unm-20230801

Exhibit 99.1

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

FOR IMMEDIATE RELEASE

Contacts

MEDIA

Natalie Godwin
[email protected]

INVESTORS

Matt Royal
[email protected]

Unum Group Reports Second Quarter 2023 Results

•Net income of $392.9 million ($1.98 per diluted common share) for the second quarter of 2023; after-tax adjusted operating income was $408.8 million ($2.06 per diluted common share).

•Results reflect the continuation of positive underlying trends, particularly in our disability products, and a favorable operating environment.

•Strong top-line trends with core operations sales growth of 19.5 percent and premium growth of 4.6 percent on a constant currency basis.

•Robust balance sheet and liquidity with holding company liquidity of $1.1 billion and weighted average risk-based capital ratio of approximately 450 percent.

•Book value per common share of $47.06 grew 21.0 percent over the year-ago quarter; book value per common share excluding accumulated other comprehensive income (AOCI) of $64.66 grew 11.6 percent over the year-ago quarter.

CHATTANOOGA, Tenn. (August 1, 2023) - Unum Group (NYSE: UNM) today reported net income of $392.9 million ($1.98 per diluted common share) for the second quarter of 2023, compared to net income of $367.3 million ($1.81 per diluted common share) for the second quarter of 2022.

Included in net income for the second quarter of 2023 are the after-tax amortization of the cost of reinsurance of $8.7 million ($0.04 per diluted common share), the after-tax impact of non-contemporaneous reinsurance of $7.9 million ($0.04 per diluted common share), and a net after-tax investment gain on the Company’s investment portfolio of $0.7 million (de minimis amount per diluted common share). Included in net income for the second quarter of 2022 are the after-tax amortization of the cost of reinsurance of $10.5 million ($0.05 per diluted common share), the after-tax impact of non-contemporaneous reinsurance of $7.9 million ($0.04 per diluted common share), and a net after-tax investment loss on the Company’s investment portfolio of $3.1 million ($0.02 per diluted common share). Excluding the items above, after-tax adjusted operating income was $408.8 million ($2.06 per diluted common share) in the second quarter of 2023, compared to $388.8 million ($1.92 per diluted common share) in the second quarter of 2022.

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

“We saw excellent enterprise-wide performance continue this quarter, including exceptional results within our group disability business and solid margins on a growing premium base,” said Richard P. McKenney, president and chief executive officer. “The macroeconomic environment remains favorable for our business and our strong sales performance reflects employers’ growing recognition of the differentiation of our offerings. We are well-positioned for growth at the higher end of our expected earnings range and continue to operate from a robust capital position, providing the flexibility to execute our growth strategy and return capital to shareholders.”


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

RESULTS BY SEGMENT

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

Unum US Segment

Unum US reported adjusted operating income of $343.1 million in the second quarter of 2023, an increase of 17.5 percent from $291.9 million in the second quarter of 2022. Premium income increased 4.5 percent to $1,641.4 million in the second quarter of 2023, compared to $1,571.0 million in the second quarter of 2022. Net investment income decreased 5.8 percent to $158.0 million in the second quarter of 2023, compared to $167.8 million in the second quarter of 2022.

Within the Unum US operating segment, the group disability line of business reported a 51.5 percent increase in adjusted operating income to $159.8 million in the second quarter of 2023, compared to $105.5 million in the second quarter of 2022. Premium income for the group disability line of business increased 9.3 percent to $772.3 million in the second quarter of 2023, compared to $706.5 million in the second quarter of 2022, driven by in-force block growth and higher sales, partially offset by lower persistency in the group short-term disability product line. Net investment income decreased 7.3 percent to $81.1 million in the second quarter of 2023, compared to $87.5 million in the second quarter of 2022, due to a decrease in the level of invested assets and lower miscellaneous investment income. The benefit ratio for the second quarter of 2023 was 59.4 percent, compared to 66.7 percent in the second quarter of 2022, due to lower claim incidence in our group long-term disability product line and favorable discount rate impacts on new claims. Group long-term disability sales were $65.6 million in the second quarter of 2023, an increase of 3.8 percent from $63.2 million in the second quarter of 2022. Group short-term disability sales were $49.6 million in the second quarter of 2023, an increase of 36.6 percent from $36.3 million in the second quarter of 2022. Persistency in the group long-term disability product line was 91.0 percent for the first half of 2023, compared to 90.9 percent for the first half of 2022. Persistency in the group short-term disability product line was 88.6 percent for the first half of 2023, compared to 89.2 percent for the first half of 2022.

The group life and accidental death and dismemberment line of business reported a 20.2 percent decrease in adjusted operating income to $51.6 million in the second quarter of 2023, compared to $64.7 million in the second quarter of 2022. Premium income for this line of business was $461.8 million in the second quarter of 2023, which was generally consistent to the $463.4 million in the second quarter of 2022. Net investment income decreased 12.0 percent to $21.9 million in the second quarter of 2023, compared to $24.9 million in the second quarter of 2022, due primarily to a decrease in the level of invested assets and lower miscellaneous investment income. The benefit ratio in the second quarter of 2023 was 73.0 percent, compared to 70.8 percent in the second quarter of 2022, due primarily to higher incidence in both the group life and accidental death and dismemberment product lines, partially offset by lower average claim size in the group life product line. Sales of group life and accidental death and dismemberment products increased 15.1 percent in the second quarter of 2023 to $88.6 million, compared to $77.0 million in the second quarter of 2022. Persistency in the group life product line was 89.3 percent for the first half of 2023, compared to 89.4 percent for the first half of 2022. Persistency in the accidental death and dismemberment product line was 88.1 percent for the first half of 2023, compared to 88.2 percent for the first half of 2022.

The supplemental and voluntary line of business reported an increase of 8.2 percent in adjusted operating income to $131.7 million in the second quarter of 2023, compared to $121.7 million in the second quarter of 2022. Premium income for the supplemental and voluntary line of business increased 1.5 percent to $407.3 million in the second quarter of 2023, compared to $401.1 million in the second quarter of 2022, with higher sales in the individual disability product line, partially offset by lower persistency in the voluntary benefits and dental and vision product lines. Net investment income decreased 0.7 percent to $55.0 million in the second quarter of 2023, compared to $55.4 million in the second quarter of 2022, due primarily to a decline in yield on invested assets and lower miscellaneous


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

investment income, partially offset by an increase in the level of invested assets. The benefit ratio for the voluntary benefits product line was 39.2 percent in the second quarter of 2023, compared to 42.4 percent in the second quarter of 2022, due to favorable reserve development and increased lapses. The benefit ratio for the individual disability product line was 42.1 percent for the second quarter of 2023, compared to 50.3 percent in the second quarter of 2022, due primarily to higher mortality. The benefit ratio for the dental and vision product line was 76.2 percent for the second quarter of 2023, compared to 72.9 percent in the second quarter of 2022, due primarily to higher average claim size and higher claim incidence. Relative to the second quarter of 2022, sales in the voluntary benefits product line increased 15.9 percent in the second quarter of 2023 to $62.6 million. Sales in the individual disability product line increased 53.5 percent in the second quarter of 2023 to $28.7 million. Sales in the dental and vision product line increased 51.2 percent in the second quarter of 2023 to $19.5 million. Persistency in the voluntary benefits product line was 74.4 percent for the first half of 2023, compared to 75.8 percent for the first half of 2022. Persistency in the individual disability product line was 89.3 percent for the first half of 2023, compared to 89.4 percent for the first half of 2022. Persistency in the dental and vision product line was 76.1 percent for the first half of 2023, compared to 82.0 percent for the first half of 2022.

Unum International Segment

The Unum International segment reported adjusted operating income of $43.5 million in the second quarter of 2023, an increase of 54.8 percent from $28.1 million in the second quarter of 2022. Premium income increased to $207.9 million in the second quarter of 2023, compared to $179.4 million in the second quarter of 2022. Net investment income decreased 9.8 percent to $45.8 million in the second quarter of 2023, compared to $50.8 million in the second quarter of 2022. Sales increased 69.3 percent to $60.6 million in the second quarter of 2023, compared to $35.8 million in the second quarter of 2022.

The Unum UK line of business reported adjusted operating income, in local currency, of £34.3 million in the second quarter of 2023, an increase of 59.5 percent from £21.5 million in the second quarter of 2022. Premium income was £143.1 million in the second quarter of 2023, an increase of 14.5 percent from £125.0 million in the second quarter of 2022, due to in-force block growth and higher sales. Net investment income was £34.5 million in the second quarter of 2023, a decrease of 12.0 percent from £39.2 million in the second quarter of 2022, due to lower investment income from inflation index-linked bonds. The benefit ratio in the second quarter of 2023 was 72.3 percent, compared to 87.9 percent in the second quarter of 2022, due to favorable claim resolutions primarily driven by higher mortality and higher discount rates on new claims in the group long-term disability product line, and lower inflation-linked experience in benefits, partially offset by higher mortality in the group life product line. Sales increased 64.3 percent to £41.9 million in the second quarter of 2023, compared to £25.5 million in the second quarter of 2022. Persistency in the group long-term disability product line was 90.9 percent for the first half of 2023, compared to 87.4 percent for the first half of 2022. Persistency in the group life product line was 82.6 percent for the first half of 2023, compared to 88.1 percent for the first half of 2022. Persistency in the supplemental product line was 90.0 percent for the first half of 2023, compared to 91.5 percent for the first half of 2022.

Colonial Life Segment

Colonial Life reported adjusted operating income of $115.5 million in the second quarter of 2023, a 19.6 percent increase compared to $96.6 million in the second quarter of 2022. Premium income increased to $430.6 million in the second quarter of 2023, compared to $427.6 million in the second quarter of 2022, due to higher sales in prior periods, partially offset by lower persistency. Net investment income decreased to $38.0 million in the second quarter of 2023, compared to $38.7 million in the second quarter of 2022, due primarily to lower miscellaneous investment income. The benefit ratio was 48.3 percent in the second quarter of 2023, compared to 53.8 percent in the second quarter of 2022, and was favorable across all product lines primarily due to lower claim costs in the accident, sickness and disability and cancer and critical illness product lines. Sales increased 3.2 percent to $122.0 million in the second quarter of 2023, compared to $118.2 million in the second quarter of 2022. Persistency in the Colonial Life segment was 77.5 percent for the first half of 2023, compared to 78.6 percent for the first half of 2022.


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

Closed Block Segment

The Closed Block segment reported adjusted operating income of $51.2 million in the second quarter of 2023, which excludes the amortization of cost of reinsurance of $11.0 million and the impact of non-contemporaneous reinsurance of $9.9 million related to the Closed Block individual disability reinsurance transaction, compared to $86.9 million in the second quarter of 2022, which excludes the amortization of cost of reinsurance of $13.3 million and the impact of non-contemporaneous reinsurance of $10.0 million related to the Closed Block individual disability reinsurance transaction. Premium income for this segment is largely driven by our long-term care product line, and in the second quarter of 2023, premium income for long-term care was generally consistent with the same period of 2022. Net investment income decreased 9.5 percent to $263.9 million in the second quarter of 2023, compared to $291.5 million in the second quarter of 2022, due to lower miscellaneous investment income, primarily related to smaller increases in the net asset values on our private equity partnerships, partially offset by an increase in the level of invested assets.

