Unum Group

Colonial Life Segment

Colonial Life reported adjusted operating income of $113.4 million in the third quarter of 2024, a 10.2 percent increase compared to $102.9 million in the third quarter of 2023, which excludes the reserve decrease related to the assumption updates of $46.0 million and $80.7 million, during the third quarter of 2024 and 2023, respectively. Premium income increased 2.5 percent to $441.9 million in the third quarter of 2024, compared to $431.2 million in the third quarter of 2023, due to higher prior period sales and generally stable persistency. Net investment income was $39.6 million in the third quarter of 2024, which was generally consistent with the $39.3 million in the third quarter of 2023. The benefit ratio, excluding the reserve assumption updates, was 47.6 percent in the third quarter of 2024, compared to 49.1 percent in the third quarter of 2023, primarily due to favorable benefit experience in the cancer and critical illness and life product lines. Sales decreased 0.3 percent to $120.9 million in the third quarter of 2024, compared to $121.3 million in the third quarter of 2023. Persistency in the Colonial Life segment was 78.0 percent for the first nine months of 2024, compared to 77.9 percent for the first nine months of 2023.