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Management's Discussion and Analysis

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Management's Discussion and Analysis ANNUAL STATEMENT FOR THE YEAR 2015 OF THE UNUM LIFE INSURANCE COMPANY OF AMERICA (400130./313.../..( MANAGEMENT‘S DISCUSSION AND ANALYSIS For the year ended December 31, 2015 UNUM LIFE INSURANCE COMPANY OF AMERICA NAIC GROUP CODE 0565 NAIC COMPANY CODE 62235 This discussion provides an assessment by management of the current financial position, results from operations, cash flow and liquidity, and changes in financial position for Unum Life Insurance Company of America (the Company). Information presented in this discussion supplements the financial statements and notes thereto, exhibits, and schedules in the 2015 annual statement. OPERATIONS The Company, domiciled in Maine, is a wholly-owned subsidiary of Unum Group, a Delaware general business corporation that acts as a holding company for a number of insurance and non-insurance subsidiaries. Effective August 31, 2015, Tailwind Reinsurance Company (Tailwind Re) merged with the Company. Tailwind Re was a wholly-owned subsidiary of Tailwind Holdings, LLC, a wholly-owned subsidiary of Unum Group, the parent of the Company. See further discussion below in —Significant Events.“ The Company‘s primary business is the sale of group disability insurance as well as group life, accidental death and dismemberment (AD&D), voluntary benefits, and individual disability insurance. The products are marketed primarily to employers and multi-life employee groups by the Company‘s sales force, working in conjunction with independent brokers and consultants. Voluntary benefits products are primarily sold to groups of employees through payroll deduction at the workplace and include accident, hospital indemnity, and critical illness and are offered on a group basis. Voluntary benefits products are primarily sold to groups of employees through payroll deduction at the workplace and include accident, hospital indemnity, and critical illness and are offered on a group basis. The Company also services its closed block of business which consists of group and individual long-term care insurance and individual disability insurance policies that were designed to be distributed to individuals in a non-workplace setting and that were written prior to the changes in product offerings, pricing, distribution, and underwriting of individual disability insurance that occurred during the period from 1994 to 1998. There are no new sales of these products other than update features contractually allowable on existing policies. Substantially, the entire closed block of group and individual long-term care business has been ceded to Fairwind Insurance Company (Fairwind), an affiliate, through a funds withheld reinsurance arrangement wherein all existing and subsequently written group and individual long-term care business is fully reinsured. The funds withheld reserve was $7.3 billion at December 31, 2015. Substantially, the entire closed block of individual disability business has been ceded to Northwind Reinsurance Company (Northwind Re), an affiliate, through a modified coinsurance transaction. The ceded modified coinsurance reserve was $2.3 billion at December 31, 2015. SIGNIFICANT EVENTS Tailwind Re Merger Effective August 31, 2015, Tailwind Re, an affiliated special purpose financial captive insurance company domiciled in South Carolina, merged with the Company. The transaction was accounted for as a statutory merger. No additional shares of the Company were issued, and the common capital stock of Tailwind Re was canceled upon completion of the merger. Prior to the merger, Tailwind Re reinsured, under a modified coinsurance agreement, a 100 percent quota share of the liability with respect to certain specified group long-term disability claims of the Company incurred between January 1, 1999 and December 31, 2001 that were in payment status on January 1, 2006. Following the merger, the majority of the block of group long-term disability business previously ceded to Tailwind Re was ceded to an unaffiliated reinsurer as discussed under —Reinsurance.