The interest adjusted loss ratio for the long-term care line of business was 92.4 percent in the second quarter of 2023, compared to an interest adjusted loss ratio of 84.9 percent in the second quarter of 2022, driven primarily by higher claim incidence. The interest adjusted loss ratio for long-term care for the rolling twelve months ended June 30, 2023 was 86.6 percent.

Corporate Segment

The Corporate segment reported an adjusted operating loss of $34.9 million in the second quarter of 2023, compared to an adjusted operating loss of $36.9 million in the second quarter of 2022, due primarily to increased net investment income, which was driven by an increase in yield on invested assets, partially offset by higher pension expenses.


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

OTHER INFORMATION

Shares Outstanding

The Company’s weighted average number of shares outstanding, assuming dilution, was 198.1 million for the second quarter of 2023, compared to 202.4 million for the second quarter of 2022. Shares outstanding totaled 196.5 million at June 30, 2023. During the second quarter of 2023, the Company repurchased 1.1 million shares at a total cost of $47.0 million.

Capital Management

At June 30, 2023, the weighted average risk-based capital ratio for the Company’s traditional U.S. insurance companies was approximately 450 percent, and the holding companies had available holding company liquidity of $1,072.0 million.

Book Value

Book value per common share as of June 30, 2023 was $47.06, compared to $38.89 at June 30, 2022. Book value per common share excluding AOCI as of June 30, 2023 was $64.66, compared to $57.92 at June 30, 2022.

Effective Tax Rate

The effective tax rate on adjusted operating earnings was 21.1 percent in the second quarter of 2023.

Outlook

Full-year 2023 outlook of an increase in after-tax adjusted operating income per share of 20 percent to 25 percent when comparing historically reported 2022 results, or an increase of 10 percent to 15 percent on a consistent basis under ASU 2018-12.

NON-GAAP FINANCIAL MEASURES

We analyze our performance using non-GAAP financial measures. A non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. The non-GAAP financial measure of "after-tax adjusted operating income" differs from net income as presented in our consolidated operating results and income statements prepared in accordance with GAAP due to the exclusion of investment gains or losses, the amortization of the cost of reinsurance, and the impact of non-contemporaneous reinsurance as specified in the reconciliations in the Financial Highlights section below. Investment gains or losses primarily include realized investment gains or losses, expected investment credit losses, and gains or losses on derivatives. We believe after-tax adjusted operating income is a better performance measure and better indicator of the profitability and underlying trends in our business.

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

We exited a substantial portion of our Closed Block individual disability product line through the two phases of the reinsurance transaction that were executed in December 2020 and March 2021. As a result, we exclude the amortization of the cost of reinsurance that we recognized upon the exit of the business related to the policies on claim status as well as the impact of non-contemporaneous reinsurance that resulted from the adoption of ASU 2018-12. Due to the execution of the second phase of the reinsurance transaction occurring after January 1, 2021, the transition date of ASU


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

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

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

CONFERENCE CALL INFORMATION

Members of Unum Group senior management will host a conference call on Wednesday, August 2, 2023, at 9:00 a.m. (Eastern Time) to discuss the results of operations for the second quarter of 2023. Topics may include forward-looking information, such as the Company’s outlook on future results, trends in operations, and other material information.

The dial-in number for the conference call is 1-888-210-4821 for U.S. (access code: 5666159). For U.K. callers, the dial-in number is 44-800-358-0970 (access code: 5666159). For all other callers, the dial-in number is 1-646-960-0323 (access code: 5666159). A live webcast of the call will also be available at www.investors.unum.com in a listen-only mode. It is recommended that webcast viewers access the “Investors” section of the Company’s website and opt-in to the webcast approximately 5-10 minutes prior to the start of the call. A replay of the webcast will be available on the Company's website. A replay of the call will also be available through Wednesday, August 9 by dialing 1-800-770-2030 (U.S.) or 1-647-362-9199 (all other locations) - access code 5666159.

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

# # #

ABOUT UNUM GROUP

Unum Group (NYSE: UNM), an international provider of workplace benefits and services, has been helping workers and their families for 175 years. Through its Unum and Colonial Life brands, the company offers disability, life, accident, critical illness, dental, vision and stop-loss insurance; leave and absence management support and behavioral health services. In 2022, Unum reported revenues of about $12 billion and paid $8 billion in benefits. The Fortune 500 company is one of the 2023 World's Most Ethical Companies, recognized by Ethisphere®.

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


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

SAFE HARBOR STATEMENT

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

For further discussion of risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements, see Part 1, Item 1A “Risk Factors” of our annual report on Form 10-K for the year ended December 31, 2022. The forward-looking statements in this news release are being made as of the date of this news release, and we expressly disclaim any obligation to update or revise any forward-looking statement contained herein, even if made available on our website or otherwise.


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

Unum Group

FINANCIAL HIGHLIGHTS

(Unaudited)


($ in millions, except share data)
	Three Months Ended June 30				Six Months Ended June 30
	2023		2022		2023		2022

Revenue
Premium Income	$	2,509.1	$	2,416.0	$	4,968.4	$	4,817.4
Net Investment Income	531.1		559.0		1,039.9		1,086.2



Net Investment Gain (Loss)	0.9		(4.1)		1.0		(17.9)
Other Income	71.1		68.7		139.0		134.5
Total Revenue	3,112.2		3,039.6		6,148.3		6,020.2

Benefits and Expenses


Policy Benefits Including Remeasurement Loss or Gain	1,753.6		1,800.1		3,490.0		3,714.3
Commissions	286.1		274.4		580.0		547.6
Interest and Debt Expense	48.9		47.4		97.0		94.3

Deferral of Acquisition Costs	(156.5)		(137.9)		(314.2)		(279.7)
Amortization of Deferred Acquisition Costs	113.7		106.5		229.6		210.1
Other Expenses	568.0		509.9		1,116.2		998.7
Total Benefits and Expenses	2,613.8		2,600.4		5,198.6		5,285.3

Income Before Income Tax	498.4		439.2		949.7		734.9
Income Tax Expense	105.5		71.9		198.5		127.2

Net Income	$	392.9	$	367.3	$	751.2	$	607.7

PER SHARE INFORMATION

Net Income Per Common Share
Basic	$	1.99	$	1.83	$	3.80	$	3.01
Assuming Dilution	$	1.98	$	1.81	$	3.78	$	2.99

Weighted Average Common Shares - Basic (000s)	197,180.4		201,151.7		197,641.3		201,888.8
Weighted Average Common Shares - Assuming Dilution (000s)	198,136.5		202,431.7		198,823.8		202,966.5
Outstanding Shares - (000s)					196,459.0		200,233.4


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

Reconciliation of Non-GAAP Financial Measures


	Three Months Ended June 30
	2023				2022
	(in millions)		per share *		(in millions)		per share *
Net Income	$	392.9	$	1.98	$	367.3	$	1.81
Excluding:


Net Investment Gain (Loss), Other (net of tax expense (benefit) of $0.2; $(1.0))	0.7		—		(3.1)		(0.02)



Amortization of the Cost of Reinsurance (net of tax benefit of $2.3; $2.8)	(8.7)		(0.04)		(10.5)		(0.05)
Non-Contemporaneous Reinsurance (net of tax benefit of $2.0; $2.1)	(7.9)		(0.04)		(7.9)		(0.04)

After-tax Adjusted Operating Income	$	408.8	$	2.06	$	388.8	$	1.92

* Assuming Dilution


	June 30
	2023				2022
	(in millions)		per share		(in millions)		per share
Total Stockholders' Equity (Book Value)	$	9,245.9	$	47.06	$	7,787.8	$	38.89
Excluding:
Net Unrealized Loss on Securities	(2,762.6)		(14.06)		(1,560.4)		(7.79)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits	0.1		—		(1,541.2)		(7.70)
Net Unrealized Gain (Loss) on Hedges	(33.3)		(0.17)		46.4		0.23
Subtotal	12,041.7		61.29		10,843.0		54.15
Excluding:
Foreign Currency Translation Adjustment	(327.1)		(1.67)		(367.5)		(1.84)
Subtotal	12,368.8		62.96		11,210.5		55.99
Excluding:
Unrecognized Pension and Postretirement Benefit Costs	(334.7)		(1.70)		(386.8)		(1.93)
Total Stockholders' Equity, Excluding Accumulated Other Comprehensive Loss	$	12,703.5	$	64.66	$	11,597.3	$	57.92


UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES.						9


	Three Months Ended
	June 30, 2023		June 30, 2022
	Premium Income		Premium Income in Local Currency1		Weighted Average Exchange Rate2	Premium Income in Constant Currency


Unum International
Unum UK	$	179.3	£	125.0	1.253	$	156.6
Unum Poland	28.6		zł	97.6	0.240	23.4
Total	207.9					180.0
Unum US	1,641.4		$	1,571.0		1,571.0
Colonial Life	430.6		$	427.6		427.6
Core Operations	$	2,279.9				$	2,178.6

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

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


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

Unum Group

Statistical Supplement Second Quarter 2023

TABLE OF CONTENTS

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

Interim Results are Unaudited


						Page
			Financial Highlights			1
			Capital Metrics			2
			Ratings			3
			Consolidated Statements of Income			4
			Sales Data by Segment			5
			Consolidated Balance Sheets			6
			Financial Results by Segment			7
			Quarterly Historical Financial Results by Segment			8
			Financial Results and Selected Statistics by Segment
			Unum US			9
			Unum International			10
			Colonial Life			11
			Closed Block			12
			Corporate			13

			Investments			14
			Appendix to Statistical Supplement			15




			See "Appendix to Statistical Supplement" on page 15 for a summary of significant items and page 15.3 for a reconciliation of our non-GAAP financial measures.

