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Section 1: 10-Q (10-Q)

unm-20200331
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549

FORM 10-Q

(Mark One)

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended March 31, 2020

Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from to

Commission file number 001-11294

Unum Group
(Exact name of registrant as specified in its charter)
Delaware
62-1598430
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
1 Fountain Square
Chattanooga, Tennessee
37402
(Address of principal executive offices)(Zip Code)
(423) 294-1011
(Registrant's telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $0.10 par value
UNM
New York Stock Exchange
6.250% Junior Subordinated Notes due 2058
UNMA
New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ]

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes [X] No [ ]




Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
(Check one):
Large Accelerated Filer
xAccelerated filer
Non-accelerated filer¨ Smaller reporting company 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No ☒

203,420,459 shares of the registrant's common stock were outstanding as of May 1, 2020.








 TABLE OF CONTENTS

Page  





Cautionary Statement Regarding Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 (the Act) provides a "safe harbor" to encourage companies to provide prospective information, as long as those statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those included in the forward-looking statements. Certain information contained in this Quarterly Report on Form 10-Q (including certain statements in the consolidated financial statements and related notes and Management's Discussion and Analysis), or in any other written or oral statements made by us in communications with the financial community or contained in documents filed with the Securities and Exchange Commission (SEC), may be considered forward-looking statements within the meaning of the Act. Forward-looking statements are those not based on historical information, but rather relate to our outlook, future operations, strategies, financial results, or other developments. Forward-looking statements speak only as of the date made. We undertake no obligation to update these statements, even if made available on our website or otherwise. These statements may be made directly in this document or may be made part of this document by reference to other documents filed by us with the SEC, a practice which is known as "incorporation by reference." You can find many of these statements by looking for words such as "will," "may," "should," "could," "believes," "expects," "anticipates," "estimates," "plans," "assumes," "intends," "projects," "goals,” "objectives," or similar expressions in this document or in documents incorporated herein.

These forward-looking statements are subject to numerous assumptions, risks, and uncertainties, many of which are beyond our control. We caution readers that the following factors, in addition to other factors mentioned from time to time, may cause actual results to differ materially from those contemplated by the forward-looking statements:

The impact of the COVID-19 pandemic on our business, financial position, results of operations, liquidity and capital resources, and overall business operations.
Sustained periods of low interest rates.
Fluctuation in insurance reserve liabilities and claim payments due to changes in claim incidence, recovery rates, mortality and morbidity rates, and policy benefit offsets.
Unfavorable economic or business conditions, both domestic and foreign, that may result in decreases in sales, premiums, or persistency, as well as unfavorable claims activity.
Changes in, or interpretations or enforcement of, laws and regulations.
A cyber attack or other security breach could result in the unauthorized acquisition of confidential data.
The failure of our business recovery and incident management processes to resume our business operations in the event of a natural catastrophe, cyber attack, or other event.
Investment results, including, but not limited to, changes in interest rates, defaults, changes in credit spreads, impairments, and the lack of appropriate investments in the market which can be acquired to match our liabilities.
Increased competition from other insurers and financial services companies due to industry consolidation, new entrants to our markets, or other factors.
Changes in our financial strength and credit ratings.
Our ability to develop digital capabilities or execute on our technology systems upgrades or replacements.
Actual experience in the broad array of our products that deviates from our assumptions used in pricing, underwriting, and reserving.
Availability of reinsurance in the market and the ability of our reinsurers to meet their obligations to us.
Ability to generate sufficient internal liquidity and/or obtain external financing.
Damage to our reputation due to, among other factors, regulatory investigations, legal proceedings, external events, and/or inadequate or failed internal controls and procedures.
Effectiveness of our risk management program.
Contingencies and the level and results of litigation.
Ineffectiveness of our derivatives hedging programs due to changes in the economic environment, counterparty risk, ratings downgrades, capital market volatility, changes in interest rates, and/or regulation.
Fluctuation in foreign currency exchange rates.
Recoverability and/or realization of the carrying value of our intangible assets, long-lived assets, and deferred tax assets.

