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): May 2, 2023

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 May 2, 2023, Unum Group (the "Company") issued a news release reporting its results for the first quarter of 2023, a copy of which is furnished herewith as Exhibit 99.1 and incorporated herein by reference.

Also on May 2, 2023, the Company posted on its website at www.unum.com the Statistical Supplement relating to its financial results for the first quarter of 2023. 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 May 2, 2023, concerning earnings for the first quarter of 2023.
99.2	Statistical Supplement of Unum Group for the first quarter of 2023.
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: May 2, 2023	By:	/s/ J. Paul Jullienne
		Name:	J. Paul Jullienne
		Title:	Vice President, Managing Counsel, and
			Corporate Secretary

Document

			Exhibit 99.1
			1 Fountain Square<br>Chattanooga, TN 37402<br>www.unum.com
	FOR IMMEDIATE RELEASE
	Contacts
	MEDIA		Natalie Godwin <br>ngodwin@unum.com
INVESTORS		Matt Royal<br>mroyal@unum.com

Unum Group Reports First Quarter 2023 Results

•Net income of $358.3 million ($1.80 per diluted common share) for the first quarter of 2023; after-tax adjusted operating income was $372.6 million ($1.87 per diluted common share).

•Full-year 2023 outlook increased following strong first quarter and underlying trends; Previous outlook of an increase in after-tax adjusted operating income per share of 8 percent to 12 percent increased to 20 percent to 25 percent when comparing to historically reported 2022 results, or an increase of 10 percent to 15 percent on a consistent basis under ASU 2018-12.

•Positive top-line trends with core operations sales growth of 18.9 percent and premium growth of nearly 4 percent on a constant currency basis.

•Solid balance sheet and liquidity with holding company liquidity of $1.3 billion and weighted average risk-based capital ratio of approximately 425 percent.

•Book value per common share of $46.85 grew 37.3 percent over the year-ago quarter; book value per common share excluding accumulated other comprehensive income (AOCI) of $62.88 grew 12.1 percent over the year-ago quarter.

CHATTANOOGA, Tenn. (May 2, 2023) - Unum Group (NYSE: UNM) today reported net income of $358.3 million ($1.80 per diluted common share) for the first quarter of 2023, compared to net income of $240.4 million ($1.18 per diluted common share) for the first quarter of 2022.

Included in net income for the first 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 $5.7 million ($0.03 per diluted common share), and a net after-tax investment gain on the Company’s investment portfolio of $0.1 million (de minimis amount per diluted common share). Included in net income for the first quarter of 2022 are the after-tax amortization of the cost of reinsurance of $10.6 million ($0.05 per diluted common share), the after-tax impact of non-contemporaneous reinsurance of $9.8 million ($0.05 per diluted common share) and a net after-tax investment loss on the Company’s investment portfolio of $10.6 million ($0.05 per diluted common share). Excluding the items above, after-tax adjusted operating income was $372.6 million ($1.87 per diluted common share) in the first quarter of 2023, compared to $271.4 million ($1.33 per diluted common share) in the first quarter of 2022.

Effective January 1, 2023, the Company adopted Accounting Standards Update 2018-12 (ASU 2018-12) which amended the accounting and disclosure requirements for long-duration insurance contracts, with changes applied as of January 1, 2021. All prior period operating results and related metrics throughout this document have been adjusted for the impacts of the adoption.

"Our momentum from 2022 carried into the delivery of strong results in the first quarter, with increases in sales and premium across our core operations and performance of our group disability business. Our investments in digital capabilities continue to enable greater reach across employers and drive sustainable growth,” said Richard P. McKenney, president and chief executive officer. “Our business thrives in today’s environment, and given the strength of our balance sheet, we have flexibility to execute on our strategy of growth and return capital to shareholders.”

UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES.

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, and the impact of non-contemporaneous reinsurance. 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 income before income tax or net income.

Unum US Segment

Unum US reported adjusted operating income of $312.5 million in the first quarter of 2023, an increase of 85.7 percent from $168.3 million in the first quarter of 2022. Premium income increased 4.3 percent to $1,609.6 million in the first quarter of 2023, compared to $1,543.0 million in the first quarter of 2022. Net investment income decreased 8.0 percent to $157.3 million in the first quarter of 2023, compared to $171.0 million in the first quarter of 2022.

Within the Unum US operating segment, the group disability line of business reported a 132.0 percent increase in adjusted operating income to $145.7 million in the first quarter of 2023, compared to $62.8 million in the first quarter of 2022. Premium income for the group disability line of business increased 8.7 percent to $745.0 million in the first quarter of 2023, compared to $685.5 million in the first quarter of 2022, driven by in-force block growth and higher sales, partially offset by lower persistency in the group short-term disability product line. Net investment income decreased 10.2 percent to $81.1 million in the first quarter of 2023, compared to $90.3 million in the first quarter of 2022, due to a lower level of invested assets, a decrease in the yield on invested assets, and lower miscellaneous investment income. The benefit ratio for the first quarter of 2023 was 60.0 percent, compared to 74.0 percent in the first quarter of 2022, due to lower claims incidence in both the group short-term and long-term disability product lines, favorable claim resolutions driven by recoveries in our group long-term disability product line, and favorable discount rate impacts on new claims. Group long-term disability sales were $53.9 million in the first quarter of 2023, an increase of 32.8 percent from $40.6 million in the first quarter of 2022. Group short-term disability sales were $37.0 million in the first quarter of 2023, an increase of 33.1 percent from $27.8 million in the first quarter of 2022. Persistency in the group long-term disability product line was 90.6 percent for the first quarter of 2023, compared to 90.4 percent for the first quarter of 2022. Persistency in the group short-term disability product line was 87.2 percent for the first quarter of 2023, compared to 89.2 percent for the first quarter of 2022.

The group life and accidental death and dismemberment line of business reported adjusted operating income of $40.1 million in the first quarter of 2023, compared to an adjusted operating loss of $10.6 million in the first quarter of 2022. Premium income for this line of business increased slightly to $456.6 million in the first quarter of 2023, compared to $454.7 million in the first quarter of 2022, driven by higher sales, partially offset by lower persistency. Net investment income decreased 9.2 percent to $22.6 million in the first quarter of 2023, compared to $24.9 million in the first quarter of 2022, due primarily to lower miscellaneous investment income and a decrease in the level of invested assets. The benefit ratio in the first quarter of 2023 was 75.0 percent, compared to 87.9 percent in the first quarter of 2022, due to lower mortality in the group life product line, resulting primarily from lessening impacts of COVID-19 on our insured population. Sales of group life and accidental death and dismemberment products increased 16.4 percent in the first quarter of 2023 to $39.1 million, compared to $33.6 million in the first quarter of 2022. Persistency in the group life product line was 88.8 percent for the first quarter of 2023, compared to 89.0 percent for the first quarter of 2022. Persistency in the accidental death and dismemberment product line was 87.6 percent for the first quarter of 2023, compared to 88.2 percent for the first quarter of 2022.

The supplemental and voluntary line of business reported an increase of 9.1 percent in adjusted operating income to $126.7 million in the first quarter of 2023, compared to $116.1 million in the first quarter of 2022. Premium income for the supplemental and voluntary line of business increased to $408.0 million in the first quarter of 2023, compared to $402.8 million in the first quarter of 2022, with higher sales in the individual disability product line, partially offset by lower persistency. Net investment income decreased 3.9 percent to $53.6 million in the first quarter of 2023, compared to $55.8 million in the first quarter of 2022, due primarily to a decline in yield on invested assets, partially offset by an increase in the level of invested assets. The benefit ratio for the voluntary benefits product line was 36.0

UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES.	2

percent in the first quarter of 2023, compared to 44.9 percent in the first quarter of 2022, due to lower reserves driven by lapses as well as lower mortality within the life product line, resulting primarily from lessening impacts of COVID-19 on our insured population. The benefit ratio for the individual disability product line was 45.3 percent for the first quarter of 2023, compared to 54.6 percent in the first quarter of 2022, due primarily to higher mortality and lower claims incidence. The benefit ratio for the dental and vision product line was 80.2 percent for the first quarter of 2023, compared to 73.4 percent in the first quarter of 2022, due primarily to higher claims incidence. Relative to the first quarter of 2022, sales in the voluntary benefits product line increased 17.6 percent in the first quarter of 2023 to $110.9 million. Sales in the individual disability product line increased 31.5 percent in the first quarter of 2023 to $26.7 million. Sales in the dental and vision product line totaled $9.0 million for the first quarter of 2023, which was generally consistent compared to the first quarter of 2022. Persistency in the voluntary benefits product line was 74.2 percent for the first quarter of 2023, compared to 75.9 percent for the first quarter of 2022. Persistency in the individual disability product line was 89.2 percent for the first quarter of 2023, compared to 89.3 percent for the first quarter of 2022. Persistency in the dental and vision product line was 76.9 percent for the first quarter of 2023, compared to 84.0 percent for the first quarter of 2022.

Unum International Segment

The Unum International segment reported adjusted operating income of $38.4 million in the first quarter of 2023, an increase of 48.3 percent from $25.9 million in the first quarter of 2022. Premium income increased slightly to $188.6 million in the first quarter of 2023, compared to $187.8 million in the first quarter of 2022. Net investment income was $30.9 million in the first quarter of 2023, compared to $34.5 million in the first quarter of 2022. Sales increased 33.9 percent to $45.8 million in the first quarter of 2023, compared to $34.2 million in the first quarter of 2022. For the first quarter of 2023, Unum International results were unfavorably impacted by the British pound sterling to U.S. dollar exchange rate, relative to the first quarter of 2022.