			N.M. = not a meaningful percentage

Unum Group Financial Highlights


	Three Months Ended						Six Months Ended						Year Ended
	6/30/2023			6/30/2022			6/30/2023			6/30/2022			12/31/2022			12/31/2021
				As Adjusted						As Adjusted			As Adjusted
Consolidated U.S. GAAP Results¹
Premium Income	$	2,509.1		$	2,416.0		$	4,968.4		$	4,817.4		$	9,616.5		$	9,475.0

Adjusted Operating Revenue	$	3,111.3		$	3,043.7		$	6,147.3		$	6,038.1		$	11,999.8		$	11,931.1
Net Investment Gain (Loss)	0.9			(4.1)			1.0			(17.9)			(15.7)			76.7
Total Revenue	$	3,112.2		$	3,039.6		$	6,148.3		$	6,020.2		$	11,984.1		$	12,007.8

Net Income	$	392.9		$	367.3		$	751.2		$	607.7		$	1,407.2		$	981.0
Net Income Per Common Share:
Basic	$	1.99		$	1.83		$	3.80		$	3.01		$	7.01		$	4.80
Assuming Dilution	$	1.98		$	1.81		$	3.78		$	2.99		$	6.96		$	4.79

Assets							$	61,904.4		$	63,510.1		$	61,148.5		$	72,292.3
Liabilities							$	52,658.5		$	55,722.3		$	52,413.5		$	66,258.4
Stockholders' Equity							$	9,245.9		$	7,787.8		$	8,735.0		$	6,033.9
Adjusted Stockholders' Equity							$	12,041.7		$	10,843.0		$	11,459.1		$	10,528.4

Adjusted Operating Return on Equity
Unum US	24.3		%	20.3		%	22.3		%	16.0		%	16.7		%	7.3		%
Unum International	18.2		%	23.3		%	17.5		%	19.5		%	21.4		%	10.8		%
Colonial Life	21.5		%	18.5		%	19.5		%	19.3		%	22.5		%	21.1		%
Core Operating Segments	22.9		%	20.2		%	21.1		%	17.2		%	18.6		%	11.0		%
Consolidated	13.8		%	14.5		%	13.3		%	12.4		%	12.4		%	9.2		%




Traditional U.S. Life Insurance Companies' Statutory Results2
Net Gain from Operations, After Tax	$	313.7	$	281.3	$	589.9	$	481.8	$	965.4	$	681.1
Net Realized Capital Gain (Loss), After Tax	(0.5)		0.2		(0.5)		(2.2)		—		98.4

Net Income	$	313.2	$	281.5	$	589.4	$	479.6	$	965.4	$	779.5

Capital and Surplus					$	4,201.5	$	4,136.5	$	3,816.3	$	3,950.3

Weighted Average Risk-based Capital Ratio					~ 450%		~ 415%		~ 420%		~ 395%

1 Generally Accepted Accounting Principles

2 Our traditional U.S. life insurance companies are Provident Life and Accident Insurance Company, Unum Life Insurance Company of America, The Paul Revere Life Insurance Company, Colonial Life & Accident Insurance Company, Provident Life and Casualty Insurance Company, First Unum Life Insurance Company, Unum Insurance Company, and Starmount Life Insurance Company.

Unum Group Capital Metrics


	6/30/2023				6/30/2022				12/31/2022				12/31/2021
	(in millions)		per share		(in millions)		per share		(in millions)		per share		(in millions)		per share
					As Adjusted
Total Stockholders' Equity (Book Value)	$	9,245.9	$	47.06	$	7,787.8	$	38.89	$	8,735.0	$	44.17	$	6,033.9	$	29.79
Excluding:
Net Unrealized Gain (Loss) on Securities	(2,762.6)		(14.06)		(1,560.4)		(7.79)		(3,028.4)		(15.31)		4,014.4		19.82
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits	0.1		—		(1,541.2)		(7.70)		313.9		1.59		(8,570.7)		(42.32)
Net Gain (Loss) on Hedges	(33.3)		(0.17)		46.4		0.23		(9.6)		(0.05)		61.8		0.30
Subtotal	12,041.7		61.29		10,843.0		54.15		11,459.1		57.94		10,528.4		51.99
Excluding:
Foreign Currency Translation Adjustment	(327.1)		(1.67)		(367.5)		(1.84)		(390.1)		(1.98)		(274.1)		(1.35)
Subtotal	12,368.8		62.96		11,210.5		55.99		11,849.2		59.92		10,802.5		53.34
Excluding:
Unrecognized Pension and Postretirement Benefit Costs	(334.7)		(1.70)		(386.8)		(1.93)		(334.1)		(1.69)		(396.0)		(1.96)
Total Stockholders' Equity, Excluding Accumulated Other Comprehensive Income	$	12,703.5	$	64.66	$	11,597.3	$	57.92	$	12,183.3	$	61.61	$	11,198.5	$	55.30

Dividends Paid	$	134.4	$	0.66	$	123.4	$	0.60	$	255.3	$	1.26	$	240.6	$	1.17


	Three Months Ended				Six Months Ended						Year Ended
	6/30/2023		6/30/2022		6/30/2023			6/30/2022			12/31/2022			12/31/2021
Shares Repurchased (millions)	1.1		1.8		2.4			3.1			5.7			1.9
Cost of Shares Repurchased (millions)1	$	47.0	$	57.4	$	100.6		$	94.9		$	200.1		$	50.0
Price (UNM closing price on last trading day of period)					$	47.70		$	34.02		$	41.03		$	24.57

Leverage Ratio2					22.5		%	24.5		%	23.4		%	25.1		%

Holding Company Liquidity (millions)					$	1,072		$	1,177		$	1,571		$	1,515

1Includes $0.1 million of commissions for the three and six months ended June 30, 2023, $0.1 million of commission for the three and six months ended June 30, 2022, and $0.1 million for the year ended December 21, 2022. There was $0.4 million and $0.5 million of excise tax for the three and six months ended June 30, 2023, respectively. There were no excise taxes during the three and six months ended June 30, 2022 and years ended December 31, 2022 and 2021.

2Prior period ratios have been adjusted.

Unum Group Ratings

AM Best

Fitch

Moody's

S&P

Issuer Credit Ratings

bbb

BBB-

Baa3

BBB

Financial Strength Ratings

Provident Life and Accident Insurance Company

A-

Provident Life and Casualty Insurance Company

A-

Unum Life Insurance Company of America

A-

First Unum Life Insurance Company

A-

Colonial Life & Accident Insurance Company

A-

The Paul Revere Life Insurance Company

A-

Starmount Life Insurance Company

Unum Insurance Company

A-

Unum Limited

A-

Outlooks

Issuer Credit Rating

Positive

Stable

Financial Strength Rating

Stable

Positive

Stable

NR = not rated

Unum Group Consolidated Statements of Income


	Three Months Ended				Six Months Ended				Year Ended
	6/30/2023		6/30/2022		6/30/2023		6/30/2022		12/31/2022		12/31/2021
			As Adjusted				As Adjusted		As Adjusted
Revenue
Premium Income	$	2,509.1	$	2,416.0	$	4,968.4	$	4,817.4	$	9,616.5	$	9,475.0
Net Investment Income	531.1		559.0		1,039.9		1,086.2		2,122.2		2,213.2
Net Investment Gain (Loss)	0.9		(4.1)		1.0		(17.9)		(15.7)		76.7
Other Income	71.1		68.7		139.0		134.5		261.1		242.9
Total Revenue	3,112.2		3,039.6		6,148.3		6,020.2		11,984.1		12,007.8

Benefits and Expenses


Policy Benefits Including Remeasurement Loss or Gain	1,753.6		1,800.1		3,490.0		3,714.3		6,994.6		7,553.3
Commissions	286.1		274.4		580.0		547.6		1,086.4		1,038.1

Interest and Debt Expense	48.9		47.4		97.0		94.3		188.5		185.0
Cost Related to Early Retirement of Debt	—		—		—		—		4.2		67.3
Deferral of Acquisition Costs	(156.5)		(137.9)		(314.2)		(279.7)		(556.9)		(523.2)
Amortization of Deferred Acquisition Costs	113.7		106.5		229.6		210.1		421.1		452.1

Other Expenses	568.0		509.9		1,116.2		998.7		2,096.2		1,974.6
Total Benefits and Expenses	2,613.8		2,600.4		5,198.6		5,285.3		10,234.1		10,747.2

Income Before Income Tax	498.4		439.2		949.7		734.9		1,750.0		1,260.6
Income Tax Expense	105.5		71.9		198.5		127.2		342.8		279.6

Net Income	$	392.9	$	367.3	$	751.2	$	607.7	$	1,407.2	$	981.0

Weighted Average Shares Outstanding
Basic	197.2		201.2		197.6		201.9		200.6		204.2
Assuming Dilution	198.1		202.4		198.8		203.0		202.1		204.8

Actual Number of Shares Outstanding					196.5		200.2		197.8		202.5

Unum Group Sales Data for Unum US Segment


	Three Months Ended						Six Months Ended						Year Ended
	6/30/2023		6/30/2022		% Change		6/30/2023		6/30/2022		% Change		12/31/2022		12/31/2021
Sales by Product
Group Disability and Group Life and AD&D
Group Long-term Disability	$	65.6	$	63.2	3.8	%	$	119.5	$	103.8	15.1	%	$	295.3	$	206.6
Group Short-term Disability	49.6		36.3		36.6		86.6		64.1		35.1		184.3		142.7
Group Life and AD&D	88.6		77.0		15.1		127.7		110.6		15.5		232.4		223.8
Subtotal	203.8		176.5		15.5		333.8		278.5		19.9		712.0		573.1
Supplemental and Voluntary
Voluntary Benefits	62.6		54.0		15.9		173.5		148.3		17.0		238.7		231.2
Individual Disability	28.7		18.7		53.5		55.4		39.0		42.1		90.8		75.0
Dental and Vision	19.5		12.9		51.2		28.5		22.1		29.0		73.8		62.4
Subtotal	110.8		85.6		29.4		257.4		209.4		22.9		403.3		368.6
Total Sales	$	314.6	$	262.1	20.0		$	591.2	$	487.9	21.2		$	1,115.3	$	941.7

Sales by Market Sector
Group Disability and Group Life and AD&D
Core Market (< 2,000 employees)	$	105.3	$	104.2	1.1	%	$	189.3	$	169.8	11.5	%	$	457.5	$	371.5
Large Case Market	98.5		72.3		36.2		144.5		108.7		32.9		254.5		201.6
Subtotal	203.8		176.5		15.5		333.8		278.5		19.9		712.0		573.1
Supplemental and Voluntary	110.8		85.6		29.4		257.4		209.4		22.9		403.3		368.6
Total Sales	$	314.6	$	262.1	20.0		$	591.2	$	487.9	21.2		$	1,115.3	$	941.7

Unum Group Sales Data for Unum International Segment


	Three Months Ended						Six Months Ended						Year Ended
(in millions of dollars)	6/30/2023		6/30/2022		% Change		6/30/2023		6/30/2022		% Change		12/31/2022		12/31/2021
Sales by Product
Unum UK
Group Long-term Disability	$	20.9	$	13.2	58.3	%	$	30.1	$	28.8	4.5	%	$	43.3	$	41.4
Group Life	23.1		12.6		83.3		39.3		20.9		88.0		55.5		31.3
Supplemental	8.3		6.4		29.7		20.2		12.3		64.2		17.1		17.0
Unum Poland	8.3		3.6		130.6		16.8		8.0		110.0		17.8		16.1
Total Sales	$	60.6	$	35.8	69.3		$	106.4	$	70.0	52.0		$	133.7	$	105.8

