EX-99.2 3 unm12312024exhibit992.htm EX-99.2

---

Unum Group

Statistical Supplement Fourth Quarter 2024

 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

---

Unum Group Financial Highlights

			Three Months Ended												Year Ended
			12/31/2024						12/31/2023						12/31/2024						12/31/2023						12/31/2022
Consolidated U.S. GAAP Results¹
Premium Income			$	2,631.1					$	2,551.7					$	10,497.4					$	10,046.0					$	9,616.5
Adjusted Operating Revenue			$	3,246.7					$	3,151.1					$	12,921.9					$	12,421.9					$	11,999.8
Net Investment Loss			(10.1)						(6.0)						(34.6)						(36.0)						(15.7)
Total Revenue			$	3,236.6					$	3,145.1					$	12,887.3					$	12,385.9					$	11,984.1
Net Income			$	348.7					$	330.6					$	1,779.1					$	1,283.8					$	1,407.2
Net Income Per Common Share:
Basic			$	1.93					$	1.70					$	9.49					$	6.53					$	7.01
Assuming Dilution			$	1.92					$	1.69					$	9.46					$	6.50					$	6.96
Assets															$	61,959.3					$	63,255.2					$	61,148.5
Liabilities															$	50,998.2					$	53,603.8					$	52,413.5
Stockholders' Equity															$	10,961.1					$	9,651.4					$	8,735.0
Adjusted Stockholders' Equity															$	12,801.6					$	12,292.6					$	11,459.1
Adjusted Operating Return on Equity
Unum US			23.0		%				24.3		%				25.2		%				23.1		%				16.4		%
Unum International			14.6		%				16.1		%				15.6		%				16.5		%				20.7		%
Colonial Life			20.2		%				15.5		%				19.7		%				18.1		%				19.9		%
Core Operating Segments			21.4		%				21.1		%				22.7		%				21.2		%				17.7		%
Consolidated			11.4		%				11.5		%				12.7		%				12.7		%				11.8		%

Traditional U.S. Life Insurance Companies' Statutory Results2
Net Gain from Operations, After Tax			$	304.8					$	228.9					$	1,337.0					$	1,351.5					$	965.4
Net Realized Capital Gain (Loss), After Tax			(13.7)						(17.0)						(14.6)						(21.6)						—
Net Income			$	291.1					$	211.9					$	1,322.4					$	1,329.9					$	965.4
Capital and Surplus															$	3,911.1					$	3,751.3					$	3,816.3
Weighted Average Risk-based Capital Ratio															~ 430%						~ 415%						~ 420%
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

---

Unum Group Capital Metrics

			12/31/2024												12/31/2023												12/31/2022
			(in millions)						per share						(in millions)						per share						(in millions)						per share
Total Stockholders' Equity (Book Value)			$	10,961.1					$	61.38					$	9,651.4					$	49.91					$	8,735.0					$	44.17
Excluding:
Net Unrealized Loss on Securities			(2,755.2)						(15.43)						(1,919.1)						(9.92)						(3,028.4)						(15.31)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits			1,185.4						6.64						(648.4)						(3.35)						313.9						1.59
Net Loss on Derivatives			(270.7)						(1.51)						(73.7)						(0.39)						(9.6)						(0.05)
Subtotal			12,801.6						71.68						12,292.6						63.57						11,459.1						57.94
Excluding:
Foreign Currency Translation Adjustment			(343.0)						(1.93)						(321.1)						(1.66)						(390.1)						(1.98)
Subtotal			13,144.6						73.61						12,613.7						65.23						11,849.2						59.92
Excluding:
Unrecognized Pension and Postretirement Benefit Costs			(340.2)						(1.90)						(345.7)						(1.79)						(334.1)						(1.69)
Total Stockholders' Equity, Excluding Accumulated Other Comprehensive Loss			$	13,484.8					$	75.51					$	12,959.4					$	67.02					$	12,183.3					$	61.61
Dividends Paid			$	296.6					$	1.57					$	277.1					$	1.39					$	255.3					$	1.26

			Three Months Ended												Year Ended
			12/31/2024						12/31/2023						12/31/2024						12/31/2023						12/31/2022
Shares Repurchased (millions)			6.0						1.8						15.7						5.7						5.7
Cost of Shares Repurchased (millions)1			$	474.5					$	76.6					$	979.3					$	252.0					$	200.1
Price (UNM closing price on last trading day of period)															$	73.03					$	45.22					$	41.03
Leverage Ratio															22.9		%				22.1		%				23.4		%
Holding Company Liquidity (millions)															$	1,987					$	1,650					$	1,571
1Includes $80.3 million related to shares which settled in February 2025 in connection with the November 2024 accelerated share repurchase agreement (ASR) for the three months and year ended December 31, 2024, commissions of a de minimis amount for the three months ended December 31, 2024 and 2023, and year ended December 31, 2024, and $0.1 million for the years ended December 31, 2023 and 2022. There was excise tax of $3.5 million and $8.3 million for the three months and year ended December 31, 2024, respectively, $0.7 million, and $1.9 million for the three months and year ended December 31, 2023, respectively, and no excise tax for the three months ended or year ended December 31, 2022.

2

---

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

---

Unum Group Consolidated Statements of Income

			Three Months Ended												Year Ended
			12/31/2024						12/31/2023						12/31/2024						12/31/2023						12/31/2022
Revenue
Premium Income			$	2,631.1					$	2,551.7					$	10,497.4					$	10,046.0					$	9,616.5
Net Investment Income			543.6						530.8						2,130.0						2,096.7						2,122.2
Net Investment Loss			(10.1)						(6.0)						(34.6)						(36.0)						(15.7)
Other Income			72.0						68.6						294.5						279.2						261.1
Total Revenue			3,236.6						3,145.1						12,887.3						12,385.9						11,984.1
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain			1,861.2						1,820.1						6,917.9						7,257.1						6,994.6
Commissions			310.8						300.4						1,258.6						1,170.1						1,086.4
Interest and Debt Expense			52.5						49.2						201.1						194.8						188.5
Cost Related to Early Retirement of Debt			—						—						—						—						4.2
Deferral of Acquisition Costs			(156.2)						(164.7)						(651.5)						(632.2)						(556.9)
Amortization of Deferred Acquisition Costs			133.1						122.7						521.0						481.4						421.1
Other Expenses			589.7						588.7						2,388.9						2,274.6						2,096.2
Total Benefits and Expenses			2,791.1						2,716.4						10,636.0						10,745.8						10,234.1
Income Before Income Tax			445.5						428.7						2,251.3						1,640.1						1,750.0
Income Tax Expense			96.8						98.1						472.2						356.3						342.8
Net Income			$	348.7					$	330.6					$	1,779.1					$	1,283.8					$	1,407.2
Weighted Average Shares Outstanding
Basic			181.0						194.7						187.5						196.7						200.6
Assuming Dilution			181.6						195.5						188.1						197.6						202.1
Actual Number of Shares Outstanding															178.6						193.4						197.8