The Unum UK line of business reported adjusted operating income, in local currency, of £31.0 million in the first quarter of 2023, an increase of 66.7 percent from £18.6 million in the first quarter of 2022. Premium income was £133.9 million in the first quarter of 2023, an increase of 9.1 percent from £122.7 million in the first quarter of 2022, due to in-force block growth and higher sales. Net investment income was £23.7 million in the first quarter of 2023, a decrease of 2.1 percent from £24.2 million in the first quarter of 2022, due to lower investment income from inflation index-linked bonds. The benefit ratio in the first quarter of 2023 was 68.5 percent, compared to 81.2 percent in the first quarter of 2022, due to favorable claim resolutions driven by higher mortality in the group long-term disability product line, higher discount rates on new claims, and lower inflation-linked experience in benefits, partially offset by higher mortality in the group life product line. Sales increased 37.8 percent to £30.6 million in the first quarter of 2023, compared to £22.2 million in the first quarter of 2022. Persistency in the group long-term disability product line was 90.1 percent for the first quarter of 2023, compared to 88.1 percent for the first quarter of 2022. Persistency in the group life product line was 81.5 percent for the first quarter of 2023, compared to 88.0 percent for the first quarter of 2022. Persistency in the supplemental product line was 88.9 percent for the first quarter of 2023, compared to 90.4 percent for the first quarter of 2022.

Colonial Life Segment

Colonial Life reported adjusted operating income of $93.9 million in the first quarter of 2023, an 8.7 percent decrease compared to $102.9 million in the first quarter of 2022. Premium income decreased slightly to $429.5 million in the first quarter of 2023, compared to $430.7 million in the first quarter of 2022, due to lower persistency, partially offset by higher prior period sales. Net investment income decreased to $37.3 million in the first quarter of 2023, compared to $38.1 million in the first quarter of 2022, due to lower miscellaneous investment income, partially offset by an increase in the level of invested assets. The benefit ratio was 53.0 percent in the first quarter of 2023, compared to 53.2 percent in the first quarter of 2022, primarily driven by favorable mortality experience in the life product line resulting from lessening impacts of COVID-19 on our insured population, partially offset by unfavorable benefits experience in the cancer and critical illness product line. Sales increased 2.7 percent to $106.8 million in the first quarter of 2023, compared to $104.0 million in the first quarter of 2022. Persistency in the Colonial Life segment was 77.3 percent for the first quarter of 2023, compared to 78.7 percent for the first quarter of 2022.

UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES.	3

Closed Block Segment

The Closed Block segment reported adjusted operating income of $58.2 million in the first quarter of 2023, which excludes the amortization of cost of reinsurance of $11.0 million and the impact of non-contemporaneous reinsurance of $7.3 million related to the Closed Block individual disability reinsurance transaction, compared to $78.6 million in the first quarter of 2022, which excludes the amortization of cost of reinsurance of $13.4 million and the impact of non-contemporaneous reinsurance of $12.4 million related to the Closed Block individual disability reinsurance transaction. Premium income for this segment is largely driven by our long-term care product line, and in the first quarter of 2023, premium income for long-term care was generally consistent with the same period of 2022. Net investment income decreased 6.4 percent to $257.2 million in the first quarter of 2023, compared to $274.8 million in the first quarter of 2022, primarily due to lower miscellaneous investment income related to smaller increases in the net asset value (NAV) on our private equity partnerships, partially offset by an increase in the level of invested assets.

The interest adjusted loss ratio for the long-term care line of business was 86.6 percent in the first quarter of 2023, compared to an interest adjusted loss ratio of 82.2 percent in the first quarter of 2022, driven primarily by higher claim incidence. The interest adjusted loss ratio for long-term care for the rolling twelve months ended March 31, 2023 was 84.7 percent.

Corporate Segment

The Corporate segment reported an adjusted operating loss of $33.5 million in the first quarter of 2023, compared to an adjusted operating loss of $40.4 million in the first quarter of 2022, due primarily to increased net investment income, which was caused by an increase in yield on invested assets, partially offset by higher pension expenses.

UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES.	4

OTHER INFORMATION

Shares Outstanding

The Company’s weighted average number of shares outstanding, assuming dilution, was 199.5 million for the first quarter of 2023, compared to 203.5 million for the first quarter of 2022. Shares outstanding totaled 197.4 million at March 31, 2023. During the first quarter of 2023, the Company repurchased 1.3 million shares at a total cost of $53.6 million.

Capital Management

At March 31, 2023, the weighted average risk-based capital ratio for the Company’s traditional U.S. insurance companies was approximately 425 percent, and the holding companies had available holding company liquidity of $1,343 million.

Book Value

Book value per common share as of March 31, 2023 was $46.85, compared to $34.12 at March 31, 2022. Book value per common share excluding AOCI as of March 31, 2023 was $62.88, compared to $56.11 at March 31, 2022.

Effective Tax Rate

Effective tax rate on adjusted operating earnings was 20.6 percent in the first quarter of 2023.

Outlook

Full-year 2023 outlook increased following strong first quarter and underlying trends. Previous outlook of an increase in after-tax adjusted operating income per share of 8 percent to 12 percent when comparing historically reported 2022 results to expected 2023 results under ASU 2018-12, increased to 20 percent to 25 percent, or an increase of 10 percent to 15 percent on a consistent basis under ASU 2018-12.

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. The non-GAAP financial measure of "after-tax adjusted operating income" differs from net income as presented in our consolidated operating results and income statements prepared in accordance with GAAP due to the exclusion of investment gains or losses, the amortization of the cost of reinsurance, and the impact of non-contemporaneous reinsurance as specified in the reconciliations in the Financial Highlights section below. Investment gains or losses primarily include realized investment gains or losses, expected investment credit losses, and gains or losses on derivatives. We believe after-tax adjusted operating income is a better performance measure and better indicator of the profitability and underlying trends in our business.

Investment gains or losses depend on market conditions and do not necessarily relate to decisions regarding the underlying business of our segments. Our investment focus is on investment income to support our insurance liabilities as opposed to the generation of investment gains or losses. Although we may experience investment gains or losses which will affect future earnings levels, a long-term focus is necessary to maintain profitability over the life of the business since our underlying business is long-term in nature, and we need to earn the interest rates assumed in calculating our liabilities.

We have 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

UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES.	5

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, May 3, 2023, at 8:00 a.m. (Eastern Time) to discuss the results of operations for the first quarter of 2023. Topics may include forward-looking information, such as the Company’s outlook on future results, trends in operations, and other material information.

The dial-in number for the conference call is 1-833-470-1428 for U.S. (access code: 451193). For Canada, the dial-in number is 1-833-950-0062 (access code: 451193). For all other callers, the dial-in number is 1-929-526-1599 (access code: 451193). 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 Tuesday, May 9 by dialing 1-866-813-9403 (U.S.), 1-226-828-7578 (Canada), (0204) 525-0658 (U.K. local), or +44 (44-204) 525-0658 (all other locations) - access code 454983.

In conjunction with today’s earnings announcement, the Company’s Statistical Supplement for the first quarter of 2023 is available on the “Investors” section of the Company’s website.

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ABOUT UNUM GROUP

Unum Group (NYSE: UNM), an international provider of workplace benefits and services, has been helping workers and their families for 175 years. Through its Unum and Colonial Life brands, the company offers disability, life, accident, critical illness, dental, vision and stop-loss insurance; leave and absence management support and behavioral health services. In 2022, Unum reported revenues of $12.0 billion and paid $7.9 billion in benefits. The Fortune 500 company is one of the 2023 World's Most Ethical Companies, recognized by the Ethisphere®.

For more information, connect with us on Facebook (www.facebook.com/unumbenefits) and LinkedIn (www.linkedin.com/company/unum).

UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES.	6

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, including COVID-19, 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) our ability to hire and retain qualified employees; (7) a cyber attack or other security breach could result in the unauthorized acquisition of confidential data; (8) the failure of our business recovery and incident management processes to resume our business operations in the event of a natural catastrophe, cyber attack, or other event; (9) 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; (10) increased competition from other insurers and financial services companies due to industry consolidation, new entrants to our markets, or other factors; (11) changes in our financial strength and credit ratings; (12) our ability to develop digital capabilities or execute on our technology systems upgrades or replacements; (13) actual experience in the broad array of our products that deviates from our assumptions used in pricing, underwriting, and reserving; (14) 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. (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) the use and reliance on third-party vendors, including vendors providing web and cloud-based applications, may disrupt our business, and impact our ability to leverage data; (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, 2022. 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.

UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES.	7

Unum Group

FINANCIAL HIGHLIGHTS

(Unaudited)

( in millions, except share data)

	2023		2022
			As Adjusted
Revenue
Premium Income	$	2,459.3	$	2,401.4
Net Investment Income	508.8		527.2
Net Investment Gain (Loss)	0.1		(13.8)
Other Income	67.9		65.8
Total Revenue	3,036.1		2,980.6
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain	1,736.4		1,914.2
Commissions	293.9		273.2
Interest and Debt Expense	48.1		46.9
Deferral of Acquisition Costs	(157.7)		(141.8)
Amortization of Deferred Acquisition Costs	115.9		103.6
Other Expenses	548.2		488.8
Total Benefits and Expenses	2,584.8		2,684.9
Income Before Income Tax	451.3		295.7
Income Tax Expense	93.0		55.3
Net Income	$	358.3	$	240.4
PER SHARE INFORMATION
Net Income Per Common Share
Basic	$	1.81	$	1.19
Assuming Dilution	$	1.80	$	1.18
Weighted Average Common Shares - Basic (000s)	198,111.2		202,628.8
Weighted Average Common Shares - Assuming Dilution (000s)	199,520.1		203,504.3
Outstanding Shares - (000s)	197,365.3		201,866.7

All values are in US Dollars.

UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES.	8

Reconciliation of Non-GAAP Financial Measures

	Three Months Ended March 31
	2023				2022
	(in millions)		per share *		(in millions)		per share *
Net Income	$	358.3	$	1.80	$	240.4	$	1.18
Excluding:
Net Investment Gain (Loss), Other (net of tax benefit of $—; $3.2)	0.1		—		(10.6)		(0.05)
Amortization of the Cost of Reinsurance (net of tax benefit of $2.3; $2.8)	(8.7)		(0.04)		(10.6)		(0.05)
Non-Contemporaneous Reinsurance (net of tax benefit of $1.6; $2.6)	(5.7)		(0.03)		(9.8)		(0.05)
After-tax Adjusted Operating Income	$	372.6	$	1.87	$	271.4	$	1.33
* Assuming Dilution
	March 31
---	---	---	---	---	---	---	---	---
	2023				2022
	(in millions)		per share		(in millions)		per share
Total Stockholders' Equity (Book Value)	$	9,247.4	$	46.85	$	6,887.8	$	34.12
Excluding:
Net Unrealized Gain (Loss) on Securities	(2,205.2)		(11.17)		1,120.6		5.55
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits	(260.0)		(1.33)		(4,912.6)		(24.33)
Net Gain on Hedges	7.8		0.04		51.4		0.25
Subtotal	11,704.8		59.31		10,628.4		52.65
Excluding:
Foreign Currency Translation Adjustment	(365.4)		(1.85)		(306.1)		(1.52)
Subtotal	12,070.2		61.16		10,934.5		54.17
Excluding:
Unrecognized Pension and Postretirement Benefit Costs	(339.5)		(1.72)		(391.8)		(1.94)
Total Stockholders' Equity, Excluding Accumulated Other Comprehensive Loss	$	12,409.7	$	62.88	$	11,326.3	$	56.11
UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES.	9
---	---
	Three Months Ended
---	---	---	---	---	---	---	---
	March 31, 2023		March 31, 2022
	Premium Income		Premium Income in Local Currency1		Weighted Average Exchange Rate2	Premium Income in Constant Currency
Unum International
Unum UK	$	162.7	£	122.7	1.215	$	149.1
Unum Poland	25.9		zł	95.6	0.228	21.8
Total	188.6					170.9
Unum US	1,609.6		$	1,543.0		1,543.0
Colonial Life	429.5		$	430.7		430.7
Core Operations	$	2,227.7				$	2,144.6

1Premium income shown in millions of pounds for Unum UK, millions of zlotys for Unum Poland, and 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.

UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES.	10

Document

Unum Group

Statistical Supplement First Quarter 2023

TABLE OF CONTENTS

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

Interim Results are Unaudited

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

Unum Group Financial Highlights

	Three Months Ended						Year Ended
	3/31/2023			3/31/2022			12/31/2022			12/31/2021
				As Adjusted			As Adjusted
Consolidated U.S. GAAP Results¹
Premium Income	$	2,459.3		$	2,401.4		$	9,616.5		$	9,475.0
Adjusted Operating Revenue	$	3,036.0		$	2,994.4		$	11,999.8		$	11,931.1
Net Investment Gain (Loss)	0.1			(13.8)			(15.7)			76.7
Total Revenue	$	3,036.1		$	2,980.6		$	11,984.1		$	12,007.8
Net Income	$	358.3		$	240.4		$	1,407.2		$	981.0
Net Income Per Common Share:
Basic	$	1.81		$	1.19		$	7.01		$	4.80
Assuming Dilution	$	1.80		$	1.18		$	6.96		$	4.79
Assets	$	62,423.8		$	67,765.8		$	61,148.5		$	72,292.3
Liabilities	$	53,176.4		$	60,878.0		$	52,413.5		$	66,258.4
Stockholders' Equity	$	9,247.4		$	6,887.8		$	8,735.0		$	6,033.9
Adjusted Stockholders' Equity	$	11,704.8		$	10,628.4		$	11,459.1		$	10,528.4
Adjusted Operating Return on Equity
Unum US	21.3		%	11.7		%	16.7		%	7.3		%
Unum International	17.2		%	15.6		%	21.4		%	10.8		%
Colonial Life	17.5		%	20.2		%	22.5		%	21.1		%
Core Operating Segments	20.0		%	14.1		%	18.6		%	11.0		%
Consolidated	12.9		%	10.3		%	12.4		%	9.2		%
Traditional U.S. Life Insurance Companies' Statutory Results2
---	---	---	---	---	---	---	---	---
Net Gain from Operations, After Tax	$	276.2	$	200.5	$	965.4	$	681.1
Net Realized Capital Gain (Loss), After Tax	—		(2.4)		—		98.4
Net Income	$	276.2	$	198.1	$	965.4	$	779.5
Capital and Surplus	$	3,884.4	$	3,941.9	$	3,816.3	$	3,950.3
Weighted Average Risk-based Capital Ratio	~ 425%		~ 400%		~ 420%		~ 395%

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

	3/31/2023				3/31/2022				12/31/2022				12/31/2021
	(in millions)		per share		(in millions)		per share		(in millions)		per share		(in millions)		per share
					As Adjusted
Total Stockholders' Equity (Book Value)	$	9,247.4	$	46.85	$	6,887.8	$	34.12	$	8,735.0	$	44.17	$	6,033.9	$	29.79
Excluding:
Net Unrealized Gain (Loss) on Securities	(2,205.2)		(11.17)		1,120.6		5.55		(3,028.4)		(15.31)		4,014.4		19.82
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits	(260.0)		(1.33)		(4,912.6)		(24.33)		313.9		1.59		(8,570.7)		(42.32)
Net Gain (Loss) on Hedges	7.8		0.04		51.4		0.25		(9.6)		(0.05)		61.8		0.30
Subtotal	11,704.8		59.31		10,628.4		52.65		11,459.1		57.94		10,528.4		51.99
Excluding:
Foreign Currency Translation Adjustment	(365.4)		(1.85)		(306.1)		(1.52)		(390.1)		(1.98)		(274.1)		(1.35)
Subtotal	12,070.2		61.16		10,934.5		54.17		11,849.2		59.92		10,802.5		53.34
Excluding:
Unrecognized Pension and Postretirement Benefit Costs	(339.5)		(1.72)		(391.8)		(1.94)		(334.1)		(1.69)		(396.0)		(1.96)
Total Stockholders' Equity, Excluding Accumulated Other Comprehensive Loss	$	12,409.7	$	62.88	$	11,326.3	$	56.11	$	12,183.3	$	61.61	$	11,198.5	$	55.30
Dividends Paid	$	69.2	$	0.33	$	62.9	$	0.30	$	255.3	$	1.26	$	240.6	$	1.17
	Three Months Ended						Year Ended
---	---	---	---	---	---	---	---	---	---	---	---	---
	3/31/2023			3/31/2022			12/31/2022			12/31/2021
Shares Repurchased (millions)	1.3			1.3			5.7			1.9
Cost of Shares Repurchased1 (millions)	$	53.6		$	37.5		$	200.1		$	50.0
Price (UNM closing price on last trading day of period)	$	39.56		$	31.51		$	41.03		$	24.57
Leverage Ratio2	23.0		%	24.9		%	23.4		%	25.1		%
Holding Company Liquidity	$	1,343		$	1,269		$	1,571		$	1,515

1Includes a de minimis amount of commissions and $0.1 million of excise tax for the three months ended March 31, 2023 and $0.1 of commissions for the year ended December 31, 2022. There were no commissions or excise tax during the three months ended March 31, 2022 and years ended December 31, 2021 and 2022.

2Prior period ratios have been adjusted.

Unum Group Ratings

	AM Best	Fitch	Moody's	S&P
Issuer Credit Ratings	bbb	BBB-	Baa3	BBB
Financial Strength Ratings
Provident Life and Accident Insurance Company	A	A-	A3	A
Provident Life and Casualty Insurance Company	A	A-	NR	NR
Unum Life Insurance Company of America	A	A-	A3	A
First Unum Life Insurance Company	A	A-	A3	A
Colonial Life & Accident Insurance Company	A	A-	A3	A
The Paul Revere Life Insurance Company	A	A-	A3	A
Starmount Life Insurance Company	A	NR	NR	NR
Unum Insurance Company	A	A-	A3	NR
Unum Limited	NR	NR	NR	A-
Outlooks
Issuer Credit Rating	Positive	Positive	Stable	Stable
Financial Strength Rating	Stable	Positive	Stable	Stable

NR = not rated

Unum Group Consolidated Statements of Income

	Three Months Ended				Year Ended
	3/31/2023		3/31/2022		12/31/2022		12/31/2021
			As Adjusted		As Adjusted
Revenue
Premium Income	$	2,459.3	$	2,401.4	$	9,616.5	$	9,475.0
Net Investment Income	508.8		527.2		2,122.2		2,213.2
Net Investment Gain (Loss)	0.1		(13.8)		(15.7)		76.7
Other Income	67.9		65.8		261.1		242.9
Total Revenue	3,036.1		2,980.6		11,984.1		12,007.8
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain	1,736.4		1,914.2		6,994.6		7,553.3
Commissions	293.9		273.2		1,086.4		1,038.1
Interest and Debt Expense	48.1		46.9		188.5		185.0
Cost Related to Early Retirement of Debt	—		—		4.2		67.3
Deferral of Acquisition Costs	(157.7)		(141.8)		(556.9)		(523.2)
Amortization of Deferred Acquisition Costs	115.9		103.6		421.1		452.1
Other Expenses	548.2		488.8		2,096.2		1,974.6
Total Benefits and Expenses	2,584.8		2,684.9		10,234.1		10,747.2
Income Before Income Tax	451.3		295.7		1,750.0		1,260.6
Income Tax Expense	93.0		55.3		342.8		279.6
Net Income	$	358.3	$	240.4	$	1,407.2	$	981.0
Weighted Average Shares Outstanding
Basic	198.1		202.6		200.6		204.2
Assuming Dilution	199.5		203.5		202.1		204.8
Actual Number of Shares Outstanding	197.4		201.9		197.8		202.5

Unum Group Sales Data for Unum US Segment

	Three Months Ended						Year Ended
	3/31/2023		3/31/2022		% Change		12/31/2022		12/31/2021
Sales by Product
Group Disability and Group Life and AD&D
Group Long-term Disability	$	53.9	$	40.6	32.8	%	$	295.3	$	206.6
Group Short-term Disability	37.0		27.8		33.1		184.3		142.7
Group Life and AD&D	39.1		33.6		16.4		232.4		223.8
Subtotal	130.0		102.0		27.5		712.0		573.1
Supplemental and Voluntary
Voluntary Benefits	110.9		94.3		17.6		238.7		231.2
Individual Disability	26.7		20.3		31.5		90.8		75.0
Dental and Vision	9.0		9.2		(2.2)		73.8		62.4
Subtotal	146.6		123.8		18.4		403.3		368.6
Total Sales	$	276.6	$	225.8	22.5		$	1,115.3	$	941.7
Sales by Market Sector
Group Disability and Group Life and AD&D
Core Market (< 2,000 employees)	$	84.0	$	65.6	28.0	%	$	457.5	$	371.5
Large Case Market	46.0		36.4		26.4		254.5		201.6
Subtotal	130.0		102.0		27.5		712.0		573.1
Supplemental and Voluntary	146.6		123.8		18.4		403.3		368.6
Total Sales	$	276.6	$	225.8	22.5		$	1,115.3	$	941.7

