SEC Info - Unum Group - ‘10-Q’ for 3/31/21

Quarterly Report — Form 10-Q

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML   1.95M 
 2: EX-31.1     Certification -- §302 - SOA'02                      HTML     30K 
 3: EX-31.2     Certification -- §302 - SOA'02                      HTML     30K 
 4: EX-32.1     Certification -- §906 - SOA'02                      HTML     27K 
 5: EX-32.2     Certification -- §906 - SOA'02                      HTML     27K 
12: R1          Document and Entity Information                     HTML     84K 
13: R2          Consolidated Balance Sheets                         HTML    130K 
14: R3          Consolidated Balance Sheets (Parenthetical)         HTML     52K 
15: R4          Consolidated Statements of Income (Unaudited)       HTML    107K 
16: R5          Consolidated Statements of Comprehensive Loss       HTML     61K 
17: R6          Consolidated Statements of Comprehensive Loss       HTML     39K 
                (Parenthetical)                                                  
18: R7          Consolidated Statements of Stockholders' Equity     HTML     61K 
19: R8          Consolidated Statements of Stockholders' Equity     HTML     28K 
                (Parenthetical)                                                  
20: R9          Consolidated Statements of Cash Flows (Unaudited)   HTML    107K 
21: R10         Basis of Presentation                               HTML     29K 
22: R11         Accounting Developments                             HTML     55K 
23: R12         Fair Values of Financial Instruments                HTML    457K 
24: R13         Investments                                         HTML    498K 
25: R14         Derivative Financial Instruments                    HTML    201K 
26: R15         Accumulated Other Comprehensive Income (Loss)       HTML    115K 
27: R16         Liability for Unpaid Claims and Claim Adjustment    HTML     61K 
                Expenses                                                         
28: R17         Segment Information                                 HTML    135K 
29: R18         Employee Benefit Plans                              HTML     58K 
30: R19         Stockholders' Equity and Earnings Per Common Share  HTML     49K 
31: R20         Commitments and Contingent Liabilities              HTML     41K 
32: R21         Other                                               HTML     37K 
33: R22         Basis of Presentation (Policies)                    HTML     28K 
34: R23         Fair Values of Financial Instruments (Tables)       HTML    381K 
35: R24         Investments (Tables)                                HTML    497K 
36: R25         Derivative Financial Instruments (Tables)           HTML    196K 
37: R26         Accumulated Other Comprehensive Income (Loss)       HTML    119K 
                (Tables)                                                         
38: R27         Liability for Unpaid Claims and Claim Adjustment    HTML     61K 
                Expenses (Tables)                                                
39: R28         Segment Information (Tables)                        HTML    136K 
40: R29         Employee Benefit Plans (Tables)                     HTML     54K 
41: R30         Stockholders' Equity and Earnings Per Common Share  HTML     39K 
                (Tables)                                                         
42: R31         Accounting Developments Additional Information      HTML     33K 
                (Details)                                                        
43: R32         Fair Values of Financial Instruments Private        HTML     59K 
                Equity Partnerships (Details)                                    
44: R33         Fair Value Measurements by Input Level (Detail)     HTML    163K 
45: R34         Changes in Assets and Liabilities Measured at Fair  HTML    115K 
                Value on a Recurring Basis using Significant                     
                Unobservable Inputs (Level 3) (Detail)                           
46: R35         Quantitative Information Regarding Significant      HTML     53K 
                Unobservable Inputs (Details)                                    
47: R36         Fair Values of Financial Instruments Carrying       HTML     74K 
                Amounts and Estimated Fair value of Financial                    
                Instruments Not Measured at Fair Value (Details)                 
48: R37         Fair Value of Financial Instruments Additional      HTML     45K 
                Information (Detail)                                             
49: R38         Amortized Cost and Fair Values of Securities by     HTML     75K 
                Security Type (Detail)                                           
50: R39         Length of Time Fixed Maturity Securities had been   HTML     62K 
                in a Gross Unrealized Loss Position (Detail)                     
51: R40         Investments Distribution of the Maturity Dates for  HTML    104K 
                Fixed Maturity Securities (Details)                              
52: R41         Investments Distribution by External Credit Rating  HTML     43K 
                for Fixed Maturity Securities (Details)                          
53: R42         Debt Securities, Available-for-sale, Allowance for  HTML     37K 
                Credit Losses Rollforward (Details)                              
54: R43         Investments Low Income Housing Tax Credits          HTML     32K 
                (Details)                                                        
55: R44         Mortgage Loans by Property Type and Geographic      HTML     68K 
                Region (Detail)                                                  
56: R45         Schedule of Participating Mortgage Loans by         HTML     55K 
                Internal Credit Rating and Loan to Value (Details)               
57: R46         Mortgage Loans, Sorted by Applicable Credit         HTML    137K 
                Quality Indicators (Detail)                                      
