EX-99.2 3 unm03312025exhibit992.htm EX-99.2

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Unum Group

Statistical Supplement First Quarter 2025

 TABLE OF CONTENTS

(in millions of dollars, except share data and where noted)

Interim Results are Unaudited

						Page
			Financial Highlights			1
			Capital Metrics			2
			Ratings			3
			Consolidated Statements of Income			4
			Sales Data by Segment			5
			Consolidated Balance Sheets			6
			Financial Results by Segment			7
			Quarterly Historical Financial Results by Segment			8
			Financial Results and Selected Statistics by Segment
			Unum US			9
			Unum International			10
			Colonial Life			11
			Closed Block			12
			Corporate			13
			Investments			14
			Appendix to Statistical Supplement			15
			See "Appendix to Statistical Supplement" on page 15 for a summary of significant items and page 15.3 for a reconciliation of our non-GAAP financial measures.
			N.M. = not a meaningful percentage

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Unum Group Financial Highlights

			Three Months Ended												Year Ended
			3/31/2025						3/31/2024						12/31/2024						12/31/2023
Consolidated U.S. GAAP Results¹
Premium Income			$	2,702.9					$	2,610.3					$	10,497.4					$	10,046.0
Adjusted Operating Revenue			$	3,298.4					$	3,201.5					$	12,921.9					$	12,421.9
Net Investment Loss			(206.8)						(1.2)						(34.6)						(36.0)
Total Revenue			$	3,091.6					$	3,200.3					$	12,887.3					$	12,385.9
Net Income			$	189.1					$	395.2					$	1,779.1					$	1,283.8
Net Income Per Common Share:
Basic			$	1.06					$	2.05					$	9.49					$	6.53
Assuming Dilution			$	1.06					$	2.04					$	9.46					$	6.50
Assets			$	62,459.8					$	62,487.8					$	61,959.3					$	63,255.2
Liabilities			$	51,245.8					$	52,268.3					$	50,998.2					$	53,603.8
Stockholders' Equity			$	11,214.0					$	10,219.5					$	10,961.1					$	9,651.4
Adjusted Stockholders' Equity			$	12,753.3					$	12,482.0					$	12,801.6					$	12,292.6
Adjusted Operating Return on Equity
Unum US			23.0		%				27.4		%				25.2		%				23.1		%
Unum International			15.4		%				14.6		%				15.6		%				16.5		%
Colonial Life			18.6		%				19.8		%				19.7		%				18.1		%
Core Operating Segments			21.0		%				24.0		%				22.7		%				21.2		%
Consolidated			11.4		%				13.2		%				12.7		%				12.7		%

Traditional U.S. Life Insurance Companies' Statutory Results2
Net Gain from Operations, After Tax			$	489.8					$	350.5					$	1,337.0					$	1,351.5
Net Realized Capital Gain (Loss), After Tax			(38.5)						7.8						(14.6)						(21.6)
Net Income			$	451.3					$	358.3					$	1,322.4					$	1,329.9
Capital and Surplus			$	4,190.3					$	4,044.9					$	3,909.7					$	3,751.3
Weighted Average Risk-based Capital Ratio			~ 460%						~ 440%						~ 430%						~ 415%
1 Generally Accepted Accounting Principles
2 Our traditional U.S. life insurance companies are Provident Life and Accident Insurance Company, Unum Life Insurance Company of America, First Unum Life Insurance Company, Colonial Life & Accident Insurance Company, The Paul Revere Life Insurance Company, Unum Insurance Company, Provident Life and Casualty Insurance Company, and Starmount Life Insurance Company.

1

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Unum Group Capital Metrics

			3/31/2025												3/31/2024												12/31/2024												12/31/2023
			(in millions)						per share						(in millions)						per share						(in millions)						per share						(in millions)						per share
Total Stockholders' Equity (Book Value)			$	11,214.0					$	63.78					$	10,219.5					$	53.38					$	10,961.1					$	61.38					$	9,651.4					$	49.91
Excluding:
Net Unrealized Loss on Securities			(2,333.2)						(13.27)						(2,360.8)						(12.33)						(2,755.2)						(15.43)						(1,919.1)						(9.92)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits			1,019.1						5.80						225.3						1.18						1,185.4						6.64						(648.4)						(3.35)
Net Loss on Derivatives			(225.2)						(1.28)						(127.0)						(0.66)						(270.7)						(1.51)						(73.7)						(0.39)
Subtotal			12,753.3						72.53						12,482.0						65.19						12,801.6						71.68						12,292.6						63.57
Excluding:
Foreign Currency Translation Adjustment			(300.7)						(1.71)						(332.6)						(1.74)						(343.0)						(1.93)						(321.1)						(1.66)
Subtotal			13,054.0						74.24						12,814.6						66.93						13,144.6						73.61						12,613.7						65.23
Excluding:
Unrecognized Pension and Postretirement Benefit Costs			(338.8)						(1.93)						(344.9)						(1.80)						(340.2)						(1.90)						(345.7)						(1.79)
Total Stockholders' Equity, Excluding Accumulated Other Comprehensive Loss			$	13,392.8					$	76.17					$	13,159.5					$	68.73					$	13,484.8					$	75.51					$	12,959.4					$	67.02
Dividends Paid			$	77.3					$	0.420					$	72.6					$	0.365					$	296.6					$	1.570					$	277.1					$	1.390

			Three Months Ended												Year Ended
			3/31/2025						3/31/2024						12/31/2024						12/31/2023
Shares Repurchased (millions)1			3.3						2.5						15.7						5.7
Cost of Shares Repurchased (millions)2			$	202.6					$	123.0					$	979.3					$	252.0
Price (UNM closing price on last trading day of period)			$	81.46					$	53.66					$	73.03					$	45.22
Leverage Ratio			23.0		%				21.9		%				22.9		%				22.1		%
Holding Company Liquidity (millions)			$	2,215					$	1,406					$	1,987					$	1,650
1For the three months ended March 31, 2025, includes 0.7 million shares related to the settlement of the November 2024 accelerated share repurchase agreement (ASR) which occurred in February 2025.
2Includes commissions of $0.5 million for the three months ended March 31, 2025, a de minimis amount for the three months ended March 31, 2024, and year ended December 31, 2024, and $0.1 million for the year ended December 31, 2023. There was excise tax of $2.1 million and $1.1 million for the three months ended March 31, 2025 and 2024, respectively, and $8.3 million and $1.9 million for the years ended December 31, 2024 and 2023, respectively. Also included for the year ended December 31, 2024 is $80.3 million related to shares which settled in February 2025 in connection with the November 2024 ASR agreement.

2

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Unum Group Ratings

AM Best

Fitch

Moody's

S&P

Outlook

Stable

Positive

Stable

Stable

Senior Unsecured Debt Ratings

bbb+

BBB

Baa2

BBB

Financial Strength Ratings

Provident Life and Accident Insurance Company

A

A

A2

A

Unum Life Insurance Company of America

A

A

A2

A

First Unum Life Insurance Company

A

A

A2

A

Colonial Life & Accident Insurance Company

A

A

A2

A

The Paul Revere Life Insurance Company

A

A

A2

A

Unum Insurance Company

A

A

A2

NR

Provident Life and Casualty Insurance Company

A

A

NR

NR

Starmount Life Insurance Company

A

NR

NR

NR

Unum Limited

NR

NR

NR

A-

NR = not rated

3

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Unum Group Consolidated Statements of Income

