Unum Group
For the period ended Dec 31, 2024. Filed Feb 27, 2025.
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FY2024 · Filed Feb 27, 2025
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Corpo rate Segment
The Corporate segment includes investment income on corporate assets not specifically allocated to a line of business, interest expense on corporate debt, and certain other corporate income and expenses not allocated to a line of business.
| (in millions of dollars) | |||||
|---|---|---|---|---|---|
| Year Ended December 31 | |||||
| 2024 | % Change | 2023 | % Change | 2022 | |
| Adjusted Operating Revenue | |||||
| Net Investment Income | $58.6 | (41.3)% | $99.8 | 90.1% | $52.5 |
| Other Income | 1.3 | (60.6) | 3.3 | (31.3) | 4.8 |
| Total | 59.9 | (41.9) | 103.1 | 79.9 | 57.3 |
| Interest, Debt, and Other Expenses | 266.4 | 6.8 | 249.5 | 12.6 | 221.6 |
| Loss Before Income Tax and Net Investment Gains and Losses | (206.5) | 41.1 | (146.4) | (10.9) | (164.3) |
| Loss on Legal Settlement | 15.3 | 100.0 | — | — | — |
| Adjusted Operating Loss | $(191.2) | 30.6 | $(146.4) | (10.9) | $(164.3) |
Adjusted operating loss, excluding the loss on legal settlement, increased in 2024 relative to 2023, due primarily to decreased net investment income, which was driven by increased allocations to our lines of business.
Adjusted operating loss decreased in 2023 relative to 2022, due primarily to higher net investment income, which was driven by an increase in the yield on invested assets, partially offset by higher pension expenses.
See "Executive Summary” contained herein in this Item 7 and Note 15 of the "Notes to Consolidated Financial Statements" contained herein in Item 8 for further discussion of the loss on legal settlement.
We expect to continue to generate excess capital on an annual basis through the statutory earnings in our insurance subsidiaries and believe we are well positioned with flexibility to preserve our capital strength while also returning capital to our shareholders. We may experience volatility in net investment income due to changes in the prevailing interest rates as well as both the composition and level of invested assets.
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