (327.1) | (367.5) |
Unrecognized Pension and Postretirement Benefit Costs | ||||
Accumulated Other Comprehensive Income (Loss) | ||||
Balance at Beginning of Period | (339.5) | (391.8) | (334.1) | (396) |
Other Comprehensive Income (Loss) Before Reclassifications | 3.3 | 2 | (3.4) | 3.1 |
Amounts Reclassified from Accumulated Other Comprehensive Income or Loss | (1.5) | (3) | (2.8) | (6.1) |
Net Other Comprehensive Income (Loss) | 4.8 | 5 | (0.6) | 9.2 |
Balance at End of Period | $ (334.7) | $ (386.8) | $ (334.7) | $ (386.8) |
Schedule of Effect of Change in
Schedule of Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Schedule of Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits [Roll Forward] | ||||||||
OCI, Liability for Future Policy Benefit, Gain (Loss), after Reclassification Adjustment and Tax | $ 260.1 | $ 3,371.4 | $ (313.8) | $ 7,029.5 | ||||
OCI, Liability for Future Policy Benefit, Gain (Loss), after REclassification Adjustment, Tax | 76.1 | 903.5 | (76.8) | 1,886.3 | ||||
Future Policy Benefits, Before Reinsurance [Member] | ||||||||
Schedule of Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits [Roll Forward] | ||||||||
AOCI, Liability for Future Policy Benefit, before Tax | (27.1) | (2,277.5) | (27.1) | (2,277.5) | $ (437.9) | $ 445 | $ (7,168.8) | $ (12,565.6) |
OCI, Liability for Future Policy Benefit, Gain (Loss), after Reclassification Adjustment, before Tax | 410.8 | 4,891.3 | (472.1) | 10,288.1 | ||||
Reinsurance Recoverable | ||||||||
Schedule of Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits [Roll Forward] | ||||||||
AOCI, Liability for Future Policy Benefit, before Tax | (666.9) | (379.8) | (666.9) | (379.8) | (592.3) | (748.4) | 236.6 | 992.5 |
OCI, Liability for Future Policy Benefit, Gain (Loss), after Reclassification Adjustment, before Tax | (74.6) | (616.4) | 81.5 | (1,372.3) | ||||
Effect of Change in Discount Rate Assumptions on the LFPB | ||||||||
Schedule of Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits [Roll Forward] | ||||||||
Beginning of Period Balance | (260) | (4,912.6) | 313.9 | (8,570.7) | ||||
End of Period Balance | 0.1 | (1,541.2) | 0.1 | (1,541.2) | ||||
AOCI Tax, Attributable to Parent | $ 694.1 | $ 1,116.1 | $ 694.1 | $ 1,116.1 | $ 770.2 | $ 617.3 | $ 2,019.6 | $ 3,002.4 |
Schedule of Reclassifications O
Schedule of Reclassifications Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income | ||||
Net Investment Gain (Loss) | $ 0.9 | $ (4.1) | $ 1 | $ (17.9) |
Credit Losses on Fixed Matruity Securities | 0 | 0 | 0 | (4.1) |
Net Investment Income | 531.1 | 559 | 1,039.9 | 1,086.2 |
Other Expenses | (273.6) | (250) | (546.8) | (490.5) |
Income Tax Expense (Benefit) | 105.5 | 71.9 | 198.5 | 127.2 |
Net Income | 392.9 | 367.3 | 751.2 | 607.7 |
Reclassification out of Accumulated Other Comprehensive Income (Loss) | Net Unrealized Gain (Loss) on Securities | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income | ||||
Net Investment Gain (Loss) | (10.3) | (3.7) | (10) | (12.2) |
Credit Losses on Fixed Matruity Securities | 0 | 0 | 0 | (4.1) |
Income Before Income Tax | (10.3) | (3.7) | (10) | (16.3) |
Income Tax Expense (Benefit) | (2.2) | (0.9) | (2.1) | (3.5) |
Net Income | (8.1) | (2.8) | (7.9) | (12.8) |
Reclassification out of Accumulated Other Comprehensive Income (Loss) | Net Gain (Loss) on Hedges | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income | ||||
Income Before Income Tax | 8.9 | 13.2 | 19.3 | 26.9 |
Income Tax Expense (Benefit) | 1.9 | 2.7 | 4.1 | 5.6 |
Net Income | (7) | (10.5) | (15.2) | (21.3) |
Reclassification out of Accumulated Other Comprehensive Income (Loss) | Net Gain (Loss) on Hedges | Interest Rate Swaps | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income | ||||
Net Investment Income | 8.9 | 13 | 19.3 | 26.4 |
Reclassification out of Accumulated Other Comprehensive Income (Loss) | Net Gain (Loss) on Hedges | Foreign Exchange Contracts | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income | ||||
Net Investment Gain (Loss) | 0.1 | 0 | 0.1 | 0 |
Net Investment Income | (0.1) | 0.2 | (0.1) | 0.5 |
Reclassification out of Accumulated Other Comprehensive Income (Loss) | Amortization of Net Actuarial Loss | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income | ||||
Other Expenses | (1.8) | (3.8) | (3.6) | (7.8) |
Reclassification out of Accumulated Other Comprehensive Income (Loss) | Prior Service Credit | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income | ||||
Other Expenses | 0 | 0 | 0.1 | 0.1 |
Reclassification out of Accumulated Other Comprehensive Income (Loss) | Unrecognized Pension and Postretirement Benefit Costs | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income | ||||
Income Before Income Tax | (1.8) | (3.8) | (3.5) | (7.7) |
Income Tax Expense (Benefit) | (0.3) | (0.8) | (0.7) | (1.6) |
Net Income | $ (1.5) | $ (3) | $ (2.8) | $ (6.1) |
Liability for Future Policy B_4
Liability for Future Policy Benefit Activity (Details) - USD ($) $ in Millions | 6 Months Ended | |||||||||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | ||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||||
Future Policy Benefits | $ 38,945.3 | $ 41,407.7 | [1] | $ 38,577.1 | [2] | |||||
Operating Segments | ||||||||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | ||||||||||
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change, balance beginning of year | 12,426.2 | 15,881.3 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance, balance at beginning of period | 12,695.3 | 13,186.2 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Cash Flow Change | 0 | $ 0 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | (118.1) | (174.5) | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Reinsurance, after Cash Flow Change | 12,577.2 | 13,011.7 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Issuance | 514.4 | 548.7 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Interest Income | 275.7 | 290.6 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Net Premium Collected | (774.1) | (814.2) | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Increase (Decrease) for Other Change | 20 | (26.3) | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance, balance at end of period | 12,613.2 | 13,010.5 | ||||||||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | (153.3) | 330.1 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change | 12,459.9 | 13,340.6 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change, beginning of year | 48,929.4 | 65,305 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance, beginning of period | 49,689 | 50,397.2 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Cash Flow Change | 0 | 0 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | (351.3) | (294) | ||||||||
Liability for Future Policy Benefit, Expected Future Benefit, Original Discount Rate, before Reinsurance, after Cash Flow Change | $ 49,337.7 | $ 50,103.2 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Issuance | [3] | 1,837 | 1,960.5 | |||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense | 1,104.6 | 1,137.6 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Benefit Payment | (2,888.7) | (2,934.4) | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Increase (Decrease) for Other Change | 140.8 | (276.1) | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance, end of period | 49,531.4 | 49,990.8 | ||||||||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | (173.3) | 2,485.6 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change, end of year | 49,358.1 | 52,476.4 | ||||||||
Liability for Future Policy Benefit, before Reinsurance, before Other | 36,898.2 | 39,135.8 | ||||||||
Liability for Future Policy Benefits, Other Contracts | 1,806.7 | 2,055.5 | ||||||||
Liability for Future Policy Benefit, before Reinsurance, after Other | 38,704.9 | 41,191.3 | $ 55,585.4 | |||||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 7,922.9 | 8,621.9 | 10,496 | [4] | ||||||
Liability for Future Policy Benefit, after Reinsurance | 30,782 | 32,569.4 | 45,089.4 | |||||||
Liability for Future Policy Benefit, Gross Premium Income | 4,828.8 | 4,701.2 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense | 828.9 | 847 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Undiscounted, before Reinsurance | 96,348.8 | 97,127.5 | ||||||||
Liability for Future Policy Benefit, Expected Future Gross Premium, Undiscounted, before Reinsurance | 35,233.5 | 35,019.4 | ||||||||
Liability for Future Policy Benefit, Expected Future Gross Premium, Discounted, before Reinsurance | $ 23,774 | $ 23,766.2 | ||||||||
Liability for Future Policy Benefit, Weighted-Average Interest Accretion Rate | 4.80% | 4.70% | ||||||||
Liability for Future Policy Benefit, Current Weighted-Average Discount Rate | 5% | 4.40% | 5% | 2.50% | ||||||
Liability for Future Policy Benefit, Weighted-Average Duration | 10 years 9 months 18 days | 10 years 9 months 18 days | ||||||||
Future Policy Benefits | $ 38,945.3 | $ 41,407.7 | ||||||||
Unum US | ||||||||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | ||||||||||
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change, balance beginning of year | 2,071.1 | 2,619.1 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance, balance at beginning of period | 2,166 | 2,311.9 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Cash Flow Change | $ 0 | $ 0 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | (113.9) | (83.9) | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Reinsurance, after Cash Flow Change | 2,052.1 | 2,228 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Issuance | 200.9 | 208.4 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Interest Income | 38.1 | 41.7 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Net Premium Collected | (163.1) | (180.8) | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance, balance at end of period | 2,128 | 2,297.3 | ||||||||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | (77) | (15.1) | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change | 2,051 | 2,282.2 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change, beginning of year | 11,698.2 | 14,564.4 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance, beginning of period | 12,177.3 | 12,671.7 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Cash Flow Change | 0 | 0 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | (355.1) | (237.1) | ||||||||