			Three Months Ended												Year Ended
			3/31/2025						3/31/2024						12/31/2024						12/31/2023
Revenue
Premium Income			$	2,702.9					$	2,610.3					$	10,497.4					$	10,046.0
Net Investment Income			513.2						513.5						2,130.0						2,096.7
Net Investment Loss			(206.8)						(1.2)						(34.6)						(36.0)
Other Income			82.3						77.7						294.5						279.2
Total Revenue			3,091.6						3,200.3						12,887.3						12,385.9
Benefits and Expenses
Policy Benefits Including Remeasurement Gain			1,871.0						1,785.3						6,917.9						7,257.1
Commissions			343.2						313.6						1,258.6						1,170.1
Interest and Debt Expense			52.0						49.5						201.1						194.8
Deferral of Acquisition Costs			(172.6)						(166.9)						(651.5)						(632.2)
Amortization of Deferred Acquisition Costs			125.4						126.2						521.0						481.4
Other Expenses			629.0						596.9						2,388.9						2,274.6
Total Benefits and Expenses			2,848.0						2,704.6						10,636.0						10,745.8
Income Before Income Tax			243.6						495.7						2,251.3						1,640.1
Income Tax Expense			54.5						100.5						472.2						356.3
Net Income			$	189.1					$	395.2					$	1,779.1					$	1,283.8
Weighted Average Shares Outstanding
Basic			178.3						192.6						187.5						196.7
Assuming Dilution			178.9						193.3						188.1						197.6
Actual Number of Shares Outstanding			175.8						191.5						178.6						193.4

4

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Unum Group Sales Data for Unum US Segment

			Three Months Ended																		Year Ended
			3/31/2025						3/31/2024						% Change						12/31/2024						12/31/2023
Sales by Product
Group Disability and Group Life and AD&D
Group Long-term Disability			$	43.1					$	54.6					(21.1)		%				$	298.3					$	292.7
Group Short-term Disability			31.9						35.9						(11.1)						216.5						229.5
Group Life and AD&D			44.4						42.8						3.7						361.5						305.4
Subtotal			119.4						133.3						(10.4)						876.3						827.6
Supplemental and Voluntary
Voluntary Benefits			122.9						107.9						13.9						293.7						263.2
Individual Disability			23.7						21.2						11.8						101.7						108.9
Dental and Vision			11.5						11.7						(1.7)						95.3						84.1
Subtotal			158.1						140.8						12.3						490.7						456.2
Total Sales			$	277.5					$	274.1					1.2						$	1,367.0					$	1,283.8
Sales by Market Sector
Group Disability and Group Life and AD&D
Core Market (< 2,000 employees)			$	70.9					$	77.3					(8.3)		%				$	512.6					$	521.3
Large Case Market			48.5						56.0						(13.4)						363.7						306.3
Subtotal			119.4						133.3						(10.4)						876.3						827.6
Supplemental and Voluntary			158.1						140.8						12.3						490.7						456.2
Total Sales			$	277.5					$	274.1					1.2						$	1,367.0					$	1,283.8

5

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Unum Group Sales Data for Unum International Segment

			Three Months Ended																		Year Ended
(in millions of dollars)			3/31/2025						3/31/2024						% Change						12/31/2024						12/31/2023
Sales by Product
Unum UK
Group Long-term Disability			$	7.0					$	15.1					(53.6)		%				$	47.3					$	48.3
Group Life			11.0						9.9						11.1						68.3						61.4
Supplemental			8.7						12.6						(31.0)						34.9						28.0
Unum Poland			10.2						8.0						27.5						36.4						33.2
Total Sales			$	36.9					$	45.6					(19.1)						$	186.9					$	170.9
Sales by Market Sector
Unum UK
Group Long-term Disability and Group Life
Core Market (< 500 employees)			$	11.2					$	9.3					20.4		%				$	41.8					$	51.2
Large Case Market			6.8						15.7						(56.7)						73.8						58.5
Subtotal			18.0						25.0						(28.0)						115.6						109.7
Supplemental			8.7						12.6						(31.0)						34.9						28.0
Unum Poland			10.2						8.0						27.5						36.4						33.2
Total Sales			$	36.9					$	45.6					(19.1)						$	186.9					$	170.9
(in millions of pounds)
Unum UK Sales by Product
Group Long-term Disability			£	5.6					£	11.9					(52.9)		%				£	37.2					£	38.8
Group Life			8.7						7.8						11.5						53.4						49.4
Supplemental			7.0						9.9						(29.3)						27.5						22.6
Total Sales			£	21.3					£	29.6					(28.0)						£	118.1					£	110.8
Unum UK Sales by Market Sector
Group Long-term Disability and Group Life
Core Market (< 500 employees)			£	8.9					£	7.4					20.3		%				£	32.8					£	41.2
Large Case Market			5.4						12.3						(56.1)						57.8						47.0
Subtotal			14.3						19.7						(27.4)						90.6						88.2
Supplemental			7.0						9.9						(29.3)						27.5						22.6
Total Sales			£	21.3					£	29.6					(28.0)						£	118.1					£	110.8

5. 1

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Unum Group Sales Data for Colonial Life Segment

			Three Months Ended																		Year Ended
			3/31/2025						3/31/2024						% Change						12/31/2024						12/31/2023
Sales by Product
Accident, Sickness, and Disability			$	66.2					$	64.6					2.5		%				$	326.3					$	329.5
Life			25.0						24.8						0.8						127.9						132.1
Cancer and Critical Illness			14.1						13.6						3.7						78.0						78.0
Total Sales			$	105.3					$	103.0					2.2						$	532.2					$	539.6
Sales by Market Sector
Commercial Sector
Core Market (< 1,000 employees)			$	69.8					$	71.7					(2.6)		%				$	331.9					$	347.4
Large Case Market			9.3						9.2						1.1						65.1						62.3
Subtotal			79.1						80.9						(2.2)						397.0						409.7
Public Sector			26.2						22.1						18.6						135.2						129.9
Total Sales			$	105.3					$	103.0					2.2						$	532.2					$	539.6

5. 2

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Unum Group Consolidated Balance Sheets

			March 31						December 31
			2025						2024
Assets
Investments
Fixed Maturity Securities - at fair value			$	35,751.4					$	35,629.9
Mortgage Loans			2,187.7						2,224.5
Policy Loans			3,636.4						3,617.2
Other Long-term Investments			1,689.8						1,694.4
Short-term Investments			2,965.3						2,540.3
Total Investments			46,230.6						45,706.3
Other Assets
Cash and Bank Deposits			237.7						162.8
Accounts and Premiums Receivable			1,557.1						1,459.0
Reinsurance Recoverable			8,121.9						8,296.4
Accrued Investment Income			622.9						649.8
Deferred Acquisition Costs			2,893.2						2,842.8
Goodwill			350.6						349.1
Property and Equipment			496.3						487.6
Deferred Income Tax			314.8						369.7
Other Assets			1,634.7						1,635.8
Total Assets			$	62,459.8					$	61,959.3

6

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Unum Group Consolidated Balance Sheets - Continued

			March 31						December 31
			2025						2024
Liabilities and Stockholders' Equity
Liabilities
Future Policy Benefits			$	37,030.7					$	36,806.4
Policyholders' Account Balances			5,620.8						5,633.7
Unearned Premiums			475.6						384.0
Other Policyholders’ Funds			1,522.8						1,526.7
Income Tax Payable			302.3						226.5
Deferred Income Tax			32.8						31.0
Long-term Debt			3,467.0						3,465.2
Other Liabilities			2,519.2						2,650.1
Total Liabilities			51,245.8						50,998.2
Stockholders’ Equity
Common Stock			19.5						19.5
Additional Paid-in Capital			1,568.7						1,489.6
Accumulated Other Comprehensive Loss			(2,178.8)						(2,523.7)
Retained Earnings			13,025.8						12,914.0
Treasury Stock - at cost			(1,221.2)						(938.3)
Total Stockholders’ Equity			11,214.0						10,961.1
Total Liabilities and Stockholders’ Equity			$	62,459.8					$	61,959.3