For further discussion of risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements, see Part 1, Item 1A of our annual report on Form 10-K for the year ended December 31, 2019.

All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section.
1


PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEETS

Unum Group and Subsidiaries
 
March 31December 31
20202019
 (in millions of dollars)
(Unaudited)
Assets
Investments
Fixed Maturity Securities - at fair value (net of allowance for credit losses of $48.0; $; amortized cost of $41,030.3; $41,079.3)
$45,291.5  $47,443.7  
Mortgage Loans (net of allowance for credit losses of $11.1; $)
2,452.1  2,397.0  
Policy Loans3,743.5  3,779.5  
Other Long-term Investments917.5  844.2  
Short-term Investments1,384.4  1,294.5  
Total Investments53,789.0  55,758.9  
Other Assets
Cash and Bank Deposits337.2  84.1  
Accounts and Premiums Receivable (net of allowance for credit losses of $32.6; $10.3)
1,639.6  1,602.9  
Reinsurance Recoverable (net of allowance for credit losses of $1.8; $)
4,666.2  4,780.7  
Accrued Investment Income748.5  693.0  
Deferred Acquisition Costs2,333.3  2,324.0  
Goodwill348.8  351.7  
Property and Equipment540.7  534.1  
Deferred Income Tax47.3    
Other Assets885.3  884.0  
Total Assets$65,335.9  $67,013.4  
        
 See notes to consolidated financial statements.

2


CONSOLIDATED BALANCE SHEETS - Continued

Unum Group and Subsidiaries

March 31December 31
 20202019
 (in millions of dollars)
(Unaudited)
Liabilities and Stockholders' Equity
Liabilities
Policy and Contract Benefits$1,760.3  $1,745.5  
Reserves for Future Policy and Contract Benefits45,706.5  47,780.1  
Unearned Premiums414.1  363.9  
Other Policyholders’ Funds1,599.3  1,599.7  
Income Tax Payable268.9  256.7  
Deferred Income Tax93.7  95.4  
Short-term Debt399.8  399.7  
Long-term Debt2,914.3  2,926.9  
Payables for Collateral on Investments511.4  24.0  
Other Liabilities 1,864.5  1,856.5  
Total Liabilities55,532.8  57,048.4  
Commitments and Contingent Liabilities - Note 11
Stockholders' Equity
Common Stock, $0.10 par
Authorized: 725,000,000 shares
Issued: 306,201,660 and 305,813,326 shares
30.6  30.6  
Additional Paid-in Capital2,357.3  2,348.1  
Accumulated Other Comprehensive Income (Loss)(217.1) 37.3  
Retained Earnings10,812.0  10,728.7  
Treasury Stock - at cost: 102,876,514 shares
(3,179.7) (3,179.7) 
Total Stockholders' Equity9,803.1  9,965.0  
Total Liabilities and Stockholders' Equity$65,335.9  $67,013.4  

See notes to consolidated financial statements.
3


CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

Unum Group and Subsidiaries
 
Three Months Ended March 31
 20202019
 (in millions of dollars, except share data)
Revenue
Premium Income$2,371.4  $2,338.7  
Net Investment Income585.0  594.7  
Net Realized Investment Gain (Loss)(144.0) 1.1  
Other Income58.7  53.1  
Total Revenue2,871.1  2,987.6  
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits1,854.8  1,840.8  
Commissions279.2  290.1  
Interest and Debt Expense45.7  42.1  
Deferral of Acquisition Costs(162.0) (173.7) 
Amortization of Deferred Acquisition Costs176.2  170.6  
Compensation Expense239.5  226.5  
Other Expenses235.6  237.9  
Total Benefits and Expenses2,669.0  2,634.3  
Income Before Income Tax 202.1  353.3  
Income Tax Expense (Benefit)
Current57.6  54.3  
Deferred(16.5) 18.1  
Total Income Tax Expense41.1  72.4  
Net Income$161.0  $280.9  
Net Income Per Common Share
Basic$0.79  $1.31  
Assuming Dilution$0.79  $1.31  

