Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 29, 2024

UNUM GROUP

(Exact name of registrant as specified in its charter)

Delaware

001-11294

62-1598430

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

1 Fountain Square

Chattanooga, Tennessee 37402

(Address of principal executive offices) (Zip Code)

(423) 294-1011

(Registrant's telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, $0.10 par value

UNM

New York Stock Exchange

6.250% Junior Subordinated Notes due 2058

UNMA

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

☐ Emerging growth company

☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Item 2.02 Results of Operations and Financial Condition.

On October 29, 2024, Unum Group (the "Company") issued a news release reporting its results for the third quarter of 2024, a copy of which is furnished herewith as Exhibit 99.1 and incorporated herein by reference.

Also on October 29, 2024, the Company posted on its website at www.unum.com the Statistical Supplement relating to its financial results for the third quarter of 2024. A copy of the Statistical Supplement is furnished herewith as Exhibit 99.2 and incorporated herein by reference.

In accordance with General Instruction B.2 of Form 8-K, the information in this report, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference into any of the Company's filings under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.


Exhibit No.						Description

99.1						News release of Unum Group dated October 29, 2024, concerning earnings for the third quarter of 2024.

99.2						Statistical Supplement of Unum Group for the third quarter of 2024.

104						Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	Unum Group
	(Registrant)


Date: October 29, 2024	By:	/s/ J. Paul Jullienne
		Name:	J. Paul Jullienne
		Title:	Vice President, Managing Counsel, and
			Corporate Secretary

Exhibit 99.1

1 Fountain Square
Chattanooga, TN 37402
www.unum.com

FOR IMMEDIATE RELEASE

Contacts

MEDIA

Emily Downing
edowning@unum.com

INVESTORS

Matt Royal

investorrelations@unum.com

Unum Group Reports Third Quarter 2024 Results

•Net income of $645.7 million ($3.46 per diluted common share) for the third quarter of 2024; after-tax adjusted operating income was $398.0 million ($2.13 per diluted common share).

•Growing top-line with core operations premium growth of 4.6 percent on a constant currency basis, and continued strong margins across our businesses.

•Strong balance sheet with holding company liquidity of $1.4 billion and weighted average risk-based capital ratio of approximately 470 percent, well in excess of targets; statutory operating earnings of $315.6 million.

•Book value per common share of $59.36 grew 20.4 percent over the year-ago quarter; book value per common share excluding accumulated other comprehensive income (AOCI) of $74.15 grew 13.3 percent over the year-ago quarter.

•Completed our annual GAAP reserve assumption updates; positive trends in long-term care and other product lines drove a before-tax net reserve decrease of $357.4 million.

CHATTANOOGA, Tenn. (October 29, 2024) - Unum Group (NYSE: UNM) today reported net income of $645.7 million ($3.46 per diluted common share) for the third quarter of 2024, compared to net income of $202.0 million ($1.02 per diluted common share) for the third quarter of 2023.

Included in net income for the third quarter of 2024 are the after-tax amortization of the cost of reinsurance of $8.2 million ($0.04 per diluted common share), the after-tax impact of non-contemporaneous reinsurance of $4.8 million ($0.03 per diluted common share), an after-tax net reserve decrease related to assumption updates of $282.6 million ($1.51 per diluted common share), an after-tax loss resulting from a legal settlement of $12.1 million ($0.06 per diluted common share), and a net after-tax investment loss on the Company’s investment portfolio of $9.8 million ($0.05 per diluted common share). Included in net income for the third quarter of 2023 are the after-tax amortization of the cost of reinsurance of $8.7 million ($0.04 per diluted common share), the after-tax impact of non-contemporaneous reinsurance of $7.3 million ($0.04 per diluted common share), an after-tax net reserve increase related to assumption updates of $139.3 million ($0.71 per diluted common share), and a net after-tax investment loss on the Company’s investment portfolio of $24.4 million ($0.13 per diluted common share). Excluding the items above, after-tax adjusted operating income was $398.0 million ($2.13 per diluted common share) in the third quarter of 2024, compared to $381.7 million ($1.94 per diluted common share) in the third quarter of 2023.

“Our third quarter results demonstrated the broad-based solid performance that we have shown throughout 2024. We continued to execute on our strategy, resulting in growth in premiums and operating income, with particularly strong performance within Group Life,” said Richard P. McKenney, president and chief executive officer. “As we enter the fourth quarter, we are well positioned. The market environment remains favorable, and we continue to invest in the growth of our business while returning capital to our shareholders. We remain confident in our ability to achieve our full year 2024 earnings outlook.”

RESULTS BY SEGMENT

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

Unum US Segment

Unum US reported adjusted operating income of $363.3 million in the third quarter of 2024, an increase of 1.5 percent from $357.8 million in the third quarter of 2023, which excludes the reserve assumption updates during each period. Premium income increased 4.0 percent to $1,723.5 million in the third quarter of 2024, compared to $1,657.7 million in the third quarter of 2023. Net investment income declined 3.1 percent to $161.0 million in the third quarter of 2024, compared to the $166.2 million in the third quarter of 2023.

Within the Unum US operating segment, the group disability line of business reported a 7.9 percent decrease in adjusted operating income to $156.7 million in the third quarter of 2024, compared to $170.1 million in the third quarter of 2023, which excludes the reserve decrease of $90.0 million and $121.0 million related to the assumption updates during the third quarters of 2024 and 2023, respectively. Premium income for the group disability line of business increased 2.4 percent to $793.4 million in the third quarter of 2024, compared to $775.0 million in the third quarter of 2023, driven by favorable persistency and prior period sales. Net investment income decreased 6.5 percent to $78.7 million in the third quarter of 2024, compared to $84.2 million in the third quarter of 2023, due to a decrease in the level of invested assets, partially offset by an increase in the yield on invested assets. Excluding the reserve assumption updates, the benefit ratio for the third quarter of 2024 was 59.1 percent, compared to 57.5 percent in the third quarter of 2023, due to higher incidence in our long-term disability and short-term disability product lines and higher average claim size in the long-term disability product line, partially offset by favorable recoveries in the long-term disability product line. Group long-term disability sales were $24.4 million in the third quarter of 2024, a decrease of 33.3 percent from $36.6 million in the third quarter of 2023. Group short-term disability sales were $15.9 million in the third quarter of 2024, a decrease of 47.9 percent from $30.5 million in the third quarter of 2023. Persistency in the group long-term disability product line was 93.5 percent for the first nine months of 2024, compared to 90.8 percent for the first nine months of 2023. Persistency in the group short-term disability product line was 91.9 percent for the first nine months of 2024, compared to 89.1 percent for the first nine months of 2023.

The group life and accidental death and dismemberment line of business reported a 80.8 percent increase in adjusted operating income to $94.0 million in the third quarter of 2024, which excludes the reserve decrease of $13.0 million related to the assumption update in the third quarter of 2024, compared to $52.0 million in the third quarter of 2023. Premium income for this line of business increased 6.0 percent to $494.9 million in the third quarter of 2024, compared to the $467.1 million in the third quarter of 2023 due primarily to favorable persistency and prior period sales. Net investment income decreased 6.8 percent to $22.1 million in the third quarter of 2024, compared to $23.7 million in the third quarter of 2023 due to a decrease in the level of invested assets, partially offset by an increase in the yield on invested assets. Excluding the reserve assumption update, the benefit ratio in the third quarter of 2024 was 65.0 percent, compared to 73.3 percent in the third quarter of 2023, due primarily to favorable incidence in the group life product line. Group life and accidental death and dismemberment sales were $26.5 million in the third quarter of 2024, an increase of 5.2 percent from $25.2 million in the third quarter of 2023. Persistency in the group life product line was 92.0 percent for the first nine months of 2024, compared to 89.3 percent for the first nine months of 2023. Persistency in the accidental death and dismemberment product line was 91.2 percent for the first nine months of 2024, compared to 88.2 percent for the first nine months of 2023.

The supplemental and voluntary line of business reported a decrease of 17.0 percent in adjusted operating income to $112.6 million in the third quarter of 2024, compared to $135.7 million in the third quarter of 2023, which excludes


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the net reserve decrease of $40.6 million and $7.8 million during the third quarters of 2024 and 2023, respectively. Premium income for the supplemental and voluntary line of business increased 4.7 percent to $435.2 million in the third quarter of 2024, compared to $415.6 million in the third quarter of 2023, due to favorable persistency in the voluntary benefits and dental and vision product lines and higher prior period sales in the voluntary benefits and individual disability product lines. Net investment income increased 3.3 percent to $60.2 million in the third quarter of 2024, compared to $58.3 million in the third quarter of 2023, due primarily to an increase in the yield on invested assets. The benefit ratio for the voluntary benefits product line, which excludes the reserve increase of $12.2 million and the reserve decrease of $10.4 million related to the assumption updates during the third quarters of 2024 and 2023, respectively, was 45.8 percent in the third quarter of 2024, compared to 39.1 percent in the third quarter of 2023, due to less favorable experience in the critical illness and life product lines. The benefit ratio for the individual disability product line, which excludes the reserve decrease of $52.8 million and the reserve increase of $2.6 million during the third quarters of 2024 and 2023, respectively, was 42.8 percent for the third quarter of 2024, compared to 45.4 percent in the third quarter of 2023, due primarily to favorable recoveries, partially offset by higher claim size. The benefit ratio for the dental and vision product line was 74.6 percent for the third quarter of 2024, compared to 67.4 percent in the third quarter of 2023, due primarily to higher claims incidence and higher average claim size. Relative to the third quarter of 2023, sales in the voluntary benefits product line increased 16.9 percent in the third quarter of 2024 to $45.6 million. Sales in the individual disability product line increased 14.8 percent to $29.4 million in the third quarter of 2024. Sales in the dental and vision product line decreased 10.7 percent in the third quarter of 2024 to $12.5 million. Persistency in the voluntary benefits product line was 76.4 percent for the first nine months of 2024, compared to 75.5 percent for the first nine months of 2023. Persistency in the individual disability product line was 89.0 percent for the first nine months of 2024, compared to 89.3 percent for the first nine months of 2023. Persistency in the dental and vision product line was 81.4 percent for the first nine months of 2024, compared to 76.2 percent for the first nine months of 2023.

Unum International Segment

The Unum International segment reported adjusted operating income of $40.3 million in the third quarter of 2024, an increase of 9.5 percent from $36.8 million in the third quarter of 2023, which excludes the reserve increase related to assumption updates of $7.5 million and $17.9 million during the third quarters of 2024 and 2023, respectively. Premium income increased 17.1 percent to $246.6 million in the third quarter of 2024, compared to $210.6 million in the third quarter of 2023. Net investment income increased 11.4 percent to $30.4 million in the third quarter of 2024, compared to $27.3 million in the third quarter of 2023. Sales increased 26.5 percent to $38.2 million in the third quarter of 2024, compared to $30.2 million in the third quarter of 2023.