4

---

Unum Group Sales Data for Unum US Segment

			Three Months Ended																		Year Ended
			12/31/2024						12/31/2023						% Change						12/31/2024						12/31/2023						12/31/2022
Sales by Product
Group Disability and Group Life and AD&D
Group Long-term Disability			$	154.5					$	136.6					13.1		%				$	298.3					$	292.7					$	295.3
Group Short-term Disability			122.4						112.4						8.9						216.5						229.5						184.3
Group Life and AD&D			210.3						152.5						37.9						361.5						305.4						232.4
Subtotal			487.2						401.5						21.3						876.3						827.6						712.0
Supplemental and Voluntary
Voluntary Benefits			60.7						50.7						19.7						293.7						263.2						238.7
Individual Disability			25.6						27.9						(8.2)						101.7						108.9						90.8
Dental and Vision			51.9						41.6						24.8						95.3						84.1						73.8
Subtotal			138.2						120.2						15.0						490.7						456.2						403.3
Total Sales			$	625.4					$	521.7					19.9						$	1,367.0					$	1,283.8					$	1,115.3
Sales by Market Sector
Group Disability and Group Life and AD&D
Core Market (< 2,000 employees)			$	265.5					$	266.2					(0.3)		%				$	512.6					$	521.3					$	457.5
Large Case Market			221.7						135.3						63.9						363.7						306.3						254.5
Subtotal			487.2						401.5						21.3						876.3						827.6						712.0
Supplemental and Voluntary			138.2						120.2						15.0						490.7						456.2						403.3
Total Sales			$	625.4					$	521.7					19.9						$	1,367.0					$	1,283.8					$	1,115.3

5

---

Unum Group Sales Data for Unum International Segment

			Three Months Ended																		Year Ended
(in millions of dollars)			12/31/2024						12/31/2023						% Change						12/31/2024						12/31/2023						12/31/2022
Sales by Product
Unum UK
Group Long-term Disability			$	7.0					$	9.3					(24.7)		%				$	47.3					$	48.3					$	43.3
Group Life			15.2						11.6						31.0						68.3						61.4						55.5
Supplemental			4.8						4.0						20.0						34.9						28.0						17.1
Unum Poland			11.8						9.4						25.5						36.4						33.2						17.8
Total Sales			$	38.8					$	34.3					13.1						$	186.9					$	170.9					$	133.7
Sales by Market Sector
Unum UK
Group Long-term Disability and Group Life
Core Market (< 500 employees)			$	11.1					$	10.9					1.8		%				$	41.8					$	51.2					$	42.7
Large Case Market			11.1						10.0						11.0						73.8						58.5						56.1
Subtotal			22.2						20.9						6.2						115.6						109.7						98.8
Supplemental			4.8						4.0						20.0						34.9						28.0						17.1
Unum Poland			11.8						9.4						25.5						36.4						33.2						17.8
Total Sales			$	38.8					$	34.3					13.1						$	186.9					$	170.9					$	133.7
(in millions of pounds)
Unum UK Sales by Product
Group Long-term Disability			£	5.5					£	7.5					(26.7)		%				£	37.2					£	38.8					£	34.5
Group Life			11.9						9.3						28.0						53.4						49.4						45.4
Supplemental			3.7						3.3						12.1						27.5						22.6						13.5
Total Sales			£	21.1					£	20.1					5.0						£	118.1					£	110.8					£	93.4
Unum UK Sales by Market Sector
Group Long-term Disability and Group Life
Core Market (< 500 employees)			£	8.7					£	8.7					—		%				£	32.8					£	41.2					£	34.4
Large Case Market			8.7						8.1						7.4						57.8						47.0						45.5
Subtotal			17.4						16.8						3.6						90.6						88.2						79.9
Supplemental			3.7						3.3						12.1						27.5						22.6						13.5
Total Sales			£	21.1					£	20.1					5.0						£	118.1					£	110.8					£	93.4

5. 1

---

Unum Group Sales Data for Colonial Life Segment

			Three Months Ended																		Year Ended
			12/31/2024						12/31/2023						% Change						12/31/2024						12/31/2023						12/31/2022
Sales by Product
Accident, Sickness, and Disability			$	111.2					$	115.0					(3.3)		%				$	326.3					$	329.5					$	310.6
Life			44.8						45.8						(2.2)						127.9						132.1						121.5
Cancer and Critical Illness			29.4						28.7						2.4						78.0						78.0						76.0
Total Sales			$	185.4					$	189.5					(2.2)						$	532.2					$	539.6					$	508.1
Sales by Market Sector
Commercial
Core Market (< 1,000 employees)			$	111.5					$	115.8					(3.7)		%				$	331.9					$	347.4					$	332.4
Large Case Market			27.8						30.0						(7.3)						65.1						62.3						58.1
Subtotal			139.3						145.8						(4.5)						397.0						409.7						390.5
Public Sector			46.1						43.7						5.5						135.2						129.9						117.6
Total Sales			$	185.4					$	189.5					(2.2)						$	532.2					$	539.6					$	508.1

5. 2

---

Unum Group Consolidated Balance Sheets

			December 31
			2024						2023
Assets
Investments
Fixed Maturity Securities - at fair value			$	35,629.9					$	36,833.9
Mortgage Loans			2,224.5						2,318.2
Policy Loans			3,617.2						3,620.2
Other Long-term Investments			1,694.4						1,579.4
Short-term Investments			2,540.3						1,610.7
Total Investments			45,706.3						45,962.4
Other Assets
Cash and Bank Deposits			162.8						146.0
Accounts and Premiums Receivable			1,459.0						1,543.7
Reinsurance Recoverable			8,296.4						9,108.4
Accrued Investment Income			649.8						633.9
Deferred Acquisition Costs			2,842.8						2,714.5
Goodwill			349.1						349.9
Property and Equipment			487.6						485.3
Deferred Income Tax			369.7						649.4
Other Assets			1,635.8						1,661.7
Total Assets			$	61,959.3					$	63,255.2

6

---

Unum Group Consolidated Balance Sheets - Continued

			December 31
			2024						2023
Liabilities and Stockholders' Equity
Liabilities
Future Policy Benefits			$	36,806.4					$	40,009.4
Policyholders' Account Balances			5,633.7						5,667.7
Unearned Premiums			384.0						380.2
Other Policyholders’ Funds			1,526.7						1,615.7
Income Tax Payable			226.5						190.0
Deferred Income Tax			31.0						27.0
Short-term Debt			274.6						—
Long-term Debt			3,465.2						3,430.4
Other Liabilities			2,650.1						2,283.4
Total Liabilities			50,998.2						53,603.8
Stockholders’ Equity
Common Stock			19.5						19.4
Additional Paid-in Capital			1,489.6						1,547.8
Accumulated Other Comprehensive Loss			(2,523.7)						(3,308.0)
Retained Earnings			12,914.0						11,431.5
Treasury Stock - at cost			(938.3)						(39.3)
Total Stockholders’ Equity			10,961.1						9,651.4
Total Liabilities and Stockholders’ Equity			$	61,959.3					$	63,255.2