6. 1

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Unum Group Balance Sheets by Segment - March 31, 2025

			Unum US
			Group Disability						Group Life and Accidental Death & Dismemberment						Supplemental and Voluntary						Total Unum US						Unum International						Colonial Life						Closed Block						Corporate						Consolidated
Assets
Investments			$	5,889.2					$	1,865.4					$	4,558.2					$	12,312.8					$	3,077.7					$	3,337.2					$	24,370.7					$	3,132.2					$	46,230.6
Deferred Acquisition Costs			66.8						56.6						1,156.7						1,280.1						59.0						1,554.1						—						—						2,893.2
Goodwill			8.9						—						271.1						280.0						42.9						27.7						—						—						350.6
Reinsurance Recoverable			29.3						9.8						91.1						130.2						92.1						5.2						7,894.4						—						8,121.9
All Other			403.5						260.5						172.2						836.2						116.6						132.7						970.5						2,807.5						4,863.5
Total Assets			$	6,397.7					$	2,192.3					$	6,249.3					$	14,839.3					$	3,388.3					$	5,056.9					$	33,235.6					$	5,939.7					$	62,459.8
Liabilities
Future Policy Benefits			$	4,748.3					$	806.8					$	3,090.6					$	8,645.7					$	2,218.3					$	1,944.1					$	24,222.6					$	—					$	37,030.7
Policyholders' Account Balances			—						—						674.1						674.1						—						860.8						4,085.9						—						5,620.8
Unearned Premiums			3.8						6.7						62.4						72.9						230.9						47.1						124.7						—						475.6
Other Policyholders' Funds			39.6						787.1						29.4						856.1						58.5						8.8						599.4						—						1,522.8
Debt			—						—						—						—						—						—						—						3,741.6						3,741.6
All Other			43.7						26.3						59.7						129.7						116.2						61.9						554.5						1,992.0						2,854.3
Total Liabilities			4,835.4						1,626.9						3,916.2						10,378.5						2,623.9						2,922.7						29,587.1						5,733.6						51,245.8
Allocated Stockholders' Equity
Other Allocated Stockholders' Equity			1,512.9						636.9						2,325.0						4,474.8						763.7						1,982.2						4,743.7						788.9						12,753.3
Net Unrealized Loss on Securities and Net Loss on Derivatives			(151.5)						(92.3)						(179.5)						(423.3)						(154.2)						(113.5)						(1,284.6)						(582.8)						(2,558.4)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits			200.9						20.8						187.6						409.3						154.9						265.5						189.4						—						1,019.1
Total Allocated Stockholders' Equity			1,562.3						565.4						2,333.1						4,460.8						764.4						2,134.2						3,648.5						206.1						11,214.0
Total Liabilities and Allocated Stockholders' Equity			$	6,397.7					$	2,192.3					$	6,249.3					$	14,839.3					$	3,388.3					$	5,056.9					$	33,235.6					$	5,939.7					$	62,459.8

Allocated stockholders' equity is determined on the basis of an internal allocation formula that reflects the volume and risk components of the business and aligns with our target capital levels for regulatory and rating agency purposes. We modify this formula periodically to recognize changes in the views of capital requirements.

6. 2

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Unum Group Balance Sheets by Segment - December 31, 2024

			Unum US
			Group Disability						Group Life and Accidental Death & Dismemberment						Supplemental and Voluntary						Total Unum US						Unum International						Colonial Life						Closed Block						Corporate						Consolidated
Assets
Investments			$	6,016.7					$	1,924.5					$	4,557.3					$	12,498.5					$	2,968.7					$	3,249.7					$	23,862.5					$	3,126.9					$	45,706.3
Deferred Acquisition Costs			61.1						51.1						1,148.4						1,260.6						53.0						1,529.2						—						—						2,842.8
Goodwill			8.9						—						271.1						280.0						41.4						27.7						—						—						349.1
Reinsurance Recoverable			31.7						5.7						166.4						203.8						99.0						4.3						7,989.3						—						8,296.4
All Other			351.2						202.4						185.1						738.7						129.2						153.3						1,524.2						2,219.3						4,764.7
Total Assets			$	6,469.6					$	2,183.7					$	6,328.3					$	14,981.6					$	3,291.3					$	4,964.2					$	33,376.0					$	5,346.2					$	61,959.3
Liabilities
Future Policy Benefits			$	4,773.9					$	836.0					$	3,059.8					$	8,669.7					$	2,163.0					$	1,904.2					$	24,069.5					$	—					$	36,806.4
Policyholders' Account Balances			—						—						675.7						675.7						—						862.5						4,095.5						—						5,633.7
Unearned Premiums			1.6						6.1						44.0						51.7						165.5						45.4						121.4						—						384.0
Other Policyholders' Funds			37.7						775.9						32.7						846.3						60.1						8.3						612.0						—						1,526.7
Debt			—						—						—						—						—						—						—						3,739.8						3,739.8
All Other			34.2						25.8						149.3						209.3						119.0						63.9						598.2						1,917.2						2,907.6
Total Liabilities			4,847.4						1,643.8						3,961.5						10,452.7						2,507.6						2,884.3						29,496.6						5,657.0						50,998.2
Allocated Stockholders' Equity
Other Allocated Stockholders' Equity			1,584.2						626.8						2,366.2						4,577.2						775.6						1,938.8						5,164.7						345.3						12,801.6
Net Unrealized Loss on Securities and Net Loss on Derivatives			(192.6)						(111.0)						(211.1)						(514.7)						(134.9)						(138.8)						(1,581.4)						(656.1)						(3,025.9)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits			230.6						24.1						211.7						466.4						143.0						279.9						296.1						—						1,185.4
Total Allocated Stockholders' Equity			1,622.2						539.9						2,366.8						4,528.9						783.7						2,079.9						3,879.4						(310.8)						10,961.1
Total Liabilities and Allocated Stockholders' Equity			$	6,469.6					$	2,183.7					$	6,328.3					$	14,981.6					$	3,291.3					$	4,964.2					$	33,376.0					$	5,346.2					$	61,959.3

6. 3

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Unum Group Financial Results by Segment

We measure and analyze our segment performance on the basis of "adjusted operating revenue" and "adjusted operating income" or "adjusted operating loss", which differ from total revenue and income before income tax as presented in our consolidated statements of income due to the exclusion of investment gains or losses, amortization of the cost of reinsurance, non-contemporaneous reinsurance, and reserve assumption updates, as well as certain other items as specified in the following pages. Investment gains or losses primarily include realized investment gains or losses, expected investment credit losses, impairment losses, and gains or losses on derivatives. These performance measures are in accordance with GAAP guidance for segment reporting, but they should not be viewed as a substitute for total revenue, income before income tax, or net income.