The Unum UK line of business reported adjusted operating income, in local currency, of £29.5 million in the third quarter of 2024, an increase of 3.9 percent from £28.4 million in the third quarter of 2023, which excludes the reserve increase related to the assumption updates of $6.4 million and $16.3 million during the third quarters of 2024 and 2023, respectively. Premium income was £158.9 million in the third quarter of 2024, an increase of 11.7 percent from £142.2 million in the third quarter of 2023, due primarily to in-force block growth. Net investment income was £21.2 million in the third quarter of 2024, an increase of 8.7 percent from £19.5 million in the third quarter of 2023, primarily due to higher yield on invested assets, partially offset by lower investment income from inflation-indexed linked bonds. The benefit ratio, excluding the reserve assumption updates, was 69.5 percent in the third quarter of 2024, compared to 67.4 percent in the third quarter of 2023, due primarily to higher incidence in the group long-term disability and group life product lines, partially offset by favorable incidence in the supplemental product line and favorable recoveries in the group long-term disability product line. Sales increased 26.9 percent to £23.1 million in the third quarter of 2024, compared to £18.2 million in the third quarter of 2023. Persistency in the group long-term disability product line was 92.3 percent for the first nine months of 2024, compared to 92.4 percent for the first nine months of 2023. Persistency in the group life product line was 88.6 percent for the first nine months of 2024, compared to 83.6 percent for the first nine months of 2023. Persistency in the supplemental product line was 90.4 percent for the first nine months of 2024, compared to 91.0 percent for the first nine months of 2023.


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Colonial Life Segment

Colonial Life reported adjusted operating income of $113.4 million in the third quarter of 2024, a 10.2 percent increase compared to $102.9 million in the third quarter of 2023, which excludes the reserve decrease related to the assumption updates of $46.0 million and $80.7 million, during the third quarter of 2024 and 2023, respectively. Premium income increased 2.5 percent to $441.9 million in the third quarter of 2024, compared to $431.2 million in the third quarter of 2023, due to higher prior period sales and generally stable persistency. Net investment income was $39.6 million in the third quarter of 2024, which was generally consistent with the $39.3 million in the third quarter of 2023. The benefit ratio, excluding the reserve assumption updates, was 47.6 percent in the third quarter of 2024, compared to 49.1 percent in the third quarter of 2023, primarily due to favorable benefit experience in the cancer and critical illness and life product lines. Sales decreased 0.3 percent to $120.9 million in the third quarter of 2024, compared to $121.3 million in the third quarter of 2023. Persistency in the Colonial Life segment was 78.0 percent for the first nine months of 2024, compared to 77.9 percent for the first nine months of 2023.

Closed Block Segment

The Closed Block segment reported adjusted operating income of $34.2 million in the third quarter of 2024, which excludes the amortization of cost of reinsurance of $10.4 million and the impact of non-contemporaneous reinsurance of $6.0 million related to the Closed Block individual disability reinsurance transaction as well as the net reserve decrease related to the assumption updates of $175.3 million, compared to $34.2 million in the third quarter of 2023, which excludes the amortization of cost of reinsurance of $11.1 million and the impact of non-contemporaneous reinsurance of $9.2 million related to the Closed Block individual disability reinsurance transaction and the net reserve increase related to the assumption updates of $368.8 million. Premium income for this segment is largely driven by our long-term care product line, and in the third quarter of 2024, premium income for long-term care was generally consistent with the same period of 2023. Net investment income increased 3.4 percent to $284.3 million in the third quarter of 2024, compared to $274.9 million in the third quarter of 2023, primarily due to an increase in the level of invested assets.

Policy benefits including remeasurement loss (gain), excluding the impacts of non-contemporaneous reinsurance and the reserve assumption updates, for the Closed Block segment were generally consistent during the third quarter of 2024 relative to the same period of 2023. The net premium ratio for the long-term care product line increased to 94.5 percent at September 30, 2024 from 93.4 percent at September 30, 2023, due primarily to policyholder terminations and the assumption updates in the third quarter of 2024. Compared to June 30, 2024, the net premium ratio increased from 93.7 percent to 94.5 percent due to the assumption updates in the third quarter of 2024. Overall claim experience for long-term care continued to improve sequentially, as expected.

Corporate Segment

The Corporate segment reported an adjusted operating loss of $49.4 million in the third quarter of 2024, which excludes the loss on legal settlement of $15.3 million, compared to an adjusted operating loss of $41.5 million in the third quarter of 2023, due primarily to a decrease in net investment income, driven by increased allocations to our lines of business.


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OTHER INFORMATION

Shares Outstanding

The Company’s weighted average number of shares outstanding, assuming dilution, was 186.9 million for the third quarter of 2024, compared to 197.1 million for the third quarter of 2023. Shares outstanding totaled 184.5 million at September 30, 2024. During the third quarter of 2024, the Company repurchased 3.7 million shares at a total cost of $202.0 million.

Capital Management

At September 30, 2024, the weighted average risk-based capital ratio for the Company’s traditional U.S. insurance companies was approximately 470 percent, and the holding companies had available holding company liquidity of $1,393.0 million.

Book Value

Book value per common share as of September 30, 2024 was $59.36, compared to $49.32 at September 30, 2023. Book value per common share excluding AOCI as of September 30, 2024 was $74.15, compared to $65.47 at September 30, 2023.

Effective Tax Rate

The effective tax rate on adjusted operating earnings was 20.7 percent in the third quarter of 2024.

Outlook

Full-year 2024 outlook of an increase in after-tax adjusted operating income per share of 10 percent to 15 percent when comparing to full-year 2023.

NON-GAAP FINANCIAL MEASURES

We analyze our performance using non-GAAP financial measures. A non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that excludes or includes 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:

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

•Book value per common share, which is calculated excluding AOCI.

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. We believe after-tax adjusted operating income is a better performance measure and better indicator of the profitability and underlying trends in our business. Book value per common share excluding AOCI provides a more comparable and consistent view of our results, as AOCI tends to fluctuate depending on market conditions and general economic trends.

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.


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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 Accounting Standards Update 2018-12 (ASU 2018-12). Due to the execution of the second phase of the reinsurance transaction occurring after January 1, 2021, the transition date of ASU 2018-12, in accordance with the provisions of the ASU related to non-contemporaneous reinsurance, we were required to establish the ceded reserves using an upper-medium grade fixed-income instrument as of the reinsurance transaction date in March 2021, which resulted in higher ceded reserves compared to that which was reported historically. However, the direct reserves for the block reinsured in the second phase were calculated using the original discount rate utilized as of the transition date. Both the direct and ceded reserves are then remeasured at each reporting period using a current discount rate reflective of an upper-medium grade fixed-income instrument, with the changes recognized in other comprehensive income (loss). While the total equity impact is neutral, the different original discount rates utilized for direct and ceded reserves result in disproportionate earnings impacts. The impact of non-contemporaneous reinsurance will fluctuate depending on the magnitude of reserve changes during the period. We believe that the exclusion of these items provides a better view of our results from our ongoing businesses.

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.

CONFERENCE CALL INFORMATION

Members of Unum Group senior management will host a conference call on Wednesday, October 30, 2024, at 8:00 am (Eastern Time) to discuss the results of operations for the third quarter of 2024. Topics may include forward-looking information, such as the Company’s outlook on future results, trends in operations, and other material information.

To receive dial in information for the call, please register in advance by using the following URL:

https://registrations.events/direct/Q4I3307929. Upon registration you will receive a dial-in number to use to access the event. It is recommended that you register at least 10 minutes before the start of the event. In addition, a live webcast of the call will also be available at www.investors.unum.com in a listen-only mode. It is recommended that webcast viewers access the “Investors” section of the Company’s website and opt-in to the webcast approximately 5-10 minutes prior to the start of the call. A replay of the webcast will be available on the Company's website. A replay of the call will also be available through Wednesday, November 6 by using the registration URL noted above.

In conjunction with today’s earnings announcement, the Company’s Statistical Supplement for the third quarter of 2024 is available on the “Investors” section of the Company’s website.

# # #

ABOUT UNUM GROUP

Unum Group (NYSE: UNM), a leading international provider of workplace benefits and services, has been helping workers and their families thrive for more than 175 years. Through its Unum and Colonial Life brands, the company offers disability, life, accident, critical illness, dental, and vision insurance; leave and absence management support; and behavioral health services. In 2023, Unum Group reported revenues of more than $12 billion and paid approximately $8 billion in benefits. The Fortune 500 company is recognized as one of the World’s Most Ethical Companies by Ethisphere®.

Visit the Unum Group newsroom (https://www.unumgroup.com/newsroom) for more information, and connect with us on LinkedIn (https://www.linkedin.com/company/unum), Facebook (https://www.facebook.com/unumbenefits/), and Instagram (https://www.instagram.com/unumbenefits/).


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SAFE HARBOR STATEMENT

Certain information in this news release constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those not based on historical information, but rather relate to our outlook, future operations, strategies, financial results, or other developments and speak only as of the date made. These forward-looking statements, including statements about anticipated growth in after-tax adjusted operating income per share, are subject to numerous assumptions, risks, and uncertainties, many of which are beyond our control. The following factors, in addition to other factors mentioned from time to time, may cause actual results to differ materially from those contemplated by the forward-looking statements: (1) fluctuation in insurance reserve liabilities and claim payments due to changes in claim incidence, recovery rates, mortality and morbidity rates, and policy benefit offsets due to, among other factors, the rate of unemployment and consumer confidence, the emergence of new diseases, epidemics, or pandemics, new trends and developments in medical treatments, the effectiveness of our claims operational processes, and changes in governmental programs; (2) sustained periods of low interest rates; (3) unfavorable economic or business conditions, both domestic and foreign, that may result in decreases in sales, premiums, or persistency, as well as unfavorable claims activity or unfavorable returns on our investment portfolio; (4) the impact of pandemics and other public health issues on our business, financial position, results of operations, liquidity and capital resources, and overall business operations; (5) changes in, or interpretations or enforcement of, laws and regulations; (6) a cybersecurity attack or other security breach resulting in compromised data or the unauthorized acquisition of confidential data; (7) the failure of our business recovery and incident management processes to resume our business operations in the event of a natural catastrophe, cybersecurity attack, or other event; (8) investment results, including, but not limited to, changes in interest rates, defaults, changes in credit spreads, impairments, and the lack of appropriate investments in the market which can be acquired to match our liabilities; (9) increased competition from other insurers and financial services companies due to industry consolidation, new entrants to our markets, or other factors; (10) ineffectiveness of our derivatives hedging programs due to changes in forecasted cash flows, the economic environment, counterparty risk, ratings downgrades, capital market volatility, changes in interest rates, and/or regulation; (11) changes in our financial strength and credit ratings; (12) actual experience in the broad array of our products that deviates from our assumptions used in pricing, underwriting, and reserving; (13) Our ability to hire and retain qualified employees; (14) our ability to develop digital capabilities or execute on our technology systems upgrades or replacements; (15) availability of reinsurance in the market and the ability of our reinsurers to meet their obligations to us; (16) ability to generate sufficient internal liquidity and/or obtain external financing; (17) damage to our reputation due to, among other factors, regulatory investigations, legal proceedings, external events, and/or inadequate or failed internal controls and procedures; (18) disruptions to our business or our ability to leverage data caused by the use and reliance on third-party vendors, including vendors providing web and cloud-based applications; (19) recoverability and/or realization of the carrying value of our intangible assets, long-lived assets, and deferred tax assets; (20) effectiveness of our risk management program; (21) contingencies and the level and results of litigation; (22) fluctuation in foreign currency exchange rates; and (23) our ability to meet environmental, social, and governance standards and expectations of investors, regulators, customers, and other stakeholders.

