0000005513FALSE00000055132025-11-032025-11-030000005513us-gaap:CommonClassAMemberexch:XNYS2025-11-032025-11-030000005513unm:A6250JuniorSubordinatedNotesDue2058Memberexch:XNYS2025-11-032025-11-03

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): November 3, 2025

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.

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Item 2.02    Results of Operations and Financial Condition.

On November 3, 2025, Unum Group (the "Company") issued a news release reporting its results for the third quarter of 2025, a copy of which is furnished herewith as Exhibit 99.1 and incorporated herein by reference.

Also on November 3, 2025, the Company posted on its website at www.unum.com the Statistical Supplement relating to its financial results for the third quarter of 2025. 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 November 3, 2025, concerning earnings for the third quarter of 2025.
99.2						Statistical Supplement of Unum Group for the third quarter of 2025.
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: November 3, 2025			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-Baer [email protected]

INVESTORS

Matt Royal [email protected]

Unum Group Reports Third Quarter 2025 Results

•Net income of $39.7 million ($0.23 per diluted common share) for the third quarter of 2025; after-tax adjusted operating income was $357.1 million ($2.09 per diluted common share).

•Core operations remained strong with 2.9 percent premium growth on a constant currency basis, and 21.4 percent adjusted operating return on equity; these results drove robust traditional U.S. life insurance company statutory operating earnings of approximately $300 million when adjusted for the impacts of the closing of our external long-term care reinsurance transaction.

•Completed our annual GAAP reserve assumption updates, resulting in an after-tax net reserve increase of $377.8 million; the increase reflects strategic actions and experience updates in long-term care, partially offset by favorable trends in core businesses lines; the long-term care updates include de minimis expected statutory impacts without any capital contributions.

•Strong balance sheet with holding company liquidity of $2.0 billion and weighted average risk-based capital ratio of approximately 455 percent, well above target levels and positions us to achieve full-year outlook; returned approximately $980 million to shareholders year-to-date, including $250 million of share repurchase and $78.3 million in common stock dividends during the quarter.

•Book value per common share of $64.56 grew 8.8 percent over the year-ago quarter; book value per common share excluding accumulated other comprehensive income (AOCI) of $77.39 grew 4.4 percent over the year-ago quarter.

CHATTANOOGA, Tenn. (November 3 2025) - Unum Group (NYSE: UNM) today reported net income of $39.7 million ($0.23 per diluted common share) for the third quarter of 2025, compared to net income of $645.7 million ($3.46 per diluted common share) for the third quarter of 2024.

Included in net income for the third quarter of 2025 are the after-tax amortization of the cost of reinsurance of $38.3 million ($0.22 per diluted common share), the after-tax amortization of the deferred gain on reinsurance of $3.6 million ($0.02 per diluted common share), the after-tax impact of non-contemporaneous reinsurance of $6.1 million ($0.04 per diluted common share), an after-tax net reserve increase related to assumption updates of $377.8 million ($2.21 per diluted common share), and a net after-tax investment gain on the Company’s investment portfolio of $101.2 million ($0.59 per diluted common share). 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). Excluding the items above, after-tax adjusted operating income was $357.1 million ($2.09 per diluted common share) in the third quarter of 2025, compared to $398.0 million ($2.13 per diluted common share) in the third quarter of 2024.

“We delivered solid top and bottom-line performance across our core businesses in the third quarter. Our premium and sales growth reflect sustained demand and customer retention for our market leading offerings,” said Richard P. McKenney, president and chief executive officer. “We continue to return capital to shareholders through dividends and share repurchases, while actively managing and reducing exposure in the closed block. With strong capital levels, solid fundamentals, and a clear strategic focus, we remain committed to disciplined execution and confident in our ability to drive long-term growth and create lasting value.”

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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 or losses, certain impacts from reinsurance transactions, and 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, impairment 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 U.S. generally accepted accounting principles (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 a decrease of 7.8 percent in adjusted operating income to $334.9 million in the third quarter of 2025, which excludes the amortization of the deferred gain on reinsurance of $4.6 million, the impact of non-contemporaneous reinsurance of $0.4 million, as well as the net reserve decrease related to the assumption updates of $147.7 million, compared to $363.3 million in the third quarter of 2024, which excludes the net reserve decrease related to the assumption updates of $143.6 million. Premium income increased 1.9 percent to $1,755.4 million in the third quarter of 2025, compared to $1,723.5 million in the third quarter of 2024. Net investment income decreased 5.7 percent to $151.9 million in the third quarter of 2025, compared to the $161.0 million in the third quarter of 2024.

Within the Unum US operating segment, the group disability line of business reported a 14.8 percent decrease in adjusted operating income to $133.5 million in the third quarter of 2025, compared to $156.7 million in the third quarter of 2024, which exclude the reserve decreases of $105.8 million and $90.0 million related to the assumption updates during the third quarters of 2025 and 2024, respectively. Premium income for the group disability line of business was $785.2 million in the third quarter of 2025, which decreased compared to $793.4 million in the third quarter of 2024, driven primarily by the expected run off in medical stop-loss premium and lower persistency, partially offset by an increase in premium income due to sales. Net investment income decreased 4.3 percent to $75.3 million in the third quarter of 2025, compared to $78.7 million in the third quarter of 2024, due to a decrease in the level of invested assets. Excluding the reserve assumption updates, the benefit ratio for the third quarter of 2025 was 61.3 percent, compared to 59.1 percent in the third quarter of 2024, due to lower recoveries in our long-term disability product line and higher average claim size in our short-term disability product line. Group long-term disability sales were $28.4 million in the third quarter of 2025, an increase of 16.4 percent from $24.4 million in the third quarter of 2024. Group short-term disability sales were $24.9 million in the third quarter of 2025, an increase of 56.6 percent from $15.9 million in the third quarter of 2024. Persistency in the group long-term disability product line was 90.6 percent for the first nine months of 2025, compared to 93.5 percent for the first nine months of 2024. Persistency in the group short-term disability product line was 88.6 percent for the first nine months of 2025, compared to 91.9 percent for the first nine months of 2024.

The group life and accidental death and dismemberment line of business reported a 6.3 percent decrease in adjusted operating income to $88.1 million in the third quarter of 2025, compared to $94.0 million in the third quarter of 2024, which exclude the reserve decreases of $3.1 million and $13.0 million related to the assumption updates in the third quarter of 2025 and 2024, respectively. Premium income for this line of business increased 4.5 percent to $517.2 million in the third quarter of 2025, compared to the $494.9 million in the third quarter of 2024, due to sales and in-force block growth, partially offset by lower persistency. Net investment income decreased 4.1 percent to $21.2 million in the third quarter of 2025, compared to $22.1 million in the third quarter of 2024, due to a lower level of invested assets. Excluding the reserve assumption updates, the benefit ratio in the third quarter of 2025 was 66.0 percent, compared to 65.0 percent in the third quarter of 2024, due to higher average claim size in our group life product line, partially offset by lower incidence in our accidental death and dismemberment product line. Group life and accidental death and dismemberment sales were $33.1 million in the third quarter of 2025, an increase of 24.9 percent from $26.5 million in the third quarter of 2024. Persistency in the group life product line was 89.8 percent for the first nine months of 2025, compared to 92.0 percent for the first nine months of 2024. Persistency in the accidental death and dismemberment product line was 88.6 percent for the first nine months of 2025, compared to 91.2 percent for the first nine months of 2024.

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The supplemental and voluntary line of business reported an increase of 0.6 percent in adjusted operating income to $113.3 million in the third quarter of 2025, which excludes the amortization of the deferred gain on reinsurance of $4.6 million, the impact of non-contemporaneous reinsurance of $0.4 million, and the net reserve decrease related to the assumption update of $38.8 million, compared to $112.6 million in the third quarter of 2024, which excludes the net reserve decrease related to the assumption update of $40.6 million. Premium income for the supplemental and voluntary line of business increased 4.1 percent to $453.0 million in the third quarter of 2025, compared to $435.2 million in the third quarter of 2024, due to the continued impacts from the recapture of a previously ceded block of business in the individual disability product line in the first quarter of 2025, higher prior period sales in the voluntary benefits product line, and favorable persistency in the voluntary benefits and dental and vision product lines, partially offset by the impact of ceding a portion of the individual disability product line as a part of the Closed Block long-term care and Unum US individual disability reinsurance transaction (Fortitude Re reinsurance transaction). Net investment income decreased 8.0 percent to $55.4 million in the third quarter of 2025, compared to $60.2 million in the third quarter of 2024, primarily due to a lower level of invested assets and a decrease in the yield on invested assets. The benefit ratio for the voluntary benefits product line, which excludes the reserve decrease of $11.1 million and the reserve increase of $12.2 million related to the assumption updates during the third quarters of 2025 and 2024, respectively, was 46.2 percent in the third quarter of 2025, compared to 45.8 percent in the third quarter of 2024, due to unfavorable benefit experience in the accident product. The benefit ratio for the individual disability product line was 36.9 percent, for the third quarter of 2025, which excludes the impacts of non-contemporaneous reinsurance of 0.4 million and the reserve decrease of $27.7 million, compared to 42.8 percent in the third quarter of 2024, which excludes the reserve decrease of $52.8 million, due to higher claim resolutions resulting from higher recoveries and mortality, partially offset by higher claim incidence. The benefit ratio for the dental and vision product line was 76.5 percent for the third quarter of 2025, compared to 74.6 percent in the third quarter of 2024, due primarily to higher claim incidence. Relative to the third quarter of 2024, sales in the voluntary benefits product line increased 2.2 percent in the third quarter of 2025 to $46.6 million. Sales in the individual disability product line increased 16.7 percent to $34.3 million in the third quarter of 2025. Sales in the dental and vision product line decreased 5.6 percent in the third quarter of 2025 to $11.8 million. Persistency in the voluntary benefits product line was 76.5 percent for the first nine months of 2025, compared to 76.4 percent for the first nine months of 2024. Persistency in the individual disability product line was 87.7 percent for the first nine months of 2025, compared to 89.0 percent for the first nine months of 2024. Persistency in the dental and vision product line was 83.1 percent for the first nine months of 2025, compared to 81.4 percent for the first nine months of 2024.

Unum International Segment

The Unum International segment reported adjusted operating income of $38.8 million in the third quarter of 2025, a decrease of 3.7 percent from $40.3 million in the third quarter of 2024, which exclude the reserve decrease of $5.4 million and the reserve increase of $7.5 million related to assumption updates during the third quarters of 2025 and 2024, respectively. Premium income increased 14.0 percent to $281.1 million in the third quarter of 2025, compared to $246.6 million in the third quarter of 2024. Net investment income increased 19.1 percent to $36.2 million in the third quarter of 2025, compared to $30.4 million in the third quarter of 2024. Sales increased 30.1 percent to $49.7 million in the third quarter of 2025, compared to $38.2 million in the third quarter of 2024.