58: R47         Mortgage Loans, Allowance for Credit Losses         HTML     58K 
                Rollforward (Details)                                            
59: R48         Investments Remaining Contractual Maturity of       HTML     45K 
                Security Lending Agreements(Details)                             
60: R49         Investments Federal Home Loan Bank Carrying         HTML     37K 
                Amount, Collateral Posted and Advances Received                  
                (Details)                                                        
61: R50         Investments Schedule of Financial Instrument and    HTML    138K 
                Derivative Offsetting (Details)                                  
62: R51         Investments Investment Income (Detail)              HTML     54K 
63: R52         Realized Investment Gains and Losses Reported in    HTML     50K 
                Consolidated Statements of Income (Detail)                       
64: R53         Investments - Additional Information (Detail)       HTML     95K 
65: R54         Derivative Financial Instruments Nature and Amount  HTML     36K 
                of Collateral Received From and Posted To Our                    
                Derivative Counterparties (Details)                              
66: R55         Notional Amounts for Each Category of Derivative    HTML     54K 
                Activity (Detail)                                                
67: R56         Derivative Financial Instruments Fair Value Hedges  HTML     36K 
                Carrying Amount of Hedged Assets and Cumulative                  
                Basis Adjustments (Details)                                      
68: R57         Location and Fair Values of Derivative Financial    HTML     61K 
                Instruments (Detail)                                             
69: R58         Derivative Financial Instruments Location of Gains  HTML     62K 
                and Losses Designated as Hedging Instruments,                    
                Consolidated Statements of Income (Details)                      
70: R59         Location of Gains and Losses on Derivative          HTML     33K 
                Instruments Designated as Cash Flow Hedging                      
                Instruments (Detail)                                             
71: R60         Gains and Losses on Derivatives Not Designated as   HTML     39K 
                Hedging Instruments (Detail)                                     
72: R61         Derivative Financial Instruments - Additional       HTML     86K 
                Information (Detail)                                             
73: R62         Schedule of Accumulated Other Comprehensive Income  HTML     65K 
                (Loss) (Details)                                                 
74: R63         Schedule of Components of Unrealized Gain (Loss)    HTML     49K 
                on Securities (Details)                                          
75: R64         Schedule of Reclassifications Out of Accumulated    HTML     81K 
                Other Comprehensive Income (Loss) (Details)                      
76: R65         Liability for Unpaid Claims and Claims Adjustment   HTML     62K 
                Expense (Detail)                                                 
77: R66         Reconciliation of Policy and Contract Benefits and  HTML     43K 
                Reserves for Future Policy and Contract Benefits                 
                (Detail)                                                         
78: R67         Liability for Unpaid Claims and CAE - Additional    HTML     34K 
                Information (Details)                                            
79: R68         Premium Income by Major Line of Business within     HTML     72K 
                Each Segment (Detail)                                            
80: R69         Selected Operating Statement Data by Segment        HTML     57K 
                (Detail)                                                         
81: R70         Assets by Segment (Detail)                          HTML     46K 
82: R71         Reconciliation of Total Revenue and Income Before   HTML     58K 
                Income Tax to Operating Revenue and Operating                    
                Income (Detail)                                                  
83: R72         Segment Information Segments - Additional           HTML     28K 
                Information (Detail)                                             
84: R73         Employee Benefit Plans Net Periodic Benefit Cost    HTML     56K 
                (Detail)                                                         
85: R74         Basic and Diluted Earnings Per Share (Detail)       HTML     61K 
86: R75         Stockholders' Equity and Earnings Per Common Share  HTML     42K 
                - Additional Information (Detail)                                
87: R76         Reinsurance (Details)                               HTML     52K 
88: R77         Premium Receivable, Allowance for Credit Loss       HTML     33K 
                (Details)                                                        
89: R9999       Uncategorized Items - unm-20210331.htm              HTML     30K 
91: XML         IDEA XML File -- Filing Summary                      XML    171K 
11: XML         XBRL Instance -- unm-20210331_htm                    XML   5.94M 
90: EXCEL       IDEA Workbook of Financial Reports                  XLSX    147K 
 7: EX-101.CAL  XBRL Calculations -- unm-20210331_cal                XML    274K 
 8: EX-101.DEF  XBRL Definitions -- unm-20210331_def                 XML   1.26M 
 9: EX-101.LAB  XBRL Labels -- unm-20210331_lab                      XML   2.48M 
10: EX-101.PRE  XBRL Presentations -- unm-20210331_pre               XML   1.57M 
 6: EX-101.SCH  XBRL Schema -- unm-20210331                          XSD    257K 
92: JSON        XBRL Instance as JSON Data -- MetaLinks              574±   841K 
93: ZIP         XBRL Zipped Folder -- 0000005513-21-000090-xbrl      Zip    535K