For further discussion of risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements, see Part 1, Item 1A “Risk Factors” of our annual report on Form 10-K for the year ended December 31, 2023. The forward-looking statements in this news release are being made as of the date of this news release, and we expressly disclaim any obligation to update or revise any forward-looking statement contained herein, even if made available on our website or otherwise.


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Unum Group

FINANCIAL HIGHLIGHTS

(Unaudited)


($ in millions, except share data)
	Three Months Ended September 30				Nine Months Ended September 30
	2024		2023		2024		2023

Revenue
Premium Income	$	2,628.8	$	2,525.9	$	7,866.3	$	7,494.3
Net Investment Income	527.8		526.0		1,586.4		1,565.9



Net Investment Loss	(12.9)		(31.0)		(24.5)		(30.0)
Other Income	73.3		71.6		222.5		210.6
Total Revenue	3,217.0		3,092.5		9,650.7		9,240.8

Benefits and Expenses


Policy Benefits Including Remeasurement Loss or Gain	1,461.9		1,947.0		5,056.7		5,437.0
Commissions	315.1		289.7		947.8		869.7
Interest and Debt Expense	49.2		48.6		148.6		145.6

Deferral of Acquisition Costs	(163.3)		(153.3)		(495.3)		(467.5)
Amortization of Deferred Acquisition Costs	133.8		129.1		387.9		358.7
Other Expenses	605.7		569.7		1,799.2		1,685.9
Total Benefits and Expenses	2,402.4		2,830.8		7,844.9		8,029.4

Income Before Income Tax	814.6		261.7		1,805.8		1,211.4
Income Tax Expense	168.9		59.7		375.4		258.2

Net Income	$	645.7	$	202.0	$	1,430.4	$	953.2

PER SHARE INFORMATION

Net Income Per Common Share
Basic	$	3.46	$	1.03	$	7.54	$	4.83
Assuming Dilution	$	3.46	$	1.02	$	7.52	$	4.81

Weighted Average Common Shares - Basic (000s)	186,400.7		196,083.2		189,665.1		197,289.5
Weighted Average Common Shares - Assuming Dilution (000s)	186,882.4		197,131.8		190,209.7		198,295.1
Outstanding Shares - (000s)					184,501.2		195,017.0


						8

Reconciliation of Non-GAAP Financial Measures


	Three Months Ended September 30
	2024				2023
	(in millions)		per share *		(in millions)		per share *
Net Income	$	645.7	$	3.46	$	202.0	$	1.02
Excluding:


Net Investment Loss (net of tax benefit of $3.1; $6.6)	(9.8)		(0.05)		(24.4)		(0.13)

Amortization of the Cost of Reinsurance (net of tax benefit of $2.2; $2.4)	(8.2)		(0.04)		(8.7)		(0.04)
Non-Contemporaneous Reinsurance (net of tax benefit of $1.2; $1.9)	(4.8)		(0.03)		(7.3)		(0.04)
Reserve Assumption Updates (net of tax expense (benefit) of $74.8; $(37.9))	282.6		1.51		(139.3)		(0.71)
Loss on Legal Settlement (net of tax benefit $3.2; $—)	(12.1)		(0.06)		—		—
After-tax Adjusted Operating Income	$	398.0	$	2.13	$	381.7	$	1.94

* Assuming Dilution


	September 30
	2024				2023
	(in millions)		per share		(in millions)		per share
Total Stockholders' Equity (Book Value)	$	10,951.4	$	59.36	$	9,618.1	$	49.32
Excluding:
Net Unrealized Loss on Securities	(1,491.2)		(8.08)		(3,948.4)		(20.25)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits	(527.0)		(2.86)		1,688.5		8.66
Net Loss on Derivatives	(108.9)		(0.59)		(177.7)		(0.91)
Subtotal	13,078.5		70.89		12,055.7		61.82
Excluding:
Foreign Currency Translation Adjustment	(259.9)		(1.40)		(382.2)		(1.95)
Subtotal	13,338.4		72.29		12,437.9		63.77
Excluding:
Unrecognized Pension and Postretirement Benefit Costs	(342.7)		(1.86)		(330.8)		(1.70)
Total Stockholders' Equity, Excluding Accumulated Other Comprehensive Loss	$	13,681.1	$	74.15	$	12,768.7	$	65.47


						9


	Three Months Ended
	September 30, 2024		September 30, 2023
	Premium Income		Premium Income in Local Currency1		Weighted Average Exchange Rate2	Premium Income in Constant Currency


Unum International
Unum UK	$	206.8	£	142.2	1.301	$	185.0
Unum Poland	39.8		zł	126.9	0.257	32.6
Total	246.6					217.6
Unum US	1,723.5		$	1,657.7		1,657.7
Colonial Life	441.9		$	431.2		431.2
Core Operations	$	2,412.0				$	2,306.5

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.


						10

Unum Group

Statistical Supplement Third 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			9
			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						Nine Months Ended						Year Ended
	9/30/2024			9/30/2023			9/30/2024			9/30/2023			12/31/2023			12/31/2022

Consolidated U.S. GAAP Results¹
Premium Income	$	2,628.8		$	2,525.9		$	7,866.3		$	7,494.3		$	10,046.0		$	9,616.5

Adjusted Operating Revenue	$	3,229.9		$	3,123.5		$	9,675.2		$	9,270.8		$	12,421.9		$	11,999.8
Net Investment Gain (Loss)	(12.9)			(31.0)			(24.5)			(30.0)			(36.0)			(15.7)
Total Revenue	$	3,217.0		$	3,092.5		$	9,650.7		$	9,240.8		$	12,385.9		$	11,984.1

Net Income	$	645.7		$	202.0		$	1,430.4		$	953.2		$	1,283.8		$	1,407.2
Net Income Per Common Share:
Basic	$	3.46		$	1.03		$	7.54		$	4.83		$	6.53		$	7.01
Assuming Dilution	$	3.46		$	1.02		$	7.52		$	4.81		$	6.50		$	6.96

Assets							$	64,140.5		$	59,954.5		$	63,255.2		$	61,148.5
Liabilities							$	53,189.1		$	50,336.4		$	53,603.8		$	52,413.5
Stockholders' Equity							$	10,951.4		$	9,618.1		$	9,651.4		$	8,735.0
Adjusted Stockholders' Equity							$	13,078.5		$	12,055.7		$	12,292.6		$	11,459.1

Adjusted Operating Return on Equity
Unum US	25.5		%	25.4		%	25.7		%	23.1		%	23.1		%	16.4		%
Unum International	16.2		%	14.0		%	15.8		%	16.7		%	16.5		%	20.7		%
Colonial Life	19.2		%	18.7		%	19.6		%	18.9		%	18.1		%	19.9		%
Core Operating Segments	22.8		%	22.4		%	23.1		%	21.4		%	21.2		%	17.7		%
Consolidated	12.4		%	12.7		%	12.8		%	13.2		%	12.7		%	11.8		%




Traditional U.S. Life Insurance Companies' Statutory Results2
Net Gain from Operations, After Tax	$	315.6	$	532.7	$	1,032.2	$	1,122.6	$	1,351.5	$	965.4
Net Realized Capital Gain (Loss), After Tax	3.7		(4.1)		(0.9)		(4.6)		(21.6)		—

Net Income	$	319.3	$	528.6	$	1,031.3	$	1,118.0	$	1,329.9	$	965.4

Capital and Surplus					$	4,425.0	$	4,376.6	$	3,751.3	$	3,816.3

Weighted Average Risk-based Capital Ratio					~ 470%		~ 470%		~ 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, The Paul Revere Life Insurance Company, Colonial Life & Accident Insurance Company, Provident Life and Casualty Insurance Company, First Unum Life Insurance Company, Unum Insurance Company, and Starmount Life Insurance Company.

Unum Group Capital Metrics


	9/30/2024				9/30/2023				12/31/2023				12/31/2022
	(in millions)		per share		(in millions)		per share		(in millions)		per share		(in millions)		per share

Total Stockholders' Equity (Book Value)	$	10,951.4	$	59.36	$	9,618.1	$	49.32	$	9,651.4	$	49.91	$	8,735.0	$	44.17
Excluding:
Net Unrealized Loss on Securities	(1,491.2)		(8.08)		(3,948.4)		(20.25)		(1,919.1)		(9.92)		(3,028.4)		(15.31)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits	(527.0)		(2.86)		1,688.5		8.66		(648.4)		(3.35)		313.9		1.59
Net Loss on Derivatives	(108.9)		(0.59)		(177.7)		(0.91)		(73.7)		(0.39)		(9.6)		(0.05)
Subtotal	13,078.5		70.89		12,055.7		61.82		12,292.6		63.57		11,459.1		57.94
Excluding:
Foreign Currency Translation Adjustment	(259.9)		(1.40)		(382.2)		(1.95)		(321.1)		(1.66)		(390.1)		(1.98)
Subtotal	13,338.4		72.29		12,437.9		63.77		12,613.7		65.23		11,849.2		59.92
Excluding:
Unrecognized Pension and Postretirement Benefit Costs	(342.7)		(1.86)		(330.8)		(1.70)		(345.7)		(1.79)		(334.1)		(1.69)
Total Stockholders' Equity, Excluding Accumulated Other Comprehensive Loss	$	13,681.1	$	74.15	$	12,768.7	$	65.47	$	12,959.4	$	67.02	$	12,183.3	$	61.61

Dividends Paid	$	219.5	$	1.150	$	205.8	$	1.025	$	277.1	$	1.390	$	255.3	$	1.260


	Three Months Ended				Nine Months Ended						Year Ended
	9/30/2024		9/30/2023		9/30/2024			9/30/2023			12/31/2023			12/31/2022
Shares Repurchased (millions)	3.7		1.5		9.7			3.9			5.7			5.7
Cost of Shares Repurchased (millions)1	$	202.0	$	74.8	$	504.8		$	175.4		$	252.0		$	200.1
Price (UNM closing price on last trading day of period)					$	59.44		$	49.19		$	45.22		$	41.03

Leverage Ratio					21.3		%	22.5		%	22.1		%	23.4		%

Holding Company Liquidity (millions)					$	1,393		$	1,182		$	1,650		$	1,571

1Includes commissions of a de minimis amount for the three and nine months ended September 30, 2024, a de minimis amount and $0.1 million for the three and nine months ended September 30, 2023, respectively, and $0.1 million for the years ended December 31, 2023 and 2022. There was excise tax of $2.0 million and $4.8 million for the three and nine months ended September 30, 2024, respectively, $0.7 million and $1.2 million for the three and nine months ended September 30, 2023, respectively, $1.9 million for the year ended December 31, 2023, and no excise tax for the year ended December 31, 2022.