The Unum UK line of business reported adjusted operating income, in local currency, of £26.3 million in the third quarter of 2025, a decrease of 10.8 percent from £29.5 million in the third quarter of 2024, which exclude the reserve decrease of £0.7 million and the reserve increase of £6.4 million related to assumption updates during the third quarters of 2025 and 2024, respectively. Premium income was £171.0 million in the third quarter of 2025, an increase of 7.6 percent from £158.9 million in the third quarter of 2024, due primarily to in-force block growth, sales, and favorable persistency in the group life and supplemental product lines. Net investment income was £24.1 million in the third quarter of 2025, an increase of 13.7 percent from £21.2 million in the third quarter of 2024, primarily due to higher income from inflation index-linked bonds. The benefit ratio, excluding the impacts of reserve assumption updates, was 73.8 percent in the third quarter of 2025, compared to 69.5 percent in the third quarter of 2024, due primarily to unfavorable benefit experience in the group long-term disability product line and higher inflation-linked experience in benefits, partially offset by favorable incidence in the group life product line. Sales increased 27.3 percent to £29.4 million in the third quarter of 2025, compared to £23.1 million in the third quarter of 2024. Persistency in the group long-term disability product line was 92.3 percent for the first nine months of both 2025 and

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2024. Persistency in the group life product line was 90.2 percent for the first nine months of 2025, compared to 88.6 percent for the first nine months of 2024. Persistency in the supplemental product line was 93.6 percent for the first nine months of 2025, compared to 90.4 percent for the first nine months of 2024.

Colonial Life Segment

Colonial Life reported adjusted operating income of $116.6 million in the third quarter of 2025, a 2.8 percent increase compared to $113.4 million in the third quarter of 2024, which exclude the reserve decreases of $8.9 million and $46.0 million related to the assumption updates during the third quarters of 2025 and 2024, respectively. Premium income increased 3.3 percent to $456.5 million in the third quarter of 2025, compared to $441.9 million in the third quarter of 2024, due to favorable overall persistency and prior period sales. Net investment income increased 11.9 percent to $44.3 million in the third quarter of 2025, compared to $39.6 million in the third quarter of 2024, due to an increase in the level of invested assets and an increase in the yield on invested assets. The benefit ratio, excluding the impacts of the reserve assumption updates, was 48.2 percent in the third quarter of 2025, compared to 47.6 percent in the third quarter of 2024, primarily due to unfavorable benefit experience in the cancer and critical illness product line. Sales increased 3.1 percent to $124.6 million in the third quarter of 2025, compared to $120.9 million in the third quarter of 2024. Persistency in the Colonial Life segment was 78.7 percent for the first nine months of 2025, compared to 78.0 percent for the first nine months of 2024.

Closed Block Segment

The Closed Block segment reported adjusted operating income of $14.1 million in the third quarter of 2025, which excludes the amortization of the cost of reinsurance of $48.6 million and the impact of non-contemporaneous reinsurance of $7.3 million as well as the net reserve increase related to the assumption updates of $640.5 million, compared to $34.2 million in the third quarter of 2024, which excludes the amortization of the cost of reinsurance of $10.4 million and the impact of non-contemporaneous reinsurance of $6.0 million as well as the net reserve decrease related to the assumption updates of $175.3 million. Premium income for this segment is largely driven by our long-term care product line, and in the third quarter of 2025, premium income for long-term care decreased 8.7 percent to $158.6 million, compared to $173.7 million in the third quarter of 2024, primarily driven by the impact of the Fortitude Re reinsurance transaction. Net investment income decreased 21.0 percent to $224.7 million in the third quarter of 2025, compared to $284.3 million in the third quarter of 2024. primarily driven by a decrease in the level of invested assets as a result of the Fortitude Re reinsurance transaction.

Policy benefits including remeasurement loss (gain), excluding the impacts of the reserve assumption updates and non-contemporaneous reinsurance, for the Closed Block segment were lower during the third quarter of 2025 relative to the same period of 2024 driven primarily by the impacts of the Fortitude Re reinsurance transaction, partially offset by an increase in the current period benefit expense resulting from the higher net premium ratio and the impact of capped cohorts, higher average claim size, and lower claim terminations in the long-term care product line. The net premium ratio for long-term care at September 30, 2025 of 97.6 percent was higher than 94.9 percent as of June 30, 2025, due primarily to the impact of the reserve assumption updates in the third quarter of 2025. For more information on the reserve assumption update results see pages 6 and 7.

Corporate Segment

The Corporate segment reported an adjusted operating loss of $47.7 million in the third quarter of 2025, compared to 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, due primarily to increased net investment income, which was driven by an increase in the level of invested assets, and an increase in the yield on invested assets.

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OTHER INFORMATION

Shares Outstanding

The Company’s weighted average number of shares outstanding, assuming dilution, was 170.6 million for the third quarter of 2025, compared to 186.9 million for the third quarter of 2024. Shares outstanding totaled 169.0 million at September 30, 2025. During the third quarter of 2025, the Company repurchased 3.2 million shares at a total cost of $253.3 million.

Capital Management

At September 30, 2025, the weighted average risk-based capital ratio for the Company’s traditional U.S. insurance companies was approximately 455 percent, and the holding companies had available holding company liquidity of $1,982.4 million.

Book Value

Book value per common share as of September 30, 2025 was $64.56, compared to $59.36 at September 30, 2024. Book value per common share excluding AOCI as of September 30, 2025 was $77.39, compared to $74.15 at September 30, 2024.

Effective Tax Rate

The effective tax rate on adjusted operating earnings was 21.8 percent in the third quarter of 2025, compared to 20.7 percent in the third quarter of 2024. The increase in the rate was driven primarily by global intangible low taxed income tax and less favorable prior year tax return true ups in 2025.

Outlook

While our core businesses continue to perform in line with our expectations, lower alternative investment income and the ongoing impacts from the annual assumption review reduced third-quarter after-tax adjusted operating earnings by approximately $0.10 per share, and we expect a comparable effect in the fourth quarter.

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GAAP Reserve Assumption Update Impacts to Net Income

($ in millions)
						Three Months Ended September 30
						2025
Long-term Care
Experience Adjustments
Morbidity Update: Incidence						$	(303.0)
Morbidity Update: Claim Mortality						205.2
Other						(14.7)
Total Impact From Experience Adjustments						(112.5)
Strategic Management Actions
Removal of Morbidity and Mortality Improvement Assumption						(841.4)
Removal of Group Long-term Care New Employees on Existing Contract Provision						(211.9)
Additional Actuarial-justified Premium Rate Increases						522.7
Total Impact From Strategic Management Actions						(530.6)
Total Long-term Care						(643.1)
Closed Block - All Other						2.6
Total Closed Block						(640.5)
Core Operating Segments						162.0
GAAP Reserve Assumption Update Impacts to Income Before Income Tax						(478.5)
Tax Benefit						(100.7)
GAAP Reserve Assumption Update Impacts to Net Income						$	(377.8)

Strategic actions drive assumption update:

•Assumption update results in minimal impacts to statutory reserves.

•Additional future expected policy benefits of approximately $200 million included in the net premium ratio of 97.6 percent.

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Update to Fairwind Insurance Company (Fairwind) Protections and Sensitivities

($ in billions)
												Impact to Fairwind Best Estimate Liability
Key Assumption						Sensitivity						From						To
Morbidity and Mortality Improvement						Remove						$	0.78					Removed
Future Unapproved Premium Rate Increases						Remove						$	0.78					$	1.00
Active Policy Lapses and Mortality						↓7%						$	0.29					$	0.32
Claim Incidence						↑3%						$	0.26					$	0.27
Claim Resolutions						↓2%						$	0.19					$	0.20
New Money Rate / 30-Year UST1						Down to 3.50%						$	0.52					$	0.50
1U.S. Treasury Securities

Significant protection remains to manage fewer key sensitivities:

•The assumption update impact demonstrates our ability to use our Fairwind protections to manage updates and take strategic actions without the need for capital contributions.

•Post update, protection level remains robust at around $2.0 billion and is positioned well against fewer sensitivities following the removal of morbidity and mortality improvement.

•Protection is measured as Fairwind excess capital plus statutory reserves relative to our best estimate of the value of the liability.

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:

•After-tax adjusted operating income or loss, which excludes investment gains or losses, certain impacts from reinsurance transactions, reserve assumption updates, and certain other items;

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

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

•Adjusted operating 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.

Investment gains or losses primarily include realized investment gains or losses, expected investment credit losses, impairment losses, and gains or losses on derivatives. Investment gains or losses and unrealized gains or losses on securities depend on market conditions and do not necessarily relate to decisions regarding the underlying business of our Company. 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.

At times, we utilize reinsurance transactions to manage risk related to certain portions of our business including the exit of portions of our Closed Block businesses. As a result, we exclude the amortization of the cost of reinsurance and the amortization of the deferred gain on reinsurance that are recognized after the closing of these transactions. We also

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exclude the impact of non-contemporaneous reinsurance for these transactions. While the total equity impact of non-contemporaneous reinsurance is neutral, the difference in original discount rates utilized for direct and ceded reserves results in a disproportionate earnings impact. We believe that the exclusion of these items provides a better view of our results from our ongoing businesses.

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

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

CONFERENCE CALL INFORMATION

Members of Unum Group senior management will host a conference call on Tuesday, November 4, 2025, at 8:00 am (Eastern Time) to discuss the results of operations for the third quarter of 2025. 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/Q4I3307990. 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 Tuesday, November 11, 2025 by using the registration URL noted above.

In conjunction with today’s earnings announcement, the Company’s Statistical Supplement for the third quarter of 2025 is available on the “Investors” section of the Company’s website.

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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 2024, Unum Group reported revenues of $12.9 billion and paid $8.0 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 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, claim payments, and pricing 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) changes in, or interpretations or enforcement of, laws and regulations; (5) a cybersecurity attack or other security breach resulting in compromised data or the unauthorized acquisition of confidential data; (6) 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; (7) increased competition from other insurers and financial services companies due to industry consolidation, new entrants to our markets, or other factors; (8) 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; (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) ineffectiveness of our derivatives hedging programs due to changes in forecasted cash flows, the economic environment, counterparty risk, ratings downgrades, capital market volatility, collateral requirements, changes in interest rates, and/or regulation; (11) our use of artificial intelligence technology, as well as changes in artificial intelligence laws and regulations; (12) changes in our financial strength and credit ratings; (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) disruptions to our business or our ability to access data caused by the use and reliance on third party vendors, including vendors providing web and cloud-based applications; (17) ability to generate sufficient internal liquidity and/or obtain external financing; (18) damage to our reputation due to, among other factors, regulatory investigations, legal proceedings, external events, and/or inadequate or failed internal controls and procedures; (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 sustainability 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, 2024. 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.