“ Prior year amounts have been restated to reflect comparative merged company financial information. The Company‘s capital adequacy was not materially impacted by this transaction. See Note 3B of the —Notes to Financial Statements“ in the Company‘s 2015 annual statement for further discussion. Reinsurance During 2009, the Company entered into a quota share reinsurance agreement with RGA Americas Reinsurance Company, Ltd. (RGA) under which the Company cedes specified blocks of group long-term disability (LTD) claims. The agreement is on a combination coinsurance with funds withheld and modified coinsurance basis and provides 80 percent quota share reinsurance on the blocks of ceded business. The Company ceded additional funds withheld reserves and modified coinsurance reserves of $6.8 million and $675.6 million, respectively, effective September 1, 2015 and $3.4 million and $333.3 million, respectively, effective September 1, 2014. Included within the 2015 transaction were 80 percent of reserves for a block of group long-term disability claims previously ceded to Tailwind Re. Effective April 1, 2014, the Company entered into a yearly renewable term, 5 percent quota share reinsurance agreement with Munich American Reassurance Company. Under the terms of the agreement, the quota share percentage increased to 10 percent effective October 1, 2014, and the Company cedes 10 percent of the net retained portion of its group life policies. At December 31, 2015, the Company reported ceded premium and ceded claims related to this agreement of $92.4 million and $91.5 million, respectively. At December 31, 2014, the Company reported ceded premium and ceded claims related to this agreement of $42.4 million and $42.0 million, respectively. 350 ANNUAL STATEMENT FOR THE YEAR 2015 OF THE UNUM LIFE INSURANCE COMPANY OF AMERICA Membership of Federal Home Loan Bank (FHLB) of Boston During 2015, the Company was approved for membership in the FHLB of Boston. Membership, which requires the Company to purchase a minimum amount of FHLB common stock on which it receives dividends, provides access to low-cost funding. As of December 31, 2015, the Company owned $16.3 million of FHLB common stock and had obtained $246.0 million in advances from the FHLB of Boston. During 2015, the Company used these funds in an investment spread strategy, consistent with its other investment spread programs and recorded the funds under SSAP No. 52, Deposit Type Contracts, consistent with its accounting for other deposit type contracts. Accounting Change During 2014, the Company implemented a new income tax provision software system that provides the Company the administrative capability of grouping its deferred tax assets and liabilities on a gross rather than a net basis, thereby allowing the Company to consider additional deferred tax assets for admission under the provisions of Statement of Statutory Accounting Principles No. 101 (SSAP 101), Income Taxes. SSAP 101 permits a company to modify its groupings when there is a change in events or circumstances, one of which is a change in computer systems that allows more specificity. The impact of the change increased the Company‘s net admitted deferred tax asset $7.4 million and $9.8 million at December 31, 2014 and January 1, 2014, respectively, with a commensurate increase in capital and surplus. There was no impact on net income. FINANCIAL POSITION December 31 2015 2014 (in millions of dollars) As Adjusted Assets Bonds $ 1 7,972.3 87.5 % $ 17,225.0 87.3 % Preferred Stocks 2 4.0 0.1 24.0 0.1 Common Stocks 4 6.8 0.2 30.2 0.2 M ortgage Loans 8 22.3 4.0 793.3 4.0 Company-occupied Real Estate 6 1.2 0.3 60.9 0.3 Contract Loans 5 4.5 0.3 55.4 0.3 Securities Lending Reinvested Collateral Assets 1 6.3 0.1 18.7 0.1 Low Income Housing Tax Credit Partnerships 8 7.6 0.4 104.7 0.5 Derivatives 2 0.0 0.1 5.0 - All Other Investments and Cash 4 23.7 2.1 438.6 2.2 Investment Income Due and Accrued 2 58.5 1.2 250.4 1.3 Net Deferred Tax Asset 1 78.0 0.9 173.4 0.9 Corporate-owned Life Insurance 1 97.3 1.0 192.2 1.0 Other Assets 3 81.5 1.8 357.6 1.8 Total Assets (excluding Separate Accounts) $ 2 0,544.0 100.0 % $ 19,729.4 100.0 % Liabilities and Capital and Surplus Life Reserves $ 9 99.1 5.2 % $ 994.1 5.5 % Accident and Health Reserves 7 ,910.4 41.7 8,043.2 44.3 Liability for Deposit-Type Contracts 9 55.2 5.0 667.1 3.6 Policy and Contract Claims 7 77.9 4.1 790.9 4.4 Other Policy Liabilities 1 50.0 0.8 159.2 0.9 Asset Valuation Reserve 2 29.6 1.2 211.9 1.2 Funds held under Reinsurance with Unauthorized Reinsurers 7 ,647.0 40.3 7,004.7 38.6 Derivatives 1 5.8 0.1 31.4 0.2 Payable for Securities Lending 1 6.3 0.1 18.7 0.1 Unfunded Commitments 1 2.8 0.1 16.3 0.1 All Other Liabilities 2 62.6 1.4 201.4 1.1 Total Liabilities (excluding Separate Accounts) $ 1 8,976.7 100.0 % $ 18,138.9 100.0 % Separate Accounts $ 8 .3 $ 8.9 Capital and Surplus $ 1 ,567.3 $ 1,590.5 Assets Investment activities are an integral part of the Company‘s business, and 95.1 percent of the Company‘s assets, excluding separate accounts, consist of cash and invested assets. Invested assets are segmented for management purposes into portfolios that support the various product lines. Generally, the investment strategy for the portfolios is to match the effective asset cash flows and durations with related expected liability cash flows and durations to consistently meet the liability funding requirements of our businesses.
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