			Three Months Ended																		Year Ended
			3/31/2025						3/31/2024						% Change						12/31/2024						12/31/2023						% Change
Premium Income
Unum US			$	1,780.9					$	1,707.4					4.3		%				$	6,883.2					$	6,579.2					4.6		%
Unum International			246.7						231.7						6.5						949.5						825.2						15.1
Colonial Life			457.3						446.9						2.3						1,783.9						1,726.1						3.3
Closed Block			218.0						224.3						(2.8)						880.8						915.5						(3.8)
			2,702.9						2,610.3						3.5						10,497.4						10,046.0						4.5
Net Investment Income
Unum US			148.9						157.0						(5.2)						632.2						639.9						(1.2)
Unum International			28.5						26.1						9.2						128.8						137.2						(6.1)
Colonial Life			42.2						39.3						7.4						161.5						153.5						5.2
Closed Block			269.7						273.1						(1.2)						1,148.9						1,066.3						7.7
Corporate			23.9						18.0						32.8						58.6						99.8						(41.3)
			513.2						513.5						(0.1)						2,130.0						2,096.7						1.6
Other Income
Unum US			71.9						60.6						18.6						235.9						220.5						7.0
Unum International			0.1						0.3						(66.7)						1.6						1.6						—
Colonial Life			0.4						3.0						(86.7)						4.0						1.2						N.M.
Closed Block			9.9						13.1						(24.4)						51.7						52.6						(1.7)
Corporate			—						0.7						N.M.						1.3						3.3						(60.6)
			82.3						77.7						5.9						294.5						279.2						5.5
Total Adjusted Operating Revenue
Unum US			2,001.7						1,925.0						4.0						7,751.3						7,439.6						4.2
Unum International			275.3						258.1						6.7						1,079.9						964.0						12.0
Colonial Life			499.9						489.2						2.2						1,949.4						1,880.8						3.6
Closed Block			497.6						510.5						(2.5)						2,081.4						2,034.4						2.3
Corporate			23.9						18.7						27.8						59.9						103.1						(41.9)
			$	3,298.4					$	3,201.5					3.0						$	12,921.9					$	12,421.9					4.0

7

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Unum Group Financial Results by Segment - Continued

			Three Months Ended																		Year Ended
			3/31/2025						3/31/2024						% Change						12/31/2024						12/31/2023						% Change
Benefits and Expenses
Unum US			$	1,672.6					$	1,539.8					8.6		%				$	6,168.5					$	5,955.3					3.6		%
Unum International			236.6						220.7						7.2						929.6						823.8						12.8
Colonial Life			384.2						375.5						2.3						1,436.7						1,400.0						2.6
Closed Block			489.6						503.8						(2.8)						1,834.8						2,317.2						(20.8)
Corporate			65.0						64.8						0.3						266.4						249.5						6.8
			2,848.0						2,704.6						5.3						10,636.0						10,745.8						(1.0)
Income (Loss) Before Income Tax and Net Investment Loss
Unum US			329.1						385.2						(14.6)						1,582.8						1,484.3						6.6
Unum International			38.7						37.4						3.5						150.3						140.2						7.2
Colonial Life			115.7						113.7						1.8						512.7						480.8						6.6
Closed Block			8.0						6.7						19.4						246.6						(282.8)						187.2
Corporate			(41.1)						(46.1)						(10.8)						(206.5)						(146.4)						41.1
			450.4						496.9						(9.4)						2,285.9						1,676.1						36.4
Income Tax Expense Before Net Investment Loss			97.9						100.9						(3.0)						479.8						364.1						31.8
Income Before Net Investment Loss			352.5						396.0						(11.0)						1,806.1						1,312.0						37.7
Net Investment Loss (net of tax benefit of $43.4; $0.4; $7.6; $7.8)			(163.4)						(0.8)						N.M.						(27.0)						(28.2)						(4.3)
Net Income			$	189.1					$	395.2					(52.2)						$	1,779.1					$	1,283.8					38.6

7. 1

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Unum Group Quarterly Historical Financial Results by Segment

			3/31/2025						12/31/2024						9/30/2024						6/30/2024						3/31/2024
Premium Income
Unum US			$	1,780.9					$	1,721.4					$	1,723.5					$	1,730.9					$	1,707.4
Unum International			246.7						242.4						246.6						228.8						231.7
Colonial Life			457.3						448.9						441.9						446.2						446.9
Closed Block			218.0						218.4						216.8						221.3						224.3
			2,702.9						2,631.1						2,628.8						2,627.2						2,610.3
Net Investment Income
Unum US			148.9						156.1						161.0						158.1						157.0
Unum International			28.5						34.3						30.4						38.0						26.1
Colonial Life			42.2						42.1						39.6						40.5						39.3
Closed Block			269.7						297.3						284.3						294.2						273.1
Corporate			23.9						13.8						12.5						14.3						18.0
			513.2						543.6						527.8						545.1						513.5
Other Income
Unum US			71.9						57.0						60.1						58.2						60.6
Unum International			0.1						0.4						0.4						0.5						0.3
Colonial Life			0.4						0.4						0.4						0.2						3.0
Closed Block			9.9						14.0						12.4						12.2						13.1
Corporate			—						0.2						—						0.4						0.7
			82.3						72.0						73.3						71.5						77.7
Total Adjusted Operating Revenue
Unum US			2,001.7						1,934.5						1,944.6						1,947.2						1,925.0
Unum International			275.3						277.1						277.4						267.3						258.1
Colonial Life			499.9						491.4						481.9						486.9						489.2
Closed Block			497.6						529.7						513.5						527.7						510.5
Corporate			23.9						14.0						12.5						14.7						18.7
			$	3,298.4					$	3,246.7					$	3,229.9					$	3,243.8					$	3,201.5

8

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Unum Group Quarterly Historical Financial Results by Segment - Continued

			3/31/2025						12/31/2024						9/30/2024						6/30/2024						3/31/2024
Benefits and Expenses
Unum US			$	1,672.6					$	1,601.3					$	1,437.7					$	1,589.7					$	1,539.8
Unum International			236.6						239.5						244.6						224.8						220.7
Colonial Life			384.2						368.7						322.5						370.0						375.5
Closed Block			489.6						517.2						320.4						493.4						503.8
Corporate			65.0						64.4						77.2						60.0						64.8
			2,848.0						2,791.1						2,402.4						2,737.9						2,704.6
Income (Loss) Before Income Tax and Net Investment Loss
Unum US			329.1						333.2						506.9						357.5						385.2
Unum International			38.7						37.6						32.8						42.5						37.4
Colonial Life			115.7						122.7						159.4						116.9						113.7
Closed Block			8.0						12.5						193.1						34.3						6.7
Corporate			(41.1)						(50.4)						(64.7)						(45.3)						(46.1)
			450.4						455.6						827.5						505.9						496.9
Income Tax Expense Before Net Investment Loss			97.9						98.7						172.0						108.2						100.9
Income Before Net Investment Loss			352.5						356.9						655.5						397.7						396.0
Net Investment Loss			(206.8)						(10.1)						(12.9)						(10.4)						(1.2)
Tax Benefit on Net Investment Loss			(43.4)						(1.9)						(3.1)						(2.2)						(0.4)
Net Income			$	189.1					$	348.7					$	645.7					$	389.5					$	395.2
Net Income Per Common Share - Assuming Dilution			$	1.06					$	1.92					$	3.46					$	2.05					$	2.04

8. 1

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Unum Group Financial Results for Unum US Segment

			Three Months Ended												Year Ended
			3/31/2025						3/31/2024						12/31/2024						12/31/2023
Adjusted Operating Revenue
Premium Income			$	1,780.9					$	1,707.4					$	6,883.2					$	6,579.2
Net Investment Income			148.9						157.0						632.2						639.9
Other Income			71.9						60.6						235.9						220.5
Total			2,001.7						1,925.0						7,751.3						7,439.6
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain			1,063.2						969.3						3,864.7						3,808.5
Commissions			205.6						182.2						729.3						664.4
Deferral of Acquisition Costs			(84.7)						(83.3)						(320.9)						(314.7)
Amortization of Deferred Acquisition Costs			65.2						69.8						292.5						267.6
Other Expenses			423.3						401.8						1,602.9						1,529.5
Total			1,672.6						1,539.8						6,168.5						5,955.3
Income before Income Tax and Net Investment Gains and Losses			329.1						385.2						1,582.8						1,484.3
Reserve Assumption Updates			—						—						(143.6)						(128.8)
Adjusted Operating Income			$	329.1					$	385.2					$	1,439.2					$	1,355.5
Operating Ratios (% of Premium Income):
Benefit Ratio1			59.7		%				56.8		%				58.2		%				59.8		%
Other Expense Ratio2			23.0		%				22.8		%				22.5		%				22.5		%
Income Ratio															23.0		%				22.6		%
Adjusted Operating Income Ratio			18.5		%				22.6		%				20.9		%				20.6		%
1Excludes the reserve assumption updates that occurred during the third quarters of 2024 and 2023.
2Ratio of Other Expenses to Premium Income plus Unum US Group Disability Other Income, which is primarily related to fee-based services.

