Unum Group
For the period ended Dec 31, 2023. Filed Feb 20, 2024.
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FY2023 · Filed Feb 20, 2024
UNM$81.24+1.3%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended December 31 | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| (in millions of dollars) | |||
| As Adjusted | |||
| Cash Flows from Operating Activities | |||
| Net Income | $1,283.8 | $1,407.2 | $981.0 |
| Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities | |||
| Change in Receivables | 602.7 | 590.6 | 676.1 |
| Change in Deferred Acquisition Costs | (150.8) | (135.8) | (71.1) |
| Change in Insurance Liabilities | (313.2) | (244.7) | 37.7 |
| Change in Income Taxes | (84.3) | (31.3) | 335.3 |
| Change in Other Accrued Liabilities | (74.8) | (113.9) | 11.3 |
| Non-cash Components of Net Investment Income | (240.3) | (247.0) | (254.7) |
| Net Investment (Gain) Loss | 36.0 | 15.7 | (76.7) |
| Depreciation | 108.8 | 110.5 | 119.8 |
| Cash Related to Reinsurance Transaction | — | — | (456.8) |
| Amortization of the Cost of Reinsurance | 44.1 | 50.3 | 69.8 |
| Other, Net | (9.2) | 17.1 | 15.8 |
| Net Cash Provided by Operating Activities | 1,202.8 | 1,418.7 | 1,387.5 |
| Cash Flows from Investing Activities | |||
| Proceeds from Sales of Fixed Maturity Securities | 1,062.7 | 559.5 | 442.5 |
| Proceeds from Maturities of Fixed Maturity Securities | 1,578.1 | 1,532.5 | 2,611.4 |
| Proceeds from Sales and Maturities of Other Investments | 360.0 | 445.9 | 403.1 |
| Purchase of Fixed Maturity Securities | (2,991.4) | (2,835.3) | (4,106.3) |
| Purchase of Other Investments | (361.2) | (482.9) | (606.8) |
| Net Sales (Purchases) of Short-term Investments | (141.0) | (22.6) | 76.5 |
| Net Decrease in Payables for Collateral on Investments | (98.3) | (50.8) | (50.7) |
| Net Purchases of Property and Equipment | (134.8) | (102.2) | (110.3) |
| Net Cash Used by Investing Activities | (725.9) | (955.9) | (1,340.6) |
| Cash Flows from Financing Activities | |||
| Short-term Debt Repayment | (2.0) | — | — |
| Issuance of Long-term Debt | — | 349.2 | 588.1 |
| Long-term Debt Repayment | — | (364.0) | (500.0) |
| Cost Related to Early Retirement of Debt | — | (3.6) | (62.8) |
| Issuance of Common Stock | 5.2 | 4.0 | 3.4 |
| Repurchase of Common Stock | (250.1) | (200.1) | (50.0) |
| Dividends Paid to Stockholders | (277.1) | (254.2) | (239.4) |
| Proceeds from Policyholders' Account Deposits | 143.4 | 119.8 | 128.1 |
| Payments for Policyholders' Account Withdrawals | (87.0) | (72.0) | (80.7) |
| Cash Received Related to Active Life Volatility Cover Agreement | 18.6 | 5.2 | 40.4 |
| Other, Net | (1.1) | (2.9) | 4.0 |
| Net Cash Used by Financing Activities | (450.1) | (418.6) | (168.9) |
| Net Increase (Decrease) in Cash and Bank Deposits | 26.8 | 44.2 | (122.0) |
| Cash and Bank Deposits at Beginning of Year | 119.2 | 75.0 | 197.0 |
| Cash and Bank Deposits at End of Year | $146.0 | $119.2 | $75.0 |
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