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28 UNUM • 2014 ANNUAL REPORT
Management’s Discussion and Analysis
of Financial Condition and Results of Operations
December 31, 2014
Gross Total
Policy Claim Reserves Reinsurance Total
(in millions of dollars) Reserves % Incurred IBNR % Total Ceded Net
Group Disability $ — —% $ 6,558.4 $ 581.1 29.5% $ 7,139.5 $ 66.9 $ 7,072.6
Group Life and Accidental
Death & Dismemberment 68.8 0.4 712.6 195.4 3.7 976.8 3.9 972.9
Individual Disability 555.6 3.2 1,201.5 127.3 5.5 1,884.4 112.5 1,771.9
Voluntary Benefits 1,366.4 8.0 52.3 58.4 0.5 1,477.1 29.1 1,448.0
Unum US Segment 1,990.8 11.6 8,524.8 962.2 39.2 11,477.8 212.4 11,265.4
Unum UK Segment 22.8 0.1 2,168.2 145.2 9.6 2,336.2 112.3 2,223.9
Colonial Life Segment 1,670.4 9.8 279.4 127.3 1.7 2,077.1 9.9 2,067.2
Individual Disability 735.0 4.3 10,150.9 285.6 43.1 11,171.5 1,551.7 9,619.8
Long-term Care 6,884.2 40.2 1,083.3 111.9 4.9 8,079.4 42.5 8,036.9
Other 5,811.4 34.0 214.3 140.7 1.5 6,166.4 4,959.8 1,206.6
Closed Block Segment 13,430.6 78.5 11,448.5 538.2 49.5 25,417.3 6,554.0 18,863.3
Subtotal $17,114.6 100.0% $22,420.9 $1,772.9 100.0% 41,308.4 6,888.6 34,419.8
Adjustment to Reserves
for Unrealized Gain on Securities 6,150.3 365.0 5,785.3
Consolidated $47,458.7 $7,253.6 $40,205.1
December 31, 2013
Gross Total
Policy Claim Reserves Reinsurance Total
Reserves % Incurred IBNR % Total Ceded Net
Group Disability $ — —% $ 6,810.3 $ 569.1 30.1% $ 7,379.4 $ 66.6 $ 7,312.8
Group Life and Accidental
Death & Dismemberment 72.3 0.5 713.2 201.1 3.7 986.6 2.5 984.1
Individual Disability 558.3 3.5 1,155.7 124.4 5.2 1,838.4 104.3 1,734.1
Voluntary Benefits 1,298.4 8.1 48.9 73.2 0.5 1,420.5 29.2 1,391.3
Unum US Segment 1,929.0 12.1 8,728.1 967.8 39.5 11,624.9 202.6 11,422.3
Unum UK Segment 24.9 0.1 2,286.0 171.7 10.0 2,482.6 130.1 2,352.5
Colonial Life Segment 1,577.6 9.9 274.1 134.1 1.7 1,985.8 13.9 1,971.9
Individual Disability 859.3 5.4 10,346.8 281.9 43.3 11,488.0 1,545.0 9,943.0
Long-term Care 5,791.4 36.3 865.7 94.8 3.9 6,751.9 42.6 6,709.3
Other 5,783.8 36.2 234.4 150.2 1.6 6,168.4 4,915.2 1,253.2
Closed Block Segment 12,434.5 77.9 11,446.9 526.9 48.8 24,408.3 6,502.8 17,905.5
Subtotal $15,966.0 100.0% $22,735.1 $1,800.5 100.0% 40,501.6 6,849.4 33,652.2
Adjustment to Reserves
for Unrealized Gain on Securities 4,108.5 263.8 3,844.7
Consolidated $44,610.1 $7,113.2 $37,496.9