						9

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Unum Group

FINANCIAL HIGHLIGHTS

(Unaudited)

($ in millions, except share data)
			Three Months Ended September 30												Nine Months Ended September 30
			2025						2024						2025						2024
Revenue
Premium Income			$	2,688.0					$	2,628.8					$	8,138.9					$	7,866.3
Net Investment Income			476.8						527.8						1,550.7						1,586.4
Net Investment Gain (Loss)			128.0						(12.9)						(96.5)						(24.5)
Other Income			85.6						73.3						238.3						222.5
Total Revenue			3,378.4						3,217.0						9,831.4						9,650.7
Benefits and Expenses
Policy Benefits Including Remeasurement Loss (Gain)			2,325.3						1,461.9						6,172.4						5,056.7
Commissions			335.2						315.1						1,021.9						947.8
Interest and Debt Expense			52.2						49.2						156.2						148.6
Deferral of Acquisition Costs			(173.5)						(163.3)						(521.0)						(495.3)
Amortization of Deferred Acquisition Costs			132.3						133.8						389.9						387.9
Other Expenses			652.4						605.7						1,896.9						1,799.2
Total Benefits and Expenses			3,323.9						2,402.4						9,116.3						7,844.9
Income Before Income Tax			54.5						814.6						715.1						1,805.8
Income Tax Expense			14.8						168.9						150.7						375.4
Net Income			$	39.7					$	645.7					$	564.4					$	1,430.4
PER SHARE INFORMATION
Net Income Per Common Share
Basic			$	0.23					$	3.46					$	3.24					$	7.54
Assuming Dilution			$	0.23					$	3.46					$	3.23					$	7.52
Weighted Average Common Shares - Basic (000s)			170,248.1						186,400.7						174,152.5						189,665.1
Weighted Average Common Shares - Assuming Dilution (000s)			170,588.8						186,882.4						174,570.0						190,209.7
Outstanding Shares - (000s)															168,962.2						184,501.2

						10

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Reconciliation of Non-GAAP Financial Measures

			Three Months Ended September 30
			2025												2024
			(in millions)						per share *						(in millions)						per share *
Net Income			$	39.7					$	0.23					$	645.7					$	3.46
Excluding:
Net Investment Gain (Loss)
Net Investment Gain Related to the Reinsurance Agreement (net of tax expense of $28.9; $—)			108.7						0.63						—						—
Net Investment Loss, Other (net of tax benefit of $2.1; $3.1)			(7.5)						(0.04)						(9.8)						(0.05)
Total Net Investment Gain (Loss)			101.2						0.59						(9.8)						(0.05)
Amortization of the Cost of Reinsurance (net of tax benefit of $10.3; $2.2)			(38.3)						(0.22)						(8.2)						(0.04)
Amortization of the Deferred Gain on Reinsurance (net of tax expense of $1.0; $—)			3.6						0.02						—						—
Non-Contemporaneous Reinsurance (net of tax benefit of $1.6; $1.2)			(6.1)						(0.04)						(4.8)						(0.03)
Reserve Assumption Updates (net of tax expense (benefit) of $(100.7); $74.8)			(377.8)						(2.21)						282.6						1.51
Loss on Legal Settlement (net of tax benefit $—; $3.2)			—						—						(12.1)						(0.06)
After-tax Adjusted Operating Income			$	357.1					$	2.09					$	398.0					$	2.13
* Assuming Dilution

			September 30
			2025												2024
			(in millions)						per share						(in millions)						per share
Total Stockholders' Equity (Book Value)			$	10,908.8					$	64.56					$	10,951.4					$	59.36
Excluding:
Net Unrealized Loss on Securities			(1,978.2)						(11.71)						(1,491.2)						(8.08)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits			656.6						3.88						(527.0)						(2.86)
Net Loss on Derivatives			(264.2)						(1.56)						(108.9)						(0.59)
Subtotal			12,494.6						73.95						13,078.5						70.89
Excluding:
Foreign Currency Translation Adjustment			(246.1)						(1.46)						(259.9)						(1.40)
Subtotal			12,740.7						75.41						13,338.4						72.29
Excluding:
Unrecognized Pension and Postretirement Benefit Costs			(335.4)						(1.98)						(342.7)						(1.86)
Total Stockholders' Equity, Excluding Accumulated Other Comprehensive Income (Loss)			$	13,076.1					$	77.39					$	13,681.1					$	74.15

						11

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						Three Months Ended
						September 30, 2025						September 30, 2024
						Premium Income						Premium Income in Local Currency1						Weighted Average Premium Income Exchange Rate2						Premium Income in Constant Currency
Unum International
Unum UK						$	230.6					£	158.9					1.349						$	214.4
Unum Poland						50.5						zł	155.0					0.274						42.5
Total						281.1																		256.9
Unum US						1,755.4						$	1,723.5											1,723.5
Colonial Life						456.5						$	441.9											441.9
Core Operations						$	2,493.0																	$	2,422.3

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.

						After-Tax Adjusted Operating Income (Loss)						Average Allocated Equity1						Annualized Adjusted Operating Return on Equity
Three Months Ended September 30, 2025
Unum US						$	264.9					$	4,428.5					23.9		%
Unum International						29.7						804.6						14.8		%
Colonial Life						92.0						2,008.0						18.3		%
Core Operating Segments						386.6						7,241.1						21.4		%
Closed Block						9.1						4,640.1
Corporate						(38.6)						766.0
Total						$	357.1					$	12,647.2					11.3		%

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

Average allocated equity is computed as follows:

						9/30/2025						6/30/2025
Total Stockholders' Equity						$	10,908.8					$	11,320.0
Excluding:
Net Unrealized Loss on Securities						(1,978.2)						(2,253.7)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits						656.6						1,058.9
Net Loss on Derivatives						(264.2)						(285.0)
Total Adjusted Stockholders' Equity						$	12,494.6					$	12,799.8
						Three Months Ended
						9/30/2025
Average Adjusted Stockholders' Equity						$	12,647.2

						12

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Unum Group

Statistical Supplement Third Quarter 2025

 TABLE OF CONTENTS

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

Interim Results are Unaudited

						Page
			Financial Highlights			1
			Capital Metrics			2
			Ratings			3
			Consolidated Statements of Income			4
			Sales Data by Segment			5
			Consolidated Balance Sheets			6
			Financial Results by Segment			7
			Quarterly Historical Financial Results by Segment			8
			Financial Results and Selected Statistics by Segment
			Unum US			9
			Unum International			10
			Colonial Life			11
			Closed Block			12
			Corporate			13
			Investments			14
			Appendix to Statistical Supplement			15
			See "Appendix to Statistical Supplement" on page 15 for a summary of significant items and page 15.2 for a reconciliation of our non-GAAP financial measures.
			N.M. = not a meaningful percentage

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Unum Group Financial Highlights

			Three Months Ended												Nine Months Ended												Year Ended
			9/30/2025						9/30/2024						9/30/2025						9/30/2024						12/31/2024						12/31/2023
Consolidated U.S. GAAP Results¹
Premium Income			$	2,688.0					$	2,628.8					$	8,138.9					$	7,866.3					$	10,497.4					$	10,046.0
Adjusted Operating Revenue			$	3,245.8					$	3,229.9					$	9,923.3					$	9,675.2					$	12,921.9					$	12,421.9
Net Investment Gain (Loss)			128.0						(12.9)						(96.5)						(24.5)						(34.6)						(36.0)
Amortization of the Deferred Gain on Reinsurance			4.6						—						4.6						—						—						—
Total Revenue			$	3,378.4					$	3,217.0					$	9,831.4					$	9,650.7					$	12,887.3					$	12,385.9
Net Income			$	39.7					$	645.7					$	564.4					$	1,430.4					$	1,779.1					$	1,283.8
Net Income Per Common Share:
Basic			$	0.23					$	3.46					$	3.24					$	7.54					$	9.49					$	6.53
Assuming Dilution			$	0.23					$	3.46					$	3.23					$	7.52					$	9.46					$	6.50
Assets															$	63,678.1					$	64,140.5					$	61,959.3					$	63,255.2
Liabilities															$	52,769.3					$	53,189.1					$	50,998.2					$	53,603.8
Stockholders' Equity															$	10,908.8					$	10,951.4					$	10,961.1					$	9,651.4
Adjusted Stockholders' Equity															$	12,494.6					$	13,078.5					$	12,801.6					$	12,292.6
Adjusted Operating Return on Equity
Unum US			23.9		%				25.5		%				23.1		%				25.7		%				25.2		%				23.1		%
Unum International			14.8		%				16.2		%				15.8		%				15.8		%				15.6		%				16.5		%
Colonial Life			18.3		%				19.2		%				18.6		%				19.6		%				19.7		%				18.1		%
Core Operating Segments			21.4		%				22.8		%				21.1		%				23.1		%				22.7		%				21.2		%
Consolidated			11.3		%				12.4		%				11.4		%				12.8		%				12.7		%				12.7		%

Traditional U.S. Life Insurance Companies' Statutory Results2
Net Gain (Loss) from Operations, After Tax			$	(345.0)					$	315.6					$	436.6					$	1,032.2					$	1,337.0					$	1,351.5
Net Realized Capital Gain (Loss), After Tax			50.1						3.7						(16.5)						(0.9)						(14.6)						(21.6)
Net Income (Loss)			$	(294.9)					$	319.3					$	420.1					$	1,031.3					$	1,322.4					$	1,329.9
Capital and Surplus															$	4,085.2					$	4,425.0					$	3,909.7					$	3,751.3
Weighted Average Risk-based Capital Ratio															~ 455%						~ 470%						~ 430%						~ 415%

1 Generally Accepted Accounting Principles

2 Our traditional U.S. life insurance companies are Provident Life and Accident Insurance Company, Unum Life Insurance Company of America, 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.

1

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Unum Group Capital Metrics

			9/30/2025												9/30/2024												12/31/2024												12/31/2023
			(in millions)						per share						(in millions)						per share						(in millions)						per share						(in millions)						per share
Total Stockholders' Equity (Book Value)			$	10,908.8					$	64.56					$	10,951.4					$	59.36					$	10,961.1					$	61.38					$	9,651.4					$	49.91
Excluding:
Net Unrealized Loss on Securities			(1,978.2)						(11.71)						(1,491.2)						(8.08)						(2,755.2)						(15.43)						(1,919.1)						(9.92)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits			656.6						3.88						(527.0)						(2.86)						1,185.4						6.64						(648.4)						(3.35)
Net Loss on Derivatives			(264.2)						(1.56)						(108.9)						(0.59)						(270.7)						(1.51)						(73.7)						(0.39)
Subtotal			12,494.6						73.95						13,078.5						70.89						12,801.6						71.68						12,292.6						63.57
Excluding:
Foreign Currency Translation Adjustment			(246.1)						(1.46)						(259.9)						(1.40)						(343.0)						(1.93)						(321.1)						(1.66)
Subtotal			12,740.7						75.41						13,338.4						72.29						13,144.6						73.61						12,613.7						65.23
Excluding:
Unrecognized Pension and Postretirement Benefit Costs			(335.4)						(1.98)						(342.7)						(1.86)						(340.2)						(1.90)						(345.7)						(1.79)
Total Stockholders' Equity, Excluding Accumulated Other Comprehensive Loss			$	13,076.1					$	77.39					$	13,681.1					$	74.15					$	13,484.8					$	75.51					$	12,959.4					$	67.02
Dividends Paid			$	229.8					$	1.300					$	219.5					$	1.15					$	296.6					$	1.57					$	277.1					$	1.39

			Three Months Ended												Nine Months Ended												Year Ended
			9/30/2025						9/30/2024						9/30/2025						9/30/2024						12/31/2024						12/31/2023
Shares Repurchased (millions)1			3.2						3.7						10.3						9.7						15.7						5.7
Cost of Shares Repurchased (millions)2			$	253.3					$	202.0					$	759.2					$	504.8					$	979.3					$	252.0
Price (UNM closing price on last trading day of period)															$	77.78					$	59.44					$	73.03					$	45.22
Leverage Ratio															23.4		%				21.3		%				22.9		%				22.1		%
Holding Company Liquidity (millions)															$	1,982					$	1,393					$	1,987					$	1,650

1For the nine months ended September 30, 2025, includes 0.7 million shares related to the settlement of the November 2024 accelerated share repurchase agreement (ASR) which occurred in February 2025.

2Includes commissions of $0.9 million and $1.8 million for the three and nine months ended September 30, 2025, respectively, a de minimis amount for the three and nine months ended September 30, 2024, and a de minimis amount and $0.1 million for the years ended December 31, 2024 and 2023, respectively. There was excise tax of $2.4 million and $7.4 million for the three and nine months ended September 30, 2025, respectively, $2.0 million and $4.8 million of excise tax for the three and nine months ended September 30, 2024, respectively, and $8.3 million and $1.9 million of excise tax for the years ended December 31, 2024 and 2023, respectively. Also included for the year ended December 31, 2024 is $80.3 million related to shares which settled in February 2025 in connection with the November 2024 ASR agreement.