Unum Group Ratings

AM Best

Fitch

Moody's

S&P

Outlooks

Stable

Positive

Stable

Senior Unsecured Debt Ratings

bbb+

BBB

Baa2

BBB

Financial Strength Ratings

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

Starmount Life Insurance Company

Unum Limited

A-

NR = not rated

Unum Group Consolidated Statements of Income


	Three Months Ended				Nine Months Ended				Year Ended
	9/30/2024		9/30/2023		9/30/2024		9/30/2023		12/31/2023		12/31/2022

Revenue
Premium Income	$	2,628.8	$	2,525.9	$	7,866.3	$	7,494.3	$	10,046.0	$	9,616.5
Net Investment Income	527.8		526.0		1,586.4		1,565.9		2,096.7		2,122.2
Net Investment Loss	(12.9)		(31.0)		(24.5)		(30.0)		(36.0)		(15.7)
Other Income	73.3		71.6		222.5		210.6		279.2		261.1
Total Revenue	3,217.0		3,092.5		9,650.7		9,240.8		12,385.9		11,984.1

Benefits and Expenses


Policy Benefits Including Remeasurement Loss or Gain	1,461.9		1,947.0		5,056.7		5,437.0		7,257.1		6,994.6
Commissions	315.1		289.7		947.8		869.7		1,170.1		1,086.4

Interest and Debt Expense	49.2		48.6		148.6		145.6		194.8		188.5
Cost Related to Early Retirement of Debt	—		—		—		—		—		4.2
Deferral of Acquisition Costs	(163.3)		(153.3)		(495.3)		(467.5)		(632.2)		(556.9)
Amortization of Deferred Acquisition Costs	133.8		129.1		387.9		358.7		481.4		421.1

Other Expenses	605.7		569.7		1,799.2		1,685.9		2,274.6		2,096.2
Total Benefits and Expenses	2,402.4		2,830.8		7,844.9		8,029.4		10,745.8		10,234.1

Income Before Income Tax	814.6		261.7		1,805.8		1,211.4		1,640.1		1,750.0
Income Tax Expense	168.9		59.7		375.4		258.2		356.3		342.8

Net Income	$	645.7	$	202.0	$	1,430.4	$	953.2	$	1,283.8	$	1,407.2

Weighted Average Shares Outstanding
Basic	186.4		196.1		189.7		197.3		196.7		200.6
Assuming Dilution	186.9		197.1		190.2		198.3		197.6		202.1

Actual Number of Shares Outstanding					184.5		195.0		193.4		197.8

Unum Group Sales Data for Unum US Segment


	Three Months Ended						Nine Months Ended						Year Ended
	9/30/2024		9/30/2023		% Change		9/30/2024		9/30/2023		% Change		12/31/2023		12/31/2022
Sales by Product
Group Disability and Group Life and AD&D
Group Long-term Disability	$	24.4	$	36.6	(33.3)	%	$	143.8	$	156.1	(7.9)	%	$	292.7	$	295.3
Group Short-term Disability	15.9		30.5		(47.9)		94.1		117.1		(19.6)		229.5		184.3
Group Life and AD&D	26.5		25.2		5.2		151.2		152.9		(1.1)		305.4		232.4
Subtotal	66.8		92.3		(27.6)		389.1		426.1		(8.7)		827.6		712.0
Supplemental and Voluntary
Voluntary Benefits	45.6		39.0		16.9		233.0		212.5		9.6		263.2		238.7
Individual Disability	29.4		25.6		14.8		76.1		81.0		(6.0)		108.9		90.8
Dental and Vision	12.5		14.0		(10.7)		43.4		42.5		2.1		84.1		73.8
Subtotal	87.5		78.6		11.3		352.5		336.0		4.9		456.2		403.3
Total Sales	$	154.3	$	170.9	(9.7)		$	741.6	$	762.1	(2.7)		$	1,283.8	$	1,115.3

Sales by Market Sector
Group Disability and Group Life and AD&D
Core Market (< 2,000 employees)	$	52.1	$	65.8	(20.8)	%	$	247.1	$	255.1	(3.1)	%	$	521.3	$	457.5
Large Case Market	14.7		26.5		(44.5)		142.0		171.0		(17.0)		306.3		254.5
Subtotal	66.8		92.3		(27.6)		389.1		426.1		(8.7)		827.6		712.0
Supplemental and Voluntary	87.5		78.6		11.3		352.5		336.0		4.9		456.2		403.3
Total Sales	$	154.3	$	170.9	(9.7)		$	741.6	$	762.1	(2.7)		$	1,283.8	$	1,115.3

Unum Group Sales Data for Unum International Segment


	Three Months Ended						Nine Months Ended						Year Ended
(in millions of dollars)	9/30/2024		9/30/2023		% Change		9/30/2024		9/30/2023		% Change		12/31/2023		12/31/2022
Sales by Product
Unum UK
Group Long-term Disability	$	8.4	$	8.9	(5.6)	%	$	40.3	$	39.0	3.3	%	$	48.3	$	43.3
Group Life	17.0		10.5		61.9		53.1		49.8		6.6		61.4		55.5
Supplemental	4.8		3.8		26.3		30.1		24.0		25.4		28.0		17.1
Unum Poland	8.0		7.0		14.3		24.6		23.8		3.4		33.2		17.8
Total Sales	$	38.2	$	30.2	26.5		$	148.1	$	136.6	8.4		$	170.9	$	133.7

Sales by Market Sector
Unum UK
Group Long-term Disability and Group Life
Core Market (< 500 employees)	$	10.0	$	11.8	(15.3)	%	$	30.7	$	40.3	(23.8)	%	$	51.2	$	42.7
Large Case Market	15.4		7.6		102.6		62.7		48.5		29.3		58.5		56.1
Subtotal	25.4		19.4		30.9		93.4		88.8		5.2		109.7		98.8
Supplemental	4.8		3.8		26.3		30.1		24.0		25.4		28.0		17.1
Unum Poland	8.0		7.0		14.3		24.6		23.8		3.4		33.2		17.8
Total Sales	$	38.2	$	30.2	26.5		$	148.1	$	136.6	8.4		$	170.9	$	133.7

(in millions of pounds)
Unum UK Sales by Product
Group Long-term Disability	£	6.4	£	7.0	(8.6)	%	£	31.7	£	31.3	1.3	%	£	38.8	£	34.5
Group Life	12.9		8.3		55.4		41.5		40.1		3.5		49.4		45.4
Supplemental	3.8		2.9		31.0		23.8		19.3		23.3		22.6		13.5
Total Sales	£	23.1	£	18.2	26.9		£	97.0	£	90.7	6.9		£	110.8	£	93.4

Unum UK Sales by Market Sector
Group Long-term Disability and Group Life
Core Market (< 500 employees)	£	7.7	£	9.4	(18.1)	%	£	24.1	£	32.5	(25.8)	%	£	41.2	£	34.4
Large Case Market	11.6		5.9		96.6		49.1		38.9		26.2		47.0		45.5
Subtotal	19.3		15.3		26.1		73.2		71.4		2.5		88.2		79.9
Supplemental	3.8		2.9		31.0		23.8		19.3		23.3		22.6		13.5
Total Sales	£	23.1	£	18.2	26.9		£	97.0	£	90.7	6.9		£	110.8	£	93.4

5. 1

Unum Group Sales Data for Colonial Life Segment


	Three Months Ended						Nine Months Ended						Year Ended
	9/30/2024		9/30/2023		% Change		9/30/2024		9/30/2023		% Change		12/31/2023		12/31/2022
Sales by Product
Accident, Sickness, and Disability	$	74.7	$	73.1	2.2	%	$	215.1	$	214.5	0.3	%	$	329.5	$	310.6
Life	28.5		29.9		(4.7)		83.1		86.3		(3.7)		132.1		121.5
Cancer and Critical Illness	17.7		18.3		(3.3)		48.6		49.3		(1.4)		78.0		76.0
Total Sales	$	120.9	$	121.3	(0.3)		$	346.8	$	350.1	(0.9)		$	539.6	$	508.1

Sales by Market Sector
Commercial Sector
Core Market (< 1,000 employees)	$	69.9	$	77.2	(9.5)	%	$	220.4	$	231.6	(4.8)	%	$	347.4	$	332.4
Large Case Market	16.0		10.5		52.4		37.3		32.3		15.5		62.3		58.1
Subtotal	85.9		87.7		(2.1)		257.7		263.9		(2.3)		409.7		390.5
Public Sector	35.0		33.6		4.2		89.1		86.2		3.4		129.9		117.6
Total Sales	$	120.9	$	121.3	(0.3)		$	346.8	$	350.1	(0.9)		$	539.6	$	508.1

5. 2

Unum Group Consolidated Balance Sheets


	September 30		December 31
	2024		2023
Assets

Investments
Fixed Maturity Securities - at fair value	$	37,783.5	$	36,833.9
Mortgage Loans	2,238.9		2,318.2
Policy Loans	3,625.6		3,620.2
Other Long-term Investments	1,682.8		1,579.4
Short-term Investments	1,990.8		1,610.7
Total Investments	47,321.6		45,962.4

Other Assets
Cash and Bank Deposits	163.4		146.0
Accounts and Premiums Receivable	1,495.7		1,543.7
Reinsurance Recoverable	8,637.6		9,108.4
Accrued Investment Income	786.8		633.9
Deferred Acquisition Costs	2,823.5		2,714.5
Goodwill	352.0		349.9
Property and Equipment	495.2		485.3
Deferred Income Tax	431.9		649.4