See notes to consolidated financial statements.
4


CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

Unum Group and Subsidiaries
 
 Three Months Ended March 31
 20202019
 (in millions of dollars)
Net Income$161.0  $280.9  
Other Comprehensive Income (Loss)
Change in Net Unrealized Gain on Securities Before Adjustment (net of tax expense (benefit) of $(436.5); $326.8)
(1,666.7) 1,245.1  
Change in Adjustment to Deferred Acquisition Costs and Reserves for Future Policy and Contract Benefits, Net of Reinsurance (net of tax expense (benefit) of $380.8; $(245.5))
1,446.1  (932.8) 
Change in Net Gain on Hedges (net of tax expense (benefit) of $6.6; $(5.8))
22.8  (20.5) 
Change in Foreign Currency Translation Adjustment (net of tax expense of $2.1; $0.3)
(63.6) 17.3  
Change in Unrecognized Pension and Postretirement Benefit Costs (net of tax expense of $1.9; $0.7)
7.0  2.8  
Total Other Comprehensive Income (Loss)(254.4) 311.9  
Comprehensive Income (Loss)$(93.4) $592.8  

See notes to consolidated financial statements.
5


CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED)

Unum Group and Subsidiaries
  
Three Months Ended March 31
 20202019
 (in millions of dollars)
Common Stock
Balance at Beginning of Year and End of Period$30.6  $30.5  
Additional Paid-in Capital
Balance at Beginning of Year2,348.1  2,321.7  
Common Stock Activity9.2  6.8  
Balance at End of Period2,357.3  2,328.5  
Accumulated Other Comprehensive Income (Loss)
Balance at Beginning of Year37.3  (814.2) 
Other Comprehensive Income (Loss)(254.4) 311.9  
Balance at End of Period(217.1) (502.3) 
Retained Earnings
Balance at Beginning of Year10,728.7  9,863.1  
Adjustment to Adopt Accounting Standard Update - Note 2(18.9) (3.4) 
Balance at Beginning of Year, as Adjusted10,709.8  9,859.7  
Net Income161.0  280.9  
Dividends to Stockholders (per common share: $0.285; $0.260)
(58.8) (57.5) 
Balance at End of Period10,812.0  10,083.1  
Treasury Stock
Balance at Beginning of Year(3,179.7) (2,779.3) 
Purchases of Treasury Stock  (100.0) 
Balance at End of Period(3,179.7) (2,879.3) 
Total Stockholders' Equity at End of Period$9,803.1  $9,060.5  

See notes to consolidated financial statements.
6


CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

Unum Group and Subsidiaries
 
 Three Months Ended March 31
 20202019
 (in millions of dollars)
Cash Flows from Operating Activities
Net Income$161.0  $280.9  
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities
Change in Receivables(8.7) (10.7) 
Change in Deferred Acquisition Costs14.2  (3.1) 
Change in Insurance Reserves and Liabilities67.5  90.7  
Change in Income Taxes24.9  253.1  
Change in Other Accrued Liabilities(121.3) (35.8) 
Non-cash Components of Net Investment Income(92.5) (95.6) 
Net Realized Investment (Gain) Loss144.0  (1.1) 
Depreciation28.5  27.4  
Other, Net2.3  11.0  
Net Cash Provided by Operating Activities219.9  516.8  
Cash Flows from Investing Activities
Proceeds from Sales of Fixed Maturity Securities120.7  361.0  
Proceeds from Maturities of Fixed Maturity Securities414.3  369.6  
Proceeds from Sales and Maturities of Other Investments48.5  133.3  
Purchases of Fixed Maturity Securities(780.5) (822.0) 
Purchases of Other Investments(144.2) (53.2) 
Net Sales (Purchases) of Short-term Investments15.5  (217.9) 
Net Increase (Decrease) in Payables for Collateral on Investments487.4  (107.9) 
Net Purchases of Property and Equipment(39.1) (28.1) 
Net Cash Provided (Used) by Investing Activities122.6  (365.2) 
Cash Flows from Financing Activities
Long-term Debt Repayment(15.0) (15.0) 
Issuance of Common Stock1.3  1.4  
Repurchase of Common Stock  (100.0) 
Dividends Paid to Stockholders(57.8) (55.7) 
Other, Net(17.9) (14.2) 
Net Cash Used by Financing Activities(89.4) (183.5) 
Net Increase (Decrease) in Cash and Bank Deposits253.1  (31.9) 
Cash and Bank Deposits at Beginning of Year84.1  94.0  
Cash and Bank Deposits at End of Period$337.2  $62.1  