9

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Unum Group Financial Results for Unum US Group Disability

			Three Months Ended												Year Ended
			3/31/2025						3/31/2024						12/31/2024						12/31/2023
Adjusted Operating Revenue
Premium Income
Group Long-term Disability			$	504.5					$	516.7					$	2,086.1					$	2,057.2
Group Short-term Disability			278.3						263.1						1,084.0						1,012.3
Total Premium Income			782.8						779.8						3,170.1						3,069.5
Net Investment Income			74.0						77.8						311.2						324.8
Other Income			56.0						58.7						232.1						211.6
Total			912.8						916.3						3,713.4						3,605.9
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain			483.7						448.6						1,781.8						1,693.2
Commissions			65.0						61.8						244.4						230.5
Deferral of Acquisition Costs			(16.1)						(16.5)						(62.2)						(60.2)
Amortization of Deferred Acquisition Costs			10.4						14.4						64.7						57.6
Other Expenses			250.6						243.2						973.5						936.1
Total			793.6						751.5						3,002.2						2,857.2
Income Before Income Tax and Net Investment Gains and Losses			119.2						164.8						711.2						748.7
Reserve Assumption Updates			—						—						(90.0)						(121.0)
Adjusted Operating Income			$	119.2					$	164.8					$	621.2					$	627.7
Operating Ratios (% of Premium Income):
Benefit Ratio1			61.8		%				57.5		%				59.0		%				59.1		%
Other Expense Ratio2			29.9		%				29.0		%				28.6		%				28.5		%
Income Ratio															22.4		%				24.4		%
Adjusted Operating Income Ratio			15.2		%				21.1		%				19.6		%				20.4		%
Persistency:
Group Long-term Disability			90.7		%				93.1		%				93.3		%				90.8		%
Group Short-term Disability			87.5		%				91.3		%				91.7		%				88.9		%
1Excludes the reserve assumption updates that occurred during the third quarters of 2024 and 2023.
2Ratio of Other Expenses to Premium Income plus Other Income, which is primarily related to fee-based services.

9. 1

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Unum Group Financial Results for Unum US Group Life and Accidental Death & Dismemberment

									Three Months Ended												Year Ended
															3/31/2025						3/31/2024						12/31/2024						12/31/2023
Adjusted Operating Revenue
Premium Income
Group Life															$	466.2					$	442.6					$	1,784.7					$	1,679.0
Accidental Death & Dismemberment															48.2						45.8						186.1						175.5
Total Premium Income															514.4						488.4						1,970.8						1,854.5
Net Investment Income															18.2						22.0						88.3						90.1
Other Income															0.1						1.0						1.5						1.0
Total															532.7						511.4						2,060.6						1,945.6
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain															356.7						333.2						1,294.2						1,347.7
Commissions															47.0						41.7						168.0						155.9
Deferral of Acquisition Costs															(11.6)						(10.5)						(40.6)						(38.6)
Amortization of Deferred Acquisition Costs															6.1						6.9						38.4						39.0
Other Expenses															65.3						61.3						243.0						229.9
Total															463.5						432.6						1,703.0						1,733.9
Income Before Income Tax and Net Investment Gains and Losses															69.2						78.8						357.6						211.7
Reserve Assumption Update															—						—						(13.0)						—
Adjusted Operating Income															$	69.2					$	78.8					$	344.6					$	211.7
Operating Ratios (% of Premium Income):
Benefit Ratio1															69.3		%				68.2		%				66.3		%				72.7		%
Other Expense Ratio															12.7		%				12.6		%				12.3		%				12.4		%
Income Ratio																											18.1		%
Adjusted Operating Income Ratio															13.5		%				16.1		%				17.5		%				11.4		%
Persistency:
Group Life															89.2		%				91.7		%				92.0		%				89.6		%
Accidental Death & Dismemberment															87.9		%				91.4		%				91.2		%				88.7		%
1Excludes the reserve assumption update that occurred during the third quarter of 2024.

9. 2

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Unum Group Financial Results for Unum US Supplemental and Voluntary

									Three Months Ended												Year Ended
															3/31/2025						3/31/2024						12/31/2024						12/31/2023
Adjusted Operating Revenue
Premium Income
Voluntary Benefits															$	234.1					$	222.9					$	879.2					$	850.1
Individual Disability															168.7						142.0						566.0						527.0
Dental and Vision															80.9						74.3						297.1						278.1
Total Premium Income															483.7						439.2						1,742.3						1,655.2
Net Investment Income															56.7						57.2						232.7						225.0
Other Income															15.8						0.9						2.3						7.9
Total															556.2						497.3						1,977.3						1,888.1
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain															222.8						187.5						788.7						767.6
Commissions															93.6						78.7						316.9						278.0
Deferral of Acquisition Costs															(57.0)						(56.3)						(218.1)						(215.9)
Amortization of Deferred Acquisition Costs															48.7						48.5						189.4						171.0
Other Expenses															107.4						97.3						386.4						363.5
Total															415.5						355.7						1,463.3						1,364.2
Income Before Income Tax and Net Investment Gains and Losses															140.7						141.6						514.0						523.9
Reserve Assumption Updates - Voluntary Benefits															—						—						12.2						(10.4)
Reserve Assumption Updates - Individual Disability															—						—						(52.8)						2.6
Adjusted Operating Income															$	140.7					$	141.6					$	473.4					$	516.1
Operating Ratios (% of Premium Income):
Benefit Ratios:
Voluntary Benefits1															44.1		%				33.8		%				43.0		%				39.8		%
Individual Disability1															35.5		%				41.1		%				41.0		%				44.3		%
Dental and Vision															73.7		%				72.4		%				73.9		%				73.1		%
Other Expense Ratio															22.2		%				22.2		%				22.2		%				22.0		%
Income Ratio																											29.5		%				31.7		%
Adjusted Operating Income Ratio															29.1		%				32.2		%				27.2		%				31.2		%
Persistency:
Voluntary Benefits															76.8		%				75.7		%				76.0		%				75.5		%
Individual Disability															88.2		%				89.2		%				89.0		%				89.0		%
Dental and Vision															82.2		%				80.5		%				81.4		%				77.1		%
1Excludes the reserve assumption updates that occurred during the third quarters of 2024 and 2023.