Other Assets	1,632.8		1,661.7

Total Assets	$	64,140.5	$	63,255.2

Unum Group Consolidated Balance Sheets - Continued


	September 30		December 31
	2024		2023
Liabilities and Stockholders' Equity

Liabilities
Future Policy Benefits	$	39,444.5	$	40,009.4
Policyholders' Account Balances	5,661.3		5,667.7
Unearned Premiums	474.7		380.2
Other Policyholders’ Funds	1,507.7		1,615.7
Income Tax Payable	137.7		190.0
Deferred Income Tax	28.5		27.0


Long-term Debt	3,470.4		3,430.4

Other Liabilities	2,464.3		2,283.4

Total Liabilities	53,189.1		53,603.8

Stockholders’ Equity
Common Stock	19.5		19.4
Additional Paid-in Capital	1,563.3		1,547.8
Accumulated Other Comprehensive Loss	(2,729.7)		(3,308.0)
Retained Earnings	12,642.4		11,431.5
Treasury Stock - at cost	(544.1)		(39.3)

Total Stockholders’ Equity	10,951.4		9,651.4

Total Liabilities and Stockholders’ Equity	$	64,140.5	$	63,255.2

6. 1

Unum Group Balance Sheets by Segment - September 30, 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	$	6,309.6	$	2,039.6	$	4,775.4	$	13,124.6	$	3,276.9	$	3,326.1	$	24,849.4	$	2,744.6	$	47,321.6
Deferred Acquisition Costs	64.9		53.2		1,144.8		1,262.9		54.4		1,506.2		—		—		2,823.5
Goodwill	8.9		—		271.1		280.0		44.3		27.7		—		—		352.0
Reinsurance Recoverable	33.6		11.8		172.1		217.5		120.7		5.1		8,294.3		—		8,637.6
All Other	235.3		162.8		82.3		480.4		73.1		129.1		2,383.7		1,939.5		5,005.8
Total Assets	$	6,652.3	$	2,267.4	$	6,445.7	$	15,365.4	$	3,569.4	$	4,994.2	$	35,527.4	$	4,684.1	$	64,140.5

Liabilities
Future Policy Benefits	$	4,955.7	$	854.1	$	3,275.0	$	9,084.8	$	2,355.9	$	2,031.9	$	25,971.9	$	—	$	39,444.5
Policyholders' Account Balances	—		—		675.0		675.0		—		862.8		4,123.5		—		5,661.3
Unearned Premiums	2.0		6.7		54.9		63.6		237.9		45.6		127.6		—		474.7
Other Policyholders' Funds	30.3		778.6		25.6		834.5		55.9		6.7		610.6		—		1,507.7
Long-term Debt	—		—		—		—		—		—		—		3,470.4		3,470.4
All Other	38.3		25.4		150.4		214.1		136.5		66.5		498.1		1,715.3		2,630.5
Total Liabilities	5,026.3		1,664.8		4,180.9		10,872.0		2,786.2		3,013.5		31,331.7		5,185.7		53,189.1

Allocated Stockholders' Equity
Other Allocated Stockholders' Equity	1,588.7		668.8		2,329.1		4,586.6		784.8		1,889.7		5,806.0		11.4		13,078.5

Net Unrealized Loss on Securities and Net Gain (Loss) on Derivatives	(92.0)		(81.6)		(104.5)		(278.1)		(123.6)		(68.1)		(617.3)		(513.0)		(1,600.1)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits	129.3		15.4		40.2		184.9		122.0		159.1		(993.0)		—		(527.0)
Total Allocated Stockholders' Equity	1,626.0		602.6		2,264.8		4,493.4		783.2		1,980.7		4,195.7		(501.6)		10,951.4

Total Liabilities and Allocated Stockholders' Equity	$	6,652.3	$	2,267.4	$	6,445.7	$	15,365.4	$	3,569.4	$	4,994.2	$	35,527.4	$	4,684.1	$	64,140.5

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 Recoverable	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
Long-term 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 Derivatives	(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, the impact of 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						Nine Months Ended
	9/30/2024		9/30/2023		% Change		9/30/2024		9/30/2023		% Change

Premium Income
Unum US	$	1,723.5	$	1,657.7	4.0	%	$	5,161.8	$	4,908.7	5.2	%
Unum International	246.6		210.6		17.1		707.1		607.1		16.5
Colonial Life	441.9		431.2		2.5		1,335.0		1,291.3		3.4
Closed Block	216.8		226.4		(4.2)		662.4		687.2		(3.6)
	2,628.8		2,525.9		4.1		7,866.3		7,494.3		5.0
Net Investment Income
Unum US	161.0		166.2		(3.1)		476.1		481.5		(1.1)
Unum International	30.4		27.3		11.4		94.5		104.0		(9.1)
Colonial Life	39.6		39.3		0.8		119.4		114.6		4.2
Closed Block	284.3		274.9		3.4		851.6		796.0		7.0
Corporate	12.5		18.3		(31.7)		44.8		69.8		(35.8)
	527.8		526.0		0.3		1,586.4		1,565.9		1.3
Other Income
Unum US	60.1		58.0		3.6		178.9		166.1		7.7
Unum International	0.4		0.5		(20.0)		1.2		1.0		20.0
Colonial Life	0.4		0.3		33.3		3.6		0.9		N.M.
Closed Block	12.4		12.8		(3.1)		37.7		40.1		(6.0)
Corporate	—		—		—		1.1		2.5		(56.0)
	73.3		71.6		2.4		222.5		210.6		5.7
Total Adjusted Operating Revenue
Unum US	1,944.6		1,881.9		3.3		5,816.8		5,556.3		4.7
Unum International	277.4		238.4		16.4		802.8		712.1		12.7
Colonial Life	481.9		470.8		2.4		1,458.0		1,406.8		3.6
Closed Block	513.5		514.1		(0.1)		1,551.7		1,523.3		1.9
Corporate	12.5		18.3		(31.7)		45.9		72.3		(36.5)
	$	3,229.9	$	3,123.5	3.4		$	9,675.2	$	9,270.8	4.4

Unum Group Financial Results by Segment - Continued


	Three Months Ended						Nine Months Ended
	9/30/2024		9/30/2023		% Change		9/30/2024		9/30/2023		% Change

Benefits and Expenses
Unum US	$	1,437.7	$	1,395.3	3.0	%	$	4,567.2	$	4,414.1	3.5	%
Unum International	244.6		219.5		11.4		690.1		611.3		12.9
Colonial Life	322.5		287.2		12.3		1,068.0		1,013.8		5.3
Closed Block	320.4		869.0		(63.1)		1,317.6		1,808.0		(27.1)
Corporate	77.2		59.8		29.1		202.0		182.2		10.9
	2,402.4		2,830.8		(15.1)		7,844.9		8,029.4		(2.3)

Income (Loss) Before Income Tax and Net Investment Loss
Unum US	506.9		486.6		4.2		1,249.6		1,142.2		9.4
Unum International	32.8		18.9		73.5		112.7		100.8		11.8
Colonial Life	159.4		183.6		(13.2)		390.0		393.0		(0.8)
Closed Block	193.1		(354.9)		154.4		234.1		(284.7)		182.2
Corporate	(64.7)		(41.5)		55.9		(156.1)		(109.9)		42.0
	827.5		292.7		182.7		1,830.3		1,241.4		47.4

Income Tax Expense Before Net Investment Loss	172.0		66.3		159.4		381.1		264.6		44.0

Income Before Net Investment Loss	655.5		226.4		189.5		1,449.2		976.8		48.4

Net Investment Loss (net of tax benefit of $3.1; $6.6; $5.7; $6.4)	(9.8)		(24.4)		(59.8)		(18.8)		(23.6)		(20.3)

Net Income	$	645.7	$	202.0	N.M.		$	1,430.4	$	953.2	50.1

7. 1

Unum Group Quarterly Historical Financial Results by Segment


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

Unum Group Quarterly Historical Financial Results by Segment - Continued


	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	$	1,437.7	$	1,589.7	$	1,539.8	$	1,541.2	$	1,395.3	$	1,510.8	$	1,508.0
Unum International	244.6		224.8		220.7		212.5		219.5		210.3		181.5
Colonial Life	322.5		370.0		375.5		386.2		287.2		353.5		373.1
Closed Block	320.4		493.4		503.8		509.2		869.0		476.6		462.4
Corporate	77.2		60.0		64.8		67.3		59.8		62.6		59.8
	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 and Net Investment Gain (Loss)
Unum US	506.9		357.5		385.2		342.1		486.6		343.1		312.5
Unum International	32.8		42.5		37.4		39.4		18.9		43.5		38.4
Colonial Life	159.4		116.9		113.7		87.8		183.6		115.5		93.9
Closed Block	193.1		34.3		6.7		1.9		(354.9)		30.3		39.9
Corporate	(64.7)		(45.3)		(46.1)		(36.5)		(41.5)		(34.9)		(33.5)
	827.5		505.9		496.9		434.7		292.7		497.5		451.2

Income Tax Expense Before Net Investment Gain (Loss)	172.0		108.2		100.9		99.5		66.3		105.3		93.0

Income Before Net Investment Gain (Loss)	655.5		397.7		396.0		335.2		226.4		392.2		358.2

Net Investment Gain (Loss)	(12.9)		(10.4)		(1.2)		(6.0)		(31.0)		0.9		0.1
Tax Expense (Benefit) on Net Investment Gain (Loss)	(3.1)		(2.2)		(0.4)		(1.4)		(6.6)		0.2		—



Net Income	$	645.7	$	389.5	$	395.2	$	330.6	$	202.0	$	392.9	$	358.3

Net Income Per Common Share - Assuming Dilution	$	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						Nine Months Ended						Year Ended
	9/30/2024			9/30/2023			9/30/2024			9/30/2023			12/31/2023			12/31/2022

Adjusted Operating Revenue
Premium Income	$	1,723.5		$	1,657.7		$	5,161.8		$	4,908.7		$	6,579.2		$	6,251.4
Net Investment Income	161.0			166.2			476.1			481.5			639.9			676.3
Other Income	60.1			58.0			178.9			166.1			220.5			196.3
Total	1,944.6			1,881.9			5,816.8			5,556.3			7,439.6			7,124.0

Benefits and Expenses


Policy Benefits Including Remeasurement Loss or Gain	864.1			850.3			2,840.0			2,812.6			3,808.5			3,970.9
Commissions	182.6			164.3			551.9			493.7			664.4			614.4
Deferral of Acquisition Costs	(81.6)			(74.5)			(247.4)			(230.6)			(314.7)			(273.1)
Amortization of Deferred Acquisition Costs	75.7			70.0			216.7			199.2			267.6			240.9
Other Expenses	396.9			385.2			1,206.0			1,139.2			1,529.5			1,427.5
Total	1,437.7			1,395.3			4,567.2			4,414.1			5,955.3			5,980.6

Income Before Income Tax and Net Investment Gains and Losses	506.9			486.6			1,249.6			1,142.2			1,484.3			1,143.4
Reserve Assumption Updates	(143.6)			(128.8)			(143.6)			(128.8)			(128.8)			(170.8)
Adjusted Operating Income	$	363.3		$	357.8		$	1,106.0		$	1,013.4		$	1,355.5		$	972.6

Operating Ratios (% of Premium Income):
Benefit Ratio1	58.5		%	59.1		%	57.8		%	59.9		%	59.8		%	66.3		%

Other Expense Ratio2	22.3		%	22.5		%	22.6		%	22.5		%	22.5		%	22.2		%
Income Ratio	29.4		%	29.4		%	24.2		%	23.3		%	22.6		%	18.3		%
Adjusted Operating Income Ratio	21.1		%	21.6		%	21.4		%	20.6		%	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.