See notes to consolidated financial statements.
7



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Unum Group and Subsidiaries
March 31, 2020
Note 1 - Basis of Presentation

The accompanying consolidated financial statements of Unum Group and its subsidiaries (the Company) have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. For further information, refer to the consolidated financial statements and footnotes included in our annual report on Form 10-K for the year ended December 31, 2019.

In our opinion, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Interim results are not necessarily indicative of full year performance, particularly when considering the risks and uncertainties associated with the coronavirus disease 2019 (COVID-19) and the impacts it may have on our financial position, results of operations, liquidity and capital resources, and overall business operations.
8



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued
Unum Group and Subsidiaries
March 31, 2020
Note 2 - Accounting Developments
Accounting Updates Adopted in 2020:

Accounting Standards Codification (ASC)DescriptionDate of AdoptionEffect on Financial Statements
ASC 350 "Intangibles - Goodwill and Other"This update eliminated the requirement to calculate the implied fair value of goodwill (the second step in the current two-step test) to measure a goodwill impairment charge. Instead, entities should perform the goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the excess of the carrying amount over the fair value, with the loss not to exceed the total amount of goodwill allocated to that reporting unit. This guidance was applied in the period of adoption.January 1, 2020The adoption of this update did not have an effect on our financial position or results of operations.
ASC 820 "Fair Value Measurement"This update amended the fair value measurement guidance by removing or clarifying certain existing disclosure requirements, while also adding new disclosure requirements. Specifically, this update removed certain disclosures related to Level 1 and Level 2 transfers and removed the discussion regarding valuation processes of Level 3 fair value measurements. The update modified guidance related to investments in certain entities that calculate net asset value to explicitly require disclosure regarding timing of liquidation of the investee's assets and timing of redemption restrictions. The update added disclosures around the changes in unrealized gains and losses in other comprehensive income for recurring Level 3 investments held at the end of the reporting period and adds disclosures regarding certain unobservable inputs on Level 3 fair value measurements. The guidance was applied both retrospectively and prospectively, depending on the specific requirement of the update. December 31, 2018 for the removal and modification of certain disclosures and January 1, 2020 for the addition of certain disclosures.The adoption of this update modified our disclosures but did not have an impact on our financial position or results of operations.
ASC 326 "Financial Instruments - Credit Losses"This update amended the guidance on the impairment of financial instruments. The update added an impairment model known as the current expected credit loss model that is based on expected losses rather than incurred losses and will generally result in earlier recognition of allowances for losses. The current expected credit loss model applies to financial instruments such as mortgage loans, fixed maturity securities classified as held-to-maturity, and certain receivables. The update also modified the other-than-temporary impairment model used for available-for-sale fixed maturity securities such that credit losses are recognized as an allowance rather than as a reduction in the amortized cost of the security. The reversal of previously recognized credit losses on available-for-sale fixed maturity securities is allowed under specified circumstances. Additional disclosures are also required, including information used to develop the allowance for losses. The guidance was applied using a modified retrospective approach through a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. For available-for-sale fixed maturity securities, the update was applied prospectively. Other-than-temporary impairment losses recognized on available-for-sale fixed maturity securities prior to adoption of the update cannot be reversed. This guidance was applied in the period of adoption.January 1, 2020See the summary table below for the financial statement impacts of this adoption on our financial statement line items at January 1, 2020, as well as the required update to our significant accounting policies. In addition, see Note 4 of the "Notes to Consolidated Financial Statements" contained herein in Item 1 for the additional disclosures required by the update.
9