6. 1

---

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 Gain (Loss) on Hedges			(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

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

---

Unum Group Balance Sheets by Segment - December 31, 2023

			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			$	6,621.9					$	2,076.6					$	4,608.4					$	13,306.9					$	2,806.7					$	3,144.3					$	24,067.0					$	2,637.5					$	45,962.4
Deferred Acquisition Costs			63.6						48.9						1,119.7						1,232.2						46.9						1,435.4						—						—						2,714.5
Goodwill			8.9						—						271.1						280.0						42.2						27.7						—						—						349.9
Reinsurance Receivable			42.9						9.0						174.9						226.8						107.2						5.5						8,768.9						—						9,108.4
All Other			124.8						211.7						178.7						515.2						369.9						217.5						2,436.9						1,580.5						5,120.0
Total Assets			$	6,862.1					$	2,346.2					$	6,352.8					$	15,561.1					$	3,372.9					$	4,830.4					$	35,272.8					$	4,218.0					$	63,255.2
Liabilities
Future Policy Benefits			$	5,200.8					$	923.0					$	3,295.3					$	9,419.1					$	2,305.3					$	1,997.8					$	26,287.2					$	—					$	40,009.4
Policyholders' Account Balances			—						—						678.1						678.1						—						869.8						4,119.8						—						5,667.7
Unearned Premiums			1.7						6.3						46.6						54.6						151.4						44.5						129.7						—						380.2
Other Policyholders' Funds			32.3						813.0						28.6						873.9						66.0						8.0						667.8						—						1,615.7
Debt			—						—						—						—						—						—						—						3,430.4						3,430.4
All Other			32.1						51.2						152.6						235.9						84.4						60.1						505.8						1,614.2						2,500.4
Total Liabilities			5,266.9						1,793.5						4,201.2						11,261.6						2,607.1						2,980.2						31,710.3						5,044.6						53,603.8
Allocated Stockholders' Equity
Other Allocated Stockholders' Equity			1,549.7						645.1						2,274.4						4,469.2						778.0						1,799.5						5,483.5						(237.6)						12,292.6
Net Unrealized Loss on Securities and Net Gain (Loss) on Hedges			(152.0)						(114.2)						(159.2)						(425.4)						(95.5)						(108.0)						(774.9)						(589.0)						(1,992.8)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits			197.5						21.8						36.4						255.7						83.3						158.7						(1,146.1)						—						(648.4)
Total Allocated Stockholders' Equity			1,595.2						552.7						2,151.6						4,299.5						765.8						1,850.2						3,562.5						(826.6)						9,651.4
Total Liabilities and Allocated Stockholders' Equity			$	6,862.1					$	2,346.2					$	6,352.8					$	15,561.1					$	3,372.9					$	4,830.4					$	35,272.8					$	4,218.0					$	63,255.2

6. 3

---

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, 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
			12/31/2024						12/31/2023						% Change						12/31/2024						12/31/2023						% Change
Premium Income
Unum US			$	1,721.4					$	1,670.5					3.0		%				$	6,883.2					$	6,579.2					4.6		%
Unum International			242.4						218.1						11.1						949.5						825.2						15.1
Colonial Life			448.9						434.8						3.2						1,783.9						1,726.1						3.3
Closed Block			218.4						228.3						(4.3)						880.8						915.5						(3.8)
			2,631.1						2,551.7						3.1						10,497.4						10,046.0						4.5
Net Investment Income
Unum US			156.1						158.4						(1.5)						632.2						639.9						(1.2)
Unum International			34.3						33.2						3.3						128.8						137.2						(6.1)
Colonial Life			42.1						38.9						8.2						161.5						153.5						5.2
Closed Block			297.3						270.3						10.0						1,148.9						1,066.3						7.7
Corporate			13.8						30.0						(54.0)						58.6						99.8						(41.3)
			543.6						530.8						2.4						2,130.0						2,096.7						1.6
Other Income
Unum US			57.0						54.4						4.8						235.9						220.5						7.0
Unum International			0.4						0.6						(33.3)						1.6						1.6						—
Colonial Life			0.4						0.3						33.3						4.0						1.2						N.M.
Closed Block			14.0						12.5						12.0						51.7						52.6						(1.7)
Corporate			0.2						0.8						(75.0)						1.3						3.3						(60.6)
			72.0						68.6						5.0						294.5						279.2						5.5
Total Adjusted Operating Revenue
Unum US			1,934.5						1,883.3						2.7						7,751.3						7,439.6						4.2
Unum International			277.1						251.9						10.0						1,079.9						964.0						12.0
Colonial Life			491.4						474.0						3.7						1,949.4						1,880.8						3.6
Closed Block			529.7						511.1						3.6						2,081.4						2,034.4						2.3
Corporate			14.0						30.8						(54.5)						59.9						103.1						(41.9)
			$	3,246.7					$	3,151.1					3.0						$	12,921.9					$	12,421.9					4.0

7

---

Unum Group Financial Results by Segment - Continued

			Three Months Ended																		Year Ended
			12/31/2024						12/31/2023						% Change						12/31/2024						12/31/2023						% Change
Benefits and Expenses
Unum US			$	1,601.3					$	1,541.2					3.9		%				$	6,168.5					$	5,955.3					3.6		%
Unum International			239.5						212.5						12.7						929.6						823.8						12.8
Colonial Life			368.7						386.2						(4.5)						1,436.7						1,400.0						2.6
Closed Block			517.2						509.2						1.6						1,834.8						2,317.2						(20.8)
Corporate			64.4						67.3						(4.3)						266.4						249.5						6.8
			2,791.1						2,716.4						2.7						10,636.0						10,745.8						(1.0)
Income (Loss) Before Income Tax and Net Investment Loss
Unum US			333.2						342.1						(2.6)						1,582.8						1,484.3						6.6
Unum International			37.6						39.4						(4.6)						150.3						140.2						7.2
Colonial Life			122.7						87.8						39.7						512.7						480.8						6.6
Closed Block			12.5						1.9						N.M.						246.6						(282.8)						187.2
Corporate			(50.4)						(36.5)						38.1						(206.5)						(146.4)						41.1
			455.6						434.7						4.8						2,285.9						1,676.1						36.4
Income Tax Expense Before Net Investment Loss			98.7						99.5						(0.8)						479.8						364.1						31.8
Income Before Net Investment Loss			356.9						335.2						6.5						1,806.1						1,312.0						37.7
Net Investment Loss (net of tax benefit of $1.9; $1.4; $7.6; $7.8)			(8.2)						(4.6)						78.3						(27.0)						(28.2)						(4.3)
Net Income			$	348.7					$	330.6					5.5						$	1,779.1					$	1,283.8					38.6