Liability for Future Policy Benefit, Expected Future Benefit, Original Discount Rate, before Reinsurance, after Cash Flow Change | 11,822.2 | 12,434.6 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Issuance | 1,240.7 | 1,323.6 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense | 234 | 249.1 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Benefit Payment | (1,422.7) | (1,487.5) | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance, end of period | 11,874.2 | 12,519.8 | ||||||||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | (372.7) | 27.1 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change, end of year | 11,501.5 | 12,546.9 | ||||||||
Liability for Future Policy Benefit, before Reinsurance, before Other | 9,450.5 | 10,264.7 | ||||||||
Liability for Future Policy Benefits, Other Contracts | 45.6 | 75.2 | ||||||||
Liability for Future Policy Benefit, before Reinsurance, after Other | 9,496.1 | 10,339.9 | 12,861.4 | |||||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 242.9 | 270.8 | 357.7 | [4] | ||||||
Liability for Future Policy Benefit, after Reinsurance | 9,253.2 | 10,069.1 | 12,503.7 | |||||||
Liability for Future Policy Benefit, Gross Premium Income | 3,105.7 | 2,999.2 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense | 195.9 | 207.4 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Undiscounted, before Reinsurance | 17,520.9 | 17,879.7 | ||||||||
Liability for Future Policy Benefit, Expected Future Gross Premium, Undiscounted, before Reinsurance | 9,495.3 | 9,700.4 | ||||||||
Liability for Future Policy Benefit, Expected Future Gross Premium, Discounted, before Reinsurance | $ 6,866.5 | $ 7,114.3 | ||||||||
Liability for Future Policy Benefit, Weighted-Average Interest Accretion Rate | 4.10% | 4.10% | ||||||||
Liability for Future Policy Benefit, Current Weighted-Average Discount Rate | 4.70% | 4.10% | ||||||||
Liability for Future Policy Benefit, Weighted-Average Duration | 6 years 9 months 18 days | 6 years 6 months | ||||||||
Future Policy Benefits | [5] | $ 9,496.1 | $ 10,339.9 | |||||||
Unum International | ||||||||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | ||||||||||
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change, balance beginning of year | 197.1 | 260.5 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance, balance at beginning of period | 246.8 | 258.1 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Cash Flow Change | 0 | 0 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | 8 | 4.5 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Reinsurance, after Cash Flow Change | 254.8 | 262.6 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Issuance | 11.9 | 8.2 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Interest Income | 4.5 | 4.3 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Net Premium Collected | (10.9) | (11.3) | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Increase (Decrease) for Other Change | 20 | (26.3) | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance, balance at end of period | 280.3 | 237.5 | ||||||||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | (36.9) | (49.4) | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change | 243.4 | 188.1 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change, beginning of year | 2,231.4 | 3,181.8 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance, beginning of period | 2,495.5 | 2,703.8 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Cash Flow Change | 0 | 0 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | 7.8 | 43.3 | ||||||||
Liability for Future Policy Benefit, Expected Future Benefit, Original Discount Rate, before Reinsurance, after Cash Flow Change | 2,503.3 | 2,747.1 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Issuance | [6] | 199.8 | 188.2 | |||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense | 31.7 | 34.6 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Benefit Payment | (214) | (201.1) | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Increase (Decrease) for Other Change | 140.8 | (276.1) | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance, end of period | 2,661.6 | 2,492.7 | ||||||||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | (336.5) | (117.2) | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change, end of year | 2,325.1 | 2,375.5 | ||||||||
Liability for Future Policy Benefit, before Reinsurance, before Other | 2,081.7 | 2,187.4 | ||||||||
Liability for Future Policy Benefits, Other Contracts | 32.4 | 27.5 | ||||||||
Liability for Future Policy Benefit, before Reinsurance, after Other | 2,114.1 | 2,214.9 | 3,203.4 | |||||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 73.4 | 82 | 132.5 | [4] | ||||||
Liability for Future Policy Benefit, after Reinsurance | 2,040.7 | 2,132.9 | 3,070.9 | |||||||
Liability for Future Policy Benefit, Gross Premium Income | 436 | 400.4 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense | 27.2 | 30.3 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Undiscounted, before Reinsurance | 4,189.4 | 3,930.4 | ||||||||
Liability for Future Policy Benefit, Expected Future Gross Premium, Undiscounted, before Reinsurance | 1,092.4 | 860.3 | ||||||||
Liability for Future Policy Benefit, Expected Future Gross Premium, Discounted, before Reinsurance | $ 717.8 | $ 577.4 | ||||||||
Liability for Future Policy Benefit, Weighted-Average Interest Accretion Rate | 4% | 3.80% | ||||||||
Liability for Future Policy Benefit, Current Weighted-Average Discount Rate | 5.70% | 4% | ||||||||
Liability for Future Policy Benefit, Weighted-Average Duration | 8 years 7 months 6 days | 8 years 9 months 18 days | ||||||||
Future Policy Benefits | $ 2,114.1 | $ 2,214.9 | ||||||||
Colonial Life | ||||||||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | ||||||||||
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change, balance beginning of year | 3,745.4 | 4,597 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance, balance at beginning of period | 4,046.4 | 4,158.9 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Cash Flow Change | 0 | 0 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | (63.5) | (55.7) | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Reinsurance, after Cash Flow Change | 3,982.9 | 4,103.2 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Issuance | 301.6 | 332.1 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Interest Income | 65.4 | 67.9 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Net Premium Collected | (316.7) | (338.6) | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance, balance at end of period | 4,033.2 | 4,164.6 | ||||||||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | (259.2) | (149) | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change | 3,774 | 4,015.6 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change, beginning of year | 5,581.1 | 7,054.8 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance, beginning of period | 6,163.9 | 6,201.5 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Cash Flow Change | 0 | 0 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | (68.9) | (68.6) | ||||||||
Liability for Future Policy Benefit, Expected Future Benefit, Original Discount Rate, before Reinsurance, after Cash Flow Change | 6,095 | 6,132.9 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Issuance | 324.4 | 356.2 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense | 110.3 | 112.1 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Benefit Payment | (321.1) | (319.3) | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance, end of period | 6,208.6 | 6,281.9 | ||||||||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | (502.8) | (272.2) | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change, end of year | 5,705.8 | 6,009.7 | ||||||||
Liability for Future Policy Benefit, before Reinsurance, before Other | 1,931.8 | 1,994.1 | ||||||||
Liability for Future Policy Benefits, Other Contracts | 19.6 | 24.8 | ||||||||
Liability for Future Policy Benefit, before Reinsurance, after Other | 1,951.4 | 2,018.9 | 2,528.6 | |||||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 1 | 1.5 | 4.4 | [4] | ||||||
Liability for Future Policy Benefit, after Reinsurance | 1,950.4 | 2,017.4 | 2,524.2 | |||||||
Liability for Future Policy Benefit, Gross Premium Income | 825.8 | 822.3 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense | 44.9 | 44.2 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Undiscounted, before Reinsurance | 10,201.7 | 9,709.3 | ||||||||
Liability for Future Policy Benefit, Expected Future Gross Premium, Undiscounted, before Reinsurance | 12,391.5 | 11,645.9 | ||||||||
Liability for Future Policy Benefit, Expected Future Gross Premium, Discounted, before Reinsurance | $ 9,018.7 | $ 8,696.2 | ||||||||
Liability for Future Policy Benefit, Weighted-Average Interest Accretion Rate | 4.30% | 4.40% | ||||||||
Liability for Future Policy Benefit, Current Weighted-Average Discount Rate | 5.10% | 4.60% | ||||||||
Liability for Future Policy Benefit, Weighted-Average Duration | 17 years 3 months 18 days | 16 years 2 months 12 days | ||||||||
Future Policy Benefits | $ 1,951.4 | $ 2,018.9 | ||||||||
Closed Block | ||||||||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | ||||||||||
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change, balance beginning of year | 6,412.6 | 8,404.7 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance, balance at beginning of period | 6,236.1 | 6,457.3 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Cash Flow Change | 0 | 0 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | 51.3 | (39.4) | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Reinsurance, after Cash Flow Change | 6,287.4 | 6,417.9 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Interest Income | 167.7 | 176.7 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Net Premium Collected | (283.4) | (283.5) | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance, balance at end of period | 6,171.7 | 6,311.1 | ||||||||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | 219.8 | 543.6 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change | 6,391.5 | 6,854.7 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change, beginning of year | 29,418.7 | 40,504 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance, beginning of period | 28,852.3 | 28,820.2 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Cash Flow Change | 0 | 0 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | 64.9 | (31.6) | ||||||||