Unum Group Sales Data for Unum International Segment

	Three Months Ended						Year Ended
(in millions of dollars)	3/31/2023		3/31/2022		% Change		12/31/2022		12/31/2021
Sales by Product
Unum UK
Group Long-term Disability	$	9.2	$	15.6	(41.0)	%	$	43.3	$	41.4
Group Life	16.2		8.3		95.2		55.5		31.3
Supplemental	11.9		5.9		101.7		17.1		17.0
Unum Poland	8.5		4.4		93.2		17.8		16.1
Total Sales	$	45.8	$	34.2	33.9		$	133.7	$	105.8
Sales by Market Sector
Unum UK
Group Long-term Disability and Group Life
Core Market (< 500 employees)	$	12.5	$	12.1	3.3	%	$	42.7	$	41.5
Large Case Market	12.9		11.8		9.3		56.1		31.2
Subtotal	25.4		23.9		6.3		98.8		72.7
Supplemental	11.9		5.9		101.7		17.1		17.0
Unum Poland	8.5		4.4		93.2		17.8		16.1
Total Sales	$	45.8	$	34.2	33.9		$	133.7	$	105.8
(in millions of pounds)
Unum UK Sales by Product
Group Long-term Disability	£	7.5	£	11.6	(35.3)	%	£	34.5	£	30.0
Group Life	13.3		6.2		114.5		45.4		22.8
Supplemental	9.8		4.4		122.7		13.5		12.3
Total Sales	£	30.6	£	22.2	37.8		£	93.4	£	65.1
Unum UK Sales by Market Sector
Group Long-term Disability and Group Life
Core Market (< 500 employees)	£	10.2	£	8.9	14.6	%	£	34.4	£	30.2
Large Case Market	10.6		8.9		19.1		45.5		22.6
Subtotal	20.8		17.8		16.9		79.9		52.8
Supplemental	9.8		4.4		122.7		13.5		12.3
Total Sales	£	30.6	£	22.2	37.8		£	93.4	£	65.1

Unum Group Sales Data for Colonial Life Segment

	Three Months Ended						Year Ended
	3/31/2023		3/31/2022		% Change		12/31/2022		12/31/2021
Sales by Product
Accident, Sickness, and Disability	$	66.5	$	65.6	1.4	%	$	310.6	$	297.9
Life	26.2		23.8		10.1		121.5		111.0
Cancer and Critical Illness	14.1		14.6		(3.4)		76.0		70.9
Total Sales	$	106.8	$	104.0	2.7		$	508.1	$	479.8
Sales by Market Sector
Commercial
Core Market (< 1,000 employees)	$	73.4	$	72.7	1.0	%	$	332.4	$	313.2
Large Case Market	10.1		12.1		(16.5)		58.1		68.5
Subtotal	83.5		84.8		(1.5)		390.5		381.7
Public Sector	23.3		19.2		21.4		117.6		98.1
Total Sales	$	106.8	$	104.0	2.7		$	508.1	$	479.8

Unum Group Consolidated Balance Sheets

	March 31		December 31
	2023		2022
			As Adjusted
Assets
Investments
Fixed Maturity Securities - at fair value	$	36,160.2	$	34,840.8
Mortgage Loans	2,390.0		2,435.4
Policy Loans	3,552.5		3,601.2
Other Long-term Investments	1,479.4		1,440.1
Short-term Investments	1,322.8		1,394.8
Total Investments	44,904.9		43,712.3
Other Assets
Cash and Bank Deposits	123.1		119.2
Accounts and Premiums Receivable	1,557.1		1,482.1
Reinsurance Recoverable	9,628.7		9,608.0
Accrued Investment Income	636.1		615.0
Deferred Acquisition Costs	2,602.4		2,560.0
Goodwill	348.4		347.6
Property and Equipment	456.1		451.7
Deferred Income Tax	489.8		586.0
Other Assets	1,677.2		1,666.6
Total Assets	$	62,423.8	$	61,148.5

Unum Group Consolidated Balance Sheets - Continued

	March 31		December 31
	2023		2022
			As Adjusted
Liabilities and Stockholders' Equity
Liabilities
Future Policy Benefits1	$	39,351.5	$	38,577.1
Policyholders' Account Balances1	5,709.6		5,740.2
Unearned Premiums	451.6		365.5
Other Policyholders’ Funds	1,726.9		1,750.4
Income Tax Payable	240.6		190.9
Deferred Income Tax	23.8		25.2
Short-term Debt	2.0		2.0
Long-term Debt	3,428.5		3,427.8
Other Liabilities	2,241.9		2,334.4
Total Liabilities	53,176.4		52,413.5
Stockholders’ Equity
Common Stock	30.9		30.8
Additional Paid-in Capital	2,431.8		2,441.0
Accumulated Other Comprehensive Loss	(3,162.3)		(3,448.3)
Retained Earnings	13,430.4		13,141.3
Treasury Stock - at cost	(3,483.4)		(3,429.8)
Total Stockholders’ Equity	9,247.4		8,735.0
Total Liabilities and Stockholders’ Equity	$	62,423.8	$	61,148.5
1We previously reported Policy and Contract Benefits and Reserves for Future Policy Benefits in our consolidated balance sheets for December 31, 2022. As a part of the adoption of ASU 2018-12, these balances were reclassified into new line items, Future Policy Benefits and Policyholders' Account Balances. Certain prior year amounts have been reclassified to conform to current year presentation.

Unum Group Balance Sheets by Segment - March 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	$	7,025.7	$	2,169.7	$	4,627.8	$	13,823.2	$	2,689.5	$	3,200.5	$	22,904.9	$	2,286.8	$	44,904.9
Deferred Acquisition Costs	62.5		49.3		1,086.5		1,198.3		39.3		1,364.8		—		—		2,602.4
Goodwill	8.9		—		271.1		280.0		40.7		27.7		—		—		348.4
Reinsurance Receivable	44.4		10.8		212.2		267.4		102.5		6.1		9,252.7		—		9,628.7
All Other	140.2		216.7		160.0		516.9		365.7		79.7		2,314.9		1,662.2		4,939.4
Total Assets	$	7,281.7	$	2,446.5	$	6,357.6	$	16,085.8	$	3,237.7	$	4,678.8	$	34,472.5	$	3,949.0	$	62,423.8
Liabilities
Future Policy Benefits	$	5,536.7	$	934.5	$	3,251.5	$	9,722.7	$	2,148.6	$	1,942.1	$	25,538.1	$	—	$	39,351.5
Policyholders' Account Balances	—		—		677.2		677.2		—		867.5		4,164.9		—		5,709.6
Unearned Premiums	4.6		7.4		63.6		75.6		186.1		45.0		144.9		—		451.6
Other Policyholders' Funds	36.9		883.4		31.2		951.5		52.3		9.4		713.7		—		1,726.9
Debt	—		—		—		—		—		—		—		3,430.5		3,430.5
All Other	40.7		62.5		231.3		334.5		91.4		53.9		523.0		1,503.5		2,506.3
Total Liabilities	5,618.9		1,887.8		4,254.8		11,761.5		2,478.4		2,917.9		31,084.6		4,934.0		53,176.4
Allocated Stockholders' Equity
Other Allocated Stockholders' Equity	1,596.5		654.3		2,206.2		4,457.0		771.1		1,694.3		5,173.9		(391.5)		11,704.8
Net Unrealized Loss on Securities and Net Gain on Hedges	(170.6)		(120.8)		(155.0)		(446.4)		(126.9)		(119.6)		(911.0)		(593.5)		(2,197.4)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits	236.9		25.2		51.6		313.7		115.1		186.2		(875.0)		—		(260.0)
Total Allocated Stockholders' Equity	1,662.8		558.7		2,102.8		4,324.3		759.3		1,760.9		3,387.9		(985.0)		9,247.4
Total Liabilities and Allocated Stockholders' Equity	$	7,281.7	$	2,446.5	$	6,357.6	$	16,085.8	$	3,237.7	$	4,678.8	$	34,472.5	$	3,949.0	$	62,423.8

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

Unum Group Balance Sheets by Segment - December 31, 2022 - As Adjusted

	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	$	7,139.5	$	2,369.9	$	4,516.6	$	14,026.0	$	2,677.2	$	3,126.1	$	22,028.9	$	1,854.1	$	43,712.3
Deferred Acquisition Costs	61.0		49.3		1,074.8		1,185.1		37.0		1,337.9		—		—		2,560.0
Goodwill	8.9		—		271.1		280.0		39.9		27.7		—		—		347.6
Reinsurance Receivable	49.5		10.6		212.1		272.2		83.5		5.2		9,247.1		—		9,608.0
All Other	76.7		341.2		175.1		593.0		291.8		78.1		2,500.6		1,457.1		4,920.6
Total Assets	$	7,335.6	$	2,771.0	$	6,249.7	$	16,356.3	$	3,129.4	$	4,575.0	$	33,776.6	$	3,311.2	$	61,148.5
Liabilities
Future Policy Benefits	$	5,564.4	$	973.5	$	3,172.4	$	9,710.3	$	2,063.3	$	1,858.4	$	24,945.1	$	—	$	38,577.1
Policyholders' Account Balances	—		—		679.6		679.6		—		869.2		4,191.4		—		5,740.2
Unearned Premiums	1.6		6.6		47.6		55.8		130.4		42.7		136.6		—		365.5
Other Policyholders' Funds	32.7		905.6		31.1		969.4		45.9		9.5		725.6		—		1,750.4
Debt	—		—		—		—		—		—		—		3,429.8		3,429.8
All Other	24.4		94.6		207.2		326.2		86.0		54.8		532.6		1,550.9		2,550.5
Total Liabilities	5,623.1		1,980.3		4,137.9		11,741.3		2,325.6		2,834.6		30,531.3		4,980.7		52,413.5
Allocated Stockholders' Equity
Other Allocated Stockholders' Equity	1,668.0		908.4		2,225.8		4,802.2		770.6		1,689.4		5,106.7		(909.8)		11,459.1
Net Unrealized Loss on Securities and Net Gain (Loss) on Hedges	(255.9)		(148.5)		(226.6)		(631.0)		(112.5)		(175.5)		(1,359.3)		(759.7)		(3,038.0)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits	300.4		30.8		112.6		443.8		145.7		226.5		(502.1)		—		313.9
Total Allocated Stockholders' Equity	1,712.5		790.7		2,111.8		4,615.0		803.8		1,740.4		3,245.3		(1,669.5)		8,735.0
Total Liabilities and Allocated Stockholders' Equity	$	7,335.6	$	2,771.0	$	6,249.7	$	16,356.3	$	3,129.4	$	4,575.0	$	33,776.6	$	3,311.2	$	61,148.5

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, and non-contemporaneous reinsurance, as well as certain other items as specified in the following pages. Investment gains or losses primarily include realized investment gains or losses, expected investment credit losses, and gains or losses on derivatives. These performance measures are in accordance with GAAP guidance for segment reporting, but they should not be viewed as a substitute for total revenue, income before income tax, or net income.