7. 1

---

Unum Group Quarterly Historical Financial Results by Segment

			12/31/2024						9/30/2024						6/30/2024						3/31/2024						12/31/2023						9/30/2023						6/30/2023						3/31/2023
Premium Income
Unum US			$	1,721.4					$	1,723.5					$	1,730.9					$	1,707.4					$	1,670.5					$	1,657.7					$	1,641.4					$	1,609.6
Unum International			242.4						246.6						228.8						231.7						218.1						210.6						207.9						188.6
Colonial Life			448.9						441.9						446.2						446.9						434.8						431.2						430.6						429.5
Closed Block			218.4						216.8						221.3						224.3						228.3						226.4						229.2						231.6
			2,631.1						2,628.8						2,627.2						2,610.3						2,551.7						2,525.9						2,509.1						2,459.3
Net Investment Income
Unum US			156.1						161.0						158.1						157.0						158.4						166.2						158.0						157.3
Unum International			34.3						30.4						38.0						26.1						33.2						27.3						45.8						30.9
Colonial Life			42.1						39.6						40.5						39.3						38.9						39.3						38.0						37.3
Closed Block			297.3						284.3						294.2						273.1						270.3						274.9						263.9						257.2
Corporate			13.8						12.5						14.3						18.0						30.0						18.3						25.4						26.1
			543.6						527.8						545.1						513.5						530.8						526.0						531.1						508.8
Other Income
Unum US			57.0						60.1						58.2						60.6						54.4						58.0						54.5						53.6
Unum International			0.4						0.4						0.5						0.3						0.6						0.5						0.1						0.4
Colonial Life			0.4						0.4						0.2						3.0						0.3						0.3						0.4						0.2
Closed Block			14.0						12.4						12.2						13.1						12.5						12.8						13.8						13.5
Corporate			0.2						—						0.4						0.7						0.8						—						2.3						0.2
			72.0						73.3						71.5						77.7						68.6						71.6						71.1						67.9
Total Adjusted Operating Revenue
Unum US			1,934.5						1,944.6						1,947.2						1,925.0						1,883.3						1,881.9						1,853.9						1,820.5
Unum International			277.1						277.4						267.3						258.1						251.9						238.4						253.8						219.9
Colonial Life			491.4						481.9						486.9						489.2						474.0						470.8						469.0						467.0
Closed Block			529.7						513.5						527.7						510.5						511.1						514.1						506.9						502.3
Corporate			14.0						12.5						14.7						18.7						30.8						18.3						27.7						26.3
			$	3,246.7					$	3,229.9					$	3,243.8					$	3,201.5					$	3,151.1					$	3,123.5					$	3,111.3					$	3,036.0

8

---

Unum Group Quarterly Historical Financial Results by Segment - Continued

			12/31/2024						9/30/2024						6/30/2024						3/31/2024						12/31/2023						9/30/2023						6/30/2023						3/31/2023
Benefits and Expenses
Unum US			$	1,601.3					$	1,437.7					$	1,589.7					$	1,539.8					$	1,541.2					$	1,395.3					$	1,510.8					$	1,508.0
Unum International			239.5						244.6						224.8						220.7						212.5						219.5						210.3						181.5
Colonial Life			368.7						322.5						370.0						375.5						386.2						287.2						353.5						373.1
Closed Block			517.2						320.4						493.4						503.8						509.2						869.0						476.6						462.4
Corporate			64.4						77.2						60.0						64.8						67.3						59.8						62.6						59.8
			2,791.1						2,402.4						2,737.9						2,704.6						2,716.4						2,830.8						2,613.8						2,584.8
Income (Loss) Before Income Tax Expense and Net Investment Gain (Loss)
Unum US			333.2						506.9						357.5						385.2						342.1						486.6						343.1						312.5
Unum International			37.6						32.8						42.5						37.4						39.4						18.9						43.5						38.4
Colonial Life			122.7						159.4						116.9						113.7						87.8						183.6						115.5						93.9
Closed Block			12.5						193.1						34.3						6.7						1.9						(354.9)						30.3						39.9
Corporate			(50.4)						(64.7)						(45.3)						(46.1)						(36.5)						(41.5)						(34.9)						(33.5)
			455.6						827.5						505.9						496.9						434.7						292.7						497.5						451.2
Income Tax Expense Before Net Investment Gain (Loss)			98.7						172.0						108.2						100.9						99.5						66.3						105.3						93.0
Income Before Net Investment Gain (Loss)			356.9						655.5						397.7						396.0						335.2						226.4						392.2						358.2
Net Investment Gain (Loss)			(10.1)						(12.9)						(10.4)						(1.2)						(6.0)						(31.0)						0.9						0.1
Tax Expense (Benefit) on Net Investment Gain (Loss)			(1.9)						(3.1)						(2.2)						(0.4)						(1.4)						(6.6)						0.2						—
Net Income			$	348.7					$	645.7					$	389.5					$	395.2					$	330.6					$	202.0					$	392.9					$	358.3
Net Income Per Common Share - Assuming Dilution			$	1.92					$	3.46					$	2.05					$	2.04					$	1.69					$	1.02					$	1.98					$	1.80

8. 1

---

Unum Group Financial Results for Unum US Segment

			Three Months Ended												Year Ended
			12/31/2024						12/31/2023						12/31/2024						12/31/2023						12/31/2022
Adjusted Operating Revenue
Premium Income			$	1,721.4					$	1,670.5					$	6,883.2					$	6,579.2					$	6,251.4
Net Investment Income			156.1						158.4						632.2						639.9						676.3
Other Income			57.0						54.4						235.9						220.5						196.3
Total			1,934.5						1,883.3						7,751.3						7,439.6						7,124.0
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain			1,024.7						995.9						3,864.7						3,808.5						3,970.9
Commissions			177.4						170.7						729.3						664.4						614.4
Deferral of Acquisition Costs			(73.5)						(84.1)						(320.9)						(314.7)						(273.1)
Amortization of Deferred Acquisition Costs			75.8						68.4						292.5						267.6						240.9
Other Expenses			396.9						390.3						1,602.9						1,529.5						1,427.5
Total			1,601.3						1,541.2						6,168.5						5,955.3						5,980.6
Income Before Income Tax and Net Investment Gains and Losses			333.2						342.1						1,582.8						1,484.3						1,143.4
Reserve Assumption Updates			—						—						(143.6)						(128.8)						(170.8)
Adjusted Operating Income			$	333.2					$	342.1					$	1,439.2					$	1,355.5					$	972.6
Operating Ratios (% of Premium Income):
Benefit Ratio1			59.5		%				59.6		%				58.2		%				59.8		%				66.3		%
Other Expense Ratio2			22.3		%				22.6		%				22.5		%				22.5		%				22.2		%
Income Ratio															23.0		%				22.6		%				18.3		%
Adjusted Operating Income Ratio			19.4		%				20.5		%				20.9		%				20.6		%				15.6		%
1Excludes the reserve assumption updates that occurred during the third quarters of 2024, 2023, and 2022.
2Ratio of Other Expenses to Premium Income plus Unum US Group Disability Other Income, which is primarily related to fee-based services.