Liability for Future Policy Benefit, Expected Future Benefit, Original Discount Rate, before Reinsurance, after Cash Flow Change | 28,917.2 | 28,788.6 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Issuance | 72.1 | 92.5 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense | 728.6 | 741.8 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Benefit Payment | (930.9) | (926.5) | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance, end of period | 28,787 | 28,696.4 | ||||||||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | 1,038.7 | 2,847.9 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change, end of year | 29,825.7 | 31,544.3 | ||||||||
Liability for Future Policy Benefit, before Reinsurance, before Other | 23,434.2 | 24,689.6 | ||||||||
Liability for Future Policy Benefits, Other Contracts | 1,709.1 | 1,928 | ||||||||
Liability for Future Policy Benefit, before Reinsurance, after Other | 25,143.3 | 26,617.6 | 36,992 | |||||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 7,605.5 | 8,267.5 | 10,001.4 | [4] | ||||||
Liability for Future Policy Benefit, after Reinsurance | 17,537.8 | 18,350.1 | 26,990.6 | |||||||
Liability for Future Policy Benefit, Gross Premium Income | 461.3 | 479.3 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense | 560.9 | 565.1 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Undiscounted, before Reinsurance | 64,436.8 | 65,608.1 | ||||||||
Liability for Future Policy Benefit, Expected Future Gross Premium, Undiscounted, before Reinsurance | 12,254.3 | 12,812.8 | ||||||||
Liability for Future Policy Benefit, Expected Future Gross Premium, Discounted, before Reinsurance | $ 7,171 | $ 7,378.3 | ||||||||
Liability for Future Policy Benefit, Weighted-Average Interest Accretion Rate | 5.20% | 5.20% | ||||||||
Liability for Future Policy Benefit, Current Weighted-Average Discount Rate | 5.10% | 4.50% | ||||||||
Liability for Future Policy Benefit, Weighted-Average Duration | 12 years 2 months 12 days | 12 years 6 months | ||||||||
Future Policy Benefits | [5] | $ 25,143.3 | $ 26,617.6 | |||||||
Other Products [Member] | ||||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||||
Future Policy Benefits | [5] | 240.4 | 216.4 | |||||||
Group Disability | Unum US | ||||||||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | ||||||||||
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change, balance beginning of year | 0 | 0 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance, balance at beginning of period | 0 | 0 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Cash Flow Change | 0 | 0 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | 0 | 0 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Reinsurance, after Cash Flow Change | 0 | 0 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Issuance | 0 | 0 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Interest Income | 0 | 0 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Net Premium Collected | 0 | 0 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance, balance at end of period | 0 | 0 | ||||||||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | 0 | 0 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change | 0 | 0 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change, beginning of year | 5,533.3 | 6,725.7 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance, beginning of period | 5,793.1 | 6,158.3 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Cash Flow Change | 0 | 0 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | (162.8) | (120.4) | ||||||||
Liability for Future Policy Benefit, Expected Future Benefit, Original Discount Rate, before Reinsurance, after Cash Flow Change | 5,630.3 | 6,037.9 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Issuance | 714.3 | [7] | 789.2 | [8] | ||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense | 98.4 | 113.4 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Benefit Payment | (855) | (876.1) | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance, end of period | 5,588 | 6,064.4 | ||||||||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | (224) | (66.8) | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change, end of year | 5,364 | 5,997.6 | ||||||||
Liability for Future Policy Benefit, before Reinsurance, before Other | 5,364 | 5,997.6 | ||||||||
Liability for Future Policy Benefits, Other Contracts | 0.3 | 0.5 | ||||||||
Liability for Future Policy Benefit, before Reinsurance, after Other | 5,364.3 | 5,998.1 | 7,295.7 | |||||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 33.7 | 37.4 | 58.3 | |||||||
Liability for Future Policy Benefit, after Reinsurance | 5,330.6 | 5,960.7 | 7,237.4 | |||||||
Liability for Future Policy Benefit, Gross Premium Income | 1,463.6 | 1,372.4 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense | 98.4 | 113.4 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Undiscounted, before Reinsurance | 6,731.6 | 7,323.2 | ||||||||
Liability for Future Policy Benefit, Expected Future Gross Premium, Undiscounted, before Reinsurance | 0 | 0 | ||||||||
Liability for Future Policy Benefit, Expected Future Gross Premium, Discounted, before Reinsurance | $ 0 | $ 0 | ||||||||
Liability for Future Policy Benefit, Weighted-Average Interest Accretion Rate | 3.90% | 3.80% | ||||||||
Liability for Future Policy Benefit, Current Weighted-Average Discount Rate | 4.90% | 4.10% | ||||||||
Liability for Future Policy Benefit, Weighted-Average Duration | 4 years 3 months 18 days | 4 years 4 months 24 days | ||||||||
Group Life and AD&D | Unum US | ||||||||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | ||||||||||
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change, balance beginning of year | $ 0 | $ 0 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance, balance at beginning of period | 0 | 0 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Cash Flow Change | 0 | 0 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | 0 | 0 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Reinsurance, after Cash Flow Change | 0 | 0 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Issuance | 0 | 0 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Interest Income | 0 | 0 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Net Premium Collected | 0 | 0 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance, balance at end of period | 0 | 0 | ||||||||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | 0 | 0 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change | 0 | 0 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change, beginning of year | 972.6 | 1,124.1 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance, beginning of period | 998.5 | 1,058.3 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Cash Flow Change | 0 | 0 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | (25.4) | (22.2) | ||||||||
Liability for Future Policy Benefit, Expected Future Benefit, Original Discount Rate, before Reinsurance, after Cash Flow Change | 973.1 | 1,036.1 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Issuance | 311.7 | [7] | 311.4 | [8] | ||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense | 11.1 | 13.2 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Benefit Payment | (349.1) | (380.4) | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance, end of period | 946.8 | 980.3 | ||||||||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | (23.5) | (7.4) | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change, end of year | 923.3 | 972.9 | ||||||||
Liability for Future Policy Benefit, before Reinsurance, before Other | 923.3 | 972.9 | ||||||||
Liability for Future Policy Benefits, Other Contracts | 0.9 | 0.9 | ||||||||
Liability for Future Policy Benefit, before Reinsurance, after Other | 924.2 | 973.8 | 1,127.3 | |||||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 6.5 | 5.6 | 3 | |||||||
Liability for Future Policy Benefit, after Reinsurance | 917.7 | 968.2 | 1,124.3 | |||||||
Liability for Future Policy Benefit, Gross Premium Income | 930.5 | 929 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense | 11.1 | 13.2 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Undiscounted, before Reinsurance | 1,077.4 | 1,139.2 | ||||||||
Liability for Future Policy Benefit, Expected Future Gross Premium, Undiscounted, before Reinsurance | 0 | 0 | ||||||||
Liability for Future Policy Benefit, Expected Future Gross Premium, Discounted, before Reinsurance | $ 0 | $ 0 | ||||||||
Liability for Future Policy Benefit, Weighted-Average Interest Accretion Rate | 2.20% | 2.40% | ||||||||
Liability for Future Policy Benefit, Current Weighted-Average Discount Rate | 2.80% | 2.60% | ||||||||
Liability for Future Policy Benefit, Weighted-Average Duration | 2 years 8 months 12 days | 3 years 1 month 6 days | ||||||||
Individual Disability | Unum US | ||||||||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | ||||||||||
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change, balance beginning of year | $ 1,202.9 | $ 1,494.3 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance, balance at beginning of period | 1,228.1 | 1,279.6 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Cash Flow Change | 0 | 0 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | (22.4) | (14.1) | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Reinsurance, after Cash Flow Change | 1,205.7 | 1,265.5 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Issuance | 98.3 | 89.5 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Interest Income | 24.4 | 26.4 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Net Premium Collected | (89) | (89) | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance, balance at end of period | 1,239.4 | 1,292.4 | ||||||||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | (20.2) | 21.8 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change | 1,219.2 | 1,314.2 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change, beginning of year | 3,192.8 | 4,017.3 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance, beginning of period | 3,244.5 | 3,253.3 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Cash Flow Change | 0 | 0 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | (45.8) | (20.2) | ||||||||