	Three Months Ended						Year Ended
	3/31/2023		3/31/2022		% Change		12/31/2022		12/31/2021		% Change
			As Adjusted				As Adjusted
Premium Income
Unum US	$	1,609.6	$	1,543.0	4.3	%	$	6,251.4	$	6,072.0	3.0	%
Unum International	188.6		187.8		0.4		718.8		717.0		0.3
Colonial Life	429.5		430.7		(0.3)		1,702.0		1,690.2		0.7
Closed Block	231.6		239.9		(3.5)		944.3		995.8		(5.2)
	2,459.3		2,401.4		2.4		9,616.5		9,475.0		1.5
Net Investment Income
Unum US	157.3		171.0		(8.0)		676.3		721.6		(6.3)
Unum International	30.9		34.5		(10.4)		170.1		132.7		28.2
Colonial Life	37.3		38.1		(2.1)		152.7		172.0		(11.2)
Closed Block	257.2		274.8		(6.4)		1,070.6		1,159.0		(7.6)
Corporate	26.1		8.8		196.6		52.5		27.9		88.2
	508.8		527.2		(3.5)		2,122.2		2,213.2		(4.1)
Other Income
Unum US	53.6		47.1		13.8		196.3		170.0		15.5
Unum International	0.4		0.2		100.0		0.9		0.6		50.0
Colonial Life	0.2		0.3		(33.3)		1.1		1.0		10.0
Closed Block	13.5		16.0		(15.6)		58.0		65.1		(10.9)
Corporate	0.2		2.2		(90.9)		4.8		6.2		(22.6)
	67.9		65.8		3.2		261.1		242.9		7.5
Total Adjusted Operating Revenue
Unum US	1,820.5		1,761.1		3.4		7,124.0		6,963.6		2.3
Unum International	219.9		222.5		(1.2)		889.8		850.3		4.6
Colonial Life	467.0		469.1		(0.4)		1,855.8		1,863.2		(0.4)
Closed Block	502.3		530.7		(5.4)		2,072.9		2,219.9		(6.6)
Corporate	26.3		11.0		139.1		57.3		34.1		68.0
	$	3,036.0	$	2,994.4	1.4		$	11,999.8	$	11,931.1	0.6

Unum Group Financial Results by Segment - Continued

	Three Months Ended						Year Ended
	3/31/2023		3/31/2022		% Change		12/31/2022		12/31/2021		% Change
			As Adjusted				As Adjusted
Benefits and Expenses
Unum US	$	1,508.0	$	1,592.8	(5.3)	%	$	5,980.6	$	6,333.0	(5.6)	%
Unum International	181.5		196.6		(7.7)		748.2		740.4		1.1
Colonial Life	373.1		366.2		1.9		1,387.7		1,435.4		(3.3)
Closed Block	462.4		477.9		(3.2)		1,896.0		1,933.1		(1.9)
Corporate	59.8		51.4		16.3		221.6		305.3		(27.4)
	2,584.8		2,684.9		(3.7)		10,234.1		10,747.2		(4.8)
Income (Loss) Before Income Tax Expense and Net Investment Gain (Loss)
Unum US	312.5		168.3		85.7		1,143.4		630.6		81.3
Unum International	38.4		25.9		48.3		141.6		109.9		28.8
Colonial Life	93.9		102.9		(8.7)		468.1		427.8		9.4
Closed Block	39.9		52.8		24.4		176.9		286.8		38.3
Corporate	(33.5)		(40.4)		17.1		(164.3)		(271.2)		39.4
	451.2		309.5		45.8		1,765.7		1,183.9		(49.1)
Income Tax Expense	93.0		58.5		59.0		346.3		263.5		(31.4)
Income Before Net Investment Gain (Loss)	358.2		251.0		42.7		1,419.4		920.4		(54.2)
Net Investment Gain (Loss) (net of tax expense (benefit) of $—; $(3.2); $(3.5); $16.1)	0.1		(10.6)		(100.9)		(12.2)		60.6		(120.1)
Net Income	$	358.3	$	240.4	49.0		$	1,407.2	$	981.0	43.4

Unum Group Quarterly Historical Financial Results by Segment

	3/31/2023		12/31/2022		9/30/2022		6/30/2022		3/31/2022
			As Adjusted
Premium Income
Unum US	$	1,609.6	$	1,580.6	$	1,556.8	$	1,571.0	$	1,543.0
Unum International	188.6		178.3		173.3		179.4		187.8
Colonial Life	429.5		420.4		423.3		427.6		430.7
Closed Block	231.6		230.9		235.5		238.0		239.9
	2,459.3		2,410.2		2,388.9		2,416.0		2,401.4
Net Investment Income
Unum US	157.3		166.9		170.6		167.8		171.0
Unum International	30.9		47.8		37.0		50.8		34.5
Colonial Life	37.3		37.3		38.6		38.7		38.1
Closed Block	257.2		252.9		251.4		291.5		274.8
Corporate	26.1		19.5		14.0		10.2		8.8
	508.8		524.4		511.6		559.0		527.2
Other Income
Unum US	53.6		49.5		49.0		50.7		47.1
Unum International	0.4		0.2		0.2		0.3		0.2
Colonial Life	0.2		0.3		0.3		0.2		0.3
Closed Block	13.5		12.4		13.1		16.5		16.0
Corporate	0.2		1.2		0.4		1.0		2.2
	67.9		63.6		63.0		68.7		65.8
Total Adjusted Operating Revenue
Unum US	1,820.5		1,797.0		1,776.4		1,789.5		1,761.1
Unum International	219.9		226.3		210.5		230.5		222.5
Colonial Life	467.0		458.0		462.2		466.5		469.1
Closed Block	502.3		496.2		500.0		546.0		530.7
Corporate	26.3		20.7		14.4		11.2		11.0
	$	3,036.0	$	2,998.2	$	2,963.5	$	3,043.7	$	2,994.4

Unum Group Quarterly Historical Financial Results by Segment - Continued

	3/31/2023		12/31/2022		9/30/2022		6/30/2022		3/31/2022
			As Adjusted
Benefits and Expenses
Unum US	$	1,508.0	$	1,565.4	$	1,324.8	$	1,497.6	$	1,592.8
Unum International	181.5		171.2		178.0		202.4		196.6
Colonial Life	373.1		362.5		289.1		369.9		366.2
Closed Block	462.4		474.0		461.7		482.4		477.9
Corporate	59.8		58.2		63.9		48.1		51.4
	2,584.8		2,631.3		2,317.5		2,600.4		2,684.9
Income (Loss) Before Income Tax and Net Investment Gain (Loss)
Unum US	312.5		231.6		451.6		291.9		168.3
Unum International	38.4		55.1		32.5		28.1		25.9
Colonial Life	93.9		95.5		173.1		96.6		102.9
Closed Block	39.9		22.2		38.3		63.6		52.8
Corporate	(33.5)		(37.5)		(49.5)		(36.9)		(40.4)
	451.2		366.9		646.0		443.3		309.5
Income Tax Expense	93.0		82.6		132.3		72.9		58.5
Income Before Net Investment Gain (Loss)	358.2		284.3		513.7		370.4		251.0
Net Investment Gain (Loss)	0.1		6.6		(4.4)		(4.1)		(13.8)
Tax Expense (Benefit) on Net Investment Gain (Loss)	—		1.7		(1.0)		(1.0)		(3.2)
Net Income	$	358.3	$	289.2	$	510.3	$	367.3	$	240.4
Net Income Per Common Share - Assuming Dilution	$	1.80	$	1.44	$	2.53	$	1.81	$	1.18