9

---

Unum Group Financial Results for Unum US Group Disability

			Three Months Ended												Year Ended
			12/31/2024						12/31/2023						12/31/2024						12/31/2023						12/31/2022
Adjusted Operating Revenue
Premium Income
Group Long-term Disability			$	525.8					$	517.9					$	2,086.1					$	2,057.2					$	1,911.7
Group Short-term Disability			273.3						259.3						1,084.0						1,012.3						926.3
Total Premium Income			799.1						777.2						3,170.1						3,069.5						2,838.0
Net Investment Income			76.4						78.4						311.2						324.8						349.1
Other Income			57.3						53.5						232.1						211.6						191.8
Total			932.8						909.1						3,713.4						3,605.9						3,378.9
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain			482.5						462.8						1,781.8						1,693.2						1,782.4
Commissions			60.3						57.9						244.4						230.5						211.3
Deferral of Acquisition Costs			(14.1)						(15.5)						(62.2)						(60.2)						(53.1)
Amortization of Deferred Acquisition Costs			17.9						15.5						64.7						57.6						53.0
Other Expenses			239.7						236.3						973.5						936.1						862.3
Total			786.3						757.0						3,002.2						2,857.2						2,855.9
Income Before Income Tax and Net Investment Gains and Losses			146.5						152.1						711.2						748.7						523.0
Reserve Assumption Updates			—						—						(90.0)						(121.0)						(121.0)
Adjusted Operating Income			$	146.5					$	152.1					$	621.2					$	627.7					$	402.0
Operating Ratios (% of Premium Income):
Benefit Ratio1			60.4		%				59.5		%				59.0		%				59.1		%				67.1		%
Other Expense Ratio2			28.0		%				28.4		%				28.6		%				28.5		%				28.5		%
Income Ratio															22.4		%				24.4		%				18.4		%
Adjusted Operating Income Ratio			18.3		%				19.6		%				19.6		%				20.4		%				14.2		%
Persistency:
Group Long-term Disability															93.3		%				90.8		%				90.7		%
Group Short-term Disability															91.7		%				88.9		%				88.9		%
1Excludes the reserve assumption updates that occurred during the third quarters of 2024, 2023, and 2022.
2Ratio of Other Expenses to Premium Income plus Other Income, which is primarily related to fee-based services.

9. 1

---

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

			Three Months Ended												Year Ended
			12/31/2024						12/31/2023						12/31/2024						12/31/2023						12/31/2022
Adjusted Operating Revenue
Premium Income
Group Life			$	446.8					$	424.7					$	1,784.7					$	1,679.0					$	1,669.1
Accidental Death & Dismemberment			46.8						44.3						186.1						175.5						173.7
Total Premium Income			493.6						469.0						1,970.8						1,854.5						1,842.8
Net Investment Income			21.7						21.9						88.3						90.1						100.3
Other Income			0.1						0.3						1.5						1.0						1.6
Total			515.4						491.2						2,060.6						1,945.6						1,944.7
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain			329.1						325.9						1,294.2						1,347.7						1,415.9
Commissions			41.5						39.1						168.0						155.9						150.4
Deferral of Acquisition Costs			(9.6)						(9.7)						(40.6)						(38.6)						(37.3)
Amortization of Deferred Acquisition Costs			11.7						9.5						38.4						39.0						41.9
Other Expenses			60.0						58.4						243.0						229.9						231.1
Total			432.7						423.2						1,703.0						1,733.9						1,802.0
Income before Income Tax and Net Investment Gains and Losses			82.7						68.0						357.6						211.7						142.7
Reserve Assumption Update			—						—						(13.0)						—						(34.0)
Adjusted Operating Income			$	82.7					$	68.0					$	344.6					$	211.7					$	108.7
Operating Ratios (% of Premium Income):
Benefit Ratio1			66.7		%				69.5		%				66.3		%				72.7		%				78.7		%
Other Expense Ratio			12.2		%				12.5		%				12.3		%				12.4		%				12.5		%
Income Ratio															18.1		%										7.7		%
Adjusted Operating Income (Loss) Ratio			16.8		%				14.5		%				17.5		%				11.4		%				5.9		%
Persistency:
Group Life															92.0		%				89.6		%				88.9		%
Accidental Death & Dismemberment															91.2		%				88.7		%				87.9		%
1Excludes the reserve assumption update that occurred during the third quarters of 2024 and 2022.

9. 2

---

Unum Group Financial Results for Unum US Supplemental and Voluntary

			Three Months Ended												Year Ended
			12/31/2024						12/31/2023						12/31/2024						12/31/2023						12/31/2022
Adjusted Operating Revenue
Premium Income
Voluntary Benefits			$	214.1					$	212.7					$	879.2					$	850.1					$	833.7
Individual Disability			141.4						140.3						566.0						527.0						461.1
Dental and Vision			73.2						71.3						297.1						278.1						275.8
Total Premium Income			428.7						424.3						1,742.3						1,655.2						1,570.6
Net Investment Income			58.0						58.1						232.7						225.0						226.9
Other Income			(0.4)						0.6						2.3						7.9						2.9
Total			486.3						483.0						1,977.3						1,888.1						1,800.4
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain			213.1						207.2						788.7						767.6						772.6
Commissions			75.6						73.7						316.9						278.0						252.7
Deferral of Acquisition Costs			(49.8)						(58.9)						(218.1)						(215.9)						(182.7)
Amortization of Deferred Acquisition Costs			46.2						43.4						189.4						171.0						146.0
Other Expenses			97.2						95.6						386.4						363.5						334.1
Total			382.3						361.0						1,463.3						1,364.2						1,322.7
Income Before Income Tax and Net Investment Gains and Losses			104.0						122.0						514.0						523.9						477.7
Reserve Assumption Updates - Voluntary Benefits			—						—						12.2						(10.4)						(17.0)
Reserve Assumption Updates - Individual Disability			—						—						(52.8)						2.6						1.2
Adjusted Operating Income			$	104.0					$	122.0					$	473.4					$	516.1					$	461.9
Operating Ratios (% of Premium Income):
Benefit Ratios:
Voluntary Benefits1			47.3		%				45.1		%				43.0		%				39.8		%				43.6		%
Individual Disability1			41.0		%				44.4		%				41.0		%				44.3		%				49.3		%
Dental and Vision			73.5		%				68.7		%				73.9		%				73.1		%				71.6		%
Other Expense Ratio			22.7		%				22.5		%				22.2		%				22.0		%				21.3		%
Income Ratio															29.5		%				31.7		%				30.4		%
Adjusted Operating Income Ratio			24.3		%				28.8		%				27.2		%				31.2		%				29.4		%
Persistency:
Voluntary Benefits															76.0		%				75.5		%				75.8		%
Individual Disability															89.0		%				89.0		%				89.5		%
Dental and Vision															81.4		%				77.1		%				79.9		%
1Excludes the reserve assumption updates that occurred during the third quarters of 2024, 2023, and 2022.