Sales by Market Sector
Unum UK
Group Long-term Disability and Group Life
Core Market (< 500 employees)	$	16.0	$	11.4	40.4	%	$	28.5	$	23.5	21.3	%	$	42.7	$	41.5
Large Case Market	28.0		14.4		94.4		40.9		26.2		56.1		56.1		31.2
Subtotal	44.0		25.8		70.5		69.4		49.7		39.6		98.8		72.7
Supplemental	8.3		6.4		29.7		20.2		12.3		64.2		17.1		17.0
Unum Poland	8.3		3.6		130.6		16.8		8.0		110.0		17.8		16.1
Total Sales	$	60.6	$	35.8	69.3		$	106.4	$	70.0	52.0		$	133.7	$	105.8

(in millions of pounds)
Unum UK Sales by Product
Group Long-term Disability	£	16.8	£	10.5	60.0	%	£	24.3	£	22.1	10.0	%	£	34.5	£	30.0
Group Life	18.5		10.0		85.0		31.8		16.2		96.3		45.4		22.8
Supplemental	6.6		5.0		32.0		16.4		9.4		74.5		13.5		12.3
Total Sales	£	41.9	£	25.5	64.3		£	72.5	£	47.7	52.0		£	93.4	£	65.1

Unum UK Sales by Market Sector
Group Long-term Disability and Group Life
Core Market (< 500 employees)	£	12.9	£	9.1	41.8	%	£	23.1	£	18.0	28.3	%	£	34.4	£	30.2
Large Case Market	22.4		11.4		96.5		33.0		20.3		62.6		45.5		22.6
Subtotal	35.3		20.5		72.2		56.1		38.3		46.5		79.9		52.8
Supplemental	6.6		5.0		32.0		16.4		9.4		74.5		13.5		12.3
Total Sales	£	41.9	£	25.5	64.3		£	72.5	£	47.7	52.0		£	93.4	£	65.1

5. 1

Unum Group Sales Data for Colonial Life Segment


	Three Months Ended						Six Months Ended						Year Ended
	6/30/2023		6/30/2022		% Change		6/30/2023		6/30/2022		% Change		12/31/2022		12/31/2021
Sales by Product
Accident, Sickness, and Disability	$	74.9	$	73.0	2.6	%	$	141.4	$	138.6	2.0	%	$	310.6	$	297.9
Life	30.2		28.7		5.2		56.4		52.5		7.4		121.5		111.0
Cancer and Critical Illness	16.9		16.5		2.4		31.0		31.1		(0.3)		76.0		70.9
Total Sales	$	122.0	$	118.2	3.2		$	228.8	$	222.2	3.0		$	508.1	$	479.8

Sales by Market Sector
Commercial
Core Market (< 1,000 employees)	$	81.0	$	79.3	2.1	%	$	154.4	$	152.0	1.6	%	$	332.4	$	313.2
Large Case Market	11.7		13.5		(13.3)		21.8		25.6		(14.8)		58.1		68.5
Subtotal	92.7		92.8		(0.1)		176.2		177.6		(0.8)		390.5		381.7
Public Sector	29.3		25.4		15.4		52.6		44.6		17.9		117.6		98.1
Total Sales	$	122.0	$	118.2	3.2		$	228.8	$	222.2	3.0		$	508.1	$	479.8

5. 2

Unum Group Consolidated Balance Sheets


	June 30		December 31
	2023		2022
			As Adjusted
Assets

Investments
Fixed Maturity Securities - at fair value	$	35,374.1	$	34,840.8
Mortgage Loans	2,372.8		2,435.4
Policy Loans	3,493.3		3,601.2
Other Long-term Investments	1,503.2		1,440.1
Short-term Investments	1,652.8		1,394.8
Total Investments	44,396.2		43,712.3

Other Assets
Cash and Bank Deposits	108.3		119.2
Accounts and Premiums Receivable	1,605.5		1,482.1
Reinsurance Recoverable	9,383.1		9,608.0
Accrued Investment Income	715.1		615.0
Deferred Acquisition Costs	2,647.2		2,560.0
Goodwill	349.7		347.6
Property and Equipment	460.0		451.7
Deferred Income Tax	582.9		586.0

Other Assets	1,656.4		1,666.6

Total Assets	$	61,904.4	$	61,148.5

Unum Group Consolidated Balance Sheets - Continued


	June 30		December 31
	2023		2022
			As Adjusted
Liabilities and Stockholders' Equity

Liabilities
Future Policy Benefits1	$	38,945.3	$	38,577.1
Policyholders' Account Balances1	5,692.4		5,740.2
Unearned Premiums	494.7		365.5
Other Policyholders’ Funds	1,701.5		1,750.4
Income Tax Payable	179.1		190.9
Deferred Income Tax	23.9		25.2
Short-term Debt	2.0		2.0

Long-term Debt	3,429.1		3,427.8

Other Liabilities	2,190.5		2,334.4

Total Liabilities	52,658.5		52,413.5

Stockholders’ Equity
Common Stock	30.9		30.8
Additional Paid-in Capital	2,444.9		2,441.0
Accumulated Other Comprehensive Loss	(3,457.6)		(3,448.3)
Retained Earnings	13,758.1		13,141.3
Treasury Stock - at cost	(3,530.4)		(3,429.8)

Total Stockholders’ Equity	9,245.9		8,735.0

Total Liabilities and Stockholders’ Equity	$	61,904.4	$	61,148.5

1We previously reported Policy and Contract Benefits and Reserves for Future Policy Benefits in our consolidated balance sheet for December 31, 2022. As a part of the adoption of ASU 2018-12, these balances were reclassified into new line items, Future Policy Benefits and Policyholders' Account Balances. Certain prior year amounts have been reclassified to conform to current year presentation.

6. 1

Unum Group Balance Sheets by Segment - June 30, 2023


	Unum US
	Group Disability		Group Life and Accidental Death & Dismemberment		Supplemental and Voluntary		Total Unum US		Unum International		Colonial Life		Closed Block		Corporate		Consolidated
Assets
Investments	$	6,636.7	$	2,090.3	$	4,587.1	$	13,314.1	$	2,686.6	$	3,121.8	$	22,825.9	$	2,447.8	$	44,396.2
Deferred Acquisition Costs	65.5		49.9		1,096.6		1,212.0		42.9		1,392.3		—		—		2,647.2
Goodwill	8.9		—		271.1		280.0		42.0		27.7		—		—		349.7
Reinsurance Receivable	49.3		12.5		207.1		268.9		112.8		5.0		8,996.4		—		9,383.1
All Other	380.9		242.3		115.0		738.2		430.9		128.1		2,487.5		1,343.5		5,128.2
Total Assets	$	7,141.3	$	2,395.0	$	6,276.9	$	15,813.2	$	3,315.2	$	4,674.9	$	34,309.8	$	3,791.3	$	61,904.4

Liabilities
Future Policy Benefits	$	5,418.2	$	924.2	$	3,220.5	$	9,562.9	$	2,114.1	$	1,951.4	$	25,316.9	$	—	$	38,945.3
Policyholders' Account Balances	—		—		677.2		677.2		—		867.0		4,148.2		—		5,692.4
Unearned Premiums	3.2		6.5		56.1		65.8		243.7		44.8		140.4		—		494.7
Other Policyholders' Funds	35.5		860.7		32.6		928.8		54.1		12.6		706.0		—		1,701.5
Debt	—		—		—		—		—		—		—		3,431.1		3,431.1
All Other	34.6		67.1		197.6		299.3		120.5		58.0		497.7		1,418.0		2,393.5
Total Liabilities	5,491.5		1,858.5		4,184.0		11,534.0		2,532.4		2,933.8		30,809.2		4,849.1		52,658.5

Allocated Stockholders' Equity
Other Allocated Stockholders' Equity	1,607.3		648.1		2,226.4		4,481.8		804.5		1,698.0		5,445.7		(388.3)		12,041.7

Net Unrealized Loss on Securities and Net Unrealized Gain (Loss) on Hedges	(229.6)		(140.4)		(207.7)		(577.7)		(227.3)		(152.5)		(1,168.9)		(669.5)		(2,795.9)
Effect of Change in Discount Rate Assumption on the Liability for Future Policy Benefits	272.1		28.8		74.2		375.1		205.6		195.6		(776.2)		—		0.1
Total Allocated Stockholders' Equity	1,649.8		536.5		2,092.9		4,279.2		782.8		1,741.1		3,500.6		(1,057.8)		9,245.9

Total Liabilities and Allocated Stockholders' Equity	$	7,141.3	$	2,395.0	$	6,276.9	$	15,813.2	$	3,315.2	$	4,674.9	$	34,309.8	$	3,791.3	$	61,904.4

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

6. 2

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


	Unum US
	Group Disability		Group Life and Accidental Death & Dismemberment		Supplemental and Voluntary		Total Unum US		Unum International		Colonial Life		Closed Block		Corporate		Consolidated
Assets
Investments	$	7,139.5	$	2,369.9	$	4,516.6	$	14,026.0	$	2,677.2	$	3,126.1	$	22,028.9	$	1,854.1	$	43,712.3
Deferred Acquisition Costs	61.0		49.3		1,074.8		1,185.1		37.0		1,337.9		—		—		2,560.0
Goodwill	8.9		—		271.1		280.0		39.9		27.7		—		—		347.6
Reinsurance Receivable	49.5		10.6		212.1		272.2		83.5		5.2		9,247.1		—		9,608.0
All Other	76.7		341.2		175.1		593.0		291.8		78.1		2,500.6		1,457.1		4,920.6
Total Assets	$	7,335.6	$	2,771.0	$	6,249.7	$	16,356.3	$	3,129.4	$	4,575.0	$	33,776.6	$	3,311.2	$	61,148.5

Liabilities
Future Policy Benefits	$	5,564.4	$	973.5	$	3,172.4	$	9,710.3	$	2,063.3	$	1,858.4	$	24,945.1	$	—	$	38,577.1
Policyholders' Account Balances	—		—		679.6		679.6		—		869.2		4,191.4		—		5,740.2
Unearned Premiums	1.6		6.6		47.6		55.8		130.4		42.7		136.6		—		365.5
Other Policyholders' Funds	32.7		905.6		31.1		969.4		45.9		9.5		725.6		—		1,750.4
Debt	—		—		—		—		—		—		—		3,429.8		3,429.8
All Other	24.4		94.6		207.2		326.2		86.0		54.8		532.6		1,550.9		2,550.5
Total Liabilities	5,623.1		1,980.3		4,137.9		11,741.3		2,325.6		2,834.6		30,531.3		4,980.7		52,413.5