2

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Unum Group Ratings

AM Best

Fitch

Moody's

S&P

Outlook

Stable

Stable

Stable

Stable

Senior Unsecured Debt Ratings

bbb+

BBB

Baa2

BBB

Financial Strength Ratings

Provident Life and Accident Insurance Company

A

A

A2

A

Unum Life Insurance Company of America

A

A

A2

A

First Unum Life Insurance Company

A

A

A2

A

Colonial Life & Accident Insurance Company

A

A

A2

A

The Paul Revere Life Insurance Company

A

A

A2

A

Unum Insurance Company

A

A

A2

NR

Provident Life and Casualty Insurance Company

A

A

NR

NR

Starmount Life Insurance Company

A

NR

NR

NR

Unum Limited

NR

NR

NR

A-

NR = not rated

3

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Unum Group Consolidated Statements of Income

			Three Months Ended												Nine Months Ended												Year Ended
			9/30/2025						9/30/2024						9/30/2025						9/30/2024						12/31/2024						12/31/2023
Revenue
Premium Income			$	2,688.0					$	2,628.8					$	8,138.9					$	7,866.3					$	10,497.4					$	10,046.0
Net Investment Income			476.8						527.8						1,550.7						1,586.4						2,130.0						2,096.7
Net Investment Gain (Loss)			128.0						(12.9)						(96.5)						(24.5)						(34.6)						(36.0)
Other Income			85.6						73.3						238.3						222.5						294.5						279.2
Total Revenue			3,378.4						3,217.0						9,831.4						9,650.7						12,887.3						12,385.9
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain			2,325.3						1,461.9						6,172.4						5,056.7						6,917.9						7,257.1
Commissions			335.2						315.1						1,021.9						947.8						1,258.6						1,170.1
Interest and Debt Expense			52.2						49.2						156.2						148.6						201.1						194.8
Deferral of Acquisition Costs			(173.5)						(163.3)						(521.0)						(495.3)						(651.5)						(632.2)
Amortization of Deferred Acquisition Costs			132.3						133.8						389.9						387.9						521.0						481.4
Other Expenses			652.4						605.7						1,896.9						1,799.2						2,388.9						2,274.6
Total Benefits and Expenses			3,323.9						2,402.4						9,116.3						7,844.9						10,636.0						10,745.8
Income Before Income Tax			54.5						814.6						715.1						1,805.8						2,251.3						1,640.1
Income Tax Expense			14.8						168.9						150.7						375.4						472.2						356.3
Net Income			$	39.7					$	645.7					$	564.4					$	1,430.4					$	1,779.1					$	1,283.8
Weighted Average Shares Outstanding
Basic			170.2						186.4						174.2						189.7						187.5						196.7
Assuming Dilution			170.6						186.9						174.6						190.2						188.1						197.6
Actual Number of Shares Outstanding															169.0						184.5						178.6						193.4

4

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Unum Group Sales Data for Unum US Segment

			Three Months Ended																		Nine Months Ended																		Year Ended
			9/30/2025						9/30/2024						% Change						9/30/2025						9/30/2024						% Change						12/31/2024						12/31/2023
Sales by Product
Group Disability and Group Life and AD&D
Group Long-term Disability			$	28.4					$	24.4					16.4		%				$	116.6					$	143.8					(18.9)		%				$	298.3					$	292.7
Group Short-term Disability			24.9						15.9						56.6						96.1						94.1						2.1						216.5						229.5
Group Life and AD&D			33.1						26.5						24.9						154.7						151.2						2.3						361.5						305.4
Subtotal			86.4						66.8						29.3						367.4						389.1						(5.6)						876.3						827.6
Supplemental and Voluntary
Voluntary Benefits			46.6						45.6						2.2						231.7						233.0						(0.6)						293.7						263.2
Individual Disability			34.3						29.4						16.7						81.4						76.1						7.0						101.7						108.9
Dental and Vision			11.8						12.5						(5.6)						38.5						43.4						(11.3)						95.3						84.1
Subtotal			92.7						87.5						5.9						351.6						352.5						(0.3)						490.7						456.2
Total Sales			$	179.1					$	154.3					16.1						$	719.0					$	741.6					(3.0)						$	1,367.0					$	1,283.8
Sales by Market Sector
Group Disability and Group Life and AD&D
Core Market (< 2,000 employees)			$	52.3					$	52.1					0.4		%				$	218.4					$	247.1					(11.6)		%				$	512.6					$	521.3
Large Case Market			34.1						14.7						132.0						149.0						142.0						4.9						363.7						306.3
Subtotal			86.4						66.8						29.3						367.4						389.1						(5.6)						876.3						827.6
Supplemental and Voluntary			92.7						87.5						5.9						351.6						352.5						(0.3)						490.7						456.2
Total Sales			$	179.1					$	154.3					16.1						$	719.0					$	741.6					(3.0)						$	1,367.0					$	1,283.8

5

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Unum Group Sales Data for Unum International Segment

			Three Months Ended																		Nine Months Ended																		Year Ended
(in millions of dollars)			9/30/2025						9/30/2024						% Change						9/30/2025						9/30/2024						% Change						12/31/2024						12/31/2023
Sales by Product
Unum UK
Group Long-term Disability			$	19.2					$	8.4					128.6		%				$	40.3					$	40.3					—		%				$	47.3					$	48.3
Group Life			16.0						17.0						(5.9)						51.9						53.1						(2.3)						68.3						61.4
Supplemental			4.4						4.8						(8.3)						25.0						30.1						(16.9)						34.9						28.0
Unum Poland			10.1						8.0						26.3						34.4						24.6						39.8						36.4						33.2
Total Sales			$	49.7					$	38.2					30.1						$	151.6					$	148.1					2.4						$	186.9					$	170.9
Sales by Market Sector
Unum UK
Group Long-term Disability and Group Life
Core Market (< 500 employees)			$	11.0					$	10.0					10.0		%				$	35.7					$	30.7					16.3		%				$	41.8					$	51.2
Large Case Market			24.2						15.4						57.1						56.5						62.7						(9.9)						73.8						58.5
Subtotal			35.2						25.4						38.6						92.2						93.4						(1.3)						115.6						109.7
Supplemental			4.4						4.8						(8.3)						25.0						30.1						(16.9)						34.9						28.0
Unum Poland			10.1						8.0						26.3						34.4						24.6						39.8						36.4						33.2
Total Sales			$	49.7					$	38.2					30.1						$	151.6					$	148.1					2.4						$	186.9					$	170.9
(in millions of pounds)
Unum UK Sales by Product
Group Long-term Disability			£	14.2					£	6.4					121.9		%				£	30.4					£	31.7					(4.1)		%				£	37.2					£	38.8
Group Life			12.0						12.9						(7.0)						39.5						41.5						(4.8)						53.4						49.4
Supplemental			3.2						3.8						(15.8)						19.1						23.8						(19.7)						27.5						22.6
Total Sales			£	29.4					£	23.1					27.3						£	89.0					£	97.0					(8.2)						£	118.1					£	110.8
Unum UK Sales by Market Sector
Group Long-term Disability and Group Life
Core Market (< 500 employees)			£	8.2					£	7.7					6.5		%				£	27.2					£	24.1					12.9		%				£	32.8					£	41.2
Large Case Market			18.0						11.6						55.2						42.7						49.1						(13.0)						57.8						47.0
Subtotal			26.2						19.3						35.8						69.9						73.2						(4.5)						90.6						88.2
Supplemental			3.2						3.8						(15.8)						19.1						23.8						(19.7)						27.5						22.6
Total Sales			£	29.4					£	23.1					27.3						£	89.0					£	97.0					(8.2)						£	118.1					£	110.8

5. 1

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Unum Group Sales Data for Colonial Life Segment

			Three Months Ended																		Nine Months Ended																		Year Ended
			9/30/2025						9/30/2024						% Change						9/30/2025						9/30/2024						% Change						12/31/2024						12/31/2023
Sales by Product
Accident, Sickness, and Disability			$	75.3					$	74.7					0.8		%				$	219.5					$	215.1					2.0		%				$	326.3					$	329.5
Life			31.8						28.5						11.6						87.3						83.1						5.1						127.9						132.1
Cancer and Critical Illness			17.5						17.7						(1.1)						49.6						48.6						2.1						78.0						78.0
Total Sales			$	124.6					$	120.9					3.1						$	356.4					$	346.8					2.8						$	532.2					$	539.6
Sales by Market Sector
Commercial Sector
Core Market (< 1,000 employees)			$	76.4					$	69.9					9.3		%				$	225.5					$	220.4					2.3		%				$	331.9					$	347.4
Large Case Market			14.6						16.0						(8.8)						38.2						37.3						2.4						65.1						62.3
Subtotal			91.0						85.9						5.9						263.7						257.7						2.3						397.0						409.7
Public Sector			33.6						35.0						(4.0)						92.7						89.1						4.0						135.2						129.9
Total Sales			$	124.6					$	120.9					3.1						$	356.4					$	346.8					2.8						$	532.2					$	539.6

5. 2

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Unum Group Consolidated Balance Sheets

			September 30						December 31
			2025						2024
Assets
Investments
Fixed Maturity Securities - at fair value			$	33,190.2					$	35,629.9
Mortgage Loans			2,129.8						2,224.5
Policy Loans			3,584.1						3,617.2
Other Long-term Investments			1,682.2						1,694.4
Short-term Investments			2,602.0						2,540.3
Total Investments			43,188.3						45,706.3
Other Assets
Cash and Bank Deposits			327.9						162.8
Accounts and Premiums Receivable			1,462.2						1,459.0
Reinsurance Recoverable			11,683.2						8,296.4
Accrued Investment Income			735.7						649.8
Deferred Acquisition Costs			2,880.4						2,842.8
Goodwill			354.0						349.1
Property and Equipment			496.6						487.6
Deferred Income Tax			120.3						369.7
Other Assets			2,429.5						1,635.8
Total Assets			$	63,678.1					$	61,959.3

6

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Unum Group Consolidated Balance Sheets - Continued

			September 30						December 31
			2025						2024
Liabilities and Stockholders' Equity
Liabilities
Future Policy Benefits			$	38,300.7					$	36,806.4
Policyholders' Account Balances			5,659.9						5,633.7
Unearned Premiums			492.0						384.0
Other Policyholders’ Funds			1,485.3						1,526.7
Income Tax Payable			57.2						226.5
Deferred Income Tax			38.1						31.0
Short-term Debt			274.9						274.6
Long-term Debt			3,470.8						3,465.2
Other Liabilities			2,990.4						2,650.1
Total Liabilities			52,769.3						50,998.2
Stockholders’ Equity
Common Stock			19.6						19.5
Additional Paid-in Capital			1,585.7						1,489.6
Accumulated Other Comprehensive Loss			(2,167.3)						(2,523.7)
Retained Earnings			13,248.6						12,914.0
Treasury Stock - at cost			(1,777.8)						(938.3)
Total Stockholders’ Equity			10,908.8						10,961.1
Total Liabilities and Stockholders’ Equity			$	63,678.1					$	61,959.3

6. 1

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Unum Group Balance Sheets by Segment - September 30, 2025