Liability for Future Policy Benefit, Expected Future Benefit, Original Discount Rate, before Reinsurance, after Cash Flow Change | 3,198.7 | 3,233.1 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Issuance | 102.4 | 92.9 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense | 82 | 78.6 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Benefit Payment | (135.4) | (127.6) | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance, end of period | 3,247.7 | 3,277 | ||||||||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | (24.4) | 110.4 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change, end of year | 3,223.3 | 3,387.4 | ||||||||
Liability for Future Policy Benefit, before Reinsurance, before Other | 2,004.1 | 2,073.2 | ||||||||
Liability for Future Policy Benefits, Other Contracts | 27 | 58.2 | ||||||||
Liability for Future Policy Benefit, before Reinsurance, after Other | 2,031.1 | 2,131.4 | 2,767.7 | |||||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 190.7 | 201.8 | 260.6 | |||||||
Liability for Future Policy Benefit, after Reinsurance | 1,840.4 | 1,929.6 | 2,507.1 | |||||||
Liability for Future Policy Benefit, Gross Premium Income | 314.4 | 296.4 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense | 57.6 | 52.2 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Undiscounted, before Reinsurance | 5,185.6 | 5,226.3 | ||||||||
Liability for Future Policy Benefit, Expected Future Gross Premium, Undiscounted, before Reinsurance | 5,637.4 | 5,638.5 | ||||||||
Liability for Future Policy Benefit, Expected Future Gross Premium, Discounted, before Reinsurance | $ 4,045.8 | $ 4,012.3 | ||||||||
Liability for Future Policy Benefit, Weighted-Average Interest Accretion Rate | 5.10% | 5.10% | ||||||||
Liability for Future Policy Benefit, Current Weighted-Average Discount Rate | 5% | 4.40% | ||||||||
Liability for Future Policy Benefit, Weighted-Average Duration | 9 years 6 months | 9 years 6 months | ||||||||
Voluntary Benefits | Unum US | ||||||||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | ||||||||||
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change, balance beginning of year | $ 868.2 | $ 1,124.8 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance, balance at beginning of period | 937.9 | 1,032.3 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Cash Flow Change | 0 | 0 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | (91.5) | (69.8) | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Reinsurance, after Cash Flow Change | 846.4 | 962.5 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Issuance | 102.6 | 118.9 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Interest Income | 13.7 | 15.3 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Net Premium Collected | (74.1) | (91.8) | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance, balance at end of period | 888.6 | 1,004.9 | ||||||||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | (56.8) | (36.9) | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change | 831.8 | 968 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change, beginning of year | 1,999.5 | 2,697.3 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance, beginning of period | 2,141.2 | 2,201.8 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Cash Flow Change | 0 | 0 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | (121.1) | (74.3) | ||||||||
Liability for Future Policy Benefit, Expected Future Benefit, Original Discount Rate, before Reinsurance, after Cash Flow Change | 2,020.1 | 2,127.5 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Issuance | 112.3 | 130.1 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense | 42.5 | 43.9 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Benefit Payment | (83.2) | (103.4) | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance, end of period | 2,091.7 | 2,198.1 | ||||||||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | (100.8) | (9.1) | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change, end of year | 1,990.9 | 2,189 | ||||||||
Liability for Future Policy Benefit, before Reinsurance, before Other | 1,159.1 | 1,221 | ||||||||
Liability for Future Policy Benefits, Other Contracts | 17.4 | 15.6 | ||||||||
Liability for Future Policy Benefit, before Reinsurance, after Other | 1,176.5 | 1,236.6 | 1,659.2 | |||||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 12 | 26 | 35.7 | |||||||
Liability for Future Policy Benefit, after Reinsurance | 1,164.5 | 1,210.6 | 1,623.5 | |||||||
Liability for Future Policy Benefit, Gross Premium Income | 397.2 | 401.4 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense | 28.8 | 28.6 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Undiscounted, before Reinsurance | 4,526.3 | 4,191 | ||||||||
Liability for Future Policy Benefit, Expected Future Gross Premium, Undiscounted, before Reinsurance | 3,857.9 | 4,061.9 | ||||||||
Liability for Future Policy Benefit, Expected Future Gross Premium, Discounted, before Reinsurance | $ 2,820.7 | $ 3,102 | ||||||||
Liability for Future Policy Benefit, Weighted-Average Interest Accretion Rate | 5% | 5.10% | ||||||||
Liability for Future Policy Benefit, Current Weighted-Average Discount Rate | 5% | 4.60% | ||||||||
Liability for Future Policy Benefit, Weighted-Average Duration | 17 years 8 months 12 days | 15 years 8 months 12 days | ||||||||
Other Insurance Product Line | Closed Block | ||||||||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | ||||||||||
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change, balance beginning of year | $ 0 | $ 0 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance, balance at beginning of period | 0 | 0 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Cash Flow Change | 0 | 0 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | 0 | 0 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Reinsurance, after Cash Flow Change | 0 | 0 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Interest Income | 0 | 0 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Net Premium Collected | 0 | 0 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance, balance at end of period | 0 | 0 | ||||||||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | 0 | 0 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change | 0 | 0 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change, beginning of year | 8,218.8 | 10,414.4 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance, beginning of period | 8,630.7 | 8,949.4 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Cash Flow Change | 0 | 0 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | (6) | 12.9 | ||||||||
Liability for Future Policy Benefit, Expected Future Benefit, Original Discount Rate, before Reinsurance, after Cash Flow Change | 8,624.7 | 8,962.3 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Issuance | 72.1 | [9] | 92.5 | [10] | ||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense | 179.2 | 188.3 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Benefit Payment | (523) | (567.6) | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance, end of period | 8,353 | 8,675.5 | ||||||||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | (344.6) | (11) | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change, end of year | 8,008.4 | 8,664.5 | ||||||||
Liability for Future Policy Benefit, before Reinsurance, before Other | 8,008.4 | 8,664.5 | ||||||||
Liability for Future Policy Benefits, Other Contracts | 1,684.6 | [11] | 1,904 | [12] | ||||||
Liability for Future Policy Benefit, before Reinsurance, after Other | 9,693 | 10,568.5 | 14,251.1 | |||||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 7,600.1 | 8,261.8 | 9,957 | |||||||
Liability for Future Policy Benefit, after Reinsurance | 2,092.9 | 2,306.7 | 4,294.1 | |||||||
Liability for Future Policy Benefit, Gross Premium Income | 112.3 | 130.7 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense | 179.2 | 188.3 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Undiscounted, before Reinsurance | 12,312.6 | 12,719.4 | ||||||||
Liability for Future Policy Benefit, Expected Future Gross Premium, Undiscounted, before Reinsurance | 0 | 0 | ||||||||
Liability for Future Policy Benefit, Expected Future Gross Premium, Discounted, before Reinsurance | $ 0 | $ 0 | ||||||||
Liability for Future Policy Benefit, Weighted-Average Interest Accretion Rate | 4.60% | 4.60% | ||||||||
Liability for Future Policy Benefit, Current Weighted-Average Discount Rate | 5.10% | 4.50% | ||||||||
Liability for Future Policy Benefit, Weighted-Average Duration | 7 years 3 months 18 days | 7 years 2 months 12 days | ||||||||
Long-term Care | Closed Block | ||||||||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | ||||||||||
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change, balance beginning of year | $ 6,412.6 | $ 8,404.7 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance, balance at beginning of period | 6,236.1 | 6,457.3 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Cash Flow Change | 0 | 0 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | 51.3 | (39.4) | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Reinsurance, after Cash Flow Change | 6,287.4 | 6,417.9 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Interest Income | 167.7 | 176.7 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Net Premium Collected | (283.4) | (283.5) | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance, balance at end of period | 6,171.7 | 6,311.1 | ||||||||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | 219.8 | 543.6 | ||||||||
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change | 6,391.5 | 6,854.7 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change, beginning of year | 21,199.9 | 30,089.6 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance, beginning of period | 20,221.6 | 19,870.8 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Cash Flow Change | 0 | 0 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | 70.9 | (44.5) | ||||||||