Allocated Stockholders' Equity
Other Allocated Stockholders' Equity	1,668.0		908.4		2,225.8		4,802.2		770.6		1,689.4		5,106.7		(909.8)		11,459.1
Net Unrealized Loss on Securities and Net Gain (Loss) on Hedges	(255.9)		(148.5)		(226.6)		(631.0)		(112.5)		(175.5)		(1,359.3)		(759.7)		(3,038.0)

Effect of Change in Discount Rate Assumption on the Liability for Future Policy Benefits	300.4		30.8		112.6		443.8		145.7		226.5		(502.1)		—		313.9
Total Allocated Stockholders' Equity	1,712.5		790.7		2,111.8		4,615.0		803.8		1,740.4		3,245.3		(1,669.5)		8,735.0

Total Liabilities and Allocated Stockholders' Equity	$	7,335.6	$	2,771.0	$	6,249.7	$	16,356.3	$	3,129.4	$	4,575.0	$	33,776.6	$	3,311.2	$	61,148.5

6. 3

Unum Group Financial Results by Segment

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


	Three Months Ended						Six Months Ended
	6/30/2023		6/30/2022		% Change		6/30/2023		6/30/2022		% Change
			As Adjusted						As Adjusted
Premium Income
Unum US	$	1,641.4	$	1,571.0	4.5	%	$	3,251.0	$	3,114.0	4.4	%
Unum International	207.9		179.4		15.9		396.5		367.2		8.0
Colonial Life	430.6		427.6		0.7		860.1		858.3		0.2
Closed Block	229.2		238.0		(3.7)		460.8		477.9		(3.6)
	2,509.1		2,416.0		3.9		4,968.4		4,817.4		3.1
Net Investment Income
Unum US	158.0		167.8		(5.8)		315.3		338.8		(6.9)
Unum International	45.8		50.8		(9.8)		76.7		85.3		(10.1)
Colonial Life	38.0		38.7		(1.8)		75.3		76.8		(2.0)
Closed Block	263.9		291.5		(9.5)		521.1		566.3		(8.0)
Corporate	25.4		10.2		149.0		51.5		19.0		171.1
	531.1		559.0		(5.0)		1,039.9		1,086.2		(4.3)
Other Income
Unum US	54.5		50.7		7.5		108.1		97.8		10.5
Unum International	0.1		0.3		(66.7)		0.5		0.5		—
Colonial Life	0.4		0.2		100.0		0.6		0.5		20.0
Closed Block	13.8		16.5		(16.4)		27.3		32.5		(16.0)
Corporate	2.3		1.0		130.0		2.5		3.2		(21.9)
	71.1		68.7		3.5		139.0		134.5		3.3
Total Adjusted Operating Revenue
Unum US	1,853.9		1,789.5		3.6		3,674.4		3,550.6		3.5
Unum International	253.8		230.5		10.1		473.7		453.0		4.6
Colonial Life	469.0		466.5		0.5		936.0		935.6		—
Closed Block	506.9		546.0		(7.2)		1,009.2		1,076.7		(6.3)
Corporate	27.7		11.2		147.3		54.0		22.2		143.2
	$	3,111.3	$	3,043.7	2.2		$	6,147.3	$	6,038.1	1.8

Unum Group Financial Results by Segment - Continued


	Three Months Ended						Six Months Ended
	6/30/2023		6/30/2022		% Change		6/30/2023		6/30/2022		% Change
			As Adjusted						As Adjusted
Benefits and Expenses
Unum US	$	1,510.8	$	1,497.6	0.9	%	$	3,018.8	$	3,090.4	(2.3)	%
Unum International	210.3		202.4		3.9		391.8		399.0		(1.8)
Colonial Life	353.5		369.9		(4.4)		726.6		736.1		(1.3)
Closed Block	476.6		482.4		(1.2)		939.0		960.3		(2.2)
Corporate	62.6		48.1		30.1		122.4		99.5		23.0
	2,613.8		2,600.4		0.5		5,198.6		5,285.3		(1.6)

Income (Loss) Before Income Tax and Net Investment Gain (Loss)
Unum US	343.1		291.9		17.5		655.6		460.2		42.5
Unum International	43.5		28.1		54.8		81.9		54.0		51.7
Colonial Life	115.5		96.6		19.6		209.4		199.5		5.0
Closed Block	30.3		63.6		(52.4)		70.2		116.4		(39.7)
Corporate	(34.9)		(36.9)		(5.4)		(68.4)		(77.3)		(11.5)
	497.5		443.3		12.2		948.7		752.8		26.0

Income Tax Expense	105.3		72.9		44.4		198.3		131.4		50.9

Income Before Net Investment Gain (Loss)	392.2		370.4		5.9		750.4		621.4		20.8

Net Investment Gain (Loss) (net of tax expense (benefit) of $0.2; $(1.0); $0.2; $(4.2))	0.7		(3.1)		122.6		0.8		(13.7)		105.8

Net Income	$	392.9	$	367.3	7.0		$	751.2	$	607.7	23.6

7. 1

Unum Group Quarterly Historical Financial Results by Segment


	6/30/23		3/31/23		12/31/22		9/30/22		6/30/22		3/31/22
					As Adjusted
Premium Income
Unum US	$	1,641.4	$	1,609.6	$	1,580.6	$	1,556.8	$	1,571.0	$	1,543.0
Unum International	207.9		188.6		178.3		173.3		179.4		187.8
Colonial Life	430.6		429.5		420.4		423.3		427.6		430.7
Closed Block	229.2		231.6		230.9		235.5		238.0		239.9
	2,509.1		2,459.3		2,410.2		2,388.9		2,416.0		2,401.4
Net Investment Income
Unum US	158.0		157.3		166.9		170.6		167.8		171.0
Unum International	45.8		30.9		47.8		37.0		50.8		34.5
Colonial Life	38.0		37.3		37.3		38.6		38.7		38.1
Closed Block	263.9		257.2		252.9		251.4		291.5		274.8
Corporate	25.4		26.1		19.5		14.0		10.2		8.8
	531.1		508.8		524.4		511.6		559.0		527.2
Other Income
Unum US	54.5		53.6		49.5		49.0		50.7		47.1
Unum International	0.1		0.4		0.2		0.2		0.3		0.2
Colonial Life	0.4		0.2		0.3		0.3		0.2		0.3
Closed Block	13.8		13.5		12.4		13.1		16.5		16.0
Corporate	2.3		0.2		1.2		0.4		1.0		2.2
	71.1		67.9		63.6		63.0		68.7		65.8
Total Adjusted Operating Revenue
Unum US	1,853.9		1,820.5		1,797.0		1,776.4		1,789.5		1,761.1
Unum International	253.8		219.9		226.3		210.5		230.5		222.5
Colonial Life	469.0		467.0		458.0		462.2		466.5		469.1
Closed Block	506.9		502.3		496.2		500.0		546.0		530.7
Corporate	27.7		26.3		20.7		14.4		11.2		11.0
	$	3,111.3	$	3,036.0	$	2,998.2	$	2,963.5	$	3,043.7	$	2,994.4

Unum Group Quarterly Historical Financial Results by Segment - Continued


	6/30/23		3/31/23		12/31/22		9/30/22		6/30/22		3/31/22
					As Adjusted
Benefits and Expenses
Unum US	$	1,510.8	$	1,508.0	$	1,565.4	$	1,324.8	$	1,497.6	$	1,592.8
Unum International	210.3		181.5		171.2		178.0		202.4		196.6
Colonial Life	353.5		373.1		362.5		289.1		369.9		366.2
Closed Block	476.6		462.4		474.0		461.7		482.4		477.9
Corporate	62.6		59.8		58.2		63.9		48.1		51.4
	2,613.8		2,584.8		2,631.3		2,317.5		2,600.4		2,684.9

Income (Loss) Before Income Tax and Net Investment Gain (Loss)
Unum US	343.1		312.5		231.6		451.6		291.9		168.3
Unum International	43.5		38.4		55.1		32.5		28.1		25.9
Colonial Life	115.5		93.9		95.5		173.1		96.6		102.9
Closed Block	30.3		39.9		22.2		38.3		63.6		52.8
Corporate	(34.9)		(33.5)		(37.5)		(49.5)		(36.9)		(40.4)
	497.5		451.2		366.9		646.0		443.3		309.5

Income Tax Expense	105.3		93.0		82.6		132.3		72.9		58.5

Income Before Net Investment Gain (Loss)	392.2		358.2		284.3		513.7		370.4		251.0

Net Investment Gain (Loss)	0.9		0.1		6.6		(4.4)		(4.1)		(13.8)
Tax Expense (Benefit) on Net Investment Gain (Loss)	0.2		—		1.7		(1.0)		(1.0)		(3.2)



Net Income	$	392.9	$	358.3	$	289.2	$	510.3	$	367.3	$	240.4

Net Income Per Common Share - Assuming Dilution	$	1.98	$	1.80	$	1.44	$	2.53	$	1.81	$	1.18

8. 1

Unum Group Financial Results for Unum US Segment


	Three Months Ended						Six Months Ended						Year Ended
	6/30/2023			6/30/2022			6/30/2023			6/30/2022			12/31/2022			12/31/2021
				As Adjusted						As Adjusted			As Adjusted
Adjusted Operating Revenue
Premium Income	$	1,641.4		$	1,571.0		$	3,251.0		$	3,114.0		$	6,251.4		$	6,072.0
Net Investment Income	158.0			167.8			315.3			338.8			676.3			721.6
Other Income	54.5			50.7			108.1			97.8			196.3			170.0
Total	1,853.9			1,789.5			3,674.4			3,550.6			7,124.0			6,963.6

Benefits and Expenses


Policy Benefits Including Remeasurement Loss or Gain	983.9			1,000.1			1,962.3			2,119.0			3,970.9			4,430.3
Commissions	160.5			154.1			329.4			307.3			614.4			583.4
Deferral of Acquisition Costs	(77.1)			(64.9)			(156.1)			(133.2)			(273.1)			(257.8)
Amortization of Deferred Acquisition Costs	63.4			58.7			129.2			115.6			240.9			285.9
Other Expenses	380.1			349.6			754.0			681.7			1,427.5			1,291.2
Total	1,510.8			1,497.6			3,018.8			3,090.4			5,980.6			6,333.0

Income Before Income Tax and Net Investment Gains and Losses	343.1			291.9			655.6			460.2			1,143.4			630.6
Reserve Assumption Updates	—			—			—			—			(155.0)			(215.0)
Adjusted Operating Income	$	343.1		$	291.9		$	655.6		$	460.2		$	988.4		$	415.6

Operating Ratios (% of Premium Income):
Benefit Ratio1	59.9		%	63.7		%	60.4		%	68.0		%	66.0		%	76.5		%

Other Expense Ratio2	22.4		%	21.6		%	22.5		%	21.2		%	22.2		%	20.7		%
Income Ratio													18.3		%	10.4		%
Adjusted Operating Income Ratio	20.9		%	18.6		%	20.2		%	14.8		%	15.8		%	6.8		%

1Excludes the reserve decreases related to reserve assumption updates that occurred during the third quarters of 2022 and 2021.