9. 3

---

Unum Group Financial Results for Unum International Segment

			Three Months Ended												Year Ended
			12/31/2024						12/31/2023						12/31/2024						12/31/2023						12/31/2022
Adjusted Operating Revenue
Premium Income
Unum UK
Group Long-term Disability			$	105.6					$	98.6					$	418.0					$	396.1					$	376.9
Group Life			55.0						44.8						211.3						169.3						138.2
Supplemental			40.5						41.6						165.6						141.5						114.0
Unum Poland			41.3						33.1						154.6						118.3						89.7
Total Premium Income			242.4						218.1						949.5						825.2						718.8
Net Investment Income			34.3						33.2						128.8						137.2						170.1
Other Income			0.4						0.6						1.6						1.6						0.9
Total			277.1						251.9						1,079.9						964.0						889.8
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain			169.3						146.5						656.7						579.8						549.6
Commissions			20.8						18.7						82.5						72.5						56.3
Deferral of Acquisition Costs			(4.6)						(3.8)						(17.8)						(14.6)						(12.0)
Amortization of Deferred Acquisition Costs			2.2						2.3						9.5						8.4						8.2
Other Expenses			51.8						48.8						198.7						177.7						146.1
Total			239.5						212.5						929.6						823.8						748.2
Income Before Income Tax and Net Investment Gains and Losses			37.6						39.4						150.3						140.2						141.6
Reserve Assumption Updates			—						—						7.5						17.9						(7.6)
Adjusted Operating Income			$	37.6					$	39.4					$	157.8					$	158.1					$	134.0

10

---

Unum Group Financial Results for Unum UK

			Three Months Ended												Year Ended
(in millions of pounds, except exchange rate)			12/31/2024						12/31/2023						12/31/2024						12/31/2023						12/31/2022
Adjusted Operating Revenue
Premium Income
Group Long-term Disability			£	82.4					£	79.6					£	327.0					£	318.5					£	304.6
Group Life			42.9						36.1						165.1						136.1						112.3
Supplemental			31.6						33.4						129.5						113.7						92.3
Total Premium Income			156.9						149.1						621.6						568.3						509.2
Net Investment Income			24.4						24.7						91.9						102.4						131.9
Other Income (Loss)			(0.1)						0.1						0.1						0.2						0.1
Total			181.2						173.9						713.6						670.9						641.2
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain			113.1						101.2						440.2						408.5						398.4
Commissions			9.2						9.1						38.2						37.4						31.8
Deferral of Acquisition Costs			(1.0)						(0.9)						(3.8)						(3.9)						(4.2)
Amortization of Deferred Acquisition Costs			1.2						1.4						5.2						5.2						5.3
Other Expenses			31.1						32.2						122.4						115.4						95.6
Total			153.6						143.0						602.2						562.6						526.9
Income Before Income Tax and Net Investment Gains and Losses			27.6						30.9						111.4						108.3						114.3
Reserve Assumption Updates			—						—						6.4						16.3						(5.3)
Adjusted Operating Income			£	27.6					£	30.9					£	117.8					£	124.6					£	109.0
Weighted Average Pound/Dollar Exchange Rate			1.279						1.243						1.278						1.243						1.221
Operating Ratios (% of Premium Income):
Benefit Ratio1			72.1		%				67.9		%				69.8		%				69.0		%				79.3		%
Other Expense Ratio			19.8		%				21.6		%				19.7		%				20.3		%				18.8		%
Income Ratio															17.9		%				19.1		%				22.4		%
Adjusted Operating Income Ratio			17.6		%				20.7		%				19.0		%				21.9		%				21.4		%
Persistency:
Group Long-term Disability															92.0		%				92.5		%				85.1		%
Group Life															89.1		%				83.0		%				87.9		%
Supplemental															90.4		%				91.7		%				92.8		%
1Excludes the reserve assumption updates that occurred during the third quarters of 2024, 2023, and 2022.

10. 1

---

Unum Group Financial Results for Colonial Life Segment

			Three Months Ended												Year Ended
			12/31/2024						12/31/2023						12/31/2024						12/31/2023						12/31/2022
Adjusted Operating Revenue
Premium Income
Accident, Sickness, and Disability			$	244.0					$	238.1					$	969.5					$	946.1					$	948.9
Life			115.4						108.4						458.0						426.5						401.1
Cancer and Critical Illness			89.5						88.3						356.4						353.5						352.0
Total Premium Income			448.9						434.8						1,783.9						1,726.1						1,702.0
Net Investment Income			42.1						38.9						161.5						153.5						152.7
Other Income			0.4						0.3						4.0						1.2						1.1
Total			491.4						474.0						1,949.4						1,880.8						1,855.8
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain			210.0						231.2						804.7						798.1						826.1
Commissions			96.2						92.7						378.4						359.4						340.0
Deferral of Acquisition Costs			(78.1)						(76.8)						(312.8)						(302.9)						(271.8)
Amortization of Deferred Acquisition Costs			55.1						52.0						219.0						205.4						172.0
Other Expenses			85.5						87.1						347.4						340.0						321.4
Total			368.7						386.2						1,436.7						1,400.0						1,387.7
Income Before Income Tax and Net Investment Gains and Losses			122.7						87.8						512.7						480.8						468.1
Reserve Assumption Updates			—						—						(46.0)						(80.7)						(55.2)
Adjusted Operating Income			$	122.7					$	87.8					$	466.7					$	400.1					$	412.9
Operating Ratios (% of Premium Income):
Benefit Ratio1			46.8		%				53.2		%				47.7		%				50.9		%				51.8		%
Other Expense Ratio			19.0		%				20.0		%				19.5		%				19.7		%				18.9		%
Income Ratio															28.7		%				27.9		%				27.5		%
Adjusted Operating Income Ratio			27.3		%				20.2		%				26.2		%				23.2		%				24.3		%
Persistency:
Accident, Sickness, and Disability															73.7		%				73.6		%				73.3		%
Life															84.4		%				85.1		%				84.5		%
Cancer and Critical Illness															82.2		%				82.4		%				82.3		%
1Excludes the reserve assumption updates that occurred during the third quarters of 2024, 2023, and 2022.