9. 3

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Unum Group Financial Results for Unum International Segment

			Three Months Ended												Year Ended
			3/31/2025						3/31/2024						12/31/2024						12/31/2023
Adjusted Operating Revenue
Premium Income
Unum UK
Group Long-term Disability			$	100.2					$	103.5					$	418.0					$	396.1
Group Life			61.6						48.7						211.3						169.3
Supplemental			41.9						43.1						165.6						141.5
Unum Poland			43.0						36.4						154.6						118.3
Total Premium Income			246.7						231.7						949.5						825.2
Net Investment Income			28.5						26.1						128.8						137.2
Other Income			0.1						0.3						1.6						1.6
Total			275.3						258.1						1,079.9						964.0
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain			164.1						155.9						656.7						579.8
Commissions			22.4						19.6						82.5						72.5
Deferral of Acquisition Costs			(5.3)						(4.3)						(17.8)						(14.6)
Amortization of Deferred Acquisition Costs			2.5						2.4						9.5						8.4
Other Expenses			52.9						47.1						198.7						177.7
Total			236.6						220.7						929.6						823.8
Income Before Income Tax and Net Investment Gains and Losses			38.7						37.4						150.3						140.2
Reserve Assumption Updates			—						—						7.5						17.9
Adjusted Operating Income			$	38.7					$	37.4					$	157.8					$	158.1

10

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Unum Group Financial Results for Unum UK

			Three Months Ended												Year Ended
(in millions of pounds, except exchange rate)			3/31/2025						3/31/2024						12/31/2024						12/31/2023
Adjusted Operating Revenue
Premium Income
Group Long-term Disability			£	79.4					£	81.6					£	327.0					£	318.5
Group Life			48.9						38.4						165.1						136.1
Supplemental			33.2						34.0						129.5						113.7
Total Premium Income			161.5						154.0						621.6						568.3
Net Investment Income			20.1						18.4						91.9						102.4
Other Income			0.1						0.1						0.1						0.2
Total			181.7						172.5						713.6						670.9
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain			108.4						104.8						440.2						408.5
Commissions			10.1						9.4						38.2						37.4
Deferral of Acquisition Costs			(1.2)						(1.1)						(3.8)						(3.9)
Amortization of Deferred Acquisition Costs			1.3						1.4						5.2						5.2
Other Expenses			33.6						29.8						122.4						115.4
Total			152.2						144.3						602.2						562.6
Income Before Income Tax and Net Investment Gains and Losses			29.5						28.2						111.4						108.3
Reserve Assumption Updates			—						—						6.4						16.3
Adjusted Operating Income			£	29.5					£	28.2					£	117.8					£	124.6
Weighted Average Pound/Dollar Exchange Rate			1.264						1.266						1.278						1.243
Operating Ratios (% of Premium Income):
Benefit Ratio1			67.1		%				68.1		%				69.8		%				69.0		%
Other Expense Ratio			20.8		%				19.4		%				19.7		%				20.3		%
Income Ratio															17.9		%				19.1		%
Adjusted Operating Income Ratio			18.3		%				18.3		%				19.0		%				21.9		%
Persistency:
Group Long-term Disability			92.1		%				92.7		%				92.0		%				92.5		%
Group Life			88.9		%				88.3		%				89.1		%				83.0		%
Supplemental			89.4		%				87.7		%				90.4		%				91.7		%
1Excludes the reserve assumption updates that occurred during the third quarters of 2024 and 2023.

10. 1

---

Unum Group Financial Results for Colonial Life Segment

			Three Months Ended												Year Ended
			3/31/2025						3/31/2024						12/31/2024						12/31/2023
Adjusted Operating Revenue
Premium Income
Accident, Sickness, and Disability			$	247.1					$	243.2					$	969.5					$	946.1
Life			119.9						114.3						458.0						426.5
Cancer and Critical Illness			90.3						89.4						356.4						353.5
Total Premium Income			457.3						446.9						1,783.9						1,726.1
Net Investment Income			42.2						39.3						161.5						153.5
Other Income			0.4						3.0						4.0						1.2
Total			499.9						489.2						1,949.4						1,880.8
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain			218.1						217.1						804.7						798.1
Commissions			97.3						95.2						378.4						359.4
Deferral of Acquisition Costs			(82.6)						(79.3)						(312.8)						(302.9)
Amortization of Deferred Acquisition Costs			57.7						54.0						219.0						205.4
Other Expenses			93.7						88.5						347.4						340.0
Total			384.2						375.5						1,436.7						1,400.0
Income Before Income Tax and Net Investment Gains and Losses			115.7						113.7						512.7						480.8
Reserve Assumption Updates			—						—						(46.0)						(80.7)
Adjusted Operating Income			$	115.7					$	113.7					$	466.7					$	400.1
Operating Ratios (% of Premium Income):
Benefit Ratio1			47.7		%				48.6		%				47.7		%				50.9		%
Other Expense Ratio			20.5		%				19.8		%				19.5		%				19.7		%
Income Ratio															28.7		%				27.9		%
Adjusted Operating Income Ratio			25.3		%				25.4		%				26.2		%				23.2		%
Persistency:
Accident, Sickness, and Disability			73.6		%				73.7		%				73.7		%				73.6		%
Life			83.8		%				85.1		%				84.4		%				85.1		%
Cancer and Critical Illness			82.2		%				82.2		%				82.2		%				82.4		%
1Excludes the reserve assumption updates that occurred during the third quarters of 2024 and 2023.

11

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Unum Group Financial Results for Closed Block Segment

			Three Months Ended												Year Ended
			3/31/2025						3/31/2024						12/31/2024						12/31/2023
Adjusted Operating Revenue
Premium Income
Long-term Care			$	176.2					$	174.5					$	696.1					$	696.0
All Other			41.8						49.8						184.7						219.5
Total Premium Income			218.0						224.3						880.8						915.5
Net Investment Income			269.7						273.1						1,148.9						1,066.3
Other Income			9.9						13.1						51.7						52.6
Total			497.6						510.5						2,081.4						2,034.4
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain			425.6						443.0						1,591.8						2,070.7
Commissions			17.9						16.6						68.4						73.8
Other Expenses			46.1						44.2						174.6						172.7
Total			489.6						503.8						1,834.8						2,317.2
Income (Loss) Before Income Tax and Net Investment Gains and Losses			8.0						6.7						246.6						(282.8)
Amortization of the Cost of Reinsurance			9.6						10.4						41.4						44.1
Non-Contemporaneous Reinsurance			6.8						7.2						25.1						34.8
Reserve Assumption Updates - Long-Term Care			—						—						(174.1)						368.1
Reserve Assumption Updates- All Other			—						—						(1.2)						0.7
Adjusted Operating Income			$	24.4					$	24.3					$	137.8					$	164.9
Long-term Care Net Premium Ratio			94.7		%				93.8		%				94.6		%				93.5		%
Operating Ratios (% of Premium Income):
Other Expense Ratio1			16.7		%				15.1		%				15.1		%				14.0		%
Income (Loss) Ratio			3.7		%				3.0		%				28.0		%				(30.9)		%
Adjusted Operating Income Ratio			11.2		%				10.8		%				15.6		%				18.0		%
Long-term Care Persistency			95.2		%				95.3		%				95.8		%				95.6		%
1Excludes amortization of the cost of reinsurance.

12

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Unum Group Financial Results for Corporate Segment

			Three Months Ended												Year Ended
			3/31/2025						3/31/2024						12/31/2024						12/31/2023
Adjusted Operating Revenue
Net Investment Income			$	23.9					$	18.0					$	58.6					$	99.8
Other Income			—						0.7						1.3						3.3
Total			23.9						18.7						59.9						103.1
Interest, Debt, and Other Expenses			65.0						64.8						266.4						249.5
Loss Before Income Tax and Net Investment Gains and Losses			(41.1)						(46.1)						(206.5)						(146.4)
Loss on Legal Settlement			—						—						15.3						—
Adjusted Operating Loss			$	(41.1)					$	(46.1)					$	(191.2)					$	(146.4)

13

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Unum Group Investments

						3/31/2025																		3/31/2025						12/31/2024
Fixed Maturity Securities (Fair Value)																		Selected Statistics
Public						$	23,030.2					64.4		%				Earned Book Yield						4.25		%				4.44		%
Mortgage-Backed/Asset-Backed Securities						960.8						2.7						Average Duration (in years)						8.31						8.28
Private Placements						5,697.0						15.9
High Yield						1,453.9						4.1
Government Securities						1,344.0						3.8
Municipal Securities						3,257.8						9.1
Redeemable Preferred Stocks						7.7						—
Total						$	35,751.4					100.0		%
						Amortized Cost						Fair Value						Private Equity Partnerships						3/31/2025						12/31/2024
Quality Ratings of Fixed Maturity Securities																		Private Credit Partnerships						$	285.6					$	289.2
Aaa						3.0		%				3.0		%				Private Equity Partnerships						639.7						640.2
Aa						15.4						14.8						Real Asset Partnerships						510.0						521.2
A						31.2						31.6						Total						$	1,435.3					$	1,450.6
Baa						46.4						46.5
Below Baa						4.0						4.1
Total						100.0		%				100.0		%				Non-Current Investments						$	11.8					$	13.0