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued
Unum Group and Subsidiaries
March 31, 2020
Note 2 - Accounting Developments - Continued
Summary of Financial Statement Impacts of Accounting Updates Adopted in 2020:

Balance at December 31, 2019Balance at
January 1, 2020
Effect of Change
(in millions of dollars)
Adjustments due to ASC 326
Consolidated Balance Sheets
Assets
Mortgage Loans$2,397.0  $2,388.7  $(8.3) 
Reinsurance Recoverable4,780.7  4,778.9  (1.8) 
Accounts and Premiums Receivable1,602.9  1,589.4  (13.5) 
Liabilities
Deferred Income Tax95.4  90.4  (5.0) 
Other Liabilities1,856.5  1,856.8  0.3  
Stockholders' Equity
Retained Earnings10,728.7  10,709.8  (18.9) 

In accordance with the January 1, 2020 implementation of updates to Accounting Standards Codification (ASC) 326 "Financial Instruments - Credit Losses", we have added the following discussion regarding our accounting policies on the allowance for current expected credit losses to our significant accounting policies.

Allowance for Current Expected Credit Losses: We establish an allowance for current expected credit losses on certain of our financial assets, which is deducted from the amortized cost of applicable investments and the gross amount of applicable receivables, to present the net amount we expect to collect on these financial assets. The allowance is forward-looking in nature and is calculated based on considerations regarding both historical events and future expectations. Periodic changes in the allowance are recorded through earnings.

The allowance on our premiums receivable is primarily determined using an aging analysis as well as historical lapse and delinquency rates by line of business, adjusted for key factors that may impact our future expectation of premium receipts such as changes in customer demographics, business practices, economic conditions, and product offerings. We write off premiums receivable amounts when determined to be uncollectable, which is based on various factors, including the aging of premiums receivable past the due date and specific communication with customers. At January 1, 2020 and March 31, 2020, the allowance for expected credit losses on premium receivables was $23.8 million and $32.6 million, respectively, on gross premium receivables of $543.0 million and $607.2 million, respectively. The allowance at January 1, 2020 includes amounts that were previously established at December 31, 2019. The increase in the allowance during the first quarter of 2020 was driven primarily by the uncertainty of collectability resulting from the impacts of COVID-19. The primary factors considered in establishing the additional allowance were the recent increase in unemployment levels and the general uncertainty around the financial condition of some of our customers. There was no significant write-off or recovery activity during the first quarter of 2020.

The allowance for our reinsurance recoverable balance is determined using a probability of default approach which incorporates key inputs and assumptions regarding historical insurer liquidation rates, counterparty credit ratings, and collateral received. Liquidation rates are derived from rating agency studies covering domestic insurers and are based on historical liquidation trends according to their respective credit ratings. When calculating our allowance, we apply these liquidation rates to the net amount of our credit exposure, which considers collateral arrangements such as letters of credit. We evaluate the factors used to determine our allowance on a quarterly basis to consider material changes in our assumptions and make adjustments accordingly. At both January 1, 2020 and March 31, 2020, the allowance for expected credit losses on reinsurance recoverables was $1.8 million.
10



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued
Unum Group and Subsidiaries
March 31, 2020
Note 2 - Accounting Developments - Continued
See Note 4 for discussion on the allowance for current expected credit losses regarding our commercial mortgage loans and the allowance for credit losses for our available-for-sale fixed maturity securities.