			Unum US
			Group Disability						Group Life and Accidental Death & Dismemberment						Supplemental and Voluntary						Total Unum US						Unum International						Colonial Life						Closed Block						Corporate						Consolidated
Assets
Investments			$	5,629.7					$	1,883.5					$	4,350.7					$	11,863.9					$	3,187.9					$	3,441.5					$	21,367.2					$	3,327.8					$	43,188.3
Deferred Acquisition Costs			66.1						59.4						1,080.3						1,205.8						68.4						1,606.2						—						—						2,880.4
Goodwill			10.4						—						271.1						281.5						44.8						27.7						—						—						354.0
Reinsurance Recoverable			28.8						10.0						409.1						447.9						95.1						4.7						11,135.5						—						11,683.2
All Other			572.8						267.5						153.5						993.8						216.1						110.8						1,577.3						2,674.2						5,572.2
Total Assets			$	6,307.8					$	2,220.4					$	6,264.7					$	14,792.9					$	3,612.3					$	5,190.9					$	34,080.0					$	6,002.0					$	63,678.1
Liabilities
Future Policy Benefits			$	4,612.1					$	806.6					$	3,128.7					$	8,547.4					$	2,336.7					$	2,027.4					$	25,389.2					$	—					$	38,300.7
Policyholders' Account Balances			—						—						667.4						667.4						—						857.3						4,135.2						—						5,659.9
Unearned Premiums			1.9						6.3						53.2						61.4						264.5						46.6						119.5						—						492.0
Other Policyholders' Funds			41.8						768.2						29.2						839.2						62.7						6.7						576.7						—						1,485.3
Debt			—						—						—						—						—						—						—						3,745.7						3,745.7
All Other			39.9						29.7						221.6						291.2						129.4						65.9						581.8						2,017.4						3,085.7
Total Liabilities			4,695.7						1,610.8						4,100.1						10,406.6						2,793.3						3,003.9						30,802.4						5,763.1						52,769.3
Allocated Stockholders' Equity
Other Allocated Stockholders' Equity			1,564.8						664.9						2,161.3						4,391.0						804.0						2,026.0						4,507.4						766.2						12,494.6
Net Unrealized Loss on Securities and Net Loss on Derivatives			(105.0)						(71.1)						(140.7)						(316.8)						(146.3)						(75.0)						(1,177.0)						(527.3)						(2,242.4)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits			152.3						15.8						144.0						312.1						161.3						236.0						(52.8)						—						656.6
Total Allocated Stockholders' Equity			1,612.1						609.6						2,164.6						4,386.3						819.0						2,187.0						3,277.6						238.9						10,908.8
Total Liabilities and Allocated Stockholders' Equity			$	6,307.8					$	2,220.4					$	6,264.7					$	14,792.9					$	3,612.3					$	5,190.9					$	34,080.0					$	6,002.0					$	63,678.1

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

6. 2

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Unum Group Balance Sheets by Segment - December 31, 2024

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

6. 3

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Unum Group Financial Results by Segment

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

			Three Months Ended																		Nine Months Ended
			9/30/2025						9/30/2024						% Change						9/30/2025						9/30/2024						% Change
Premium Income
Unum US			$	1,755.4					$	1,723.5					1.9		%				$	5,334.9					$	5,161.8					3.4		%
Unum International			281.1						246.6						14.0						798.9						707.1						13.0
Colonial Life			456.5						441.9						3.3						1,375.9						1,335.0						3.1
Closed Block			195.0						216.8						(10.1)						629.2						662.4						(5.0)
			2,688.0						2,628.8						2.3						8,138.9						7,866.3						3.5
Net Investment Income
Unum US			151.9						161.0						(5.7)						455.9						476.1						(4.2)
Unum International			36.2						30.4						19.1						110.9						94.5						17.4
Colonial Life			44.3						39.6						11.9						129.1						119.4						8.1
Closed Block			224.7						284.3						(21.0)						778.9						851.6						(8.5)
Corporate			19.7						12.5						57.6						75.9						44.8						69.4
			476.8						527.8						(9.7)						1,550.7						1,586.4						(2.3)
Other Income
Unum US			65.5						60.1						9.0						195.4						178.9						9.2
Unum International			2.9						0.4						N.M.						3.3						1.2						175.0
Colonial Life			0.6						0.4						50.0						1.3						3.6						(63.9)
Closed Block			16.3						12.4						31.5						38.3						37.7						1.6
Corporate			0.3						—						100.0						—						1.1						(100.0)
			85.6						73.3						16.8						238.3						222.5						7.1
Total Operating Revenue
Unum US			1,972.8						1,944.6						1.5						5,986.2						5,816.8						2.9
Unum International			320.2						277.4						15.4						913.1						802.8						13.7
Colonial Life			501.4						481.9						4.0						1,506.3						1,458.0						3.3
Closed Block			436.0						513.5						(15.1)						1,446.4						1,551.7						(6.8)
Corporate			20.0						12.5						60.0						75.9						45.9						65.4
			$	3,250.4					$	3,229.9					0.6						$	9,927.9					$	9,675.2					2.6

7

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Unum Group Financial Results by Segment - Continued

			Three Months Ended																		Nine Months Ended
			9/30/2025						9/30/2024						% Change						9/30/2025						9/30/2024						% Change
Benefits and Expenses
Unum US			$	1,486.0					$	1,437.7					3.4		%				$	4,852.1					$	4,567.2					6.2		%
Unum International			276.0						244.6						12.8						788.6						690.1						14.3
Colonial Life			375.9						322.5						16.6						1,147.7						1,068.0						7.5
Closed Block			1,118.3						320.4						N.M.						2,131.5						1,317.6						61.8
Corporate			67.7						77.2						(12.3)						196.4						202.0						(2.8)
			3,323.9						2,402.4						38.4						9,116.3						7,844.9						16.2
Income (Loss) Before Income Tax and Net Investment Gain (Loss)
Unum US			486.8						506.9						(4.0)						1,134.1						1,249.6						(9.2)
Unum International			44.2						32.8						34.8						124.5						112.7						10.5
Colonial Life			125.5						159.4						(21.3)						358.6						390.0						(8.1)
Closed Block			(682.3)						193.1						N.M.						(685.1)						234.1						N.M.
Corporate			(47.7)						(64.7)						(26.3)						(120.5)						(156.1)						(22.8)
			(73.5)						827.5						(108.9)						811.6						1,830.3						(55.7)
Income Tax Expense (Benefit) Before Net Investment Gain (Loss)			(12.0)						172.0						(107.0)						171.1						381.1						(55.1)
Income (Loss) Before Net Investment Gain (Loss)			(61.5)						655.5						(109.4)						640.5						1,449.2						(55.8)
Net Investment Gain (Loss) (net of tax benefit (expense) of ($26.8); $3.1; $20.4; $5.7)			101.2						(9.8)						N.M.						(76.1)						(18.8)						N.M.
Net Income			$	39.7					$	645.7					(93.9)						$	564.4					$	1,430.4					(60.5)

7. 1

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Unum Group Quarterly Historical Financial Results by Segment

			9/30/2025						6/30/2025						3/31/2025						12/31/2024						9/30/2024						6/30/2024
Premium Income
Unum US			$	1,755.4					$	1,798.6					$	1,780.9					$	1,721.4					$	1,723.5					$	1,730.9
Unum International			281.1						271.1						246.7						242.4						246.6						228.8
Colonial Life			456.5						462.1						457.3						448.9						441.9						446.2
Closed Block			195.0						216.2						218.0						218.4						216.8						221.3
			2,688.0						2,748.0						2,702.9						2,631.1						2,628.8						2,627.2
Net Investment Income
Unum US			151.9						155.1						148.9						156.1						161.0						158.1
Unum International			36.2						46.2						28.5						34.3						30.4						38.0
Colonial Life			44.3						42.6						42.2						42.1						39.6						40.5
Closed Block			224.7						284.5						269.7						297.3						284.3						294.2
Corporate			19.7						32.3						23.9						13.8						12.5						14.3
			476.8						560.7						513.2						543.6						527.8						545.1
Other Income
Unum US			65.5						58.0						71.9						57.0						60.1						58.2
Unum International			2.9						0.3						0.1						0.4						0.4						0.5
Colonial Life			0.6						0.3						0.4						0.4						0.4						0.2
Closed Block			16.3						12.1						9.9						14.0						12.4						12.2
Corporate			0.3						(0.3)						—						0.2						—						0.4
			85.6						70.4						82.3						72.0						73.3						71.5
Total Operating Revenue
Unum US			1,972.8						2,011.7						2,001.7						1,934.5						1,944.6						1,947.2
Unum International			320.2						317.6						275.3						277.1						277.4						267.3
Colonial Life			501.4						505.0						499.9						491.4						481.9						486.9
Closed Block			436.0						512.8						497.6						529.7						513.5						527.7
Corporate			20.0						32.0						23.9						14.0						12.5						14.7
			$	3,250.4					$	3,379.1					$	3,298.4					$	3,246.7					$	3,229.9					$	3,243.8

8

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Unum Group Quarterly Historical Financial Results by Segment - Continued

			9/30/2025						6/30/2025						3/31/2025						12/31/2024						9/30/2024						6/30/2024
Benefits and Expenses
Unum US			$	1,486.0					$	1,693.5					$	1,672.6					$	1,601.3					$	1,437.7					$	1,589.7
Unum International			276.0						276.0						236.6						239.5						244.6						224.8
Colonial Life			375.9						387.6						384.2						368.7						322.5						370.0
Closed Block			1,118.3						523.6						489.6						517.2						320.4						493.4
Corporate			67.7						63.7						65.0						64.4						77.2						60.0
			3,323.9						2,944.4						2,848.0						2,791.1						2,402.4						2,737.9
Income (Loss) Before Income Tax and Net Investment Gain (Loss)
Unum US			486.8						318.2						329.1						333.2						506.9						357.5
Unum International			44.2						41.6						38.7						37.6						32.8						42.5
Colonial Life			125.5						117.4						115.7						122.7						159.4						116.9
Closed Block			(682.3)						(10.8)						8.0						12.5						193.1						34.3
Corporate			(47.7)						(31.7)						(41.1)						(50.4)						(64.7)						(45.3)
			(73.5)						434.7						450.4						455.6						827.5						505.9
Income Tax Expense (Benefit) Before Net Investment Gain (Loss)			(12.0)						85.2						97.9						98.7						172.0						108.2
Income (Loss) Before Net Investment Gain (Loss)			(61.5)						349.5						352.5						356.9						655.5						397.7
Net Investment Gain (Loss)			128.0						(17.7)						(206.8)						(10.1)						(12.9)						(10.4)
Tax Expense (Benefit) on Net Investment Gain (Loss)			26.8						(3.8)						(43.4)						(1.9)						(3.1)						(2.2)
Net Income			$	39.7					$	335.6					$	189.1					$	348.7					$	645.7					$	389.5
Net Income Per Common Share - Assuming Dilution			$	0.23					$	1.92					$	1.06					$	1.92					$	3.46					$	2.05

8. 1

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Unum Group Financial Results for Unum US Segment