Liability for Future Policy Benefit, Expected Future Benefit, Original Discount Rate, before Reinsurance, after Cash Flow Change | $ 20,292.5 | $ 19,826.3 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Issuance | 0 | 0 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense | 549.4 | 553.5 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Benefit Payment | (407.9) | (358.9) | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance, end of period | 20,434 | 20,020.9 | ||||||||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | 1,383.3 | 2,858.9 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change, end of year | 21,817.3 | 22,879.8 | ||||||||
Liability for Future Policy Benefit, before Reinsurance, before Other | 15,425.8 | 16,025.1 | ||||||||
Liability for Future Policy Benefits, Other Contracts | 24.5 | 24 | ||||||||
Liability for Future Policy Benefit, before Reinsurance, after Other | 15,450.3 | 16,049.1 | 22,740.9 | |||||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 5.4 | 5.7 | 44.4 | |||||||
Liability for Future Policy Benefit, after Reinsurance | 15,444.9 | 16,043.4 | $ 22,696.5 | |||||||
Liability for Future Policy Benefit, Gross Premium Income | 349 | 348.6 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense | 381.7 | 376.8 | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Undiscounted, before Reinsurance | 52,124.2 | 52,888.7 | ||||||||
Liability for Future Policy Benefit, Expected Future Gross Premium, Undiscounted, before Reinsurance | 12,254.3 | 12,812.8 | ||||||||
Liability for Future Policy Benefit, Expected Future Gross Premium, Discounted, before Reinsurance | $ 7,171 | $ 7,378.3 | ||||||||
Liability for Future Policy Benefit, Weighted-Average Interest Accretion Rate | 5.60% | 5.50% | ||||||||
Liability for Future Policy Benefit, Current Weighted-Average Discount Rate | 5.10% | 4.50% | ||||||||
Liability for Future Policy Benefit, Weighted-Average Duration | 15 years 1 month 6 days | 15 years 10 months 24 days | ||||||||
[1] 2 We previously reported policy and contract benefits and reserves for future policy and contract benefits liabilities in our consolidated balance sheet as of June 30, 2022 of $1,815.9 million and $43,088.0 million, respectively, resulting in total policyholder liabilities of $44,903.9 million. These balances were reclassified into new line items, future policy benefits and policyholders' account balances, which would have reported balances of $39,154.8 million and $5,749.1 million, respectively, as of June 30, 2022, resulting in total policyholder liabilities of $44,903.9 million under the historical accounting method. 1 We previously reported policy and contract benefits and reserves for future policy and contract benefits liabilities in our consolidated balance sheet as of December 31, 2022 of $1,839.8 million and 42,330.2 million, respectively, resulting in total policyholder liabilities of $44,170.0 million. These balances were reclassified into new line items, future policy benefits and policyholders' account balances, which would have reported balances of $38,443.2 million and $5,726.8 million, respectively, as of December 31, 2022, resulting in total policyholder liabilities of $44,170.0 million under the historical accounting method. 1 Issuances include new policy issuances for most product lines. For our Unum US group disability, Unum US group life and AD&D and Closed Block - All Other product lines and certain of our Unum International product lines, this line represents new claim incurrals. 5 These amounts represent the portion of reinsurance recoverable related to the liability for future policy benefits. These amounts include the adjustments for the removal of shadow adjustments and for the effect of change in discount rate assumptions for the liability for future policy benefits ceded to third party reinsurers. 1 Issuances for Unum International primarily represents new claim incurrals. 1 Issuances include new policy issuances for most product lines. Issuances for Unum US group disability and Unum US group life and AD&D represents new claim incurrals. 1 Issuances include new policy issuances for most product lines. Issuances for Unum US group disability and Unum US group life and AD&D represents new claim incurrals. 1 Issuances for Closed Block - All Other represents new claim incurrals. 1 Issuances for Closed Block - All Other represents new claim incurrals. 2 Other for Closed Block - All Other primarily includes our closed block group pension products and certain of our ceded closed block individual life products. 2 Other for Closed Block - All Other primarily includes our closed block group pension products and certain of our ceded closed block individual life products. |
Policyholder Account Balance (D
Policyholder Account Balance (Details) - USD ($) $ in Millions | 6 Months Ended | |||||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | [2] | |||
Policyholder Account Balance [Roll Forward] | ||||||
Policyholders' Account Balances | $ 5,692.4 | $ 5,758.7 | [1] | $ 5,740.2 | ||
Operating Segments | ||||||
Policyholder Account Balance [Roll Forward] | ||||||
Policyholder Account Balance, before Reserves in excess of Account Balance, Beginning of Year | 5,598.6 | 5,679.6 | ||||
Policyholder Account Balance, Premium Received | 85.1 | 90.3 | ||||
Policyholder Account Balance, Policy Charge | (121.3) | [3] | (124.8) | [4] | ||
Policyholder Account Balance, Surrender and Withdrawal | (44.5) | (51.7) | ||||
Policyholder Account Balance, Benefit Payment | (143.3) | (146.2) | ||||
Policyholder Account Balance, Interest Expense | 187.3 | 182.6 | ||||
Policyholder Account Balance, Increase (Decrease) from Other Change | (14.5) | (9.1) | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | 5,547.4 | 5,620.7 | ||||
Policyholder Account Balance, Reserves in excess of Account Balance | 145 | 138 | ||||
Policyholders' Account Balances | 5,692.4 | 5,758.7 | ||||
Policyholder Account Balance, Reinsurance recoverable | 4,149.2 | 4,214.4 | ||||
Policyholder Account Balance, After reinsurance recoverable | $ 1,543.2 | $ 1,544.3 | ||||
Policyholder Account Balance, Weighted Average Crediting Rate | 6.90% | 6.60% | ||||
Policyholder Account Balance, Net Amount at Risk | $ 15,581.8 | [5] | $ 16,615.1 | [6] | ||
Policyholder Account Balance, Cash Surrender Value | 5,399.5 | 5,459.6 | ||||
Unum US | Voluntary Benefits | ||||||
Policyholder Account Balance [Roll Forward] | ||||||
Policyholder Account Balance, before Reserves in excess of Account Balance, Beginning of Year | 586.8 | 598.7 | ||||
Policyholder Account Balance, Premium Received | 30.2 | 33.4 | ||||
Policyholder Account Balance, Policy Charge | (30.7) | [3] | (33) | [4] | ||
Policyholder Account Balance, Surrender and Withdrawal | (16.4) | (17.9) | ||||
Policyholder Account Balance, Benefit Payment | (5.4) | (6) | ||||
Policyholder Account Balance, Interest Expense | 11.4 | 12 | ||||
Policyholder Account Balance, Increase (Decrease) from Other Change | 4.6 | 3.7 | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | 580.5 | 590.9 | ||||
Policyholder Account Balance, Reserves in excess of Account Balance | 96.7 | 86.4 | ||||
Policyholders' Account Balances | 677.2 | 677.3 | ||||
Policyholder Account Balance, Reinsurance recoverable | 1 | 1.1 | ||||
Policyholder Account Balance, After reinsurance recoverable | $ 676.2 | $ 676.2 | ||||
Policyholder Account Balance, Weighted Average Crediting Rate | 4% | 4.10% | ||||
Policyholder Account Balance, Net Amount at Risk | $ 4,695.5 | [5] | $ 5,117.2 | [6] | ||
Policyholder Account Balance, Cash Surrender Value | 570.3 | 586.9 | ||||
Colonial Life | ||||||
Policyholder Account Balance [Roll Forward] | ||||||
Policyholder Account Balance, before Reserves in excess of Account Balance, Beginning of Year | 852.4 | 849.2 | ||||
Policyholder Account Balance, Premium Received | 43.8 | 46.5 | ||||
Policyholder Account Balance, Policy Charge | (37.8) | [3] | (39.5) | [4] | ||
Policyholder Account Balance, Surrender and Withdrawal | (19.2) | (19) | ||||
Policyholder Account Balance, Benefit Payment | (4.1) | (4.3) | ||||
Policyholder Account Balance, Interest Expense | 17.1 | 17.1 | ||||
Policyholder Account Balance, Increase (Decrease) from Other Change | (0.1) | 0 | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | 852.1 | 850 | ||||
Policyholder Account Balance, Reserves in excess of Account Balance | 14.9 | 18.3 | ||||
Policyholders' Account Balances | 867 | 868.3 | ||||
Policyholder Account Balance, Reinsurance recoverable | 0 | 0.2 | ||||
Policyholder Account Balance, After reinsurance recoverable | $ 867 | $ 868.1 | ||||
Policyholder Account Balance, Weighted Average Crediting Rate | 4.10% | 4.10% | ||||
Policyholder Account Balance, Net Amount at Risk | $ 9,042.3 | [5] | $ 9,648.2 | [6] | ||
Policyholder Account Balance, Cash Surrender Value | 807.7 | 793 | ||||
Closed Block | Other Insurance Product Line | ||||||
Policyholder Account Balance [Roll Forward] | ||||||
Policyholder Account Balance, before Reserves in excess of Account Balance, Beginning of Year | 4,159.4 | 4,231.7 | ||||
Policyholder Account Balance, Premium Received | 11.1 | 10.4 | ||||
Policyholder Account Balance, Policy Charge | (52.8) | [3] | (52.3) | [4] | ||
Policyholder Account Balance, Surrender and Withdrawal | (8.9) | (14.8) | ||||
Policyholder Account Balance, Benefit Payment | (133.8) | (135.9) | ||||
Policyholder Account Balance, Interest Expense | 158.8 | 153.5 | ||||
Policyholder Account Balance, Increase (Decrease) from Other Change | (19) | (12.8) | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | 4,114.8 | 4,179.8 | ||||
Policyholder Account Balance, Reserves in excess of Account Balance | 33.4 | 33.3 | ||||
Policyholders' Account Balances | 4,148.2 | 4,213.1 | ||||
Policyholder Account Balance, Reinsurance recoverable | 4,148.2 | 4,213.1 | ||||
Policyholder Account Balance, After reinsurance recoverable | $ 0 | $ 0 | ||||
Policyholder Account Balance, Weighted Average Crediting Rate | 7.90% | 7.50% | ||||
Policyholder Account Balance, Net Amount at Risk | $ 1,844 | [5] | $ 1,849.7 | [6] | ||
Policyholder Account Balance, Cash Surrender Value | $ 4,021.5 | $ 4,079.7 | ||||