Unum Group Financial Results for Unum US Segment

	Three Months Ended						Year Ended
	3/31/2023			3/31/2022			12/31/2022			12/31/2021
				As Adjusted			As Adjusted
Adjusted Operating Revenue
Premium Income	$	1,609.6		$	1,543.0		$	6,251.4		$	6,072.0
Net Investment Income	157.3			171.0			676.3			721.6
Other Income	53.6			47.1			196.3			170.0
Total	1,820.5			1,761.1			7,124.0			6,963.6
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain	978.4			1,118.9			3,970.9			4,430.3
Commissions	168.9			153.2			614.4			583.4
Deferral of Acquisition Costs	(79.0)			(68.3)			(273.1)			(257.8)
Amortization of Deferred Acquisition Costs	65.8			56.9			240.9			285.9
Other Expenses	373.9			332.1			1,427.5			1,291.2
Total	1,508.0			1,592.8			5,980.6			6,333.0
Income Before Income Tax and Net Investment Gains and Losses	312.5			168.3			1,143.4			630.6
Reserve Assumption Updates	—			—			(155.0)			(215.0)
Adjusted Operating Income	$	312.5		$	168.3		$	988.4		$	415.6
Operating Ratios (% of Premium Income):
Benefit Ratio1	60.8		%	72.5		%	66.0		%	76.5		%
Other Expense Ratio2	22.5		%	20.9		%	22.2		%	20.7		%
Income Ratio							18.3		%	10.4		%
Adjusted Operating Income Ratio	19.4		%	10.9		%	15.8		%	6.8		%
1Excludes the reserve decreases related to the reserve assumption updates that occurred during the third quarters of 2022 and 2021.
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						Year Ended
	3/31/2023			3/31/2022			12/31/2022			12/31/2021
				As Adjusted			As Adjusted
Adjusted Operating Revenue
Premium Income
Group Long-term Disability	$	504.7		$	463.9		$	1,911.7		$	1,827.8
Group Short-term Disability	240.3			221.6			926.3			864.0
Total Premium Income	745.0			685.5			2,838.0			2,691.8
Net Investment Income	81.1			90.3			349.1			379.6
Other Income	52.6			45.3			191.8			165.7
Total	878.7			821.1			3,378.9			3,237.1
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain	447.0			507.5			1,782.4			1,911.5
Commissions	58.4			52.5			211.3			199.8
Deferral of Acquisition Costs	(14.6)			(12.7)			(53.1)			(49.8)
Amortization of Deferred Acquisition Costs	13.1			11.1			53.0			84.2
Other Expenses	229.1			199.9			862.3			773.9
Total	733.0			758.3			2,855.9			2,919.6
Income Before Income Tax and Net Investment Gains and Losses	145.7			62.8			523.0			317.5
Reserve Assumption Updates	—			—			(121.0)			(215.0)
Adjusted Operating Income	$	145.7		$	62.8		$	402.0		$	102.5
Operating Ratios (% of Premium Income):
Benefit Ratio1	60.0		%	74.0		%	67.1		%	79.0		%
Other Expense Ratio2	28.7		%	27.4		%	28.5		%	27.1		%
Income Ratio							18.4		%	11.8		%
Adjusted Operating Income Ratio	19.6		%	9.2		%	14.2		%	3.8		%
Persistency:
Group Long-term Disability	90.6		%	90.4		%	90.7		%	89.6		%
Group Short-term Disability	87.2		%	89.2		%	88.9		%	87.4		%
1Excludes the reserve decreases related to the reserve assumption updates that occurred during the third quarters of 2022 and 2021.
2Ratio of Other Expenses to Premium Income plus Other Income, which is primarily related to fee-based services.

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

				Year Ended
	3/31/2023			3/31/2022			12/31/2022			12/31/2021
				As Adjusted			As Adjusted
Adjusted Operating Revenue
Premium Income
Group Life	$	413.1		$	412.6		$	1,669.1		$	1,641.9
Accidental Death & Dismemberment	43.5			42.1			173.7			165.1
Total Premium Income	456.6			454.7			1,842.8			1,807.0
Net Investment Income	22.6			24.9			100.3			104.0
Other Income	0.4			0.4			1.6			1.7
Total	479.6			480.0			1,944.7			1,912.7
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain	342.3			399.5			1,415.9			1,734.8
Commissions	39.7			36.7			150.4			144.7
Deferral of Acquisition Costs	(9.8)			(9.1)			(37.3)			(36.1)
Amortization of Deferred Acquisition Costs	9.8			9.4			41.9			58.6
Other Expenses	57.5			54.1			231.1			213.8
Total	439.5			490.6			1,802.0			2,115.8
Income (Loss) Before Income Tax and Net Realized Investment Gains and Losses	40.1			(10.6)			142.7			(203.1)
Reserve Assumption Update	—			—			(34.0)			—
Adjusted Operating Income (Loss)	$	40.1		$	(10.6)		$	108.7		$	(203.1)
Operating Ratios (% of Premium Income):
Benefit Ratio1	75.0		%	87.9		%	78.7		%	96.0		%
Other Expense Ratio	12.6		%	11.9		%	12.5		%	11.8		%
Income Ratio							7.7		%
Adjusted Operating Income (Loss) Ratio	8.8		%	(2.3)		%	5.9		%	(11.2)		%
Persistency:
Group Life	88.8		%	89.0		%	88.9		%	89.7		%
Accidental Death & Dismemberment	87.6		%	88.2		%	87.9		%	89.1		%
1Excludes the reserve decrease related to the reserve assumption update that occurred during the third quarter of 2022.

Unum Group Financial Results for Unum US Supplemental and Voluntary

				Year Ended
	3/31/2023			3/31/2022			12/31/2022			12/31/2021
				As Adjusted			As Adjusted
Adjusted Operating Revenue
Premium Income
Voluntary Benefits	$	214.5		$	218.6		$	833.7		$	840.7
Individual Disability	124.2			113.6			461.1			459.8
Dental and Vision	69.3			70.6			275.8			272.7
Total Premium Income	408.0			402.8			1,570.6			1,573.2
Net Investment Income	53.6			55.8			226.9			238.0
Other Income	0.6			1.4			2.9			2.6
Total	462.2			460.0			1,800.4			1,813.8
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain	189.1			211.9			772.6			784.0
Commissions	70.8			64.0			252.7			238.9
Deferral of Acquisition Costs	(54.6)			(46.5)			(182.7)			(171.9)
Amortization of Deferred Acquisition Costs	42.9			36.4			146.0			143.1
Other Expenses	87.3			78.1			334.1			303.5
Total	335.5			343.9			1,322.7			1,297.6
Adjusted Operating Income	$	126.7		$	116.1		$	477.7		$	516.2
Operating Ratios (% of Premium Income):
Benefit Ratios:
Voluntary Benefits	36.0		%	44.9		%	41.6		%	45.1		%
Individual Disability	45.3		%	54.6		%	49.5		%	45.0		%
Dental and Vision	80.2		%	73.4		%	71.6		%	72.6		%
Other Expense Ratio	21.4		%	19.4		%	21.3		%	19.3		%
Adjusted Operating Income Ratio	31.1		%	28.8		%	30.4		%	32.8		%
Persistency:
Voluntary Benefits	74.2		%	75.9		%	75.8		%	75.8		%
Individual Disability	89.2		%	89.3		%	89.5		%	89.7		%
Dental and Vision	76.9		%	84.0		%	79.9		%	86.0		%

Unum Group Financial Results for Unum International Segment

	Three Months Ended				Year Ended
	3/31/2023		3/31/2022		12/31/2022		12/31/2021
			As Adjusted		As Adjusted
Adjusted Operating Revenue
Premium Income
Unum UK
Group Long-term Disability	$	91.7	$	103.4	$	376.9	$	401.9
Group Life	39.2		32.2		138.2		112.3
Supplemental	31.8		29.0		114.0		112.6
Unum Poland	25.9		23.2		89.7		90.2
Total Premium Income	188.6		187.8		718.8		717.0
Net Investment Income	30.9		34.5		170.1		132.7
Other Income	0.4		0.2		0.9		0.6
Total	219.9		222.5		889.8		850.3
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain	127.5		148.5		549.6		553.0
Commissions	16.6		14.9		56.3		54.1
Deferral of Acquisition Costs	(3.5)		(3.5)		(12.0)		(12.8)
Amortization of Deferred Acquisition Costs	1.8		2.1		8.2		7.0
Other Expenses	39.1		34.6		146.1		139.1
Total	181.5		196.6		748.2		740.4
Adjusted Operating Income	$	38.4	$	25.9	$	141.6	$	109.9

Unum Group Financial Results for Unum UK

	Three Months Ended						Year Ended
(in millions of pounds)	3/31/2023			3/31/2022			12/31/2022			12/31/2021
				As Adjusted			As Adjusted
Adjusted Operating Revenue
Premium Income
Group Long-term Disability	£	75.5		£	77.1		£	304.6		£	292.0
Group Life	32.3			24.0			112.3			81.7
Supplemental	26.1			21.6			92.3			81.8
Total Premium Income	133.9			122.7			509.2			455.5
Net Investment Income	23.7			24.2			131.9			91.0
Other Income	—			0.1			0.1			0.1
Total	157.6			147.0			641.2			546.6
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain	91.7			99.6			398.4			364.5
Commissions	8.9			8.2			31.8			28.7
Deferral of Acquisition Costs	(1.0)			(1.2)			(4.2)			(4.3)
Amortization of Deferred Acquisition Costs	1.1			1.2			5.3			4.5
Other Expenses	25.9			20.6			95.6			81.8
Total	126.6			128.4			526.9			475.2
Adjusted Operating Income	£	31.0		£	18.6		£	114.3		£	71.4
Weighted Average Pound/Dollar Exchange Rate	1.213			1.339			1.221			1.378
Operating Ratios (% of Premium Income):
Benefit Ratio	68.5		%	81.2		%	78.2		%	80.0		%
Other Expense Ratio	19.3		%	16.8		%	18.8		%	18.0		%
Adjusted Operating Income Ratio	23.2		%	15.2		%	22.4		%	15.7		%
Persistency:
Group Long-term Disability	90.1		%	88.1		%	85.1		%	89.3		%
Group Life	81.5		%	88.0		%	87.9		%	86.5		%
Supplemental	88.9		%	90.4		%	92.8		%	90.9		%