			Three Months Ended												Nine Months Ended												Year Ended
			9/30/2025						9/30/2024						9/30/2025						9/30/2024						12/31/2024						12/31/2023
Operating Revenue
Premium Income			$	1,755.4					$	1,723.5					$	5,334.9					$	5,161.8					$	6,883.2					$	6,579.2
Net Investment Income			151.9						161.0						455.9						476.1						632.2						639.9
Other Income			65.5						60.1						195.4						178.9						235.9						220.5
Total			1,972.8						1,944.6						5,986.2						5,816.8						7,751.3						7,439.6
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain			896.2						864.1						3,051.6						2,840.0						3,864.7						3,808.5
Commissions			195.8						182.6						605.2						551.9						729.3						664.4
Deferral of Acquisition Costs			(83.3)						(81.6)						(253.7)						(247.4)						(320.9)						(314.7)
Amortization of Deferred Acquisition Costs			71.4						75.7						208.2						216.7						292.5						267.6
Other Expenses			405.9						396.9						1,240.8						1,206.0						1,602.9						1,529.5
Total			1,486.0						1,437.7						4,852.1						4,567.2						6,168.5						5,955.3
Income Before Income Tax and Net Investment Gains and Losses			486.8						506.9						1,134.1						1,249.6						1,582.8						1,484.3
Amortization of the Deferred Gain on Reinsurance			(4.6)						—						(4.6)						—						—						—
Non-Contemporaneous Reinsurance			0.4						—						0.4						—						—						—
Reserve Assumption Updates			(147.7)						(143.6)						(147.7)						(143.6)						(143.6)						(128.8)
Adjusted Operating Income			$	334.9					$	363.3					$	982.2					$	1,106.0					$	1,439.2					$	1,355.5
Operating Ratios (% of Premium Income):
Benefit Ratio1			59.4		%				58.5		%				60.0		%				57.8		%				58.2		%				59.8		%
Other Expense Ratio2			22.4		%				22.3		%				22.5		%				22.6		%				22.5		%				22.5		%
Income Ratio			27.7		%				29.4		%				21.3		%				24.2		%				23.0		%				22.6		%
Adjusted Operating Income Ratio			19.1		%				21.1		%				18.4		%				21.4		%				20.9		%				20.6		%
1Excludes the reserve assumption updates that occurred during the third quarters of 2025, 2024, and 2023. Also excludes the impact of non-contemporaneous reinsurance.
2Ratio of Other Expenses to Premium Income plus Unum US Group Disability Other Income, which is primarily related to fee-based services.

9

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Unum Group Financial Results for Unum US Group Disability

			Three Months Ended												Nine Months Ended												Year Ended
			9/30/2025						9/30/2024						9/30/2025						9/30/2024						12/31/2024						12/31/2023
Operating Revenue
Premium Income
Group Long-term Disability			$	499.2					$	522.1					$	1,511.5					$	1,560.3					$	2,086.1					$	2,057.2
Group Short-term Disability			286.0						271.3						853.6						810.7						1,084.0						1,012.3
Total Premium Income			785.2						793.4						2,365.1						2,371.0						3,170.1						3,069.5
Net Investment Income			75.3						78.7						223.8						234.8						311.2						324.8
Other Income			58.8						58.6						171.4						174.8						232.1						211.6
Total			919.3						930.7						2,760.3						2,780.6						3,713.4						3,605.9
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain			375.3						379.0						1,355.1						1,299.3						1,781.8						1,693.2
Commissions			61.9						60.0						190.8						184.1						244.4						230.5
Deferral of Acquisition Costs			(14.2)						(15.4)						(46.5)						(48.1)						(62.2)						(60.2)
Amortization of Deferred Acquisition Costs			15.4						18.2						41.5						46.8						64.7						57.6
Other Expenses			241.6						242.2						736.1						733.8						973.5						936.1
Total			680.0						684.0						2,277.0						2,215.9						3,002.2						2,857.2
Income Before Income Tax and Net Investment Gains and Losses			239.3						246.7						483.3						564.7						711.2						748.7
Reserve Assumption Updates			(105.8)						(90.0)						(105.8)						(90.0)						(90.0)						(121.0)
Adjusted Operating Income			$	133.5					$	156.7					$	377.5					$	474.7					$	621.2					$	627.7
Operating Ratios (% of Premium Income):
Benefit Ratio1			61.3		%				59.1		%				61.8		%				58.6		%				59.0		%				59.1		%
Other Expense Ratio2			28.6		%				28.4		%				29.0		%				28.8		%				28.6		%				28.5		%
Income Ratio			30.5		%				31.1		%				20.4		%				23.8		%				22.4		%				24.4		%
Adjusted Operating Income Ratio			17.0		%				19.8		%				16.0		%				20.0		%				19.6		%				20.4		%
Persistency:
Group Long-term Disability															90.6		%				93.5		%				93.3		%				90.8		%
Group Short-term Disability															88.6		%				91.9		%				91.7		%				88.9		%
1Excludes the reserve assumption updates that occurred during the third quarters of 2025, 2024, and 2023.
2Ratio of Other Expenses to Premium Income plus Other Income, which is primarily related to fee-based services.

9. 1

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

			Three Months Ended												Nine Months Ended												Year Ended
			9/30/2025						9/30/2024						9/30/2025						9/30/2024						12/31/2024						12/31/2023
Operating Revenue
Premium Income
Group Life			$	468.3					$	447.8					$	1,404.5					$	1,337.9					$	1,784.7					$	1,679.0
Accidental Death & Dismemberment			48.9						47.1						146.3						139.3						186.1						175.5
Total Premium Income			517.2						494.9						1,550.8						1,477.2						1,970.8						1,854.5
Net Investment Income			21.2						22.1						60.5						66.6						88.3						90.1
Other Income			0.5						0.3						1.0						1.4						1.5						1.0
Total			538.9						517.3						1,612.3						1,545.2						2,060.6						1,945.6
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain			338.5						308.8						1,057.3						965.1						1,294.2						1,347.7
Commissions			46.5						42.1						141.0						126.5						168.0						155.9
Deferral of Acquisition Costs			(11.0)						(10.0)						(34.7)						(31.0)						(40.6)						(38.6)
Amortization of Deferred Acquisition Costs			10.7						9.6						26.4						26.7						38.4						39.0
Other Expenses			63.0						59.8						191.7						183.0						243.0						229.9
Total			447.7						410.3						1,381.7						1,270.3						1,703.0						1,733.9
Income Before Income Tax and Net Investment Gains and Losses			91.2						107.0						230.6						274.9						357.6						211.7
Reserve Assumption Updates			(3.1)						(13.0)						(3.1)						(13.0)						(13.0)						—
Adjusted Operating Income			$	88.1					$	94.0					$	227.5					$	261.9					$	344.6					$	211.7
Operating Ratios (% of Premium Income):
Benefit Ratio1			66.0		%				65.0		%				68.4		%				66.2		%				66.3		%				72.7		%
Other Expense Ratio			12.2		%				12.1		%				12.4		%				12.4		%				12.3		%				12.4		%
Income Ratio			17.6		%				21.6		%				14.9		%				18.6		%				18.1		%
Adjusted Operating Income Ratio			17.0		%				19.0		%				14.7		%				17.7		%				17.5		%				11.4		%
Persistency:
Group Life															89.8		%				92.0		%				92.0		%				89.6		%
Accidental Death & Dismemberment															88.6		%				91.2		%				91.2		%				88.7		%
1Excludes the reserve assumption update that occurred during the third quarters of 2025 and 2024.

9. 2

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Unum Group Financial Results for Unum US Supplemental and Voluntary

			Three Months Ended												Nine Months Ended												Year Ended
			9/30/2025						9/30/2024						9/30/2025						9/30/2024						12/31/2024						12/31/2023
Operating Revenue
Premium Income
Voluntary Benefits			$	231.6					$	219.3					$	700.2					$	665.1					$	879.2					$	850.1
Individual Disability			140.0						140.4						475.4						424.6						566.0						527.0
Dental and Vision			81.4						75.5						243.4						223.9						297.1						278.1
Total Premium Income			453.0						435.2						1,419.0						1,313.6						1,742.3						1,655.2
Net Investment Income			55.4						60.2						171.6						174.7						232.7						225.0
Other Income			6.2						1.2						23.0						2.7						2.3						7.9
Total			514.6						496.6						1,613.6						1,491.0						1,977.3						1,888.1
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain			182.4						176.3						639.2						575.6						788.7						767.6
Commissions			87.4						80.5						273.4						241.3						316.9						278.0
Deferral of Acquisition Costs			(58.1)						(56.2)						(172.5)						(168.3)						(218.1)						(215.9)
Amortization of Deferred Acquisition Costs			45.3						47.9						140.3						143.2						189.4						171.0
Other Expenses			101.3						94.9						313.0						289.2						386.4						363.5
Total			358.3						343.4						1,193.4						1,081.0						1,463.3						1,364.2
Income Before Income Tax and Net Investment Gains and Losses			156.3						153.2						420.2						410.0						514.0						523.9
Amortization of the Deferred Gain on Reinsurance			(4.6)						—						(4.6)						—						—						—
Non-Contemporaneous Reinsurance			0.4						—						0.4						—						—						—
Reserve Assumption Updates - Voluntary Benefits			(11.1)						12.2						(11.1)						12.2						12.2						(10.4)
Reserve Assumption Updates - Individual Disability			(27.7)						(52.8)						(27.7)						(52.8)						(52.8)						2.6
Adjusted Operating Income			$	113.3					$	112.6					$	377.2					$	369.4					$	473.4					$	516.1
Operating Ratios (% of Premium Income):
Benefit Ratios:
Voluntary Benefits1			46.2		%				45.8		%				44.8		%				41.6		%				43.0		%				39.8		%
Individual Disability1,2			36.9		%				42.8		%				37.6		%				41.0		%				41.0		%				44.3		%
Dental and Vision			76.5		%				74.6		%				76.0		%				74.1		%				73.9		%				73.1		%
Other Expense Ratio			22.4		%				21.8		%				22.1		%				22.0		%				22.2		%				22.0		%
Income Ratio			34.5		%				35.2		%				29.6		%				31.2		%				29.5		%				31.7		%
Adjusted Operating Income Ratio			25.0		%				25.9		%				26.6		%				28.1		%				27.2		%				31.2		%
Persistency:
Voluntary Benefits															76.5		%				76.4		%				76.0		%				75.5		%
Individual Disability															87.7		%				89.0		%				89.0		%				89.0		%
Dental and Vision															83.1		%				81.4		%				81.4		%				77.1		%
1Excludes the reserve assumption updates that occurred during the third quarters of 2025, 2024, and 2023.
2Excludes the impact of non-contemporaneous reinsurance.

