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Management’s Discussion and Analysis
of Financial Condition and Results of Operations
28 Unum 2015 Annual Report
December 31, 2015
Gross Total
Policy Claim Reserves Reinsurance Total
(in millions of dollars) Reserves % Incurred IBNR % Total Ceded Net
Group Disability $ — —% $ 6,347.0 $ 597.2 29.2% $ 6,944.2 $ 66.3 $ 6,877.9
Group Life and Accidental
Death & Dismemberment 68.3 0.4 725.9 186.8 3.8 981.0 4.8 976.2
Individual Disability 552.9 3.1 1,238.2 130.8 5.8 1,921.9 109.9 1,812.0
Voluntary Benefits 1,434.4 8.1 48.9 48.5 0.4 1,531.8 28.6 1,503.2
Unum US Segment 2,055.6 11.6 8,360.0 963.3 39.2 11,378.9 209.6 11,169.3
Unum UK Segment 21.0 0.1 2,053.6 135.0 9.2 2,209.6 101.2 2,108.4
Colonial Life Segment 1,760.0 10.0 276.5 132.2 1.7 2,168.7 8.1 2,160.6
Individual Disability 620.0 3.5 9,922.8 259.2 42.8 10,802.0 1,568.5 9,233.5
Long-term Care 7,383.3 41.9 1,225.4 123.4 5.7 8,732.1 42.5 8,689.6
Other 5,810.8 32.9 204.2 140.5 1.4 6,155.5 4,991.0 1,164.5
Closed Block Segment 13,814.1 78.3 11,352.4 523.1 49.9 25,689.6 6,602.0 19,087.6
Subtotal $17,650.7 100.0% $22,042.5 $1,753.6 100.0% 41,446.8 6,920.9 34,525.9
Adjustment Related to Unrealized
Investment Gains and Losses 3,578.4 263.2 3,315.2
Consolidated $45,025.2 $7,184.1 $37,841.1
December 31, 2014
Gross Total
Policy Claim Reserves Reinsurance Total
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 Related to Unrealized
Investment Gains and Losses 6,150.3 365.0 5,785.3
Consolidated $47,458.7 $7,253.6 $40,205.1