Unum Group Financial Results for Unum US Group Disability


	Three Months Ended						Nine Months Ended						Year Ended
	9/30/2024			9/30/2023			9/30/2024			9/30/2023			12/31/2023			12/31/2022

Adjusted Operating Revenue
Premium Income
Group Long-term Disability	$	522.1		$	518.5		$	1,560.3		$	1,539.3		$	2,057.2		$	1,911.7
Group Short-term Disability	271.3			256.5			810.7			753.0			1,012.3			926.3
Total Premium Income	793.4			775.0			2,371.0			2,292.3			3,069.5			2,838.0
Net Investment Income	78.7			84.2			234.8			246.4			324.8			349.1
Other Income	58.6			51.7			174.8			158.1			211.6			191.8
Total	930.7			910.9			2,780.6			2,696.8			3,605.9			3,378.9

Benefits and Expenses


Policy Benefits Including Remeasurement Loss or Gain	379.0			324.8			1,299.3			1,230.4			1,693.2			1,782.4
Commissions	60.0			57.2			184.1			172.6			230.5			211.3
Deferral of Acquisition Costs	(15.4)			(14.3)			(48.1)			(44.7)			(60.2)			(53.1)
Amortization of Deferred Acquisition Costs	18.2			16.2			46.8			42.1			57.6			53.0
Other Expenses	242.2			235.9			733.8			699.8			936.1			862.3
Total	684.0			619.8			2,215.9			2,100.2			2,857.2			2,855.9

Income Before Income Tax and Net Investment Gains and Losses	246.7			291.1			564.7			596.6			748.7			523.0
Reserve Assumption Updates	(90.0)			(121.0)			(90.0)			(121.0)			(121.0)			(121.0)
Adjusted Operating Income	$	156.7		$	170.1		$	474.7		$	475.6		$	627.7		$	402.0

Operating Ratios (% of Premium Income):
Benefit Ratio1	59.1		%	57.5		%	58.6		%	59.0		%	59.1		%	67.1		%
Other Expense Ratio2	28.4		%	28.5		%	28.8		%	28.6		%	28.5		%	28.5		%
Income Ratio	31.1		%	37.6		%	23.8		%	26.0		%	24.4		%	18.4		%
Adjusted Operating Income Ratio	19.8		%	21.9		%	20.0		%	20.7		%	20.4		%	14.2		%

Persistency:
Group Long-term Disability							93.5		%	90.8		%	90.8		%	90.7		%
Group Short-term Disability							91.9		%	89.1		%	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						Nine Months Ended						Year Ended
	9/30/2024			9/30/2023			9/30/2024			9/30/2023			12/31/2023			12/31/2022

Adjusted Operating Revenue
Premium Income
Group Life	$	447.8		$	423.0		$	1,337.9		$	1,254.3		$	1,679.0		$	1,669.1
Accidental Death & Dismemberment	47.1			44.1			139.3			131.2			175.5			173.7
Total Premium Income	494.9			467.1			1,477.2			1,385.5			1,854.5			1,842.8
Net Investment Income	22.1			23.7			66.6			68.2			90.1			100.3
Other Income	0.3			0.2			1.4			0.7			1.0			1.6
Total	517.3			491.0			1,545.2			1,454.4			1,945.6			1,944.7

Benefits and Expenses


Policy Benefits Including Remeasurement Loss or Gain	308.8			342.6			965.1			1,021.8			1,347.7			1,415.9
Commissions	42.1			38.8			126.5			116.8			155.9			150.4
Deferral of Acquisition Costs	(10.0)			(9.0)			(31.0)			(28.9)			(38.6)			(37.3)
Amortization of Deferred Acquisition Costs	9.6			10.2			26.7			29.5			39.0			41.9
Other Expenses	59.8			56.4			183.0			171.5			229.9			231.1
Total	410.3			439.0			1,270.3			1,310.7			1,733.9			1,802.0

Income Before Income Tax and Net Investment Gains and Losses	107.0			52.0			274.9			143.7			211.7			142.7
Reserve Assumption Updates	(13.0)			—			(13.0)			—			—			(34.0)
Adjusted Operating Income	$	94.0		$	52.0		$	261.9		$	143.7		$	211.7		$	108.7

Operating Ratios (% of Premium Income):
Benefit Ratio1	65.0		%	73.3		%	66.2		%	73.7		%	72.7		%	78.7		%
Other Expense Ratio	12.1		%	12.1		%	12.4		%	12.4		%	12.4		%	12.5		%
Income Ratio	21.6		%				18.6		%							7.7		%
Adjusted Operating Income Ratio	19.0		%	11.1		%	17.7		%	10.4		%	11.4		%	5.9		%

Persistency:
Group Life							92.0		%	89.3		%	89.6		%	88.9		%
Accidental Death & Dismemberment							91.2		%	88.2		%	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						Nine Months Ended						Year Ended
	9/30/2024			9/30/2023			9/30/2024			9/30/2023			12/31/2023			12/31/2022

Adjusted Operating Revenue
Premium Income
Voluntary Benefits	$	219.3		$	209.5		$	665.1		$	637.4		$	850.1		$	833.7
Individual Disability	140.4			136.7			424.6			386.7			527.0			461.1
Dental and Vision	75.5			69.4			223.9			206.8			278.1			275.8
Total Premium Income	435.2			415.6			1,313.6			1,230.9			1,655.2			1,570.6
Net Investment Income	60.2			58.3			174.7			166.9			225.0			226.9
Other Income	1.2			6.1			2.7			7.3			7.9			2.9
Total	496.6			480.0			1,491.0			1,405.1			1,888.1			1,800.4

Benefits and Expenses


Policy Benefits Including Remeasurement Loss or Gain	176.3			182.9			575.6			560.4			767.6			772.6
Commissions	80.5			68.3			241.3			204.3			278.0			252.7
Deferral of Acquisition Costs	(56.2)			(51.2)			(168.3)			(157.0)			(215.9)			(182.7)
Amortization of Deferred Acquisition Costs	47.9			43.6			143.2			127.6			171.0			146.0
Other Expenses	94.9			92.9			289.2			267.9			363.5			334.1
Total	343.4			336.5			1,081.0			1,003.2			1,364.2			1,322.7

Income Before Income Tax and Net Investment Gains and Losses	153.2			143.5			410.0			401.9			523.9			477.7
Reserve Assumption Updates - Voluntary Benefits	12.2			(10.4)			12.2			(10.4)			(10.4)			(17.0)
Reserve Assumption Updates - Individual Disability	(52.8)			2.6			(52.8)			2.6			2.6			1.2
Adjusted Operating Income	$	112.6		$	135.7		$	369.4		$	394.1		$	516.1		$	461.9

Operating Ratios (% of Premium Income):
Benefit Ratios:
Voluntary Benefits1	45.8		%	39.1		%	41.6		%	38.1		%	39.8		%	43.6		%
Individual Disability1	42.8		%	45.4		%	41.0		%	44.3		%	44.3		%	49.3		%

Dental and Vision	74.6		%	67.4		%	74.1		%	74.6		%	73.1		%	71.6		%
Other Expense Ratio	21.8		%	22.4		%	22.0		%	21.8		%	22.0		%	21.3		%
Income Ratio	35.2		%	34.5		%	31.2		%	32.7		%	31.7		%	30.4		%
Adjusted Operating Income Ratio	25.9		%	32.7		%	28.1		%	32.0		%	31.2		%	29.4		%

Persistency:
Voluntary Benefits							76.4		%	75.5		%	75.5		%	75.8		%
Individual Disability							89.0		%	89.3		%	89.0		%	89.5		%
Dental and Vision							81.4		%	76.2		%	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				Nine Months Ended				Year Ended
	9/30/2024		9/30/2023		9/30/2024		9/30/2023		12/31/2023		12/31/2022

Adjusted Operating Revenue
Premium Income
Unum UK
Group Long-term Disability	$	106.6	$	101.1	$	312.4	$	297.5	$	396.1	$	376.9
Group Life	58.8		44.2		156.3		124.5		169.3		138.2
Supplemental	41.4		34.6		125.1		99.9		141.5		114.0
Unum Poland	39.8		30.7		113.3		85.2		118.3		89.7
Total Premium Income	246.6		210.6		707.1		607.1		825.2		718.8
Net Investment Income	30.4		27.3		94.5		104.0		137.2		170.1
Other Income	0.4		0.5		1.2		1.0		1.6		0.9
Total	277.4		238.4		802.8		712.1		964.0		889.8

Benefits and Expenses


Policy Benefits Including Remeasurement Loss or Gain	175.3		158.5		487.4		433.3		579.8		549.6
Commissions	21.7		18.3		61.7		53.8		72.5		56.3
Deferral of Acquisition Costs	(4.6)		(3.8)		(13.2)		(10.8)		(14.6)		(12.0)
Amortization of Deferred Acquisition Costs	2.5		2.4		7.3		6.1		8.4		8.2
Other Expenses	49.7		44.1		146.9		128.9		177.7		146.1
Total	244.6		219.5		690.1		611.3		823.8		748.2

Income Before Income Tax and Net Investment Gains and Losses	32.8		18.9		112.7		100.8		140.2		141.6
Reserve Assumption Updates	7.5		17.9		7.5		17.9		17.9		(7.6)
Adjusted Operating Income	$	40.3	$	36.8	$	120.2	$	118.7	$	158.1	$	134.0

Unum Group Financial Results for Unum UK


	Three Months Ended						Nine Months Ended						Year Ended
(in millions of pounds)	9/30/2024			9/30/2023			9/30/2024			9/30/2023			12/31/2023			12/31/2022

Adjusted Operating Revenue
Premium Income
Group Long-term Disability	£	82.0		£	79.8		£	244.6		£	238.9		£	318.5		£	304.6
Group Life	45.1			34.9			122.2			100.0			136.1			112.3
Supplemental	31.8			27.5			97.9			80.3			113.7			92.3
Total Premium Income	158.9			142.2			464.7			419.2			568.3			509.2
Net Investment Income	21.2			19.5			67.5			77.7			102.4			131.9
Other Income	0.1			—			0.2			0.1			0.2			0.1
Total	180.2			161.7			532.4			497.0			670.9			641.2