2Ratio of Other Expenses to Premium Income plus Unum US Group Disability Other Income, which is primarily related to fee-based services.

Unum Group Financial Results for Unum US Group Disability


	Three Months Ended						Six Months Ended						Year Ended
	6/30/2023			6/30/2022			6/30/2023			6/30/2022			12/31/2022			12/31/2021
				As Adjusted						As Adjusted			As Adjusted
Adjusted Operating Revenue
Premium Income
Group Long-term Disability	$	516.1		$	474.4		$	1,020.8		$	938.3		$	1,911.7		$	1,827.8
Group Short-term Disability	256.2			232.1			496.5			453.7			926.3			864.0
Total Premium Income	772.3			706.5			1,517.3			1,392.0			2,838.0			2,691.8
Net Investment Income	81.1			87.5			162.2			177.8			349.1			379.6
Other Income	53.8			49.8			106.4			95.1			191.8			165.7
Total	907.2			843.8			1,785.9			1,664.9			3,378.9			3,237.1

Benefits and Expenses


Policy Benefits Including Remeasurement Loss or Gain	458.6			471.3			905.6			978.8			1,782.4			1,911.5
Commissions	57.0			53.4			115.4			105.9			211.3			199.8
Deferral of Acquisition Costs	(15.8)			(12.5)			(30.4)			(25.2)			(53.1)			(49.8)
Amortization of Deferred Acquisition Costs	12.8			12.7			25.9			23.8			53.0			84.2
Other Expenses	234.8			213.4			463.9			413.3			862.3			773.9
Total	747.4			738.3			1,480.4			1,496.6			2,855.9			2,919.6

Income Before Income Tax and Net Investment Gains and Losses	159.8			105.5			305.5			168.3			523.0			317.5
Reserve Assumption Updates	—			—			—			—			(121.0)			(215.0)
Adjusted Operating Income	$	159.8		$	105.5		$	305.5		$	168.3		$	402.0		$	102.5

Operating Ratios (% of Premium Income):
Benefit Ratio1	59.4		%	66.7		%	59.7		%	70.3		%	67.1		%	79.0		%
Other Expense Ratio2	28.4		%	28.2		%	28.6		%	27.8		%	28.5		%	27.1		%
Income Ratio													18.4		%	11.8		%
Adjusted Operating Income Ratio	20.7		%	14.9		%	20.1		%	12.1		%	14.2		%	3.8		%

Persistency:
Group Long-term Disability							91.0		%	90.9		%	90.7		%	89.6		%
Group Short-term Disability							88.6		%	89.2		%	88.9		%	87.4		%
1Excludes the reserve decreases related to the reserve assumption updates that occurred during the third quarters of 2022 and 2021.
2Ratio of Other Expenses to Premium Income plus Other Income, which is primarily related to fee-based services.

9. 1

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


	Three Months Ended						Six Months Ended						Year Ended
	6/30/2023			6/30/2022			6/30/2023			6/30/2022			12/31/2022			12/31/2021
				As Adjusted						As Adjusted			As Adjusted
Adjusted Operating Revenue
Premium Income
Group Life	$	418.2		$	419.6		$	831.3		$	832.2		$	1,669.1		$	1,641.9
Accidental Death & Dismemberment	43.6			43.8			87.1			85.9			173.7			165.1
Total Premium Income	461.8			463.4			918.4			918.1			1,842.8			1,807.0
Net Investment Income	21.9			24.9			44.5			49.8			100.3			104.0
Other Income	0.1			0.4			0.5			0.8			1.6			1.7
Total	483.8			488.7			963.4			968.7			1,944.7			1,912.7

Benefits and Expenses


Policy Benefits Including Remeasurement Loss or Gain	336.9			328.3			679.2			727.8			1,415.9			1,734.8
Commissions	38.3			38.2			78.0			74.9			150.4			144.7
Deferral of Acquisition Costs	(10.1)			(8.8)			(19.9)			(17.9)			(37.3)			(36.1)
Amortization of Deferred Acquisition Costs	9.5			10.1			19.3			19.5			41.9			58.6
Other Expenses	57.6			56.2			115.1			110.3			231.1			213.8
Total	432.2			424.0			871.7			914.6			1,802.0			2,115.8

Income (Loss) Before Income Tax and Net Investment Gains and Losses	51.6			64.7			91.7			54.1			142.7			(203.1)
Reserve Assumption Update	—			—			—			—			(34.0)			—
Adjusted Operating Income (Loss)	$	51.6		$	64.7		$	91.7		$	54.1		$	108.7		$	(203.1)

Operating Ratios (% of Premium Income):
Benefit Ratio1	73.0		%	70.8		%	74.0		%	79.3		%	78.7		%	96.0		%

Other Expense Ratio	12.5		%	12.1		%	12.5		%	12.0		%	12.5		%	11.8		%
Income Ratio													7.7		%
Adjusted Operating Income (Loss) Ratio	11.2		%	14.0		%	10.0		%	5.9		%	5.9		%	(11.2)		%

Persistency:
Group Life							89.3		%	89.4		%	88.9		%	89.7		%
Accidental Death & Dismemberment							88.1		%	88.2		%	87.9		%	89.1		%

1Excludes the reserve decrease related to the reserve assumption update that occurred during the third quarter of 2022.

9. 2

Unum Group Financial Results for Unum US Supplemental and Voluntary


	Three Months Ended						Six Months Ended						Year Ended
	6/30/2023			6/30/2022			6/30/2023			6/30/2022			12/31/2022			12/31/2021
				As Adjusted						As Adjusted			As Adjusted
Adjusted Operating Revenue
Premium Income
Voluntary Benefits	$	213.4		$	214.4		$	427.9		$	433.0		$	833.7		$	840.7
Individual Disability	125.8			117.8			250.0			231.4			461.1			459.8
Dental and Vision	68.1			68.9			137.4			139.5			275.8			272.7
Total Premium Income	407.3			401.1			815.3			803.9			1,570.6			1,573.2
Net Investment Income	55.0			55.4			108.6			111.2			226.9			238.0
Other Income	0.6			0.5			1.2			1.9			2.9			2.6
Total	462.9			457.0			925.1			917.0			1,800.4			1,813.8

Benefits and Expenses


Policy Benefits Including Remeasurement Loss or Gain	188.4			200.5			377.5			412.4			772.6			784.0
Commissions	65.2			62.5			136.0			126.5			252.7			238.9
Deferral of Acquisition Costs	(51.2)			(43.6)			(105.8)			(90.1)			(182.7)			(171.9)
Amortization of Deferred Acquisition Costs	41.1			35.9			84.0			72.3			146.0			143.1
Other Expenses	87.7			80.0			175.0			158.1			334.1			303.5
Total	331.2			335.3			666.7			679.2			1,322.7			1,297.6



Adjusted Operating Income	$	131.7		$	121.7		$	258.4		$	237.8		$	477.7		$	516.2

Operating Ratios (% of Premium Income):
Benefit Ratios:
Voluntary Benefits	39.2		%	42.4		%	37.6		%	43.7		%	41.6		%	45.1		%
Individual Disability	42.1		%	50.3		%	43.7		%	52.4		%	49.5		%	45.0		%

Dental and Vision	76.2		%	72.9		%	78.2		%	73.1		%	71.6		%	72.6		%
Other Expense Ratio	21.5		%	19.9		%	21.5		%	19.7		%	21.3		%	19.3		%

Adjusted Operating Income Ratio	32.3		%	30.3		%	31.7		%	29.6		%	30.4		%	32.8		%

Persistency:
Voluntary Benefits							74.4		%	75.8		%	75.8		%	75.8		%
Individual Disability							89.3		%	89.4		%	89.5		%	89.7		%
Dental and Vision							76.1		%	82.0		%	79.9		%	86.0		%

9. 3

Unum Group Financial Results for Unum International Segment


	Three Months Ended				Six Months Ended				Year Ended
	6/30/2023		6/30/2022		6/30/2023		6/30/2022		12/31/2022		12/31/2021
			As Adjusted				As Adjusted		As Adjusted
Adjusted Operating Revenue
Premium Income
Unum UK
Group Long-term Disability	$	104.7	$	94.3	$	196.4	$	197.7	$	376.9	$	401.9
Group Life	41.1		33.3		80.3		65.5		138.2		112.3
Supplemental	33.5		29.4		65.3		58.4		114.0		112.6
Unum Poland	28.6		22.4		54.5		45.6		89.7		90.2
Total Premium Income	207.9		179.4		396.5		367.2		718.8		717.0
Net Investment Income	45.8		50.8		76.7		85.3		170.1		132.7
Other Income	0.1		0.3		0.5		0.5		0.9		0.6
Total	253.8		230.5		473.7		453.0		889.8		850.3

Benefits and Expenses


Policy Benefits Including Remeasurement Loss or Gain	147.3		151.1		274.8		299.6		549.6		553.0
Commissions	18.9		15.0		35.5		29.9		56.3		54.1
Deferral of Acquisition Costs	(3.5)		(2.9)		(7.0)		(6.4)		(12.0)		(12.8)
Amortization of Deferred Acquisition Costs	1.9		2.7		3.7		4.8		8.2		7.0
Other Expenses	45.7		36.5		84.8		71.1		146.1		139.1
Total	210.3		202.4		391.8		399.0		748.2		740.4

Adjusted Operating Income	$	43.5	$	28.1	$	81.9	$	54.0	$	141.6	$	109.9

Unum Group Financial Results for Unum UK


	Three Months Ended						Six Months Ended						Year Ended
(in millions of pounds)	6/30/2023			6/30/2022			6/30/2023			6/30/2022			12/31/2022			12/31/2021
				As Adjusted						As Adjusted			As Adjusted
Adjusted Operating Revenue
Premium Income
Group Long-term Disability	£	83.6		£	75.1		£	159.1		£	152.2		£	304.6		£	292.0
Group Life	32.8			26.5			65.1			50.5			112.3			81.7
Supplemental	26.7			23.4			52.8			45.0			92.3			81.8
Total Premium Income	143.1			125.0			277.0			247.7			509.2			455.5
Net Investment Income	34.5			39.2			58.2			63.4			131.9			91.0
Other Income	0.1			—			0.1			0.1			0.1			0.1
Total	177.7			164.2			335.3			311.2			641.2			546.6

Benefits and Expenses


Policy Benefits Including Remeasurement Loss or Gain	103.5			109.9			195.2			209.5			398.4			364.5
Commissions	10.1			8.7			19.0			16.9			31.8			28.7
Deferral of Acquisition Costs	(1.1)			(1.1)			(2.1)			(2.3)			(4.2)			(4.3)
Amortization of Deferred Acquisition Costs	1.4			1.9			2.5			3.1			5.3			4.5
Other Expenses	29.5			23.3			55.4			43.9			95.6			81.8
Total	143.4			142.7			270.0			271.1			526.9			475.2

