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Management’s Discussion and Analysis of
Financial Condition and Results of Operations
26 UNUM 2012 ANNUAL REPORT
December 31, 2012
Gross Total
Policy Claim Reserves Reinsurance Total
(in millions of dollars) Reserves % Incurred IBNR % Total Ceded Net
Group Disability $ — —% $ 7,000.8 $ 596.0 30.9% $ 7,596.8 $ 61.3 $ 7,535.5
Group Life and Accidental
Death & Dismemberment 73.8 0.5 790.1 168.1 3.9 1,032.0 1.0 1,031.0
Individual Disability —
Recently Issued 557.8 3.6 1,093.2 126.0 5.0 1,777.0 91.2 1,685.8
Voluntary Benefits 1,224.3 8.0 42.4 49.4 0.4 1,316.1 28.6 1,287.5
Unum US Segment 1,855.9 12.1 8,926.5 939.5 40.2 11,721.9 182.1 11,539.8
Unum UK Segment 25.6 0.2 2,251.7 142.2 9.7 2,419.5 108.3 2,311.2
Colonial Life Segment 1,490.3 9.7 251.4 99.4 1.4 1,841.1 9.4 1,831.7
Individual Disability 985.7 6.4 10,406.2 297.3 43.6 11,689.2 1,492.7 10,196.5
Long-term Care 5,272.5 34.4 747.0 81.3 3.4 6,100.8 47.0 6,053.8
Other 5,704.5 37.2 258.8 165.7 1.7 6,129.0 4,829.9 1,299.1
Closed Block Segment 11,962.7 78.0 11,412.0 544.3 48.7 23,919.0 6,369.6 17,549.4
Subtotal, Excl. Unrealized Adj. $15,334.5 100.0% $22,841.6 $1,725.4 100.0% 39,901.5 6,669.4 33,232.1
Unrealized Adjustment to Reserves
for Unrealized Gain on Securities 6,277.5 351.5 5,926.0
Consolidated $46,179.0 $7,020.9 $39,158.1
December 31, 2011
Gross Total
Policy Claim Reserves Reinsurance Total
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