14

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Unum Group Investments at March 31, 2025

Fixed Maturity Securities - By Industry Classification - Unrealized Gain (Loss)
Classification						Fair Value						Net Unrealized Gain (Loss)						Fair Value with Gross Unrealized Loss						Gross Unrealized Loss						Fair Value with Gross Unrealized Gain						Gross Unrealized Gain
Basic Industry						$	2,447.1					$	(104.0)					$	1,430.7					$	142.9					$	1,016.4					$	38.9
Capital Goods						3,258.5						(111.3)						1,833.4						189.9						1,425.1						78.6
Communications						2,206.1						(82.5)						1,028.3						174.4						1,177.8						91.9
Consumer Cyclical						1,376.1						(94.8)						1,034.9						115.8						341.2						21.0
Consumer Non-Cyclical						6,269.0						(440.0)						3,967.9						565.4						2,301.1						125.4
Energy						2,530.0						21.1						839.6						84.9						1,690.4						106.0
Financial Institutions						3,856.2						(312.7)						3,120.3						338.1						735.9						25.4
Mortgage/Asset-Backed1						960.8						(19.3)						519.1						24.8						441.7						5.5
Sovereigns						810.3						(150.4)						443.3						164.1						367.0						13.7
Technology						1,366.0						(117.1)						1,133.2						126.3						232.8						9.2
Transportation						1,592.6						(110.6)						1,081.8						132.9						510.8						22.3
U.S. Government Agencies and Municipalities						3,791.5						(428.6)						2,358.2						519.3						1,433.3						90.7
Public Utilities						5,287.2						(154.8)						2,420.6						322.3						2,866.6						167.5
Total						$	35,751.4					$	(2,105.0)					$	21,211.3					$	2,901.1					$	14,540.1					$	796.1
Gross Unrealized Loss on Fixed Maturity Securities by Length of Time in Unrealized Loss Position
						Investment-Grade																								Below-Investment-Grade
Category						Fair Value						Gross Unrealized Loss																		Fair Value						Gross Unrealized Loss
Less than 91 days						$	1,833.5					$	38.1																	$	215.0					$	3.4
91 through 180 days						2,857.2						115.6																		131.0						3.9
181 through 270 days						751.9						46.0																		30.4						0.4
271 days to 1 year						27.3						3.1																		—						—
Greater than 1 year						14,965.9						2,630.5																		399.1						60.1
Total						$	20,435.8					$	2,833.3																	$	775.5					$	67.8

1Includes credit-tranched securities collateralized by loan obligations, auto loans, and other asset types

14.1

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Appendix to Statistical Supplement

2025 Significant Items:

•First quarter of 2025 net investment loss of $175.9 million before tax, or $139.0 million after tax, related to the anticipated reinsurance transaction with Fortitude Reinsurance Company Ltd, which, subject to receipt of regulatory approvals and the satisfaction or waiver of other customary closing conditions, is expected to result in the execution of a coinsurance agreement during 2025.

2024 Significant Items:

•Third quarter of 2024 reserve assumption updates resulting in a net reserve decrease of $357.4 million before tax, or $282.6 million after tax.

•During the third quarter of 2024, we incurred a loss of $15.3 million before tax, or $12.1 million after tax, for the settlement of an employment-related matter.

2023 Significant Items:

•Third quarter of 2023 reserve assumption updates resulting in a net reserve increase of $177.2 million before tax, or $139.3 million after tax.

•In 2018, the Financial Accounting Standards Board issued ASU 2018-12, “Targeted Improvements to the Accounting for Long-Duration Contracts”. This update significantly amended the accounting and disclosure requirements for long-duration insurance contracts. The update was effective for periods beginning January 1, 2023. We adopted this guidance effective January 1, 2023 using the modified retrospective approach with changes applied as of January 1, 2021, also referred to as the transition date.

15

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Appendix to Statistical Supplement - Continued

Non-GAAP Financial Measures

We analyze our performance using non-GAAP financial measures which exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. We believe the following non-GAAP financial measures are better performance measures and better indicators of the revenue and profitability and underlying trends in our business:

•Consolidated adjusted operating revenue, which excludes investment gains or losses;

•After-tax adjusted operating income or loss, which excludes investment gains or losses, amortization of the cost of reinsurance, non-contemporaneous reinsurance, and reserve assumption updates, as well as certain other items, as applicable;

•Adjusted operating return on equity, which is calculated using after-tax adjusted operating income or loss and excludes from equity the unrealized gain or loss on securities, the effect of change in discount rate assumptions on the liability for future policy benefits, and net gain or loss on derivatives;

•Leverage ratio, which excludes the unrealized gain or loss on securities, the effect of change in discount rate assumptions on the liability for future policy benefits, and net gain or loss on derivatives;

•Book value per common share, which is calculated excluding accumulated other comprehensive income (loss) (AOCI).

•Premium income in constant currency, which excludes the impact of fluctuations in exchange rates between the U.S. dollar and the local currencies in which our Unum International segment is conducted. Given volatility in foreign currency exchange markets, exchange rates can fluctuate between periods. We believe translating prior period results using current period local currency exchange rates provides a more comparable view of our results; and

•Adjusted operating expense ratio, which excludes amortization of the cost of reinsurance as well as certain other items.

Investment gains or losses primarily include realized investment gains or losses, expected investment credit losses, impairment losses, and gains or losses on derivatives. Investment gains or losses and unrealized gains or losses on securities depend on market conditions and do not necessarily relate to decisions regarding the underlying business of our Company. Leverage ratio and book value per common share excluding certain components of AOCI, certain of which tend to fluctuate depending on market conditions and general economic trends, are important measures.

We exited a substantial portion of our Closed Block individual disability product line through the two phases of the reinsurance transaction that were executed in December 2020 and March 2021. As a result, we exclude the amortization of the cost of reinsurance that we recognized upon the exit of the business related to the policies on claim status as well as the impact of non-contemporaneous reinsurance that resulted from the adoption of ASU 2018-12. We believe that the exclusion of these items provides a better view of our results from our ongoing businesses.

Cash flow assumptions used to calculate our liability for future policy benefits are reviewed at least annually and updated, as needed, with the resulting impact reflected in net income. While the effects of these assumption updates are recorded in the reporting period in which the review is completed, these updates reflect experience emergence and changes to expectations spanning multiple periods. We believe that by excluding the impact of reserve assumption updates we are providing a more comparable and consistent view of our quarterly results.

15.1

---

We may at other times exclude certain other items from our discussion of financial ratios and metrics in order to enhance the understanding and comparability of our operational performance and the underlying fundamentals, but this exclusion is not an indication that similar items may not recur and does not replace net income or net loss as a measure of our overall profitability.

For a reconciliation of the most directly comparable GAAP measures to these non-GAAP financial measures, refer to the "Reconciliation of Non-GAAP Financial Measures" beginning on page 15.3, other than book value per common share, which is presented on page 2.