Unum Group Financial Results for Colonial Life Segment

	Three Months Ended						Year Ended
	3/31/2023			3/31/2022			12/31/2022			12/31/2021
				As Adjusted			As Adjusted
Adjusted Operating Revenue
Premium Income
Accident, Sickness, and Disability	$	235.7		$	239.7		$	948.9		$	953.3
Life	105.3			101.7			401.1			384.7
Cancer and Critical Illness	88.5			89.3			352.0			352.2
Total Premium Income	429.5			430.7			1,702.0			1,690.2
Net Investment Income	37.3			38.1			152.7			172.0
Other Income	0.2			0.3			1.1			1.0
Total	467.0			469.1			1,855.8			1,863.2
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain	227.7			229.3			826.1			911.7
Commissions	89.3			85.6			340.0			320.1
Deferral of Acquisition Costs	(75.2)			(70.0)			(271.8)			(252.6)
Amortization of Deferred Acquisition Costs	48.3			44.6			172.0			159.2
Other Expenses	83.0			76.7			321.4			297.0
Total	373.1			366.2			1,387.7			1,435.4
Adjusted Operating Income	$	93.9		$	102.9		$	468.1		$	427.8
Operating Ratios (% of Premium Income):
Benefit Ratio	53.0		%	53.2		%	48.5		%	53.9		%
Other Expense Ratio	19.3		%	17.8		%	18.9		%	17.6		%
Adjusted Operating Income Ratio	21.9		%	23.9		%	27.5		%	25.3		%
Persistency:
Accident, Sickness, and Disability	72.5		%	74.5		%	73.3		%	75.4		%
Life	84.1		%	85.4		%	84.5		%	85.5		%
Cancer and Critical Illness	81.7		%	82.2		%	82.3		%	82.4		%

Unum Group Financial Results for Closed Block Segment

	Three Months Ended						Year Ended
	3/31/2023			3/31/2022			12/31/2022			12/31/2021
				As Adjusted			As Adjusted
Adjusted Operating Revenue
Premium Income
Long-term Care	$	175.1		$	174.8		$	697.4		$	704.3
All Other	56.5			65.1			246.9			291.5
Total Premium Income	231.6			239.9			944.3			995.8
Net Investment Income	257.2			274.8			1,070.6			1,159.0
Other Income	13.5			16.0			58.0			65.1
Total	502.3			530.7			2,072.9			2,219.9
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain	402.8			417.5			1,648.0			1,658.4
Commissions	19.1			19.5			75.7			80.5
Other Expenses	40.5			40.9			172.3			194.2
Total	462.4			477.9			1,896.0			1,933.1
Income Before Income Tax and Net Investment Gains and Losses	39.9			52.8			176.9			286.8
Amortization of the Cost of Reinsurance	11.0			13.4			50.3			69.8
Non-Contemporaneous Reinsurance	7.3			12.4			34.4			32.9
Transaction Costs Related to Closed Block Individual Disability Reinsurance Transaction	—			—			—			6.2
Adjusted Operating Income	$	58.2		$	78.6		$	261.6		$	395.7
Interest Adjusted Loss Ratios:
Long-term Care	86.6		%	82.2		%	83.6		%	81.9		%
Operating Ratios (% of Premium Income):
Other Expense Ratio1	12.7		%	11.5		%	12.9		%	11.9		%
Income Ratio	17.2		%	22.0		%	18.7		%	28.8		%
Adjusted Operating Income Ratio	25.1		%	32.8		%	27.7		%	39.7		%
Persistency:
Long-term Care	95.4		%	95.4		%	95.7		%	95.6		%
1Excludes amortization of the cost of reinsurance. Also excluded are transaction costs related to the second phase of the Closed Block individual disability reinsurance transaction that occurred during the first quarter of 2021.

Unum Group Financial Results for Corporate Segment

	Three Months Ended				Year Ended
	3/31/2023		3/31/2022		12/31/2022		12/31/2021
Adjusted Operating Revenue
Net Investment Income	$	26.1	$	8.8	$	52.5	$	27.9
Other Income	0.2		2.2		4.8		6.2
Total	26.3		11.0		57.3		34.1
Interest, Debt, and Other Expenses	59.8		51.4		221.6		305.3
Loss Before Income Tax and Net Investment Gains and Losses	(33.5)		(40.4)		(164.3)		(271.2)
Impairment Loss on Internal-Use Software	—		—		—		12.1
Cost Related to Early Retirement of Debt	—		—		—		67.3
Impairment Loss on ROU Asset	—		—		—		13.9
Adjusted Operating Loss	$	(33.5)	$	(40.4)	$	(164.3)	$	(177.9)

Unum Group Investments

	3/31/2023						3/31/2023			12/31/2022
Fixed Maturity Securities (Fair Value)						Selected Statistics
Public	$	22,961.8		63.5	%	Earned Book Yield	4.35		%	4.57		%
Mortgage-Backed/Asset-Backed Securities	576.3			1.6		Average Duration (in years)	8.01			7.75
Private Placements	5,594.0			15.5
High Yield	1,966.0			5.4
Government Securities	1,417.3			3.9
Municipal Securities	3,641.2			10.1
Redeemable Preferred Stocks	3.6			—
Total	$	36,160.2		100.0	%
	3/31/2023
	Amortized Cost			Fair Value		Private Equity Partnerships	3/31/2023			12/31/2022
Quality Ratings of Fixed Maturity Securities						Private Credit Partnerships	$	283.5		$	275.0
Aaa	5.2		%	5.4	%	Private Equity Partnerships	499.7			485.3
Aa	11.9			11.6		Real Asset Partnerships	445.6			434.0
A	27.4			27.9		Total	$	1,228.8		$	1,194.3
Baa	50.0			49.7
Below Baa	5.5			5.4			3/31/2023			12/31/2022
Total	100.0		%	100.0	%	Non-Current Investments	$	—		$	—

Unum Group Investments at March 31, 2023

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	$	2,633.9	$	(140.5)	$	1,881.2	$	194.6	$	752.7	$	54.1
Capital Goods	3,277.4		(132.2)		2,060.8		227.6		1,216.6		95.4
Communications	2,361.2		(88.4)		1,289.7		197.4		1,071.5		109.0
Consumer Cyclical	1,443.1		(90.3)		1,102.7		116.8		340.4		26.5
Consumer Non-Cyclical	5,950.4		(357.5)		3,836.5		526.4		2,113.9		168.9
Energy	2,779.0		(6.6)		1,301.1		120.9		1,477.9		114.3
Financial Institutions	3,593.5		(374.8)		3,117.6		404.2		475.9		29.4
Mortgage/Asset-Backed	576.3		(10.4)		393.3		20.3		183.0		9.9
Sovereigns	876.0		(59.1)		337.6		105.5		538.4		46.4
Technology	1,596.0		(141.2)		1,415.1		152.5		180.9		11.3
Transportation	1,646.5		(124.0)		1,198.3		155.0		448.2		31.0
U.S. Government Agencies and Municipalities	4,182.5		(359.5)		2,464.8		520.4		1,717.7		160.9
Public Utilities	5,244.4		(57.1)		2,149.2		285.0		3,095.2		227.9
Total	$	36,160.2	$	(1,941.6)	$	22,547.9	$	3,026.6	$	13,612.3	$	1,085.0
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	$	2,146.1	$	(38.2)					$	122.8	$	(1.5)
91 through 180 days	141.2		(19.7)						0.8		—
181 through 270 days	4,056.1		(169.2)						193.3		(6.3)
271 days to 1 year	5,428.1		(486.0)						440.2		(31.8)
Greater than 1 year	9,216.9		(2,163.6)						802.4		(110.3)
Total	$	20,988.4	$	(2,876.7)					$	1,559.5	$	(149.9)

14.1

Appendix to Statistical Supplement

2023 Significant Items:

•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 is 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. We adjusted all prior period operating results, balance sheets, and related metrics throughout this document.

2022 Significant Items

•Third quarter of 2022 reserve assumption updates resulting in reserve reductions of $121.0 million and $34.0 million before tax, or $95.6 million and $26.9 million after tax, in our Unum US group long-term disability and group life product lines, respectively.

2021 Significant Items

•Third quarter of 2021 reserve assumption updates resulting in a reserve reduction of $215.0 million before tax, or $169.9 million after tax, in our Unum US group long-term disability product line.

•Third quarter of 2021 impairment loss of $12.1 million before tax, or $9.6 million after tax, on previously capitalized internal-use software that we no longer plan to utilize.

•Second quarter of 2021 cost related to the early retirement of debt of $67.3 million before tax, or $53.2 million after tax.

•Second quarter of 2021 impairment loss of $13.9 million, or $11.0 million after tax, on a right-of-use (ROU) asset related to an operating lease for office space that we do not plan to continue using to support our general operations.

•Second quarter of 2021 U.K. tax rate increase from 19 percent to 25 percent, effective April 1, 2023, which resulted in $23.6 million of additional tax expense through continuing operations for the revaluation of our deferred tax assets and liabilities.

•In December 2020, we completed the first phase of a reinsurance transaction, pursuant to which Provident Life and Accident Insurance Company, The Paul Revere Life Insurance Company, and Unum Life Insurance Company of America, wholly-owned domestic insurance subsidiaries of Unum Group, and collectively referred to as "the ceding companies", each entered into separate reinsurance agreements with Commonwealth Annuity and Life Insurance Company (Commonwealth), to reinsure on a coinsurance basis effective as of July 1, 2020, approximately 75 percent of the Closed Block individual disability business, primarily direct business written by the ceding companies. On March 31, 2021, we completed the second phase of the reinsurance transaction, pursuant to which the ceding companies and Commonwealth amended and restated their respective reinsurance agreements to reinsure on a coinsurance and modified coinsurance basis effective as of January 1, 2021, a substantial portion of the remaining Closed Block individual disability business that was not ceded in December 2020, primarily business previously assumed by the ceding companies.

In December 2020, Provident Life and Casualty Insurance Company (PLC), also a wholly-owned domestic insurance subsidiary of Unum Group, entered into an agreement with Commonwealth whereby PLC will provide a 12-year volatility cover to Commonwealth for the active life cohort (ALR cohort). On March 31, 2021, PLC and Commonwealth amended and restated this agreement to incorporate the ALR cohort related to the additional business that was reinsured between the ceding companies and Commonwealth as part of the second phase of the transaction. As part of the amended and restated volatility cover, PLC received a payment from Commonwealth of approximately $18 million.

Appendix to Statistical Supplement - Continued

In connection with the second phase of the reinsurance transaction, Commonwealth paid a total ceding commission to the ceding companies of $18.2 million. The ceding companies transferred assets of $767.0 million, which consisted primarily of cash and fixed maturity securities. In addition, we originally recognized the following in the first quarter of 2021 related to the second phase:

•Net realized investment gains totaling $67.6 million, or $53.4 million after tax, related to the transfer of investments.