‘R24’ — Investments (Tables)

This is an IDEA Financial Report. [ Alternative Formats ]

Investments (Tables)

3 Months Ended

Mar. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Amortized Cost and Fair Values of Securities by Security Type

At March 31, 2021 and December 31, 2020, all fixed maturity securities were classified as available-for-sale. The amortized cost and fair values of securities by security type are shown as follows:


	March 31, 2021
	Amortized Cost		ACL(1)		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value
	(in millions of dollars)
United States Government and Government Agencies and Authorities	$	464.6	$	—	$	112.1	$	0.1	$	576.6
States, Municipalities, and Political Subdivisions	3,735.9		—		506.7		38.7		4,203.9
Foreign Governments	899.0		—		224.3		2.7		1,120.6
Public Utilities	5,390.6		—		1,080.0		26.1		6,444.5
Mortgage/Asset-Backed Securities	851.6		—		73.6		0.1		925.1
All Other Corporate Bonds	25,220.2		7.3		3,698.3		110.0		28,801.2
Redeemable Preferred Stocks	4.0		—		0.1		—		4.1
Total Fixed Maturity Securities	$	36,565.9	$	7.3	$	5,695.1	$	177.7	$	42,076.0


	December 31, 2020
	Amortized Cost		ACL(1)		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value
	(in millions of dollars)
United States Government and Government Agencies and Authorities	$	559.0	$	—	$	150.8	$	—	$	709.8
States, Municipalities, and Political Subdivisions	3,609.9		—		652.8		1.5		4,261.2
Foreign Governments	902.9		—		266.5		1.2		1,168.2
Public Utilities	5,486.4		—		1,481.9		6.0		6,962.3
Mortgage/Asset-Backed Securities	1,019.9		—		88.0		0.2		1,107.7
All Other Corporate Bonds	24,958.8		6.8		5,013.5		46.9		29,918.6
Redeemable Preferred Stocks	9.6		—		—		0.1		9.5
Total Fixed Maturity Securities	$	36,546.5	$	6.8	$	7,653.5	$	55.9	$	44,137.3

Length of Time Fixed Maturity Securities had been in a Gross Unrealized Loss Position

The following charts indicate the length of time our fixed maturity securities have been in a gross unrealized loss position.


	March 31, 2021
	Less Than 12 Months				12 Months or Greater
	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
	(in millions of dollars)
United States Government and Government Agencies and Authorities	$	5.9	$	0.1	$	—	$	—
States, Municipalities, and Political Subdivisions	888.1		38.7		0.6		—
Foreign Governments	61.8		2.7		—		—
Public Utilities	321.4		22.8		38.6		3.3
Mortgage/Asset-Backed Securities	0.6		0.1		3.1		—
All Other Corporate Bonds	1,883.4		84.0		246.0		26.0

Total Fixed Maturity Securities	$	3,161.2	$	148.4	$	288.3	$	29.3


	December 31, 2020
	Less Than 12 Months				12 Months or Greater
	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
	(in millions of dollars)

States, Municipalities, and Political Subdivisions	$	133.4	$	1.5	$	0.1	$	—
Foreign Governments	20.3		1.2		—		—
Public Utilities	76.3		3.7		25.4		2.3
Mortgage/Asset-Backed Securities	3.0		0.1		3.1		0.1
All Other Corporate Bonds	520.4		22.4		113.5		24.5
Redeemable Preferred Stocks	9.5		0.1		—		—
Total Fixed Maturity Securities	$	762.9	$	29.0	$	142.1	$	26.9

Distribution of the Maturity Dates for Fixed Maturity Securities

The following is a distribution of the maturity dates for fixed maturity securities. The maturity dates have not been adjusted for possible calls or prepayments.