9. 3

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Unum Group Financial Results for Unum International Segment

			Three Months Ended												Nine Months Ended												Year Ended
			9/30/2025						9/30/2024						9/30/2025						9/30/2024						12/31/2024						12/31/2023
Operating Revenue
Premium Income
Unum UK
Group Long-term Disability			$	111.3					$	106.6					$	319.4					$	312.4					$	418.0					$	396.1
Group Life			71.9						58.8						201.6						156.3						211.3						169.3
Supplemental			47.4						41.4						136.3						125.1						165.6						141.5
Unum Poland			50.5						39.8						141.6						113.3						154.6						118.3
Total Premium Income			281.1						246.6						798.9						707.1						949.5						825.2
Net Investment Income			36.2						30.4						110.9						94.5						128.8						137.2
Other Income			2.9						0.4						3.3						1.2						1.6						1.6
Total			320.2						277.4						913.1						802.8						1,079.9						964.0
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain			195.0						175.3						555.5						487.4						656.7						579.8
Commissions			26.1						21.7						73.6						61.7						82.5						72.5
Deferral of Acquisition Costs			(5.5)						(4.6)						(16.4)						(13.2)						(17.8)						(14.6)
Amortization of Deferred Acquisition Costs			2.7						2.5						7.8						7.3						9.5						8.4
Other Expenses			57.7						49.7						168.1						146.9						198.7						177.7
Total			276.0						244.6						788.6						690.1						929.6						823.8
Income Before Income Tax and Net Investment Gains and Losses			44.2						32.8						124.5						112.7						150.3						140.2
Reserve Assumption Updates			(5.4)						7.5						(5.4)						7.5						7.5						17.9
Adjusted Operating Income			$	38.8					$	40.3					$	119.1					$	120.2					$	157.8					$	158.1

10

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Unum Group Financial Results for Unum UK

			Three Months Ended												Nine Months Ended												Year Ended
(in millions of pounds, except exchange rate)			9/30/2025						9/30/2024						9/30/2025						9/30/2024						12/31/2024						12/31/2023
Operating Revenue
Premium Income
Group Long-term Disability			£	82.5					£	82.0					£	242.7					£	244.6					£	327.0					£	318.5
Group Life			53.3						45.1						153.1						122.2						165.1						136.1
Supplemental			35.2						31.8						103.6						97.9						129.5						113.7
Total Premium Income			171.0						158.9						499.4						464.7						621.6						568.3
Net Investment Income			24.1						21.2						76.1						67.5						91.9						102.4
Other Income			2.2						0.1						2.2						0.2						0.1						0.2
Total			197.3						180.2						577.7						532.4						713.6						670.9
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain			125.5						116.8						359.1						327.1						440.2						408.5
Commissions			11.3						9.9						32.1						29.0						38.2						37.4
Deferral of Acquisition Costs			(0.8)						(0.8)						(2.9)						(2.8)						(3.8)						(3.9)
Amortization of Deferred Acquisition Costs			1.3						1.2						3.7						4.0						5.2						5.2
Other Expenses			33.0						30.0						99.8						91.3						122.4						115.4
Total			170.3						157.1						491.8						448.6						602.2						562.6
Income Before Income Tax and Net Investment Gains and Losses			27.0						23.1						85.9						83.8						111.4						108.3
Reserve Assumption Updates			(0.7)						6.4						(0.7)						6.4						6.4						16.3
Adjusted Operating Income			£	26.3					£	29.5					£	85.2					£	90.2					£	117.8					£	124.6
Weighted Average Pound/Dollar Exchange Rate			1.348						1.312						1.314						1.278						1.278						1.243
Operating Ratios (% of Premium Income):
Benefit Ratio1			73.8		%				69.5		%				72.0		%				69.0		%				69.8		%				69.0		%
Other Expense Ratio			19.3		%				18.9		%				20.0		%				19.6		%				19.7		%				20.3		%
Income Ratio			15.8		%				14.5		%				17.2		%				18.0		%				17.9		%				19.1		%
Adjusted Operating Income Ratio			15.4		%				18.6		%				17.1		%				19.4		%				19.0		%				21.9		%
Persistency:
Group Long-term Disability															92.3		%				92.3		%				92.0		%				92.5		%
Group Life															90.2		%				88.6		%				89.1		%				83.0		%
Supplemental															93.6		%				90.4		%				90.4		%				91.7		%
1Excludes the reserve assumption updates that occurred during the third quarters of 2025, 2024, and 2023.

10. 1

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Unum Group Financial Results for Colonial Life Segment

			Three Months Ended												Nine Months Ended												Year Ended
			9/30/2025						9/30/2024						9/30/2025						9/30/2024						12/31/2024						12/31/2023
Operating Revenue
Premium Income
Accident, Sickness, and Disability			$	247.5					$	240.6					$	743.7					$	725.5					$	969.5					$	946.1
Life			118.7						113.1						360.7						342.6						458.0						426.5
Cancer and Critical Illness			90.3						88.2						271.5						266.9						356.4						353.5
Total Premium Income			456.5						441.9						1,375.9						1,335.0						1,783.9						1,726.1
Net Investment Income			44.3						39.6						129.1						119.4						161.5						153.5
Other Income			0.6						0.4						1.3						3.6						4.0						1.2
Total			501.4						481.9						1,506.3						1,458.0						1,949.4						1,880.8
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain			211.3						164.2						652.6						594.7						804.7						798.1
Commissions			96.7						93.0						292.6						282.2						378.4						359.4
Deferral of Acquisition Costs			(84.7)						(77.1)						(250.9)						(234.7)						(312.8)						(302.9)
Amortization of Deferred Acquisition Costs			58.2						55.6						173.9						163.9						219.0						205.4
Other Expenses			94.4						86.8						279.5						261.9						347.4						340.0
Total			375.9						322.5						1,147.7						1,068.0						1,436.7						1,400.0
Income Before Income Tax and Net Investment Gains and Losses			125.5						159.4						358.6						390.0						512.7						480.8
Reserve Assumption Updates			(8.9)						(46.0)						(8.9)						(46.0)						(46.0)						(80.7)
Adjusted Operating Income			$	116.6					$	113.4					$	349.7					$	344.0					$	466.7					$	400.1
Operating Ratios (% of Premium Income):
Benefit Ratio1			48.2		%				47.6		%				48.1		%				48.0		%				47.7		%				50.9		%
Other Expense Ratio			20.7		%				19.6		%				20.3		%				19.6		%				19.5		%				19.7		%
Income Ratio			27.5		%				36.1		%				26.1		%				29.2		%				28.7		%				27.9		%
Adjusted Operating Income Ratio			25.5		%				25.7		%				25.4		%				25.8		%				26.2		%				23.2		%
Persistency:
Accident, Sickness, and Disability															74.3		%				73.3		%				73.7		%				73.6		%
Life															84.3		%				84.3		%				84.4		%				85.1		%
Cancer and Critical Illness															82.5		%				81.8		%				82.2		%				82.4		%
1Excludes the reserve assumption updates that occurred during the third quarters of 2025, 2024, and 2023.

11

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Unum Group Financial Results for Closed Block Segment

			Three Months Ended												Nine Months Ended												Year Ended
			9/30/2025						9/30/2024						9/30/2025						9/30/2024						12/31/2024						12/31/2023
Operating Revenue
Premium Income
Long-term Care			$	158.6					$	173.7					$	510.7					$	521.5					$	696.1					$	696.0
All Other			36.4						43.1						118.5						140.9						184.7						219.5
Total Premium Income			195.0						216.8						629.2						662.4						880.8						915.5
Net Investment Income			224.7						284.3						778.9						851.6						1,148.9						1,066.3
Other Income			16.3						12.4						38.3						37.7						51.7						52.6
Total			436.0						513.5						1,446.4						1,551.7						2,081.4						2,034.4
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain			1,022.8						258.3						1,912.7						1,134.6						1,591.8						2,070.7
Commissions			16.6						17.8						50.5						52.0						68.4						73.8
Other Expenses			78.9						44.3						168.3						131.0						174.6						172.7
Total			1,118.3						320.4						2,131.5						1,317.6						1,834.8						2,317.2
Income (Loss) Before Income Tax and Net Investment Gain and Losses			(682.3)						193.1						(685.1)						234.1						246.6						(282.8)
Amortization of the Cost of Reinsurance			48.6						10.4						67.9						31.1						41.4						44.1
Non-Contemporaneous Reinsurance			7.3						6.0						19.1						20.2						25.1						34.8
Reserve Assumption Updates - Long-term Care			643.1						(174.1)						643.1						(174.1)						(174.1)						368.1
Reserve Assumption Updates - All Other			(2.6)						(1.2)						(2.6)						(1.2)						(1.2)						0.7
Adjusted Operating Income			$	14.1					$	34.2					$	42.4					$	110.1					$	137.8					$	164.9
Long-term Care Net Premium Ratio1															97.6		%				94.5		%				94.6		%				93.5		%
Operating Ratios (% of Premium Income):
Other Expense Ratio2			15.5		%				15.6		%				16.0		%				15.1		%				15.1		%				14.0		%
Income (Loss) Ratio			(349.9)		%				89.1		%				(108.9)		%				35.3		%				28.0		%				(30.9)		%
Adjusted Operating Income Ratio			7.2		%				15.8		%				6.7		%				16.6		%				15.6		%				18.0		%
Long-term Care Persistency															95.2		%				95.3		%				95.8		%				95.6		%
1Gross of reinsurance.
2Excludes amortization of the cost of reinsurance.

12

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Unum Group Financial Results for Corporate Segment

			Three Months Ended												Nine Months Ended												Year Ended
			9/30/2025						9/30/2024						9/30/2025						9/30/2024						12/31/2024						12/31/2023
Operating Revenue
Net Investment Income			$	19.7					$	12.5					$	75.9					$	44.8					$	58.6					$	99.8
Other Income			0.3						—						—						1.1						1.3						3.3
Total			20.0						12.5						75.9						45.9						59.9						103.1
Interest, Debt, and Other Expenses			67.7						77.2						196.4						202.0						266.4						249.5
Loss Before Income Tax and Net Investment Gains and Losses			(47.7)						(64.7)						(120.5)						(156.1)						(206.5)						(146.4)
Loss on Legal Settlement			—						15.3						—						15.3						15.3						—
Adjusted Operating Loss			$	(47.7)					$	(49.4)					$	(120.5)					$	(140.8)					$	(191.2)					$	(146.4)

13

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Unum Group Investments

						9/30/2025																		9/30/2025						12/31/2024
Fixed Maturity Securities (Fair Value)																		Selected Statistics
Public						$	20,562.9					62.0		%				Earned Book Yield						4.44		%				4.44		%
Mortgage-Backed/Asset-Backed Securities1						1,121.6						3.4						Average Duration (in years)						8.46						8.28
Private Placements						5,759.0						17.4
High Yield						1,247.4						3.8
Government Securities						1,423.5						4.2
Municipal Securities						3,068.0						9.2
Redeemable Preferred Stocks						7.8						—
Total						$	33,190.2					100.0		%
						Amortized Cost						Fair Value
Quality Ratings of Fixed Maturity Securities																		Private Equity Partnerships						9/30/2025						12/31/2024
Aaa						3.4		%				3.2		%				Private Credit Partnerships						$	262.5					$	289.2
Aa						16.5						14.9						Private Equity Partnerships						654.7						640.2
A						32.4						32.6						Real Asset Partnerships						539.1						521.2
Baa						44.0						45.3						Total						$	1,456.3					$	1,450.6
Below Baa						3.7						4.0
Total						100.0		%				100.0		%
																		Non-Current Investments						$	8.4					$	13.0

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

14

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Unum Group Investments at September 30, 2025

Fixed Maturity Securities - By Industry Classification - Unrealized Gain (Loss)
Classification						Fair Value						Net Unrealized Gain (Loss)						Fair Value with Gross Unrealized Loss						Gross Unrealized Loss						Fair Value with Gross Unrealized Gain						Gross Unrealized Gain
Basic Industry						$	2,195.0					$	(71.2)					$	1,091.0					$	120.1					$	1,104.0					$	48.9
Capital Goods						2,955.9						(65.3)						1,464.5						149.3						1,491.4						84.0
Communications						1,985.1						(38.8)						865.0						133.6						1,120.1						94.8
Consumer Cyclical						1,247.9						(71.6)						814.1						95.0						433.8						23.4
Consumer Non-Cyclical						5,599.4						(364.8)						3,595.7						489.2						2,003.7						124.4
Energy						2,175.6						43.3						700.3						64.5						1,475.3						107.8
Financial Institutions						3,708.8						(233.4)						2,616.9						268.5						1,091.9						35.1
Mortgage/Asset-Backed1						1,121.6						(7.3)						338.5						17.3						783.1						10.0
Sovereigns						879.5						(164.9)						526.6						179.4						352.9						14.5
Technology						1,329.6						(83.2)						931.2						98.5						398.4						15.3
Transportation						1,491.0						(93.2)						962.0						118.1						529.0						24.9
U.S. Government Agencies and Municipalities						3,612.0						(404.5)						2,326.6						497.6						1,285.4						93.1
Public Utilities						4,888.8						(101.4)						2,159.7						282.2						2,729.1						180.8
Total						$	33,190.2					$	(1,656.3)					$	18,392.1					$	2,513.3					$	14,798.1					$	857.0
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						$	1,103.0					$	(14.3)																	$	74.9					$	(0.2)
91 through 180 days						83.0						(3.0)																		5.0						—
181 through 270 days						278.4						(14.7)																		8.7						(1.5)
271 days to 1 year						1,260.1						(46.6)																		32.3						(2.0)
Greater than 1 year						15,217.0						(2,384.9)																		329.7						(46.1)
Total						$	17,941.5					$	(2,463.5)																	$	450.6					$	(49.8)