11

---

Unum Group Financial Results for Closed Block Segment

			Three Months Ended												Year Ended
			12/31/2024						12/31/2023						12/31/2024						12/31/2023						12/31/2022
Adjusted Operating Revenue
Premium Income
Long-term Care			$	174.6					$	174.8					$	696.1					$	696.0					$	697.4
All Other			43.8						53.5						184.7						219.5						246.9
Total Premium Income			218.4						228.3						880.8						915.5						944.3
Net Investment Income			297.3						270.3						1,148.9						1,066.3						1,070.6
Other Income			14.0						12.5						51.7						52.6						58.0
Total			529.7						511.1						2,081.4						2,034.4						2,072.9
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain			457.2						446.6						1,591.8						2,070.7						1,648.0
Commissions			16.4						18.3						68.4						73.8						75.7
Other Expenses			43.6						44.3						174.6						172.7						172.3
Total			517.2						509.2						1,834.8						2,317.2						1,896.0
Income (Loss) Before Income Tax and Net Investment Gains and Losses			12.5						1.9						246.6						(282.8)						176.9
Amortization of the Cost of Reinsurance			10.3						11.0						41.4						44.1						50.3
Non-Contemporaneous Reinsurance			4.9						8.4						25.1						34.8						34.4
Reserve Assumption Updates - Long-term Care			—						—						(174.1)						368.1						(2.9)
Reserve Assumption Updates - All Other			—						—						(1.2)						0.7						(6.8)
Adjusted Operating Income			$	27.7					$	21.3					$	137.8					$	164.9					$	251.9
Long-term Care Net Premium Ratio															94.6		%				93.5		%				85.1		%
Operating Ratios (% of Premium Income):
Other Expense Ratio1			15.2		%				14.6		%				15.1		%				14.0		%				12.9		%
Income (Loss) Ratio			5.7		%				0.8		%				28.0		%				(30.9)		%				18.7		%
Adjusted Operating Income Ratio			12.7		%				9.3		%				15.6		%				18.0		%				26.7		%
Long-term Care Persistency															95.8		%				95.6		%				95.7		%
1Excludes amortization of the cost of reinsurance.

12

---

Unum Group Financial Results for Corporate Segment

			Three Months Ended												Year Ended
			12/31/2024						12/31/2023						12/31/2024						12/31/2023						12/31/2022
Adjusted Operating Revenue
Net Investment Income			$	13.8					$	30.0					$	58.6					$	99.8					$	52.5
Other Income			0.2						0.8						1.3						3.3						4.8
Total			14.0						30.8						59.9						103.1						57.3
Interest, Debt, and Other Expenses			64.4						67.3						266.4						249.5						221.6
Loss Before Income Tax and Net Investment Gains and Losses			(50.4)						(36.5)						(206.5)						(146.4)						(164.3)
Loss on Legal Settlement			—						—						15.3						—						—
Adjusted Operating Loss			$	(50.4)					$	(36.5)					$	(191.2)					$	(146.4)					$	(164.3)

13

---

Unum Group Investments

						12/31/2024																		12/31/2024						12/31/2023
Fixed Maturity Securities (Fair Value)																		Selected Statistics
Public						$	23,163.2					65.0		%				Earned Book Yield						4.44		%				4.45		%
Mortgage-Backed/Asset-Backed Securities1						917.2						2.6						Average Duration (in years)						8.28						8.41
Private Placements						5,515.7						15.5
High Yield						1,436.2						4.0
Government Securities						1,298.6						3.7
Municipal Securities						3,291.4						9.2
Redeemable Preferred Stocks						7.6						—
Total						$	35,629.9					100.0		%
						Amortized Cost						Fair Value						Private Equity Partnerships						12/31/2024						12/31/2023
Quality Ratings of Fixed Maturity Securities																		Private Credit Partnerships						$	289.2					$	283.6
Aaa						2.9		%				2.9		%				Private Equity Partnerships						640.2						571.9
Aa						15.4						14.8						Real Asset Partnerships						521.2						470.7
A						30.5						30.9						Total						$	1,450.6					$	1,326.2
Baa						47.3						47.4
Below Baa						3.9						4.0
Total						100.0		%				100.0		%				Non-Current Investments						$	13.0					$	—

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

14

---

Unum Group Investments at December 31, 2024

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						$	2,470.0					$	(148.1)					$	1,749.5					$	181.7					$	720.5					$	33.6
Capital Goods						3,237.3						(152.3)						2,015.0						222.0						1,222.3						69.7
Communications						2,171.8						(107.1)						1,103.1						193.1						1,068.7						86.0
Consumer Cyclical						1,366.3						(114.1)						1,043.3						132.6						323.0						18.5
Consumer Non-Cyclical						6,256.1						(545.0)						4,457.5						648.3						1,798.6						103.3
Energy						2,514.2						(18.2)						1,044.8						109.6						1,469.4						91.4
Financial Institutions						3,832.6						(353.5)						3,281.1						374.2						551.5						20.7
Mortgage/Asset-Backed1						917.2						(32.2)						485.8						37.2						431.4						5.0
Sovereigns						768.1						(144.0)						438.2						153.5						329.9						9.5
Technology						1,363.6						(135.7)						1,192.7						144.6						170.9						8.9
Transportation						1,617.9						(136.6)						1,234.3						155.1						383.6						18.5
U.S. Government Agencies and Municipalities						3,821.9						(518.3)						2,597.0						597.7						1,224.9						79.4
Public Utilities						5,292.9						(232.1)						2,831.2						364.4						2,461.7						132.3
Total						$	35,629.9					$	(2,637.2)					$	23,473.5					$	3,314.0					$	12,156.4					$	676.8
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						$	5,626.9					$	(188.9)											$	329.3					$	(4.8)
91 through 180 days						840.7						(56.6)												42.6						(1.2)
181 through 270 days						16.5						(3.1)												0.0						—
271 days to 1 year						170.3						(15.2)												5.0						(0.1)
Greater than 1 year						15,954.6						(2,972.4)												487.6						(71.7)
Total						$	22,609.0					$	(3,236.2)											$	864.5					$	(77.8)

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

14. 1

---

Appendix to Statistical Supplement

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.

2022 Significant Items

•Third quarter of 2022 reserve assumption updates resulting in a net reserve reduction of $243.3 million before tax, or $192.1 million after tax.

15

---

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 hedges;

•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, 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.

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
						December 31						September 30						June 30						March 31						December 31						September 30						June 30						March 31
						2024																								2023
Total Revenue						$	3,236.6					$	3,217.0					$	3,233.4					$	3,200.3					$	3,145.1					$	3,092.5					$	3,112.2					$	3,036.1
Excluding:
Net Investment Gain (Loss)						(10.1)						(12.9)						(10.4)						(1.2)						(6.0)						(31.0)						0.9						0.1
Adjusted Operating Revenue						$	3,246.7					$	3,229.9					$	3,243.8					$	3,201.5					$	3,151.1					$	3,123.5					$	3,111.3					$	3,036.0

15.3

---

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		%
Year Ended December 31, 2022
Unum US						$	768.6					$	4,675.8					16.4		%
Unum International						161.8						781.6						20.7		%
Colonial Life						325.9						1,642.5						19.9		%
Core Operating Segments						1,256.3						7,099.9						17.7		%
Closed Block						194.1						4,873.7
Corporate						(156.2)						(979.8)
Total						$	1,294.2					$	10,993.8					11.8		%

1Excludes unrealized gain (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 15.5.