	March 31, 2021
	Amortized Cost, Net of ACL		Unrealized Gain Position				Unrealized Loss Position
			Gross Gain		Fair Value		Gross Loss		Fair Value
	(in millions of dollars)
1 year or less	$	777.5	$	16.7	$	731.2	$	1.6	$	61.4
Over 1 year through 5 years	6,304.4		581.8		6,672.8		16.2		197.2
Over 5 years through 10 years	10,695.5		1,531.9		11,529.8		23.1		674.5
Over 10 years	17,929.6		3,491.1		18,771.3		136.7		2,512.7
	35,707.0		5,621.5		37,705.1		177.6		3,445.8
Mortgage/Asset-Backed Securities	851.6		73.6		921.4		0.1		3.7
Total Fixed Maturity Securities	$	36,558.6	$	5,695.1	$	38,626.5	$	177.7	$	3,449.5


	December 31, 2020
	Amortized Cost, Net of ACL		Unrealized Gain Position				Unrealized Loss Position
			Gross Gain		Fair Value		Gross Loss		Fair Value
	(in millions of dollars)
1 year or less	$	881.8	$	19.5	$	836.4	$	2.9	$	62.0
Over 1 year through 5 years	6,162.6		589.9		6,545.7		22.9		183.9
Over 5 years through 10 years	10,886.9		1,914.8		12,659.4		10.7		131.6
Over 10 years	17,588.5		5,041.3		22,089.2		19.2		521.4
	35,519.8		7,565.5		42,130.7		55.7		898.9
Mortgage/Asset-Backed Securities	1,019.9		88.0		1,101.6		0.2		6.1
Total Fixed Maturity Securities	$	36,539.7	$	7,653.5	$	43,232.3	$	55.9	$	905.0

Distribution by External Credit Rating for Fixed Maturity Securities

The following chart depicts an analysis of our fixed maturity security portfolio between investment-grade and below-investment-grade categories as of March 31, 2021:


					Gross Unrealized Loss
	Fair Value		Gross Unrealized Gain		Amount		Percent of Total Gross Unrealized Loss
	(in millions of dollars)
Investment-Grade	$	38,846.3	$	5,451.1	$	149.9	84.4	%
Below-Investment-Grade	3,229.7		244.0		27.8		15.6
Total Fixed Maturity Securities	$	42,076.0	$	5,695.1	$	177.7	100.0	%

Debt Securities, Available-for-sale, Allowance for Credit Loss

The following table presents a rollforward of the allowance for credit losses on available-for-sale fixed maturity securities, all of which are classified as "all other corporate bonds" in the preceding tables, at March 31, 2021:


	Three Months Ended March 31
	2021		2020
	(in millions of dollars)
Balance, beginning of period	$	6.8	$	—

Credit losses on securities for which credit losses were not previously recorded	—		48.0

Change in allowance on securities with allowance recorded in previous period	0.5		—



Balance, end of period	$	7.3	$	48.0

Low Income Housing Tax Credits

The Company invests in tax credit partnerships primarily for the receipt of income tax credits and tax benefits derived from passive losses on the investments. Amounts recognized in the consolidated statements of income are as follows:


	Three Months Ended March 31
	2021		2020
	(in millions of dollars)
Income Tax Credits	$	5.4	$	8.3
Amortization, Net of Tax	(3.7)		(5.5)
Income Tax Benefit	$	1.7	$	2.8

Mortgage Loans by Property Type and Geographic Region

The carrying amount of mortgage loans by property type and geographic region are presented below.