Benefits and Expenses


Policy Benefits Including Remeasurement Loss or Gain	116.8			112.1			327.1			307.3			408.5			398.4
Commissions	9.9			9.3			29.0			28.3			37.4			31.8
Deferral of Acquisition Costs	(0.8)			(0.9)			(2.8)			(3.0)			(3.9)			(4.2)
Amortization of Deferred Acquisition Costs	1.2			1.3			4.0			3.8			5.2			5.3
Other Expenses	30.0			27.8			91.3			83.2			115.4			95.6
Total	157.1			149.6			448.6			419.6			562.6			526.9

Income Before Income Tax and Net Investment Gains and Losses	23.1			12.1			83.8			77.4			108.3			114.3
Reserve Assumption Updates	6.4			16.3			6.4			16.3			16.3			(5.3)
Adjusted Operating Income	£	29.5		£	28.4		£	90.2		£	93.7		£	124.6		£	109.0

Weighted Average Pound/Dollar Exchange Rate	1.312			1.281			1.278			1.243			1.243			1.221

Operating Ratios (% of Premium Income):
Benefit Ratio1	69.5		%	67.4		%	69.0		%	69.4		%	69.0		%	79.3		%
Other Expense Ratio	18.9		%	19.5		%	19.6		%	19.8		%	20.3		%	18.8		%
Income Ratio	14.5		%	8.5		%	18.0		%	18.5		%	19.1		%	22.4		%
Adjusted Operating Income Ratio	18.6		%	20.0		%	19.4		%	22.4		%	21.9		%	21.4		%

Persistency:
Group Long-term Disability							92.3		%	92.4		%	92.5		%	85.1		%
Group Life							88.6		%	83.6		%	83.0		%	87.9		%
Supplemental							90.4		%	91.0		%	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						Nine Months Ended						Year Ended
	9/30/2024			9/30/2023			9/30/2024			9/30/2023			12/31/2023			12/31/2022

Adjusted Operating Revenue
Premium Income
Accident, Sickness, and Disability	$	240.6		$	236.7		$	725.5		$	708.0		$	946.1		$	948.9
Life	113.1			106.2			342.6			318.1			426.5			401.1
Cancer and Critical Illness	88.2			88.3			266.9			265.2			353.5			352.0
Total Premium Income	441.9			431.2			1,335.0			1,291.3			1,726.1			1,702.0
Net Investment Income	39.6			39.3			119.4			114.6			153.5			152.7
Other Income	0.4			0.3			3.6			0.9			1.2			1.1
Total	481.9			470.8			1,458.0			1,406.8			1,880.8			1,855.8

Benefits and Expenses


Policy Benefits Including Remeasurement Loss or Gain	164.2			131.2			594.7			566.9			798.1			826.1
Commissions	93.0			88.8			282.2			266.7			359.4			340.0
Deferral of Acquisition Costs	(77.1)			(75.0)			(234.7)			(226.1)			(302.9)			(271.8)
Amortization of Deferred Acquisition Costs	55.6			56.7			163.9			153.4			205.4			172.0
Other Expenses	86.8			85.5			261.9			252.9			340.0			321.4
Total	322.5			287.2			1,068.0			1,013.8			1,400.0			1,387.7

Income Before Income Tax and Net Investment Gains and Losses	159.4			183.6			390.0			393.0			480.8			468.1
Reserve Assumption Updates	(46.0)			(80.7)			(46.0)			(80.7)			(80.7)			(55.2)
Adjusted Operating Income	$	113.4		$	102.9		$	344.0		$	312.3		$	400.1		$	412.9

Operating Ratios (% of Premium Income):
Benefit Ratio1	47.6		%	49.1		%	48.0		%	50.2		%	50.9		%	51.8		%

Other Expense Ratio	19.6		%	19.8		%	19.6		%	19.6		%	19.7		%	18.9		%
Income Ratio	36.1		%	42.6		%	29.2		%	30.4		%	27.9		%	27.5		%
Adjusted Operating Income Ratio	25.7		%	23.9		%	25.8		%	24.2		%	23.2		%	24.3		%

Persistency:
Accident, Sickness, and Disability							73.3		%	73.1		%	73.6		%	73.3		%
Life							84.3		%	84.7		%	85.1		%	84.5		%
Cancer and Critical Illness							81.8		%	82.2		%	82.4		%	82.3		%

1Excludes the reserve assumption updates that occurred during the third quarters of 2024, 2023 and 2022.

Unum Group Financial Results for Closed Block Segment


	Three Months Ended						Nine Months Ended						Year Ended
	9/30/2024			9/30/2023			9/30/2024			9/30/2023			12/31/2023			12/31/2022

Adjusted Operating Revenue
Premium Income
Long-term Care	$	173.7		$	172.1		$	521.5		$	521.2		$	696.0		$	697.4


All Other	43.1			54.3			140.9			166.0			219.5			246.9
Total Premium Income	216.8			226.4			662.4			687.2			915.5			944.3
Net Investment Income	284.3			274.9			851.6			796.0			1,066.3			1,070.6
Other Income	12.4			12.8			37.7			40.1			52.6			58.0
Total	513.5			514.1			1,551.7			1,523.3			2,034.4			2,072.9

Benefits and Expenses


Policy Benefits Including Remeasurement Loss or Gain	258.3			806.9			1,134.6			1,624.1			2,070.7			1,648.0
Commissions	17.8			18.3			52.0			55.5			73.8			75.7

Other Expenses	44.3			43.8			131.0			128.4			172.7			172.3
Total	320.4			869.0			1,317.6			1,808.0			2,317.2			1,896.0

Income (Loss) Before Income Tax and Net Investment Gain and Losses	193.1			(354.9)			234.1			(284.7)			(282.8)			176.9
Amortization of the Cost of Reinsurance	10.4			11.1			31.1			33.1			44.1			50.3
Non-Contemporaneous Reinsurance	6.0			9.2			20.2			26.4			34.8			34.4

Reserve Assumption Updates - Long-term Care	(174.1)			368.1			(174.1)			368.1			368.1			(2.9)
Reserve Assumption Updates - All Other	(1.2)			0.7			(1.2)			0.7			0.7			(6.8)
Adjusted Operating Income	$	34.2		$	34.2		$	110.1		$	143.6		$	164.9		$	251.9


Long-term Care Net Premium Ratio							94.5		%	93.4		%	93.5		%	85.1		%




Operating Ratios (% of Premium Income):
Other Expense Ratio1	15.6		%	14.4		%	15.1		%	13.9		%	14.0		%	12.9		%

Income (Loss) Ratio	89.1		%	(156.8)		%	35.3		%	(41.4)		%	(30.9)		%	18.7		%
Adjusted Operating Income Ratio	15.8		%	15.1		%	16.6		%	20.9		%	18.0		%	26.7		%


Long-term Care Persistency							95.2		%	95.5		%	95.6		%	95.7		%


1Excludes amortization of the cost of reinsurance.

Unum Group Financial Results for Corporate Segment


	Three Months Ended				Nine Months Ended				Year Ended
	9/30/2024		9/30/2023		9/30/2024		9/30/2023		12/31/2023		12/31/2022
Adjusted Operating Revenue
Net Investment Income	$	12.5	$	18.3	$	44.8	$	69.8	$	99.8	$	52.5
Other Income	—		—		1.1		2.5		3.3		4.8
Total	12.5		18.3		45.9		72.3		103.1		57.3

Interest, Debt, and Other Expenses	77.2		59.8		202.0		182.2		249.5		221.6

Loss Before Income Tax and Net Investment Gains and Losses	(64.7)		(41.5)		(156.1)		(109.9)		(146.4)		(164.3)
Loss on Legal Settlement	15.3		—		15.3		—		—		—



Adjusted Operating Loss	$	(49.4)	$	(41.5)	$	(140.8)	$	(109.9)	$	(146.4)	$	(164.3)

Unum Group Investments


	9/30/2024						9/30/2024			12/31/2023
Fixed Maturity Securities (Fair Value)						Selected Statistics
Public	$	24,605.4		65.1	%	Earned Book Yield	4.41		%	4.45		%
Mortgage-Backed/Asset-Backed Securities	850.6			2.3		Average Duration (in years)	8.55			8.41


Private Placements	5,889.3			15.6
High Yield	1,496.5			4.0
Government Securities	1,407.5			3.7
Municipal Securities	3,526.5			9.3
Redeemable Preferred Stocks	7.7			—
Total	$	37,783.5		100.0	%

	Amortized Cost			Fair Value
Quality Ratings of Fixed Maturity Securities						Private Equity Partnerships	9/30/2024			12/31/2023
Aaa	2.7		%	2.6	%	Private Credit Partnerships	$	297.0		$	283.6
Aa	15.5			15.0		Private Equity Partnerships	608.1			571.9
A	30.6			31.1		Real Asset Partnerships	522.9			470.7
Baa	47.3			47.3		Total	$	1,428.0		$	1,326.2
Below Baa	3.9			4.0
Total	100.0		%	100.0	%
						Non-Current Investments	$	3.8		$	—

Unum Group Investments at September 30, 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	$	2,611.1	$	(46.8)	$	1,395.2	$	120.9	$	1,215.9	$	74.1
Capital Goods	3,410.9		(18.5)		1,592.6		151.1		1,818.3		132.6
Communications	2,295.2		(20.8)		998.9		148.6		1,296.3		127.8
Consumer Cyclical	1,482.7		(55.0)		861.6		95.4		621.1		40.4
Consumer Non-Cyclical	6,703.8		(199.5)		3,578.6		428.7		3,125.2		229.2
Energy	2,644.8		76.9		955.3		72.0		1,689.5		148.9
Financial Institutions	4,012.2		(223.5)		2,757.8		285.8		1,254.4		62.3
Mortgage/Asset-Backed	850.6		(3.2)		385.6		16.4		465.0		13.2
Sovereigns	850.1		(114.7)		371.0		137.1		479.1		22.4
Technology	1,533.7		(81.4)		1,063.7		102.3		470.0		20.9
Transportation	1,719.3		(71.1)		999.0		117.7		720.3		46.6
U.S. Government Agencies and Municipalities	4,083.9		(302.0)		2,444.8		449.5		1,639.1		147.5
Public Utilities	5,585.2		23.4		1,895.1		248.9		3,690.1		272.3
Total	$	37,783.5	$	(1,036.2)	$	19,299.2	$	2,374.4	$	18,484.3	$	1,338.2










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	$	1,101.7	$	(11.8)					$	57.2	$	(0.3)
91 through 180 days	18.4		(1.2)						—		—
181 through 270 days	189.7		(5.1)						5.0		—
271 days to 1 year	176.3		(3.3)						12.7		—
Greater than 1 year	17,173.1		(2,287.4)						565.1		(65.3)
Total	$	18,659.2	$	(2,308.8)					$	640.0	$	(65.6)

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.