[1] 2 We previously reported policy and contract benefits and reserves for future policy and contract benefits liabilities in our consolidated balance sheet as of June 30, 2022 of $1,815.9 million and $43,088.0 million, respectively, resulting in total policyholder liabilities of $44,903.9 million. These balances were reclassified into new line items, future policy benefits and policyholders' account balances, which would have reported balances of $39,154.8 million and $5,749.1 million, respectively, as of June 30, 2022, resulting in total policyholder liabilities of $44,903.9 million under the historical accounting method. 1 We previously reported policy and contract benefits and reserves for future policy and contract benefits liabilities in our consolidated balance sheet as of December 31, 2022 of $1,839.8 million and 42,330.2 million, respectively, resulting in total policyholder liabilities of $44,170.0 million. These balances were reclassified into new line items, future policy benefits and policyholders' account balances, which would have reported balances of $38,443.2 million and $5,726.8 million, respectively, as of December 31, 2022, resulting in total policyholder liabilities of $44,170.0 million under the historical accounting method. 1 Contracts included in the policyholder account balances are generally charged a premium and/or monthly assessments on the basis of the account balance. 1 Contracts included in the policyholder account balances are generally charged a premium and/or monthly assessments on the basis of the account balance. 2 For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date. 2 For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date. |
Policyholder Account Balance, G
Policyholder Account Balance, Guaranteed Minimum Crediting (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Operating Segments | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | $ 5,547.4 | $ 5,598.6 | $ 5,620.7 | $ 5,679.6 |
Policyholder Account Balance, Guaranteed Minimum Credit Rating | Operating Segments | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | 1,749.5 | 5,399.3 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | Operating Segments | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | 3,770.5 | 214.9 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 | Operating Segments | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | 27.4 | 6.5 | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater | Operating Segments | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | 0 | 0 | ||
Colonial Life | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | 852.1 | 852.4 | 850 | 849.2 |
Colonial Life | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and 0500 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | 852.1 | 850 | ||
Colonial Life | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and 0500 | Policyholder Account Balance, Guaranteed Minimum Credit Rating | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | 846 | 844.1 | ||
Colonial Life | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and 0500 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | 6.1 | 5.9 | ||
Colonial Life | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and 0500 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | 0 | 0 | ||
Colonial Life | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and 0500 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | 0 | 0 | ||
Other Insurance Product Line | Closed Block | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | 4,114.8 | 4,159.4 | 4,179.8 | 4,231.7 |
Other Insurance Product Line | Closed Block | Policyholder Account Balance, Guaranteed Minimum Credit Rating | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | 509.8 | 4,144.5 | ||
Other Insurance Product Line | Closed Block | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | 3,577.6 | 28.8 | ||
Other Insurance Product Line | Closed Block | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | 27.4 | 6.5 | ||
Other Insurance Product Line | Closed Block | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | 0 | 0 | ||
Other Insurance Product Line | Closed Block | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 and 0599 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | 1,645.9 | 1,788.2 | ||
Other Insurance Product Line | Closed Block | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 and 0599 | Policyholder Account Balance, Guaranteed Minimum Credit Rating | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | 507.4 | 1,752.9 | ||
Other Insurance Product Line | Closed Block | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 and 0599 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | 1,111.1 | 28.8 | ||
Other Insurance Product Line | Closed Block | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 and 0599 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | 27.4 | 6.5 | ||
Other Insurance Product Line | Closed Block | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 and 0599 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | 0 | 0 | ||
Other Insurance Product Line | Closed Block | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0600 and 0899 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | 32.5 | 29.9 | ||
Other Insurance Product Line | Closed Block | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0600 and 0899 | Policyholder Account Balance, Guaranteed Minimum Credit Rating | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | 2.4 | 29.9 | ||
Other Insurance Product Line | Closed Block | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0600 and 0899 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | 30.1 | 0 | ||
Other Insurance Product Line | Closed Block | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0600 and 0899 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | 0 | 0 | ||
Other Insurance Product Line | Closed Block | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0600 and 0899 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | 0 | 0 | ||
Other Insurance Product Line | Closed Block | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0900 and 1199 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | 2,256.1 | 2,196.3 | ||
Other Insurance Product Line | Closed Block | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0900 and 1199 | Policyholder Account Balance, Guaranteed Minimum Credit Rating | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | 0 | 2,196.3 | ||
Other Insurance Product Line | Closed Block | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0900 and 1199 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | 2,256.1 | 0 | ||
Other Insurance Product Line | Closed Block | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0900 and 1199 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | 0 | 0 | ||
Other Insurance Product Line | Closed Block | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0900 and 1199 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | 0 | 0 | ||
Other Insurance Product Line | Closed Block | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 1200 and 1500 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | 180.3 | 165.4 | ||
Other Insurance Product Line | Closed Block | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 1200 and 1500 | Policyholder Account Balance, Guaranteed Minimum Credit Rating | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | 0 | 165.4 | ||
Other Insurance Product Line | Closed Block | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 1200 and 1500 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | 180.3 | 0 | ||
Other Insurance Product Line | Closed Block | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 1200 and 1500 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | 0 | 0 | ||
Other Insurance Product Line | Closed Block | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 1200 and 1500 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | 0 | 0 | ||
Voluntary Benefits | Unum US | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | 580.5 | $ 586.8 | 590.9 | $ 598.7 |
Voluntary Benefits | Unum US | Policyholder Account Balance, Guaranteed Minimum Credit Rating | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | 393.7 | 410.7 | ||
Voluntary Benefits | Unum US | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | 186.8 | 180.2 | ||
Voluntary Benefits | Unum US | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | 0 | 0 | ||
Voluntary Benefits | Unum US | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | 0 | 0 | ||
Voluntary Benefits | Unum US | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | 92.4 | 95.7 | ||
Voluntary Benefits | Unum US | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | Policyholder Account Balance, Guaranteed Minimum Credit Rating | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | 92.4 | 95.7 | ||
Voluntary Benefits | Unum US | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | 0 | 0 | ||
Voluntary Benefits | Unum US | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | 0 | 0 | ||
Voluntary Benefits | Unum US | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | 0 | 0 | ||
Voluntary Benefits | Unum US | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and 0499 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | 455 | 460.8 | ||
Voluntary Benefits | Unum US | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and 0499 | Policyholder Account Balance, Guaranteed Minimum Credit Rating | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | 268.2 | 280.6 | ||
Voluntary Benefits | Unum US | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and 0499 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | 186.8 | 180.2 | ||
Voluntary Benefits | Unum US | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and 0499 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | 0 | 0 | ||
Voluntary Benefits | Unum US | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and 0499 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | 0 | 0 | ||
Voluntary Benefits | Unum US | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0500 and 0600 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | 33.1 | 34.4 | ||