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

14.1

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Appendix to Statistical Supplement

2025 Significant Items:

•In February 2025, Unum Life Insurance Company of America entered into a master transaction agreement with Fortitude Reinsurance Company Ltd. (Fortitude Re) which resulted in the execution of a coinsurance agreement (reinsurance agreement) during July 2025. This reinsurance agreement reinsures a portion of our Closed Block long-term care business and a portion of our Unum US individual disability business on a coinsurance basis to Fortitude Re effective January 2025. The reinsurance agreement represents approximately 21 percent of total Closed Block long-term care future policy benefits and approximately 15 percent of Unum US individual disability future policy benefits as of December 31, 2024. Upon closing the transaction in July of 2025, we transferred to Fortitude Re $953.5 million of cash, which included an initial estimated ceding commission of $461.7 million, as well as fixed maturity securities with a fair value totaling $3,230.1 million and accrued investment income of $47.1 million. A final settlement, including the final ceding commission adjustment, is expected prior to the end of 2025. Fortitude Re has an A rating by A.M. Best Company and has established a collateralized trust account for the benefit of Unum America to secure its obligations. As a result of this reinsurance agreement, we recognized the following:

▪Net realized investment loss totaling $46.8 million during the nine months ended 2025 related to the reinsurance transaction, which included a $137.6 million gain related to the transfer of assets to Fortitude Re in the third quarter of 2025.

▪Reinsurance recoverable of $3,620.5 million comprised of ceded reserves of $3,315.2 million related to the Closed Block long-term care product line and $305.3 million related to the Unum US individual disability product line.

▪Cost of reinsurance of $846.5 million related to the Closed Block long-term care product line and a deferred gain on reinsurance related to the Unum US individual disability product line of $148.2 million

▪Write-off of deferred acquisition costs related to the Unum US individual disability product line of $100.3 million which is included as a component of deferred gain on reinsurance.

•Third quarter of 2025 reserve assumption updates resulting in a net reserve increase of $478.5 million before tax, or $377.8 million after tax.

2024 Significant Items:

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

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

2023 Significant Items:

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

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

15

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Appendix to Statistical Supplement - Continued

Non-GAAP Financial Measures

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

•Consolidated adjusted operating revenue, which excludes investment gains or losses and amortization of the deferred gain on reinsurance;

•After-tax adjusted operating income or loss, which excludes investment gains or losses, certain impacts from reinsurance transactions, reserve assumption updates, and certain other items, as applicable;

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

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

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

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

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

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

At times, we utilize reinsurance transactions to manage risk related to certain portions of our business including the exit of portions of our Closed Block businesses. As a result, we exclude the amortization of the cost of reinsurance and the amortization of the deferred gain on reinsurance that are recognized after the closing of these transactions. We also exclude the impact of non-contemporaneous reinsurance for these transactions. While the total equity impact of non-contemporaneous reinsurance is neutral, the difference in original discount rates utilized for direct and ceded reserves results in a disproportionate earnings impact. We believe that the exclusion of these items provides a better view of our results from our ongoing businesses.

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

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

For a reconciliation of the most directly comparable GAAP measures to these non-GAAP financial measures, refer to the "Reconciliation of Non-GAAP Financial Measures" beginning on page 15.2, other than book value per common share, which is presented on page 2.

15.1

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Reconciliation of Non-GAAP Financial Measures

			Three Months Ended
			September 30						June 30						March 31						December 31						September 30						June 30						March 31
			2025																		2024
Total Revenue			$	3,378.4					$	3,361.4					$	3,091.6					$	3,236.6					$	3,217.0					$	3,233.4					$	3,200.3
Excluding:
Net Investment Gain (Loss)			128.0						(17.7)						(206.8)						(10.1)						(12.9)						(10.4)						(1.2)
Amortization of the Deferred Gain on Reinsurance			4.6						—						—						—						—						—
Adjusted Operating Revenue			$	3,245.8					$	3,379.1					$	3,298.4					$	3,246.7					$	3,229.9					$	3,243.8					$	3,201.5

15.2

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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, 2025
Unum US						$	264.9					$	4,428.5					23.9		%
Unum International						29.7						804.6						14.8		%
Colonial Life						92.0						2,008.0						18.3		%
Core Operating Segments						386.6						7,241.1						21.4		%
Closed Block						9.1						4,640.1
Corporate						(38.6)						766.0
Total						$	357.1					$	12,647.2					11.3		%
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		%

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

15.3

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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, 2025
Unum US						$	776.3					$	4,484.1					23.1		%
Unum International						93.4						789.8						15.8		%
Colonial Life						275.9						1,982.4						18.6		%
Core Operating Segments						1,145.6						7,256.3						21.1		%
Closed Block						26.7						4,836.1
Corporate						(88.6)						555.7
Total						$	1,083.7					$	12,648.1					11.4		%
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		%

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

15.4

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Reconciliation of Non-GAAP Financial Measures - Continued

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

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

15.5

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Reconciliation of Non-GAAP Financial Measures - Continued

Average allocated equity is computed as follows:

						9/30/2025						6/30/2025												12/31/2024						9/30/2024						6/30/2024						12/31/2023						12/31/2022
Total Stockholders' Equity						$	10,908.8					$	11,320.0											$	10,961.1					$	10,951.4					$	10,464.6					$	9,651.4					$	8,735.0
Excluding:
Net Unrealized Loss on Securities						(1,978.2)						(2,253.7)												(2,755.2)						(1,491.2)						(2,723.8)						(1,919.1)						(3,028.4)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits						656.6						1,058.9												1,185.4						(527.0)						712.3						(648.4)						313.9
Net Unrealized Loss on Derivatives						(264.2)						(285.0)												(270.7)						(108.9)						(164.6)						(73.7)						(9.6)
Total Adjusted Stockholders' Equity						$	12,494.6					$	12,799.8											$	12,801.6					$	13,078.5					$	12,640.7					$	12,292.6					$	11,459.1
						Three Months Ended						Nine Months Ended												Twelve Months Ended						Three Months Ended						Nine Months Ended						Twelve Months Ended
						9/30/2025																		12/31/2024						9/30/2024												12/31/2023
Average Adjusted Stockholders' Equity						$	12,647.2					$	12,648.1											$	12,547.1					$	12,859.6					$	12,685.6					$	11,875.9

15.6

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Reconciliation of Non-GAAP Financial Measures - Continued

						Three Months Ended September 30																								Nine Months Ended September 30
						2025												2024												2025												2024
						(in millions)						per share*						(in millions)						per share*						(in millions)						per share*						(in millions)						per share*
Net Income						$	39.7					$	0.23					$	645.7					$	3.46					$	564.4					$	3.23					$	1,430.4					$	7.52
Excluding:
Net Investment Gain (Loss)
Net Investment Gain (Loss) Related to the Fortitude Re Reinsurance Transaction (net of tax expense (benefit) of $28.9; $—; $(9.9); $—)						108.7						0.63						—						—						(36.9)						(0.22)						—						—
Net Investment Loss, Other (net of tax benefit of $2.1; $3.1; $10.5; $5.7)						(7.5)						(0.04)						(9.8)						(0.05)						(39.2)						(0.22)						(18.8)						(0.10)
Total Net Investment Gain (Loss)						101.2						0.59						(9.8)						(0.05)						(76.1)						(0.44)						(18.8)						(0.10)
Amortization of the Cost of Reinsurance (net of tax benefit of $10.3; $2.2; $14.3; $6.5)						(38.3)						(0.22)						(8.2)						(0.04)						(53.6)						(0.31)						(24.6)						(0.13)
Amortization of the Deferred Gain on Reinsurance (net of tax expense of $1.0; $—; $1.0; $—)						3.6						0.02						—						—						3.6						0.02						—						—
Non-Contemporaneous Reinsurance (net of tax benefit of $1.6; $1.2; $4.1; $4.2)						(6.1)						(0.04)						(4.8)						(0.03)						(15.4)						(0.09)						(16.0)						(0.08)
Reserve Assumption Updates (net of tax expense (benefit) of $(100.7); $74.8; $(100.7); $74.8)						(377.8)						(2.21)						282.6						1.51						(377.8)						(2.16)						282.6						1.48
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						$	357.1					$	2.09					$	398.0					$	2.13					$	1,083.7					$	6.21					$	1,219.3					$	6.41

*Assuming Dilution.

15.7

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Reconciliation of Non-GAAP Financial Measures - Continued

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

*Assuming Dilution.

15.8

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Reconciliation of Non-GAAP Financial Measures - Continued

						September 30												December 31
						2025						2024						2024						2023
Debt						$	3,745.7					$	3,470.4					$	3,739.8					$	3,430.4
Including:
Lease Liability						77.7						73.1						69.4						62.6
Adjusted Debt and Lease Liability						$	3,823.4					$	3,543.5					$	3,809.2					$	3,493.0
Total Stockholders' Equity						$	10,908.8					$	10,951.4					$	10,961.1					$	9,651.4
Excluding:
Net Unrealized Loss on Securities						(1,978.2)						(1,491.2)						(2,755.2)						(1,919.1)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits						656.6						(527.0)						1,185.4						(648.4)
Net Loss on Derivatives						(264.2)						(108.9)						(270.7)						(73.7)
Equity, As Adjusted						12,494.6						13,078.5						12,801.6						12,292.6
Debt, As Adjusted and Lease Liability						3,823.4						3,543.5						3,809.2						3,493.0
Total Adjusted Capital						$	16,318.0					$	16,622.0					$	16,610.8					$	15,785.6
Leverage Ratio						23.4		%				21.3		%				22.9		%				22.1		%

15.9

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Reconciliation of Non-GAAP Financial Measures - Continued

						Three Months Ended
						September 30, 2025						September 30, 2024
						Premium Income						Premium Income, local currency1						Weighted Average Exchange Rate2						Premium Income in Constant Currency
Unum International
Unum UK						$	230.6					£	158.9					1.349						$	214.4
Unum Poland						50.5						zł	155.0					0.274						42.5
Total						281.1																		256.9
Unum US						1,755.4						$	1,723.5											1,723.5
Colonial Life						456.5						$	441.9											441.9
Core Operations						$	2,493.0																	$	2,422.3

						Nine Months Ended
						September 30, 2025						September 30, 2024
						Premium Income						Premium Income, local currency1						Weighted Average Exchange Rate2						Premium Income in Constant Currency
Unum International
Unum UK						$	657.3					£	464.7					1.316						$	611.5
Unum Poland						141.6						zł	448.4					0.264						118.4
Total						798.9																		729.9
Unum US						5,334.9						$	5,161.8											5,161.8
Colonial Life						1,375.9						$	1,335.0											1,335.0
Core Operations						$	7,509.7																	$	7,226.7

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.

15.10