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; and

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

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. Due to the execution of the second phase of the reinsurance transaction occurring after January 1, 2021, the transition date of ASU 2018-12, in accordance with the provisions of the ASU related to non-contemporaneous reinsurance, we were required to establish the ceded reserves using an upper-medium grade fixed-income instrument as of the reinsurance transaction date in March 2021 which resulted in higher ceded reserves compared to that which was reported historically. However, the direct reserves for the block reinsured in the second phase were calculated using the original discount rate utilized as of the transition date. Both the direct and ceded reserves are then remeasured at each reporting period using a current discount rate reflective of an upper-medium grade fixed-income instrument, with the changes recognized in other comprehensive income (loss). While the total equity impact is neutral, the different original discount rates utilized for direct and ceded reserves result in disproportionate earnings impacts. The impact of non-contemporaneous reinsurance will fluctuate depending on the magnitude of reserve changes during the period. We believe that the exclusion of these items provides a better view of our results from our ongoing businesses.

15.1

Appendix to Statistical Supplement - Continued

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
	September 30		June 30		March 31		December 31		September 30		June 30		March 31
	2024						2023






Total Revenue	$	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)	(12.9)		(10.4)		(1.2)		(6.0)		(31.0)		0.9		0.1
Adjusted Operating Revenue	$	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		Annualized Adjusted Operating Return on Equity


Three Months Ended September 30, 2024
Unum US	$	287.5	$	4,516.9	25.5	%
Unum International	31.2		771.2		16.2	%
Colonial Life	89.4		1,860.8		19.2	%
Core Operating Segments	408.1		7,148.9		22.8	%
Closed Block	24.4		5,707.1
Corporate	(34.5)		3.6
Total	$	398.0	$	12,859.6	12.4	%

Three Months Ended September 30, 2023
Unum US	$	282.8	$	4,458.1	25.4	%
Unum International	27.6		790.3		14.0	%
Colonial Life	81.1		1,738.5		18.7	%
Core Operating Segments	391.5		6,986.9		22.4	%
Closed Block	24.6		5,335.8
Corporate	(34.4)		(274.0)
Total	$	381.7	$	12,048.7	12.7	%

1 Excludes 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 15.7.

15.4

Reconciliation of Non-GAAP Financial Measures - Continued


	After-Tax Adjusted Operating Income (Loss)		Average Allocated Equity1		Annualized Adjusted Operating Return on Equity


Nine Months Ended September 30, 2024
Unum US	$	874.3	$	4,527.9	25.7	%
Unum International	92.5		781.4		15.8	%
Colonial Life	271.4		1,844.6		19.6	%
Core Operating Segments	1,238.2		7,153.9		23.1	%
Closed Block	79.1		5,644.7
Corporate	(98.0)		(113.0)
Total	$	1,219.3	$	12,685.6	12.8	%

Nine Months Ended September 30, 2023
Unum US	$	800.7	$	4,618.4	23.1	%
Unum International	96.7		773.3		16.7	%
Colonial Life	246.3		1,734.2		18.9	%
Core Operating Segments	1,143.7		7,125.9		21.4	%
Closed Block	106.7		5,166.3
Corporate	(87.3)		(534.8)
Total	$	1,163.1	$	11,757.4	13.2	%

15.5

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, 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	%

15.6

Reconciliation of Non-GAAP Financial Measures - Continued

Average allocated equity is computed as follows:


	9/30/2024		6/30/2024		12/31/2023		9/30/2023		6/30/2023		12/31/2022		12/31/2021
Total Stockholders' Equity	$	10,951.4	$	10,464.6	$	9,651.4	$	9,618.1	$	9,245.9	$	8,735.0	$	6,033.9
Excluding:
Net Unrealized Gain (Loss) on Securities	(1,491.2)		(2,723.8)		(1,919.1)		(3,948.4)		(2,762.6)		(3,028.4)		4,014.4
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits	(527.0)		712.3		(648.4)		1,688.5		0.1		313.9		(8,570.7)
Net Gain (Loss) on Derivatives	(108.9)		(164.6)		(73.7)		(177.7)		(33.3)		(9.6)		61.8
Total Adjusted Stockholders' Equity	$	13,078.5	$	12,640.7	$	12,292.6	$	12,055.7	$	12,041.7	$	11,459.1	$	10,528.4

	Three Months Ended		Nine Months Ended		Twelve Months Ended		Three Months Ended		Nine Months Ended		Twelve Months Ended
	9/30/2024				12/31/2023		9/30/2023				12/31/2022
Average Adjusted Stockholders' Equity	$	12,859.6	$	12,685.6	$	11,875.9	$	12,048.7	$	11,757.4	$	10,993.8

15.7

Reconciliation of Non-GAAP Financial Measures - Continued


	Three Months Ended September 30								Nine Months Ended September 30
	2024				2023				2024				2023
	(in millions)		per share*		(in millions)		per share*		(in millions)		per share*		(in millions)		per share*
Net Income	$	645.7	$	3.46	$	202.0	$	1.02	$	1,430.4	$	7.52	$	953.2	$	4.81
Excluding:


Net Investment Loss (net of tax benefit of $3.1; $6.6; $5.7; $6.4)	(9.8)		(0.05)		(24.4)		(0.13)		(18.8)		(0.10)		(23.6)		(0.12)



Amortization of the Cost of Reinsurance (net of tax benefit of $2.2; $2.4; $6.5; $7.0)	(8.2)		(0.04)		(8.7)		(0.04)		(24.6)		(0.13)		(26.1)		(0.13)

Non-Contemporaneous Reinsurance (net of tax benefit of $1.2; $1.9; $4.2; $5.5)	(4.8)		(0.03)		(7.3)		(0.04)		(16.0)		(0.08)		(20.9)		(0.11)
Reserve Assumption Updates (net of tax expense (benefit) of $74.8; $(37.9); $74.8; $(37.9))	282.6		1.51		(139.3)		(0.71)		282.6		1.48		(139.3)		(0.70)
Loss on Legal Settlement (net of tax benefit $3.2; $—; $3.2; $—)	(12.1)		(0.06)		—		—		(12.1)		(0.06)		—		—




After-tax Adjusted Operating Income	$	398.0	$	2.13	$	381.7	$	1.94	$	1,219.3	$	6.41	$	1,163.1	$	5.87

*Assuming Dilution.

15.8

Reconciliation of Non-GAAP Financial Measures - Continued


	Year Ended December 31
	2023				2022
	(in millions)		per share *		(in millions)		per share *
Net Income	$	1,283.8	$	6.50	$	1,407.2	$	6.96
Excluding:


Net Investment Loss (net of tax benefit of $7.8; $3.5)	(28.2)		(0.14)		(12.2)		(0.07)


Amortization of the Cost of Reinsurance (net of tax benefit of $9.3; $10.6)	(34.8)		(0.18)		(39.7)		(0.20)
Non-Contemporaneous Reinsurance (net of tax benefit of $7.3; $7.2)	(27.5)		(0.14)		(27.2)		(0.13)


Reserve Assumption Updates (net of tax expense (benefit) of $(37.9); $51.2)	(139.3)		(0.70)		192.1		0.96




After-tax Adjusted Operating Income	$	1,513.6	$	7.66	$	1,294.2	$	6.40

*Assuming Dilution.

15.9

Reconciliation of Non-GAAP Financial Measures - Continued


	September 30						December 31
	2024			2023			2023			2022

Debt	$	3,470.4		$	3,431.8		$	3,430.4		$	3,429.8
Including:
Lease Liability	73.1			61.6			62.6			67.9


Adjusted Debt and Lease Liability	$	3,543.5		$	3,493.4		$	3,493.0		$	3,497.7

Total Stockholders' Equity	$	10,951.4		$	9,618.1		$	9,651.4		$	8,735.0
Excluding:
Net Unrealized Loss on Securities	(1,491.2)			(3,948.4)			(1,919.1)			(3,028.4)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits	(527.0)			1,688.5			(648.4)			313.9
Net Loss on Derivatives	(108.9)			(177.7)			(73.7)			(9.6)
Equity, As Adjusted	13,078.5			12,055.7			12,292.6			11,459.1
Debt, As Adjusted and Lease Liability	3,543.5			3,493.4			3,493.0			3,497.7
Total Adjusted Capital	$	16,622.0		$	15,549.1		$	15,785.6		$	14,956.8

Leverage Ratio	21.3		%	22.5		%	22.1		%	23.4		%

15.10

Reconciliation of Non-GAAP Financial Measures - Continued


	Three Months Ended
	September 30, 2024		September 30, 2023
	Premium Income		Premium Income, local currency1		Weighted Average Exchange Rate2	Premium Income in Constant Currency


Unum International
Unum UK	$	206.8	£	142.2	1.301	$	185.0
Unum Poland	39.8		zł	126.9	0.257	32.6
Total	246.6					217.6
Unum US	1,723.5		$	1,657.7		1,657.7
Colonial Life	441.9		$	431.2		431.2
Core Operations	$	2,412.0				$	2,306.5


	Nine Months Ended
	September 30, 2024		September 30, 2023
	Premium Income		Premium Income, local currency1		Weighted Average Exchange Rate2	Premium Income in Constant Currency


Unum International
Unum UK	$	593.8	£	419.2	1.278	$	535.7
Unum Poland	113.3		zł	359.8	0.253	91.0
Total	707.1					626.7
Unum US	5,161.8		$	4,908.7		4,908.7
Colonial Life	1,335.0		$	1,291.3		1,291.3
Core Operations	$	7,203.9				$	6,826.7

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.

15.11

Cover	Oct. 29, 2024
Entity Information
Document Type	8-K
Document Period End Date	Oct. 29, 2024
Entity Registrant Name	UNUM GROUP
Entity Incorporation, State or Country Code	DE
Entity File Number	001-11294
Entity Tax Identification Number	62-1598430
Entity Address, Address Line One	1 Fountain Square
Entity Address, City or Town	Chattanooga,
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	37402
City Area Code	423
Local Phone Number	294-1011
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000005513
Amendment Flag	false
Common Class A \| NEW YORK STOCK EXCHANGE, INC.
Entity Information
Title of 12(b) Security	Common stock, $0.10 par value
Trading Symbol	UNM
Security Exchange Name	NYSE
6.250% Junior Subordinated Notes due 2058 \| NEW YORK STOCK EXCHANGE, INC.
Entity Information
Title of 12(b) Security	6.250% Junior Subordinated Notes due 2058
Trading Symbol	UNMA
Security Exchange Name	NYSE

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