Voluntary Benefits | Unum US | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0500 and 0600 | Policyholder Account Balance, Guaranteed Minimum Credit Rating | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | 33.1 | 34.4 | ||
Voluntary Benefits | Unum US | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0500 and 0600 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | 0 | 0 | ||
Voluntary Benefits | Unum US | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0500 and 0600 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | 0 | 0 | ||
Voluntary Benefits | Unum US | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0500 and 0600 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, before Reserves in excess of Account Balance, End of Period | $ 0 | $ 0 | ||
Minimum | Colonial Life | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and 0500 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 4% | 4% | ||
Minimum | Other Insurance Product Line | Closed Block | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 and 0599 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 3% | 3% | ||
Minimum | Other Insurance Product Line | Closed Block | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0600 and 0899 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 6% | 6% | ||
Minimum | Other Insurance Product Line | Closed Block | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0900 and 1199 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 9% | 9% | ||
Minimum | Other Insurance Product Line | Closed Block | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 1200 and 1500 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 12% | 12% | ||
Minimum | Voluntary Benefits | Unum US | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 3% | 3% | ||
Minimum | Voluntary Benefits | Unum US | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and 0499 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 4% | 4% | ||
Minimum | Voluntary Benefits | Unum US | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0500 and 0600 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 5% | 5% | ||
Maximum | Colonial Life | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and 0500 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 5% | 5% | ||
Maximum | Other Insurance Product Line | Closed Block | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 and 0599 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 5.99% | 5.99% | ||
Maximum | Other Insurance Product Line | Closed Block | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0600 and 0899 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 8.99% | 8.99% | ||
Maximum | Other Insurance Product Line | Closed Block | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0900 and 1199 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 11.99% | 11.99% | ||
Maximum | Other Insurance Product Line | Closed Block | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 1200 and 1500 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 15% | 15% | ||
Maximum | Voluntary Benefits | Unum US | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 3.99% | 3.99% | ||
Maximum | Voluntary Benefits | Unum US | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and 0499 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 4.99% | 4.99% | ||
Maximum | Voluntary Benefits | Unum US | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0500 and 0600 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 6% | 6% |
Deferred Policy Acquisition Cos
Deferred Policy Acquisition Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Movement Analysis of Deferred Policy Acquisition Costs | ||||
Deferred Acquisition Costs at Beginning of Year | $ 2,560 | |||
Deferred Policy Acquisition Costs, Amortization Expense | $ (113.7) | $ (106.5) | (229.6) | $ (210.1) |
Deferred Acquisition Costs at End of Period | 2,647.2 | 2,493.3 | 2,647.2 | 2,493.3 |
Operating Segments | ||||
Movement Analysis of Deferred Policy Acquisition Costs | ||||
Deferred Acquisition Costs at Beginning of Year | 2,560 | 2,427.4 | ||
Deferred Policy Acquisition Cost | 314.2 | 279.7 | ||
Deferred Policy Acquisition Costs, Amortization Expense | (229.6) | (210.1) | ||
Deferred Policy Acquisition Cost, Foreign Currency Translation Adjustment and Other | 2.6 | (3.7) | ||
Deferred Acquisition Costs at End of Period | 2,647.2 | 2,493.3 | 2,647.2 | 2,493.3 |
Unum US | ||||
Movement Analysis of Deferred Policy Acquisition Costs | ||||
Deferred Acquisition Costs at Beginning of Year | 1,185.1 | 1,152.9 | ||
Deferred Policy Acquisition Cost | 156.1 | 133.2 | ||
Deferred Policy Acquisition Costs, Amortization Expense | (129.2) | (115.6) | ||
Deferred Policy Acquisition Cost, Foreign Currency Translation Adjustment and Other | 0 | 0 | ||
Deferred Acquisition Costs at End of Period | 1,212 | 1,170.5 | 1,212 | 1,170.5 |
Unum US | Group Disability | ||||
Movement Analysis of Deferred Policy Acquisition Costs | ||||
Deferred Acquisition Costs at Beginning of Year | 61 | 60.9 | ||
Deferred Policy Acquisition Cost | 30.4 | 25.2 | ||
Deferred Policy Acquisition Costs, Amortization Expense | (25.9) | (23.8) | ||
Deferred Acquisition Costs at End of Period | 65.5 | 62.3 | 65.5 | 62.3 |
Unum US | Group Life and AD&D | ||||
Movement Analysis of Deferred Policy Acquisition Costs | ||||
Deferred Acquisition Costs at Beginning of Year | 49.3 | 53.9 | ||
Deferred Policy Acquisition Cost | 19.9 | 17.9 | ||
Deferred Policy Acquisition Costs, Amortization Expense | (19.3) | (19.5) | ||
Deferred Acquisition Costs at End of Period | 49.9 | 52.3 | 49.9 | 52.3 |
Unum US | Individual Disability | ||||
Movement Analysis of Deferred Policy Acquisition Costs | ||||
Deferred Acquisition Costs at Beginning of Year | 464.4 | 441.8 | ||
Deferred Policy Acquisition Cost | 42.1 | 33 | ||
Deferred Policy Acquisition Costs, Amortization Expense | (26.7) | (24.3) | ||
Deferred Acquisition Costs at End of Period | 479.8 | 450.5 | 479.8 | 450.5 |
Unum US | Voluntary Benefits | ||||
Movement Analysis of Deferred Policy Acquisition Costs | ||||
Deferred Acquisition Costs at Beginning of Year | 601 | 588.6 | ||
Deferred Policy Acquisition Cost | 57.6 | 52.2 | ||
Deferred Policy Acquisition Costs, Amortization Expense | (52.2) | (43.6) | ||
Deferred Acquisition Costs at End of Period | 606.4 | 597.2 | 606.4 | 597.2 |
Unum US | Dental and Vision | ||||
Movement Analysis of Deferred Policy Acquisition Costs | ||||
Deferred Acquisition Costs at Beginning of Year | 9.4 | 7.7 | ||
Deferred Policy Acquisition Cost | 6.1 | 4.9 | ||
Deferred Policy Acquisition Costs, Amortization Expense | (5.1) | (4.4) | ||
Deferred Acquisition Costs at End of Period | 10.4 | 8.2 | 10.4 | 8.2 |
Unum International | ||||
Movement Analysis of Deferred Policy Acquisition Costs | ||||
Deferred Acquisition Costs at Beginning of Year | 37 | 36.4 | ||
Deferred Policy Acquisition Cost | 7 | 6.4 | ||
Deferred Policy Acquisition Costs, Amortization Expense | (3.7) | (4.8) | ||
Deferred Policy Acquisition Cost, Foreign Currency Translation Adjustment and Other | 2.6 | (3.7) | ||
Deferred Acquisition Costs at End of Period | 42.9 | 34.3 | 42.9 | 34.3 |
Colonial Life | ||||
Movement Analysis of Deferred Policy Acquisition Costs | ||||
Deferred Acquisition Costs at Beginning of Year | 1,337.9 | 1,238.1 | ||
Deferred Policy Acquisition Cost | 151.1 | 140.1 | ||
Deferred Policy Acquisition Costs, Amortization Expense | (96.7) | (89.7) | ||
Deferred Policy Acquisition Cost, Foreign Currency Translation Adjustment and Other | 0 | 0 | ||
Deferred Acquisition Costs at End of Period | $ 1,392.3 | $ 1,288.5 | $ 1,392.3 | $ 1,288.5 |
Premium Income by Major Line of
Premium Income by Major Line of Business within Each Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Segment Reporting Information | ||||
Premium Income | $ 2,509.1 | $ 2,416 | $ 4,968.4 | $ 4,817.4 |
Operating Segments | ||||
Segment Reporting Information | ||||
Premium Income | 2,509.1 | 2,416 | 4,968.4 | 4,817.4 |
Operating Segments | Unum US | ||||
Segment Reporting Information | ||||
Premium Income | 1,641.4 | 1,571 | 3,251 | 3,114 |
Operating Segments | Unum US | Group Long-term Disability | ||||
Segment Reporting Information | ||||
Premium Income | 516.1 | 474.4 | 1,020.8 | 938.3 |
Operating Segments | Unum US | Group Short-term Disability | ||||
Segment Reporting Information | ||||
Premium Income | 256.2 | 232.1 | 496.5 | 453.7 |
Operating Segments | Unum US | Group Life | ||||
Segment Reporting Information | ||||
Premium Income | 418.2 | 419.6 | 831.3 | 832.2 |
Operating Segments | Unum US | Accidental Death & Dismemberment | ||||
Segment Reporting Information | ||||
Premium Income | 43.6 | 43.8 | 87.1 | 85.9 |
Operating Segments | Unum US | Voluntary Benefits | ||||
Segment Reporting Information | ||||
Premium Income | 213.4 | 214.4 | 427.9 | 433 |
Operating Segments | Unum US | Individual Disability | ||||
Segment Reporting Information | ||||
Premium Income | 125.8 | 117.8 | 250 | 231.4 |
Operating Segments | Unum US | Dental and Vision | ||||
Segment Reporting Information | ||||
Premium Income | 68.1 | 68.9 | 137.4 | 139.5 |
Operating Segments | Unum International | ||||
Segment Reporting Information | ||||
Premium Income | 207.9 | 179.4 | 396.5 | 367.2 |
Operating Segments | Unum International | Group Long-term Disability | ||||
Segment Reporting Information | ||||
Premium Income | 104.7 | 94.3 | 196.4 | 197.7 |
Operating Segments | Unum International | Group Life | ||||
Segment Reporting Information | ||||
Premium Income | 41.1 | 33.3 | 80.3 | 65.5 |
Operating Segments | Unum International | Supplemental | ||||
Segment Reporting Information | ||||
Premium Income | 33.5 | 29.4 | 65.3 | 58.4 |
Operating Segments | Unum International | Unum Poland | ||||
Segment Reporting Information | ||||
Premium Income | 28.6 | 22.4 | 54.5 | 45.6 |
Operating Segments | Colonial Life | ||||
Segment Reporting Information | ||||
Premium Income | 430.6 | 427.6 | 860.1 | 858.3 |
Operating Segments | Colonial Life | Accident, Sickness, and Disability | ||||
Segment Reporting Information | ||||
Premium Income | 235.6 | 238.2 | 471.3 | 477.9 |
Operating Segments | Colonial Life | Life | ||||
Segment Reporting Information | ||||
Premium Income | 106.6 | 101.3 | 211.9 | 203 |
Operating Segments | Colonial Life | Cancer and Critical Illness Colonial | ||||