Summary of Financial Statement Impacts of Accounting Updates adopted in 2019:

Effective January 1, 2019, we adopted an update under ASC 842 that changed the accounting and disclosure requirements for leases, requiring lessees to report most leases on their balance sheets, regardless of whether the lease is classified as a finance lease or an operating lease. For lessees, the initial lease liability is equal to the present value of lease payments, and a corresponding asset, adjusted for certain items, is also recorded. Expense recognition for lessees remained similar to previous accounting requirements for capital and operating leases. For lessors, the guidance modified the classification criteria and the accounting for sales-type and direct financing leases. The guidance was applied using a modified retrospective approach through a cumulative-effect reduction to retained earnings of $3.4 million at the beginning of the period of adoption. In addition, the package of practical expedients available to leases that commenced prior to the date of adoption was applied.

Accounting Updates Outstanding:
ASCDescriptionDate of AdoptionEffect on Financial Statements
ASC 715 "Compensation - Retirement Benefits"This update amends the defined benefit pension and other postretirement benefit guidance by removing or clarifying certain existing disclosure requirements, while also adding new disclosure requirements. Specifically, this update removes the requirement to disclose the effects of a one-percentage point change in the assumed healthcare cost trend and the requirement to disclose amounts in accumulated other comprehensive income expected to be recognized as part of net periodic benefit cost of the next year. This update adds a requirement to describe the reasons for significant gains and losses related to changes in the benefit obligation for the period. The update also clarifies that the projected benefit obligation (PBO) and accumulated benefit obligation (ABO) and fair value of plan assets are to be disclosed for plans with PBOs or ABOs in excess of plan assets. The guidance is to be applied retrospectively and early adoption is permitted.December 31, 2020The adoption of this update will modify our disclosures but will not have an impact on our financial position or results of operations.
ASC 740 "Income Taxes"The amendments in this update simplify the accounting for income taxes by removing certain exceptions in the guidance related to the following: 1. losses in continuing operations when there is income in other items, 2. foreign subsidiaries becoming equity method investments and vice versa, and 3. year-to-date interim period losses exceeding anticipated loss for the year. The amendments also simplify the accounting for income taxes related to the following: 1. franchise taxes partially based on income, 2. step up in the tax basis of goodwill, 3. allocation of tax expense to entities not subject to tax, 4. enacted changes in tax law or rates in interim periods, and 5. employee stock ownership programs and investments in qualified affordable housing projects accounted for using the equity method.January 1, 2021We have not yet determined the expected impact on our financial position or results of operations.

11



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued
Unum Group and Subsidiaries
March 31, 2020
Note 2 - Accounting Developments - Continued
ASCDescriptionDate of AdoptionEffect on Financial Statements
ASC 944 "Financial Services - Insurance"This update significantly amends the accounting and disclosure requirements for long-duration insurance contracts. These changes include a requirement to review, and if necessary, update cash flow assumptions used to measure the liability for future policy benefits for traditional and limited-payment contracts at least annually, with changes recognized in earnings. In addition, an entity will be required to update the discount rate assumption at each reporting date using a yield that is reflective of an upper-medium grade fixed-income instrument, with changes recognized in other comprehensive income. These changes result in the elimination of the provision for risk of adverse deviation and premium deficiency (or loss recognition) testing. The update also requires that an entity measure all market risk benefits associated with deposit contracts at fair value, with changes recognized in earnings except for the portion attributable to a change in the instrument-specific credit risk, which is to be recognized in other comprehensive income. This update also simplifies the amortization of deferred acquisition costs by requiring amortization on a constant level basis over the expected term of the related contracts. Deferred acquisition costs are required to be written off for unexpected contract terminations but are no longer subject to an impairment test. Significant additional disclosures will also be required, which include disaggregated rollforwards of certain liability balances and the disclosure of qualitative and quantitative information about expected cash flows, estimates, and assumptions. The application of this guidance will vary based upon the specific requirements of the update but will generally result in either a modified retrospective or full retrospective approach with changes applied as of the beginning of the earliest period presented. Early adoption is permitted.January 1, 2022We are currently evaluating the impact of the update and expect that the adoption may have a material impact on our