15.4

---

Reconciliation of Non-GAAP Financial Measures - Continued

						After-Tax Adjusted Operating Income (Loss)						Average Allocated Equity2						Annualized Adjusted Operating Return on Equity
Three Months Ended December 31, 2024
Unum US						$	263.3					$	4,581.8					23.0		%
Unum International						28.4						780.2						14.6		%
Colonial Life						96.8						1,914.3						20.2		%
Core Operating Segments						388.5						7,276.3						21.4		%
Closed Block						19.5						5,485.4
Corporate						(39.1)						178.4
Total						$	368.9					$	12,940.1					11.4		%
Three Months Ended December 31, 2023
Unum US						$	270.3					$	4,451.9					24.3		%
Unum International						31.2						777.0						16.1		%
Colonial Life						69.3						1,789.3						15.5		%
Core Operating Segments						370.8						7,018.2						21.1		%
Closed Block						14.1						5,354.7
Corporate						(34.4)						(198.7)
Total						$	350.5					$	12,174.2					11.5		%

2Excludes unrealized gain (loss) on securities and net gain (loss) on derivatives and is calculated using the stockholders' equity balances presented below.

Average allocated equity is computed as follows:

						12/31/2024						9/30/2024						12/31/2023						9/30/2023						12/31/2022						12/31/2021
Total Stockholders' Equity						$	10,961.1					$	10,951.4					$	9,651.4					$	9,618.1					$	8,735.0					$	6,033.9
Excluding:
Net Unrealized Gain (Loss) on Securities						(2,755.2)						(1,491.2)						(1,919.1)						(3,948.4)						(3,028.4)						4,014.4
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits						1,185.4						(527.0)						(648.4)						1,688.5						313.9						(8,570.7)
Net Gain (Loss) on Derivatives						(270.7)						(108.9)						(73.7)						(177.7)						(9.6)						61.8
Total Adjusted Stockholders' Equity						$	12,801.6					$	13,078.5					$	12,292.6					$	12,055.7					$	11,459.1					$	10,528.4
						Three Months Ended						Twelve Months Ended						Three Months Ended						Twelve Months Ended						Twelve Months Ended
						12/31/2024												12/31/2023												12/31/2022
Average Adjusted Stockholders' Equity						$	12,940.1					$	12,547.1					$	12,174.2					$	11,875.9					$	10,993.8

15.5

---

Reconciliation of Non-GAAP Financial Measures - Continued

																		Three Months Ended
																		December 31																		December 31
																		2024															2023
																		(in millions)						per share*																		(in millions)						per share*
Net Income																		$	348.7					$	1.92																	$	330.6					$	1.69
Excluding:
Net Investment Loss (net of tax benefit of $1.9; $1.4)																		(8.2)						(0.04)																		(4.6)						(0.02)
Amortization of the Cost of Reinsurance (net of tax benefit of $2.2; $2.3)																		(8.1)						(0.04)																		(8.7)						(0.04)
Non-Contemporaneous Reinsurance (net of tax benefit of $1.0; $1.8)																		(3.9)						(0.03)																		(6.6)						(0.04)
After-tax Adjusted Operating Income																		$	368.9					$	2.03																	$	350.5					$	1.79
*Assuming Dilution.

Reconciliation of Non-GAAP Financial Measures - Continued

						Year Ended December 31
						2024												2023												2022
						(in millions)						per share *						(in millions)						per share *						(in millions)						per share *
Net Income						$	1,779.1					$	9.46					$	1,283.8					$	6.50					$	1,407.2					$	6.96
Excluding:
Net Investment Loss (net of tax benefit of $7.6; $7.8; $3.5)						(27.0)						(0.14)						(28.2)						(0.14)						(12.2)						(0.07)
Amortization of the Cost of Reinsurance (net of tax benefit of $8.7; $9.3; $10.6)						(32.7)						(0.17)						(34.8)						(0.18)						(39.7)						(0.20)
Non-Contemporaneous Reinsurance (net of tax benefit of $5.2; $7.3; $7.2)						(19.9)						(0.11)						(27.5)						(0.14)						(27.2)						(0.13)
Reserve Assumption Updates (net of tax expense (benefit) of $74.8; $(37.9); $51.2)						282.6						1.50						(139.3)						(0.70)						192.1						0.96
Loss on Legal Settlement (net of tax benefit of $3.2; $—; $—)						(12.1)						(0.06)						—						—						—						—
After-tax Adjusted Operating Income						$	1,588.2					$	8.44					$	1,513.6					$	7.66					$	1,294.2					$	6.40
*Assuming Dilution.

15.6

---

Reconciliation of Non-GAAP Financial Measures - Continued

						December 31
						2024						2023						2022
Debt						$	3,739.8					$	3,430.4					$	3,429.8
Including:
Lease Liability						69.4						62.6						67.9
Adjusted Debt and Lease Liability						$	3,809.2					$	3,493.0					$	3,497.7
Total Stockholders' Equity						$	10,961.1					$	9,651.4					$	8,735.0
Excluding:
Net Unrealized Loss on Securities						(2,755.2)						(1,919.1)						(3,028.4)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits						1,185.4						(648.4)						313.9
Net Loss on Derivatives						(270.7)						(73.7)						(9.6)
Equity, As Adjusted						12,801.6						12,292.6						11,459.1
Debt, As Adjusted and Lease Liability						3,809.2						3,493.0						3,497.7
Total Adjusted Capital						$	16,610.8					$	15,785.6					$	14,956.8
Leverage Ratio						22.9		%				22.1		%				23.4		%

			Three Months Ended
			December 31, 2024									December 31, 2023
						Premium Income						Premium Income in Local Currency1						Weighted Average Exchange Rate2						Premium Income in Constant Currency
Unum International
Unum UK						$	201.1					£	149.1					1.282						$	191.1
Unum Poland						41.3						zł	135.7					0.247						33.5
Total						242.4																		224.6
Unum US						1,721.4						$	1,670.5											1,670.5
Colonial Life						448.9						$	434.8											434.8
Core Operations						$	2,412.7																	$	2,329.9

15.7

---

			Year Ended
			December 31, 2024									December 31, 2023
						Premium Income						Premium Income in Local Currency1						Weighted Average Exchange Rate2						Premium Income in Constant Currency
Unum International
Unum UK						$	794.9					£	568.3					1.279						$	726.9
Unum Poland						154.6						zł	495.5					0.251						124.4
Total						949.5																		851.3
Unum US						6,883.2						$	6,579.2											6,579.2
Colonial Life						1,783.9						$	1,726.1											1,726.1
Core Operations						$	9,616.6																	$	9,156.6

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.

						Year Ended
						December 31, 2024
Premium Income						$	10,497.4
Unum US Group Disability Other Income1						232.1
						$	10,729.5
Expenses
Operating Expenses						$	2,388.9
Excluding:
Amortization of the Cost of Reinsurance						(41.4)
Loss on Legal Settlement						(15.3)
Adjusted Operating Expenses						$	2,332.2
Operating Expense Ratio						22.8		%
Adjusted Operating Expense Ratio						21.7		%
1Unum US Group Disability Other Income is primarily related to fee-based services.

15.8