Segment Reporting Information | ||||
Premium Income | 88.4 | 88.1 | 176.9 | 177.4 |
Operating Segments | Closed Block | ||||
Segment Reporting Information | ||||
Premium Income | 229.2 | 238 | 460.8 | 477.9 |
Operating Segments | Closed Block | Long-term Care | ||||
Segment Reporting Information | ||||
Premium Income | 174 | 173.7 | 349.1 | 348.5 |
Operating Segments | Closed Block | Other Insurance Product Line | ||||
Segment Reporting Information | ||||
Premium Income | $ 55.2 | $ 64.3 | $ 111.7 | $ 129.4 |
Selected Operating Statement Da
Selected Operating Statement Data by Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Segment Reporting Information | ||||
Premium Income | $ 2,509.1 | $ 2,416 | $ 4,968.4 | $ 4,817.4 |
Net Investment Income | 531.1 | 559 | 1,039.9 | 1,086.2 |
Other Income | 71.1 | 68.7 | 139 | 134.5 |
Operating Segments | ||||
Segment Reporting Information | ||||
Premium Income | 2,509.1 | 2,416 | 4,968.4 | 4,817.4 |
Net Investment Income | 531.1 | 559 | 1,039.9 | 1,086.2 |
Other Income | 71.1 | 68.7 | 139 | 134.5 |
Adjusted Operating Revenue | 3,111.3 | 3,043.7 | 6,147.3 | 6,038.1 |
Adjusted Operating Income (Loss) | 518.4 | 466.6 | 987.9 | 801.9 |
Operating Segments | Unum US | ||||
Segment Reporting Information | ||||
Premium Income | 1,641.4 | 1,571 | 3,251 | 3,114 |
Net Investment Income | 158 | 167.8 | 315.3 | 338.8 |
Other Income | 54.5 | 50.7 | 108.1 | 97.8 |
Adjusted Operating Revenue | 1,853.9 | 1,789.5 | 3,674.4 | 3,550.6 |
Adjusted Operating Income (Loss) | 343.1 | 291.9 | 655.6 | 460.2 |
Operating Segments | Unum International | ||||
Segment Reporting Information | ||||
Premium Income | 207.9 | 179.4 | 396.5 | 367.2 |
Net Investment Income | 45.8 | 50.8 | 76.7 | 85.3 |
Other Income | 0.1 | 0.3 | 0.5 | 0.5 |
Adjusted Operating Revenue | 253.8 | 230.5 | 473.7 | 453 |
Adjusted Operating Income (Loss) | 43.5 | 28.1 | 81.9 | 54 |
Operating Segments | Colonial Life | ||||
Segment Reporting Information | ||||
Premium Income | 430.6 | 427.6 | 860.1 | 858.3 |
Net Investment Income | 38 | 38.7 | 75.3 | 76.8 |
Other Income | 0.4 | 0.2 | 0.6 | 0.5 |
Adjusted Operating Revenue | 469 | 466.5 | 936 | 935.6 |
Adjusted Operating Income (Loss) | 115.5 | 96.6 | 209.4 | 199.5 |
Operating Segments | Closed Block | ||||
Segment Reporting Information | ||||
Premium Income | 229.2 | 238 | 460.8 | 477.9 |
Net Investment Income | 263.9 | 291.5 | 521.1 | 566.3 |
Other Income | 13.8 | 16.5 | 27.3 | 32.5 |
Adjusted Operating Revenue | 506.9 | 546 | 1,009.2 | 1,076.7 |
Adjusted Operating Income (Loss) | 51.2 | 86.9 | 109.4 | 165.5 |
Operating Segments | Corporate | ||||
Segment Reporting Information | ||||
Premium Income | 0 | 0 | 0 | 0 |
Net Investment Income | 25.4 | 10.2 | 51.5 | 19 |
Other Income | 2.3 | 1 | 2.5 | 3.2 |
Adjusted Operating Revenue | 27.7 | 11.2 | 54 | 22.2 |
Adjusted Operating Income (Loss) | $ (34.9) | $ (36.9) | $ (68.4) | $ (77.3) |
Assets by Segment (Detail)
Assets by Segment (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 |
Segment Reporting Information | |||
Total Assets | $ 61,904.4 | $ 61,148.5 | $ 63,510.1 |
Operating Segments | Unum US | |||
Segment Reporting Information | |||
Total Assets | 15,813.2 | 16,356.3 | |
Operating Segments | Unum International | |||
Segment Reporting Information | |||
Total Assets | 3,315.2 | 3,129.4 | |
Operating Segments | Colonial Life | |||
Segment Reporting Information | |||
Total Assets | 4,674.9 | 4,575 | |
Operating Segments | Closed Block | |||
Segment Reporting Information | |||
Total Assets | 34,309.8 | 33,776.6 | |
Operating Segments | Corporate | |||
Segment Reporting Information | |||
Total Assets | $ 3,791.3 | $ 3,311.2 |
Reconciliation of Total Revenue
Reconciliation of Total Revenue and Income Before Income Tax to Operating Revenue and Operating Income (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Segment Reporting, Revenue Reconciling Item | ||||
Total Revenue | $ 3,112.2 | $ 3,039.6 | $ 6,148.3 | $ 6,020.2 |
Net Investment Gain (Loss) | 0.9 | (4.1) | 1 | (17.9) |
Operating Segments | ||||
Segment Reporting, Revenue Reconciling Item | ||||
Total Revenue | 3,112.2 | 3,039.6 | 6,148.3 | 6,020.2 |
Net Investment Gain (Loss) | 0.9 | (4.1) | 1 | (17.9) |
Adjusted Operating Revenue | 3,111.3 | 3,043.7 | 6,147.3 | 6,038.1 |
Income Before Income Tax | 498.4 | 439.2 | 949.7 | 734.9 |
Adjusted Operating Income | 518.4 | 466.6 | 987.9 | 801.9 |
Operating Segments | Closed Block Individual Disability Reinsurance Transaction | ||||
Segment Reporting, Revenue Reconciling Item | ||||
Amortization of the Cost of Reinsurance | (11) | (13.3) | (22) | (26.7) |
Non-Contemporaneous Reinsurance | $ (9.9) | $ (10) | $ (17.2) | $ (22.4) |
Segment Information Segments -
Segment Information Segments - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2023 Integer | |
Segment Reporting [Abstract] | |
Number of Operating Segments | 3 |
Employee Benefit Plans Net Peri
Employee Benefit Plans Net Periodic Benefit Cost (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pension Plan | UNITED STATES | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||||
Service Cost | $ 2.3 | $ 2 | $ 4.6 | $ 3.9 |
Interest Cost | 22 | 16.8 | 44 | 33.6 |
Expected Return on Plan Assets | (23.1) | (26.5) | (46.1) | (53) |
Amortization of Net Actuarial (Gain) Loss | 3.8 | 4 | 7.6 | 8.1 |
Amortization of Prior Service Credit | 0 | 0 | ||
Net Periodic Benefit Cost (Credit) | 5 | (3.7) | 10.1 | (7.4) |
Pension Plan | UNITED KINGDOM | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||||
Service Cost | 0 | 0 | 0 | 0 |
Interest Cost | 1.9 | 1.2 | 3.8 | 2.6 |
Expected Return on Plan Assets | (2.1) | (2.7) | (4.2) | (5.7) |
Amortization of Net Actuarial (Gain) Loss | 0.7 | 0.1 | 1.3 | 0.2 |
Amortization of Prior Service Credit | 0 | 0 | ||
Net Periodic Benefit Cost (Credit) | 0.5 | (1.4) | 0.9 | (2.9) |
Other Postretirement Benefit Plans | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||||
Service Cost | 0 | 0 | 0 | 0 |
Interest Cost | 1.2 | 0.8 | 2.3 | 1.5 |
Expected Return on Plan Assets | (0.1) | (0.1) | (0.2) | (0.2) |
Amortization of Net Actuarial (Gain) Loss | (2.7) | (0.3) | (5.3) | (0.5) |
Amortization of Prior Service Credit | (0.1) | (0.1) | ||
Net Periodic Benefit Cost (Credit) | $ (1.6) | $ 0.4 | $ (3.3) | $ 0.7 |
Basic and Diluted Earnings Per
Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Numerator | ||||
Net Income | $ 392.9 | $ 367.3 | $ 751.2 | $ 607.7 |
Denominator | ||||
Weighted Average Common Shares - Basic | 197,180,400 | 201,151,700 | 197,641,300 | 201,888,800 |
Dilution for Assumed Exercises of Stock Options and Nonvested Stock Awards | 956,100 | 1,280,000 | 1,182,500 | 1,077,700 |
Weighted Average Common Shares - Assuming Dilution | 198,136,500 | 202,431,700 | 198,823,800 | 202,966,500 |
Net Income Per Common Share | ||||
Basic | $ 1.99 | $ 1.83 | $ 3.80 | $ 3.01 |
Assuming Dilution | $ 1.98 | $ 1.81 | $ 3.78 | $ 2.99 |
Treasury Stock Transactions (De
Treasury Stock Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Treasury Stock, Value [Abstract] | |||||
Number of Treasury Shares Repurchased | 1,800,000 | 2,400,000 | 3,100,000 | ||
Cost of Shares Repurchased | [1] | $ 47 | $ 57.4 | $ 100.6 | $ 94.9 |
Commissions Paid on Stock Repurchases | 0.1 | 0.1 | 0.1 | 0.1 | |
Share Repurchases Excise Tax | $ 0.4 | $ 0 | $ 0.5 | $ 0 | |
[1]1Includes $0.1 million of commissions for the three and six months ended June 30, 2023 and $0.1 million of commission for the three and six months ended June 30, 2022. There was $0.4 million and $0.5 million of excise tax for the three and six months ended June 30, 2023, respectively. There were no excise taxes during the three and six months ended June 30, 2022. |
Stockholders' Equity and Earn_3
Stockholders' Equity and Earnings Per Common Share - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jul. 03, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Feb. 21, 2023 | Dec. 01, 2022 | ||
Outstanding Restricted Stock and Stock Success Unit Grant Prices Lower Limit | $ 18.78 | $ 18.78 | ||||||
Outstanding Restricted Stock and Stock Success Unit Grant Prices Upper Limit | $ 45.58 | $ 45.58 | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | 800,000 | 100,000 | 700,000 | 200,000 | ||||
Cost of Shares Repurchased | [1] | $ 47 | $ 57.4 | $ 100.6 | $ 94.9 | |||
Number of Treasury Shares Repurchased | 1,800,000 | 2,400,000 | 3,100,000 | |||||
Authorized Shares of Preferred Stock | 25,000,000 | 25,000,000 | ||||||
Par Value Per Share of Preferred Stock | $ 0.10 | $ 0.10 | ||||||
Issued Shares of Preferred Stock | 0 | 0 | ||||||
Repurchase Program Authorized in December 2022 | ||||||||
Authorized Amount of Treasury Share Repurchases Under Stock Repurchase Program | $ 200 | |||||||
Repurchase Program Authorized in February 2023 | ||||||||
Authorized Amount of Treasury Share Repurchases Under Stock Repurchase Program | $ 250 | |||||||
Remaining Amount of Treasury Share Repurchases Authorized Under Stock Repurchase Program | $ 150 | $ 150 | ||||||
Accelerated Share Repurchase Agreement [Member] | ||||||||
Cost of Shares Repurchased | $ 50 | |||||||
Number of Treasury Shares Repurchased | 1,700,000 | |||||||
Accelerated Share Repurchase Agreement [Member] | Subsequent Event | ||||||||
Cost of Shares Repurchased | $ 50 | |||||||
Open Market Share Repurchases [Member] | ||||||||
Cost of Shares Repurchased | $ 44.9 | |||||||
Number of Treasury Shares Repurchased | 1,100,000 | 1,400,000 | ||||||
[1]1Includes $0.1 million of commissions for the three and six months ended June 30, 2023 and $0.1 million of commission for the three and six months ended June 30, 2022. There was $0.4 million and $0.5 million of excise tax for the three and six months ended June 30, 2023, respectively. There were no excise taxes during the three and six months ended June 30, 2022. |
Allowance for Expected Credit L
Allowance for Expected Credit Losses on Premiums Receivable (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Credit Loss [Abstract] | |||||||
Premium Receivable, Allowance for Credit Loss | $ 28.7 | $ 34.3 | $ 28.7 | $ 31.6 | $ 32.5 | $ 35 | $ 34.2 |
Premiums Receivable, Gross | 660.3 | 593.4 | 660.3 | $ 635.6 | $ 557.6 | $ 600.9 | $ 530.7 |
Premium Receivable, Credit Loss Expense (Reversal) | $ (2.9) | $ (0.7) | $ (3.8) |