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Management’s Discussion and Analysis of
Financial Condition and Results of Operations
Unum 2011 Annual Report
24
December 31, 2011
Gross Total
Policy Claim Reserves Reinsurance Total
(in millions of dollars) Reserves % Incurred IBNR % Total Ceded Net
Group Disability $ — —% $ 7,230.0 $ 595.7 31.8% $ 7,825.7 $ 63.8 $ 7,761.9
Group Life and Accidental
Death & Dismemberment 74.3 0.5 780.5 146.2 3.8 1,001.0 1.0 1,000.0
Individual Disability —
Recently Issued 546.7 3.7 1,063.9 104.5 4.8 1,715.1 91.0 1,624.1
Voluntary Benefits 1,138.6 7.7 42.1 45.8 0.3 1,226.5 26.5 1,200.0
Unum US Segment 1,759.6 11.9 9,116.5 892.2 40.7 11,768.3 182.3 11,586.0
Unum UK Segment 26.2 0.2 2,118.7 121.4 9.1 2,266.3 108.1 2,158.2
Colonial Life Segment 1,399.5 9.5 243.2 90.1 1.4 1,732.8 12.2 1,720.6
Individual Disability 1,112.3 7.6 10,494.0 299.1 43.9 11,905.4 1,477.2 10,428.2
Long-term Care 4,728.3 32.1 667.8 50.3 2.9 5,446.4 48.2 5,398.2
Other 5,687.9 38.7 306.5 186.7 2.0 6,181.1 4,824.6 1,356.5
Closed Block Segment 11,528.5 78.4 11,468.3 536.1 48.8 23,532.9 6,350.0 17,182.9
Subtotal, Excl. Unrealized Adj. $14,713.8 100.0% $22,946.7 $1,639.8 100.0% 39,300.3 6,652.6 32,647.7
Unrealized Adjustment to Reserves
for Unrealized Gain on Securities 5,245.6 293.2 4,952.4
Consolidated $44,545.9 $6,945.8 $37,600.1
December 31, 2010
Gross Total
Policy Claim Reserves Reinsurance Total
Reserves % Incurred IBNR % Total Ceded Net
Group Disability $ — —% $ 7,480.2 $ 590.2 33.2% $ 8,070.4 $ 69.4 $ 8,001.0
Group Life and Accidental
Death & Dismemberment 72.9 0.5 783.7 152.8 3.8 1,009.4 1.5 1,007.9
Individual Disability—
Recently Issued 534.5 3.9 1,005.1 99.9 4.5 1,639.5 88.3 1,551.2
Voluntary Benefits 1,060.3 7.7 24.1 59.0 0.4 1,143.4 24.8 1,118.6
Unum US Segment 1,667.7 12.1 9,293.1 901.9 41.9 11,862.7 184.0 11,678.7
Unum UK Segment 26.6 0.2 2,057.6 142.7 9.0 2,226.9 105.6 2,121.3
Colonial Life Segment 1,318.0 9.5 228.9 78.6 1.3 1,625.5 17.8 1,607.7
Individual Disability 1,249.1 9.0 10,335.3 309.6 43.7 11,894.0 1,457.4 10,436.6
Long-term Care 3,867.1 27.9 391.6 38.5 1.8 4,297.2 47.8 4,249.4
Other 5,703.8 41.3 364.7 196.9 2.3 6,265.4 4,860.1 1,405.3
Closed Block Segment 10,820.0 78.2 11,091.6 545.0 47.8 22,456.6 6,365.3 16,091.3
Subtotal, Excl. Unrealized Adj. $13,832.3 100.0% $22,671.2 $1,668.2 100.0% 38,171.7 6,672.7 31,499.0
Unrealized Adjustment to Reserves
for Unrealized Gain on Securities 3,108.3 159.0 2,949.3
Consolidated $41,280.0 $6,831.7 $34,448.3