Adjusted Operating Income	£	34.3		£	21.5		£	65.3		£	40.1		£	114.3		£	71.4

Weighted Average Pound/Dollar Exchange Rate	1.257			1.256			1.236			1.294			1.221			1.378

Operating Ratios (% of Premium Income):
Benefit Ratio	72.3		%	87.9		%	70.5		%	84.6		%	78.2		%	80.0		%
Other Expense Ratio	20.6		%	18.6		%	20.0		%	17.7		%	18.8		%	18.0		%
Adjusted Operating Income Ratio	24.0		%	17.2		%	23.6		%	16.2		%	22.4		%	15.7		%

Persistency:
Group Long-term Disability							90.9		%	87.4		%	85.1		%	89.3		%
Group Life							82.6		%	88.1		%	87.9		%	86.5		%
Supplemental							90.0		%	91.5		%	92.8		%	90.9		%

10. 1

Unum Group Financial Results for Colonial Life Segment


	Three Months Ended						Six Months Ended						Year Ended
	6/30/2023			6/30/2022			6/30/2023			6/30/2022			12/31/2022			12/31/2021
				As Adjusted						As Adjusted			As Adjusted
Adjusted Operating Revenue
Premium Income
Accident, Sickness, and Disability	$	235.6		$	238.2		$	471.3		$	477.9		$	948.9		$	953.3
Life	106.6			101.3			211.9			203.0			401.1			384.7
Cancer and Critical Illness	88.4			88.1			176.9			177.4			352.0			352.2
Total Premium Income	430.6			427.6			860.1			858.3			1,702.0			1,690.2
Net Investment Income	38.0			38.7			75.3			76.8			152.7			172.0
Other Income	0.4			0.2			0.6			0.5			1.1			1.0
Total	469.0			466.5			936.0			935.6			1,855.8			1,863.2

Benefits and Expenses


Policy Benefits Including Remeasurement Loss or Gain	208.0			229.9			435.7			459.2			826.1			911.7
Commissions	88.6			86.4			177.9			172.0			340.0			320.1
Deferral of Acquisition Costs	(75.9)			(70.1)			(151.1)			(140.1)			(271.8)			(252.6)
Amortization of Deferred Acquisition Costs	48.4			45.1			96.7			89.7			172.0			159.2
Other Expenses	84.4			78.6			167.4			155.3			321.4			297.0
Total	353.5			369.9			726.6			736.1			1,387.7			1,435.4



Adjusted Operating Income	$	115.5		$	96.6		$	209.4		$	199.5		$	468.1		$	427.8

Operating Ratios (% of Premium Income):
Benefit Ratio	48.3		%	53.8		%	50.7		%	53.5		%	48.5		%	53.9		%

Other Expense Ratio	19.6		%	18.4		%	19.5		%	18.1		%	18.9		%	17.6		%

Adjusted Operating Income Ratio	26.8		%	22.6		%	24.3		%	23.2		%	27.5		%	25.3		%

Persistency:
Accident, Sickness, and Disability							72.7		%	74.2		%	73.3		%	75.4		%
Life							84.2		%	85.3		%	84.5		%	85.5		%
Cancer and Critical Illness							82.0		%	82.4		%	82.3		%	82.4		%

Unum Group Financial Results for Closed Block Segment


	Three Months Ended						Six Months Ended						Year Ended
	6/30/2023			6/30/2022			6/30/2023			6/30/2022			12/31/2022			12/31/2021
				As Adjusted						As Adjusted			As Adjusted
Adjusted Operating Revenue
Premium Income
Long-term Care	$	174.0		$	173.7		$	349.1		$	348.5		$	697.4		$	704.3


All Other	55.2			64.3			111.7			129.4			246.9			291.5
Total Premium Income	229.2			238.0			460.8			477.9			944.3			995.8
Net Investment Income	263.9			291.5			521.1			566.3			1,070.6			1,159.0
Other Income	13.8			16.5			27.3			32.5			58.0			65.1
Total	506.9			546.0			1,009.2			1,076.7			2,072.9			2,219.9

Benefits and Expenses


Policy Benefits Including Remeasurement Loss or Gain	414.4			419.0			817.2			836.5			1,648.0			1,658.4
Commissions	18.1			18.9			37.2			38.4			75.7			80.5

Other Expenses	44.1			44.5			84.6			85.4			172.3			194.2
Total	476.6			482.4			939.0			960.3			1,896.0			1,933.1

Income Before Income Tax and Net Investment Gain and Losses	30.3			63.6			70.2			116.4			176.9			286.8
Amortization of the Cost of Reinsurance	11.0			13.3			22.0			26.7			50.3			69.8
Non-Contemporaneous Reinsurance	9.9			10.0			17.2			22.4			34.4			32.9
Transaction Costs Related to Closed Block Individual Disability Reinsurance Transaction	—			—			—			—			—			6.2


Adjusted Operating Income	$	51.2		$	86.9		$	109.4		$	165.5		$	261.6		$	395.7

Interest Adjusted Loss Ratio:
Long-term Care	92.4		%	84.9		%	89.5		%	83.5		%	83.6		%	81.9		%




Operating Ratios (% of Premium Income):
Other Expense Ratio1	14.4		%	13.1		%	13.6		%	12.3		%	12.9		%	11.9		%

Income Ratio	13.2		%	26.7		%	15.2		%	24.4		%	18.7		%	28.8		%
Adjusted Operating Income Ratio	22.3		%	36.5		%	23.7		%	34.6		%	27.7		%	39.7		%

Persistency:
Long-term Care							95.4		%	95.4		%	95.7		%	95.6		%

1Excludes amortization of the cost of reinsurance. Also excluded are transaction costs related to the second phase of the Closed Block individual disability reinsurance transaction that occurred during the first quarter of 2021.

Unum Group Financial Results for Corporate Segment


	Three Months Ended				Six Months Ended				Year Ended
	6/30/2023		6/30/2022		6/30/2023		6/30/2022		12/31/2022		12/31/2021
Adjusted Operating Revenue
Net Investment Income	$	25.4	$	10.2	$	51.5	$	19.0	$	52.5	$	27.9
Other Income	2.3		1.0		2.5		3.2		4.8		6.2
Total	27.7		11.2		54.0		22.2		57.3		34.1

Interest, Debt, and Other Expenses	62.6		48.1		122.4		99.5		221.6		305.3

Loss Before Income Tax and Net Investment Gains and Losses	(34.9)		(36.9)		(68.4)		(77.3)		(164.3)		(271.2)
Impairment Loss on Internal-Use Software	—		—		—		—		—		12.1

Cost Related to Early Retirement of Debt	—		—		—		—		—		67.3
Impairment Loss on ROU Asset	—		—		—		—		—		13.9
Adjusted Operating Loss	$	(34.9)	$	(36.9)	$	(68.4)	$	(77.3)	$	(164.3)	$	(177.9)

Unum Group Investments


	6/30/2023						6/30/2023			12/31/2022
Fixed Maturity Securities (Fair Value)						Selected Statistics
Public	$	22,606.0		63.9	%	Earned Book Yield	4.43		%	4.57		%
Mortgage-Backed/Asset-Backed Securities	556.1			1.6		Average Duration (in years)	8.04			7.75


Private Placements	5,421.4			15.3
High Yield	1,809.7			5.1
Government Securities	1,439.8			4.1
Municipal Securities	3,537.6			10.0
Redeemable Preferred Stocks	3.5			—
Total	$	35,374.1		100.0	%

	Amortized Cost			Fair Value
Quality Ratings of Fixed Maturity Securities						Private Equity Partnerships	6/30/2023			12/31/2022
Aaa	5.3		%	5.4	%	Private Credit Partnerships	$	284.4		$	275.0
Aa	12.2			11.8		Private Equity Partnerships	517.1			485.3
A	28.4			28.8		Real Asset Partnerships	466.6			434.0
Baa	49.0			48.9		Total	$	1,268.1		$	1,194.3
Below Baa	5.1			5.1
Total	100.0		%	100.0	%
						Non-Current Investments	$	—		$	—

Unum Group Investments at June 30, 2023


Fixed Maturity Securities - By Industry Classification - Unrealized Gain (Loss)


Classification	Fair Value		Net Unrealized Gain (Loss)		Fair Value with Gross Unrealized Loss		Gross Unrealized Loss		Fair Value with Gross Unrealized Gain		Gross Unrealized Gain
Basic Industry	$	2,507.1	$	(186.4)	$	1,911.3	$	223.9	$	595.8	$	37.5
Capital Goods	3,175.8		(179.6)		2,060.7		255.5		1,115.1		75.9
Communications	2,328.7		(130.2)		1,361.1		220.6		967.6		90.4
Consumer Cyclical	1,416.5		(117.2)		1,141.9		139.2		274.6		22.0
Consumer Non-Cyclical	5,923.4		(466.5)		4,000.2		602.0		1,923.2		135.5
Energy	2,652.2		(56.1)		1,366.5		143.3		1,285.7		87.2
Financial Institutions	3,536.9		(447.8)		3,138.2		469.8		398.7		22.0
Mortgage/Asset-Backed	556.1		(20.6)		390.5		27.0		165.6		6.4
Sovereigns	870.7		(115.9)		486.1		134.4		384.6		18.5
Technology	1,520.3		(156.8)		1,339.9		166.7		180.4		9.9
Transportation	1,603.5		(155.3)		1,244.3		177.0		359.2		21.7
U.S. Government Agencies and Municipalities	4,106.7		(425.2)		2,583.9		559.7		1,522.8		134.5
Public Utilities	5,176.2		(196.4)		2,720.6		345.5		2,455.6		149.1
Total	$	35,374.1	$	(2,654.0)	$	23,745.2	$	3,464.6	$	11,628.9	$	810.6










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	$	3,416.8	$	(117.9)					$	153.2	$	(2.7)
91 through 180 days	899.0		(45.9)						60.2		(1.2)
181 through 270 days	115.0		(31.0)						0.8		—
271 days to 1 year	3,747.4		(234.9)						157.7		(5.9)
Greater than 1 year	14,048.3		(2,885.2)						1,146.8		(139.9)
Total	$	22,226.5	$	(3,314.9)					$	1,518.7	$	(149.7)

14.1

Appendix to Statistical Supplement

2023 Significant Items:

•In 2018, the Financial Accounting Standards Board issued ASU 2018-12, “Targeted Improvements to the Accounting for Long-Duration Contracts”. This update significantly amended the accounting and disclosure requirements for long-duration insurance contracts. The update 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. We adjusted all prior period operating results, balance sheets, and related metrics throughout this document.