	March 31, 2021				December 31, 2020
	(in millions of dollars)

	Carrying Amount		Percent of Total		Carrying Amount		Percent of Total
Property Type
Apartment	$	648.2	27.0	%	$	638.0	26.2	%
Industrial	650.6		27.1		654.0		26.9
Office	490.8		20.4		517.8		21.3
Retail	566.1		23.6		575.6		23.7
Other	46.5		1.9		46.7		1.9
Total	$	2,402.2	100.0	%	$	2,432.1	100.0	%

Region
New England	$	35.1	1.5	%	$	40.0	1.6	%
Mid-Atlantic	200.6		8.4		202.5		8.2
East North Central	310.4		12.9		330.4		13.6
West North Central	194.3		8.1		196.1		8.1
South Atlantic	510.4		21.2		512.0		21.1
East South Central	109.1		4.5		110.0		4.5
West South Central	255.3		10.6		257.4		10.6
Mountain	276.3		11.5		268.8		11.1
Pacific	510.7		21.3		514.9		21.2
Total	$	2,402.2	100.0	%	$	2,432.1	100.0	%

Schedule of Participating Mortgage Loans by Internal Credit Rating and Loan to Value

The following tables present information about mortgage loans by the applicable credit quality indicators:


	March 31, 2021				December 31, 2020
	(in millions of dollars)
	Carrying Amount		Percent of Total		Carrying Amount		Percent of Total
Internal Rating
AA	$	3.4	0.1	%	$	3.5	0.1	%
A	533.7		22.2		510.0		21.0
BBB	1,810.0		75.3		1,863.0		76.6
BB	39.1		1.6		39.4		1.6
B	16.0		0.8		16.2		0.7
Total	$	2,402.2	100.0	%	$	2,432.1	100.0	%

Loan-to-Value Ratio
<= 65%	$	1,180.4	49.1	%	$	1,189.4	48.9	%
> 65% <= 75%	986.5		41.1		1,000.3		41.1
> 75% <= 85%	156.1		6.5		155.8		6.4
> 85%	79.2		3.3		86.6		3.6
Total	$	2,402.2	100.0	%	$	2,432.1	100.0	%

Mortgage Loans by Credit Quality Indicators

The following table presents the amortized cost of our mortgage loans by year of origination and credit quality indicators at March 31, 2021:


	Prior to 2017		2017		2018		2019		2020		2021		Total
	(in millions of dollars)
Internal Rating
AA	$	3.4	$	—	$	—	$	—	$	—	$	—	$	3.4
A	376.2		60.3		63.8		16.7		17.9		—		534.9
BBB	705.0		241.0		326.3		350.2		165.7		31.6		1,819.8
BB	29.2		10.4		—		—		—		—		39.6
B	16.0		—		—		—		—		—		16.0
Total Amortized Cost	1,129.8		311.7		390.1		366.9		183.6		31.6		2,413.7
Allowance for credit losses	(3.9)		(1.6)		(2.1)		(2.4)		(1.4)		(0.1)		(11.5)
Carrying Amount	$	1,125.9	$	310.1	$	388.0	$	364.5	$	182.2	$	31.5	$	2,402.2

Loan-to-Value Ratio
<=65%	$	821.9	$	131.2	$	90.6	$	82.3	$	37.2	$	20.2	$	1,183.4
>65<=75%	161.1		109.2		280.1		284.6		146.4		11.4		992.8
>75%<=85%	106.4		37.6		13.3		—		—		—		157.3
>85%	40.4		33.7		6.1		—		—		—		80.2
Total Amortized Cost	1,129.8		311.7		390.1		366.9		183.6		31.6		2,413.7
Allowance for credit losses	(3.9)		(1.6)		(2.1)		(2.4)		(1.4)		(0.1)		(11.5)
Carrying Amount	$	1,125.9	$	310.1	$	388.0	$	364.5	$	182.2	$	31.5	$	2,402.2

Financing Receivable, Allowance for Credit Loss

The following table presents a roll-forward of allowance for expected credit losses by loan-to-value ratio:


	Three Months Ended March 31, 2021
	Beginning of Year		Current Period Provisions		Write-Offs		Recoveries		End of Period
	(in millions of dollars)
Loan-to-Value Ratio
<=65%	$	3.4	$	(0.4)	$	—	$	—	$	3.0
>65<=75%	7.3		(1.0)		—		—		6.3
>75%<=85%	1.3		(0.1)		—		—		1.2
>85%	1.1		(0.1)		—		—		1.0
Total	$	13.1	$	(1.6)	$	—	$	—	$	11.5