•Prior to the implementation of ASU 2018-12, an increase in benefits and change in reserves for future benefits of $133.1 million, or $105.1 million after tax, resulting from the realization of previously unrealized investment gains and losses recorded in accumulated other comprehensive income.

•Transaction costs totaling $6.2 million, or $5.0 million after tax.

•Prior to the implementation of ASU 2018-12, reinsurance recoverable of $990.0 million related to the policies on claim status (DLR cohort).

•Payable of $307.2 million related to the portfolio of invested assets associated with the business ceded on a modified coinsurance basis.

•Prior to the implementation of ASU 2018-12, cost of reinsurance, or prepaid reinsurance premium, of $43.1 million related to the DLR cohort.

•Deposit asset of $5.0 million related to the ALR cohort.

In applying ASU 2018-12 to the second phase of our Closed Block individual disability reinsurance transaction, we recognized the following changes:

•The ceded reserves were valued using a discount rate reflective of an upper-medium grade fixed-income instrument as of the transaction date and the increase in benefits and change in reserves for future benefits of $133.1 million described above was reversed, resulting in a net $142.5 million decrease to the cost of reinsurance, or prepaid reinsurance premium related to the DLR cohort, and a net $142.5 million increase to the reinsurance recoverable related to the DLR cohort.

15.1

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, and non-contemporaneous reinsurance, as well as certain other items, as applicable;

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

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

As previously discussed, we have 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.

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

15.2

Reconciliation of Non-GAAP Financial Measures

	Three Months Ended
	March 31		December 31		September 30		June 30		March 31
	2023		2022
Total Revenue	$	3,036.1	$	3,004.8	$	2,959.1	$	3,039.6	$	2,980.6
Excluding:
Net Investment Gain (Loss)	0.1		6.6		(4.4)		(4.1)		(13.8)
Adjusted Operating Revenue	$	3,036.0	$	2,998.2	$	2,963.5	$	3,043.7	$	2,994.4

15.3

Reconciliation of Non-GAAP Financial Measures - Continued

	After-Tax Adjusted Operating Income (Loss)		Average Allocated Equity1		Annualized Adjusted Operating Return on Equity
Three Months Ended March 31, 2023
Unum US	$	246.9	$	4,629.5	21.3	%
Unum International	33.2		770.9		17.2	%
Colonial Life	74.0		1,691.9		17.5	%
Core Operating Segments	354.1		7,092.3		20.0	%
Closed Block	43.8		5,140.3
Corporate	(25.3)		(650.6)
Total	$	372.6	$	11,582.0	12.9	%
Three Months Ended March 31, 2022
Unum US	$	133.1	$	4,550.9	11.7	%
Unum International	30.5		782.5		15.6	%
Colonial Life	81.3		1,612.9		20.2	%
Core Operating Segments	244.9		6,946.3		14.1	%
Closed Block	61.6		4,592.7
Corporate	(35.1)		(960.6)
Total	$	271.4	$	10,578.4	10.3	%

15.4

Reconciliation of Non-GAAP Financial Measures - Continued

	After-Tax Adjusted Operating Income (Loss)		Average Allocated Equity1		Adjusted Operating Return on Equity
Year Ended December 31, 2022
Unum US	$	781.1	$	4,675.8	16.7	%
Unum International	167.6		781.6		21.4	%
Colonial Life	369.5		1,642.5		22.5	%
Core Operating Segments	1,318.2		7,099.9		18.6	%
Closed Block	201.8		4,873.7
Corporate	(156.2)		(979.8)
Total	$	1,363.8	$	10,993.8	12.4	%
Year Ended December 31, 2021
Unum US	$	328.9	$	4,481.3	7.3	%
Unum International	87.6		808.0		10.8	%
Colonial Life	337.8		1,597.9		21.1	%
Core Operating Segments	754.3		6,887.2		11.0	%
Closed Block	249.3		4,265.6
Corporate	(69.7)		(1,046.1)
Total	$	933.9	$	10,106.7	9.2	%

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 hedges and is calculated using the stockholders' equity balances presented on page 15.6. Due to the implementation of ASU 2018-12 for which the beginning balances of 2021 for certain stockholders' equity line items were adjusted, we are computing the average allocated equity for 2021 using internally allocated equity that reflects the adjusted beginning balance at January 1, 2021. As a result, average equity for the year ended December 31, 2021 for certain of our segments will not compute using the historical allocated equity at December 31, 2020.

15.5

Reconciliation of Non-GAAP Financial Measures - Continued

Average allocated equity is computed as follows:

	3/31/2023		12/31/2022		3/31/2022		12/31/2021		1/1/2021
Total Stockholders' Equity	$	9,247.4	$	8,735.0	$	6,887.8	$	6,033.9	$	4,166.0
Excluding:
Net Unrealized Gain (Loss) on Securities	(2,205.2)		(3,028.4)		1,120.6		4,014.4		5,315.8
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits	(260.0)		313.9		(4,912.6)		(8,570.7)		(10,932.5)
Net Gain (Loss) on Hedges	7.8		(9.6)		51.4		61.8		97.8
Total Adjusted Stockholders' Equity	$	11,704.8	$	11,459.1	$	10,628.4	$	10,528.4	$	9,684.9
	Three Months Ended		Twelve Months Ended		Three Months Ended		Twelve Months Ended
	3/31/2023		12/31/2022		3/31/2022		12/31/2021
Average Adjusted Stockholders' Equity	$	11,582.0	$	10,993.8	$	10,578.4	$	10,106.7

15.6

Reconciliation of Non-GAAP Financial Measures - Continued

	Three Months Ended March 31
	2023				2022
	(in millions)		per share*		(in millions)		per share*
Net Income	$	358.3	$	1.80	$	240.4	$	1.18
Excluding:
Net Investment Gain (Loss) (net of tax benefit of $—; $3.2)	0.1		—		(10.6)		(0.05)
Amortization of the Cost of Reinsurance (net of tax benefit of $2.3; $2.8)	(8.7)		(0.04)		(10.6)		(0.05)
Non-Contemporaneous Reinsurance (net of tax benefit of $1.6; $2.6)	(5.7)		(0.03)		(9.8)		(0.05)
After-tax Adjusted Operating Income	$	372.6	$	1.87	$	271.4	$	1.33
*Assuming Dilution.

15.7

Reconciliation of Non-GAAP Financial Measures - Continued

	Year Ended December 31
	2022				2021
	(in millions)		per share *		(in millions)		per share *
Net Income	$	1,407.2	$	6.96	$	981.0	$	4.79
Excluding:
Net Investment Gains and Losses
Net Realized Investment Gain Related to Reinsurance Transaction (net of tax expense of $—; $14.2)	—		—		53.4		0.26
Net Investment Gain (Loss), Other (net of tax expense (benefit) of $(3.5); $1.9)	(12.2)		(0.07)		7.2		0.03
Total Net Investment Gain (Loss)	(12.2)		(0.07)		60.6		0.29
Items Related to Closed Block Individual Disability Reinsurance Transaction
Amortization of the Cost of Reinsurance (net of tax benefit of $10.6; $14.7)	(39.7)		(0.20)		(55.1)		(0.27)
Non-Contemporaneous Reinsurance (net of tax benefit of $7.2; $7.0)	(27.2)		(0.13)		(25.9)		(0.12)
Transaction Costs (net of tax benefit of $—; $1.2)	—		—		(5.0)		(0.02)
Total Items Related to Closed Block Individual Disability Reinsurance Transaction	(66.9)		(0.33)		(86.0)		(0.41)
Reserve Assumption Updates (net of tax expense of $32.5; $45.1)	122.5		0.61		169.9		0.83
Impairment Loss on Internal-Use Software (net of tax benefit of $—; $2.5)	—		—		(9.6)		(0.05)
Cost Related to Early Retirement of Debt (net of tax benefit of $—; $14.1)	—		—		(53.2)		(0.26)
Impairment Loss on ROU Asset (net of tax benefit of $—; $2.9)	—		—		(11.0)		(0.05)
Impact of U.K. Tax Rate Increase	—		—		(23.6)		(0.12)
After-tax Adjusted Operating Income	$	1,363.8	$	6.75	$	933.9	$	4.56
*Assuming Dilution.

15.8

Reconciliation of Non-GAAP Financial Measures - Continued

	March 31						December 31
	2023			2022			2022			2021
Debt	$	3,430.5		$	3,442.9		$	3,429.8		$	3,442.2
Including:
Lease Liability	67.3			78.1			67.9			82.6
Adjusted Debt and Lease Liability	$	3,497.8		$	3,521.0		$	3,497.7		$	3,524.8
Total Stockholders' Equity	$	9,247.4		$	6,887.8		$	8,735.0		$	6,033.9
Excluding:
Net Unrealized Gain (Loss) on Securities	(2,205.2)			1,120.6			(3,028.4)			4,014.4
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits	(260.0)			(4,912.6)			313.9			(8,570.7)
Net Gain (Loss) on Hedges	7.8			51.4			(9.6)			61.8
Equity, As Adjusted	11,704.8			10,628.4			11,459.1			10,528.4
Debt, As Adjusted and Lease Liability	3,497.8			3,521.0			3,497.7			3,524.8
Total Adjusted Capital	$	15,202.6		$	14,149.4		$	14,956.8		$	14,053.2
Leverage Ratio	23.0		%	24.9		%	23.4		%	25.1		%
	Three Months Ended
---	---	---	---	---	---	---	---
	March 31, 2023		March 31, 2022
	Premium Income		Premium Income in Local Currency1		Weighted Average Exchange Rate2	Premium Income in Constant Currency
Unum International
Unum UK	$	162.7	£	122.7	1.215	$	149.1
Unum Poland	25.9		zł	95.6	0.228	21.8
Total	188.6					170.9
Unum US	1,609.6		$	1,543.0		1,543.0
Colonial Life	429.5		$	430.7		430.7
Core Operations	$	2,227.7				$	2,144.6

1Premium income shown in millions of pounds for Unum UK, millions of zlotys for Unum Poland, and U.S. dollars for Unum US and Colonial Life.

2Exchange rate is calculated using the average foreign currency exchange rates for the most recent period, applied to the comparable prior period.

15.9