2022 Significant Items

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

2021 Significant Items

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

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

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

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

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

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

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

Appendix to Statistical Supplement - Continued

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

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

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

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

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

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

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

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

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

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

15.1

Appendix to Statistical Supplement - Continued

Non-GAAP Financial Measures

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

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

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

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

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

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

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

As previously discussed, we have exited a substantial portion of our Closed Block individual disability product line through the two phases of the reinsurance transaction that were executed in December 2020 and March 2021. As a result, we exclude the amortization of the cost of reinsurance that we recognized upon the exit of the business related to the policies on claim status as well as the impact of non-contemporaneous reinsurance that resulted from the adoption of ASU 2018-12. Due to the execution of the second phase of the reinsurance transaction occurring after January 1, 2021, the transition date of ASU 2018-12, in accordance with the provisions of the ASU related to non-contemporaneous reinsurance, we were required to establish the ceded reserves using an upper-medium grade fixed-income instrument as of the reinsurance transaction date in March 2021 which resulted in higher ceded reserves compared to that which was reported historically. However, the direct reserves for the block reinsured in the second phase were calculated using the original discount rate utilized as of the transition date. Both the direct and ceded reserves are then remeasured at each reporting period using a current discount rate reflective of an upper-medium grade fixed-income instrument, with the changes recognized in other comprehensive income (loss). While the total equity impact is neutral, the different original discount rates utilized for direct and ceded reserves result in disproportionate earnings impacts. The impact of non-contemporaneous reinsurance will fluctuate depending on the magnitude of reserve changes during the period. We believe that the exclusion of these items provides a better view of our results from our ongoing businesses.

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

15.2

Reconciliation of Non-GAAP Financial Measures


	Three Months Ended
	June 30		March 31		December 31		September 30		June 30		March 31
	2023				2022






Total Revenue	$	3,112.2	$	3,036.1	$	3,004.8	$	2,959.1	$	3,039.6	$	2,980.6
Excluding:
Net Investment Gain (Loss)	0.9		0.1		6.6		(4.4)		(4.1)		(13.8)
Adjusted Operating Revenue	$	3,111.3	$	3,036.0	$	2,998.2	$	2,963.5	$	3,043.7	$	2,994.4

15.3

Reconciliation of Non-GAAP Financial Measures - Continued


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


Three Months Ended June 30, 2023
Unum US	$	271.0	$	4,469.3	24.3	%
Unum International	35.9		787.9		18.2	%
Colonial Life	91.2		1,696.2		21.5	%
Core Operating Segments	398.1		6,953.4		22.9	%
Closed Block	38.3		5,309.8
Corporate	(27.6)		(389.9)
Total	$	408.8	$	11,873.3	13.8	%

Three Months Ended June 30, 2022
Unum US	$	230.8	$	4,537.4	20.3	%
Unum International	43.7		751.2		23.3	%
Colonial Life	76.3		1,649.4		18.5	%
Core Operating Segments	350.8		6,938.0		20.2	%
Closed Block	68.0		4,572.2
Corporate	(30.0)		(774.5)
Total	$	388.8	$	10,735.7	14.5	%

15.4

Reconciliation of Non-GAAP Financial Measures - Continued


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


Six Months Ended June 30, 2023
Unum US	$	517.9	$	4,642.0	22.3	%
Unum International	69.1		787.6		17.5	%
Colonial Life	165.2		1,693.7		19.5	%
Core Operating Segments	752.2		7,123.3		21.1	%
Closed Block	82.1		5,276.2
Corporate	(52.9)		(649.1)
Total	$	781.4	$	11,750.4	13.3	%

Six Months Ended June 30, 2022
Unum US	$	363.9	$	4,535.9	16.0	%
Unum International	74.2		761.2		19.5	%
Colonial Life	157.6		1,632.1		19.3	%
Core Operating Segments	595.7		6,929.2		17.2	%
Closed Block	129.6		4,620.0
Corporate	(65.1)		(863.5)
Total	$	660.2	$	10,685.7	12.4	%

15.5

Reconciliation of Non-GAAP Financial Measures - Continued


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


Year Ended December 31, 2022
Unum US	$	781.1	$	4,675.8	16.7	%
Unum International	167.6		781.6		21.4	%
Colonial Life	369.5		1,642.5		22.5	%
Core Operating Segments	1,318.2		7,099.9		18.6	%
Closed Block	201.8		4,873.7
Corporate	(156.2)		(979.8)
Total	$	1,363.8	$	10,993.8	12.4	%

Year Ended December 31, 2021
Unum US	$	328.9	$	4,481.3	7.3	%
Unum International	87.6		808.0		10.8	%
Colonial Life	337.8		1,597.9		21.1	%
Core Operating Segments	754.3		6,887.2		11.0	%
Closed Block	249.3		4,265.6
Corporate	(69.7)		(1,046.1)
Total	$	933.9	$	10,106.7	9.2	%

1 Excludes unrealized gain (loss) on securities, the effect of change in discount rate assumptions on the liability for future policy benefits, and net gain (loss) on hedges and is calculated using the stockholders' equity balances presented on page 15.7. Due to the implementation of ASU 2018-12 for which the beginning balances of 2021 for certain stockholders' equity line items were adjusted, we are computing the average allocated equity for 2021 using internally allocated equity that reflects the adjusted beginning balance at January 1, 2021. As a result, average equity for the year ended December 31, 2021 for certain of our segments will not compute using the historical allocated equity at December 31, 2020.

15.6

Reconciliation of Non-GAAP Financial Measures - Continued

Average allocated equity is computed as follows:


	6/30/2023		3/31/2023		12/31/2022		6/30/2022		3/31/2022		12/31/2021		1/1/2021
Total Stockholders' Equity	$	9,245.9	$	9,247.4	$	8,735.0	$	7,787.8	$	6,887.8	$	6,033.9	$	4,166.0
Excluding:
Net Unrealized Gain (Loss) on Securities	(2,762.6)		(2,205.2)		(3,028.4)		(1,560.4)		1,120.6		4,014.4		5,315.8
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits	0.1		(260.0)		313.9		(1,541.2)		(4,912.6)		(8,570.7)		(10,932.5)
Net Gain (Loss) on Hedges	(33.3)		7.8		(9.6)		46.4		51.4		61.8		97.8
Total Adjusted Stockholders' Equity	$	12,041.7	$	11,704.8	$	11,459.1	$	10,843.0	$	10,628.4	$	10,528.4	$	9,684.9

	Three Months Ended		Six Months Ended		Twelve Months Ended		Three Months Ended		Six Months Ended		Twelve Months Ended
	6/30/2023				12/31/2022		6/30/2022				12/31/2021
Average Adjusted Stockholders' Equity	$	11,873.3	$	11,750.4	$	10,993.8	$	10,735.7	$	10,685.7	$	10,106.7

15.7

Reconciliation of Non-GAAP Financial Measures - Continued


	Three Months Ended June 30								Six Months Ended June 30
	2023				2022				2023				2022
	(in millions)		per share*		(in millions)		per share*		(in millions)		per share*		(in millions)		per share*
Net Income	$	392.9	$	1.98	$	367.3	$	1.81	$	751.2	$	3.78	$	607.7	$	2.99
Excluding:


Net Investment Gain (Loss) (net of tax expense (benefit) of $0.2; $(1.0); $0.2; $(4.2))	0.7		—		(3.1)		(0.02)		0.8		0.01		(13.7)		(0.07)



Amortization of the Cost of Reinsurance (net of tax benefit of $2.3; $2.8; $4.6; $5.6 )	(8.7)		(0.04)		(10.5)		(0.05)		(17.4)		(0.09)		(21.1)		(0.10)

Non-Contemporaneous Reinsurance (net of tax benefit of $2.0; $2.1; $3.6; $4.7)	(7.9)		(0.04)		(7.9)		(0.04)		(13.6)		(0.07)		(17.7)		(0.09)





After-tax Adjusted Operating Income	$	408.8	$	2.06	$	388.8	$	1.92	$	781.4	$	3.93	$	660.2	$	3.25

*Assuming Dilution.

15.8

Reconciliation of Non-GAAP Financial Measures - Continued


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

*Assuming Dilution.

15.9

Reconciliation of Non-GAAP Financial Measures - Continued


	June 30						December 31
	2023			2022			2022			2021

Debt	$	3,431.1		$	3,442.8		$	3,429.8		$	3,442.2
Including:
Lease Liability	65.0			75.2			67.9			82.6


Adjusted Debt and Lease Liability	$	3,496.1		$	3,518.0		$	3,497.7		$	3,524.8

Total Stockholders' Equity	$	9,245.9		$	7,787.8		$	8,735.0		$	6,033.9
Excluding:
Net Unrealized Gain (Loss) on Securities	(2,762.6)			(1,560.4)			(3,028.4)			4,014.4
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits	0.1			(1,541.2)			313.9			(8,570.7)
Net Gain (Loss) on Hedges	(33.3)			46.4			(9.6)			61.8
Equity, As Adjusted	12,041.7			10,843.0			11,459.1			10,528.4
Debt, As Adjusted and Lease Liability	3,496.1			3,518.0			3,497.7			3,524.8
Total Adjusted Capital	$	15,537.8		$	14,361.0		$	14,956.8		$	14,053.2

Leverage Ratio	22.5		%	24.5		%	23.4		%	25.1		%

15.10

Reconciliation of Non-GAAP Financial Measures - Continued


	Three Months Ended
	June 30, 2023		June 30, 2022
	Premium Income		Premium Income, local currency1		Weighted Average Exchange Rate2	Premium Income in Constant Currency


Unum International
Unum UK	$	179.3	£	125.0	1.253	$	156.6
Unum Poland	28.6		zł	97.6	0.240	23.4
Total	207.9					180.0
Unum US	1,641.4		$	1,571.0		1,571.0
Colonial Life	430.6		$	427.6		427.6
Core Operations	$	2,279.9				$	2,178.6


	Three Months Ended
	March 31, 2023		March 31, 2022
	Premium Income		Premium Income, local currency1		Weighted Average Exchange Rate3	Premium Income in Constant Currency


Unum International
Unum UK	$	162.7	£	122.7	1.215	$	149.1
Unum Poland	25.9		zł	95.6	0.228	21.8
Total	188.6					170.9
Unum US	1,609.6		$	1,543.0		1,543.0
Colonial Life	429.5		$	430.7		430.7
Core Operations	$	2,227.7				$	2,144.6

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

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

15.11


Exhibit No.						Description

99.1						News release of Unum Group dated August 1, 2023, concerning earnings for the second quarter of 2023.

99.2						Statistical Supplement of Unum Group for the second quarter of 2023.

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


	Unum Group
	(Registrant)


Date: August 1, 2023	By:	/s/ J. Paul Jullienne
		Name:	J. Paul Jullienne
		Title:	Vice President, Managing Counsel, and
			Corporate Secretary