	Three Months Ended March 31, 2020
	Beginning of Year		Current Period Provisions		Write-Offs		Recoveries		End of Period
	(in millions of dollars)
Loan-to-Value Ratio
<=65%	$	2.8	$	0.7	$	—	$	—	$	3.5
>65<=75%	4.6		1.9		—		—		6.5
>75%<=85%	0.5		(0.1)		—		—		0.4
>85%	0.4		0.3		—		—		0.7
Total	$	8.3	$	2.8	$	—	$	—	$	11.1

Remaining Contractual Maturity of Securities Lending Agreements

The remaining contractual maturities of our securities lending agreements disaggregated by class of collateral pledged are as

follows:


	March 31, 2021		December 31, 2020
	Overnight and Continuous
	(in millions of dollars)
Borrowings
United States Government and Government Agencies and Authorities	$	0.1	$	0.1
State, Municipalities, and Political Subdivisions	0.4		0.4
Public Utilities	0.5		0.3
All Other Corporate Bonds	42.5		16.8
Total Borrowings	$	43.5	$	17.6
Gross Amount of Recognized Liability for Securities Lending Transactions	43.5		17.6
Amounts Related to Agreements Not Included in Offsetting Disclosure Contained Herein	$	—	$	—

Federal Home Loan Bank Common Stock Carrying Amounts, Amounts Posted, and Advances Received

The carrying value of common stock owned, collateral posted, and advances received are as follows:


	March 31, 2021		December 31, 2020
	(in millions of dollars)
Carrying Value of FHLB Common Stock	$	26.9	$	28.2
Advances from FHLB	$	302.2	$	312.2

Carrying Value of Collateral Posted to FHLB
Fixed Maturity Securities	$	857.9	$	944.0
Commercial Mortgage Loans	982.1		1,072.5
Total Carrying Value of Collateral Posted to FHLB	$	1,840.0	$	2,016.5

Schedule of Financial Instrument and Derivative Offsetting

Shown below are our financial instruments that either meet the accounting requirements that allow them to be offset in our balance sheets or that are subject to an enforceable master netting arrangement or similar agreement. Our accounting policy is to not offset these financial instruments in our balance sheets. Net amounts disclosed below have been reduced by the amount of collateral pledged to or received from our counterparties.


	March 31, 2021
	Gross Amount						Gross Amount Not
	of Recognized		Gross Amount		Net Amount		Offset in Balance Sheet
	Financial		Offset in		Presented in		Financial		Cash		Net
	Instruments		Balance Sheet		Balance Sheet		Instruments		Collateral		Amount
	(in millions of dollars)
Financial Assets:
Derivatives	$	17.6	$	—	$	17.6	$	(9.9)	$	(7.7)	$	—
Securities Lending	220.0		—		220.0		(176.5)		(43.5)		—
Total	$	237.6	$	—	$	237.6	$	(186.4)	$	(51.2)	$	—

Financial Liabilities:
Derivatives	$	54.9	$	—	$	54.9	$	(54.6)	$	—	$	0.3
Securities Lending	43.5		—		43.5		(43.5)		—		—
Total	$	98.4	$	—	$	98.4	$	(98.1)	$	—	$	0.3


	December 31, 2020
	Gross Amount						Gross Amount Not
	of Recognized		Gross Amount		Net Amount		Offset in Balance Sheet
	Financial		Offset in		Presented in		Financial		Cash		Net
	Instruments		Balance Sheet		Balance Sheet		Instruments		Collateral		Amount
	(in millions of dollars)
Financial Assets:
Derivatives	$	19.8	$	—	$	19.8	$	(10.1)	$	(8.7)	$	1.0
Securities Lending	96.6		—		96.6		(79.0)		(17.6)		—
Total	$	116.4	$	—	$	116.4	$	(89.1)	$	(26.3)	$	1.0

Financial Liabilities:
Derivatives	$	59.7	$	—	$	59.7	$	(59.0)	$	—	$	0.7
Securities Lending	17.6		—		17.6		(17.6)		—		—
Total	$	77.3	$	—	$	77.3	$	(76.6)	$	—	$	0.7

Net Investment Income

Net investment income reported in our consolidated statements of income is presented below.