15.2

---

Reconciliation of Non-GAAP Financial Measures

						Three Months Ended
						March 31						December 31						September 30						June 30						March 31
						2025						2024
Total Revenue						$	3,091.6					$	3,236.6					$	3,217.0					$	3,233.4					$	3,200.3
Excluding:
Net Investment Loss						(206.8)						(10.1)						(12.9)						(10.4)						(1.2)
Adjusted Operating Revenue						$	3,298.4					$	3,246.7					$	3,229.9					$	3,243.8					$	3,201.5

15.3

---

Reconciliation of Non-GAAP Financial Measures - Continued

						After-Tax Adjusted Operating Income (Loss)						Average Allocated Equity1						Annualized Adjusted Operating Return on Equity
Three Months Ended March 31, 2025
Unum US						$	259.9					$	4,526.0					23.0		%
Unum International						29.6						769.7						15.4		%
Colonial Life						91.3						1,960.5						18.6		%
Core Operating Segments						380.8						7,256.2						21.0		%
Closed Block						16.7						4,954.2
Corporate						(32.0)						567.1
Total						$	365.5					$	12,777.5					11.4		%
Three Months Ended March 31, 2024
Unum US						$	304.4					$	4,444.0					27.4		%
Unum International						28.0						765.8						14.6		%
Colonial Life						89.7						1,816.3						19.8		%
Core Operating Segments						422.1						7,026.1						24.0		%
Closed Block						16.7						5,511.0
Corporate						(28.9)						(149.8)
Total						$	409.9					$	12,387.3					13.2		%

1Excludes unrealized loss on securities, the effect of change in discount rate assumptions on the liability for future policy benefits, and net gain (loss) on derivatives and is calculated using the stockholders' equity balances presented on page 15.6.

15.4

---

Reconciliation of Non-GAAP Financial Measures - Continued

						After-Tax Adjusted Operating Income (Loss)						Average Allocated Equity1						Adjusted Operating Return on Equity
Year Ended December 31, 2024
Unum US						$	1,137.6					$	4,523.2					25.2		%
Unum International						120.9						776.8						15.6		%
Colonial Life						368.2						1,869.2						19.7		%
Core Operating Segments						1,626.7						7,169.2						22.7		%
Closed Block						98.6						5,324.1
Corporate						(137.1)						53.8
Total						$	1,588.2					$	12,547.1					12.7		%
Year Ended December 31, 2023
Unum US						$	1,071.0					$	4,635.7					23.1		%
Unum International						127.9						774.3						16.5		%
Colonial Life						315.6						1,744.5						18.1		%
Core Operating Segments						1,514.5						7,154.5						21.2		%
Closed Block						120.8						5,295.1
Corporate						(121.7)						(573.7)
Total						$	1,513.6					$	11,875.9					12.7		%

1 Excludes unrealized loss on securities, the effect of change in discount rate assumptions on the liability for future policy benefits, and net loss on derivatives and is calculated using the stockholders' equity balances presented on page 15.6.

15.5

---

Reconciliation of Non-GAAP Financial Measures - Continued

Average allocated equity is computed as follows:

						3/31/2025						12/31/2024						3/31/2024						12/31/2023						12/31/2022
Total Stockholders' Equity						$	11,214.0					$	10,961.1					$	10,219.5					$	9,651.4					$	8,735.0
Excluding:
Net Unrealized Loss on Securities						(2,333.2)						(2,755.2)						(2,360.8)						(1,919.1)						(3,028.4)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits						1,019.1						1,185.4						225.3						(648.4)						313.9
Net Unrealized Loss on Derivatives						(225.2)						(270.7)						(127.0)						(73.7)						(9.6)
Total Adjusted Stockholders' Equity						$	12,753.3					$	12,801.6					$	12,482.0					$	12,292.6					$	11,459.1
						Three Months Ended						Twelve Months Ended						Three Months Ended						Twelve Months Ended
						3/31/2025						12/31/2024						3/31/2024						12/31/2023
Average Adjusted Stockholders' Equity						$	12,777.5					$	12,547.1					$	12,387.3					$	11,875.9

15.6

---

Reconciliation of Non-GAAP Financial Measures - Continued

						Three Months Ended March 31
						2025												2024
						(in millions)						per share*						(in millions)						per share*
Net Income						$	189.1					$	1.06					$	395.2					$	2.04
Excluding:
Net Investment Loss
Net Investment Loss Related to the Anticipated Reinsurance Agreement (net of tax benefit of $36.9; $—)						(139.0)						(0.78)						—						—
Net Investment Loss, Other (net of tax benefit of $6.5; $0.4)						(24.4)						(0.13)						(0.8)						—
Total Net Investment Loss						(163.4)						(0.91)						(0.8)						—
Amortization of the Cost of Reinsurance (net of tax benefit of $2.0; $2.2)						(7.6)						(0.04)						(8.2)						(0.04)
Non-Contemporaneous Reinsurance (net of tax benefit of $1.4; $1.5)						(5.4)						(0.03)						(5.7)						(0.04)
After-tax Adjusted Operating Income						$	365.5					$	2.04					$	409.9					$	2.12
*Assuming Dilution.

15.7

---

Reconciliation of Non-GAAP Financial Measures - Continued

						Year Ended December 31
						2024												2023
						(in millions)						per share *						(in millions)						per share *
Net Income						$	1,779.1					$	9.46					$	1,283.8					$	6.50
Excluding:
Net Investment Loss (net of tax benefit of $7.6; $7.8)						(27.0)						(0.14)						(28.2)						(0.14)
Amortization of the Cost of Reinsurance (net of tax benefit of $8.7; $9.3)						(32.7)						(0.17)						(34.8)						(0.18)
Non-Contemporaneous Reinsurance (net of tax benefit of $5.2; $7.3)						(19.9)						(0.11)						(27.5)						(0.14)
Reserve Assumption Updates (net of tax expense (benefit) of $74.8; $(37.9))						282.6						1.50						(139.3)						(0.70)
Loss on Legal Settlement (net tax benefit of $3.2; $—)						(12.1)						(0.06)						—						—
After-tax Adjusted Operating Income						$	1,588.2					$	8.44					$	1,513.6					$	7.66
*Assuming Dilution.

15.8

---

Reconciliation of Non-GAAP Financial Measures - Continued

						March 31												December 31
						2025						2024						2024						2023
Debt						$	3,741.6					$	3,431.0					$	3,739.8					$	3,430.4
Including:
Lease Liability						68.3						60.5						69.4						62.6
Adjusted Debt and Lease Liability						$	3,809.9					$	3,491.5					$	3,809.2					$	3,493.0
Total Stockholders' Equity						$	11,214.0					$	10,219.5					$	10,961.1					$	9,651.4
Excluding:
Net Unrealized Loss on Securities						(2,333.2)						(2,360.8)						(2,755.2)						(1,919.1)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits						1,019.1						225.3						1,185.4						(648.4)
Net Loss on Derivatives						(225.2)						(127.0)						(270.7)						(73.7)
Equity, As Adjusted						12,753.3						12,482.0						12,801.6						12,292.6
Debt, As Adjusted and Lease Liability						3,809.9						3,491.5						3,809.2						3,493.0
Total Adjusted Capital						$	16,563.2					$	15,973.5					$	16,610.8					$	15,785.6
Leverage Ratio						23.0		%				21.9		%				22.9		%				22.1		%

																		Three Months Ended
																		March 31, 2025						March 31, 2024
																		Premium Income						Premium Income in Local Currency1						Weighted Average Premium Income Exchange Rate2						Premium Income in Constant Currency
Unum International
Unum UK																		$	203.7					£	154.0					1.261						$	194.2
Unum Poland																		43.0						zł	145.0					0.251						36.4
Total																		246.7																		230.6
Unum US																		1,780.9						$	1,707.4											1,707.4
Colonial Life																		457.3						$	446.9											446.9
Core Operations																		$	2,484.9																	$	2,384.9
1Premium income shown in millions of pounds for Unum UK, millions of zlotys for Unum Poland, and millions of U.S. dollars for Unum US and Colonial Life. 2Exchange rate is calculated using the average foreign currency exchange rates for the most recent period, applied to the comparable prior period.

15.9