	Three Months Ended March 31
	2021		2020
	(in millions of dollars)
Fixed Maturity Securities	$	469.8	$	539.8
Derivatives	16.2		20.2
Mortgage Loans	26.3		29.0
Policy Loans	4.8		4.8
Other Long-term Investments
Perpetual Preferred Securities1	3.6		(17.1)
Private Equity Partnerships2	35.9		10.4
Other	2.1		3.2
Short-term Investments	0.6		6.4
Gross Investment Income	559.3		596.7
Less Investment Expenses	7.5		8.5
Less Investment Income on Participation Fund Account Assets	3.1		3.2

Net Investment Income	$	548.7	$	585.0

1 The net unrealized gain (loss) recognized in net investment income for the three months ended March 31, 2021 related to perpetual preferred securities still held at March 31, 2021 was $2.7 million. The net unrealized loss recognized in net investment income for the three months ended March 31, 2020 related to perpetual preferred securities still held at March 31, 2020 was $17.9 million.

2 The net unrealized gain recognized in net investment income for the three months ended March 31, 2021 related to private equity partnerships still held at March 31, 2021 was $27.0 million. The net unrealized gain recognized in net investment income for the three months ended March 31, 2020 related to private equity partnerships still held at March 31, 2020 was $5.4 million. See Note 3 for further discussion of private equity partnerships.

Realized Investment Gains and Losses Reported in Consolidated Statements of Income

Realized Investment Gain and Loss

Realized investment gains and losses are as follows:


	Three Months Ended March 31
	2021		2020
	(in millions of dollars)
Fixed Maturity Securities
Gross Gains on Sales1	$	71.3	$	1.4
Gross Losses on Sales	(1.1)		(0.7)

Credit Losses	(8.3)		(53.9)
Mortgage Loans and Other Invested Assets
Gross Gains on Sales	2.5		0.3
Gross Losses on Sales	—		(0.2)
Credit Losses	1.7		(2.6)
Embedded Derivative in Modified Coinsurance Arrangement	16.9		(86.9)
All Other Derivatives	1.7		(0.7)
Foreign Currency Transactions	(0.1)		(0.7)
Net Realized Investment Gain (Loss)	$	84.6	$	(144.0)

1Gross gains on sales of fixed maturity securities includes gains of $67.6 million as a result of the second phase of the reinsurance transaction that we completed during the first quarter of 2021. See Note 12 for further discussion.

Dates Referenced Herein and Documents Incorporated by Reference

This ‘10-Q’ Filing	Date	Other Filings

Filed on:	5/6/21
For Period end:	3/31/21	8-K
	12/31/20	10-K
	3/31/20	10-Q
		List all Filings

2 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 6/11/21  Unum Group                        424B2                  1:776K                                   Donnelley … Solutions/FA
 6/09/21  Unum Group                        424B5                  1:768K                                   Donnelley … Solutions/FA

3 Previous Filings that this Filing References

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 4/05/21  Unum Group                        8-K:1,9     3/31/21   15:2M
 3/17/21  Unum Group                        8-K:5,9     3/16/21   13:473K
 3/02/21  Unum Group                        8-K:5,9     3/01/21   14:445K

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Filing Submission 0000005513-21-000090 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Unum Group – ‘10-Q’ for 3/31/21 – ‘R24’

On: Thursday, 5/6/21, at 12:51pm ET · For: 3/31/21 · Accession #: 5513-21-90 · File #: 1-11294

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Quarterly Report — Form 10-Q

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‘R24’ — Investments (Tables)

This is an IDEA Financial Report. [ Alternative Formats ]

Dates Referenced Herein and Documents Incorporated by Reference

2 Subsequent Filings that Reference this Filing

3 Previous Filings that this Filing References

Unum Group – ‘10-Q’ for 3/31/21 – ‘R24’

On: Thursday, 5/6/21, at 12:51pm ET · For: 3/31/21 · Accession #: 5513-21-90 · File #: 1-11294

Quarterly Report — Form 10-QFiling Table of Contents

‘R24’ — Investments (Tables)

This is an IDEA Financial Report. [ Alternative Formats ]

Dates Referenced Herein and Documents Incorporated by Reference

2 Subsequent Filings that Reference this Filing

3 Previous Filings that this Filing References

Quarterly Report — Form 10-Q

Filing Table of Contents